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: 04/30/2019

Date of reporting period: 07/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds — 136.1%

 

Alabama — 0.8%  

City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 06/01/19(a)

   $ 4,615     $ 4,785,663  
   

 

 

  
Arizona — 3.5%  

Arizona Board of Regents, RB, University of Arizona,
5.00%, 08/01/28

     2,000       2,162,180  

Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A,
5.00%, 02/01/30

     2,685       2,856,518  

Arizona Industrial Development Authority, RB, Academies of Math & Science Projects, Series B, 4.25%, 07/01/27(b)

     545       535,855  

City of Phoenix Arizona IDA, RB, Facility, Legacy Traditional Schools Project, Series A,
5.75%, 07/01/24(b)

     750       806,707  

City of Phoenix Arizona IDA, Refunding RB, Downtown Phoenix Student Housing, Series A:

    

5.00%, 07/01/25

     300       337,206  

5.00%, 07/01/29

     175       198,709  

5.00%, 07/01/31

     175       196,980  

City of Tucson Arizona, COP, Refunding (AGC), 4.00%, 07/01/20

     2,325       2,419,883  

County of Pinal Arizona Electric District No. 3, Refunding RB, 5.00%, 07/01/21(a)

     1,600       1,742,784  

Glendale Union School District No. 205, GO,
Series C (BAM):

    

5.00%, 07/01/24

     1,945       2,189,584  

5.00%, 07/01/27

     500       558,190  

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

    

5.00%, 07/01/27

     700       758,863  

5.00%, 07/01/32

     1,925       2,074,977  

Scottsdale IDA, Refunding RB, Scottsdale Healthcare, Series C (AGM), 5.00%, 09/01/35

     2,050       2,168,654  

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

     1,000       1,027,020  
   

 

 

  
      20,034,110  
Arkansas — 0.7%  

City of Benton Arkansas, RB, 5.00%, 06/01/29

     1,055       1,189,913  
Security  

Par

(000)

     Value  
Arkansas (continued)  

University of Arkansas, Refunding RB,
5.00%, 03/01/31

   $ 2,315     $ 2,649,008  
   

 

 

  
      3,838,921  
California — 4.7%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20(a)

     2,135       2,286,072  

California Infrastructure & Economic Development Bank, Refunding RB, 4.00%, 11/01/31

     1,335       1,415,300  

City of San Jose California, Refunding ARB,
Series A-1, AMT, 5.00%, 03/01/25

     2,000       2,141,780  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/33

     12,500       14,226,000  

State of California, GO:

    

5.50%, 04/01/28

     15       15,052  

Various Purposes, 5.75%, 04/01/31

     7,000       7,196,070  
   

 

 

  
      27,280,274  
Colorado — 0.5%  

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatiives, Series B-1,
5.00%, 07/01/38

     270       285,249  

Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, 5.00%, 12/01/34

     500       563,945  

University of Northern Colorado, Refunding RB, Series A, 5.00%, 06/01/31

     2,000       2,247,700  
   

 

 

  
      3,096,894  
Connecticut — 2.6%  

Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/21(a)

     4,530       4,894,031  

State of Connecticut, GO, Series A:

    

5.00%, 04/15/30

     5,000       5,669,500  

5.00%, 04/15/31

     4,000       4,517,920  
   

 

 

  
      15,081,451  
Delaware — 0.8%  

County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A:

    

5.00%, 07/01/29

     880       975,383  

5.00%, 07/01/30

     1,030       1,139,046  

5.00%, 07/01/31

     750       824,385  

5.00%, 07/01/32

     375       410,944  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Delaware (continued)  

County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A (continued):

    

5.00%, 07/01/33

   $ 1,190     $ 1,298,159  
   

 

 

  
      4,647,917  
Florida — 7.3%  

Capital Region Community Development District, Refunding, Special Assessment Bonds,
Series A-1:

    

4.13%, 05/01/23

     500       500,375  

4.63%, 05/01/28

     500       499,965  

County of Broward Florida School Board, COP, Refunding, Series A (AGM), 5.00%, 07/01/21(a)

     10,000       10,907,300  

County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/27

     1,635       1,767,222  

County of Lee Florida, Refunding RB, Series A, AMT, 5.50%, 10/01/23

     1,000       1,097,630  

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

    

6.00%, 10/01/28

     3,470       3,962,601  

6.00%, 10/01/29

     3,480       3,972,246  

County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/32

     5,020       5,651,215  

County of Miami-Dade Florida Transit System Sales Surtax Revenue, Refunding RB,
5.00%, 07/01/32

     1,500       1,646,010  

County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series C (BHAC), 5.00%, 10/01/18(a)

     8,000       8,048,800  

Lakewood Ranch Stewardship District, Special Assessment Bonds:

