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: 04/30/2010

 

Date of reporting period: 01/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 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%, 1/01/17

 

$

365

 

$

328,493

 

Tuscaloosa Special Care Facilities
Financing Authority, RB, Capstone
Village, Series A, 5.88%,
8/01/36 (a)(b)

 

 

1,255

 

 

387,092

 

 

 

 

 

 

 

 

 

 

 

 

715,585

 

Alaska — 1.0%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

1,883,240

 

Arizona — 4.4%

 

 

 

 

 

 

 

Maricopa County IDA Arizona, RB,
Arizona Charter Schools Project,
Series A, 6.63%, 7/01/20

 

 

1,100

 

 

842,864

 

Maricopa County IDA Arizona, RB, Sun
King Apartments Project, Series A,
6.00%, 11/01/10

 

 

10

 

 

9,950

 

Maricopa County IDA Arizona, RB, Sun
King Apartments Project, Series A,
6.75%, 5/01/31

 

 

1,020

 

 

790,265

 

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

 

 

2,950

 

 

1,969,450

 

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

 

 

960

 

 

929,078

 

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

 

 

460

 

 

464,715

 

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

 

 

1,950

 

 

1,713,485

 

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

 

 

540

 

 

572,702

 

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

 

 

500

 

 

501,090

 

 

 

 

 

 

 

 

 

 

 

 

7,793,599

 

California — 2.8%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, RB, Cedars-Sinai Medical
Center, 5.00%, 8/15/39

 

 

765

 

 

706,294

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

California (concluded)

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Refunding RB,
Senior Living, Southern California,
7.00%, 11/15/29

 

$

400

 

$

421,680

 

California Statewide Communities
Development Authority, Refunding RB,
Senior Living, Southern California,
7.25%, 11/15/41

 

 

1,440

 

 

1,526,789

 

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

 

 

1,000

 

 

926,290

 

State of California, GO, 4.50%,
10/01/36

 

 

1,755

 

 

1,406,773

 

 

 

 

 

 

 

 

 

 

 

 

4,987,826

 

Colorado — 3.1%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Christian Living
Communities Project, Series A, 5.75%,
1/01/26

 

 

450

 

 

401,233

 

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

 

 

2,800

 

 

2,710,876

 

Plaza Metropolitan District No. 1
Colorado, Tax Allocation Bonds, Public
Improvement Fee, Tax Increment,
8.00%, 12/01/25

 

 

2,000

 

 

1,971,480

 

Plaza Metropolitan District No. 1
Colorado, Tax Allocation Bonds,
Subordinate Public Improvement Fee,
Tax Increment, 8.13%, 12/01/25

 

 

500

 

 

468,935

 

 

 

 

 

 

 

 

 

 

 

 

5,552,524

 

Connecticut — 2.3%

 

 

 

 

 

 

 

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

 

 

1,610

 

 

1,610,612

 

Mohegan Tribe of Indians of
Connecticut, RB, Public Improvement,
Priority Distribution, 6.25%, 1/01/31

 

 

1,785

 

 

1,429,767

 

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

American Capital Access 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

NPFGC

National Public Financed Guarantee Corp.

MRB

Mortgage Revenue Bonds

RB

Revenue Bonds

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 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

 

Connecticut (concluded)

 

 

 

 

 

 

 

Mohegan Tribe of Indians of
Connecticut, RB, Public Improvement,
Priority Distribution, 5.25%,
1/01/33 (d)

 

$

1,500

 

$

1,081,560

 

 

 

 

 

 

 

 

 

 

 

 

4,121,939

 

District of Columbia — 2.2%

 

 

 

 

 

 

 

District of Columbia, RB, Methodist
Home District of Columbia, Series A,
7.38%, 1/01/30

 

 

680

 

 

680,272

 

District of Columbia, RB, Methodist
Home District of Columbia, Series A,
7.50%, 1/01/39

 

 

1,110

 

 

1,102,119

 

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

 

 

730

 

 

721,284

 

Metropolitan Washington Airports
Authority, RB, CAB, Second Senior
Lien, Series B (AGC), 6.74%,
10/01/39 (e)

 

 

9,770

 

 

1,435,017

 

 

 

 

 

 

 

 

 

 

 

 

3,938,692

 

Florida — 9.6%

 

 

 

 

 

 

 

Capital Region Community Development
District, Florida, Special Assessment
Bonds, Capital Improvement, Series A,
7.00%, 5/01/39

 

 

645

 

 

618,645

 

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

 

 

485

 

 

480,223

 

