id	sid	tid	token	lemma	pos
fsr-3652	1	1	pii	pii	PROPN
fsr-3652	1	2	:	:	PUNCT
fsr-3652	1	3	1057	1057	NUM
fsr-3652	1	4	-	-	SYM
fsr-3652	1	5	0810(91)90004	0810(91)90004	NOUN
fsr-3652	1	6	-	-	NOUN
fsr-3652	1	7	i	i	PRON
fsr-3652	1	8	i	i	PROPN
fsr-3652	1	9	financial	financial	PROPN
fsr-3652	1	10	services	service	NOUN
fsr-3652	1	11	review	review	PROPN
fsr-3652	1	12	,	,	PUNCT
fsr-3652	1	13	1(1):9	1(1):9	PROPN
fsr-3652	1	14	-	-	SYM
fsr-3652	1	15	22	22	NUM
fsr-3652	1	16	copyright	copyright	NOUN
fsr-3652	1	17	@	@	ADP
fsr-3652	1	18	1991	1991	NUM
fsr-3652	1	19	by	by	ADP
fsr-3652	1	20	jai	jai	PROPN
fsr-3652	1	21	press	press	PROPN
fsr-3652	1	22	inc	inc	PROPN
fsr-3652	1	23	.	.	PROPN
fsr-3652	1	24	issn	issn	PROPN
fsr-3652	1	25	:	:	PUNCT
fsr-3652	1	26	1057	1057	NUM
fsr-3652	1	27	-	-	SYM
fsr-3652	1	28	0810	0810	NUM
fsr-3652	1	29	all	all	DET
fsr-3652	1	30	rights	right	NOUN
fsr-3652	1	31	of	of	ADP
fsr-3652	1	32	reproduction	reproduction	NOUN
fsr-3652	1	33	in	in	ADP
fsr-3652	1	34	any	any	DET
fsr-3652	1	35	form	form	NOUN
fsr-3652	1	36	reserved	reserve	VERB
fsr-3652	1	37	.	.	PUNCT
fsr-3652	2	1	i	i	PRON
fsr-3652	2	2	the	the	DET
fsr-3652	2	3	optimal	optimal	ADJ
fsr-3652	2	4	allocation	allocation	NOUN
fsr-3652	2	5	of	of	ADP
fsr-3652	2	6	pension	pension	NOUN
fsr-3652	2	7	fund	fund	NOUN
fsr-3652	2	8	assets	asset	NOUN
fsr-3652	2	9	:	:	PUNCT
fsr-3652	2	10	an	an	DET
fsr-3652	2	11	individual	individual	NOUN
fsr-3652	2	12	’s	’s	PART
fsr-3652	2	13	perspective	perspective	NOUN
fsr-3652	2	14	tom	tom	PROPN
fsr-3652	2	15	l.	l.	PROPN
fsr-3652	2	16	potts	potts	PROPN
fsr-3652	2	17	william	william	PROPN
fsr-3652	2	18	reichenstein	reichenstein	PROPN
fsr-3652	2	19	i&lis	i&lis	PROPN
fsr-3652	2	20	study	study	NOUN
fsr-3652	2	21	asks	ask	VERB
fsr-3652	2	22	which	which	PRON
fsr-3652	2	23	assets	asset	NOUN
fsr-3652	2	24	in	in	ADP
fsr-3652	2	25	individual	individual	NOUN
fsr-3652	2	26	should	should	AUX
fsr-3652	2	27	hold	hold	VERB
fsr-3652	2	28	indirectly	indirectly	ADV
fsr-3652	2	29	in	in	ADP
fsr-3652	2	30	a	a	DET
fsr-3652	2	31	pension	pension	NOUN
fsr-3652	2	32	in	in	ADP
fsr-3652	2	33	order	order	NOUN
fsr-3652	2	34	to	to	PART
fsr-3652	2	35	maximize	maximize	VERB
fsr-3652	2	36	total	total	ADJ
fsr-3652	2	37	portfolio	portfolio	NOUN
fsr-3652	2	38	return	return	NOUN
fsr-3652	2	39	,	,	PUNCT
fsr-3652	2	40	where	where	SCONJ
fsr-3652	2	41	the	the	DET
fsr-3652	2	42	totaiportfolio	totaiportfolio	NOUN
fsr-3652	2	43	consists	consist	VERB
fsr-3652	2	44	of	of	ADP
fsr-3652	2	45	assets	asset	NOUN
fsr-3652	2	46	held	hold	VERB
fsr-3652	2	47	direct	direct	ADJ
fsr-3652	2	48	&	&	CCONJ
fsr-3652	2	49	outside	outside	ADV
fsr-3652	2	50	of	of	ADP
fsr-3652	2	51	pensions	pension	NOUN
fsr-3652	2	52	pius	pius	PROPN
fsr-3652	2	53	the	the	DET
fsr-3652	2	54	pro	pro	ADJ
fsr-3652	2	55	rata	rata	ADJ
fsr-3652	2	56	share	share	NOUN
fsr-3652	2	57	of	of	ADP
fsr-3652	2	58	pension	pension	NOUN
fsr-3652	2	59	assets	asset	NOUN
fsr-3652	2	60	.	.	PUNCT
fsr-3652	3	1	yeshe	yeshe	NOUN
fsr-3652	3	2	answer	answer	NOUN
fsr-3652	3	3	depends	depend	VERB
fsr-3652	3	4	upon	upon	SCONJ
fsr-3652	3	5	whether	whether	SCONJ
fsr-3652	3	6	the	the	DET
fsr-3652	3	7	individual	individual	NOUN
fsr-3652	3	8	actively	actively	ADV
fsr-3652	3	9	or	or	CCONJ
fsr-3652	3	10	passively	passively	ADV
fsr-3652	3	11	manages	manage	VERB
fsr-3652	3	12	the	the	DET
fsr-3652	3	13	nonpension	nonpension	NOUN
fsr-3652	3	14	portion	portion	NOUN
fsr-3652	3	15	of	of	ADP
fsr-3652	3	16	the	the	DET
fsr-3652	3	17	total	total	ADJ
fsr-3652	3	18	portfolio	portfolio	NOUN
fsr-3652	3	19	.	.	PUNCT
fsr-3652	4	1	most	most	ADJ
fsr-3652	4	2	individuals	individual	NOUN
fsr-3652	4	3	should	should	AUX
fsr-3652	4	4	place	place	VERB
fsr-3652	4	5	high	high	ADJ
fsr-3652	4	6	-	-	PUNCT
fsr-3652	4	7	yield	yield	NOUN
fsr-3652	4	8	stocks	stock	NOUN
fsr-3652	4	9	in	in	ADP
fsr-3652	4	10	the	the	DET
fsr-3652	4	11	pension	pension	NOUN
fsr-3652	4	12	fund	fund	NOUN
fsr-3652	4	13	.	.	PUNCT
fsr-3652	5	1	but	but	CCONJ
fsr-3652	5	2	active	active	ADJ
fsr-3652	5	3	investors	investor	NOUN
fsr-3652	5	4	should	should	AUX
fsr-3652	5	5	place	place	VERB
fsr-3652	5	6	low	low	ADJ
fsr-3652	5	7	-	-	PUNCT
fsr-3652	5	8	yield	yield	NOUN
fsr-3652	5	9	growth	growth	NOUN
fsr-3652	5	10	stocks	stock	NOUN
fsr-3652	5	11	in	in	ADP
fsr-3652	5	12	the	the	DET
fsr-3652	5	13	pension	pension	NOUN
fsr-3652	5	14	,	,	PUNCT
fsr-3652	5	15	while	while	SCONJ
fsr-3652	5	16	very	very	ADV
fsr-3652	5	17	passive	passive	ADJ
fsr-3652	5	18	investors	investor	NOUN
fsr-3652	5	19	should	should	AUX
fsr-3652	5	20	place	place	VERB
fsr-3652	5	21	bonds	bond	NOUN
fsr-3652	5	22	in	in	ADP
fsr-3652	5	23	the	the	DET
fsr-3652	5	24	pension	pension	NOUN
fsr-3652	5	25	fund	fund	NOUN
fsr-3652	5	26	.	.	PUNCT
fsr-3652	6	1	rei	rei	PROPN
fsr-3652	6	2	~	~	PROPN
fsr-3652	6	3	tatement	tatement	NOUN
fsr-3652	6	4	of	of	ADP
fsr-3652	6	5	capital	capital	NOUN
fsr-3652	6	6	gains	gain	NOUN
fsr-3652	6	7	excbon	excbon	NOUN
fsr-3652	6	8	would	would	AUX
fsr-3652	6	9	usually	usually	ADV
fsr-3652	6	10	make	make	VERB
fsr-3652	6	11	corporate	corporate	ADJ
fsr-3652	6	12	bonds	bond	NOUN
fsr-3652	6	13	the	the	DET
fsr-3652	6	14	optimalpens	optimalpen	NOUN
fsr-3652	6	15	~	~	PUNCT
fsr-3652	6	16	on	on	ADP
fsr-3652	6	17	asset	asset	NOUN
fsr-3652	6	18	.	.	PUNCT
fsr-3652	7	1	i.	i.	PROPN
fsr-3652	7	2	introduction	introduction	NOUN
fsr-3652	7	3	what	what	PRON
fsr-3652	7	4	is	be	AUX
fsr-3652	7	5	the	the	DET
fsr-3652	7	6	optimal	optimal	ADJ
fsr-3652	7	7	allocation	allocation	NOUN
fsr-3652	7	8	of	of	ADP
fsr-3652	7	9	pension	pension	NOUN
fsr-3652	7	10	fund	fund	NOUN
fsr-3652	7	11	assets	asset	NOUN
fsr-3652	7	12	?	?	PUNCT
fsr-3652	8	1	the	the	DET
fsr-3652	8	2	answer	answer	NOUN
fsr-3652	8	3	depends	depend	VERB
fsr-3652	8	4	in	in	ADP
fsr-3652	8	5	part	part	NOUN
fsr-3652	8	6	upon	upon	SCONJ
fsr-3652	8	7	the	the	DET
fsr-3652	8	8	objective	objective	ADJ
fsr-3652	8	9	function	function	NOUN
fsr-3652	8	10	.	.	PUNCT
fsr-3652	9	1	bicksler	bicksler	NOUN
fsr-3652	9	2	and	and	CCONJ
fsr-3652	9	3	chen	chen	PROPN
fsr-3652	9	4	(	(	PUNCT
fsr-3652	9	5	1985	1985	NUM
fsr-3652	9	6	)	)	PUNCT
fsr-3652	9	7	,	,	PUNCT
fsr-3652	9	8	black	black	NOUN
fsr-3652	9	9	(	(	PUNCT
fsr-3652	9	10	1980	1980	NUM
fsr-3652	9	11	)	)	PUNCT
fsr-3652	9	12	,	,	PUNCT
fsr-3652	9	13	tepper	tepper	PROPN
fsr-3652	9	14	(	(	PUNCT
fsr-3652	9	15	1981	1981	NUM
fsr-3652	9	16	)	)	PUNCT
fsr-3652	9	17	,	,	PUNCT
fsr-3652	9	18	and	and	CCONJ
fsr-3652	9	19	sharpe	sharpe	PROPN
fsr-3652	9	20	(	(	PUNCT
fsr-3652	9	21	1976	1976	NUM
fsr-3652	9	22	)	)	PUNCT
fsr-3652	9	23	take	take	VERB
fsr-3652	9	24	the	the	DET
fsr-3652	9	25	perspective	perspective	NOUN
fsr-3652	9	26	that	that	SCONJ
fsr-3652	9	27	it	it	PRON
fsr-3652	9	28	is	be	AUX
fsr-3652	9	29	to	to	PART
fsr-3652	9	30	optimize	optimize	VERB
fsr-3652	9	31	the	the	DET
fsr-3652	9	32	share	share	NOUN
fsr-3652	9	33	price	price	NOUN
fsr-3652	9	34	of	of	ADP
fsr-3652	9	35	the	the	DET
fsr-3652	9	36	sponsoring	sponsor	VERB
fsr-3652	9	37	corporation	corporation	NOUN
fsr-3652	9	38	.	.	PUNCT
fsr-3652	10	1	others	other	NOUN
fsr-3652	10	2	look	look	VERB
fsr-3652	10	3	to	to	PART
fsr-3652	10	4	achieve	achieve	VERB
fsr-3652	10	5	a	a	DET
fsr-3652	10	6	mean	mean	ADJ
fsr-3652	10	7	variance	variance	NOUN
fsr-3652	10	8	efficient	efficient	ADJ
fsr-3652	10	9	portfolio	portfolio	NOUN
fsr-3652	10	10	.	.	PUNCT
fsr-3652	11	1	this	this	DET
fsr-3652	11	2	study	study	NOUN
fsr-3652	11	3	takes	take	VERB
fsr-3652	11	4	the	the	DET
fsr-3652	11	5	broader	broad	ADJ
fsr-3652	11	6	perspective	perspective	NOUN
fsr-3652	11	7	of	of	ADP
fsr-3652	11	8	an	an	DET
fsr-3652	11	9	individu~	individu~	PROPN
fsr-3652	11	10	or	or	CCONJ
fsr-3652	11	11	employee	employee	NOUN
fsr-3652	11	12	who	who	PRON
fsr-3652	11	13	considers	consider	VERB
fsr-3652	11	14	pension	pension	NOUN
fsr-3652	11	15	assets	asset	NOUN
fsr-3652	11	16	as	as	ADP
fsr-3652	11	17	only	only	ADV
fsr-3652	11	18	part	part	NOUN
fsr-3652	11	19	of	of	ADP
fsr-3652	11	20	a	a	DET
fsr-3652	11	21	total	total	ADJ
fsr-3652	11	22	portfolio	portfolio	NOUN
fsr-3652	11	23	of	of	ADP
fsr-3652	11	24	pension	pension	NOUN
fsr-3652	11	25	and	and	CCONJ
fsr-3652	11	26	nonpension	nonpension	NOUN
fsr-3652	11	27	assets	asset	NOUN
fsr-3652	11	28	.	.	PUNCT
fsr-3652	12	1	tax	tax	NOUN
fsr-3652	12	2	structures	structure	NOUN
fsr-3652	12	3	influence	influence	VERB
fsr-3652	12	4	the	the	DET
fsr-3652	12	5	allocation	allocation	NOUN
fsr-3652	12	6	of	of	ADP
fsr-3652	12	7	assets	asset	NOUN
fsr-3652	12	8	between	between	ADP
fsr-3652	12	9	pension	pension	NOUN
fsr-3652	12	10	and	and	CCONJ
fsr-3652	12	11	nonpension	nonpension	NOUN
fsr-3652	12	12	portions	portion	NOUN
fsr-3652	12	13	of	of	ADP
fsr-3652	12	14	the	the	DET
fsr-3652	12	15	portfolio	portfolio	NOUN
fsr-3652	12	16	.	.	PUNCT
fsr-3652	13	1	the	the	DET
fsr-3652	13	2	pension	pension	NOUN
fsr-3652	13	3	tax	tax	NOUN
fsr-3652	13	4	structure	structure	NOUN
fsr-3652	13	5	is	be	AUX
fsr-3652	13	6	almost	almost	ADV
fsr-3652	13	7	always	always	ADV
fsr-3652	13	8	the	the	DET
fsr-3652	13	9	preferred	preferred	ADJ
fsr-3652	13	10	structure	structure	NOUN
fsr-3652	13	11	.	.	PUNCT
fsr-3652	14	1	however	however	ADV
fsr-3652	14	2	,	,	PUNCT
fsr-3652	14	3	penalties	penalty	NOUN
fsr-3652	14	4	for	for	ADP
fsr-3652	14	5	withdrawing	withdraw	VERB
fsr-3652	14	6	funds	fund	NOUN
fsr-3652	14	7	from	from	ADP
fsr-3652	14	8	pensions	pension	NOUN
fsr-3652	14	9	before	before	ADP
fsr-3652	14	10	retirement	retirement	NOUN
fsr-3652	14	11	and	and	CCONJ
fsr-3652	14	12	limitations	limitation	NOUN
fsr-3652	14	13	on	on	ADP
fsr-3652	14	14	the	the	DET
fsr-3652	14	15	amount	amount	NOUN
fsr-3652	14	16	of	of	ADP
fsr-3652	14	17	funds	fund	NOUN
fsr-3652	14	18	that	that	PRON
fsr-3652	14	19	can	can	AUX
fsr-3652	14	20	be	be	AUX
fsr-3652	14	21	tax	tax	NOUN
fsr-3652	14	22	-	-	PUNCT
fsr-3652	14	23	deferred	defer	VERB
fsr-3652	14	24	discourage	discourage	NOUN
fsr-3652	14	25	individuals	individual	NOUN
fsr-3652	14	26	from	from	ADP
fsr-3652	14	27	placing	place	VERB
fsr-3652	14	28	all	all	DET
fsr-3652	14	29	assets	asset	NOUN
fsr-3652	14	30	in	in	ADP
fsr-3652	14	31	pension	pension	NOUN
fsr-3652	14	32	tax	tax	NOUN
fsr-3652	14	33	structures	structure	NOUN
fsr-3652	14	34	.	.	PUNCT
fsr-3652	15	1	most	most	ADJ
fsr-3652	15	2	individuals	individual	NOUN
fsr-3652	15	3	must	must	AUX
fsr-3652	15	4	decide	decide	VERB
fsr-3652	15	5	which	which	PRON
fsr-3652	15	6	assets	asset	NOUN
fsr-3652	15	7	best	well	ADV
fsr-3652	15	8	utilize	utilize	VERB
fsr-3652	15	9	the	the	DET
fsr-3652	15	10	pension	pension	NOUN
fsr-3652	15	11	tax	tax	NOUN
fsr-3652	15	12	structure	structure	NOUN
fsr-3652	15	13	.	.	PUNCT
fsr-3652	16	1	the	the	DET
fsr-3652	16	2	critical	critical	ADJ
fsr-3652	16	3	decision	decision	NOUN
fsr-3652	16	4	for	for	ADP
fsr-3652	16	5	these	these	DET
fsr-3652	16	6	individuals	individual	NOUN
fsr-3652	16	7	is	be	AUX
fsr-3652	16	8	whether	whether	SCONJ
fsr-3652	16	9	to	to	PART
fsr-3652	16	10	hold	hold	VERB
fsr-3652	16	11	common	common	ADJ
fsr-3652	16	12	stocks	stock	NOUN
fsr-3652	16	13	or	or	CCONJ
fsr-3652	16	14	bonds	bond	NOUN
fsr-3652	16	15	in	in	ADP
fsr-3652	16	16	the	the	DET
fsr-3652	16	17	pension	pension	NOUN
fsr-3652	16	18	fund	fund	NOUN
fsr-3652	16	19	.	.	PUNCT
fsr-3652	17	1	tom	tom	PROPN
fsr-3652	17	2	l.	l.	PROPN
fsr-3652	17	3	potts	potts	PROPN
fsr-3652	17	4	*	*	PROPN
fsr-3652	17	5	department	department	PROPN
fsr-3652	17	6	of	of	ADP
fsr-3652	17	7	finance	finance	NOUN
fsr-3652	17	8	,	,	PUNCT
fsr-3652	17	9	hankamer	hankamer	NOUN
fsr-3652	17	10	school	school	NOUN
fsr-3652	17	11	of	of	ADP
fsr-3652	17	12	business	business	NOUN
fsr-3652	17	13	,	,	PUNCT
fsr-3652	17	14	baylor	baylor	PROPN
fsr-3652	17	15	university	university	PROPN
fsr-3652	17	16	,	,	PUNCT
fsr-3652	17	17	waco	waco	PROPN
fsr-3652	17	18	,	,	PUNCT
fsr-3652	17	19	tx	tx	PROPN
fsr-3652	17	20	76798	76798	NUM
fsr-3652	17	21	.	.	PUNCT
fsr-3652	18	1	william	william	PROPN
fsr-3652	18	2	reichenstein	reichenstein	PROPN
fsr-3652	18	3	*	*	PROPN
fsr-3652	19	1	pat	pat	PROPN
fsr-3652	19	2	and	and	CCONJ
fsr-3652	19	3	thomas	thomas	PROPN
fsr-3652	19	4	r.	r.	PROPN
fsr-3652	19	5	powers	powers	PROPN
fsr-3652	19	6	chair	chair	NOUN
fsr-3652	19	7	in	in	ADP
fsr-3652	19	8	investment	investment	NOUN
fsr-3652	19	9	management	management	NOUN
fsr-3652	19	10	,	,	PUNCT
fsr-3652	19	11	hankamer	hankamer	NOUN
fsr-3652	19	12	school	school	NOUN
fsr-3652	19	13	of	of	ADP
fsr-3652	19	14	business	business	NOUN
fsr-3652	19	15	,	,	PUNCT
fsr-3652	19	16	baylor	baylor	PROPN
fsr-3652	19	17	university	university	PROPN
fsr-3652	19	18	,	,	PUNCT
fsr-3652	19	19	waco	waco	PROPN
fsr-3652	19	20	,	,	PUNCT
fsr-3652	19	21	tx	tx	PROPN
fsr-3652	19	22	76798	76798	NUM
fsr-3652	19	23	.	.	PUNCT
fsr-3652	20	1	10	10	NUM
fsr-3652	20	2	financial	financial	ADJ
fsr-3652	20	3	services	service	NOUN
fsr-3652	20	4	review	review	NOUN
fsr-3652	20	5	,	,	PUNCT
fsr-3652	20	6	l(1	l(1	PROPN
fsr-3652	20	7	)	)	PUNCT
fsr-3652	20	8	1991	1991	NUM
fsr-3652	20	9	the	the	DET
fsr-3652	20	10	answer	answer	NOUN
fsr-3652	20	11	depends	depend	VERB
fsr-3652	20	12	upon	upon	SCONJ
fsr-3652	20	13	whether	whether	SCONJ
fsr-3652	20	14	the	the	DET
fsr-3652	20	15	i	i	X
fsr-3652	20	16	~	~	PUNCT
fsr-3652	20	17	d	d	X
fsr-3652	20	18	~	~	PUNCT
fsr-3652	20	19	yid~~~	yid~~~	NOUN
fsr-3652	20	20	actively	actively	ADV
fsr-3652	20	21	or	or	CCONJ
fsr-3652	20	22	passively	passively	ADV
fsr-3652	20	23	manages	manage	VERB
fsr-3652	20	24	the	the	DET
fsr-3652	20	25	nonpension	nonpension	NOUN
fsr-3652	20	26	portion	portion	NOUN
fsr-3652	20	27	of	of	ADP
fsr-3652	20	28	the	the	DET
fsr-3652	20	29	total	total	ADJ
fsr-3652	20	30	portfolio	portfolio	NOUN
fsr-3652	20	31	.	.	PUNCT
fsr-3652	21	1	most	most	ADJ
fsr-3652	21	2	individuals	individual	NOUN
fsr-3652	21	3	should	should	AUX
fsr-3652	21	4	place	place	VERB
fsr-3652	21	5	stocks	stock	NOUN
fsr-3652	21	6	,	,	PUNCT
fsr-3652	21	7	especially	especially	ADV
fsr-3652	21	8	high	high	ADJ
fsr-3652	21	9	-	-	PUNCT
fsr-3652	21	10	yield	yield	NOUN
fsr-3652	21	11	stocks	stock	NOUN
fsr-3652	21	12	,	,	PUNCT
fsr-3652	21	13	in	in	ADP
fsr-3652	21	14	their	their	PRON
fsr-3652	21	15	pension	pension	NOUN
fsr-3652	21	16	fund	fund	NOUN
fsr-3652	21	17	.	.	PUNCT
fsr-3652	22	1	active	active	ADJ
fsr-3652	22	2	investors	investor	NOUN
fsr-3652	22	3	should	should	AUX
fsr-3652	22	4	place	place	VERB
fsr-3652	22	5	low	low	ADJ
fsr-3652	22	6	-	-	PUNCT
fsr-3652	22	7	yield	yield	NOUN
fsr-3652	22	8	growth	growth	NOUN
fsr-3652	22	9	stocks	stock	NOUN
fsr-3652	22	10	in	in	ADP
fsr-3652	22	11	their	their	PRON
fsr-3652	22	12	pensions	pension	NOUN
fsr-3652	22	13	,	,	PUNCT
fsr-3652	22	14	and	and	CCONJ
fsr-3652	22	15	very	very	ADV
fsr-3652	22	16	passive	passive	ADJ
fsr-3652	22	17	investors	investor	NOUN
fsr-3652	22	18	should	should	AUX
fsr-3652	22	19	place	place	VERB
fsr-3652	22	20	bonds	bond	NOUN
fsr-3652	22	21	in	in	ADP
fsr-3652	22	22	the	the	DET
fsr-3652	22	23	pension	pension	NOUN
fsr-3652	22	24	fund	fund	NOUN
fsr-3652	22	25	.	.	PUNCT
fsr-3652	23	1	ii	ii	PROPN
fsr-3652	23	2	.	.	PUNCT
fsr-3652	24	1	basics	basic	NOUN
fsr-3652	24	2	of	of	ADP
fsr-3652	24	3	tax	tax	NOUN
fsr-3652	24	4	structures	structure	NOUN
fsr-3652	24	5	pension	pension	NOUN
fsr-3652	24	6	tax	tax	NOUN
fsr-3652	24	7	structures	structure	NOUN
fsr-3652	24	8	generally	generally	ADV
fsr-3652	24	9	have	have	VERB
fsr-3652	24	10	three	three	NUM
fsr-3652	24	11	advantages	advantage	NOUN
fsr-3652	24	12	and	and	CCONJ
fsr-3652	24	13	one	one	NUM
fsr-3652	24	14	potential	potential	ADJ
fsr-3652	24	15	disadvantage	disadvantage	NOUN
fsr-3652	24	16	when	when	SCONJ
fsr-3652	24	17	compared	compare	VERB
fsr-3652	24	18	to	to	ADP
fsr-3652	24	19	nonpension	nonpension	NOUN
fsr-3652	24	20	tax	tax	NOUN
fsr-3652	24	21	structures	structure	NOUN
fsr-3652	24	22	.	.	PUNCT
fsr-3652	25	1	the	the	DET
fsr-3652	25	2	first	first	ADJ
fsr-3652	25	3	advantage	advantage	NOUN
fsr-3652	25	4	is	be	AUX
fsr-3652	25	5	the	the	DET
fsr-3652	25	6	taxdeferral	taxdeferral	ADJ
fsr-3652	25	7	of	of	ADP
fsr-3652	25	8	the	the	DET
fsr-3652	25	9	investment	investment	NOUN
fsr-3652	25	10	amount	amount	NOUN
fsr-3652	25	11	until	until	ADP
fsr-3652	25	12	withdrawal	withdrawal	NOUN
fsr-3652	25	13	.	.	PUNCT
fsr-3652	25	14	’	'	PUNCT
fsr-3652	26	1	the	the	DET
fsr-3652	26	2	second	second	ADJ
fsr-3652	26	3	is	be	AUX
fsr-3652	26	4	the	the	DET
fsr-3652	26	5	tax	tax	NOUN
fsr-3652	26	6	deferral	deferral	NOUN
fsr-3652	26	7	until	until	ADP
fsr-3652	26	8	withdrawal	withdrawal	NOUN
fsr-3652	26	9	of	of	ADP
fsr-3652	26	10	investment	investment	NOUN
fsr-3652	26	11	return	return	NOUN
fsr-3652	26	12	-	-	PUNCT
fsr-3652	26	13	interest	interest	NOUN
fsr-3652	26	14	,	,	PUNCT
fsr-3652	26	15	dividends	dividend	NOUN
fsr-3652	26	16	,	,	PUNCT
fsr-3652	26	17	and	and	CCONJ
fsr-3652	26	18	capital	capital	NOUN
fsr-3652	26	19	gains	gain	NOUN
fsr-3652	26	20	.	.	PUNCT
fsr-3652	27	1	the	the	DET
fsr-3652	27	2	third	third	ADJ
fsr-3652	27	3	advantage	advantage	NOUN
fsr-3652	27	4	stems	stem	VERB
fsr-3652	27	5	from	from	ADP
fsr-3652	27	6	the	the	DET
fsr-3652	27	7	common	common	ADJ
fsr-3652	27	8	expectation	expectation	NOUN
fsr-3652	27	9	that	that	SCONJ
fsr-3652	27	10	individuals	individual	NOUN
fsr-3652	27	11	will	will	AUX
fsr-3652	27	12	be	be	AUX
fsr-3652	27	13	in	in	ADP
fsr-3652	27	14	lower	low	ADJ
fsr-3652	27	15	tax	tax	NOUN
fsr-3652	27	16	brackets	bracket	NOUN
fsr-3652	27	17	upon	upon	SCONJ
fsr-3652	27	18	retirement	retirement	NOUN
fsr-3652	27	19	.	.	PUNCT
fsr-3652	28	1	a	a	DET
fsr-3652	28	2	potential	potential	ADJ
fsr-3652	28	3	disadvantage	disadvantage	NOUN
fsr-3652	28	4	is	be	AUX
fsr-3652	28	5	present	present	ADJ
fsr-3652	28	6	due	due	ADP
fsr-3652	28	7	to	to	ADP
fsr-3652	28	8	a	a	DET
fsr-3652	28	9	possible	possible	ADJ
fsr-3652	28	10	reinstatement	reinstatement	NOUN
fsr-3652	28	11	of	of	ADP
fsr-3652	28	12	a	a	DET
fsr-3652	28	13	capital	capital	NOUN
fsr-3652	28	14	gains	gain	NOUN
fsr-3652	28	15	exclusion	exclusion	NOUN
fsr-3652	28	16	;	;	PUNCT
fsr-3652	28	17	under	under	ADP
fsr-3652	28	18	a	a	DET
fsr-3652	28	19	pension	pension	NOUN
fsr-3652	28	20	tax	tax	NOUN
fsr-3652	28	21	structure	structure	NOUN
fsr-3652	28	22	all	all	DET
fsr-3652	28	23	capital	capital	NOUN
fsr-3652	28	24	gains	gain	NOUN
fsr-3652	28	25	are	be	AUX
fsr-3652	28	26	taxed	tax	VERB
fsr-3652	28	27	upon	upon	SCONJ
fsr-3652	28	28	withdrawal	withdrawal	NOUN
fsr-3652	28	29	,	,	PUNCT
fsr-3652	28	30	while	while	SCONJ
fsr-3652	28	31	capital	capital	NOUN
fsr-3652	28	32	gains	gain	NOUN
fsr-3652	28	33	realized	realize	VERB
fsr-3652	28	34	outside	outside	ADV
fsr-3652	28	35	of	of	ADP
fsr-3652	28	36	a	a	DET
fsr-3652	28	37	pension	pension	NOUN
fsr-3652	28	38	could	could	AUX
fsr-3652	28	39	benefit	benefit	VERB
fsr-3652	28	40	from	from	ADP
fsr-3652	28	41	the	the	DET
fsr-3652	28	42	exclusion	exclusion	NOUN
fsr-3652	28	43	.	.	PUNCT
fsr-3652	29	1	iii	iii	X
fsr-3652	29	2	.	.	PUNCT
fsr-3652	30	1	the	the	DET
fsr-3652	30	2	setting	setting	NOUN
fsr-3652	30	3	we	we	PRON
fsr-3652	30	4	assume	assume	VERB
fsr-3652	30	5	that	that	SCONJ
fsr-3652	30	6	at	at	ADP
fsr-3652	30	7	any	any	DET
fsr-3652	30	8	time	time	NOUN
fsr-3652	30	9	there	there	PRON
fsr-3652	30	10	is	be	VERB
fsr-3652	30	11	an	an	DET
fsr-3652	30	12	optimal	optimal	ADJ
fsr-3652	30	13	allocation	allocation	NOUN
fsr-3652	30	14	of	of	ADP
fsr-3652	30	15	each	each	DET
fsr-3652	30	16	individual	individual	NOUN
fsr-3652	30	17	’s	’s	PART
fsr-3652	30	18	total	total	ADJ
fsr-3652	30	19	portfolio	portfolio	NOUN
fsr-3652	30	20	among	among	ADP
fsr-3652	30	21	debt	debt	NOUN
fsr-3652	30	22	,	,	PUNCT
fsr-3652	30	23	stocks	stock	NOUN
fsr-3652	30	24	,	,	PUNCT
fsr-3652	30	25	real	real	ADJ
fsr-3652	30	26	estate	estate	NOUN
fsr-3652	30	27	,	,	PUNCT
fsr-3652	30	28	and	and	CCONJ
fsr-3652	30	29	other	other	ADJ
fsr-3652	30	30	assets	asset	NOUN
fsr-3652	30	31	,	,	PUNCT
fsr-3652	30	32	and	and	CCONJ
fsr-3652	30	33	that	that	SCONJ
fsr-3652	30	34	all	all	DET
fsr-3652	30	35	funds	fund	NOUN
fsr-3652	30	36	are	be	AUX
fsr-3652	30	37	to	to	PART
fsr-3652	30	38	be	be	AUX
fsr-3652	30	39	held	hold	VERB
fsr-3652	30	40	for	for	ADP
fsr-3652	30	41	post	post	ADJ
fsr-3652	30	42	-	-	ADJ
fsr-3652	30	43	retirement	retirement	ADJ
fsr-3652	30	44	use	use	NOUN
fsr-3652	30	45	.	.	PUNCT
fsr-3652	31	1	the	the	DET
fsr-3652	31	2	allocation	allocation	NOUN
fsr-3652	31	3	of	of	ADP
fsr-3652	31	4	funds	fund	NOUN
fsr-3652	31	5	varies	vary	VERB
fsr-3652	31	6	among	among	ADP
fsr-3652	31	7	individuals	individual	NOUN
fsr-3652	31	8	according	accord	VERB
fsr-3652	31	9	to	to	ADP
fsr-3652	31	10	risk	risk	NOUN
fsr-3652	31	11	-	-	PUNCT
fsr-3652	31	12	return	return	NOUN
fsr-3652	31	13	preferences	preference	NOUN
fsr-3652	31	14	,	,	PUNCT
fsr-3652	31	15	desired	desire	VERB
fsr-3652	31	16	investment	investment	NOUN
fsr-3652	31	17	horizons	horizon	NOUN
fsr-3652	31	18	(	(	PUNCT
fsr-3652	31	19	reichenstein	reichenstein	NOUN
fsr-3652	31	20	,	,	PUNCT
fsr-3652	31	21	1986	1986	NUM
fsr-3652	31	22	)	)	PUNCT
fsr-3652	31	23	,	,	PUNCT
fsr-3652	31	24	and	and	CCONJ
fsr-3652	31	25	other	other	ADJ
fsr-3652	31	26	factors	factor	NOUN
fsr-3652	31	27	.	.	PUNCT
fsr-3652	32	1	given	give	VERB
fsr-3652	32	2	this	this	DET
fsr-3652	32	3	asset	asset	NOUN
fsr-3652	32	4	allocation	allocation	NOUN
fsr-3652	32	5	decision	decision	NOUN
fsr-3652	32	6	and	and	CCONJ
fsr-3652	32	7	government	government	NOUN
fsr-3652	32	8	constraints	constraint	NOUN
fsr-3652	32	9	that	that	PRON
fsr-3652	32	10	effectively	effectively	ADV
fsr-3652	32	11	prevent	prevent	VERB
fsr-3652	32	12	all	all	DET
fsr-3652	32	13	assets	asset	NOUN
fsr-3652	32	14	from	from	ADP
fsr-3652	32	15	being	be	AUX
fsr-3652	32	16	held	hold	VERB
fsr-3652	32	17	in	in	ADP
fsr-3652	32	18	pensions	pension	NOUN
fsr-3652	32	19	,	,	PUNCT
fsr-3652	32	20	the	the	DET
fsr-3652	32	21	question	question	NOUN
fsr-3652	32	22	becomes	become	VERB
fsr-3652	32	23	which	which	PRON
fsr-3652	32	24	assets	asset	NOUN
fsr-3652	32	25	should	should	AUX
fsr-3652	32	26	be	be	AUX
fsr-3652	32	27	held	hold	VERB
fsr-3652	32	28	indirectly	indirectly	ADV
fsr-3652	32	29	in	in	ADP
fsr-3652	32	30	pension	pension	NOUN
fsr-3652	32	31	funds	fund	NOUN
fsr-3652	32	32	.	.	PUNCT
fsr-3652	33	1	the	the	DET
fsr-3652	33	2	optimal	optimal	ADJ
fsr-3652	33	3	strategy	strategy	NOUN
fsr-3652	33	4	is	be	AUX
fsr-3652	33	5	defined	define	VERB
fsr-3652	33	6	as	as	ADP
fsr-3652	33	7	the	the	DET
fsr-3652	33	8	one	one	NOUN
fsr-3652	33	9	that	that	PRON
fsr-3652	33	10	maximizes	maximize	VERB
fsr-3652	33	11	total	total	NOUN
fsr-3652	33	12	portfolio	portfolio	NOUN
fsr-3652	33	13	after	after	ADP
fsr-3652	33	14	-	-	PUNCT
fsr-3652	33	15	tax	tax	NOUN
fsr-3652	33	16	return	return	NOUN
fsr-3652	33	17	.	.	PUNCT
fsr-3652	34	1	the	the	DET
fsr-3652	34	2	pension	pension	NOUN
fsr-3652	34	3	should	should	AUX
fsr-3652	34	4	contain	contain	VERB
fsr-3652	34	5	assets	asset	NOUN
fsr-3652	34	6	that	that	PRON
fsr-3652	34	7	maximize	maximize	VERB
fsr-3652	34	8	the	the	DET
fsr-3652	34	9	difference	difference	NOUN
fsr-3652	34	10	between	between	ADP
fsr-3652	34	11	assets’after	assets’after	NOUN
fsr-3652	34	12	-	-	PUNCT
fsr-3652	34	13	tax	tax	NOUN
fsr-3652	34	14	returns	return	NOUN
fsr-3652	34	15	if	if	SCONJ
fsr-3652	34	16	held	hold	VERB
fsr-3652	34	17	in	in	ADP
fsr-3652	34	18	pensions	pension	NOUN
fsr-3652	34	19	and	and	CCONJ
fsr-3652	34	20	after	after	ADP
fsr-3652	34	21	-	-	PUNCT
fsr-3652	34	22	tax	tax	NOUN
fsr-3652	34	23	returns	return	NOUN
fsr-3652	34	24	if	if	SCONJ
fsr-3652	34	25	held	hold	VERB
fsr-3652	34	26	in	in	ADP
fsr-3652	34	27	nonpension	nonpension	NOUN
fsr-3652	34	28	accounts	account	NOUN
fsr-3652	34	29	.	.	PUNCT
fsr-3652	35	1	three	three	NUM
fsr-3652	35	2	factors	factor	NOUN
fsr-3652	35	3	that	that	PRON
fsr-3652	35	4	influence	influence	VERB
fsr-3652	35	5	the	the	DET
fsr-3652	35	6	size	size	NOUN
fsr-3652	35	7	of	of	ADP
fsr-3652	35	8	this	this	DET
fsr-3652	35	9	after	after	ADP
fsr-3652	35	10	-	-	PUNCT
fsr-3652	35	11	tax	tax	NOUN
fsr-3652	35	12	returns	return	NOUN
fsr-3652	35	13	differential	differential	NOUN
fsr-3652	35	14	include	include	VERB
fsr-3652	35	15	:	:	PUNCT
fsr-3652	35	16	the	the	DET
fsr-3652	35	17	annual	annual	ADJ
fsr-3652	35	18	before	before	ADP
fsr-3652	35	19	-	-	PUNCT
fsr-3652	35	20	tax	tax	NOUN
fsr-3652	35	21	return	return	NOUN
fsr-3652	35	22	on	on	ADP
fsr-3652	35	23	the	the	DET
fsr-3652	35	24	asset	asset	NOUN
fsr-3652	35	25	,	,	PUNCT
fsr-3652	35	26	the	the	DET
fsr-3652	35	27	proportion	proportion	NOUN
fsr-3652	35	28	of	of	ADP
fsr-3652	35	29	the	the	DET
fsr-3652	35	30	annual	annual	ADJ
fsr-3652	35	31	returns	return	NOUN
fsr-3652	35	32	in	in	ADP
fsr-3652	35	33	the	the	DET
fsr-3652	35	34	form	form	NOUN
fsr-3652	35	35	of	of	ADP
fsr-3652	35	36	capital	capital	NOUN
fsr-3652	35	37	gains	gain	NOUN
fsr-3652	35	38	,	,	PUNCT
fsr-3652	35	39	and	and	CCONJ
fsr-3652	35	40	the	the	DET
fsr-3652	35	41	speed	speed	NOUN
fsr-3652	35	42	with	with	ADP
fsr-3652	35	43	which	which	PRON
fsr-3652	35	44	capital	capital	NOUN
fsr-3652	35	45	gains	gain	NOUN
fsr-3652	35	46	are	be	AUX
fsr-3652	35	47	realized	realize	VERB
fsr-3652	35	48	.	.	PUNCT
fsr-3652	36	1	the	the	DET
fsr-3652	36	2	last	last	ADJ
fsr-3652	36	3	two	two	NUM
fsr-3652	36	4	factors	factor	NOUN
fsr-3652	36	5	are	be	AUX
fsr-3652	36	6	important	important	ADJ
fsr-3652	36	7	when	when	SCONJ
fsr-3652	36	8	one	one	PRON
fsr-3652	36	9	considers	consider	VERB
fsr-3652	36	10	that	that	SCONJ
fsr-3652	36	11	unrealized	unrealized	ADJ
fsr-3652	36	12	capital	capital	NOUN
fsr-3652	36	13	gains	gain	NOUN
fsr-3652	36	14	do	do	AUX
fsr-3652	36	15	not	not	PART
fsr-3652	36	16	benefit	benefit	VERB
fsr-3652	36	17	from	from	ADP
fsr-3652	36	18	the	the	DET
fsr-3652	36	19	pension	pension	NOUN
fsr-3652	36	20	tax	tax	NOUN
fsr-3652	36	21	structure	structure	NOUN
fsr-3652	36	22	.	.	PUNCT
fsr-3652	37	1	consider	consider	VERB
fsr-3652	37	2	,	,	PUNCT
fsr-3652	37	3	for	for	ADP
fsr-3652	37	4	example	example	NOUN
fsr-3652	37	5	,	,	PUNCT
fsr-3652	37	6	a	a	DET
