Blackrock Munienhanced Fund (MEN) NPORT-P BlackRock MuniEnhanced Fund, Inc. (Jan 2020 report)

Schedule of Investments  (unaudited)  January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 118.3%
Alabama — 0.3%
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A, 5.00%, 12/01/47	$	1,010	$	1,183,912
Alaska — 0.3%
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41		990		1,057,548
Arizona — 1.5%
Arizona IDA, RB(a):
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39		540		568,247
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49		610		633,942
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54		470		487,559
Odyssey Preparatory Academy Project, 5.00%, 07/01/54		615		642,620
County of Maricopa Arizona IDA, Refunding RB:
HonorHealth, Series A, 5.00%, 09/01/36		645		795,059
Legacy Traditional Schools Project, 5.00%, 07/01/39(a)		230		263,286
Legacy Traditional Schools Project, 5.00%, 07/01/49(a)		325		364,088
Banner Health Obligation Group, Series A, 4.00%, 01/01/41		745		838,825
Legacy Traditional Schools Project, 5.00%, 07/01/54(a)		205		228,604
County of Pima IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/49(a)		525		559,204
				5,381,434
California — 14.2%
Anaheim California Public Financing Authority, RB, Senior, Public Improvements Project, Series A (AGM), 6.00%, 09/01/24		5,000		5,705,950
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20(b)		1,200		1,231,932

Security	Par (000)		Value
California (continued)
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/37	$	1,090	$	1,226,741
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42		1,480		1,598,208
California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53		975		1,026,938
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/49		795		981,284
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A, 5.00%, 03/01/36		410		501,270
Series A, 5.00%, 03/01/37		455		555,318
SeriesA-1, 5.75%, 03/01/34		850		891,242
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(b)		2,175		2,294,756
County of San Mateo California Community College District, GO, CAB, Election of 2001, Series C (NPFGC), 0.00%, 09/01/30(c)		12,740		10,847,473
Golden State Tobacco Securitization Corp., Refunding RB, SeriesA-1, 3.50%, 06/01/36		1,475		1,527,245
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43(d)		2,500		2,709,900
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B, 0.00%, 08/01/36(c)		3,750		2,618,850
Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 0.00%, 08/01/38(c)		5,000		3,234,300
San Diego California Community College District, GO, CAB, Election of 2006(c):
0.00%, 08/01/31		2,145		1,303,323
0.00%, 08/01/32		2,680		1,532,880
San Diego California Unified School District, GO, Election of 2008(c):
Series C, 0.00%, 07/01/38		1,600		1,048,784
Series G, 0.00%, 07/01/34		650		353,080

1

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series G, 0.00%, 07/01/35	$	690	$	352,666
Series G, 0.00%, 07/01/36		1,035		497,959
Series G, 0.00%, 07/01/37		690		312,494
San Diego California Unified School District, GO, Refunding, CAB, SeriesR-1(c):
0.00%, 07/01/30		5,000		4,185,250
0.00%, 07/01/31		1,280		1,039,526
San Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 08/01/21(b):		1,300		1,379,924
Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 0.00%, 08/01/36(c)		5,500		3,553,275
				52,510,568
Colorado — 1.6%
City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A, 4.00%, 06/01/48		1,310		1,446,227
Colorado Health Facilities Authority, RB, Series A:
Adventist Health System/Sunbelt Obligated Group, 4.00%, 11/15/46		1,070		1,174,571
Commonspirit Health, 4.00%, 08/01/49		1,200		1,331,592
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31		2,000		2,029,080
				5,981,470
Connecticut — 1.4%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing:
Sub-SeriesA-1, 3.85%, 11/15/43		360		392,958
Sub-SeriesE-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36		770		866,681
SeriesA-1, 3.80%, 11/15/39		465		508,119
Sub-SeriesB-1, 4.00%, 05/15/45		1,445		1,593,503
Connecticut State Health & Educational Facilities Authority, Refunding RB, University of Hartford Issue:
4.00%, 07/01/39		295		325,580
4.00%, 07/01/49		540		582,844

