THIS DOCUMENT IS A COPY OF THE SEMI-ANNUAL REPORT TO SHAREHOLDERS FILED ON
JUNE 8, 1995 PURSUANT TO A RULE 201 TEMPORARY HARDSHIP EXEMPTION.
Venture Muni (+) Plus, Inc.
P.O. Box 1688, 124 East Marcy Street
Santa Fe, New Mexico 87501
Dear Shareholder:
Venture Muni (+) Plus, Inc. had good performance over the six month period
ended March 31, 1995 in a rebounding bond market. Venture Muni (+) Plus'
total return for that period was 3.31%<F1> compared to the 4.76% average total
return of 40 funds in Lipper Analytical Inc.'s High Yield Debt Municipal fund
category.
For calendar 1994, Venture Muni's absolute performance was the strongest of
all 82 intermediate, 184 general, and 36 high yield municipal bond funds based
on total return according to Lipper Analytical Services, Inc. as reported in
the January 17, 1995 edition of The Bond Buyer. Venture Muni's total return
for the period was +2.29%. Only one other municipal bond fund in the three
categories (above) had a positive total return (+0.19%) over the period.
Based on your Fund's strong relative performance over the past several years,
several independent mutual fund rating services give Venture Muni Plus their
highest risk-adjusted ratings. Morningstar, Inc. gives Venture Muni Plus its
highest rating, ***** (five stars) overall (historical profile), based on the
risk-adjusted performance over the life of the Fund.<F2> It also gives Venture
Muni its ***** (five stars) rating on a three year and a five year risk-
adjusted performance basis. In addition, the most recent (January 13, 1995)
overall rating of Venture Muni Plus by Mutual Funds in its March, 1995,
edition is ***** (five stars), its highest rating.<F3>
Venture Muni's performance during 1994 resulted primarily from two strategies
spread among a majority of the Fund's more than three hundred issues. As the
municipal bond market was peaking in late 1993 and very early 1994, we
positioned the Fund very defensively withrespect to the possibility of rising
interest rates. We also continued to upgrade the credit quality of the Fund.
Subsequently, interest rates rose and prices of interest sensitive issues
dropped. Next, the yield differential between lower quality bonds and higher
quality bonds widened resulting in a drop in price of lower quality bonds,
which are less interest rate sensitive, but are more credit quality sensitive.
Our change in strategy in late October/early November 1994 helped the Fund
with its strong performance over the most recent six month period ended March
31, 1995. Early in that period, which turned out to be an intermediate market
bottom, we positioned approximately 20% of the Fund in discount (low coupon,
low dollar price) market performers but left the rest of the fund in very
defensive high-coupon, cushion bonds (large coupon bonds trading at lower
premium prices due to close call dates). The market rallied nicely from that
time period and our discount market performers rose in price an average of
about 8%. The price appreciation of the market performers helped Venture
Muni's performance keep pace with the rest of the municipal bond market during
the rally.
In the middle of February 1995, we took profits on the discount, market
performer positions and went back to the more defensive posture of the rest of
the portfolio. We think we caught most of the upside from that rally. Thus,
we have again taken a posture of giving up some upside potential to pick up
increased downside protection. This positioning should allow Venture Muni
to outperform in flat and hostile (rising rate, declining credit quality)
environments but under-perform in a large market rally in absolute total
return terms. However, we are hopeful that our posture should give us
favorable risk-adjusted performance similar to what we have achieved in the
past.
The defensive posturing undertaken approximately a year ago has paid off. The
aggressive stance on 20% of the portfolio that we took from late October/early
November 1994 through mid-February 1995 resulted in keeping our performance in
the middle of the pack during the rebound on an absolute total return basis.
We are back to a full defensive stance which
<PAGE>
Venture Muni (+) Plus, Inc.
P.O. Box 1688, 124 East Marcy Street
Santa Fe, New Mexico 87501
should outperform in a stable or rising rate environment but would probably
under-perform if interest rates drop substantially.
Respectfully submitted,
Martin H. Proyect B. Clark Stamper
Chairman and President Vice President and Portfolio Manager
May 23, 1995
[FN]
<F1>
Annual average rates of return for Venture Muni Plus B shares for the one-,
five- and ten-year periods ended March, 1995, are 6.41%, 7.28%, and 7.54%,
respectively. A contingent deferred sales charge would apply if redeemed
within six calendar years (see prospectus).
<F2>
The Morningstar proprietary ratings reflect historical risk-adjusted
performance as of March 31, 1995. The ratings are subject to change every
month. Morningstar ratings are calculated from the Fund's three-, five-, and
ten-year (or life of fund, which ever is shorter)average annual returns in
excess of 90-day Treasury Bill returns with appropriate fee adjustments
and a risk factor that reflects fund performance below 90-day T-bill returns.
Venture Muni (+) Plus B received 5 stars overall and, also, for the three- and
five-year periods. The Fund was rated against 638 and 458 municipal bond
funds for the respective periods. Ten percent of the funds in an investment
category receive five stars, 22.5% receive four stars, 35% receive three stars,
22.5% receive two stars, and 10% receive one star. Star ratings for the other
classes may vary, and are available only for classes with at least three
years of performance history. The ratings are based on past performance which
is no guarantee of future success.
<F3>
Mutual Funds computes risk-adjusted "all star" ratings independently for
several investment categories including tax-free bond funds. To qualify for
inclusion, a fund must have at least twoyears of net asset value or price
history. For bond funds, average weekly total returns and volatilities
(risk) are computed quarter-by-quarter for each available quarter going back
as far as ten years. The quarterly returns and volatilities are weighted: the
most recent quarter receives more weight and the oldest quarter the least.
The all star ratings explicitly take all front-end and back-end loads into
account. For tax-free bonds, safety (risk or volatility) are weighted equally.
Twenty percent of the funds in an investment category receive five stars (the
highest rating), the next 20% receive four stars, the middle 20% receive three
stars, the fourth-best 20% receive two stars, and the bottom 20% receive one
star. One thousand, one hundred eighty-two municipal funds were included in
the most recently published study (for period ending January 13, 1995).
Rankings are subject to change for each new period for which they are
calculated. The ratings are based on past performance which is no guarantee
of future success.
[/FN]
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments
At March 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
MUNICIPAL BONDS - (98.67%)
<CAPTION>
Value
Principal (Note 1)
- --------- --------
ALABAMA - (0.44%)
<S> <C> <C>
$ 85,000 Alabama Hsg. Fin. Auth. Sngl. Fam. Mtg. Rev.
Bds., Ser. B, Zero Cpn., 10/01/14............... $ 11,393
60,000 Baldwin Cnty, AL, Ind. Dev. Brd. IDR Bds., (Scott
Paper Corp. Prj.) Ser.'84,10.50%, 09/01/11...... 60,551
210,000 Ozark, AL, Medical Clinic Brd. 1st Mtg. Rev. Bds.
(United States Health & Hsg.Foundation, Inc.
Prj.), 9.25%, 10/01/99.......................... 221,624
500,000 The Special Care Fac. Fin. Auth. of the City of Pell
City, AL, 1st Mtg. Rev.Bds.(The Village of Cook
Springs, Inc. Prj.) Ser. '93-A, 8.50%,07/01/18.. 512,245
---------
805,813
---------
ALASKA - (0.49%)
690,000 Alaska Hsg. Fin. Corp., Insured Mtg. Prg. Bds., '90
1st Ser., 7.80%,12/01/30........................ 720,132
30,000 Alaska IDA, Prerefunded Lots 1 - 19, 7.85%,
04/01/95........................................ 30,000
140,000 Alaska IDA, Unrefunded Balance Lots 1 - 19, 7.85%,
04/01/95........................................ 140,000
---------
890,132
---------
ARIZONA - (2.30%)
220,000 Chandler, AZ, Improvement Dist. No. 51, 7.875%,
01/01/99........................................ 223,300
230,000 Coconino & Mohave Cntys., AZ, Unified School Dist.
No. 6, Cap.Appreciation Ref. Bds., Zero Cpn.,
07/01/02........................................ 151,368
990,000 The IDA. of the City of Casa Grande, AZ, Dev. Rev.
Bds.(Five Points Redevelopment Prj.), Sr. Bds.,
8.25%, 12/01/15................................. 1,006,117
500,000 The IDA of the City of Sierra Vista, 1st Mtg.
Nursing Home Ref. Rev. Bds.(Sierra Vista Medical
Investors, Ltd. Prj.) Ser. '94A, 8.50%,08/01/10. 513,030
5,000 The IDA of the Cnty. of Maricopa (Arizona)
Statewide Sngl. Fam. Mtg. Rev. Bds.(GNMA Mtg.
-Backed Sec. Program) Ser. '90, 7.85%,09/01/22.. 5,118
1,000,000 The IDA of the Cnty. of Maricopa, Mercy Hlth. Sys.,
Hlth. Fac. Rev. Bds.'85 Ser. D,9.00%, 07/01/99.. 1,031,710
80,000 The IDA of the Cnty. of Pima, AZ, Sngl. Fam. Mtg.
Rev. Bds. (GNMA Mtg.-Backed Sec. Program) Ser.
'88, 8.125%,09/01/20............................ 85,242
10,920,000 Phoenix, AZ, IDA Sngl. Fam. Mtg. Rev. Bds., Ser.
'84, Zero Cpn.,12/01/15......................... 1,111,708
735,000 Tucson & Pima Cnty., AZ, IDA Sngl. Fam. Mtg. Rev.
Bds. Cap. Appreciation,Zero Cpn., 02/01/17...... 84,444
----------
4,212,037
----------
ARKANSAS - (0.54%)
500,000 Independence Cnty., AR, PCR, (Mississippi Pwr. &
Lt. Co. Prj.) '82-A Ser. B, 9.50%, 07/01/14..... 554,305
425,000 Pulaski Cnty., AR, Hosp. Rev. Ref. and Construction
Bd. (Arkansas Children's Hosp. Prj.) Ser. '85,
10.125%, 03/01/15............................... 433,500
----------
987,805
----------
CALIFORNIA - (7.62%)
380,000 California Hlth. Fac. Auth. Insured Hosp. Rev. Bds.
(Victor Valley Community Hosp.) '84 Ser. A,
9.875%, 07/01/12................................ 388,938
1,035,000 California Hlth. Fac. Auth. Rev. Bds. (Presbyterian
Hosp.) Ser. A, 9.00%,05/01/12................... 1,039,181
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
CALIFORNIA - Continued
$995,000 California Hsg. Fin. Agy. Home Mtg. Rev. Bds.,
'91 Ser. C, 7.45%, 08/01/11..................... $1,066,759
35,000 California Hsg. Fin. Agy. Hsg. Rev. Bds. (Insured)
'85 Ser. A, 8.75%, 08/01/10..................... 36,950
135,000 California Hsg. Fin. Agy. Multi-Unit Rental Hsg.
Rev. Bds. '80 Ser. A, 8.75% 02/01/10............ 136,782
50,000 California Hsg. Fin. Agy. Multi-Unit Rental Hsg.
Rev. Bds. '80 Ser. A, 8.875% 02/01/21........... 50,564
450,000 California Pollution Control Fin. Auth., PCR Bds.
