UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act File number 811-5739
Name of Fund: BlackRock MuniEnhanced Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock MuniEnhanced 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: (609) 282-2800
Date of fiscal year end: 01/31/2007
Date of reporting period: 02/01/07 - 04/30/07
Item 1 - Schedule of Investments
BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 1.5% $ 2,750 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50%
due 1/01/2022 $ 2,983
2,200 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 4.75%
due 1/01/2025 2,240
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California - 27.9% 10,000 Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue
Refunding Bonds, Subordinate Lien, Series A, 5.464% due 10/01/2024 (a)(m) 8,274
6,000 Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue
Refunding Bonds, Subordinate Lien, Series A, 5.495% due 10/01/2025 (a)(m) 4,965
950 Anaheim, California, Public Financing Authority, Electric System Distribution
Facilities Revenue Bonds, Series A, 5% due 10/01/2031 (d) 992
5,000 Anaheim, California, Public Financing Authority, Lease Revenue Bonds (Public
Improvements Project), Senior-Series A, 6% due 9/01/2024 (d) 6,058
1,600 Arcadia, California, Unified School District, Capital Appreciation, GO (Election
of 2006), Series A, 4.96% due 8/01/2039 (d)(m) 334
2,350 California State, GO, Refunding, 5.25% due 9/01/2010 (g) 2,469
1,700 California State, GO, Refunding, 5.125% due 6/01/2027 1,778
5,000 California State, GO, Refunding, 5.125% due 6/01/2031 5,229
1,900 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5% due 6/01/2025 1,979
2,600 California State University, Systemwide Revenue Bonds, Series A, 5%
due 11/01/2035 (b) 2,715
8,490 California State, Various Purposes, GO, 5.50% due 11/01/2033 9,233
2,750 Chabot-Las Positas, California, Community College District, GO (Election of 2004),
Series B, 4.812% due 8/01/2025 (a)(m) 1,161
850 Chino Valley, California, Unified School District, GO (Election of 2002), Series C,
5.25% due 8/01/2030 (f) 920
1,600 East Side Union High School District, California, Santa Clara County, GO (Election
of 2002), Series D, 5% due 8/01/2026 (c) 1,693
2,835 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series B, 5.50% due 6/01/2013 (c)(g) 3,097
3,000 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series B, 5.625% due 6/01/2013 (g)(k) 3,298
5,300 Los Angeles, California, Department of Water and Power, Waterworks Revenue Bonds,
Series C, 5% due 7/01/2029 (f) 5,580
Portfolio Abbreviations
To simplify the listings of BlackRock MuniEnhanced Fund, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of many
of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Individual Development Authority
IDR Industrial Development Revenue Bonds
S/F Single-Family
BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 2,965 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2029 (b) $ 3,107
1,655 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2036 (b) 1,733
5,000 Norco, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Norco
Redevelopment Project - Area Number 1), 5.125% due 3/01/2030 (f) 5,240
7,455 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (b) 7,771
1,750 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Paguay
Redevelopment Project), 5.125% due 6/15/2033 (a) 1,830
3,850 Sacramento, California, Unified School District, GO (Election of 2002), 5%
due 7/01/2030 (f) 4,077
1,250 San Mateo, California, Union High School District, COP (Phase One Projects),
Series B, 4.758% due 12/15/2043 (a)(m) 707
6,145 Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking &
Capital Projects), 5.125% due 9/01/2030 (b) 6,488
1,600 Tamalpais, California, Union High School District, GO (Election of 2001), 5%
due 8/01/2028 (d) 1,673
2,325 Ventura County, California, Community College District, GO (Election of 2002),
Series B, 5% due 8/01/2030 (f) 2,462
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Colorado - 8.2% 2,135 Boulder County, Colorado, Hospital Development Revenue Bonds (Longmont United
Hospital Project), 5.75% due 12/01/2010 (g)(i) 2,275
55 Colorado HFA, Revenue Bonds (S/F Program), AMT, Senior Series A-1, 7.40%
due 11/01/2027 55
560 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2,
7.50% due 4/01/2031 564
1,200 Colorado Health Facilities Authority Revenue Bonds (Catholic Health Initiatives),
Series A, 5.50% due 3/01/2032 (h) 1,288