Security	Par (000)		Value
Connecticut (continued)
State of Connecticut, GO, Series C, 5.00%, 06/15/32	$	615	$	774,174
				5,043,859
District of Columbia — 0.4%
District of Columbia Ballpark Revenue, RB, SeriesB-1 (NPFGC), 5.00%, 02/01/31		435		436,353
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53		995		1,127,275
				1,563,628
Florida — 11.2%
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39		1,600		1,780,272
County of Broward Florida Port Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49		1,930		2,152,760
County of Escambia Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bond, 4.00%, 08/15/50(e)		930		1,033,295
County of Lee Florida, Refunding ARB, Series A, AMT:
5.63%, 10/01/26		960		1,023,898
5.38%, 10/01/32		3,160		3,351,654
County of Miami-Dade Florida, RB, Seaport Department:
Series A, 6.00%, 10/01/38		2,025		2,355,399
Series B, AMT, 6.00%, 10/01/30		640		745,958
Series B, AMT, 6.25%, 10/01/38		415		482,483
Series B, AMT, 6.00%, 10/01/42		660		764,056
County of Miami-Dade Florida, Refunding ARB, Series A, AMT, 5.00%, 10/01/38		480		562,651
County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34		190		219,093
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40		2,995		3,453,325
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49		1,540		1,753,598

2

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:
5.00%, 08/01/41	$	560	$	623,952
5.00%, 08/01/47		1,620		1,799,156
County of Orange HFA, RB, S/F Housing, Multi-County Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 09/01/47		475		509,637
County of Osceola FL Transportation Revenue, Refunding RB, SeriesA-2(c):
0.00%, 10/01/41		570		281,637
0.00%, 10/01/42		765		362,518
0.00%, 10/01/43		695		316,267
0.00%, 10/01/44		710		310,334
0.00%, 10/01/45		600		254,928
County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B:
5.00%, 10/01/21(b)		30		32,019
5.00%, 10/01/31		1,970		2,096,927
County of Putnam Florida Development Authority, Refunding RB, Seminole Project, Series A, 5.00%, 03/15/42		1,750		2,115,120
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT:
5.13%, 06/01/27		2,000		2,105,760
5.38%, 10/01/29		1,050		1,120,770
Greater Orlando Aviation Authority, RB, Priority Subordinated, AMT:
Series A, 5.00%, 10/01/47		3,970		4,747,008
Sub-Series A, 5.00%, 10/01/52		1,490		1,790,965
Lakewood Ranch Stewardship District, Special Assessment Bonds, NorthEast Sector Project:
3.85%, 05/01/39		450		455,607
4.00%, 05/01/49		675		687,015
State of Florida, GO, Department of Transportation,Right-of-Way Acquisition and Bridge Construction Bonds, 4.00%, 07/01/39		2,065		2,387,264
				41,675,326
Georgia — 3.5%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		500		590,335

Security	Par (000)		Value
Georgia (continued)
County of LaGrange-Troup Hospital Authority, Refunding RB, Revenue Anticipation Certificates, 4.00%, 04/01/47	$	1,250	$	1,361,063
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/43		685		829,871
4.00%, 04/01/48(f)		265		290,066
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 01/01/25		7,475		9,443,317
Private Colleges & Universities Authority, RB, Savannah College of Art & Design:
5.00%, 04/01/33		140		160,245
5.00%, 04/01/44		380		428,944
				13,103,841
Illinois — 13.5%
Chicago Board of Education, GO, Refunding, Series A:
CAB, 0.00%, 12/01/25(c)		250		216,378
5.00%, 12/01/29		660		820,182
5.00%, 12/01/30		790		975,871
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41		1,005		1,123,932
City of Chicago Illinois O’Hare International Airport, GARB:
3rd Lien, Series A, 5.75%, 01/01/21(b)		4,290		4,477,988
3rd Lien, Series A, 5.75%, 01/01/39		820		852,923
Senior Lien, Series D, 5.25%, 01/01/42		2,900		3,528,198
City of Chicago Illinois Transit Authority, RB:
5.25%, 12/01/49		900		1,036,485
Sales Tax Receipts, 5.25%, 12/01/36		595		636,382
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37		45		48,371
Illinois Finance Authority, RB, Carle Foundation, Series A:
5.75%, 08/15/34		650		694,896
6.00%, 08/15/41		1,000		1,069,360
Illinois Finance Authority, Refunding RB, Silver Cross Hospital & Medical Centers, Series C:
4.13%, 08/15/37		740		793,132
5.00%, 08/15/44		350		391,577

