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Two years ago, when I first started tracking the monthly dividend stocks, there were over 350 different securities that paid monthly. Since that time, the number has dropped to 290 due to mergers and liquidations, but that is still plenty to choose from. Technically, these stocks are REITS, oil income trusts, and closed end funds, which pay dividends every month. The advantages to having monthly dividends versus quarterly or annual dividend stocks are:

1. Your invested capital is returned faster.
2. Compounding happens quicker.
3. There is generally less volatility.
4. Many of these pay tax free income.

Here are a few examples:

Calamos Convertible & High Income (NASDAQ:CHY) 9.3%
Enerplus Resources Fund (NYSE:ERF) 9.3%
BlackRock Senior High Income Fund (NYSE:ARK) 9.1%
Nuveen Quality Preferred Income Fund (NYSE:JTP) 9.1%
Reaves Utility Income Fund (NYSEMKT:UTG) 9.0%
DWS High Income Trust (NYSE:KHI) 8.7%
MFS Intermediate Income Trust (NYSE:MIN) 8.6%
Neuberger Berman Real Estate Securities Inc. (NYSEMKT:NRO) 8.6%
Cross Timbers Royalty Trust (NYSE:CRT) 8.5%
Eaton Vance Tax Advantaged Dividend Income Fund (NYSE:EVT) 8.5%

To see the entire list of 290 monthly dividend stocks, including 22 that have yields of 10% or more, go to WallStreetNewsNetwork.com.

Source: Ten (Out of 290) Stocks that Pay Monthly Dividends