The Municipal Securities Rulemaking Board's net assets rose to just over $28 million for the fiscal year ending Sept. 30, 2008, $3.6 million more than the previous year, according to an audited financial statement and report released by the board yesterday.

"Our careful monitoring of expenses and our conservative investment policy have left us positioned better off in these troubled times, in spite of the resources spent on our transparency initiatives," MSRB chief financial officer Melanie Richardson said in an interview, referring generally to the board's development of the Electronic Municipal Market Access system as well as its transparency programs for the short-term market.

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