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: Terry K. Glenn, President, 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: 06/30/04
Date of reporting period: 07/01/04 - 09/30/04
Item 1 - Schedule of Investments
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2004 (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
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Alabama - 0.6% B NR* $ 1,000 Brewton, Alabama, IDB, PCR, Refunding (Container Corporation of America- $ 1,032
Jefferson Smurfit Corp. Project), 8% due 4/01/2009
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Alaska - 1.1% NR* NR* 2,000 Alaska Industrial Development and Expert Authority Revenue Bonds 2,061
(Williams Lynxs Alaska Cargoport), AMT, 8% due 5/01/2023
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Arizona - 3.5% Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun King
Apartments Project):
NR* Ba1 80 Series A, 5.875% due 11/01/2008 77
NR* Ba1 920 Series A, 6.75% due 5/01/2031 760
NR* NR* 1,500 Sub-Series C, 9.50% due 11/01/2031 1,168
NR* Caa2 4,000 Phoenix, Arizona, IDA, Airport Facility Revenue Refunding Bonds 2,947
(America West Airlines Inc. Project), AMT, 6.30% due 4/01/2023
NR* Baa3 1,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools 1,065
Project), Series E, 7.25% due 7/01/2031
NR* Baa2 500 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds 520
(Yavapai Regional Medical Center), Series A, 6% due 8/01/2033
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California - 4.3% A A3 1,800 California State, GO, 5% due 2/01/2033 1,812
California State, Various Purpose, GO:
A A3 1,300 5.25% due 11/01/2025 1,361
A A3 820 5.25% due 4/01/2034 846
NR* NR* 1,000 Fontana, California, Special Tax, Refunding (Community Facilities District 1,010
Number 22 - Sierra), 6% due 9/01/2034
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds:
BBB Baa3 1,075 Series 2003-A-1, 6.75% due 6/01/2039 1,039
A- Baa1 1,860 Series B, 5.50% due 6/01/2043 1,919
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Colorado - 5.6% NR* Baa2 3,000 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds 3,169
(Pavilions), AMT, 7.75% due 9/01/2016
NR* NR* 2,800 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement 2,927
Fee), Series A, 7.30% due 9/01/2022
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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
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1
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
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Colorado NR* NR* $ 1,235 North Range, Colorado, Metropolitan District Number 1, GO, 7.25% $ 1,243
(concluded) due 12/15/2031
NR* NR* 2,000 Plaza Metropolitan District No. 1, Colorado, Tax Allocation Revenue Bonds 2,088
(Public Improvement Fees), 8% due 12/01/2025
NR* NR* 830 Southlands, Colorado, Medical District, GO (Metropolitan District # 1), 826
7.125% due 12/01/2034
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Connecticut - BBB- Baa3 490 Connecticut State Development Authority, Airport Facility Revenue Bonds 556
1.0% (LearJet Inc. Project), AMT, 7.95% due 4/01/2026
NR* B1 1,220 New Haven, Connecticut, Facility Revenue Bonds (Hill Health Corporation 1,225
Project), 9.25% due 5/01/2017
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Florida - 7.8% NR* NR* 865 Arbor Greene Community Development District, Florida, Special Assessment 892
Revenue Bonds, 7.60% due 5/01/2018
NR* NR* 800 Capital Projects Finance Authority, Florida, Continuing Care Retirement 820
Revenue Bonds (Glenridge on Palmer Ranch), Series A, 8% due 6/01/2032
NR* NR* 2,500 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds 2,698
(National Gypsum), AMT, Series A, 7.125% due 4/01/2030
NR* NR* 895 Lakewood Ranch, Florida, Community Development District Number 5, Special 940
Assessment Revenue Refunding Bonds, Series A, 6.70% due 5/01/2031
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A:
NR* NR* 1,500 6% due 5/01/2024 1,530
NR* NR* 1,350 6.25% due 5/01/2037 1,394
NR* NR* 1,605 Orlando, Florida, Urban Community Development District, Capital Improvement 1,702
Special Assessment Bonds, Series A, 6.95% due 5/01/2033
B- B1 1,700 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% 1,523
due 7/01/2028
NR* NR* 2,760 Tampa Palms, Florida, Open Space and Transportation Community Development 2,890
District Revenue Bonds, Capital Improvement (Richmond Place Project), 7.50%
due 5/01/2018
