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: 06/30/2006
Date of reporting period: 01/01/06 - 03/31/06
Item 1 - Schedule of Investments
Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 0.5% $ 1,000 Brewton, Alabama, IDB, PCR, Refunding (Container Corporation of America-Jefferson
Smurfit Corp. Project), 8% due 4/01/2009 $ 1,012
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Alaska - 1.0% 2,000 Alaska Industrial Development and Expert Authority Revenue Bonds (Williams Lynxs
Alaska Cargoport), AMT, 8% due 5/01/2023 1,900
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Arizona - 3.7% 1,000 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.625% due 7/01/2020 1,000
80 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 5.875% due 11/01/2008 78
20 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6% due 11/01/2010 19
1,020 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King Apartments
Project), Series A, 6.75% due 5/01/2031 874
4,000 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT, 6.30% due 4/01/2023 3,596
1,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series E, 7.25% due 7/01/2031 1,078
500 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional
Medical Center), Series A, 6% due 8/01/2033 532
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California - 2.2% 1,800 California State, GO, 5% due 2/01/2033 1,842
1,300 California State, Various Purpose, GO, 5.25% due 11/01/2025 1,377
1,000 Fontana, California, Special Tax, Refunding (Community Facilities District Number
22 - Sierra), 6% due 9/01/2034 1,060
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Colorado - 5.6% 2,765 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds (Pavilions),
AMT, 7.75% due 9/01/2016 2,854
2,800 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.30% due 9/01/2022 3,000
1,235 North Range, Colorado, Metropolitan District Number 1, GO, 7.25% due 12/15/2031 1,331
2,000 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 2,210
500 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 501
830 Southlands, Colorado, Medical District, GO (Metropolitan District Number 1), 7.125%
due 12/01/2034 916
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Connecticut - 1.6% 1,650 Bridgeport, Connecticut, Senior Living Facilities Revenue Bonds (3030 Park
Retirement Community Project), 7.25% due 4/01/2035 1,396
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 at right.
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
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 March 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 490 Connecticut State Development Authority, Airport Facility Revenue Bonds
(LearJet Inc. Project), AMT, 7.95% due 4/01/2026 $ 581
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% 785 Arbor Greene Community Development District, Florida, Special Assessment Revenue
Bonds, 7.60% due 5/01/2018 797
800 Capital Projects Finance Authority, Florida, Continuing Care Retirement Revenue
Bonds (Glenridge on Palmer Ranch), Series A, 8% due 6/01/2032 879
2,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum), AMT, Series A, 7.125% due 4/01/2030 2,767
845 Lakewood Ranch, Florida, Community Development District Number 5, Special
Assessment Revenue Refunding Bonds, Series A, 6.70% due 5/01/2031 900
1,500 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6% due 5/01/2024 1,626
1,350 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6.25% due 5/01/2037 1,467
820 Orlando, Florida, Greater Orlando Aviation Authority, Airport Facilities Revenue
Bonds (JetBlue Airways Corp.), AMT, 6.375% due 11/15/2026 826
1,555 Orlando, Florida, Urban Community Development District, Capital Improvement Special
Assessment Bonds, Series A, 6.95% due 5/01/2033 1,682
1,895 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 1,926
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 2,700
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Georgia - 4.0% 2,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%
due 12/01/2024 2,225
410 Atlanta, Georgia, Tax Allocation Bonds (Eastside Project), Series B, 5.40%
due 1/01/2020 417
495 Atlanta, Georgia, Tax Allocation Bonds (Princeton Lakes Project), 5.50%
due 1/01/2031 499
830 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue
Bonds (Coastal Community Retirement Corporation Project), Series A, 7.125%
due 1/01/2025 842
1,185 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue
Bonds (Coastal Community Retirement Corporation Project), Series A, 7.25%
due 1/01/2035 1,201
1,580 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 8% due 4/01/2010 (e) 1,580
830 Savannah, Georgia, EDA, Revenue Bonds (Marshes of Skidaway), First Mortgage,
Series A, 7.40% due 1/01/2034 909
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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 1,494
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Illinois - 8.0% 1,845 Caseyville, Illinois, Senior Tax Increment Revenue Bonds (Forest Lakes Project), 7%
due 12/30/2022 1,932
3,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue Refunding
Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 3,015
585 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2006 (a) 611
Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,605 Illinois Development Finance Authority Revenue Bonds (Primary Health Care Centers
Facilities Acquisition Program), 7.75% due 12/01/2016 $ 2,692
2,050 Illinois State Finance Authority Revenue Bonds (Clare At Water Tower Project),
Series A, 6.125% due 5/15/2038 2,069
430 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project),
