(MONEY Magazine) – -- Cuyahoga County, Ohio bonds of 2000 Zero-coupon municipal bonds such as these avoid the tax problems of Treasury zeros. Recently selling at $423 per $1,000 of face value, this zero had a yield to maturity of 7.25%, the equivalent of a 10.1% taxable yield for someone in the 28% bracket. -- Diversified Historic Investors VI Investors in this real estate partnership will get two tax credits -- one for rehabilitating historic buildings and a second for creating low-income housing for the elderly. Credits in the first three years may add up to more than 30% of your initial investment. Expected total annualized return over 10 years, including tax credits: 9% to 10%. Minimum investment: $3,000 (800-468-4017). -- Fidelity Limited Term Bond Fund This municipal bond fund has an average maturity of less than 11 years, long enough for a yield of 6.5% (equivalent to a 9% taxable yield in the 28% bracket) but short enough to reduce the risk of loss should interest rates rise (no load; 800-544-6666). -- Lincoln Benefit Life Annuity Single-premium annuities permit deferral of taxes on investment earnings. Lincoln's version has lower fees and withdrawal charges than some competitors' offerings. With a minimum $5,000 investment, this plan was recently guaranteeing 8.25% for the first three years.

-- Nuveen Intermediate Trust This soon-to-be-available unit trust, similar to those issued by other sponsors, will contain a diversified selection of municipal bonds with average 10-year maturities. Expected yield: 6.7%, the equivalent of a 9.3% taxable yield for taxpayers in the 28% bracket. Minimum investment: $5,000. Single- state trusts are also available (800-351-4100). -- Puerto Rico 7.75% bonds of 2013 A special congressional proviso makes Commonwealth of Puerto Rico bonds exempt from state and local taxes everywhere in the U.S. (You can get a similar exemption if you buy your home-state bonds.) Selling at par, the Puerto Rico bond's 7.75% yield is the equivalent of a taxable 10.8% in the 28% bracket. The bond is callable in 1998.

-- Vanguard Muni Bond-Long Term * This fund holds high-grade municipals with 20-year average maturities. Its broad portfolio will cushion it if some bonds are called early. Recent yield: 7.4%, the equivalent of a taxable 10.3% in the 28% bracket (no load; 800-662-7447).