3

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Illinois Housing Development Authority, RB, S/F Housing, 4.13%, 10/01/38	$	1,365	$	1,527,940
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/37		1,785		2,123,793
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, GO, Refunding, 5.25%, 01/01/33		9,145		10,150,218
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC)(c):
0.00%, 12/15/26		5,000		4,340,450
0.00%, 12/15/33		9,950		6,862,813
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
CAB, Series B (AGM), 0.00%, 06/15/44(c)		3,450		1,683,910
4.00%, 06/15/50(e)		585		644,027
5.00%, 06/15/50(e)		760		910,305
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b)		675		720,259
Regional Transportation Authority, RB, Series A (AMBAC), 7.20%, 11/01/20		1,275		1,332,656
State of Illinois, GO:
5.25%, 02/01/33		830		930,704
5.50%, 07/01/33		820		916,842
5.25%, 02/01/34		830		929,857
5.50%, 07/01/38		445		495,614
				50,235,063
Indiana — 0.7%
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,100		1,172,072
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		515		566,129
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40		890		981,715
				2,719,916
Louisiana — 1.7%
City of New Orleans Louisiana Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40		2,820		3,222,470

Security	Par (000)		Value
Louisiana (continued)
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/46	$	2,700	$	3,180,978
				6,403,448
Maine — 0.6%
State of Maine Housing Authority, RB:
M/F Housing, Series E, 4.25%, 11/15/43		710		785,189
S/F Housing, Mortgage Purchase Bonds, Series B, 3.35%, 11/15/44		200		207,638
S/F Housing, Series A, 3.00%, 11/15/44		1,240		1,260,138
				2,252,965
Maryland — 0.5%
City of Baltimore Maryland, Refunding, Tax Allocation Bonds, Senior Lien, Harbor Point Project, Series A, 3.63%, 06/01/46(a)		740		747,000
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38		1,150		1,270,486
				2,017,486
Massachusetts — 3.0%
Collegiate Charter School of Lowell, RB:
5.00%, 06/15/39		500		544,990
5.00%, 06/15/54		790		846,469
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47		2,090		2,431,297
Massachusetts Development Finance Agency, Refunding RB, Partners Health Care System, 4.00%, 07/01/41		3,235		3,685,118
Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46		55		59,053
Massachusetts HFA, Refunding RB, AMT:
Series A, 4.45%, 12/01/42		765		812,025
Series C, 5.35%, 12/01/42		315		317,885
Massachusetts School Building Authority, RB:
Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43		1,280		1,432,115
Sub-Series B, 4.00%, 02/15/43		755		820,542
				10,949,494
Michigan — 5.4%
Eastern Michigan University, RB, Series A (AGM), 4.00%, 03/01/44		615		683,849

