0000844779-16-000131.txt : 20160628
0000844779-16-000131.hdr.sgml : 20160628
20160628112333
ACCESSION NUMBER: 0000844779-16-000131
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20160430
FILED AS OF DATE: 20160628
DATE AS OF CHANGE: 20160628
EFFECTIVENESS DATE: 20160628
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BLACKROCK MUNIENHANCED FUND, INC.
CENTRAL INDEX KEY: 0000844172
IRS NUMBER: 222946695
STATE OF INCORPORATION: MD
FISCAL YEAR END: 0131
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-05739
FILM NUMBER: 161735206
BUSINESS ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
CITY: WILMINGTON
STATE: DE
ZIP: 19809
BUSINESS PHONE: 800-441-7762
MAIL ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
CITY: WILMINGTON
STATE: DE
ZIP: 19809
FORMER COMPANY:
FORMER CONFORMED NAME: BLACKROCK MUNI ENHANCED FUND, INC.
DATE OF NAME CHANGE: 20120918
FORMER COMPANY:
FORMER CONFORMED NAME: BLACKROCK MUNI ENHANCED FUND INC
DATE OF NAME CHANGE: 20061026
FORMER COMPANY:
FORMER CONFORMED NAME: MUNIENHANCED FUND INC
DATE OF NAME CHANGE: 19920703
NSAR-B
1
answer.fil
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PAGE 2
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PAGE 3
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
EX-99.77O RULE 10F-3
2
illino77o.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
Participating Funds
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
iShares National AMT-Free Muni Bond ETF (ISHMUNI)
BlackRock Strategic Municipal Opportunities Fund of BlackRock Series Trust
(BR-SMO-MAC)
BlackRock Municipal Income Investment Quality Trust (BAF)
BlackRock National Municipal Fund of Blackrock Municipal Bond Fund, Inc.
(BR-NATL)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock Municipal Income Quality Trust (BYM)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)
BlackRock MuniVest Fund, Inc. (MVF)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
The Offering
Key Characteristics (Complete ALL Fields)
-------------------------------------
Date of 11-19-2015
Offering Commencement:
------------------------ -----------
Security Type: BND/MUNI
-------------------------------------
-------------------------------------------------------------------------------
Issuer The Illinois State Toll Highway Authority-Toll
highway senior revenue bonds, 2015-B
--------------------------- --------------------------------------------------
Selling Underwriter SAMUEL A. RAMIREZ & CO., INC
--------------------------- --------------------------------------------------
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
--------------------------- --------------------------------------------------
List of Underwriter(s) Barclays Capital Inc, Ramirez & Co., Inc., J.P.
Morgan Securities LLC, Goldman, Sachs & Co, Fifth
Third Securities, Inc., Oppenheimer & Co., Piper
Jaffray & Co., PNC Capital Markets LLC, Stifel,
Nicolaus & Company, Inc.
-------------------------------------------------------------------------------
Transaction Details
-------------------------------
Date of Purchase 11-19-2015
-------------------------------
-------------------------------------------------------------------------------
Purchase Price/Share $112.243
(per share / % of par) (3.54)
$111.795
(3.59)
$111.260
(3.65) Total Commission, Spread or Profit 0.2898
-------------------------------------------------------------------------------
Page 1 of 2
Rule 10f-3 Report - Definitions
-------------------------------------------------------------------------------
1. Aggregate Principal Amount Purchased (a+b) $ 42,000,000
---------------------------------------------------------------- -------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 40,000,000
---------------------------------------------------------------- -------------
b. Other BlackRock Clients $ 2,000,000
---------------------------------------------------------------- -------------
2. Aggregate Principal Amount of Offering $ 400,000,000
---------------------------------------------------------------- -------------
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25 0.1050
-------------------------------------------------------------------------------
Legal Requirements
Offering Type (check ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_] U.S. Registered Public [Issuer must have 3 years of continuous
Offering...................... operations]
[_] Eligible Rule 144A Offering... [Issuer must have 3 years of continuous
operations]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering..... [Issuer must have 3 years of continuous
operations]
[_] Government Securities [Issuer must have 3 years of continuous
Offering...................... operations]
Timing and Price (check ONE or BOTH)
[X]The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent offering
of the securities; and
[_]If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
Firm Commitment Offering (check ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase
all of the securities being offered, except those purchased by
others pursuant to a rights offering, if the underwriters purchased
any of the securities.
