BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21348

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2017

Date of reporting period: 01/31/2017

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2017 (Unaudited)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par  
(000)		     Value  

Alabama — 3.0%

    

City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/19 (a)

   $ 4,615     $ 5,116,881  

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

    

5.50%, 1/01/21

     5,500       5,522,385  

5.25%, 1/01/23

     6,500       6,526,455  
   

 

 

  
        17,165,721  

Arizona — 3.6%

    

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

     2,000       2,225,840  

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

     2,685       2,894,886  

Arizona State University, RB, Series D, 5.00%, 7/01/32

     1,350       1,550,570  

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

     750       821,895  

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

     2,325       2,499,328  

County of Pinal Arizona Electric District No. 3, Refunding RB, 5.00%, 7/01/21 (a)

     1,600       1,834,000  

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

    

5.00%, 7/01/24

     1,945       2,245,308  

5.00%, 7/01/27

     500       565,760  

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

    

5.00%, 7/01/27

     700       771,715  

5.00%, 7/01/32

     1,925       2,084,063  

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

     2,050       2,199,076  

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

     1,000       1,050,990  
   

 

 

  
        20,743,431  

Arkansas — 1.0%

    

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

     480       534,192  

City of Benton, RB, 5.00%, 6/01/29

     1,055       1,202,246  
Municipal Bonds   Par  
(000)		     Value  

Arkansas (continued)

    

University of Arkansas, Refunding RB:

    

5.00%, 3/01/31

   $ 2,315     $ 2,659,426  

5.00%, 3/01/34

     1,270       1,439,393  
   

 

 

  
        5,835,257  

California — 4.1%

    

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

     2,135       2,406,358  

California Health Facilities Financing Authority, Refunding RB, 5.00%, 11/15/29

     1,930       2,253,391  

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

     1,335       1,385,343  

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

     605       620,923  

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

     5,000       5,059,250  

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

     2,000       2,176,860  

State of California, GO:

    

5.50%, 4/01/28

     15       15,052  

Various Purposes, 5.00%, 11/01/17 (a)

     1,235       1,273,841  

Various Purposes, 5.75%, 4/01/31

     7,000       7,635,670  

Various Purposes, 5.00%, 11/01/32

     765       785,043  
   

 

 

  
        23,611,731  

Colorado — 1.0%

    

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

     2,500       2,856,275  

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

     500       539,965  
 

 

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017    1

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds   

Par  

(000)

     Value  

Colorado (continued)

     

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

    $ 2,000     $ 2,267,100  
    

 

 

  
        5,663,340  

Connecticut — 3.2%

     

Connecticut State Health & Educational Facility Authority, Refunding RB:

     

5.00%, 12/01/33

      3,015       3,385,061  

Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/31

      4,530       4,857,474  

University of Connecticut, RB, Series A:

     

5.00%, 3/15/31

      5,025       5,684,531  

5.00%, 3/15/32

      4,000       4,501,560  
    

 

 

  
        18,428,626  

Florida — 6.9%

     

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

      10,000       11,067,800  

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

     

5.50%, 10/01/23

      1,000       1,133,150  

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

      1,635       1,800,707  

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

     

6.00%, 10/01/28

      3,470       4,098,625  

6.00%, 10/01/29

      3,480       4,096,064  

County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/32

      5,020       5,569,439  

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

      1,500       1,668,750  

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

      8,000       8,514,400  

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

      1,665       1,717,381  
Municipal Bonds    Par  
(000)		     Value  

Florida (continued)

     

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

    $ 150     $ 104,975  
    

 

 

  
        39,771,291  

Georgia — 2.0%

     

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

      10,000       11,506,800  

Hawaii — 1.0%

     

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

      5,000       5,553,250  

Idaho — 0.5%

     

Boise State University, Refunding RB, Series A:

     

5.00%, 4/01/32

      1,300       1,499,082  

5.00%, 4/01/33

      1,000       1,147,980  
    

 

 

  
        2,647,062  

Illinois — 16.7%

     

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

     

5.00%, 1/01/32

      5,000       5,380,700  

AMT, 5.50%, 1/01/32

      1,500       1,678,575  

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

     

5.25%, 1/01/28

      1,350       1,521,315  

5.25%, 1/01/29

      3,020       3,391,007  

City of Chicago Illinois O’Hare International Airport, RB, Refunding GARB, 5.00%, 1/01/32

