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: 01/01/2008 - 03/31/2008
Item 1 - Schedule of Investments
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 0.6% Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential
Care Facility Revenue Bonds (Capstone Village, Inc. Project),
Series A, 5.875%, 8/01/36 (k) $ 1,255 $ 1,101,739
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 1.1% Alaska Industrial Development and Expert Authority Revenue Bonds (Williams Lynxs
Alaska Cargoport), AMT, 8%, 5/01/23 2,000 2,006,920
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 5.5% Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.625%, 7/01/20 1,100 993,806
-----------------------------------------------------------------------------------------------------------
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 5.875%, 11/01/08 15 15,097
-----------------------------------------------------------------------------------------------------------
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6%, 11/01/10 20 20,251
-----------------------------------------------------------------------------------------------------------
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6.75%, 5/01/31 1,020 983,035
-----------------------------------------------------------------------------------------------------------
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30%, 4/01/23 2,950 2,653,997
-----------------------------------------------------------------------------------------------------------
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25%, 7/01/31 970 999,032
-----------------------------------------------------------------------------------------------------------
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%, 12/01/32 1,950 1,689,207
-----------------------------------------------------------------------------------------------------------
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%, 12/01/37 2,730 2,323,585
-----------------------------------------------------------------------------------------------------------
Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional
Medical Center), Series A, 6%, 8/01/33 500 504,485
------------
10,182,495
-----------------------------------------------------------------------------------------------------------------------------------
California - 2.1% California State, Various Purpose, GO, 5.25%, 11/01/25 1,300 1,328,938
-----------------------------------------------------------------------------------------------------------
Fontana, California, Special Tax, Refunding (Community Facilities District
Number 22 - Sierra), 6%, 9/01/34 1,000 930,080
-----------------------------------------------------------------------------------------------------------
San Jose, California, Airport Revenue Bonds, RIB, AMT, Series 102TP, 6.38%,
3/01/17 (b)(e) 2 2,448
-----------------------------------------------------------------------------------------------------------
Southern California Public Power Authority, Natural Gas Project Number 1 Revenue
Bonds, Series A, 5%, 11/01/29 1,785 1,622,636
------------
3,884,102
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
HDA Housing Development Authority
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 March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 4.5% Colorado Health Facilities Authority, Revenue Refunding Bonds (Christian Living
Communities Project), Series A, 5.75%, 1/01/26 $ 450 $ 409,860
-----------------------------------------------------------------------------------------------------------
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.30%, 9/01/22 2,800 2,870,616
-----------------------------------------------------------------------------------------------------------
North Range Metropolitan District Number 1, Colorado, GO, 7.25%, 12/15/11 (a) 1,235 1,400,404
-----------------------------------------------------------------------------------------------------------
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8%, 12/01/25 2,000 2,086,920
-----------------------------------------------------------------------------------------------------------
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125%, 12/01/25 500 499,925
-----------------------------------------------------------------------------------------------------------
Southlands Metropolitan District Number 1, Colorado, GO, 7.125%, 12/01/14 (a) 830 1,011,380
------------
8,279,105
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.6% Connecticut State Development Authority, Airport Facility Revenue Bonds (Learjet
Inc. Project), AMT, 7.95%, 4/01/26 490 527,186
-----------------------------------------------------------------------------------------------------------
Connecticut State, HFA, Housing Mortgage Finance Program Revenue Bonds, AMT,
Sub-Series A-2, 5.15%, 5/15/38 640 586,989
------------
1,114,175
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 11.0% Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue
Bonds (Glenridge on Palmer Ranch), Series A, 8%, 6/01/12 (a) 800 966,600
-----------------------------------------------------------------------------------------------------------
Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds,
Series A, 5%, 6/01/38 840 719,317
-----------------------------------------------------------------------------------------------------------
Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25%, 11/15/36 850 801,975
-----------------------------------------------------------------------------------------------------------
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series A, 7.125%, 4/01/30 2,500 2,469,675
-----------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Economic Development Commission, Health Care Facilities,
