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., 40 East 52nd Street, New York, NY 10022.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2010
Date of reporting period: 07/31/2009
Item 1 – Schedule of Investments
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BlackRock Apex Municipal Fund, Inc. |
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Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Alabama - 0.6% |
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County of Jefferson Alabama, RB, Series A, 5.00%, 1/01/10 |
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$ |
475 |
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$ |
450,884 |
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Tuscaloosa Special Care Facilities Financing Authority, RB, Capstone Village, Series A, 5.88%, 8/01/36 (a)(b) |
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1,255 |
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534,743 |
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985,627 |
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Alaska - 1.0% |
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Alaska Industrial Development & Export Authority, RB, Williams Lynxs Alaska Cargoport, AMT, 8.00%, 5/01/23 |
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2,000 |
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1,669,620 |
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Arizona - 4.2% |
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Maricopa County IDA, Arizona, RB, Arizona Charter Schools Project 1, Series A, 6.63%, 7/01/20 |
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1,100 |
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829,664 |
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Maricopa County IDA, Arizona, RB, Sun King Apartments Project, Series A, 6.00%, 11/01/10 |
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15 |
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14,871 |
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Maricopa County IDA, Arizona, RB, Sun King Apartments Project, Series A, 6.75%, 5/01/31 |
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1,020 |
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786,971 |
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Phoenix IDA, Arizona, RB, Refunding, America West Airlines Inc., AMT, 6.30%, 4/01/23 |
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2,950 |
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1,769,971 |
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Pima County IDA, RB, Arizona Charter School Project, Series E, 7.25%, 7/01/31 |
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960 |
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760,426 |
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Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32 |
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1,950 |
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1,534,455 |
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University Medical Center Corp., Arizona, RB, 6.25%, 7/01/29 |
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540 |
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540,356 |
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Yavapai County IDA, Arizona, RB, Yavapai Regional Medical Center, Series A, 6.00%, 8/01/33 |
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500 |
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464,680 |
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6,701,394 |
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California - 2.1% |
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City of Fontana California, Special Tax, Community Facilities District No. 22 Sierra, Series H, 6.00%, 9/01/34 |
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1,000 |
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758,000 |
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City of San Jose California, RB, Series A (AMBAC), AMT, 5.50%, 3/01/32 |
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1,470 |
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1,324,352 |
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Southern California Public Power Authority, RB, Project No. 1, Series A, 5.00%, 11/01/29 |
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1,435 |
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1,216,392 |
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3,298,744 |
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Colorado - 4.0% |
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Colorado Health Facilities Authority, RB, Christian Living Community Project, Series A, 5.75%, 1/01/26 |
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450 |
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371,884 |
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Elk Valley Public Improvement, RB, Public Improvement Fee, Series A, 7.30%, 9/01/22 |
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2,800 |
