UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21348
Name of Fund: BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive
Officer, BlackRock Muni Intermediate Duration Fund, Inc., 800 Scudders
Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011,
Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 05/31/2008
Date of reporting period: 06/01/2007 - 11/30/2007
Item 1 - Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES
BLACKROCK SOLUTIONS
Semi-Annual Report
NOVEMBER 30, 2007 (UNAUDITED)
BlackRock Muni Intermediate Duration Fund, Inc. (MUI)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
(BLACKROCK logo)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
This report, including the financial information herein, is transmitted to
shareholders of BlackRock Muni Intermediate Duration Fund, Inc. and BlackRock
Muni New York Intermediate Duration Fund, Inc. for their information. This is
not a prospectus. The Funds have leveraged their Common Stock and intend to
remain leveraged by issuing Preferred Stock to provide the Common Stock
shareholders with potentially higher rates of return. Leverage creates risks
for Common Stock shareholders, including the likelihood of greater volatility
of net asset value and market price of shares of the Common Stock, and the
risk that fluctuations in the short-term dividend rates of the Preferred Stock
may affect the yield to Common Stock shareholders. Past performance results
shown in this report should not be considered a representation of future
performance. Statements and other information herein are as dated and are
subject to change.
A description of the policies and procedures that the Funds use to determine
how to vote proxies relating to portfolio securities is available (1)
without charge, upon request, by calling toll-free 1-800-441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission's Web
site at http://www.sec.gov. Information about how the Funds voted proxies
relating to securities held in the Funds' portfolios during the most recent
12-month period ended June 30 is available (1) at www.blackrock.com; and (2)
on the Securities and Exchange Commission's Web site at http://www.sec.gov.
BlackRock Muni Intermediate Duration Fund, Inc.
BlackRock Muni New York Intermediate Duration Fund, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(GO PAPERLESS... logo)
It's Fast, Convenient, & Timely!
Table of Contents
Page
A Letter to Shareholders 3
Semi-Annual Report:
Fund Summaries 4
Financial Statements:
Schedules of Investments 6
Statements of Assets and Liabilities 14
Statements of Operations 15
Statements of Changes in Net Assets 16
Financial Highlights 17
Notes to Financial Statements 19
The Benefits and Risks of Leveraging 23
Swap Agreements 23
Officers and Directors 24
Additional Information 25
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
A Letter to Shareholders
Dear Shareholder
The November reporting period was fairly tumultuous for financial markets,
culminating in mixed results for some of the major benchmark indexes:
Total Returns as of November 30, 2007 6-month 12-month
U.S. equities (S&P 500 Index) -2.33% + 7.72%
Small cap U.S. equities (Russell 2000 Index) -8.82 - 1.17
International equities (MSCI Europe, Australasia, Far East Index) +2.82 +17.30
Fixed income (Lehman Brothers U.S. Aggregate Bond Index) +5.32 + 6.05
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) +2.40 + 2.71
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) -2.84 + 3.01
Past performance is no guarantee of future results. Index performance shown
for illustrative purposes only. You cannot invest directly in an index.
Subprime mortgage woes dominated headlines for much of 2007, but intensified
in the summer and fall, spawning a widespread liquidity and credit crisis with
ramifications across global markets. The Federal Reserve Board (the "Fed")
stepped in to inject liquidity into the markets and bolster investor
confidence, cutting the federal funds rate by 0.50% in September, 0.25% in
October and 0.25% in December, which brought the target short-term interest
rate to 4.25%. In taking action, the central bankers, who had long deemed
themselves inflation fighters, were seeking to stem the fallout from the
credit crunch and forestall a wider economic unraveling.
Amid the volatility throughout 2007, equity markets displayed surprising
resilience. To some extent, the credit turmoil dampened corporate merger-and-
acquisition (M&A) activity, a key source of strength for equity markets.
Still, market fundamentals generally held firm, dividend payouts and share
buybacks continued, and valuations remained attractive. As the returns
indicate, the most recent six months were more trying, reflecting the slowing
U.S. economy, a troubled housing market and a more difficult corporate
earnings backdrop. Overall, large cap stocks outperformed small caps as
investors grew increasingly risk averse. International markets fared better
than their U.S. counterparts, benefiting from generally stronger economies.
In fixed income markets, mixed economic signals and the credit woes resulted
in a flight to quality. Investors shunned bonds associated with the housing
and credit markets in favor of higher-quality Treasury issues. The yield on
10-year Treasury issues, which touched 5.30% in June (its highest level in
five years), fell to 3.97% by period-end, while prices correspondingly rose.
Meanwhile, the tax-exempt bond market has been challenged by a combination of
record-setting supply, economic uncertainty and concerns around the credit
worthiness of bond insurers. This brought municipal bond prices to relatively
attractive levels and, as such, demand generally held firm.
As you navigate market volatility, we encourage you to review your investment
goals with your financial professional and to make portfolio changes, as
needed. For more market insight and commentary from BlackRock investment
professionals, we invite you to visit www.blackrock.com/funds. As always, we
thank you for entrusting BlackRock with your investment assets, and we look
forward to continuing to serve you in the months and years ahead.
Sincerely,
/s/ Rob Kapito
--------------
Rob Kapito
President, BlackRock Advisors, LLC
THIS PAGE NOT PART OF YOUR FUND REPORT
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Fund Summary as of November 30, 2007
BlackRock Muni Intermediate Duration Fund, Inc.
Investment Objective
BlackRock Muni Intermediate Duration Fund, Inc. (MUI) seeks to provide
shareholders with high current income exempt from federal income taxes by
investing primarily in a portfolio of municipal obligations, the interest on
which, in the opinion of bond counsel to the issuer, is exempt from federal
income taxes.
Fund Information
Symbol on New York Stock Exchange MUI
Initital Offering Date August 1, 2003
Yield on Closing Market Price as of November 30, 2007 ($13.13)* 5.58%
Tax Equivalent Yield** 8.58%
Current Monthly Distribution per share of Common Stock*** $.061
Current Annualized Distribution per share of Common Stock*** $.732
Leverage as of November 30, 2007**** 36%
* Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** The distribution is not constant and is subject to change.
**** As a percentage of managed assets, which is the total assets of the Fund
(including any assets attributable to Auction Market Preferred
Stock that may be outstanding) minus the sum of accrued liabilities
(other than debt representing financial leverage).
The table below summarizes the changes in the Fund's market price and
net asset value per share:
11/30/07 5/31/07 Change High Low
Market Price $13.13 $14.85 (11.58%) $14.89 $12.80
Net Asset Value $14.92 $15.10 (1.19%) $15.10 $14.54
The following charts show the portfolio composition and credit quality
allocations of the Fund's long-term investments:
Portfolio Composition
Sector 11/30/07 5/31/07
Industrial & Pollution Control 19% 20%
City/County/State 17 14
Transportation 14 13
Hospital 13 14
Tax Revenue 10 11
Education 9 12
Tobacco 6 6
Power 6 4
Lease Revenue 3 3
Housing 2 2
Water & Sewer 1 1
Credit Quality Allocations
Credit Rating 11/30/07 5/31/07
AAA/Aaa 52% 46%
AA/Aa 5 4
A/A 10 13
BBB/Baa 16 19
BB/Ba 1 2
B/B 1 1
CCC/Caa 3 2
NR (Not Rated) 12 13
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Fund Summary as of November 30, 2007
BlackRock Muni New York Intermediate Duration Fund, Inc.
Investment Objective
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE) seeks to
provide shareholders with high current income exempt from federal income taxes
and New York State and New York City personal income taxes by investing
primarily in a portfolio of municipal obligations, the interest on which, in
the opinion of bond counsel to the issuer, is exempt from federal income taxes
and New York State and New York City personal income taxes.
Fund Information
Symbol on New York Stock Exchange MNE
Initital Offering Date August 1, 2003
Yield on Closing Market Price as of November 30, 2007 ($12.90)* 4.93%
Tax Equivalent Yield** 7.58%
Current Monthly Distribution per share of Common Stock*** $.053
Current Annualized Distribution per share of Common Stock*** $.636
Leverage as of November 30, 2007**** 34%
* Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
Past performance does not guarantee future results.
** Tax equivalent yield assumes the maximum federal tax rate of 35%.
*** The distribution is not constant and is subject to change.
**** As a percentage of managed assets, which is the total assets of the Fund
(including any assets attributable to Auction Market Preferred
Stock that may be outstanding) minus the sum of accrued liabilities
(other than debt representing financial leverage).
