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 811-05227

 

Name of Fund: BlackRock Apex Municipal Fund, Inc. (APX)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Apex Municipal Fund, Inc., 55 East 52nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 04/30/2011

 

Date of reporting period: 07/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments July 31, 2010 (Unaudited)

BlackRock Apex Municipal Fund, Inc. (APX)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.4%

 

 

 

 

 

 

 

County of Jefferson Alabama, RB,
Series A:

 

 

 

 

 

 

 

5.25%, 1/01/13

 

$

435

 

$

417,617

 

5.25%, 1/01/17

 

 

365

 

 

331,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

749,574

 

Alaska — 1.0%

 

 

 

 

 

 

 

Alaska Industrial Development & Export
Authority, RB, Williams Lynxs Alaska
Cargoport, AMT, 8.00%, 5/01/23

 

 

2,000

 

 

1,943,020

 

Arizona — 3.7%

 

 

 

 

 

 

 

Maricopa County IDA Arizona, RB,
Series A:

 

 

 

 

 

 

 

Arizona Charter Schools Project,
6.63%, 7/01/20

 

 

900

 

 

698,292

 

Sun King Apartments Project,
6.00%, 11/01/10

 

 

5

 

 

4,983

 

Phoenix IDA Arizona, Refunding RB,
America West Airlines Inc. Project,
AMT, 6.30%, 4/01/23

 

 

2,950

 

 

2,351,799

 

Pima County IDA, RB, Arizona Charter
Schools Project, Series E, 7.25%,
7/01/31

 

 

935

 

 

939,638

 

Pima County IDA, Refunding IDRB,
Tucson Electric Power, 5.75%,
9/01/29

 

 

460

 

 

469,922

 

Salt Verde Financial Corp., RB, Senior,
5.00%, 12/01/32

 

 

1,425

 

 

1,294,741

 

University Medical Center Corp. Arizona,
RB, 6.25%, 7/01/29

 

 

540

 

 

579,231

 

Yavapai County IDA Arizona, RB,
Yavapai Regional Medical Center,
Series A, 6.00%, 8/01/33

 

 

500

 

 

504,220

 

 

 

 

 

 

 

 

 

 

 

 

 

6,842,826

 

California — 4.2%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Refunding
RB:

 

 

 

 

 

 

 

American Baptist Homes of the
West, 6.25%, 10/01/39

 

 

885

 

 

887,965

 

Senior Living, Southern California,
7.00%, 11/15/29

 

 

400

 

 

432,864

 

Senior Living, Southern California,
7.25%, 11/15/41

 

 

1,440

 

 

1,569,816

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

City of Fontana California, Special Tax
Bonds, Refunding, Community
Facilities District No. 22-Sierra,
Series H, 6.00%, 9/01/34

 

$

1,000

 

$

970,230

 

State of California, GO:

 

 

 

 

 

 

 

4.50%, 10/01/36

 

 

1,755

 

 

1,564,196

 

Various Purpose, 6.00%, 3/01/33

 

 

2,120

 

 

2,294,900

 

 

 

 

 

 

 

 

 

 

 

 

 

7,719,971

 

Colorado — 2.9%

 

 

 

 

 

 

 

Elk Valley Public Improvement Corp.,
RB, Public Improvement Fee, Series
A, 7.30%, 9/01/22

 

 

2,800

 

 

2,775,864

 

Plaza Metropolitan District No. 1
Colorado, Tax Allocation Bonds, Tax
Increment:

 

 

 

 

 

 

 

Public Improvement Fee, 8.00%,
12/01/25

 

 

2,000

 

 

2,080,560

 

Subordinate 8.13%, 12/01/25

 

 

500

 

 

457,670

 

 

 

 

 

 

 

 

 

 

 

 

 

5,314,094

 

Connecticut — 2.3%

 

 

 

 

 

 

 

Harbor Point Infrastructure
Improvement District, Tax Allocation
Bonds, Harbor Point Project, Series
A, 7.88%, 4/01/39

 

 

1,610

 

 

1,706,729

 

Mohegan Tribe of Indians of
Connecticut, RB, Public Improvement,
Priority Distribution:

 

 

 

 

 

 

 

6.25%, 1/01/31

 

 

1,785

 

 

1,467,680

 

5.25%, 1/01/33 (a)

 

 

1,500

 

 

1,078,575

 

 

 

 

