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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001287695-06-000266.txt : 20060726
<SEC-HEADER>0001287695-06-000266.hdr.sgml : 20060726
<ACCEPTANCE-DATETIME>20060726132924
ACCESSION NUMBER:		0001287695-06-000266
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060531
FILED AS OF DATE:		20060726
DATE AS OF CHANGE:		20060726
EFFECTIVENESS DATE:		20060726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MUNIASSETS FUND INC
		CENTRAL INDEX KEY:			0000901243
		IRS NUMBER:				223239638
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07642
		FILM NUMBER:		06981099

	BUSINESS ADDRESS:	
		STREET 1:		800 SCUDDERS MILL RD
		CITY:			PLAINSBORO
		STATE:			NJ
		ZIP:			08536
		BUSINESS PHONE:		6092822800

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIINCOME FUND INC
		DATE OF NAME CHANGE:	19930517
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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008 B000001 A
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011 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
011 B000001 8-7221
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
011 C040001 1201
012 A000001 THE BANK OF NEW YORK
012 B000001 85-05006
012 C010001 NEW YORK
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012 C030001 10286
013 A000001 DELOITTE & TOUCHE LLP
<PAGE>      PAGE  2
013 B010001 PRINCETON
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013 B030001 08540
014 A000001 MLPF&S AND OTHER ML BROKER/DEALER AFFILIATES
014 B000001 8-7221
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
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015 A000002 BANKERS TRUST COMPANY
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015 C010002 NEW YORK
015 C020002 NY
015 C030002 10006
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015 A000003 J.P. MORGAN CHASE BANK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10017
015 E010003 X
015 A000004 CUSTODIAL TRUST CO.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
015 E010004 X
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022 A000001 ML INSTITUTIONAL TAX-EXEMPT FUND
<PAGE>      PAGE  3
022 B000001 22-2509978
022 C000001     23300
022 D000001     19000
022 A000002 SUNTRUST CAPITAL MARKETS, INC.
022 B000002 62-0871146
022 C000002      9665
022 D000002      9665
022 A000003 J.P. MORGAN SECURITIES INC.
022 B000003 13-3224016
022 C000003     10934
022 D000003      7100
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004      4900
022 D000004      8131
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005      9924
022 D000005      2415
022 A000006 B.C. ZIEGLER AND COMPANY
022 B000006 39-0727640
022 C000006      9090
022 D000006      2713
022 A000007 MORGAN KEEGAN & COMPANY, INC.
022 B000007 64-0474907
022 C000007      5350
022 D000007      5350
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008      6766
022 D000008      2666
022 A000009 CITIGROUP GLOBAL MARKETS INC.
022 B000009 11-2418191
022 C000009      2273
022 D000009      4220
022 A000010 PIPER JAFFRAY & CO.
022 B000010 41-0953246
022 C000010      5649
022 D000010       400
023 C000000     104715
023 D000000      82157
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077 A000000 Y
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<PAGE>      PAGE  8
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SIGNATURE   DONALD C. BURKE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>maset77b.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TITLE>
<META NAME="author" CONTENT="James Banks (Closed)&#10;">
<META NAME="date" CONTENT="05/18/2006">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:12pt; font-size:12pt; color:#000000"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">To the Shareholders and Board of Directors of</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">MuniAssets Fund, Inc.:</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">In planning and performing our audit of the financial statements of MuniAssets Fund, Inc. (the &#147;Fund&#148;) as of and for the year ended May 31<B>, </B>2006 in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s internal control over financial reporting. &nbsp;Accordingly, we express no such opinion.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. &nbsp;In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. &nbsp;A fund&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. &nbsp;Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&#146;s assets that could have a material effect on the financial statements.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. &nbsp;Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may deteriorate.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the fund&#146;s ability to initiate, authorize, record, process or report external financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the fund&#146;s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual
 or interim financial statements will not be prevented or detected. &nbsp;</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Our consideration of the Fund&#146;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). &nbsp;However, we noted no deficiencies in the Fund&#146;s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of May 31, 2006.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">This report is intended solely for the information and use of management and the Board of Directors of MuniAssets Fund, Inc., and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000">/s/ Deloitte &amp; Touche LLP</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:11pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">Princeton, New Jersey</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:11pt; font-size:11pt; color:#000000">July 20, 2006</P>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77O RULE 10F-3
<SEQUENCE>3
<FILENAME>maset77o.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>10F-3 TRANSACTIONS</TITLE>
<META NAME="author" CONTENT="reillhe">
<META NAME="date" CONTENT="07/24/2000">
</HEAD>
<BODY>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>MUNIASSETS FUND, INC. </P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>FILE # 811-7642</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center>ATTACHMENT 77O</P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin-left:0pt; margin-top:0pt; margin-bottom:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<TABLE style="margin-left:0pt"><TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000"><B>TRADE DATE</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=168><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000"><B>DESCRIPTION OF SECURITY</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>ISSUE SIZE </B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000" align=center><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>AMOUNT</B></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000" align=center><B>PURCHASED</B></P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=138><P style="margin:0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000"><BR></P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000"><B>MEMBER OF UNDERWRITING SYNDICATE FROM WHOM FUND PURCHASED</B></P>
</TD></TR>
<TR><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">5/24/2006</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=168><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">New Jersey St Trans Trst </P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=102><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">2,805,411,792</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=114><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">3,450,000</P>
</TD><TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width=138><P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Bear Stearns</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Citigroup Global</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Goldman Sachs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Stanley</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">RBC Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Siebert Brandford</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">UBS Securities</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Wachovia Bank</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">A.G. Edwards</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Apex Pryor Sec</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Banc of America</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">BB&amp;T Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Cabrera Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">First Albany</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Gates Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">George K. Baum &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Howard Gary &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Jackson Sec</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Janney Montgomery</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">J.P. Morgan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">J.B. Hanauer</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">LaSalle Financial</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Lehman Brothers</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Loop Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Merrill Lynch</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Morgan Keegan</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">M.R. Beal</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Piper Jaffray</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">PNC Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Popular Secs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Powell Capital</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Prager, Sealy </P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Raymond James</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Roosevelt &amp; Cross</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ryan Beck</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Ramirez &amp; Co.</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sovereign Secs</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sterne, Agee &amp; Leach</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Sturdivant &amp; Co</P>
<P style="margin:0pt; padding:0pt; text-indent:0pt; line-height:10pt; font-size:10pt; color:#000000">Toussaint Capital</P>
</TD></TR>
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