      3,745       4,127,664  

City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series A, AMT, 5.00%, 1/01/23

      13,000       14,632,150  

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

      3,700       3,992,263  

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

     

5.00%, 5/01/30

      475       515,133  

5.00%, 5/01/31

      500       542,245  

5.00%, 5/01/32

      500       541,265  

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

      12,695       12,695,000  
 

 

 

                
2    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds    Par  
(000)		     Value  

Illinois (continued)

     

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

    $ 3,500     $ 3,944,815  

6.25%, 6/01/24

      11,750       11,783,370  

State of Illinois, GO:

     

5.25%, 2/01/30

      5,000       5,125,950  

5.00%, 5/01/30

      10,000       10,104,300  

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

      9,140       10,103,173  

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

      5,220       5,891,919  
    

 

 

  
        95,970,844  

Indiana — 6.1%

     

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

      4,800       5,348,352  

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

      2,000       2,157,420  

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

      10,000       11,280,300  

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

      5,000       5,144,000  

Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/33

      10,000       11,314,200  
    

 

 

  
        35,244,272  

Iowa — 1.4%

     

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

     

5.25%, 4/01/23

      695       785,308  

5.25%, 4/01/24

      730       823,608  

5.25%, 4/01/25

      520       585,791  

5.25%, 4/01/26

      360       404,474  

Iowa Higher Education Loan Authority, Refunding RB:

     

Drake University Project, 4.00%, 4/01/27

      620       668,707  

Drake University Project, 4.00%, 4/01/28

      750       800,235  

Private College Facility, 5.00%, 9/01/20 (a)

      2,315       2,599,745  
Municipal Bonds    Par  
(000)		     Value  

Iowa (continued)

     

Iowa Higher Education Loan Authority, Refunding RB (continued):

     

Private College Facility, Upper Iowa University Project, 5.00%, 9/01/20 (f)

    $ 1,000     $ 1,121,140  
    

 

 

  
        7,789,008  

Kansas — 1.4%

     

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

      1,500       1,627,080  

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

     

5.00%, 9/01/33

      1,005       1,153,590  

5.00%, 9/01/33

      4,995       5,529,265  
    

 

 

  
        8,309,935  

Louisiana — 4.1%

     

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

      2,000       2,273,520  

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

      850       917,116  

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

     

5.00%, 12/01/27

      3,445       3,820,057  

5.00%, 12/01/28

      3,715       4,119,452  

New Orleans Aviation Board, RB, Series A:

     

5.00%, 1/01/32

      1,000       1,110,210  

5.00%, 1/01/33

      1,000       1,106,550  

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

      5,750       5,964,820  
 

 

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017    3

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds    Par  
(000)		     Value  

Louisiana (continued)

     

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

    $ 3,660     $ 4,028,196  
 

 

 

  
        23,339,921  

Maine — 0.3%

     

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

      1,965       1,967,122  

Maryland — 0.8%

     

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

      1,615       1,707,249  

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

      1,140       1,253,179  

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

      1,500       1,662,345  
 

 

 

  
        4,622,773  

Massachusetts — 0.8%

     

Massachusetts Development Finance Agency, RB, Dana-Farber Cancer Institute Issue, Series N, 5.00%, 12/01/33

      1,300       1,464,450  

Massachusetts Development Finance Agency, Refunding RB, 5.00%, 1/01/31

      1,730       1,851,186  

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

      1,060       1,148,065  
 

 

 

  
        4,463,701  

Michigan — 3.2%

     

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

      1,000       1,105,440  

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

      4,000       4,444,000  

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

      2,500       2,794,550  

Municipal Bonds

   Par  
(000)		     Value  

Michigan (continued)

    

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

   $ 4,900     $ 5,415,186  

State of Michigan, Refunding RB, Grant Anticipation Bonds, 5.00%, 3/15/25

     3,750       4,414,650  
   

 

 

  
        18,173,826  

Minnesota — 1.2%

    

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

    

4.00%, 6/01/30

     150       155,337  

4.00%, 6/01/31

     50       51,452  

Minnesota Higher Education Facilities Authority, Refunding RB, University of St. Thomas, Series 8-L, 5.00%, 4/01/35

     500       557,525  

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

    