Hillsborough County IDA, RB, National
Gypsum Co., Series A, AMT, 7.13%,
4/01/30

 

 

2,500

 

 

1,925,075

 

Hillsborough County IDA, RB, National
Gypsum Co., Series B, AMT, 7.13%,
4/01/30

 

 

1,560

 

 

1,201,247

 

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

 

 

900

 

 

648,828

 

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

 

 

840

 

 

857,892

 

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

 

 

1,810

 

 

1,332,377

 

Main Street Community Development
District, Special Assessment Bonds,
Series B, 6.90%, 5/01/17

 

 

345

 

 

304,173

 

Midtown Miami Community
Development District, Special
Assessment Bonds, Series A, 6.00%,
5/01/24

 

 

1,430

 

 

1,263,319

 

Midtown Miami Community
Development District, Special
Assessment Bonds, Series A, 6.25%,
5/01/37

 

 

1,350

 

 

1,146,150

 

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

 

 

2,140

 

 

1,198,464

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Sarasota County Health Facilities
Authority, Refunding RB, Village On
The Isle Project, 5.50%, 1/01/27

 

$

590

 

$

523,855

 

Sarasota County Health Facilities
Authority, Refunding RB, Village On
The Isle Project, 5.50%, 1/01/32

 

 

550

 

 

470,762

 

Sarasota County Public Hospital District,
RB, Sarasota Memorial Hospital
Project, Series A, 5.63%, 7/01/39

 

 

470

 

 

477,708

 

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

 

 

1,615

 

 

1,216,725

 

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

 

 

2,075

 

 

2,074,626

 

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

 

 

1,850

 

 

1,479,482

 

 

 

 

 

 

 

 

 

 

 

 

17,219,551

 

Georgia — 3.0%

 

 

 

 

 

 

 

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

 

 

395

 

 

342,050

 

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

 

 

1,375

 

 

1,413,569

 

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

 

 

1,640

 

 

1,538,894

 

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

 

 

645

 

 

666,736

 

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

 

 

1,680

 

 

1,353,946

 

 

 

 

 

 

 

 

 

 

 

 

5,315,195

 

Guam — 3.3%

 

 

 

 

 

 

 

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

 

 

515

 

 

515,675

 

Guam Government Waterworks
Authority, Refunding RB, Water,
5.88%, 7/01/35

 

 

1,600

 

 

1,552,096

 

Territory of Guam, GO, Series A, 6.00%,
11/15/19

 

 

250

 

 

253,895

 

Territory of Guam, GO, Series A, 6.75%,
11/15/29

 

 

440

 

 

455,686

 

Territory of Guam, GO, Series A, 7.00%,
11/15/39

 

 

455

 

 

466,925

 

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

 

 

1,000

 

 

1,007,810

 

 

 

 

2

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock Apex Municipal Fund, Inc. (APX)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Guam (concluded)

 

 

 

 

 

 

 

Territory of Guam, RB, Section 30,
Series A, 5.75%, 12/01/34

 

$

1,540

 

$

1,557,156

 

 

 

 

 

 

 

 

 

 

 

 

5,809,243

 

Illinois — 4.8%

 

 

 

 

 

 

 

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

 

 

2,860

 

 

1,945,029

 

Illinois Finance Authority, RB, Clare at
Water Tower Project, Series A, 6.13%,
5/15/38 (a)(b)

 

 

2,050

 

 

821,087

 

Illinois Finance Authority, RB, Monarch
Landing Inc. Facility, Series A, 7.00%,
12/01/37 (a)(b)

 

 

575

 

 

184,000

 

Illinois Finance Authority, RB, Roosevelt
University Project, 6.50%, 4/01/44

 

 

1,700

 

 

1,746,444

 

Illinois Finance Authority, RB, Rush
University Medical Center Obligation
Group, Series A, 7.25%, 11/01/30

 

 

2,000

 

 

2,219,840

 

Illinois Finance Authority, Refunding RB,
Primary Health Care Centers Program,
6.60%, 7/01/24

 

 

490

 

 

434,316

 

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

 

 

755

 

 

595,393

 

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

 

 

750

 

 

666,570

 

 

 

 

 

 

 

 

 

 

 

 

8,612,679

 

Indiana — 2.6%

 

 

 

 

 

 

 

Indiana Finance Authority, Refunding
RB, Duke Energy Indiana, Inc.,
Series C, 4.95%, 10/01/40

 

 

1,390

 

 

1,348,106

 

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

 

 

1,770

 

 

1,686,208

 

Vanderburgh County Redevelopment
Commission Indiana, Tax Allocation
Bonds, 5.25%, 2/01/31