4

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Michigan (continued)
Lansing Board of Water & Light, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/21(b)	$	1,700	$	1,809,990
Michigan Finance Authority, Refunding RB:
Henry Ford Health System, 4.00%, 11/15/46		1,175		1,281,772
Trinity Health Credit Group, 5.00%, 12/01/21(b)		20		21,502
Trinity Health Credit Group, Series A, 4.00%, 12/01/40		2,945		3,337,039
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48		640		799,635
Michigan Strategic Fund, RB,I-75 Improvement Project, AMT, 5.00%, 12/31/43		1,640		1,984,236
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39		1,065		1,210,436
State of Michigan Building Authority, Refunding RB, Facilities Program:
SeriesI-A, 5.38%, 10/15/36		145		155,247
SeriesI-A, 5.38%, 10/15/41		700		747,089
SeriesII-A (AGM), 5.25%, 10/15/36		900		961,983
State of Michigan Housing Development Authority, RB:
M/F Housing, Series A, 4.15%, 10/01/53		1,885		2,047,035
M/F Housing, Series A, 4.05%, 10/01/48		1,855		2,041,020
M/F Housing, SeriesA-1, 3.35%, 10/01/49		745		777,422
S/F Housing, Series C, 4.13%, 12/01/38		1,465		1,624,363
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39		380		426,508
				19,909,126
Minnesota — 0.1%
Minnesota Housing Finance Agency, RB, S/F Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 2.80%, 01/01/44(e)		400		402,900
Missouri — 0.3%
Missouri Housing Development Commission, RB, S/F Housing, First Place Homeownership Loan Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 2.85%, 05/01/50(e)		200		200,048

Security	Par (000)		Value
Missouri (continued)
State of Missouri Health & Educational Facilities Authority, RB, Mercy Health, 4.00%, 11/15/42	$	1,015	$	1,062,208
				1,262,256
Nebraska — 1.7%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3:
5.00%, 09/01/32		5,010		5,464,958
5.25%, 09/01/37		750		822,833
				6,287,791
New Jersey — 9.7%
New Jersey EDA, RB:
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43		895		1,014,930
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34		685		775,386
Series WW, 5.25%, 06/15/25(b)		15		18,361
Series WW, 5.25%, 06/15/33		155		180,594
Series WW, 5.00%, 06/15/34		205		233,964
Series WW, 5.00%, 06/15/36		925		1,054,204
Series WW, 5.25%, 06/15/40		250		287,628
New Jersey EDA, Refunding RB:
Series B, 5.50%, 06/15/30		5,360		6,586,529
Sub-Series A, 4.00%, 07/01/32		1,040		1,141,483
New Jersey Higher Education Student Assistance Authority, Refunding RB, AMT:
Series 1, 5.50%, 12/01/26		235		249,312
Series 1, 5.75%, 12/01/27		1,475		1,571,155
Series B, 3.25%, 12/01/39		2,695		2,804,686
Sub-Series C, 3.63%, 12/01/49		725		752,303
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33		970		1,023,612
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program, Series AA, 5.25%, 06/15/33		1,490		1,657,983
Transportation Program, Series AA, 5.00%, 06/15/38		1,885		2,104,546
Transportation System, Series A, 5.50%, 06/15/21(b)		3,150		3,346,465
Transportation System, Series AA, 5.50%, 06/15/39		1,150		1,279,766
Transportation System, Series B, 5.00%, 06/15/21(b)		520		548,647
Transportation System, Series B, 5.50%, 06/15/31		1,000		1,055,100

5

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
Transportation System, Series D, 5.00%, 06/15/32	$	735	$	835,768
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System Bond, 4.00%, 12/15/39		1,060		1,184,847
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/34		920		1,127,386
Series A, 5.00%, 06/01/36		1,365		1,661,915
Series A, 4.00%, 06/01/37		870		971,538
Sub-Series B, 5.00%, 06/01/46		2,255		2,592,190
				36,060,298
New Mexico — 0.2%
City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/44		200		224,312
New Mexico Mortgage Finance Authority, RB, S/F Housing (Ginnie Mae, Fannie Mae & Freddie Mac), 2.88%, 07/01/45(e)		585		589,557
				813,869
New York — 3.0%
City of New York New York Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012, Series BB, 5.25%, 12/15/21(b)		1,425		1,540,824
City of New York New York Transitional Finance Authority, RB, SeriesS-3, 4.00%, 07/15/46		1,130		1,286,336
City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32		1,480		1,641,912
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21(b)		430		451,698
5.75%, 02/15/47		270		282,031
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		2,715		3,098,032
Port Authority of New York & New Jersey, Refunding ARB, AMT:
Consolidated, 186th Series, 5.00%, 10/15/36		625		724,325
Consolidated, 186th Series, 5.00%, 10/15/44		1,250		1,436,037
Series 207, 4.00%, 09/15/43		460		516,451

