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: 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, 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: 06/30/06
Date of reporting period: 07/01/05 - 09/30/05
Item 1 - Schedule of Investments
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2005 (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 $ 1,024
1,200 Sylacauga, Alabama, Health Care Authority Revenue Bonds
(Coosa Valley Medical Center), Series A, 6% due 8/01/2035 1,211
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Alaska - 0.9% 2,000 Alaska Industrial Development and Expert Authority Revenue Bonds
(Williams Lynxs Alaska Cargoport), AMT, 8% due 5/01/2023 1,825
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Arizona - 3.4% 1,000 Maricopa County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project 1), Series A, 6.625% due 7/01/2020 1,006
Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds
(Sun King Apartments Project), Series A:
80 5.875% due 11/01/2008 77
20 6% due 11/01/2010 19
1,020 6.75% due 5/01/2031 868
4,000 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds
(America West Airlines Inc. Project), AMT, 6.30% due 4/01/2023 2,967
1,000 Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project), Series E, 7.25% due 7/01/2031 1,084
500 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds
(Yavapai Regional Medical Center), Series A, 6% due 8/01/2033 536
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California - 3.3% 1,800 California State, GO, 5% due 2/01/2033 1,859
1,300 California State, Various Purpose, GO, 5.25% due 11/01/2025 1,399
1,000 Fontana, California, Special Tax, Refunding
(Community Facilities District Number 22 - Sierra), 6% due 9/01/2034 1,055
1,860 Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds, Series B, 5.50%
due 6/01/2013 (a) 2,079
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Colorado - 5.5% 2,765 Denver, Colorado, Urban Renewal Authority, Tax Increment
Revenue Bonds (Pavilions), AMT, 7.75% due 9/01/2016 2,891
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 1,309
2,000 Plaza Metropolitan District Number. 1, Colorado, Tax Allocation
Revenue Bonds (Public Improvement Fees),
8% due 12/01/2025 2,210
830 Southlands, Colorado, Medical District, GO
(Metropolitan District Number 1), 7.125% due 12/01/2034 907
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Portfolio Abbreviations
To simplify the listings of 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
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
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Connecticut - 1.7% $ 1,650 Bridgeport, Connecticut, Senior Living Facilities Revenue Bonds
(3030 Park Retirement Community Project), 7.25% due 4/01/2035 $ 1,632
490 Connecticut State Development Authority, Airport Facility Revenue Bonds
(LearJet Inc. Project), AMT, 7.95% due 4/01/2026 589
1,160 New Haven, Connecticut, Facility Revenue Bonds
(Hill Health Corporation Project), 9.25% due 5/01/2017 1,161
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Florida - 8.0% 805 Arbor Greene Community Development District, Florida, Special Assessment
Revenue Bonds, 7.60% due 5/01/2018 826
800 Capital Projects Finance Authority, Florida, Continuing Care Retirement
Revenue Bonds (Glenridge on Palmer Ranch), Series A, 8% due 6/01/2032 887
2,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds
(National Gypsum), AMT, Series A, 7.125% due 4/01/2030 2,785
870 Lakewood Ranch, Florida, Community Development District Number 5, Special
Assessment Revenue Refunding Bonds, Series A, 6.70% due 5/01/2031 928
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A:
1,500 6% due 5/01/2024 1,596
1,350 6.25% due 5/01/2037 1,436
1,580 Orlando, Florida, Urban Community Development District, Capital
Improvement Special Assessment Bonds, Series A, 6.95% due 5/01/2033 1,716
1,700 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25%
due 7/01/2028 1,708
2,640 Tampa Palms, Florida, Open Space and Transportation Community Development
District Revenue Bonds, Capital Improvement (Richmond Place Project),
7.50% due 5/01/2018 2,743
685 Tern Bay Community Development District, Florida, Capital Improvement
Revenue Refunding Bonds, Series A, 5.375% due 5/01/2037 688
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Georgia - 3.3% Atlanta, Georgia, Tax Allocation Bonds:
2,000 (Atlantic Station Project), 7.90% due 12/01/2024 2,168
410 (Eastside Project), Series B, 5.40% due 1/01/2020 410
Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project),
Series A:
830 7.125% due 1/01/2025 872
1,185 7.25% due 1/01/2035 1,246
700 Fulton County, Georgia, Development Authority, PCR
(General Motors Corporation), Refunding, VRDN, 5.78% due 4/01/2010 (e) 700
830 Savannah, Georgia, EDA, Revenue Bonds (Marshes of Skidaway),
First Mortgage, Series A, 7.40% due 1/01/2034 868
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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 1,496
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Illinois - 6.5% 1,845 Caseyville, Illinois, Senior Tax Increment Revenue Bonds
(Forest Lakes Project), 7% due 12/30/2022 1,848
3,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue
Refunding Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 2,737
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Illinois Development Finance Authority Revenue Bonds (Primary Health Care
Centers Facilities Acquisition Program):
$ 585 7.75% due 12/01/2006 (a) $ 626
2,605 7.75% due 12/01/2016 2,717
490 Illinois State Finance Authority Revenue Bonds (Primary Health Care