 

 

820

 

 

783,838

 

Vigo County Hospital Authority Indiana,
RB, Union Hospital Inc., 5.70%,
9/01/37 (d)

 

 

440

 

 

363,585

 

Vigo County Hospital Authority Indiana,
RB, Union Hospital Inc., 5.75%,
9/01/42 (d)

 

 

545

 

 

446,731

 

 

 

 

 

 

 

 

 

 

 

 

4,628,468

 

Louisiana — 1.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,062,440

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

Maryland — 1.2%

 

 

 

 

 

 

 

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

 

$

420

 

$

424,200

 

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

 

 

410

 

 

196,796

 

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

 

 

1,500

 

 

1,500,345

 

 

 

 

 

 

 

 

 

 

 

 

2,121,341

 

Massachusetts — 2.3%

 

 

 

 

 

 

 

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

 

 

1,845

 

 

1,558,508

 

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

 

 

1,245

 

 

1,120,276

 

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

 

 

850

 

 

769,786

 

Massachusetts Health & Educational
Facilities Authority, Refunding RB,
Milton Hospital, Series C, 5.50%,
7/01/16

 

 

500

 

 

439,960

 

Massachusetts Port Authority, RB, Delta
Air Lines Inc. Project, Series A, AMT
(AMBAC), 5.50%, 1/01/13

 

 

280

 

 

269,055

 

 

 

 

 

 

 

 

 

 

 

 

4,157,585

 

Michigan — 2.7%

 

 

 

 

 

 

 

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

 

 

625

 

 

523,681

 

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

 

 

375

 

 

390,540

 

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

 

 

1,260

 

 

980,570

 

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

 

 

2,575

 

 

2,985,507

 

 

 

 

 

 

 

 

 

 

 

 

4,880,298

 

Mississippi — 0.6%

 

 

 

 

 

 

 

Mississippi Business Finance Corp., RB,
Waste Management Inc. Project, AMT,
6.88%, 3/01/29

 

 

1,000

 

 

1,003,410

 

Missouri — 0.5%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

853,180

 

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 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

 

Montana — 0.5%

 

 

 

 

 

 

 

Kirkwood Industrial Development
Authority, Montana, RB, Aberdeen
Heights, Series A, 8.25%, 5/15/39 (c)

 

$

945

 

$

929,445

 

Multi-State — 0.4%

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary LLC,
7.50% (d)(f)(g)

 

 

691

 

 

640,739

 

Nevada — 0.2%

 

 

 

 

 

 

 

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

 

 

380

 

 

355,380

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

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

 

 

835

 

 

697,050

 

New Jersey — 8.8%

 

 

 

 

 

 

 

Camden County Pollution Control
Financing Authority, Refunding RB,
Series A, AMT, 7.50%, 12/01/10

 

 

4,885

 

 

4,885,928

 

New Jersey EDA, RB, Cigarette Tax,
5.50%, 6/15/24

 

 

1,225

 

 

1,202,264

 

New Jersey EDA, RB, Continental Airlines
Inc. Project, AMT, 6.63%, 9/15/12

 

 

3,050

 

 

3,001,932

 

New Jersey EDA, RB, Continental Airlines
Inc. Project, AMT, 6.25%, 9/15/29

 

 

1,000

 

 

873,430

 

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

 

 

1,500

 

 

1,482,825

 

New Jersey Educational Facilities
Authority, Refunding RB, University of
Medicine & Dentistry, Series B,
7.13%, 12/01/23

 

 

670

 

 

759,619

 

New Jersey Educational Facilities
Authority, Refunding RB, University of
Medicine & Dentistry, Series B,
7.50%, 12/01/32

 

 

1,065

 

 

1,200,575

 

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

 

 

1,870

 

 

19

 

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

 

 

1,680

 

 

1,685,779

 

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

 

 

2,760

 

 

557,161

 

 

 

 

 

 

 

 

 

 

 

 

15,649,532

 

New York — 6.2%

 

 

 

 

 

 

 

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

 

 

685

 

 

699,344

 

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

 

 

1,710

 

 

1,735,171

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

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

 

$

1,000

 

$

983,000

 

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

 

 

2,000

 

 

2,283,020

 

New York City Industrial Development
Agency, RB, American Airlines Inc.,
JFK International Airport, AMT, 8.00%,
8/01/28

 

 

720

 

 

722,102

 

New York City Industrial Development
Agency, RB, British Airways Plc
Project, AMT, 7.63%, 12/01/32

 

 

1,730

 

 

1,579,836

 