Security	Par (000)		Value
New York (continued)
State of New York HFA, RB, M/F Housing, Green Bond, Series B (SONYMA), 3.88%, 11/01/48	$	170	$	182,633
				11,160,279
North Carolina — 0.1%
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System:
4.00%, 01/01/55		195		217,922
(AGM), 4.00%, 01/01/55		155		175,074
				392,996
North Dakota — 0.1%
North Dakota Housing Finance Agency, RB, S/F Housing, Home Mortgage, Series F, 3.05%, 07/01/43		320		328,051
Ohio — 2.9%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, SeriesA-2, 5.88%, 06/01/47		2,945		2,958,017
County of Butler Ohio, Refunding RB, UC Health, 4.00%, 11/15/37		460		524,004
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(b)		530		582,359
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48		315		345,016
State of Ohio Turnpike Commission, RB, CAB, Junior Lien, Infrastructure Projects, SeriesA-2, 0.00%, 02/15/37(c)		10,000		6,480,200
				10,889,596
Oklahoma — 0.2%
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		555		616,777
Oregon — 0.8%
County of Clackamas Oregon Community College District, GO, Convertible Deferred Interest Bonds, Series A, 5.00%, 06/15/40(d)		440		523,494
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(c)		995		531,857
Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42		1,150		1,362,670

6

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oregon (continued)
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43	$	420	$	460,240
				2,878,261
Pennsylvania — 11.1%
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT:
5.00%, 07/01/35		755		915,158
5.00%, 07/01/47		1,610		1,911,167
Commonwealth Financing Authority, RB:
Series B, 5.00%, 06/01/22(b)		1,600		1,752,016
Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39		1,050		1,183,423
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49		950		1,056,524
Pennsylvania Economic Development Financing Authority, RB:
AMT, 5.00%, 06/30/42		1,035		1,187,135
Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/34		7,290		8,508,815
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38		1,305		1,508,932
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42		940		1,049,566
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50		2,330		2,700,936
Pennsylvania Housing Finance Agency, RB, S/F Housing:
Series127-B, 3.88%, 10/01/38		885		962,871
Series 128B, 3.85%, 04/01/38		1,970		2,163,946
Pennsylvania Turnpike Commission, RB:
Series A, 5.00%, 12/01/38		620		722,877
SeriesA-1, 5.00%, 12/01/41		2,385		2,829,397
Series B, 5.00%, 12/01/40		935		1,109,780
Series C, 5.50%, 12/01/23(b)		555		651,642
Series C, 5.00%, 12/01/39		3,275		3,818,617
Sub-SeriesA-1, 5.00%, 12/01/41		2,430		2,847,037
Subordinate, Special Motor License Fund, 6.00%, 12/01/20(b)		575		599,190

Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Refunding RB:
Motor Licensed Fund Enhancement, Third Series, 4.00%, 12/01/38	$	2,070	$	2,346,676
SeriesA-1, 5.00%, 12/01/40		765		899,579
Philadelphia School District, GO, Refunding, Series F, 5.00%, 09/01/38		305		361,062
				41,086,346
Puerto Rico — 3.8%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, SeriesA-1, 0.00%, 07/01/46(c)		2,121		619,502
SeriesA-1, 4.75%, 07/01/53		1,876		2,075,700
SeriesA-1, 5.00%, 07/01/58		2,493		2,799,938
SeriesA-2, 4.33%, 07/01/40		6,434		6,985,394
SeriesA-2, 4.78%, 07/01/58		548		606,000
SeriesB-1, 4.75%, 07/01/53		476		526,204
SeriesB-2, 4.78%, 07/01/58		462		509,299
				14,122,037
Rhode Island — 1.3%
Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Multi Family Development Bond, Series 1B, 3.90%, 10/01/37		420		435,548
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40		465		548,775
Tobacco Settlement Financing Corp., Refunding RB, Series B:
4.50%, 06/01/45		1,055		1,108,457
5.00%, 06/01/50		2,630		2,835,666
				4,928,446
South Carolina — 4.8%
South Carolina Jobs EDA, Refunding RB, Series A:
Palmetto Health (AGM), 6.50%, 08/01/21(b)		115		124,553
Prisma Health Obligated Group, 5.00%, 05/01/38		2,490		3,015,365
South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/55(a)		975		1,024,861
South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/48		530		631,527
State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25(b)		2,330		2,830,950

