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: 06/30/2009
Date of reporting period: 07/01/2008 - 09/30/2008
Item 1 - Schedule of Investments
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
State Municipal Bonds (000) Value
------------------------------------------------------------------------------------------------------------------------------------
Alabama - 0.5% Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential
Care Facility Revenue Bonds (Capstone Village, Inc. Project), Series A, 5.875%,
8/01/36 $ 1,255 $ 887,360
------------------------------------------------------------------------------------------------------------------------------------
Alaska - 1.1% Alaska Industrial Development and Expert Authority Revenue Bonds (Williams
Lynxs Alaska Cargoport), AMT, 8%, 5/01/23 2,000 1,853,520
------------------------------------------------------------------------------------------------------------------------------------
Arizona - 4.2% Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.625%, 7/01/20 1,100 948,750
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 5.875%, 11/01/08 15 15,007
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6%, 11/01/10 20 19,945
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6.75%, 5/01/31 1,020 905,505
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30%, 4/01/23 2,950 2,203,680
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25%, 7/01/31 970 959,728
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,
12/01/32 1,950 1,401,017
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,
12/01/37 230 160,627
Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional
Medical Center), Series A, 6%, 8/01/33 500 460,700
--------------
7,074,959
------------------------------------------------------------------------------------------------------------------------------------
California - 2.7% Fontana, California, Special Tax, Refunding (Community Facilities District
Number 22 - Sierra), 6%, 9/01/34 1,000 928,250
San Jose, California, Airport Revenue Refunding Bonds, AMT, Series A, 5.50%,
3/01/32 (a) 2,970 2,664,239
Southern California Public Power Authority, Natural Gas Project Number 1
Revenue Bonds, Series A, 5%, 11/01/29 1,435 1,029,340
--------------
4,621,829
------------------------------------------------------------------------------------------------------------------------------------
Colorado - 4.1% Colorado Health Facilities Authority, Revenue Refunding Bonds (Christian Living
Communities Project), Series A, 5.75%, 1/01/26 450 383,499
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement
Fee), Series A, 7.30%, 9/01/22 2,800 2,727,872
North Range Metropolitan District Number 1, Colorado, GO, 7.25%, 12/15/11 (b) 1,235 1,367,145
--------------------------------------------------------------------------------
Portfolio Abbreviations
--------------------------------------------------------------------------------
To simplify the listings of portfolio holdings in the Schedule of Investments,
the names of many of the securities have been abbreviated 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
1
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
State Municipal Bonds (000) Value
------------------------------------------------------------------------------------------------------------------------------------
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8%, 12/01/25 $ 2,000 $ 2,025,320
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125%, 12/01/25 500 483,130
--------------
6,986,966
------------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.9% Connecticut State Development Authority, Airport Facility Revenue Bonds
(Learjet Inc. Project), AMT, 7.95%, 4/01/26 490 506,758
Connecticut State, HFA, Housing Mortgage Finance Program Revenue Bonds, AMT,
Sub-Series A-2, 5.15%, 5/15/38 640 534,509
Mashantucket Western Pequot Tribe, Connecticut, Revenue Refunding Bonds,
Sub-Series A, 5.50%, 9/01/36 615 470,217
--------------
1,511,484
------------------------------------------------------------------------------------------------------------------------------------
Florida - 12.1% Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue
Bonds (Glenridge on Palmer Ranch), Series A, 8%, 6/01/12 (b) 800 938,200
Capital Region Community Development District, Florida, Special Assessment
Revenue Bonds, Series A, 7%, 5/01/39 470 441,917
Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds,
Series A, 5%, 6/01/38 840 646,405
Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25%, 11/15/36 850 730,048
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum Company), AMT, Series A, 7.125%, 4/01/30 2,500 2,232,775
Jacksonville, Florida, Economic Development Commission, Health Care Facilities,
Revenue Refunding Bonds (Florida Proton Therapy Institute), Series A, 6%,
9/01/17 915 867,749
Jacksonville, Florida, Economic Development Commission, IDR (Gerdau Ameristeel
US, Inc.), AMT, 5.30%, 5/01/37 900 657,414
Lakewood Ranch, Florida, Community Development District Number 5, Special
Assessment Revenue Refunding Bonds, Series A, 6.70%, 5/01/11 (b) 735 794,506