New York City Industrial Development
Agency, RB, Series C, 6.80%,
6/01/28

 

 

350

 

 

368,732

 

New York City Industrial Development
Agency, RB, Special Needs Facilities
Pooled Program, Series C-1, 6.50%,
7/01/24

 

 

830

 

 

763,700

 

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

 

 

630

 

 

6

 

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

 

 

1,000

 

 

1,008,570

 

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

 

 

850

 

 

877,600

 

 

 

 

 

 

 

 

 

 

 

 

11,021,081

 

North Carolina — 1.8%

 

 

 

 

 

 

 

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

 

 

3,230

 

 

3,150,800

 

Ohio — 2.5%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing
Authority, RB, Asset-Backed, Senior
Series A-2, 5.13%, 6/01/24

 

 

2,490

 

 

2,304,818

 

Buckeye Tobacco Settlement Financing
Authority, RB, Asset-Backed, Senior
Series A-2, 6.50%, 6/01/47

 

 

2,685

 

 

2,251,695

 

 

 

 

 

 

 

 

 

 

 

 

4,556,513

 

Pennsylvania — 7.9%

 

 

 

 

 

 

 

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

 

 

2,385

 

 

1,752,951

 

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

 

 

1,160

 

 

1,086,201

 

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

 

 

2,510

 

 

2,449,986

 

Lancaster County Hospital Authority, RB,
Brethren Village Project, Series A,
6.25%, 7/01/26

 

 

475

 

 

457,529

 

 

 

 

4

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock Apex Municipal Fund, Inc. (APX)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

Lancaster County Hospital Authority, RB,
Brethren Village Project, Series A,
6.50%, 7/01/40

 

$

410

 

$

384,297

 

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

 

 

1,700

 

 

1,244,570

 

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

 

 

2,320

 

 

2,216,273

 

Philadelphia Authority for Industrial
Development, RB, Commercial
Development, AMT, 7.75%, 12/01/17

 

 

3,000

 

 

2,999,520

 

Philadelphia Authority for Industrial
Development, RB, Subordinate, Air
Cargo, Series A, AMT, 7.50%,
1/01/25

 

 

1,600

 

 

1,496,880

 

 

 

 

 

 

 

 

 

 

 

 

14,088,207

 

Puerto Rico — 1.1%

 

 

 

 

 

 

 

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

 

 

985

 

 

940,734

 

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

 

 

1,000

 

 

1,067,160

 

 

 

 

 

 

 

 

 

 

 

 

2,007,894

 

Rhode Island — 0.8%

 

 

 

 

 

 

 

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

 

 

1,750

 

 

1,494,728

 

South Carolina — 0.6%

 

 

 

 

 

 

 

Connector 2000 Association Inc., RB,
CAB, Senior Series B, 9.22%,
1/01/14 (a)(b)(e)

 

 

1,075

 

 

206,400

 

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

 

 

670

 

 

664,124

 

South Carolina Jobs EDA, Refunding RB,
Palmetto Health, 5.75%, 8/01/39

 

 

270

 

 

261,438

 

 

 

 

 

 

 

 

 

 

 

 

1,131,962

 

Tennessee — 0.1%

 

 

 

 

 

 

 

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

 

 

245

 

 

205,543

 

Texas — 9.9%

 

 

 

 

 

 

 

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

 

 

2,055

 

 

2,054,877

 

Brazos River Authority, Refunding RB,
TXU Electric Co. Project, Series C,
AMT, 5.75%, 5/01/36

 

 

1,475

 

 

1,386,765

 

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

 

 

2,530

 

 

1,644,955

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

1,865

 

$

1,780,739

 

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

 

 

1,000

 

 

820,650

 

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

 

 

1,110

 

 

1,243,600

 

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

 

 

850

 

 

918,306

 

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

 

 

1,650

 

 

1,725,157

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, CC Young
Memorial Home, Series A, 8.00%,
2/15/38

 

 

710

 

 

693,848

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, Senior
Living Center Project, Series A, 8.25%,
11/15/44

 

 

1,710

 

 

1,656,580

 

Texas Private Activity Bond Surface
Transportation Corp., RB, Senior Lien,
Note Mobility, 6.88%, 12/31/39

 

 

1,605

 

 

1,670,757

 

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

 

 

2,250

 

 

2,033,865

 

 

 

 

 

 

 

 

 

 

 

 

17,630,099

 

Utah — 1.3%

 

 

 

 

 

 

 

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

 

 

2,240

 

 

2,243,427

 

Virgin Islands — 1.4%

 

 

 

 

 

 

 

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

 

 