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2,492,588 |
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North Range Metropolitan District No. 1, Colorado, GO, 7.25%, 12/15/11 (c) |
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1,235 |
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1,392,327 |
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Plaza Metropolitan District No. 1, Colorado, TAN, Public Improvement Fee, Tax Increment, 8.00%, 12/01/25 |
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2,000 |
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1,741,260 |
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Plaza Metropolitan District No. 1, Colorado, TAN, Sub Public Improvement Fee, Tax Increment, 8.13%, 12/01/25 |
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500 |
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391,930 |
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6,389,989 |
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Portfolio Abbreviations |
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ACA |
American Capital Access Corp. |
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AGC |
Assured Guaranty Corp. |
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AMBAC |
American Municipal Bond Assurance Corp. |
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AMT |
Alternative Minimum Tax (subject to) |
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CAB |
Capital Appreciation Bonds |
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EDA |
Economic Development Authority |
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GO |
General Obligation Bonds |
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HDA |
Housing Development Authority |
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IDA |
Industrial Development Authority |
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MBIA |
Municipal Bond Investors Assurance |
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(National Public Finance Guaranty Corp.) |
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RB |
Revenue Bonds |
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TAN |
Tax Anticipation Notes |
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VRDN |
Variable Rate Demand Notes |
1
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BlackRock Apex Municipal Fund, Inc. |
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Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Connecticut - 1.8% |
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Connecticut State Development Authority, RB, Learjet Inc. Project, AMT, 7.95%, 4/01/26 |
|
$ |
490 |
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$ |
492,989 |
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Mashantucket Western Pequot Tribe, RB, Sub-Series A, 5.50%, 9/01/36 |
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615 |
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296,282 |
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Mohegan Tribe of Indians of Connecticut, RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31 |
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1,785 |
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1,198,360 |
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Mohegan Tribe of Indians of Connecticut, RB, Public Improvement, Priority Distribution, 5.25%, 1/01/33 |
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1,500 |
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886,980 |
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2,874,611 |
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Florida - 10.0% |
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Capital Region Community Development District, Florida, Special Assessment, Capital Improvement, Series A, 7.00%, 5/01/39 |
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|
645 |
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469,863 |
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Halifax Hospital Medical Center, RB, Refunding & Improvement, Series A, 5.00%, 6/01/38 |
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|
840 |
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656,015 |
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Hillsborough County IDA, RB, National Gypsum, Series A, AMT, 7.13%, 4/01/30 |
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2,500 |
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1,401,675 |
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Hillsborough County IDA, RB, National Gypsum, Series B, AMT, 7.13%, 4/01/30 |
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1,060 |
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594,310 |
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Jacksonville Economic Development Commission, RB, Gerdau Ameristeel US Inc., AMT, 5.30%, 5/01/37 |
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|
900 |
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537,237 |
