Table: Plays for the Second Half

INVESTMENT YIELD*

FIVE-YEAR U.S. TREASURY NOTES 4.75% Price should rise later in the year

CALIFORNIA GENERAL OBLIGATION BONDS DUE 2031 5.45 Long-term munis offer the best value in the bond market

METROPOLITAN WEST TOTAL RETURN BOND FUND 6.46 Skillful player in high-grade corporate debt

NORTHEAST INVESTORS 12.29 High-yield bond fund avoids troubled telecom issues

* Close on June 15

Data: Morningstar, BusinessWeek

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