The table below summarizes the changes in the Fund's market price and
net asset value per share:
11/30/07 5/31/07 Change High Low
Market Price $12.90 $13.93 (7.39%) $13.93 $12.11
Net Asset Value $14.55 $14.91 (2.41%) $14.91 $14.14
The following charts show the portfolio composition and credit quality
allocations of the Fund's long-term investments:
Portfolio Composition
Sector 11/30/07 5/31/07
City/County/State 23% 23%
Education 17 17
Hospital 17 17
Housing 15 16
Power 9 7
Industrial & Pollution Control 7 9
Transportation 6 5
Tobacco 4 4
Water & Sewer 1 1
Tax Revenue 1 1
Credit Quality Allocations
Credit Rating 11/30/07 5/31/07
AAA/Aaa 28% 28%
AA/Aa 23 22
A/A 14 13
BBB/Baa 20 22
BB/Ba 6 5
CCC/Caa 3 3
NR (Not Rated) 6 7
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments As of November 30, 2007 (Unaudited)
BlackRock Muni Intermediate Duration Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
Alabama--3.3%
Jefferson County, Alabama, Limited Obligation School
Warrants, Series A:
$ 5,500 5.50% due 1/01/2021 $ 5,926
6,500 5.25% due 1/01/2023 6,870
6,600 Tuscaloosa, Alabama, Special Care Facilities
Financing Authority, Residential Care Facility
Revenue Bonds (Capstone Village, Inc. Project),
Series A, 5.625% due 8/01/2025 6,263
Arizona--2.2%
2,820 Maricopa County, Arizona, IDA, Education Revenue
Bonds (Arizona Charter Schools Project 1), Series A,
6.625% due 7/01/2020 2,755
3,000 Navajo County, Arizona, IDA, IDR (Stone Container
Corporation Project), AMT, 7.20% due 6/01/2027 3,029
Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project):
990 Series C, 6.70% due 7/01/2021 1,034
820 Series K, 6.375% due 7/01/2013 (g) 938
930 Series K, 6.375% due 7/01/2031 960
3,630 Vistancia Community Facilities District, Arizona, GO,
5% due 7/15/2014 3,712
Arkansas--0.7%
3,755 Conway, Arkansas, Public Facilities Board, Capital
Improvement Revenue Refunding Bonds (Hendrix
College Projects), Series B, 5% due 10/01/2026 3,787
California--18.9%
8,000 Antelope Valley, California, Health Care District Revenue
Bonds, VRDN, Series A, 5.25% due 9/01/2017 (h) 8,182
California Pollution Control Financing Authority, Solid
Waste Disposal Revenue Bonds, AMT:
750 (Republic Services Inc. Project), Series B, 5.25%
due 6/01/2023 778
1,240 (Waste Management Inc. Project), Series A-2,
5.40% due 4/01/2025 1,233
5,000 California State Department of Water Resources,
Power Supply Revenue Bonds, Series A, 5.375%
due 5/01/2012 (g) 5,475
California State, GO:
15,574 5.50% due 4/01/2014 (g) 17,443
15 5.50% due 4/01/2028 16
5,000 California State, GO, Refunding, 5.25%
due 2/01/2027 (f) 5,279
10,000 California State Public Works Board, Lease Revenue
Bonds (Department of Corrections), Series C, 5.50%
due 6/01/2020 10,860
2,500 California Statewide Communities Development Authority,
Health Facility Revenue Bonds (Memorial Health
Services), Series A, 6% due 10/01/2023 2,658
Face
Amount Municipal Bonds Value
California (concluded)
$ 2,400 Elk Grove, California, Poppy Ridge Community
Facilities Number 3 Special Tax, Series 1, 6%
due 9/01/2008 (g) $ 2,463
5,000 Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Refunding
Bonds,Senior Series A-1, 5% due 6/01/2015 5,019
1,435 Los Angeles, California, Regional Airports Improvement
Corporation, Facilities Lease Revenue Refunding
Bonds (LAXFUEL Corporation--Los Angeles
International Airport), AMT, 5.50% due 1/01/2032 (a) 1,474
10,135 Peralta, California, Community College District, GO
(Election of 2000), Series D, 5% due 8/01/2030 (e) 10,567
1,515 Rowland, California, Unified School District, GO
(Election of 2000), Series B, 5.25% due 8/01/2027 (e) 1,607
Sacramento, California, Special Tax (North Natomas
Community Facilities), Series 4-C:
585 5.60% due 9/01/2020 599
1,720 5.75% due 9/01/2022 1,765
500 5.90% due 9/01/2023 517
3,000 6% due 9/01/2028 3,075
3,000 San Jose, California, Airport Revenue Bonds, Series A,
5.25% due 3/01/2017 (c) 3,164
3,100 San Jose, California, GO (Libraries, Parks and Public
Safety Projects), 5% due 9/01/2030 (f) 3,211
9,030 Sequoia, California, Unified High School District, GO,
Refunding, Series B, 5.50% due 7/01/2035 (e) 9,889
4,000 Southern California HFA, S/F Mortgage Revenue Bonds,
AMT, Series A, 5.80% due 12/01/2049 (l)(m) 4,324
4,875 Tamalpais, California, Union High School District, GO
(Election of 2001), 5% due 8/01/2028 (e) 5,034
2,610 Tustin, California, Unified School District, Senior Lien
Special Tax Bonds (Community Facilities District
Number 97-1), Series A, 5% due 9/01/2032 (e) 2,655
Colorado--2.2%
700 Elk Valley, Colorado, Public Improvement Revenue
Bonds (Public Improvement Fee), Series A, 7.10%
due 9/01/2014 737
2,250 Montrose, Colorado, Memorial Hospital, Revenue Bonds,
6.375% due 12/01/2023 2,422
7,500 Plaza Metropolitan District Number 1, Colorado, Tax
Allocation Revenue Bonds (Public Improvement Fees),
7.50% due 12/01/2015 7,987
1,000 Southlands Metropolitan District Number 1, Colorado,
GO, 6.75% due 12/01/2014 (g) 1,156
Connecticut--1.7%
1,160 Connecticut State Development Authority, Airport
Facility Revenue Bonds (Learjet Inc. Project), AMT,
7.95% due 4/01/2026 1,333
8,000 Connecticut State Development Authority, PCR,
Refunding (Connecticut Light and Power Company),
Series A, 5.85% due 9/01/2028 8,222
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedules of
Investments, we have abbreviated the names and descriptions of many of
the securities according to the list at right.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
PILOT Payment in Lieu of Taxes
S/F Single-Family
VRDN Variable Rate Demand Notes
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments (continued)
BlackRock Muni Intermediate Duration Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
Florida--4.8%
$ 2,900 Harbor Bay, Florida, Community Development District,
Capital Improvement Special Assessment Bonds,
6.75% due 5/01/2034 $ 3,003
1,000 Highlands County, Florida, Health Facilities
Authority, Hospital Revenue Refunding Bonds
(Adventist Health System), Series G, 5.125%
due 11/15/2032 1,004
5,500 Miami-Dade County, Florida, Aviation Revenue
Refunding Bonds (Miami International Airport),
AMT, 5.75% due 10/01/2019 (c) 5,837
Midtown Miami, Florida, Community Development District,
Special Assessment Revenue Bonds:
3,500 Series A, 6% due 5/01/2024 3,229
2,000 Series B, 6.50% due 5/01/2037 1,902
3,670 Orange County, Florida, Health Facilities Authority,
Health Care Revenue Refunding Bonds (Orlando Lutheran
Towers), 5% due 7/01/2013 3,581
875 Orlando, Florida, Urban Community Development District,
Capital Improvement Special Assessment Bonds, 6%
due 5/01/2020 871
1,085 Portofino Shores, Florida, Community Development
District, Special Assessment Bonds, Series A, 6.40%
due 5/01/2034 1,106
2,390 South Lake County, Florida, Hospital District Revenue
Bonds (South Lake Hospital Inc.), 6.625%
due 10/01/2023 2,567
210 Sterling Hill, Florida, Community Development District,
Capital Improvement Revenue Refunding Bonds,
Series B, 5.50% due 11/01/2010 209
4,000 University of Florida Reasearch Foundation Inc.,
Capital Improvement Revenue Bonds, 5.125%
due 9/01/2033 (a) 4,075
Georgia--2.2%
1,500 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station
Project), 7.90% due 12/01/2011 (g) 1,767
Brunswick and Glynn County, Georgia, Development
Authority, First Mortgage Revenue Bonds (Coastal
Community Retirement Corporation Project),
Series A (o):
5,395 7.125% due 1/01/2025 4,095
2,800 7.25% due 1/01/2035 2,105
4,500 Fulton County, Georgia, Residential Care Facilities,
Revenue Refunding Bonds (Canterbury Court Project),
Series A, 5.80% due 2/15/2018 4,508
Idaho--0.8%
4,000 Boise City, Idaho, COP, AMT, 5.50% due 9/01/2025 (c) 4,117
335 Idaho Housing and Finance Association, S/F Mortgage
Revenue Bonds, AMT, Series F-2, 5.85%
due 7/01/2015 (d)(n) 341
Illinois--7.4%
2,510 Chicago, Illinois, O'Hare International Airport Revenue
Bonds, Third Lien, AMT, Series B-2, 6%
due 1/01/2029 (j) 2,686
8,650 Du Page and Will Counties, Illinois, Community School
District Number 204 (Indian Prairie), GO, 5.25%
due 12/30/2022 (c) 9,360
6,000 Hodgkins, Illinois, Environmental Improvement Revenue
Bonds (Metro Biosolids Management LLC Project),
AMT, 5.90% due 11/01/2017 6,090
6,930 Illinois, Development Finance Authority Revenue Bonds
(Community Rehabilitation Providers Facilities),
Series A, 6.625% due 7/01/2032 7,372
Face
Amount Municipal Bonds Value
Illinois (concluded)
$ 1,800 Illinois State Finance Authority Revenue Bonds
(Landing At Plymouth Place Project), Series A, 6%
due 5/15/2025 $ 1,812
12,695 McHenry County, Illinois, Conservation District, GO,
5.125% due 2/01/2027 (e) 13,474
1,580 Village of Wheeling, Illinois, Revenue Bonds (North
Milwaukee/Lake-Cook Tax Increment Financing (TIF)
Redevelopment Project), 6% due 1/01/2025 1,529
Indiana--0.8%
4,300 Indiana Transportation Finance Authority, Highway
Revenue Bonds, Series A, 5% due 6/01/2013 (e)(g) 4,647
Louisiana--2.6%
Louisiana Public Facilities Authority Revenue Bonds:
2,000 (Nineteenth Judicial District Court Building Project),
5.50% due 6/01/2041 (c) 2,161
6,965 (University of New Orleans Research and Technology
Foundation, Inc.--Student Housing Project), 5.25%
due 3/01/2026 (f) 7,459
5,000 Port New Orleans, Louisiana, IDR, Refunding (Continental
Grain Company Project), 6.50% due 1/01/2017 5,028
Maine--0.3%
1,965 Portland, Maine, Housing Development Corporation,
Senior Living Revenue Bonds (Avesta Housing
Development Corporation Project), Series A, 6%
due 2/01/2034 2,000
Maryland--0.1%
500 Maryland State Industrial Development Financing
Authority, EDR (Our Lady of Good Counsel School),
Series A, 6% due 5/01/2035 507
Massachusetts--3.0%
4,560 Massachusetts Bay Transportation Authority, Sales Tax
Revenue Refunding Bonds, Senior Series A, 5%
due 7/01/2012 (g) 4,889
Massachusetts State Development Finance Agency,
Resource Recovery Revenue Bonds (Ogden Haverhill
Associates), AMT, Series B:
1,210 5.35% due 12/01/2015 1,217
2,000 5.50% due 12/01/2019 2,020
8,325 Massachusetts State School Building Authority,
Dedicated Sales Tax Revenue Bonds, Series A,
5% due 8/15/2030 (e) 8,676
Michigan--1.3%
2,325 Macomb County, Michigan, Hospital Finance Authority,
Hospital Revenue Bonds (Mount Clemens General
Hospital), Series B, 5.875% due 11/15/2034 2,256
4,795 Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Oakwood Obligated Group), Series A,
6% due 4/01/2022 5,107
Minnesota--1.0%
Minneapolis and Saint Paul, Minnesota, Housing and
Redevelopment Authority, Health Care System Revenue
Bonds (Group Health Plan Inc. Project):
1,000 6% due 12/01/2019 1,056
2,545 6% due 12/01/2021 2,680
2,000 Minnesota State Municipal Power Agency, Electric
Revenue Bonds, Series A, 5.25% due 10/01/2024 2,073
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments (continued)
BlackRock Muni Intermediate Duration Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
Mississippi--1.4%
Mississippi Business Finance Corporation, Mississippi,
PCR, Refunding (System Energy Resources Inc.