No Benefit to Affiliated Underwriter (check ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date: 11-24-2015
---------------------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date: 11-24-2015
---------------------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions
Definitions
Term Definition
Fund Ratio Number appearing at the bottom of page 1 of 2 of
the Rule 10f-3 Report form. It is the sum of the
Funds' participation in the offering by the Funds
and other accounts managed by BlackRock divided by
the total amount of the offering.
Eligible Foreign Offering The securities are sold in a public offering
conducted under the laws of a country other than
the United States and
(a)the offering is subject to regulation in such
country by a "foreign financial regulatory
authority," as defined in Section 2(a)(50) of
the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to
all purchasers in the offering (except for any
rights to purchase securities that are required
by law to be granted to existing security
holders of the issuer);
(c)financial statements, prepared and audited as
required or permitted by the appropriate foreign
financial regulatory authority in such country,
for the two years prior to the offering, were
made available to the public and prospective
purchasers in connection with the offering; and
(d)if the issuer is a "domestic issuer," i.e.,
other than a foreign government, a national of
any foreign country, or a corporation or other
organization incorporated or organized under the
laws of any foreign country, it (1) has a class
of securities registered pursuant to section
12(b) or 12(g) of the Securities Exchange Act of
1934 or is required to file reports pursuant to
section 15(d) of that act, and (2) has filed all
the material required to be filed pursuant to
section 13(a) or 15(d) of that act for a period
of at least 12 months immediately preceding the
sale of securities (or for such shorter period
that the issuer was required to file such
material)
Rule 10f-3 Report - Definitions
Term Definition
Eligible Municipal Securities The securities:
(a)are direct obligations of, or obligations
guaranteed as to principal or interest by,
a State or any political subdivision
thereof, or any agency or instrumentality
of a State or any political subdivision
thereof, or any municipal corporate
instrumentality of one or more States, or
any security which is an industrial
development bond (as defined in section
103(c)(2) of Title 26) the interest on
which is excludable from gross income under
certain provisions of the Internal Revenue
Code;
(b)are sufficiently liquid that they can be
sold at or near their carrying value within
a reasonably short period of time; and
(c)either
(1)are subject to no greater than moderate
credit risk; or
(2)if the issuer of the municipal
securities, or the entity supplying the
revenues or other payments from which
the issue is to be paid, has been in
continuous operation for less than three
years, including the operation of any
predecessors, the securities are subject
to a minimal or low amount of credit
risk.
Also, purchases of municipal securities may
not be designated as group sales or otherwise
allocated to the account of any prohibited
seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering The securities are sold in an offering where
(a)the securities are offered or sold in
transactions exempt from registration under
Section 4(2) of the Securities Act of 1933,
Rule 144A thereunder, or Rules 501-508
thereunder;
(b)the securities were sold to persons that
the seller and any person acting on behalf
of the seller reasonably believe to include
qualified institutional buyers, as defined
in Rule 144A ("QIBs"); and
(c)the seller and any person acting on behalf
of the seller reasonably believe that the
securities are eligible for resale to other
QIBs pursuant to Rule 144A.
Government Securities Offering The security is issued or guaranteed as to
principal or interest by the United States, or
by a person controlled or supervised by and
acting as an instrumentality of the Government
of the United States pursuant to authority
granted by the Congress of the United States;
or any certificate of deposit for any of the
foregoing.
Rule 10f-3 Report - Definitions
Term Definition
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
EX-99.77B ACCT LTTR
3
muni777b.txt
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To Shareholders and Board of Directors of BlackRock MuniAssets Fund, Inc.,
BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock
MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc.,
BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest
Fund II, Inc.:
In planning and performing our audits of the financial statements of BlackRock
MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock
MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock
MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund,
Inc., and BlackRock MuniVest Fund II, Inc. (collectively, the "Funds"), as of
and for the year ended April 30, 2016, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we considered the
Funds' internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, but not for the purpose of expressing an
opinion on the effectiveness of the Funds' internal control over financial
reporting. Accordingly, we express no such opinion.