    

Del Webb Project, 3.65%, 05/01/22(b)

     525       527,048  

Del Webb Project, 4.30%, 05/01/27(b)

     520       522,116  

Lakewood National and Polo Run Projects,
4.00%, 05/01/22

     1,230       1,241,255  

Midtown Miami Community Development District, Refunding, Special Assessment Bonds,
Series A, 4.25%, 05/01/24

     1,300       1,346,280  

Sarasota County Health Facilities Authority, RB, Sunnyside Village Project, 5.00%, 05/15/33

     600       664,272  
Security  

Par

(000)

     Value  
Florida (continued)  

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

   $ 143     $ 91,229  
   

 

 

  
      42,445,564  
Georgia — 3.1%  

City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/32

     10,315       11,721,347  

County of Cobb Kennestone Hospital Authority, Refunding RB, Revenue Anticipation Certificates:

    

5.00%, 04/01/31

     800       908,824  

5.00%, 04/01/32

     1,250       1,413,975  

County of Fulton Development Authority, RB, Revenue Anticipation Certificates, Series A, 5.00%, 04/01/32

     1,000       1,131,180  

Main Street Natural Gas Inc, RB, Series A,
5.50%, 09/15/28

     2,500       2,972,175  
   

 

 

  
      18,147,501  
Hawaii — 0.9%  

State of Hawaii Airports System, Refunding ARB, Series A, 5.25%, 07/01/29

     5,000       5,329,850  
   

 

 

  
Idaho — 1.3%  

Idaho Health Facilities Authority, Refunding RB, St. Lukes Health Syatem, Series A(e):

    

5.00%, 03/01/32

     4,100       4,651,204  

5.00%, 03/01/33

     2,410       2,723,035  
   

 

 

  
      7,374,239  
Illinois — 14.9%  

Chicago Board of Education, GO, Refunding Dedicated Revenues, Series D, 5.00%, 12/01/26

     4,185       4,403,038  

City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT:

    

5.00%, 01/01/32

     5,000       5,444,000  

5.50%, 01/01/32

     1,500       1,668,345  

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

    

5.25%, 01/01/28

     1,350       1,481,692  

5.25%, 01/01/29

     3,020       3,308,048  

City of Chicago Illinois O’Hare International Airport, RB, Refunding GARB, 5.00%, 01/01/32

     3,745       4,174,327  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Illinois (continued)  

City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien,
Series A, AMT, 5.00%, 01/01/23

   $ 13,000     $ 14,453,400  

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

     3,700       3,980,090  

Cook County Community College District No. 508, GO, City College of Chicago, 5.13%, 12/01/38

     1,000       1,037,900  

Illinois Finance Authority, Refunding RB, CHF-Chicago, LLC-University Of Illinois at Chicago:

    

5.00%, 02/15/28

     810       908,083  

5.00%, 02/15/29

     400       447,116  

5.00%, 02/15/30

     500       556,435  

5.00%, 02/15/31

     500       553,990  

5.00%, 02/15/32

     500       551,955  

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

    

5.00%, 05/01/30

     475       496,826  

5.00%, 05/01/31

     500       522,885  

5.00%, 05/01/32

     500       522,185  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, 5.00%, 12/15/28

     1,200       1,333,560  

Railsplitter Tobacco Settlement Authority, RB, 5.50%, 06/01/21(a)

     3,500       3,852,660  

State of Illinois, GO:

    

5.25%, 02/01/30

     5,000       5,315,850  

5.00%, 04/01/31

     1,000       1,049,150  

5.00%, 05/01/31

     10,010       10,503,093  

Series D, 5.00%, 11/01/28

     1,645       1,767,059  

State of Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare Enterprises, Inc.:

    

5.00%, 03/01/30

     550       620,675  

5.00%, 03/01/32

     920       1,028,726  

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

     9,140       10,044,951  

State of Illinois Toll Highway Authority, Refunding RB, Senior Series A, 5.00%, 12/01/31

     5,220       5,924,074  
   

 

 

  
      85,950,113  
Indiana — 4.0%  

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

     4,800       5,166,912  
Security  

Par

(000)

     Value  
Indiana (continued)  

County of Jasper Indiana, Refunding RB, Northern Indiana Public Service Co., Series C (NPFGC), 5.85%, 04/01/19

   $ 2,000     $ 2,050,300  

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

     10,000       10,930,100  

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

     5,000       5,156,250  
   

 

 

  
      23,303,562  
Iowa — 1.2%  

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

    

5.25%, 04/01/23

     695       752,727  

5.25%, 04/01/24

     730       790,634  

5.25%, 04/01/25

     520       563,191  

5.25%, 04/01/26

     360       389,707  

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

    