fsr-3652	37	7	long	long	ADJ
fsr-3652	37	8	-	-	PUNCT
fsr-3652	37	9	term	term	NOUN
fsr-3652	37	10	investment	investment	NOUN
fsr-3652	37	11	in	in	ADP
fsr-3652	37	12	gold	gold	NOUN
fsr-3652	37	13	that	that	PRON
fsr-3652	37	14	is	be	AUX
fsr-3652	37	15	held	hold	VERB
fsr-3652	37	16	passively	passively	ADV
fsr-3652	37	17	until	until	ADP
fsr-3652	37	18	retirement	retirement	NOUN
fsr-3652	37	19	.	.	PUNCT
fsr-3652	38	1	the	the	DET
fsr-3652	38	2	tax	tax	NOUN
fsr-3652	38	3	on	on	ADP
fsr-3652	38	4	returns	return	NOUN
fsr-3652	38	5	is	be	AUX
fsr-3652	38	6	identical	identical	ADJ
fsr-3652	38	7	whether	whether	SCONJ
fsr-3652	38	8	the	the	DET
fsr-3652	38	9	asset	asset	NOUN
fsr-3652	38	10	is	be	AUX
fsr-3652	38	11	held	hold	VERB
fsr-3652	38	12	in	in	ADP
fsr-3652	38	13	a	a	DET
fsr-3652	38	14	pension	pension	NOUN
fsr-3652	38	15	account	account	NOUN
fsr-3652	38	16	or	or	CCONJ
fsr-3652	38	17	not	not	PART
fsr-3652	38	18	.	.	PUNCT
fsr-3652	39	1	thus	thus	ADV
fsr-3652	39	2	unrealized	unrealize	VERB
fsr-3652	39	3	capital	capital	NOUN
fsr-3652	39	4	gains	gain	NOUN
fsr-3652	39	5	in	in	ADP
fsr-3652	39	6	a	a	DET
fsr-3652	39	7	nonpension	nonpension	NOUN
fsr-3652	39	8	account	account	NOUN
fsr-3652	39	9	have	have	VERB
fsr-3652	39	10	the	the	DET
fsr-3652	39	11	same	same	ADJ
fsr-3652	39	12	tax	tax	NOUN
fsr-3652	39	13	advantages	advantage	NOUN
fsr-3652	39	14	as	as	ADP
fsr-3652	39	15	a	a	DET
fsr-3652	39	16	pension	pension	NOUN
fsr-3652	39	17	asset	asset	NOUN
fsr-3652	39	18	.	.	PUNCT
fsr-3652	40	1	*	*	PUNCT
fsr-3652	41	1	the	the	DET
fsr-3652	41	2	optimal	optimal	ADJ
fsr-3652	41	3	allocation	allocation	NOUN
fsr-3652	41	4	of	of	ADP
fsr-3652	41	5	pension	pension	NOUN
fsr-3652	41	6	fund	fund	NOUN
fsr-3652	41	7	assets	asset	NOUN
fsr-3652	41	8	11	11	NUM
fsr-3652	41	9	this	this	PRON
fsr-3652	41	10	raises	raise	VERB
fsr-3652	41	11	the	the	DET
fsr-3652	41	12	question	question	NOUN
fsr-3652	41	13	whether	whether	SCONJ
fsr-3652	41	14	debt	debt	NOUN
fsr-3652	41	15	or	or	CCONJ
fsr-3652	41	16	equity	equity	NOUN
fsr-3652	41	17	best	good	ADJ
fsr-3652	41	18	captures	capture	VERB
fsr-3652	41	19	the	the	DET
fsr-3652	41	20	advantages	advantage	NOUN
fsr-3652	41	21	of	of	ADP
fsr-3652	41	22	the	the	DET
fsr-3652	41	23	pension	pension	NOUN
fsr-3652	41	24	tax	tax	NOUN
fsr-3652	41	25	structure	structure	NOUN
fsr-3652	41	26	.	.	PUNCT
fsr-3652	42	1	do	do	VERB
fsr-3652	42	2	higher	high	ADJ
fsr-3652	42	3	returns	return	NOUN
fsr-3652	42	4	on	on	ADP
fsr-3652	42	5	stocks	stock	NOUN
fsr-3652	42	6	more	more	ADV
fsr-3652	42	7	than	than	ADP
fsr-3652	42	8	offset	offset	VERB
fsr-3652	42	9	the	the	DET
fsr-3652	42	10	fact	fact	NOUN
fsr-3652	42	11	that	that	SCONJ
fsr-3652	42	12	part	part	NOUN
fsr-3652	42	13	of	of	ADP
fsr-3652	42	14	their	their	PRON
fsr-3652	42	15	returns	return	NOUN
fsr-3652	42	16	can	can	AUX
fsr-3652	42	17	be	be	AUX
fsr-3652	42	18	in	in	ADP
fsr-3652	42	19	the	the	DET
fsr-3652	42	20	form	form	NOUN
fsr-3652	42	21	of	of	ADP
fsr-3652	42	22	unrealized	unrealized	ADJ
fsr-3652	42	23	capital	capital	NOUN
fsr-3652	42	24	gains	gain	NOUN
fsr-3652	42	25	?	?	PUNCT
fsr-3652	43	1	the	the	DET
fsr-3652	43	2	analysis	analysis	NOUN
fsr-3652	43	3	in	in	ADP
fsr-3652	43	4	this	this	DET
fsr-3652	43	5	paper	paper	NOUN
fsr-3652	43	6	indicates	indicate	VERB
fsr-3652	43	7	that	that	SCONJ
fsr-3652	43	8	most	most	ADJ
fsr-3652	43	9	individuals	individual	NOUN
fsr-3652	43	10	maximize	maximize	VERB
fsr-3652	43	11	total	total	ADJ
fsr-3652	43	12	portfolio	portfolio	NOUN
fsr-3652	43	13	after	after	ADP
fsr-3652	43	14	-	-	PUNCT
fsr-3652	43	15	tax	tax	NOUN
fsr-3652	43	16	returns	return	NOUN
fsr-3652	43	17	by	by	ADP
fsr-3652	43	18	placing	place	VERB
fsr-3652	43	19	common	common	ADJ
fsr-3652	43	20	stocks	stock	NOUN
fsr-3652	43	21	,	,	PUNCT
fsr-3652	43	22	especially	especially	ADV
fsr-3652	43	23	high	high	ADJ
fsr-3652	43	24	-	-	PUNCT
fsr-3652	43	25	yield	yield	NOUN
fsr-3652	43	26	stocks	stock	NOUN
fsr-3652	43	27	,	,	PUNCT
fsr-3652	43	28	in	in	ADP
fsr-3652	43	29	the	the	DET
fsr-3652	43	30	pension	pension	NOUN
fsr-3652	43	31	fund	fund	NOUN
fsr-3652	43	32	.	.	PUNCT
fsr-3652	44	1	the	the	DET
fsr-3652	44	2	higher	high	ADJ
fsr-3652	44	3	returns	return	NOUN
fsr-3652	44	4	on	on	ADP
fsr-3652	44	5	high	high	ADJ
fsr-3652	44	6	-	-	PUNCT
fsr-3652	44	7	yield	yield	NOUN
fsr-3652	44	8	stocks	stock	NOUN
fsr-3652	44	9	compared	compare	VERB
fsr-3652	44	10	to	to	ADP
fsr-3652	44	11	debt	debt	NOUN
fsr-3652	44	12	are	be	AUX
fsr-3652	44	13	expected	expect	VERB
fsr-3652	44	14	to	to	PART
fsr-3652	44	15	more	more	ADV
fsr-3652	44	16	than	than	ADP
fsr-3652	44	17	offset	offset	VERB
fsr-3652	44	18	the	the	DET
fsr-3652	44	19	fact	fact	NOUN
fsr-3652	44	20	that	that	SCONJ
fsr-3652	44	21	some	some	PRON
fsr-3652	44	22	of	of	ADP
fsr-3652	44	23	the	the	DET
fsr-3652	44	24	return	return	NOUN
fsr-3652	44	25	can	can	AUX
fsr-3652	44	26	be	be	AUX
fsr-3652	44	27	in	in	ADP
fsr-3652	44	28	the	the	DET
fsr-3652	44	29	form	form	NOUN
fsr-3652	44	30	of	of	ADP
fsr-3652	44	31	unrealized	unrealized	ADJ
fsr-3652	44	32	capital	capital	NOUN
fsr-3652	44	33	gains	gain	NOUN
fsr-3652	44	34	.	.	PUNCT
fsr-3652	45	1	exceptions	exception	NOUN
fsr-3652	45	2	to	to	ADP
fsr-3652	45	3	this	this	DET
fsr-3652	45	4	rule	rule	NOUN
fsr-3652	45	5	would	would	AUX
fsr-3652	45	6	be	be	AUX
fsr-3652	45	7	individuals	individual	NOUN
fsr-3652	45	8	who	who	PRON
fsr-3652	45	9	either	either	CCONJ
fsr-3652	45	10	very	very	ADV
fsr-3652	45	11	actively	actively	ADV
fsr-3652	45	12	or	or	CCONJ
fsr-3652	45	13	very	very	ADV
fsr-3652	45	14	passively	passively	ADV
fsr-3652	45	15	manage	manage	VERB
fsr-3652	45	16	the	the	DET
fsr-3652	45	17	common	common	ADJ
fsr-3652	45	18	stock	stock	NOUN
fsr-3652	45	19	portion	portion	NOUN
fsr-3652	45	20	of	of	ADP
fsr-3652	45	21	their	their	PRON
fsr-3652	45	22	nonpension	nonpension	NOUN
fsr-3652	45	23	portfolio	portfolio	NOUN
fsr-3652	45	24	.	.	PUNCT
fsr-3652	46	1	iv	iv	X
fsr-3652	46	2	.	.	PUNCT
fsr-3652	46	3	models	model	NOUN
fsr-3652	46	4	of	of	ADP
fsr-3652	46	5	pension	pension	NOUN
fsr-3652	46	6	and	and	CCONJ
fsr-3652	46	7	nonpension	nonpension	NOUN
fsr-3652	46	8	tax	tax	NOUN
fsr-3652	46	9	structures	structure	NOUN
fsr-3652	46	10	ferris	ferris	VERB
fsr-3652	46	11	and	and	CCONJ
fsr-3652	46	12	reichenstein	reichenstein	NOUN
fsr-3652	46	13	(	(	PUNCT
fsr-3652	46	14	1988	1988	NUM
fsr-3652	46	15	)	)	PUNCT
fsr-3652	46	16	present	present	VERB
fsr-3652	46	17	a	a	DET
fsr-3652	46	18	flexible	flexible	ADJ
fsr-3652	46	19	model	model	NOUN
fsr-3652	46	20	of	of	ADP
fsr-3652	46	21	the	the	DET
fsr-3652	46	22	after	after	ADP
fsr-3652	46	23	-	-	PUNCT
fsr-3652	46	24	tax	tax	NOUN
fsr-3652	46	25	value	value	NOUN
fsr-3652	46	26	of	of	ADP
fsr-3652	46	27	an	an	DET
fsr-3652	46	28	investment	investment	NOUN
fsr-3652	46	29	that	that	PRON
fsr-3652	46	30	is	be	AUX
fsr-3652	46	31	based	base	VERB
fsr-3652	46	32	on	on	ADP
fsr-3652	46	33	earlier	early	ADJ
fsr-3652	46	34	work	work	NOUN
fsr-3652	46	35	by	by	ADP
fsr-3652	46	36	doyle	doyle	NOUN
fsr-3652	46	37	(	(	PUNCT
fsr-3652	46	38	1984	1984	NUM
fsr-3652	46	39	)	)	PUNCT
fsr-3652	46	40	.	.	PUNCT
fsr-3652	47	1	by	by	ADP
fsr-3652	47	2	changing	change	VERB
fsr-3652	47	3	parameters	parameter	NOUN
fsr-3652	47	4	,	,	PUNCT
fsr-3652	47	5	the	the	DET
fsr-3652	47	6	model	model	NOUN
fsr-3652	47	7	can	can	AUX
fsr-3652	47	8	reflect	reflect	VERB
fsr-3652	47	9	after	after	ADP
fsr-3652	47	10	-	-	PUNCT
fsr-3652	47	11	tax	tax	NOUN
fsr-3652	47	12	returns	return	NOUN
fsr-3652	47	13	on	on	ADP
fsr-3652	47	14	the	the	DET
fsr-3652	47	15	same	same	ADJ
fsr-3652	47	16	asset	asset	NOUN
fsr-3652	47	17	whether	whether	SCONJ
fsr-3652	47	18	held	hold	VERB
fsr-3652	47	19	in	in	ADP
fsr-3652	47	20	a	a	DET
fsr-3652	47	21	pension	pension	NOUN
fsr-3652	47	22	or	or	CCONJ
fsr-3652	47	23	nonpension	nonpension	NOUN
fsr-3652	47	24	account	account	NOUN
fsr-3652	47	25	.	.	PUNCT
fsr-3652	48	1	the	the	DET
fsr-3652	48	2	asset	asset	NOUN
fsr-3652	48	3	that	that	PRON
fsr-3652	48	4	maximizes	maximize	VERB
fsr-3652	48	5	the	the	DET
fsr-3652	48	6	difference	difference	NOUN
fsr-3652	48	7	between	between	ADP
fsr-3652	48	8	these	these	DET
fsr-3652	48	9	annual	annual	ADJ
fsr-3652	48	10	returns	return	NOUN
fsr-3652	48	11	is	be	AUX
fsr-3652	48	12	the	the	DET
fsr-3652	48	13	one	one	NUM
fsr-3652	48	14	that	that	PRON
fsr-3652	48	15	benefits	benefit	VERB
fsr-3652	48	16	most	most	ADV
fsr-3652	48	17	from	from	ADP
fsr-3652	48	18	the	the	DET
fsr-3652	48	19	pension	pension	NOUN
fsr-3652	48	20	tax	tax	NOUN
fsr-3652	48	21	structure	structure	NOUN
fsr-3652	48	22	.	.	PUNCT
fsr-3652	49	1	the	the	DET
fsr-3652	49	2	model	model	NOUN
fsr-3652	49	3	assumes	assume	VERB
fsr-3652	49	4	an	an	DET
fsr-3652	49	5	initial	initial	ADJ
fsr-3652	49	6	$	$	SYM
fsr-3652	49	7	1	1	NUM
fsr-3652	49	8	investment	investment	NOUN
fsr-3652	49	9	of	of	ADP
fsr-3652	49	10	after	after	ADP
fsr-3652	49	11	-	-	PUNCT
fsr-3652	49	12	tax	tax	NOUN
fsr-3652	49	13	funds	fund	NOUN
fsr-3652	49	14	and	and	CCONJ
fsr-3652	49	15	i	i	PRON
fsr-3652	49	16	percent	percent	VERB
fsr-3652	49	17	annual	annual	ADJ
fsr-3652	49	18	before	before	ADP
fsr-3652	49	19	-	-	PUNCT
fsr-3652	49	20	tax	tax	NOUN
fsr-3652	49	21	return	return	NOUN
fsr-3652	49	22	on	on	ADP
fsr-3652	49	23	investment	investment	NOUN
fsr-3652	49	24	,	,	PUNCT
fsr-3652	49	25	with	with	ADP
fsr-3652	49	26	g	g	NOUN
fsr-3652	49	27	percent	percent	NOUN
fsr-3652	49	28	of	of	ADP
fsr-3652	49	29	the	the	DET
fsr-3652	49	30	i	i	NOUN
fsr-3652	49	31	percent	percent	NOUN
fsr-3652	49	32	returns	return	VERB
fsr-3652	49	33	in	in	ADP
fsr-3652	49	34	the	the	DET
fsr-3652	49	35	form	form	NOUN
fsr-3652	49	36	of	of	ADP
fsr-3652	49	37	capital	capital	NOUN
fsr-3652	49	38	gains.3	gains.3	VERB
fsr-3652	49	39	the	the	DET
fsr-3652	49	40	proportion	proportion	NOUN
fsr-3652	49	41	of	of	ADP
fsr-3652	49	42	capital	capital	NOUN
fsr-3652	49	43	gains	gain	NOUN
fsr-3652	49	44	realized	realize	VERB
fsr-3652	49	45	annually	annually	ADV
fsr-3652	49	46	is	be	AUX
fsr-3652	49	47	p.	p.	NOUN
fsr-3652	49	48	we	we	PRON
fsr-3652	49	49	assume	assume	VERB
fsr-3652	49	50	a	a	DET
fsr-3652	49	51	tax	tax	NOUN
fsr-3652	49	52	rate	rate	NOUN
fsr-3652	49	53	of	of	ADP
fsr-3652	49	54	t	t	PROPN
fsr-3652	49	55	in	in	ADP
fsr-3652	49	56	all	all	DET
fsr-3652	49	57	years	year	NOUN
fsr-3652	49	58	before	before	ADP
fsr-3652	49	59	withdrawal	withdrawal	NOUN
fsr-3652	49	60	,	,	PUNCT
fsr-3652	49	61	tw	tw	NOUN
fsr-3652	49	62	in	in	ADP
fsr-3652	49	63	the	the	DET
fsr-3652	49	64	year	year	NOUN
fsr-3652	49	65	of	of	ADP
fsr-3652	49	66	withdrawal	withdrawal	NOUN
fsr-3652	49	67	,	,	PUNCT
fsr-3652	49	68	an	an	DET
fsr-3652	49	69	n	n	CCONJ
fsr-3652	49	70	-	-	PUNCT
fsr-3652	49	71	year	year	NOUN
fsr-3652	49	72	investment	investment	NOUN
fsr-3652	49	73	horizon	horizon	NOUN
fsr-3652	49	74	,	,	PUNCT
fsr-3652	49	75	and	and	CCONJ
fsr-3652	49	76	deposit	deposit	NOUN
fsr-3652	49	77	and	and	CCONJ
fsr-3652	49	78	withdrawal	withdrawal	NOUN
fsr-3652	49	79	of	of	ADP
fsr-3652	49	80	funds	fund	NOUN
fsr-3652	49	81	on	on	ADP
fsr-3652	49	82	january	january	PROPN
fsr-3652	49	83	1	1	NUM
fsr-3652	49	84	.	.	PUNCT
fsr-3652	50	1	the	the	DET
fsr-3652	50	2	after	after	ADP
fsr-3652	50	3	-	-	PUNCT
fsr-3652	50	4	tax	tax	NOUN
fsr-3652	50	5	value	value	NOUN
fsr-3652	50	6	of	of	ADP
fsr-3652	50	7	an	an	DET
fsr-3652	50	8	original	original	ADJ
fsr-3652	50	9	$	$	SYM
fsr-3652	50	10	1	1	NUM
fsr-3652	50	11	investment	investment	NOUN
fsr-3652	50	12	in	in	ADP
fsr-3652	50	13	an	an	DET
fsr-3652	50	14	asset	asset	NOUN
fsr-3652	50	15	held	hold	VERB
fsr-3652	50	16	in	in	ADP
fsr-3652	50	17	a	a	DET
fsr-3652	50	18	nonpension	nonpension	NOUN
fsr-3652	50	19	account	account	NOUN
fsr-3652	50	20	,	,	PUNCT
fsr-3652	50	21	k	k	PROPN
fsr-3652	50	22	,	,	PUNCT
fsr-3652	50	23	is	be	AUX
fsr-3652	50	24	:	:	PUNCT
fsr-3652	50	25	v	v	X
fsr-3652	50	26	*	*	PUNCT
fsr-3652	50	27	=	=	PUNCT
fsr-3652	50	28	(	(	PUNCT
fsr-3652	50	29	1	1	NUM
fsr-3652	50	30	+	+	CCONJ
fsr-3652	50	31	r	r	NOUN
fsr-3652	50	32	)	)	PUNCT
fsr-3652	50	33	”	"	PUNCT
fsr-3652	50	34	t,(l	t,(l	X
fsr-3652	50	35	-p)gi[((l	-p)gi[((l	PUNCT
fsr-3652	51	1	+	+	CCONJ
fsr-3652	51	2	r	r	NOUN
fsr-3652	51	3	)	)	PUNCT
fsr-3652	51	4	”	"	PUNCT
fsr-3652	51	5	1)/r	1)/r	NUM
fsr-3652	51	6	]	]	X
fsr-3652	51	7	(	(	PUNCT
fsr-3652	51	8	1	1	X
fsr-3652	51	9	)	)	PUNCT
fsr-3652	51	10	where	where	SCONJ
fsr-3652	51	11	r	r	NOUN
fsr-3652	51	12	=	=	SYM
fsr-3652	51	13	(	(	PUNCT
fsr-3652	51	14	1	1	NUM
fsr-3652	51	15	tp)gi	tp)gi	PUNCT
fsr-3652	51	16	-i(1	-i(1	ADJ
fsr-3652	51	17	t)(l	t)(l	NOUN
fsr-3652	51	18	g)i	g)i	NOUN
fsr-3652	51	19	.	.	PUNCT
fsr-3652	52	1	the	the	DET
fsr-3652	52	2	investment	investment	NOUN
fsr-3652	52	3	grows	grow	VERB
fsr-3652	52	4	at	at	ADP
fsr-3652	52	5	r	r	NOUN
fsr-3652	52	6	percent	percent	NOUN
fsr-3652	52	7	annually	annually	ADV
fsr-3652	52	8	for	for	ADP
fsr-3652	52	9	ii	ii	NOUN
fsr-3652	52	10	years	year	NOUN
fsr-3652	52	11	.	.	PUNCT
fsr-3652	53	1	the	the	DET
fsr-3652	53	2	product	product	NOUN
fsr-3652	53	3	(	(	PUNCT
fsr-3652	53	4	1	1	NUM
fsr-3652	53	5	g)i	g)i	NOUN
fsr-3652	53	6	is	be	AUX
fsr-3652	53	7	the	the	DET
fsr-3652	53	8	current	current	ADJ
fsr-3652	53	9	income	income	NOUN
fsr-3652	53	10	(	(	PUNCT
fsr-3652	53	11	dividends	dividend	NOUN
fsr-3652	53	12	or	or	CCONJ
fsr-3652	53	13	interest	interest	NOUN
fsr-3652	53	14	)	)	PUNCT
fsr-3652	53	15	of	of	ADP
fsr-3652	53	16	the	the	DET
fsr-3652	53	17	asset	asset	NOUN
fsr-3652	53	18	,	,	PUNCT
fsr-3652	53	19	so	so	CCONJ
fsr-3652	53	20	(	(	PUNCT
fsr-3652	53	21	1	1	NUM
fsr-3652	53	22	t	t	NOUN
fsr-3652	53	23	)	)	PUNCT
fsr-3652	53	24	*	*	PUNCT
fsr-3652	54	1	(	(	PUNCT
fsr-3652	54	2	1	1	NUM
fsr-3652	54	3	g)i	g)i	NOUN
fsr-3652	54	4	represents	represent	VERB
fsr-3652	54	5	the	the	DET
fsr-3652	54	6	after	after	ADP
fsr-3652	54	7	-	-	PUNCT
fsr-3652	54	8	tax	tax	NOUN
fsr-3652	54	9	amount	amount	NOUN
fsr-3652	54	10	of	of	ADP
fsr-3652	54	11	current	current	ADJ
fsr-3652	54	12	income	income	NOUN
fsr-3652	54	13	.	.	PUNCT
fsr-3652	55	1	the	the	DET
fsr-3652	55	2	capital	capital	NOUN
fsr-3652	55	3	gains	gain	NOUN
fsr-3652	55	4	portion	portion	NOUN
fsr-3652	55	5	of	of	ADP
fsr-3652	55	6	annual	annual	ADJ
fsr-3652	55	7	returns	return	NOUN
fsr-3652	55	8	is	be	AUX
fsr-3652	55	9	gi	gi	ADJ
fsr-3652	55	10	.	.	PUNCT
fsr-3652	55	11	tax	tax	NOUN
fsr-3652	55	12	on	on	ADP
fsr-3652	55	13	realized	realize	VERB
fsr-3652	55	14	annual	annual	ADJ
fsr-3652	55	15	returns	return	NOUN
fsr-3652	55	16	is	be	AUX
fsr-3652	55	17	thus	thus	ADV
fsr-3652	55	18	tpgi	tpgi	NOUN
fsr-3652	55	19	,	,	PUNCT
fsr-3652	55	20	and	and	CCONJ
fsr-3652	55	21	the	the	DET
fsr-3652	55	22	after	after	ADP
fsr-3652	55	23	tax	tax	NOUN
fsr-3652	55	24	amount	amount	NOUN
fsr-3652	55	25	of	of	ADP
fsr-3652	55	26	realized	realize	VERB
fsr-3652	55	27	and	and	CCONJ
fsr-3652	55	28	unrealized	unrealized	ADJ
fsr-3652	55	29	capital	capital	NOUN
fsr-3652	55	30	gains	gain	NOUN
fsr-3652	55	31	is	be	AUX
fsr-3652	55	32	(	(	PUNCT
fsr-3652	55	33	1	1	NUM
fsr-3652	55	34	tp)gi	tp)gi	NUM
fsr-3652	55	35	.	.	PUNCT
fsr-3652	56	1	thus	thus	ADV
fsr-3652	56	2	r	r	NOUN
fsr-3652	56	3	is	be	AUX
fsr-3652	56	4	the	the	DET
fsr-3652	56	5	sum	sum	NOUN
fsr-3652	56	6	of	of	ADP
fsr-3652	56	7	the	the	DET
fsr-3652	56	8	after	after	ADP
fsr-3652	56	9	-	-	PUNCT
fsr-3652	56	10	tax	tax	NOUN
fsr-3652	56	11	returns	return	NOUN
fsr-3652	56	12	in	in	ADP
fsr-3652	56	13	the	the	DET
fsr-3652	56	14	form	form	NOUN
fsr-3652	56	15	of	of	ADP
fsr-3652	56	16	current	current	ADJ
fsr-3652	56	17	income	income	NOUN
fsr-3652	56	18	and	and	CCONJ
fsr-3652	56	19	capital	capital	NOUN
fsr-3652	56	20	gains	gain	NOUN
fsr-3652	56	21	.	.	PUNCT
fsr-3652	57	1	the	the	DET
fsr-3652	57	2	product	product	NOUN
fsr-3652	57	3	to	to	ADP
fsr-3652	57	4	the	the	DET
fsr-3652	57	5	right	right	NOUN
fsr-3652	57	6	of	of	ADP
fsr-3652	57	7	the	the	DET
fsr-3652	57	8	first	first	ADJ
fsr-3652	57	9	minus	minus	NOUN
fsr-3652	57	10	sign	sign	NOUN
fsr-3652	57	11	in	in	ADP
fsr-3652	57	12	equation	equation	NOUN
fsr-3652	57	13	1	1	NUM
fsr-3652	57	14	represents	represent	VERB
fsr-3652	57	15	taxes	taxis	NOUN
fsr-3652	57	16	upon	upon	SCONJ
fsr-3652	57	17	withdrawal	withdrawal	NOUN
fsr-3652	57	18	in	in	ADP
fsr-3652	57	19	yearn	yearn	NOUN
fsr-3652	57	20	on	on	ADP
fsr-3652	57	21	the	the	DET
fsr-3652	57	22	accumulation	accumulation	NOUN
fsr-3652	57	23	of	of	ADP
fsr-3652	57	24	unrealized	unrealized	ADJ
fsr-3652	57	25	capital	capital	NOUN
fsr-3652	57	26	gains	gain	NOUN
fsr-3652	57	27	.	.	PUNCT
fsr-3652	58	1	the	the	DET
fsr-3652	58	2	product	product	NOUN
fsr-3652	58	3	gi	gi	NOUN
fsr-3652	58	4	is	be	AUX
fsr-3652	58	5	the	the	DET
fsr-3652	58	6	capital	capital	NOUN
fsr-3652	58	7	gains	gain	NOUN
fsr-3652	58	8	portion	portion	NOUN
fsr-3652	58	9	of	of	ADP
fsr-3652	58	10	annual	annual	ADJ
fsr-3652	58	11	returns	return	NOUN
fsr-3652	58	12	,	,	PUNCT
fsr-3652	58	13	and	and	CCONJ
fsr-3652	58	14	the	the	DET
fsr-3652	58	15	dollar	dollar	NOUN
fsr-3652	58	16	amount	amount	NOUN
fsr-3652	58	17	of	of	ADP
fsr-3652	58	18	each	each	DET
fsr-3652	58	19	year	year	NOUN
fsr-3652	58	20	’s	’s	PART
fsr-3652	58	21	unrealized	unrealized	ADJ
fsr-3652	58	22	capital	capital	NOUN
fsr-3652	58	23	gains	gain	NOUN
fsr-3652	58	24	is	be	AUX
fsr-3652	58	25	the	the	DET
fsr-3652	58	26	product	product	NOUN
fsr-3652	58	27	of	of	ADP
fsr-3652	58	28	(	(	PUNCT
fsr-3652	58	29	1	1	NUM
fsr-3652	58	30	p)gi	p)gi	PROPN
fsr-3652	58	31	and	and	CCONJ
fsr-3652	58	32	12	12	NUM
fsr-3652	58	33	financial	financial	ADJ
fsr-3652	58	34	services	service	NOUN
fsr-3652	58	35	review	review	NOUN
fsr-3652	58	36	,	,	PUNCT
fsr-3652	58	37	l(1	l(1	PROPN
fsr-3652	58	38	)	)	PUNCT
fsr-3652	58	39	1991	1991	NUM
fsr-3652	58	40	the	the	DET
fsr-3652	58	41	beginning	begin	VERB
fsr-3652	58	42	-	-	PUNCT
fsr-3652	58	43	of	of	ADP
fsr-3652	58	44	-	-	PUNCT
fsr-3652	58	45	year	year	NOUN
fsr-3652	58	46	investment	investment	NOUN
fsr-3652	58	47	amount	amount	NOUN
fsr-3652	58	48	.	.	PUNCT
fsr-3652	59	1	unrealized	unrealized	ADJ
fsr-3652	59	2	gains	gain	NOUN
fsr-3652	59	3	are	be	AUX
fsr-3652	59	4	$	$	SYM
fsr-3652	59	5	(	(	PUNCT
fsr-3652	59	6	i	i	PRON
fsr-3652	59	7	p)gi	p)gi	PROPN
fsr-3652	59	8	in	in	ADP
fsr-3652	59	9	year	year	NOUN
fsr-3652	59	10	1	1	NUM
fsr-3652	59	11	,	,	PUNCT
fsr-3652	59	12	and	and	CCONJ
fsr-3652	59	13	grow	grow	VERB
fsr-3652	59	14	with	with	ADP
fsr-3652	59	15	the	the	DET
fsr-3652	59	16	beginning	begin	VERB
fsr-3652	59	17	-	-	PUNCT
fsr-3652	59	18	of	of	ADP
fsr-3652	59	19	-	-	PUNCT
fsr-3652	59	20	year	year	NOUN
fsr-3652	59	21	investment	investment	NOUN
fsr-3652	59	22	amount	amount	NOUN
fsr-3652	59	23	at	at	ADP
fsr-3652	59	24	r	r	NOUN
fsr-3652	59	25	percent	percent	NOUN
fsr-3652	59	26	annually	annually	ADV
fsr-3652	59	27	.	.	PUNCT
fsr-3652	60	1	the	the	DET
fsr-3652	60	2	expression	expression	NOUN
fsr-3652	60	3	in	in	ADP
fsr-3652	60	4	brackets	bracket	NOUN
fsr-3652	60	5	is	be	AUX
fsr-3652	60	6	based	base	VERB
fsr-3652	60	7	on	on	ADP
fsr-3652	60	8	the	the	DET
fsr-3652	60	9	future	future	ADJ
fsr-3652	60	10	value	value	NOUN
fsr-3652	60	11	of	of	ADP
fsr-3652	60	12	an	an	DET
fsr-3652	60	13	annuity	annuity	NOUN
fsr-3652	60	14	formula	formula	NOUN
fsr-3652	60	15	.	.	PUNCT
fsr-3652	61	1	average	average	ADJ
fsr-3652	61	2	annual	annual	ADJ
fsr-3652	61	3	after	after	ADP
fsr-3652	61	4	-	-	PUNCT
fsr-3652	61	5	tax	tax	NOUN
fsr-3652	61	6	returns	return	NOUN
fsr-3652	61	7	on	on	ADP
fsr-3652	61	8	a	a	DET
fsr-3652	61	9	nonpension	nonpension	NOUN
fsr-3652	61	10	asset	asset	NOUN
fsr-3652	61	11	are	be	AUX
fsr-3652	61	12	returns	return	NOUN
fsr-3652	61	13	on	on	ADP
fsr-3652	61	14	a	a	DET
fsr-3652	61	15	pension	pension	NOUN
fsr-3652	61	16	asset	asset	NOUN
fsr-3652	61	17	are	be	AUX
fsr-3652	61	18	tax	tax	NOUN
fsr-3652	61	19	-	-	PUNCT
fsr-3652	61	20	deferred	defer	VERB
fsr-3652	61	21	until	until	ADP
fsr-3652	61	22	withdrawal	withdrawal	NOUN
fsr-3652	61	23	.	.	PUNCT
fsr-3652	62	1	the	the	DET
fsr-3652	62	2	after	after	ADP
fsr-3652	62	3	tax	tax	NOUN
fsr-3652	62	4	value	value	NOUN
fsr-3652	62	5	of	of	ADP
fsr-3652	62	6	an	an	DET
fsr-3652	62	7	asset	asset	NOUN
fsr-3652	62	8	in	in	ADP
fsr-3652	62	9	a	a	DET
fsr-3652	62	10	pension	pension	NOUN
fsr-3652	62	11	account	account	NOUN
fsr-3652	62	12	,	,	PUNCT
fsr-3652	62	13	vp	vp	PROPN
fsr-3652	62	14	,	,	PUNCT
fsr-3652	62	15	is	be	AUX
fsr-3652	62	16	vp	vp	NOUN
fsr-3652	62	17	=	=	PUNCT
fsr-3652	62	18	(	(	PUNCT
fsr-3652	62	19	1	1	NUM
fsr-3652	62	20	+	+	NUM
fsr-3652	62	21	2	2	NUM
fsr-3652	62	22	)	)	PUNCT
fsr-3652	62	23	”	"	PUNCT
fsr-3652	62	24	t,[(l	t,[(l	VERB
fsr-3652	63	1	+	+	SYM
fsr-3652	63	2	z	z	NOUN
fsr-3652	63	3	)	)	PUNCT
fsr-3652	63	4	”	"	PUNCT
fsr-3652	63	5	11	11	NUM
fsr-3652	63	6	the	the	DET
fsr-3652	63	7	asset	asset	NOUN
fsr-3652	63	8	accumulates	accumulate	VERB
fsr-3652	63	9	tax	tax	NOUN
fsr-3652	63	10	-	-	PUNCT
fsr-3652	63	11	free	free	ADJ
fsr-3652	63	12	at	at	ADP
fsr-3652	63	13	the	the	DET
fsr-3652	63	14	before	before	ADP
fsr-3652	63	15	-	-	PUNCT
fsr-3652	63	16	tax	tax	NOUN
fsr-3652	63	17	rate	rate	NOUN
fsr-3652	63	18	i	i	PRON
fsr-3652	63	19	until	until	ADP
fsr-3652	63	20	withdrawal	withdrawal	NOUN
fsr-3652	63	21	in	in	ADP
fsr-3652	63	22	n	n	PRON
fsr-3652	63	23	years	year	NOUN
fsr-3652	63	24	.	.	PUNCT
fsr-3652	64	1	the	the	DET
fsr-3652	64	2	amount	amount	NOUN
fsr-3652	64	3	to	to	ADP
fsr-3652	64	4	the	the	DET
fsr-3652	64	5	right	right	NOUN
fsr-3652	64	6	of	of	ADP
fsr-3652	64	7	the	the	DET
fsr-3652	64	8	minus	minus	NOUN
fsr-3652	64	9	sign	sign	NOUN
fsr-3652	64	10	represents	represent	VERB
fsr-3652	64	11	taxes	taxis	NOUN
fsr-3652	64	12	at	at	ADP
fsr-3652	64	13	rate	rate	NOUN
fsr-3652	64	14	tw	tw	NOUN
fsr-3652	64	15	on	on	ADP
fsr-3652	64	16	accumulated	accumulate	VERB
fsr-3652	64	17	returns	return	NOUN
fsr-3652	64	18	,	,	PUNCT
fsr-3652	64	19	which	which	PRON
fsr-3652	64	20	is	be	AUX
fsr-3652	64	21	the	the	DET
fsr-3652	64	22	full	full	ADJ
fsr-3652	64	23	amount	amount	NOUN
fsr-3652	64	24	of	of	ADP
fsr-3652	64	25	the	the	DET
fsr-3652	64	26	withdrawal	withdrawal	NOUN
fsr-3652	64	27	less	less	ADV
fsr-3652	64	28	the	the	DET
fsr-3652	64	29	original	original	ADJ
fsr-3652	64	30	$	$	SYM
fsr-3652	64	31	1	1	NUM
fsr-3652	64	32	investment	investment	NOUN
fsr-3652	64	33	.	.	PUNCT
fsr-3652	65	1	average	average	ADJ
fsr-3652	65	2	annual	annual	ADJ
fsr-3652	65	3	returns	return	NOUN
fsr-3652	65	4	on	on	ADP
fsr-3652	65	5	the	the	DET
fsr-3652	65	6	pension	pension	NOUN
fsr-3652	65	7	asset	asset	NOUN
fsr-3652	65	8	are	be	AUX
fsr-3652	65	9	(	(	PUNCT
fsr-3652	65	10	4	4	NUM
fsr-3652	65	11	)	)	PUNCT
fsr-3652	65	12	the	the	DET
fsr-3652	65	13	tax	tax	NOUN
fsr-3652	65	14	advantage	advantage	NOUN
fsr-3652	65	15	of	of	ADP
fsr-3652	65	16	holding	hold	VERB
fsr-3652	65	17	an	an	DET
fsr-3652	65	18	asset	asset	NOUN
fsr-3652	65	19	in	in	ADP
fsr-3652	65	20	a	a	DET
fsr-3652	65	21	pension	pension	NOUN
fsr-3652	65	22	account	account	NOUN
fsr-3652	65	23	over	over	ADP
fsr-3652	65	24	holding	hold	VERB
fsr-3652	65	25	it	it	PRON
fsr-3652	65	26	in	in	ADP
fsr-3652	65	27	a	a	DET
fsr-3652	65	28	nonpension	nonpension	NOUN
fsr-3652	65	29	account	account	NOUN
fsr-3652	65	30	is	be	AUX
fsr-3652	65	31	negatively	negatively	ADV
fsr-3652	65	32	related	relate	VERB
fsr-3652	65	33	to	to	ADP
fsr-3652	65	34	the	the	DET
fsr-3652	65	35	unrealized	unrealized	ADJ
fsr-3652	65	36	capital	capital	NOUN
fsr-3652	65	37	gains	gain	NOUN
fsr-3652	65	38	on	on	ADP
fsr-3652	65	39	the	the	DET
fsr-3652	65	40	asset	asset	NOUN
fsr-3652	65	41	.	.	PUNCT
fsr-3652	66	1	when	when	SCONJ
fsr-3652	66	2	all	all	DET
fsr-3652	66	3	returns	return	NOUN
fsr-3652	66	4	are	be	AUX
fsr-3652	66	5	in	in	ADP
fsr-3652	66	6	the	the	DET
fsr-3652	66	7	form	form	NOUN
fsr-3652	66	8	of	of	ADP
fsr-3652	66	9	capital	capital	NOUN
fsr-3652	66	10	gains	gain	NOUN
fsr-3652	66	11	(	(	PUNCT
fsr-3652	66	12	g	g	NOUN
fsr-3652	66	13	=	=	SYM
fsr-3652	66	14	1	1	NUM
fsr-3652	66	15	)	)	PUNCT
fsr-3652	66	16	and	and	CCONJ
fsr-3652	66	17	no	no	DET
fsr-3652	66	18	gains	gain	NOUN
fsr-3652	66	19	are	be	AUX
fsr-3652	66	20	realized	realize	VERB
fsr-3652	66	21	until	until	ADP
fsr-3652	66	22	retirement	retirement	NOUN
fsr-3652	66	23	0	0	NUM
fsr-3652	66	24	,	,	PUNCT
fsr-3652	66	25	=	=	NOUN
fsr-3652	66	26	0	0	NUM
fsr-3652	66	27	)	)	PUNCT
fsr-3652	66	28	,	,	PUNCT
fsr-3652	66	29	there	there	PRON
fsr-3652	66	30	is	be	VERB
fsr-3652	66	31	no	no	DET
fsr-3652	66	32	advantage	advantage	NOUN
fsr-3652	66	33	to	to	ADP
fsr-3652	66	34	holding	hold	VERB
fsr-3652	66	35	the	the	DET
fsr-3652	66	36	asset	asset	NOUN
fsr-3652	66	37	in	in	ADP
fsr-3652	66	38	a	a	DET
fsr-3652	66	39	pension	pension	NOUN
fsr-3652	66	40	;	;	PUNCT
fsr-3652	66	41	that	that	PRON
fsr-3652	66	42	is	be	AUX
fsr-3652	66	43	,	,	PUNCT
fsr-3652	66	44	equations	equation	NOUN
fsr-3652	66	45	1	1	NUM
fsr-3652	66	46	and	and	CCONJ
fsr-3652	66	47	3	3	NUM
fsr-3652	66	48	are	be	AUX
fsr-3652	66	49	identical	identical	ADJ
fsr-3652	66	50	for	for	ADP
fsr-3652	66	51	assets	asset	NOUN
fsr-3652	66	52	with	with	ADP
fsr-3652	66	53	p	p	NOUN
fsr-3652	66	54	=	=	SYM
fsr-3652	66	55	0	0	NUM
fsr-3652	66	56	and	and	CCONJ
fsr-3652	66	57	g	g	NOUN
fsr-3652	66	58	=	=	NOUN
fsr-3652	66	59	1	1	X
fsr-3652	66	60	.	.	PUNCT
fsr-3652	67	1	the	the	DET
fsr-3652	67	2	difference	difference	NOUN
fsr-3652	67	3	between	between	ADP
fsr-3652	67	4	the	the	DET
fsr-3652	67	5	returns	return	NOUN
fsr-3652	67	6	on	on	ADP
fsr-3652	67	7	pension	pension	NOUN
fsr-3652	67	8	and	and	CCONJ
fsr-3652	67	9	nonpension	nonpension	NOUN
fsr-3652	67	10	assets	asset	NOUN
fsr-3652	67	11	(	(	PUNCT
fsr-3652	67	12	i$	i$	NOUN
fsr-3652	67	13	rn	rn	PROPN
fsr-3652	67	14	)	)	PUNCT
fsr-3652	67	15	is	be	AUX
fsr-3652	67	16	positively	positively	ADV
fsr-3652	67	17	related	relate	VERB
fsr-3652	67	18	to	to	ADP
fsr-3652	67	19	the	the	DET
fsr-3652	67	20	before	before	ADP
fsr-3652	67	21	-	-	PUNCT
fsr-3652	67	22	tax	tax	NOUN
fsr-3652	67	23	return	return	NOUN
fsr-3652	67	24	i	i	PRON
fsr-3652	67	25	and	and	CCONJ
fsr-3652	67	26	the	the	DET
fsr-3652	67	27	asset	asset	NOUN
fsr-3652	67	28	turnover	turnover	NOUN
