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: Donald C. Burke, Chief Executive Officer,
BlackRock Apex Municipal Fund, Inc., 800 Scudders Mill Road, Plainsboro,
NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 06/30/2008
Date of reporting period: 07/01/2007 - 09/30/2007
Item 1 - Schedule of Investments
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 0.7% $ 1,255 Tuscaloosa, Alabama, Special Care Facilities Financing Authority,
Residential Care Facility Revenue Bonds (Capstone Village, Inc. Project),
Series A, 5.875% due 8/01/2036
$ 1,249
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Alaska - 1.1% 2,000 Alaska Industrial Development and Expert Authority Revenue Bonds (Williams
Lynxs Alaska Cargoport), AMT, 8% due 5/01/2023 2,099
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Arizona - 3.4% 900 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project 1), Series A, 6.625% due 7/01/2020 884
45 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King
Apartments Project), Series A, 5.875% due 11/01/2008 45
20 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King
Apartments Project), Series A, 6% due 11/01/2010 20
1,020 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King
Apartments Project), Series A, 6.75% due 5/01/2031 1,036
2,950 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America
West Airlines Inc. Project), AMT, 6.30% due 4/01/2023 2,964
1,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25% due 7/01/2031 1,072
500 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai
Regional Medical Center), Series A, 6% due 8/01/2033 520
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California - 2.3% 1,800 California State, GO, 5% due 2/01/2014 (a) 1,946
1,300 California State, Various Purpose, GO, 5.25% due 11/01/2025 1,369
1,000 Fontana, California, Special Tax, Refunding (Community Facilities District
Number 22 - Sierra), 6% due 9/01/2034 1,023
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Colorado - 4.3% 450 Colorado Health Facilities Authority, Revenue Refunding Bonds (Christian
Living Communities Project), Series A, 5.75% due 1/01/2026 444
2,800 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement
Fee), Series A, 7.30% due 9/01/2022 2,930
1,235 North Range Metropolitan District Number 1, Colorado, GO, 7.25%
due 12/15/2011 (a) 1,387
2,000 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue
Bonds (Public Improvement Fees), 8% due 12/01/2025 2,160
500 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue
Bonds (Public Improvement Fees), 8.125% due 12/01/2025 497
830 Southlands, Colorado, Medical District, GO ( Metropolitan District Number
1), 7.125% due 12/01/2014 (a) 1,004
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Portfolio Abbreviations
To simplify the listings of BlackRock Apex Municipal Fund, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of many
of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
EDA Economic Development Authority
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
VRDN Variable Rate Demand Notes
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Connecticut - 1.3% $ 490 Connecticut State Development Authority, Airport Facility Revenue Bonds
(Learjet Inc. Project), AMT, 7.95% due 4/01/2026 $ 571
1,890 Connecticut State, HFA, Housing Mortgage Finance Program Revenue Bonds,
AMT, Sub-Series A-2, 5.15% due 5/15/2038 1,893
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Florida - 10.2% 800 Capital Projects Finance Authority, Florida, Continuing Care Retirement
Revenue Bonds (Glenridge on Palmer Ranch), Series A, 8% due 6/01/2012 (a) 956
840 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds,
Series A, 5% due 6/01/2038 805
850 Highlands County, Florida, Health Facilities Authority, Hospital Revenue
Bonds (Adventist Health System), Series C, 5.25% due 11/15/2036 868
2,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series A, 7.125% due 4/01/2030 2,624
1,000 Jacksonville, Florida, Economic Development Commission, Health Care
Facilities, Revenue Refunding Bonds (Florida Proton Therapy Institute),
Series A, 6% due 9/01/2017 1,033
900 Jacksonville, Florida, Economic Development Commission, IDR (Gerdau
Ameristeel US, Inc.), AMT, 5.30% due 5/01/2037 875
750 Lakewood Ranch, Florida, Community Development District Number 5, Special
Assessment Revenue Refunding Bonds, Series A, 6.70% due 5/01/2011 (a) 823
1,810 Lee County, Florida, IDA, IDR (Lee Charter Foundation), Series A, 5.375%
due 6/15/2037 1,668
1,500 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6% due 5/01/2024 1,477
1,350 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25% due 5/01/2037 1,341
1,525 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95% due 5/01/2033 1,599
2,140 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25%
due 7/01/2028 2,076
590 Sarasota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50% due 1/01/2027 581
550 Sarasota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50% due 1/01/2032 529
2,385 Tampa Palms, Florida, Open Space and Transportation Community Development
District Revenue Bonds, Capital Improvement (Richmond Place Project),
7.50% due 5/01/2018 2,413
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Georgia - 4.3% 2,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%
due 12/01/2011 (a) 2,348
495 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50%
due 1/01/2031 467