1,200 Colorado Health Facilities Authority Revenue Bonds (Covenant Retirement
Communities, Inc.), Series A, 5.50% due 12/01/2027 (i) 1,280
675 Colorado Health Facilities Authority Revenue Bonds (Covenant Retirement
Communities, Inc.), Series A, 5.50% due 12/01/2033 (i) 717
3,875 Colorado Water Resources and Power Development Authority, Clean Water Revenue
Bonds, Series A, 6.25% due 9/01/2010 (g) 4,185
2,000 Denver, Colorado, City and County Airport Revenue Refunding Bonds, AMT, Series A,
6% due 11/15/2018 (a) 2,128
5,450 El Paso County, Colorado, School District Number 49, Falcon, GO, Series A, 6%
due 12/01/2009 (d)(g) 6,008
7,900 Northwest Parkway, Colorado, Public Highway Authority, Capital Appreciation
Revenue Bonds, Senior Convertible, Series C, 5.345% due 6/15/2011 (d)(m) 7,252
1,900 Northwest Parkway, Colorado, Public Highway Authority Revenue Bonds, Series A,
5.50% due 6/15/2021 (a) 2,048
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Florida - 2.3% 1,400 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 1,465
BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
$ 2,000 Highlands County Florida Health Facilities Authority Hospital Revenue Refunding
Bonds (Adventist Health System), Series G, 5.125% due 11/15/2032 $ 2,069
4,200 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series B, 5.125%
due 1/01/2032 (b) 4,411
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Georgia - 12.5% 17,355 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25%
due 1/01/2033 (d) 18,583
2,900 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5% due 11/01/2034 (d) 3,048
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series A, 5%
due 11/01/2033 (f) 1,039
4,250 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series A, 5%
due 11/01/2039 (f) 4,418
2,300 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2039 (d) 2,469
2,500 Fulton County, Georgia, Water and Sewer Revenue Bonds, 5.25% due 1/01/2035 (b) 2,675
7,725 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series EE, 7%
due 1/01/2025 (a) 10,439
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Illinois - 14.7% 5,670 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 5.75% due 1/01/2023 (d) 6,225
2,500 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2029 (c) 2,799
2,460 Cook County, Illinois, Capital Improvement, GO, Series C, 5.50% due
11/15/2012 (a)(g) 2,680
20,120 Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds, 5.341%
due 6/15/2030 (a)(m) 18,867
4,500 Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds, 5%
due 6/15/2032 (a) 4,688
2,000 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue
Refunding Bonds (McCormick Place Expansion Project), Series B, 5.75%
due 6/15/2023 (f) 2,185
10,115 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20%
due 11/01/2020 (a) 12,470
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Indiana - 3.8% 4,080 Hammond, Indiana, Multi-School Building Corporation, First Mortgage Revenue
Refunding Bonds, 6.125% due 7/15/2019 (f) 4,140
8,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2014 (b)(g) 8,730
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Louisiana - 8.1% 4,500 Lafayette, Louisiana, Utilities Revenue Bonds, 5% due 11/01/2028 (f) 4,741
3,600 Louisiana Local Government Environmental Facilities and Community Development
Authority, Revenue Bonds (Capital Projects and Equipment Acquisition), Series A,
6.30% due 7/01/2030 (a) 4,311
2,035 Louisiana State Citizens Property Insurance Corporation, Assessment Revenue Bonds,
Series B, 5% due 6/01/2023 (a) 2,155
4,950 Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A, 4.75% due 5/01/2039 (d) 5,070
3,735 Louisiana State Transportation Authority, Senior Lien Toll Revenue Capital
Appreciation Bonds, Series B, 5.31% due 12/01/2027 (a)(m) 1,302
4,650 New Orleans, Louisiana, Ernest N. Morial Exhibit Hall Authority, Special Tax,
Sub-Series A, 5.25% due 7/15/2028 (a) 4,951
3,650 Rapides Financing Authority, Louisiana, Revenue Bonds (Cleco Power LLC Project),
AMT, 4.70% due 11/01/2036 (a) 3,668
1,400 Terrebonne Parish, Louisiana, Hospital Service District Number 1, Hospital Revenue
Bonds (Terrebonne General Medical Center Project), 5.50% due 4/01/2033 (a) 1,515
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BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 8.4% $ 1,600 Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 128, 4.80%
due 12/01/2027 (d) $ 1,608
8,800 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (a)(d) 9,307
