For an updated version of this article, check out the "Highest-Yielding Monthly Dividend Stocks."

By Fred Fuld
Updated on Dec. 3, 2009

Everyone can appreciate the security offered by a regular income, whether in the form of a paycheck or retirement check -- or a dividend from a monthly income stock.

Investors have more than 200 monthly dividend stocks to choose from. Technically, the stocks that pay dividends every month are real estate investment trusts, oil income trusts and closed-end funds, and they offer a few shareholder advantages over stocks that pay quarterly or annual dividends.

As a shareholder of a stock that pays out a dividend on a monthly basis, your capital investment is returned faster. If you reinvest your dividends, compounding will happen quicker. There is usually less volatility in monthly dividend stocks. And many of these stocks pay income that is tax-free.

Please note that Canadian companies are identified due to their tax-withholding issues. Please check with your accountant before owning these stocks as an individual or as part of a retirement plan such as an IRA.

Here is the list, starting with the highest-yielding. Remember that dividends are subject to change, reduction or elimination at any time.

Monthly Dividend Stocks

Pimco High Income Fund (PHK) 13.5%
Alpine Global Dynamic Dividend Fund (AGD) 13.4%
Western Asset High Income Fund II (HIX) 12.7%
LMP Real Estate Income Fund (RIT) 12.5%
Eaton Vance Enhanced Equity Income Fund II (EOS) 12.3%
ING GL Equity Dividend (IGD) 12.3%
Pioneer High Income Trust (PHT) 11.7%
Eaton Vance Enhanced Equity Income Fund (EOI) 11.6%
BlackRock Enhanced Dividend Achievers Trust (BDJ) 10.9%
Western Asset High Income Opportunity Fund (HIO) 10.9%
Putnam Master Intermediate Income Trust (PIM) 10.3%
Provident Energy Trust* (PVX) 10.2%
Gabelli Gold, Natural Resources & Income (GGN) 10.0%
American Income Fund (MRF) 9.8%
Putnam Premier Income Trust (PPT) 9.8%
Van Kampen High Income Trust II (VLT) 9.8%
Western Asset Global Partners Income Fund (GDF) 9.8%
Penn West Energy Trust* (PWE) 9.6%
Pimco California Municipal Income Fund II (PCK) 9.6%
Western Asset Global High Income Fund (EHI) 9.5%
Nuveen Quality Preferred Income Fund 2 (JPS) 9.4%
Nuveen Quality Preferred Income Fund 3 (JHP) 9.3%
Nuveen Quality Preferred Income Fund (JTP) 9.2%
Pimco Corporate Income Fund (PCN) 9.1%
New America High Income Fund (HYB) 9.0%
Calamos Convertible & High Income (CHY) 8.9%
Eaton Vance Tax Advantaged Global Dividend Income Fund (ETG) 8.9%
Pimco New York Municipal Income Fund II (PNI) 8.9%
BlackRock Diversified Income Strategies (DVF) 8.8%
DWS High Income Trust (KHI) 8.8%
Enerplus Resources Fund* (ERF) 8.8%
ING Clarion Global Real Estate Income Fund IGR) 8.8%
Pimco California Municipal Income Fund III (PZC) 8.8%
MFS Intermediate Income Trust (MIN) 8.5%
Neuberger Berman Real Estate Securities (NRO) 8.5%
Nuveen Municipal High Income Opportunity Fund (NMZ) 8.4%
BlackRock Floating Rate Inc. Strat. Fund II (FRB) 8.2%
Pengrowth Energy Trust* (PGH) 8.2%
Eaton Vance Tax Advantaged Dividend Income Fund (EVT) 8.1%
BlackRock Preferred Income Strategies (PSY) 8.0%
Eaton Vance CRD Opportunities (EOE) 8.0%
Flaherty & Crumrine Preferred Income Opp. (PFO) 8.0%
Franklin Templeton Ltd. Duration Income Trust (FTF) 8.0%
Pimco Municipal Income Fund III PMX) 8.0%
Eaton Vance Municipal Income Trust EVN) 7.9%
Reaves Utility Income Fund (UTG) 7.9%