Lee County, Florida, IDA, IDR (Lee Charter Foundation), Series A, 5.375%,
6/15/37 1,810 1,328,974
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6%, 5/01/24 1,485 1,300,682
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25%, 5/01/37 1,350 1,152,306
Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95%, 5/01/11 (b) 1,505 1,636,131
Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25%, 7/01/28 2,140 1,734,812
Sarasota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50%, 1/01/27 590 487,889
Sarasota County, Florida, Health Facilities Authority, Retirement Facility
Revenue Refunding Bonds (Village on the Isle Project), 5.50%, 1/01/32 550 436,827
Sumter Landing Community Development District, Florida, Recreational Revenue
Bonds, Sub-Series B, 5.70%, 10/01/38 1,645 1,277,622
2
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
State Municipal Bonds (000) Value
------------------------------------------------------------------------------------------------------------------------------------
Tampa Palms, Florida, Open Space and Transportation Community Development
District Revenue Bonds, Capital Improvement (Richmond Place Project), 7.50%,
5/01/18 $ 2,235 $ 2,236,274
Tolomato Community Development District, Florida, Special Assessment Bonds,
6.65%, 5/01/40 1,850 1,691,677
--------------
20,592,208
------------------------------------------------------------------------------------------------------------------------------------
Georgia - 3.4% Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%,
12/01/11 (b) 2,000 2,307,200
Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50%, 1/01/31 495 404,633
Clayton County, Georgia, Tax Allocation Bonds (Ellenwood Project), 7.50%,
7/01/33 1,640 1,440,953
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A,
6.375%, 7/15/38 (c)(d) 650 84,500
Rockdale County, Georgia, Development Authority Revenue Bonds (Visy Paper
Project), AMT, Series A, 6.125%, 1/01/34 1,680 1,464,674
--------------
5,701,960
------------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.9% Idaho Health Facilities Authority, Revenue Refunding Bonds (Valley Vista Care
Corporation), Series A, 7.75%, 11/15/16 1,470 1,579,309
------------------------------------------------------------------------------------------------------------------------------------
Illinois - 4.7% Chicago, Illinois, O'Hare International Airport, Special Facility Revenue
Refunding Bonds (American Airlines Inc. Project), 5.50%, 12/01/30 2,860 1,458,085
Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125%, 5/15/38 2,050 1,641,414
Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6%, 5/15/37 430 347,186
Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project),
Series A, 7%, 12/01/37 575 519,242
Illinois State Finance Authority Revenue Bonds (Primary Health Care Centers
Program), 6.60%, 7/01/24 490 430,044
Lincolnshire, Illinois, Special Service Area Number 1, Special Tax Bonds
(Sedgebrook Project), 6.25%, 3/01/34 755 664,687
Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125%, 1/01/36 2,400 2,290,392
Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6%, 1/01/25 760 649,390
--------------
8,000,440
------------------------------------------------------------------------------------------------------------------------------------
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 1,628,057
Vanderburgh County, Indiana, Redevelopment Commission, Redevelopment District
Tax Allocation Bonds, 5.25%, 2/01/31 820 708,660
Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital, Inc.),
5.70%, 9/01/37 440 347,785
Vigo County, Indiana, Hospital Authority Revenue Bonds (Union Hospital, Inc.),
5.75%, 9/01/42 545 423,400
--------------
3,107,902
------------------------------------------------------------------------------------------------------------------------------------
3
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
State Municipal Bonds (000) Value
------------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.8% Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care
Initiatives Project), 9.25%, 7/01/11 (b) $ 2,580 $ 3,035,060
------------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.4% Wyandotte County, Kansas, Kansas City Unified Government Revenue Refunding
Bonds (General Motors Corporation Project), 6%, 6/01/25 1,230 663,278
------------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.6% Louisiana Local Government Environmental Facilities and Community Development
Authority Revenue Bonds (Westlake Chemical Corporation), 6.75%, 11/01/32 2,000 1,750,040
Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25%, 8/15/36 1,300 1,089,023
Saint John Baptist Parish, Louisiana, Revenue Bonds (Marathon Oil Corporation),
Series A, 5.125%, 6/01/37 2,050 1,577,065
--------------
4,416,128
------------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.2% Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B,
5.875%, 9/01/39 385 313,232
Maryland State Energy Financing Administration, Limited Obligation Revenue
Bonds (Cogeneration-AES Warrior Run), AMT, 7.40%, 9/01/19 1,500 1,399,650