4,350 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 4.75% due 8/15/2032 (d) 4,500
11,300 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25%
due 1/01/2014 (b)(g) 12,271
950 Massachusetts State Water Resource Authority, General Revenue Refunding Bonds,
Series B, 5.125% due 8/01/2027 (f) 999
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Michigan - 3.6% 1,900 Detroit, Michigan, Sewage Disposal System, Second Lien Revenue Bonds, Series B, 5%
due 7/01/2036 (b) 2,004
1,700 Michigan Higher Education Student Loan Authority, Student Loan Revenue Refunding
Bonds, AMT, Series XVII-G, 5.20% due 9/01/2020 (a) 1,772
1,300 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series A, 5.50% due 6/01/2030 (c) 1,399
2,500 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series C, 5.65% due 9/01/2029 (c) 2,651
4,300 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Pollution Control Project), AMT, Series C, 5.45% due 12/15/2032 (c) 4,567
--------------------------------------------------------------------------------------------------------------------------------
Minnesota - 1.0% 3,099 Dakota County, Minnesota, Community Development Agency, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), Series B, 5.15% due 12/01/2038 (p)(o) 3,220
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Mississippi - 0.8% 2,400 Walnut Grove, Mississippi, Correctional Authority, COP, 6% due 11/01/2009 (a)(g) 2,576
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Nebraska - 0.5% 1,700 Washington County, Nebraska, Wastewater Facilities Revenue Bonds (Cargill, Inc.
Project), AMT, 5.90% due 11/01/2027 1,854
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Nevada - 3.9% 3,100 Carson City, Nevada, Hospital Revenue Bonds (Carson-Tahoe Hospital Project),
Series A, 5.50% due 9/01/2033 (i) 3,318
1,500 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2, 5%
due 7/01/2030 (b) 1,568
3,200 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series A-2, 5%
due 7/01/2036 (b) 3,337
5,060 Clark County, Nevada, IDR (Southwest Gas Corp. Project), AMT, Series A, 4.75%
due 9/01/2036 (b) 5,086
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New Hampshire - 2.3% 7,390 New Hampshire Health and Education Facilities Authority Revenue Bonds
(Dartmouth-Hitchcock Obligation Group), 5.50% due 8/01/2027 (d) 7,928
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New Jersey - 7.5% 700 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 743
1,165 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 1,254
2,600 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5%
due 7/01/2029 (f) 2,736
9,325 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%
due 7/01/2031 (f) 10,009
5,200 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%
due 7/01/2033 (f) 5,578
4,960 New Jersey EDA, School Facilities Construction Revenue Bonds, Series O, 5.125%
due 3/01/2028 5,277
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New York - 1.5% 2,250 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds,
Series A, 5% due 11/15/2032 (b) 2,361
2,400 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1,
5.25% due 6/01/2022 (a) 2,569
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BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.8% $ 2,550 Ohio State Air Quality, Development Authority Revenue Bonds (Dayton Power and Light
Company Project), 4.80% due 9/01/2036 (b) $ 2,585
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Pennsylvania - 5.3% 7,750 Pennsylvania State Public School Building Authority, School Lease Revenue Bonds
(The School District of Philadelphia Project), 5% due 6/01/2013 (d)(g) 8,281
6,500 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue
Bonds, Series B, 5.50% due 10/01/2020 (d) 7,003
2,650 Philadelphia, Pennsylvania, Gas Works Revenue Refunding Bonds, 1998 General
Ordinance, 7th Series, 5% due 10/01/2032 (a) 2,804
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Rhode Island - 2.5% 4,345 Providence, Rhode Island, Public Building Authority, General Revenue Bonds,
Series A, 6.25% due 12/15/2020 (d) 4,752
3,355 Rhode Island State Economic Development Corporation, Airport Revenue Bonds,
Series B, 6.50% due 7/01/2010 (b)(g) 3,663
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South Carolina - 3.0% 3,800 Berkeley County, South Carolina, School District, Installment Lease Revenue Bonds
(Securing Assets for Education Project), 5.125% due 12/01/2030 4,026