 

 

 

 

 

 

 

 

 

4,252,984

 

District of Columbia — 2.3%

 

 

 

 

 

 

 

District of Columbia, RB, Methodist
Home District of Columbia, Series A:

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

680

 

 

692,335

 

7.50%, 1/01/39

 

 

1,110

 

 

1,131,123

 

District of Columbia Tobacco
Settlement Financing Corp.,
Refunding RB, Asset-Backed, 6.50%,
5/15/33

 

 

730

 

 

699,829

 

Metropolitan Washington Airports
Authority, RB, CAB, 2nd Senior Lien,
Series B (AGC), 6.75%, 10/01/39 (b)

 

 

9,770

 

 

1,650,544

 

 

 

 

 

 

 

 

 

 

 

 

 

4,173,831

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

ACA

ACA Financial Guaranty Corp.

AGC

Assured Guaranty Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

HDA

Housing Development Authority

IDA

Industrial Development Authority

IDRB

Industrial Development Revenue Bonds

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

TE

Tax – Exempt

TIF

Tax Increment Financing

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JULY 31, 2010

1

 

 

 

 

Schedule of Investments (continued)

BlackRock Apex Municipal Fund, Inc. (APX)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 9.1%

 

 

 

 

 

 

 

County of Miami-Dade Florida,
Refunding RB, Miami International
Airport, Series A-1, 5.38%, 10/01/41

 

$

360

 

$

366,322

 

Hillsborough County IDA, RB, AMT,
National Gypsum Co.:

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

2,500

 

 

2,361,200

 

Series B, 7.13%, 4/01/30

 

 

1,560

 

 

1,473,389

 

Jacksonville Economic Development
Commission, RB, Gerdau Ameristeel
US Inc., AMT, 5.30%, 5/01/37

 

 

900

 

 

735,309

 

Jacksonville Economic Development
Commission, Refunding RB, Florida
Proton Therapy Institute, Series A,
6.00%, 9/01/17

 

 

840

 

 

863,831

 

Lee County IDA Florida, RB, Series A,
Lee Charter Foundation, 5.38%,
6/15/37

 

 

1,810

 

 

1,489,594

 

Midtown Miami Community
Development District, Special
Assessment Bonds, Series A:

 

 

 

 

 

 

 

6.00%, 5/01/24

 

 

1,370

 

 

1,336,079

 

6.25%, 5/01/37

 

 

1,350

 

 

1,295,743

 

Santa Rosa Bay Bridge Authority, RB,
6.25%, 7/01/28

 

 

2,140

 

 

1,169,617

 

Sarasota County Health Facilities
Authority, Refunding RB, Village On
The Isle Project:

 

 

 

 

 

 

 

5.50%, 1/01/27

 

 

590

 

 

543,803

 

5.50%, 1/01/32

 

 

550

 

 

496,238

 

Sumter Landing Community
Development District Florida, RB,
Sub-Series B, 5.70%, 10/01/38

 

 

1,615

 

 

1,311,073

 

Tampa Palms Open Space &
Transportation Community
Development District, RB, Capital
Improvement, Richmond Place
Project, 7.50%, 5/01/18

 

 

1,905

 

 

1,905,533

 

Tolomato Community Development
District, Special Assessment Bonds,
Special Assessment, 6.65%,
5/01/40

 

 

1,850

 

 

1,521,532

 

 

 

 

 

 

 

 

 

 

 

 

 

16,869,263

 

Georgia — 4.0%

 

 

 

 

 

 

 

City of Atlanta Georgia, Tax Allocation
Bonds, Princeton Lakes Project,
5.50%, 1/01/31

 

 

395

 

 

353,126

 

Clayton County Development Authority,
RB, Delta Air Lines Inc. Project,
Series A, 8.75%, 6/01/29

 

 

1,375

 

 

1,484,395

 

County of Clayton Georgia, Tax
Allocation Bonds, Ellenwood Project,
7.50%, 7/01/33

 

 

1,335

 

 

1,288,288

 

DeKalb County Hospital Authority
Georgia, RB, DeKalb Medical Center
Inc. Project, 6.13%, 9/01/40

 

 

1,805

 

 

1,820,415

 

Gainesville & Hall County Development
Authority, Refunding RB, Acts
Retirement Life Community,
Series A-2, 6.63%, 11/15/39

 

 

645

 

 

673,786

 

