第二篇：Investing in Bonds
本文节选自Understanding Business一书（McGraw-Hill出版，第10版）第19章节的Investing In Bonds版块。
原文参考
Investors looking for guaranteed income and limited risk often turn to U.S. government bonds for a secure investment. These bonds have the financial backing and full faith and credit of the federal government. Municipal bonds are offered by local governments and often have advantages such as tax-free interest. Some may even be insured. Corporate bonds are a bit more risky and challenging.
First-time corporate bond investors often ask two questions. The first is, “If I purchase a corporate bond, do I have to hold it until the maturity date?” No, you do not. Bonds are bought and sold daily on major securities exchanges (the secondary market we discussed earlier). However, if you decide to sell your bond to another investor before its maturity date, you may not get its face value (usually $1,000). If your bond does not have features that make it attrACTive to other investors, like a high interest rate or early maturity, you may have to sell at a discount, that is, a price less than the bond’s face value. But if other investors do highly value it, you may be able to sell your bond at a premium, a price above its face value. Bond prices generally fluctuate inversely with current market interest rates. This means as interest rates go up, bond prices fall, and vice versa. Like all investments, however, bonds have a deGREe of risk.
The second question is, “How can I evaluate the investment risk of a particular bond issue?” Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings rate the risk of many corporate and government bonds (look back at Figure 19.3). In evaluating the ratings, recall the risk/return trade-off: The higher the risk of a bond, the higher the interest rate the issuer must offer. Investors will invest in a bond considered risky only if the potential return (interest) is high enough. In fACT, some will invest in bonds considered junk.
36. [A] advantages
36空空前的have为实义动词，本空做宾语；且空后的such as也有提示，本空需要名词。由于空前没有冠词，且空后是在举例，可知本空很可能需要可数名词复数。本句的also提示了与前句的并列，注意到前句是在向投资者推荐U.S. government bonds，称其为“安稳的投资”（secure investment），可见是在描述其优势；那么本句应当也是在描述Municipal bonds的优势。advantages符合与前句的并列。
39. [L] major
39空是在形容名词性表达securities exchanges，需要形容词。 备选形容词有indefinite（模糊的、不定的）、major（重要的、主要的）和potential（潜在的）。能构成合理意思的只有major。
40. [H] features
40空做实义动词have后的宾语，且空后有定语从句，提示了本空需要名词。且空前无冠词，因此需要可数名词复数或不可数名词。备选的可数名词复数或不可数名词只有features（特征、方面）和potential（潜能）。空后的定语从句提示本空的概念能“吸引其他投资者”（make it attrACTive to other investors），因此应当是较明显的正面概念，feature最合此要求。
41. [F] discount
41空空前的不定冠词a明显提示本空需要可数名词单数。备选可数名词单数只有deduction（扣除（额）、推论）、discount（折扣）。空后的i.e.（即、换句话说）对此进行了解释，称之为”低于债券面额的价格“（a price less than the bond’s face value），这即是进行了打折。
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