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: 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, 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: 01/31/06
Date of reporting period: 02/01/05 - 04/30/05
Item 1 - Schedule of Investments
MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 0.9% $ 2,750 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50%
due 1/01/2022 $ 3,003
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California - 29.1% 9,000 Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue
Refunding Bonds, Subordinate Lien, Series A, 5.543%* due 10/01/2024 (a) 6,618
6,000 Alameda Corridor Transportation Authority, California, Revenue Refunding Bonds,
Subordinated Lien, Series A, 5.471%* due 10/01/2025 (a) 4,396
5,000 Anaheim, California, Public Financing Authority, Lease Revenue Bonds (Public
Improvements Project), Senior-Series A, 6% due 9/01/2024 (d) 6,080
California State Department of Water Resources, Power Supply Revenue Bonds, Series A:
1,270 5.375% due 5/01/2022 1,381
1,800 5.375% due 5/01/2022 (f) 1,995
California State, GO, Refunding:
3,000 5.25% due 9/01/2026 3,208
6,000 5.25% due 2/01/2030 (f) 6,434
5,000 5.125% due 6/01/2031 5,165
2,200 ROLS, Series II-R-272, 7.356% due 2/01/2033 (j)(k) 2,455
8,490 California State, Various Purpose, GO, 5.50% due 11/01/2033 9,216
Portfolio Abbreviations
To simplify the listings of 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
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
ROLS Reset Option Long Securities
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series B:
$ 3,805 5.60% due 6/01/2028 $ 4,057
2,200 5.50% due 6/01/2033 (c) 2,388
1,400 5.625% due 6/01/2033 (c) 1,537
5,000 5% due 6/01/2038 (a) 5,110
6,800 5.625% due 6/01/2038 (l) 7,419
10,000 5.50% due 6/01/2043 (b) 10,855
2,835 5.50% due 6/01/2043 (c) 3,071
3,500 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (f) 3,677
5,000 Norco, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Norco
Redevelopment Project-Area Number 1), 5.125% due 3/01/2030 (f) 5,248
1,750 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Paguay
Redevelopment Project), 5.125% due 6/15/2033 (a) 1,833
6,145 Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking &
Capital Projects), 5.125% due 9/01/2030 (b) 6,497
1,600 Tamalpais, California, Union High School District, GO (Election of 2001), 5% due
8/01/2028 (d) 1,679
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Colorado - 9.4% Boulder County, Colorado, Hospital Development Revenue Bonds (Longmont United
Hospital Project) (k):
2,705 5.60% due 12/01/2015 2,920
2,135 5.75% due 12/01/2020 2,326
185 Colorado HFA, Revenue Bonds (S/F Program), AMT, Senior Series A-1, 7.40% due
11/01/2027 188
930 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50%
due 4/01/2031 Colorado Health Facilities Authority Revenue Bonds: 980
1,200 (Catholic Health Initiatives), Series A, 5.50% due 3/01/2032 (h) 1,338
1,200 (Covenant Retirement Communities Inc.), Series A, 5.50% due 12/01/2027 (k) 1,287
675 (Covenant Retirement Communities Inc.), Series A, 5.50% due 12/01/2033 (k) 721
Colorado Water Resources and Power Development Authority, Clean Water Revenue Bonds,
Series A:
3,875 6.25% due 9/01/2010 (g) 4,461
405 6.25% due 9/01/2016 461
2,000 Denver, Colorado, City and County Airport Revenue Refunding Bonds, AMT, Series A, 6%
due 11/15/2018 (a) 2,214
5,450 El Paso County, Colorado, School District Number 49, Falcon, GO, Series A, 6% due
12/01/2018 (d) 6,304
8,950 Northwest Parkway, Colorado, Public Highway Authority, Capital Appreciation Revenue
Bonds, Senior Convertible, Series C, 4.867%* due 6/15/2025 (d) 7,251
1,900 Northwest Parkway, Colorado, Public Highway Authority Revenue Bonds, Series A, 5.50%
due 6/15/2021 (a) 2,103
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Florida - 0.7% 2,500 Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds
(Florida Health Care Facility Loan), 5.95% due 7/01/2020 (a) 2,532
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Georgia - 10.6% 18,655 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25% due
1/01/2033 (d) 19,956
2,300 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2039 (d) 2,464
3,500 Fulton County, Georgia, Water and Sewer Revenue Bonds, 5.25% due 1/01/2035 (b) 3,765