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Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A, 6.00%, 9/01/17 |
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|
915 |
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820,060 |
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Lakewood Ranch Community Development District 5, Florida, Special Assessment, Series A, 6.70%, 5/01/11 (c) |
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|
725 |
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791,308 |
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Lee County IDA, Florida, RB, Series A Lee Charter Foundation, 5.38%, 6/15/37 |
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1,810 |
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1,053,691 |
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Midtown Miami Community Development District, Special Assessment, Series A, 6.00%, 5/01/24 |
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|
1,430 |
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1,065,279 |
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Midtown Miami Community Development District, Special Assessment, Series A, 6.25%, 5/01/37 |
|
|
1,350 |
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905,175 |
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Orlando Urban Community Development District, Florida, Special Assessment, Capital Improvement, Series A, 6.95%, 5/01/11 (c) |
|
|
1,405 |
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1,539,641 |
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Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 |
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2,140 |
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1,155,322 |
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Sarasota County Health Facilities Authority, Refunding RB, Village On The Isle Project, 5.50%, 1/01/27 |
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|
590 |
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440,960 |
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Sarasota County Health Facilities Authority, Refunding RB, Village On The Isle Project, 5.50%, 1/01/32 |
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|
550 |
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387,134 |
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Sumter Landing Community Development District, Florida, RB, Sub-Series B, 5.70%, 10/01/38 |
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1,645 |
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1,054,050 |
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Tampa Palms Open Space & Transportation Community Development District, RB, Capital Improvement, Richmond Place Project, 7.50%, 5/01/18 |
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2,075 |
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1,995,133 |
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Tolomato Community Development District, Special Assessment, Special Assessment, 6.65%, 5/01/40 |
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1,850 |
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1,260,720 |
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16,127,573 |
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Georgia - 2.2% |
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City of Atlanta Georgia, TAN, Princeton Lakes Project, 5.50%, 1/01/31 |
|
|
395 |
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300,117 |
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County of Clayton Georgia, TAN, Ellenwood Project, 7.50%, 7/01/33 |
|
|
1,640 |
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1,404,004 |
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Gainesville & Hall County Development Authority, RB, ACTS Retirement, Life Community, Series A-2, 6.63%, 11/15/39 |
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|
645 |
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649,934 |
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Rockdale County Development Authority, RB, Visy Paper Project, Series A, AMT, 6.13%, 1/01/34 |
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1,680 |
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1,208,256 |
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3,562,311 |
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Guam - 3.3% |
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Guam Government Waterworks Authority, RB, Water, 5.88%, 7/01/35 |
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|
1,600 |
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1,404,912 |
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Territory of Guam, GO, Series A, 5.75%, 11/15/14 |
|
|
200 |
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|
198,598 |
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Territory of Guam, GO, Series A, 6.00%, 11/15/19 |
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|
250 |
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|
245,150 |
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2