(United States Borax & Chemical Corp.) '80,
8.75%, 06/01/10................................. 452,417
1,400,000 Certificates of Participation, CA, Statewide
Communities Dev. Auth., Motion Picture and T.V.
Fund, Inverse Floating Rate Notes, Zero Cpn.,
01/01/08........................................ 1,111,194
1,500,000 Certificates of Participation, CA, Statewide
Communities Dev. Auth., Motion Picture and T.V.
Fund, Inverse Floating Rate Notes, Zero Cpn.,
01/01/09........................................ 1,188,330
460,000 City of Modesto, CA, Econ. Dev. Rev. Bds. (FHA
Insured Mtg. Loan - Evergreen Convalescent Home
Prj.), 10.50%, 08/01/19......................... 478,294
950,000 City of Napa, CA, '92, Ind. Rev. Ref. Bds. (Napa
Motel and Restaurant), 8.50%, 12/01/07.......... 966,407
435,000 Contra Costa Cnty., CA, Sngl. Home Mtg. Rev. Bds.,
Ser. '83, 9.25%, 06/01/15....................... 463,501
480,000 Cnty. of Los Angeles, Sngl. Fam. Mtg. Rev. Sr.
Bds., '86 Issue A, 7.33%, 08/01/10.............. 490,142
250,000 Dept. of Veteran Affairs of the State of
California, Home Purchase Rev. Bds., '88
Ser. A, 7.40%, 08/01/97......................... 262,863
250,000 Harbor Dept. of the City of Los Angeles, Rev.
Bds., Issue of '85, 8.70%,09/01/15.............. 279,943
1,000,000 Loma Linda, CA, IDR Bds., Medical Pptys. Prj. -
Loma Linda University, 10.625%, 11/01/12........ 1,014,220
330,000 Los Angeles, CA, Community Redevelopment Agy.Res.
Mtg. Rev. Bds., '85Ser. A,8.875%, 05/01/18...... 355,575
1,175,000 Los Angeles, CA , Mtg. Rev. Bds., FHA Section 8
Insured Mtg. Loan (Arleta Park Apts.) Ser. A,
9.75%, 03/01/06................................. 1,235,783
50,000 Los Angeles, CA, Reg'l. Airports Improvement Corp.
Lease Rev. Bds. (Los Angeles West Terminal Fuel
Corp.), 10.00%,01/01/01......................... 56,055
250,000 Marin Cnty., CA, Mtg. Rev. Bds. (Insured Multiplier
FHA-Marion Park Apts.),Zero Cpn., 04/01/011..... 40,608
1,000,000 Marin Cnty., CA, Mtg. Rev. Bds. (Insured Multiplier
FHA-Marion Park Apts.), Zero Cpn., 04/21/07..... 307,120
1,040,000 Mesa Consolidated Wtr. Dist., Certificates of
Participation ('88 Cap.Improvement Prg. -
Phase 2 Master Plan), 7.625,03/15/08............ 1,130,584
420,000 Redevelopment Agy. of the City of Oakland, Central
Dist. Redevelopment Prj. Tax Allocation Bds.,
Ser. A, 7.20%,02/01/09.......................... 438,421
250,000 San Franciso, CA, City & Cnty. Multi. Fam. Hsg.
Rev. Bds. (FHA Insured -Aspen South Hill Apts.)
Ser. C, 9.00%,12/01/26.......................... 258,763
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- ---------
CALIFORNIA - Continued
$2,600,000 Valley Ctr. Union School Dist., San Diego Cnty.,
CA, '93 G.O. Bds., Ser. A,Zero Cpn., 09/01/17... $619,762
-----------
13,969,156
-----------
COLORADO - (1.22%)
200,000 Arapahoe Cnty., CO, Sngl. Fam. Mtg. Rev.
Multiplier Bds., Ser. '83A, Zero Cpn.,12/01/09.. 41,702
200,000 City and Cnty. of Denver, CO, Airport Sys. Rev.
Bds., Ser. '85, 8.375%,08/01/11................. 202,756
4,000,000 Colorado Hlth. Fac. Auth., Retirement Hsg. Rev.
Bds. (Liberty Heights Prj.), '90 Subordinate
Ser. B, Zero Cpn.,07/15/22...................... 515,600
3,480,000 Colorado Hlth. Facs. Auth., Retirement Hsg. Rev.
Bds. (Liberty Heights Prj.), Subordinate Ser.
B, Zero Cpn., 07/15/20.......................... 521,269
535,000 Denver (City & Cnty.), CO, Sngl. Fam. Mtg. Rev.
Bds., Ser. '85A, Zero Cpn.,09/01/16............. 55,351
180,000 Hamilton Creek Metro. Dist., Summit Cnty., CO,
G.O., 11.25%,12/01/04........................... 104,400
770,000 Mesa Cnty., CO, IDR Ref. Bds. (Joy Tech. Inc. Prj.)
Ser. '92, 8.50%,09/15/06........................ 801,224
----------
2,242,302
----------
CONNECTICUT - (1.51%)
600,000 Connecticut Dev. Auth., Hlth. Care Rev. Bds. (Corp.
for Independent Living Prj.) Ser. '93B, 8.00%,
07/01/17........................................ 602,370
350,000 Connecticut Hsg. Fin. Auth., Hsg. Mtg. Fin. Prg.
Bds., '90 Ser. B, Subsec.B-4,7.30%, 11/15/033... 70,888
995,000 Connecticut State Dev. Auth. IDR (Continental
Group Inc. Prj.),11.625%, 06/01/11.............. 1,016,751
750,000 State of Connecticut, Special Tax Obligation Bds.,
Transportation Infrastructure Purposes, '84
Ser. A, 9.75%, 11/01/04......................... 775,800
----------
2,765,809
----------
DELAWARE - (0.57%)
810,000 Delaware Econ. Dev. Rev. Ref. Bds. (Supermarkets
General Corp. Prj.)Ser. '83,10.875%, 12/01/03... 837,678
290,000 Delaware St. Econ. Dev. Community Multi-Fam. Mtg.
Rev. Bds.,Cadis-GNMA-Chestnut Cross,
Zero Cpn., 07/20/20............................. 205,056
----------
1,042,734
----------
FLORIDA - (5.49%)
1,980,000 Broward Cnty., FL, Hsg. Fin. Auth. Rev. Home Mtg.,
Ser. A, Cap. Appreciation,Zero Cpn., 04/01/14... 298,505
25,000 Certificates of Participation, The School Brd. of
Dade Cnty., FL, 7.00%,02/01/98.................. 25,000
500,000 Charlotte Cnty., FL, IDR Ref. Bds. (Beverly Ent. -
Florida, Inc. Prj.) Ser. '87, 10.00%, 06/01/11.. 580,835
690,000 City of Tampa, FL, Home Mtg. Rev. Bds., '83 Ser. A,
Muni Multiplier Bds.,Zero Cpn., 10/01/14........ 90,197
100,000 Dade Cnty., FL, Hlth. Fac. Auth. Hosp. Rev. Ref. Bds
(Miami Heart Institute Prj.),9.00%, 08/01/99.... 104,643
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
FLORIDA - Continued
$250,000 Dade Cnty., FL, Hsg. Fin. Auth. Mtg. Rev. Bds.,
Collateralized-Lihud Ltd.Apts. Prj.,Ser. H,
10.50%, 06/01/00............................... $257,813
740,000 Dade Cnty., FL, Special Hsg. Rev. Bds. (City of
Miami Dev. - Indenture VIII),Ser. A, 11.00%,
07/01/12....................................... 769,696
1,200,000 Florida Hsg. Fin. Agy. (Southlake Apartments Prj.
D), 8.10%,10/01/02<F2>......................... 1,229,700
1,000,000 Hernando Cnty., FL, Secured IDR Ref. Bds. (Florida
Crushed Stone Co. Prj.) Ser. '93,8.50%,
12/01/14....................................... 1,038,150
120,000 Highlands Cnty., FL, IDA (Beverly Ent. - Florida,
Inc. Prj.) Ser. '91,9.25%, 07/01/07............ 134,375
600,000 Highlands Cnty. IDA (Florida) 1st Mtg. Hlth. Care
Rev. Bds., Ser. '91(Church of All Faiths, Inc.
Prj.), 9.375%, 10/01/21........................ 408,000
240,000 Jacksonville Elec. Auth. (Jacksonville, Florida)
St. Johns River Pwr.Park Sys. Rev.Bds., Issue
One, Ser. Seven, 8.875%,10/01/10............... 249,535
460,000 Jacksonville Elec. Auth. (Jacksonville, Florida)
St. Johns River Pwr.Park Sys. Rev.Bds., Issue
One, Ser. Two, 7.25%,10/01/13.................. 504,151
205,000 Jacksonville Hlth. Fac. Auth. Hosp. Rev. Ref. Bds.,
Ser. '89A (Methodist Hosp. Prjs.), 8.00%,
10/01/06....................................... 205,201
340,000 Jacksonville Hlth. Fac. Auth. Hosp. Rev. Ref. Bds.,
Ser. '89A (Methodist Hosp. Prjs.), 8.00%,
10/01/15....................................... 340,333
250,000 Jacksonville Hlth. Fac. Auth. Hosp. Rev. Ref. Bds.,
Ser. '89B (Methodist Hosp. Prjs.), 8.00%,
10/01/15....................................... 250,245
270,000 Leon Cnty., FL, Hsg. Fin. Auth. Sngl. Fam. Mtg.
Rev. Bds., Cap.Appreciation-Multi-Cnty. Prg.
'84A, Zero Cpn.03/01/02........................ 139,415
265,000 Leon Cnty., FL, Hsg. Fin. Auth. Sngl. Fam. Mtg.
Rev. Bds., Cap.Appreciation-Multi-Cnty. Prg.
'84A, Zero Cpn. 09/01/02....................... 130,465
265,000 Leon Cnty., FL, Hsg. Fin. Auth. Sngl. Fam. Mtg.
Rev. Bds., Cap.Appreciation-Multi-Cnty. Prg.
'84A, Zero Cpn.,09/01/03....................... 118,606
820,000 Manatee Cnty., FL, Hsg. Fin. Auth. Mtg. Rev. Bds.,
Cap. Appreciation, '83 Ser. A,Zero Cpn.,
10/01/15....................................... 97,531
75,000 Marion Cnty., FL, IDR (Midland-Ross Corp. Prj.)
Ser. '81, 11.875%,08/01/11..................... 76,979
500,000 Ocean Highway & Port Auth. Solid Waste/PCR Bds.
(Container Corp. of America Prj.)Ser. '85,
9.375%, 11/01/04............................... 529,315
475,000 Orange Cnty., FL, IDA (Beverly Ent. - Florida,
Inc. Prj.) Ser. '91, 9.25%, 08/01/10........... 529,269
3,000,000 Palm Beach Cnty., FL, Hsg. Fin. Auth. Sngl. Fam.