7,725 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series EE, 7%
due 1/01/2025 (a) 10,537
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Illinois - 22.0% 5,125 Chicago, Illinois, Board of Education, GO, RIB, Series 467, 8.24% due
12/01/2027 (a)(j) 5,958
3,750 Chicago, Illinois, Gas Supply Revenue Refunding Bonds (People's Gas Light & Coke),
Series A, 6.10% due 6/01/2025 (a) 3,837
MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Chicago, Illinois, O'Hare International Airport Revenue Bonds, 3rd Lien, AMT,
Series B-2:
$ 5,670 5.75% due 1/01/2023 (d) $ 6,286
2,500 6% due 1/01/2029 (c) 2,807
4,550 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, DRIVERS,
AMT, Series 250, 8.159% due 1/01/2021 (f)(j) 5,401
3,000 Cook County, Illinois, Capital Improvement, GO, Series C, 5.50% due 11/15/2026 (a) 3,311
2,240 Cook County, Illinois, Community College District No. 508, Chicago, COP, Refunding,
8.75% due 1/01/2007 (b) 2,448
3,000 Illinois Health Facilities Authority, Revenue Refunding Bonds (Servantcor Project),
Series A, 6.375% due 8/15/2006 (d)(g) 3,135
4,200 Illinois Health Facilities Authority, Revenue Refunding Bonds (University of Chicago
Hospitals), VRDN, 2.98% due 8/01/2026 (f)(i) 4,200
Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds (a):
21,160 5.349%* due 6/15/2030 17,348
4,500 5% due 6/15/2032 4,675
3,000 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) 3,383
10,115 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20% due
11/01/2020 (a) 12,960
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Indiana - 5.0% 2,500 Brownsburg, Indiana, School Building Corporation, First Mortgage Revenue Bonds
(Brownsburg Community School), 5.55% due 2/01/2010 (f)(g) 2,792
4,080 Hammond, Indiana, Multi-School Building Corporation, First Mortgage Revenue
Refunding Bonds, 6.125% due 7/15/2019 (f) 4,387
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A (b):
4,250 5.25% due 6/01/2028 4,584
3,750 5.25% due 6/01/2029 4,040
1,500 Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds (Waterworks
Project), Series A, 5.25% due 7/01/2033 (f) 1,604
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Kansas - 0.4% 1,240 Sedgwick and Shawnee Counties, Kansas, S/F Revenue Bonds (Mortgage-Backed Securities
Program), AMT, Series A-1, 6.875% due 12/01/2026 (e)(f) 1,283
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Louisiana - 3.9% 6,000 Louisiana Local Government, Environmental Facilities, Community Development Authority
Revenue Bonds (Capital Projects and Equipment Acquisition), Series A, 6.30% due
7/01/2030 (a) 6,587
5,150 New Orleans, Louisiana, Ernest N. Morial Exhibit Hall Authority, Special Tax,
Sub-Series A, 5.25% due 7/15/2028 (a) 5,487
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) 1,522
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Massachusetts - 6.4% Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds,
Senior Series A:
1,500 5% due 7/01/2032 1,560
1,625 5% due 7/01/2035 1,674
4,985 Massachusetts State Port Authority, Special Facilities Revenue Bonds, DRIVERS, AMT,
Series 501, 7.654% due 7/01/2009 (a)(j) 5,580
Massachusetts State Special Obligation Dedicated Tax Revenue Bonds (b):
1,800 5.25% due 1/01/2028 1,942
10,000 5.25% due 1/01/2029 10,771
MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 650 Massachusetts State Water Resource Authority, General Revenue Refunding Bonds,
Series B, 5.125% due 8/01/2027 (f) $ 685
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Michigan - 5.1% 6,200 Detroit, Michigan, Water Supply System Revenue Bonds, Series B, 5.25% due
7/01/2032 (f) 6,613
2,200 Michigan Higher Education Student Loan Authority, Student Loan Revenue Refunding
Bonds, AMT, Series XVII-G, 5.20% due 9/01/2020 (a) 2,311
Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Project), AMT (c):
2,500 Series C, 5.65% due 9/01/2029 2,671
1,300 Series A, 5.50% due 6/01/2030 1,393
4,300 Series C, 5.45% due 12/15/2032 4,550
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Mississippi - 0.8% 2,400 Walnut Grove, Mississippi, Correctional Authority, COP, 6% due 11/01/2009 (a)(g) 2,736
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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 1,860