Series A, 6% due 5/15/2037 432
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 798
2,400 Lombard, Illinois, Public Facilities Corporation, First Tier Revenue Bonds
(Conference Center and Hotel), Series A-1, 7.125% due 1/01/2036 2,548
265 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 8%
due 12/01/2012 (e) 265
760 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 740
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Iowa - 2.4% 3,855 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care
Initiatives Project), 9.25% due 7/01/2025 4,607
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Kansas - 0.5% 1,230 Wyandotte County, Kansas, Kansas City Unified Government Revenue Refunding Bonds
(General Motors Corporation Project), 6% due 6/01/2025 956
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Louisiana - 1.3% 1,300 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 1,328
1,290 New Orleans, Louisiana, Sewer Service Revenue Notes, BAN, 3% due 7/26/2006 1,275
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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 849
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Maryland - 1.0% 385 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Sub-Series B, 5.875%
due 9/01/2039 403
1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 1,518
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Massachusetts - 4.7% 1,845 Massachusetts State Development Finance Agency, First Mortgage Revenue Bonds
(Overlook Communities Inc.), Series A, 6.25% due 7/01/2034 1,883
1,245 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern
Nazarene College), 5.625% due 4/01/2019 1,270
1,220 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern
Nazarene College), 5.625% due 4/01/2029 1,238
850 Massachusetts State Health and Educational Facilities Authority Revenue Bonds
(Jordan Hospital), Series E, 6.75% due 10/01/2033 923
2,100 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Bay Cove Human Services Issue), Series A, 5.90% due 4/01/2028 2,118
500 Massachusetts State Health and Educational Facilities Authority, Revenue Refunding
Bonds (Milton Hospital), Series, 5.50% due 7/01/2016 507
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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Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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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 $ 1,208
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Minnesota - 0.7% 1,230 Saint Paul, Minnesota, Port Authority, Hotel Facility, Revenue Refunding Bonds
(Radisson Kellogg Project), Series 2, 7.375% due 8/01/2008 (a) 1,360
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Missouri - 1.2% 1,155 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois
Bluffs), 7% due 10/01/2011 (a) 1,232
1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds (Bishop
Spencer Place), Series A, 6.50% due 1/01/2035 1,047
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Nevada - 0.2% 430 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375% due 8/01/2023 446
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New Jersey - 13.7% 2,000 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds (Holt
Hauling & Warehousing), AMT, Series A, 9.625% due 1/01/2011 (b)(c) 282
4,500 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds (Holt
Hauling & Warehousing), AMT, Series A, 9.875% due 1/01/2021 (b)(c) 635
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 6,082
2,170 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 2,248
1,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7% due 10/01/2014 1,544
1,000 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2031 1,082
3,700 New Jersey EDA, Retirement Community Revenue Bonds (Seabrook Village Inc.),
Series A, 8.125% due 11/15/2023 4,173
3,050 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),
AMT, 6.625% due 9/15/2012 3,141
3,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),
AMT, 6.25% due 9/15/2029 2,978
1,870 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley
Hospital Association), 6.625% due 7/01/2036 1,929
1,265 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
5.75% due 6/01/2032 1,314
1,075 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
7% due 6/01/2041 1,224
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New Mexico - 3.5% 1,680 Farmington, New Mexico, PCR, Refunding (Public Service Company of New Mexico - San
Juan Project), Series B, 4.875% due 4/01/2033 1,674
5,000 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San Juan
Project), Series A, 6.95% due 10/01/2020 5,200
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New York - 5.5% 1,000 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Saint Francis
Hospital), Series b, 7.50% due 3/01/2029 1,090
350 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 377
1,495 New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs
Facility Pooled Program), Series C-1, 6.50% due 7/01/2024 1,397
1,730 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways
Plc Project), AMT, 7.625% due 12/01/2032 1,884
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 2,105
Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 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 $ 1,887
635 Utica, New York, GO, Public Improvement, 9.25% due 8/15/2006 645
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 1,257
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North 1,000 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage
Carolina - 0.5% Revenue Bonds (Givens Estates Project), Series A, 6.50% due 7/01/2032 1,067