2,100

 

 

2,123,709

 

Virgin Islands Public Finance Authority,
RB, Senior Lien, Capital Projects,
Series A-1, 5.00%, 10/01/39

 

 

340

 

 

302,110

 

 

 

 

 

 

 

 

 

 

 

 

2,425,819

 

Virginia — 1.7%

 

 

 

 

 

 

 

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

 

 

2,385

 

 

2,228,997

 

Tobacco Settlement Financing Corp.
Virginia, Refunding RB,
Senior Series B1, 5.00%, 6/01/47

 

 

1,250

 

 

871,363

 

 

 

 

 

 

 

 

 

 

 

 

3,100,360

 

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2010

5


 

 

 

 

Schedule of Investments (continued)

BlackRock Apex Municipal Fund, Inc. (APX)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin — 1.7%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB, New Castle
Place Project, Series A, 7.00%,
12/01/31

 

$

1,320

 

$

1,252,152

 

Wisconsin Health & Educational
Facilities Authority, RB, Wheaton
Franciscan Healthcare, 5.25%,
8/15/34

 

 

1,425

 

 

1,237,669

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
St. John’s Communities Inc., Series A,
7.25%, 9/15/29

 

 

175

 

 

177,825

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
St. John’s Communities Inc., Series A,
7.63%, 9/15/39

 

 

350

 

 

358,256

 

 

 

 

 

 

 

 

 

 

 

 

3,025,902

 

Wyoming — 1.3%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,296,950

 

Total Municipal Bonds – 96.6%

 

 

 

 

 

172,308,226

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (h)

 

 

 

 

 

 

 

District of Columbia — 1.7%

 

 

 

 

 

 

 

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

 

 

2,730

 

 

3,048,601

 

Florida — 3.4%

 

 

 

 

 

 

 

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

 

 

6,130

 

 

6,063,980

 

Virginia — 3.2%

 

 

 

 

 

 

 

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

 

 

5,710

 

 

5,753,624

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 8.3%

 

 

 

 

 

14,866,205

 

Total Long-Term Investments
(Cost – $194,671,060) – 104.9%

 

 

 

 

 

187,174,431

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.16% (i)(j)

 

 

2,416,026

 

 

2,416,026

 

Total Short-Term Securities
(Cost – $2,416,026) – 1.4%

 

 

 

 

 

2,416,026

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

Total Investments
(Cost – $197,087,086*) – 106.3%

 

 

 

 

$

189,590,457

 

Liabilities in Excess of Other Assets – (2.2)%

 

 

 

 

 

(3,923,065

)

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (4.1)%

 

 

 

 

 

(7,291,232

)

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

178,376,160

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

189,822,719

 

 

 

 

 

Gross unrealized appreciation

 

$

8,136,408

 

 

Gross unrealized depreciation

 

 

(15,654,116

)

 

 

 

 

Net unrealized depreciation

 

$

(7,517,708

)

 

 

 

 

 

(a)

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

 

(b)

Non-income producing security.

 

(c)

When-issued security. Unsettled when-issued security transactions were as follows:

 

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Market
Value

 

Unrealized
Appreciation
(Depreciation)

 

 

 

B.C. Ziegler

 

$

929,445

 

$

9

 

 

Raymond C Forbes

 

$

2,054,877

 

$

(123

)

 

Stone & Youngberg

 

$

1,610,612

 

$

612

 

 

 

 

(d)

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.

 

 

(e)

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

 

 

(f)

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 and is subject to mandatory redemption.

 

 

(g)

Security is perpetual in nature and has no stated maturity date.

 

 

(h)

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.

 

 

(i)

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

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Net
Activity

 

Income

 

 

 

FFI Institutional Tax-Exempt Fund

 

$

2,316,020

 

$

2,542

 

 

 

 

(j)

Represents the current yield as of report date.

 

 

 

6

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock Apex Municipal Fund, Inc. (APX)

 

 

 

•

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 Fund’s most recent financial statements as contained in its semi-annual report.

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Investments in
Securities

 

 

 

 

 

Assets

 

 

 

 

 

Level 1 - Short-Term Securities

 

$

2,416,026

 

 

Level 2 - Long-Term Investments1

 

 

187,174,431

 

 

Level 3

 

 

—

 

 

 

 

 

Total

 

$

189,590,457

 

 

 

 

 

 

 

1See above Schedule of Investments for values in each state or political subdivision.

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2010

7

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 13(a)-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: March 19, 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: March 19, 2010
   
 

By:

 /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Apex Municipal Fund, Inc.
   
  Date: March 19, 2010