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: 06/30/2007
Date of reporting period: 07/01/06 - 09/30/06
Item 1 - Schedule of Investments
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2006 (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 $ 1,012
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 1,277
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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 - 3.3% 900 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.625% due 7/01/2020 904
70 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments Project),
Series A, 5.875% due 11/01/2008 68
20 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments Project),
Series A, 6% due 11/01/2010 19
1,020 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments Project),
Series A, 6.75% due 5/01/2031 891
2,950 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West Airlines
Inc. Project), AMT, 6.30% due 4/01/2023 3,011
1,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project),
Series E, 7.25% due 7/01/2031 1,096
500 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional Medical
Center), Series A, 6% due 8/01/2033 541
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California - 2.2% 1,800 California State, GO, 5% due 2/01/2033 1,868
1,300 California State, Various Purpose, GO, 5.25% due 11/01/2025 1,394
1,000 Fontana, California, Special Tax, Refunding (Community Facilities District Number 22 -
Sierra), 6% due 9/01/2034 1,061
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Colorado - 5.3% 2,575 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds (Pavilions),
AMT, 7.75% due 9/01/2016 2,628
2,800 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.30% due 9/01/2022 3,004
1,235 North Range, Colorado, Metropolitan District Number 1, GO, 7.25% due 12/15/2031 1,330
2,000 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public
Improvement Fees), 8% due 12/01/2025 2,214
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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 September 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
$ 500 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public
Improvement Fees), 8.125% due 12/01/2025 $ 503
830 Southlands, Colorado, Medical District, GO (Metropolitan District Number 1), 7.125%
due 12/01/2034 918
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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 590
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Florida - 8.3% 750 Arbor Greene Community Development District, Florida, Special Assessment Revenue Bonds,
7.60% due 11/01/2006 (a) 760
800 Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue Bonds
(Glenridge on Palmer Ranch), Series A, 8% due 6/01/2032 882
840 Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds, Series A,
5% due 6/01/2038 855
850 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 900
2,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum
Company), AMT, Series A, 7.125% due 4/01/2030 2,752
765 Lakewood Ranch, Florida, Community Development District Number 5, Special Assessment
Revenue Refunding Bonds, Series A, 6.70% due 5/01/2031 818
1,500 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6% due 5/01/2024 1,630
1,350 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6.25% due 5/01/2037 1,475
1,555 Orlando, Florida, Urban Community Development District, Capital Improvement Special
Assessment Bonds, Series A, 6.95% due 5/01/2033 1,678
2,140 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 2,171
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 2,570
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Georgia - 3.8% 2,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due 12/01/2024 2,223
410 Atlanta, Georgia, Tax Allocation Bonds (Eastside Project), Series B, 5.40%
due 1/01/2020 422
495 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50% due 1/01/2031 503
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 817
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 1,169
1,580 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 8% due 4/01/2010 (d) 1,580
830 Savannah, Georgia, EDA, Revenue Bonds (Marshes of Skidaway), First Mortgage, Series A,
7.40% due 1/01/2034 876
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BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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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 $ 1,544
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Illinois - 7.9% 1,845 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes Project),
7% due 12/30/2022 1,943
3,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue Refunding
Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 3,083
585 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2006 (a) 600
2,605 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2016 2,666
2,050 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125% due 5/15/2038 2,131
430 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project),
Series A, 6% due 5/15/2037 451
490 Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers Program),
6.60% due 7/01/2024 509
755 Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds (Sedgebrook
Project), 6.25% due 3/01/2034 804
2,400 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds (Conference
Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,571
265 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 8% 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 750
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Indiana - 0.9% 840 Delaware County, Indiana, Hospital Authority, Hospital Revenue Bonds (Cardinal Health
System Obligated Group), 5.25% due 8/01/2036 871