5.00%, 09/01/20(a)

     2,315       2,468,021  

Upper Iowa University Project, 5.00%, 09/01/20(f)

     1,000       1,040,660  

Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series A, 5.00%, 12/01/26

     775       868,450  
   

 

 

  
      6,873,390  
Kansas — 1.4%  

County of Seward Unified School District No. 480 Liberal, GO, Refunding:

    

5.00%, 09/01/22(a)

     1,005       1,112,163  

5.00%, 09/01/22(a)

     3,990       4,463,374  

5.00%, 09/01/33

     1,005       1,112,163  

Kansas Development Finance Authority, Refunding RB, Health Hospital Nursing Home Improvements:

    

5.00%, 11/15/19(a)

     35       36,426  

5.00%, 11/15/23

     1,465       1,528,317  
   

 

 

  
      8,252,443  
Kentucky — 0.5%  

Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Catholic Health Initiatives:

    

5.00%, 12/01/35

     120       126,527  

Series A, 5.00%, 12/01/31

     2,750       2,916,815  
   

 

 

  
      3,043,342  
Louisiana — 3.3%  

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

     2,000       2,288,840  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Louisiana (continued)  

City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring, Series A-2 (AGC), 6.00%, 01/01/19(a)

   $ 850     $ 866,312  

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

    

5.00%, 12/01/27

     3,445       3,747,264  

5.00%, 12/01/28

     3,715       4,040,954  

New Orleans Aviation Board, RB, Series A,
5.00%, 01/01/33

     1,000       1,111,560  

State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, 4.00%, 05/01/34

     3,000       3,119,520  

Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 07/01/28

     3,660       4,084,157  
   

 

 

  
      19,258,607  
Maine — 0.3%  

Portland Housing Development Corp., Refunding RB, Senior Living, Retirement Facilities, Series A, 6.00%, 02/01/34

     1,965       1,967,751  
   

 

 

  
Maryland — 1.7%  

City of Rockville Maryland, RB, Ingleside King Farm Project, 3.50%, 11/01/26

     1,825       1,819,744  

Maryland Economic Development Corp., RB, Transportation Facilities Project, Series A,
5.13%, 06/01/20(f)

     1,020       1,067,583  

Maryland Economic Development Corp., Refunding RB, Transportation Facilities Project, Series A:

    

5.00%, 06/01/29

     1,835       2,098,304  

5.00%, 06/01/30

     1,015       1,155,151  

5.00%, 06/01/31

     1,000       1,133,600  

5.00%, 06/01/32

     1,000       1,125,580  

Maryland Health & Higher Educational Facilities Authority, RB, Johns Hopkins Health System, Series B, 5.00%, 07/01/33

     1,140       1,255,904  
   

 

 

  
      9,655,866  
Massachusetts — 1.7%  

Massachusetts Development Finance Agency, Refunding RB:

    

Emerson College Issue, Series A, 5.00%, 01/01/31

     1,730       1,896,617  

Suffolk University, 5.00%, 07/01/29

     2,700       3,069,765  

Suffolk University, 5.00%, 07/01/30

     3,125       3,540,031  
Security  

Par

(000)

     Value  
Massachusetts (continued)  

Massachusetts Health & Educational Facilities Authority, Refunding RB, Winchester Hospital, 5.00%, 07/01/25

   $ 1,060     $ 1,116,943  
   

 

 

  
      9,623,356  
Michigan — 2.3%  

Manistee Area Public Schools, GO, Refunding (Q-SBLF), 5.00%, 05/01/25

     1,000       1,083,130  

Michigan Finance Authority, Refunding RB, Senior Lien, Detroit Water and Sewer, Series C-3 (AGM), 5.00%, 07/01/31

     4,000       4,458,000  

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

     2,500       2,729,850  

Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.25%, 11/15/19(a)

     4,900       5,124,714  
   

 

 

  
      13,395,694  
Minnesota — 1.1%  

City of Minneapolis, RB, YMCA of the Greater Twin Cities Project:

    

4.00%, 06/01/30

     150       157,506  

4.00%, 06/01/31

     50       52,221  

County of St. Paul Minnesota Housing & Redevelopment Authority, RB, Great River School Project, Series A, 4.75%, 07/01/29(b)

     250       253,073  

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

    

Series B, 5.00%, 08/01/36

     1,000       1,082,900  

Series C, 5.00%, 08/01/27

     1,390       1,568,309  

Series C, 5.00%, 08/01/28

     740       834,187  

Series C, 5.00%, 08/01/29

     1,555       1,750,572  

Series C, 5.00%, 08/01/30

     835       938,757  
   

 

 