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Georgia - 3.5% NR* NR* 2,000 Atlanta, Georgia, Tax Allocation Revenue Bonds (Atlantic Station Project), 2,096
7.90% due 12/01/2024 Brunswick & Glynn County, Georgia, Development
Authority, First Mortgage Revenue Bonds (Coastal Community Retirement
Corporation Project), Series A:
NR* NR* 830 7.125% due 1/01/2025 814
NR* NR* 1,185 7.25% due 1/01/2035 1,165
BBB NR* 1,500 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds 1,559
(Georgia College and State University Foundation), 5.25% due 9/01/2019
NR* NR* 830 Savannah, Georgia, EDA, Revenue Bonds (Marshes of Skidaway), First 839
Mortgage, Series A, 7.40% due 1/01/2034
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Idaho - 0.8% NR* NR* 1,470 Idaho Health Facilities Authority Revenue Refunding Bonds (Valley Vista 1,485
Care Corporation), Series A, 7.75% due 11/15/2016
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Illinois - 4.1% CCC Caa2 3,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue 2,310
Refunding Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024
NR* NR* 400 Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 6.75% 414
due 12/01/2032
2
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
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Illinois NR* NR* $ 3,190 Illinois Development Finance Authority Revenue Bonds (Primary Health Care $ 3,374
(concluded) Centers Facilities Acquisition Program), 7.75% due 12/01/2016
A-1+ VMIG-1+ 1,400 Illinois Health Facilities Authority, Revenue Refunding Bonds (University 1,400
of Chicago Hospitals), VRDN, 1.65% due 8/01/2026(a)(b)
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Indiana - 0.4% NR* NR* 1,820 Indianapolis, Indiana, M/F Revenue Bonds (Lake Nora Fox Club Project), 810
Series B, 7.50% due 10/01/2029 (c)
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Iowa - 2.6% NR* NR* 3,910 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds 4,732
(Care Initiatives Project), 9.25% due 7/01/2025
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Louisiana - 3.1% BB- NR* 5,500 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company 5,681
Project), 7.50% due 7/01/2013
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Maine - 0.5% BB Ba2 840 Maine Finance Authority, Solid Waste Recycling Facilities Revenue Bonds 841
(Great Northern Paper Project-Bowater), AMT, 7.75% due 10/01/2022
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Maryland - 0.8% NR* NR* 1,500 Maryland State Energy Financing Administration, Limited Obligation Revenue 1,535
Bonds (Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019
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Massachusetts - Massachusetts State Development Finance Agency, Revenue Refunding Bonds
4.0% (Eastern Nazarine College):
BB+ NR* 1,245 5.625% due 4/01/2019 1,137
BB+ NR* 1,220 5.625% due 4/01/2029 1,049
BBB- NR* 850 Massachusetts State Health and Educational Facilities Authority Revenue 888
Bonds (Jordan Hospital), Series E, 6.75% due 10/01/2033
Massachusetts State Health and Educational Facilities Authority, Revenue
Refunding Bonds:
NR* Ba2 2,115 (Bay Cove Human Services Issue), Series A, 5.90% due 4/01/2028 2,028
BBB NR* 1,000 (Milton Hospital), Series, 5.50% due 7/01/2016 1,004
NR* NR* 1,300 Massachusetts State Industrial Finance Agency Revenue Bonds Sewer Facility 1,304
(Resource Control Composting), AMT, 9.25% due 6/01/2010
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Michigan - 1.1% A NR* 1,000 Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds 1,076
(Hurley Medical Center), Series A, 6% due 7/01/2020
B Ba3 1,000 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Detroit 913
Medical Center Obligation Group), Series A, 6.50% due 8/15/2018
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Minnesota - 0.7% NR* NR* 1,230 Saint Paul, Minnesota, Port Authority, Hotel Facility Revenue Refunding 1,246
Bonds (Radisson Kellog Project), Series 2, 7.375% due 8/01/2029
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Missouri - 1.3% NR* NR* 1,200 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds 1,296
(Gravois Bluffs), 7% due 10/01/2021
NR* NR* 1,000 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds 1,012
(Bishop Spencer Place), Series A, 6.50% due 1/01/2035
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Nevada - 0.2% NR* NR* 430 Clark County, Nevada, Improvement District No. 142 Special Assessment, 443
6.375% due 8/01/2023