7

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Carolina (continued)
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54	$	6,225	$	7,064,130
Series E, 5.50%, 12/01/53		745		840,934
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38		2,080		2,316,475
				17,848,795
South Dakota — 1.3%
South Dakota Health & Educational Facilities Authority, Refunding RB, Avera Health Issue:
4.00%, 07/01/37		1,225		1,373,446
4.00%, 07/01/42		3,000		3,340,320
				4,713,766
Tennessee — 0.7%
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40		845		943,476
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46		1,245		1,468,602
				2,412,078
Texas — 12.2%
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42		1,395		1,590,342
Central Texas Turnpike System, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 08/15/41		3,080		3,348,299
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38		575		636,502
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36(c)		2,130		1,183,343
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35		1,880		2,344,078
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39		750		856,080

Security	Par (000)		Value
Texas (continued)
Dallas Texas Area Rapid Transit, Refunding RB, Series A, 5.00%, 12/01/48	$	3,160	$	3,759,420
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT:
Series D, 5.00%, 11/01/38		1,975		2,092,236
Series D, 5.00%, 11/01/42		1,500		1,593,900
Series H, 5.00%, 11/01/32		3,000		3,189,810
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33		975		1,118,345
Leander ISD, GO, Refunding, CAB, Series D(PSF-GTD), 0.00%, 08/15/38(c)		3,420		1,628,980
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		1,225		1,390,841
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB(c):
0.00%, 09/15/35		4,990		2,525,738
0.00%, 09/15/36		11,525		5,497,194
0.00%, 09/15/37		8,245		3,697,800
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48		1,355		1,665,864
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43		390		430,057
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:
5.00%, 12/15/31		1,190		1,302,503
5.00%, 12/15/32		3,440		3,762,362
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45		1,275		1,460,168
				45,073,862
Utah — 0.6%
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48		445		537,026
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/42		1,240		1,486,128

8

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Utah (continued)
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/49(a)	$	200	$	212,920
				2,236,074
Virginia — 0.2%
Virginia Small Business Financing Authority, RB, 95 Express Lanes LLC Project, AMT, 5.00%, 07/01/49		750		795,240
Washington — 1.8%
County of Snohomish Housing Authority, Refunding RB, 4.00%, 04/01/44		485		534,446
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		1,955		2,332,960
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		1,015		1,161,647
Washington Health Care Facilities Authority, RB, Providence Health & Services:
4.00%, 10/01/45		705		763,790
Series A, 5.00%, 04/01/20(b)		525		528,428
Series A, 5.25%, 04/01/20(b)		625		629,331
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(a)		555		609,829
				6,560,431
West Virginia — 0.2%
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51		670		734,019
Wisconsin — 1.4%
Public Finance Authority, RB, American Preparatory Academy — Las Vegas Project, Series A(a):
5.00%, 07/15/39		105		116,953
5.00%, 07/15/49		405		443,220
5.00%, 07/15/54		195		212,597
Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/49(a)		335		366,684
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A:
4.15%, 11/01/48		2,150		2,351,670
4.45%, 05/01/57		1,160		1,266,465
3.20%, 11/01/49		125		128,755

