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