830 Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A,
7.125% due 1/01/2025 (i) 640
1,185 Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A,
7.25% due 1/01/2035 (i) 908
1,580 Fulton County, Georgia, Development Authority, PCR, Refunding (General
Motors Corporation), VRDN, 7% due 4/01/2010 (d) 1,580
690 Gainesville, Georgia, Redevelopment Authority, Educational Facilities
Revenue Refunding Bonds (Riverside Military Academy), 5.125% due 3/01/2027 669
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,680 Rockdale County, Georgia, Development Authority Revenue Bonds (Visy Paper
Project), AMT, Series A, 6.125% due 1/01/2034 $ 1,682
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Idaho - 0.8% 1,470 Idaho Health Facilities Authority, Revenue Refunding Bonds (Valley Vista
Care Corporation), Series A, 7.75% due 11/15/2016 1,613
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Illinois - 6.1% 1,845 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes
Project), 7% due 12/30/2022 1,819
2,860 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue
Refunding Bonds (American Airlines Inc. Project), 5.50% due 12/01/2030 2,699
2,050 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower
Project), Series A, 6.125% due 5/15/2038 2,064
430 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6% due 5/15/2037 432
490 Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers
Program), 6.60% due 7/01/2024 501
755 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds
(Sedgebrook Project), 6.25% due 3/01/2034 777
2,400 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,565
265 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 7%
due 12/01/2012 (d) 265
760 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 748
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Indiana - 1.9% 1,985 Indiana Health and Educational Facilities Financing Authority, Hospital
Revenue Bonds (Community Foundation of Northwest Indiana), 5.50%
due 3/01/2037 1,976
820 Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment
District Tax Allocation Bonds, 5.25% due 2/01/2031 832
440 Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital,
Inc.), 5.70% due 9/01/2037 430
545 Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital,
Inc.), 5.75% due 9/01/2042 527
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Iowa - 1.6% 2,635 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds
(Care Initiatives Project), 9.25% due 7/01/2011 (a) 3,172
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Kansas - 0.6% 1,230 Wyandotte County, Kansas, Kansas City Unified Government Revenue Refunding
Bonds (General Motors Corporation Project), 6% due 6/01/2025 1,220
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Louisiana - 0.7% 1,300 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 1,319
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Maine - 0.4% 840 Maine Finance Authority, Solid Waste Recycling Facilities Revenue Bonds
(Great Northern Paper Project-Bowater), AMT, 7.75% due 10/01/2022 846
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Maryland - 2.0% 385 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B,
5.875% due 9/01/2039 398
620 Howard County, Maryland, Retirement Community Revenue Refunding Bonds
(Columbia Vantage House Corporation), Series B, 5.25% due 4/01/2037 567
1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue
Bonds (Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 1,504
1,000 Maryland State Health and Higher Educational Facilities Authority Revenue
Bonds (King Farm Presbyterian Community), Series A, 5.25% due 1/01/2027 953
410 Maryland State Health and Higher Educational Facilities Authority Revenue
Bonds (Washington Christian Academy), 5.50% due 7/01/2038 398
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BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Massachusetts - 3.4% $ 1,845 Massachusetts State Development Finance Agency, First Mortgage Revenue
Bonds (Overlook Communities Inc.), Series A, 6.25% due 7/01/2034 $ 1,887
1,245 Massachusetts State Development Finance Agency, Revenue Refunding Bonds
(Eastern Nazarene College), 5.625% due 4/01/2019 1,252
850 Massachusetts State Health and Educational Facilities Authority Revenue
Bonds (Jordan Hospital), Series E, 6.75% due 10/01/2033 900
1,245 Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Bay Cove Human Services Issue), Series A, 5.90%
due 4/01/2028 1,250
500 Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Milton Hospital), Series, 5.50% due 7/01/2016 510
800 Massachusetts State Industrial Finance Agency Revenue Bonds, Sewer Facility
(Resource Control Composting), AMT, 9.25% due 6/01/2010 805
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Michigan - 1.2% 1,150 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 1,148
1,260 Monroe County, Michigan, Hospital Financing Authority, Hospital Revenue
Refunding Bonds (Mercy Memorial Hospital Corporation), 5.50% due 6/01/2035 1,206
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Missouri - 1.5% 610 Branson, Missouri, Regional Airport Transportation Development District,
Airport Revenue Bonds, AMT, Series B, 6% due 7/01/2037 595
1,155 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs), 7% due 10/01/2011 (a) 1,311
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds
(Bishop Spencer Place), Series A, 6.50% due 1/01/2035 1,032
