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: John M. Perlowski, 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: 01/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2011 (Unaudited)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.7%

 

 

 

 

 

 

 

Alabama State Docks Department,
Refunding RB, 6.00%, 10/01/40

 

$

880

 

$

860,833

 

County of Jefferson Alabama, RB,
Series A, 5.25%, 1/01/17

 

 

365

 

 

346,294

 

 

 

 

 

 

 

 

 

 

 

 

1,207,127

 

Alaska — 1.1%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

1,857,800

 

Arizona — 3.6%

 

 

 

 

 

 

 

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

 

 

800

 

 

609,792

 

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

 

 

2,950

 

 

2,420,682

 

Pima County IDA, RB:

 

 

 

 

 

 

 

Arizona Charter Schools Project,
Series E, 7.25%, 7/01/31

 

 

935

 

 

909,250

 

Tucson Electric Power Co., Series A,
5.25%, 10/01/40

 

 

1,635

 

 

1,445,356

 

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

 

 

540

 

 

550,573

 

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

 

 

500

 

 

478,615

 

 

 

 

 

 

 

 

 

 

 

 

6,414,268

 

Arkansas — 0.4%

 

 

 

 

 

 

 

County of Little River Arkansas,
Refunding RB, Georgia-Pacific Corp.
Project, AMT, 5.60%, 10/01/26

 

 

710

 

 

649,664

 

California — 3.2%

 

 

 

 

 

 

 

California Statewide Communities
Development Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

885

 

 

808,332

 

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

 

 

400

 

 

409,684

 

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

 

 

1,440

 

 

1,489,824

 

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

 

 

1,000

 

 

868,750

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

State of California, GO, Various Purpose,
6.00%, 3/01/33

 

$

2,120

 

$

2,156,973

 

 

 

 

 

 

 

 

 

 

 

 

5,733,563

 

Colorado — 1.5%

 

 

 

 

 

 

 

E-470 Public Highway Authority,
Refunding RB, CAB, 7.08%,
9/01/35 (a)

 

 

1,505

 

 

231,048

 

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

 

 

 

 

 

 

 

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

 

 

2,000

 

 

1,939,400

 

Subordinate Public Improvement
Fee, 8.13%, 12/01/25

 

 

500

 

 

442,870

 

 

 

 

 

 

 

 

 

 

 

 

2,613,318

 

Connecticut — 2.2%

 

 

 

 

 

 

 

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

 

 

1,610

 

 

1,622,027

 

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

 

 

 

 

 

 

 

6.25%, 1/01/31

 

 

1,785

 

 

1,359,973

 

5.25%, 1/01/33 (b)

 

 

1,500

 

 

972,120

 

 

 

 

 

 

 

 

 

 

 

 

3,954,120

 

Delaware — 0.9%

 

 

 

 

 

 

 

Delaware State EDA, RB, Exempt
Facilities, Indian River Power, 5.38%,
10/01/45

 

 

1,720

 

 

1,516,111

 

District of Columbia — 2.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.38%, 1/01/30

 

 

680

 

 

665,380

 

7.50%, 1/01/39

 

 

1,110

 

 

1,082,073

 

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

 

 

730

 

 

700,917

 

Metropolitan Washington Airports
Authority, RB, CAB, Second Senior
Lien, Series B (AGC), 6.76%,
10/01/39 (a)

 

 

9,770

 

 

1,351,777

 

 

 

 

 

 

 

 

 

 

 

 

3,800,147

 

 

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.

AGM

Assured Guaranty Municipal 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

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.

JANUARY 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 10.5%

 

 

 

 

 

 

 

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

 

$

360

 

$

333,896

 

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

 

 

 

 

 

 

 

Series A, 7.13%, 4/01/30

 

 

2,500

 

 

2,222,325

 

Series B, 7.13%, 4/01/30

 

 

1,560

 

 

1,386,731

 

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

 

 

900

 

 

686,025

 

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

 

 

750

 

 

749,550

 

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

 

 

1,810

 

 

1,362,260

 

Mid-Bay Bridge Authority, RB, Series A,
7.25%, 10/01/40 (c)

 

 

1,855

 

 

1,822,575

 

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

 

 

 

 

 

 

 

6.00%, 5/01/24

 

 

1,370

 

 

1,268,346

 

6.25%, 5/01/37

 

 

1,350

 

 

1,182,371

 

Palm Beach County Health Facilities
Authority, RB, Acts Retirement Life
Community, 5.50%, 11/15/33

 

 

1,500

 

 

1,360,740

 

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

 

 

2,140

 

 

988,808

 

Sarasota County Health Facilities
Authority, Refunding RB, Village on
the Isle Project:

 

 

 

 

 

 

 

5.50%, 1/01/27

 

 

370

 

 

316,894

 

5.50%, 1/01/32

 

 

550

 

 

452,755

 

