42. ______________________

One way to begin your search for a good fund is to use the Morningstar star rating. The rating is a useful tool for narrowing the field to funds that have done a good job of balancing return and risk in the past. To assign ratings, Morningstar uses a formula that compares a fund's risk-adjusted historical performance with that of other funds within four rating groups—domestic stock funds, international stock funds, taxable bond funds, and municipal bond

43. _______________________

Funds that invest solely in a single market sectors, called specialty funds, often have impressive returns and may be great additions to m diversified portfolio. However, the success of such funds depends largely on the fortunes of a particular market sector. Hence, specialty funds probably aren’t the best way to start. For your first fund, look for a diversified stock fund that has exposure to different types of stocks.

44. ___________________

There's no free lunch in fund investing: in addition to the sales fees that some fund companies charge, fund investors must also pay management fees and trading costs. Unfortunately, you don’t necessarily get what you pay for—no one has ever shown that more expensive funds provide greater returns. Look for funds with reasonable costs. The expense ratio, which expresses annual costs as a percentage amount, is probably the best number to use when comparing mutual fund costs.

45. ________________

Whatever the market does, try to take it in stride. You're in r the long haul, so don’t worry about the market’s day-to-day rations. Relax and resist the temptation to monitor your first investment daily. Check in on your mutual funds once a month, and give your portfolio a thorough exam every 6 to 12 months. And I consider adding to your fund each month. An automatic investment plan makes it a relatively painless process.

Finally, remember that the ultimate measure of your success as an investor depends not on your owning the best-performing mutual fund. Only one fund will be the top performer over the next decade, and there’s no way to predict which one it will be. Meeting your own financial goals should ultimately be the yardstick by which you measure your investment success

Part C

Directions:

Read the following text carefully and then translate the underlined segments into Chinese. Your translation should be written clearly on ANSWER SHEET 2. (10 points)

There is no question that science-fiction writers have become more ambitious, stylistically and thematically, in recent years. (46) But this may have less to do with the luring call of academic surroundings than with changing market conditions—a factor that academic critics rarely take into account. Robert Silverberg, a former president of The Science Fiction Writers of America, is one of the most prolific professionals in a field dominated by people who actually write for a living. (Unlike mystery or Western writers, most science-fiction writers cannot expect to cash in on fat movie sales or TV tie-ins.) (47) Still in his late thirties, Silverberg has published more than a hundred books, and he is disarmingly frank about the relationship between the quality of genuine prose and the quality of available outlet. By his own account, he was “an annoyingly verbal young man” from Brooklyn who picked up his first science-fiction book at the age of ten, started writing seriously at the age of thirteen, and at seventeen nearly gave up in despair over his inability to break into the pulp magazines. (48) At his parents’ urging, he enrolled in Columbia University, so that, if worst came to worst, he could always go to the School of Journalism and “get a nice steady job somewhere”. During his sophomore year, he sold his first science-fiction story to a Scottish magazine named Nebula. By the end of his junior year, he had sold a novel and twenty more stories. (49) By the end of his senior year, he was earning two hundred dollars a week writing science fiction, and his parents were reconciled to his pursuit of the literary life. “I became very cynical very quickly,” he says. “First I couldn’t sell anything, then I could sell everything. The market played to my worst characteristics. An editor of a schlock magazine would call up to tell me he had a ten-thousand-word hole to fill in his next issue. I’d fill it overnight for a hundred and fifty dollars. I found that rewriting made no difference. (50) I knew I could not possibly write the kinds of things I admired as a reader – Joyce, Kafka, Mann—so I detached myself from my work. I was a phenomenon among my friends in college, a published, selling author. But they always asked, “When are you going to do something serious?” –--meaning something that wasn’t science fiction – and I kept telling them, “ When I’m financially secure.”
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