Revenue Refunding Bonds (Florida Proton Therapy Institute), Series A, 6%, 9/01/17 1,000 972,660
-----------------------------------------------------------------------------------------------------------
Jacksonville, Florida, Economic Development Commission, IDR (Gerdau Ameristeel
US, Inc.), AMT, 5.30%, 5/01/37 900 725,967
-----------------------------------------------------------------------------------------------------------
Lakewood Ranch, Florida, Community Development District Number 5, Special
Assessment Revenue Refunding Bonds, Series A,
6.70%, 5/01/11 (a) 735 808,184
-----------------------------------------------------------------------------------------------------------
Lee County, Florida, IDA, IDR (Lee Charter Foundation), Series A, 5.375%, 6/15/37 1,810 1,442,208
-----------------------------------------------------------------------------------------------------------
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6%, 5/01/24 1,500 1,390,530
-----------------------------------------------------------------------------------------------------------
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25%, 5/01/37 1,350 1,254,717
-----------------------------------------------------------------------------------------------------------
Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95%, 5/01/11 (a) 1,520 1,682,792
-----------------------------------------------------------------------------------------------------------
Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds,
6.25%, 7/01/28 2,140 1,936,978
-----------------------------------------------------------------------------------------------------------
Sarasota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50%, 1/01/27 590 532,434
-----------------------------------------------------------------------------------------------------------
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Sarasota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50%, 1/01/32 $ 550 $ 480,849
-----------------------------------------------------------------------------------------------------------
Tampa Palms, Florida, Open Space and Transportation Community Development
District Revenue Bonds, Capital Improvement (Richmond Place Project), 7.50%,
5/01/18 2,235 2,237,615
-----------------------------------------------------------------------------------------------------------
Tolomato Community Development District, Florida, Special Assessment Bonds,
6.65%, 5/01/40 1,850 1,806,747
------------
20,229,248
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 4.0% Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%,
12/01/11 (a) 2,000 2,381,560
-----------------------------------------------------------------------------------------------------------
Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50%, 1/01/31 495 438,164
-----------------------------------------------------------------------------------------------------------
Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A,
7.125%, 1/01/25 (h)(k) 830 572,700
-----------------------------------------------------------------------------------------------------------
Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A,
7.25%, 1/01/35 (h)(k) 1,185 817,650
-----------------------------------------------------------------------------------------------------------
Clayton County, Georgia, Tax Allocation Bonds (Ellenwood Project), 7.50%, 7/01/33 1,640 1,547,963
-----------------------------------------------------------------------------------------------------------
Rockdale County, Georgia, Development Authority Revenue Bonds (Visy Paper
Project), AMT, Series A, 6.125%, 1/01/34 1,680 1,550,455
------------
7,308,492
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.9% Idaho Health Facilities Authority, Revenue Refunding Bonds (Valley Vista Care
Corporation), Series A, 7.75%, 11/15/16 1,470 1,622,145
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 5.8% Chicago, Illinois, O'Hare International Airport, Special Facility Revenue
Refunding Bonds (American Airlines Inc. Project), 5.50%, 12/01/30 2,860 1,918,831
-----------------------------------------------------------------------------------------------------------
Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125%, 5/15/38 2,050 1,850,576
-----------------------------------------------------------------------------------------------------------
Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6%, 5/15/37 430 384,601
-----------------------------------------------------------------------------------------------------------
Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project),
Series A, 7%, 12/01/37 575 548,763
-----------------------------------------------------------------------------------------------------------
Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers
Program), 6.60%, 7/01/24 490 465,084
-----------------------------------------------------------------------------------------------------------
Illinois State Finance Authority, Revenue Refunding Bonds (Advocate Health and
Hospital Corporation), VRDN, Series B-3,
6.50%, 11/01/38 (b)(d) 1,650 1,650,000
-----------------------------------------------------------------------------------------------------------
Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds
(Sedgebrook Project), 6.25%, 3/01/34 755 720,549
-----------------------------------------------------------------------------------------------------------
Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125%, 1/01/36 2,400 2,404,560
-----------------------------------------------------------------------------------------------------------
Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project),
6%, 1/01/25 760 689,799