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Nevada - 8.3% 3,100 Carson City, Nevada, Hospital Revenue Bonds (Carson-Tahoe Hospital Project),
Series A, 5.50% due 9/01/2033 (k) 3,322
Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds (b):
1,500 Series A-2, 5% due 7/01/2030 1,561
3,200 Series A-2, 5% due 7/01/2036 3,321
2,000 Series B, 5.25% due 7/01/2034 2,098
Director of the State of Nevada, Department of Business and Industry Revenue Bonds
(Las Vegas Monorail Company Project), First Tier (a):
750 5.625% due 1/01/2032 823
3,280 5.375% due 1/01/2040 3,475
10,450 Washoe County, Nevada, Gas and Water Facilities Revenue Refunding Bonds (Sierra
Pacific Power Company), 6.30% due 12/01/2014 (a) 10,772
3,000 Washoe County, Nevada, Water Facility Revenue Bonds (Sierra Pacific Power Company),
AMT, 6.65% due 6/01/2017 (f) 3,118
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New Hampshire - 2.4% 7,390 New Hampshire Health and Education Facilities Authority Revenue Bonds
(Dartmouth-Hitchcock Obligation Group, 5.50% due 8/01/2027 (d) 8,155
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New Jersey - 8.8% New Jersey EDA, Revenue Bonds, ROLS (j)(m):
7,625 Series II-R-309-1, 7.883% due 6/15/2024 8,922
2,500 Series II-R-309-2, 7.883% due 6/15/2031 2,941
New Jersey EDA, Cigarette Tax Revenue Bonds:
700 5.50% due 6/15/2031 731
1,165 5.75% due 6/15/2034 1,244
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A (f):
2,600 5% due 7/01/2029 2,735
7,250 5.25% due 7/01/2031 7,827
5,200 5.25% due 7/01/2033 5,608
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New York - 9.8% 3,000 Erie County, New York, IDA, School Facility Revenue Bonds (City of Buffalo Project),
5.75% due 5/01/2025 (d) 3,425
6,960 New York City, New York, GO, DRIVERS, Series 356, 7.693% due 6/01/2011 (c)(j) 8,625
MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New York City, New York, GO, Refunding:
$ 2,305 Series A, 6.375% due 5/15/2010 (b)(g) $ 2,684
3,560 Series A, 6.375% due 5/15/2010 (b)(g) 4,145
440 Series A, 6.375% due 5/15/2013 (b) 505
435 Series A, 6.375% due 5/15/2014 (b) 500
550 Series A, 6.375% due 5/15/2015 (b) 631
1,245 Series L, 5.75% due 8/01/2013 (c) 1,314
3,290 New York City, New York, GO, Series E, 5.75% due 5/15/2010 (c)(g) 3,735
7,650 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1,
5.25% due 6/01/2022 (a) 8,239
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Pennsylvania - 6.1% 600 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Bonds, 5.50%
due 12/01/2030 (f) 672
7,750 Pennsylvania State Public School Building Authority, School Lease Revenue Bonds (The
School District of Philadelphia Project), 5% due 6/01/2033 (d) 8,055
6,500 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue Bonds,
Series B, 5.50% due 10/01/2020 (d) 7,164
4,500 Philadelphia, Pennsylvania, School District, GO, Series B, 5.625% due 8/01/2012 (b)(g) 5,144
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Rhode Island - 2.6% 4,345 Providence, Rhode Island, Public Building Authority, General Revenue Bonds, Series A,
6.25% due 12/15/2020 (d) 5,003
3,355 Rhode Island State Economic Development Corporation, Airport Revenue Bonds, Series B,
6.50% due 7/01/2015 (b) 3,862
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South Carolina - 0.3% 855 South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding
Bonds, AMT, Series A-2, 5.875% due 7/01/2009 (d) 872
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South Dakota - 2.2% 7,000 South Dakota State Health and Educational Facilities Authority, Revenue Refunding
Bonds, Series A, 7.625% due 1/01/2008 (f)(g) 7,703
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Tennessee - 0.7% 2,280 Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series 1, 5.95%
due 7/01/2012 (f) 2,341
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Texas - 11.0% 800 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Scott & White Memorial Hospital), VRDN, Series 2001-1, 2.98% due
8/15/2031 (f)(i) 800
1,615 Bexar, Texas, Metropolitan Water District, Waterworks System Revenue Refunding Bonds,
6.35% due 5/01/2025 (f) 1,651
Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT (j):
2,000 Series 202, 8.67% due 11/01/2028 (b) 2,373
7,250 Series 353, 7.654% due 5/01/2011 (f) 8,223