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

 

 

1,585

 

 

1,185,311

 

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

 

 

1,905

 

 

1,899,418

 

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

 

 

1,850

 

 

1,226,383

 

 

 

 

 

 

 

 

 

 

 

 

18,444,388

 

Georgia — 3.8%

 

 

 

 

 

 

 

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

 

 

395

 

 

321,641

 

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

 

 

1,375

 

 

1,561,918

 

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

 

 

1,125

 

 

999,731

 

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

 

 

1,805

 

 

1,641,990

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia (concluded)

 

 

 

 

 

 

 

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

 

$

645

 

$

641,220

 

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

 

 

1,680

 

 

1,466,623

 

 

 

 

 

 

 

 

 

 

 

 

6,633,123

 

Guam — 1.5%

 

 

 

 

 

 

 

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

 

 

515

 

 

511,292

 

Territory of Guam, GO, Series A:

 

 

 

 

 

 

 

6.00%, 11/15/19

 

 

250

 

 

254,585

 

6.75%, 11/15/29

 

 

440

 

 

464,385

 

7.00%, 11/15/39

 

 

455

 

 

485,799

 

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

 

 

1,000

 

 

962,300

 

 

 

 

 

 

 

 

 

 

 

 

2,678,361

 

Illinois — 6.8%

 

 

 

 

 

 

 

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

 

 

2,860

 

 

2,187,071

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Navistar International, Recovery
Zone, 6.50%, 10/15/40

 

 

650

 

 

646,782

 

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

 

 

1,700

 

 

1,683,816

 

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

 

 

2,000

 

 

2,124,880

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

CAB, Clare Water Tower, Series B,
0.04%, 5/15/50 (a)

 

 

615

 

 

7,626

 

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

 

 

1,435

 

 

821,394

 

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

 

 

1,630

 

 

1,521,654

 

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

 

 

490

 

 

411,928

 

Metropolitan Pier & Exposition Authority,
Refunding RB, CAB, McCormick Place
Expansion Project, Series B (AGM),
6.25%, 6/15/46 (a)

 

 

4,015

 

 

350,951

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

570

 

 

539,659

 

6.00%, 6/01/28

 

 

485

 

 

462,855

 

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

 

 

755

 

 

620,187

 

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

 

 

640

 

 

562,413

 

 

 

 

 

 

 

 

 

 

 

 

11,941,216

 

Indiana — 0.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.70%, 9/01/37

 

 

440

 

 

361,306

 

 

 

 

2

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2011


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

Municipal Bonds

 

(000)

 

Value

 

Indiana (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.75%, 9/01/42

 

$

545

 

$

444,666

 

 

 

 

 

 

 

 

 

 

 

 

805,972

 

Kentucky — 0.3%

 

 

 

 

 

 

 

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

 

 

645

 

 

605,629

 

Louisiana — 1.1%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,015,000

 

Maryland — 3.2%

 

 

 

 

 

 

 

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

 

 

1,470

 

 

1,339,332

 

Maryland EDC, Refunding RB, CNX
Marine Terminals, Inc., 5.75%,
9/01/25

 

 

1,675

 

 

1,559,157

 

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

 

 

410

 

 

163,996

 

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

 

 

1,265

 

 

1,063,890

 

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

 

 

1,500

 

 

1,495,635

 

 

 

 

 

 

 

 

 

 

 

 

5,622,010

 

Massachusetts — 1.8%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB:

 

 

 

 

 

 

 

First Mortgage, Overlook
Communities, Series A, 6.25%,
7/01/12 (f)

 

 

1,845

 

 

2,014,518

 

Foxborough Regional Charter
School, Series A, 7.00%, 7/01/42

 

 

415

 

 

417,237

 

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

 

 

40

 

 

38,244

 

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

 

 

850

 

 

768,536

 

 

 

 

 

 

 

 

 

 

 

 

3,238,535

 

Michigan — 2.7%

 

 

 

 

 

 

 

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

 

 

625

 

 

508,806

 

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

 

 

360

 

 

360,666

 

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

 

 

1,260

 

 

984,514

 

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

Municipal Bonds

 

(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

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

 

$

2,575

 

$

2,867,288

 

 

 

 

 

 

 

 

 

 

 

 

4,721,274

 

Missouri — 0.5%

 

 

 

 

 

 

 

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

 

 

945

 

 

951,492

 

Multi-State — 0.3%

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary LLC,
7.50%, 6/30/49 (b)(g)(h)

 

 

643

 

 

597,967

 

Nevada — 0.2%

 

 

 

 

 

 

 

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

 

 

365

 

 

328,781

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

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

 

 

835

 

 

661,921

 

New Jersey — 5.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.63%, 9/15/12

 

 

3,050

 

 

3,067,568

 

6.25%, 9/15/29

 

 

1,000

 

 

905,190

 

