INVESTMENT AVERAGE YIELD* COMMENT

EMERGING MARKETS 10.25% Argentina's fiscal troubles aside, BONDS this sector is humming and should continue to do well in 2002.

HIGH-YIELD BONDS 12.92 As the economy recovers, junk bonds should, too. Potentially the bond market's biggest winner over the next 12 months.

INVESTMENT-GRADE 6.43 Stick with blue-chip companies with CORPORATES the resources and cash flow to survive today's tough business climate.

MORTGAGE-BACKED 6.36 Securities issued by Ginnie Mae, SECURITIES Fannie Mae, and Freddie Mac yield as much as two percentage points more than Treasuries.

* Dec. 14

Data: Merrill Lynch, BusinessWeek

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