Series B, 5.00%, 8/01/36

     1,000       1,111,970  

Series C, 5.00%, 8/01/27

     1,390       1,605,853  

Series C, 5.00%, 8/01/28

     740       852,110  

Series C, 5.00%, 8/01/29

     1,555       1,781,968  

Series C, 5.00%, 8/01/30

     835       953,603  
   

 

 

  
        7,069,818  

Montana — 0.4%

    

County of Gallatin Montana School District No 7 Bozeman, GO, 4.00%, 12/01/31

     340       362,352  

County of Yellowstone Montana School District No. 2 Billings, GO, 5.00%, 6/15/30

     500       572,080  

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

     1,000       1,148,440  
   

 

 

  
        2,082,872  

Nebraska — 1.1%

    

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

     800       886,760  

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

     1,000       1,089,750  

Nebraska Public Power District, Refunding RB:

    

Series A, 5.00%, 1/01/30

     1,000       1,105,210  

Series A, 5.00%, 1/01/32

     2,000       2,206,540  
 

 

 

                
4    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds   

Par  

(000)

     Value  

Nebraska (continued)

     

Nebraska Public Power District, Refunding RB (continued):

     

Series A-1, 3.00%, 1/01/33

    $ 900     $ 835,614  
    

 

 

  
        6,123,874  

Nevada — 1.7%

     

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

      5,000       5,579,400  

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

      3,800       4,079,908  
    

 

 

  
        9,659,308  

New Jersey — 23.4%

     

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

      2,000       2,160,160  

New Jersey EDA, RB, AMT:

     

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

      6,040       6,379,508  

Goethals Bridge Replacement Project, Private Activity Bond, 5.50%, 1/01/26

      1,500       1,688,715  

Goethals Bridge Replacement Project, Private Activity Bond, 5.50%, 1/01/27

      1,000       1,124,500  

New Jersey EDA, Refunding RB:

     

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

      3,000       3,193,140  

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

      3,850       3,851,078  

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

      3,465       3,590,676  

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

      10,000       10,242,000  

New Jersey Educational Facilities Authority, Refunding RB, 5.00%, 7/01/30

      5,000       5,585,050  

New Jersey Higher Education Student Assistance Authority, Refunding RB:

     

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

      1,195       1,297,734  

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

      1,470       1,558,362  

New Jersey State Turnpike Authority, 5.00%, 1/01/32

      12,000       13,535,520  
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

     

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

    $ 10,000     $ 11,261,400  

New Jersey Transportation Trust Fund Authority, RB:

     

Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 6/15/30

      2,000       2,103,960  

Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 6/15/30

      10,000       10,240,800  

Series B, 5.25%, 6/15/26

      3,500       3,673,880  

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

      12,000       12,312,600  

Transportation Program, Series AA, 5.25%, 6/15/32

      2,250       2,314,305  

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

      3,185       3,394,509  

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

      13,970       14,620,164  

Transportation System, Series C, 5.25%, 6/15/32

      10,000       10,271,800  

Newark Housing Authority, RB, Series A:

     

5.00%, 12/01/23

      1,230       1,399,642  

5.00%, 12/01/25

      1,345       1,512,533  

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

      1,375       1,465,035  

State of New Jersey, GO, Various Purposes, 5.00%, 6/01/28

      5,000       5,564,250  
    

 

 

  
        134,341,321  

New Mexico — 1.2%

     

Albuquerque Municipal School District No 12, GO, Series 2017, 5.00%, 8/01/30

      1,250       1,471,150  

County of Albuquerque Bernalillo New Mexico Water Utility Authority, Refunding RB, 4.00%, 7/01/33

      2,510       2,636,253  

New Mexico Hospital Equipment Loan Council, Refunding RB, 5.00%, 8/01/31

      2,500       2,834,575  
    

 

 

  
        6,941,978  

New York — 18.5%

     

Build NYC Resource Corp., Refunding RB, 5.00%, 7/01/33

      3,085       3,304,806  
 

 

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017    5

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

     

City of New York New York, GO, Refunding, Series A, 5.00%, 8/01/29

    $ 6,125     $ 7,135,502  

City of New York New York, GO:

     

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

      4,250       4,526,505  

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

      5,000       5,471,400  

Sub-Series-D- 1, 5.13%, 12/01/17 (a)