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

 

 

1,500

 

 

1,491,420

 

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

 

 

 

 

 

 

 

7.13%, 12/01/23

 

 

670

 

 

745,864

 

7.50%, 12/01/32

 

 

1,065

 

 

1,152,692

 

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

 

 

1,870

 

 

19

 

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

 

 

1,680

 

 

1,647,643

 

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

 

 

2,760

 

 

507,978

 

 

 

 

 

 

 

 

 

 

 

 

9,518,374

 

New York — 9.2%

 

 

 

 

 

 

 

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

 

 

685

 

 

666,779

 

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

 

 

1,710

 

 

1,611,162

 

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

 

 

1,000

 

 

942,540

 

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

 

 

2,000

 

 

2,187,340

 

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2011

3


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

Municipal Bonds

 

(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

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

 

$

720

 

$

757,339

 

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

 

 

1,730

 

 

1,733,425

 

Series C, 6.80%, 6/01/28

 

 

350

 

 

359,979

 

Special Needs Facilities Pooled
Program, Series C-1, 6.50%,

 

 

 

 

 

 

 

7/01/24

 

 

610

 

 

551,458

 

New York City Municipal Water Finance
Authority, RB, Second General
Resolution, Series EE, 5.50%,
6/15/43

 

 

3,100

 

 

3,139,835

 

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

 

 

520

 

 

522,616

 

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

 

 

1,000

 

 

950,670

 

NYU Hospital Center, Series A,
6.00%, 7/01/40

 

 

910

 

 

887,860

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal:

 

 

 

 

 

 

 

6.00%, 12/01/36

 

 

545

 

 

522,748

 

6.00%, 12/01/42

 

 

530

 

 

500,251

 

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

 

 

850

 

 

835,924

 

 

 

 

 

 

 

 

 

 

 

 

16,169,926

 

North Carolina — 1.9%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, RB, Duke Energy Carolinas,
Series B, 4.38%, 10/01/31

 

 

680

 

 

606,247

 

North Carolina Capital Facilities Finance
Agency, Refunding RB, Duke Energy
Carolinas, Series B, 4.63%, 11/01/40

 

 

680

 

 

600,073

 

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

 

 

2,230

 

 

2,087,659

 

 

 

 

 

 

 

 

 

 

 

 

3,293,979

 

Ohio — 1.5%

 

 

 

 

 

 

 

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

 

 

1,105

 

 

830,220

 

State of Ohio, RB, Ford Motor Co.
Project, AMT, 5.75%, 4/01/35

 

 

1,990

 

 

1,792,393

 

 

 

 

 

 

 

 

 

 

 

 

2,622,613

 

Pennsylvania — 6.8%

 

 

 

 

 

 

 

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

 

 

2,305

 

 

1,531,811

 

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

 

 

1,160

 

 

1,099,147

 

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

Municipal Bonds

 

(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

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

 

$

2,510

 

$

2,428,902

 

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

 

 

 

 

 

 

 

6.25%, 7/01/26

 

 

475

 

 

452,423

 

6.50%, 7/01/40

 

 

675

 

 

601,796

 

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

 

 

1,700

 

 

1,409,674

 

Philadelphia Authority for Industrial
Development, RB, AMT:

 

 

 

 

 

 

 

Commercial Development, 7.75%,
12/01/17

 

 

3,000

 

 

3,001,380

 

Subordinate, Air Cargo, Series A,

 

 

 

 

 

 

 

7.50%, 1/01/25

 

 

1,600

 

 

1,494,592

 

 

 

 

 

 

 

 

 

 

 

 

12,019,725

 

Puerto Rico — 0.7%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,034,930

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, First
Sub-Series C, 6.52%, 8/01/38 (a)

 

 

1,815

 

 

287,042

 

 

 

 

 

 

 

 

 

 

 

 

1,321,972

 

Rhode Island — 0.8%

 

 

 

 

 

 

 

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

 

 

1,750

 

 

1,400,298

 

South Carolina — 0.4%

 

 

 

 

 

 

 

Connector 2000 Association Inc., RB,
CAB, Senior Series B, 12.48%,
1/01/14 (a)(d)(e)

 

 

1,075

 

 

123,399

 

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

 

 

670

 

 

634,175

 

 

 

 

 

 

 

 

 

 

 

 

757,574

 

Tennessee — 0.1%

 

 

 

 

 

 

 

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

 

 

245

 

 

196,252

 

Texas — 11.6%

 

 

 

 

 

 

 

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

 

 

2,055

 

 

1,925,186

 

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

 

 

2,530

 

 

879,732

 

Central Texas Regional Mobility
Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

301,240

 

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

 

 

2,150

 

 

430,000

 

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

 

 

4,000

 

 

715,960

 

Senior Lien, 5.75%, 1/01/25

 

 

450

 

 

433,710

 