  
      6,637,525  
Missouri — 0.3%  

City of St. Louis Missouri IDA, Refunding RB, Ballpark Village Development Project, Series A, 3.88%, 11/15/29

     395       401,573  

St. Louis County Industrial Development Authority, Refunding RB, Friendship Village St. Louis Obligated Group:

    

5.00%, 09/01/27

     360       405,266  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Missouri (continued)  

St. Louis County Industrial Development Authority, Refunding RB, Friendship Village St. Louis Obligated Group (continued):

    

5.00%, 09/01/32

   $ 1,015     $ 1,119,241  
   

 

 

  
      1,926,080  
Montana — 0.1%  

County of Yellowstone Montana School District No. 2 Billings, GO, 5.00%, 06/15/30

     500       562,885  
   

 

 

  
Nebraska — 0.9%            

County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30

     800       893,544  

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

     1,000       1,050,830  

Nebraska Public Power District, Refunding RB, Series A:

    

5.00%, 01/01/30

     1,000       1,088,490  

5.00%, 01/01/32

     2,000       2,171,480  
   

 

 

  
      5,204,344  
Nevada — 1.7%  

County of Clark Nevada Department of Aviation, Refunding RB, 5.00%, 07/01/33

     5,000       5,604,250  

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

     3,800       3,932,202  
   

 

 

  
      9,536,452  
New Hampshire — 0.2%  

New Hampshire Health & Education Facilities Authority Act, Refunding RB, Dartmouth-Hitchcock Obligated Group, Series A:

    

5.00%, 08/01/31

     640       733,709  

5.00%, 08/01/32

     365       416,195  
   

 

 

  
      1,149,904  
New Jersey — 26.3%  

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

     2,000       2,076,720  

New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23

     6,040       6,540,776  
Security  

Par

(000)

     Value  
New Jersey (continued)  

New Jersey EDA, RB, Goethals Bridge Replacement Project, Private Activity Bond AMT:

    

5.50%, 01/01/26

   $ 1,500     $ 1,700,490  

5.50%, 01/01/27

     1,000       1,129,370  

New Jersey EDA, Refunding ARB, Port Newark Container Terminal LLC Project, AMT:

    

5.00%, 10/01/26

     2,135       2,378,262  

5.00%, 10/01/27

     1,680       1,873,234  

New Jersey EDA, Refunding RB:

    

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

     3,000       3,143,550  

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

     3,850       3,891,541  

School Facilities Construction, Series EE, 5.00%, 09/01/23

     3,465       3,658,728  

New Jersey Educational Facilities Authority, RB, Higher Education Facilities Trust Fund, 5.00%, 06/15/28

     10,000       10,877,800  

New Jersey Educational Facilities Authority, Refunding RB,
5.00%, 07/01/30

     5,000       5,603,500  

New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Joseph Health System Obligated Group Issue, 5.00%, 07/01/30

     1,595       1,748,694  

New Jersey Higher Education Student Assistance Authority, Refunding RB:

    

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

     1,000       1,138,110  

AMT, Series B, 5.00%, 12/01/28

     1,000       1,136,290  

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

     835       887,029  

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

     1,160       1,195,763  

New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/32

     12,000       13,487,400  

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

     10,000       11,100,300  

New Jersey Transportation Trust Fund Authority, RB:

    

Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30

     2,000       2,220,700  

Series B, 5.25%, 06/15/26

     3,500       3,719,800  

Transportation Program, Series AA,
5.25%, 06/15/31

     12,000       12,909,960  

5.25%, 06/15/32

     2,250       2,471,197  

Transportation System, Series A,
5.25%, 06/15/24

     3,185       3,407,695  

Transportation System, Series B,
5.50%, 06/15/31

     13,970       14,780,679  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB (continued):

    

Transportation System, Series C,
5.25%, 06/15/32

   $ 10,000     $ 10,937,200  

New Jersey Transportation Trust Fund Authority, Refunding RB, Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30

     1,695       1,882,043  

Newark Housing Authority, RB, Series A:

    

5.00%, 12/01/23

     1,230       1,386,198  

5.00%, 12/01/25

     1,345       1,518,962  

South Jersey Port Corp., ARB, Sobordinated Marine Terminal, Series B, AMT:

    

5.00%, 01/01/29

     250       278,575  

5.00%, 01/01/30

     200       222,352  

5.00%, 01/01/31

     350       387,937  

5.00%, 01/01/32

     425       468,924  

South Jersey Port Corp., RB, Marine Terminal, Series O-1 (AGC), 4.63%, 01/01/19(a)

     1,375       1,393,618  

State of New Jersey, GO, Various Purposes, 5.00%, 06/01/28

     5,000       5,646,200  

Tobacco Settlement Financing Corp., Refunding RB, Series A:

    