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BlackRock Apex Municipal Fund, Inc. |
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Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Territory of Guam, GO, Series A, 6.75%, 11/15/29 |
|
$ |
440 |
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$ |
439,842 |
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Territory of Guam, GO, Series A, 7.00%, 11/15/39 |
|
|
455 |
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|
453,230 |
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Territory of Guam, RB, Section 30, Series A, 5.63%, 12/01/29 |
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|
1,000 |
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974,520 |
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Territory of Guam, RB, Section 30, Series A, 5.75%, 12/01/34 |
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|
1,540 |
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1,509,677 |
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5,225,929 |
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Illinois - 4.0% |
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City of Chicago Illinois, Refunding RB, American Airlines, 5.50%, 12/01/30 |
|
|
2,860 |
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|
1,059,058 |
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Illinois Finance Authority, RB, Clare at Water Tower Project, Series A, 6.13%, 5/15/38 |
|
|
2,050 |
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1,029,243 |
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Illinois Finance Authority, RB, Landing at Plymouth Place Project, Series A, 6.00%, 5/15/37 |
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|
430 |
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|
306,960 |
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Illinois Finance Authority, RB, Monarch Landing Inc. Facilities, Series A, 7.00%, 12/01/37 |
|
|
575 |
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|
325,467 |
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Illinois Finance Authority, RB, Primary Health Care Centers Program, 6.60%, 7/01/24 |
|
|
490 |
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|
382,509 |
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Illinois Finance Authority, RB, Rush University Medical Center Obligation Group, Series A, 7.25%, 11/01/30 |
|
|
2,000 |
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2,131,400 |
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Lincolnshire Special Service Area No. 1, Illinois, Special Tax, Sedgebrook Project, 6.25%, 3/01/34 |
|
|
755 |
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|
507,964 |
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Village of Wheeling Illinois, TAN, North Milwaukee, Lake-Cook TIF Project, 6.00%, 1/01/25 |
|
|
760 |
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608,327 |
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6,350,928 |
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Indiana - 1.8% |
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Indiana Health & Educational Facilities Financing Authority, RB, Community Foundation Northwest Indiana, 5.50%, 3/01/37 |
|
|
1,770 |
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|
1,532,094 |
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Vanderburgh County Redevelopment Commission, Indiana, TAN, 5.25%, 2/01/31 |
|
|
820 |
|
|
733,523 |
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Vigo County Hospital Authority, Indiana, RB, Union Hospital Inc., 5.70%, 9/01/37 |
|
|
440 |
|
|
315,084 |
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Vigo County Hospital Authority, Indiana, RB, Union Hospital Inc., 5.75%, 9/01/42 |
|
|
545 |
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|
385,222 |
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2,965,923 |
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Louisiana - 2.0% |
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Louisiana Local Government Environmental Facilities & Community Development Auth, RB, Westlake Chemical Corp. Projects, 6.75%, 11/01/32 |
|
|
2,000 |
|
|
1,663,560 |
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Parish of Saint John Baptist Louisiana, RB, Marathon Oil Corp., Series A, 5.13%, 6/01/37 |
|
|
1,800 |
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|
1,538,460 |
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3,202,020 |
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Maryland - 1.0% |
|
Maryland Health & Higher Educational Facilities Authority, RB, Washington Christian Academy, 5.50%, 7/01/38 |
|
|
410 |
|
|
204,475 |
|
|
|
|
Maryland State Energy Financing Administration Industrial Development, RB, Cogeneration, AES Warrior Run, AMT, 7.40%, 9/01/19 |
|
|
1,500 |
|
|
1,345,665 |
|
|
|
|
|
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|
|
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1,550,140 |
|
|
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Massachusetts - 2.8% |