The management of the Funds is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. A fund's internal control
over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A fund's internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the fund; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of management and
directors of the fund; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of a fund's assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions or that the degree of
compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the
Funds' annual or interim financial statements will not be prevented or detected
on a timely basis.
Our consideration of the Funds' internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States). However, we noted no deficiencies
in the Funds' internal control over financial reporting and their operation,
including controls for safeguarding securities that we consider to be a
material weakness, as defined above, as of April 30, 2016.
This report is intended solely for the information and use of management and
the Board of Directors of BlackRock MuniAssets Fund, Inc., BlackRock
MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock
MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc.,
BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest
Fund II, Inc., and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these specified parties.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 23, 2016
EX-99.77O RULE 10F-3
4
penn77o.txt
[LOGO OF BLACKROCK]
Rule 10f-3 Transaction Form
Acquisition of Securities During Affiliated Underwritings
(3.13)Participating Funds
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
iShares National AMT-Free Muni Bond ETF (ISHMUNI)
BlackRock Municipal Income Quality Trust (BYM)
BlackRock MuniEnhanced Fund, Inc. (MEN)
BlackRock MuniYield Quality Fund II, Inc. (MQT)
BlackRock MuniYield Quality Fund, Inc. (MQY)
BlackRock MuniYield Quality Fund III, Inc. (MYI)
BlackRock Pennsylvania Municipal Money Market Portfolio (BR-PAMM)
BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municip
(BR-PAMUNI)
BlackRock MuniYield Pennsylvania Quality Fund, Inc. (MPA)
The Offering
Key Characteristics (Complete ALL Fields)
-------------------------------------
Date of 05/15/2015
Offering Commencement:
------------------------ -----------
Security Type: BND/MUNI
-------------------------------------
-------------------------------------------------------------------------------
Issuer PENNSYLVANIA TURNPIKE COMMISSION-TURNPIKE REVENUE
BONDS, SERIES A OF 2015
--------------------------- --------------------------------------------------
Selling Underwriter Loop Capital Markets, LLC
--------------------------- --------------------------------------------------
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
--------------------------- --------------------------------------------------
List of Underwriter(s) Loop Capital Markets, PNC Capital Markets LLC,
Siebert Brandford Shank & Co, Cabrera Capital
Markets, LLC, Drexel Hamilton, LLC, Edward Jones
-------------------------------------------------------------------------------
Transaction Details
-------------------------------
Date of Purchase 05/15/2015
-------------------------------
-------------------------------------------------------------------------------
Purchase Price/Share $115.95
(per share / % of par) (3.13)
$108.691
(3.94)
$100.00 Total Commission, Spread or Profit 0.3709
-------------------------------------------------------------------------------
Page 1 of 2
Rule 10f-3 Report - Definitions
-------------------------------------------------------------------------------
1. Aggregate Principal Amount Purchased (a+b) $ 35,715,000
----------------------------------------------------------------- ------------
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 30,500,000
----------------------------------------------------------------- ------------
b. Other BlackRock Clients $ 5,215,000
----------------------------------------------------------------- ------------
2. Aggregate Principal Amount of Offering $500,730,000
----------------------------------------------------------------- ------------
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25 0.0713
-------------------------------------------------------------------------------
Rule 10f-3 Report - Definitions
Legal Requirements
Offering Type (check ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_] U.S. Registered Public [Issuer must have 3 years of continuous
Offering...................... operations]
[_] Eligible Rule 144A Offering... [Issuer must have 3 years of continuous
operations]
[X] Eligible Municipal Securities
[_] Eligible Foreign Offering..... [Issuer must have 3 years of continuous
operations]
[_] Government Securities [Issuer must have 3 years of continuous
Offering...................... operations]
Timing and Price (check ONE or BOTH)
[X]The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent offering
of the securities; and
[_]If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
Firm Commitment Offering (check ONE)
[X] YES The securities were offered pursuant to an underwriting or similar
[_] NO agreement under which the underwriters were committed to purchase
all of the securities being offered, except those purchased by
others pursuant to a rights offering, if the underwriters purchased
any of the securities.