MFS Municipal Income Trust (MFM) 7.8%
American Strategic Income Portfolio III (CSP) 7.6%
BlackRock Senior High Income Fund (ARK) 7.6%
Eaton Vance Insured California Municipal Bond Fund II (EIA) 7.6%
Pimco Municipal Income Fund (PMF) 7.6%
Pioneer Municipal High Income Advantage Trust (MAV) 7.6%
Putnam High Income Securities Fund (PCF) 7.6%
BlackRock Investment Quality Municipal Trust (BKN) 7.5%
Van Kampen Advantage Municipal Income Trust II (VKI) 7.5%
Western Asset Worldwide Income Fund (SBW) 7.5%
BlackRock Municipal Income Trust (BFK) 7.4%
DWS Strategic Municipal Income Trust (KSM) 7.4%
Eaton Vance Michigan Municipal Income Trust (EMI) 7.4%
Federated Premier Municipal Income Fund (FMN) 7.4%
Pimco Municipal Income Fund II (PML) 7.4%
Pimco New York Municipal Income Fund III (PYN) 7.4%
Strategic Global Income Fund (SGL) 7.4%
Van Kampen California Value Municipal Income (VCV) 7.4%
BlackRock Enhanced Government Fund (EGF) 7.3%
Pimco California Municipal Income Fund (PCQ) 7.3%
Putnam Managed Municipal Income Trust (PMM) 7.3%
Putnam Municipal Opportunities Trust (PMO) 7.3%
Van Kampen Senior Income Trust (VVR) 7.3%
BlackRock Municipal Bond Trust (BBK) 7.2%
BlackRock Strategic Municipal Trust (BSD) 7.2%
DWS Municipal Income Trust (KTF) 7.2%
Eaton Vance Tax Adv Glob Div Opportunities Fund (ETO) 7.2%
MFS Multimarket Income Trust (MMT) 7.2%
Permian Basin Royalty Trust (PBT) 7.2%
Van Kampen Municipal Opportunity Trust (VMO) 7.2%
Van Kampen Trust for Investment Grade Municipals (VGM) 7.2%
BlackRock Municipal Income Trust II (BLE) 7.1%
Eaton Vance Insured Municipal Bond Fund (EIM) 7.1%
Eaton Vance Insured Municipal Bond Fund II (EIV) 7.1%
Pioneer Muncipal High Income Trust (MHI) 7.1%
BlackRock Floating Rate Inc. Strat. Fund (FRA) 7.0%
Federated Premier Intermediate Municipal Income Fund (FPT) 7.0%
Pimco Floating Rate Income Fund (PFL) 7.0%
Van Kampen Select Sector Municipal Trust (VKL) 7.0%
Western Asset Income Fund (PAI) 7.0%
American Municipal Income Portfolio (XAA) 6.9%
BlackRock California Municipal Income Trust (BFZ) 6.9%
BlackRock California Municipal Income Trust II (BCL) 6.9%
BlackRock Long Term Municipal Adv (BTA) 6.9%
Eaton Vance Floating-Rate Income (EFT) 6.9%
Nuveen California Dividend Advantage Municipal Fund 2 (NVX) 6.9%
Nuveen California Dividend Advantage Municipal Fund 3 (NZH) 6.9%
Nuveen Dividend Advantage Municipal Fund (NAD) 6.9%
Nuveen Senior Income Fund (NSL) 6.9%
Van Kampen Massachusetts Value Muni (VMV) 6.9%
Van Kampen Pennsylvania Value Municipal Income Trust (VPV) 6.9%
Blackrock Apex Municipal Fund (APX) 6.8%
BlackRock California Municipal Bond Trust (BZA) 6.8%
BlackRock New Jersey Municipal Income Trust (BNJ) 6.8%
BlackRock New York Municipal Income Trust (BNY) 6.8%
Eaton Vance California Municipal Income Trust (CEV) 6.8%
Eaton Vance Massachusetts Municipal Income (MMV) 6.8%
Eaton Vance New Jersey Municipal Income Trust (EVJ) 6.8%
MBIA Capital / Claymore Managed Duration Inv. Grade Muni Fund (MZF) 6.8%
MFS Charter Income Trust (MCR) 6.8%
Morgan Stanley Municipal Premium Income Trust (PIA) 6.8%
Nuveen California Investment Quality Municipal Fund (NQC) 6.8%
Nuveen Municipal Advantage Fund (NMA) 6.8%
Nuveen Premium Income Municipal Fund 4 (NPT) 6.8%
San Juan Basin Royalty Trust (SJT) 6.8%
Van Kampen Trust for Insured Municipals (VIM) 6.8%
Alliance California Municipal Income (AKP) 6.7%
Cross Timbers Royalty Trust (CRT) 6.7%