820 Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment District Tax
Allocation Bonds, 5.25% due 2/01/2031 860
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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) 3,389
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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 1,237
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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 1,366
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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 847
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Maryland - 1.0% 385 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B, 5.875%
due 9/01/2039 407
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
$ 1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 $ 1,516
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Massachusetts - 4.1% 1,845 Massachusetts State Development Finance Agency, First Mortgage Revenue Bonds (Overlook
Communities Inc.), Series A, 6.25% due 7/01/2034 1,914
1,245 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern
Nazarene College), 5.625% due 4/01/2019 1,275
1,220 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern
Nazarene College), 5.625% due 4/01/2029 1,242
850 Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Jordan
Hospital), Series E, 6.75% due 10/01/2033 936
1,350 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Bay Cove Human Services Issue), Series A, 5.90% due 4/01/2028 1,369
500 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Milton Hospital), Series, 5.50% due 7/01/2016 512
1,000 Massachusetts State Industrial Finance Agency Revenue Bonds, Sewer Facility (Resource
Control Composting), AMT, 9.25% due 6/01/2010 1,003
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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 1,215
1,260 Monroe County, Michigan, Hospital Financing Authority, Hospital Revenue Refunding Bonds
(Mercy Memorial Hospital Corporation), 5.50% due 6/01/2035 1,321
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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) 1,346
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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) 1,339
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds (Bishop
Spencer Place), Series A, 6.50% due 1/01/2035 1,055
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Nevada - 0.2% 430 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds, 6.375%
due 8/01/2023 446
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New Hampshire - 0.4% 835 New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds
(Catholic Medical Center), 5% due 7/01/2036 854
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New Jersey - 12.8% 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 6,093
2,170 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,279
1,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7% due 10/01/2014 1,555
1,000 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc. Facility),
Series A, 7.25% due 11/15/2031 1,088
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 3,700 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.), Series A,
8.125% due 11/15/2023 $ 4,153
3,050 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),
AMT, 6.625% due 9/15/2012 3,204
1,750 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),
AMT, 6.25% due 9/15/2029 1,801
1,870 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley
Hospital Association), 6.625% due 7/01/2036 1,936
2,760 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series C, 5.05% due 12/15/2035 (b)(e) 735
1,245 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
5.75% due 6/01/2032 1,311
1,075 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
7% due 6/01/2041 1,234
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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 5,194
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New York - 6.1% 1,000 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Saint Francis Hospital),
Series B, 7.50% due 3/01/2029 1,102
1,890 Erie County, New York, IDA, Revenue Bonds (Orchard Park CCRC, Inc. Project), Series A,
6% due 11/15/2036 1,996
350 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 379
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 863
1,730 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways Plc
Project), AMT, 7.625% due 12/01/2032 1,937
630 New York Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125% due 2/15/2019 652
2,080 New York State Dormitory Authority, Non-State Supported Debt, Revenue Bonds (Mount
Sinai-NYU Medical Center Health System), 5.50% due 7/01/2026 2,113
1,865 New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds
(Mount Sinai Hospital), Series C, 5.50% due 7/01/2026 1,894
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 1,262
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North 1,000 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage Revenue
Carolina - 0.5% Bonds (Givens Estates Project), Series A, 6.50% due 7/01/2032 1,078
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Oregon - 0.7% 1,310 Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds (Wauna
Cogeneration Project), AMT, Series B, 7.40% due 1/01/2016 1,315
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BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Pennsylvania - 6.8% $ 250 Allegheny County, Pennsylvania, IDA, Lease Revenue Refunding Bonds (Residential
Resources Inc. Project), 5.125% due 9/01/2031 $ 255
1,160 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice
Inc.), Series A, 6.125% due 1/01/2025 1,243
1,750 Chester County, Pennsylvania, Health and Education Facilities Authority, Senior Living