Mtg. Rev. Bds. Cap. Appreciation, Zero Cpn.,
07/01/14....................................... 395,100
1,000,000 South Indian River Wtr. Control Dist., Sect. 15A
Improvement Bds.(Egret Landing - Phase I),
8.00%, 11/01/18................................ 1,053,150
470,000 Winter Garden, FL, IDR Ref. Bds. (Beverly Ent.
Florida, Inc. Prj.) Ser.'91, 8.75%,07/01/12.... 509,203
-----------
10,065,412
-----------
GEORGIA - (2.10%)
250,000 Atlanta Hsg. Dev. Corp., Mtg. Rev. Bds., Ser.
'80A (Bedford Tower Section 8 Assisted Prj./FHA
Insured Mtg.), 10.375%,02/01/23................ 257,150
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
GEORGIA - Continued
$420,000 Columbus, GA, Dev. Auth. 1st Mtg. Rev. Bds.
(Colonial Homes Ltd.),12.00%, 12/01/15......... $450,698
4,885,000 Gwinnett Cnty., GA, Hsg. Auth. Sngl. Fam. Mtg. Rev.
Bds. Cap.Appreciation, Zero Cpn., 04/01/16..... 571,789
1,800,000 The Hsg. Auth. of Columbus, GA, Multifamily Hsg.
Rev. Bds. (Columbus Gardens Elderly Hsg. Prj.)
Ser. '94, 8.25%,01/01/24....................... 1,797,642
750,000 Macon Cnty., GA, Hosp. Ref. Rev. Bds. (Flint River
Comm. Hospital -Paracelsus Healthcare Corp.
Prj.) Ser. '91, 9.00%,03/01/11................. 779,685
----------
3,856,964
----------
IDAHO - (0.08%)
150,000 Idaho Hlth. Fac. Auth. Ref. Rev. Bds. (Kootenai
Med. Ctr. Prj.) Ser. '85, 8.50%,08/01/97....... 153,000
----------
ILLINOIS - (6.65%)
1,025,000 Aurora, IL, Hosp. Fac. Rev. Bds. (Mercy Ctr. Hlth.
Care Svcs.) Ser. A,9.625%, 10/01/09............ 1,071,730
380,000 Bensenville, IL, IDR Bds., Insured - Allied
Roofers Supply Prj., 10.25%,08/01/03........... 389,500
900,000 Chicago, IL, G.O. Ref. Bds., Ser. B, 7.25%,
01/01/06....................................... 943,749
200,000 Cook Cnty., IL, Community Cons. School Dist. No.
064 Park Ridge, School Fire Prevention and
Safety Bds., Utilities G.O., Ser. '88, 7.00%,
12/01/99....................................... 200,000
390,000 Cnty. of Cook, IL, Sngl. Mtg. Rev. Bds., '83
Ser. A, Zero Cpn., 07/01/15.................... 44,507
50,000 Illinois Educational Fac. Auth. Rev. Bds., Chicago
College Osteopathic Hlth.Sys.,9.30%, 07/01/98.. 51,534
105,000 Illinois Educational Fac. Auth. Rev. Bds., Chicago
College Osteopathic Hlth.Sys.,9.625%,07/01/05.. 108,855
500,000 Illinois Educational Fac. Auth. Rev. Bds., Chicago
College Osteopathic Hlth.Sys.,Ser. '92,
7.125%, 05/15/00............................... 515,575
1,000,000 Illinois Hlth. Fac. Auth. Rev. Bds., Ser. '93A
(Community Provider Pooled LoansPrg.), 7.875%,
08/15/05....................................... 1,006,540
1,085,000 Illinois Hsg. Dev. Auth. Multi-Fam. Hsg. Rev. Bds.
, Ser. '82, 10.625%,07/01/14................... 1,118,049
185,000 Illinois Hsg. Dev. Auth. Residential Mtg. Rev. Bds.
, Zero Cpn.,02/01/15........................... 23,850
100,000 Illinois Hsg. Dev. Auth. Residential Mtg. Rev. Bds.
, '90 Ser. B, Zero Cpn.,08/01/04............... 50,906
1,140,000 Onterie Ctr. Hsg. Fin. Corp., Mtg. Rev. Ref. Bds.,
Ser. '92A (FHA Insured Mtg.Loan - Onterie Ctr.
Prj.), 7.00%,07/01/12.......................... 1,207,100
200,000 Rolling Meadows, IL, Multi-Fam. Mtg. Rev. Ref.
Bds, Woodfield Gardens Apartments,7.75%,
02/01/04....................................... 215,876
1,000,000 St. Clair Cnty., IL, Pub. Bldg., Community Bldg.
Rev. Bds., 8.00%,12/01/05...................... 1,106,670
1,470,000 Taylorville, IL, Econ. Dev. Rev. Bds. (Kroger Co.
Prj.), 11.75%,04/01/07......................... 1,493,388
1,310,000 Urbana, IL, Econ. Dev. Rev. Bds. (Kroger Co.
Prj.), 11.50%,03/01/07......................... 1,330,226
150,000 Village of Hoffman Estates, Cook and Kane Cntys.,
IL, Tax Increment Rev.Bds.(Hoffman Estates Econ.
Dev. Prj. Area) Ser. '90, 7.625%,11/15/09...... 160,362
191,000 Village of Sauget, IL, IDR Bds. (The Pillsbury Co.
Prj.) Ser. '80,8.375%, 05/01/05................ 192,513
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONMDS - Continued Value
Principal (Note 1)
- --------- --------
ILLINOIS _ Continued
$1,000,000 Village of Wataga, IL, 1st Mtg. Hlth. Fac. Rev.
Bds. (First Humanics Corp. - Galesburg, IL
Prj.) Ser. '86, 10.00%,09/01/16................ $960,000
----------
12,190,930
----------
INDIANA - (1.21%)
615,000 Bloomington, IN, 1st Mtg. Rev. (Bloomington Plaza
- Kroger Corp.),12.25%, 06/01/07............... 632,128
500,000 Carmel, IN, Retirement Rental Hsg. Rev. Ref. Bds.
(Beverly Ent. -Indiana, Inc. Prj.)Ser. '92,
8.75%, 12/01/08................................ 542,860
560,000 City of Bloomington, IN, Econ. Dev. 1st Mtg. Rev.
Bds., Ser. '81A (Bloomington Plaza Co. Prj.
SCOA Ind. Inc., Lessee and Guarantor),
12.375%,06/01/11............................... 573,059
420,000 Elwood, IN, Econ. Dev. Rev. (K-Mart Co. - S. S.
Kresge Co. Prj.), 8.50.%,10/15/00.............. 421,155
15,000 Indiana Hsg. Fin. Auth. Sngl. Fam. Mtg. Rev. Bds.
(GNMA Collateralized HomeMtg. Prg.) '90
Ser. D, 7.40%, 07/01/21........................ 15,190
35,000 Indianapolis, IN, Econ. Dev. (GNMA Coll - Bethany
Indpt. Care), 9.15%,08/20/16................... 39,193
----------
2,223,585
----------
IOWA - (0.26%)
447,248 Creston, IA. IDR (S.S. Kresge Co. - K-Mart Inc.),
8.50%,08/01/00................................. 448,474
35,000 Muscatine, IA, IDR Bds. (Akzona Inc. Prj.),
8.00%,03/01/09................................. 34,996
----------
483,470
----------
KANSAS - (2.55%)
1,930,000 Kansas City, KS, Crawford Cnty., Tax-Exempt Muni
Multiplier Rev. Bds., Zero Cpn., 04/01/16..... 203,557
1,155,000 Kansas City, KS, Hosp. Rev. Bds., Ser. '74,
8.10%,12/01/04................................. 1,188,772
900,000 Saline Cnty., KS, Sngl. Fam. Mtg. Rev. Cap.
Accumulator Bds., Ser. '82 A, Zero Cpn.,
11/01/14....................................... 104,553
3,000,000 Wtr. Dist. No. 1 of Johnson Cnty., KS, Wtr. Rev.
Ref. Bds., Ser. '86,7.25%, 12/01/02............ 3,146,280
25,000 Westwood, KS, Ind. Rev. Bds., Great Atlantic &
Pacific Tea, 7.90%,06/01/03.................... 25,095
-----------
4,668,257
-----------
KENTUCKY - (1.43%)
1,150,000 City of Grayson, KY, Ind. Bldg. 1st Mtg. Rev. Bds,
Ser. A '83, K-Mart -Tenant andGuarantor,
9.875%, 03/01/06............................... 1,166,020
345,000 Cntys. of Jefferson, Oldham and Bullitt, KY, Home
Mtg. Rev. Bds, Ser. '84, 10.75%, 11/01/14...... 366,362
250,000 Floyd, KY, Gas Sys. Rev. Ref. Bds., Ser. '91A,
8.00%,09/01/12................................. 272,028
525,000 Greater KY, Hsg. Asst. Corp. Mtg. Rev. Bds., FHA
Insured Mtg. - Section 8 Assisted Living,
Ser. A, 10.10%, 09/01/22....................... 551,150
200,000 Jefferson Cnty., KY, Cap. Prjs. Corp. Rev. Bds.
Lease - Ser. B, Zero Cpn,08/15/07.............. 84,194
80,000 Jefferson Cnty., KY, PCR, Louisville Gas & Elec.
Co. - Ser. 85 A, 9.25%,07/01/15................ 82,434
425,000 Owensboro, KY, Elec. Light & Pwr. Rev. Bds.,
Ser. B, Zero Cpn.,01/01/09..................... 105,217
----------
2,627,405
----------
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
LOUISIANA - (1.15%)
$265,000 Jefferson Parish, LA, Home Mtg. Rev. Bds. Cap
Appreciation, Zero Cpn.,09/01/02............... $122,854
265,000 Jefferson Parish, LA, Home Mtg. Rev. Bds. Cap
Appreciation, Zero Cpn.,03/01/03............... 116,391
1,500,000 Louisiana Pub. Fac. Auth. Rev. Ref. Bds., Ser.'93
(Schwegmann Westside Expressway, Inc. Prj.),
8.00%, 10/01/09<F2>............................ 1,574,940
235,000 Louisiana Pub. Fac. Auth. Supplemental Student
Loan Rev. Variable Rate Demand Bds.,
(Statewide Prg.) Ser. '84C, 8.125%,12/01/99.... 238,274
50,000 Sales Tax School Bds., Parish School Brd. of the
Parish of Jefferson, State of LA, Ser. '86A,
7.00%, 02/01/08................................ 53,498
----------
2,105,957
----------
MAINE - (0.62%)
785,000 Maine Pub. Utility Financing Bank, Pub. Utility
Rev. Bds., Ser. '91 (Maine Pub.Svc. Co. Prj.),
7.875%, 04/01/21............................... 819,893
310,000 Rumford, ME, PCR Bds., Boise Cascade - Oxford -
MBIA - IBC, 7.375%,07/01/01.................... 312,139
----------
1,132,032
----------
MARYLAND - (0.15%)
150,000 Baltimore Cnty., MD, Multi. Fam. Mtg. Rev. Bds.,
Ser. '85 (GNMA Collateralized-Northbrooke
Apartments Prj.), 8.20%,12/20/97............... 150,000
25,000 Hsg. Auth. of Prince George's Cnty. (Maryland)
GNMA Collateralized Sngl.Fam.Mtg. Rev. Bds.,
'89 Ser. A, 8.10%,10/01/20..................... 29,878
100,000 Maryland State Community Dev. Admin. Hsg. Mtg.