      2,730       2,825,768  

Sub-Series-D- 1, 5.13%, 12/01/26

      1,885       1,947,676  

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

      3,560       3,800,371  

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

      5,695       6,563,374  

County of Nassau New York, GO, Series A, 5.00%, 1/01/33

      3,110       3,525,714  

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

     

5.00%, 11/01/24

      5,470       6,067,433  

5.00%, 11/01/30

      655       709,692  

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.50%, 4/01/19 (a)

      1,000       1,092,250  

Metropolitan Transportation Authority, RB:

     

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

      2,300       2,632,511  

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

      1,500       1,716,855  

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

      2,750       2,987,050  

New York State Dormitory Authority, RB, North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/19 (a)

      1,495       1,637,623  

New York State Dormitory Authority, Refunding RB:

     

4.25%, 9/01/19 (a)

      480       515,933  

5.00%, 7/01/30

      1,555       1,799,804  

New York State Thruway Authority, RB, Junior Lien, Series A:

     

5.00%, 1/01/33

      4,500       5,075,550  

5.00%, 1/01/34

      2,000       2,244,300  
Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

     

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

    $ 2,475     $ 2,714,011  

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

      1,000       1,044,990  

Port Authority of New York & New Jersey, Refunding RB, 5.00%, 11/01/28

      6,185       7,269,663  

State of New York Dormitory Authority, RB:

     

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

      900       1,009,692  

Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 7/01/32

      9,000       9,935,190  

Mental Health Services (AGM), 5.00%, 8/15/18 (a)

      10       10,610  

Mental Health Services (AGM), 5.00%, 8/15/18 (a)

      3,625       3,846,016  

Mental Health Services (AGM), 5.00%, 8/15/18 (a)

      30       31,829  

Mental Health Services (AGM), 5.00%, 2/15/22

      325       343,467  

Mental Health Services, 2nd Series (AGM), 5.00%, 8/15/18 (a)

      10       10,610  

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

      6,900       7,142,742  

New York University Hospitals Center, Series A, 5.00%, 7/01/20 (a)

      1,725       1,930,844  

New York University Hospitals Center, Series A, 5.13%, 7/01/20 (a)

      1,670       1,876,212  

State of New York Dormitory Authority, Refunding RB, North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/32

      3,060       3,425,854  
    

 

 

  
        106,171,847  

North Carolina — 0.3%

     

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

      1,500       1,646,190  
 

 

 

                
6    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds   

Par  

(000)

     Value  

Ohio — 1.2%

     

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

    $ 6,000     $ 6,843,660  

Oklahoma — 0.8%

     

Oklahoma City Public Property Authority, Refunding RB:

     

5.00%, 10/01/27

      1,190       1,368,203  

5.00%, 10/01/28

      1,265       1,444,579  

5.00%, 10/01/29

      1,400       1,588,790  
    

 

 

  
        4,401,572  

Oregon — 2.3%

     

County of Klamath Oregon School District, GO:

     

5.00%, 6/15/30

      1,000       1,140,070  

5.00%, 6/15/31

      1,000       1,135,040  

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

      2,000       2,274,060  

County of Yamhill Oregon School District No. 40 McMinnville, GO, 4.00%, 6/15/33

      1,380       1,464,152  

Klamath Falls Intercommunity Hospital Authority, Refunding RB, Sky Lakes Medical Center Project:

     

5.00%, 9/01/30

      400       453,592  

5.00%, 9/01/31

      300       338,445  

5.00%, 9/01/32

      540       606,388  

Oregon Health & Science University, Refunding RB, Series B, 5.00%, 7/01/33

      1,500       1,727,205  

Oregon State Facilities Authority, Refunding RB, Reed College Project, Series A, 5.00%, 7/01/29

      1,835       2,012,078  

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

      2,000       2,230,940  
    

 

 

  
        13,381,970  

Pennsylvania — 4.3%

     

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

      2,895       2,937,238  

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

      2,515       2,821,604  

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

     

5.00%, 11/01/25

      2,700       3,038,229  

5.00%, 11/01/26

      2,375       2,646,391  
Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (continued)

     

Pennsylvania Turnpike Commission, RB:

     