Rockdale County Development
Authority, RB, Visy Paper Project,
Series A, AMT, 6.13%, 1/01/34

 

 

1,680

 

 

1,578,948

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia (concluded)

 

 

 

 

 

 

 

Thomasville Hospital Authority, RB,
Anticipation Certificates, John D.
Archbold, 5.38%, 11/01/40

 

$

155

 

$

153,500

 

 

 

 

 

 

 

 

 

 

 

 

 

7,352,458

 

Guam — 1.5%

 

 

 

 

 

 

 

Guam Government Waterworks
Authority, Refunding RB, Water,
6.00%, 7/01/25

 

 

515

 

 

526,943

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

250

 

 

259,620

 

6.75%, 11/15/29

 

 

440

 

 

471,772

 

7.00%, 11/15/39

 

 

455

 

 

492,046

 

Territory of Guam, RB, Section 30,
Series A, 5.63%, 12/01/29

 

 

1,000

 

 

1,028,060

 

 

 

 

 

 

 

 

 

 

 

 

 

2,778,441

 

Illinois — 5.7%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
American Airlines Inc. Project,
5.50%, 12/01/30

 

 

2,860

 

 

2,120,862

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Roosevelt University Project,
6.50%, 4/01/44

 

 

1,700

 

 

1,776,160

 

Rush University Medical Center
Obligation Group, Series A, 7.25%,
11/01/30

 

 

2,000

 

 

2,287,940

 

Illinois Finance Authority, Refunding
RB:

 

 

 

 

 

 

 

CAB, Clare Water Tower, Series B,
0.42%, 5/15/50 (b)

 

 

615

 

 

7,152

 

Clare Water Tower, Series A-7,
6.13%, 5/15/41

 

 

1,435

 

 

933,324

 

Friendship Village of Schaumburg,
7.25%, 2/15/45

 

 

1,630

 

 

1,638,818

 

Primary Health Care Centers
Program, 6.60%, 7/01/24

 

 

490

 

 

441,098

 

Village of Lincolnshire Illinois, Special
Tax Bonds, Sedgebrook Project,
6.25%, 3/01/34

 

 

755

 

 

664,823

 

Village of Wheeling Illinois, Tax
Allocation Bonds, North
Milwaukee/Lake-Cook TIF Project,
6.00%, 1/01/25

 

 

750

 

 

696,008

 

 

 

 

 

 

 

 

 

 

 

 

 

10,566,185

 

Indiana — 1.2%

 

 

 

 

 

 

 

Indiana Finance Authority, Refunding
RB, Improvement, U.S. Steel Corp.,
6.00%, 12/01/26

 

 

620

 

 

635,252

 

Indiana Health & Educational Facilities
Financing Authority, Refunding RB,
Community Foundation Northwest
Indiana, 5.50%, 3/01/37

 

 

700

 

 

692,251

 

Vigo County Hospital Authority Indiana,
RB, Union Hospital Inc. (a):

 

 

 

 

 

 

 

5.70%, 9/01/37

 

 

440

 

 

404,809

 

5.75%, 9/01/42

 

 

545

 

 

500,397

 

 

 

 

 

 

 

 

 

 

 

 

 

2,232,709

 

Kentucky — 0.4%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System,
Series A, 6.38%, 6/01/40

 

 

645

 

 

671,948

 

 

 

 

2

BLACKROCK APEX MUNICIPAL FUND, INC.

JULY 31, 2010

 

 

 

 

Schedule of Investments (continued)

BlackRock Apex Municipal Fund, Inc. (APX)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Louisiana — 1.1%

 

 

 

 

 

 

 

Louisiana Local Government
Environmental Facilities &
Community Development Authority,
RB, Westlake Chemical Corp.
Projects, 6.75%, 11/01/32

 

$

2,000

 

$

2,068,520

 

Maryland — 1.8%

 

 

 

 

 

 

 

Maryland EDC, RB, Transportation
Facilities Project, Series A, 5.75%,
6/01/35

 

 

420

 

 

429,459

 

Maryland Health & Higher Educational
Facilities Authority, RB, Washington
Christian Academy, 5.50%, 7/01/38

 

 

410

 

 

176,300

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
Doctor’s Community Hospital, 5.75%,
7/01/38

 

 

1,265

 

 

1,215,728

 