Project):
$ 5,000 5.875% due 4/01/2022 $ 5,060
2,910 5.90% due 5/01/2022 2,937
Nebraska--1.8%
10,000 Public Power Generation Agency, Nebraska, Revenue
Bonds (Whelan Energy Center Unit 2), Series A, 5%
due 1/01/2037 (a) 10,399
Nevada--0.4%
2,230 Clark County, Nevada, Improvement District Number 142,
Special Assessment Bonds, 6.375% due 8/01/2023 2,298
New Jersey--11.6%
Garden State Preservation Trust of New Jersey, Open
Space and Farmland Preservation Revenue Bonds,
Series A (e):
3,635 5.80% due 11/01/2021 4,144
5,050 5.80% due 11/01/2023 5,747
9,810 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%
due 6/15/2029 9,857
17,900 New Jersey EDA, Motor Vehicle Surcharge Revenue
Bonds, Series A, 5.25% due 7/01/2033 (f) 18,855
5,540 New Jersey EDA, Special Facility Revenue Bonds
(Continental Airlines Inc. Project), AMT, 6.625%
due 9/15/2012 5,558
5,000 New Jersey EDA, Water Facilities Revenue Refunding
Bonds (American Water), AMT, Series B, 5.125%
due 4/01/2022 (a) 5,148
New Jersey State Transportation Trust Fund Authority,
Transportation System Revenue Bonds, Series D:
4,215 5% due 6/15/2018 (a) 4,504
11,120 5% due 6/15/2019 (e) 11,822
New Mexico--4.0%
Farmington, New Mexico, PCR, Refunding:
3,000 (Public Service Company of New Mexico--San Juan
Project), Series D, 6.375% due 4/01/2022 3,065
9,000 (Tucson Electric Power Company--San Juan Project),
Series A, 6.95% due 10/01/2020 9,187
9,520 New Mexico Finance Authority, Senior Lien State
Transportation Revenue Bonds, Series A, 5.125%
due 6/15/2018 (f) 10,222
New York--25.5%
1,090 Dutchess County, New York, IDA, Civic Facility Revenue
Bonds (Saint Francis Hospital), Series B, 7.25%
due 3/01/2019 1,158
10,500 Metropolitan Transportation Authority, New York, Revenue
Refunding Bonds, Series A, 5.75% due 11/15/2032 11,241
3,500 New York City, New York, City IDA, Special Facility
Revenue Bonds (Continental Airlines Inc. Project),
AMT, 8.375% due 11/01/2016 3,709
1,110 New York City, New York, City Transitional Finance
Authority, Future Tax Secured Revenue Bonds,
Series C, 5.50% due 5/01/2009 (g) 1,155
5,000 New York City, New York, GO, Refunding, Series B, 5.75%
due 8/01/2015 5,460
2,055 New York City, New York, IDA, Civic Facility Revenue
Bonds (Special Needs Facilities Pooled Program),
Series C-1, 6.80% due 7/01/2019 2,131
Face
Amount Municipal Bonds Value
New York (concluded)
$ 9,070 New York City, New York, Sales Tax Asset Receivable
Corporation Revenue Bonds, Series A, 5%
due 10/15/2020 (f) $ 9,665
7,775 New York State Dormitory Authority, Consolidated
Second General Resolution, Revenue Refunding
Bonds (City University System), Series A, 6.125%
due 7/01/2013 (a) 8,378
5,580 New York State Dormitory Authority, Lease Revenue
Refunding Bonds (Court Facilities), Series A, 5.25%
due 5/15/2012 5,957
New York State Dormitory Authority, Non-State Supported
Debt, Revenue Refunding Bonds (Mount Sinai-NYU
Medical Center Health System), Series A :
8,285 6.625% due 7/01/2010 (g) 9,057
2,385 6.625% due 7/01/2018 2,513
1,330 6.625% due 7/01/2019 1,399
New York State Dormitory Authority Revenue Bonds:
1,000 (North Shore--Long Island Jewish Health System),
5% due 5/01/2012 1,053
9,540 (School Districts Financing Program), Series D,
5.25% due 10/01/2023 (f) 10,132
7,380 New York State Environmental Facilities Corporation,
State Personal Income Tax Revenue Bonds, Series A,
5.25% due 12/15/2014 (c)(g) 8,224
60 New York State Thruway Authority, Local Highway and
Bridge Service Contract, Revenue Refunding Bonds,
5.50% due 4/01/2017 65
New York State Urban Development Corporation,
Correctional and Youth Facilities Services, Revenue
Refunding Bonds, Series A:
825 5.50% due 1/01/2011 (g) 880
10,825 5.50% due 1/01/2017 11,469
10,000 New York State Urban Development Corporation,
Personal Income Tax Revenue Bonds (State Facilities),
Series A-1, 5.25% due 3/15/2034 (c) 10,502
5,000 Port Authority of New York and New Jersey, Senior
Consolidated Revenue Bonds, AMT, 131st) Series,
5% due 12/15/2017 (b) 5,241
Tobacco Settlement Financing Corporation of New York
Revenue Bonds:
6,510 Series A-1, 5.25% due 6/01/2022 (a) 6,918
9,750 Series C-1, 5.50% due 6/01/2020 (c) 10,511
7,000 Series C-1, 5.50% due 6/01/2021 7,471
10,000 Series C-1, 5.50% due 6/01/2022 10,653
North Carolina--2.2%
3,105 Gaston County, North Carolina, Industrial Facilities
and Pollution Control Financing Authority, Revenue
Bonds (National Gypsum Company Project), AMT, 5.75%
due 8/01/2035 3,011
6,000 North Carolina Medical Care Commission, Health Care
Facilities, First Mortgage Revenue Refunding Bonds
(Presbyterian Homes Project), 7% due 10/01/2010 (g) 6,652
2,700 North Carolina Municipal Power Agency Number 1,
Catawba Electric Revenue Bonds, Series A, 5.25%
due 1/01/2020 (f) 2,859
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments (continued)
BlackRock Muni Intermediate Duration Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
Ohio--1.7%
$ 4,820 Buckeye Tobacco Settlement Financing Authority,
Ohio, Tobacco Settlement Asset-Backed Bonds,
Series A-2, 6.50% due 6/01/2047 $ 4,960
1,280 Port of Greater Cincinnati Development Authority,
Ohio, Special Assessment Revenue Bonds (Cooperative
Public Parking Infrastructure Project), 6.30%
due 2/15/2024 1,331
3,110 Trumbull County, Ohio, Health Care Facilities Revenue
Bonds (Shepherd of the Valley), VRDN, 5.10%
due 10/01/2031 (h)(i) 3,110
Pennsylvania--9.0%
3,500 Montgomery County, Pennsylvania, IDA, Revenue
Bonds (Whitemarsh Continuing Care Project), 6%
due 2/01/2021 3,540
7,710 Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds (National Gypsum
Company), AMT, Series A, 6.25% due 11/01/2027 7,754
2,895 Philadelphia, Pennsylvania, Airport Revenue Bonds
(Philadelphia Airport System), AMT, Series A, 5%
due 6/15/2020 (e) 3,018
3,905 Philadelphia, Pennsylvania, Airport Revenue Refunding
Bonds (Philadelphia Airport System), AMT, Series B, 5%
due 6/15/2019 (e) 4,092
7,490 Philadelphia, Pennsylvania, Gas Works Revenue
Refunding Bonds, 1975 General Ordinance, 17th
Series, 5.375% due 7/01/2022 (e) 8,032
9,630 Pittsburgh, Pennsylvania, GO, Refunding, Series B,
5.25% due 9/01/2017 (e) 10,689
6,430 Pittsburgh, Pennsylvania, GO, Series C, 5.25%
due 9/01/2018 (e) 7,105
Sayre, Pennsylvania, Health Care Facilities Authority,
Revenue Refunding Bonds (Guthrie Healthcare
System), Series A:
4,615 6.25% due 12/01/2011 (g) 5,158
455 6.25% due 12/01/2015 496
785 6.25% due 12/01/2016 852
385 6.25% due 12/01/2018 416
South Carolina--2.4%
8,000 Georgetown County, South Carolina, Pollution Control
Facilities, Revenue Refunding Bonds (International
Paper Company Project), Series A, 5.125% due 2/01/2012 8,156
4,250 Medical University Hospital Authority, South Carolina,
Hospital Facilities Revenue Refunding Bonds, Series A,
5.25% due 8/15/2023 (d)(n) 4,465
800 South Carolina Jobs EDA, Hospital Revenue Bonds
(Oconee Memorial Hospital Project), VRDN, Series A,
6% due 10/01/2036 (h)(i) 800
South Dakota--0.4%
2,200 Educational Enhancement Funding Corporation, South
Dakota, Series B, 6.50% due 6/01/2032 2,235
Tennessee--3.4%
1,800 Johnson City, Tennessee, Health and Educational Facilities
Board, Retirement Facility Revenue Bonds (Appalachian
Christian Village Project), Series A, 6% due 2/15/2019 1,804
2,005 Memphis-Shelby County, Tennessee, Airport Authority,
Airport Revenue Bonds, AMT, Series A, 5.50%
due 3/01/2017 (e) 2,080
Face
Amount Municipal Bonds Value
Tennessee (concluded)
Shelby County, Tennessee, Health, Educational & Housing
Facilities Board Revenue Bonds (Germantown Village),
Series A:
$ 3,550 6.75% due 12/01/2018 $ 3,422
1,450 7% due 12/01/2023 1,415
Shelby County, Tennessee, Health, Educational and
Housing Facility Board, Hospital Revenue Refunding
Bonds (Methodist Healthcare)(g):
6,000 6% due 9/01/2012 6,709
3,500 6.25% due 9/01/2012 3,952
Texas--14.0%
Austin, Texas, Convention Center Revenue Bonds
(Convention Enterprises Inc.), First Tier,
Series A (g):
6,230 6.375% due 1/01/2011 6,702
10,260 6.70% due 1/01/2011 11,285
1,500 Bexar County, Texas, Health Facilities Development
Corporation, Revenue Refunding Bonds (Army
Retirement Residence Project), 6.30%
due 7/01/2012 (g) 1,700
Brazos River Authority, Texas, PCR, Refunding (TXU
Energy Company LLC Project), AMT, Series A :
5,085 7.70% due 4/01/2033 5,293
1,500 6.75% due 4/01/2038 1,499
4,000 Dallas-Fort Worth, Texas, International Airport
Facility Improvement Corporation, Revenue Bonds
(Learjet Inc.), AMT, Series A-1, 6.15% due 1/01/2016 3,938
5,000 Dallas-Fort Worth, Texas, International Airport
Facility Improvement Corporation, Revenue Refunding
Bonds, AMT, Series A-2, 9% due 5/01/2029 5,611
2,440 Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue
Bonds (Citgo Petroleum Corporation Project), AMT,
7.50% due 5/01/2025 2,642
3,000 Gulf Coast Waste Disposal Authority, Texas, Revenue
Refunding Bonds (International Paper Company), AMT,
Series A, 6.10% due 8/01/2024 3,067
5,790 Houston, Texas, Airport System Revenue Refunding Bonds,
Sub-Lien, AMT, Series A, 5.50% due 7/01/2023 (e) 5,931
1,500 Houston, Texas, Health Facilities Development
Corporation, Retirement Facility Revenue Bonds
(Buckingham Senior Living Community), Series A, 7%
due 2/15/2014 (g) 1,797
7,420 Lower Colorado River Authority, Texas, PCR (Samsung
Austin Semiconductor), AMT, 6.95% due 4/01/2030 7,778
2,600 Matagorda County, Texas, Navigation District Number 1,
Revenue Refunding Bonds (Reliant Energy Inc.),
Series C, 8% due 5/01/2029 2,675
5,000 Sabine River Authority, Texas, PCR, Refunding (TXU
Electric Company Project/TXU Energy Company LLC),
AMT, Series B, 5.75% due 5/01/2030 4,852
800 Tarrant County, Texas, Health Facilities Development
Corporation, Hospital Revenue Refunding Bonds
(Cumberland Rest, Inc. Project), VRDN, Series, 4.90%
due 8/15/2032 (h)(i) 800
Texas State Affordable Housing Corporation, S/F Mortgage
Revenue Bonds (Professional Educators Home Loan
Program), AMT (l)(m):
7,996 Series A-3, 5.60% due 2/01/2039 8,498
5,000 Series B, 5.95% due 12/01/2039 5,439
