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 811-5227
Name of Fund: BlackRock Apex Municipal Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., 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: (609) 282-2800
Date of fiscal year end: 06/30/2006
Date of reporting period: 01/01/07 - 03/31/07
Item 1 - Schedule of Investments
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 1.1% $ 1,000 Brewton, Alabama, IDB, PCR, Refunding (Container Corporation of
America-Jefferson Smurfit Corp. Project), 8% due 4/01/2009 $ 1,002
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 1,278
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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 2,141
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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 917
55 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 5.875% due 11/01/2008 55
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 1,054
2,950 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America
West Airlines Inc. Project), AMT, 6.30% due 4/01/2023 3,003
1,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25% due 7/01/2031 1,113
500 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai
Regional Medical Center), Series A, 6% due 8/01/2033 539
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California - 2.6% 1,800 California State, GO, 5% due 2/01/2014 (a) 1,945
1,300 California State, Various Purpose, GO, 5.25% due 11/01/2025 1,392
1,000 Fontana, California, Special Tax, Refunding (Community Facilities District
Number 22 - Sierra), 6% due 9/01/2034 1,066
865 Golden State Tobacco Securitization Corporation, California Tobacco Settlement
Revenue Refunding Bonds Series A-1, 5.125% due 6/01/2047 857
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Colorado - 4.2% 450 Colorado Health Facilities Authority, Revenue Refunding Bonds (Christian
Living Communities Project), Series A, 5.75% due 1/01/2026 473
2,800 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement
Fee), Series A, 7.30% due 9/01/2022 2,975
1,235 North Range Metropolitan District Number 1, Colorado, GO, 7.25%
due 12/15/2011 (a) 1,400
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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 at right.
AMT Alternative Minimum Tax (subject to)
EDA Economic Development Authority
GO General Obligation Bonds
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
VRDN Variable Rate Demand Notes
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,000 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 $ 2,221
500 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 504
830 Southlands, Colorado, Medical District, GO (Metropolitan District Number 1),
7.125% due 12/01/2034 921
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Connecticut - 0.3% 490 Connecticut State Development Authority, Airport Facility Revenue Bonds
(Learjet Inc. Project), AMT, 7.95% due 4/01/2026 589
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Florida - 8.8% 800 Capital Projects Finance Authority, Florida, Continuing Care Retirement
Revenue Bonds (Glenridge on Palmer Ranch), Series A, 8% due 6/01/2012 (a) 948
840 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds,
Series A, 5% due 6/01/2038 857
850 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 898
2,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series A, 7.125% due 4/01/2030 2,713
755 Lakewood Ranch, Florida, Community Development District Number 5, Special
Assessment Revenue Refunding Bonds, Series A, 6.70% due 5/01/2031 805
1,810 Lee County, Florida IDA, IDR (Lee Charter Foundation), Series A, 5.375%
due 6/15/2037 1,832
1,500 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6% due 5/01/2024 1,615
1,350 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25% due 5/01/2037 1,467
1,555 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95% due 5/01/2033 1,675
2,140 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 2,176
2,515 Tampa Palms, Florida, Open Space and Transportation Community Development
District Revenue Bonds, Capital Improvement (Richmond Place Project), 7.50%
due 5/01/2018 2,571
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Georgia - 4.2% 2,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%
due 12/01/2024 2,214
410 Atlanta, Georgia, Tax Allocation Bonds (Eastside Project), Series B, 5.40%
due 1/01/2020 423
495 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50%
due 1/01/2031 506
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 808
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 1,157
1,580 Fulton County, Georgia, Development Authority, PCR (General Motors
Corporation), Refunding, VRDN, 7.50% due 4/01/2010 (e) 1,580
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
$ 690 Gainesville, Georgia, Redevelopment Authority, Educational Facilities Revenue
Refunding Bonds (Riverside Military Academy), 5.125% due 3/01/2027 $ 709
830 Savannah, Georgia, EDA, First Mortgage Revenue Bonds (Marshes of Skidaway),
Series A, 7.40% due 1/01/2034 907
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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 1,549
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Illinois - 7.6% 1,845 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes
Project), 7% due 12/30/2022 1,944
3,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue
Refunding Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 3,042
2,605 Illinois Development Finance Authority Revenue Bonds (Primary Health Care
Centers Facilities Acquisition Program), 7.75% due 12/01/2016 2,667
2,050 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125% due 5/15/2038 2,151
430 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6% due 5/15/2037 458
490 Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers
Program), 6.60% due 7/01/2024 513
755 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds
(Sedgebrook Project), 6.25% due 3/01/2034 805