Revenue Refunding Bonds (Jenners Pond Inc. Project), 7.625% due 7/01/2034 1,984
900 Montgomery County, Pennsylvania, Higher Education and Health Authority Revenue Bonds
(Faulkeways at Gwynedd Project), 6.75% due 11/15/2009 (a) 991
925 Montgomery County, Pennsylvania, Higher Education and Health Authority Revenue Bonds
(Faulkeways at Gwynedd Project), 6.75% due 11/15/2009 (a) 1,018
1,700 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.25% due 2/01/2035 1,806
1,600 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, 7.50%
due 1/01/2025 1,755
4,460 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%
due 12/01/2017 4,480
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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 1,967
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South 1,100 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital Appreciation
Carolina - 4.1% Revenue Bonds, Senior-Series B, 6.50% due 1/01/2009 (e) 950
1,075 Connector 2000 Association, Inc., South Carolina, Toll Road and Capital Appreciation
Revenue Bonds, Senior-Series B, 7.969% due 1/01/2014 (e) 609
615 Myrtle Beach, South Carolina, Tax Increment Revenue Bonds (Myrtle Beach Air Force
Base), Series A, 5.30% due 11/01/2035 620
5,715 South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding
Bonds, AMT, Series A-2, 5.15% due 7/01/2037 (b) 5,902
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Tennessee - 1.1% 245 Shelby County, Tennessee, Health, Educational and Housing Facilities Board Revenue
Bonds (Germantown Village), 6.25% due 12/01/2034 250
1,800 Shelby County, Tennessee, Health, Educational and Housing Facilities Board Revenue
Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 1,919
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Texas - 7.5% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A, 6.70% due 1/01/2028 1,066
2,530 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT, Series A,
7.70% due 4/01/2033 2,957
1,220 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project),
Series B, 7.75% due 12/01/2018 1,301
2,275 Dallas-Fort Worth, Texas, International Airport Facilities Improvement Corporation
Revenue Bonds (American Airlines, Inc.), AMT, 7.25% due 11/01/2030 2,298
830 Grand Prairie, Texas, Housing Finance Corporation Revenue Bonds (Independent Senior
Living Center), 7.75% due 1/01/2034 832
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 655 HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds, Series A, 5.625%
due 11/01/2026 $ 669
1,000 Houston, Texas, Health Facilities Development Corporation, Retirement Facility Revenue
Bonds (Buckingham Senior Living Community), Series A, 7.125% due 2/15/2034 1,113
875 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 910
2,310 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 2,462
1,330 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25%
due 11/01/2031 1,379
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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 2,327
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Virginia - 1.8% 2,470 Dulles Town Center, Virginia, Community Development Authority, Special Assessment Tax
(Dulles Town Center Project), 6.25% due 3/01/2026 2,579
310 Farms of New Kent, Virginia, Community Development Authority, Special Assessment
Bonds, Series C, 5.80% due 3/01/2036 311
725 Suffolk, Virginia, IDA, Retirement Facilities, Revenue Refunding Bonds (Lake Prince
Center), 5.15% due 9/01/2024 732
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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 1,372
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Puerto Rico - 1.6% 2,500 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax Revenue Bonds,
Series B, 5% due 7/01/2041 2,567
500 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2030 535
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U.S. Virgin 2,100 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Islands - 1.2% Project), AMT, 6.50% due 7/01/2021 2,367
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Total Municipal Bonds (Cost - $180,461) - 97.6% 194,014
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Shares
Held Short-Term Securities
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3,400 Merrill Lynch Institutional Tax-Exempt Fund, 3.54% (c)(f) 3,400
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Total Short-Term Securities (Cost - $3,400) - 1.7% 3,400
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Total Investments (Cost - $183,861*) - 99.3% 197,414
Other Assets Less Liabilities - 0.7% 1,475
---------
Net Assets - 100.0% $ 198,889
=========
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2006 (in Thousands)
* The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 183,880
=========
Gross unrealized appreciation $ 13,567
Gross unrealized depreciation (33)
---------
Net unrealized appreciation $ 13,534
=========
(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 $ 2,299 $24
--------------------------------------------------------------------------
(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) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(f) Represents the current yield as of September 30, 2006.
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) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is 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/ Robert C. Doll, Jr.
-------------------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Apex Municipal Fund, Inc.
Date: November 17, 2006
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: November 17, 2006
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke
Chief Financial Officer
BlackRock Apex Municipal Fund, Inc.
Date: November 17, 2006