fsr-3652	67	29	rate	rate	NOUN
fsr-3652	67	30	p	p	NOUN
fsr-3652	67	31	,	,	PUNCT
fsr-3652	67	32	and	and	CCONJ
fsr-3652	67	33	negatively	negatively	ADV
fsr-3652	67	34	related	relate	VERB
fsr-3652	67	35	to	to	ADP
fsr-3652	67	36	the	the	DET
fsr-3652	67	37	capital	capital	NOUN
fsr-3652	67	38	gains	gain	NOUN
fsr-3652	67	39	proportion	proportion	NOUN
fsr-3652	67	40	g.	g.	PROPN
fsr-3652	67	41	v.	v.	ADP
fsr-3652	67	42	analysis	analysis	NOUN
fsr-3652	67	43	the	the	DET
fsr-3652	67	44	optimal	optimal	ADJ
fsr-3652	67	45	assets	asset	NOUN
fsr-3652	67	46	to	to	PART
fsr-3652	67	47	place	place	VERB
fsr-3652	67	48	in	in	ADP
fsr-3652	67	49	the	the	DET
fsr-3652	67	50	pension	pension	NOUN
fsr-3652	67	51	fund	fund	NOUN
fsr-3652	67	52	vary	vary	VERB
fsr-3652	67	53	with	with	ADP
fsr-3652	67	54	the	the	DET
fsr-3652	67	55	assumed	assumed	ADJ
fsr-3652	67	56	asset	asset	NOUN
fsr-3652	67	57	turnover	turnover	NOUN
fsr-3652	67	58	rates	rate	NOUN
fsr-3652	67	59	p	p	NOUN
fsr-3652	67	60	in	in	ADP
fsr-3652	67	61	the	the	DET
fsr-3652	67	62	nonpension	nonpension	NOUN
fsr-3652	67	63	portfolio	portfolio	NOUN
fsr-3652	67	64	.	.	PUNCT
fsr-3652	68	1	first	first	ADV
fsr-3652	68	2	we	we	PRON
fsr-3652	68	3	consider	consider	VERB
fsr-3652	68	4	an	an	DET
fsr-3652	68	5	investor	investor	NOUN
fsr-3652	68	6	with	with	ADP
fsr-3652	68	7	perhaps	perhaps	ADV
fsr-3652	68	8	“	"	PUNCT
fsr-3652	68	9	typical	typical	ADJ
fsr-3652	68	10	”	"	PUNCT
fsr-3652	68	11	asset	asset	NOUN
fsr-3652	68	12	turnover	turnover	NOUN
fsr-3652	68	13	rates	rate	NOUN
fsr-3652	68	14	,	,	PUNCT
fsr-3652	68	15	then	then	ADV
fsr-3652	68	16	investors	investor	NOUN
fsr-3652	68	17	practicing	practice	VERB
fsr-3652	68	18	more	more	ADV
fsr-3652	68	19	active	active	ADJ
fsr-3652	68	20	and	and	CCONJ
fsr-3652	68	21	more	more	ADV
fsr-3652	68	22	passive	passive	ADJ
fsr-3652	68	23	nonpension	nonpension	NOUN
fsr-3652	68	24	portfolio	portfolio	NOUN
fsr-3652	68	25	management	management	NOUN
fsr-3652	68	26	strategies	strategy	NOUN
fsr-3652	68	27	.	.	PUNCT
fsr-3652	69	1	average	average	ADJ
fsr-3652	69	2	investor	investor	NOUN
fsr-3652	69	3	table	table	NOUN
fsr-3652	69	4	1	1	NUM
fsr-3652	69	5	indicates	indicate	VERB
fsr-3652	69	6	the	the	DET
fsr-3652	69	7	additional	additional	ADJ
fsr-3652	69	8	returns	return	NOUN
fsr-3652	69	9	many	many	ADJ
fsr-3652	69	10	investors	investor	NOUN
fsr-3652	69	11	can	can	AUX
fsr-3652	69	12	expect	expect	VERB
fsr-3652	69	13	from	from	ADP
fsr-3652	69	14	holding	hold	VERB
fsr-3652	69	15	assets	asset	NOUN
fsr-3652	69	16	in	in	ADP
fsr-3652	69	17	a	a	DET
fsr-3652	69	18	pension	pension	NOUN
fsr-3652	69	19	instead	instead	ADV
fsr-3652	69	20	of	of	ADP
fsr-3652	69	21	a	a	DET
fsr-3652	69	22	nonpension	nonpension	NOUN
fsr-3652	69	23	account	account	NOUN
fsr-3652	69	24	.	.	PUNCT
fsr-3652	70	1	the	the	DET
fsr-3652	70	2	before	before	ADP
fsr-3652	70	3	-	-	PUNCT
fsr-3652	70	4	tax	tax	NOUN
fsr-3652	70	5	expected	expect	VERB
fsr-3652	70	6	returns	return	NOUN
fsr-3652	70	7	on	on	ADP
fsr-3652	70	8	treasury	treasury	NOUN
fsr-3652	70	9	and	and	CCONJ
fsr-3652	70	10	corporate	corporate	ADJ
fsr-3652	70	11	bonds	bond	NOUN
fsr-3652	70	12	are	be	AUX
fsr-3652	70	13	the	the	DET
fsr-3652	70	14	approximate	approximate	ADJ
fsr-3652	70	15	yields	yield	NOUN
fsr-3652	70	16	the	the	DET
fsr-3652	70	17	optimal	optimal	ADJ
fsr-3652	70	18	ahcation	ahcation	NOUN
fsr-3652	70	19	of	of	ADP
fsr-3652	70	20	pension	pension	NOUN
fsr-3652	70	21	fwd	fwd	ADJ
fsr-3652	70	22	assets	asset	NOUN
fsr-3652	70	23	13	13	NUM
fsr-3652	70	24	table	table	NOUN
fsr-3652	70	25	1	1	NUM
fsr-3652	70	26	.	.	PUNCT
fsr-3652	71	1	returns	return	NOUN
fsr-3652	71	2	differentials	differential	NOUN
fsr-3652	71	3	for	for	ADP
fsr-3652	71	4	“	"	PUNCT
fsr-3652	71	5	typical	typical	ADJ
fsr-3652	71	6	”	"	PUNCT
fsr-3652	71	7	investors	investor	NOUN
fsr-3652	71	8	%	%	INTJ
fsr-3652	71	9	-fi	-fi	PUNCT
fsr-3652	71	10	asset	asset	NOUN
fsr-3652	72	1	i	i	PRON
fsr-3652	72	2	g	g	PROPN
fsr-3652	73	1	p	p	X
fsr-3652	73	2	n=5	n=5	PROPN
fsr-3652	73	3	n	n	NOUN
fsr-3652	73	4	=	=	SYM
fsr-3652	73	5	15	15	NUM
fsr-3652	73	6	n=30	n=30	NOUN
fsr-3652	73	7	treasury	treasury	NOUN
fsr-3652	73	8	bond	bond	NOUN
fsr-3652	73	9	0.087	0.087	NUM
fsr-3652	73	10	0.00	0.00	NUM
fsr-3652	73	11	*	*	PUNCT
fsr-3652	73	12	0.0067	0.0067	NUM
fsr-3652	73	13	0.0114	0.0114	NUM
fsr-3652	73	14	0.0158	0.0158	NUM
fsr-3652	73	15	corporate	corporate	ADJ
fsr-3652	73	16	bond	bond	NOUN
fsr-3652	73	17	0.100	0.100	NUM
fsr-3652	73	18	0.00	0.00	NUM
fsr-3652	73	19	*	*	PUNCT
fsr-3652	74	1	0.0081	0.0081	NUM
fsr-3652	74	2	0.0140	0.0140	NUM
fsr-3652	74	3	0.0191	0.0191	NUM
fsr-3652	74	4	high	high	ADJ
fsr-3652	74	5	-	-	PUNCT
fsr-3652	74	6	yield	yield	NOUN
fsr-3652	74	7	stock	stock	NOUN
fsr-3652	74	8	0.129	0.129	NUM
fsr-3652	74	9	0.38	0.38	NUM
fsr-3652	74	10	0.6	0.6	NUM
fsr-3652	74	11	0.0098	0.0098	NUM
fsr-3652	74	12	0.0172	0.0172	NUM
fsr-3652	74	13	0.0227	0.0227	NUM
fsr-3652	74	14	average	average	ADJ
fsr-3652	74	15	-	-	PUNCT
fsr-3652	74	16	yield	yield	NOUN
fsr-3652	74	17	stock	stock	NOUN
fsr-3652	74	18	0.150	0.150	NUM
fsr-3652	74	19	0.81	0.81	NUM
fsr-3652	74	20	0.5	0.5	NUM
fsr-3652	74	21	0.0085	0.0085	NUM
fsr-3652	74	22	0.0151	0.0151	NUM
fsr-3652	74	23	0.0195	0.0195	NUM
fsr-3652	74	24	zero	zero	NUM
fsr-3652	74	25	-	-	PUNCT
fsr-3652	74	26	yield	yield	NOUN
fsr-3652	74	27	stock	stock	NOUN
fsr-3652	74	28	0.163	0.163	NUM
fsr-3652	74	29	1.00	1.00	NUM
fsr-3652	74	30	0.4	0.4	NUM
fsr-3652	74	31	0.0064	0.0064	NUM
fsr-3652	74	32	0.0115	0.0115	NUM
fsr-3652	74	33	0.0146	0.0146	NUM
fsr-3652	74	34	gold	gold	NOUN
fsr-3652	74	35	0.131	0.131	NUM
fsr-3652	74	36	1.00	1.00	NUM
fsr-3652	74	37	0.00	0.00	NUM
fsr-3652	74	38	0.0000	0.0000	NUM
fsr-3652	74	39	0.0000	0.0000	NUM
fsr-3652	74	40	0.0000	0.0000	NUM
fsr-3652	74	41	assumption	assumption	NOUN
fsr-3652	74	42	:	:	PUNCT
fsr-3652	75	1	t	t	NOUN
fsr-3652	75	2	=	=	SYM
fsr-3652	75	3	0.28	0.28	NUM
fsr-3652	75	4	,	,	PUNCT
fsr-3652	75	5	tw	tw	NOUN
fsr-3652	75	6	=	=	SYM
fsr-3652	75	7	0.23	0.23	NUM
fsr-3652	75	8	notes	note	VERB
fsr-3652	75	9	:	:	PUNCT
fsr-3652	75	10	*	*	PUNCT
fsr-3652	75	11	any	any	DET
fsr-3652	75	12	asset	asset	NOUN
fsr-3652	75	13	turnover	turnover	NOUN
fsr-3652	75	14	rate	rate	NOUN
fsr-3652	75	15	p	p	NOUN
fsr-3652	75	16	produces	produce	VERB
fsr-3652	75	17	the	the	DET
fsr-3652	75	18	same	same	ADJ
fsr-3652	75	19	result	result	NOUN
fsr-3652	75	20	.	.	PUNCT
fsr-3652	76	1	the	the	DET
fsr-3652	76	2	returns	return	NOUN
fsr-3652	76	3	differential	differential	VERB
fsr-3652	76	4	,	,	PUNCT
fsr-3652	76	5	&	&	CCONJ
fsr-3652	76	6	r	r	NOUN
fsr-3652	76	7	,	,	PUNCT
fsr-3652	76	8	,	,	PUNCT
fsr-3652	76	9	,	,	PUNCT
fsr-3652	76	10	is	be	AUX
fsr-3652	76	11	the	the	DET
fsr-3652	76	12	difference	difference	NOUN
fsr-3652	76	13	between	between	ADP
fsr-3652	76	14	the	the	DET
fsr-3652	76	15	n	n	CCONJ
fsr-3652	76	16	-	-	PUNCT
fsr-3652	76	17	year	year	NOUN
fsr-3652	76	18	average	average	ADJ
fsr-3652	76	19	annual	annual	ADJ
fsr-3652	76	20	after	after	ADP
fsr-3652	76	21	-	-	PUNCT
fsr-3652	76	22	tax	tax	NOUN
fsr-3652	76	23	returns	return	NOUN
fsr-3652	76	24	from	from	ADP
fsr-3652	76	25	holding	hold	VERB
fsr-3652	76	26	an	an	DET
fsr-3652	76	27	asset	asset	NOUN
fsr-3652	76	28	in	in	ADP
fsr-3652	76	29	a	a	DET
fsr-3652	76	30	pension	pension	NOUN
fsr-3652	76	31	tax	tax	NOUN
fsr-3652	76	32	structure	structure	NOUN
fsr-3652	76	33	versus	versus	ADP
fsr-3652	76	34	a	a	DET
fsr-3652	76	35	nonpension	nonpension	NOUN
fsr-3652	76	36	structure	structure	NOUN
fsr-3652	76	37	.	.	PUNCT
fsr-3652	77	1	before	before	ADP
fsr-3652	77	2	-	-	PUNCT
fsr-3652	77	3	tax	tax	NOUN
fsr-3652	77	4	annual	annual	ADJ
fsr-3652	77	5	returns	return	NOUN
fsr-3652	77	6	are	be	AUX
fsr-3652	77	7	i	i	PRON
fsr-3652	77	8	,	,	PUNCT
fsr-3652	77	9	and	and	CCONJ
fsr-3652	77	10	g	g	NOUN
fsr-3652	77	11	percent	percent	NOUN
fsr-3652	77	12	of	of	ADP
fsr-3652	77	13	the	the	DET
fsr-3652	77	14	i	i	NOUN
fsr-3652	77	15	percent	percent	NOUN
fsr-3652	77	16	returns	return	NOUN
fsr-3652	77	17	is	be	AUX
fsr-3652	77	18	assumed	assume	VERB
fsr-3652	77	19	to	to	PART
fsr-3652	77	20	be	be	AUX
fsr-3652	77	21	in	in	ADP
fsr-3652	77	22	the	the	DET
fsr-3652	77	23	form	form	NOUN
fsr-3652	77	24	of	of	ADP
fsr-3652	77	25	capital	capital	NOUN
fsr-3652	77	26	gains	gain	NOUN
fsr-3652	77	27	.	.	PUNCT
fsr-3652	78	1	the	the	DET
fsr-3652	78	2	annual	annual	ADJ
fsr-3652	78	3	portfolio	portfolio	NOUN
fsr-3652	78	4	turnover	turnover	NOUN
fsr-3652	78	5	rate	rate	NOUN
fsr-3652	78	6	is	be	AUX
fsr-3652	78	7	p.	p.	NOUN
fsr-3652	78	8	the	the	DET
fsr-3652	78	9	tax	tax	NOUN
fsr-3652	78	10	rate	rate	NOUN
fsr-3652	78	11	in	in	ADP
fsr-3652	78	12	the	the	DET
fsr-3652	78	13	year	year	NOUN
fsr-3652	78	14	in	in	ADP
fsr-3652	78	15	which	which	PRON
fsr-3652	78	16	funds	fund	NOUN
fsr-3652	78	17	are	be	AUX
fsr-3652	78	18	withdrawn	withdraw	VERB
fsr-3652	78	19	from	from	ADP
fsr-3652	78	20	the	the	DET
fsr-3652	78	21	pension	pension	NOUN
fsr-3652	78	22	is	be	AUX
fsr-3652	78	23	t	t	NOUN
fsr-3652	78	24	,	,	PUNCT
fsr-3652	78	25	,	,	PUNCT
fsr-3652	78	26	and	and	CCONJ
fsr-3652	78	27	t	t	PROPN
fsr-3652	78	28	is	be	AUX
fsr-3652	78	29	the	the	DET
fsr-3652	78	30	tax	tax	NOUN
fsr-3652	78	31	rate	rate	NOUN
fsr-3652	78	32	in	in	ADP
fsr-3652	78	33	prior	prior	ADJ
fsr-3652	78	34	year	year	NOUN
fsr-3652	78	35	.	.	PUNCT
fsr-3652	79	1	to	to	ADP
fsr-3652	79	2	-	-	PUNCT
fsr-3652	79	3	maturity	maturity	NOUN
fsr-3652	79	4	at	at	ADP
fsr-3652	79	5	the	the	DET
fsr-3652	79	6	time	time	NOUN
fsr-3652	79	7	of	of	ADP
fsr-3652	79	8	this	this	DET
fsr-3652	79	9	writing	writing	NOUN
fsr-3652	79	10	.	.	PUNCT
fsr-3652	80	1	the	the	DET
fsr-3652	80	2	expected	expect	VERB
fsr-3652	80	3	returns	return	NOUN
fsr-3652	80	4	on	on	ADP
fsr-3652	80	5	high	high	ADJ
fsr-3652	80	6	-	-	PUNCT
fsr-3652	80	7	yield	yield	NOUN
fsr-3652	80	8	stocks	stock	NOUN
fsr-3652	80	9	,	,	PUNCT
fsr-3652	80	10	average	average	ADJ
fsr-3652	80	11	-	-	PUNCT
fsr-3652	80	12	yield	yield	NOUN
fsr-3652	80	13	stocks	stock	NOUN
fsr-3652	80	14	,	,	PUNCT
fsr-3652	80	15	and	and	CCONJ
fsr-3652	80	16	zero	zero	NUM
fsr-3652	80	17	-	-	PUNCT
fsr-3652	80	18	yield	yield	NOUN
fsr-3652	80	19	stocks	stock	NOUN
fsr-3652	80	20	are	be	AUX
fsr-3652	80	21	based	base	VERB
fsr-3652	80	22	on	on	ADP
fsr-3652	80	23	a	a	DET
fsr-3652	80	24	6.3	6.3	NUM
fsr-3652	80	25	percent	percent	NOUN
fsr-3652	80	26	market	market	NOUN
fsr-3652	80	27	risk	risk	NOUN
fsr-3652	80	28	premium	premium	NOUN
fsr-3652	80	29	and	and	CCONJ
fsr-3652	80	30	average	average	ADJ
fsr-3652	80	31	value	value	NOUN
fsr-3652	80	32	line	line	NOUN
fsr-3652	80	33	betas	beta	NOUN
fsr-3652	80	34	of	of	ADP
fsr-3652	80	35	0.67	0.67	NUM
fsr-3652	80	36	for	for	ADP
fsr-3652	80	37	utility	utility	NOUN
fsr-3652	80	38	stocks	stock	NOUN
fsr-3652	80	39	,	,	PUNCT
fsr-3652	80	40	1.0	1.0	NUM
fsr-3652	80	41	for	for	ADP
fsr-3652	80	42	average	average	ADJ
fsr-3652	80	43	stocks	stock	NOUN
fsr-3652	80	44	,	,	PUNCT
fsr-3652	80	45	and	and	CCONJ
fsr-3652	80	46	1.2	1.2	NUM
fsr-3652	80	47	for	for	ADP
fsr-3652	80	48	zero	zero	NUM
fsr-3652	80	49	-	-	PUNCT
fsr-3652	80	50	yield	yield	NOUN
fsr-3652	80	51	stocks.4	stocks.4	PROPN
fsr-3652	80	52	expected	expect	VERB
fsr-3652	80	53	returns	return	NOUN
fsr-3652	80	54	on	on	ADP
fsr-3652	80	55	gold	gold	NOUN
fsr-3652	80	56	are	be	AUX
fsr-3652	80	57	based	base	VERB
fsr-3652	80	58	on	on	ADP
fsr-3652	80	59	an	an	DET
fsr-3652	80	60	average	average	ADJ
fsr-3652	80	61	beta	beta	NOUN
fsr-3652	80	62	of	of	ADP
fsr-3652	80	63	0.70	0.70	NUM
fsr-3652	80	64	for	for	ADP
fsr-3652	80	65	gold	gold	NOUN
fsr-3652	80	66	stocks	stock	NOUN
fsr-3652	80	67	.	.	PUNCT
fsr-3652	81	1	investment	investment	NOUN
fsr-3652	81	2	horizons	horizon	NOUN
fsr-3652	81	3	of	of	ADP
fsr-3652	81	4	5	5	NUM
fsr-3652	81	5	,	,	PUNCT
fsr-3652	81	6	15	15	NUM
fsr-3652	81	7	,	,	PUNCT
fsr-3652	81	8	and	and	CCONJ
fsr-3652	81	9	30	30	NUM
fsr-3652	81	10	years	year	NOUN
fsr-3652	81	11	are	be	AUX
fsr-3652	81	12	considered	consider	VERB
fsr-3652	81	13	to	to	PART
fsr-3652	81	14	represent	represent	VERB
fsr-3652	81	15	individuals	individual	NOUN
fsr-3652	81	16	with	with	ADP
fsr-3652	81	17	short-	short-	X
fsr-3652	81	18	,	,	PUNCT
fsr-3652	81	19	intermediate-	intermediate-	X
fsr-3652	81	20	,	,	PUNCT
fsr-3652	81	21	and	and	CCONJ
fsr-3652	81	22	long	long	ADJ
fsr-3652	81	23	-	-	PUNCT
fsr-3652	81	24	term	term	NOUN
fsr-3652	81	25	investment	investment	NOUN
fsr-3652	81	26	horizons	horizon	NOUN
fsr-3652	81	27	before	before	SCONJ
fsr-3652	81	28	the	the	DET
fsr-3652	81	29	funds	fund	NOUN
fsr-3652	81	30	will	will	AUX
fsr-3652	81	31	be	be	AUX
fsr-3652	81	32	withdrawn	withdraw	VERB
fsr-3652	81	33	from	from	ADP
fsr-3652	81	34	pension	pension	NOUN
fsr-3652	81	35	accounts	account	NOUN
fsr-3652	81	36	.	.	PUNCT
fsr-3652	82	1	the	the	DET
fsr-3652	82	2	planned	plan	VERB
fsr-3652	82	3	investment	investment	NOUN
fsr-3652	82	4	horizon	horizon	NOUN
fsr-3652	82	5	depends	depend	VERB
fsr-3652	82	6	upon	upon	SCONJ
fsr-3652	82	7	the	the	DET
fsr-3652	82	8	time	time	NOUN
fsr-3652	82	9	before	before	SCONJ
fsr-3652	82	10	funds	fund	NOUN
fsr-3652	82	11	will	will	AUX
fsr-3652	82	12	be	be	AUX
fsr-3652	82	13	withdrawn	withdraw	VERB
fsr-3652	82	14	,	,	PUNCT
fsr-3652	82	15	which	which	PRON
fsr-3652	82	16	usually	usually	ADV
fsr-3652	82	17	will	will	AUX
fsr-3652	82	18	exceed	exceed	VERB
fsr-3652	82	19	the	the	DET
fsr-3652	82	20	years	year	NOUN
fsr-3652	82	21	before	before	ADP
fsr-3652	82	22	retirement	retirement	NOUN
fsr-3652	82	23	.	.	PUNCT
fsr-3652	83	1	a	a	DET
fsr-3652	83	2	s	s	NOUN
fsr-3652	83	3	-	-	PUNCT
fsr-3652	83	4	year	year	NOUN
fsr-3652	83	5	old	old	ADJ
fsr-3652	83	6	investor	investor	NOUN
fsr-3652	83	7	expecting	expect	VERB
fsr-3652	83	8	to	to	PART
fsr-3652	83	9	withdraw	withdraw	VERB
fsr-3652	83	10	funds	fund	NOUN
fsr-3652	83	11	uniformly	uniformly	ADV
fsr-3652	83	12	between	between	ADP
fsr-3652	83	13	ages	age	NOUN
fsr-3652	83	14	65	65	NUM
fsr-3652	83	15	and	and	CCONJ
fsr-3652	83	16	75	75	NUM
fsr-3652	83	17	has	have	VERB
fsr-3652	83	18	a	a	DET
fsr-3652	83	19	15	15	NUM
fsr-3652	83	20	-	-	PUNCT
fsr-3652	83	21	year	year	NOUN
fsr-3652	83	22	average	average	ADJ
fsr-3652	83	23	investment	investment	NOUN
fsr-3652	83	24	horizon	horizon	NOUN
fsr-3652	83	25	.	.	PUNCT
fsr-3652	84	1	the	the	DET
fsr-3652	84	2	28	28	NUM
fsr-3652	84	3	percent	percent	NOUN
fsr-3652	84	4	tax	tax	NOUN
fsr-3652	84	5	rate	rate	NOUN
fsr-3652	84	6	in	in	ADP
fsr-3652	84	7	years	year	NOUN
fsr-3652	84	8	before	before	ADP
fsr-3652	84	9	withdrawal	withdrawal	NOUN
fsr-3652	84	10	reflects	reflect	VERB
fsr-3652	84	11	current	current	ADJ
fsr-3652	84	12	marginal	marginal	ADJ
fsr-3652	84	13	federal	federal	ADJ
fsr-3652	84	14	tax	tax	NOUN
fsr-3652	84	15	rates	rate	NOUN
fsr-3652	84	16	for	for	ADP
fsr-3652	84	17	many	many	ADJ
fsr-3652	84	18	individuals	individual	NOUN
fsr-3652	84	19	.	.	PUNCT
fsr-3652	85	1	the	the	DET
fsr-3652	85	2	23	23	NUM
fsr-3652	85	3	percent	percent	NOUN
fsr-3652	85	4	rate	rate	NOUN
fsr-3652	85	5	upon	upon	SCONJ
fsr-3652	85	6	withdrawal	withdrawal	NOUN
fsr-3652	85	7	is	be	AUX
fsr-3652	85	8	slightly	slightly	ADV
fsr-3652	85	9	below	below	ADP
fsr-3652	85	10	tax	tax	NOUN
fsr-3652	85	11	rates	rate	NOUN
fsr-3652	85	12	in	in	ADP
fsr-3652	85	13	prewithdrawal	prewithdrawal	NOUN
fsr-3652	85	14	years	year	NOUN
fsr-3652	85	15	and	and	CCONJ
fsr-3652	85	16	offers	offer	VERB
fsr-3652	85	17	some	some	DET
fsr-3652	85	18	tax	tax	NOUN
fsr-3652	85	19	timing	timing	NOUN
fsr-3652	85	20	benefit	benefit	NOUN
fsr-3652	85	21	for	for	ADP
fsr-3652	85	22	all	all	DET
fsr-3652	85	23	pension	pension	NOUN
fsr-3652	85	24	assets	asset	NOUN
fsr-3652	85	25	and	and	CCONJ
fsr-3652	85	26	the	the	DET
fsr-3652	85	27	unrealized	unrealized	ADJ
fsr-3652	85	28	capital	capital	NOUN
fsr-3652	85	29	gains	gain	NOUN
fsr-3652	85	30	on	on	ADP
fsr-3652	85	31	nonpension	nonpension	NOUN
fsr-3652	85	32	assets	asset	NOUN
fsr-3652	85	33	.	.	PUNCT
fsr-3652	86	1	the	the	DET
fsr-3652	86	2	proportion	proportion	NOUN
fsr-3652	86	3	of	of	ADP
fsr-3652	86	4	returns	return	NOUN
fsr-3652	86	5	in	in	ADP
fsr-3652	86	6	the	the	DET
fsr-3652	86	7	form	form	NOUN
fsr-3652	86	8	of	of	ADP
fsr-3652	86	9	capital	capital	NOUN
fsr-3652	86	10	gains	gain	NOUN
fsr-3652	86	11	g	g	NOUN
fsr-3652	86	12	varies	vary	VERB
fsr-3652	86	13	from	from	ADP
fsr-3652	86	14	zero	zero	NUM
fsr-3652	86	15	,	,	PUNCT
fsr-3652	86	16	which	which	PRON
fsr-3652	86	17	reflects	reflect	VERB
fsr-3652	86	18	most	most	ADJ
fsr-3652	86	19	debt	debt	NOUN
fsr-3652	86	20	instruments	instrument	NOUN
fsr-3652	86	21	,	,	PUNCT
fsr-3652	86	22	to	to	ADP
fsr-3652	86	23	1.0	1.0	NUM
fsr-3652	86	24	,	,	PUNCT
fsr-3652	86	25	which	which	PRON
fsr-3652	86	26	reflects	reflect	VERB
fsr-3652	86	27	investments	investment	NOUN
fsr-3652	86	28	in	in	ADP
fsr-3652	86	29	zero	zero	NUM
fsr-3652	86	30	-	-	PUNCT
fsr-3652	86	31	yield	yield	NOUN
fsr-3652	86	32	stocks	stock	NOUN
fsr-3652	86	33	,	,	PUNCT
fsr-3652	86	34	gold	gold	NOUN
fsr-3652	86	35	,	,	PUNCT
fsr-3652	86	36	coins	coin	NOUN
fsr-3652	86	37	,	,	PUNCT
fsr-3652	86	38	art	art	NOUN
fsr-3652	86	39	,	,	PUNCT
fsr-3652	86	40	and	and	CCONJ
fsr-3652	86	41	many	many	ADJ
fsr-3652	86	42	other	other	ADJ
fsr-3652	86	43	real	real	ADJ
fsr-3652	86	44	assets	asset	NOUN
fsr-3652	86	45	.	.	PUNCT
fsr-3652	86	46	’	'	PUNCT
fsr-3652	87	1	the	the	DET
fsr-3652	87	2	capital	capital	NOUN
fsr-3652	87	3	gains	gain	NOUN
fsr-3652	87	4	proportions	proportion	NOUN
fsr-3652	87	5	for	for	ADP
fsr-3652	87	6	high	high	ADJ
fsr-3652	87	7	-	-	PUNCT
fsr-3652	87	8	yield	yield	NOUN
fsr-3652	87	9	and	and	CCONJ
fsr-3652	87	10	average	average	ADJ
fsr-3652	87	11	-	-	PUNCT
fsr-3652	87	12	yield	yield	NOUN
fsr-3652	87	13	stocks	stock	NOUN
fsr-3652	87	14	are	be	AUX
fsr-3652	87	15	based	base	VERB
fsr-3652	87	16	on	on	ADP
fsr-3652	87	17	value	value	NOUN
fsr-3652	87	18	line	line	NOUN
fsr-3652	87	19	expected	expect	VERB
fsr-3652	87	20	dividend	dividend	NOUN
fsr-3652	87	21	yields	yield	NOUN
fsr-3652	87	22	on	on	ADP
fsr-3652	87	23	utility	utility	NOUN
fsr-3652	87	24	stocks	stock	NOUN
fsr-3652	87	25	and	and	CCONJ
fsr-3652	87	26	the	the	DET
fsr-3652	87	27	average	average	ADJ
fsr-3652	87	28	stock	stock	NOUN
fsr-3652	87	29	,	,	PUNCT
fsr-3652	87	30	respectively	respectively	ADV
fsr-3652	87	31	.	.	PUNCT
fsr-3652	88	1	14	14	NUM
fsr-3652	88	2	financial	financial	ADJ
fsr-3652	88	3	services	service	NOUN
fsr-3652	88	4	review	review	NOUN
fsr-3652	88	5	,	,	PUNCT
fsr-3652	88	6	l(1	l(1	PROPN
fsr-3652	88	7	)	)	PUNCT
fsr-3652	88	8	1991	1991	NUM
fsr-3652	88	9	table	table	NOUN
fsr-3652	88	10	1	1	NUM
fsr-3652	88	11	uses	use	VERB
fsr-3652	88	12	turnover	turnover	NOUN
fsr-3652	88	13	rates	rate	NOUN
fsr-3652	88	14	that	that	PRON
fsr-3652	88	15	may	may	AUX
fsr-3652	88	16	reflect	reflect	VERB
fsr-3652	88	17	those	those	PRON
fsr-3652	88	18	of	of	ADP
fsr-3652	88	19	an	an	DET
fsr-3652	88	20	average	average	ADJ
fsr-3652	88	21	investor	investor	NOUN
fsr-3652	88	22	.	.	PUNCT
fsr-3652	89	1	financial	financial	ADJ
fsr-3652	89	2	theory	theory	NOUN
fsr-3652	89	3	and	and	CCONJ
fsr-3652	89	4	empirical	empirical	ADJ
fsr-3652	89	5	evidence	evidence	NOUN
fsr-3652	89	6	indicate	indicate	VERB
fsr-3652	89	7	that	that	SCONJ
fsr-3652	89	8	the	the	DET
fsr-3652	89	9	presence	presence	NOUN
fsr-3652	89	10	of	of	ADP
fsr-3652	89	11	unrealized	unrealized	ADJ
fsr-3652	89	12	capital	capital	NOUN
fsr-3652	89	13	gains	gain	NOUN
fsr-3652	89	14	tends	tend	VERB
fsr-3652	89	15	to	to	PART
fsr-3652	89	16	lock	lock	VERB
fsr-3652	89	17	an	an	DET
fsr-3652	89	18	investor	investor	NOUN
fsr-3652	89	19	into	into	ADP
fsr-3652	89	20	an	an	DET
fsr-3652	89	21	asset.6	asset.6	NOUN
fsr-3652	89	22	the	the	DET
fsr-3652	89	23	tax	tax	NOUN
fsr-3652	89	24	structure	structure	NOUN
fsr-3652	89	25	has	have	AUX
fsr-3652	89	26	encouraged	encourage	VERB
fsr-3652	89	27	a	a	DET
fsr-3652	89	28	slower	slow	ADJ
fsr-3652	89	29	realization	realization	NOUN
fsr-3652	89	30	of	of	ADP
fsr-3652	89	31	gains	gain	NOUN
fsr-3652	89	32	on	on	ADP
fsr-3652	89	33	assets	asset	NOUN
fsr-3652	89	34	with	with	ADP
fsr-3652	89	35	substantial	substantial	ADJ
fsr-3652	89	36	capital	capital	NOUN
fsr-3652	89	37	gains	gain	NOUN
fsr-3652	89	38	benefits	benefit	NOUN
fsr-3652	89	39	,	,	PUNCT
fsr-3652	89	40	and	and	CCONJ
fsr-3652	89	41	elimination	elimination	NOUN
fsr-3652	89	42	of	of	ADP
fsr-3652	89	43	the	the	DET
fsr-3652	89	44	60	60	NUM
fsr-3652	89	45	percent	percent	NOUN
fsr-3652	89	46	long	long	ADJ
fsr-3652	89	47	-	-	PUNCT
fsr-3652	89	48	term	term	NOUN
fsr-3652	89	49	capital	capital	NOUN
fsr-3652	89	50	gains	gain	NOUN
fsr-3652	89	51	exclusion	exclusion	NOUN
fsr-3652	89	52	will	will	AUX
fsr-3652	89	53	only	only	ADV
fsr-3652	89	54	strengthen	strengthen	VERB
fsr-3652	89	55	this	this	DET
fsr-3652	89	56	tendency	tendency	NOUN
fsr-3652	89	57	.	.	PUNCT
fsr-3652	90	1	the	the	DET
fsr-3652	90	2	structure	structure	NOUN
fsr-3652	90	3	of	of	ADP
fsr-3652	90	4	secondary	secondary	ADJ
fsr-3652	90	5	markets	market	NOUN
fsr-3652	90	6	for	for	ADP
fsr-3652	90	7	most	most	ADJ
fsr-3652	90	8	low	low	ADJ
fsr-3652	90	9	-	-	PUNCT
fsr-3652	90	10	yield	yield	NOUN
fsr-3652	90	11	assets	asset	NOUN
fsr-3652	90	12	-	-	PUNCT
fsr-3652	90	13	e.g.	e.g.	ADV
fsr-3652	90	14	,	,	PUNCT
fsr-3652	90	15	art	art	NOUN
fsr-3652	90	16	,	,	PUNCT
fsr-3652	90	17	coins	coin	NOUN
fsr-3652	90	18	,	,	PUNCT
fsr-3652	90	19	real	real	ADJ
fsr-3652	90	20	estate	estate	NOUN
fsr-3652	90	21	-	-	PUNCT
fsr-3652	90	22	also	also	ADV
fsr-3652	90	23	contributes	contribute	VERB
fsr-3652	90	24	to	to	ADP
fsr-3652	90	25	the	the	DET
fsr-3652	90	26	negative	negative	ADJ
fsr-3652	90	27	association	association	NOUN
fsr-3652	90	28	between	between	ADP
fsr-3652	90	29	g	g	PROPN
fsr-3652	90	30	and	and	CCONJ
fsr-3652	90	31	p.	p.	NOUN
fsr-3652	90	32	the	the	DET
fsr-3652	90	33	values	value	NOUN
fsr-3652	90	34	of	of	ADP
fsr-3652	90	35	the	the	DET
fsr-3652	90	36	asset	asset	NOUN
fsr-3652	90	37	turnover	turnover	NOUN
fsr-3652	90	38	rates	rate	NOUN
fsr-3652	90	39	p	p	NOUN
fsr-3652	90	40	in	in	ADP
fsr-3652	90	41	the	the	DET
fsr-3652	90	42	tables	table	NOUN
fsr-3652	90	43	reflect	reflect	VERB
fsr-3652	90	44	these	these	DET
fsr-3652	90	45	infhrences	infhrence	NOUN
fsr-3652	90	46	.	.	PUNCT
fsr-3652	91	1	table	table	NOUN
fsr-3652	91	2	1	1	NUM
fsr-3652	91	3	indicates	indicate	VERB
fsr-3652	91	4	for	for	ADP
fsr-3652	91	5	this	this	DET
fsr-3652	91	6	“	"	PUNCT
fsr-3652	91	7	typical	typical	ADJ
fsr-3652	91	8	”	"	PUNCT
fsr-3652	91	9	investor	investor	NOUN
fsr-3652	91	10	that	that	PRON
fsr-3652	91	11	the	the	DET
fsr-3652	91	12	advantages	advantage	NOUN
fsr-3652	91	13	of	of	ADP
fsr-3652	91	14	the	the	DET
fsr-3652	91	15	pension	pension	NOUN
fsr-3652	91	16	tax	tax	NOUN
fsr-3652	91	17	structure	structure	NOUN
fsr-3652	91	18	are	be	AUX
fsr-3652	91	19	greatest	great	ADJ
fsr-3652	91	20	for	for	ADP
fsr-3652	91	21	high	high	ADJ
fsr-3652	91	22	-	-	PUNCT
fsr-3652	91	23	yield	yield	NOUN
fsr-3652	91	24	stocks	stock	NOUN
fsr-3652	91	25	,	,	PUNCT
fsr-3652	91	26	followed	follow	VERB
fsr-3652	91	27	by	by	ADP
fsr-3652	91	28	average	average	ADJ
fsr-3652	91	29	yield	yield	NOUN
fsr-3652	91	30	stocks	stock	NOUN
fsr-3652	91	31	and	and	CCONJ
fsr-3652	91	32	corporate	corporate	ADJ
fsr-3652	91	33	bonds	bond	NOUN
fsr-3652	91	34	.	.	PUNCT
fsr-3652	92	1	higher	high	ADJ
fsr-3652	92	2	returns	return	NOUN
fsr-3652	92	3	on	on	ADP
fsr-3652	92	4	high	high	ADJ
fsr-3652	92	5	-	-	PUNCT
fsr-3652	92	6	yield	yield	NOUN
fsr-3652	92	7	and	and	CCONJ
fsr-3652	92	8	average	average	ADJ
fsr-3652	92	9	yield	yield	NOUN
fsr-3652	92	10	stocks	stock	NOUN
fsr-3652	92	11	compared	compare	VERB
fsr-3652	92	12	to	to	ADP
fsr-3652	92	13	bonds	bond	NOUN
fsr-3652	92	14	are	be	AUX
fsr-3652	92	15	expected	expect	VERB
fsr-3652	92	16	to	to	PART
fsr-3652	92	17	more	more	ADV
fsr-3652	92	18	than	than	ADP
fsr-3652	92	19	offset	offset	VERB
fsr-3652	92	20	the	the	DET
fsr-3652	92	21	fact	fact	NOUN
fsr-3652	92	22	that	that	SCONJ
fsr-3652	92	23	part	part	NOUN
fsr-3652	92	24	of	of	ADP
fsr-3652	92	25	the	the	DET
fsr-3652	92	26	returns	return	NOUN
fsr-3652	92	27	is	be	AUX
fsr-3652	92	28	in	in	ADP
fsr-3652	92	29	the	the	DET
fsr-3652	92	30	form	form	NOUN
fsr-3652	92	31	of	of	ADP
fsr-3652	92	32	unrealized	unrealized	ADJ
fsr-3652	92	33	capital	capital	NOUN
fsr-3652	92	34	gains	gain	NOUN
fsr-3652	92	35	.	.	PUNCT
fsr-3652	93	1	the	the	DET
fsr-3652	93	2	order	order	NOUN
fsr-3652	93	3	of	of	ADP
fsr-3652	93	4	asset	asset	NOUN
fsr-3652	93	5	preference	preference	NOUN
fsr-3652	93	6	is	be	AUX
fsr-3652	93	7	not	not	PART
fsr-3652	93	8	affected	affect	VERB
fsr-3652	93	9	by	by	ADP
fsr-3652	93	10	the	the	DET
fsr-3652	93	11	investment	investment	NOUN
fsr-3652	93	12	horizon	horizon	NOUN
fsr-3652	93	13	,	,	PUNCT
fsr-3652	93	14	but	but	CCONJ
fsr-3652	93	15	the	the	DET
fsr-3652	93	16	relative	relative	ADJ
fsr-3652	93	17	advantage	advantage	NOUN
fsr-3652	93	18	of	of	ADP
fsr-3652	93	19	high	high	ADJ
fsr-3652	93	20	-	-	PUNCT
fsr-3652	93	21	yield	yield	NOUN
fsr-3652	93	22	stocks	stock	NOUN
fsr-3652	93	23	over	over	ADP
fsr-3652	93	24	bonds	bond	NOUN
fsr-3652	93	25	increases	increase	VERB
fsr-3652	93	26	with	with	ADP
fsr-3652	93	27	the	the	DET
fsr-3652	93	28	length	length	NOUN
fsr-3652	93	29	of	of	ADP
fsr-3652	93	30	the	the	DET
fsr-3652	93	31	investment	investment	NOUN
fsr-3652	93	32	horizon	horizon	NOUN
fsr-3652	93	33	.	.	PUNCT
fsr-3652	94	1	assets	asset	NOUN
fsr-3652	94	2	with	with	ADP
fsr-3652	94	3	low	low	ADJ
fsr-3652	94	4	current	current	ADJ
fsr-3652	94	5	yields	yield	NOUN
fsr-3652	94	6	and/or	and/or	CCONJ
fsr-3652	94	7	slow	slow	VERB
fsr-3652	94	8	turnover	turnover	NOUN
fsr-3652	94	9	rates	rate	NOUN
fsr-3652	94	10	such	such	ADJ
fsr-3652	94	11	as	as	ADP
fsr-3652	94	12	gold	gold	NOUN
fsr-3652	94	13	,	,	PUNCT
fsr-3652	94	14	art	art	NOUN
fsr-3652	94	15	,	,	PUNCT
fsr-3652	94	16	undeveloped	undeveloped	ADJ
fsr-3652	94	17	real	real	ADJ
fsr-3652	94	18	estate	estate	NOUN
fsr-3652	94	19	,	,	PUNCT
fsr-3652	94	20	and	and	CCONJ