Security	Par (000)		Value
Wisconsin (continued)
3.38%, 05/01/57	$	210	$	217,129
				5,103,473
Total Municipal Bonds — 118.3% (Cost — $386,141,038)				438,696,725
Municipal Bonds Transferred to Tender Option Bond Trusts(g) — 44.8%
Arizona — 0.5%
County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41		1,710		1,925,357
California — 1.7%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge Subordinate, 4.00%, 04/01/47(h)		3,826		4,278,138
Los Angeles California Unified School District, GO, Election of 2008, SeriesB-1, 5.25%, 07/01/42(h)		1,571		1,997,697
				6,275,835
Colorado — 2.7%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(a)(f)(h)		2,324		2,871,794
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 02/01/21(b)		7,000		7,280,700
				10,152,494
Connecticut — 0.4%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		1,381		1,630,587
District of Columbia — 0.3%
District of Columbia Housing Finance Agency, RB, M/F Housing, SeriesB-2 (FHA), 4.10%, 09/01/39		1,031		1,138,219
Florida — 4.9%
City of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47		2,640		3,149,071

9

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49	$	2,296	$	2,560,913
County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42		4,480		4,861,159
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(b)		4,621		4,744,727
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49(a)(f)		2,370		2,672,862
				17,988,732
Georgia — 0.6%
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49(a)(f)		2,041		2,205,828
Illinois — 1.8%
State of Illinois Toll Highway Authority, RB:
Series A, 5.00%, 01/01/38		2,138		2,358,089
Series A, 5.00%, 01/01/40		2,730		3,206,116
Series B, 5.00%, 01/01/40		1,050		1,238,389
				6,802,594
Kansas — 1.6%
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47		4,723		5,810,767
Louisiana — 0.4%
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41		1,515		1,661,501
Maine — 0.3%
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38(a)(f)		957		1,062,833
Maryland — 2.4%
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46		1,061		1,278,582
City of Baltimore Maryland Water Utility Fund, RB,Sub-Water Projects, Series A, 5.00%, 07/01/41		2,808		3,373,265

Security	Par (000)		Value
Maryland (continued)
County of Montgomery Housing Opportunities Commission, RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39	$	4,008	$	4,155,198
				8,807,045
Massachusetts — 0.5%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46		1,461		1,673,031
Michigan — 4.5%
Michigan Finance Authority, RB:
Beaumont Health Credit Group, Series A, 5.00%, 11/01/44		1,970		2,292,115
Multi Model- McLaren Health Care, 4.00%, 02/15/47		3,553		4,031,131
Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/21(b)		7,530		8,085,563
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 4.00%, 04/15/54		1,242		1,411,072
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45		870		1,032,838
				16,852,719
Nebraska — 0.7%
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47		2,286		2,458,626
Nevada — 2.2%
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38		3,061		3,837,393
Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46		3,460		4,139,302
				7,976,695
New Jersey — 2.2%
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51		800		955,544
New Jersey State Turnpike Authority, Refunding RB:
Series B, 4.00%, 01/01/37		2,309		2,673,533
Series G, 4.00%, 01/01/43		2,146		2,440,174

10

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36	$	1,840	$	1,927,514
				7,996,765
New York — 6.7%
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38		2,180		2,432,749
City of New York Transitional Finance Authority, BARB, SeriesS-1, 4.00%, 07/15/42(h)		1,680		1,769,393
City of New York Transitional Finance Authority, RB, Future Tax,Sub-SeriesA-3, 5.00%, 08/01/40(h)		3,059		3,770,054
City of New York Water & Sewer System, Refunding RB:
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47		5,680		6,403,839
Series DD, 5.00%, 06/15/35		1,665		1,939,475
Metropolitan Transportation Authority, RB, Transportation,Sub-SeriesD-1, 5.25%, 11/15/44		3,470		4,042,897
Metropolitan Transportation Authority, Refunding RB, SeriesC-1, 5.25%, 11/15/56		1,498		1,800,986
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56		2,241		2,766,147
				24,925,540
Ohio — 1.5%
Northeast Ohio Regional Sewer District, Refunding RB:
4.00%, 11/15/49(h)		2,115		2,292,872
4.00%, 11/15/43		2,912		3,304,297
				5,597,169
Pennsylvania — 1.1%
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42		900		1,056,762
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49		1,542		1,594,803