2,365 Kershaw County, South Carolina, Public Schools Foundation, Installment Power
Revenue Refunding Bonds, 5% due 12/01/2029 (k) 2,492
3,500 Scago Educational Facilities Corporation for Pickens County School District, South
Carolina, Revenue Bonds, 5% due 12/01/2031 (d) 3,682
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South Dakota - 2.1% 6,825 South Dakota State Health and Educational Facilities Authority Revenue Refunding
Bonds, Series A, 7.625% due 1/01/2008 (f)(g) 6,978
--------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.1% 6,500 Knox County, Tennessee, Health, Educational and Housing Facilities Board, Hospital
Facilities Revenue Refunding Bonds (Covenant Health), Series A, 5.039%
due 1/01/2038 (m) 1,404
2,280 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series 1,
5.95% due 7/01/2012 (f) 2,315
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Texas - 6.9% 1,615 Bexar, Texas, Metropolitan Water District, Waterworks System Revenue Refunding
Bonds, 6.35% due 5/01/2025 (f) 1,618
9,345 Leander, Texas, Independent School District, Capital Appreciation, GO, Refunding
(School Building), 5.49% due 8/15/2029 (b)(m) 2,993
10,000 Leander, Texas, Independent School District, Capital Appreciation, GO, Refunding
(School Building), 5.58% due 8/15/2035 (m) 2,247
4,475 Lewisville, Texas, Independent School District, Capital Appreciation and School
Building, GO, Refunding, 4.67% due 8/15/2024 (b)(m) 1,994
5,820 North Harris County, Texas, Regional Water Authority, Senior Lien Revenue Bonds,
5.125% due 12/15/2035 (f) 6,122
1,600 Texas State Affordable Housing Corporation, S/F Mortgage Revenue Bonds
(Professional Educators Home Loan Program), AMT, Series A-1, 5.50%
due 12/01/2039 (p)(o) 1,712
6,250 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.50% due 8/15/2039 (a) 6,705
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BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
--------------------------------------------------------------------------------------------------------------------------------
Virginia - 5.4% $10,000 Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds, AMT,
Series A, 6.10% due 2/01/2010 (a) $ 10,583
2,300 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old
Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 2,509
5,000 Stafford County, Virginia, EDA, Hospital Facilities Revenue Bonds (MediCorp Health
System), 5.25% due 6/15/2037 5,233
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Washington - 0.6% 2,000 Snohomish County, Washington, Public Utility District Number 001, Electric Revenue
Refunding Bonds, 5.375% due 12/01/2009 (d)(g) 2,102
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Puerto Rico - 0.5% 1,700 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125%
due 7/01/2029 1,778
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Total Municipal Bonds (Cost - $440,022) - 136.7% 465,072
--------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Held in Trust (j)
--------------------------------------------------------------------------------------------------------------------------------
California - 1.4% 4,400 California State, GO, Refunding, 5.25% due 2/01/2033 (i) 4,698
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Illinois - 6.0% 10,250 Chicago, Illinois, Board of Education, GO (Chicago School Reform Project), 5.75%
due 12/01/2027 (a) 10,570
9,100 Chicago, Illinois, O'Hare International Airport, General Airport Revenue
Refunding Bonds, Third Lien, AMT, Series A, 5.75% due 1/01/2021 (f) 9,740
--------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 4.8% 5,600 Massachusetts State HFA, Housing Revenue Bonds (Rental Mortgage), AMT, Series F,
5.25% due 1/01/2046 (d) 5,763
3,100 Massachusetts State Port Authority, Special Facilities Revenue Bonds (Delta Air
Lines, Inc. Project), AMT, Series A, 5.50% due 1/01/2016 (a) 3,275
4,000 Massachusetts State Port Authority, Special Facilities Revenue Bonds (Delta Air
Lines, Inc. Project), AMT, Series A, 5.50% due 1/01/2018 (a) 4,226
2,870 Massachusetts State Port Authority, Special Facilities Revenue Bonds (Delta Air
Lines, Inc. Project), AMT, Series A, 5.50% due 1/01/2019 (a) 3,032
--------------------------------------------------------------------------------------------------------------------------------
New Jersey - 6.4% 15,250 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 (e) 16,395
5,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 (e) 5,477