------------
10,632,763
-----------------------------------------------------------------------------------------------------------
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 1.8% Indiana Health and Educational Facilities Financing Authority, Hospital Revenue
Bonds (Community Foundation of Northwest Indiana), 5.50%, 3/01/37 $ 1,985 $ 1,709,184
-----------------------------------------------------------------------------------------------------------
Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment District
Tax Allocation Bonds, 5.25%, 2/01/31 820 728,185
-----------------------------------------------------------------------------------------------------------
Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital, Inc.),
5.70%, 9/01/37 440 384,661
-----------------------------------------------------------------------------------------------------------
Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital, Inc.),
5.75%, 9/01/42 545 476,014
------------
3,298,044
-----------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.7% Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care
Initiatives Project), 9.25%, 7/01/11 (a) 2,635 3,200,418
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.6% Wyandotte County, Kansas, Kansas City Unified Government Revenue Refunding Bonds
(General Motors Corporation Project), 6%, 6/01/25 1,230 1,099,067
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 1.7% Louisiana Local Government Environmental Facilities and Community Development
Authority Revenue Bonds (Westlake Chemical Corporation), 6.75%, 11/01/32 2,000 1,907,840
-----------------------------------------------------------------------------------------------------------
Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25%, 8/15/36 1,300 1,232,088
------------
3,139,928
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.2% Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B, 5.875%,
9/01/39 385 349,591
-----------------------------------------------------------------------------------------------------------
Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40%, 9/01/19 1,500 1,437,495
-----------------------------------------------------------------------------------------------------------
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(Washington Christian Academy), 5.50%, 7/01/38 410 331,756
------------
2,118,842
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 3.3% Massachusetts State Development Finance Agency, First Mortgage Revenue Bonds
(Overlook Communities Inc.), Series A, 6.25%, 7/01/34 1,845 1,719,208
-----------------------------------------------------------------------------------------------------------
Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern
Nazarene College), 5.625%, 4/01/19 1,245 1,219,552
-----------------------------------------------------------------------------------------------------------
Massachusetts State Health and Educational Facilities Authority Revenue Bonds
(Jordan Hospital), Series E, 6.75%, 10/01/33 850 867,944
-----------------------------------------------------------------------------------------------------------
Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Bay Cove Human Services Issue), Series A, 5.90%, 4/01/28 1,030 973,463
-----------------------------------------------------------------------------------------------------------
Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Milton Hospital), Series, 5.50%, 7/01/16 500 505,280
-----------------------------------------------------------------------------------------------------------
Massachusetts State Industrial Finance Agency Revenue Bonds, Sewer Facility
(Resource Control Composting), AMT, 9.25%, 6/01/10 800 805,992
------------
6,091,439
-----------------------------------------------------------------------------------------------------------
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 1.2% Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875%, 11/15/34 $ 1,150 $ 1,061,232
-----------------------------------------------------------------------------------------------------------
Monroe County, Michigan, Hospital Financing Authority, Hospital Revenue Refunding
Bonds (Mercy Memorial Hospital Corporation),
5.50%, 6/01/35 1,260 1,071,869
------------
2,133,101
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 1.2% Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois
Bluffs), 7%, 10/01/11 (a) 1,155 1,325,720
-----------------------------------------------------------------------------------------------------------
Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds
(Bishop Spencer Place), Series A, 6.50%, 1/01/35 1,000 961,930
------------
2,287,650
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 0.2% Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375%, 8/01/23 420 394,569
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 0.4% New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds
(Catholic Medical Center), 5%, 7/01/36 835 725,005
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 12.4% Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste
Resource Recovery, Revenue Refunding Bonds, AMT, Series A, 7.50%, 12/01/10 6,000 6,016,020
-----------------------------------------------------------------------------------------------------------
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 2,170 2,084,372
-----------------------------------------------------------------------------------------------------------
New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7%, 10/01/14 1,500 1,512,675
-----------------------------------------------------------------------------------------------------------
New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25%, 11/15/11 (a) 1,000 1,161,270
