1
 Wanted:
5130
span

2
 An investment
5003
span

3
 that's as simple and secure as a certificate of deposit
5002
List

4
 but offers a return 
5001
span

5
worth getting excited about.
4
elaboration-object-attribute-e

6
 With $150 billion of CDs
5005
span

7
 maturing this month,
6
elaboration-object-attribute-e

8
 a lot of people have been scouring the financial landscape for just such an investment.
5006
span

9
 In April,
5009
span

10
 when many of them bought their CDs,
9
temporal-same-time-e

11
 six-month certificates were yielding more than 9%;
5010
Same-Unit

12
 investors 
5007
span

13
willing to look
12
elaboration-object-attribute-e

14
 could find double-digit yields at some banks and thrifts.
5008
Same-Unit

15
 Now, the nationwide average yield on a six-month CD is just under 8%,
5012
span

16
 and 8.5% is about the best around.
15
elaboration-additional

17
 But investors
5014
span

18
 looking for alternatives
17
elaboration-object-attribute-e

19
 aren't finding it easy.
5015
Same-Unit

20
 Yields on most fixed-income securities are lower than several months ago.
5018
List

21
 And the stock market's recent gyrations are a painful reminder of the dangers there.
5018
List

22
 If you're looking for a significantly higher yield with the same level of risk as a CD,
23
condition

23
 you're not going to find it,
5020
span

24
 says Washington financial planner Dennis M. Gurtz.
5020
attribution

25
 There are, however, some alternatives
5023
span

26
 that income-oriented investors should consider,
25
elaboration-object-attribute-e

27
 investment advisers say.
5023
attribution

28
 Short-term municipal bonds, bond funds and tax-deferred annuities are some of the choices
5027
span

29
 they mention
28
elaboration-object-attribute-e

30
 -- and not just as a way 
5026
span

31
to get a higher return.
30
elaboration-object-attribute-e

32
 In particular,
5033
span

33
 advisers say,
32
attribution-e

34
 investors may want to look at securities
5032
span

35
 that reduce the risk
5030
span

36
 that CD holders are confronting right now,
35
elaboration-object-attribute-e

37
 of having to reinvest the proceeds of maturing short-term certificates at lower rates.
5030
elaboration-object-attribute-e

38
 A mix of CDs and other holdings may make the most sense.
5039
span

39
 People should remember 
5036
attribution

40
their money isn't all or nothing 
5036
span

41
-- they don't need to be shopping for the one interest-rate-type investment and putting all their money in it,
40
restatement

42
 says Bethesda, Md., adviser Karen Schaeffer.
5037
attribution

43
 Here's a look at some of the alternatives:
5127
span

44
 SHORT-TERM MUNICIPALS:
5062
span

45
 Investors with a heavy tax load should take out their calculators.
5047
span

46
 Yields on municipal bonds can be higher than after-tax yields on CDs for maturities of perhaps one to five years.
5042
span

47
 That's because municipal-bond interest is exempt from federal income tax
5041
span

48
 -- and from state and local taxes too, for in-state investors.
47
elaboration-additional

49
 For an investor
5043
span

50
 paying tax at a 33% rate,
49
elaboration-object-attribute-e

51
 a seemingly puny 6% yield on a one-year muni is equivalent to a taxable 9%.
5045
span

52
 Rates approach 6.5% on five-year municipals.
51
comparison

53
 Some of the more cautious CD holders might like pre-refunded municipals.
5052
span

54
 These securities get top credit ratings
5051
span

55
 because the issuers have put aside U.S. bonds
5050
span

56
 that will be sold
5049
span

57
 to pay off holders
5048
span

58
 when the municipals are retired.
57
circumstance

59
 It's a no-brainer:
5055
span

60
 You don't have to worry about diversification;
5053
List

61
 you don't have to worry about quality,
5053
List

62
 says Steven J. Hueglin, executive vice president of the New York bond firm of Gabriele, Hueglin & Cashman Inc.
5055
attribution

63
 Consider a laddered bond portfolio, with issues
5057
span

64
 maturing in, say, 1992, 1993 and 1994,
63
elaboration-object-attribute-e

65
 advises Malcolm A. Makin, a Westerly, R.I., financial planner.
5057
attribution