No Benefit to Affiliated Underwriter (check ONE)
[X] YES No affiliated underwriter was a direct or indirect participant in,
[_] NO or benefited directly or indirectly from, the transaction.
Completed by: Steven DeLaura Date: 05/20/15
---------------------------------------------
Global Syndicate Team Member
Approved by: Betsy Mathews Date: 05/20/2015
---------------------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions
Definitions
Term Definition
Fund Ratio Number appearing at the bottom of page 1 of 2 of
the Rule 10f-3 Report form. It is the sum of the
Funds' participation in the offering by the Funds
and other accounts managed by BlackRock divided by
the total amount of the offering.
Eligible Foreign Offering The securities are sold in a public offering
conducted under the laws of a country other than
the United States and
(a)the offering is subject to regulation in such
country by a "foreign financial regulatory
authority," as defined in Section 2(a)(50) of
the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to
all purchasers in the offering (except for any
rights to purchase securities that are required
by law to be granted to existing security
holders of the issuer);
(c)financial statements, prepared and audited as
required or permitted by the appropriate
foreign financial regulatory authority in such
country, for the two years prior to the
offering, were made available to the public and
prospective purchasers in connection with the
offering; and
(d)if the issuer is a "domestic issuer," i.e.,
other than a foreign government, a national of
any foreign country, or a corporation or other
organization incorporated or organized under
the laws of any foreign country, it (1) has a
class of securities registered pursuant to
section 12(b) or 12(g) of the Securities
Exchange Act of 1934 or is required to file
reports pursuant to section 15(d) of that act,
and (2) has filed all the material required to
be filed pursuant to section 13(a) or 15(d) of
that act for a period of at least 12 months
immediately preceding the sale of securities
(or for such shorter period that the issuer was
required to file such material)
Rule 10f-3 Report - Definitions
Term Definition
Eligible Municipal Securities The securities:
(a)are direct obligations of, or obligations
guaranteed as to principal or interest by,
a State or any political subdivision
thereof, or any agency or instrumentality
of a State or any political subdivision
thereof, or any municipal corporate
instrumentality of one or more States, or
any security which is an industrial
development bond (as defined in section
103(c)(2) of Title 26) the interest on
which is excludable from gross income under
certain provisions of the Internal Revenue
Code;
(b)are sufficiently liquid that they can be
sold at or near their carrying value within
a reasonably short period of time; and
(c)either
(1)are subject to no greater than moderate
credit risk; or
(2)if the issuer of the municipal
securities, or the entity supplying the
revenues or other payments from which
the issue is to be paid, has been in
continuous operation for less than three
years, including the operation of any
predecessors, the securities are subject
to a minimal or low amount of credit
risk.
Also, purchases of municipal securities may
not be designated as group sales or otherwise
allocated to the account of any prohibited
seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering The securities are sold in an offering where
(a) the securities are offered or sold in
transactions exempt from registration under
Section 4(2) of the Securities Act of 1933,
Rule 144A thereunder, or Rules 501-508
thereunder;
(b)the securities were sold to persons that
the seller and any person acting on behalf
of the seller reasonably believe to include
qualified institutional buyers, as defined
in Rule 144A ("QIBs"); and
(c)the seller and any person acting on behalf
of the seller reasonably believe that the
securities are eligible for resale to other
QIBs pursuant to Rule 144A.
Government Securities Offering The security is issued or guaranteed as to
principal or interest by the United States, or
by a person controlled or supervised by and
acting as an instrumentality of the Government
of the United States pursuant to authority
granted by the Congress of the United States;
or any certificate of deposit for any of the
foregoing.
Rule 10f-3 Report - Definitions
Term Definition
U.S. Registered Public Offering. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.