Maryland State Energy Financing
Administration, RB, Cogeneration,
AES Warrior Run, AMT, 7.40%,
9/01/19

 

 

1,500

 

 

1,500,600

 

 

 

 

 

 

 

 

 

 

 

 

 

3,322,087

 

Massachusetts — 1.4%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB, First Mortgage, Overlook
Communities, Series A, 6.25%,
7/01/34

 

 

1,845

 

 

1,611,349

 

Massachusetts Development Finance
Agency, Refunding RB, Eastern
Nazarene College, 5.63%, 4/01/19

 

 

190

 

 

181,636

 

Massachusetts Health & Educational
Facilities Authority, RB, Jordan
Hospital, Series E, 6.75%, 10/01/33

 

 

850

 

 

848,411

 

 

 

 

 

 

 

 

 

 

 

 

 

2,641,396

 

Michigan — 2.7%

 

 

 

 

 

 

 

Advanced Technology Academy, RB,
6.00%, 11/01/37

 

 

625

 

 

570,462

 

County of Wayne Michigan, GO,
Building Improvement, Series A,
6.75%, 11/01/39

 

 

375

 

 

397,868

 

Monroe County Hospital Finance
Authority, Refunding RB, Mercy
Memorial Hospital Corp. Obligation,
5.50%, 6/01/35

 

 

1,260

 

 

1,055,552

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

2,575

 

 

3,074,756

 

 

 

 

 

 

 

 

 

 

 

 

 

5,098,638

 

Missouri — 1.0%

 

 

 

 

 

 

 

Kansas City IDA Missouri, RB, First
Mortgage, Bishop Spencer, Series A,
6.50%, 1/01/35

 

 

1,000

 

 

902,040

 

Kirkwood IDA Missouri, RB, Aberdeen
Heights, Series A, 8.25%, 5/15/39

 

 

945

 

 

967,075

 

 

 

 

 

 

 

 

 

 

 

 

 

1,869,115

 

Multi-State — 0.3%

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary LLC,
7.50%, 6/30/49 (a)(c)(d)

 

 

663

 

 

614,575

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

 

Value

 

Nevada — 0.2%

 

 

 

 

 

 

 

County of Clark Nevada, Special
Assessment Bonds, Special
Improvement District No. 142, Local
Improvement, 6.38%, 8/01/23

 

$

370

 

$

355,337

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, RB, Catholic
Medical Center, 5.00%, 7/01/36

 

 

835

 

 

720,956

 

New Jersey — 7.5%

 

 

 

 

 

 

 

New Jersey EDA, RB, Continental
Airlines Inc. Project, AMT:

 

 

 

 

 

 

 

6.63%, 9/15/12

 

 

3,050

 

 

3,095,658

 

6.25%, 9/15/29

 

 

1,000

 

 

952,300

 

New Jersey EDA, Refunding RB, Newark
Airport Marriott Hotel, 7.00%,
10/01/14

 

 

1,500

 

 

1,506,810

 

New Jersey Educational Facilities
Authority, Refunding RB, University of
Medicine & Dentistry, Series B:

 

 

 

 

 

 

 

7.13%, 12/01/23

 

 

670

 

 

787,491

 

7.50%, 12/01/32

 

 

1,065

 

 

1,222,833

 

New Jersey Health Care Facilities
Financing Authority, RB, Pascack
Valley Hospital Association, 6.63%,
7/01/36 (e)(f)

 

 

1,870

 

 

19

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB,
St. Joseph’s Healthcare System,
6.63%, 7/01/38

 

 

1,680

 

 

1,744,243

 

New Jersey Transportation Trust Fund
Authority, RB, CAB, Transportation
System, Series C (AMBAC), 5.05%,
12/15/35 (b)

 

 

2,760

 

 

618,820

 

Tobacco Settlement Financing Corp.
New Jersey, Refunding RB, Series 1A:

 

 

 

 

 

 

 

4.50%, 6/01/23

 

 

2,965

 

 

2,714,843

 

5.00%, 6/01/41

 

 

2,080

 

 

1,364,168

 

 

 

 

 

 

 

 

 

 

 

 

 

14,007,185

 

New York — 6.4%

 

 

 

 

 

 

 

Brooklyn Arena Local Development
Corp., RB, Barclays Center Project,
6.38%, 7/15/43

 

 

685

 

 

702,570

 

Chautauqua County Industrial
Development Agency, RB, NRG
Dunkirk Power Project, 5.88%,
4/01/42