Security	Par (000)		Value
Pennsylvania (continued)
Philadelphia Authority for Industrial Development, RB, Childrens Hospital of Philadelphia Project, Series A, 4.00%, 07/01/44	$	1,229	$	1,314,947
				3,966,512
Rhode Island — 0.4%
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43		1,450		1,587,547
South Carolina — 0.6%
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49(h)		1,980		2,206,750
Texas — 2.9%
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43(a)(f)		1,470		1,564,506
County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43		1,229		1,510,135
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41		3,440		4,114,240
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42		1,874		1,965,464
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae):
3.63%, 09/01/44		815		880,215
3.75%, 09/01/49		579		624,587
				10,659,147
Virginia — 1.6%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57		2,234		2,795,712

11

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia (continued)
Virginia Housing Development Authority, RB, S/F Housing, Series C (Ginnie Mae), 3.70%, 08/01/48	$	3,045	$	3,252,544
				6,048,256
Washington — 1.7%
Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30		2,530		2,775,789
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38		2,880		3,706,013
				6,481,802
Wisconsin — 0.6%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series A, 5.00%, 04/01/42		1,980		2,163,843
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 44.8% (Cost — $155,163,013)				166,056,194
Total Long-Term Investments — 163.1% (Cost — $541,304,051)				604,752,919

Security	Shares		Value
Short-Term Securities — 0.5%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(i)(j)		1,614,135	$	1,614,458
Total Short-Term Securities — 0.5% (Cost — $1,614,456)				1,614,458
Total Investments — 163.6% (Cost — $542,918,507)				606,367,377
Other Assets Less Liabilities — 0.3%				1,128,110
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (25.5)%				(94,432,606	)
VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (38.4)%				(142,334,944	)
Net Assets Applicable to Common Shares — 100.0%			$	370,727,937

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

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

^(c)  Zero-coupon bond.

^(d)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(e)  When-issued security.

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

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

^(h)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between July 15, 2021 to July 1, 2027, is $11,419,974.

⁽ⁱ⁾  Annualized7-day yield as of period end.

12

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN)

^(j)  During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 04/30/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		580,450		1,033,685		1,614,135	$	1,614,458	$	28,998	$	650	$	2

^(a) Includes net capital gain distributions, if applicable.

Portfolio Abbreviations

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

AMT — Alternative Minimum Tax (subject to)

ARB — Airport Revenue Bonds

BAM — Build America Mutual Assurance Co.

BARB — Building Aid Revenue Bonds

CAB — Capital Appreciation Bonds

COP — Certificates of Participation

EDA — Economic Development Authority

FHA — Federal Housing Administration

GARB — General Airport Revenue Bonds

GO — General Obligation Bonds

GTD — Guaranteed

HFA — Housing Finance Agency

IDA — Industrial Development Authority

ISD — Independent School District

M/F — Multi-Family

NPFGC — National Public Finance Guarantee Corp.

PSF-GTD — Permanent School Fund Guaranteed

RB — Revenue Bonds

S/F — Single-Family

SONYMA — State of New York Mortgage Agency

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		44		03/20/20	$	5,793	$	(90,565	)
U.S. Treasury Long Bond		115		03/20/20		18,806		(533,415	)
5-Year U.S. Treasury Note		38		03/31/20		4,572		(50,454	)
							$	(674,434	)

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Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock MuniEnhanced Fund, Inc. (MEN)

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

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

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	—		$	604,752,919	$	—	$	604,752,919
Short-Term Securities		1,614,458			—		—		1,614,458
	$	1,614,458		$	604,752,919	$	—	$	606,367,377
Derivative Financial Instruments(b)
Liabilities:
Interest Rate Contracts	$	(674,434	)	$	—	$	—	$	(674,434	)

^(a)  See above Schedule of Investments for values in each state or political subdivision.

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

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

	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(94,124,914	)	$	—	$	(94,124,914	)
VRDP Shares at Liquidation Value		—		(142,500,000	)		—		(142,500,000	)
	$	—	$	(236,624,914	)	$	—	$	(236,624,914	)

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