-----------------------------------------------------------------------------------------------------------
New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.),
Series A, 8.125%, 11/15/10 (a) 3,700 4,257,516
-----------------------------------------------------------------------------------------------------------
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.625%, 9/15/12 3,050 2,974,970
-----------------------------------------------------------------------------------------------------------
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25%, 9/15/29 1,000 880,150
-----------------------------------------------------------------------------------------------------------
New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625%, 7/01/36 (k) 1,870 1,189,133
-----------------------------------------------------------------------------------------------------------
New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05%, 12/15/35 (b)(c) 2,760 586,362
-----------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7%, 6/01/13 (a) 1,075 1,279,616
-----------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, Series 1A, 5%, 6/01/41 1,070 853,785
------------
22,795,869
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 2.8% Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San
Juan Project), Series A, 6.95%, 10/01/20 5,000 5,046,200
-----------------------------------------------------------------------------------------------------------------------------------
New York - 3.2% Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Saint Francis
Hospital), Series B, 7.50%, 3/01/29 1,000 1,055,900
-----------------------------------------------------------------------------------------------------------
New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%,
6/01/28 350 363,521
-----------------------------------------------------------------------------------------------------------
New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs
Facility Pooled Program), Series C-1, 6.50%, 7/01/24 830 794,244
-----------------------------------------------------------------------------------------------------------
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625%, 12/01/32 $ 1,730 $ 1,771,520
-----------------------------------------------------------------------------------------------------------
New York Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125%, 2/15/19 630 603,452
-----------------------------------------------------------------------------------------------------------
Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue
Bonds (Kendal on Hudson Project), Series A, 6.50%, 1/01/13 (a) 1,180 1,345,235
------------
5,933,872
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 0.6% North Carolina Medical Care Commission, Retirement Facilities, First Mortgage
Revenue Bonds (Givens Estates Project), Series A, 6.50%, 7/01/13 (a) 1,000 1,175,200
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.7% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement
Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 1,290 1,246,127
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 7.8% Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's
Choice Inc.), Series A, 6.125%, 1/01/25 1,160 1,131,429
-----------------------------------------------------------------------------------------------------------
Chester County, Pennsylvania, Health and Education Facilities Authority, Senior
Living Revenue Refunding Bonds (Jenners Pond Inc. Project), 7.625%, 7/01/12 (a) 1,750 2,091,705
-----------------------------------------------------------------------------------------------------------
Harrisburg, Pennsylvania, Authority, University Revenue Bonds (Harrisburg
University of Science), Series B, 6%, 9/01/36 600 544,098
-----------------------------------------------------------------------------------------------------------
Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Brethren
Village Project), Series A, 6.25%, 7/01/26 475 462,850
-----------------------------------------------------------------------------------------------------------
Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Brethren
Village Project), Series A, 6.50%, 7/01/40 410 397,589
-----------------------------------------------------------------------------------------------------------
Montgomery County, Pennsylvania, Higher Education and Health Authority Revenue
Bonds (Faulkeways at Gwynedd Project), 6.75%, 11/15/09 (a) 1,825 1,978,501
-----------------------------------------------------------------------------------------------------------
Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.25%, 2/01/35 1,700 1,552,117
-----------------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, 7.50%,
1/01/25 1,600 1,641,648
-----------------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%,
12/01/17 4,460 4,464,326
------------
14,264,263
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 1.0% Central Falls, Rhode Island, Detention Facility Corporation, Detention Facility,
Revenue Refunding Bonds, 7.25%, 7/15/35 1,750 1,794,975
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 3.7% Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 6.50%, 1/01/09 (c) 1,100 1,039,478
-----------------------------------------------------------------------------------------------------------
Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 7.969%, 1/01/14 (c) 1,075 605,042
-----------------------------------------------------------------------------------------------------------
South Carolina Housing Finance and Development Authority, Mortgage Revenue
Refunding Bonds, AMT, Series A-2, 5.15%, 7/01/37 (b) 5,690 5,141,996
------------
6,786,516