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments (concluded)
BlackRock Muni Intermediate Duration Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
Virginia--4.7%
James City County, Virginia, IDA, Residential Care
Facility Revenue Refunding Bonds, Series A:
$ 3,285 5.75% due 3/01/2017 $ 3,384
1,150 6% due 3/01/2023 1,178
2,250 Loudoun County, Virginia, IDA, IDR, Refunding (Dulles
Airport Marriott Hotel), 7.125% due 9/01/2015 2,252
10,735 Pocahontas Parkway Association, Virginia, Toll Road
Revenue Bonds, Senior Series A, 5.50%
due 8/15/2008 (g) 11,104
7,800 Tobacco Settlement Financing Corporation of Virginia,
Asset-Backed Revenue Bonds, 5.625%
due 6/01/2015 (g) 8,869
Washington--2.2%
1,500 Seattle, Washington, Municipal Light and Power
Revenue Bonds, 5.30% due 12/01/2020 (f) 1,569
10,000 Snohomish County, Washington, School District Number
015 (Edmonds), GO, 5% due 12/01/2019 (c) 10,670
Guam--0.9%
Commonwealth of the Northern Mariana Islands,
Guam, GO, Series A:
4,000 6.75% due 10/01/2013 (g) 4,673
250 6.75% due 10/01/2033 265
Puerto Rico--7.9%
Puerto Rico Commonwealth, Public Improvement, GO,
Refunding, Series B:
1,125 5.25% due 7/01/2016 (g) 1,265
695 5.25% due 7/01/2032 704
17,935 Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series NN, 5.50% due 7/01/2013 (g) 19,913
5,390 Puerto Rico Industrial, Medical and Environmental
Pollution Control Facilities Financing Authority,
Special Facilities Revenue Bonds (American Airlines
Inc.), Series A, 6.45% due 12/01/2025 5,352
Puerto Rico Public Buildings Authority, Government
Facilities Revenue Refunding Bonds:
5,170 Series D, 5.25% due 7/01/2027 5,222
8,000 Series I, 5.50% due 7/01/2021 8,396
Face
Amount Municipal Bonds Value
Puerto Rico (concluded)
$ 3,535 Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E, 5.50%
due 2/01/2012 (g) $ 3,835
U.S. Virgin Islands--1.6%
1,860 Virgin Islands Government Refinery Facilities, Revenue
Refunding Bonds (Hovensa Coker Project), AMT, 6.50%
due 7/01/2021 1,968
6,750 Virgin Islands Public Finance Authority, Refinery
Facilities Revenue Bonds (Hovensa Refinery), AMT,
6.125% due 7/01/2022 6,904
Total Municipal Bonds
(Cost--$816,745)--148.4% 841,722
Municipal Bonds Held in Trust (k)
California--3.3%
17,730 California Pollution Control Financing Authority, PCR,
Refunding (Pacific Gas and Electric), AMT, Series A,
5.35% due 12/01/2016 (f) 18,707
New York--2.1%
11,100 New York City, New York, Sales Tax Asset Receivable
Corporation Revenue Bonds, Series A, 5.25%
due 10/15/2027 (a) 11,803
Texas--5.7%
31,240 Harris County, Texas, Toll Road Revenue Refunding
Bonds, Senior Lien, Series A, 5.25%
due 8/15/2035 (e) 32,837
Total Municipal Bonds Held in Trust
(Cost--$63,932)--11.1% 63,347
Total Investments (Cost--$880,677*)--159.5% 905,069
Other Assets Less Liabilities--2.3% 12,947
Liability for Trust Certificates, Including Interest
Expense Payable--(5.4%) (30,401)
Preferred Stock, at Redemption Value--(56.4%) (320,208)
----------
Net Assets Applicable to Common Stock--100.0% $ 567,407
==========
* The cost and unrealized appreciation (depreciation) of investments
as of November 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 850,072
==============
Gross unrealized appreciation $ 29,904
Gross unrealized depreciation (4,942)
--------------
Net unrealized appreciation $ 24,962
==============
(a) AMBAC Insured.
(b) CIFG Insured.
(c) FGIC Insured.
(d) FHA Insured.
(e) FSA Insured.
(f) MBIA Insured.
(g) Prerefunded.
(h) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(i) Radian Insured.
(j) XL Capital Insured.
(k) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction
in which the Fund may have acquired the residual interest certificates.
These securities serve as a collateral in a financing transaction. See
Note 1(c) to Financial Statements for details of municipal bonds
held in trust.
(l) FHLMC Collateralized.
(m) FNMA/GNMA Collateralized.
(n) Federal Housing Administration/Veterans' Administration Mortgages
packaged by the Federal National Mortgage Association.
(o) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments As of November 30, 2007 (Unaudited)
BlackRock Muni New York Intermediate Duration Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
New York--132.3%
$ 1,280 Albany County, New York, IDA, IDR (Special Needs
Facilities Pooled Program), Series K-1, 5%
due 7/01/2026 (a) $ 1,185
760 Albany, New York, IDA, Civic Facility Revenue
Refunding Bonds (Albany College of Pharmacy Project),
Series A, 5.25% due 12/01/2019 772
Cattaraugus County, New York, IDA, Civic Facility
Revenue Bonds (Saint Bonaventure University Project),
Series A:
695 4.90% due 5/01/2016 706
500 5% due 5/01/2023 493
435 Dutchess County, New York, IDA, Civic Facility Revenue
Bonds (Saint Francis Hospital), Series B, 7.25%
due 3/01/2019 462
750 Dutchess County, New York, IDA, Civic Facility Revenue
Refunding Bonds (Bard College), Series A-1, 5%
due 8/01/2022 784
2,000 Erie County, New York, IDA, Life Care Community Revenue
Bonds (Episcopal Church Home), Series A, 5.875%
due 2/01/2018 2,005
750 Erie County, New York, IDA, Revenue Bonds (Orchard
Park CCRC, Inc. Project), Series A, 6% due 11/15/2026 739
1,835 Erie County, New York, IDA, School Facility Revenue Bonds
(City of Buffalo Project), 5.75% due 5/01/2024 (e) 1,922
750 Essex County, New York, IDA, Solid Waste Disposal,
Revenue Refunding Bonds (International Paper
Company), AMT, Series A, 5.20% due 12/01/2023 725
500 Genesee County, New York, IDA, Civic Facility Revenue
Refunding Bonds (United Memorial Medical Center
Project), 4.75% due 12/01/2014 482
1,000 Hempstead Town, New York, IDA, Resource Recovery
Revenue Refunding Bonds (American Refinery-Fuel Co.
Project), 5% due 12/01/2010 1,006
5,000 Long Island Power Authority, New York, Electric System
Revenue Refunding Bonds, Series D, 5%
due 9/01/2025 (g) 5,271
750 New York City, New York, City Housing Development
Corporation, M/F Housing Revenue Bonds, AMT:
Series B-1, 5.05% due 11/01/2022 758
1,000 Series J-2, 4.75% due 11/01/2027 963
1,615 New York City, New York, City Housing Development
Corporation, Presidential Revenue Bonds (The Animal
Medical Center), Series A, 5.50% due 12/01/2033 1,655
1,415 New York City, New York, City IDA, Civic Facility Revenue
Bonds (PSCH Inc. Project), 6.20% due 7/01/2020 1,454
1,160 New York City, New York, City IDA, Civic Facility Revenue
Refunding Bonds (Special Needs Facilities Pooled
Program), Series A-1, 5.15% due 7/01/2015 (a) 1,172
New York City, New York, City IDA, PILOT Revenue Bonds:
2,000 (Queens Baseball Stadium Project), 5%
due 1/01/2031 (b) 2,077
2,400 (Yankee Stadium Project), 5% due 3/01/2031 (d) 2,489
Face
Amount Municipal Bonds Value
New York (continued)
New York City, New York, City IDA, Special Facility
Revenue Bonds, AMT:
$ 1,500 (1990 American Airlines Inc. Project), 5.40%
due 7/01/2020 $ 1,346
1,000 (British Airways Plc Project), 7.625%
due 12/01/2032 1,061
1,000 (Continental Airlines Inc. Project), 8.375%
due 11/01/2016 1,060
1,000 New York City, New York, City IDA, Special Facility
Revenue Refunding Bonds (Terminal One Group
Association Project), AMT, 5.50% due 1/01/2024 1,040
1,000 New York City, New York, City Transitional Finance
Authority, Building Aid Revenue Bonds, Series S-1,
5% due 7/15/2031 (d) 1,047
New York City, New York, GO, Series J:
2,710 5.50% due 6/01/2013 (h) 3,008
1,500 5.25% due 5/15/2018 (g) 1,623
290 5.50% due 6/01/2021 309
1,775 New York City, New York, GO, Sub-Series F-1, 5%
due 9/01/2026 1,824
1,000 New York City, New York, IDA, Civic Facility Revenue
Refunding Bonds (Polytechnic University), 4.70%
due 11/01/2022 (a) 914
500 New York City, New York, Trust for Cultural Resources
Revenue Bonds (Museum of American Folk Art),
6.125% due 7/01/2030 (a) 527
1,750 New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured),
5% due 11/15/2024 (b) 1,843
New York State Dormitory Authority, Non-State Supported
Debt Revenue Bonds:
500 (New York University Hospitals Center), Series B,
5.25% due 7/01/2024 483
850 (Saint Johns University), Series A, 5%
due 7/01/2027 (g) 896
New York State Dormitory Authority, Non-State Supported
Debt, Revenue Refunding Bonds (Mount Sinai-NYU
Medical Center Health System), Series A:
330 6.50% due 7/01/2010 (h) 360
660 6.625% due 7/01/2010 (h) 722
670 6.50% due 7/01/2015 708
340 6.625% due 7/01/2018 358
1,130 New York State Dormitory Authority, Non-State Supported
Debt, Revenue Refunding Bonds (New York University
Hospital Center), Series A, 5% due 7/01/2016 1,136
1,500 New York State Dormitory Authority Revenue Bonds:
(North Shore--Long Island Jewish Health System),
5% due 5/01/2013 1,590
1,735 (Winthrop S. Nassau University), 5.50%
due 7/01/2011 1,810
New York State Dormitory Authority, Revenue
Refunding Bonds:
1,305 (Lenox Hill Hospital Obligation Group), 5.75%
due 7/01/2017 1,340
1,000 (State University Educational Facilities), Series A,
5.50% due 5/15/2013 1,092
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments (continued)
BlackRock Muni New York Intermediate Duration Fund, Inc. (In Thousands)
Face
Amount Municipal Bonds Value
New York (continued)
$ 1,790 New York State Dormitory Authority, State Personal
Income Tax Revenue Bonds (Education), Series F,
5% due 3/15/2030 $ 1,864
1,500 New York State Dormitory Authority, Supported Debt
Revenue Refunding Bonds (Department of Health),
Series A, 5% due 7/01/2025 (c) 1,555
2,000 New York State Energy Research and Development
Authority, Gas Facilities Revenue Refunding Bonds
(Brooklyn Union Gas Company/Keyspan), AMT,
Series A, 4.70% due 2/01/2024 (d) 1,993
1,185 New York State, HFA, M/F Housing Revenue Bonds
(Kensico Terrace Apartments), AMT, Series A, 4.75%
due 8/15/2026 1,149
New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, AMT:
2,635 Series 130, 4.75% due 10/01/2030 2,511
500 Series 143, 4.85% due 10/01/2027 488
New York State Mortgage Agency, Homeowner Mortgage
Revenue Refunding Bonds, AMT:
1,000 Series 133, 4.95% due 10/01/2021 1,005