Dreyfus Strategic Municipals (LEO) 6.7%
Eaton Vance New York Municipal Income Trust (EVY) 6.7%
Eaton Vance Pennsylvania Municipal Income (EVP) 6.7%
Eaton Vance Senior Floating Rate Trust (EFR) 6.7%
MFS Government Markets Income Trust (MGF) 6.7%
Morgan Stanley Municipal Inc. Opp. Trust II (OIB) 6.7%
Morgan Stanley Municipal Inc. Opp. Trust III (OIC) 6.7%
Morgan Stanley Municipal Income Opportunities (OIA) 6.7%
Morgan Stanley Quality Municipal Income Trust (IQI) 6.7%
Nuveen California Municipal Market Opportunity Fund (NCO) 6.7%
Nuveen Dividend Advantage Municipal Fund 3 (NZF) 6.7%
Nuveen Floating Rate Income Opportunity Fund (JRO) 6.7%
Nuveen Municipal Market Opportunity Fund (NMO) 6.7%
Realty Income (O) 6.7%
Van Kampen Ohio Quality Municipal Trust (VOQ) 6.7%
Alliance National Municipal Income (AFB) 6.6%
Eaton Vance Insured California Municipal Bond Fund (EVM) 6.6%
Eaton Vance Insured Michigan Municipal Bond Fund (MIW) 6.6%
Inland Real Estate (IRC) 6.6%
Morgan Stanley Quality Municipal Investment Trust (IQT) 6.6%
Nuveen California Dividend Advantage Municipal Fund (NAC) 6.6%
Nuveen California Quality Income Municipal Fund (NUC) 6.6%
Nuveen California Select Quality Municipal Fund (NVC) 6.6%
Nuveen Dividend Advantage Municipal Fund 2 (NXZ) 6.6%
Nuveen Premium Income Municipal Fund 2 (NPM) 6.6%
Nuveen Premium Income Municipal Fund (NPI) 6.6%
BlackRock Income Opportunity Trust (BNA) 6.5%
BlackRock New York Municipal Income Trust II (BFY) 6.5%
Eaton Vance Insured Pennsylvania Municipal Bond Fund (EIP) 6.5%
Eaton Vance Ohio Municipal Income Trust (EVO) 6.5%
Nuveen California Performance Plus Municipal Fund (NCP) 6.5%
Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NVY) 6.5%
Nuveen Quality Income Municipal Fund (NQU) 6.5%
Nuveen Select Quality Municipal Fund (NQS) 6.5%
Pimco New York Municipal Income Fund (PNF) 6.5%
Van Kampen Trust for Investment Grade New York Municipals (VTN) 6.5%
Aberdeen Asia-Pacific Income Fund (FAX) 6.4%
Advent Claymore Convertible Secur. & Income (AVK) 6.4%
BlackRock Global Floating Rate Income (BGT) 6.4%
BlackRock New Jersey Municipal Bond Trust (BLJ) 6.4%
BlackRock New York Municipal Bond Trust (BQH) 6.4%
BlackRock Pennsylvania Strategic Municipal Trust Fund (BPS) 6.4%
Insured Municipal Income Fund (PIF) 6.4%
Minnesota Municipal Income Portfolio (MXA) 6.4%
Nuveen Investment Quality Municipal Fund (NQM) 6.4%
Nuveen Performance Plus Municipal Fund (NPP) 6.4%
Nuveen Premier Municipal Income Fund (NPF) 6.4%
Van Kampen Trust for Investment Grade New Jersey Munis (VTJ) 6.4%
Dreyfus Strategic Municipal Bond Fund (DSM) 6.3%
Eaton Vance Insured New York Municipal Bond Fund II (NYH) 6.3%
First American Minnesota Municipal Income Fund II (MXN) 6.3%
Investment Grade Municipal Income Fund (PPM) 6.3%
Nuveen Pennsylvania Premium Income Muni Fund 2 (NPY) 6.3%
BlackRock California Insured Municipal Income (BCK) 6.2%
Harvest Energy Trust* (HTE) 6.2%
Morgan Stanley Insured Municipal Trust (IMT) 6.2%
Nuveen California Premium Income Municipal Fund (NCU) 6.2%
Nuveen Insured Calif. Premium Income Muni Fund 2 (NCL) 6.2%
Nuveen Insured Premium Income Municipal Fund 2 (NPX) 6.2%
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM) 6.2%
Western Asset Municipal High Income Fund (MHF) 6.2%
BlackRock Insured Municipal Income Trust (BYM) 6.1%
Blackrock Muni Intermediate Duration Fund (MUI) 6.1%
BlackRock Municipal 2018 Term Trust (BPK) 6.1%