fsr-3652	94	21	,	,	PUNCT
fsr-3652	94	22	to	to	ADP
fsr-3652	94	23	a	a	DET
fsr-3652	94	24	lesser	less	ADJ
fsr-3652	94	25	degree	degree	NOUN
fsr-3652	94	26	,	,	PUNCT
fsr-3652	94	27	low	low	ADJ
fsr-3652	94	28	-	-	PUNCT
fsr-3652	94	29	yield	yield	NOUN
fsr-3652	94	30	stocks	stock	NOUN
fsr-3652	94	31	do	do	AUX
fsr-3652	94	32	not	not	PART
fsr-3652	94	33	receive	receive	VERB
fsr-3652	94	34	as	as	ADV
fsr-3652	94	35	large	large	ADJ
fsr-3652	94	36	a	a	DET
fsr-3652	94	37	benefit	benefit	NOUN
fsr-3652	94	38	from	from	ADP
fsr-3652	94	39	the	the	DET
fsr-3652	94	40	pension	pension	NOUN
fsr-3652	94	41	tax	tax	NOUN
fsr-3652	94	42	structure	structure	NOUN
fsr-3652	94	43	.	.	PUNCT
fsr-3652	95	1	the	the	DET
fsr-3652	95	2	gold	gold	NOUN
fsr-3652	95	3	example	example	NOUN
fsr-3652	95	4	confirms	confirm	VERB
fsr-3652	95	5	that	that	SCONJ
fsr-3652	95	6	passively	passively	ADV
fsr-3652	95	7	held	hold	VERB
fsr-3652	95	8	assets	asset	NOUN
fsr-3652	95	9	(	(	PUNCT
fsr-3652	95	10	p	p	NOUN
fsr-3652	95	11	=	=	NOUN
fsr-3652	95	12	0	0	NUM
fsr-3652	95	13	)	)	PUNCT
fsr-3652	95	14	yielding	yield	VERB
fsr-3652	95	15	no	no	DET
fsr-3652	95	16	current	current	ADJ
fsr-3652	95	17	income	income	NOUN
fsr-3652	95	18	(	(	PUNCT
fsr-3652	95	19	g	g	NOUN
fsr-3652	95	20	=	=	SYM
fsr-3652	95	21	1	1	NUM
fsr-3652	95	22	.o	.o	NOUN
fsr-3652	95	23	)	)	PUNCT
fsr-3652	95	24	do	do	AUX
fsr-3652	95	25	not	not	PART
fsr-3652	95	26	benefit	benefit	VERB
fsr-3652	95	27	from	from	ADP
fsr-3652	95	28	the	the	DET
fsr-3652	95	29	pension	pension	NOUN
fsr-3652	95	30	tax	tax	NOUN
fsr-3652	95	31	structure	structure	NOUN
fsr-3652	95	32	.	.	PUNCT
fsr-3652	96	1	individuals	individual	NOUN
fsr-3652	96	2	should	should	AUX
fsr-3652	96	3	keep	keep	VERB
fsr-3652	96	4	assets	asset	NOUN
fsr-3652	96	5	with	with	ADP
fsr-3652	96	6	a	a	DET
fsr-3652	96	7	substantial	substantial	ADJ
fsr-3652	96	8	portion	portion	NOUN
fsr-3652	96	9	of	of	ADP
fsr-3652	96	10	return	return	NOUN
fsr-3652	96	11	expected	expect	VERB
fsr-3652	96	12	to	to	PART
fsr-3652	96	13	accrue	accrue	VERB
fsr-3652	96	14	as	as	ADP
fsr-3652	96	15	unrealized	unrealized	ADJ
fsr-3652	96	16	gains	gain	NOUN
fsr-3652	96	17	in	in	ADP
fsr-3652	96	18	the	the	DET
fsr-3652	96	19	nonpension	nonpension	NOUN
fsr-3652	96	20	portion	portion	NOUN
fsr-3652	96	21	of	of	ADP
fsr-3652	96	22	their	their	PRON
fsr-3652	96	23	portfolio	portfolio	NOUN
fsr-3652	96	24	.	.	PUNCT
fsr-3652	97	1	active	active	ADJ
fsr-3652	97	2	investor	investor	NOUN
fsr-3652	97	3	we	we	PRON
fsr-3652	97	4	have	have	AUX
fsr-3652	97	5	noted	note	VERB
fsr-3652	97	6	that	that	SCONJ
fsr-3652	97	7	the	the	DET
fsr-3652	97	8	decision	decision	NOUN
fsr-3652	97	9	on	on	ADP
fsr-3652	97	10	the	the	DET
fsr-3652	97	11	optimal	optimal	ADJ
fsr-3652	97	12	assets	asset	NOUN
fsr-3652	97	13	to	to	PART
fsr-3652	97	14	place	place	VERB
fsr-3652	97	15	in	in	ADP
fsr-3652	97	16	the	the	DET
fsr-3652	97	17	pension	pension	NOUN
fsr-3652	97	18	fund	fund	NOUN
fsr-3652	97	19	depends	depend	VERB
fsr-3652	97	20	in	in	ADP
fsr-3652	97	21	part	part	NOUN
fsr-3652	97	22	on	on	ADP
fsr-3652	97	23	the	the	DET
fsr-3652	97	24	speed	speed	NOUN
fsr-3652	97	25	with	with	ADP
fsr-3652	97	26	which	which	PRON
fsr-3652	97	27	capital	capital	NOUN
fsr-3652	97	28	gains	gain	NOUN
fsr-3652	97	29	in	in	ADP
fsr-3652	97	30	the	the	DET
fsr-3652	97	31	nonpension	nonpension	NOUN
fsr-3652	97	32	portfolio	portfolio	NOUN
fsr-3652	97	33	will	will	AUX
fsr-3652	97	34	be	be	AUX
fsr-3652	97	35	realized	realize	VERB
fsr-3652	97	36	.	.	PUNCT
fsr-3652	98	1	consider	consider	VERB
fsr-3652	98	2	the	the	DET
fsr-3652	98	3	extreme	extreme	ADJ
fsr-3652	98	4	example	example	NOUN
fsr-3652	98	5	of	of	ADP
fsr-3652	98	6	an	an	DET
fsr-3652	98	7	individual	individual	NOUN
fsr-3652	98	8	with	with	ADP
fsr-3652	98	9	very	very	ADV
fsr-3652	98	10	actively	actively	ADV
fsr-3652	98	11	managed	manage	VERB
fsr-3652	98	12	stocks	stock	NOUN
fsr-3652	98	13	and	and	CCONJ
fsr-3652	98	14	bonds	bond	NOUN
fsr-3652	98	15	in	in	ADP
fsr-3652	98	16	the	the	DET
fsr-3652	98	17	nonpension	nonpension	NOUN
fsr-3652	98	18	portfolio	portfolio	NOUN
fsr-3652	98	19	,	,	PUNCT
fsr-3652	98	20	i.e.	i.e.	X
fsr-3652	98	21	,p	,p	PUNCT
fsr-3652	98	22	=	=	SYM
fsr-3652	98	23	100	100	NUM
fsr-3652	98	24	percent	percent	NOUN
fsr-3652	98	25	.	.	PUNCT
fsr-3652	99	1	the	the	DET
fsr-3652	99	2	top	top	ADJ
fsr-3652	99	3	half	half	NOUN
fsr-3652	99	4	of	of	ADP
fsr-3652	99	5	table	table	NOUN
fsr-3652	99	6	2	2	NUM
fsr-3652	99	7	shows	show	VERB
fsr-3652	99	8	that	that	SCONJ
fsr-3652	99	9	this	this	DET
fsr-3652	99	10	individual	individual	NOUN
fsr-3652	99	11	maximizes	maximize	VERB
fsr-3652	99	12	the	the	DET
fsr-3652	99	13	total	total	ADJ
fsr-3652	99	14	portfolio	portfolio	NOUN
fsr-3652	99	15	expected	expect	VERB
fsr-3652	99	16	return	return	NOUN
fsr-3652	99	17	by	by	ADP
fsr-3652	99	18	holding	hold	VERB
fsr-3652	99	19	the	the	DET
fsr-3652	99	20	highest	high	ADJ
fsr-3652	99	21	return	return	NOUN
fsr-3652	99	22	,	,	PUNCT
fsr-3652	99	23	and	and	CCONJ
fsr-3652	99	24	thus	thus	ADV
fsr-3652	99	25	highest	high	ADJ
fsr-3652	99	26	risk	risk	NOUN
fsr-3652	99	27	,	,	PUNCT
fsr-3652	99	28	securities	security	NOUN
fsr-3652	99	29	in	in	ADP
fsr-3652	99	30	the	the	DET
fsr-3652	99	31	pension	pension	NOUN
fsr-3652	99	32	fund	fund	NOUN
fsr-3652	99	33	.	.	PUNCT
fsr-3652	100	1	high	high	ADJ
fsr-3652	100	2	risk	risk	NOUN
fsr-3652	100	3	stocks	stock	NOUN
fsr-3652	100	4	are	be	AUX
fsr-3652	100	5	the	the	DET
fsr-3652	100	6	optimal	optimal	ADJ
fsr-3652	100	7	pension	pension	NOUN
fsr-3652	100	8	asset	asset	NOUN
fsr-3652	100	9	for	for	ADP
fsr-3652	100	10	this	this	DET
fsr-3652	100	11	individual	individual	NOUN
fsr-3652	100	12	;	;	PUNCT
fsr-3652	100	13	in	in	ADP
fsr-3652	100	14	the	the	DET
fsr-3652	100	15	table	table	NOUN
fsr-3652	100	16	,	,	PUNCT
fsr-3652	100	17	these	these	PRON
fsr-3652	100	18	are	be	AUX
fsr-3652	100	19	zero	zero	NUM
fsr-3652	100	20	-	-	PUNCT
fsr-3652	100	21	yield	yield	NOUN
fsr-3652	100	22	(	(	PUNCT
fsr-3652	100	23	e.g.	e.g.	ADJ
fsr-3652	100	24	,	,	PUNCT
fsr-3652	100	25	growth	growth	NOUN
fsr-3652	100	26	)	)	PUNCT
fsr-3652	100	27	stocks	stock	NOUN
fsr-3652	100	28	,	,	PUNCT
fsr-3652	100	29	reflecting	reflect	VERB
fsr-3652	100	30	the	the	DET
fsr-3652	100	31	negative	negative	ADJ
fsr-3652	100	32	correlation	correlation	NOUN
fsr-3652	100	33	between	between	ADP
fsr-3652	100	34	dividend	dividend	NOUN
fsr-3652	100	35	yields	yield	NOUN
fsr-3652	100	36	and	and	CCONJ
fsr-3652	100	37	beta	beta	NOUN
fsr-3652	100	38	risk.7	risk.7	VERB
fsr-3652	100	39	the	the	DET
fsr-3652	100	40	bottom	bottom	ADJ
fsr-3652	100	41	half	half	NOUN
fsr-3652	100	42	of	of	ADP
fsr-3652	100	43	table	table	NOUN
fsr-3652	100	44	2	2	NUM
fsr-3652	100	45	shows	show	VERB
fsr-3652	100	46	that	that	SCONJ
fsr-3652	100	47	an	an	DET
fsr-3652	100	48	investor	investor	NOUN
fsr-3652	100	49	practicing	practice	VERB
fsr-3652	100	50	a	a	DET
fsr-3652	100	51	70	70	NUM
fsr-3652	100	52	percent	percent	NOUN
fsr-3652	100	53	annual	annual	ADJ
fsr-3652	100	54	stock	stock	NOUN
fsr-3652	100	55	turnover	turnover	NOUN
fsr-3652	100	56	rate	rate	NOUN
fsr-3652	100	57	should	should	AUX
fsr-3652	100	58	hold	hold	VERB
fsr-3652	100	59	stocks	stock	NOUN
fsr-3652	100	60	instead	instead	ADV
fsr-3652	100	61	of	of	ADP
fsr-3652	100	62	bonds	bond	NOUN
fsr-3652	100	63	in	in	ADP
fsr-3652	100	64	the	the	DET
fsr-3652	100	65	pension	pension	NOUN
fsr-3652	100	66	fund	fund	NOUN
fsr-3652	100	67	.	.	PUNCT
fsr-3652	101	1	the	the	DET
fsr-3652	101	2	highest	high	ADJ
fsr-3652	101	3	differential	differential	NOUN
fsr-3652	101	4	rp	rp	NOUN
fsr-3652	101	5	r	r	NOUN
fsr-3652	101	6	,	,	PUNCT
fsr-3652	101	7	exists	exist	VERB
fsr-3652	101	8	for	for	ADP
fsr-3652	101	9	the	the	DET
fsr-3652	101	10	riskiest	risky	ADJ
fsr-3652	101	11	zero	zero	NUM
fsr-3652	101	12	-	-	PUNCT
fsr-3652	101	13	yield	yield	NOUN
fsr-3652	101	14	stocks	stock	NOUN
fsr-3652	101	15	,	,	PUNCT
fsr-3652	101	16	but	but	CCONJ
fsr-3652	101	17	the	the	DET
fsr-3652	101	18	differentials	differential	NOUN
fsr-3652	101	19	for	for	ADP
fsr-3652	101	20	all	all	DET
fsr-3652	101	21	the	the	DET
fsr-3652	101	22	stock	stock	NOUN
fsr-3652	101	23	categories	category	NOUN
fsr-3652	101	24	are	be	AUX
fsr-3652	101	25	roughly	roughly	ADV
fsr-3652	101	26	comparable	comparable	ADJ
fsr-3652	101	27	.	.	PUNCT
fsr-3652	102	1	the	the	DET
fsr-3652	102	2	major	major	ADJ
fsr-3652	102	3	conclusion	conclusion	NOUN
fsr-3652	102	4	to	to	PART
fsr-3652	102	5	be	be	AUX
fsr-3652	102	6	drawn	draw	VERB
fsr-3652	102	7	from	from	ADP
fsr-3652	102	8	table	table	NOUN
fsr-3652	102	9	2	2	NUM
fsr-3652	102	10	is	be	AUX
fsr-3652	102	11	that	that	SCONJ
fsr-3652	102	12	active	active	ADJ
fsr-3652	102	13	investors	investor	NOUN
fsr-3652	102	14	should	should	AUX
fsr-3652	102	15	place	place	VERB
fsr-3652	102	16	stocks	stock	NOUN
fsr-3652	102	17	,	,	PUNCT
fsr-3652	102	18	especially	especially	ADV
fsr-3652	102	19	higher	high	ADJ
fsr-3652	102	20	risk	risk	NOUN
fsr-3652	102	21	growth	growth	NOUN
fsr-3652	102	22	stocks	stock	NOUN
fsr-3652	102	23	,	,	PUNCT
fsr-3652	102	24	in	in	ADP
fsr-3652	102	25	the	the	DET
fsr-3652	102	26	pension	pension	NOUN
fsr-3652	102	27	fund	fund	NOUN
fsr-3652	102	28	.	.	PUNCT
fsr-3652	103	1	the	the	DET
fsr-3652	103	2	optimal	optimal	ADJ
fsr-3652	103	3	allocation	allocation	NOUN
fsr-3652	103	4	of	of	ADP
fsr-3652	103	5	pension	pension	NOUN
fsr-3652	103	6	fund	fund	NOUN
fsr-3652	103	7	assets	asset	NOUN
fsr-3652	103	8	15	15	NUM
fsr-3652	103	9	table	table	NOUN
fsr-3652	103	10	2	2	NUM
fsr-3652	103	11	.	.	PUNCT
fsr-3652	103	12	returns	return	NOUN
fsr-3652	103	13	differentials	differential	NOUN
fsr-3652	103	14	for	for	ADP
fsr-3652	103	15	active	active	ADJ
fsr-3652	103	16	investors	investor	NOUN
fsr-3652	103	17	r	r	NOUN
fsr-3652	103	18	-	-	PUNCT
fsr-3652	103	19	r	r	NOUN
fsr-3652	103	20	,	,	PUNCT
fsr-3652	103	21	asset	asset	NOUN
fsr-3652	104	1	i	i	PRON
fsr-3652	104	2	g	g	PROPN
fsr-3652	104	3	p	p	PROPN
fsr-3652	104	4	tl	tl	PROPN
fsr-3652	104	5	=	=	PROPN
fsr-3652	104	6	z	z	PROPN
fsr-3652	104	7	n	n	NOUN
fsr-3652	104	8	=	=	SYM
fsr-3652	104	9	15	15	NUM
fsr-3652	104	10	n	n	NOUN
fsr-3652	104	11	=	=	SYM
fsr-3652	104	12	30	30	NUM
fsr-3652	104	13	treasury	treasury	NOUN
fsr-3652	104	14	bond	bond	NOUN
fsr-3652	104	15	corporate	corporate	ADJ
fsr-3652	104	16	bond	bond	NOUN
fsr-3652	104	17	high	high	ADJ
fsr-3652	104	18	-	-	PUNCT
fsr-3652	104	19	yield	yield	NOUN
fsr-3652	104	20	stock	stock	NOUN
fsr-3652	104	21	average	average	ADJ
fsr-3652	104	22	-	-	PUNCT
fsr-3652	104	23	yield	yield	NOUN
fsr-3652	104	24	stock	stock	NOUN
fsr-3652	104	25	zero	zero	NUM
fsr-3652	104	26	-	-	PUNCT
fsr-3652	104	27	yield	yield	NOUN
fsr-3652	104	28	stock	stock	NOUN
fsr-3652	104	29	treasury	treasury	PROPN
fsr-3652	104	30	bond	bond	NOUN
fsr-3652	104	31	corporate	corporate	ADJ
fsr-3652	104	32	bond	bond	NOUN
fsr-3652	104	33	high	high	ADJ
fsr-3652	104	34	-	-	PUNCT
fsr-3652	104	35	yield	yield	NOUN
fsr-3652	104	36	stock	stock	NOUN
fsr-3652	104	37	average	average	ADJ
fsr-3652	104	38	-	-	PUNCT
fsr-3652	104	39	yield	yield	NOUN
fsr-3652	104	40	stock	stock	NOUN
fsr-3652	104	41	zero	zero	NUM
fsr-3652	104	42	-	-	PUNCT
fsr-3652	104	43	yield	yield	NOUN
fsr-3652	104	44	stock	stock	NOUN
fsr-3652	104	45	0.087	0.087	NUM
fsr-3652	104	46	*	*	PUNCT
fsr-3652	104	47	1.0	1.0	NUM
fsr-3652	104	48	0.0067	0.0067	NUM
fsr-3652	104	49	0.0114	0.0114	NUM
fsr-3652	104	50	0.0158	0.0158	NUM
fsr-3652	104	51	0.100	0.100	NUM
fsr-3652	104	52	*	*	PUNCT
fsr-3652	104	53	1.0	1.0	NUM
fsr-3652	104	54	0.0081	0.0081	NUM
fsr-3652	104	55	0.0140	0.0140	NUM
fsr-3652	104	56	0.0191	0.0191	NUM
fsr-3652	104	57	0.129	0.129	NUM
fsr-3652	104	58	*	*	PUNCT
fsr-3652	104	59	1.0	1.0	NUM
fsr-3652	104	60	0.0114	0.0114	NUM
fsr-3652	104	61	0.020	0.020	NUM
fsr-3652	104	62	1	1	NUM
fsr-3652	104	63	0.0266	0.0266	NUM
fsr-3652	104	64	0.150	0.150	NUM
fsr-3652	104	65	*	*	PUNCT
fsr-3652	104	66	1.0	1.0	NUM
fsr-3652	104	67	0.0141	0.0141	NUM
fsr-3652	104	68	0.0249	0.0249	NUM
fsr-3652	104	69	0.0322	0.0322	NUM
fsr-3652	104	70	0.163	0.163	NUM
fsr-3652	104	71	*	*	PUNCT
fsr-3652	104	72	1.0	1.0	NUM
fsr-3652	104	73	0.0158	0.0158	NUM
fsr-3652	104	74	0.0279	0.0279	NUM
fsr-3652	104	75	0.0357	0.0357	NUM
fsr-3652	104	76	0.087	0.087	NUM
fsr-3652	104	77	0.00	0.00	NUM
fsr-3652	104	78	*	*	PUNCT
fsr-3652	104	79	0.0067	0.0067	NUM
fsr-3652	104	80	0.0114	0.0114	NUM
fsr-3652	104	81	0.0158	0.0158	NUM
fsr-3652	104	82	0.100	0.100	NUM
fsr-3652	104	83	0.00	0.00	NUM
fsr-3652	104	84	*	*	PUNCT
fsr-3652	104	85	0.008	0.008	NUM
fsr-3652	104	86	1	1	NUM
fsr-3652	104	87	0.0140	0.0140	NUM
fsr-3652	104	88	0.0191	0.0191	NUM
fsr-3652	104	89	0.129	0.129	NUM
fsr-3652	104	90	0.38	0.38	NUM
fsr-3652	104	91	0.7	0.7	NUM
fsr-3652	104	92	0.0102	0.0102	NUM
fsr-3652	104	93	0.0179	0.0179	NUM
fsr-3652	104	94	0.0237	0.0237	NUM
fsr-3652	104	95	0.150	0.150	NUM
fsr-3652	104	96	0.81	0.81	NUM
fsr-3652	104	97	0.7	0.7	NUM
fsr-3652	104	98	0.0107	0.0107	NUM
fsr-3652	104	99	0.0191	0.0191	NUM
fsr-3652	104	100	0.0246	0.0246	NUM
fsr-3652	104	101	0.163	0.163	NUM
fsr-3652	104	102	1	1	NUM
fsr-3652	104	103	.oo	.oo	ADP
fsr-3652	104	104	0.7	0.7	NUM
fsr-3652	104	105	0.0112	0.0112	NUM
fsr-3652	104	106	0.0198	0.0198	NUM
fsr-3652	104	107	0.0253	0.0253	NUM
fsr-3652	104	108	notes	note	NOUN
fsr-3652	104	109	:	:	PUNCT
fsr-3652	104	110	*	*	PUNCT
fsr-3652	104	111	any	any	DET
fsr-3652	104	112	value	value	NOUN
fsr-3652	104	113	produces	produce	VERB
fsr-3652	104	114	the	the	DET
fsr-3652	104	115	same	same	ADJ
fsr-3652	104	116	result	result	NOUN
fsr-3652	104	117	.	.	PUNCT
fsr-3652	105	1	the	the	DET
fsr-3652	105	2	returns	return	NOUN
fsr-3652	105	3	differential	differential	VERB
fsr-3652	105	4	,	,	PUNCT
fsr-3652	105	5	rp	rp	PROPN
fsr-3652	105	6	il	il	PROPN
fsr-3652	105	7	,	,	PUNCT
fsr-3652	105	8	is	be	AUX
fsr-3652	105	9	the	the	DET
fsr-3652	105	10	difference	difference	NOUN
fsr-3652	105	11	between	between	ADP
fsr-3652	105	12	the	the	DET
fsr-3652	105	13	n	n	CCONJ
fsr-3652	105	14	-	-	PUNCT
fsr-3652	105	15	year	year	NOUN
fsr-3652	105	16	average	average	ADJ
fsr-3652	105	17	annual	annual	ADJ
fsr-3652	105	18	after	after	ADP
fsr-3652	105	19	-	-	PUNCT
fsr-3652	105	20	tax	tax	NOUN
fsr-3652	105	21	returns	return	NOUN
fsr-3652	105	22	from	from	ADP
fsr-3652	105	23	holding	hold	VERB
fsr-3652	105	24	an	an	DET
fsr-3652	105	25	asset	asset	NOUN
fsr-3652	105	26	in	in	ADP
fsr-3652	105	27	a	a	DET
fsr-3652	105	28	pension	pension	NOUN
fsr-3652	105	29	tax	tax	NOUN
fsr-3652	105	30	structure	structure	NOUN
fsr-3652	105	31	versus	versus	ADP
fsr-3652	105	32	a	a	DET
fsr-3652	105	33	nonpension	nonpension	NOUN
fsr-3652	105	34	structure	structure	NOUN
fsr-3652	105	35	.	.	PUNCT
fsr-3652	106	1	before	before	ADP
fsr-3652	106	2	-	-	PUNCT
fsr-3652	106	3	tax	tax	NOUN
fsr-3652	106	4	annual	annual	ADJ
fsr-3652	106	5	returns	return	NOUN
fsr-3652	106	6	are	be	AUX
fsr-3652	106	7	i	i	PRON
fsr-3652	106	8	,	,	PUNCT
fsr-3652	106	9	and	and	CCONJ
fsr-3652	106	10	g	g	NOUN
fsr-3652	106	11	percent	percent	NOUN
fsr-3652	106	12	of	of	ADP
fsr-3652	106	13	the	the	DET
fsr-3652	106	14	i	i	NOUN
fsr-3652	106	15	percent	percent	NOUN
fsr-3652	106	16	returns	return	NOUN
fsr-3652	106	17	is	be	AUX
fsr-3652	106	18	assumed	assume	VERB
fsr-3652	106	19	to	to	PART
fsr-3652	106	20	be	be	AUX
fsr-3652	106	21	in	in	ADP
fsr-3652	106	22	the	the	DET
fsr-3652	106	23	form	form	NOUN
fsr-3652	106	24	of	of	ADP
fsr-3652	106	25	capital	capital	NOUN
fsr-3652	106	26	gains	gain	NOUN
fsr-3652	106	27	.	.	PUNCT
fsr-3652	107	1	the	the	DET
fsr-3652	107	2	annual	annual	ADJ
fsr-3652	107	3	portfolio	portfolio	NOUN
fsr-3652	107	4	turnover	turnover	NOUN
fsr-3652	107	5	rate	rate	NOUN
fsr-3652	107	6	is	be	AUX
fsr-3652	107	7	p.	p.	NOUN
fsr-3652	107	8	the	the	DET
fsr-3652	107	9	tax	tax	NOUN
fsr-3652	107	10	rate	rate	NOUN
fsr-3652	107	11	in	in	ADP
fsr-3652	107	12	the	the	DET
fsr-3652	107	13	year	year	NOUN
fsr-3652	107	14	in	in	ADP
fsr-3652	107	15	which	which	PRON
fsr-3652	107	16	funds	fund	NOUN
fsr-3652	107	17	are	be	AUX
fsr-3652	107	18	withdrawn	withdraw	VERB
fsr-3652	107	19	from	from	ADP
fsr-3652	107	20	the	the	DET
fsr-3652	107	21	pension	pension	NOUN
fsr-3652	107	22	is	be	AUX
fsr-3652	107	23	c	c	NOUN
fsr-3652	107	24	,	,	PUNCT
fsr-3652	107	25	,	,	PUNCT
fsr-3652	107	26	and	and	CCONJ
fsr-3652	107	27	t	t	PROPN
fsr-3652	107	28	is	be	AUX
fsr-3652	107	29	the	the	DET
fsr-3652	107	30	tax	tax	NOUN
fsr-3652	107	31	rate	rate	NOUN
fsr-3652	107	32	in	in	ADP
fsr-3652	107	33	prior	prior	ADJ
fsr-3652	107	34	year	year	NOUN
fsr-3652	107	35	.	.	PUNCT
fsr-3652	108	1	yaari	yaari	PROPN
fsr-3652	108	2	and	and	CCONJ
fsr-3652	108	3	fabozzi	fabozzi	NOUN
fsr-3652	108	4	(	(	PUNCT
fsr-3652	108	5	1985	1985	NUM
fsr-3652	108	6	)	)	PUNCT
fsr-3652	108	7	are	be	AUX
fsr-3652	108	8	puzzled	puzzle	VERB
fsr-3652	108	9	by	by	ADP
fsr-3652	108	10	the	the	DET
fsr-3652	108	11	evidence	evidence	NOUN
fsr-3652	108	12	that	that	SCONJ
fsr-3652	108	13	roughly	roughly	ADV
fsr-3652	108	14	half	half	NOUN
fsr-3652	108	15	of	of	ADP
fsr-3652	108	16	equity	equity	NOUN
fsr-3652	108	17	funds	fund	NOUN
fsr-3652	108	18	under	under	ADP
fsr-3652	108	19	ira	ira	PROPN
fsr-3652	108	20	or	or	CCONJ
fsr-3652	108	21	keogh	keogh	PROPN
fsr-3652	108	22	plans	plan	NOUN
fsr-3652	108	23	are	be	AUX
fsr-3652	108	24	in	in	ADP
fsr-3652	108	25	growth	growth	NOUN
fsr-3652	108	26	funds	fund	NOUN
fsr-3652	108	27	.	.	PUNCT
fsr-3652	109	1	this	this	DET
fsr-3652	109	2	allocation	allocation	NOUN
fsr-3652	109	3	is	be	AUX
fsr-3652	109	4	rational	rational	ADJ
fsr-3652	109	5	for	for	ADP
fsr-3652	109	6	active	active	ADJ
fsr-3652	109	7	investors	investor	NOUN
fsr-3652	109	8	;	;	PUNCT
fsr-3652	109	9	the	the	DET
fsr-3652	109	10	higher	high	ADJ
fsr-3652	109	11	returns	return	NOUN
fsr-3652	109	12	from	from	ADP
fsr-3652	109	13	these	these	DET
fsr-3652	109	14	high	high	ADJ
fsr-3652	109	15	risk	risk	NOUN
fsr-3652	109	16	stocks	stock	NOUN
fsr-3652	109	17	translates	translate	VERB
fsr-3652	109	18	into	into	ADP
fsr-3652	109	19	larger	large	ADJ
fsr-3652	109	20	expected	expect	VERB
fsr-3652	109	21	tax	tax	NOUN
fsr-3652	109	22	benefits	benefit	NOUN
fsr-3652	109	23	from	from	ADP
fsr-3652	109	24	the	the	DET
fsr-3652	109	25	pension	pension	NOUN
fsr-3652	109	26	tax	tax	NOUN
fsr-3652	109	27	structure	structure	NOUN
fsr-3652	109	28	.	.	PUNCT
fsr-3652	110	1	passive	passive	ADJ
fsr-3652	110	2	investor	investor	NOUN
fsr-3652	110	3	table	table	NOUN
fsr-3652	110	4	3	3	NUM
fsr-3652	110	5	shows	show	VERB
fsr-3652	110	6	that	that	SCONJ
fsr-3652	110	7	investors	investor	NOUN
fsr-3652	110	8	practicing	practice	VERB
fsr-3652	110	9	passive	passive	ADJ
fsr-3652	110	10	investment	investment	NOUN
fsr-3652	110	11	strategies	strategy	NOUN
fsr-3652	110	12	in	in	ADP
fsr-3652	110	13	their	their	PRON
fsr-3652	110	14	nonpension	nonpension	NOUN
fsr-3652	110	15	portfolios	portfolio	NOUN
fsr-3652	110	16	should	should	AUX
fsr-3652	110	17	keep	keep	VERB
fsr-3652	110	18	corporate	corporate	ADJ
fsr-3652	110	19	bonds	bond	NOUN
fsr-3652	110	20	or	or	CCONJ
fsr-3652	110	21	high	high	ADJ
fsr-3652	110	22	-	-	PUNCT
fsr-3652	110	23	yield	yield	NOUN
fsr-3652	110	24	stocks	stock	NOUN
fsr-3652	110	25	in	in	ADP
fsr-3652	110	26	their	their	PRON
fsr-3652	110	27	pension	pension	NOUN
fsr-3652	110	28	fund	fund	NOUN
fsr-3652	110	29	.	.	PUNCT
fsr-3652	111	1	the	the	DET
fsr-3652	111	2	top	top	ADJ
fsr-3652	111	3	half	half	NOUN
fsr-3652	111	4	of	of	ADP
fsr-3652	111	5	the	the	DET
fsr-3652	111	6	table	table	NOUN
fsr-3652	111	7	indicates	indicate	VERB
fsr-3652	111	8	that	that	SCONJ
fsr-3652	111	9	extremely	extremely	ADV
fsr-3652	111	10	passive	passive	ADJ
fsr-3652	111	11	investors	investor	NOUN
fsr-3652	111	12	(	(	PUNCT
fsr-3652	111	13	p	p	NOUN
fsr-3652	111	14	=	=	NOUN
fsr-3652	111	15	0	0	NUM
fsr-3652	111	16	)	)	PUNCT
fsr-3652	111	17	should	should	AUX
fsr-3652	111	18	pl	pl	AUX
fsr-3652	111	19	ace	ace	VERB
fsr-3652	111	20	first	first	ADJ
fsr-3652	111	21	corporate	corporate	ADJ
fsr-3652	111	22	bonds	bond	NOUN
fsr-3652	111	23	followed	follow	VERB
fsr-3652	111	24	by	by	ADP
fsr-3652	111	25	high	high	ADJ
fsr-3652	111	26	-	-	PUNCT
fsr-3652	111	27	yield	yield	NOUN
fsr-3652	111	28	stocks	stock	NOUN
fsr-3652	111	29	and	and	CCONJ
fsr-3652	111	30	treasury	treasury	NOUN
fsr-3652	111	31	bonds	bond	NOUN
fsr-3652	111	32	in	in	ADP
fsr-3652	111	33	the	the	DET
fsr-3652	111	34	pension	pension	NOUN
fsr-3652	111	35	fund	fund	NOUN
fsr-3652	111	36	.	.	PUNCT
fsr-3652	112	1	average	average	ADJ
fsr-3652	112	2	-	-	PUNCT
fsr-3652	112	3	yield	yield	NOUN
fsr-3652	112	4	stocks	stock	NOUN
fsr-3652	112	5	and	and	CCONJ
fsr-3652	112	6	low	low	ADJ
fsr-3652	112	7	-	-	PUNCT
fsr-3652	112	8	yield	yield	NOUN
fsr-3652	112	9	stocks	stock	NOUN
fsr-3652	112	10	as	as	ADV
fsr-3652	112	11	well	well	ADV
fsr-3652	112	12	as	as	ADP
fsr-3652	112	13	gold	gold	NOUN
fsr-3652	112	14	,	,	PUNCT
fsr-3652	112	15	art	art	NOUN
fsr-3652	112	16	,	,	PUNCT
fsr-3652	112	17	and	and	CCONJ
fsr-3652	112	18	undeveloped	undeveloped	ADJ
fsr-3652	112	19	real	real	ADJ
fsr-3652	112	20	estate	estate	NOUN
fsr-3652	112	21	should	should	AUX
fsr-3652	112	22	be	be	AUX
fsr-3652	112	23	held	hold	VERB
fsr-3652	112	24	directly	directly	ADV
fsr-3652	112	25	in	in	ADP
fsr-3652	112	26	the	the	DET
fsr-3652	112	27	nonpension	nonpension	NOUN
fsr-3652	112	28	account	account	NOUN
fsr-3652	112	29	.	.	PUNCT
fsr-3652	113	1	the	the	DET
fsr-3652	113	2	lower	low	ADJ
fsr-3652	113	3	half	half	NOUN
fsr-3652	113	4	of	of	ADP
fsr-3652	113	5	the	the	DET
fsr-3652	113	6	table	table	NOUN
fsr-3652	113	7	indicates	indicate	VERB
fsr-3652	113	8	that	that	SCONJ
fsr-3652	113	9	a	a	DET
fsr-3652	113	10	relatively	relatively	ADV
fsr-3652	113	11	passive	passive	ADJ
fsr-3652	113	12	investor	investor	NOUN
fsr-3652	113	13	@	@	ADP
fsr-3652	113	14	=	=	SYM
fsr-3652	113	15	0.3	0.3	NUM
fsr-3652	113	16	)	)	PUNCT
fsr-3652	113	17	should	should	AUX
fsr-3652	113	18	1	1	NUM
fsr-3652	113	19	p	p	NOUN
fsr-3652	113	20	ace	ace	NOUN
fsr-3652	113	21	first	first	ADJ
fsr-3652	113	22	high	high	ADJ
fsr-3652	113	23	-	-	PUNCT
fsr-3652	113	24	yield	yield	NOUN
fsr-3652	113	25	stocks	stock	NOUN
fsr-3652	113	26	and	and	CCONJ
fsr-3652	113	27	then	then	ADV
fsr-3652	113	28	corporate	corporate	ADJ
fsr-3652	113	29	bonds	bond	NOUN
fsr-3652	113	30	in	in	ADP
fsr-3652	113	31	the	the	DET
fsr-3652	113	32	pension	pension	NOUN
fsr-3652	113	33	account	account	NOUN
fsr-3652	113	34	.	.	PUNCT
fsr-3652	114	1	the	the	PRON
fsr-3652	114	2	&	&	CCONJ
fsr-3652	114	3	r	r	NOUN
fsr-3652	114	4	,	,	PUNCT
fsr-3652	114	5	values	value	NOUN
fsr-3652	114	6	for	for	ADP
fsr-3652	114	7	high	high	ADJ
fsr-3652	114	8	-	-	PUNCT
fsr-3652	114	9	yield	yield	NOUN
fsr-3652	114	10	stocks	stock	NOUN
fsr-3652	114	11	and	and	CCONJ
fsr-3652	114	12	bonds	bond	NOUN
fsr-3652	114	13	are	be	AUX
fsr-3652	114	14	roughly	roughly	ADV
fsr-3652	114	15	comparable	comparable	ADJ
fsr-3652	114	16	.	.	PUNCT
fsr-3652	115	1	this	this	DET
fsr-3652	115	2	investor	investor	NOUN
fsr-3652	115	3	should	should	AUX
fsr-3652	115	4	place	place	VERB
fsr-3652	115	5	real	real	ADJ
fsr-3652	115	6	assets	asset	NOUN
fsr-3652	115	7	and	and	CCONJ
fsr-3652	115	8	low	low	ADJ
fsr-3652	115	9	-	-	PUNCT
fsr-3652	115	10	yield	yield	NOUN
fsr-3652	115	11	stocks	stock	NOUN
fsr-3652	115	12	in	in	ADP
fsr-3652	115	13	the	the	DET
fsr-3652	115	14	nonpension	nonpension	NOUN
fsr-3652	115	15	portfolio	portfolio	NOUN
fsr-3652	115	16	.	.	PUNCT
fsr-3652	116	1	16	16	NUM
fsr-3652	116	2	financial	financial	ADJ
fsr-3652	116	3	services	service	NOUN
fsr-3652	116	4	review	review	NOUN
fsr-3652	116	5	,	,	PUNCT
fsr-3652	116	6	l(1	l(1	PROPN
fsr-3652	116	7	)	)	PUNCT
fsr-3652	116	8	1991	1991	NUM
fsr-3652	116	9	table	table	NOUN
fsr-3652	116	10	3	3	NUM
fsr-3652	116	11	.	.	PUNCT
fsr-3652	116	12	returns	return	NOUN
fsr-3652	116	13	differentials	differential	NOUN
fsr-3652	116	14	for	for	ADP
fsr-3652	116	15	passive	passive	ADJ
fsr-3652	116	16	investors	investor	NOUN
fsr-3652	116	17	asset	asset	VERB
fsr-3652	116	18	g	g	PROPN
fsr-3652	116	19	-	-	PUNCT
fsr-3652	116	20	k	k	NOUN
fsr-3652	117	1	i	i	PRON
fsr-3652	117	2	&	&	CCONJ
fsr-3652	117	3	?	?	PUNCT
fsr-3652	118	1	p	p	X
fsr-3652	118	2	n=_5	n=_5	PROPN
fsr-3652	118	3	n	n	NOUN
fsr-3652	118	4	=	=	SYM
fsr-3652	118	5	15	15	NUM
fsr-3652	118	6	n=30	n=30	PROPN
fsr-3652	118	7	treasury	treasury	NOUN
fsr-3652	118	8	bond	bond	NOUN
fsr-3652	118	9	corporate	corporate	ADJ
fsr-3652	118	10	bond	bond	NOUN
fsr-3652	118	11	high	high	ADJ
fsr-3652	118	12	-	-	PUNCT
fsr-3652	118	13	yield	yield	NOUN
fsr-3652	118	14	stock	stock	NOUN
fsr-3652	118	15	average	average	ADJ
fsr-3652	118	16	-	-	PUNCT
fsr-3652	118	17	yield	yield	NOUN
fsr-3652	118	18	stock	stock	NOUN
fsr-3652	118	19	zero	zero	NUM
fsr-3652	118	20	-	-	PUNCT
fsr-3652	118	21	yield	yield	NOUN
fsr-3652	118	22	stock	stock	NOUN
fsr-3652	118	23	treasury	treasury	PROPN
fsr-3652	118	24	bond	bond	NOUN
fsr-3652	118	25	corporate	corporate	ADJ
fsr-3652	118	26	bond	bond	NOUN
fsr-3652	118	27	high	high	ADJ
fsr-3652	118	28	-	-	PUNCT
fsr-3652	118	29	yield	yield	NOUN
fsr-3652	118	30	stock	stock	NOUN
fsr-3652	118	31	average	average	ADJ
fsr-3652	118	32	-	-	PUNCT
fsr-3652	118	33	yield	yield	NOUN
fsr-3652	118	34	stock	stock	NOUN
fsr-3652	118	35	zero	zero	NUM
fsr-3652	118	36	-	-	PUNCT
fsr-3652	118	37	yield	yield	NOUN
fsr-3652	118	38	stock	stock	NOUN
fsr-3652	118	39	0.087	0.087	NUM
fsr-3652	118	40	1.00	1.00	NUM
fsr-3652	118	41	*	*	PUNCT
fsr-3652	118	42	0.0067	0.0067	NUM
fsr-3652	118	43	0.0114	0.0114	NUM
fsr-3652	118	44	0.0158	0.0158	NUM
fsr-3652	118	45	0.100	0.100	NUM
fsr-3652	118	46	1.00	1.00	NUM
fsr-3652	118	47	*	*	PUNCT
fsr-3652	119	1	0.0081	0.0081	NUM
fsr-3652	119	2	0.0140	0.0140	NUM
fsr-3652	119	3	0.0191	0.0191	NUM
fsr-3652	120	1	0.129	0.129	NUM
fsr-3652	120	2	0.38	0.38	NUM
fsr-3652	120	3	0.0	0.0	NUM
fsr-3652	120	4	0.0076	0.0076	NUM
fsr-3652	120	5	0.0127	0.0127	NUM
fsr-3652	120	6	0.0168	0.0168	NUM
fsr-3652	120	7	0.150	0.150	NUM
fsr-3652	120	8	0.81	0.81	NUM
fsr-3652	120	9	0.163	0.163	NUM
fsr-3652	120	10	1.00	1.00	NUM