 

 

1,710

 

 

1,754,169

 

Dutchess County Industrial
Development Agency New York, RB,
St. Francis Hospital, Series B, 7.50%,
3/01/29

 

 

1,000

 

 

997,520

 

Metropolitan Transportation Authority,
RB, Series 2008-C, 6.50%, 11/15/28

 

 

2,000

 

 

2,334,380

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

American Airlines Inc., JFK
International Airport, AMT, 8.00%,
8/01/28 (d)

 

 

720

 

 

755,424

 

British Airways Plc Project, AMT,
7.63%, 12/01/32

 

 

1,730

 

 

1,748,926

 

Series C, 6.80%, 6/01/28

 

 

350

 

 

367,763

 

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JULY 31, 2010

3

 

 

 

 

Schedule of Investments (continued)

BlackRock Apex Municipal Fund, Inc. (APX)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York City Industrial Development
Agency, RB: (concluded)

 

 

 

 

 

 

 

Special Needs Facilities Pooled
Program, Series C-1, 6.50%,
7/01/24

 

$

830

 

$

793,688

 

New York Liberty Development Corp.,
RB, National Sports Museum Project,
Series A, 6.13%, 2/15/19 (e)(f)

 

 

630

 

 

6

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project, 6.38%, 7/15/49

 

 

520

 

 

543,442

 

New York State Dormitory Authority,
RB, North Shore-Long Island Jewish
Health System, Series A, 5.50%,
5/01/37

 

 

1,000

 

 

1,033,580

 

Yonkers Industrial Development Agency
New York, RB, Sarah Lawrence
College Project, Series A, 6.00%,
6/01/41

 

 

850

 

 

890,868

 

 

 

 

 

 

 

 

 

 

 

 

 

11,922,336

 

North Carolina — 1.7%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, Refunding RB, First
Mortgage, Deerfield, Series A, 6.13%,
11/01/38

 

 

3,230

 

 

3,238,947

 

Ohio — 1.6%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing
Authority, RB, Asset-Backed, Senior
Series A-2:

 

 

 

 

 

 

 

5.13%, 6/01/24

 

 

1,110

 

 

927,327

 

6.50%, 6/01/47

 

 

2,685

 

 

2,082,271

 

 

 

 

 

 

 

 

 

 

 

 

 

3,009,598

 

Pennsylvania — 7.2%

 

 

 

 

 

 

 

Allegheny County Hospital
Development Authority, Refunding
RB, Health System, West Penn,
Series A, 5.38%, 11/15/40

 

 

2,885

 

 

2,141,593

 

Bucks County IDA, RB, Ann’s Choice Inc.
Facility, Series A, 6.13%, 1/01/25

 

 

1,160

 

 

1,138,726

 

Cumberland County Municipal
Authority, RB, Diakon Lutheran,
6.38%, 1/01/39

 

 

2,510

 

 

2,576,364

 

Lancaster County Hospital Authority,
RB, Brethren Village Project, Series A:

 

 

 

 

 

 

 

6.25%, 7/01/26

 

 

475

 

 

478,145

 

6.50%, 7/01/40

 

 

675

 

 

659,313

 

Montgomery County IDA Pennsylvania,
MRB, Whitemarsh Continuing Care,
6.25%, 2/01/35

 

 

1,700

 

 

1,374,841

 

Pennsylvania Higher Educational
Facilities Authority, Refunding RB,
Allegheny Delaware Valley Obligation,
Series A (NPFGC), 5.88%, 11/15/21

 

 

470

 

 

458,419

 

Philadelphia Authority for Industrial
Development, RB, AMT:

 

 

 

 

 

 

 

Commercial Development, 7.75%,
12/01/17

 

 

3,000

 

 

3,003,540

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

Philadelphia Authority for Industrial
Development, RB, AMT: (concluded)

 

 

 

 

 

 

 

Subordinate, Air Cargo, Series A,
7.50%, 1/01/25

 

$

1,600

 

$

1,551,872

 

 

 

 

 

 

 

 

 

 

 

 

 

13,382,813

 

Puerto Rico — 1.1%

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority,
Refunding RB, Series Q, 5.63%,
7/01/39

 

 

985

 

 

1,007,468

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.50%, 8/01/44

 

 

1,000

 

 

1,108,440

 

 

 

 

 

