Part III Reading Comprehension

　　For investors who desire low risk and guaranteed income,U.S.government bongs are a secure investment because these bonds have the financial backing and full faith and credit of the fedral government. Municipal bonds,also secure,are offered by local governments and ofen have__36__such as tax-fre interest. Some may even be__37__.Coporate bonds are a bit more risky.

　　Two questions often__38__first-time corporate bond investors. The first is “If I purchase a corporate bong, do I have to hold it until the maturity date?”The answer is no. Bonds are bought and sold daily on__39__securities exchanges. However, if you decide to sell your bond before its maturify date, you are not guaranteed to get the face value of the bond. For example, if your bond does not have__40__that make it attractive to other investors, you may be forced to sell your bond at a __41__, i.e., a price less than the bond’s face value.But if your bond is highly valued by other investors,you may be able to sell it at a premium,i.e., a price above its face value. Bondprices generally__42__inversely(相反地)with current market interest rates. As interest rates go up, bond prices fall, and vice versa(反之亦然). Thus, like all investments, bond issue?” Standard & Poor’s and Moody’s Investors Service rate the level of risk of many corporate and government bonds. And__44__,the higher the market risk of a bond, the higher the interest rate. Investor will invest in a bond considered risky only if the__45__return is high enough.

　　注意：此部分试题请再答题卡2上作答。

　　A)advantage

　　B)assess

　　C)bother

　　D)conserved

　　E)deduction

　　F)discount

　　G)embarrass

　　H)features

　　I)fluctuate

　　J)indefinite

　　K)insured

　　L)major

　　M)naturally

　　N)potential

　　O)simultaneously