Series B, 5.00%, 12/01/32

    $ 1,500     $ 1,680,525  

Sub-Series B, 5.25%, 12/01/31

      4,000       4,401,960  

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

      6,225       7,163,481  
    

 

 

  
        24,689,428  

Puerto Rico — 1.6%

     

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

      9,000       9,493,560  

Rhode Island — 1.9%

     

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

      4,150       4,718,176  

Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 4/01/29

      1,000       1,086,830  

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

      2,305       2,556,499  

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

      2,000       2,289,980  
    

 

 

  
        10,651,485  

South Carolina — 2.2%

     

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

     

5.00%, 12/01/30

      5,500       6,326,650  

5.00%, 12/01/31

      5,660       6,466,380  
    

 

 

  
        12,793,030  

South Dakota — 0.2%

     

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

      1,000       1,091,140  
 

 

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017    7

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds   

Par  

(000)

     Value  

Tennessee — 2.0%

     

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

     

Series A, 5.00%, 11/01/23

    $ 2,695     $ 2,916,718  

Series B, 5.00%, 11/01/22

      1,000       1,083,950  

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

      3,200       3,340,544  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/35

      4,000       4,410,160  
    

 

 

  
        11,751,372  

Texas — 8.6%

     

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

      6,000       7,078,080  

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

      5,685       6,425,926  

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

     

5.00%, 7/01/25

      1,500       1,638,150  

5.00%, 7/01/32

      1,010       1,084,649  

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

     

Series E, 5.00%, 11/01/26

      2,185       2,402,582  

Series E, 5.00%, 11/01/27

      4,960       5,448,312  

Series F, 5.00%, 11/01/31

      6,345       6,911,101  

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

      1,000       1,084,400  

North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 1/01/33

      2,500       2,811,525  

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

      1,340       1,496,767  

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

      2,910       3,147,601  

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

      2,500       2,759,650  
Municipal Bonds  

Par  

(000)

     Value  

Texas (continued)

    

Via Metropolitan Transit Authority, Refunding RB:

    

5.25%, 8/01/28

   $ 1,585     $ 1,800,116  

5.25%, 8/01/29

     1,720       1,928,860  

Via Metropolitan Transit Authority, Refunding RB (continued):

    

5.25%, 8/01/33

     3,000       3,358,350  
   

 

 

  
        49,376,069  

U.S. Virgin Islands — 1.0%

    

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

     5,000       5,488,450  

Vermont — 1.0%

    

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

     5,565       5,875,082  

West Virginia — 1.0%

    

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

     4,000       4,270,680  

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

     1,500       1,672,740  
   

 

 

  
        5,943,420  

Wisconsin — 1.4%

    

Public Finance Authority, Refunding RB, AMT: National Gypsum Co., 5.25%, 4/01/30

     2,410       2,531,825  

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

     4,765       5,096,596  

Wisconsin Health & Educational Facilities Authority, Refunding RB, The Monroe Clinic, Inc., 4.00%, 2/15/31

     450       463,127  
   

 

 

  
        8,091,548  
Total Municipal Bonds —138.4%       794,716,905  
   
                 

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (g)

              

Connecticut — 2.0%

    

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

     10,000       11,227,371  
 

 

 

                
8    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (g)

  

Par  

(000)

     Value  

Illinois — 1.5%

    

Du Page & Will Counties Community School District No. 204, GO, School Building, Series A (NPFGC), 5.25%, 6/30/17 (a)

   $ 8,650     $ 8,811,558  

Louisiana — 2.4%

    

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

     12,000       13,585,920  

Massachusetts — 2.0%

    

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

     10,175       11,313,257  

Minnesota — 1.9%

    

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

     10,525       10,963,783  

New York — 9.6%

    

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

     3,507       3,806,807  

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

     7,009       7,950,456  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Series A:

    

4.75%, 6/15/17 (a)

     1,508       1,527,805  

4.75%, 6/15/30

     6,492       6,578,195  

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

     4,001       4,438,868  

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

     5,530       6,160,475  

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

     4,009       4,459,011  

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

     5,010       5,844,516  

Municipal Bonds Transferred to

Tender Option Bond Trusts (g)

  

Par  

(000)

     Value  

New York (continued)

    

State of New York Dormitory Authority, Refunding RB, Series E, 5.25%, 3/15/33

   $ 7,000     $ 8,211,770  

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

     5,501       6,293,936  
   

 