1,000 Series 137, 4.70% due 10/01/2031 942
500 Series 140, 4.65% due 10/01/2026 479
2,000 New York State Municipal Bond Bank Agency, Special
School Purpose Revenue Bonds, Series C, 5.25%
due 12/01/2018 2,133
New York State Thruway Authority, General Revenue
Refunding Bonds:
500 Series G, 4.75% due 1/01/2030 (e) 508
1,000 Series H, 5% due 1/01/2028 (d) 1,051
2,000 New York State Urban Development Corporation Revenue
Bonds, Subordinate Lien, Corporation Purpose,
Series A, 5.125% due 7/01/2019 2,112
Saratoga County, New York, IDA Civic Facility Revenue
Refunding Bonds (The Saratoga Hospital Project),
Series A (i):
365 4.375% due 12/01/2013 367
380 4.50% due 12/01/2014 383
395 4.50% due 12/01/2015 397
1,000 Schenectady, New York, IDA, Civic Facility Revenue
Refunding Bonds (Union College Project), 5%
due 7/01/2026 1,037
800 Suffolk County, New York, IDA, Continuing Care and
Retirement, Revenue Refunding Bonds (Jeffersons
Ferry Project), 4.625% due 11/01/2016 783
1,000 Tobacco Settlement Financing Corporation of New York,
Asset-Backed Revenue Bonds, Series A-1, 5.25%
due 6/01/2016 1,036
1,000 Tobacco Settlement Financing Corporation of New York
Revenue Bonds, Series C-1, 5.50% due 6/01/2022 1,065
Tompkins County, New York, IDA, Care Community Revenue
Refunding Bonds (Kendal at Ithaca), Series A-2:
250 5.75% due 7/01/2018 252
1,000 6% due 7/01/2024 1,006
1,000 Triborough Bridge and Tunnel Authority, New York,
Revenue Bonds, Series A, 5% due 11/15/2031 1,045
Face
Amount Municipal Bonds Value
New York (concluded)
$ 1,250 Utica, New York, IDA, Civic Facility Revenue Bonds
(Utica College Project), Series A, 6.875%
due 6/01/2009 (h) $ 1,324
515 Westchester County, New York, IDA, Civic Facility
Revenue Bonds (Special Needs Facilities Pooled
Program), Series D-1, 6.80% due 7/01/2019 532
750 Yonkers, New York, IDA, Revenue Bonds (Sacred Heart
Associates, LP Project), AMT, Series A, 4.80%
due 10/01/2026 745
Guam--3.4%
1,000 A.B. Won Guam International Airport Authority, General
Revenue Refunding Bonds, AMT, Series C, 5.25%
due 10/01/2022 (g) 1,030
1,000 Guam Government Waterworks Authority, Water and
Wastewater System, Revenue Refunding Bonds, 6%
due 7/01/2025 1,050
Puerto Rico--9.5%
Children's Trust Fund Project of Puerto Rico, Tobacco
Settlement Revenue Refunding Bonds:
750 5% due 5/15/2011 764
980 5.375% due 5/15/2033 955
New Puerto Rico Commonwealth, Public Improvement,
GO, Series A:
615 5.25% due 7/01/2016 (h) 691
385 5.25% due 7/01/2030 390
1,000 Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series K, 5% due 7/01/2030 993
500 Puerto Rico Commonwealth Infrastructure Financing
Authority, Special Tax Bonds, Series B, 5%
due 7/01/2031 496
500 Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds
(University Plaza Project), Series A, 5%
due 7/01/2033 (g) 512
1,000 Puerto Rico Municipal Finance Agency, GO, Series A,
5.25% due 8/01/2025 1,020
U.S. Virgin Islands--3.3%
500 Virgin Islands Government Refinery Facilities, Revenue
Refunding Bonds (Hovensa Coker Project), AMT, 6.50%
due 7/01/2021 529
500 Virgin Islands Public Finance Authority, Refinery
Facilities Revenue Bonds (Hovensa Refinery), AMT,
4.70% due 7/01/2022 462
1,000 Virgin Islands Public Finance Authority, Senior Lien
Revenue Bonds (Matching Fund Loan Note), Series A,
5.25% due 10/01/2024 1,019
Total Municipal Bonds (Cost--$89,448)--148.5% 90,890
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Schedule of Investments (concluded)
BlackRock Muni New York Intermediate Duration Fund, Inc. (In Thousands)
Shares
Held Short-Term Securities Value
597 CMA New York Municipal Money Fund, 3.07% (f)(j) $ 597
Total Short-Term Securities (Cost--$597)--1.0% 597
Total Investments (Cost--$90,045*)--149.5% 91,487
Other Assets Less Liabilities--1.2% 739
Preferred Stock, at Redemption Value--(50.7%) (31,022)
----------
Net Assets Applicable to Common Stock--100.0% $ 61,204
==========
* The cost and unrealized appreciation (depreciation) of investments
as of November 30, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate Cost $ 89,954
==============
Gross unrealized appreciation $ 2,372
Gross unrealized depreciation (839)
--------------
Net unrealized appreciation $ 1,533
==============
(a) ACA Insured.
(b) AMBAC Insured.
(c) CIFG Insured.
(d) FGIC Insured.
(e) FSA Insured.
(f) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Dividend
Affiliate Activity Income
CMA New York Municipal Money Fund $ (383) $ 17
(g) MBIA Insured.
(h) Prerefunded.
(i) Radian Insured.
(j) Represents the current yield as of November 30, 2007.
o Forward interest rate swaps outstanding as of November 30, 2007
were as follows:
Notional Unrealized
Amount Depreciation
Pay a fixed rate of 3.4425% and receive a
floating rate based on 1-week SIFMA Municipal
Swap Index.
Broker, JPMorgan Chase
Expires March 2018 $ 3,750,000 $ (31)
See Notes to Financial Statements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Statements of Assets and Liabilities
BlackRock BlackRock
Muni Muni New York
Intermediate Intermediate
Duration Duration
As of November 30, 2007 (Unaudited) Fund, Inc. Fund, Inc.
Assets
Investments in unaffiliated securities, at value* $ 905,069,200 $ 90,889,724
Investments in affiliated securities, at value** -- 596,837
Cash 94,173 37,043
Interest receivable 15,477,296 1,479,180
Prepaid expenses 25,905 12,390
--------------- ---------------
Total assets 920,666,574 93,015,174
--------------- ---------------
Liabilities
Trust certificates 30,035,000 --
Payable for securities purchased -- 479,675
Dividends payable to Common Stock shareholders 2,320,131 222,941
Payable to investment adviser 309,648 32,005
Unrealized depreciation on forward interest rate swaps -- 31,009
Payable to other affiliates 6,447 674
Payable for interest expense 366,200 --
Accrued expenses 14,560 22,781
--------------- ---------------
Total liabilities 33,051,986 789,085
--------------- ---------------
Preferred Stock
Preferred Stock, at redemption value, par value $.10 per share++ of AMPS+++ at
$25,000 per share liquidation preference 320,207,734 31,022,295
--------------- ---------------
Net Assets Applicable to Common Stock
Net assets applicable to Common Stock $ 567,406,854 $ 61,203,794
=============== ===============
Analysis of Net Assets Applicable to Common Stock
Common Stock, par value $.10 per share++++ $ 3,803,493 $ 420,644
Paid-in capital in excess of par 536,698,013 59,209,468
Undistributed investment income--net 4,693,809 450,285
Accumulated realized capital losses--net (2,180,966) (287,028)
Unrealized appreciation--net 24,392,505 1,410,425
--------------- ---------------
Net Assets Applicable to Common Stock $ 567,406,854 $ 61,203,794
=============== ===============
Net asset value per share of Common Stock $ 14.92 $ 14.55
=============== ===============
Market price per share of Common Stock $ 13.13 $ 12.90
=============== ===============
* Identified cost for unaffiliated securities $ 880,676,695 $ 89,448,290
=============== ===============
** Identified cost for affiliated securities -- $ 596,837
=============== ===============
++ Preferred Stock authorized, issued and outstanding:
Series M7 Shares 2,000 --
=============== ===============
Series T7 Shares 2,700 --
=============== ===============
Series W7 Shares 2,000 --
=============== ===============
Series TH7 Shares 2,700 --
=============== ===============
Series F7 Shares 2,000 1,240
=============== ===============
Series TH28 Shares 1,400 --
=============== ===============
++++ Common Stock issued and outstanding 38,034,934 4,206,439
=============== ===============
+++ Auction Market Preferred Stock.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Statements of Operations
BlackRock BlackRock
Muni Muni New York
Intermediate Intermediate
Duration Duration
For the Six Months Ended November 30, 2007 (Unaudited) Fund, Inc. Fund, Inc.
Investment Income
Interest and amortization of premium and discount earned $ 23,289,937 $ 2,248,808
Dividends from affiliates -- 16,710
--------------- ---------------
Total income 23,289,937 2,265,518
--------------- ---------------
Expenses
Investment advisory fees $ 2,463,000 $ 256,727
Interest expense and fees 596,168 --
Commission fees 407,515 39,128
Accounting services 114,870 18,584
Transfer agent fees 35,052 15,433
Professional fees 67,298 25,325
Printing and shareholder reports 29,636 3,235
Custodian fees 22,799 4,197
Directors' fees and expenses 11,668 13,426
Listing fees 6,636 4,696
Pricing fees 15,037 5,238
Other 38,931 18,454
--------------- ---------------
Total expenses before waiver and reimbursement 3,808,610 404,443
Waiver and reimbursement of expenses (671,757) (72,189)
--------------- ---------------
Total expenses after waiver and reimbursement 3,136,853 332,254
--------------- ---------------
Investment income--net 20,153,084 1,933,264
--------------- ---------------
Realized & Unrealized Gain (Loss)--Net
Realized loss on:
Investments--net (880,818) (20,212)
Financial futures contracts and forward interest rate swaps--net (400,021) (132,655)
--------------- ---------------
Total realized loss--net (1,280,839) (152,867)
--------------- ---------------
Change in unrealized appreciation/depreciation on:
Investments--net (5,804,828) (1,367,995)
Financial futures contracts and forward interest rate swaps--net 96,795 (32,830)
--------------- ---------------
Total change in unrealized appreciation/depreciation--net (5,708,033) (1,400,825)
--------------- ---------------
Total realized and unrealized loss--net (6,988,872) (1,553,692)
--------------- ---------------
Dividends to Preferred Stock Shareholders
Investment income--net (6,061,119) (539,513)
--------------- ---------------
Net Increase in Net Assets Resulting from Operations $ 7,103,093 $ (159,941)
=============== ===============
See Notes to Financial Statements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Statements of Changes in Net Assets
BlackRock Muni Intermediate BlackRock Muni New York
Duration Fund, Inc. Intermediate Duration Fund, Inc.