fsr-3652	120	11	0.0	0.0	NUM
fsr-3652	120	12	0.0	0.0	NUM
fsr-3652	120	13	0.0027	0.0027	NUM
fsr-3652	120	14	0.0000	0.0000	NUM
fsr-3652	120	15	0.087	0.087	NUM
fsr-3652	120	16	1	1	NUM
fsr-3652	120	17	.oo	.oo	PUNCT
fsr-3652	120	18	*	*	PUNCT
fsr-3652	121	1	0.0067	0.0067	NUM
fsr-3652	121	2	0.100	0.100	NUM
fsr-3652	121	3	1.00	1.00	NUM
fsr-3652	121	4	*	*	PUNCT
fsr-3652	122	1	0.0081	0.0081	NUM
fsr-3652	122	2	0.129	0.129	NUM
fsr-3652	122	3	0.38	0.38	NUM
fsr-3652	122	4	0.3	0.3	NUM
fsr-3652	122	5	0.0093	0.0093	NUM
fsr-3652	122	6	0.150	0.150	NUM
fsr-3652	122	7	0.81	0.81	NUM
fsr-3652	122	8	0.3	0.3	NUM
fsr-3652	122	9	0.0062	0.0062	NUM
fsr-3652	122	10	0.0111	0.0111	NUM
fsr-3652	122	11	0.0143	0.0143	NUM
fsr-3652	122	12	0.163	0.163	NUM
fsr-3652	122	13	1.00	1.00	NUM
fsr-3652	122	14	0.3	0.3	NUM
fsr-3652	122	15	0.0049	0.0049	NUM
fsr-3652	122	16	0.0087	0.0087	NUM
fsr-3652	122	17	0.0110	0.0110	NUM
fsr-3652	122	18	0.0049	0.0049	NUM
fsr-3652	122	19	0.0000	0.0000	NUM
fsr-3652	122	20	0.0114	0.0114	NUM
fsr-3652	122	21	0.0140	0.0140	NUM
fsr-3652	122	22	0.0150	0.0150	NUM
fsr-3652	122	23	0.0063	0.0063	NUM
fsr-3652	122	24	0.0000	0.0000	NUM
fsr-3652	122	25	0.0158	0.0158	NUM
fsr-3652	122	26	0.0191	0.0191	NUM
fsr-3652	122	27	0.0198	0.0198	NUM
fsr-3652	122	28	notes	note	NOUN
fsr-3652	122	29	:	:	PUNCT
fsr-3652	122	30	*	*	PUNCT
fsr-3652	122	31	any	any	DET
fsr-3652	122	32	asset	asset	NOUN
fsr-3652	122	33	turnover	turnover	NOUN
fsr-3652	122	34	ratep	ratep	NOUN
fsr-3652	122	35	produces	produce	VERB
fsr-3652	122	36	the	the	DET
fsr-3652	122	37	same	same	ADJ
fsr-3652	122	38	result	result	NOUN
fsr-3652	122	39	.	.	PUNCT
fsr-3652	123	1	the	the	DET
fsr-3652	123	2	returns	return	NOUN
fsr-3652	123	3	differential	differential	VERB
fsr-3652	123	4	,	,	PUNCT
fsr-3652	123	5	&	&	CCONJ
fsr-3652	123	6	il	il	PROPN
fsr-3652	123	7	,	,	PUNCT
fsr-3652	123	8	is	be	AUX
fsr-3652	123	9	the	the	DET
fsr-3652	123	10	difference	difference	NOUN
fsr-3652	123	11	between	between	ADP
fsr-3652	123	12	the	the	DET
fsr-3652	123	13	n	n	CCONJ
fsr-3652	123	14	-	-	PUNCT
fsr-3652	123	15	year	year	NOUN
fsr-3652	123	16	average	average	ADJ
fsr-3652	123	17	annual	annual	ADJ
fsr-3652	123	18	after	after	ADP
fsr-3652	123	19	-	-	PUNCT
fsr-3652	123	20	tax	tax	NOUN
fsr-3652	123	21	returns	return	NOUN
fsr-3652	123	22	from	from	ADP
fsr-3652	123	23	holding	hold	VERB
fsr-3652	123	24	an	an	DET
fsr-3652	123	25	asset	asset	NOUN
fsr-3652	123	26	in	in	ADP
fsr-3652	123	27	a	a	DET
fsr-3652	123	28	pension	pension	NOUN
fsr-3652	123	29	tax	tax	NOUN
fsr-3652	123	30	structure	structure	NOUN
fsr-3652	123	31	versus	versus	ADP
fsr-3652	123	32	a	a	DET
fsr-3652	123	33	nonpension	nonpension	NOUN
fsr-3652	123	34	structure	structure	NOUN
fsr-3652	123	35	.	.	PUNCT
fsr-3652	124	1	before	before	ADP
fsr-3652	124	2	-	-	PUNCT
fsr-3652	124	3	tax	tax	NOUN
fsr-3652	124	4	annual	annual	ADJ
fsr-3652	124	5	returns	return	NOUN
fsr-3652	124	6	are	be	AUX
fsr-3652	124	7	i	i	PRON
fsr-3652	124	8	,	,	PUNCT
fsr-3652	124	9	and	and	CCONJ
fsr-3652	124	10	g	g	NOUN
fsr-3652	124	11	percent	percent	NOUN
fsr-3652	124	12	of	of	ADP
fsr-3652	124	13	the	the	DET
fsr-3652	124	14	i	i	NOUN
fsr-3652	124	15	percent	percent	NOUN
fsr-3652	124	16	returns	return	NOUN
fsr-3652	124	17	is	be	AUX
fsr-3652	124	18	assumed	assume	VERB
fsr-3652	124	19	to	to	PART
fsr-3652	124	20	be	be	AUX
fsr-3652	124	21	in	in	ADP
fsr-3652	124	22	the	the	DET
fsr-3652	124	23	form	form	NOUN
fsr-3652	124	24	of	of	ADP
fsr-3652	124	25	capital	capital	NOUN
fsr-3652	124	26	gains	gain	NOUN
fsr-3652	124	27	.	.	PUNCT
fsr-3652	125	1	the	the	DET
fsr-3652	125	2	annual	annual	ADJ
fsr-3652	125	3	portfolio	portfolio	NOUN
fsr-3652	125	4	turnover	turnover	NOUN
fsr-3652	125	5	rate	rate	NOUN
fsr-3652	125	6	is	be	AUX
fsr-3652	125	7	p.	p.	NOUN
fsr-3652	125	8	the	the	DET
fsr-3652	125	9	tax	tax	NOUN
fsr-3652	125	10	rate	rate	NOUN
fsr-3652	125	11	in	in	ADP
fsr-3652	125	12	the	the	DET
fsr-3652	125	13	year	year	NOUN
fsr-3652	125	14	in	in	ADP
fsr-3652	125	15	which	which	PRON
fsr-3652	125	16	funds	fund	NOUN
fsr-3652	125	17	are	be	AUX
fsr-3652	125	18	withdrawn	withdraw	VERB
fsr-3652	125	19	from	from	ADP
fsr-3652	125	20	the	the	DET
fsr-3652	125	21	pension	pension	NOUN
fsr-3652	125	22	is	be	AUX
fsr-3652	125	23	l	l	NOUN
fsr-3652	125	24	,	,	PUNCT
fsr-3652	125	25	and	and	CCONJ
fsr-3652	125	26	t	t	PROPN
fsr-3652	125	27	is	be	AUX
fsr-3652	125	28	the	the	DET
fsr-3652	125	29	tax	tax	NOUN
fsr-3652	125	30	rate	rate	NOUN
fsr-3652	125	31	in	in	ADP
fsr-3652	125	32	prior	prior	ADJ
fsr-3652	125	33	year	year	NOUN
fsr-3652	125	34	.	.	PUNCT
fsr-3652	126	1	critical	critical	ADJ
fsr-3652	126	2	turnover	turnover	NOUN
fsr-3652	126	3	rates	rate	NOUN
fsr-3652	126	4	table	table	NOUN
fsr-3652	126	5	4	4	NUM
fsr-3652	126	6	shows	show	VERB
fsr-3652	126	7	the	the	DET
fsr-3652	126	8	asset	asset	NOUN
fsr-3652	126	9	turnover	turnover	NOUN
fsr-3652	126	10	rate	rate	NOUN
fsr-3652	126	11	that	that	PRON
fsr-3652	126	12	equates	equate	VERB
fsr-3652	126	13	&	&	CCONJ
fsr-3652	126	14	r	r	NOUN
fsr-3652	126	15	,	,	PUNCT
fsr-3652	126	16	for	for	ADP
fsr-3652	126	17	each	each	DET
fsr-3652	126	18	stock	stock	NOUN
fsr-3652	126	19	category	category	NOUN
fsr-3652	126	20	with	with	ADP
fsr-3652	126	21	4	4	NUM
fsr-3652	126	22	r	r	NOUN
fsr-3652	126	23	,	,	PUNCT
fsr-3652	126	24	,	,	PUNCT
fsr-3652	126	25	for	for	ADP
fsr-3652	126	26	corporate	corporate	ADJ
fsr-3652	126	27	bonds	bond	NOUN
fsr-3652	126	28	by	by	ADP
fsr-3652	126	29	investment	investment	NOUN
fsr-3652	126	30	horizon	horizon	NOUN
fsr-3652	126	31	.	.	PUNCT
fsr-3652	127	1	take	take	VERB
fsr-3652	127	2	the	the	DET
fsr-3652	127	3	five	five	NUM
fsr-3652	127	4	-	-	PUNCT
fsr-3652	127	5	year	year	NOUN
fsr-3652	127	6	investment	investment	NOUN
fsr-3652	127	7	horizon	horizon	NOUN
fsr-3652	127	8	as	as	ADP
fsr-3652	127	9	an	an	DET
fsr-3652	127	10	example	example	NOUN
fsr-3652	127	11	.	.	PUNCT
fsr-3652	128	1	with	with	ADP
fsr-3652	128	2	a	a	DET
fsr-3652	128	3	19	19	NUM
fsr-3652	128	4	percent	percent	NOUN
fsr-3652	128	5	annual	annual	ADJ
fsr-3652	128	6	turnover	turnover	NOUN
fsr-3652	128	7	rate	rate	NOUN
fsr-3652	128	8	,	,	PUNCT
fsr-3652	128	9	the	the	DET
fsr-3652	128	10	differential	differential	NOUN
fsr-3652	128	11	for	for	ADP
fsr-3652	128	12	high	high	ADJ
fsr-3652	128	13	-	-	PUNCT
fsr-3652	128	14	yield	yield	NOUN
fsr-3652	128	15	stocks	stock	NOUN
fsr-3652	128	16	equals	equal	VERB
fsr-3652	128	17	the	the	DET
fsr-3652	128	18	corporate	corporate	ADJ
fsr-3652	128	19	bond	bond	NOUN
fsr-3652	128	20	differential	differential	NOUN
fsr-3652	128	21	.	.	PUNCT
fsr-3652	129	1	this	this	PRON
fsr-3652	129	2	indicates	indicate	VERB
fsr-3652	129	3	that	that	SCONJ
fsr-3652	129	4	individuals	individual	NOUN
fsr-3652	129	5	should	should	AUX
fsr-3652	129	6	place	place	VERB
fsr-3652	129	7	corporate	corporate	ADJ
fsr-3652	129	8	bonds	bond	NOUN
fsr-3652	129	9	in	in	ADP
fsr-3652	129	10	the	the	DET
fsr-3652	129	11	pension	pension	NOUN
fsr-3652	129	12	portfolio	portfolio	NOUN
fsr-3652	129	13	instead	instead	ADV
fsr-3652	129	14	of	of	ADP
fsr-3652	129	15	high	high	ADJ
fsr-3652	129	16	-	-	PUNCT
fsr-3652	129	17	yield	yield	NOUN
fsr-3652	129	18	stocks	stock	NOUN
fsr-3652	129	19	only	only	ADV
fsr-3652	129	20	if	if	SCONJ
fsr-3652	129	21	they	they	PRON
fsr-3652	129	22	expect	expect	VERB
fsr-3652	129	23	to	to	PART
fsr-3652	129	24	realize	realize	VERB
fsr-3652	129	25	less	less	ADJ
fsr-3652	129	26	than	than	ADP
fsr-3652	129	27	19	19	NUM
fsr-3652	129	28	percent	percent	NOUN
fsr-3652	129	29	of	of	ADP
fsr-3652	129	30	the	the	DET
fsr-3652	129	31	stocks’capital	stocks’capital	ADJ
fsr-3652	129	32	gains	gain	NOUN
fsr-3652	129	33	annually	annually	ADV
fsr-3652	129	34	.	.	PUNCT
fsr-3652	130	1	the	the	DET
fsr-3652	130	2	table	table	NOUN
fsr-3652	130	3	shows	show	VERB
fsr-3652	130	4	that	that	SCONJ
fsr-3652	130	5	only	only	ADV
fsr-3652	130	6	the	the	DET
fsr-3652	130	7	more	more	ADV
fsr-3652	130	8	passive	passive	ADJ
fsr-3652	130	9	individuals	individual	NOUN
fsr-3652	130	10	should	should	AUX
fsr-3652	130	11	keep	keep	VERB
fsr-3652	130	12	corporate	corporate	ADJ
fsr-3652	130	13	bonds	bond	NOUN
fsr-3652	130	14	instead	instead	ADV
fsr-3652	130	15	of	of	ADP
fsr-3652	130	16	high	high	ADJ
fsr-3652	130	17	-	-	PUNCT
fsr-3652	130	18	yield	yield	NOUN
fsr-3652	130	19	stocks	stock	NOUN
fsr-3652	130	20	in	in	ADP
fsr-3652	130	21	the	the	DET
fsr-3652	130	22	pension	pension	NOUN
fsr-3652	130	23	fund	fund	NOUN
fsr-3652	130	24	.	.	PUNCT
fsr-3652	131	1	table	table	NOUN
fsr-3652	131	2	4	4	NUM
fsr-3652	131	3	indicates	indicate	VERB
fsr-3652	131	4	furthermore	furthermore	ADV
fsr-3652	131	5	that	that	SCONJ
fsr-3652	131	6	individuals	individual	NOUN
fsr-3652	131	7	practicing	practice	VERB
fsr-3652	131	8	slower	slow	ADJ
fsr-3652	131	9	asset	asset	NOUN
fsr-3652	131	10	turnover	turnover	NOUN
fsr-3652	131	11	rates	rate	NOUN
fsr-3652	131	12	(	(	PUNCT
fsr-3652	131	13	e.g.	e.g.	ADV
fsr-3652	131	14	,	,	PUNCT
fsr-3652	131	15	p	p	X
fsr-3652	131	16	<	<	X
fsr-3652	131	17	0.5	0.5	NUM
fsr-3652	131	18	)	)	PUNCT
fsr-3652	131	19	generally	generally	ADV
fsr-3652	131	20	will	will	AUX
fsr-3652	131	21	benefit	benefit	VERB
fsr-3652	131	22	more	more	ADV
fsr-3652	131	23	from	from	ADP
fsr-3652	131	24	placing	place	VERB
fsr-3652	131	25	bonds	bond	NOUN
fsr-3652	131	26	instead	instead	ADV
fsr-3652	131	27	of	of	ADP
fsr-3652	131	28	averageor	averageor	PRON
fsr-3652	131	29	low	low	ADJ
fsr-3652	131	30	-	-	PUNCT
fsr-3652	131	31	yield	yield	NOUN
fsr-3652	131	32	stocks	stock	NOUN
fsr-3652	131	33	in	in	ADP
fsr-3652	131	34	their	their	PRON
fsr-3652	131	35	pension	pension	NOUN
fsr-3652	131	36	fund	fund	NOUN
fsr-3652	131	37	.	.	PUNCT
fsr-3652	132	1	more	more	ADV
fsr-3652	132	2	active	active	ADJ
fsr-3652	132	3	investors	investor	NOUN
fsr-3652	132	4	(	(	PUNCT
fsr-3652	132	5	p	p	X
fsr-3652	132	6	>	>	X
fsr-3652	132	7	0.5	0.5	NUM
fsr-3652	132	8	)	)	PUNCT
fsr-3652	132	9	generally	generally	ADV
fsr-3652	132	10	will	will	AUX
fsr-3652	132	11	benefit	benefit	VERB
fsr-3652	132	12	more	more	ADJ
fsr-3652	132	13	by	by	ADP
fsr-3652	132	14	placing	place	VERB
fsr-3652	132	15	averageor	averageor	NOUN
fsr-3652	132	16	low	low	ADJ
fsr-3652	132	17	-	-	PUNCT
fsr-3652	132	18	yield	yield	NOUN
fsr-3652	132	19	stocks	stock	NOUN
fsr-3652	132	20	before	before	ADP
fsr-3652	132	21	corporate	corporate	ADJ
fsr-3652	132	22	bonds	bond	NOUN
fsr-3652	132	23	in	in	ADP
fsr-3652	132	24	their	their	PRON
fsr-3652	132	25	pension	pension	NOUN
fsr-3652	132	26	fund	fund	NOUN
fsr-3652	132	27	.	.	PUNCT
fsr-3652	133	1	the	the	DET
fsr-3652	133	2	length	length	NOUN
fsr-3652	133	3	of	of	ADP
fsr-3652	133	4	the	the	DET
fsr-3652	133	5	planned	plan	VERB
fsr-3652	133	6	investment	investment	NOUN
fsr-3652	133	7	horizon	horizon	NOUN
fsr-3652	133	8	has	have	VERB
fsr-3652	133	9	little	little	ADJ
fsr-3652	133	10	effect	effect	NOUN
fsr-3652	133	11	on	on	ADP
fsr-3652	133	12	the	the	DET
fsr-3652	133	13	asset	asset	NOUN
fsr-3652	133	14	that	that	PRON
fsr-3652	133	15	expects	expect	VERB
fsr-3652	133	16	to	to	PART
fsr-3652	133	17	benefit	benefit	VERB
fsr-3652	133	18	most	most	ADV
fsr-3652	133	19	from	from	ADP
fsr-3652	133	20	pension	pension	NOUN
fsr-3652	133	21	tax	tax	NOUN
fsr-3652	133	22	treatment	treatment	NOUN
fsr-3652	133	23	.	.	PUNCT
fsr-3652	134	1	of	of	ADP
fsr-3652	134	2	course	course	NOUN
fsr-3652	134	3	,	,	PUNCT
fsr-3652	134	4	the	the	DET
fsr-3652	134	5	effect	effect	NOUN
fsr-3652	134	6	of	of	ADP
fsr-3652	134	7	a	a	DET
fsr-3652	134	8	given	give	VERB
fsr-3652	134	9	rp	rp	NOUN
fsr-3652	134	10	r	r	NOUN
fsr-3652	134	11	,	,	PUNCT
fsr-3652	134	12	,	,	PUNCT
fsr-3652	134	13	differential	differential	NOUN
fsr-3652	134	14	on	on	ADP
fsr-3652	134	15	retirement	retirement	NOUN
fsr-3652	134	16	wealth	wealth	NOUN
fsr-3652	134	17	increases	increase	VERB
fsr-3652	134	18	with	with	ADP
fsr-3652	134	19	the	the	DET
fsr-3652	134	20	planned	plan	VERB
fsr-3652	134	21	investment	investment	NOUN
fsr-3652	134	22	horizon	horizon	NOUN
fsr-3652	134	23	.	.	PUNCT
fsr-3652	135	1	this	this	PRON
fsr-3652	135	2	suggests	suggest	VERB
fsr-3652	135	3	that	that	SCONJ
fsr-3652	135	4	,	,	PUNCT
fsr-3652	135	5	other	other	ADJ
fsr-3652	135	6	things	thing	NOUN
fsr-3652	135	7	the	the	DET
fsr-3652	135	8	same	same	ADJ
fsr-3652	135	9	,	,	PUNCT
fsr-3652	135	10	the	the	DET
fsr-3652	135	11	tax	tax	NOUN
fsr-3652	135	12	benefits	benefit	NOUN
fsr-3652	135	13	the	the	DET
fsr-3652	135	14	o@iml	o@iml	NOUN
fsr-3652	135	15	ailocad*on	ailocad*on	NOUN
fsr-3652	135	16	of	of	ADP
fsr-3652	135	17	pension	pension	NOUN
fsr-3652	135	18	fundassets	fundasset	NOUN
fsr-3652	135	19	17	17	NUM
fsr-3652	135	20	table	table	NOUN
fsr-3652	135	21	4	4	NUM
fsr-3652	135	22	.	.	PUNCT
fsr-3652	135	23	critical	critical	ADJ
fsr-3652	135	24	asset	asset	NOUN
fsr-3652	135	25	turnover	turnover	NOUN
fsr-3652	135	26	rates	rate	NOUN
fsr-3652	135	27	asset	asset	VERB
fsr-3652	135	28	high	high	ADJ
fsr-3652	135	29	-	-	PUNCT
fsr-3652	135	30	yield	yield	NOUN
fsr-3652	135	31	stock	stock	NOUN
fsr-3652	135	32	average	average	ADJ
fsr-3652	135	33	-	-	PUNCT
fsr-3652	135	34	yield	yield	NOUN
fsr-3652	135	35	stock	stock	NOUN
fsr-3652	135	36	zero	zero	NUM
fsr-3652	135	37	-	-	PUNCT
fsr-3652	135	38	yield	yield	NOUN
fsr-3652	135	39	stock	stock	NOUN
fsr-3652	135	40	fended	fend	VERB
fsr-3652	135	41	~nves~~~~	~nves~~~~	NOUN
fsr-3652	135	42	horizon	horizon	VERB
fsr-3652	135	43	5	5	NUM
fsr-3652	135	44	15	15	NUM
fsr-3652	135	45	30	30	NUM
fsr-3652	135	46	0.19	0.19	NUM
fsr-3652	135	47	0.17	0.17	NUM
fsr-3652	135	48	0.23	0.23	NUM
fsr-3652	135	49	0.47	0.47	NUM
fsr-3652	135	50	0.44	0.44	NUM
fsr-3652	135	51	0.48	0.48	NUM
fsr-3652	135	52	0.47	0.47	NUM
fsr-3652	135	53	0.49	0.49	NUM
fsr-3652	135	54	0.55	0.55	NUM
fsr-3652	135	55	note	note	NOUN
fsr-3652	135	56	:	:	PUNCT
fsr-3652	135	57	a	a	DET
fsr-3652	135	58	critical	critical	ADJ
fsr-3652	135	59	turnover	turnover	NOUN
fsr-3652	135	60	rate	rate	NOUN
fsr-3652	135	61	is	be	AUX
fsr-3652	135	62	the	the	DET
fsr-3652	135	63	annual	annual	ADJ
fsr-3652	135	64	turnover	turnover	NOUN
fsr-3652	135	65	rate	rate	NOUN
fsr-3652	135	66	in	in	ADP
fsr-3652	135	67	the	the	DET
fsr-3652	135	68	nonpension	nonpension	NOUN
fsr-3652	135	69	portfolio	portfolio	NOUN
fsr-3652	135	70	that	that	PRON
fsr-3652	135	71	equates	equate	VERB
fsr-3652	135	72	the	the	DET
fsr-3652	135	73	expected	expected	ADJ
fsr-3652	135	74	tax	tax	NOUN
fsr-3652	135	75	benefits	benefit	NOUN
fsr-3652	135	76	of	of	ADP
fsr-3652	135	77	the	the	DET
fsr-3652	135	78	pension	pension	NOUN
fsr-3652	135	79	tax	tax	NOUN
fsr-3652	135	80	structure	structure	NOUN
fsr-3652	135	81	for	for	ADP
fsr-3652	135	82	each	each	DET
fsr-3652	135	83	stock	stock	NOUN
fsr-3652	135	84	category	category	NOUN
fsr-3652	135	85	with	with	ADP
fsr-3652	135	86	the	the	DET
fsr-3652	135	87	benefits	benefit	NOUN
fsr-3652	135	88	for	for	ADP
fsr-3652	135	89	corporate	corporate	ADJ
fsr-3652	135	90	bonds	bond	NOUN
fsr-3652	135	91	.	.	PUNCT
fsr-3652	136	1	if	if	SCONJ
fsr-3652	136	2	the	the	DET
fsr-3652	136	3	annual	annual	ADJ
fsr-3652	136	4	turnover	turnover	NOUN
fsr-3652	136	5	rate	rate	NOUN
fsr-3652	136	6	on	on	ADP
fsr-3652	136	7	the	the	DET
fsr-3652	136	8	stock	stock	NOUN
fsr-3652	136	9	portion	portion	NOUN
fsr-3652	136	10	of	of	ADP
fsr-3652	136	11	the	the	DET
fsr-3652	136	12	nonpension	nonpension	NOUN
fsr-3652	136	13	portfolio	portfolio	NOUN
fsr-3652	136	14	is	be	AUX
fsr-3652	136	15	expected	expect	VERB
fsr-3652	136	16	to	to	PART
fsr-3652	136	17	be	be	AUX
fsr-3652	136	18	less	less	ADJ
fsr-3652	136	19	than	than	ADP
fsr-3652	136	20	the	the	DET
fsr-3652	136	21	critical	critical	ADJ
fsr-3652	136	22	rate	rate	NOUN
fsr-3652	136	23	,	,	PUNCT
fsr-3652	136	24	corporate	corporate	ADJ
fsr-3652	136	25	bonds	bond	NOUN
fsr-3652	136	26	are	be	AUX
fsr-3652	136	27	expected	expect	VERB
fsr-3652	136	28	to	to	PART
fsr-3652	136	29	benefit	benefit	VERB
fsr-3652	136	30	most	most	ADV
fsr-3652	136	31	from	from	ADP
fsr-3652	136	32	the	the	DET
fsr-3652	136	33	pension	pension	NOUN
fsr-3652	136	34	tax	tax	NOUN
fsr-3652	136	35	structure	structure	NOUN
fsr-3652	136	36	.	.	PUNCT
fsr-3652	137	1	at	at	ADP
fsr-3652	137	2	higher	high	ADJ
fsr-3652	137	3	turnover	turnover	NOUN
fsr-3652	137	4	rates	rate	NOUN
fsr-3652	137	5	,	,	PUNCT
fsr-3652	137	6	stocks	stock	NOUN
fsr-3652	137	7	are	be	AUX
fsr-3652	137	8	expected	expect	VERB
fsr-3652	137	9	to	to	PART
fsr-3652	137	10	benefit	benefit	VERB
fsr-3652	137	11	most	most	ADV
fsr-3652	137	12	from	from	ADP
fsr-3652	137	13	the	the	DET
fsr-3652	137	14	pension	pension	NOUN
fsr-3652	137	15	tax	tax	NOUN
fsr-3652	137	16	structure	structure	NOUN
fsr-3652	137	17	.	.	PUNCT
fsr-3652	138	1	we	we	PRON
fsr-3652	138	2	point	point	VERB
fsr-3652	138	3	out	out	ADP
fsr-3652	138	4	are	be	AUX
fsr-3652	138	5	more	more	ADV
fsr-3652	138	6	important	important	ADJ
fsr-3652	138	7	for	for	ADP
fsr-3652	138	8	individuals	individual	NOUN
fsr-3652	138	9	who	who	PRON
fsr-3652	138	10	are	be	AUX
fsr-3652	138	11	further	far	ADV
fsr-3652	138	12	from	from	ADP
fsr-3652	138	13	retirement	retirement	NOUN
fsr-3652	138	14	.	.	PUNCT
fsr-3652	139	1	finally	finally	ADV
fsr-3652	139	2	,	,	PUNCT
fsr-3652	139	3	figure	figure	VERB
fsr-3652	139	4	1	1	NUM
fsr-3652	139	5	illustrates	illustrate	VERB
fsr-3652	139	6	the	the	DET
fsr-3652	139	7	sensitivity	sensitivity	NOUN
fsr-3652	139	8	of	of	ADP
fsr-3652	139	9	the	the	DET
fsr-3652	139	10	returns	return	NOUN
fsr-3652	139	11	differential	differential	VERB
fsr-3652	139	12	to	to	ADP
fsr-3652	139	13	the	the	DET
fsr-3652	139	14	nonpension	nonpension	NOUN
fsr-3652	139	15	portfolio	portfolio	NOUN
fsr-3652	139	16	turnover	turnover	NOUN
fsr-3652	139	17	rate	rate	NOUN
fsr-3652	139	18	.	.	PUNCT
fsr-3652	140	1	the	the	DET
fsr-3652	140	2	turnover	turnover	NOUN
fsr-3652	140	3	rate	rate	NOUN
fsr-3652	140	4	is	be	AUX
fsr-3652	140	5	most	most	ADV
fsr-3652	140	6	important	important	ADJ
fsr-3652	140	7	for	for	ADP
fsr-3652	140	8	zero(or	zero(or	PROPN
fsr-3652	140	9	low-	low-	X
fsr-3652	140	10	)	)	PUNCT
fsr-3652	140	11	yield	yield	NOUN
fsr-3652	140	12	stocks	stock	NOUN
fsr-3652	140	13	.	.	PUNCT
fsr-3652	141	1	this	this	DET
fsr-3652	141	2	returns	return	VERB
fsr-3652	141	3	d	d	PUNCT
fsr-3652	141	4	~	~	PUNCT
fsr-3652	141	5	f	f	X
fsr-3652	141	6	~	~	PUNCT
fsr-3652	141	7	r	r	NOUN
fsr-3652	141	8	~	~	NOUN
fsr-3652	141	9	nti~	nti~	NOUN
fsr-3652	141	10	is	be	AUX
fsr-3652	141	11	zero	zero	NUM
fsr-3652	141	12	for	for	ADP
fsr-3652	141	13	the	the	DET
fsr-3652	141	14	extreme	extreme	ADJ
fsr-3652	141	15	buy	buy	NOUN
fsr-3652	141	16	and	and	CCONJ
fsr-3652	141	17	-	-	PUNCT
fsr-3652	141	18	hold	hold	VERB
fsr-3652	141	19	strategy	strategy	NOUN
fsr-3652	141	20	,	,	PUNCT
fsr-3652	141	21	p	p	X
fsr-3652	141	22	=	=	NOUN
fsr-3652	141	23	0	0	NUM
fsr-3652	141	24	.	.	PUNCT
fsr-3652	142	1	at	at	ADP
fsr-3652	142	2	the	the	DET
fsr-3652	142	3	other	other	ADJ
fsr-3652	142	4	extreme	extreme	NOUN
fsr-3652	142	5	,	,	PUNCT
fsr-3652	142	6	p	p	NOUN
fsr-3652	142	7	=	=	NOUN
fsr-3652	142	8	i	i	NOUN
fsr-3652	142	9	1	1	NUM
fsr-3652	142	10	,	,	PUNCT
fsr-3652	142	11	there	there	PRON
fsr-3652	142	12	are	be	VERB
fsr-3652	142	13	no	no	DET
fsr-3652	142	14	unrealized	unrealized	ADJ
fsr-3652	142	15	gains	gain	NOUN
fsr-3652	142	16	and	and	CCONJ
fsr-3652	142	17	all	all	DET
fsr-3652	142	18	returns	return	NOUN
fsr-3652	142	19	are	be	AUX
fsr-3652	142	20	taxed	tax	VERB
fsr-3652	142	21	annually	annually	ADV
fsr-3652	142	22	.	.	PUNCT
fsr-3652	143	1	the	the	DET
fsr-3652	143	2	high	high	ADJ
fsr-3652	143	3	risk	risk	NOUN
fsr-3652	143	4	on	on	ADP
fsr-3652	143	5	low	low	ADJ
fsr-3652	143	6	-	-	PUNCT
fsr-3652	143	7	yield	yield	NOUN
fsr-3652	143	8	stocks	stock	NOUN
fsr-3652	143	9	implies	imply	VERB
fsr-3652	143	10	that	that	SCONJ
fsr-3652	143	11	active	active	ADJ
fsr-3652	143	12	investors	investor	NOUN
fsr-3652	143	13	are	be	AUX
fsr-3652	143	14	expected	expect	VERB
fsr-3652	143	15	to	to	PART
fsr-3652	143	16	receive	receive	VERB
fsr-3652	143	17	the	the	DET
fsr-3652	143	18	largest	large	ADJ
fsr-3652	143	19	tax	tax	NOUN
fsr-3652	143	20	advantage	advantage	NOUN
fsr-3652	143	21	on	on	ADP
fsr-3652	143	22	low	low	ADJ
fsr-3652	143	23	-	-	PUNCT
fsr-3652	143	24	yield	yield	NOUN
fsr-3652	143	25	stocks	stock	NOUN
fsr-3652	143	26	.	.	PUNCT
fsr-3652	144	1	t	t	AUX
fsr-3652	144	2	0	0	NUM
fsr-3652	144	3	0.2	0.2	NUM
fsr-3652	144	4	0.4	0.4	NUM
fsr-3652	144	5	0.6	0.6	NUM
fsr-3652	144	6	0.6	0.6	NUM
fsr-3652	144	7	1	1	NUM
fsr-3652	144	8	6	6	NUM
fsr-3652	144	9	,	,	PUNCT
fsr-3652	144	10	turnover	turnover	NOUN
fsr-3652	144	11	rate	rate	NOUN
fsr-3652	144	12	hlsh	hlsh	PROPN
fsr-3652	144	13	yield	yield	NOUN
fsr-3652	144	14	+	+	CCONJ
fsr-3652	144	15	ava	ava	PROPN
fsr-3652	144	16	.	.	PUNCT
fsr-3652	144	17	yield	yield	VERB
fsr-3652	144	18	+	+	PROPN
fsr-3652	144	19	+	+	ADJ
fsr-3652	144	20	zero	zero	NUM
fsr-3652	144	21	yield	yield	NOUN
fsr-3652	144	22	figwe	figwe	NOUN
fsr-3652	144	23	1	1	NUM
fsr-3652	144	24	.	.	PUNCT
fsr-3652	145	1	sensitivity	sensitivity	NOUN
fsr-3652	145	2	of	of	ADP
fsr-3652	145	3	returns	return	NOUN
fsr-3652	145	4	diferentials	diferential	VERB
fsr-3652	145	5	to	to	ADP
fsr-3652	145	6	turnover	turnover	NOUN
fsr-3652	145	7	rates	rate	NOUN
fsr-3652	145	8	.	.	PUNCT
fsr-3652	146	1	assumptions	assumption	NOUN
fsr-3652	146	2	:	:	PUNCT
fsr-3652	146	3	z	z	NOUN
fsr-3652	146	4	=	=	SYM
fsr-3652	146	5	0.28	0.28	NUM
fsr-3652	146	6	,	,	PUNCT
fsr-3652	146	7	fw	fw	PROPN
fsr-3652	146	8	=	=	SYM
fsr-3652	146	9	0.23	0.23	NUM
fsr-3652	146	10	,	,	PUNCT
fsr-3652	146	11	n	n	NOUN
fsr-3652	146	12	=	=	SYM
fsr-3652	146	13	30	30	NUM
fsr-3652	146	14	,	,	PUNCT
fsr-3652	146	15	and	and	CCONJ
fsr-3652	146	16	i	i	PRON
fsr-3652	146	17	and	and	CCONJ
fsr-3652	146	18	g	g	NOUN
fsr-3652	146	19	values	value	NOUN
fsr-3652	146	20	from	from	ADP
fsr-3652	146	21	table	table	NOUN
fsr-3652	146	22	.	.	PUNCT
fsr-3652	147	1	18	18	NUM
fsr-3652	147	2	financial	financial	ADJ
fsr-3652	147	3	services	service	NOUN
fsr-3652	147	4	review	review	NOUN
fsr-3652	147	5	,	,	PUNCT
fsr-3652	147	6	l(1	l(1	PROPN
fsr-3652	147	7	)	)	PUNCT
fsr-3652	147	8	1991	1991	NUM
fsr-3652	147	9	the	the	DET
fsr-3652	147	10	slopes	slope	NOUN
fsr-3652	147	11	on	on	ADP
fsr-3652	147	12	the	the	DET
fsr-3652	147	13	averageand	averageand	ADJ
fsr-3652	147	14	high	high	ADJ
fsr-3652	147	15	-	-	PUNCT
fsr-3652	147	16	yield	yield	NOUN
fsr-3652	147	17	stocks	stock	NOUN
fsr-3652	147	18	in	in	ADP
fsr-3652	147	19	the	the	DET
fsr-3652	147	20	graph	graph	NOUN
fsr-3652	147	21	are	be	AUX
fsr-3652	147	22	positive	positive	ADJ
fsr-3652	147	23	but	but	CCONJ
fsr-3652	147	24	flatter	flat	ADJ
fsr-3652	147	25	than	than	ADP
fsr-3652	147	26	for	for	ADP
fsr-3652	147	27	zero	zero	NUM
fsr-3652	147	28	-	-	PUNCT
fsr-3652	147	29	yield	yield	NOUN
fsr-3652	147	30	stocks	stock	NOUN
fsr-3652	147	31	.	.	PUNCT
fsr-3652	148	1	the	the	DET
fsr-3652	148	2	slopes	slope	NOUN
fsr-3652	148	3	reflect	reflect	VERB
fsr-3652	148	4	the	the	DET
fsr-3652	148	5	lower	low	ADJ
fsr-3652	148	6	potential	potential	NOUN
fsr-3652	148	7	for	for	ADP
fsr-3652	148	8	unrealized	unrealized	ADJ
fsr-3652	148	9	capital	capital	NOUN
fsr-3652	148	10	gains	gain	NOUN
fsr-3652	148	11	due	due	ADJ
fsr-3652	148	12	to	to	ADP
fsr-3652	148	13	both	both	CCONJ
fsr-3652	148	14	higher	high	ADJ
fsr-3652	148	15	dividends	dividend	NOUN
fsr-3652	148	16	and	and	CCONJ
fsr-3652	148	17	lower	low	ADJ
fsr-3652	148	18	returns	return	NOUN
fsr-3652	148	19	.	.	PUNCT
fsr-3652	149	1	sensitivity	sensitivity	NOUN
fsr-3652	149	2	to	to	PART
fsr-3652	149	3	assumptions	assumption	VERB
fsr-3652	149	4	the	the	DET
fsr-3652	149	5	values	value	NOUN
fsr-3652	149	6	in	in	ADP
fsr-3652	149	7	the	the	DET
fsr-3652	149	8	tables	table	NOUN
fsr-3652	149	9	are	be	AUX
fsr-3652	149	10	based	base	VERB
fsr-3652	149	11	on	on	ADP
fsr-3652	149	12	specific	specific	ADJ
fsr-3652	149	13	tax	tax	NOUN
fsr-3652	149	14	rates	rate	NOUN
fsr-3652	149	15	.	.	PUNCT
fsr-3652	150	1	simulations	simulation	NOUN
fsr-3652	150	2	not	not	PART
fsr-3652	150	3	reported	report	VERB
fsr-3652	150	4	here	here	ADV
fsr-3652	150	5	,	,	PUNCT
fsr-3652	150	6	however	however	ADV
fsr-3652	150	7	,	,	PUNCT
fsr-3652	150	8	indicate	indicate	VERB
fsr-3652	150	9	that	that	SCONJ
fsr-3652	150	10	the	the	DET
fsr-3652	150	11	investment	investment	NOUN
fsr-3652	150	12	implications	implication	NOUN
fsr-3652	150	13	prevail	prevail	VERB
fsr-3652	150	14	for	for	ADP
fsr-3652	150	15	a	a	DET
fsr-3652	150	16	wide	wide	ADJ
fsr-3652	150	17	range	range	NOUN
fsr-3652	150	18	of	of	ADP
fsr-3652	150	19	possible	possible	ADJ
fsr-3652	150	20	tax	tax	NOUN
fsr-3652	150	21	rates	rate	NOUN
fsr-3652	150	22	.	.	PUNCT
fsr-3652	151	1	the	the	DET
fsr-3652	151	2	table	table	NOUN
fsr-3652	151	3	values	value	NOUN
fsr-3652	151	4	also	also	ADV
fsr-3652	151	5	assume	assume	VERB
fsr-3652	151	6	that	that	SCONJ
fsr-3652	151	7	an	an	DET
fsr-3652	151	8	average	average	ADJ
fsr-3652	151	9	stock	stock	NOUN
fsr-3652	151	10	will	will	AUX
fsr-3652	151	11	produce	produce	VERB
fsr-3652	151	12	6.3	6.3	NUM
fsr-3652	151	13	percent	percent	NOUN
fsr-3652	151	14	higher	high	ADJ
fsr-3652	151	15	before	before	ADP
fsr-3652	151	16	-	-	PUNCT
fsr-3652	151	17	tax	tax	NOUN
fsr-3652	151	18	returns	return	NOUN
fsr-3652	151	19	than	than	ADP
fsr-3652	151	20	treasury	treasury	NOUN
fsr-3652	151	21	bonds	bond	NOUN
fsr-3652	151	22	,	,	PUNCT
fsr-3652	151	23	and	and	CCONJ
fsr-3652	151	24	5	5	NUM
fsr-3652	151	25	percent	percent	NOUN
fsr-3652	151	26	higher	high	ADJ
fsr-3652	151	27	returns	return	NOUN
fsr-3652	151	28	than	than	ADP
fsr-3652	151	29	corporate	corporate	ADJ
fsr-3652	151	30	bonds	bond	NOUN
fsr-3652	151	31	.	.	PUNCT
fsr-3652	152	1	reducing	reduce	VERB
fsr-3652	152	2	these	these	DET
fsr-3652	152	3	assumed	assume	VERB
fsr-3652	152	4	risk	risk	NOUN
fsr-3652	152	5	premiums	premium	NOUN
fsr-3652	152	6	would	would	AUX
fsr-3652	152	7	improve	improve	VERB
fsr-3652	152	8	the	the	DET
fsr-3652	152	9	relative	relative	ADJ
fsr-3652	152	10	position	position	NOUN
fsr-3652	152	11	of	of	ADP