 

 

 

 

 

 

 

 

2,115,908

 

Rhode Island — 0.8%

 

 

 

 

 

 

 

Central Falls Detention Facility Corp.,
Refunding RB, 7.25%, 7/15/35

 

 

1,750

 

 

1,507,187

 

South Carolina — 0.4%

 

 

 

 

 

 

 

Connector 2000 Association Inc., RB,
CAB, Senior Series B, 10.61%,
1/01/14 (b)(e)(f)

 

 

1,075

 

 

144,373

 

South Carolina Jobs-EDA, Refunding
RB, Palmetto Health, 5.50%,
8/01/26

 

 

670

 

 

677,296

 

 

 

 

 

 

 

 

 

 

 

 

 

821,669

 

Tennessee — 0.1%

 

 

 

 

 

 

 

Shelby County Health Educational &
Housing Facilities Board, RB, Village
at Germantown, 6.25%, 12/01/34

 

 

245

 

 

212,528

 

Texas — 11.1%

 

 

 

 

 

 

 

Bexar County Health Facilities
Development Corp., RB, Army
Retirement Residence Project,
6.20%, 7/01/45

 

 

2,055

 

 

2,089,873

 

Brazos River Authority, Refunding RB,
Texas Utility Co., Series, AMT, 7.70%,
4/01/33

 

 

2,530

 

 

1,347,301

 

Central Texas Regional Mobility
Authority, RB:

 

 

 

 

 

 

 

CAB, 7.48%, 1/01/28 (b)

 

 

1,000

 

 

329,830

 

CAB, 7.78%, 1/01/33 (b)

 

 

2,150

 

 

487,469

 

CAB, 7.79%, 1/01/34 (b)

 

 

4,000

 

 

852,680

 

Senior Lien, 5.75%, 1/01/25

 

 

450

 

 

457,830

 

City of Houston Texas, RB, Special
Facilities, Continental Airlines,
Series E, AMT, 6.75%, 7/01/21

 

 

1,865

 

 

1,855,619

 

Danbury Higher Education Authority
Inc., RB, A.W. Brown Fellowship
Charter, Series A (ACA), 5.13%,
8/15/36

 

 

1,000

 

 

1,168,690

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.25%, 12/01/35

 

 

1,110

 

 

1,263,036

 

Matagorda County Navigation District
No. 1 Texas, Refunding RB, Central
Power & Light Co. Project, Series A,
6.30%, 11/01/29

 

 

850

 

 

927,401

 

North Texas Tollway Authority, RB, Toll,
2nd Tier, Series F, 6.13%, 1/01/31

 

 

1,650

 

 

1,758,834

 

Tarrant County Cultural Education
Facilities Finance Corp., RB:

 

 

 

 

 

 

 

CC Young Memorial Home, Series
A, 8.00%, 2/15/38

 

 

710

 

 

743,697

 

 

 

 

4

BLACKROCK APEX MUNICIPAL FUND, INC.

JULY 31, 2010

 

 

 

 

Schedule of Investments (continued)

BlackRock Apex Municipal Fund, Inc. (APX)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Tarrant County Cultural Education
Facilities Finance Corp., RB:
(concluded)

 

 

 

 

 

 

 

Senior Living Center Project,
Series A, 8.25%, 11/15/44

 

$

1,710

 

$

1,714,036

 

Texas Private Activity Bond Surface
Transportation Corp., RB, Senior
Lien:,

 

 

 

 

 

 

 

LBJ Infrastructure, 7.00%, 6/30/40

 

 

1,815

 

 

1,888,235

 

Note Mobility, 6.88%, 12/31/39

 

 

1,605

 

 

1,665,765

 

Texas State Public Finance Authority,
Refunding ERB, KIPP Inc., Series A
(ACA), 5.00%, 2/15/28

 

 

2,250

 

 

2,069,685

 

 

 

 

 

 

 

 

 

 

 

 

 

20,619,981

 

U.S. Virgin Islands — 1.2%

 

 

 

 

 

 

 

United States Virgin Islands, Refunding
RB, Senior Secured, Hovensa Coker
Project, AMT, 6.50%, 7/01/21

 

 

2,100

 

 

2,132,382

 

Utah — 1.2%

 

 

 

 

 

 

 

County of Carbon Utah, Refunding RB,
Laidlaw Environmental, Series A,
AMT, 7.45%, 7/01/17