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New Jersey - Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds
13.3% (Holt Hauling & Warehousing), AMT, Series A (c):
NR* NR* 2,000 9.625% due 1/01/2011 265
NR* NR* 4,500 9.875% due 1/01/2021 596
3
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
------------------------------------------------------------------------------------------------------------------------------------
New Jersey CCC B2 $ 6,000 Camden County, New Jersey, Pollution Control Financing Authority, Solid $ 5,988
(concluded) Waste Resource Recovery, Revenue Refunding Bonds, AMT, Series A, 7.50%
due 12/01/2010
NR* Ba3 1,500 New Jersey EDA, IDR, Refunding (Newark Airport Marriott Hotel), 7% 1,546
due 10/01/2014
New Jersey EDA, Retirement Community Revenue Bonds, Series A:
NR* NR* 1,000 (Cedar Crest Village Inc. Facility), 7.25% due 11/15/2031 1,020
NR* NR* 3,700 (Seabrook Village Inc.), 8.125% due 11/15/2023 3,990
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT:
B Caa2 3,050 6.625% due 9/15/2012 2,700
B Caa2 5,135 6.25% due 9/15/2029 3,820
B+ NR* 1,870 New Jersey Health Care Facilities Financing Authority Revenue Bonds 1,730
(Pascack Valley Hospital Association), 6.625% due 7/01/2036
BBB Baa3 3,025 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 2,904
6.75% due 6/01/2039
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New Mexico - B+ Ba3 5,000 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Co.-San Juan 5,246
2.9% Project), Series A, 6.95% due 10/01/2020
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New York - 3.9% NR* NR* 1,000 Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Saint Francis 989
Hospital), Series B, 7.50% due 3/01/2029
New York City, New York, City IDA, Civic Facility Revenue Bonds:
NR* NR* 350 Series C, 6.80% due 6/01/2028 362
NR* NR* 1,495 (Special Needs Facility Pooled Program), Series C-1, 6.50%
due 7/01/2024 1,500
BB- Ba2 1,730 New York City, New York, City IDA, Special Facility Revenue Bonds 1,713
(British Airways PLC Project), AMT, 7.625% due 12/01/2032
Utica, New York, GO, Public Improvement:
BBB Baa3 700 9.25% due 8/15/2005 735
BBB Baa3 635 9.25% due 8/15/2006 698
NR* NR* 1,180 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage 1,199
Revenue Bonds (Kendal on Hudson Project), Series A, 6.50% due 1/01/2034
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North Carolina - NR* NR* 1,000 North Carolina Medical Care Commission, Retirement Facilities, First 1,017
0.6% Mortgage Revenue Bonds (Givens Estates Project), Series A, 6.50%
due 7/01/2032
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Oklahoma - 0.2% B- Caa2 420 Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds (AMR 418
Corporation), AMT, Series A, 5.80% due 6/01/2035
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Oregon - 0.7% NR* NR* 1,310 Western Generation Agency, Oregon, Cogeneration Project Revenue Bonds 1,334
(Wauna Cogeneration Project), AMT, Series B, 7.40% due 1/01/2016
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Pennsylvania - NR* NR* 1,750 Chester County, Pennsylvania, Health and Education Facilities Authority, 1,771
5.4% Senior Living Revenue Refunding Bonds (Jenners Pond Inc. Project), 7.625%
due 7/01/2034
Montgomery County, Pennsylvania, Higher Education and Health Authority
Revenue Bonds (Faulkeways at Gwynedd Project):
BBB NR* 900 6.75% due 11/15/2024 947
BBB NR* 925 6.75% due 11/15/2030 967
4
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
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Pennsylvania NR* Ba1 $ 1,600 Philadelphia, Pennsylvania, Authority for IDR (Air Cargo), AMT, Series A, $ 1,617
(concluded) 7.50% due 1/01/2025
NR* NR* 4,460 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 4,566
7.75% due 12/01/2017
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Tennessee - 1.0% NR* NR* 1,800 Shelby County, Tennessee, Health, Educational and Housing Facilities Board 1,848
Revenue Bonds (Germantown Village), Series A, 7.25% due 12/01/2034
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Texas - 10.8% BBB- Baa3 1,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises 1,059
Inc.), First Tier, Series A, 6.70% due 1/01/2028
Brazos River Authority, Texas, PCR, Refunding, AMT:
BBB Baa2 2,530 (Texas Utility Company), Series A, 7.70% due 4/01/2033 3,002
BBB Baa2 2,760 (Utilitlies Electric Company), Series B, 5.05% due 6/01/2030 2,840
BBB- NR* 1,220 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. 1,337
Project), Series B, 7.75% due 12/01/2018