2,400 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,581
265 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN,
7.50% due 12/01/2012 (e) 265
760 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 774
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Indiana - 0.4% 820 Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment District
Tax Allocation Bonds, 5.25% due 2/01/2031 871
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Iowa - 1.7% 2,720 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care
Initiatives Project), 9.25% due 7/01/2011 (a) 3,318
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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 1,248
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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 1,370
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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 409
620 Howard County, Maryland, Retirement Community Revenue Refunding Bonds
(Vantage House Facility), Series B, 5.25% due 4/01/2037 633
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue
Bonds (Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 $ 1,498
1,000 Maryland State Health and Higher Educational Facilities Authority Revenue
Bonds (King Farm Presbyterian Community), Series A, 5.25% due 1/01/2027 1,028
410 Maryland State Health and Higher Educational Facilities Authority Revenue
Bonds (Washington Christian Academy), 5.50% due 7/01/2038 421
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Massachusetts - 3.5% 1,845 Massachusetts State Development Finance Agency, First Mortgage Revenue Bonds
(Overlook Communities Inc.), Series A, 6.25% due 7/01/2034 1,927
1,245 Massachusetts State Development Finance Agency, Revenue Refunding Bonds
(Eastern Nazarene College), 5.625% due 4/01/2019 1,278
850 Massachusetts State Health and Educational Facilities Authority Revenue Bonds
(Jordan Hospital), Series E, 6.75% due 10/01/2033 935
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 1,268
500 Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Milton Hospital), Series, 5.50% due 7/01/2016 510
1,000 Massachusetts State Industrial Finance Agency Revenue Bonds, Sewer Facility
(Resource Control Composting), AMT, 9.25% due 6/01/2010 1,006
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Michigan - 1.3% 1,150 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 1,219
1,260 Monroe County, Michigan, Hospital Finance Authority, Hospital Revenue
Refunding Bonds (Mercy Memorial Hospital Corporation), 5.50% due 6/01/2035 1,326
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Minnesota - 0.7% 1,230 Saint Paul, Minnesota, Port Authority, Hotel Facility, Revenue Refunding Bonds
(Radisson Kellogg Project), Series 2, 7.375% due 8/01/2008 (a) 1,323
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Missouri - 1.2% 1,155 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs), 7% due 10/01/2011 (a) 1,320
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds
(Bishop Spencer Place), Series A, 6.50% due 1/01/2035 1,060
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Nevada - 0.2% 430 Clark County, Nevada, Improvement District Number 142, Special Assessment
Bonds, 6.375% due 8/01/2023 445
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New Hampshire - 1.6% 835 New Hampshire Health and Education Facilities Authority, Hospital Revenue
Bonds (Catholic Medical Center), 5% due 7/01/2036 858
2,185 New Hampshire State Business Finance Authority, Solid Waste Disposal Revenue
Bonds (Waste Management Inc. Project), 5.20% due 5/01/2027 2,265
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New Jersey - 13.1% 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 6,084
2,170 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,283
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7%
due 10/01/2014 $ 1,551
1,000 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2011 (a) 1,151
3,700 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.),
Series A, 8.125% due 11/15/2010 (a) 4,264
3,050 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.625% due 9/15/2012 3,269
1,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2029 1,034
1,870 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625% due 7/01/2036 1,946
2,760 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05% due 12/15/2035 (b)(f) 771
1,075 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7% due 6/01/2013 (a) 1,266
1,245 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 5.75% due 6/01/2032 1,332
1,270 Tobacco Settlement Financing Corporation of New Jersey, Series 1A, 5%
due 6/01/2041 1,237
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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 5,151
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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 1,112
1,890 Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC, Inc. Project),
Series A, 6% due 11/15/2036 2,016
350 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C,
6.80% due 6/01/2028 384
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 866
1,730 New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625% due 12/01/2032 1,934
630 New York Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125% due 2/15/2019 663
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 1,266
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North Carolina - 0.7% 250 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage
Revenue Refunding Bonds (Salemtowne Project), 5.10% due 10/01/2030 254
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) 1,154
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BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Pennsylvania - 7.1% $ 250 Allegheny County, Pennsylvania, IDA, Lease Revenue Refunding Bonds
(Residential Resources Inc. Project), 5.125% due 9/01/2031 $ 258
1,160 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's
Choice Inc.), Series A, 6.125% due 1/01/2025 1,234
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) 2,086