|
Massachusetts Development Finance Agency, RB, Eastern Nazarene College, 5.63%, 4/01/19 |
|
|
1,245 |
|
|
1,059,607 |
|
|
|
|
Massachusetts Development Finance Agency, RB, First Mortgage, Overlook Community, Series A, 6.25%, 7/01/34 |
|
|
1,845 |
|
|
1,329,913 |
|
|
|
|
Massachusetts Health & Educational Facilities Authority, RB, Bay Cove Human Services Issue, Series A, 5.90%, 4/01/28 |
|
|
820 |
|
|
839,926 |
|
|
|
|
Massachusetts Health & Educational Facilities Authority, RB, Jordan Hospital, Series E, 6.75%, 10/01/33 |
|
|
850 |
|
|
655,231 |
|
3
|
|
|
|
BlackRock Apex Municipal Fund, Inc. |
|
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
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||
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|
Massachusetts Health & Educational Facilities Authority, RB, Milton Hospital, Series C, 5.50%, 7/01/16 |
|
$ |
500 |
|
$ |
414,670 |
|
|
|
|
Massachusetts Industrial Finance Agency, RB, Sewer Facility, Resource Control Composting, AMT, 9.25%, 6/01/10 |
|
|
200 |
|
|
202,044 |
|
|
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|
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|
|
|
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|
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4,501,391 |
|
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|
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Michigan - 2.6% |
|
Advanced Technology Academy, RB, 6.00%, 11/01/37 |
|
|
625 |
|
|
443,981 |
|
|
|
|
Monroe County Hospital Finance Authority, RB, Refunding, Mercy Memorial Hospital Corp. Obligation, 5.50%, 6/01/35 |
|
|
1,260 |
|
|
891,878 |
|
|
|
|
Royal Oak Hospital Finance Authority, Michigan, RB, William Beaumont Hospital, 8.25%, 9/01/39 |
|
|
2,575 |
|
|
2,904,780 |
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|
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|
|
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|
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4,240,639 |
|
|
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|
|
|
|
|
|
|
|
|
Missouri - 0.4% |
|
Kansas City IDA, Missouri, RB, First Mortgage, Bishop Spencer, Series A, 6.50%, 1/01/35 |
|
|
1,000 |
|
|
730,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada - 0.7% |
|
Clark County Improvement District, Nevada, Special Assessment, Special Improvement District No. 142, Local Improvement, 6.38%, 8/01/23 |
|
|
390 |
|
|
306,037 |
|
|
|
|
County of Clark Nevada, RB, Nevada Power Co. Project, Series A, AMT, 5.60%, 10/01/30 |
|
|
955 |
|
|
797,387 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
1,103,424 |
|
|
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|
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|
|
|
|
|
New Hampshire - 0.4% |
|
New Hampshire Health & Education Facilities Authority, RB, Catholic Medical Center, 5.00%, 7/01/36 |
|
|
835 |
|
|
609,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 10.3% |
|
Camden County Pollution Control Financing Authority, RB, Series A, AMT, 7.50%, 12/01/10 |
|
|
6,000 |
|
|
5,986,380 |
|
|
|
|
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 |
|
|
2,170 |
|
|
1,855,827 |
|
|
|
|
New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, 6.63%, 9/15/12 |
|
|
3,050 |
|
|
2,801,242 |
|
|
|
|
New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, 6.25%, 9/15/29 |
|
|
1,000 |
|
|
684,900 |
|
|
|
|
New Jersey EDA, Refunding RB, Newark Airport Marriott Hotel, 7.00%, 10/01/14 |
|
|
1,500 |
|
|
1,452,735 |
|
|
|
|
New Jersey Educational Facilities Authority, Refunding RB, University Medical & Dentistry, Series B, 7.13%, 12/01/23 |
|
|
670 |
|
|
709,979 |
|
|
|
|
New Jersey Educational Facilities Authority, Refunding RB, University Medical & Dentistry, Series B, 7.50%, 12/01/32 |
|
|
1,065 |
|
|
1,125,503 |
|
|
|
|
New Jersey Health Care Facilities Financing Authority, RB, Pascack Valley Hospital Association, 6.63%, 7/01/36 (a)(b) |
|
|
1,870 |
|
|
47,872 |
|
|
|
|
New Jersey Health Care Facilities Financing Authority, RB, Saint Joseph’s Healthcare System, 6.63%, 7/01/38 |
|
|
1,680 |
|
|
1,409,570 |
|
|
|
|
New Jersey Transportation Trust Fund Authority, New Jersey, RB, CAB, Transportation System, Series C (AMBAC), 5.05%, 12/15/35 (d) |
|
|
2,760 |
|
|
475,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,549,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico - 3.1% |
|
Farmington New Mexico, RB, Tucson Electric Power Co. San Juan, Series A, 6.95%, 10/01/20 |
|
|
5,000 |
|
|
5,000,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 4.9% |
|
Dutchess County Industrial Development Agency, New York, RB, Saint Francis Hospital, Series B, 7.50%, 3/01/29 |
|
|
1,000 |
|
|
933,140 |
|
|
|
|
Metropolitan Transportation Authority, RB, Series 2008-C, 6.50%, 11/15/28 |
|
|
2,000 |
|
|
2,215,860 |
|
|
|
|
New York City Industrial Development Agency, RB, American Airlines, JFK International Airport, AMT, 8.00%, 8/01/28 |
|
|
720 |
|
|
573,588 |
|
|
|
|
New York City Industrial Development Agency, RB, British Airways Plc Project, AMT, 7.63%, 12/01/32 |
|
|