Rev. Bds., FHA Insured,10.50%,01/01/12......... 101,830
----------
281,708
----------
MASSACHUSETTS - (2.43%)
250,000 Lawrence, MA, IDR Bds., (New Balance Realty Trust
Prj.), 10.00%,10/01/03......................... 256,145
265,000 Massachusetts College Student Loan Auth., Educ.
Loan Rev. Bds., 10.00%,05/01/01................ 269,301
85,000 Massachusetts Educ. Loan Auth., Educ. Loan Rev.
Bds., Issue C, Ser. '85A,7.875%,06/01/03....... 90,626
295,000 Massachusetts Educ. Loan Auth., Educ. Loan Rev.
Bds., Issue D, Ser. '89A,7.65%,01/01/07........ 313,358
705,000 Massachusetts Hsg. Fin. Agy. Multi-Fam. Hsg. Bds.,
'85 Ser. A, Zero Cpn.,07/01/12................. 615,197
1,330,000 Massachusetts Port Auth. Rev. Bds., Ser. '88-A,
7.75%,07/01/18................................. 1,366,961
675,000 Massachusetts State G.O., 10.50%,08/01/03......... 695,135
360,000 Massachusetts State G.O., 9.75%,09/01/03.......... 385,945
125,000 Massachusetts State Hlth. & Educational Fac.
Auth. Rev. Bds. (New England School of Law),
8.30%, 07/01/03................................ 125,000
125,000 Massachusetts State Hlth. & Educational Fac. Auth.
Rev. Bds. (New England Schoolof Law),
8.30%, 07/01/04................................ 125,000
190,000 Massachusetts State Ind. Fin. Agy., IDR Bds.
(Boston Beer), 11.50%,07/15/07................. 213,912
----------
4,456,580
----------
MICHIGAN - (4.14%)
100,000 Cnty. of Oakland, State of Michigan Bds.,
Clinton-Oakland Sys., Paint Creek Inceptor
Sewage Disposal Bds., 7.00%, 05/01/01.......... 102,179
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
MICHIGAN - Continued
$750,000 The Econ. Dev. Corp. of the City of Wetland, MI,
Contract Sec's Rev. Bds.(The Weyerhauser Co.
Contract Rev.), 9.80%,12/01/00................ $770,985
70,000 Kentwood, MI, Econ. Dev. Corp. Rev. Bds.(Hanover-
Kent, Inc. - K-Mart Corp.),7.85%, 09/01/01.... 71,117
315,000 Livonia, MI, IDR (Allied Supermarkets), 6.00%,
04/01/97...................................... 274,050
1,780,000 Michigan State Hosp. Fin. Auth. Hosp. Rev. Bds.
(Daughters of Charity -Saint Mary's Hosp.),
10.00%, 11/01/15.............................. 1,862,005
1,000,000 Michigan State Hsg. Dev. Auth., Rental Hsg. Rev.
Bds., Ser. A - AMBAC -TCRS, 6.40%, 04/01/05... 1,038,130
500,000 Michigan State Hsg. Dev. Auth. Rev. Bds.,
Ser. D, 7.75%,12/01/19........................ 532,200
290,000 Michigan State Hsg. Dev. Auth., Sngl.-Fam.
Insured Hsg. Bds., '86 Ser. A,8.00%,10/01/06.. 303,488
2,345,000 Monroe Cnty., MI, PCR Insured Rev. Bds. (Detroit
Edison Co.) Ser. A,9.625% 12/01/15............ 2,492,172
90,000 St. Clair Cnty., MI, Econ. Dev. Corp., Econ. Dev.
Rev. Bds. (K-Mart Corp.Prj.),9.50%, 02/01/06.. 91,168
60,000 Southgate, MI, Econ. Dev. Corp. Rev. Bds.
(Syfield Dev. Prj. - Kroger Co.) Ser. A,
10.50%, 11/15/05.............................. 62,152
----------
7,599,646
----------
MINNESOTA - (2.42%)
320,000 City of Coon Rapids, MN, Residential Mtg. Rev.
Bds., Ser. '82, 7.25%,05/01/14................ 243,200
100,000 Hsg. and Redevelopment Auth. of the City of St.
Paul, MN, Comm. Dev. Rev. Ref.Bds., Ser. '92
(Beverly Enterprises-MN, Inc. Prj.), 7.75%,
11/01/02...................................... 102,837
1,510,000 Minneapolis, MN, Community Dev. Agy. Hlth. Care
Fac. Insured Rev. Bds. (Walker Methodist
Health), 9.50%, 04/01/10...................... 1,545,878
165,000 Minneapolis, MN, Community Dev. Agy. Rev. Bds.
(River Bluff Prj.),11.375%, 06/01/09.......... 171,537
1,420,000 Minnesota State Hsg. Fin. Agy. Hsg. Dev. Rev.
Bds., 10.125%,02/01/13........................ 1,463,040
905,000 Sandstone, MN, 1st Mtg. FHA (Sandstone Area
Nursing Home), 10.00%,01/15/13................ 913,407
----------
4,439,899
----------
MISSISSIPPI - (3.58%)
2,235,000 Claiborne Cnty., MS, PCR (Middle South Energy,
Inc. Prj.) Ser. C, 9.875%, 12/01/14........... 2,567,859
635,000 Claiborne Cnty., MS, PCR (Middle South Energy,
Inc. Prj.) Ser. D, 12.50%, 06/15/15........... 663,715
1,100,000 Claiborne Cnty., MS, PCR (Middle South Energy,
Inc. Prj.) Ser. E, 9.50%, 04/01/16............ 1,171,456
810,000 Clarksdale, MS, Ind. Rev. Bds. (BAH Pptys/
Archer-Daniels),11.75%,06/01/11............... 868,571
210,000 Hattiesburg, MS, IDR, Ser. A - Scott Paper Co.
Prj., 9.75%, 10/01/12......................... 214,998
1,000,000 Mississippi Hosp. Equip. & Fac. Auth. Rev. Bds.
(Rush Medical Foundation Prj.) Ser. '91A,
8.75%, 01/01/16............................... 1,087,570
----------
6,574,169
----------
MISSOURI - (1.15%)
1,000,000 The IDA of the City of Joplin, MO, Hosp. Fac.
Ref. and Improvements Rev.Bds.(Tri-State
Osteopathic Hosp. Assoc. Prj.) Ser. '91,
8.25%,12/15/14................................ 1,010,890
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
MISSOURI _ Continued
$250,000 The IDA of the City of West Plains, MO, IDR Ref.
Bds. (Beatrice Cos., Inc. Prj.)Ser. '84,
8.75%, 08/01/07................................ $250,115
235,000 Missouri Hsg. Dev. Commission, Hsg. Dev. Bds.
(Federally Insured Mtg.Loans) Ser. July 1, 1975,
8.00%, 07/01/17................................ 240,487
75,000 State Environmental Improvement and Energy Res.
Auth. (Missouri)Floating/Fixed Rate PCR Bds.
(Assoc. Elec. Cooperative Inc. Prj.) Ser. '84G,
8.25%,11/15/14................................. 79,631
500,000 Stoddard Cnty., MO, IDA Ind. Rev. Bds (Wal-Mart
Bldg. Prj. Gtd. -Wal-Mart StoresInc.), 11.75%,
06/01/06....................................... 520,270
----------
2,101,393
----------
MONTANA - (0.04%)
80,000 Montana Brd. of Hsg., Sngl. Fam. Prg. Bds., '85
Ser. A (Federally Insured or Guaranteed Mtg.
Loans), Zero Cpn.,06/01/13..................... 69,320
----------
NEVADA - (0.38%)
150,000 Certificates of Participation, Clark Cnty., NV,
Acting on Behalf of the University Medical Ctr.
of Southern NV, and Carlyle Capital Markets
Inc., 5.50%,3/17/00............................ 146,192
950,000 State of Nevada Muni Bd. Bank Prj. No. 18 & 19,
8.40%,09/01/01................................. 542,880
----------
689,072
----------
NEW HAMPSHIRE - (0.63%)
240,000 The IDA of the State of New Hampshire, PCR Bds.
(Pub. Svc. Co. of NH Prj.- '91 Tax-Exempt
Ser. A), 7.65%, 05/01/21....................... 251,366
500,000 New Hampshire Higher Educ. & Hlth. Fac. Auth.
Rev. Bds. (NH Catholic Charities Issue)
Ser. '91, 8.40%, 08/01/11...................... 529,055
360,000 New Hampshire, IDR (Rockingham Race Track),
13.50%,11/01/99................................ 371,416
----------
1,151,837
----------
NEW JERSEY - (3.38%)
1,500,000 The Mercer Cnty. Improvement Auth., Mercer Cnty.,
NJ, Solid Waste Rev. Bds.(Res. Recovery Prj.,
Ref. Ser. B of '92), Zero Cpn.,04/01/15........ 294,930
725,000 The Mercer Cnty. Improvement Auth., Mercer Cnty.,
NJ, Solid Waste Rev. Bds. (Res. Recovery Prj.,
Ref. Ser. B of '92), Zero Cpn.,04/01/16........ 131,414
450,000 New Jersey Econ. Dev. Auth., Econ. Dev. Bds.
(Polymeric Resources Corp. Prj. - '94 Ser.),
9.00%, 12/01/19................................ 462,164
1,350,000 New Jersey Econ. Dev. Auth., Econ. Dev. Rev. Bds.
(Borg-Warner - Baker ProtectiveSvcs. Prj.)
Ser. '83, 9.95%, 12/01/03...................... 1,394,267
400,000 New Jersey Econ. Dev. Auth., Econ. Dev. Rev. Bds.
(Sun Chemical Corp.),7.50%,11/01/09............ 402,588
65,000 New Jersey Econ. Dev. Auth., Mtg. Rev. Ref. Bds.
(Geriatric and Medical Svcs., Inc.Prj.)
Ser. '92, 9.00%, 07/01/95...................... 65,422
70,000 New Jersey Econ. Dev. Auth., Mtg. Rev. Ref. Bds.
(Geriatric and Medical Svcs., Inc.Prj.)
Ser. '92, 9.00%, 07/01/96...................... 72,983
75,000 New Jersey Econ. Dev. Auth., Mtg. Rev. Ref. Bds.
(Geriatric and Medical Svcs., Inc.Prj.)
Ser. '92, 9.00%, 07/01/97...................... 80,281
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
NEW JERSEY - Continued
$80,000 New Jersey Econ. Dev. Auth., Mtg. Rev. Ref. Bds.
(Geriatric and Medical Svcs., Inc.Prj.)
Ser. '92, 9.00%, 07/01/98...................... $87,038
300,000 New Jersey Econ. Dev. Auth. Rev., Sr. Mtg. Bds.
(Holt Hauling and Warehouse)Ser. D,
10.25%, 09/15/14............................... 326,574
1,000,000 New Jersey Econ. Dev. Auth. Rev., Sr. Mtg. Bds.