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(Washington Christian Academy), 5.50%, 7/01/38 410 305,552
--------------
2,018,434
------------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 3.2% Massachusetts State Development Finance Agency, First Mortgage Revenue Bonds
(Overlook Communities Inc.), Series A, 6.25%, 7/01/34 1,845 1,568,656
Massachusetts State Development Finance Agency, Revenue Refunding Bonds
(Eastern Nazarene College), 5.625%, 4/01/19 1,245 1,140,818
Massachusetts State Health and Educational Facilities Authority Revenue Bonds
(Jordan Hospital), Series E, 6.75%, 10/01/33 850 784,303
Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Bay Cove Human Services Issue), Series A, 5.90%, 4/01/28 1,030 886,408
Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds (Milton Hospital), Series, 5.50%, 7/01/16 500 481,930
Massachusetts State Industrial Finance Agency Revenue Bonds, Sewer Facility
(Resource Control Composting), AMT, 9.25%, 6/01/10 500 503,135
--------------
5,365,250
------------------------------------------------------------------------------------------------------------------------------------
Michigan - 1.6% Advanced Technology Academy, Michigan, Revenue Bonds, 6%, 11/01/37 625 550,531
Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875%, 11/15/13 (b) 1,150 1,262,642
Monroe County, Michigan, Hospital Financing Authority, Hospital Revenue
Refunding Bonds (Mercy Memorial Hospital Corporation), 5.50%, 6/01/35 1,260 892,584
--------------
2,705,757
------------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.5% Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds
(Bishop Spencer Place), Series A, 6.50%, 1/01/35 1,000 878,600
------------------------------------------------------------------------------------------------------------------------------------
Nevada - 0.6% Clark County, Nevada, IDR (Nevada Power Company Project), AMT, Series A, 5.60%,
10/01/30 955 720,290
Clark County, Nevada, Improvement District Number 142, Special Assessment
Bonds, 6.375%, 8/01/23 410 370,603
--------------
1,090,893
------------------------------------------------------------------------------------------------------------------------------------
4
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
State Municipal Bonds (000) Value
------------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 0.4% New Hampshire Health and Education Facilities Authority, Hospital Revenue
Bonds (Catholic Medical Center), 5%, 7/01/36 $ 835 $ 667,666
------------------------------------------------------------------------------------------------------------------------------------
New Jersey - 9.7% 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 6,012,540
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 2,170 1,888,660
New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7%, 10/01/14 1,500 1,503,150
New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25%, 11/15/11 (b) 530 597,109
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.625%, 9/15/12 3,050 2,837,842
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25%, 9/15/29 1,000 758,610
New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625%, 7/01/36 (c)(d) 1,870 62,271
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Saint Joseph's Healthcare System), 6.625%, 7/01/38 1,680 1,513,529
New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds, Series C, 5.05%, 12/15/35 (a)(e) 2,760 545,845
Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, Series 1A, 5%, 6/01/41 1,070 674,314
--------------
16,393,870
------------------------------------------------------------------------------------------------------------------------------------
New Mexico - 2.9% Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San
Juan Project), Series A, 6.95%, 10/01/20 5,000 5,008,550
------------------------------------------------------------------------------------------------------------------------------------
New York - 3.3% Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Saint Francis
Hospital), Series B, 7.50%, 3/01/29 1,000 1,042,450
New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C,
6.80%, 6/01/28 350 351,001
New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs
Facility Pooled Program), Series C-1, 6.50%, 7/01/24 830 744,386
New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625%, 12/01/32 1,730 1,451,262
New York Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125%, 2/15/19 (c)(d) 630 219,637
New York State Dormitory Authority, Non-State Supported Debt, Revenue
Refunding Bonds (New York University Hospital Center), Series A, 5%, 7/01/20 2,040 1,789,488
--------------
5,598,224
------------------------------------------------------------------------------------------------------------------------------------
North Carolina - 1.7% North Carolina Medical Care Commission, Health Care Facilities, First Mortgage
Revenue Refunding Bonds (Deerfield Episcopal Project), Series A, 6.125%,
11/01/38 3,230 2,919,726