1,730 |
|
|
1,333,415 |
|
|
|
|
New York City Industrial Development Agency, RB, Series C, 6.80%, 6/01/28 |
|
|
350 |
|
|
358,099 |
|
4
|
|
|
|
BlackRock Apex Municipal Fund, Inc. |
|
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
New York City Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/24 |
|
$ |
830 |
|
$ |
661,950 |
|
|
|
|
New York Liberty Development Corp., RB, National Sports Museum Project, Series A, 6.13%, 2/15/19 (a)(b) |
|
|
630 |
|
|
630 |
|
|
|
|
New York State Dormitory Authority, RB, NYU Hospitals Center, Series A, 5.00%, 7/01/20 |
|
|
2,040 |
|
|
1,804,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,881,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina - 1.7% |
|
North Carolina Medical Care Commission, RB, First Mortgage, Deerfield, Series A, 6.13%, 11/01/38 |
|
|
3,230 |
|
|
2,756,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 3.0% |
|
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior, Turbo, Series A-2, 5.13%, 6/01/24 |
|
|
3,740 |
|
|
3,068,857 |
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior, Turbo, Series A-2, 6.50%, 6/01/47 |
|
|
2,685 |
|
|
1,707,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,776,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 7.1% |
|
Bucks County IDA, RB, Ann’s Choice Inc. Facilities, Series A, 6.13%, 1/01/25 |
|
|
1,160 |
|
|
947,036 |
|
|
|
|
Chester County Health & Education Facilities Authority, RB, Jenners Pond Inc. Project, 7.63%, 7/01/12 (c) |
|
|
1,750 |
|
|
2,101,995 |
|
|
|
|
Lancaster County Hospital Authority, RB, Brethren Village Project, Series A, 6.25%, 7/01/26 |
|
|
475 |
|
|
443,527 |
|
|
|
|
Lancaster County Hospital Authority, RB, Brethren Village Project, Series A, 6.50%, 7/01/40 |
|
|
410 |
|
|
366,733 |
|
|
|
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, Whitemarsh Continuing Care, 6.25%, 2/01/35 |
|
|
1,700 |
|
|
1,108,859 |
|
|
|
|
Pennsylvania Economic Development Financing Authority, RB, Reliant Energy, Series B, AMT, 6.75%, 12/01/36 |
|
|
1,405 |
|
|
1,304,205 |
|
|
|
|
Philadelphia Authority for Industrial Development, RB, Commercial Development, Remarketed, AMT, 7.75%, 12/01/17 |
|
|
4,460 |
|
|
3,844,163 |
|
|
|
|
Philadelphia Authority for Industrial Development, RB, Air Cargo, Series A, AMT, 7.50%, 1/01/25 |
|
|
1,600 |
|
|
1,350,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,466,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 0.7% |
|
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44 |
|
|
1,000 |
|
|
1,047,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island - 0.8% |
|
Central Falls Detention Facility Corp., Rhode Island, Refunding RB, 7.25%, 7/15/35 |
|
|
1,750 |
|
|
1,216,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 2.7% |
|
Connector 2000 Association Inc., RB, CAB, Senior, Series B, 8.88%, 1/01/14 (d) |
|
|
1,075 |
|
|
604,956 |
|
|
|
|
South Carolina State Housing Finance & Development Authority, RB, Series A-2 (AMBAC), AMT, 5.15%, 7/01/37 |
|
|
4,000 |
|
|
3,704,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,309,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee - 1.0% |
|
Shelby County, Health, Educational & Housing Facilities Board, RB, Germantown Village, Series A, 7.25%, 12/01/34 |
|
|
1,800 |
|
|
1,512,900 |
|
|
|
|
Shelby County, Health, Educational & Housing Facilities Board, RB, Village at Germantown, 6.25%, 12/01/34 |
|
|
245 |
|
|
179,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,692,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas - 6.1% |
|
Brazos River Authority, Refunding RB, TXU Electric Co. Project, Series C, AMT, 5.75%, 5/01/36 |
|
|
1,475 |
|
|
1,143,464 |
|
|
|
|
Brazos River Authority, Refunding RB, Texas Utility Co., Series A, Remarketed, AMT, 7.70%, 4/01/33 |
|
|
2,530 |
|
|
1,189,125 |
|
5
|
|
|
|
BlackRock Apex Municipal Fund, Inc. |
|
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
City of Houston Texas, RB, Special Facilities, Continental, Series E, AMT, 6.75%, 7/01/21 |
|
$ |
1,865 |
|
$ |
1,460,631 |
|
|
|
|
Danbury Higher Education Authority Inc, RB, AW Brown Fellowship Charter, Series A (ACA), 5.13%, 8/15/36 |
|
|
1,000 |
|
|
705,460 |
|
|
|
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/35 |
|
|
1,110 |
|
|
1,198,878 |
|
|
|
|
Matagorda County Navigation District No. 1, Texas, Refunding RB, Central Power & Light Co. Project, Series A, Remarketed, 6.30%, 11/01/29 |
|
|
850 |
|
|
881,705 |
|
|
|
|
North Texas Tollway Authority, Refunding RB, Toll 2nd Tier, Series F,6.13%, 1/01/31 |
|
|
1,650 |
|
|
1,662,491 |
|
|
|
|
Texas State Public Finance Authority, RB, Kipp Inc. Education, Series A (ACA), 5.00%, 2/15/28 |
|
|
2,250 |
|
|
1,589,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,831,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands - 1.3% |
|
United States Virgin Islands, RB, Senior Secured, Hovensa Coker Project, AMT, 6.50%, 7/01/21 |
|
|
2,100 |
|
|
2,075,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah - 1.4% |
|
County of Carbon Utah, Refunding RB, Laidlaw Environmental, Series A, AMT, 7.45%, 7/01/17 |
|
|
2,240 |