5.00%, 06/01/30

     850       972,740  

5.00%, 06/01/32

     7,000       7,947,730  

Tobacco Settlement Bonds, 5.00%, 06/01/33

     5,200       5,866,900  
   

 

 

  
      151,986,967  
New Mexico — 1.2%  

Albuquerque Municipal School District No. 12, GO, Series 2017, 5.00%, 08/01/30

     1,250       1,457,500  

County of Albuquerque Bernalillo New Mexico Water Utility Authority, Refunding RB, 4.00%, 07/01/33

     2,510       2,644,762  

New Mexico Hospital Equipment Loan Council, Refunding RB, 5.00%, 08/01/31

     2,500       2,821,875  
   

 

 

  
      6,924,137  
New York — 13.8%  

Build NYC Resource Corp., RB, Inwood Academy for Leadership Charter School Project, Series A, 4.88%, 05/01/31(b)

     450       460,314  

City of New York, GO, Refunding, Series A, 5.00%, 08/01/29

     6,125       7,072,599  
Security  

Par

(000)

     Value  
New York (continued)  

City of New York, GO:

    

Sub-Series B-1, 5.25%, 09/01/22

   $ 4,250     $ 4,263,387  

Sub-Series I-1, 5.50%, 04/01/19(a)

     3,310       3,400,628  

Sub-Series I-1, 5.50%, 04/01/21

     1,690       1,735,140  

City of New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.00%, 01/15/23

     3,560       3,615,643  

Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter School for Applied Technologies Project, Series A:

    

4.00%, 06/01/22

     800       829,600  

4.50%, 06/01/27

     1,710       1,838,866  

5.00%, 06/01/35

     415       448,520  

County of Monroe New York Industrial Development Corp., Refunding RB, Series A, 5.00%, 07/01/23(a)

     5,695       6,513,656  

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

    

5.00%, 11/01/24

     5,470       5,854,869  

5.00%, 11/01/30

     655       695,839  

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.50%, 04/01/19(a)

     1,000       1,027,380  

Metropolitan Transportation Authority, RB(a):

    

Sub-Series B-1, 5.00%, 11/15/21

     2,300       2,539,200  

Sub-Series B-4, 5.00%, 11/15/21

     1,500       1,656,000  

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

     2,750       2,867,727  

New York State Dormitory Authority, RB, North Shore-Long Island Jewish Health System,
Series A, 5.50%, 05/01/19(a)

     1,495       1,540,717  

New York State Dormitory Authority, Refunding RB:

    

4.25%, 09/01/19(a)

     480       493,882  

5.00%, 07/01/30

     1,555       1,787,612  

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20

     2,475       2,574,346  

State of New York Dormitory Authority, RB:

    

Fordham University, Series A, 5.25%, 07/01/21(a)

     900       990,171  

Icahn School of Medicine at Mount Sinai,
Series A, 5.00%, 07/01/32

     9,000       10,074,420  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)  

State of New York Dormitory Authority, RB (continued):

    

Mental Health Services (AGM),
5.00%, 08/15/18(a)

   $ 10     $ 10,014  

Mental Health Services (AGM),
5.00%, 08/15/18(a)

     30       30,042  

Mental Health Services (AGM),
5.00%, 02/15/22

     325       325,978  

Mental Health Services, 2nd Series (AGM), 5.00%, 08/15/18(a)

     10       10,014  

Municipal Health Facilities Lease,
Sub-Series 2-4, 5.00%, 01/15/27

     6,900       6,910,971  

New York University Hospitals Center,
Series A, 5.00%, 07/01/20(a)

     1,725       1,830,708  

New York University Hospitals Center,
Series A, 5.13%, 07/01/20(a)

     1,670       1,776,262  

State of New York Dormitory Authority, Refunding RB:

    

North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/32

     3,060       3,437,145  

Orange Regional Medical Center,
5.00%, 12/01/27(b)

     900       1,022,238  

Orange Regional Medical Center,
5.00%, 12/01/28(b)

     1,800       2,035,620  
   

 

 

  
      79,669,508  
North Carolina — 0.3%  

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

     1,500       1,654,245  
   

 

 

  
Ohio — 1.2%  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1,
5.25%, 02/15/31

     6,000       6,708,840  
   

 

 

  
Oklahoma — 1.6%  

Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/28

     1,575       1,783,814  

Oklahoma City Public Property Authority, Refunding RB:

    

5.00%, 10/01/27

     1,190       1,373,022  

5.00%, 10/01/28

     1,265       1,456,875  

5.00%, 10/01/29

     1,400       1,606,444  

Oklahoma Development Finance Authority, RB, OU Medicene Project, Series B:

    

5.00%, 08/15/29

     1,200       1,366,464  
Security  

Par

(000)