For the For the For the For the
Six Months Ended Year Ended Six Months Ended Year Ended
November 30, 2007 May 31, November 30, 2007 May 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007 (Unaudited) 2007
Operations
Investment income--net $ 20,153,084 $ 38,972,329 $ 1,933,264 $ 3,787,022
Realized gain (loss)--net (1,280,839) (139,587) (152,867) 147,462
Change in unrealized appreciation/depreciation--net (5,708,033) 7,090,554 (1,400,825) 842,327
Dividends and distributions to Preferred Stock shareholders (6,061,119) (11,909,306) (539,513) (1,046,683)
------------------------------ ------------------------------
Net increase (decrease) in net assets resulting from operations 7,103,093 34,013,990 (159,941) 3,730,128
------------------------------ ------------------------------
Dividends & Distributions to Common Stock Shareholders
Investment income--net (13,920,786) (28,297,991) ( 1,337,648) (2,700,534)
Realized gain--net -- (4,525,473) -- --
------------------------------ ------------------------------
Net decrease in net assets resulting from dividends and
distributions to Common Stock shareholders (13,920,786) (32,823,464) (1,337,648) (2,700,534)
------------------------------ ------------------------------
Net Assets Applicable to Common Stock
Total increase (decrease) in net assets applicable to
Common Stock (6,817,693) 1,190,526 (1,497,589) 1,029,594
Beginning of period 574,224,547 573,034,021 62,701,383 61,671,789
------------------------------ ------------------------------
End of period* $ 567,406,854 $ 574,224,547 $ 61,203,794 $ 62,701,383
============================== ==============================
* Undistributed investment income--net $ 4,693,809 $ 4,522,630 $ 450,285 $ 394,182
============================== ==============================
See Notes to Financial Statements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Financial Highlights BlackRock Muni Intermediate Duration Fund, Inc.
For the Six For the Period
The following per share data and ratios Months Ended For the Year August 1, 2003++
have been derived from information November 30, 2007 Ended May 31, to May 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004
Per Share Operating Performance
Net asset value, beginning of period $ 15.10 $ 15.07 $ 15.51 $ 14.52 $ 14.33
----------- ----------- ----------- ----------- -----------
Investment income--net .53+++++ 1.03+++++ 1.04+++++ 1.02+++++ .79
Realized and unrealized gain (loss)--net (.18) .18 (.15) 1.15 .21
Dividends and distributions to Preferred Stock
shareholders:
Investment income--net (.16) (.28) (.21) (.11) (.06)
Realized gain--net -- (.04) (.04) (.02) --
----------- ----------- ----------- ----------- -----------
Total from investment operations .19 .89 .64 2.04 .94
----------- ----------- ----------- ----------- -----------
Less dividends and distributions to Common Stock
shareholders:
Investment income--net (.37) (.74) (.84) (.86) (.65)
Realized gain--net -- (.12) (.23) (.19) --
----------- ----------- ----------- ----------- -----------
Total dividends and distributions to Common Stock
shareholders (.37) (.86) (1.07) (1.05) (.65)
----------- ----------- ----------- ----------- -----------
Offering costs resulting from issuance of Common Stock -- -- -- -- (.02)
----------- ----------- ----------- ----------- -----------
Offering and underwriting costs resulting from issuance
of Preferred Stock -- -- (.01) -- (.08)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.92 $ 15.10 $ 15.07 $ 15.51 $ 14.52
=========== =========== =========== =========== ===========
Market price per share, end of period $ 13.13 $ 14.85 $ 14.52 $ 13.94 $ 13.10
=========== =========== =========== =========== ===========
Total Investment Return**
Based on net asset value per share 1.41%+++ 6.14% 4.71% 15.36% 6.09%+++
=========== =========== =========== =========== ===========
Based on market price per share (9.25%)+++ 8.34% 12.25% 14.93% (8.59%)+++
=========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Stock
Total expenses, net of waiver and excluding interest
expense and fees*** .89%* .87% .87% .84% .75%*
=========== =========== =========== =========== ===========
Expenses, net of waiver*** 1.09%* 1.07% 1.00% .85% .75%*
=========== =========== =========== =========== ===========
Expenses*** 1.33%* 1.31% 1.24% 1.07% 1.03%*
=========== =========== =========== =========== ===========
Investment income--net*** 7.02%* 6.71% 6.82% 6.77% 6.51%*
=========== =========== =========== =========== ===========
Amount of dividends to Preferred Stock shareholders 2.11%* 1.80% 1.36% .74% .48%*
=========== =========== =========== =========== ===========
Investment income--net, to Common Stock shareholders 4.91%* 4.91% 5.46% 6.03% 6.03%*
=========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Stock
Dividends to Preferred Stock shareholders 3.74%* 3.27% 2.51% 1.50% .97%*
=========== =========== =========== =========== ===========
Supplemental Data
Net assets applicable to Common Stock, end of period
(in thousands) $ 567,407 $ 574,225 $ 573,034 $ 589,802 $ 552,179
=========== =========== =========== =========== ===========
Preferred Stock outstanding, end of period
(in thousands) $ 320,000 $ 320,000 $ 320,000 $ 285,000 $ 285,000
=========== =========== =========== =========== ===========
Portfolio turnover 9% 12% 49% 54% 70%
=========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,773 $ 2,794 $ 2,791 $ 3,069 $ 2,937
=========== =========== =========== =========== ===========
* Annualized.
** Total investment returns based on market value, which can be significantly greater or
lesser than net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
*** Do not reflect the effect of dividends to Preferred Stock shareholders.
++ Commencement of operations.
+++ Aggregate total investment return.
+++++ Based on average shares outstanding.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Financial Highlights (concluded) BlackRock Muni New York Intermediate Duration Fund, Inc.
For the Six For the Period
The following per share data and ratios Months Ended For the Year August 1, 2003++
have been derived from information November 30, 2007 Ended May 31, to May 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004
Per Share Operating Performance
Net asset value, beginning of period $ 14.91 $ 14.66 $ 15.05 $ 14.45 $ 14.33
----------- ----------- ----------- ----------- -----------
Investment income--net .46+++++ .90+++++ .87+++++ .85+++++ .68
Realized and unrealized gain (loss)--net (.37) .24 (.37) .58 .19
Dividends to Preferred Stock shareholders from
investment income--net (.13) (.25) (.20) (.11) (.06)
----------- ----------- ----------- ----------- -----------
Total from investment operations (.04) .89 .30 1.32 .81
----------- ----------- ----------- ----------- -----------
Less dividends to Common Stock shareholders from
investment income--net (.32) (.64) (.69) (.72) (.54)
----------- ----------- ----------- ----------- -----------
Offering costs resulting from issuance of Common Stock -- -- -- -- (.03)
----------- ----------- ----------- ----------- -----------
Offering and underwriting costs resulting from issuance
of Preferred Stock -- -- -- -- (.12)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.55 $ 14.91 $ 14.66 $ 15.05 $ 14.45
=========== =========== =========== =========== ===========
Market price per share, end of period $ 12.90 $ 13.93 $ 13.03 $ 13.44 $ 12.79
=========== =========== =========== =========== ===========
Total Investment Return**
Based on net asset value per share (.07%)+++ 6.57% 2.52% 9.99% 4.71%+++
=========== =========== =========== =========== ===========
Based on market price per share (5.17%)+++ 12.02% 2.03% 10.97% (11.46%)+++
=========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Common Stock
Total expenses, net of waiver and/or reimbursement*** 1.07%* 1.08% 1.10% 1.15% .81%*
=========== =========== =========== =========== ===========
Total expenses*** 1.30%* 1.31% 1.33% 1.38% 1.19%*
=========== =========== =========== =========== ===========
Total investment income--net*** 6.22%* 6.01% 5.89% 5.75% 5.40%*
=========== =========== =========== =========== ===========
Amount of dividends to Preferred Stock shareholders 1.74%* 1.66% 1.32% .77% .45%*
=========== =========== =========== =========== ===========
Investment income--net, to Common Stock shareholders 4.48%* 4.35% 4.57% 4.98% 4.95%*
=========== =========== =========== =========== ===========
Ratios Based on Average Net Assets Applicable to Preferred Stock
Dividends to Preferred Stock shareholders 3.43%* 3.38% 2.65% 1.55% .96%*
=========== =========== =========== =========== ===========
Supplemental Data
Net assets applicable to Common Stock, end of period
(in thousands) $ 61,204 $ 62,701 $ 61,672 $ 63,290 $ 60,778
=========== =========== =========== =========== ===========
Preferred Stock outstanding, end of period
(in thousands) $ 31,000 $ 31,000 $ 31,000 $ 31,000 $ 31,000
=========== =========== =========== =========== ===========
Portfolio turnover 7% 29% 49% 17% 21%
=========== =========== =========== =========== ===========
Leverage
Asset coverage per $1,000 $ 2,974 $ 3,023 $ 2,989 $ 3,042 $ 2,961
=========== =========== =========== =========== ===========
* Annualized.
** Total investment returns based on market value, which can be significantly greater or
lesser than net asset value, may result in substantially different returns.
Total investment returns exclude the effects of sales charges.
*** Do not reflect the effect of dividends to Preferred Stock shareholders.
++ Commencement of operations.
+++ Aggregate total investment return.
+++++ Based on average shares outstanding.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
BlackRock Muni Intermediate Duration Fund, Inc. and BlackRock Muni New York
Intermediate Duration Fund, Inc. (the "Funds" or individually as the "Fund"),
are registered under the Investment Company Act of 1940, as amended, as
non-diversified, closed-end management investment companies. The Funds'
financial statements are prepared in conformity with U.S. generally accepted
accounting principles, which may require the use of management accruals and
estimates. Actual results may differ from these estimates. These unaudited
financial statements reflect all adjustments, which are, in the opinion of
management, necessary to present a fair statement of the results for the
interim period. All such adjustments are of a normal, recurring nature. The
Funds determine and make available for publication the net asset values of
their Common Stock on a daily basis. Each Fund's Common Stock shares are
listed on the New York Stock Exchange under the symbol MUI for BlackRock Muni
Intermediate Duration Fund, Inc. and MNE for BlackRock Muni New York
Intermediate Duration Fund, Inc.
(a) Valuation of investments--Municipal bonds are traded primarily in the
over-the-counter ("OTC") markets and are valued at the last available bid
price in the OTC market or on the basis of values as obtained by a pricing
service. Pricing services use valuation matrixes that incorporate both dealer-
supplied valuations and valuation models. The procedures of the pricing
service and its valuations are reviewed by the officers of each of the Funds
under the general direction of the respective Board of Directors. Such
valuations and procedures are reviewed periodically by the Board of Directors
of the Funds. Financial futures contracts and options thereon, which are
traded on exchanges, are valued at their closing prices as of the close of
such exchanges. Effective September 4, 2007, exchange-traded options are
valued at the mean between the last bid and ask prices at the close of the
options market in which the options trade and previously were valued at the
last sales price as of the close of options trading on applicable exchanges.
Options traded in the OTC market are valued at the last asked price (options
written) or the last bid price (options purchased). Swap agreements are valued
by quoted fair values received daily by the Funds' pricing service.
Investments in open-end investment companies are valued at their net asset
value each business day. Securities and other assets for which market
quotations are not readily available are valued at fair value as determined in
good faith by or under the direction of each Fund's Board of Directors.