700 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Texas Children's Hospital), VRDN, Series B-1, 2.98% due 10/01/2029 (f)(i) 700
900 Houston, Texas, Airport System Revenue Refunding Bonds, Sub-Lien, Series B, 5.50%
due 7/01/2030 (d) 970
9,345 Leander, Texas, Independent School District, Capital Appreciation, GO, Refunding
(School Building), 5.484%*** due 8/15/2029 (b) 2,530
5,820 North Harris County, Texas, Regional Water Authority, Senior Lien Revenue Bonds,
5.125% due 12/15/2035 (f) 6,126
6,250 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.50% due 8/15/2039 (a) 6,875
5,200 Travis County, Texas, Health Facilities Development Corporation, Revenue Refunding
Bonds, RITR, Series 4, 8.374% due 11/15/2024 (a)(j) 6,462
1,000 University of Houston, Texas, University Revenue Bonds, 5.50% due 2/15/2030 (f) 1,075
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Virginia - 3.9% 10,000 Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds, AMT,
Series A, 6.10% due 2/01/2010 (a) 11,130
MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,300 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion
Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) $ 2,523
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Washington - 3.6% 2,150 King County, Washington, Sewer Revenue Refunding Bonds, Series B, 5.50% due
1/01/2027 (d) 2,344
2,000 Snohomish County, Washington, Public Utility District Number 001, Electric Revenue
Refunding Bonds, 5.375% due 12/01/2024 (d) 2,168
7,000 Washington State, GO, Series A and AT-6, 6.25% due 2/01/2011 (f) 7,809
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Total Investments (Cost - $498,702**) - 154.5% 532,542
Liabilities in Excess of Other Assets - (0.2%) (685)
Preferred Stock, at Redemption Value - (54.3%) (187,127)
---------
Net Assets Applicable to Common Stock - 100.0% $ 344,730
=========
* Represents a step bond; the interest rate shown is the effective yield at
the time of purchase by the Fund.
** The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2005, as computed for federal income tax purposes, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Aggregate cost $498,722
========
Gross unrealized appreciation $ 34,152
Gross unrealized depreciation (332)
--------
Net unrealized appreciation $ 33,820
========
*** Represents a zero coupon bond; the interest rate shown is the effective
yield at the time of purchase by the Fund.
(a) AMBAC Insured.
(b) FGIC Insured.
(c) XL Capital Insured.
(d) FSA Insured.
(e) GNMA Collateralized.
(f) MBIA Insured.
(g) Prerefunded.
(h) Escrowed to maturity.
(i) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(j) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(k) Radian Insured.
(l) CIFG Insured.
(m) Assured Guaranty Insured.
MuniEnhanced Fund, Inc.
Schedule of Investments as of April 30, 2005
Forward interest rate swaps outstanding as of April 30, 2005 were as
follows:
(in Thousands)
---------------------------------------------------------------------------------------------------
Unrealized
Appreciation
Notional Amount (Depreciation)
---------------------------------------------------------------------------------------------------
Receive a variable rate equal to the 7-Day Bond Market
Association Municipal Swap Index Rate and pay a fixed
rate of 3.88%
Broker, JPMorgan Chase Bank
Expires July 2015 $25,000 $ (533)
Receive a variable rate equal to the 7-Day Bond Market
Association Municipal Swap Index Rate and pay a fixed
rate of 3.935%
Broker, JPMorgan Chase Bank
Expires May 2025 $25,000 3
Receive a variable rate equal to the 7-Day Bond Market
Association Municipal Swap Index Rate and pay a fixed
rate of 4.187%
Broker, Morgan Stanley Capital Services, Inc.
Expires June 2025 $20,000 (589)
---------------------------------------------------------------------------------------------------
Total $ (1,119)
========
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) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
MuniEnhanced Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniEnhanced Fund, Inc.
Date: June 20, 2005
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
MuniEnhanced Fund, Inc.
Date: June 20, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniEnhanced Fund, Inc.
Date: June 20, 2005