Centers Program), 6.60% due 7/01/2024 503
755 Lincolnshire, Illinois, Special Service Area Number. 1, Special Tax Bonds
(Sedgebrook Project), 6.25% due 3/01/2034 806
2,400 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,451
760 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook
Tax Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 751
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Iowa - 2.5% 3,855 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds
(Care Initiatives Project), 9.25% due 7/01/2025 4,715
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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 855
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Maryland - 0.8% 1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue
Bonds (Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 1,526
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Massachusetts - 5.0% 1,845 Massachusetts State Development Finance Agency, First Mortgage Revenue
Bonds (Overlook Communities Inc.), Series A, 6.25% due 7/01/2034 1,882
Massachusetts State Development Finance Agency, Revenue Refunding Bonds
(Eastern Nazarene College):
1,245 5.625% due 4/01/2019 1,258
1,220 5.625% due 4/01/2029 1,218
850 Massachusetts State Health and Educational Facilities Authority Revenue
Bonds (Jordan Hospital), Series E, 6.75% due 10/01/2033 930
Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds:
2,100 (Bay Cove Human Services Issue), Series A, 5.90% due 4/01/2028 2,116
1,000 (Milton Hospital), Series, 5.50% due 7/01/2016 1,011
1,200 Massachusetts State Industrial Finance Agency Revenue Bonds, Sewer
Facility (Resource Control Composting), AMT, 9.25% due 6/01/2010 1,204
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Michigan - 0.6% 1,150 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue
Bonds (Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 1,166
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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 8/01/2029 1,287
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Missouri - 1.2% 1,200 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs), 7% due 10/01/2021 1,290
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds
(Bishop Spencer Place), Series A, 6.50% due 1/01/2035 1,050
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Nevada - 0.2% 430 Clark County, Nevada, Improvement District Number 142 Special Assessment,
6.375% due 8/01/2023 446
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New Jersey - 14.6% Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds
(Holt Hauling & Warehousing), AMT, Series A (b)(c):
2,000 9.625% due 1/01/2011 260
4,500 9.875% due 1/01/2021 586
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 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 $ 6,030
2,170 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,275
1,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel),
7% due 10/01/2014 1,548
New Jersey EDA, Retirement Community Revenue Bonds, Series A:
1,000 (Cedar Crest Village Inc. Facility), 7.25% due 11/15/2031 1,086
3,700 (Seabrook Village Inc.), 8.125% due 11/15/2023 4,205
New Jersey EDA, Special Facility Revenue Bonds
(Continental Airlines Inc. Project), AMT:
3,050 6.625% due 9/15/2012 2,822
4,045 6.25% due 9/15/2029 3,277
1,870 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6.625% due 7/01/2036 1,924
Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed
Revenue Bonds:
2,540 5.75% due 6/01/2032 2,654
1,075 7% due 6/01/2041 1,283
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New Mexico - 2.7% 5,000 Farmington, New Mexico, PCR, Refunding
(Tucson Electric Power Co.-San Juan Project), Series A, 6.95%
due 10/01/2020 5,231
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New York - 5.6% 1,000 Dutchess County, New York, IDA, Civic Facility Revenue Bonds
(Saint Francis Hospital), Series B, 7.50% due 3/01/2029 1,091
New York City, New York, City IDA, Civic Facility Revenue Bonds:
350 Series C, 6.80% due 6/01/2028 378
1,495 (Special Needs Facility Pooled Program), Series C-1, 6.50%
due 7/01/2024 1,436
1,730 New York City, New York, City IDA, Special Facility Revenue Bonds
(British Airways Plc Project), AMT, 7.625% due 12/01/2032 1,879
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 2,110
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 1,892
635 Utica, New York, GO, Public Improvement, 9.25% due 8/15/2006 661
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 1,261
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North Carolina - 0.6% 1,000 North Carolina Medical Care Commission, Retirement Facilities, First
Mortgage Revenue Bonds (Givens Estates Project), Series A, 6.50%
due 7/01/2032 1,072
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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 1,330
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Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Pennsylvania - 6.2% $ 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 $ 1,937
Montgomery County, Pennsylvania, Higher Education and Health Authority
Revenue Bonds
(Faulkeways at Gwynedd Project):
900 6.75% due 11/15/2024 955
925 6.75% due 11/15/2030 978
1,700 Montgomery County, Pennsylvania, IDA Revenue Bonds
(Whitemarsh Continuing Care Project), 6.25% due 2/01/2035 1,779
Philadelphia, Pennsylvania, Authority for IDR:
1,600 (Air Cargo), AMT, Series A, 7.50% due 1/01/2025 1,665
4,460 Commercial Development, 7.75% due 12/01/2017 4,558