600 Harrisburg, Pennsylvania, Authority, University Revenue Bonds (Harrisburg
University of Science), Series B, 6% due 9/01/2036 624
1,825 Montgomery County, Pennsylvania, Higher Education and Health Authority Revenue
Bonds (Faulkeways at Gwynedd Project), 6.75% due 11/15/2009 (a) 1,981
1,700 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing
Care Project), 6.25% due 2/01/2035 1,799
1,600 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A,
7.50% due 1/01/2025 1,751
4,460 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%
due 12/01/2017 4,470
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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 1,966
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South Carolina - 3.7% 1,100 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 6.50% due 1/01/2009 (f) 983
1,075 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 7.969% due 1/01/2014 (f) 638
5,715 South Carolina Housing Finance and Development Authority, Mortgage Revenue
Refunding Bonds, AMT, Series A-2, 5.15% due 7/01/2037 (b) 5,884
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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 (f) 1,127
245 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), 6.25% due 12/01/2034 223
1,800 Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 1,826
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 3,122
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Texas - 7.0% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70% due 1/01/2011 (a) 1,103
2,530 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT,
Series A, 7.70% due 4/01/2033 2,877
1,220 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 1,283
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,275 Dallas-Fort Worth, Texas, International Airport Facilities Improvement
Corporation Revenue Bonds (American Airlines, Inc.), AMT, 7.25% due 11/01/2030 $ 2,275
655 HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds, Series A,
5.625% due 11/01/2026 678
1,000 Houston, Texas, Health Facilities Development Corporation, Retirement Facility
Revenue Bonds (Buckingham Senior Living Community), Series A, 7.125%
due 2/15/2034 1,116
875 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 913
2,310 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 2,428
1,330 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25%
due 11/01/2031 1,360
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Utah - 1.1% 2,240 Carbon County, Utah, Solid Waste Disposal, Revenue Refunding Bonds (Laidlaw
Environmental), AMT, Series A, 7.45% due 7/01/2017 2,299
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Virginia - 1.8% 2,450 Dulles Town Center, Virginia, Community Development Authority, Special
Assessment Tax (Dulles Town Center Project), 6.25% due 3/01/2026 2,535
310 Farms of New Kent, Virginia, Community Development Authority, Special
Assessment Bonds, Series C, 5.80% due 3/01/2036 312
725 Suffolk, Virginia, IDA, Retirement Facilities, Revenue Refunding Bonds (Lake
Prince Center), 5.15% due 9/01/2024 738
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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 1,231
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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 1,126
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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 1,378
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Puerto Rico - 1.7% 815 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series M, 5% due 7/01/2046 849
2,500 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax
Revenue Bonds, Series B, 5% due 7/01/2041 2,592
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U.S. Virgin 2,100 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
Islands - 1.2% (Hovensa Coker Project), AMT, 6.50% due 7/01/2021 2,364
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Total Municipal Bonds (Cost - $183,557) - 98.5% 196,874
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Shares
Held Short-Term Securities
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1,600 Merrill Lynch Institutional Tax-Exempt Fund, 3.51% (c)(d) 1,600
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Total Short-Term Securities (Cost - $1,600) - 0.8% 1,600
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Total Investments (Cost - $185,157*) - 99.3% 198,474
Other Assets Less Liabilities - 0.7% 1,497
---------
Net Assets - 100.0% $ 199,971
=========
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2007 (in Thousands)
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 185,138
=========
Gross unrealized appreciation $ 13,391
Gross unrealized depreciation (55)
---------
Net unrealized appreciation $ 13,336
=========
(a) Prerefunded.
(b) AMBAC Insured.
(c) 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:
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 499 $49
--------------------------------------------------------------------------
(d) Represents the current yield as of March 31, 2007.
(e) 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.
(f) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the registrant
was migrated to BlackRock's trading and compliance monitoring systems,
and various personnel changes occurred. In conjunction with these
business improvements, there were no changes in the registrant's internal
control over financial reporting (as defined in Rule 30a-3(d) under Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter that
has materially affected, or is reasonably likely to 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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Apex Municipal Fund, Inc.
Date: May 21, 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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Apex Municipal Fund, Inc.
Date: May 21, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock Apex Municipal Fund, Inc.
Date: May 21, 2007