------------------------------------------------------------------------------------------------------------------------------------
Ohio - 1.3% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement
Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 2,685 2,178,851
------------------------------------------------------------------------------------------------------------------------------------
5
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
State Municipal Bonds (000) Value
------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 7.9% Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's
Choice Inc.), Series A, 6.125%, 1/01/25 $ 1,160 $ 976,917
Chester County, Pennsylvania, Health and Education Facilities Authority,
Senior Living Revenue Refunding Bonds (Jenners Pond Inc. Project), 7.625%,
7/01/12 (b) 1,750 2,030,717
Harrisburg, Pennsylvania, Authority, University Revenue Bonds (Harrisburg
University of Science), Series B, 6%, 9/01/36 600 515,106
Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Brethren
Village Project), Series A, 6.25%, 7/01/26 475 432,768
Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Brethren
Village Project), Series A, 6.50%, 7/01/40 410 374,773
Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing
Care Project), 6.25%, 2/01/35 1,700 1,416,814
Pennsylvania Economic Development Financing Authority, Exempt Facilities
Revenue Bonds (Reliant Energy), AMT, Series B, 6.75%, 12/01/36 1,940 1,698,936
Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A,
7.50%, 1/01/25 1,600 1,552,352
Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%,
12/01/17 4,460 4,461,293
--------------
13,459,676
------------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 1.0% Central Falls, Rhode Island, Detention Facility Corporation, Revenue Refunding
Bonds, 7.25%, 7/15/35 1,750 1,664,740
------------------------------------------------------------------------------------------------------------------------------------
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 (e) 1,100 1,068,144
Connector 2000 Association, Inc., South Carolina, Toll Road and Capital
Appreciation Revenue Bonds, Senior-Series B, 7.969%, 1/01/14 (e) 1,075 585,746
South Carolina Housing Finance and Development Authority, Mortgage Revenue
Refunding Bonds, AMT, Series A-2, 5.15%, 7/01/37 (a) 5,690 4,695,502
--------------
6,349,392
------------------------------------------------------------------------------------------------------------------------------------
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 (e) 5,000 696,450
Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), 6.25%, 12/01/34 245 184,399
Shelby County, Tennessee, Health, Educational and Housing Facilities Board
Revenue Bonds (Germantown Village), Series A, 7.25%, 12/01/34 1,800 1,684,062
--------------
2,564,911
------------------------------------------------------------------------------------------------------------------------------------
Texas - 5.0% Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC
Project), AMT, Series A, 7.70%, 4/01/33 2,530 2,268,271
Danbury, Texas, Higher Education Authority Revenue Bonds (A.W.
Brown-Fellowship Charter School), Series A, 5.125%, 8/15/36 1,000 764,470
Houston, Texas, Health Facilities Development Corporation, Retirement
Facility Revenue Bonds (Buckingham Senior Living Community), Series A,
7.125%, 2/15/14 (b) 1,000 1,177,090
6
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
--------------------------------------------------------------------------------
Par
State Municipal Bonds (000) Value
------------------------------------------------------------------------------------------------------------------------------------
North Texas Tollway Authority, System Revenue Refunding Bonds, Second Tier,
Series F, 6.125%, 1/01/31 $ 2,540 $ 2,437,079
Texas State Public Financing Authority, Charter School Financing Corporation,
Revenue Refunding Bonds (KIPP, Inc.), Series A, 5%, 2/15/28 (f) 2,250 1,748,655
--------------
8,395,565
------------------------------------------------------------------------------------------------------------------------------------
Utah - 1.3% Carbon County, Utah, Solid Waste Disposal, Revenue Refunding Bonds (Laidlaw
Environmental), AMT, Series A, 7.45%, 7/01/17 2,240 2,243,181
------------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.8% Dulles Town Center, Virginia, Community Development Authority, Special
Assessment Tax (Dulles Town Center Project), 6.25%, 3/01/26 2,430 2,243,425
Tobacco Settlement Financing Corporation of Virginia, Revenue Refunding Bonds,
Senior Series B-1, 5%, 6/01/47 1,250 794,650
--------------
3,038,075
------------------------------------------------------------------------------------------------------------------------------------
Washington - 0.6% Washington State Housing Financing Commission, Nonprofit Revenue Bonds
(Skyline at First Hill Project), Series A, 5.625%, 1/01/38 1,200 954,108
------------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.6% Princeton, West Virginia, Hospital Revenue Refunding Bonds (Community Hospital
Association Inc. Project), 6.20%, 5/01/13 965 954,732