|
|
2,241,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 1.5% |
|
Dulles Town Center Community Development Authority, Virginia, Special Assessment, Dulles Town Center Project, 6.25%, 3/01/26 |
|
|
2,385 |
|
|
1,748,634 |
|
|
|
|
Tobacco Settlement Financing Corp., Virginia, RB, Senior, Series B-1, 5.00%, 6/01/47 |
|
|
1,250 |
|
|
679,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,427,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia - 0.5% |
|
City of Princeton West Virginia, Refunding RB, Princeton Community Hospital, 6.20%, 5/01/13 |
|
|
795 |
|
|
752,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 0.7% |
|
Wisconsin Health & Educational Facilities Authority, RB, New Castle Place Project, Series A, 7.00%, 12/01/31 |
|
|
1,320 |
|
|
1,112,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyoming - 1.9% |
|
County of Sweetwater Wyoming, Refunding RB, FMC Corp. Project, AMT, 5.60%, 12/01/35 |
|
|
2,500 |
|
|
2,020,450 |
|
|
|
|
Wyoming Municipal Power Agency, Wyoming, RB, Series A, 5.38%, 1/01/42 |
|
|
1,000 |
|
|
973,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,994,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 93.6% |
|
|
|
|
|
150,224,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia - 1.8% |
|
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/35 |
|
|
2,730 |
|
|
2,954,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida - 3.4% |
|
County of Miami-Dade, Florida, Refunding RB, Miami International Airport, Series A (AGC), AMT, 5.25%, 10/01/33 |
|
|
6,130 |
|
|
5,432,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 3.6% |
|
Virginia HDA, RB, Series H, Sub-Series H-1 (MBIA), 5.38%, 7/01/36 |
|
|
5,710 |
|
|
5,732,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts - 8.8% |
|
|
|
|
|
14,119,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
164,344,506 |
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
BlackRock Apex Municipal Fund, Inc. |
|
|
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Short-Term Securities |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
Mississippi - 0.4% |
|
Mississippi Business Finance Corp., RB, Waste Management Inc. Project, AMT, VRDN, 6.88%, 3/01/10 (f) |
|
$ |
1,000 |
|
$ |
1,015,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Money Market Fund - 0.6% |
|
FFI Institutional Tax-Exempt Fund, 0.55% (g)(h) |
|
|
600,000 |
|
|
600,000 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
1,615,610 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Total
Investments |
|
|
|
|
|
165,960,116 |
|
|
|
|
Other Assets Less Liabilities - 1.1% |
|
|
|
|
|
1,855,130 |
|
|
|
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable - (4.5)% |
|
|
|
|
|
(7,293,621 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0% |
|
|
|
|
$ |
160,521,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of July 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
182,737,626 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
4,747,569 |
|
|
Gross unrealized depreciation |
|
|
(28,810,525 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(24,062,956 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(b) |
Non-income producing security. |
|
|
|
|
(c) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
|
|
(d) |
Represents a zero coupon bond. Rate shown is as of report date. |
|
|
|
|
(e) |
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. |
|
|
|
|
(f) |
Security may have a maturity of more than one year at the time of issuance, but has variable rate and demand features that qualify it as a short-term security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
|
|
|
|
(g) |
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 |
|
Income |
|
||
|
|
|
|
|
|
|
||
|
FFI Institutional Tax-Exempt Fund |
|
499,994 |
|
$ |
749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) |
Represents the current yield as of report date. |
7
|
|
|
BlackRock Apex Municipal Fund, Inc. |
|
|
|
Schedule of Investments July 31, 2009 (Unaudited) |
|
|
|
|
|
|
|
• |
Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of 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 securities |
|
|
|
|
|
|
• |
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 methodology 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, 2009 in determining the fair valuation of the Fund’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation |
|
Investments in |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Level 1 - Short-Term Securities |
|
$ |
600,000 |
|
|
|
Level 2 - |
|
|
|
|
|
|
Long-Term Investments1 |
|
|
164,344,506 |
|
|
|
Short-Term Securities |
|
|
1,015,610 |
|
|
|
|
|
|
|
|
|
|
Total Level 2 |
|
|
165,360,116 |
|
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
165,960,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
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: September 22, 2009 | |||
| 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 22, 2009 | |||
|
By: |
/s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock Apex Municipal Fund, Inc. | |||
| Date: September 22, 2009 | |||