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Rhode Island - 0.9% 1,750 Central Falls, Rhode Island, Detention Facility Corporation,
Detention Facility, Revenue Refunding Bonds, 7.25% due 7/15/2035 1,817
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Tennessee - 1.0% 1,800 Shelby County, Tennessee, Health, Educational and Housing Facilities
Board Revenue Bonds (Germantown Village), Series A, 7.25% due 12/01/2034 1,844
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Texas - 8.3% 1,000 Austin, Texas, Convention Center Revenue Bonds
(Convention Enterprises Inc.), First Tier, Series A, 6.70%
due 1/01/2028 1,073
Brazos River Authority, Texas, PCR, AMT, Refunding:
2,530 (Texas Utility Company), Series A, 7.70% due 4/01/2033 3,025
2,760 (Utilities Electric Company), Series B, 5.05% due 6/01/2030 2,786
1,220 Brazos River Authority, Texas, Revenue Refunding Bonds
(Reliant Energy Inc. Project), Series B, 7.75% due 12/01/2018 1,348
1,660 Grand Prairie, Texas, Housing Finance Corporation Revenue Bonds
(Independent Senior Living Center), 7.75% due 1/01/2034 1,718
1,000 Houston, Texas, Health Facilities Development Corporation, Retirement
Facility Revenue Bonds (Buckingham Senior Living Community), Series A,
7.125% due 2/15/2034 1,098
2,310 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding
Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029 2,525
1,330 Port Corpus Christi, Texas, Individual Development Corporation,
Environmental Facilities Revenue Bonds (Citgo Petroleum Corporation
Project), AMT, 8.25% due 11/01/2031 1,416
785 Travis County, Texas, Health Facilities Development Corporation,
Retirement Facilities Revenue Bonds (Querencia Barton Creek Project),
5.65% due 11/15/2035 771
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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 2,381
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Virginia - 5.3% 2,480 Dulles Town Center, Virginia, Community Development Authority, Special
Assessment Tax (Dulles Town Center Project), 6.25% due 3/01/2026 2,623
22,600 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior
Series B, 5.888%** due 8/15/2025 7,321
245 Virginia Beach, Virginia, Development Authority, Residential Care
Facilities, Mortgage Revenue Refunding Bonds (Westminster-Canterbury),
5.375% due 11/01/2032 248
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West Virginia - 0.4% 875 Princeton, West Virginia, Hospital Revenue Refunding Bonds
(Community Hospital Association Inc. Project), 6.20% due 5/01/2013 858
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Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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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 $ 1,366
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Wyoming - 0.9% 1,800 Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds
(FMC Corporation Project), AMT, Series A, 7%
due 6/01/2024 1,817
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U.S. Virgin Islands - 1.2% 2,100 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
(Hovensa Coker Project), AMT, 6.50% due 7/01/2021 2,381
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Total Municipal Bonds (Cost - $180,209) - 96.2% 184,757
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Shares
Held Short-Term Securities
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3,500 Merrill Lynch Institutional Tax-Exempt Fund (d) 3,500
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Total Short-Term Securities (Cost - $3,500) - 1.8% 3,500
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Total Investments (Cost - $183,709*) - 98.0% 188,257
Other Assets Less Liabilities - 2.0% 3,812
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Net Assets - 100.0% $ 192,069
=========
* The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2005, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 183,690
=========
Gross unrealized appreciation $ 12,031
Gross unrealized depreciation (7,464)
---------
Net unrealized appreciation $ 4,567
=========
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(a) Prerefunded.
(b) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
(c) Restricted securities as to resale, representing 0.4% of net assets were
as follows:
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Acquisition
Issue Date(s) Cost Value
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Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds
(Holt Hauling & Warehousing), AMT, Series A, 9.625% due 1/01/2011 1/29/1997 $ 2,116 $ 260
Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds 2/06/1996-
(Holt Hauling & Warehousing), AMT, Series A, 9.875% due 1/01/2021 1/29/1997 4,644 586
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Total $ 6,760 $ 846
========================
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2005 (in Thousands)
(d) 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 Interest
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund $ (200) $ 23
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(e) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
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.
Apex Municipal Fund, Inc.
By: /s/ Robert C. Doll, Jr.
---------------------------
Robert C. Doll, Jr.
Chief Executive Officer
Apex Municipal Fund, Inc.
Date: November 17, 2005
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
Apex Municipal Fund, Inc.
Date: November 17, 2005
By: /s/ Donald C. Burke
---------------------------
Donald C. Burke
Chief Financial Officer
Apex Municipal Fund, Inc.
Date: November 17, 2005