------------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.7% Wisconsin State Health and Educational Facilities Authority Revenue Bonds (New
Castle Place Project), Series A, 7%, 12/01/31 1,320 1,246,410
------------------------------------------------------------------------------------------------------------------------------------
Wyoming - 1.1% Wyoming Municipal Power Agency, Power Supply Revenue Bonds, Series A, 5.375%,
1/01/42 2,090 1,845,533
------------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
Islands - 1.2% (Hovensa Coker Project), AMT, 6.50%, 7/01/21 2,100 1,991,766
------------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds - 94.0% 159,566,313
------------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (g)
------------------------------------------------------------------------------------------------------------------------------------
Florida - 3.1% Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, Series A, 5.25%, 10/01/33 (h) 6,130 5,249,732
------------------------------------------------------------------------------------------------------------------------------------
Virginia - 3.4% Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H, Sub-Series
H-1, 5.375%, 7/01/36 (i) 6,010 5,779,216
------------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts - 6.5% 11,028,948
------------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (Cost - $188,409,569) - 100.5% 170,595,261
------------------------------------------------------------------------------------------------------------------------------------
Short-Term Securities Shares
------------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund, 5.29% (j)(k) 2,900,000 2,900,000
------------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $2,900,000) - 1.7% 2,900,000
------------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $191,309,569*) - 102.2% 173,495,261
Other Assets Less Liabilities - 1.4% 2,400,176
Liability for Trust Certificates, Including Interest
Expense and Fees Payable - (3.6)% (6,109,650)
--------------
Net Assets - 100.0% $ 169,785,787
==============
7
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
--------------------------------------------------------------------------------
* The cost and unrealized appreciation (depreciation) of investments
as of September 30, 2008, as computed for federal income tax
purposes, were as follows:
Aggregate cost $ 185,232,104
=============
Gross unrealized appreciation $ 3,042,972
Gross unrealized depreciation (20,849,815)
-------------
Net unrealized depreciation $ (17,806,843)
=============
(a) AMBAC Insured.
(b) U.S. government securities, held in escrow, are used to pay interest
on this security, as well as to retire the bond in full at the date
indicated, typically at a premium to par.
(c) Non-income producing security.
(d) Issuer filed for bankruptcy or is in default of interest payments.
(e) Represents a zero coupon bond. Rate shown reflects the effective
yield at the time of purchase.
(f) ACA Insured.
(g) 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.
(h) Assured Guaranty Insured.
(i) MBIA Insured.
(j) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:
--------------------------------------------------------------------
Affiliate Net Activity Income
--------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund (1,605,074) $ 14,085
--------------------------------------------------------------------
(k) Represents the current yield as of report date.
8
BlackRock Apex Municipal Fund, Inc.
Schedule of Investments September 30, 2008 (Unaudited)
--------------------------------------------------------------------------------
o Effective July 1, 2008, the Fund adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are
used in determining the fair value of investments, which are as follows:
o Level 1 - price quotations in active markets/exchanges for
identical securities
o Level 2 - other observable inputs (including, but not limited
to: quoted prices for similar assets or liabilities in markets
that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks, and default rates) or other
market-corroborated inputs)
o Level 3 - unobservable inputs based on the best information
available in the circumstance, to the extent observable inputs
are not available (including the Fund's own assumption used in
determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
For information about the Fund's policy regarding valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of September 30, 2008 in
determining the fair valuation of the Fund's investments:
-----------------------------------------
Valuation Investments in
Inputs Securities
-----------------------------------------
Level 1 $ 2,900,000
Level 2 170,595,261
Level 3 --
-----------------------------------------
TOTAL $ 173,495,261
===============
9
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: November 24, 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: November 24, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Apex Municipal Fund, Inc.
Date: November 24, 2008