UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
BLACKROCK ENHANCED GOVERNMENT FUND
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
09255K108
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(CUSIP Number)
December 31, 2011
Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/_X_/ Rule 13d-1(b)
/___/ Rule 13d-1(c)
/___/ Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 09255K108
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1) Names of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (entities only)
NEWGATE CAPITAL MANAGEMENT LLC, IRS ID # 04-2941344
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2) Check the Appropriate Box if a Member of a Group (a) [ ]
(See Instructions) (b) [ ]
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3) SEC Use Only
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4) Citizenship or Place of Organization
DELAWARE
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Number of Shares 5) Sole Voting Power 279,041
Beneficially ---------------------------------------------------
Owned by Each 6) Shared Voting Power 2,350
Reporting ---------------------------------------------------
Person With 7) Sole Dispositive Power 279,041
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8) Shared Dispositive Power 2,350
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9) Aggregate Amount Beneficially Owned by Each Reporting Person
281,391
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10) Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
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11) Percent of Class Represented by Amount in Item 9
2.4%
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12) Type of Reporting Person (See Instructions)
IA
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ITEM 1.
(A) NAME OF ISSUER BLACKROCK ADVISORS LLC
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICE
BlackRock Funds
100 Bellevue Parkway
Wilmington, Delaware 19809
ITEM 2.
(A) NAME OF PERSONS FILING
NEWGATE CAPITAL MANAGEMENT LLC
(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR IF NONE, RESIDENCE
One Sound Shore Drive
Greenwich, CT 06830
(C) CITIZENSHIP
USA
(D) TITLE OF CLASS OF SECURITIES
COMMON STOCK
(E) CUSIP NUMBER
09255K108
ITEM 3.
If this statement is filed pursuant to rule 240.13d- 1(b), or 240.13d-2(b)
or (c), check whether the person filing is a:
(a) ___ Broker or dealer registered under section 15 of the Act (15
U.S.C. 78c).
(b) ___ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) ___ Insurance company as defined in section 3(a)19) of the Act (15
U.S.C. 78c).
(d) ___ Investment Company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) _X_ An investment adviser in accordance with 240.13d- 1(b)1)(ii)(E).
(f) ___ An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F).
(g) ___ A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G)
(h) ___ A savings association as defined in section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813).
(i) ___ A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company
Act of 1940 (15 U.S.C. 80a-3).
(j) ___ Group, in accordance with section 240.13d-1(b)(1)(ii)(J).
ITEM 4. OWNERSHIP.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 281,391
(b) Percent of class: 2.4%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 279,041
(ii) Shared power to vote or to direct the vote: 2,350
(iii) Sole power to dispose or to direct the disposition of: 279,041
(iv) Shared power to dispose or to direct the disposition of: 2,350
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following. [X]
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
ITEM 10. CERTIFICATION.
(a) The following certification shall be included if the statement is
filed pursuant to ss.240.13d-1(b):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held
in the ordinary course of business and were not acquired and are not
held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
(b) The following certification shall be included if the statement is
filed pursuant to ss.240.13d-1(c):
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: February 1, 2012
Signature: /s/ Sonia Rosenbaum
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Name: Sonia Rosenbaum, Ph.D.
Title: Managing Director