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Like other bonds, municipal bonds have credit risk, market risk, and so forth. In some instances the nature of the credit risk may be very different from that of corporate securities (as with a municipality s ability to generate tax revenues as opposed to profits in a more traditional business sense), and may be quite similar to corporate securities in other instances (as when a hospital issues revenue bonds that must be supported by successful ongoing operations). As an incentive for states and municipalities to have access to lower-cost funding sources, municipal securities typically are offered with some kind of tax free-status attached. Since investors know going into the investment that they will be taxprotected to at least some degree, they get a lower yield and coupon on their investment. This lower coupon payment directly translates into a lower cost of funding for the municipal entity. Often investors in municipal securities monitor the ratio of municipal yield levels to fully taxable yield levels, as one measure of gauging relative value on a broad basis between these two asset classes. Ultimately, the investment decision of whether or not to invest in municipal securities comes down to the matter of tax incentives. Tax matters may not be the most terribly exciting of considerations when it comes to strategy development, but they can be tremendously important when it comes to the calculation of total returns and, hence, the making of appropriate choices among investment opportunities.



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Duchenne dystrophy is the most serious inherited muscular dystrophy. The X-linked recessive inheritance gives rise to healthy female carriers and affected male children. The affected boys usually show evidence of muscular weakness before the age of 5 years, and die of profound muscle weakness (predisposing them to chest infections), or of associated cardiomyopathy, in late teenage life. In the early stages, the weakness of proximal muscles may show itself by a characteristic way in which these boys will climb up their own bodies with their hands (Gower s sign) when rising from the oor to the standing position. They also show muscle wasting, together with pseudohypertrophy of the calf muscles (which is due to fat deposition in atrophied muscle tissue). The affected boys have elevated levels of creatine kinase muscle enzyme in the blood, and the clinically unaffected carrier state in female relatives is often associated with some elevation of the muscle enzymes in the blood. The gene locus on the X chromosome responsible for Duchenne dystrophy, and its large gene product, dystrophin, have been identi ed. Molecular genetic diagnosis of affected patients and female carriers is possible, as is prenatal diagnosis. This same region of the X chromosome is also implicated in the inheritance of a more benign variant of Duchenne dystrophy (later in onset and less rapidly progressive), known as Becker s musclar dystrophy. The combination of family history, clinical examination, biochemical and genetic studies allows the detection of the carrier state, and the prenatal detection of the affected male fetus in the rst trimester of pregnancy. Genetic counselling of such families has reached a high degree of accuracy. As a single gene disorder, Duchenne muscular dystrophy is one of the conditions in which gene therapy is being considered.

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<member container=" hierarchy" child=" book" /> <triple subject=" book" predicate="http://home.netscape.com/NC-rdf#name" object=" name"/> <triple subject=" book" predicate="http://home.netscape.com/NCrdf#chapter" object=" chapter"/> <triple subject=" chapter" predicate="http://home.netscape.com/NC-rdf#name" object=" chname"/> </conditions> <action> <!-- note: in the value attribute of menuitem, anything that is not a variable (i.e not preceded by a question mark) is raw text --> <menuitem uri=" chapter" label=" name -> chname -unknown # pages"/> </action> </rule> </template> </menupopup> </menu> </menubar> </window>

CME the largest futures exchange in the United States I am committed to working with our Board and management team to ensure that we continue to embrace change for the bene t of our shareholders, members, employees and customers Scott has done an outstanding job in leading the exchange over the past four years I m looking forward to working with Terry as he leads the CME Board with the experience, energy and determination that he has applied over two decades of trading and many years of service as Vice Chairman on CME s Board, said McNulty Terry has demonstrated strong leadership skills in working with legislators to establish a fair regulatory environment for the US futures industry Terrence A Duffy, 43, is a oor broker and trader and has been President of TDA Trading, Inc since 1981.

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He has been Vice Chairman of the Board of CME Holdings Inc since its formation in August 2001 and of the Board of CME since 1998 He has been a CME member since 1981 and a Board member since 1995 As the company s Vice Chairman, Duffy most recently served on the executive, compensation, nominating, strategic planning and regulatory oversight committees This year, he was appointed by President Bush to serve on a National Saver Summit on Retirement Savings He studied business administration at the University of Wisconsin-Whitewater from 1976 to 1980 Duffy is married and resides in Lemont, Ill James E Oliff, 53, has served as Second Vice Chairman of the Board of CME Holdings Inc since its formation in August 2001 and of the Board of CME since 1998 He has been a director of CME since 1994.

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