(b) Derivative financial instruments--Each Fund may engage in various
portfolio investment strategies both to increase the return of the Fund and to
hedge, or protect, its exposure to interest rate movements and movements in
the securities markets. Losses may arise due to changes in the value of the
contract due to an unfavorable change in the price of the underlying security
or if the counterparty does not perform under the contract. The counterparty
for certain instruments may pledge cash or securities as collateral.
* Financial futures contracts--Each Fund may purchase or sell financial
futures contracts and options on such financial futures contracts. Financial
futures contracts are contracts for delayed delivery of securities at a
specific future date and at a specific price or yield. Upon entering into a
contract, the Fund deposits, and maintains as collateral, such initial margin
as required by the exchange on which the transaction is effected. Pursuant to
the contract, the Fund agrees to receive from or pay to the broker an amount
of cash equal to the daily fluctuation in value of the contract. Such receipts
or payments are known as variation margin and are recorded by the Fund as
unrealized gains or losses. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
* Options--Each Fund may purchase and write call and put options. When the
Fund writes an option, an amount equal to the premium received by the Fund is
reflected as an asset and an equivalent liability. The amount of the liability
is subsequently marked-to-market to reflect the current market value of the
option written. When a security is purchased or sold through an exercise of an
option, the related premium paid (or received) is added to (or deducted from)
the basis of the security acquired or deducted from (or added to) the proceeds
of the security sold. When an option expires (or the Fund enters into a
closing transaction), the Fund realizes a gain or loss on the option to the
extent of the premiums received or paid (or gain or loss to the extent the
cost of the closing transaction exceeds the premium paid or received). Written
and purchased options are non-income producing investments.
* Forward interest rate swaps--Each Fund may enter into forward interest rate
swaps. In a forward interest rate swap, the Fund and the counterparty agree to
make periodic net payments on a specified notional contract amount, commencing
on a specified future effective date, unless terminated earlier. When the
agreement is closed, the Fund records a realized gain or loss in an amount
equal to the value of the agreement.
* Swaps--Each Fund may enter into swap agreements which are OTC contracts in
which the Fund and a counterparty agree to make periodic net payments on a
specified notional amount. The net payments can be made for a set period of
time or may be triggered by a predetermined credit event. The net periodic
payments may be based on a fixed or variable interest rate; the change in
market value of a specific security, basket of securities, or index; or the
return generated by a security. These periodic payments received or made by
the Fund are recorded in the accompanying Statement of Operations as realized
gains or losses, respectively. Gains or losses are also realized upon
termination of the swap agreements. Swaps are marked-to-market daily and
changes in value are recorded as unrealized appreciation (depreciation). Risks
include changes in the returns of the underlying instruments, failure of the
counterparties to perform under the contracts' terms and the possible lack of
liquidity with respect to the swap agreements.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Notes to Financial Statements (continued)
(c) Municipal bonds held in trust--BlackRock Muni Intermediate Duration Fund,
Inc. invests in leveraged residual certificates ("TOB Residuals") issued by
tender option bond trusts ("TOBs"). A TOB is established by a third party
sponsor forming a special purpose entity, into which a Fund, or an agent on
behalf of the Fund, transfers municipal securities. A TOB typically issues two
classes of beneficial interests: short-term floating rate certificates, which
are sold to third party investors, and residual certificates, which are
generally issued to the Fund which made the transfer or to affiliates of the
Fund. The Fund's transfers of the municipal securities to a TOB do not qualify
for sale treatment under Statement of Financial Accounting Standards No. 140
"Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities," therefore the municipal securities deposited into a TOB are
presented in the Fund's schedule of investments and the proceeds from the
transactions are reported as liability for trust certificates. Similarly,
proceeds from residual certificates issued to affiliates, if any, from the
transaction are included in the liability for trust certificates. Interest
income from the underlying security is recorded by the Fund on an accrual
basis. Interest expense incurred on the secured borrowing and other expenses
related to remarketing, administration and trustee services to a TOB are
reported as expenses of a Fund. The floating rate certificates have interest
rates that generally reset weekly and their holders have the option to tender
certificates to the TOB for redemption at par at each reset date. The residual
interests held by the Fund include the right of the Fund (1) to cause the
holders of a proportional share of floating rate certificates to tender their
certificates at par, and (2) to transfer a corresponding share of the municipal
securities from the TOB to the Fund. At May 31, 2007, in reference to BlackRock
Muni Intermediate Duration Fund, Inc., the aggregate value of the underlying
municipal securities transferred to TOBs was $63,347,034. The related liability
for trust certificates was $30,035,000 and the range of interest rates was
3.748% to 3.769%. BlackRock Muni New York Intermediate Duration Fund, Inc.
did not invest in these types of securities for the six months ended
November 30, 2007.
Financial transactions executed through TOBs generally will underperform the
market for fixed rate municipal bonds in a rising interest rate environment,
but tend to outperform the market for fixed rate bonds when interest rates
decline or remain relatively stable. Should short-term interest rates rise, a
Fund's investments in TOB Residuals likely will adversely affect a Fund's
investment income--net and distributions to shareholders. Fluctuations in the
market value of municipal securities deposited into the TOB may adversely
affect the Funds' net asset value per share.
While the Funds' investment policies and restrictions expressly permit
investments in inverse floating rate securities such as TOB Residuals, they
generally do not allow the Funds to borrow money for purposes of making
investments. The Funds' management believes that the Funds' restrictions on
borrowings do not apply to the secured borrowings deemed to have occurred for
accounting purposes.
(d) Income taxes--It is each Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
(e) Security transactions and investment income--Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Interest income is recognized on the accrual basis. The Funds amortize all
premiums and discounts on debt securities.
(f) Dividends and distributions--Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on the
ex-dividend dates.
(g) Recent accounting pronouncements--Effective June 29, 2007, the Funds
implemented Financial Accounting Standards Board ("FASB") Interpretation
No. 48, "Accounting for Uncertainty in Income Taxes--an interpretation of
FASB Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken by an
entity, including investment companies, before being measured and recognized
in the financial statements. Management has evaluated the application of FIN
48 to the Funds, and has determined that the adoption of FIN 48 does not have
a material impact on the Funds' financial statements. The Funds file U.S. and
various state tax returns. No income tax returns are currently under
examination. The statute of limitations on the Funds' tax returns remains
open for the years ended May 31, 2004 through May 31, 2007.
In September 2006, Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS
157 and its impact on each of the Fund's financial statements, if any, has not
been determined.
In addition, in February 2007, FASB issued Statement of Financial Accounting
Standards No. 159, "The Fair Value Option for Financial Assets and Financial
Liabilities" ("FAS 159"), which is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also
elects to apply the provisions of FAS 157. FAS 159 permits entities to choose
to measure many financial instruments and certain other items at fair value
that are not currently required to be measured at fair value. FAS 159 also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. At this time, management is
evaluating the implications of FAS 159 and its impact on each of the Fund's
financial statements, if any, has not been determined.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Notes to Financial Statements (continued)
2. Investment Advisory Agreement and Transactions with Affiliates:
Each Fund has entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the "Manager"), an indirect, wholly owned subsidiary of
BlackRock, Inc. Merrill Lynch & Co., Inc. and The PNC Financial Services
Group, Inc. are the principal owners of BlackRock, Inc.
The Manager is responsible for the management of each Fund's portfolio and
provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Fund. For such services, each Fund
pays a monthly fee at an annual rate of .55% of the Fund's average daily net
assets, including proceeds from the issuance of Preferred Stock. The Manager
has contractually agreed to waive a portion of its fee during the first seven
years of each Fund's operations ending July 31, 2010, as follows:
Fee Waiver
(As a Percentage
of Average Daily
Net Assets)
Years 1 through 5 .15%
Year 6 .10%
Year 7 .05%
Year 8 and thereafter .00%
The Manager has not agreed to waive any portion of its fee beyond
July 31, 2010.
For the six months ended November 30, 2007, the Manager earned fees
and waived a portion of its fees as follows:
Investment
Advisory Fees Fees
Earned Waived
BlackRock Muni Intermediate Duration
Fund, Inc. $2,463,000 $660,285
BlackRock Muni New York Intermediate
Duration Fund, Inc. $ 256,727 $ 70,019
In addition, the Manager has agreed to reimburse its management fee by the
amount of management fees BlackRock Muni New York Intermediate Duration Fund,
Inc. pays to the Manager indirectly through its investment in CMA New York
Municipal Money Fund. For the six months ended November 30, 2007, the Manager
reimbursed BlackRock Muni New York Intermediate Fund $2,170.
In addition, the Manager has entered into a sub-advisory agreement with
BlackRock Investment Management, LLC, an affiliate of the Manager, under which
the Manager pays the sub-adviser for services it provides, a monthly fee at an
annual rate that is a percentage of the management fee paid by each Fund to
the Manager.
The Funds reimbursed the Manager for certain accounting services. The
reimbursements were as follows:
Reimbursement
to the Manager
BlackRock Muni Intermediate Duration Fund, Inc. $7,827
BlackRock Muni New York Intermediate Duration Fund, Inc. $752
Certain officers and/or directors of the Funds are officers and/or directors
of BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the
six months ended November 30, 2007 were as follows:
BlackRock
BlackRock Muni Muni New York
Intermediate Intermediate
Duration Fund,Inc. Duration Fund, Inc.
Total Purchases $83,169,245 $6,292,695
Total Sales $92,989,772 $5,931,969
4. Stock Transactions:
Each Fund is authorized to issue 200,000,000 shares of stock, including
Preferred Stock, par value $.10 per share, all of which were initially
classified as Common Stock. The Boards of Directors are authorized, however,
to reclassify any unissued shares of common stock without approval of the
holders of Common Stock.
Preferred Stock
Auction Market Preferred Stock are redeemable shares of Preferred Stock of the
Funds, with a par value of $.10 per share and a liquidation preference of
$25,000 per share, plus accrued and unpaid dividends that entitle their
holders to receive cash dividends at an annual rate that may vary for the
successive dividend periods. The yields in effect at November 30, 2007 were
as follows:
BlackRock
BlackRock Muni Muni New York
Intermediate Intermediate
Duration Fund,Inc. Duration Fund, Inc.
Series M7 4.25% --
Series T7 4.50% --
Series W7 4.60% --
Series TH7 4.50% --
Series F7 4.15% 3.75%
Series TH28 4.30% --
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Notes to Financial Statements (concluded)
BlackRock Muni Intermediate Duration Fund, Inc.
Shares issued and outstanding during the six months ended November 30, 2007
and during the year ended May 31, 2007 remained constant.
BlackRock Muni New York Intermediate Duration Fund, Inc.
Shares issued and outstanding during the six months ended November 30, 2007
and during the year ended May 31, 2007 remained constant.
Each Fund pays commissions to certain broker-dealers at the end of each
auction at an annual rate ranging from .25% to .375%, calculated on the
proceeds of each auction. For the six months ended November 30, 2007, Merrill
Lynch, Pierce, Fenner & Smith Incorporated earned $256,142 relating to
BlackRock Muni Intermediate Duration Fund, Inc. and $34,818 relating to
BlackRock Muni New York Intermediate Duration Fund, Inc., as commissions.
5. Capital Loss Carryforward:
BlackRock Muni Intermediate Duration Fund, Inc.
On May 31, 2007, the Fund had a net capital loss carryforward of $318,382, all
of which expires in 2015. This amount will be available to offset like amounts
of any future taxable gains.
BlackRock Muni New York Intermediate Duration Fund, Inc.