(Sealy Mattress Mfg.Co.), 9.50%,10/01/02....... 1,083,670
195,000 New Jersey Hlth Care Fac. Financing Auth. Rev.
Bds., New Community Urban Renewal Corp. Issue
(FHA Insured Mtg.) Ser. A, 10.375%,02/01/24.... 199,666
195,000 New Jersey Hsg. Fin. Agy., Multi-Fam. Mtg. Rev.
Bds., '76-Ser. A,8.25%, 11/01/20............... 197,438
1,250,000 New Jersey Hsg. Fin. Agy. Special Pledge Rev.
Obligations, '76 Ser. One,8.25%,11/01/20....... 1,265,625
200,000 Passaic Cnty., NJ, Utilities Auth. Rev. Bds. Cap.
Appreciation, Zero Cpn.,03/01/01............... 138,274
----------
6,202,334
----------
NEW MEXICO - (0.35%)
120,000 Albuquerque, NM, Hlth. Care Sys. Rev. Bds.,
(Lovelace Medical Foundation Prj.), 12.00%,
03/01/11....................................... 120,630
150,000 City of Albuquerque, NM, Gross Receipts Tax
(Airport Rev.Supported-Subordinate Lien)
Adj./Fixed Rate Demand Rev. Bds., Ser. Dec. '94,
Tendered 7/1/14,8.25%, 07/01/14................ 156,302
150,000 City of Albuquerque, NM, Gross Receipts Tax
(Airport Rev.Supported-Subordinate Lien)
Adj./Fixed Rate Demand Rev. Bds., Ser. Dec. '94,
Tendered 7/1/97,8.25%, 07/01/14................ 155,661
20,000 City of Albuquerque, NM, Hlth. Care Sys. Rev. Bds.
(Lovelace Medical Foundation Prj.) Ser. '83A,
10.25%,03/01/11................................ 20,176
40,000 Clovis, NM, Sngl. Fam. Mtg. Rev. Bds., 7.15%,
02/01/97....................................... 40,354
75,000 Clovis, NM, Sngl. Fam. Mtg. Rev. Bds., 7.15%,
02/01/98....................................... 75,466
95,000 New Mexico Mtg. Fin. Auth. Sngl. Fam. Mtg. Prg.
Rev. Bds., 7.00%,07/01/14...................... 66,500
---------
635,089
---------
NEW YORK - (4.33%)
250,000 Battery Park City Auth., NY, Rev. Ref. Bds., Sr.
Ser. A, 5.70%,11/01/20......................... 227,513
500,000 Battery Park City Auth., POD III Hsg. Rev. Bds.,
Ser. '84 (FHA-Insured Mtg.),10.00%, 06/01/23... 508,600
385,000 The City of New York, G.O. Bds., Fiscal '95
Ser. F, 6.10%,02/15/02......................... 383,260
700,000 The City of New York, G.O. Bds., Fiscal '95
Ser. F, 6.20%,02/15/03......................... 696,493
2,630,000 Clifton Park, NY, IDA IDR Bds. (Caldor Inc. Prj.)
Ser. A, 11.25%,12/01/12........................ 2,711,583
400,000 Mechanicville, NY, Hsg. Dev. Corp. Mtg. Rev. Bds.
(Mechanicville Hsg.Elderly Prj.),
10.45%, 10/01/22............................... 409,992
565,000 New York City Hsg. Dev. Corp. General Hsg. Rev.
Bds., 7.50%,05/01/23........................... 577,741
705,000 New York State Medical Care Fac. Fin. Agy. Insured
Hosp. Mtg. Rev. Bds., '84 Ser. B, 10.125%,
01/15/24....................................... 714,031
855,000 New York State Medical Care Fac. Fin. Agy. Rev.
Bds. (Mercy Community Hosp. -Sisters Mercy),
9.80%, 11/01/16................................ 867,996
320,000 New York State Mtg. Agy. Rev. Bds., 7th Ser.,
8.625%,04/01/11................................ 331,898
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
NEW YORK _ Continued
$35,000 Onondaga Cnty., NY, IDA PCR (Colt Ind., Inc.
Prj.), 7.25%,06/01/08.......................... $34,965
450,000 State of New York Mtg. Agy., Mtg. Rev. Bds. Tenth
Ser. A, 8.10%,04/01/14......................... 479,678
----------
7,943,750
----------
NORTH CAROLINA - (1.95%)
2,900,000 North Carolina Eastern Muni Pwr. Agy., Pwr. Sys.
Rev. Bds., Ser. '93 A, 7.40%, 01/01/99......... 3,034,531
40,000 North Carolina Eastern Muni Pwr. Agy., Pwr. Sys.
Rev. Bds., Ref. Ser. '93 A, 5.50%, 01/01/13.... 33,842
500,000 Piedmont Hlth. Dev. Auth., Inc., 1st Mtg. Ref.
Rev. Bds. (Nash Grove Manor Inc. Fac.,
Nashville, North Carolina) Ser. '93A, 8.00%,
01/01/13....................................... 516,585
----------
3,584,958
----------
NORTH DAKOTA - (0.16%)
25,000 Grand Forks, ND, Hsg. Fin. Corp. (Ryan House
Section 8 - Elderly Hsg.), 10.375%, 02/01/22... 25,574
400,000 North Dakota State Hsg. Fin. Agy., Sngl. Fam. Mtg.
Rev. Bds., Cap. Appreciation -Ser. A,
Zero Cpn., 07/01/08............................ 144,204
150,000 North Dakota State Hsg. Fin. Agy., Sngl. Fam. Mtg.
Rev. Bds., Pacs. - Ser.A,Zero Cpn., 07/01/17... 122,462
----------
292,240
----------
OHIO - (8.62%)
865,000 Belmont Cnty., OH, Hlth. Sys. Rev. (East Ohio
Reg'l Hosp.) Ser. '85,9.50%, 01/01/05.......... 900,612
250,000 Certificates of Participation, City of Springboro
(Warren Cnty.), OH,(SpecialObligation),
7.15%, 12/01/10................................ 251,958
1,000,000 Clermont Cnty., OH, Hosp. Facs. Rev. Bds. (Mercy
Hlth. Care Sys.) Ser. A, 9.75%, 09/01/13....... 1,041,640
2,560,000 Cnty. of Clark, OH, Hosp. Ref. Rev. Bds., Ser. '85
(The Community Hosp.)Ser. '85B,9.375%,
04/01/08....................................... 2,664,883
1,000,000 Cnty. of Cuyahoga, OH, IDR Ref. Bds. (Joy Tech.
Inc. Prj.) Ser. '92,8.75%, 09/15/07............ 1,047,920
3,500,000 Dayton, OH, Airport Rev. Bds. (James M. Cox
Dayton Int'l. Airport),8.25%, 01/01/16......... 3,678,045
40,000 Greater Columbus Hsg. Assistance Corp., OH, Mtg.
Rev. FHA Insured Bds.,(Mtg. Loan - Section 8
Assisted), 10.40%,07/01/22..................... 42,098
930,000 Hilliard, OH, Hsg. Dev. Corp. Mtg. Rev. Bds.,
Ser. '80 (FHA Insured Mtg.Loan - Section 8
Assisted Prj.), 10.40%,06/01/22................ 991,733
250,000 Licking Cnty., OH, Hosp. Improvement Rev. Bds.
(Licking Memorial Hosp.Prj.),7.10%, 10/01/95... 252,485
825,000 Lucas Cnty., OH, IDR, Marigarde Nursing Home
Prj., 9.625%,06/01/98.......................... 831,600
1,265,000 Ohio Hsg. Fin. Agy. Sngl. Fam. Mtg. Rev. Bds.
Cap. Appreciation, Zero Cpn., 08/01/15......... 120,124
1,050,000 Ohio Hsg. Fin. Agy. Sngl. Fam. Mtg. Rev. Bds.
Cap Appreciation, Ser. '85 A,Zero Cpn.,
01/15/15....................................... 182,175
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
OHIO - Continued
$80,000 Ohio Hsg. Fin. Agy. Sngl. Fam. Mtg. Rev. Bds.
(GNMA Mtg.-Backed Sec. Prg.)'90 Ser. C,
Zero Cpn., 09/01/02............................ $47,274
420,000 Ohio State IDA (K-Mart Corp. Prj.), 10.00%,
02/15/08....................................... 1,439,937
1,000,000 Ohio Wtr. Dev. Auth., State of Ohio, Collateralized
PCR Ref. Bds., '94 Ser.A (The Cleveland Elec.
Illuminating Co. Prj.), 8.00%,10/01/23......... 1,032,630
780,000 Ohio Wtr. Dev. Auth., State of Ohio, Wtr. Dev.
Rev. Ref. Bds., '85 Ref. and Improvement Ser.,
9.375%, 12/01/18............................... 809,477
50,000 Port Clinton Hsg. Dev. Corp., Mtg. Rev. Bds.,
Ser. '81 (FHA Insured Mtg.Loan -Section 8
Assisted Prj.),10.125%,03/01/23................ 52,163
510,000 State of Ohio Floating Rate Collateralized PCR
Bds. (The Cleveland Elec.IlluminatingCo. Prj.)
Ohio Wtr. Dev. Auth., '84 Ser. A Bds.,
6.00%,12/01/20................................. 418,200
----------
15,804,954
----------
OKLAHOMA - (1.18%)
395,000 Cherokee Nation of Oklahoma, Rev. Bds.,
Ser. '92, 7.75%, 07/01/12<F2>.................. 407,838
200,000 Oklahoma Student Loan Auth., Student Loan Rev.
Ref. Bds., Ser. '92 A, 6.70%, 09/01/05......... 209,678
1,500,000 Trustees of the Oklahoma Ordinance Works Auth.
IDR Ref. Bds. (A.P. Green Ind., Inc.Prj.)
Ser. '92, 8.50%, 05/01/08...................... 1,546,620
----------
2,164,136
----------
PENNSYLVANIA - (6.66%)
340,000 Allegheny Cnty., PA, Residential. Fin. Auth. Sngl.
Fam. Mtg. Rev. Bds.,'83-Ser.-B,Zero Cpn.,
10/01/15....................................... 39,705
700,000 Beaver Cnty. IDA (Pennsylvania) Collateralized
PCR Bds. (The Cleveland Elec. Illuminating Co.
Beaver Valley Prj.) '84 Ser., 11.125%,11/15/14. 724,535
1,500,000 Beaver Cnty. IDA (Pennsylvania) PCR Bds., '84
Ser. A (The Toledo Edison Co. Beaver Valley
Prj.), 13.25%, 11/15/14........................ 1,539,795
3,000,000 Beaver Cnty., PA, IDA PCR (Ohio Edison Co.)
Beaver Valley-Ser. A,10.50%, 10/01/15.......... 3,161,460
85,000 Berks Cnty., PA, IDA IDR (Borg-Warner/Baker
Protection Svcs., Inc.)Ser. '81, 11.10%,
07/01/01....................................... 90,692
2,035,000 Berks Cnty., PA, IDA (Supermarkets General Corp.