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Oklahoma - 0.4% 750 Norman, Oklahoma, Regional Hospital Authority, Hospital Revenue Bonds, 5.375%
due 9/01/2029 757
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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 1,324
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Pennsylvania - 6.8% 1,160 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice
Inc.), Series A, 6.125% due 1/01/2025 1,201
1,750 Chester County, Pennsylvania, Health and Education Facilities Authority, Senior
Living Revenue Refunding Bonds (Jenners Pond Inc. Project), 7.625% due 7/01/2034 1,984
900 Montgomery County, Pennsylvania, Higher Education and Health Authority Revenue
Bonds (Faulkeways at Gwynedd Project), 6.75% due 11/15/2024 949
925 Montgomery County, Pennsylvania, Higher Education and Health Authority Revenue
Bonds (Faulkeways at Gwynedd Project), 6.75% due 11/15/2030 971
1,700 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.25% due 2/01/2035 1,803
1,600 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, 7.50%
due 1/01/2025 1,754
4,460 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%
due 12/01/2017 4,513
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Rhode Island - 1.0% 1,750 Central Falls, Rhode Island, Detention Facility Corporation, Detention Facility,
Revenue Refunding Bonds, 7.25% due 7/15/2035 1,918
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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 1,905
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Texas - 7.7% 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A, 6.70% due 1/01/2028 1,066
2,530 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT,
Series A, 7.70% due 4/01/2033 2,968
2,760 Brazos River Authority, Texas, PCR, Refunding (Utilities Electric Company), AMT,
Series B, 5.05% due 6/01/2030 2,767
1,220 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 1,327
830 Grand Prairie, Texas, Housing Finance Corporation Revenue Bonds (Independent Senior
Living Center), 7.75% due 1/01/2034 863
1,000 Houston, Texas, Health Facilities Development Corporation, Retirement Facility
Revenue Bonds (Buckingham Senior Living Community), Series A, 7.125% due 2/15/2034 1,095
875 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Sid Peterson Memorial Hospital Project), 5.375% due 8/15/2035 882
Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,310 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 $ 2,490
1,330 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due
11/01/2031 1,396
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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 2,352
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Virginia - 5.2% 2,470 Dulles Town Center, Virginia, Community Development Authority, Special Assessment
Tax (Dulles Town Center Project), 6.25% due 3/01/2026 2,594
22,600 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior-Series B,
5.888%** due 8/15/2025 7,502
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West Virginia - 0.6% 1,125 Princeton, West Virginia, Hospital Revenue Refunding Bonds (Community Hospital
Association Inc. Project), 6.20% due 5/01/2013 1,125
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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 1,364
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U.S. Virgin 2,100 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Islands - 1.2% Coker Project), AMT, 6.50% due 7/01/2021 2,367
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Total Municipal Bonds (Cost - $184,663) - 98.1% 190,484
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Shares
Held Short-Term Securities
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1,500 Merrill Lynch Institutional Tax-Exempt Fund, 3.02% (d)(f) 1,500
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Total Short-Term Securities (Cost - $1,500) - 0.8% 1,500
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Total Investments (Cost - $186,163*) - 98.9% 191,984
Other Assets Less Liabilities - 1.1% 2,107
---------
Net Assets - 100.0% $ 194,091
=========
* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 186,144
=========
Gross unrealized appreciation $ 12,551
Gross unrealized depreciation (6,711)
---------
Net unrealized appreciation $ 5,840
=========
** 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.
Apex Municipal Fund, Inc.
Schedule of Investments as of March 31, 2006 (in Thousands)
(c) Restricted securities as to resale, representing 0.5% 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 $ 282
Camden County, New Jersey Improvement Authority, Lease Revenue Bonds (Holt 2/06/1996 -
Hauling & Warehousing), AMT, Series A, 9.875% due 1/01/2021 1/29/1997 4,644 635
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Total $6,760 $ 917
====================
(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:
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Affiliate Net Activity Dividend Income
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Merrill Lynch Institutional Tax-Exempt Fund (2,200) $ 56
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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.
(f) Floating rate security.
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: May 22, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
--------------------------------
Robert C. Doll, Jr.
Chief Executive Officer
Apex Municipal Fund, Inc.
Date: May 22, 2006
By: /s/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Financial Officer
Apex Municipal Fund, Inc.
Date: May 22, 2006