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Nevada - 0.2% 425 Clark County, Nevada, Improvement District Number 142, Special Assessment
Bonds, 6.375% due 8/01/2023 439
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New Hampshire - 1.5% 835 New Hampshire Health and Education Facilities Authority, Hospital Revenue
Bonds (Catholic Medical Center), 5% due 7/01/2036 792
2,185 New Hampshire State Business Financing Authority, Solid Waste Disposal
Revenue Bonds (Waste Management Inc. Project), AMT, 5.20% due 5/01/2027 2,148
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New Jersey - 12.7% 6,000 Camden County, New Jersey, Pollution Control Financing Authority, Solid
Waste Resource Recovery, Revenue Refunding Bonds, AMT, Series A, 7.50%
due 12/01/2010 6,082
2,170 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,222
1,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7%
due 10/01/2014 1,540
1,000 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village
Inc. Facility), Series A, 7.25% due 11/15/2011 (a) 1,143
3,700 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.),
Series A, 8.125% due 11/15/2010 (a) 4,226
3,050 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.625% due 9/15/2012 3,162
1,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2029 1,015
1,870 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6.625% due 7/01/2036 1,019
2,760 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05% due 12/15/2035 (b)(c) 716
1,075 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed
Revenue Bonds, 7% due 6/01/2013 (a) 1,254
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,100 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed
Revenue Bonds, 5.75% due 6/01/2032 $ 1,182
1,270 Tobacco Settlement Financing Corporation of New Jersey, Revenue Refunding
Bonds, Series 1A, 5% due 6/01/2041 1,074
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New Mexico - 2.6% 5,000 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San
Juan Project), Series A, 6.95% due 10/01/2020 5,105
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New York - 4.1% 1,000 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Saint Francis
Hospital), Series B, 7.50% due 3/01/2029 1,088
1,890 Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC, Inc.
Project), Series A, 6% due 11/15/2036 1,849
350 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C,
6.80% due 6/01/2028 376
830 New York City, New York, City IDA, Civic Facility Revenue Bonds (Special
Needs Facility Pooled Program), Series C-1, 6.50% due 7/01/2024 848
1,730 New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625% due 12/01/2032 1,885
630 New York Liberty Development Corporation Revenue Bonds (National Sports
Museum Project), Series A, 6.125% due 2/15/2019 642
1,180 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage
Revenue Bonds (Kendal on Hudson Project), Series A, 6.50% due 1/01/2034 1,231
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North Carolina - 0.6% 1,000 North Carolina Medical Care Commission, Retirement Facilities, First
Mortgage Revenue Bonds (Givens Estates Project), Series A, 6.50%
due 7/01/2013 (a) 1,151
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Oklahoma - 0.5% 925 Oklahoma State Development Finance Authority, Revenue Refunding Bonds
(Saint John Health System), 5% due 2/15/2042 925
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Pennsylvania - 7.2% 250 Allegheny County, Pennsylvania, IDA, Lease Revenue Refunding Bonds
(Residential Resources Inc. Project), 5.125% due 9/01/2031 241
1,160 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's
Choice Inc.), Series A, 6.125% due 1/01/2025 1,183
1,750 Chester County, Pennsylvania, Health and Education Facilities Authority,
Senior Living Revenue Refunding Bonds (Jenners Pond Inc. Project),
7.625% due 7/01/2012 (a) 2,071
600 Harrisburg, Pennsylvania, Authority, University Revenue Bonds (Harrisburg
University of Science), Series B, 6% due 9/01/2036 608
1,825 Montgomery County, Pennsylvania, Higher Education and Health Authority
Revenue Bonds (Faulkeways at Gwynedd Project), 6.75% due 11/15/2009 (a) 1,961
1,700 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing
Care Project), 6.25% due 2/01/2035 1,740
1,600 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A,
7.50% due 1/01/2025 1,703
4,460 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development,
7.75% due 12/01/2017 4,467
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Rhode Island - 1.0% 1,750 Central Falls, Rhode Island, Detention Facility Corporation, Detention
Facility, Revenue Refunding Bonds, 7.25% due 7/15/2035 1,923
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South Carolina - 3.8% 1,100 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 6.50% due 1/01/2009 (c) 1,010
1,075 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 7.969% due 1/01/2014 (c) 645
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 5,715 South Carolina Housing Finance and Development Authority, Mortgage Revenue
Refunding Bonds, AMT, Series A-2, 5.15% due 7/01/2037 (b) $ 5,715
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Tennessee - 3.1% 5,000 Knox County, Tennessee, Health, Educational and Housing Facilities Board,
Hospital Facilities Revenue Refunding Bonds (Covenant Health), Series A,
5.03% due 1/01/2037 (c) 1,005
245 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), 6.25% due 12/01/2034 212