Prj.), 10.50%,11/01/03......................... 2,095,053
105,000 Bucks Cnty., PA, IDA Mtg. Rev. (Geriatric and
Medical Svcs., Inc. Prj.)Ser. '92, 9.00%,
07/01/98....................................... 113,523
120,000 Chester Cnty., PA, IDA Mtg. Rev. Ref. Bds.
(Geriatric and Medical Svcs.,Inc. Prj.)
Ser. '92, 9.00%, 07/01/98...................... 130,558
85,000 Erie Cnty., PA, IDR Bds., Dow Chemical Co. -
Burrell Fac. - '80-B,8.00%, 04/01/01........... 86,068
35,000 Erie Cnty., PA, IDR Bds., Dow Chemical Co. -
Burrell Fac. - '80-B,8.00%, 04/01/02........... 35,443
130,000 Erie Cnty., PA, IDR Bds., Dow Chemical Co. -
Burrell Fac. - '80-B,8.00%, 04/01/05........... 131,634
45,000 Erie Cnty., PA, IDR Bds., Dow Chemical Co. -
Corry Fac. - '80-A, 8.00%,04/01/99............. 45,547
50,000 Horsham Twp., PA, Sewer Rev. Ref. Bds., 6.00%,
01/01/98....................................... 51,576
20,000 Indiana Cnty., PA, IDA PCR, Pennsylvania Elec.
Co. Prj., Ser. A, 7.75%,07/01/06............... 20,048
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
PENNSYLVANIA - Continued
$1,000,000 Lehigh Cnty., PA, IDA IDR Ref. Bds. (Allentown
Interstate Motel Assoc.Prj.),Ser. '93,
8.00%, 08/01/12................................ $1,022,720
810,000 Luzerne Cnty., PA, Hsg. Corp. Rev. Bds., 8.125%,
12/01/08....................................... 798,393
355,000 Mercer Cnty., PA, IDA, Gumberg Assoc. - Pine
Grove Square, The Kroger Co., Ind. Dev. 1st
Mtg. Rev. Bds., 13.00%,06/01/07................ 370,251
200,000 Northern Lehigh School Dist., Lehigh and
Northampton Cntys., PA, G.O.Bds.,Ser. of '90,
6.85%, 09/01/02................................ 199,992
100,000 Pennsylvania Hsg. Fin. Agy., Sngl. Fam. Mtg. Rev.
Bds., Ser. K, Zero Cpn.,10/01/13............... 69,563
250,000 Pennsylvania Hsg. Fin. Agy., Sngl. Fam. Mtg. Rev.
Bds., Ser. O, 8.125%,10/01/07.................. 267,438
165,000 Pennsylvania State G.O. Unlimited, 8.90%,
10/01/98....................................... 167,280
375,000 Somerset Cnty. IDA (Somerset Cnty., Pennsylvania)
Comm. Dev. 1st Mtg.Rev. Bds.,Ser. A '82, The
Kroger Co. Prj., 10.875%,12/15/07.............. 382,988
30,000 Uniontown Area, PA, School Auth., School Bldg.
Rev. Bds., 10.50%,10/01/00..................... 30,150
250,000 Warren Cnty., PA, IDA Specialized Dev. Rev. Ref.
Bds. (Beverly Ent. -Pennsylvania, Inc. Prj.)
Ser. '91, 9.00%, 11/01/12...................... 276,565
360,000 York Cnty., PA, IDA PCR Bds. (Atlantic City Elec.
Co.- Peach Bottom Prj.) Ser. 84-B, 10.50%,
07/15/12....................................... 369,274
----------
12,220,251
----------
RHODE ISLAND - (0.52%)
200,000 Rhode Island Hsg. and Mtg. Fin. Corp., Hlth. Care
Fac. Rev. Bds., Mt. St.FrancisHlth. Ctr. Issue,
Ser. '83 (FHA Insured Mtg.), 9.75%,07/15/03.... 205,558
730,000 Rhode Island Hsg. and Mtg. Fin. Corp., Multi-Fam.
Hsg. Bds., '80 Ser. A, (Section 8 Assisted),
8.875%, 07/01/07............................... 742,775
----------
948,333
----------
SOUTH CAROLINA - (1.36%)
400,000 Certificates of Participation, Ser. '90A, South
Carolina School Financing Corp.(School Dist.No.
2 of Sumter Cnty., SC Prj.), 8.125%,10/01/14... 429,104
2,000,000 City of Charleston, SC, Waterworks and Sewer Sys.
Ref. Rev. Bds., Ser.'86A,7.00%, 01/01/15....... 2,066,180
----------
2,495,284
----------
SOUTH DAKOTA - (0.02%)
30,000 South Dakota Bldg. Auth., Rev. Ref. Bds., Ser. of
Feb. '84, 10.50%,09/01/00...................... 34,824
----------
TENNESSEE - (2.69%)
200,000 Anderson Cnty., TN, Hlth. & Educational Fac. Bd.,
1st Mtg. Ref. Rev. Bds. (Lake City Hlth. Care
Ctr. Ltd. Fac.) Ser. '91, 9.00%,11/01/11....... 207,858
380,000 Anderson Cnty., TN, Ind. Dev. Brd. Ref. Rev. Bds.
(K-Mart Corp. Prj.),10.00%,06/01/08............ 391,066
210,000 Dover, TN, Hlth. & Educ. Fac., IDR (Wessex Corp.
Dover Prj.), 9.50%,09/01/11.................... 223,003
545,324 Dyer Cnty., TN, Ind. Dev. Brd. IDR Bds. (S.S.
Kresge Co. - K-Mart Corp.), 8.10%, 11/01/00.... 546,759
1,355,000 Lewisburg, TN, IDR Bds. (Mead Corp. Prj.),
7.875%,02/01/00................................ 1,365,135
532,582 McMinn Cnty., TN, Ind. Dev. Brd. Rev. Bds.,
(S.S. Kresge Co.), 8.00%,11/01/00.............. 533,961
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
TENNESSEE - Continued
$475,000 New Tazewell, TN, Hlth. Educational & Hsg. Fac.
Brd. IDR Bds. (Wessex Corp. New Tazewell Prj.)
Ser. '87, 10.00%,06/01/17...................... $492,865
725,000 Scott County, TN, IDR (Fruehauf Corp. Prj.)
Ser. '88, 10.75%,01/01/09...................... 741,755
30,000 Sevier Cnty., TN, Ind. Dev. Brd. IDR Bds. (K-Mart
Corp. Prj.), 9.25%,10/01/06.................... 30,400
395,000 Sevier Cnty., TN, Ind. Dev. Brd. IDR Bds. (The
Kroger Co. and Super X Prj.) Ser. A, 10.25%,
11/01/06....................................... 400,688
----------
4,933,490
----------
TEXAS - (8.56%)
940,000 Abilene, TX, Hlth. Facs. Dev. Corp. Rev. Ref. &
Improvement Bds.(Hendrick Med.Ctr.) Ser. A,
4.75%, 09/01/96................................ 941,109
400,000 City of College Station, TX, (Brazos Cnty.)
Utility Sys. Rev. Ref. Bds., Ser.'85, 9.50%,
02/01/00....................................... 407,528
410,000 Coastal Ind. Wtr. Auth., TX, Rev. Bds., 7.20%,
12/15/08....................................... 449,422
2,000,000 Corpus Christi, TX, Ind. Dev. Corp. Rev. Ref.
Bds. (Valero Refining Co.)Ser. A, 10.25%,
06/01/17....................................... 2,238,420
75,000 Dallas Cnty., TX, Flood Ctl. Dist. No. 1, Util.
Improvement & Cap. AppreciationRef. Bds.,
Ser. '86, Zero Cpn., 04/01/95.................. 75,000
690,000 Dallas Cnty., TX, Hsg. Fin. Corp., Sngl. Fam.
Mtg. Rev. Bds., Cap. Appreciation,
Zero Cpn., 10/01/15............................ 68,890
595,000 Harris Cnty., TX, Hsg. Fin. Corp., Mtg. Rev. FHA
Insured Bds. (South Lake Villas Apartments),
9.00%, 11/01/05................................ 613,600
30,000 Houston, TX, Hsg. Corp. No. 1 Rev. Bds.,
Long Drive Apartments - Section 8 Assisted,
9.00%, 02/01/20................................ 31,534
1,020,000 Jefferson Cnty., TX, Hlth. Fac. Dev. Corp. Hosp.
Rev. Bds. (Baptist Healthcare Sys. Prj.)
Ser. '91, 8.875%, 06/01/21..................... 1,099,846
415,000 Matagorda Cnty., TX, Navigation Dist. No. 1, PCR
(Central Pwr. & Light Co. Prj.),10.125%,
10/15/14....................................... 437,244
1,000,000 Southeast TX, Hsg. Fin. Corp. Multi-Fam. Hsg.
Rev., 1st Mtg. Rev. Bds.(The Ridge Apartments
Prj.), 8.30%,11/01/23.......................... 961,990
275,000 State of Texas, Veteran's Bds., Ser. '85, G.O.
Bds., 8.00%,12/01/04........................... 286,795
3,900,000 State of Texas, Veteran's Bds., Ser. '85, G.O.
Bds., 8.25%,12/01/10........................... 4,075,032
1,665,000 Texas Hsg. Agy., Residential Mtg. Rev. Bds.,
Ser. '87D, 8.40%,01/01/21...................... 1,747,651
495,000 Texas Water Res. Fin. Auth. Rev. Bds., Ser. '89,
7.20%,02/15/96................................. 504,474
50,000 Texas Water Res. Fin. Auth. Rev. Bds., Ser. '89,
7.625%,08/15/08................................ 53,824
150,000 Texas Water Res. Fin. Auth. Rev. Bds., Ser. '89,
7.50%,08/15/13................................. 158,171
1,510,000 Thomason Hlth. Fac. Dev. Corp., Hlth. Fac. Rev.
Bds. (El Paso Cnty. Hosp. Dist. Ltd. Tax
Equip. Fin. Prg.) Ser. '90, 7.20%,08/15/98..... 1,545,953
----------
15,696,483
----------
UTAH - (2.95%)
4,735,000 Intermountain Pwr. Agy., UT, Pwr. Supply Rev.
Ref. Bds., Ser. I, 9.00%,07/01/19.............. 4,866,160
50,000 Ogden City (Utah) Neighborhood Dev. Agy. Tax
Increment Rev. Ref. Bds.(25th St. Washington
Blvd. Prj.) Ser.'90 A and B, Zero Cpn.,
12/30/05....................................... 24,114
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
UTAH _ Continued
$50,000 St. George, UT, IDR Bds. (K-Mart Corp.) Ser. A
'84, 10.75%,10/15/08........................... $51,767
3,980,040 Utah State Hsg. Fin. Agy. Rev. Bds. Cap.
Appreciation Residential Mtg., Ser.'83A,
Zero Cpn., 07/01/16............................ 465,306
----------
5,407,347
----------
VERMONT - (1.59%)
1,500,000 Vermont Hsg. Fin. Agy. Multi-Fam. Hsg. Bds., '79
Ser. A, 8.50%,02/15/21......................... 1,523,640
75,000 Vermont Hsg. Fin. Agy. Multi-Fam. Hsg. Bds., '83
Ser. A, 9.75%,02/15/15......................... 77,664
985,000 Vermont Muni Bd. Bank, General Purpose/Pub.