66
 The idea is to have money rolling over each year at prevailing interest rates.
5058
elaboration-additional

67
 BOND FUNDS:
5087
span

68
 Bond mutual funds offer diversification
5063
List

69
 and are easy to buy and sell.
5063
List

70
 That makes them a reasonable option for investors
5066
span

71
 who will accept some risk of price fluctuation 
5065
span

72
in order to make a bet
5064
span

73
 that interest rates will decline over the next year or so.
72
elaboration-object-attribute-e

74
 Buyers can look forward to double-digit annual returns
5068
span

75
 if they are right.
74
condition

76
 But they will have disappointing returns or even losses
5069
span

77
 if interest rates rise instead.
76
condition

78
 Bond resale prices, and thus fund share prices, move in the opposite direction from rates.
5073
span

79
 The price movements get bigger
5072
span

80
 as the maturity of the securities lengthens.
79
circumstance

81
 Consider, for instance, two bond funds from Vanguard Group of Investment Cos.
5074
span

82
 that were both yielding 8.6% on a recent day.
81
elaboration-object-attribute-e

83
 The Short Term Bond Fund, with an average maturity of 2 1/2 years, would deliver a total return for one year of about 10.6% 
5076
span

84
if rates drop one percentage point
83
condition-e

85
 and a one-year return of about 6.6% 
5075
span

86
if rates rise by the same amount.
85
condition-e

87
 But, in the same circumstances, the returns would be a more extreme 14.6% and 2.6% for the Vanguard Bond Market Fund, with its 12 1/2-year average maturity.
5078
Contrast

88
 You get equity-like returns from bonds 
5081
span

89
if you guess right on rates,
88
condition

90
 says James E. Wilson, a Columbia, S.C., planner.
5081
attribution

91
 If interest rates don't change,
92
condition

92
 bond fund investors' returns will be about equal to the funds' current yields.
5083
span

93
 DEFERRED ANNUITIES:
5102
span

94
 These insurance company contracts feature some of the same tax benefits and restrictions as non-deductible individual retirement accounts:
5092
span

95
 Investment gains are compounded 
5089
span

96
without tax consequences
95
circumstance

97
 until money is withdrawn,
5089
temporal-before

98
 but a 10% penalty tax is imposed on withdrawals
5088
span

99
 made before age 59 1/2.
98
elaboration-object-attribute-e

100
 Aimed specifically at CD holders are so-called CD-type annuities, or certificates of annuity.
5098
span

101
 An interest rate is guaranteed for between one and seven years,
5097
span

102
 after which holders get 30 days 
5096
span

103
to choose another guarantee period 
5094
Disjunction

104
or to switch to another insurer's contract
5094
Disjunction

105
 without the surrender charges
5093
span

106
 that are common to annuities.
105
elaboration-object-attribute-e

107
 Some current rates exceed those on CDs.
5099
span

108
 For instance, a CD-type annuity from North American Co. for Life & Health Insurance, Chicago, offers 8.8% interest for one year or a 9% rate for two years.
107
example

109
 Annuities are rarely a good idea at age 35
5103
span

110
 because of the withdrawal restrictions.
109
explanation-argumentative

111
 But at age 55, they may be a great deal,
5104
span

112
 says Mr. Wilson, the Columbia, S.C., planner.
111
attribution

113
 MONEY MARKET FUNDS:
5125
span

114
 That's right,
115
comment

115
 money market mutual funds.
5107
span

116
 The conventional wisdom is to go into money funds
5109
span

117
 when rates are rising
116
circumstance

118
 and shift out at times such as the present,
5108
span

119
 when rates seem headed down.
118
circumstance

120
 With average maturities of a month or so, money funds offer fixed share prices and floating returns
5111
span

121
 that track market interest rates,
120
elaboration-object-attribute-e

122
 with a slight lag.
5112
Same-Unit

123
 Still, today's highest-yielding money funds may beat CDs over the next year
5114
span

124
 even if rates fall,
123
concession

125
 says Guy Witman, an editor of the Bond Market Advisor newsletter in Atlanta.
5114
attribution

126
 That's because top-yielding funds currently offer yields almost 1 1/2 percentage points above the average CD yield.
5115
explanation-argumentative

127
 Mr. Witman likes the Dreyfus Worldwide Dollar Money Market Fund, with a seven-day compound yield just under 9.5%.
5118
span

128
 A new fund, its operating expenses are being temporarily subsidized by the sponsor.
127
elaboration-additional

129
 Try combining a money fund and an intermediate-term bond fund as a low-risk bet on falling rates,
5120
span

130
 suggests Back Bay Advisors Inc., a mutual fund unit of New England Insurance Co.
129
attribution