-----------------------------------------------------------------------------------------------------------
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.5% Knox County, Tennessee, Health, Educational and Housing Facilities Board,
Hospital Facilities Revenue Refunding Bonds (Covenant Health), Series A, 5.03%,
1/01/37 (c) $ 5,000 $ 808,250
-----------------------------------------------------------------------------------------------------------
Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), 6.25%, 12/01/34 245 200,741
-----------------------------------------------------------------------------------------------------------
Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), Series A, 7.25%, 12/01/34 1,800 1,724,022
------------
2,733,013
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 4.6% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70%, 1/01/11 (a) 1,000 1,103,880
-----------------------------------------------------------------------------------------------------------
Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC Project),
AMT, Series A, 7.70%, 4/01/33 2,530 2,558,943
-----------------------------------------------------------------------------------------------------------
Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75%, 12/01/18 1,220 1,245,351
-----------------------------------------------------------------------------------------------------------
Houston, Texas, Health Facilities Development Corporation, Retirement Facility
Revenue Bonds (Buckingham Senior Living Community), Series A, 7.125%, 2/15/14 (a) 1,000 1,217,760
-----------------------------------------------------------------------------------------------------------
Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8%, 5/01/29 2,310 2,358,371
------------
8,484,305
-----------------------------------------------------------------------------------------------------------------------------------
Utah - 1.2% Carbon County, Utah, Solid Waste Disposal, Revenue Refunding Bonds (Laidlaw
Environmental), AMT, Series A, 7.45%, 7/01/17 2,240 2,258,681
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 2.0% Dulles Town Center, Virginia, Community Development Authority, Special Assessment
Tax (Dulles Town Center Project), 6.25%, 3/01/26 2,430 2,368,594
-----------------------------------------------------------------------------------------------------------
Farms of New Kent Community Development Authority, Virginia, Special Assessment
Bonds, Series C, 5.80%, 3/01/36 310 232,900
-----------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corporation of Virginia, Revenue Refunding Bonds,
Senior Series B-1, 5%, 6/01/47 1,250 986,425
------------
3,587,919
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 0.6% Washington State Housing Financing Commission, Nonprofit Revenue Bonds (Skyline
at First Hill Project), Series A, 5.625%, 1/01/38 1,200 1,014,192
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.6% Princeton, West Virginia, Hospital Revenue Refunding Bonds (Community Hospital
Association Inc. Project), 6.20%, 5/01/13 1,125 1,103,389
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.7% Wisconsin State Health and Educational Facilities Authority Revenue Bonds (New
Castle Place Project), Series A, 7%, 12/01/31 1,320 1,328,672
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Islands - 1.2% Coker Project), AMT, 6.50%, 7/01/21 2,100 2,145,192
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $174,611,765) - 94.0% 172,547,632
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Options Bonds Trusts (j)
-----------------------------------------------------------------------------------------------------------------------------------
California - 1.6% San Jose, California, Airport Revenue Refunding Bonds, Series A,
5.50%, 3/01/32 (b) 2,965 2,933,719
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 3.2% Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H, Sub-Series
H-1, 5.375%, 7/01/36 (i) 6,010 5,949,119
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Options Bonds Trusts
(Cost - $9,176,394) - 4.8% 8,882,838
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Short-Term Securities Shares Value
-----------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund,
2.16% (f)(g) 3,700,000 $ 3,700,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $3,700,000) - 2.0% 3,700,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $187,488,159*) - 100.8% 185,130,470
Other Assets Less Liabilities - 1.6% 2,952,775
Liability for Trust Certificates, Including Interest
Expense Payable - (2.4%) (4,511,912)
------------
Net Assets - 100.0% $183,571,333
============
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 183,113,391
=============
Gross unrealized appreciation $ 6,934,435
Gross unrealized depreciation (9,404,856)
-------------
Net unrealized depreciation $ (2,470,421)
=============
(a) Prerefunded.
(b) AMBAC Insured.
(c) Represents a zero coupon bond; Rate shown reflects the effective yield at
the time of purchase.
(d) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(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 report date.
(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:
--------------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 3,700,000 $ 24,253
--------------------------------------------------------------------------------
(h) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(i) MBIA Insured.
(j) 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.
(k) Security is illiquid.
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock Apex Municipal Fund, Inc.
Date: May 22, 2008
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: May 22, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Apex Municipal Fund, Inc.
Date: May 22, 2008