fsr-3652	152	12	bonds	bond	NOUN
fsr-3652	152	13	in	in	ADP
fsr-3652	152	14	the	the	DET
fsr-3652	152	15	pension	pension	NOUN
fsr-3652	152	16	fund	fund	NOUN
fsr-3652	152	17	.	.	PUNCT
fsr-3652	153	1	yet	yet	ADV
fsr-3652	153	2	,	,	PUNCT
fsr-3652	153	3	there	there	PRON
fsr-3652	153	4	are	be	VERB
fsr-3652	153	5	reasons	reason	NOUN
fsr-3652	153	6	to	to	PART
fsr-3652	153	7	believe	believe	VERB
fsr-3652	153	8	that	that	SCONJ
fsr-3652	153	9	the	the	DET
fsr-3652	153	10	average	average	ADJ
fsr-3652	153	11	stock	stock	NOUN
fsr-3652	153	12	will	will	AUX
fsr-3652	153	13	promise	promise	VERB
fsr-3652	153	14	more	more	ADJ
fsr-3652	153	15	than	than	ADP
fsr-3652	153	16	a	a	DET
fsr-3652	153	17	5	5	NUM
fsr-3652	153	18	percent	percent	NOUN
fsr-3652	153	19	risk	risk	NOUN
fsr-3652	153	20	premium	premium	NOUN
fsr-3652	153	21	over	over	ADP
fsr-3652	153	22	corporate	corporate	ADJ
fsr-3652	153	23	bonds	bond	NOUN
fsr-3652	153	24	-	-	PUNCT
fsr-3652	153	25	the	the	DET
fsr-3652	153	26	bonds	bond	NOUN
fsr-3652	153	27	discussed	discuss	VERB
fsr-3652	153	28	most	most	ADV
fsr-3652	153	29	prominently	prominently	ADV
fsr-3652	153	30	in	in	ADP
fsr-3652	153	31	the	the	DET
fsr-3652	153	32	analyses	analysis	NOUN
fsr-3652	153	33	.	.	PUNCT
fsr-3652	154	1	the	the	DET
fsr-3652	154	2	10	10	NUM
fsr-3652	154	3	percent	percent	NOUN
fsr-3652	154	4	returns	return	NOUN
fsr-3652	154	5	on	on	ADP
fsr-3652	154	6	corporate	corporate	ADJ
fsr-3652	154	7	bonds	bond	NOUN
fsr-3652	154	8	assume	assume	VERB
fsr-3652	154	9	no	no	DET
fsr-3652	154	10	loss	loss	NOUN
fsr-3652	154	11	from	from	ADP
fsr-3652	154	12	default	default	NOUN
fsr-3652	154	13	.	.	PUNCT
fsr-3652	155	1	if	if	SCONJ
fsr-3652	155	2	expected	expect	VERB
fsr-3652	155	3	returns	return	NOUN
fsr-3652	155	4	after	after	ADP
fsr-3652	155	5	allowance	allowance	NOUN
fsr-3652	155	6	for	for	ADP
fsr-3652	155	7	default	default	NOUN
fsr-3652	155	8	risk	risk	NOUN
fsr-3652	155	9	on	on	ADP
fsr-3652	155	10	corporate	corporate	ADJ
fsr-3652	155	11	bonds	bond	NOUN
fsr-3652	155	12	equal	equal	VERB
fsr-3652	155	13	the	the	DET
fsr-3652	155	14	treasury	treasury	NOUN
fsr-3652	155	15	rate	rate	NOUN
fsr-3652	155	16	,	,	PUNCT
fsr-3652	155	17	then	then	ADV
fsr-3652	155	18	stocks	stock	NOUN
fsr-3652	155	19	almost	almost	ADV
fsr-3652	155	20	always	always	ADV
fsr-3652	155	21	will	will	AUX
fsr-3652	155	22	be	be	AUX
fsr-3652	155	23	the	the	DET
fsr-3652	155	24	preferred	preferred	ADJ
fsr-3652	155	25	asset	asset	NOUN
fsr-3652	155	26	in	in	ADP
fsr-3652	155	27	the	the	DET
fsr-3652	155	28	pension	pension	NOUN
fsr-3652	156	1	fund.8	fund.8	NOUN
fsr-3652	156	2	recent	recent	ADJ
fsr-3652	156	3	studies	study	NOUN
fsr-3652	156	4	by	by	ADP
fsr-3652	156	5	ferris	ferris	ADJ
fsr-3652	156	6	and	and	CCONJ
fsr-3652	156	7	reichenstein	reichenstein	PROPN
fsr-3652	156	8	(	(	PUNCT
fsr-3652	156	9	1988	1988	NUM
fsr-3652	156	10	)	)	PUNCT
fsr-3652	156	11	and	and	CCONJ
fsr-3652	156	12	yaari	yaari	PROPN
fsr-3652	156	13	and	and	CCONJ
fsr-3652	156	14	fabozzi	fabozzi	NOUN
fsr-3652	156	15	(	(	PUNCT
fsr-3652	156	16	1985	1985	NUM
fsr-3652	156	17	)	)	PUNCT
fsr-3652	156	18	provide	provide	VERB
fsr-3652	156	19	further	further	ADJ
fsr-3652	156	20	evidence	evidence	NOUN
fsr-3652	156	21	that	that	SCONJ
fsr-3652	156	22	high	high	ADJ
fsr-3652	156	23	-	-	PUNCT
fsr-3652	156	24	yield	yield	NOUN
fsr-3652	156	25	stocks	stock	NOUN
fsr-3652	156	26	are	be	AUX
fsr-3652	156	27	often	often	ADV
fsr-3652	156	28	the	the	DET
fsr-3652	156	29	optimal	optimal	ADJ
fsr-3652	156	30	asset	asset	NOUN
fsr-3652	156	31	to	to	PART
fsr-3652	156	32	place	place	VERB
fsr-3652	156	33	in	in	ADP
fsr-3652	156	34	the	the	DET
fsr-3652	156	35	pension	pension	NOUN
fsr-3652	156	36	portfolio	portfolio	NOUN
fsr-3652	156	37	.	.	PUNCT
fsr-3652	157	1	they	they	PRON
fsr-3652	157	2	conclude	conclude	VERB
fsr-3652	157	3	that	that	SCONJ
fsr-3652	157	4	there	there	PRON
fsr-3652	157	5	exists	exist	VERB
fsr-3652	157	6	a	a	DET
fsr-3652	157	7	yield	yield	NOUN
fsr-3652	157	8	-	-	PUNCT
fsr-3652	157	9	tilted	tilt	VERB
fsr-3652	157	10	risk	risk	NOUN
fsr-3652	157	11	-	-	PUNCT
fsr-3652	157	12	return	return	NOUN
fsr-3652	157	13	plane	plane	NOUN
fsr-3652	157	14	:	:	PUNCT
fsr-3652	157	15	high	high	ADJ
fsr-3652	157	16	current	current	ADJ
fsr-3652	157	17	yield	yield	NOUN
fsr-3652	157	18	assets	asset	NOUN
fsr-3652	157	19	offer	offer	VERB
fsr-3652	157	20	higher	high	ADJ
fsr-3652	157	21	before	before	ADP
fsr-3652	157	22	-	-	PUNCT
fsr-3652	157	23	tax	tax	NOUN
fsr-3652	157	24	returns	return	NOUN
fsr-3652	157	25	for	for	ADP
fsr-3652	157	26	a	a	DET
fsr-3652	157	27	given	give	VERB
fsr-3652	157	28	level	level	NOUN
fsr-3652	157	29	of	of	ADP
fsr-3652	157	30	risk	risk	NOUN
fsr-3652	157	31	than	than	ADP
fsr-3652	157	32	low	low	ADJ
fsr-3652	157	33	-	-	PUNCT
fsr-3652	157	34	yield	yield	NOUN
fsr-3652	157	35	assets	asset	NOUN
fsr-3652	157	36	.	.	PUNCT
fsr-3652	158	1	ferris	ferris	PROPN
fsr-3652	158	2	and	and	CCONJ
fsr-3652	158	3	reichenstein	reichenstein	PROPN
fsr-3652	158	4	argue	argue	VERB
fsr-3652	158	5	that	that	SCONJ
fsr-3652	158	6	the	the	DET
fsr-3652	158	7	capital	capital	NOUN
fsr-3652	158	8	gains	gain	VERB
fsr-3652	158	9	tax	tax	NOUN
fsr-3652	158	10	advantages	advantage	NOUN
fsr-3652	158	11	remaining	remain	VERB
fsr-3652	158	12	after	after	ADP
fsr-3652	158	13	passage	passage	NOUN
fsr-3652	158	14	of	of	ADP
fsr-3652	158	15	the	the	DET
fsr-3652	158	16	tax	tax	NOUN
fsr-3652	158	17	reform	reform	NOUN
fsr-3652	158	18	act	act	NOUN
fsr-3652	158	19	should	should	AUX
fsr-3652	158	20	produce	produce	VERB
fsr-3652	158	21	the	the	DET
fsr-3652	158	22	yield	yield	NOUN
fsr-3652	158	23	-	-	PUNCT
fsr-3652	158	24	tilt	tilt	NOUN
fsr-3652	158	25	.	.	PUNCT
fsr-3652	159	1	they	they	PRON
fsr-3652	159	2	estimate	estimate	VERB
fsr-3652	159	3	this	this	DET
fsr-3652	159	4	yield	yield	NOUN
fsr-3652	159	5	-	-	PUNCT
fsr-3652	159	6	tilt	tilt	NOUN
fsr-3652	159	7	to	to	PART
fsr-3652	159	8	be	be	AUX
fsr-3652	159	9	about	about	ADV
fsr-3652	159	10	half	half	NOUN
fsr-3652	159	11	as	as	ADV
fsr-3652	159	12	strong	strong	ADJ
fsr-3652	159	13	as	as	ADP
fsr-3652	159	14	before	before	ADP
fsr-3652	159	15	elimination	elimination	NOUN
fsr-3652	159	16	of	of	ADP
fsr-3652	159	17	the	the	DET
fsr-3652	159	18	60	60	NUM
fsr-3652	159	19	percent	percent	NOUN
fsr-3652	159	20	capital	capital	NOUN
fsr-3652	159	21	gains	gain	NOUN
fsr-3652	159	22	exclusion	exclusion	NOUN
fsr-3652	159	23	.	.	PUNCT
fsr-3652	160	1	yaari	yaari	PROPN
fsr-3652	160	2	and	and	CCONJ
fsr-3652	160	3	fabozzi	fabozzi	NOUN
fsr-3652	160	4	also	also	ADV
fsr-3652	160	5	conclude	conclude	VERB
fsr-3652	160	6	that	that	SCONJ
fsr-3652	160	7	the	the	DET
fsr-3652	160	8	risk	risk	NOUN
fsr-3652	160	9	-	-	PUNCT
fsr-3652	160	10	return	return	NOUN
fsr-3652	160	11	plane	plane	NOUN
fsr-3652	160	12	is	be	AUX
fsr-3652	160	13	yield	yield	NOUN
fsr-3652	160	14	-	-	PUNCT
fsr-3652	160	15	tilted	tilt	VERB
fsr-3652	160	16	,	,	PUNCT
fsr-3652	160	17	but	but	CCONJ
fsr-3652	160	18	for	for	ADP
fsr-3652	160	19	different	different	ADJ
fsr-3652	160	20	reasons	reason	NOUN
fsr-3652	160	21	.	.	PUNCT
fsr-3652	161	1	if	if	SCONJ
fsr-3652	161	2	the	the	DET
fsr-3652	161	3	risk	risk	NOUN
fsr-3652	161	4	-	-	PUNCT
fsr-3652	161	5	return	return	NOUN
fsr-3652	161	6	plane	plane	NOUN
fsr-3652	161	7	is	be	AUX
fsr-3652	161	8	yield	yield	NOUN
fsr-3652	161	9	-	-	PUNCT
fsr-3652	161	10	tilted	tilt	VERB
fsr-3652	161	11	then	then	ADV
fsr-3652	161	12	the	the	DET
fsr-3652	161	13	expected	expect	VERB
fsr-3652	161	14	returns	return	NOUN
fsr-3652	161	15	in	in	ADP
fsr-3652	161	16	the	the	DET
fsr-3652	161	17	tables	table	NOUN
fsr-3652	161	18	on	on	ADP
fsr-3652	161	19	high	high	ADJ
fsr-3652	161	20	-	-	PUNCT
fsr-3652	161	21	yield	yield	NOUN
fsr-3652	161	22	stock	stock	NOUN
fsr-3652	161	23	,	,	PUNCT
fsr-3652	161	24	and	and	CCONJ
fsr-3652	161	25	to	to	ADP
fsr-3652	161	26	a	a	DET
fsr-3652	161	27	lesser	less	ADJ
fsr-3652	161	28	extent	extent	NOUN
fsr-3652	161	29	average	average	ADJ
fsr-3652	161	30	-	-	PUNCT
fsr-3652	161	31	yield	yield	NOUN
fsr-3652	161	32	stock	stock	NOUN
fsr-3652	161	33	,	,	PUNCT
fsr-3652	161	34	are	be	AUX
fsr-3652	161	35	too	too	ADV
fsr-3652	161	36	low	low	ADJ
fsr-3652	161	37	.	.	PUNCT
fsr-3652	162	1	expected	expect	VERB
fsr-3652	162	2	returns	return	NOUN
fsr-3652	162	3	on	on	ADP
fsr-3652	162	4	bonds	bond	NOUN
fsr-3652	162	5	are	be	AUX
fsr-3652	162	6	based	base	VERB
fsr-3652	162	7	on	on	ADP
fsr-3652	162	8	yields	yield	NOUN
fsr-3652	162	9	-	-	PUNCT
fsr-3652	162	10	to	to	ADP
fsr-3652	162	11	-	-	PUNCT
fsr-3652	162	12	maturity	maturity	NOUN
fsr-3652	162	13	and	and	CCONJ
fsr-3652	162	14	already	already	ADV
fsr-3652	162	15	reflect	reflect	VERB
fsr-3652	162	16	this	this	DET
fsr-3652	162	17	premium	premium	NOUN
fsr-3652	162	18	,	,	PUNCT
fsr-3652	162	19	if	if	SCONJ
fsr-3652	162	20	it	it	PRON
fsr-3652	162	21	exists	exist	VERB
fsr-3652	162	22	.	.	PUNCT
fsr-3652	163	1	this	this	PRON
fsr-3652	163	2	implies	imply	VERB
fsr-3652	163	3	that	that	SCONJ
fsr-3652	163	4	the	the	DET
fsr-3652	163	5	expected	expect	VERB
fsr-3652	163	6	benefits	benefit	NOUN
fsr-3652	163	7	of	of	ADP
fsr-3652	163	8	placing	place	VERB
fsr-3652	163	9	high	high	ADJ
fsr-3652	163	10	yield	yield	NOUN
fsr-3652	163	11	and	and	CCONJ
fsr-3652	163	12	average	average	ADJ
fsr-3652	163	13	-	-	PUNCT
fsr-3652	163	14	yield	yield	NOUN
fsr-3652	163	15	stocks	stock	NOUN
fsr-3652	163	16	in	in	ADP
fsr-3652	163	17	the	the	DET
fsr-3652	163	18	pension	pension	NOUN
fsr-3652	163	19	fund	fund	NOUN
fsr-3652	163	20	may	may	AUX
fsr-3652	163	21	be	be	AUX
fsr-3652	163	22	greater	great	ADJ
fsr-3652	163	23	than	than	ADP
fsr-3652	163	24	the	the	DET
fsr-3652	163	25	analysis	analysis	NOUN
fsr-3652	163	26	in	in	ADP
fsr-3652	163	27	this	this	DET
fsr-3652	163	28	paper	paper	NOUN
fsr-3652	163	29	suggests	suggest	VERB
fsr-3652	163	30	.	.	PUNCT
fsr-3652	164	1	vi	vi	X
fsr-3652	164	2	.	.	PROPN
fsr-3652	164	3	capital	capital	NOUN
fsr-3652	164	4	gains	gain	NOUN
fsr-3652	164	5	exclusion	exclusion	VERB
fsr-3652	164	6	the	the	DET
fsr-3652	164	7	table	table	NOUN
fsr-3652	164	8	values	value	NOUN
fsr-3652	164	9	assume	assume	VERB
fsr-3652	164	10	the	the	DET
fsr-3652	164	11	absence	absence	NOUN
fsr-3652	164	12	of	of	ADP
fsr-3652	164	13	a	a	DET
fsr-3652	164	14	long	long	ADJ
fsr-3652	164	15	-	-	PUNCT
fsr-3652	164	16	term	term	NOUN
fsr-3652	164	17	capital	capital	NOUN
fsr-3652	164	18	gains	gain	NOUN
fsr-3652	164	19	exclusion	exclusion	NOUN
fsr-3652	164	20	.	.	PUNCT
fsr-3652	165	1	although	although	SCONJ
fsr-3652	165	2	this	this	PRON
fsr-3652	165	3	reflects	reflect	VERB
fsr-3652	165	4	the	the	DET
fsr-3652	165	5	current	current	ADJ
fsr-3652	165	6	tax	tax	NOUN
fsr-3652	165	7	code	code	NOUN
fsr-3652	165	8	,	,	PUNCT
fsr-3652	165	9	there	there	PRON
fsr-3652	165	10	is	be	VERB
fsr-3652	165	11	discussion	discussion	NOUN
fsr-3652	165	12	of	of	ADP
fsr-3652	165	13	reinstituting	reinstitute	VERB
fsr-3652	165	14	a	a	DET
fsr-3652	165	15	capital	capital	NOUN
fsr-3652	165	16	gains	gain	NOUN
fsr-3652	165	17	exclusion	exclusion	NOUN
fsr-3652	165	18	.	.	PUNCT
fsr-3652	166	1	nonpension	nonpension	NOUN
fsr-3652	166	2	assets	asset	NOUN
fsr-3652	166	3	enjoy	enjoy	VERB
fsr-3652	166	4	the	the	DET
fsr-3652	166	5	benefit	benefit	NOUN
fsr-3652	166	6	,	,	PUNCT
fsr-3652	166	7	but	but	CCONJ
fsr-3652	166	8	assets	asset	NOUN
fsr-3652	166	9	held	hold	VERB
fsr-3652	166	10	the	the	DET
fsr-3652	166	11	optimal	optimal	ADJ
fsr-3652	166	12	allocation	allocation	NOUN
fsr-3652	166	13	of	of	ADP
fsr-3652	166	14	pension	pension	NOUN
fsr-3652	166	15	fund	fund	NOUN
fsr-3652	166	16	assets	asset	NOUN
fsr-3652	166	17	19	19	NUM
fsr-3652	166	18	table	table	NOUN
fsr-3652	166	19	5	5	NUM
fsr-3652	166	20	.	.	PUNCT
fsr-3652	167	1	returns	return	NOUN
fsr-3652	167	2	differentials	differential	NOUN
fsr-3652	167	3	with	with	ADP
fsr-3652	167	4	capital	capital	NOUN
fsr-3652	167	5	gains	gain	NOUN
fsr-3652	167	6	exclusion	exclusion	NOUN
fsr-3652	167	7	li$	li$	PROPN
fsr-3652	167	8	rce	rce	NOUN
fsr-3652	167	9	asset	asset	NOUN
fsr-3652	167	10	treasury	treasury	PROPN
fsr-3652	167	11	bond	bond	NOUN
fsr-3652	167	12	corporate	corporate	ADJ
fsr-3652	167	13	bond	bond	NOUN
fsr-3652	167	14	high	high	ADJ
fsr-3652	167	15	-	-	PUNCT
fsr-3652	167	16	yield	yield	NOUN
fsr-3652	167	17	stock	stock	NOUN
fsr-3652	167	18	average	average	ADJ
fsr-3652	167	19	-	-	PUNCT
fsr-3652	167	20	yield	yield	NOUN
fsr-3652	167	21	stock	stock	NOUN
fsr-3652	167	22	zero	zero	NUM
fsr-3652	167	23	-	-	PUNCT
fsr-3652	167	24	yield	yield	NOUN
fsr-3652	167	25	stock	stock	NOUN
fsr-3652	167	26	gold	gold	NOUN
fsr-3652	168	1	i	i	PRON
fsr-3652	168	2	g	g	VERB
fsr-3652	168	3	p	p	PROPN
fsr-3652	168	4	0.087	0.087	NUM
fsr-3652	168	5	0.00	0.00	NUM
fsr-3652	168	6	*	*	NOUN
fsr-3652	168	7	0.100	0.100	NUM
fsr-3652	168	8	0.00	0.00	NUM
fsr-3652	168	9	*	*	PUNCT
fsr-3652	168	10	0.129	0.129	NUM
fsr-3652	168	11	0.38	0.38	NUM
fsr-3652	168	12	0.6	0.6	NUM
fsr-3652	168	13	n	n	CCONJ
fsr-3652	168	14	=	=	SYM
fsr-3652	168	15	s	s	NOUN
fsr-3652	168	16	n	n	NOUN
fsr-3652	168	17	=	=	PUNCT
fsr-3652	168	18	is	be	AUX
fsr-3652	168	19	n	n	NOUN
fsr-3652	168	20	=	=	NUM
fsr-3652	168	21	30	30	NUM
fsr-3652	168	22	0.0067	0.0067	NUM
fsr-3652	168	23	0.0114	0.0114	NUM
fsr-3652	168	24	0.0158	0.0158	NUM
fsr-3652	169	1	0.0081	0.0081	NUM
fsr-3652	169	2	0.0140	0.0140	NUM
fsr-3652	169	3	0.0191	0.0191	NUM
fsr-3652	169	4	0.0000	0.0000	NUM
fsr-3652	169	5	0.0107	0.0107	NUM
fsr-3652	169	6	0.0168	0.0168	NUM
fsr-3652	169	7	0.150	0.150	NUM
fsr-3652	169	8	0.81	0.81	NUM
fsr-3652	169	9	0.5	0.5	NUM
fsr-3652	169	10	-0.0194	-0.0194	NOUN
fsr-3652	169	11	0.0003	0.0003	NUM
fsr-3652	169	12	0.0065	0.0065	NUM
fsr-3652	169	13	0.163	0.163	NUM
fsr-3652	169	14	1.00	1.00	NUM
fsr-3652	169	15	0.4	0.4	NUM
fsr-3652	169	16	-0.0262	-0.0262	NOUN
fsr-3652	169	17	-0.0064	-0.0064	PUNCT
fsr-3652	169	18	-0.0004	-0.0004	NOUN
fsr-3652	170	1	0.131	0.131	NUM
fsr-3652	170	2	1.00	1.00	NUM
fsr-3652	170	3	0.0	0.0	NUM
fsr-3652	170	4	-0.0306	-0.0306	NOUN
fsr-3652	170	5	-0.0101	-0.0101	NOUN
fsr-3652	170	6	~,~60	~,~60	PRON
fsr-3652	170	7	notes	note	VERB
fsr-3652	170	8	:	:	PUNCT
fsr-3652	170	9	*	*	PUNCT
fsr-3652	170	10	any	any	DET
fsr-3652	170	11	asset	asset	NOUN
fsr-3652	170	12	turnover	turnover	NOUN
fsr-3652	170	13	rate	rate	NOUN
fsr-3652	170	14	p	p	NOUN
fsr-3652	170	15	produces	produce	VERB
fsr-3652	170	16	the	the	DET
fsr-3652	170	17	same	same	ADJ
fsr-3652	170	18	result	result	NOUN
fsr-3652	170	19	.	.	PUNCT
fsr-3652	171	1	the	the	DET
fsr-3652	171	2	returns	return	NOUN
fsr-3652	171	3	differential	differential	VERB
fsr-3652	171	4	,	,	PUNCT
fsr-3652	171	5	&	&	CCONJ
fsr-3652	171	6	&	&	CCONJ
fsr-3652	171	7	d	d	PROPN
fsr-3652	171	8	,	,	PUNCT
fsr-3652	171	9	is	be	AUX
fsr-3652	171	10	the	the	DET
fsr-3652	171	11	difference	difference	NOUN
fsr-3652	171	12	between	between	ADP
fsr-3652	171	13	the	the	DET
fsr-3652	171	14	n	n	CCONJ
fsr-3652	171	15	-	-	PUNCT
fsr-3652	171	16	year	year	NOUN
fsr-3652	171	17	average	average	ADJ
fsr-3652	171	18	annual	annual	ADJ
fsr-3652	171	19	after	after	ADP
fsr-3652	171	20	-	-	PUNCT
fsr-3652	171	21	tax	tax	NOUN
fsr-3652	171	22	returns	return	NOUN
fsr-3652	171	23	from	from	ADP
fsr-3652	171	24	holding	hold	VERB
fsr-3652	171	25	an	an	DET
fsr-3652	171	26	asset	asset	NOUN
fsr-3652	171	27	in	in	ADP
fsr-3652	171	28	a	a	DET
fsr-3652	171	29	pension	pension	NOUN
fsr-3652	171	30	tax	tax	NOUN
fsr-3652	171	31	structure	structure	NOUN
fsr-3652	171	32	versus	versus	ADP
fsr-3652	171	33	a	a	DET
fsr-3652	171	34	nonpension	nonpension	NOUN
fsr-3652	171	35	structure	structure	NOUN
fsr-3652	171	36	with	with	ADP
fsr-3652	171	37	60	60	NUM
fsr-3652	171	38	percent	percent	NOUN
fsr-3652	171	39	capital	capital	NOUN
fsr-3652	171	40	gains	gain	NOUN
fsr-3652	171	41	exclusion	exclusion	NOUN
fsr-3652	171	42	.	.	PUNCT
fsr-3652	172	1	before	before	ADP
fsr-3652	172	2	-	-	PUNCT
fsr-3652	172	3	tax	tax	NOUN
fsr-3652	172	4	annual	annual	ADJ
fsr-3652	172	5	returns	return	NOUN
fsr-3652	172	6	are	be	AUX
fsr-3652	172	7	i	i	PRON
fsr-3652	172	8	,	,	PUNCT
fsr-3652	172	9	and	and	CCONJ
fsr-3652	172	10	g	g	NOUN
fsr-3652	172	11	percent	percent	NOUN
fsr-3652	172	12	of	of	ADP
fsr-3652	172	13	the	the	DET
fsr-3652	172	14	i	i	NOUN
fsr-3652	172	15	percent	percent	NOUN
fsr-3652	172	16	returns	return	NOUN
fsr-3652	172	17	is	be	AUX
fsr-3652	172	18	assumed	assume	VERB
fsr-3652	172	19	to	to	PART
fsr-3652	172	20	be	be	AUX
fsr-3652	172	21	in	in	ADP
fsr-3652	172	22	the	the	DET
fsr-3652	172	23	form	form	NOUN
fsr-3652	172	24	of	of	ADP
fsr-3652	172	25	capital	capital	NOUN
fsr-3652	172	26	gains	gain	NOUN
fsr-3652	172	27	.	.	PUNCT
fsr-3652	173	1	the	the	DET
fsr-3652	173	2	annual	annual	ADJ
fsr-3652	173	3	portfolio	portfolio	NOUN
fsr-3652	173	4	turnover	turnover	NOUN
fsr-3652	173	5	rate	rate	NOUN
fsr-3652	173	6	is	be	AUX
fsr-3652	173	7	p.	p.	NOUN
fsr-3652	173	8	the	the	DET
fsr-3652	173	9	tax	tax	NOUN
fsr-3652	173	10	rate	rate	NOUN
fsr-3652	173	11	in	in	ADP
fsr-3652	173	12	the	the	DET
fsr-3652	173	13	year	year	NOUN
fsr-3652	173	14	in	in	ADP
fsr-3652	173	15	which	which	PRON
fsr-3652	173	16	funds	fund	NOUN
fsr-3652	173	17	are	be	AUX
fsr-3652	173	18	withdrawn	withdraw	VERB
fsr-3652	173	19	from	from	ADP
fsr-3652	173	20	the	the	DET
fsr-3652	173	21	pension	pension	NOUN
fsr-3652	173	22	is	be	AUX
fsr-3652	173	23	t	t	NOUN
fsr-3652	173	24	,	,	PUNCT
fsr-3652	173	25	.	.	PUNCT
fsr-3652	173	26	,	,	PUNCT
fsr-3652	173	27	,	,	PUNCT
fsr-3652	173	28	and	and	CCONJ
fsr-3652	173	29	t	t	PROPN
fsr-3652	173	30	is	be	AUX
fsr-3652	173	31	the	the	DET
fsr-3652	173	32	tax	tax	NOUN
fsr-3652	173	33	rate	rate	NOUN
fsr-3652	173	34	in	in	ADP
fsr-3652	173	35	prior	prior	ADJ
fsr-3652	173	36	year	year	NOUN
fsr-3652	173	37	.	.	PUNCT
fsr-3652	174	1	in	in	ADP
fsr-3652	174	2	a	a	DET
fsr-3652	174	3	pension	pension	NOUN
fsr-3652	174	4	do	do	AUX
fsr-3652	174	5	not	not	PART
fsr-3652	174	6	receive	receive	VERB
fsr-3652	174	7	this	this	DET
fsr-3652	174	8	benefit	benefit	NOUN
fsr-3652	174	9	.	.	PUNCT
fsr-3652	175	1	with	with	ADP
fsr-3652	175	2	this	this	PRON
fsr-3652	175	3	in	in	ADP
fsr-3652	175	4	mind	mind	NOUN
fsr-3652	175	5	,	,	PUNCT
fsr-3652	175	6	it	it	PRON
fsr-3652	175	7	is	be	AUX
fsr-3652	175	8	instructive	instructive	ADJ
fsr-3652	175	9	to	to	PART
fsr-3652	175	10	note	note	VERB
fsr-3652	175	11	how	how	SCONJ
fsr-3652	175	12	the	the	DET
fsr-3652	175	13	exclusion	exclusion	NOUN
fsr-3652	175	14	affects	affect	VERB
fsr-3652	175	15	the	the	DET
fsr-3652	175	16	asset	asset	NOUN
fsr-3652	175	17	allocation	allocation	NOUN
fsr-3652	175	18	decision	decision	NOUN
fsr-3652	175	19	.	.	PUNCT
fsr-3652	176	1	table	table	NOUN
fsr-3652	176	2	5	5	NUM
fsr-3652	176	3	shows	show	VERB
fsr-3652	176	4	returns	return	NOUN
fsr-3652	176	5	d	d	NOUN
fsr-3652	176	6	~	~	PUNCT
fsr-3652	176	7	ferentials	ferential	NOUN
fsr-3652	176	8	co	co	NOUN
fsr-3652	176	9	~	~	NOUN
fsr-3652	176	10	esponding	esponde	VERB
fsr-3652	176	11	to	to	ADP
fsr-3652	176	12	table	table	NOUN
fsr-3652	176	13	1	1	NUM
fsr-3652	176	14	,	,	PUNCT
fsr-3652	176	15	except	except	SCONJ
fsr-3652	176	16	that	that	SCONJ
fsr-3652	176	17	60	60	NUM
fsr-3652	176	18	percent	percent	NOUN
fsr-3652	176	19	of	of	ADP
fsr-3652	176	20	capital	capital	NOUN
fsr-3652	176	21	gains	gain	NOUN
fsr-3652	176	22	on	on	ADP
fsr-3652	176	23	nonpension	nonpension	NOUN
fsr-3652	176	24	assets	asset	NOUN
fsr-3652	176	25	are	be	AUX
fsr-3652	176	26	assumed	assume	VERB
fsr-3652	176	27	to	to	PART
fsr-3652	176	28	be	be	AUX
fsr-3652	176	29	tax	tax	NOUN
fsr-3652	176	30	free	free	ADJ
fsr-3652	176	31	.	.	PUNCT
fsr-3652	177	1	addition	addition	NOUN
fsr-3652	177	2	of	of	ADP
fsr-3652	177	3	the	the	DET
fsr-3652	177	4	capital	capital	NOUN
fsr-3652	177	5	gains	gain	NOUN
fsr-3652	177	6	exclusion	exclusion	NOUN
fsr-3652	177	7	produces	produce	VERB
fsr-3652	177	8	several	several	ADJ
fsr-3652	177	9	noteworthy	noteworthy	ADJ
fsr-3652	177	10	changes	change	NOUN
fsr-3652	177	11	.	.	PUNCT
fsr-3652	178	1	first	first	ADV
fsr-3652	178	2	,	,	PUNCT
fsr-3652	178	3	it	it	PRON
fsr-3652	178	4	becomes	become	VERB
fsr-3652	178	5	preferable	preferable	ADJ
fsr-3652	178	6	to	to	PART
fsr-3652	178	7	place	place	VERB
fsr-3652	178	8	corporate	corporate	ADJ
fsr-3652	178	9	bonds	bond	NOUN
fsr-3652	178	10	instead	instead	ADV
fsr-3652	178	11	of	of	ADP
fsr-3652	178	12	common	common	ADJ
fsr-3652	178	13	stocks	stock	NOUN
fsr-3652	178	14	in	in	ADP
fsr-3652	178	15	the	the	DET
fsr-3652	178	16	pension	pension	NOUN
fsr-3652	178	17	portfolio	portfolio	NOUN
fsr-3652	178	18	.	.	PUNCT
fsr-3652	179	1	second	second	ADV
fsr-3652	179	2	,	,	PUNCT
fsr-3652	179	3	the	the	DET
fsr-3652	179	4	exclusion	exclusion	NOUN
fsr-3652	179	5	tends	tend	VERB
fsr-3652	179	6	to	to	PART
fsr-3652	179	7	make	make	VERB
fsr-3652	179	8	the	the	DET
fsr-3652	179	9	asset	asset	NOUN
fsr-3652	179	10	allocation	allocation	NOUN
fsr-3652	179	11	decision	decision	NOUN
fsr-3652	179	12	more	more	ADV
fsr-3652	179	13	important	important	ADJ
fsr-3652	179	14	than	than	ADP
fsr-3652	179	15	under	under	ADP
fsr-3652	179	16	the	the	DET
fsr-3652	179	17	present	present	ADJ
fsr-3652	179	18	tax	tax	NOUN
fsr-3652	179	19	structure	structure	NOUN
fsr-3652	179	20	;	;	PUNCT
fsr-3652	179	21	differences	difference	NOUN
fsr-3652	179	22	among	among	ADP
fsr-3652	179	23	returns	return	NOUN
fsr-3652	179	24	differentials	differential	NOUN
fsr-3652	179	25	for	for	ADP
fsr-3652	179	26	bonds	bond	NOUN
fsr-3652	179	27	and	and	CCONJ
fsr-3652	179	28	stocks	stock	NOUN
fsr-3652	179	29	generally	generally	ADV
fsr-3652	179	30	are	be	AUX
fsr-3652	179	31	substantially	substantially	ADV
fsr-3652	179	32	larger	large	ADJ
fsr-3652	179	33	in	in	ADP
fsr-3652	179	34	table	table	NOUN
fsr-3652	179	35	5	5	NUM
fsr-3652	179	36	than	than	ADP
fsr-3652	179	37	under	under	ADP
fsr-3652	179	38	the	the	DET
fsr-3652	179	39	current	current	ADJ
fsr-3652	179	40	tax	tax	NOUN
fsr-3652	179	41	structure	structure	NOUN
fsr-3652	179	42	.	.	PUNCT
fsr-3652	180	1	third	third	ADJ
fsr-3652	180	2	,	,	PUNCT
fsr-3652	180	3	the	the	DET
fsr-3652	180	4	pension	pension	NOUN
fsr-3652	180	5	tax	tax	NOUN
fsr-3652	180	6	structure	structure	NOUN
fsr-3652	180	7	is	be	AUX
fsr-3652	180	8	seldom	seldom	ADV
fsr-3652	180	9	the	the	DET
fsr-3652	180	10	preferred	preferred	ADJ
fsr-3652	180	11	structure	structure	NOUN
fsr-3652	180	12	for	for	ADP
fsr-3652	180	13	real	real	ADJ
fsr-3652	180	14	assets	asset	NOUN
fsr-3652	180	15	,	,	PUNCT
fsr-3652	180	16	low	low	ADJ
fsr-3652	180	17	yield	yield	NOUN
fsr-3652	180	18	stocks	stock	NOUN
fsr-3652	180	19	,	,	PUNCT
fsr-3652	180	20	and	and	CCONJ
fsr-3652	180	21	average	average	ADJ
fsr-3652	180	22	-	-	PUNCT
fsr-3652	180	23	yield	yield	NOUN
fsr-3652	180	24	stocks	stock	NOUN
fsr-3652	180	25	.	.	PUNCT
fsr-3652	181	1	figure	figure	NOUN
fsr-3652	181	2	2	2	NUM
fsr-3652	181	3	illustrates	illustrate	VERB
fsr-3652	181	4	this	this	DET
fsr-3652	181	5	last	last	ADJ
fsr-3652	181	6	point	point	NOUN
fsr-3652	181	7	.	.	PUNCT
fsr-3652	182	1	for	for	ADP
fsr-3652	182	2	a	a	DET
fsr-3652	182	3	1%year	1%year	NUM
fsr-3652	182	4	investment	investment	NOUN
fsr-3652	182	5	horizon	horizon	NOUN
fsr-3652	182	6	,	,	PUNCT
fsr-3652	182	7	it	it	PRON
fsr-3652	182	8	shows	show	VERB
fsr-3652	182	9	that	that	SCONJ
fsr-3652	182	10	the	the	DET
fsr-3652	182	11	returns	return	NOUN
fsr-3652	182	12	differential	differential	VERB
fsr-3652	182	13	on	on	ADP
fsr-3652	182	14	zero	zero	NUM
fsr-3652	182	15	-	-	PUNCT
fsr-3652	182	16	yield	yield	NOUN
fsr-3652	182	17	stocks	stock	NOUN
fsr-3652	182	18	is	be	AUX
fsr-3652	182	19	almost	almost	ADV
fsr-3652	182	20	always	always	ADV
fsr-3652	182	21	negative	negative	ADJ
fsr-3652	182	22	,	,	PUNCT
fsr-3652	182	23	and	and	CCONJ
fsr-3652	182	24	the	the	DET
fsr-3652	182	25	differential	differential	NOUN
fsr-3652	182	26	for	for	ADP
fsr-3652	182	27	average	average	ADJ
fsr-3652	182	28	-	-	PUNCT
fsr-3652	182	29	yield	yield	NOUN
fsr-3652	182	30	stocks	stock	NOUN
fsr-3652	182	31	is	be	AUX
fsr-3652	182	32	negative	negative	ADJ
fsr-3652	182	33	for	for	ADP
fsr-3652	182	34	less	less	ADV
fsr-3652	182	35	active	active	ADJ
fsr-3652	182	36	investors	investor	NOUN
fsr-3652	182	37	.	.	PUNCT
fsr-3652	183	1	a	a	DET
fsr-3652	183	2	negative	negative	ADJ
fsr-3652	183	3	differential	differential	NOUN
fsr-3652	183	4	exists	exist	VERB
fsr-3652	183	5	when	when	SCONJ
fsr-3652	183	6	the	the	DET
fsr-3652	183	7	tax	tax	NOUN
fsr-3652	183	8	advantages	advantage	NOUN
fsr-3652	183	9	of	of	ADP
fsr-3652	183	10	the	the	DET
fsr-3652	183	11	capital	capital	NOUN
fsr-3652	183	12	gain	gain	NOUN
fsr-3652	183	13	exclusion	exclusion	NOUN
fsr-3652	183	14	exceed	exceed	VERB
fsr-3652	183	15	the	the	DET
fsr-3652	183	16	advantages	advantage	NOUN
fsr-3652	183	17	of	of	ADP
fsr-3652	183	18	the	the	DET
fsr-3652	183	19	pension	pension	NOUN
fsr-3652	183	20	tax	tax	NOUN
fsr-3652	183	21	structure	structure	NOUN
fsr-3652	183	22	.	.	PUNCT
fsr-3652	184	1	a	a	DET
fsr-3652	184	2	comparison	comparison	NOUN
fsr-3652	184	3	of	of	ADP
fsr-3652	184	4	the	the	DET
fsr-3652	184	5	values	value	NOUN
fsr-3652	184	6	in	in	ADP
fsr-3652	184	7	tables	table	NOUN
fsr-3652	184	8	1	1	NUM
fsr-3652	184	9	and	and	CCONJ
fsr-3652	184	10	5	5	NUM
fsr-3652	184	11	suggests	suggest	VERB
fsr-3652	184	12	that	that	SCONJ
fsr-3652	184	13	there	there	PRON
fsr-3652	184	14	may	may	AUX
fsr-3652	184	15	be	be	AUX
fsr-3652	184	16	a	a	DET
fsr-3652	184	17	substantial	substantial	ADJ
fsr-3652	184	18	increase	increase	NOUN
fsr-3652	184	19	in	in	ADP
fsr-3652	184	20	the	the	DET
fsr-3652	184	21	demand	demand	NOUN
fsr-3652	184	22	for	for	ADP
fsr-3652	184	23	pension	pension	NOUN
fsr-3652	184	24	funds	fund	NOUN
fsr-3652	184	25	.	.	PUNCT
fsr-3652	185	1	before	before	ADP
fsr-3652	185	2	the	the	DET
fsr-3652	185	3	tax	tax	NOUN
fsr-3652	185	4	reform	reform	PROPN
fsr-3652	185	5	act	act	PROPN
fsr-3652	185	6	,	,	PUNCT
fsr-3652	185	7	many	many	ADJ
fsr-3652	185	8	assets	asset	NOUN
fsr-3652	185	9	performed	perform	VERB
fsr-3652	185	10	best	well	ADV
fsr-3652	185	11	under	under	ADP
fsr-3652	185	12	a	a	DET