On May 31, 2007, the Fund had a net capital loss carryforward of $134,161, all
of which expires in 2013. This amount will be available to offset like amounts
of any future taxable gains.
6. Subsequent Event:
On December 31, 2007, each Fund paid a tax-exempt income dividend to holders
of Common Stock to shareholders of record on December 14, 2007. The amounts of
the tax-exempt income dividends per share was as follows:
Per Share
Amount
BlackRock Muni Intermediate Duration Fund, Inc. $.061000
BlackRock Muni New York Intermediate Duration Fund, Inc. $.053000
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
The Benefits and Risks of Leveraging
The Funds utilize leveraging to seek to enhance the yields and net asset
values of their Common Stock. However, these objectives cannot be achieved in
all interest rate environments. To leverage, each Fund issues Preferred Stock,
which pays dividends at prevailing short-term interest rates, and invests the
proceeds in long-term municipal bonds. The interest earned on these
investments, net of dividends to Preferred Stock, is paid to Common Stock
shareholders in the form of dividends, and the value of these portfolio
holdings is reflected in the per share net asset value of each Fund's Common
Stock. However, in order to benefit Common Stock shareholders, the yield curve
must be positively sloped; that is, short-term interest rates must be lower
than long-term interest rates. At the same time, a period of generally
declining interest rates will benefit Common Stock shareholders. If either of
these conditions change, then the risks of leveraging will begin to outweigh
the benefits.
To illustrate these concepts, assume a fund's Common Stock capitalization of
$100 million and the issuance of Preferred Stock for an additional $50
million, creating a total value of $150 million available for investment in
long-term municipal bonds. If prevailing short-term interest rates are
approximately 3% and long-term interest rates are approximately 6%, the yield
curve has a strongly positive slope. The fund pays dividends on the $50
million of Preferred Stock based on the lower short-term interest rates. At
the same time, the fund's total portfolio of $150 million earns the income
based on long-term interest rates.
In this case, the dividends paid to Preferred Stock shareholders are
significantly lower than the income earned on the fund's long-term
investments, and therefore the Common Stock shareholders are the beneficiaries
of the incremental yield. However, if short-term interest rates rise,
narrowing the differential between short-term and long-term interest rates,
the incremental yield pickup on the Common Stock will be reduced or eliminated
completely. At the same time, the market value of the fund's Common Stock
(that is, its price as listed on the New York Stock Exchange) may, as a
result, decline. Furthermore, if long-term interest rates rise, the Common
Stock's net asset value will reflect the full decline in the price of the
portfolio's investments, since the value of the fund's Preferred Stock does
not fluctuate. In addition to the decline in net asset value, the market value
of the fund's Common Stock may also decline.
As of November 30, 2007, BlackRock Muni Intermediate Duration Fund, Inc. and
BlackRock Muni New York Intermediate Duration Fund, Inc. had leverage amounts,
due to Auction Market Preferred Stock, of 36% and 34% of total net assets,
respectively, before the deduction of Preferred Stock.
As a part of its investment strategy, the Funds may invest in certain
securities whose potential income return is inversely related to changes in a
floating interest rate ("inverse floaters"). In general, income on inverse
floaters will decrease when short-term interest rates increase and increase
when short-term interest rates decrease. Investments in inverse floaters may
be characterized as derivative securities and may subject the Funds to the
risks of reduced or eliminated interest payments and losses of invested
principal. In addition, inverse floaters have the effect of providing
investment leverage and, as a result, the market value of such securities will
generally be more volatile than that of fixed-rate, tax-exempt securities. To
the extent the Funds invest in inverse floaters, the market value of each
Fund's portfolio and the net asset value of each Fund's shares may also be
more volatile than if the Funds did not invest in such securities. (See Note
1(c) to Financial Statements for details of municipal bonds held in trust.)
Swap Agreements
The Funds may invest in swap agreements, which are over-the-counter contracts
in which one party agrees to make periodic payments based on the change in
market value of a specified bond, basket of bonds, or index in return for
periodic payments based on a fixed or variable interest rate or the change in
market value of a different bond, basket of bonds or index. Swap agreements
may be used to obtain exposure to a bond or market without owning or taking
physical custody of securities. Swap agreements involve the risk that the
party with whom each Fund has entered into the swap will default on its
obligation to pay the Funds and the risk that the Funds will not be able to
meet their obligations to pay the other party to the agreement.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Officers and Directors
G. Nicholas Beckwith, III, Director
Richard E. Cavanagh, Director
Richard S. Davis, Director
Kent Dixon, Director
Frank J Fabozzi, Director
Kathleen F. Feldstein, Director
James T. Flynn, Director
Henry Gabbay, Director
Jerrold B. Harris, Director
R. Glenn Hubbard, Director
W. Carl Kester, Director
Karen P. Robards, Director
Robert S. Salomon, Jr., Director
Roscoe S. Suddarth, Advisory Board Member
Donald C. Burke, Fund President and Chief Executive Officer
Anne F. Ackerley, Vice President
Howard Surloff, Secretary
Brian P. Kindelan, Chief Compliance Officer
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Custodian
State Street Bank and Trust Company
Boston, MA 02109
Transfer Agent
Common Stock:
Computershare Trust Company, N.A.
Providence, RI 02940-3010
Preferred Stock:
The Bank of New York Mellon
New York, NY 10286
Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Additional Information
Proxy Results BlackRock Muni Intermediate Duration Fund, Inc.
During the six-month period ended November 30, 2007, the Common Stock and
Auction Market Preferred Stock (Series F7, M7, T7, TH28, TH7 and W7)
shareholders of BlackRock Muni Intermediate Duration Fund, Inc. voted on the
following proposal, which was approved at an annual shareholders' meeting on
August 16, 2007. This proposal was part of the reorganization of the Fund's
Board of Directors that took effect on November 1, 2007.
A description of the proposal and number of shares voted are as follows:
Shares Voted Shares Withheld
For From Voting
To elect the Fund's Directors: G. Nicholas Beckwith, III 35,433,698 1,267,544
Richard E. Cavanagh 35,446,623 1,254,619
Richard S. Davis 35,442,339 1,258,903
Kent Dixon 35,432,350 1,268,892
Kathleen F. Feldstein 35,451,377 1,249,865
James T. Flynn 35,431,589 1,269,653
Henry Gabbay 35,433,849 1,267,393
Jerrold B. Harris 35,440,099 1,261,143
R. Glenn Hubbard 35,437,256 1,263,986
Karen P. Robards 35,466,105 1,235,137
Robert S. Salomon, Jr. 35,432,382 1,268,860
During the six-month period ended November 30, 2007, the Auction Market
Preferred Stock shareholders (Series F7, M7, T7, TH28, TH7 and W7) of
BlackRock Muni Intermediate Duration Fund, Inc. voted on the following
proposal, which was approved at an annual shareholders' meeting on August 16,
2007. This proposal was part of the reorganization of the Fund's Board of
Directors that took effect on November 1, 2007. A description of the proposal
and number of shares voted are as follows:
Shares Voted Shares Withheld
For From Voting
To elect the Fund's Directors: Frank J. Fabozzi and W. Carl Kester 11,897 0
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Additional Information (continued)
Proxy Results BlackRock Muni New York Intermediate Duration Fund, Inc.
During the six-month period ended November 30, 2007, the Common Stock and
Auction Market Preferred Stock (Series F7) shareholders of BlackRock Muni New
York Intermediate Duration Fund, Inc. voted on the following proposal, which
was approved at an annual shareholders' meeting on August 16, 2007. This
proposal was part of the reorganization of the Fund's Board of Directors that
took effect on or about November 1, 2007.
A description of the proposal and number of shares voted are as follows:
Shares Voted Shares Withheld
For From Voting
To elect the Fund's Directors: G. Nicholas Beckwith, III 3,699,198 284,808
Richard E. Cavanagh 3,699,198 284,808
Richard S. Davis 3,699,858 284,148
Kent Dixon 3,695,868 288,138
Kathleen F. Feldstein 3,699,198 284,808
James T. Flynn 3,695,868 288,138
Henry Gabbay 3,703,658 280,348
Jerrold B. Harris 3,699,858 284,148
R. Glenn Hubbard 3,699,198 284,808
Karen P. Robards 3,699,858 284,148
Robert S. Salomon, Jr. 3,695,868 288,138
During the six-month period ended November 30, 2007, the Auction Market
Preferred Stock shareholders (Series F7) of BlackRock Muni New York
Intermediate Duration Fund, Inc. voted on the following proposal, which was
approved at an annual shareholders' meeting on August 16, 2007. This proposal
was part of the reorganization of the Fund's Board of Directors that took
effect on November 1, 2007. A description of the proposal and number of shares
voted are as follows:
Shares Voted Shares Withheld
For From Voting
To elect the Fund's Directors: Frank J. Fabozzi and W. Carl Kester 1,240 0
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Additional Information (concluded)
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the
Securities and Exchange Commission ("SEC") for the first and third quarters
of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the
SEC's Web site at http://www.sec.gov. The Funds' Forms N-Q may also be
reviewed and copied at the SEC's Public Reference Room in Washington, DC.
Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330.
Electronic Delivery
Electronic copies of most financial reports are available on each Fund's Web
site. Shareholders can sign up for e-mail notifications of quarterly
statements and annual and semi-annual reports by enrolling in the Funds'
electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisers, banks or brokerages may offer this service.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former
fund investors and individual clients (collectively, "Clients") and to
safeguarding their nonpublic personal information. The following information
is provided to help you understand what personal information BlackRock
collects, how we protect that information and why in certain cases we share
such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about
you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on
applications, forms or other documents; (ii) information about your
transactions with us, our affiliates, or others; (iii) information we receive
from a consumer reporting agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to nonaffiliated third parties any
nonpublic personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These nonaffiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services that
may be of interest to you. In addition, BlackRock restricts access to
nonpublic personal information about its Clients to those BlackRock employees
with a legitimate business need for the information. BlackRock maintains
physical, electronic and procedural safeguards that are designed to protect
the nonpublic personal information of its Clients, including procedures
relating to the proper storage and disposal of such information.
SEMI-ANNUAL REPORT NOVEMBER 30, 2007
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-
annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable to this semi-
annual report
Item 6 - Schedule of Investments - The registrant's Schedule of Investments
is included as part of the Report to Stockholders filed under Item 1
of this form.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable to this semi-annual
report
Item 8 - Portfolio Managers of Closed-End Management Investment Companies -
Not Applicable to this semi-annual report
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - The
registrant's Nominating and Governance Committee will consider
nominees to the Board recommended by shareholders when a vacancy
becomes available. Shareholders who wish to recommend a nominee
should send nominations which include biographical information and
set forth the qualifications of the proposed nominee to the
registrant's Secretary. There have been no material changes to
these procedures.
Item 11 - Controls and Procedures
11(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 and Exchange Act of 1934, as amended.
11(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 second fiscal quarter of the period covered
by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Muni Intermediate Duration Fund, Inc.
By: /s/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer of
BlackRock Muni Intermediate Duration Fund, Inc.
Date: January 16, 2008
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/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
BlackRock Muni Intermediate Duration Fund, Inc.
Date: January 16, 2008
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock Muni Intermediate Duration Fund, Inc.
Date: January 16, 2008