     Value  
Oklahoma (continued)  

Oklahoma Development Finance Authority, RB, OU Medicene Project, Series B (continued):

    

5.00%, 08/15/33

   $ 1,305     $ 1,462,409  
   

 

 

  
      9,049,028  
Oregon — 1.5%  

County of Klamath Oregon School District, GO:

    

5.00%, 06/15/30

     1,000       1,122,700  

5.00%, 06/15/31

     1,000       1,121,230  

County of Umatilla Oregon School District No. 16R Pendleton, GO, Series A, 5.00%, 06/15/32

     2,000       2,266,660  

Oregon State Facilities Authority, Refunding RB, Reed College Project, Series A, 5.00%, 07/01/20(a)

     1,835       1,950,678  

State of Oregon, GO, Series H, 5.00%, 05/01/36

     2,000       2,191,240  
   

 

 

  
      8,652,508  
Pennsylvania — 7.6%  

Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project(b):

    

5.00%, 05/01/22

     2,000       2,146,560  

5.00%, 05/01/23

     640       687,706  

5.00%, 05/01/28

     835       933,255  

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:

    

5.00%, 06/01/31

     1,000       1,132,710  

5.00%, 06/01/32

     2,715       3,060,782  

5.00%, 06/01/33

     2,000       2,245,860  

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

     2,515       2,740,218  

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

    

5.00%, 11/01/25

     2,700       2,941,785  

5.00%, 11/01/26

     2,375       2,585,354  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, 5.00%, 09/01/32

     1,310       1,502,046  

Pennsylvania Economic Development Financing Authority, RB, PA Bridges Finco LP, AMT,
5.00%, 12/31/28

     115       128,511  

Pennsylvania Turnpike Commission, RB,
Sub-Series B, 5.25%, 12/01/21(a)

     4,000       4,442,680  

Pennsylvania Turnpike Commission, Refunding RB:

    

Second Series, 5.00%, 12/01/30

     2,620       2,959,342  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Pennsylvania (continued)  

Pennsylvania Turnpike Commission,
Refunding RB (continued):

    

Sub-Series B-2, 5.00%, 06/01/31

   $ 5,000     $ 5,613,750  

School District of Philadelphia, GO, Series A:

    

5.00%, 09/01/30

     1,200       1,372,596  

5.00%, 09/01/31

     1,000       1,140,140  

5.00%, 09/01/32

     1,200       1,362,672  

South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series A (AGC), 6.00%, 07/01/20(a)

     6,225       6,709,679  
   

 

 

  
      43,705,646  
Rhode Island — 1.3%  

Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29

     1,000       1,083,480  

Rhode Island Health & Educational Building Corp., RB, City of Newport Issue Financing Program, Series C, 5.00%, 05/15/30

     2,305       2,532,872  

Rhode Island Health & Educational Building Corp., Refunding RB, 5.00%, 09/01/32

     2,000       2,240,160  

Rhode Island Student Loan Authority, Refunding RB, Senior Series A, AMT:

    

5.00%, 12/01/24

     750       836,790  

5.00%, 12/01/25

     850       952,179  
   

 

 

  
      7,645,481  
South Carolina — 2.5%  

South Carolina Jobs-Economic Development Authority, Refunding RB, The Woodlands at Furman, 4.00%, 11/15/27

     995       1,001,368  

South Carolina Public Service Authority, Refunding RB, Series A:

    

5.00%, 12/01/30

     5,500       6,120,290  

5.00%, 12/01/31

     5,660       6,265,450  

5.00%, 12/01/32

     200       220,672  
Security  

Par

(000)

     Value  
South Carolina (continued)  

South Carolina Public Service Authority, Refunding RB, Series A (continued):

    

5.00%, 12/01/33

   $ 800     $ 876,368  
   

 

 

  
      14,484,148  
South Dakota — 0.2%  

South Dakota Health & Educational Facilities Authority, Refunding RB, Regional Health,
5.00%, 09/01/20(a)

     1,000       1,067,160  
   

 

 

  
Tennessee — 2.0%  

County of Memphis-Shelby Industrial Development Board, Refunding, Tax Allocation Bonds, Graceland Project, Series A, 4.75%, 07/01/27

     220       232,432  

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

    

Series A, 5.00%, 11/01/23

     2,695       2,803,555  

Series B, 5.00%, 11/01/22

     1,000       1,040,150  

Knox County Health Educational & Housing Facility Board Tennessee, Refunding RB, Eastowne Village Project, 4.00%, 06/01/31(g)

     2,965       3,042,149  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/35

     4,000       4,467,160  
   

 

 