 

 

2,240

 

 

2,244,592

 

Virginia — 2.6%

 

 

 

 

 

 

 

Dulles Town Center Community
Development Authority, Special
Assessment Bonds, Dulles Town
Center Project, 6.25%, 3/01/26

 

 

2,330

 

 

2,240,225

 

Tobacco Settlement Financing Corp.
Virginia, Refunding RB, Senior
Series B-1, 5.00%, 6/01/47

 

 

4,040

 

 

2,615,375

 

 

 

 

 

 

 

 

 

 

 

 

 

4,855,600

 

Wisconsin — 2.3%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

New Castle Place Project, Series A,
7.00%, 12/01/31

 

 

1,320

 

 

1,318,376

 

Wheaton Franciscan Healthcare,
5.25%, 8/15/34

 

 

2,540

 

 

2,320,138

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB, St.
John’s Communities Inc., Series A:

 

 

 

 

 

 

 

7.25%, 9/15/29

 

 

175

 

 

180,574

 

7.63%, 9/15/39

 

 

350

 

 

366,254

 

 

 

 

 

 

 

 

 

 

 

 

 

4,185,342

 

Wyoming — 1.3%

 

 

 

 

 

 

 

County of Sweetwater Wyoming,
Refunding RB, FMC Corp. Project,
AMT, 5.60%, 12/01/35

 

 

2,500

 

 

2,449,100

 

Total Municipal Bonds – 94.1%

 

 

 

 

 

174,863,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

 

 

 

 

 

 

District of Columbia — 1.7%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 6.00%,
10/01/35

 

 

2,730

 

 

3,085,265

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

Par
(000)

 

Value

 

Florida — 3.3%

 

 

 

 

 

 

 

County of Miami-Dade Florida, RB,
Miami International Airport, Series A,
AMT (AGC), 5.25%, 10/01/33

 

$

6,130

 

$

6,157,830

 

Virginia — 3.1%

 

 

 

 

 

 

 

Virginia HDA, RB, Sub-Series H-1
(NPFGC), 5.38%, 7/01/36

 

 

5,710

 

 

5,823,058

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 8.1%

 

 

 

 

 

15,066,153

 

Total Long-Term Investments
(Cost – $190,267,683) – 102.2%

 

 

 

 

 

189,929,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.21% (h)(i)

 

 

1,559,574

 

 

1,559,574

 

Total Short-Term Securities
(Cost – $1,559,574) – 0.8%

 

 

 

 

 

1,559,574

 

Total Investments
(Cost – $191,827,257*) – 103.0%

 

 

 

 

 

191,488,823

 

Other Assets Less Liabilities – 0.9%

 

 

 

 

 

1,641,959

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (3.9)%

 

 

 

 

 

(7,291,389

)

 

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

185,839,393

 

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

184,556,603

 

 

 

 

 

 

Gross unrealized appreciation

 

$

10,527,015

 

 

Gross unrealized depreciation

 

 

(10,880,241

)

 

 

 

 

 

Net unrealized depreciation

 

$

(353,226

)

 

 

 

 

 

 

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(b)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(c)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

 

 

(d)

Variable rate security. Rate shown is as of report date.

 

 

(e)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(f)

Non-income producing security.

 

 

(g)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.


 

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JULY 31, 2010

5

 

 

 

 

Schedule of Investments July 31, 2010 (Unaudited)

BlackRock Apex Municipal Fund, Inc. (APX)

 

 

(h)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares at April
30, 2010

 

Net Activity

 

Shares at
July 31,
2010

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

648,958

 

 

910,616

 

 

1,559,574

 

$

681

 

 

 

 

(i)

Represents the current yield as of report date.

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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 Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of July 31, 2010 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

189,929,249

 

 

—

 

$

189,929,249

 

Short-Term
Securities

 

$

1,559,574

 

 

—

 

 

—

 

 

1,559,574

 

Total

 

$

1,559,574

 

$

189,929,249

 

 

—

 

$

191,488,823

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JULY 31, 2010

6

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are 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.

 

 

 

BlackRock Apex Municipal Fund, Inc.

 

 
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock Apex Municipal Fund, Inc.
   
  Date: September 27, 2010
   
  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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock Apex Municipal Fund, Inc.
   
  Date: September 27, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Apex Municipal Fund, Inc.
     
  Date: September 27, 2010