1,800 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 1,813
2,980 Sullivan County, Tennessee, Health, Educational & Housing Facilities Board,
Hospital Revenue Bonds (Wellmont Health System Project), Series C, 5.25%
due 9/01/2036 2,928
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Texas - 5.6% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises
Inc.), First Tier, Series A, 6.70% due 1/01/2011 (a) 1,095
2,530 Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC
Project), AMT, Series A, 7.70% due 4/01/2033 2,756
1,220 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 1,266
1,000 Houston, Texas, Health Facilities Development Corporation, Retirement
Facility Revenue Bonds (Buckingham Senior Living Community), Series A,
7.125% due 2/15/2014 (a) 1,195
875 Kerrville, Texas, Health Facilities Development Corporation, Hospital
Revenue Bonds (Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 858
2,310 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding
Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029 2,390
1,330 Port Corpus Christi, Texas, Individual Development Corporation,
Environmental Facilities Revenue Bonds (Citgo Petroleum Corporation
Project), AMT, 8.25% due 11/01/2031 1,359
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Utah - 1.2% 2,240 Carbon County, Utah, Solid Waste Disposal, Revenue Refunding Bonds (Laidlaw
Environmental), AMT, Series A, 7.45% due 7/01/2017 2,289
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Virginia - 2.4% 2,450 Dulles Town Center, Virginia, Community Development Authority, Special
Assessment Tax (Dulles Town Center Project), 6.25% due 3/01/2026 2,505
310 Farms of New Kent, Virginia, Community Development Authority, Special
Assessment Bonds, Series C, 5.80% due 3/01/2036 299
595 Lexington, Virginia, IDA, Residential Care Facility, Mortgage Revenue
Refunding Bonds (Kendal at Lexington), Series A, 5.50% due 1/01/2037 565
1,500 Tobacco Settlement Financing Corporation of Virginia, Revenue Refunding
Bonds, Senior Series B-1, 5% due 6/01/2047 1,265
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Washington - 0.6% 1,200 Washington State Housing Financing Commission, Nonprofit Revenue Bonds
(Skyline at First Hill Project), Series A, 5.625% due 1/01/2038 1,168
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West Virginia - 0.6% 1,125 Princeton, West Virginia, Hospital Revenue Refunding Bonds (Community
Hospital Association Inc. Project), 6.20% due 5/01/2013 1,125
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Wisconsin - 0.7% 1,320 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(New Castle Place Project), Series A, 7% due 12/01/2031 1,355
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BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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U.S. Virgin Islands - 1.2% $2,100 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
(Hovensa Coker Project), AMT, 6.50% due 7/01/2021 $ 2,235
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Total Municipal Bonds (Cost - $181,883) - 97.4% 188,660
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Municipal Bonds Held in Trust (h)
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California - 1.6% 2,965 San Jose, California, Airport Revenue Refunding Bonds, Series A, 5.50%
due 3/01/2032 (b) 3,137
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Total Municipal Bonds Held in Trust (Cost - $3,054) - 1.6% 3,137
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Shares
Held Short-Term Securities
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800 Merrill Lynch Institutional Tax-Exempt Fund, 3.67% (f)(g) 800
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Total Short-Term Securities (Cost - $800) - 0.4% 800
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Total Investments (Cost - $185,737*) - 99.4% 192,597
Other Assets Less Liabilities - 1.4% 2,649
Liability for Trust Certificates, Including Interest Expense
Payable - (0.8%) (1,485)
---------
Net Assets - 100.0% $ 193,761
=========
* The cost and unrealized appreciation (depreciation) of investments, as of
September 30, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 184,369
=========
Gross unrealized appreciation $ 9,909
Gross unrealized depreciation (3,163)
---------
Net unrealized appreciation $ 6,746
=========
(a) Prerefunded.
(b) AMBAC Insured.
(c) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(d) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(e) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(f) Represents the current yield as of September 30, 2007.
(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 Activity Dividend Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 800 $8
--------------------------------------------------------------------------
(h) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(i) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
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 and 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/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer of
BlackRock Apex Municipal Fund, Inc.
Date: November 20, 2007
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/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
BlackRock Apex Municipal Fund, Inc.
Date: November 20, 2007
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock Apex Municipal Fund, Inc.
Date: November 20, 2007