131
 If rates unexpectedly rise,
132
condition

132
 the increasing return on the money fund will partly offset the lower-than-expected return from the bond fund.
5121
span

5001
span
5002
List

5002
multinuc
2
elaboration-object-attribute-e

5003
span
1
elaboration-additional

5004
span



5005
span
8
circumstance

5006
span
5016
circumstance

5007
span
5008
Same-Unit

5008
multinuc
5011
span

5009
span
5010
Same-Unit

5010
multinuc
5008
circumstance

5011
span
5012
antithesis

5012
span
5013
span

5013
span
5015
background

5014
span
5015
Same-Unit

5015
multinuc
5016
span

5016
span
5017
span

5017
span
5019
span

5018
multinuc
5017
explanation-argumentative

5019
span
5022
span

5020
span
5021
span

5021
span
5019
elaboration-additional

5022
span
5024
antithesis

5023
span
5024
span

5024
span
5025
span

5025
span
5029
span

5026
span
5027
elaboration-additional

5027
span
5028
span

5028
span
5025
example

5029
span
5040
span

5030
span
5031
span

5031
span
34
elaboration-object-attribute-e

5032
span
5034
Same-Unit

5033
span
5034
Same-Unit

5034
multinuc
5039
problem-solution-n

5035
span
5029
elaboration-additional

5036
span
5037
span

5037
span
5038
span

5038
span
38
elaboration-additional

5039
span
5035
span

5040
span
5128
span

5041
span
46
explanation-argumentative

5042
span
5046
span

5043
span
5044
Same-Unit

5044
multinuc
5042
elaboration-additional

5045
span
5044
Same-Unit

5046
span
45
elaboration-additional

5047
span
5060
background

5048
span
56
purpose

5049
span
55
elaboration-object-attribute-e

5050
span
54
explanation-argumentative

5051
span
53
elaboration-additional

5052
span
5056
span

5053
multinuc
59
elaboration-general-specific

5054
span
5052
elaboration-additional

5055
span
5054
span

5056
span
5060
span

5057
span
5058
span

5058
span
5059
span

5059
span
5056
elaboration-additional

5060
span
5061
span

5061
span
44
elaboration-general-specific

5062
span
5126
List

5063
multinuc
5067
span

5064
span
71
purpose

5065
span
70
elaboration-object-attribute-e

5066
span
5071
span

5067
span
5086
span

5068
span
5070
Contrast

5069
span
5070
Contrast

5070
multinuc
5066
elaboration-additional

5071
span
5063
interpretation-s

5072
span
78
elaboration-additional

5073
span
5080
span

5074
span
5079
span

5075
span
5077
Same-Unit

5076
span
5077
Same-Unit

5077
multinuc
5078
Contrast

5078
multinuc
5074
elaboration-additional

5079
span
5073
example

5080
span
5085
span

5081
span
5082
span

5082
span
5084
span

5083
span
5082
elaboration-additional

5084
span
5080
elaboration-additional

5085
span
5067
elaboration-additional

5086
span
67
elaboration-general-specific

5087
span
5126
List

5088
span
5091
Contrast

5089
span
5090
span

5090
span
5091
Contrast

5091
multinuc
94
elaboration-additional

5092
span
5101
span

5093
span
5094
circumstance

5094
multinuc
5095
span

5095
span
102
purpose

5096
span
101
temporal-before

5097
span
100
elaboration-additional

5098
span
5100
span

5099
span
5098
explanation-argumentative

5100
span
5092
elaboration-additional

5101
span
5106
span

5102
span
5126
List

5103
span
5104
antithesis

5104
span
5105
span

5105
span
5101
elaboration-additional

5106
span
93
elaboration-general-specific

5107
span
5124
span

5108
span
5110
Contrast

5109
span
5110
Contrast

5110
multinuc
5113
span

5111
span
5112
Same-Unit

5112
multinuc
5110
elaboration-additional

5113
span
5116
span

5114
span
5115
span

5115
span
5117
span

5116
span
5119
span

5117
span
5113
antithesis

5118
span
5116
elaboration-additional

5119
span
5123
span

5120
span
5122
span

5121
span
5120
explanation-argumentative

5122
span
5119
elaboration-additional

5123
span
5107
elaboration-general-specific

5124
span
113
elaboration-general-specific

5125
span
5126
List

5126
multinuc
43
elaboration-set-member

5127
span
5040
elaboration-additional

5128
span
5130
summary-n

5129
span



5130
span
5129
span

