Q: Give me a quick breakdown of the Venture Muni Fund's portfolio.

A: The cash level is about 2% right now [Aug. 31]. Triple-A is about 18%; double-A is about 11%; single-A, 21%; triple-B, 13%; double-B, 5%; single-B about 0.3%. No triple C's. Nonrated is 29%. The average rating of the rated securities is still A-plus. The average maturity is about 16 years. The average coupon is about 8 1/4%.

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