fsr-3652	185	13	nonpension	nonpension	NOUN
fsr-3652	185	14	tax	tax	NOUN
fsr-3652	185	15	structure	structure	NOUN
fsr-3652	185	16	.	.	PUNCT
fsr-3652	186	1	under	under	ADP
fsr-3652	186	2	the	the	DET
fsr-3652	186	3	current	current	ADJ
fsr-3652	186	4	tax	tax	NOUN
fsr-3652	186	5	code	code	NOUN
fsr-3652	186	6	,	,	PUNCT
fsr-3652	186	7	however	however	ADV
fsr-3652	186	8	,	,	PUNCT
fsr-3652	186	9	all	all	DET
fsr-3652	186	10	assets	asset	NOUN
fsr-3652	186	11	we	we	PRON
fsr-3652	186	12	considered	consider	VERB
fsr-3652	186	13	do	do	VERB
fsr-3652	186	14	at	at	ADV
fsr-3652	186	15	least	least	ADJ
fsr-3652	186	16	as	as	ADV
fsr-3652	186	17	well	well	ADV
fsr-3652	186	18	,	,	PUNCT
fsr-3652	186	19	and	and	CCONJ
fsr-3652	186	20	often	often	ADV
fsr-3652	186	21	substantially	substantially	ADV
fsr-3652	186	22	better	well	ADJ
fsr-3652	186	23	,	,	PUNCT
fsr-3652	186	24	if	if	SCONJ
fsr-3652	186	25	held	hold	VERB
fsr-3652	186	26	in	in	ADP
fsr-3652	186	27	a	a	DET
fsr-3652	186	28	pension	pension	NOUN
fsr-3652	186	29	fund.g	fund.g	NOUN
fsr-3652	186	30	in	in	ADP
fsr-3652	186	31	the	the	DET
fsr-3652	186	32	absence	absence	NOUN
fsr-3652	186	33	of	of	ADP
fsr-3652	186	34	a	a	DET
fsr-3652	186	35	capital	capital	NOUN
fsr-3652	186	36	gains	gain	NOUN
fsr-3652	186	37	exclusion	exclusion	NOUN
fsr-3652	186	38	,	,	PUNCT
fsr-3652	186	39	we	we	PRON
fsr-3652	186	40	expect	expect	VERB
fsr-3652	186	41	substantial	substantial	ADJ
fsr-3652	186	42	growth	growth	NOUN
fsr-3652	186	43	in	in	ADP
fsr-3652	186	44	tax	tax	NOUN
fsr-3652	186	45	-	-	PUNCT
fsr-3652	186	46	deferred	defer	VERB
fsr-3652	186	47	annuities	annuity	NOUN
fsr-3652	186	48	,	,	PUNCT
fsr-3652	186	49	20	20	NUM
fsr-3652	186	50	financial	financial	ADJ
fsr-3652	186	51	services	service	NOUN
fsr-3652	186	52	review	review	NOUN
fsr-3652	186	53	,	,	PUNCT
fsr-3652	186	54	l(1	l(1	PROPN
fsr-3652	186	55	)	)	PUNCT
fsr-3652	186	56	1991	1991	NUM
fsr-3652	186	57	rp	rp	NOUN
fsr-3652	186	58	-	-	PUNCT
fsr-3652	186	59	rold	rold	ADJ
fsr-3652	186	60	1	1	NUM
fsr-3652	186	61	:	:	PUNCT
fsr-3652	186	62	:	:	PUNCT
fsr-3652	186	63	:	:	PUNCT
fsr-3652	186	64	0	0	NUM
fsr-3652	186	65	0.2	0.2	NUM
fsr-3652	186	66	0.4	0.4	NUM
fsr-3652	186	67	0.6	0.6	NUM
fsr-3652	186	68	0.8	0.8	NUM
fsr-3652	186	69	1	1	NUM
fsr-3652	186	70	p.	p.	NOUN
fsr-3652	186	71	turnover	turnover	NOUN
fsr-3652	186	72	rate	rate	NOUN
fsr-3652	186	73	-high	-high	NOUN
fsr-3652	186	74	yield	yield	NOUN
fsr-3652	186	75	+	+	CCONJ
fsr-3652	186	76	avg	avg	PROPN
fsr-3652	186	77	.	.	PROPN
fsr-3652	186	78	yield	yield	VERB
fsr-3652	186	79	+	+	CCONJ
fsr-3652	186	80	zero	zero	NUM
fsr-3652	186	81	yield	yield	NOUN
fsr-3652	186	82	figure	figure	NOUN
fsr-3652	186	83	2	2	NUM
fsr-3652	186	84	.	.	PUNCT
fsr-3652	186	85	returns	return	NOUN
fsr-3652	186	86	differentials	differential	NOUN
fsr-3652	186	87	and	and	CCONJ
fsr-3652	186	88	turnover	turnover	NOUN
fsr-3652	186	89	rates	rate	NOUN
fsr-3652	186	90	with	with	ADP
fsr-3652	186	91	60	60	NUM
fsr-3652	186	92	percent	percent	NOUN
fsr-3652	186	93	capital	capital	NOUN
fsr-3652	186	94	gains	gain	NOUN
fsr-3652	186	95	exclusions	exclusion	NOUN
fsr-3652	186	96	.	.	PUNCT
fsr-3652	187	1	assumptions	assumption	NOUN
fsr-3652	187	2	:	:	PUNCT
fsr-3652	188	1	t	t	X
fsr-3652	188	2	=	=	SYM
fsr-3652	188	3	0.28	0.28	NUM
fsr-3652	188	4	,	,	PUNCT
fsr-3652	188	5	tw	tw	NOUN
fsr-3652	188	6	=	=	SYM
fsr-3652	188	7	0.23	0.23	NUM
fsr-3652	188	8	,	,	PUNCT
fsr-3652	188	9	n	n	NOUN
fsr-3652	188	10	=	=	SYM
fsr-3652	188	11	15	15	NUM
fsr-3652	189	1	and	and	CCONJ
fsr-3652	189	2	i	i	PRON
fsr-3652	189	3	and	and	CCONJ
fsr-3652	189	4	g	g	NOUN
fsr-3652	189	5	values	value	NOUN
fsr-3652	189	6	from	from	ADP
fsr-3652	189	7	table	table	NOUN
fsr-3652	189	8	.	.	PUNCT
fsr-3652	190	1	vii	vii	PROPN
fsr-3652	190	2	.	.	PUNCT
fsr-3652	191	1	~ummaryandimplicati	~ummaryandimplicati	NUM
fsr-3652	191	2	~	~	SYM
fsr-3652	191	3	ns	ns	NUM
fsr-3652	191	4	we	we	PRON
fsr-3652	191	5	have	have	AUX
fsr-3652	191	6	asked	ask	VERB
fsr-3652	191	7	which	which	DET
fsr-3652	191	8	assets	asset	NOUN
fsr-3652	191	9	an	an	DET
fsr-3652	191	10	individual	individual	NOUN
fsr-3652	191	11	should	should	AUX
fsr-3652	191	12	hold	hold	VERB
fsr-3652	191	13	indirectly	indirectly	ADV
fsr-3652	191	14	in	in	ADP
fsr-3652	191	15	a	a	DET
fsr-3652	191	16	pension	pension	NOUN
fsr-3652	191	17	in	in	ADP
fsr-3652	191	18	order	order	NOUN
fsr-3652	191	19	to	to	PART
fsr-3652	191	20	maximize	maximize	VERB
fsr-3652	191	21	total	total	ADJ
fsr-3652	191	22	portfolio	portfolio	NOUN
fsr-3652	191	23	returns	return	NOUN
fsr-3652	191	24	,	,	PUNCT
fsr-3652	191	25	where	where	SCONJ
fsr-3652	191	26	the	the	DET
fsr-3652	191	27	total	total	ADJ
fsr-3652	191	28	portfolio	portfolio	NOUN
fsr-3652	191	29	consists	consist	VERB
fsr-3652	191	30	of	of	ADP
fsr-3652	191	31	assets	asset	NOUN
fsr-3652	191	32	held	hold	VERB
fsr-3652	191	33	directly	directly	ADV
fsr-3652	191	34	outside	outside	ADV
fsr-3652	191	35	of	of	ADP
fsr-3652	191	36	pensions	pension	NOUN
fsr-3652	191	37	plus	plus	CCONJ
fsr-3652	191	38	the	the	DET
fsr-3652	191	39	pro	pro	ADJ
fsr-3652	191	40	rata	rata	ADJ
fsr-3652	191	41	share	share	NOUN
fsr-3652	191	42	of	of	ADP
fsr-3652	191	43	pension	pension	NOUN
fsr-3652	191	44	assets	asset	NOUN
fsr-3652	191	45	.	.	PUNCT
fsr-3652	192	1	the	the	DET
fsr-3652	192	2	answer	answer	NOUN
fsr-3652	192	3	depends	depend	VERB
fsr-3652	192	4	upon	upon	SCONJ
fsr-3652	192	5	whether	whether	SCONJ
fsr-3652	192	6	the	the	DET
fsr-3652	192	7	individual	individual	NOUN
fsr-3652	192	8	actively	actively	ADV
fsr-3652	192	9	or	or	CCONJ
fsr-3652	192	10	passively	passively	ADV
fsr-3652	192	11	manages	manage	VERB
fsr-3652	192	12	the	the	DET
fsr-3652	192	13	nonpension	nonpension	NOUN
fsr-3652	192	14	portion	portion	NOUN
fsr-3652	192	15	of	of	ADP
fsr-3652	192	16	the	the	DET
fsr-3652	192	17	total	total	ADJ
fsr-3652	192	18	portfolio	portfolio	NOUN
fsr-3652	192	19	.	.	PUNCT
fsr-3652	193	1	investors	investor	NOUN
fsr-3652	193	2	who	who	PRON
fsr-3652	193	3	practice	practice	VERB
fsr-3652	193	4	annual	annual	ADJ
fsr-3652	193	5	common	common	ADJ
fsr-3652	193	6	stock	stock	NOUN
fsr-3652	193	7	turnover	turnover	NOUN
fsr-3652	193	8	rates	rate	NOUN
fsr-3652	193	9	of	of	ADP
fsr-3652	193	10	between	between	ADP
fsr-3652	193	11	about	about	ADV
fsr-3652	193	12	20	20	NUM
fsr-3652	193	13	and	and	CCONJ
fsr-3652	193	14	50	50	NUM
fsr-3652	193	15	percent	percent	NOUN
fsr-3652	193	16	can	can	AUX
fsr-3652	193	17	maximize	maximize	VERB
fsr-3652	193	18	the	the	DET
fsr-3652	193	19	after	after	ADP
fsr-3652	193	20	-	-	PUNCT
fsr-3652	193	21	tax	tax	NOUN
fsr-3652	193	22	returns	return	NOUN
fsr-3652	193	23	on	on	ADP
fsr-3652	193	24	the	the	DET
fsr-3652	193	25	total	total	ADJ
fsr-3652	193	26	portfolio	portfolio	NOUN
fsr-3652	193	27	by	by	ADP
fsr-3652	193	28	holding	hold	VERB
fsr-3652	193	29	high	high	ADJ
fsr-3652	193	30	-	-	PUNCT
fsr-3652	193	31	yield	yield	NOUN
fsr-3652	193	32	stocks	stock	NOUN
fsr-3652	193	33	,	,	PUNCT
fsr-3652	193	34	and	and	CCONJ
fsr-3652	193	35	then	then	ADV
fsr-3652	193	36	average	average	ADJ
fsr-3652	193	37	-	-	PUNCT
fsr-3652	193	38	yield	yield	NOUN
fsr-3652	193	39	stocks	stock	NOUN
fsr-3652	193	40	and	and	CCONJ
fsr-3652	193	41	corporate	corporate	ADJ
fsr-3652	193	42	bonds	bond	NOUN
fsr-3652	193	43	,	,	PUNCT
fsr-3652	193	44	in	in	ADP
fsr-3652	193	45	the	the	DET
fsr-3652	193	46	pension	pension	NOUN
fsr-3652	193	47	portfolio	portfolio	NOUN
fsr-3652	193	48	.	.	PUNCT
fsr-3652	194	1	more	more	ADV
fsr-3652	194	2	active	active	ADJ
fsr-3652	194	3	investors	investor	NOUN
fsr-3652	194	4	should	should	AUX
fsr-3652	194	5	place	place	VERB
fsr-3652	194	6	common	common	ADJ
fsr-3652	194	7	stocks	stock	NOUN
fsr-3652	194	8	,	,	PUNCT
fsr-3652	194	9	especially	especially	ADV
fsr-3652	194	10	low	low	ADJ
fsr-3652	194	11	-	-	PUNCT
fsr-3652	194	12	yield	yield	NOUN
fsr-3652	194	13	growth	growth	NOUN
fsr-3652	194	14	stocks	stock	NOUN
fsr-3652	194	15	,	,	PUNCT
fsr-3652	194	16	in	in	ADP
fsr-3652	194	17	the	the	DET
fsr-3652	194	18	pension	pension	NOUN
fsr-3652	194	19	fund	fund	NOUN
fsr-3652	194	20	.	.	PUNCT
fsr-3652	195	1	more	more	ADV
fsr-3652	195	2	passive	passive	ADJ
fsr-3652	195	3	investors	investor	NOUN
fsr-3652	195	4	should	should	AUX
fsr-3652	195	5	place	place	VERB
fsr-3652	195	6	high	high	ADJ
fsr-3652	195	7	-	-	PUNCT
fsr-3652	195	8	yield	yield	NOUN
fsr-3652	195	9	stocks	stock	NOUN
fsr-3652	195	10	and	and	CCONJ
fsr-3652	195	11	corporate	corporate	ADJ
fsr-3652	195	12	bonds	bond	NOUN
fsr-3652	195	13	in	in	ADP
fsr-3652	195	14	the	the	DET
fsr-3652	195	15	pension	pension	NOUN
fsr-3652	195	16	fund	fund	NOUN
fsr-3652	195	17	,	,	PUNCT
fsr-3652	195	18	with	with	ADP
fsr-3652	195	19	the	the	DET
fsr-3652	195	20	order	order	NOUN
fsr-3652	195	21	of	of	ADP
fsr-3652	195	22	preference	preference	NOUN
fsr-3652	195	23	determined	determine	VERB
fsr-3652	195	24	by	by	ADP
fsr-3652	195	25	their	their	PRON
fsr-3652	195	26	degree	degree	NOUN
fsr-3652	195	27	of	of	ADP
fsr-3652	195	28	passivity	passivity	NOUN
fsr-3652	195	29	.	.	PUNCT
fsr-3652	196	1	reinstatement	reinstatement	NOUN
fsr-3652	196	2	of	of	ADP
fsr-3652	196	3	a	a	DET
fsr-3652	196	4	60	60	NUM
fsr-3652	196	5	percent	percent	NOUN
fsr-3652	196	6	capital	capital	NOUN
fsr-3652	196	7	gains	gain	NOUN
fsr-3652	196	8	exclusion	exclusion	NOUN
fsr-3652	196	9	would	would	AUX
fsr-3652	196	10	substantially	substantially	ADV
fsr-3652	196	11	change	change	VERB
fsr-3652	196	12	the	the	DET
fsr-3652	196	13	optimal	optimal	ADJ
fsr-3652	196	14	pension	pension	NOUN
fsr-3652	196	15	fund	fund	NOUN
fsr-3652	196	16	asset	asset	NOUN
fsr-3652	196	17	mix	mix	NOUN
fsr-3652	196	18	for	for	ADP
fsr-3652	196	19	most	most	ADJ
fsr-3652	196	20	individuals	individual	NOUN
fsr-3652	196	21	by	by	ADP
fsr-3652	196	22	making	make	VERB
fsr-3652	196	23	corporate	corporate	ADJ
fsr-3652	196	24	bonds	bond	NOUN
fsr-3652	196	25	the	the	DET
fsr-3652	196	26	optimal	optimal	ADJ
fsr-3652	196	27	pension	pension	NOUN
fsr-3652	196	28	asset	asset	NOUN
fsr-3652	196	29	.	.	PUNCT
fsr-3652	197	1	further	far	ADV
fsr-3652	197	2	,	,	PUNCT
fsr-3652	197	3	the	the	DET
fsr-3652	197	4	asset	asset	NOUN
fsr-3652	197	5	allocation	allocation	NOUN
fsr-3652	197	6	decision	decision	NOUN
fsr-3652	197	7	generally	generally	ADV
fsr-3652	197	8	would	would	AUX
fsr-3652	197	9	be	be	AUX
fsr-3652	197	10	more	more	ADV
fsr-3652	197	11	important	important	ADJ
fsr-3652	197	12	than	than	ADP
fsr-3652	197	13	under	under	ADP
fsr-3652	197	14	the	the	DET
fsr-3652	197	15	current	current	ADJ
fsr-3652	197	16	tax	tax	NOUN
fsr-3652	197	17	code	code	NOUN
fsr-3652	197	18	.	.	PUNCT
fsr-3652	198	1	finally	finally	ADV
fsr-3652	198	2	,	,	PUNCT
fsr-3652	198	3	in	in	ADP
fsr-3652	198	4	the	the	DET
fsr-3652	198	5	presence	presence	NOUN
fsr-3652	198	6	of	of	ADP
fsr-3652	198	7	a	a	DET
fsr-3652	198	8	capital	capital	NOUN
fsr-3652	198	9	gains	gain	NOUN
fsr-3652	198	10	exclusion	exclusion	NOUN
fsr-3652	198	11	many	many	ADJ
fsr-3652	198	12	assets	asset	NOUN
fsr-3652	198	13	,	,	PUNCT
fsr-3652	198	14	especially	especially	ADV
fsr-3652	198	15	real	real	ADJ
fsr-3652	198	16	assets	asset	NOUN
fsr-3652	198	17	and	and	CCONJ
fsr-3652	198	18	low	low	ADJ
fsr-3652	198	19	-	-	PUNCT
fsr-3652	198	20	yield	yield	NOUN
fsr-3652	198	21	stocks	stock	NOUN
fsr-3652	198	22	,	,	PUNCT
fsr-3652	198	23	prefer	prefer	VERB
fsr-3652	198	24	the	the	DET
fsr-3652	198	25	nonpension	nonpension	NOUN
fsr-3652	198	26	tax	tax	NOUN
fsr-3652	198	27	structure	structure	NOUN
fsr-3652	198	28	.	.	PUNCT
fsr-3652	199	1	under	under	ADP
fsr-3652	199	2	the	the	DET
fsr-3652	199	3	current	current	ADJ
fsr-3652	199	4	tax	tax	NOUN
fsr-3652	199	5	code	code	NOUN
fsr-3652	199	6	,	,	PUNCT
fsr-3652	199	7	almost	almost	ADV
fsr-3652	199	8	all	all	PRON
fsr-3652	199	9	assets	asset	NOUN
fsr-3652	199	10	prefer	prefer	VERB
fsr-3652	199	11	the	the	DET
fsr-3652	199	12	pension	pension	NOUN
fsr-3652	199	13	tax	tax	NOUN
fsr-3652	199	14	structure	structure	NOUN
fsr-3652	199	15	,	,	PUNCT
fsr-3652	199	16	and	and	CCONJ
fsr-3652	199	17	there	there	PRON
fsr-3652	199	18	is	be	VERB
fsr-3652	199	19	no	no	DET
fsr-3652	199	20	regulatory	regulatory	ADJ
fsr-3652	199	21	limit	limit	NOUN
fsr-3652	199	22	on	on	ADP
fsr-3652	199	23	the	the	DET
fsr-3652	199	24	amount	amount	NOUN
fsr-3652	199	25	of	of	ADP
fsr-3652	199	26	funds	fund	NOUN
fsr-3652	199	27	that	that	PRON
fsr-3652	199	28	can	can	AUX
fsr-3652	199	29	be	be	AUX
fsr-3652	199	30	the	the	DET
fsr-3652	199	31	optinttd	optinttd	NOUN
fsr-3652	199	32	a	a	DET
fsr-3652	199	33	uocation	uocation	NOUN
fsr-3652	199	34	of	of	ADP
fsr-3652	199	35	jbnsien	jbnsien	PROPN
fsr-3652	199	36	fund	fund	NOUN
fsr-3652	199	37	assets	asset	NOUN
fsr-3652	199	38	21	21	NUM
fsr-3652	199	39	placed	place	VERB
fsr-3652	199	40	in	in	ADP
fsr-3652	199	41	tax	tax	NOUN
fsr-3652	199	42	-	-	PUNCT
fsr-3652	199	43	deferred	defer	VERB
fsr-3652	199	44	accounts	account	NOUN
fsr-3652	199	45	.	.	PUNCT
fsr-3652	200	1	what	what	PRON
fsr-3652	200	2	then	then	ADV
fsr-3652	200	3	stops	stop	VERB
fsr-3652	200	4	individuals	individual	NOUN
fsr-3652	200	5	from	from	ADP
fsr-3652	200	6	placing	place	VERB
fsr-3652	200	7	(	(	PUNCT
fsr-3652	200	8	nearly	nearly	ADV
fsr-3652	200	9	)	)	PUNCT
fsr-3652	200	10	all	all	DET
fsr-3652	200	11	their	their	PRON
fsr-3652	200	12	assets	asset	NOUN
fsr-3652	200	13	in	in	ADP
fsr-3652	200	14	tax	tax	NOUN
fsr-3652	200	15	-	-	PUNCT
fsr-3652	200	16	deferred	defer	VERB
fsr-3652	200	17	accounts	account	NOUN
fsr-3652	200	18	?	?	PUNCT
fsr-3652	201	1	one	one	NUM
fsr-3652	201	2	limiting	limit	VERB
fsr-3652	201	3	factor	factor	NOUN
fsr-3652	201	4	is	be	AUX
fsr-3652	201	5	the	the	DET
fsr-3652	201	6	10	10	NUM
fsr-3652	201	7	percent	percent	NOUN
fsr-3652	201	8	penalty	penalty	NOUN
fsr-3652	201	9	tax	tax	NOUN
fsr-3652	201	10	on	on	ADP
fsr-3652	201	11	early	early	ADJ
fsr-3652	201	12	withdrawals	withdrawal	NOUN
fsr-3652	201	13	of	of	ADP
fsr-3652	201	14	pension	pension	NOUN
fsr-3652	201	15	funds	fund	NOUN
fsr-3652	201	16	.	.	PUNCT
fsr-3652	202	1	a	a	DET
fsr-3652	202	2	second	second	ADJ
fsr-3652	202	3	factor	factor	NOUN
fsr-3652	202	4	may	may	AUX
fsr-3652	202	5	be	be	AUX
fsr-3652	202	6	the	the	DET
fsr-3652	202	7	failure	failure	NOUN
fsr-3652	202	8	by	by	ADP
fsr-3652	202	9	many	many	ADJ
fsr-3652	202	10	indi	indi	X
fsr-3652	202	11	~	~	X
fsr-3652	202	12	du	du	X
fsr-3652	202	13	~	~	NOUN
fsr-3652	202	14	s	s	AUX
fsr-3652	202	15	to	to	PART
fsr-3652	202	16	recognize	recognize	VERB
fsr-3652	202	17	the	the	DET
fsr-3652	202	18	comparative	comparative	ADJ
fsr-3652	202	19	advantage	advantage	NOUN
fsr-3652	202	20	of	of	ADP
fsr-3652	202	21	the	the	DET
fsr-3652	202	22	pension	pension	NOUN
fsr-3652	202	23	tax	tax	NOUN
fsr-3652	202	24	structure	structure	NOUN
fsr-3652	202	25	in	in	ADP
fsr-3652	202	26	the	the	DET
fsr-3652	202	27	absense	absense	NOUN
fsr-3652	202	28	of	of	ADP
fsr-3652	202	29	a	a	DET
fsr-3652	202	30	capital	capital	NOUN
fsr-3652	202	31	gains	gain	NOUN
fsr-3652	202	32	exclusion	exclusion	NOUN
fsr-3652	202	33	.	.	PUNCT
fsr-3652	203	1	unless	unless	SCONJ
fsr-3652	203	2	a	a	DET
fsr-3652	203	3	capital	capital	NOUN
fsr-3652	203	4	gains	gain	NOUN
fsr-3652	203	5	exclusion	exclusion	NOUN
fsr-3652	203	6	is	be	AUX
fsr-3652	203	7	reinstated	reinstate	VERB
fsr-3652	203	8	,	,	PUNCT
fsr-3652	203	9	we	we	PRON
fsr-3652	203	10	expect	expect	VERB
fsr-3652	203	11	substantial	substantial	ADJ
fsr-3652	203	12	growth	growth	NOUN
fsr-3652	203	13	in	in	ADP
fsr-3652	203	14	the	the	DET
fsr-3652	203	15	amount	amount	NOUN
fsr-3652	203	16	of	of	ADP
fsr-3652	203	17	funds	fund	NOUN
fsr-3652	203	18	in	in	ADP
fsr-3652	203	19	tax	tax	NOUN
fsr-3652	203	20	-	-	PUNCT
fsr-3652	203	21	deferred	defer	VERB
fsr-3652	203	22	accounts	account	NOUN
fsr-3652	203	23	.	.	PUNCT
fsr-3652	204	1	it	it	PRON
fsr-3652	204	2	has	have	AUX
fsr-3652	204	3	been	be	AUX
fsr-3652	204	4	noted	note	VERB
fsr-3652	204	5	that	that	SCONJ
fsr-3652	204	6	pension	pension	NOUN
fsr-3652	204	7	managers	manager	NOUN
fsr-3652	204	8	are	be	AUX
fsr-3652	204	9	reluctant	reluctant	ADJ
fsr-3652	204	10	to	to	PART
fsr-3652	204	11	purchase	purchase	VERB
fsr-3652	204	12	as	as	ADV
fsr-3652	204	13	much	much	ADJ
fsr-3652	204	14	real	real	ADJ
fsr-3652	204	15	estate	estate	NOUN
fsr-3652	204	16	and	and	CCONJ
fsr-3652	204	17	other	other	ADJ
fsr-3652	204	18	real	real	ADJ
fsr-3652	204	19	assets	asset	NOUN
fsr-3652	204	20	as	as	ADP
fsr-3652	204	21	their	their	PRON
fsr-3652	204	22	divers	diver	NOUN
fsr-3652	204	23	~	~	SYM
fsr-3652	204	24	cation	cation	NOUN
fsr-3652	204	25	benefits	benefit	NOUN
fsr-3652	204	26	would	would	AUX
fsr-3652	204	27	suggest	suggest	VERB
fsr-3652	204	28	(	(	PUNCT
fsr-3652	204	29	fogler	fogler	NOUN
fsr-3652	204	30	,	,	PUNCT
fsr-3652	204	31	1984	1984	NUM
fsr-3652	204	32	;	;	PUNCT
fsr-3652	205	1	brueggeman	brueggeman	NOUN
fsr-3652	205	2	,	,	PUNCT
fsr-3652	205	3	chen	chen	PROPN
fsr-3652	205	4	,	,	PUNCT
fsr-3652	205	5	and	and	CCONJ
fsr-3652	205	6	thibodeau	thibodeau	PROPN
fsr-3652	205	7	,	,	PUNCT
fsr-3652	205	8	1984	1984	NUM
fsr-3652	205	9	)	)	PUNCT
fsr-3652	205	10	.	.	PUNCT
fsr-3652	206	1	we	we	PRON
fsr-3652	206	2	find	find	VERB
fsr-3652	206	3	in	in	ADP
fsr-3652	206	4	this	this	DET
fsr-3652	206	5	study	study	NOUN
fsr-3652	206	6	that	that	SCONJ
fsr-3652	206	7	this	this	DET
fsr-3652	206	8	reluctance	reluctance	NOUN
fsr-3652	206	9	is	be	AUX
fsr-3652	206	10	well	well	ADV
fsr-3652	206	11	-	-	PUNCT
fsr-3652	206	12	justified	justify	VERB
fsr-3652	206	13	.	.	PUNCT
fsr-3652	207	1	individuals	individual	NOUN
fsr-3652	207	2	can	can	AUX
fsr-3652	207	3	take	take	VERB
fsr-3652	207	4	advantage	advantage	NOUN
fsr-3652	207	5	of	of	ADP
fsr-3652	207	6	the	the	DET
fsr-3652	207	7	current	current	ADJ
fsr-3652	207	8	tax	tax	NOUN
fsr-3652	207	9	structure	structure	NOUN
fsr-3652	207	10	best	well	ADV
fsr-3652	207	11	by	by	ADP
fsr-3652	207	12	directly	directly	ADV
fsr-3652	207	13	holding	hold	VERB
fsr-3652	207	14	art	art	NOUN
fsr-3652	207	15	,	,	PUNCT
fsr-3652	207	16	gold	gold	NOUN
fsr-3652	207	17	,	,	PUNCT
fsr-3652	207	18	real	real	ADJ
fsr-3652	207	19	estate	estate	NOUN
fsr-3652	207	20	,	,	PUNCT
fsr-3652	207	21	and	and	CCONJ
fsr-3652	207	22	other	other	ADJ
fsr-3652	207	23	assets	asset	NOUN
fsr-3652	207	24	with	with	ADP
fsr-3652	207	25	substantial	substantial	ADJ
fsr-3652	207	26	capital	capital	NOUN
fsr-3652	207	27	gains	gain	NOUN
fsr-3652	207	28	potential	potential	NOUN
fsr-3652	207	29	in	in	ADP
fsr-3652	207	30	the	the	DET
fsr-3652	207	31	nonpension	nonpension	NOUN
fsr-3652	207	32	portfolio	portfolio	NOUN
fsr-3652	207	33	.	.	PUNCT
fsr-3652	208	1	the	the	DET
fsr-3652	208	2	relative	relative	ADJ
fsr-3652	208	3	absence	absence	NOUN
fsr-3652	208	4	of	of	ADP
fsr-3652	208	5	real	real	ADJ
fsr-3652	208	6	estate	estate	NOUN
fsr-3652	208	7	in	in	ADP
fsr-3652	208	8	pension	pension	NOUN
fsr-3652	208	9	funds	fund	NOUN
fsr-3652	208	10	probably	probably	ADV
fsr-3652	208	11	reflects	reflect	VERB
fsr-3652	208	12	fund	fund	NOUN
fsr-3652	208	13	managers	manager	NOUN
fsr-3652	208	14	’	’	PART
fsr-3652	208	15	understanding	understanding	NOUN
fsr-3652	208	16	that	that	SCONJ
fsr-3652	208	17	the	the	DET
fsr-3652	208	18	major	major	ADJ
fsr-3652	208	19	nonpension	nonpension	NOUN
fsr-3652	208	20	asset	asset	NOUN
fsr-3652	208	21	for	for	ADP
fsr-3652	208	22	most	most	ADJ
fsr-3652	208	23	individuals	individual	NOUN
fsr-3652	208	24	is	be	AUX
fsr-3652	208	25	their	their	PRON
fsr-3652	208	26	personal	personal	ADJ
fsr-3652	208	27	residence	residence	NOUN
fsr-3652	208	28	.	.	PUNCT
fsr-3652	209	1	finally	finally	ADV
fsr-3652	209	2	,	,	PUNCT
fsr-3652	209	3	our	our	PRON
fsr-3652	209	4	analysis	analysis	NOUN
fsr-3652	209	5	supports	support	VERB
fsr-3652	209	6	the	the	DET
fsr-3652	209	7	argument	argument	NOUN
fsr-3652	209	8	that	that	SCONJ
fsr-3652	209	9	individuals	individual	NOUN
fsr-3652	209	10	should	should	AUX
fsr-3652	209	11	be	be	AUX
fsr-3652	209	12	allowed	allow	VERB
fsr-3652	209	13	to	to	PART
fsr-3652	209	14	designate	designate	VERB
fsr-3652	209	15	where	where	SCONJ
fsr-3652	209	16	funds	fund	NOUN
fsr-3652	209	17	in	in	ADP
fsr-3652	209	18	a	a	DET
fsr-3652	209	19	defined	define	VERB
fsr-3652	209	20	contribution	contribution	NOUN
fsr-3652	209	21	plan	plan	NOUN
fsr-3652	209	22	are	be	AUX
fsr-3652	209	23	invested	invest	VERB
fsr-3652	209	24	.	.	PUNCT
fsr-3652	210	1	the	the	DET
fsr-3652	210	2	optimal	optimal	ADJ
fsr-3652	210	3	assets	asset	NOUN
fsr-3652	210	4	to	to	PART
fsr-3652	210	5	place	place	VERB
fsr-3652	210	6	in	in	ADP
fsr-3652	210	7	the	the	DET
fsr-3652	210	8	pension	pension	NOUN
fsr-3652	210	9	fund	fund	NOUN
fsr-3652	210	10	will	will	AUX
fsr-3652	210	11	depend	depend	VERB
fsr-3652	210	12	upon	upon	SCONJ
fsr-3652	210	13	individu~	individu~	PROPN
fsr-3652	210	14	characteristics	characteristic	NOUN
fsr-3652	210	15	,	,	PUNCT
fsr-3652	210	16	including	include	VERB
fsr-3652	210	17	individual	individual	ADJ
fsr-3652	210	18	risk	risk	NOUN
fsr-3652	210	19	-	-	PUNCT
fsr-3652	210	20	return	return	NOUN
fsr-3652	210	21	preferences	preference	NOUN
fsr-3652	210	22	as	as	ADV
fsr-3652	210	23	well	well	ADV
fsr-3652	210	24	as	as	ADP
fsr-3652	210	25	individual	individual	ADJ
fsr-3652	210	26	management	management	NOUN
fsr-3652	210	27	practices	practice	NOUN
fsr-3652	210	28	in	in	ADP
fsr-3652	210	29	the	the	DET
fsr-3652	210	30	nonpension	nonpension	NOUN
fsr-3652	210	31	portfolio	portfolio	NOUN
fsr-3652	210	32	.	.	PUNCT
fsr-3652	211	1	there	there	PRON
fsr-3652	211	2	is	be	VERB
fsr-3652	211	3	no	no	DET
fsr-3652	211	4	allocation	allocation	NOUN
fsr-3652	211	5	of	of	ADP
fsr-3652	211	6	a	a	DET
fsr-3652	211	7	defined	define	VERB
fsr-3652	211	8	contribution	contribution	NOUN
fsr-3652	211	9	pension	pension	NOUN
fsr-3652	211	10	portfolio	portfolio	NOUN
fsr-3652	211	11	that	that	PRON
fsr-3652	211	12	will	will	AUX
fsr-3652	211	13	be	be	AUX
fsr-3652	211	14	optimal	optimal	ADJ
fsr-3652	211	15	,	,	PUNCT
fsr-3652	211	16	or	or	CCONJ
fsr-3652	211	17	even	even	ADV
fsr-3652	211	18	approximately	approximately	ADV
fsr-3652	211	19	optimal	optimal	ADJ
fsr-3652	211	20	,	,	PUNCT
fsr-3652	211	21	for	for	ADP
fsr-3652	211	22	all	all	DET
fsr-3652	211	23	individuals	individual	NOUN
fsr-3652	211	24	.	.	PUNCT
fsr-3652	212	1	a	a	DET
fsr-3652	212	2	~	~	NOUN
fsr-3652	212	3	knowie	knowie	NOUN
fsr-3652	212	4	~	~	SYM
fsr-3652	212	5	g	g	X
fsr-3652	212	6	~	~	SYM
fsr-3652	212	7	e	e	NOUN
fsr-3652	212	8	~	~	NOUN
fsr-3652	212	9	ts	ts	PRON
fsr-3652	212	10	:	:	PUNCT
fsr-3652	212	11	the	the	DET
fsr-3652	212	12	authors	author	NOUN
fsr-3652	212	13	thank	thank	VERB
fsr-3652	212	14	andrew	andrew	PROPN
fsr-3652	212	15	h.	h.	PROPN
fsr-3652	212	16	chen	chen	PROPN
fsr-3652	212	17	,	,	PUNCT
fsr-3652	212	18	frank	frank	PROPN
fsr-3652	212	19	j.	j.	PROPN
fsr-3652	212	20	fabozzi	fabozzi	PROPN
fsr-3652	212	21	,	,	PUNCT
fsr-3652	212	22	and	and	CCONJ
fsr-3652	212	23	two	two	NUM
fsr-3652	212	24	anonymous	anonymous	ADJ
fsr-3652	212	25	referees	referee	NOUN
fsr-3652	212	26	for	for	ADP
fsr-3652	212	27	their	their	PRON
fsr-3652	212	28	help	help	NOUN
fsr-3652	212	29	,	,	PUNCT
fsr-3652	212	30	notes	note	VERB
fsr-3652	212	31	the	the	DET
fsr-3652	212	32	portion	portion	NOUN
fsr-3652	212	33	of	of	ADP
fsr-3652	212	34	a	a	DET
fsr-3652	212	35	withdrawal	withdrawal	NOUN
fsr-3652	212	36	from	from	ADP
fsr-3652	212	37	a	a	DET
fsr-3652	212	38	nondeductible	nondeductible	ADJ
fsr-3652	212	39	ira	ira	PROPN
fsr-3652	212	40	that	that	PRON
fsr-3652	212	41	represents	represent	VERB
fsr-3652	212	42	repayment	repayment	NOUN
fsr-3652	212	43	of	of	ADP
fsr-3652	212	44	the	the	DET
fsr-3652	212	45	original	original	ADJ
fsr-3652	212	46	investment	investment	NOUN
fsr-3652	212	47	is	be	AUX
fsr-3652	212	48	nontaxable	nontaxable	ADJ
fsr-3652	212	49	.	.	PUNCT
fsr-3652	213	1	this	this	DET
fsr-3652	213	2	analysis	analysis	NOUN
fsr-3652	213	3	ignores	ignore	VERB
fsr-3652	213	4	minor	minor	ADJ
fsr-3652	213	5	differences	difference	NOUN
fsr-3652	213	6	in	in	ADP
fsr-3652	213	7	the	the	DET
fsr-3652	213	8	pension	pension	NOUN
fsr-3652	213	9	and	and	CCONJ
fsr-3652	213	10	nonpension	nonpension	NOUN
fsr-3652	213	11	tax	tax	NOUN
fsr-3652	213	12	structures	structure	NOUN
fsr-3652	213	13	.	.	PUNCT
fsr-3652	214	1	for	for	ADP
fsr-3652	214	2	example	example	NOUN
fsr-3652	214	3	,	,	PUNCT
fsr-3652	214	4	the	the	DET
fsr-3652	214	5	tax	tax	NOUN
fsr-3652	214	6	liability	liability	NOUN
fsr-3652	214	7	on	on	ADP
fsr-3652	214	8	the	the	DET
fsr-3652	214	9	capital	capital	NOUN
fsr-3652	214	10	gain	gain	NOUN
fsr-3652	214	11	actually	actually	ADV
fsr-3652	214	12	occurs	occur	VERB
fsr-3652	214	13	at	at	ADP
fsr-3652	214	14	the	the	DET
fsr-3652	214	15	withdrawal	withdrawal	NOUN
fsr-3652	214	16	of	of	ADP
fsr-3652	214	17	funds	fund	NOUN
fsr-3652	214	18	from	from	ADP
fsr-3652	214	19	the	the	DET
fsr-3652	214	20	pension	pension	NOUN
fsr-3652	214	21	,	,	PUNCT
fsr-3652	214	22	while	while	SCONJ
fsr-3652	214	23	it	it	PRON
fsr-3652	214	24	occurs	occur	VERB
fsr-3652	214	25	with	with	ADP
fsr-3652	214	26	the	the	DET
fsr-3652	214	27	sale	sale	NOUN
fsr-3652	214	28	of	of	ADP
fsr-3652	214	29	the	the	DET
fsr-3652	214	30	nonpension	nonpension	NOUN
fsr-3652	214	31	asset	asset	NOUN
fsr-3652	214	32	.	.	PUNCT
fsr-3652	215	1	second	second	ADV
fsr-3652	215	2	,	,	PUNCT
fsr-3652	215	3	the	the	DET
fsr-3652	215	4	nonpension	nonpension	NOUN
fsr-3652	215	5	tax	tax	NOUN
fsr-3652	215	6	structure	structure	NOUN
fsr-3652	215	7	probably	probably	ADV
fsr-3652	215	8	is	be	AUX
fsr-3652	215	9	preferable	preferable	ADJ
fsr-3652	215	10	ifan	ifan	X
fsr-3652	215	11	investor	investor	NOUN
fsr-3652	215	12	expects	expect	VERB
fsr-3652	215	13	congress	congress	PROPN
fsr-3652	215	14	to	to	PART
fsr-3652	215	15	reinstitute	reinstitute	VERB
fsr-3652	215	16	a	a	DET
fsr-3652	215	17	long	long	ADJ
fsr-3652	215	18	-	-	PUNCT
fsr-3652	215	19	term	term	NOUN
fsr-3652	215	20	capital	capital	NOUN
fsr-3652	215	21	gain	gain	VERB
fsr-3652	215	22	exclusion	exclusion	NOUN
fsr-3652	215	23	for	for	ADP
fsr-3652	215	24	nonpension	nonpension	NOUN
