A central problem in speech synthesis with unrestricted vocabulary is the automatic derivation of correct pronunciation from the graphemic form of a text. The software module GRAPHON was developed to perform this conversion for German and is currently being extended by a morphological analysis component. This analysis is based on a morph lexicon and a sot of rule~ and structural descriptions for German word-forms. It provides each text input item with an individual characterization such that the phonological~ syntactic, and prosodic components may operate upon it. This systematic approach tht~s serves to minimize the number of wrong transcriptions and at the same time lays the foundation for the generation of stress and intonation patterns, yielding more intelligible~ natural-sounding, and generally acceptable synthetic speech.