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

 

 

1,865

 

 

1,817,368

 

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

 

 

1,000

 

 

1,136,640

 

 

 

 

4

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2011


 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

1,110

 

$

1,191,996

 

Love Field Airport Modernization Corp.,
RB, Southwest Airlines Co. Project,
5.25%, 11/01/40

 

 

1,625

 

 

1,428,261

 

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

 

 

850

 

 

859,647

 

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

 

 

1,650

 

 

1,652,310

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, Series A:

 

 

 

 

 

 

 

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

 

 

710

 

 

707,622

 

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

 

 

1,710

 

 

1,619,096

 

Texas Private Activity Bond Surface

 

 

 

 

 

 

 

Transportation Corp., RB, Senior Lien:
LBJ Infrastructure Group LLC, LBJ
Freeway Managed Lanes Project,
7.00%, 6/30/40

 

 

1,815

 

 

1,827,269

 

NTE Mobility Partners LLC, North
Tarrant Express Managed Lanes
Project, 6.88%, 12/31/39

 

 

1,605

 

 

1,599,880

 

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

 

 

2,250

 

 

1,959,750

 

 

 

 

 

 

 

 

 

 

 

 

20,485,667

 

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

 

 

2,084,670

 

Utah — 1.3%

 

 

 

 

 

 

 

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

 

 

2,240

 

 

2,243,987

 

Vermont — 0.3%

 

 

 

 

 

 

 

Vermont Economic Development
Authority, Refunding MRB, Wake
Robin Corp. Project, Series A (ACA),
6.30%, 3/01/33

 

 

650

 

 

574,022

 

Virginia — 1.2%

 

 

 

 

 

 

 

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

 

 

2,330

 

 

2,174,775

 

Wisconsin — 2.1%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,320

 

 

1,043,447

 

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

 

 

2,540

 

 

2,138,375

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.25%, 9/15/29

 

$

175

 

$

172,956

 

7.63%, 9/15/39

 

 

350

 

 

349,832

 

 

 

 

 

 

 

 

 

 

 

 

3,704,610

 

Wyoming — 1.3%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,356,150

 

Total Municipal Bonds – 95.2%

 

 

 

 

 

167,916,381

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (i)

 

 

 

 

 

 

 

District of Columbia — 1.7%

 

 

 

 

 

 

 

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

 

 

2,730

 

 

2,951,031

 

Florida — 3.2%

 

 

 

 

 

 

 

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

 

 

6,130

 

 

5,634,941

 

Virginia — 3.2%

 

 

 

 

 

 

 

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

 

 

5,710

 

 

5,711,884

 

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

 

 

 

 

 

14,297,856

 

Total Long-Term Investments
(Cost – $191,252,877) – 103.3%

 

 

 

 

 

182,214,237

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.15% (j)(k)

 

 

1,348,776

 

 

1,348,776

 

Total Short-Term Securities
(Cost – $1,348,776) – 0.8%

 

 

 

 

 

1,348,776

 

Total Investments
(Cost – $192,601,653*) – 104.1%

 

 

 

 

 

183,563,013

 

Other Assets Less Liabilities – 0.0%

 

 

 

 

 

75,404

 

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

 

 

 

 

 

(7,291,553

)

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

176,346,864

 

 

 

 

 

 

 

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2011

5


 

 

 

Schedule of Investments (concluded)

BlackRock Apex Municipal Fund, Inc. (APX)

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

185,330,999

 

 

 

Gross unrealized appreciation

 

$

6,212,619

 

Gross unrealized depreciation

 

 

(15,266,051

)

 

 

Net unrealized depreciation

 

$

(9,053,432

)

 

 

 

 

(a)

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

 

(b)

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.

 

(c)

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


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Goldman Sachs & Co.

 

$

1,822,575

 

$

22,705

 

 

 

(d)

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

 

(e)

Non-income producing security.

 

(f)

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.

 

(g)

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.

 

(h)

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

 

(i)

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.

 

(j)

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
Held at
April 30,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

648,958

 

 

699,818

 

 

1,348,776

 

$

2,244

 

 

 

(k)

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 semi-annual report.

The following table summarizes the inputs used as of January 31, 2011 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

 

 

—

 

$

182,214,237

 

 

—

 

$

182,214,237

 

Short-Term Securities

 

$

1,348,776

 

 

—

 

 

—

 

 

1,348,776

 

Total

 

$

1,348,776

 

$

182,214,237

 

 

—

 

$

183,563,013

 

 

 

1

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

 

 

 

BLACKROCK APEX MUNICIPAL FUND, INC.

JANUARY 31, 2011

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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Apex Municipal Fund, Inc.
   
  Date: March 25, 2011
   
  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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Apex Municipal Fund, Inc.
   
  Date: March 25, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Apex Municipal Fund, Inc.
     
  Date: March 25, 2011