Improvement Ser. A & B, 8.75%, 12/01/96........ 1,001,184
305,000 Vermont Muni Bd. Bank, '90 Ser. 1 Bds., 6.90%,
12/01/21....................................... 314,086
----------
2,916,574
----------
VIRGINIA - (0.87%)
460,000 IDA of the City of Norfolk, IDR Bds. (Ralston
Purina Co. Prj.) Ser. '81,11.00%, 06/01/01..... 471,482
405,000 IDA of Covington-Alleghany Cnty., VA, IDR Ref.
Bds. (Beverly Enterprises, Inc. Prj.)Ser. '91,
9.375%, 09/01/01............................... 456,038
100,000 Virginia St. Hsg. Dev. Auth. Multi-Fam. Hsg. Rev.
Bds., Ser. '85A, Zero Cpn.,05/01/06............ 34,852
100,000 Virginia State Res. Auth., Wtr. & Sewer Sys. Rev.
Bds., '85 Ser. A, 8.75%, 11/01/10.............. 104,617
500,000 Virginia State Res. Auth., Wtr. & Sewer Sys. Rev.
Bds., '85 Ser. B, 8.625%, 11/01/05............. 534,930
----------
1,601,919
----------
WEST VIRGINIA - (1.68%)
190,000 Berkeley Brooke Fayette Etc. Cnty., WV, Sngl.
Fam. Mtg. Rev. Bds., Ser. A, 9.10%, 08/01/11... 199,928
290,000 Ceredo, WV, Comm. Dev. Rev. Ref. Bds., (Big Bear
Stores Prj.), 8.75%,01/01/96................... 294,414
1,100,00 The Cnty. Commission of Harrison Cnty. (WV) Comm.
Dev. Rev. Ref. Bds.(K-Mart Corp. Prj.)
Ser. '94, 7.625%, 12/01/04..................... 1,160,203
400,000 Glasgow, WV, Hlth. Fac. Rev. Ref. Bds. (Beverly
Enterprises, Inc. Prj.)Ser. '91,
9.50%, 09/01/01................................ 454,736
950,000 West Virginia Hsg. Dev. Fd., Rental Dev. Prg.
Bds., Ser. C (Section 8 Assisted Dev.),
10.00%, 07/01/15............................... 978,215
----------
3,087,496
----------
WISCONSIN - (0.49%)
300,000 Clear Lake, WI, Sewer Sys. Mtg. Rev. Bds., 8.00%,
08/01/11....................................... 319,974
360,000 Wisconsin Hsg. & Econ. Dev. Auth., Home Ownership
Rev. Bds. Cap Appreciation -Issue, Zero Cpn.,
06/01/97....................................... 297,598
280,000 Wisconsin Hsg. Fin. Auth. Rev. Hsg. Fac. Mtg.
Rev. Bds., 9.875%,11/01/03..................... 284,956
----------
902,528
----------
<PAGE>
Venture Muni (+) Plus, Inc.
Schedule of Investments - Continued
At March 31, 1995 (Unaudited)
MUNICIPAL BONDS - Continued Value
Principal (Note 1)
- --------- --------
WYOMING _ (0.16%)
$360,000 Wyoming Community Dev. Auth., Cap. Appreciation
Rev. Ref. Bds., Sngl. FamMtg.-D,
Zero Cpn., 06/01/15............................ $289,058
----------
Total investments-(identified cost
$177,516,816)(98.67%)<F2>............... 180,947,472
Other assets less liabilities - (1.33%)...... 2,434,999
-----------
Net assets - (100%).......................... $183,382,471
-----------
-----------
<FN>
<F1> Aggregate cost for Federal income tax purposes is $177,516,816.
<F2> Represents securities valued at fair value in good faith by the Board of
Directors.
</FN>
</TABLE>
At March 31, 1995 unrealized appreciation (depreciation) of securities
for Federal income tax purposes was as follows:
<TABLE>
<S> <C>
Unrealized appreciation........... $ 5,584,230
Unrealized depreciation........... (2,153,574)
------------
Net unrealized appreciation..... $ 3,430,656
------------
------------
</TABLE>
See Notes to Financial Statements
<PAGE>
VENTURE MUNI (+) PLUS, INC.
Statement of Assets and Liabilities
At March 31, 1995 (Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value (identified
cost $177,516,816) (Note 1).............................. $ 180,947,472
Receivables:
Interest................................................. 4,544,537
Capital stock sold....................................... 223,143
Investment securities sold............................... 2,643,683
Prepaid expenses............................................ 65,988
-------------
Total assets....................................... 188,424,823
-------------
LIABILITIES:
Cash overdraft.............................................. 789,251
Payables:
Capital stock reacquired................................. 306,189
Investment securities purchased.......................... 3,557,280
Commissions to distributor (Note 5)...................... 199,373
Accrued expenses............................................ 190,259
-------------
Total liabilities.................................. 5,042,352
-------------
NET ASSETS (Note 5)............................................ $ 183,382,4711
-------------
-------------
CLASS A SHARES
Net assets............................................... $ 46,174,078
Shares outstanding....................................... 5,029,846
Net asset value and redemption price per share
(net assets/shares outstanding)....................... $ 9.18
---------
---------
Maximum offering price per share (100/95.25 of $9.18).... $ 9.64
---------
---------
CLASS B SHARES
Net assets............................................... $ 137,208,393
Shares outstanding....................................... 14,970,849
Net asset value, offering and redemption price per
share (net assets/shares outstanding)................ $ 9.17
---------
---------
Net assets consist of:
Undistributed net income.................................... $ 168,023
Unrealized appreciation on investments...................... 3,430,656
Accumulated net realized gain............................... 698,106
Paid-in capital............................................. 179,085,686
-------------
Net assets........................................... $ 183,382,471
-------------
-------------
</TABLE>
See Notes to Financial Statements
<PAGE>
VENTURE MUNI (+) PLUS, INC.
Statement of Operations
For the six months ended March 31, 1995 (Unaudited)
<TABLE>
<S> <C>
Investment Income:
Income:
Interest................................................. $ 6,703,048
------------
Expenses:
Management fees (Note 3)................................. 696,531
Custodian fees........................................... 85,590
Transfer agent fees...................................... 80,075
Audit fees............................................... 15,750
Legal fees............................................... 33,722
Accounting fees (Note 3)................................. 15,498
Reports to shareholders.................................. 10,970
Directors fees and expenses.............................. 33,590
Registration and filing fees............................. 29,089
Miscellaneous............................................ 25,414
Commissions paid under distribution plan (Note 5)
Class A............................................... 30,832
Class B............................................... 769,458
------------
Total expenses..................................... 1,826,519
------------
Net investment income........................... 4,876,529
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain from investment transactions.............. 698,106
Net increase in unrealized appreciation of
investments during the period............................ 1,545,143
------------
Net realized and unrealized gain on investments....... 2,243,249
------------
Net increase in net assets resulting from operations.. $ 7,119,778
------------
------------
</TABLE>
See Notes to Financial Statements
<PAGE>
VENTURE MUNI (+) PLUS, INC.
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended Year Ended
March 31, 1995 September 30,
(Unaudited) 1994
-------------- ------------
<S> <C> <C>
Operations:
Net investment income...................... $ 4,876,529 $ 8,179,372
Net realized gain from investment
transactions............................ 698,106 1,538,520
Net increase (decrease) in unrealized
appreciation ofinvestments.............. 1,545,143 (4,964,841)
------------- -----------
Net increase in net assets
resulting from operations 7,119,778 4,753,051
Distributions to shareholders from:
Distribution from net investment income
Class A ($0.14 per share)............... (664,281) -
Class B ($0.22 and $0.44 per share,
respectively)........................ (4,044,224) (8,179,372)
Distribution from gains from
investment transactions
Class B ($0.28 per share)............... - (1,335,899)
Distribution in excess of net investment income
Class B ($0.01 and $0.07 per share,
respectively)........................ (235,293) (5,246,115)
Tax return of capital distribution
Class B ($0.04 and $0.03 per share,
respectively)........................ (595,725) (565,878)
Capital share transactions (Note 4)........... (7,071,371) 35,429,929
------------- ------------
Total increase (decrease) in net assets... (5,491,116) 24,855,716
Net Assets:
Beginning of year.......................... 188,873,587 164,017,871
------------- ------------
End of year................................ $ 183,382,471 $188,873,587
------------- ------------
------------- ------------
</TABLE>
See Notes to Financial Statements
<PAGE>
Venture Muni (+) Plus, Inc.
Notes to Financial Statements (Unaudited)
Note 1 - Summary of Significant Accounting Policies
Venture Muni (+) Plus, Inc. is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end management investment company.
The Fund's primary objective is to achieve a high level of current income.
The Fund also seeks capital growth so long as such objective is consistent
with its primary objective. The Fund invests primarily in high yield, high
risk, low rated and unrated bonds commonly referred to as "junk bonds." Such
securities are speculative and subject to greater market fluctuations and risk
of loss of income and principal than higher rated bonds. On December 1, 1994,
the Company commenced the offering of shares in two classes, Class A and Class
B. The Class A shares are sold with a front-end sales charge and the
Class B shares are sold at net asset value and may be subject to a contingent
deferred sales charge upon redemption. All classes have identical rights with
respect to voting (exclusive of each Class's distribution arrangement),
liquidation and distributions. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements.
Security Valuation
Municipal bonds are normally valued on the basis of prices provided by a
pricing service. Securities not priced in this manner are priced at the last
sales price if traded on that day and, if not traded, at the mean between the
most recent quoted bid and ask prices provided by investment dealers. Short-
term obligations are valued at amortized cost, which approximates value.
The pricing service and valuation procedures are reviewed and subject to
approval by the Board of Directors.
Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its tax-exempt and taxable income to shareholders.
Therefore, no provision for federal income tax is required.
Securities Transactions and Related Investment Income
Securities transactions are accounted for on the trade date (date the order to
buy or sell is executed) with gain or loss on the sale of securities being
determined based upon identified cost.
Investment Income and Distributions to Shareholders
Interest income is recorded on the accrual basis. Dividends and distributions
to shareholders are recorded on the ex-dividend date. Premiums on tax-exempt
securities and original issue discounts are amortized to investment income for
financial reporting and tax purposes. Premiums are amortized over the life of
the respective securities or to the earliest call date, if applicable.
Note 2 - Purchases and Sales of Securities
Purchases and sales of investment securities (excluding short-term securities)
during the six months ended March 31, 1995, were $158,658,028 and $157,285,836,
respectively.
Note 3 - Investment Advisory Fees and Other Transactions with Affiliates
The Fund pays advisory fees for investment management and advisory services
under a management agreement with Selected/Venture Advisers, L.P. (the
"Adviser"). The agreement provides for a monthly fee of .0625 of 1%
(equivalent
<PAGE>
Venture Muni (+) Plus, Inc.