BBB- Baa3 475 Dallas-Fort Worth, Texas, International Airport Facility, Improvement 473
Corporation Revenue Bonds (Learjet Inc.), AMT, Series 2001-A-1, 6.15%
due 1/01/2016
NR* NR* 1,660 Grand Prairie, Texas, Housing Finance Corporation Revenue Bonds 1,629
(Independent Senior Living Center), 7.75% due 1/01/2034
NR* NR* 1,000 Houston, Texas, Health Facilities Development Corporation, Retirement 1,030
Facility Revenue Bonds (Buckingham Senior Living Community), Series A,
7.125% due 2/15/2034
A- A3 1,440 Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor), 1,558
AMT, 6.375% due 4/01/2027
BBB NR* 945 Lufkin, Texas, Health Facilities Development Corporation, Health System 955
Revenue Bonds (Memorial Health System of East Texas), 5.70% due 2/15/2028
BBB- Ba2 2,310 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding 2,568
Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029
BB Ba2 1,330 Port Corpus Christi, Texas, Individual Development Corporation, 1,405
Environmental Facilities Revenue Bonds (Citgo Petroleum Corporation
Project), AMT, 8.25% due 11/01/2031
B- Ba3 2,000 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), 1,990
AMT, Series B, 6.70% due 11/01/2030
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Utah - 1.3% NR* NR* 2,240 Carbon County, Utah, Solid Waste Disposal, Revenue Refunding Bonds (Laidlaw 2,313
Environmental), AMT, Series A, 7.45% due 7/01/2017
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Virginia - 5.6% NR* NR* 2,490 Dulles Town Center, Virginia, Community Development Authority, Special 2,545
Assessment Tax (Dulles Town Center Project), 6.25% due 3/01/2026
BB Ba2 32,600 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior 7,753
Series B, 5.875%*** due 8/15/2025
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West Virginia - B- B2 875 Princeton, West Virginia, Hospital Revenue Refunding Bonds (Community 740
0.4% Hospital Association Inc. Project), 6.20% due 5/01/2013
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Wisconsin - 0.7% NR* NR* 1,320 Wisconsin State Health and Educational Facilities Authority Revenue Bonds 1,338
(New Castle Place Project), Series A, 7% due 12/01/2031
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Wyoming - 1.0% BB+ Ba3 1,800 Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds (FMC 1,829
Corporation Project), AMT, Series A, 7% due 6/01/2024
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5
Apex Municipal Fund, Inc.
Schedule of Investments as of September 30, 2004 (concluded) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
------------------------------------------------------------------------------------------------------------------------------------
Virgin Islands - BBB- Baa3 $ 2,100 Virgin Islands Government Refinery Facilities Revenue Refunding Bonds $ 2,285
1.2% (Hovensa Coker Project), AMT, 6.50% due 7/01/2021
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Total Municipal Bonds (Cost - $179,958) - 96.0% 176,626
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Total Investments (Cost - $179,958**) - 96.0% 176,626
Other Assets Less Liabilities - 4.0% 7,422
---------
Net Assets - 100.0% $ 184,048
=========
(a) MBIA Insured.
(b) The interest rate is subject to change periodically based upon prevailing
market rates. The interest rate shown is the rate in effect at September
30, 2004.
(c) Non-income producing security: issuer filed bankruptcy or is in default of
interest payments.
* Not Rated.
** The cost and unrealized appreciation/depreciation of investments as of
September 30, 2004 as computed for federal income tax purposes were as
follows:
(in Thousands)
---------
Aggregate cost $ 179,977
=========
Gross unrealized appreciation $ 8,188
Gross unrealized depreciation (11,539)
---------
Net unrealized depreciation $ (3,351)
=========
*** Represents a zero coupon bond: the interest rate shown reflects the
effective yield at the time of purchase by the fund.
+ Highest short-term rating by Moody's Investors Service, Inc.
6
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/ Terry K. Glenn
------------------------------
Terry K. Glenn,
President
Apex Municipal Fund, Inc.
Date: November 19, 2004
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/ Terry K. Glenn
------------------------------
Terry K. Glenn
President
Apex Municipal Fund, Inc.
Date: November 19, 2004
By: /s/ Donald C. Burke
------------------------------
Donald C. Burke
Chief Financial Officer
Apex Municipal Fund, Inc.
Date: November 19, 2004