 

  
        55,271,839  

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 19.4%

 

 

     111,173,728  
Total Long-Term Investments
(Cost — $874,637,164) — 157.8%		       905,890,633  
        
                 
        
Short-Term Securities   Shares         

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.50% (h)(i)

     11,470,427       11,471,574  
Total Short-Term Securities
(Cost — $11,470,587) — 2.0%		       11,471,574  
Total Investments (Cost — $886,107,751*) — 159.8%       917,362,207  
Other Assets Less Liabilities — 1.2%       6,946,419  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (11.0)%

 

     (63,233,912 ) 

VMTP Shares, at Liquidation Value — (50.0)%

 

     (287,100,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 573,974,714  
   

 

 

  

 

*  As of January 31, 2017, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

   

Tax cost

 

   $ 824,630,828  
   

 

 

  

Gross unrealized appreciation

 

   $ 36,591,557  

Gross unrealized depreciation

 

     (6,962,026 ) 
   

 

 

  

Net unrealized appreciation

 

   $ 29,629,531  
   

 

 

  
 
Notes to Schedule of Investments

 

 

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

 

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

 

(c)   Variable rate security. Rate as of period end.

 

(d)   Non-income producing security.

 

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

 

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

 

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017    9

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

 

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

 

(h)   During the period ended January 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate     

Shares Held

at April 30,

2016

       

Net

Activity

       

Shares Held

at January 31,

2017

       

Value at

January 31,

2017

        Income        Net Realized
Gain (Loss)		        Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

        12,303,103          (832,676 )         11,470,427        $ 11,471,574        $ 35,198        $ (323 )       $ 987  

 

(i)   Current yield as of period end.

 

Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts

 

         
Contracts
Long (Short)		     Issue   Expiration  

Notional

Value

    

Unrealized

Depreciation

  
  (102 )    5-Year U.S. Treasury Note   March 2017   $ 12,022,453     $ (24,491 ) 
  (434 )    10-Year U.S. Treasury Note   March 2017   $ 54,019,438       (140,408 ) 
  (137 )    Long U.S. Treasury Bond   March 2017   $ 20,665,594       (23,874 ) 
  5     Ultra Long U.S. Treasury Bond   March 2017   $ 803,438       (1,447 ) 
 

Total

     $ (190,220 ) 
       

 

 

  

 

Portfolio Abbreviations      

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BARB    Building Aid Revenue Bonds
BHAC    Berkshire Hathaway Assurance Corp.
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
GTD    Guaranteed
IDA    Industrial Development Authority
ISD    Independent School District
LRB    Lease Revenue Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RB    Revenue Bonds

 

                
10    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

 

Investments:

                 

Long-Term Investments 1

     —        $ 905,890,633        —      $ 905,890,633  

Short-Term Securities

   $ 11,471,574          —        —        11,471,574  
 

 

 

  

Total

   $ 11,471,574        $ 905,890,633        —      $ 917,362,207  
 

 

 

  
                                       

Derivative Financial Instruments 2

                 

Liabilities:

                 

Interest rate contracts

   $ (190,220 )         —        —      $ (190,220 ) 
 

 

 

  

 

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

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

 

 

                
   BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017    11

Schedule of Investments (concluded)

   

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

 

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

 

     Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

     —        $ (63,101,848 )         —        $ (63,101,848 ) 

VMTP Shares at Liquidation Value

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

 

 

  

Total

     —        $ (350,201,848 )         —        $ (350,201,848 ) 
 

 

 

  

During the period ended January 31, 2017, there were no transfers between levels.

 

 

                
12    BLACKROCK MUNI INTERMEDIATE DURATION FUND, INC.    JANUARY 31, 2017   

Item 2 – Controls and Procedures

 

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

 

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

Item 3 – Exhibits

Certifications – Attached hereto

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

  BlackRock Muni Intermediate Duration Fund, Inc.

 

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

  Date: March 23, 2017

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

 

By:    /s/ John M. Perlowski                    
   John M. Perlowski
   Chief Executive Officer (principal executive officer) of
   BlackRock Muni Intermediate Duration Fund, Inc.
Date: March 23, 2017
By:    /s/ Neal J. Andrews                        
   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   BlackRock Muni Intermediate Duration Fund, Inc.
Date: March 23, 2017