  
      11,585,446  
Texas — 10.0%  

City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/30

     6,000       6,989,160  

City of Grapevine Texas, GO, 5.00%, 02/15/33

     5,685       6,298,582  

City of Houston Texas, Refunding ARB, Subordinate Lien, Series A, AMT:

    

5.00%, 07/01/25

     1,500       1,614,360  

5.00%, 07/01/32

     1,010       1,095,315  

City of Houston Texas Airport System Revenue, Refunding ARB, Sub-Series A, AMT:

    

5.00%, 07/01/31

     1,430       1,656,369  

5.00%, 07/01/32

     1,115       1,286,364  

Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT, 5.00%, 11/01/38

     8,290       8,889,367  

Dallas-Fort Worth Texas International Airport, Refunding RB, AMT:

    

Series E, 5.00%, 11/01/26

     2,185       2,323,813  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)  

Dallas-Fort Worth Texas International Airport, Refunding RB, AMT (continued):

    

Series E, 5.00%, 11/01/27

   $ 4,960     $ 5,272,827  

Series F, 5.00%, 11/01/31

     6,345       6,733,695  

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

     1,000       1,079,150  

New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A(b):

    

3.63%, 08/15/22

     105       104,279  

4.25%, 08/15/27

     160       160,269  

Red River Education Financing Corp., RB,
5.00%, 03/15/33

     1,340       1,477,873  

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

     2,910       3,031,230  

Socorro Independent School District, GO, Refunding (PSF-GTD):

    

5.00%, 08/15/20(a)

     2,410       2,570,988  

5.00%, 08/15/32

     90       95,546  

Via Metropolitan Transit Authority, Refunding RB:

    

5.25%, 08/01/28

     1,585       1,786,976  

5.25%, 08/01/29

     1,720       1,936,600  

5.25%, 08/01/33

     3,000       3,374,790  
   

 

 

  
      57,777,553  
U.S. Virgin Islands — 0.9%  

Virgin Islands Public Finance Authority, Refunding RB, Series A (AGM), 5.25%, 10/01/24

     5,000       5,333,750  
   

 

 

  
Utah — 0.3%  

Utah Charter School Finance Authority, Refunding RB, Freedom Academy Foundation Project, 4.50%, 06/15/27(b)

     1,500       1,489,095  
   

 

 

  
Vermont — 1.0%  

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

     5,565       5,843,862  
   

 

 

  
Washington — 0.3%  

Washington State Housing Finance Commission, Refunding RB, Horizone House Project,
5.00%, 01/01/27(b)

     1,355       1,530,432  
   

 

 

  
West Virginia — 1.0%  

West Virginia Hospital Finance Authority, Refunding RB, Charleston Area Medical Center, Inc.,
Series A, 5.13%, 09/01/23

     4,000       4,118,520  
Security  

Par

(000)

     Value  
West Virginia (continued)  

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

   $ 1,500     $ 1,623,810  
   

 

 

  
      5,742,330  
Wisconsin — 1.3%  

Public Finance Authority, Refunding RB, AMT:

    

National Gypsum Co., 5.25%, 04/01/30

     2,410       2,570,795  

Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 07/01/28

     4,765       5,130,619  
   

 

 

  
      7,701,414  
   

 

 

  

Total Municipal Bonds — 136.1%
(Cost — $758,151,446)

 

     786,955,248  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

California — 4.0%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Subordinate,
4.00%, 04/01/31(i)

     8,080       8,765,850  

State of California, GO, Refunding Water Utility Authority, 5.00%, 10/01/35

     12,500       14,425,186  
   

 

 

  
      23,191,036  
Connecticut — 2.0%  

Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity Health Group, 5.00%, 12/01/33

     10,000       11,393,605  
   

 

 

  
Iowa — 1.3%  

Iowa Finance Authority, Refunding RB, UnityPoint Health, Series C, 4.13%, 02/15/35

     7,500       7,654,375  
   

 

 

  
Massachusetts — 3.4%  

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System:

    

5.00%, 07/01/32

     7,500       8,742,025  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Massachusetts (continued)  

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System (continued):

    

Series L, 5.00%, 07/01/31

   $ 10,175     $ 11,020,124  
   

 

 

  
      19,762,149  
Minnesota — 1.9%  

State of Minnesota, GO, State Various Purposes, Series A, 4.00%, 08/01/20(a)

     10,525       10,987,792  
   

 

 

  
New Jersey — 1.6%  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F, AMT, Series BB:

    

3.65%, 04/01/28

     5,000       4,999,990  

3.70%, 10/01/28

     3,875       3,874,682  
   

 

 

  
      8,874,672  
New York — 10.8%  

City of New York, GO:

    

Sub-Series 1-I, 5.00%, 03/01/32

     7,009       7,861,842  

Refunding Series E, 5.00%, 08/01/19(a)

