US government bonds are a secure investment because these bonds have the financial backing and full faith and credit of the federal government. Municipal bonds, also secure, are offered by local governments and often have ___1___ such as tax-free interest. Some may even be __2___ . Corporate bonds are a bit more risky.Two questions often ___3___ first-time corporate bond investors. The first is “If I purchase a corporate bond, do I have to hold it until the maturity date?,” The answer is no. Bonds are bought and sold daily on ___4___ securities exchanges. However, if you decide to sell your bond before its maturity date, you’re not guaranteed to get the face value of the bond. For example, if your bond does not have ___5___ that make it attractive to other investors, you may be forced to sell your bond at a ___6___ ,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. Bond prices generally ___7___ 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, bonds have a degree of risk.The second question is “ How can I ___8___ the investment risk of a particular bond issue? ”Standard & Poor’s and Moody’s Investors Service rate the level of risk of many corporate and government bonds. And___9___, the higher the market risk of a bond, the higher the interest rate. Investors will invest in a bond considered risky only if the ___10___ return is high enough.

For investors who desire low risk and guaranteed income. US government bonds are a secure investment because these bonds have the financial backing and full faith and credit of the federal government. Municipal bonds, also secure, are offered by local governments and often have ___1___ such as tax-free interest. Some may even be __2___ . Corporate bonds are a bit more risky.Two questions often ___3___ first-time corporate bond investors. The first is “If I purchase a corporate bond, do I have to hold it until the maturity date?,” The answer is no. Bonds are bought and sold daily on ___4___ securities exchanges. However, if you decide to sell your bond before its maturity date, you’re not guaranteed to get the face value of the bond. For example, if your bond does not have ___5___ that make it attractive to other investors, you may be forced to sell your bond at a ___6___ ,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. Bond prices generally ___7___ 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, bonds have a degree of risk.The second question is “ How can I ___8___ the investment risk of a particular bond issue? ”Standard & Poor’s and Moody’s Investors Service rate the level of risk of many corporate and government bonds. And___9___, the higher the market risk of a bond, the higher the interest rate. Investors will invest in a bond considered risky only if the ___10___ return is high enough.

• A. advantages
• B. assess
• C. bother
• D. conserved
• E. deduction
• F. discount
• G. embarrassH. featuresI. fluctuateJ. indefiniteK. insuredL. majorM. naturallyN. potentialO. simultaneously