The correct answer is      (B.)  Telecomunicacoes de Sao Paulo S.A. (TSP)

That's right, Telecomunicacoes de Sao Paulo S.A. (NYSE: TSP), or simply Telesp, is offering a juicy yield of 9.5% based on annual payments totaling $2.53 a share. And the stock isn't paying out these high dividends at the expense of overall growth -- five-year average total returns are +46.7% per year!

TSP is able to pull these returns off by basically holding a legal monopoly over a large region of one of the fastest-growing economies in the world today: Brazil. And while the firm has been hampered by competition from wireless and Internet telecom services,  it has met the challenge head on and found other ways to grow its business. For instance, Telesp has branched out to the high-speed Internet sector and seen this business segment grow +40% annually over the past three years. What does this mean for investors? It means greater cash flows that should lead to even larger dividend payments.

Best of all, this Brazilian success is just one of many such stories found in the over two dozen emerging markets around the world. But finding information on many of these hidden gems is a full-time job; fortunately, Nick Lanyi and his High-Yield International research staff work around the clock to find these varied companies and bring them to you in his monthly newsletter.

In a recent issue, Nick profiles another area of the world with as much, if not more, potential than Brazil. Countries in this region are receiving billions of dollars a year in international aid to update their economies, and they are taking full advantage of this generosity. Nick found several ways for income investors to play this little-known economic program, and his top picks from this region include one security yielding 9.3% and another with an astonishing 21.1% yield. To learn more about these firms, please visit this link.