fsr-3652	215	25	assets	asset	NOUN
fsr-3652	215	26	.	.	PUNCT
fsr-3652	216	1	pension	pension	NOUN
fsr-3652	216	2	investments	investment	NOUN
fsr-3652	216	3	usually	usually	ADV
fsr-3652	216	4	are	be	AUX
fsr-3652	216	5	made	make	VERB
fsr-3652	216	6	with	with	ADP
fsr-3652	216	7	before	before	ADP
fsr-3652	216	8	-	-	PUNCT
fsr-3652	216	9	tax	tax	NOUN
fsr-3652	216	10	dollars	dollar	NOUN
fsr-3652	216	11	,	,	PUNCT
fsr-3652	216	12	compared	compare	VERB
fsr-3652	216	13	to	to	ADP
fsr-3652	216	14	the	the	DET
fsr-3652	216	15	after	after	ADP
fsr-3652	216	16	-	-	PUNCT
fsr-3652	216	17	tax	tax	NOUN
fsr-3652	216	18	dollars	dollar	NOUN
fsr-3652	216	19	invested	invest	VERB
fsr-3652	216	20	in	in	ADP
fsr-3652	216	21	nonpension	nonpension	NOUN
fsr-3652	216	22	assets	asset	NOUN
fsr-3652	216	23	,	,	PUNCT
fsr-3652	216	24	the	the	DET
fsr-3652	216	25	advantage	advantage	NOUN
fsr-3652	216	26	of	of	ADP
fsr-3652	216	27	investing	invest	VERB
fsr-3652	216	28	before	before	ADP
fsr-3652	216	29	-	-	PUNCT
fsr-3652	216	30	tax	tax	NOUN
fsr-3652	216	31	dollars	dollar	NOUN
fsr-3652	216	32	is	be	AUX
fsr-3652	216	33	well	well	ADV
fsr-3652	216	34	documented	document	VERB
fsr-3652	216	35	,	,	PUNCT
fsr-3652	216	36	and	and	CCONJ
fsr-3652	216	37	,	,	PUNCT
fsr-3652	216	38	as	as	ADP
fsr-3652	216	39	a	a	DET
fsr-3652	216	40	rule	rule	NOUN
fsr-3652	216	41	,	,	PUNCT
fsr-3652	216	42	individuals	individual	NOUN
fsr-3652	216	43	should	should	AUX
fsr-3652	216	44	take	take	VERB
fsr-3652	216	45	full	full	ADJ
fsr-3652	216	46	advantage	advantage	NOUN
fsr-3652	216	47	of	of	ADP
fsr-3652	216	48	this	this	DET
fsr-3652	216	49	tax	tax	NOUN
fsr-3652	216	50	feature	feature	NOUN
fsr-3652	216	51	.	.	PUNCT
fsr-3652	217	1	for	for	ADP
fsr-3652	217	2	individuals	individual	NOUN
fsr-3652	217	3	who	who	PRON
fsr-3652	217	4	have	have	AUX
fsr-3652	217	5	maximized	maximize	VERB
fsr-3652	217	6	this	this	DET
fsr-3652	217	7	benefit	benefit	NOUN
fsr-3652	217	8	,	,	PUNCT
fsr-3652	217	9	however	however	ADV
fsr-3652	217	10	,	,	PUNCT
fsr-3652	217	11	there	there	PRON
fsr-3652	217	12	remains	remain	VERB
fsr-3652	217	13	a	a	DET
fsr-3652	217	14	valid	valid	ADJ
fsr-3652	217	15	question	question	NOUN
fsr-3652	217	16	of	of	ADP
fsr-3652	217	17	which	which	PRON
fsr-3652	217	18	assets	asset	NOUN
fsr-3652	217	19	should	should	AUX
fsr-3652	217	20	be	be	AUX
fsr-3652	217	21	held	hold	VERB
fsr-3652	217	22	indirectly	indirectly	ADV
fsr-3652	217	23	in	in	ADP
fsr-3652	217	24	pensions	pension	NOUN
fsr-3652	217	25	.	.	PUNCT
fsr-3652	218	1	the	the	DET
fsr-3652	218	2	model	model	NOUN
fsr-3652	218	3	ignores	ignore	VERB
fsr-3652	218	4	some	some	DET
fsr-3652	218	5	details	detail	NOUN
fsr-3652	218	6	of	of	ADP
fsr-3652	218	7	the	the	DET
fsr-3652	218	8	tax	tax	NOUN
fsr-3652	218	9	code	code	NOUN
fsr-3652	218	10	.	.	PUNCT
fsr-3652	219	1	for	for	ADP
fsr-3652	219	2	example	example	NOUN
fsr-3652	219	3	,	,	PUNCT
fsr-3652	219	4	currently	currently	ADV
fsr-3652	219	5	only	only	ADV
fsr-3652	219	6	$	$	SYM
fsr-3652	219	7	3,~	3,~	NUM
fsr-3652	219	8	of	of	ADP
fsr-3652	219	9	net	net	ADJ
fsr-3652	219	10	capital	capital	NOUN
fsr-3652	219	11	losses	loss	NOUN
fsr-3652	219	12	are	be	AUX
fsr-3652	219	13	deductible	deductible	ADJ
fsr-3652	219	14	each	each	DET
fsr-3652	219	15	year	year	NOUN
fsr-3652	219	16	.	.	PUNCT
fsr-3652	220	1	the	the	DET
fsr-3652	220	2	6.3	6.3	NUM
fsr-3652	220	3	percent	percent	NOUN
fsr-3652	220	4	market	market	NOUN
fsr-3652	220	5	risk	risk	NOUN
fsr-3652	220	6	premium	premium	NOUN
fsr-3652	220	7	is	be	AUX
fsr-3652	220	8	the	the	DET
fsr-3652	220	9	approximate	approximate	ADJ
fsr-3652	220	10	geometric	geometric	ADJ
fsr-3652	220	11	average	average	ADJ
fsr-3652	220	12	excess	excess	ADJ
fsr-3652	220	13	return	return	NOUN
fsr-3652	220	14	of	of	ADP
fsr-3652	220	15	stocks	stock	NOUN
fsr-3652	220	16	less	less	ADJ
fsr-3652	220	17	the	the	DET
fsr-3652	220	18	treasury	treasury	NOUN
fsr-3652	220	19	bond	bond	NOUN
fsr-3652	220	20	rate	rate	NOUN
fsr-3652	220	21	since	since	SCONJ
fsr-3652	220	22	the	the	DET
fsr-3652	220	23	mid	mid	ADJ
fsr-3652	220	24	1920s	1920s	NUM
fsr-3652	220	25	.	.	PUNCT
fsr-3652	221	1	see	see	VERB
fsr-3652	221	2	ibbotson	ibbotson	PROPN
fsr-3652	221	3	and	and	CCONJ
fsr-3652	221	4	sinquefield	sinquefield	PROPN
fsr-3652	221	5	,	,	PUNCT
fsr-3652	221	6	1982	1982	NUM
fsr-3652	221	7	.	.	PUNCT
fsr-3652	222	1	financial	financial	ADJ
fsr-3652	222	2	services	service	NOUN
fsr-3652	222	3	review	review	NOUN
fsr-3652	222	4	,	,	PUNCT
fsr-3652	222	5	l(1	l(1	PROPN
fsr-3652	222	6	)	)	PUNCT
fsr-3652	222	7	1991	1991	NUM
fsr-3652	222	8	22	22	NUM
fsr-3652	222	9	5	5	NUM
fsr-3652	222	10	.	.	NOUN
fsr-3652	222	11	6	6	NUM
fsr-3652	222	12	.	.	NOUN
fsr-3652	222	13	7	7	NUM
fsr-3652	222	14	.	.	NOUN
fsr-3652	222	15	8	8	NUM
fsr-3652	222	16	.	.	NOUN
fsr-3652	222	17	9	9	NUM
fsr-3652	222	18	.	.	X
fsr-3652	223	1	all	all	DET
fsr-3652	223	2	returns	return	NOUN
fsr-3652	223	3	from	from	ADP
fsr-3652	223	4	rolling	roll	VERB
fsr-3652	223	5	over	over	ADP
fsr-3652	223	6	short	short	ADJ
fsr-3652	223	7	-	-	PUNCT
fsr-3652	223	8	term	term	NOUN
fsr-3652	223	9	debt	debt	NOUN
fsr-3652	223	10	and	and	CCONJ
fsr-3652	223	11	buying	buy	VERB
fsr-3652	223	12	floating	float	VERB
fsr-3652	223	13	rate	rate	NOUN
fsr-3652	223	14	bonds	bond	NOUN
fsr-3652	223	15	are	be	AUX
fsr-3652	223	16	in	in	ADP
fsr-3652	223	17	the	the	DET
fsr-3652	223	18	form	form	NOUN
fsr-3652	223	19	of	of	ADP
fsr-3652	223	20	interest	interest	NOUN
fsr-3652	223	21	,	,	PUNCT
fsr-3652	223	22	g	g	PROPN
fsr-3652	223	23	=	=	SYM
fsr-3652	223	24	0	0	PROPN
fsr-3652	223	25	.	.	PUNCT
fsr-3652	224	1	bonds	bond	NOUN
fsr-3652	224	2	offer	offer	VERB
fsr-3652	224	3	some	some	DET
fsr-3652	224	4	capital	capital	NOUN
fsr-3652	224	5	gains	gain	NOUN
fsr-3652	224	6	benefits	benefit	NOUN
fsr-3652	224	7	,	,	PUNCT
fsr-3652	224	8	but	but	CCONJ
fsr-3652	224	9	for	for	ADP
fsr-3652	224	10	the	the	DET
fsr-3652	224	11	purposes	purpose	NOUN
fsr-3652	224	12	of	of	ADP
fsr-3652	224	13	this	this	DET
fsr-3652	224	14	analysis	analysis	NOUN
fsr-3652	224	15	the	the	DET
fsr-3652	224	16	assumption	assumption	NOUN
fsr-3652	224	17	of	of	ADP
fsr-3652	224	18	g	g	PROPN
fsr-3652	224	19	=	=	SYM
fsr-3652	224	20	0	0	NUM
fsr-3652	224	21	is	be	AUX
fsr-3652	224	22	a	a	DET
fsr-3652	224	23	reasonable	reasonable	ADJ
fsr-3652	224	24	approximation	approximation	NOUN
fsr-3652	224	25	.	.	PUNCT
fsr-3652	225	1	constantinides	constantinide	VERB
fsr-3652	225	2	(	(	PUNCT
fsr-3652	225	3	1984	1984	NUM
fsr-3652	225	4	)	)	PUNCT
fsr-3652	225	5	shows	show	VERB
fsr-3652	225	6	that	that	SCONJ
fsr-3652	225	7	the	the	DET
fsr-3652	225	8	60	60	NUM
fsr-3652	225	9	percent	percent	NOUN
fsr-3652	225	10	long	long	ADJ
fsr-3652	225	11	-	-	PUNCT
fsr-3652	225	12	term	term	NOUN
fsr-3652	225	13	capital	capital	NOUN
fsr-3652	225	14	gains	gain	NOUN
fsr-3652	225	15	exclusion	exclusion	NOUN
fsr-3652	225	16	stimulated	stimulate	VERB
fsr-3652	225	17	more	more	ADV
fsr-3652	225	18	rapid	rapid	ADJ
fsr-3652	225	19	realization	realization	NOUN
fsr-3652	225	20	of	of	ADP
fsr-3652	225	21	long	long	ADJ
fsr-3652	225	22	-	-	PUNCT
fsr-3652	225	23	term	term	NOUN
fsr-3652	225	24	gains	gain	NOUN
fsr-3652	225	25	on	on	ADP
fsr-3652	225	26	volatile	volatile	ADJ
fsr-3652	225	27	stocks	stock	NOUN
fsr-3652	225	28	.	.	PUNCT
fsr-3652	226	1	the	the	DET
fsr-3652	226	2	remaining	remain	VERB
fsr-3652	226	3	capital	capital	NOUN
fsr-3652	226	4	gains	gain	NOUN
fsr-3652	226	5	preferences	preference	NOUN
fsr-3652	226	6	since	since	SCONJ
fsr-3652	226	7	the	the	DET
fsr-3652	226	8	tax	tax	NOUN
fsr-3652	226	9	reform	reform	NOUN
fsr-3652	226	10	act	act	NOUN
fsr-3652	226	11	will	will	AUX
fsr-3652	226	12	encourage	encourage	VERB
fsr-3652	226	13	slower	slow	ADJ
fsr-3652	226	14	realization	realization	NOUN
fsr-3652	226	15	of	of	ADP
fsr-3652	226	16	gains	gain	NOUN
fsr-3652	226	17	.	.	PUNCT
fsr-3652	227	1	the	the	DET
fsr-3652	227	2	values	value	NOUN
fsr-3652	227	3	of	of	ADP
fsr-3652	227	4	p	p	NOUN
fsr-3652	227	5	in	in	ADP
fsr-3652	227	6	the	the	DET
fsr-3652	227	7	table	table	NOUN
fsr-3652	227	8	reflect	reflect	VERB
fsr-3652	227	9	the	the	DET
fsr-3652	227	10	fact	fact	NOUN
fsr-3652	227	11	that	that	SCONJ
fsr-3652	227	12	the	the	PRON
fsr-3652	227	13	larger	large	ADJ
fsr-3652	227	14	the	the	DET
fsr-3652	227	15	unrealized	unrealized	ADJ
fsr-3652	227	16	capital	capital	NOUN
fsr-3652	227	17	gain	gain	NOUN
fsr-3652	227	18	,	,	PUNCT
fsr-3652	227	19	the	the	PRON
fsr-3652	227	20	greater	great	ADJ
fsr-3652	227	21	the	the	DET
fsr-3652	227	22	tendency	tendency	NOUN
fsr-3652	227	23	to	to	PART
fsr-3652	227	24	lock	lock	VERB
fsr-3652	227	25	an	an	DET
fsr-3652	227	26	asset	asset	NOUN
fsr-3652	227	27	into	into	ADP
fsr-3652	227	28	a	a	DET
fsr-3652	227	29	portfolio	portfolio	NOUN
fsr-3652	227	30	.	.	PUNCT
fsr-3652	228	1	see	see	VERB
fsr-3652	228	2	,	,	PUNCT
fsr-3652	228	3	for	for	ADP
fsr-3652	228	4	example	example	NOUN
fsr-3652	228	5	,	,	PUNCT
fsr-3652	228	6	report	report	NOUN
fsr-3652	228	7	to	to	ADP
fsr-3652	228	8	congress	congress	PROPN
fsr-3652	228	9	on	on	ADP
fsr-3652	228	10	the	the	DET
fsr-3652	228	11	capital	capital	NOUN
fsr-3652	228	12	gains	gain	NOUN
fsr-3652	228	13	tax	tax	NOUN
fsr-3652	228	14	reductions	reduction	NOUN
fsr-3652	228	15	of	of	ADP
fsr-3652	228	16	1978	1978	NUM
fsr-3652	228	17	.	.	PUNCT
fsr-3652	229	1	we	we	PRON
fsr-3652	229	2	exclude	exclude	VERB
fsr-3652	229	3	gold	gold	NOUN
fsr-3652	229	4	from	from	ADP
fsr-3652	229	5	the	the	DET
fsr-3652	229	6	analysis	analysis	NOUN
fsr-3652	229	7	because	because	SCONJ
fsr-3652	229	8	the	the	DET
fsr-3652	229	9	secondary	secondary	ADJ
fsr-3652	229	10	markets	market	NOUN
fsr-3652	229	11	for	for	ADP
fsr-3652	229	12	gold	gold	NOUN
fsr-3652	229	13	and	and	CCONJ
fsr-3652	229	14	other	other	ADJ
fsr-3652	229	15	low	low	ADJ
fsr-3652	229	16	yield	yield	NOUN
fsr-3652	229	17	real	real	ADJ
fsr-3652	229	18	assets	asset	NOUN
fsr-3652	229	19	such	such	ADJ
fsr-3652	229	20	as	as	ADP
fsr-3652	229	21	art	art	NOUN
fsr-3652	229	22	,	,	PUNCT
fsr-3652	229	23	coins	coin	NOUN
fsr-3652	229	24	,	,	PUNCT
fsr-3652	229	25	and	and	CCONJ
fsr-3652	229	26	undeveloped	undeveloped	ADJ
fsr-3652	229	27	real	real	ADJ
fsr-3652	229	28	estate	estate	NOUN
fsr-3652	229	29	are	be	AUX
fsr-3652	229	30	not	not	PART
fsr-3652	229	31	conducive	conducive	ADJ
fsr-3652	229	32	to	to	PART
fsr-3652	229	33	rapid	rapid	ADJ
fsr-3652	229	34	turnover	turnover	NOUN
fsr-3652	229	35	rates	rate	NOUN
fsr-3652	229	36	.	.	PUNCT
fsr-3652	230	1	historic	historic	ADJ
fsr-3652	230	2	~	~	SYM
fsr-3652	230	3	ly	ly	ADJ
fsr-3652	230	4	,	,	PUNCT
fsr-3652	230	5	lower	lower	ADV
fsr-3652	230	6	-	-	PUNCT
fsr-3652	230	7	rated	rate	VERB
fsr-3652	230	8	bonds	bond	NOUN
fsr-3652	230	9	on	on	ADP
fsr-3652	230	10	average	average	ADJ
fsr-3652	230	11	have	have	AUX
fsr-3652	230	12	produced	produce	VERB
fsr-3652	230	13	a	a	DET
fsr-3652	230	14	higher	high	ADJ
fsr-3652	230	15	return	return	NOUN
fsr-3652	230	16	net	net	NOUN
fsr-3652	230	17	of	of	ADP
fsr-3652	230	18	default	default	NOUN
fsr-3652	230	19	than	than	ADP
fsr-3652	230	20	highly	highly	ADV
fsr-3652	230	21	-	-	PUNCT
fsr-3652	230	22	rated	rate	VERB
fsr-3652	230	23	bonds	bond	NOUN
fsr-3652	230	24	.	.	PUNCT
fsr-3652	231	1	despite	despite	SCONJ
fsr-3652	231	2	this	this	DET
fsr-3652	231	3	evidence	evidence	NOUN
fsr-3652	231	4	,	,	PUNCT
fsr-3652	231	5	some	some	DET
fsr-3652	231	6	financial	financial	ADJ
fsr-3652	231	7	economists	economist	NOUN
fsr-3652	231	8	argue	argue	VERB
fsr-3652	231	9	that	that	SCONJ
fsr-3652	231	10	a	a	DET
fsr-3652	231	11	bond	bond	NOUN
fsr-3652	231	12	’s	’s	PART
fsr-3652	231	13	risk	risk	NOUN
fsr-3652	231	14	premium	premium	NOUN
fsr-3652	231	15	should	should	AUX
fsr-3652	231	16	be	be	AUX
fsr-3652	231	17	an	an	DET
fsr-3652	231	18	unbiased	unbiased	ADJ
fsr-3652	231	19	estimate	estimate	NOUN
fsr-3652	231	20	of	of	ADP
fsr-3652	231	21	the	the	DET
fsr-3652	231	22	expected	expect	VERB
fsr-3652	231	23	loss	loss	NOUN
fsr-3652	231	24	due	due	ADP
fsr-3652	231	25	to	to	ADP
fsr-3652	231	26	default	default	NOUN
fsr-3652	231	27	.	.	PUNCT
fsr-3652	232	1	an	an	DET
fsr-3652	232	2	individual	individual	NOUN
fsr-3652	232	3	’s	’s	PART
fsr-3652	232	4	personal	personal	ADJ
fsr-3652	232	5	residence	residence	NOUN
fsr-3652	232	6	is	be	AUX
fsr-3652	232	7	not	not	PART
fsr-3652	232	8	one	one	NUM
fsr-3652	232	9	of	of	ADP
fsr-3652	232	10	the	the	DET
fsr-3652	232	11	assets	asset	NOUN
fsr-3652	232	12	considered	consider	VERB
fsr-3652	232	13	in	in	ADP
fsr-3652	232	14	this	this	DET
fsr-3652	232	15	study	study	NOUN
fsr-3652	232	16	,	,	PUNCT
fsr-3652	232	17	in	in	ADP
fsr-3652	232	18	part	part	NOUN
fsr-3652	232	19	because	because	SCONJ
fsr-3652	232	20	it	it	PRON
fsr-3652	232	21	is	be	AUX
fsr-3652	232	22	illegal	illegal	ADJ
fsr-3652	232	23	to	to	PART
fsr-3652	232	24	hold	hold	VERB
fsr-3652	232	25	it	it	PRON
fsr-3652	232	26	in	in	ADP
fsr-3652	232	27	a	a	DET
fsr-3652	232	28	pension	pension	NOUN
fsr-3652	232	29	.	.	PUNCT
fsr-3652	233	1	notice	notice	NOUN
fsr-3652	233	2	,	,	PUNCT
fsr-3652	233	3	however	however	ADV
fsr-3652	233	4	,	,	PUNCT
fsr-3652	233	5	that	that	SCONJ
fsr-3652	233	6	the	the	DET
fsr-3652	233	7	one	one	NUM
fsr-3652	233	8	-	-	PUNCT
fsr-3652	233	9	time	time	NOUN
fsr-3652	233	10	$	$	SYM
fsr-3652	233	11	125,000	125,000	NUM
fsr-3652	233	12	capital	capital	NOUN
fsr-3652	233	13	gain	gain	NOUN
fsr-3652	233	14	exclusion	exclusion	NOUN
fsr-3652	233	15	and	and	CCONJ
fsr-3652	233	16	deductibility	deductibility	NOUN
fsr-3652	233	17	of	of	ADP
fsr-3652	233	18	interest	interest	NOUN
fsr-3652	233	19	favor	favor	VERB
fsr-3652	233	20	holding	hold	VERB
fsr-3652	233	21	it	it	PRON
fsr-3652	233	22	outside	outside	ADV
fsr-3652	233	23	of	of	ADP
fsr-3652	233	24	a	a	DET
fsr-3652	233	25	pension	pension	NOUN
fsr-3652	233	26	tax	tax	NOUN
fsr-3652	233	27	structure	structure	NOUN
fsr-3652	233	28	,	,	PUNCT
fsr-3652	233	29	references	reference	NOUN
fsr-3652	233	30	bicksler	bicksler	NOUN
fsr-3652	233	31	,	,	PUNCT
fsr-3652	233	32	j.l	j.l	PROPN
fsr-3652	233	33	.	.	PROPN
fsr-3652	233	34	,	,	PUNCT
fsr-3652	233	35	and	and	CCONJ
fsr-3652	233	36	a.h	a.h	PROPN
fsr-3652	233	37	.	.	PROPN
fsr-3652	233	38	chen	chen	PROPN
fsr-3652	233	39	.	.	PUNCT
fsr-3652	234	1	1985	1985	NUM
fsr-3652	234	2	.	.	PUNCT
fsr-3652	235	1	“	"	PUNCT
fsr-3652	235	2	the	the	DET
fsr-3652	235	3	integration	integration	NOUN
fsr-3652	235	4	of	of	ADP
fsr-3652	235	5	insurance	insurance	NOUN
fsr-3652	235	6	and	and	CCONJ
fsr-3652	235	7	taxes	taxis	NOUN
fsr-3652	235	8	in	in	ADP
fsr-3652	235	9	corporate	corporate	ADJ
fsr-3652	235	10	pension	pension	NOUN
fsr-3652	235	11	strategy	strategy	NOUN
fsr-3652	235	12	,	,	PUNCT
fsr-3652	235	13	”	"	PUNCT
fsr-3652	235	14	journae	journae	NOUN
fsr-3652	235	15	of	of	ADP
fsr-3652	235	16	finance	finance	NOUN
fsr-3652	235	17	,	,	PUNCT
fsr-3652	235	18	40	40	NUM
fsr-3652	235	19	:	:	SYM
fsr-3652	235	20	943	943	NUM
fsr-3652	235	21	-	-	SYM
fsr-3652	235	22	955	955	NUM
fsr-3652	235	23	.	.	PUNCT
fsr-3652	236	1	black	black	ADJ
fsr-3652	236	2	,	,	PUNCT
fsr-3652	236	3	f.	f.	PROPN
fsr-3652	236	4	1980	1980	NUM
fsr-3652	236	5	.	.	PUNCT
fsr-3652	237	1	“	"	PUNCT
fsr-3652	237	2	the	the	DET
fsr-3652	237	3	tax	tax	NOUN
fsr-3652	237	4	consequences	consequence	NOUN
fsr-3652	237	5	of	of	ADP
fsr-3652	237	6	long	long	ADV
fsr-3652	237	7	-	-	PUNCT
fsr-3652	237	8	run	run	VERB
fsr-3652	237	9	pension	pension	NOUN
fsr-3652	237	10	policy	policy	NOUN
fsr-3652	237	11	,	,	PUNCT
fsr-3652	237	12	”	"	PUNCT
fsr-3652	237	13	financial	financial	ADJ
fsr-3652	237	14	anaiysts	anaiyst	NOUN
fsr-3652	237	15	journal	journal	NOUN
fsr-3652	237	16	,	,	PUNCT
fsr-3652	237	17	3	3	NUM
fsr-3652	237	18	:	:	SYM
fsr-3652	237	19	21	21	NUM
fsr-3652	237	20	-	-	SYM
fsr-3652	237	21	28	28	NUM
fsr-3652	237	22	.	.	PUNCT
fsr-3652	238	1	brueggeman	brueggeman	NOUN
fsr-3652	238	2	,	,	PUNCT
fsr-3652	238	3	w.	w.	PROPN
fsr-3652	238	4	b.	b.	PROPN
fsr-3652	238	5	,	,	PUNCT
fsr-3652	238	6	a.	a.	PROPN
fsr-3652	238	7	h.	h.	PROPN
fsr-3652	238	8	chen	chen	PROPN
fsr-3652	238	9	,	,	PUNCT
fsr-3652	238	10	and	and	CCONJ
fsr-3652	238	11	t.g	t.g	PROPN
fsr-3652	238	12	.	.	PROPN
fsr-3652	238	13	thibodeau	thibodeau	PROPN
fsr-3652	238	14	.	.	PUNCT
fsr-3652	238	15	1984	1984	NUM
fsr-3652	238	16	.	.	PUNCT
fsr-3652	239	1	“	"	PUNCT
fsr-3652	239	2	real	real	ADJ
fsr-3652	239	3	estate	estate	NOUN
fsr-3652	239	4	investment	investment	NOUN
fsr-3652	239	5	funds	fund	NOUN
fsr-3652	239	6	:	:	PUNCT
fsr-3652	239	7	performance	performance	NOUN
fsr-3652	239	8	and	and	CCONJ
fsr-3652	239	9	portfolio	portfolio	NOUN
fsr-3652	239	10	considerations	consideration	NOUN
fsr-3652	239	11	,	,	PUNCT
fsr-3652	239	12	”	"	PUNCT
fsr-3652	239	13	areuea	areuea	ADJ
fsr-3652	239	14	journal	journal	NOUN
fsr-3652	239	15	,	,	PUNCT
fsr-3652	239	16	12	12	NUM
fsr-3652	239	17	:	:	SYM
fsr-3652	239	18	333	333	NUM
fsr-3652	239	19	-	-	SYM
fsr-3652	239	20	354	354	NUM
fsr-3652	239	21	.	.	PUNCT
fsr-3652	240	1	constantinides	constantinides	PROPN
fsr-3652	240	2	,	,	PUNCT
fsr-3652	240	3	g.m	g.m	PROPN
fsr-3652	240	4	.	.	PROPN
fsr-3652	240	5	1984	1984	NUM
fsr-3652	240	6	.	.	PUNCT
fsr-3652	241	1	“	"	PUNCT
fsr-3652	241	2	optimal	optimal	ADJ
fsr-3652	241	3	stock	stock	NOUN
fsr-3652	241	4	trading	trading	NOUN
fsr-3652	241	5	with	with	ADP
fsr-3652	241	6	personal	personal	ADJ
fsr-3652	241	7	taxes	taxis	NOUN
fsr-3652	241	8	:	:	PUNCT
fsr-3652	241	9	implications	implication	NOUN
fsr-3652	241	10	for	for	ADP
fsr-3652	241	11	prices	price	NOUN
fsr-3652	241	12	and	and	CCONJ
fsr-3652	241	13	the	the	DET
fsr-3652	241	14	abnormal	abnormal	ADJ
fsr-3652	241	15	january	january	PROPN
fsr-3652	241	16	return	return	NOUN
fsr-3652	241	17	,	,	PUNCT
fsr-3652	241	18	”	"	PUNCT
fsr-3652	241	19	journal	journal	NOUN
fsr-3652	241	20	of	of	ADP
fsr-3652	241	21	financial	financial	ADJ
fsr-3652	241	22	economics	economic	NOUN
fsr-3652	241	23	,	,	PUNCT
fsr-3652	241	24	18	18	NUM
fsr-3652	241	25	:	:	SYM
fsr-3652	241	26	65	65	NUM
fsr-3652	241	27	-	-	SYM
fsr-3652	241	28	89	89	NUM
fsr-3652	241	29	.	.	PUNCT
fsr-3652	242	1	doyle	doyle	PROPN
fsr-3652	242	2	,	,	PUNCT
fsr-3652	242	3	r.j	r.j	PROPN
fsr-3652	242	4	.	.	PROPN
fsr-3652	242	5	1984	1984	NUM
fsr-3652	242	6	.	.	PUNCT
fsr-3652	243	1	“	"	PUNCT
fsr-3652	243	2	iras	ira	NOUN
fsr-3652	243	3	and	and	CCONJ
fsr-3652	243	4	the	the	DET
fsr-3652	243	5	capital	capital	NOUN
fsr-3652	243	6	gains	gain	VERB
fsr-3652	243	7	tax	tax	NOUN
fsr-3652	243	8	effect	effect	NOUN
fsr-3652	243	9	,	,	PUNCT
fsr-3652	243	10	”	"	PUNCT
fsr-3652	243	11	financiuz	financiuz	NOUN
fsr-3652	243	12	analysts	analyst	NOUN
fsr-3652	243	13	journul	journul	PROPN
fsr-3652	243	14	,	,	PUNCT
fsr-3652	243	15	7	7	NUM
fsr-3652	243	16	:	:	SYM
fsr-3652	243	17	417	417	NUM
fsr-3652	243	18	427	427	NUM
fsr-3652	243	19	.	.	PUNCT
fsr-3652	244	1	ferris	ferris	PROPN
fsr-3652	244	2	,	,	PUNCT
fsr-3652	244	3	k.	k.	PROPN
fsr-3652	244	4	and	and	CCONJ
fsr-3652	244	5	w.	w.	PROPN
fsr-3652	244	6	reichenstein	reichenstein	PROPN
fsr-3652	244	7	.	.	PUNCT
fsr-3652	245	1	1988	1988	NUM
fsr-3652	245	2	.	.	PUNCT
fsr-3652	246	1	“	"	PUNCT
fsr-3652	246	2	a	a	DET
fsr-3652	246	3	note	note	NOUN
fsr-3652	246	4	on	on	ADP
fsr-3652	246	5	a	a	DET
fsr-3652	246	6	tax	tax	NOUN
fsr-3652	246	7	-	-	PUNCT
fsr-3652	246	8	induced	induce	VERB
fsr-3652	246	9	clientele	clientele	NOUN
fsr-3652	246	10	effect	effect	NOUN
fsr-3652	246	11	and	and	CCONJ
fsr-3652	246	12	tax	tax	NOUN
fsr-3652	246	13	reform	reform	NOUN
fsr-3652	246	14	,	,	PUNCT
fsr-3652	246	15	”	"	PUNCT
fsr-3652	246	16	national	national	ADJ
fsr-3652	246	17	tax	tax	NOUN
fsr-3652	246	18	journal	journal	NOUN
fsr-3652	246	19	,	,	PUNCT
fsr-3652	246	20	41	41	NUM
fsr-3652	246	21	:	:	SYM
fsr-3652	246	22	131	131	NUM
fsr-3652	246	23	-	-	SYM
fsr-3652	246	24	138	138	NUM
fsr-3652	246	25	.	.	PUNCT
fsr-3652	247	1	fogler	fogler	NOUN
fsr-3652	247	2	,	,	PUNCT
fsr-3652	247	3	h.	h.	PROPN
fsr-3652	247	4	r.	r.	PROPN
fsr-3652	247	5	1984	1984	NUM
fsr-3652	247	6	.	.	PUNCT
fsr-3652	248	1	“	"	PUNCT
fsr-3652	248	2	20	20	NUM
fsr-3652	248	3	%	%	NOUN
fsr-3652	248	4	in	in	ADP
fsr-3652	248	5	real	real	ADJ
fsr-3652	248	6	estate	estate	NOUN
fsr-3652	248	7	:	:	PUNCT
fsr-3652	248	8	can	can	AUX
fsr-3652	248	9	theory	theory	NOUN
fsr-3652	248	10	justify	justify	VERB
fsr-3652	248	11	it	it	PRON
fsr-3652	248	12	?	?	PUNCT
fsr-3652	248	13	”	"	PUNCT
fsr-3652	248	14	journal	journal	NOUN
fsr-3652	248	15	of	of	ADP
fsr-3652	248	16	portfolio	portfolio	NOUN
fsr-3652	248	17	management	management	NOUN
fsr-3652	248	18	,	,	PUNCT
fsr-3652	248	19	10	10	NUM
fsr-3652	248	20	:	:	SYM
fsr-3652	248	21	6	6	NUM
fsr-3652	248	22	-	-	SYM
fsr-3652	248	23	13	13	NUM
fsr-3652	248	24	.	.	PUNCT
fsr-3652	249	1	ibbotson	ibbotson	PROPN
fsr-3652	249	2	,	,	PUNCT
fsr-3652	249	3	r.g	r.g	PROPN
fsr-3652	249	4	.	.	PROPN
fsr-3652	249	5	and	and	CCONJ
fsr-3652	249	6	r.a	r.a	PROPN
fsr-3652	249	7	.	.	PROPN
fsr-3652	249	8	sinquefield	sinquefield	PROPN
fsr-3652	249	9	.	.	PUNCT
fsr-3652	250	1	1982	1982	NUM
fsr-3652	250	2	.	.	PUNCT
fsr-3652	251	1	stocks	stock	NOUN
fsr-3652	251	2	,	,	PUNCT
fsr-3652	251	3	bonds	bond	NOUN
fsr-3652	251	4	,	,	PUNCT
fsr-3652	251	5	bills	bill	NOUN
fsr-3652	251	6	and	and	CCONJ
fsr-3652	251	7	zn	zn	PROPN
fsr-3652	251	8	~	~	NOUN
fsr-3652	251	9	ution	ution	NOUN
fsr-3652	251	10	:	:	PUNCT
fsr-3652	251	11	t&e	t&e	PROPN
fsr-3652	251	12	past	past	NOUN
fsr-3652	251	13	and	and	CCONJ
fsr-3652	251	14	the	the	DET
fsr-3652	251	15	future	future	NOUN
fsr-3652	251	16	.	.	PUNCT
fsr-3652	252	1	ch	ch	NOUN
fsr-3652	252	2	~	~	PUNCT
fsr-3652	252	3	lottesville	lottesville	PROPN
fsr-3652	252	4	,	,	PUNCT
fsr-3652	252	5	va	va	NOUN
fsr-3652	252	6	:	:	PUNCT
fsr-3652	252	7	financial	financial	ADJ
fsr-3652	252	8	analysts	analyst	NOUN
fsr-3652	252	9	research	research	PROPN
fsr-3652	252	10	foundation	foundation	PROPN
fsr-3652	252	11	.	.	PUNCT
fsr-3652	253	1	reichenstein	reichenstein	PROPN
fsr-3652	253	2	,	,	PUNCT
fsr-3652	253	3	w	w	PROPN
fsr-3652	253	4	,	,	PUNCT
fsr-3652	253	5	1986	1986	NUM
fsr-3652	253	6	.	.	PUNCT
fsr-3652	254	1	“	"	PUNCT
fsr-3652	254	2	when	when	SCONJ
fsr-3652	254	3	stock	stock	NOUN
fsr-3652	254	4	is	be	AUX
fsr-3652	254	5	less	less	ADV
fsr-3652	254	6	risky	risky	ADJ
fsr-3652	254	7	than	than	ADP
fsr-3652	254	8	treasury	treasury	NOUN
fsr-3652	254	9	bills	bill	NOUN
fsr-3652	254	10	.	.	PUNCT
fsr-3652	254	11	”	"	PUNCT
fsr-3652	255	1	financial	financial	ADJ
fsr-3652	255	2	analysts	analyst	NOUN
fsr-3652	255	3	journal	journal	NOUN
fsr-3652	255	4	,	,	PUNCT
fsr-3652	255	5	9	9	NUM
fsr-3652	255	6	:	:	SYM
fsr-3652	255	7	71	71	NUM
fsr-3652	255	8	-	-	SYM
fsr-3652	255	9	75	75	NUM
fsr-3652	255	10	.	.	PUNCT
fsr-3652	256	1	u.s	u.s	PROPN
fsr-3652	256	2	.	.	PROPN
fsr-3652	256	3	treasury	treasury	PROPN
fsr-3652	256	4	office	office	PROPN
fsr-3652	256	5	of	of	ADP
fsr-3652	256	6	tax	tax	NOUN
fsr-3652	256	7	analysis	analysis	NOUN
fsr-3652	256	8	.	.	PUNCT
fsr-3652	257	1	1985	1985	NUM
fsr-3652	257	2	.	.	PUNCT
fsr-3652	258	1	report	report	NOUN
fsr-3652	258	2	to	to	ADP
fsr-3652	258	3	congress	congress	PROPN
fsr-3652	258	4	on	on	ADP
fsr-3652	258	5	the	the	DET
fsr-3652	258	6	capital	capital	NOUN
fsr-3652	258	7	gains	gain	NOUN
fsr-3652	258	8	tax	tax	NOUN
fsr-3652	258	9	reductions	reduction	NOUN
fsr-3652	258	10	of	of	ADP
fsr-3652	258	11	1978	1978	NUM
fsr-3652	258	12	.	.	PUNCT
fsr-3652	259	1	washington	washington	PROPN
fsr-3652	259	2	,	,	PUNCT
fsr-3652	259	3	dc	dc	PROPN
fsr-3652	259	4	:	:	PUNCT
fsr-3652	259	5	u.s	u.s	PROPN
fsr-3652	259	6	.	.	PROPN
fsr-3652	259	7	government	government	NOUN
fsr-3652	259	8	printing	printing	NOUN
fsr-3652	259	9	office	office	NOUN
fsr-3652	259	10	,	,	PUNCT
fsr-3652	259	11	september	september	PROPN
fsr-3652	259	12	.	.	PUNCT
fsr-3652	260	1	sharpe	sharpe	PROPN
fsr-3652	260	2	,	,	PUNCT
fsr-3652	260	3	w.	w.	PROPN
fsr-3652	260	4	1976	1976	NUM
fsr-3652	260	5	.	.	PUNCT
fsr-3652	261	1	‘	'	PUNCT
fsr-3652	261	2	corporate	corporate	ADJ
fsr-3652	261	3	pension	pension	NOUN
fsr-3652	261	4	funding	funding	NOUN
fsr-3652	261	5	policy	policy	NOUN
fsr-3652	261	6	,	,	PUNCT
fsr-3652	261	7	”	"	PUNCT
fsr-3652	261	8	journal	journal	NOUN
fsr-3652	261	9	of	of	ADP
fsr-3652	261	10	financial	financial	ADJ
fsr-3652	261	11	economics	economic	NOUN
fsr-3652	261	12	,	,	PUNCT
fsr-3652	261	13	10	10	NUM
fsr-3652	261	14	:	:	SYM
fsr-3652	261	15	183	183	NUM
fsr-3652	261	16	-	-	SYM
fsr-3652	261	17	193	193	NUM
fsr-3652	261	18	.	.	PUNCT
fsr-3652	262	1	tepper	tepper	PROPN
fsr-3652	262	2	,	,	PUNCT
fsr-3652	262	3	i.	i.	PROPN
fsr-3652	262	4	1981	1981	NUM
fsr-3652	262	5	.	.	PUNCT
fsr-3652	263	1	“	"	PUNCT
fsr-3652	263	2	taxation	taxation	NOUN
fsr-3652	263	3	and	and	CCONJ
fsr-3652	263	4	corporate	corporate	ADJ
fsr-3652	263	5	pension	pension	NOUN
fsr-3652	263	6	policy	policy	NOUN
fsr-3652	263	7	,	,	PUNCT
fsr-3652	263	8	”	"	PUNCT
fsr-3652	263	9	journal	journal	NOUN
fsr-3652	263	10	of	of	ADP
fsr-3652	263	11	finance	finance	NOUN
fsr-3652	263	12	,	,	PUNCT
fsr-3652	263	13	36	36	NUM
fsr-3652	263	14	:	:	PUNCT
fsr-3652	263	15	i-13	i-13	PROPN
fsr-3652	263	16	.	.	PUNCT
fsr-3652	264	1	yaari	yaari	PROPN
fsr-3652	264	2	,	,	PUNCT
fsr-3652	264	3	u.	u.	PROPN
fsr-3652	264	4	and	and	CCONJ
fsr-3652	264	5	f.j	f.j	PROPN
fsr-3652	264	6	.	.	PROPN
fsr-3652	264	7	fabozzi	fabozzi	PROPN
fsr-3652	264	8	.	.	PUNCT
fsr-3652	265	1	1985	1985	NUM
fsr-3652	265	2	.	.	PUNCT
fsr-3652	266	1	“	"	PUNCT
fsr-3652	266	2	why	why	SCONJ
fsr-3652	266	3	ira	ira	PROPN
fsr-3652	266	4	and	and	CCONJ
fsr-3652	266	5	keogh	keogh	PROPN
fsr-3652	266	6	plans	plan	NOUN
fsr-3652	266	7	should	should	AUX
fsr-3652	266	8	avoid	avoid	VERB
fsr-3652	266	9	growth	growth	NOUN
fsr-3652	266	10	stocks	stock	NOUN
fsr-3652	266	11	,	,	PUNCT
fsr-3652	266	12	”	"	PUNCT
fsr-3652	266	13	journal	journal	NOUN
fsr-3652	266	14	of	of	ADP
fsr-3652	266	15	financial	financial	ADJ
fsr-3652	266	16	research	research	NOUN
fsr-3652	266	17	,	,	PUNCT
fsr-3652	266	18	8	8	NUM
fsr-3652	266	19	:	:	SYM
fsr-3652	266	20	203	203	NUM
fsr-3652	266	21	-	-	SYM
fsr-3652	266	22	215	215	NUM
fsr-3652	266	23	.	.	PUNCT