--------------------------------------------------------------------------------------------------------------------------------
New York - 1.3% 4,200 New York City, New York, GO, Series J, 5.50% due 6/01/2021 (c) 4,587
--------------------------------------------------------------------------------------------------------------------------------
South Carolina - 2.2% 3,120 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2028 (e) 3,368
2,765 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2029 (e) 2,985
1,010 Charleston Educational Excellence Financing Corporation, South Carolina, Revenue
Bonds (Charleston County School District), 5.25% due 12/01/2030 (e) 1,090
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Texas - 9.0% 4,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT, Series A, 6%
due 11/01/2028 (b) 4,188
14,500 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT, Series A, 5.50%
due 11/01/2033 (f) 15,570
10,400 Travis County, Texas, Health Facilities Development Corporation, Revenue Refunding
Bonds (Ascension Health Credit), Series A, 5.875% due 11/15/2009 (a)(g) 11,031
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Total Municipal Bonds Held in Trust (Cost - $102,911) - 31.1% 105,995
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BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
Shares
Held Short-Term Securities Value
--------------------------------------------------------------------------------------------------------------------------------
3,400 Merrill Lynch Institutional Tax-Exempt Fund, 3.70% (l)(n) $ 3,400
--------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $3,400) - 1.0% 3,400
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Total Investments (Cost - $546,333*) - 168.8% 574,467
Other Assets Less Liabilities - 1.0% 3,412
Liability for Trust Certificates, Including Interest Expense Payable - (14.8%) (50,336)
Preferred Stock, at Redemption Value - (55.0%) (187,220)
----------
Net Assets Applicable to Common Stock - 100.0% $ 340,323
==========
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 497,530
=========
Gross unrealized appreciation $ 27,427
Gross unrealized depreciation (273)
---------
Net unrealized appreciation $ 27,154
=========
(a) AMBAC Insured.
(b) FGIC Insured.
(c) XL Capital Insured.
(d) FSA Insured.
(e) Assured Guaranty Insured.
(f) MBIA Insured.
(g) Prerefunded.
(h) Escrowed to maturity.
(i) Radian Insured.
(j) 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 collateral in a financing transaction.
(k) CIFG Insured.
(l) 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
--------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund (1,918) $ 29
--------------------------------------------------------------------------
(m) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(n) Represents the current yield as of April 30, 2007.
(o) FHLMC Collateralized.
(p) FNMA/GNMA Collateralized.
BlackRock MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2007 (in Thousands)
o Forward interest rate swaps outstanding as of April 30, 2007 were as
follows:
------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
------------------------------------------------------------------------------------------------------
Pay a fixed rate of 3.753% and receive a floating rate
based on 1-Week Bond Market Associated Rate
Broker, JPMorgan Chase
Expires May 2017 $35,000 $ (278)
Pay a fixed rate of 3.686% and receive a floating rate
based on 1-Week Bond Market Associated Rate
Broker, JPMorgan Chase
Expires August 2017 $16,500 (29)
------------------------------------------------------------------------------------------------------
Total $ (307)
=======
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the registrant
was migrated to BlackRock's trading and compliance monitoring systems,
and various personnel changes occurred. In conjunction with these
business improvements, there were no changes in the registrant's internal
control over financial reporting (as defined in Rule 30a-3(d) under Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter that
has materially affected, or is reasonably likely to affect, the
registrant's internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock MuniEnhanced Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniEnhanced Fund, Inc.
Date: June 20, 2007
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniEnhanced Fund, Inc.
Date: June 20, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniEnhanced Fund, Inc
Date: June 20, 2007