Notes to Financial Statements (Unaudited) - Continued
Note 3 - Investment Advisory Fees and Other Transactions with Affiliates -
(continued)
to .75 of 1% per annum) of the first $250 million of average daily net assets
of the Fund. Regardless of the above provision, the Adviser will pay or
refund to the Fund all expenses borne by the Fund in any fiscal year
(including the advisory fee, but excluding interest, taxes, brokerage fees,
payments made to the Distributor under any Rule 12b-1 Distribution Plan
adopted by the Fund and, where permitted, extraordinary expenses) that exceed
limitations imposed by the most restrictive state securities laws or
regulations. The Adviser must reimburse the Fund for any such excess at least
annually, up to the amount of its advisory fee. The Adviser believes that the
most restrictive expense limitations presently applicable are 2 1/2% for the
first $30 million of average net assets, 2% for the next $70 million of average
net assets and 1 1/2% for any additional average net assets. The Adviser is
paid for registering Fund shares for sale in various states. The fee for the
six months ended March 31, 1995 amounted to $4,002. The Adviser is paid for
certain transfer agent services. The fee for the six months ended March 31,
1995 amounted to $11,858. The Adviser is also paid for certain accounting
services. The fee for the six months ended March 31, 1995 amounted to $15,498.
The officers and three directors of the Fund are also officers and directors
of the general partner of the Adviser.
Note 4 - Distribution and Underwriting Fees
Class A Shares
Class A shares of the Fund are sold at net asset value plus a sales charge and
are redeemed at net asset value (without a contingent deferred sales charge).
During the four months ended March 31, 1995, the Fund's Underwriter,
Selected/Venture Advisers, L.P., received $9,109 from commissions earned on
sales of Class A shares of the Fund of which $1,908 was retained by the
Underwriter and the remaining $7,201 was reallowed to investment dealers.
Selected/Venture Advisers, L.P. paid the costs ofprospectuses in excess of
those required to be filed as part of the Fund's registration statement,
sales literature and other expenses assumed or incurred by it in connection
with such sales.
The Underwriter is reimbursed for amounts paid to dealers as a maintenance fee
with respect to Class A shares sold by dealers and remaining outstanding during
the period. The maintenance fee is paid at the annual rate of 1/4 of 1% of the
average net assets maintained by the responsible dealers. The Underwriter is
not reimbursed for accounts in which the Underwriter pays no service fees to
other firms. The maintenance fee for Class A shares of the Fund for the four
months ended March 31, 1995 was $30,832.
Class B Shares
Class B shares of the Fund are sold at net asset value and are redeemed at net
asset value less a contingent deferred sales charge if redeemed within six
years of purchase.
The Fund pays the Distributor a 4% commission on the proceeds from the sale of
Fund's Class B shares and the Distributor reallows 4% to the qualified dealer
responsible for the sale of the shares. A rule implemented by the National
Association of Securities Dealers, Inc., ("NASD") limits the percentage of the
Fund's annual average net assets attributable to Class B shares which may be
used to reimburse the Distributor. The limit is 1%, of which 0.75% may
be used to pay distribution expenses and 0.25% may be used to pay shareholder
service fees. The NASD rule also limits the aggregate amount the Fund may pay
for distribution to 6.25% of gross sales since inception of the Rule 12b-1 plan
plus
<PAGE>
Venture Muni (+) Plus, Inc.
Notes to Financial Statements (Unaudited) - Continued
Note 4 - Distribution and Underwriting Fees - (Continued)
Class B Shares - (Continued)
interest at 1% over the prime rate on unpaid amounts. The Distributor intends
to seek full payment (plus interest at prime plus 1%) of distribution charges
that exceed the new 1% annual limit in some future period or periods when the
plan limits have not been reached.
During the six months ended March 31, 1995, Class B shares of the Fund made
distribution plan payments which included commissions of $582,605 and
maintenance fees of $186,853.
Commissions earned by the Distributor during the six months ended March 31,
1995 on the sale of Class B shares of the Fund amounted to $498,480 of which
$457,351 was reallowed to qualified selling dealers.
The Distributor intends to seek payment from Class B shares of the Fund in the
amount of $3,204,092, representing the cumulative commissions earned by the
Distributor on the sale of the Fund's Class B shares reduced by cumulative
commissions paid by the Fund and cumulative contingent deferred sales charge
paid by redeeming shareholders. The Fund has no contractual obligation to
pay any such distribution charges and the amount, if any, timing and condition
of such payment are solely within the discretion of the Directors who are not
interested persons of the Fund or the Distributor.
A contingent deferred sales charge is imposed upon redemption of certain Class
B shares of the Fund within six years of the original purchase. The charge is
a declining percentage starting at 4% of the lesser of net asset value of the
shares redeemed or the total cost of such shares. During the six months ended
March 31, 1995 the Distributor received contingent deferred sales charges
from Class B shares of the Fund of $422,463. (Prior to December 1, 1994, the
charge was a declining percentage starting at 4% of the lesser of net asset
value of the shares redeemed or the total cost of such shares. The charge was
imposed upon redemption of certain Class B shares of the Fund within four
calendar years of the original purchase.)
Note 5 - Capital Stock
At March 31, 1995, there were 1,000,000,000 shares of capital stock ($0.01 par
value per share) authorized. Transactions in capital stock were as follows:
<TABLE>
For the Six Months
Ended March 31, 1995
Class A (Unaudited)
--------------------
<CAPTION>
Shares Amount
------ ------
<S> <C> <C>
Shares sold....................................... 5,320,456 $ 47,433,928
Shares issued to shareholders in connection with
reinvestment of distributions.................. 36,934 334,834
---------- ------------
5,357,390 47,768,762
Shares reacquired................................. (327,544) (2,970,204)
---------- ------------
Net increase...................................... 5,029,846 $ 44,798,558
---------- ------------
---------- ------------
<PAGE>
Venture Muni (+) Plus, Inc.
Notes to Financial Statements (Unaudited) - Continued
For the Year Ended
Class A - Continued September 30, 1994
------------------
Shares Amount
------ ------
Shares sold....................................... - $ -
Shares issued to shareholders in connection with
reinvestment of distributions.................. - -
---------- ------------
- -
Shares reacquired................................ - -
---------- ------------
Net increase..................................... - $ -
---------- ------------
---------- ------------
For the Six Months
Ended March 31, 1995
Class B (Unaudited)
--------------------
Shares Amount
------ ------
Shares sold....................................... 2,111,620 $ 18,988,361
Shares issued to shareholders in connection with
reinvestment of distributions.................. 261,984 2,358,734
---------- ------------
2,373,604 21,347,095
Shares reacquired................................. (8,188,182) (73,217,024)
---------- ------------
Net decrease...................................... (5,814,578) $(51,869,929)
---------- ------------
---------- ------------
For the Year Ended
September 30, 1994
------------------
Shares Amount
------ ------
Shares sold....................................... 7,692,698 $ 71,879,239
Shares issued to shareholders in connection with
reinvestment of distributions.................. 853,256 7,924,635
---------- ------------
8,545,954 79,803,874
---------- ------------
Shares reacquired................................. (4,752,445) (44,373,945)
---------- ------------
Net increase...................................... 3,793,509 $ 35,429,929
---------- ------------
---------- ------------
</TABLE>
Venture Muni (+) Plus, Inc.
Financial Highlights
The following financial information represents financial highlights for each
share of capital stock outstanding throughout each period:
<TABLE>
Class A --------------------Class B---------------------
Four Six
Months Months
Ended Ended
March 31, March 31,
(Unaudited)(Unaudited) Year ended September 30,
-------------------- ----------------------------------
<CAPTION>
1995 1995 1994 1993 1992 1991 1990
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period........... $8.90 $9.09 $9.65 $9.49 $9.41 $9.30 $9.58
Income From Investment Operations
- ---------------------------------
Net Investment
Income........... .17 .22 .44 .54 .54 .67 .59
Net Gains or Losses on
Securities (both realized
and unrealized).. .25 .13 (.18) .29 .27 .22 (.09)
----- ----- ----- ----- ----- ----- -----
Total From Investment
Operations....... .42 .35 .26 .83 .81 .89 .50
Less Distributions
- ------------------
Dividends (from net
investment
income).......... (.14) (.22) (.44) (.54) (.54) (.67) (.59)
Distribution from gains
from investment
transactions..... - - (.28) - - - -
Distribution in excess
of net investment
income........... - (.01) (.07) (.10) (.12) (.11) (.12)
Tax Return of capital
distributions.... - (.04) (.03) (.03) (.07) - (.07)
----- ----- ----- ----- ----- ----- -----
Total
Distributions.... (.14) (.27) (.82) (.67) (.73) (.78) (.78)
----- ----- ----- ----- ----- ----- -----
Net Asset Value,
End of Period.... $9.18 $9.17 $9.09 $9.65 $9.49 $9.41 $9.30
----- ----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- ----- -----
Total Return...... 7.34%<F1> 6.76%<F1> 2.81% 9.10% 8.89% 10.09% 5.37%
- ------------
Ratios/Supplemental Data
- ------------------------
Net Assets, End of Period
(000 omitted)..... 46,174 137,208 188,874 164,018 124,227 91,718 80,283
Ratio of Expenses to
Average
Net Assets........ 1.36%<F1> 2.08%<F1> 2.07% 2.26% 2.41% 2.41% 2.44%
Ratio of Net Income to
Average
Net Assets........ 5.92%<F1> 5.20%<F1> 4.59% 5.50% 5.53% 7.13% 6.08%
Portfolio Turnover
Rate.............. 86.61% 86.61% 113.46% 107.80% 47.31% 55.07% 28.77%
<FN>
<F1>
Annualized
</FN>
</TABLE>
<PAGE>
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<PAGE>
VENTURE MUNI (+) PLUS, INC.
124 East Marcy Street Santa Fe, New Mexico 87501
Directors Officers
Martin H. Proyect Martin H. Proyect
Wesley E. Bass, Jr. Chairman &
Marc P. Blum President
Shelby M.C. Davis Carl R. Luff
Eugene M. Feinblatt Vice President, Treasurer
Jerry D. Geist & Assistant Secretary
D. James Guzy Raymond O. Padilla
G. Bernard Hamilton Vice President, Secretary
LeRoy E. Hoffberger & Assistant Treasurer
Laurence W. Levine Carolyn H. Spolidoro
Carl R. Luff Vice President
Edwin R. Werner Louis R. Proyect
Vice President
B. Clark Stamper
Vice President
Andrew A. Davis
Vice President
Eileen R. Street
Assistant Treasury
& Assistant Secretary
Investment Adviser & Distributor
Selected/Venture Advisers, L.P.
124 East Marcy Street
Santa Fe, New Mexico 87501
Transfer Agent & Custodian
State Street Bank & Trust Company
c/o The Venture Funds
P. O. Box 8406
Boston, MA 02266-8406
Counsel
D'Ancona & Pflaum
30 North LaSalle Street
Chicago, Illinois 60602
For more information about Venture Muni (+) Plus, Inc. including management
fee, charges and expenses, see the current prospectus which must precede or
accompany this report.
9505-10 VMP70