     1,018       1,051,401  

Refunding Series E, 5.00%, 08/01/27

     2,489       2,572,371  

Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.00%, 11/15/39

     4,980       5,543,055  

Metropolitan Transportation Authority, Refunding RB, Series B, 5.25%, 11/15/19(a)

     4,001       4,192,454  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Future Tax Secured Subordinate Bonds, SubSeries B-1, 5.00%, 08/01/36

     9,444       10,746,114  

Port Authority of New York & New Jersey, Refunding ARB:

    

178th Series, AMT, 5.00%, 12/01/32

     4,009       4,432,231  

Consolidated, Series 169th, 5.00%, 10/15/26

     5,530       5,988,050  
Security  

Par

(000)

     Value  
New York (continued)  

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

   $ 5,010     $ 5,745,084  

State of New York Dormitory Authority, Refunding RB, Series E, 5.25%, 03/15/33

     7,000       8,129,205  

State of New York Urban Development Corp., RB, Personal Income Tax, Series A-1, 5.00%, 03/15/32

     5,501       6,125,189  
   

 

 

  
      62,386,996  
Texas — 1.5%  

Pflugerville Independent School District, GO, (PSF-GTD), 5.00%, 02/15/24(a)

     7,500       8,649,075  
   

 

 

  
Washington — 2.9%  

Port of Seattle Washington, ARB, AMT, Series A, 5.00%, 05/01/34

     15,000       16,929,900  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 29.4%
(Cost — $166,406,388)

 

     169,829,600  
   

 

 

  

Total Long-Term Investments — 165.5%
(Cost — $924,557,834)

 

     956,784,848  
   

 

 

  
     Shares         
Short-Term Securities — 0.3%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.85%(j)(k)

     1,851,665       1,852,036  
   

 

 

  

Total Short-Term Securities — 0.3%
(Cost — $1,852,036)

 

     1,852,036  
   

 

 

  

Total Investments — 165.8%
(Cost — $926,409,870)

 

     958,636,884  

Other Assets Less Liabilities — 1.1%

 

     7,009,462  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (17.3)%

 

     (100,291,790 ) 

VMTP Shares at Liquidation Value — (49.6)%

 

     (287,100,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 578,254,556  
   

 

 

  
 
(a) 

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.

(b) 

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.

(c) 

Issuer filed for bankruptcy and/or is in default.

(d) 

Non-income producing security.

(e) 

When-issued security.

(f) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

 

 

10   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

 

(g) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(h) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(i) 

All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on April 1,2025 is $6,226,089.

(j) 

Annualized 7-day yield as of period end.

(k) 

During the period ended July 31, 2018, 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

04/30/18

      Net
Activity		      Shares
Held at
07/31/18		      Value at
07/31/18		     
Income		      Net Realized
Gain (Loss)(a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      —        1,851,665        1,851,665      $ 1,852,036      $ 5,082      $ 220      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

Includes net capital gain distributions, if applicable.

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BARB    Building Aid Revenue Bonds
BHAC    Berkshire Hathaway Assurance Corp.
COP    Certificates of Participation
EDA    Economic Development Authority
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
PSF-GTD    Permanent School Fund Guaranteed
Q-SBLF    Qualified School Bond Loan Fund
RB    Revenue Bonds
S/F    Single-Family

 

 

     11  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value /
Unrealized
Appreciation
(Depreciation)		  

Short Contracts:

                  

10-Year U.S. Treasury Note

      199          09/19/18        $ 23,765        $ 54,138  

Long U.S. Treasury Bond

      78          09/19/18          11,152          (468 ) 

5-Year U.S. Treasury Note

      93          09/28/18          10,521          15,032  
                 

 

 

  
                  $ 68,702  
                 

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

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 and derivative financial instruments)

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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

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 Investments(a)

    $ —        $ 956,784,848        $ —        $ 956,784,848  

Short-Term Securities

     1,852,036          —          —          1,852,036  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,852,036        $ 956,784,848        $ —        $ 958,636,884  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 69,170        $ —        $ —        $ 69,170  

Liabilities:

 

Interest rate contracts

     (468 )         —          —          (468 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 68,702        $ —        $ —        $ 68,702  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

(a) 

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

(b) 

Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

12   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $ —        $ (100,050,641 )       $ —        $ (100,050,641 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (387,150,641 )       $ —        $ (387,150,641 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended July 31, 2018, there were no transfers between levels.

 

 

     13  

 

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: September 20, 2018

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: September 20, 2018

 

By:    

   /s/ Neal J. Andrews                        
 

Neal J. Andrews

 

Chief Financial Officer (principal financial officer) of

 

BlackRock Muni Intermediate Duration Fund, Inc.

Date: September 20, 2018