BlackRock New York Municipal 2018 Term Trust (BLH) 6.1%
Eaton Vance Insured New Jersey Municipal Bond Fund (EMJ) 6.1%
Energy (EGAS) 6.1%
Morgan Stanley California Quality Municipal Securities (IQC) 6.1%
Nuveen Insured Municipal Opportunity Fund (NIO) 6.1%
Nuveen Insured Quality Municipal Fund (NQI) 6.1%
Alliance New York Municipal Income (AYN) 6.0%
BlackRock Limited Duration Income (BLW) 6.0%
Gabelli Dividend & Income Trust (GDV) 6.0%
Morgan Stanley Insured Municipal Income Trust (IIM) 6.0%
Nuveen Insured California Tax Free Advantage Municipal Fund (NKX) 6.0%
Nuveen Michigan Premium Income Municipal Fund (NMP) 6.0%
Nuveen New York Dividend Advantage Municipal Fund (NAN) 6.0%
Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) 6.0%
Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ) 6.0%
Nuveen Premier Insured Municipal Income Fund (NIF) 6.0%
Precision Drilling* (PDS) 6.0%
Baytex Energy* (BTE) 5.9%
Dreyfus Municipal Income (DMF) 5.9%
Eaton Vance Insured Massachusetts Municipal Bond Fund (MAB) 5.9%
Eaton Vance Insured Ohio Municipal Bond Fund (EIO) 5.9%
Nuveen Floating Rate Income Fund (JFR) 5.9%
Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) 5.9%
Western Asset Municipal Partners Fund (MNP) 5.9%
BlackRock New York Insured Municipal Income (BSE) 5.8%
Eaton Vance Insured New York Municipal Bond Fund (ENX) 5.8%
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) 5.8%
Nuveen Insured Tax Free Advantage Municipal Fund (NEA) 5.8%
Nuveen Michigan Quality Income Municipal Fund (NUM) 5.8%
Nuveen New Jersey Investment Quality Municipal Fund (NQJ) 5.8%
Nuveen New York Performance Plus Municipal Fund (NNP) 5.8%
Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ) 5.8%
Advantage Energy Income Fund* (AAV) 5.7%
MFS Intermarket Income Trust 1 (CMK) 5.7%
Nuveen Insured Calif. Premium Income Muni Fund (NPC) 5.7%
Nuveen Insured Dividend Advantage Municipal Fund (NVG) 5.7%
Nuveen Maryland Dividend Advantage Municipal Fund 2 (NZR) 5.7%
Nuveen Maryland Dividend Advantage Municipal Fund 3 (NWI) 5.7%
Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ) 5.7%
Nuveen New Jersey Dividend Advantage Municipal Fund 2 (NUJ) 5.7%
Nuveen New York Investment Quality Municipal Fund (NQN) 5.7%
BlackRock California Municipal 2018 Term Trust (BJZ) 5.6%
BlackRock Muni New York Intermediate Duration Fund (MNE) 5.6%
Eaton Vance Senior Income Trust (EVF) 5.6%
Evergreen International Balanced Income (EBI) 5.6%
Neuberger Berman New York Intermediate Municipal Fund (NBO) 5.6%
Nuveen Michigan Dividend Advantage Municipal Fund (NZW) 5.6%
Nuveen New York Quality Income Municipal Fund (NUN) 5.6%
Nuveen New York Select Quality Municipal Fund (NVN) 5.6%
Nuveen Ohio Dividend Advantage Municipal Fund (NXI) 5.6%
Nuveen Ohio Quality Income Municipal Fund (NUO) 5.6%
Sabine Royalty Trust (SBR) 5.6%
Templeton Global Income Fund (GIM) 5.6%
BlackRock Preferred and Corporate Inc. Strat. (PSW) 5.5%
BlackRock Virginia Municipal Bond Trust (BHV) 5.5%
Morgan Stanley New York Quality Municipal Securities (IQN) 5.5%
Neuberger Berman Intermediate Municipal Fund (NBH) 5.5%
Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR) 5.5%
Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE) 5.5%
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) 5.5%
Nuveen New Jersey Premium Income Muni Fund (NNJ) 5.5%
Nuveen Texas Quality Income Municipal Fund (NTX) 5.5%
BlackRock Maryland Municipal Bond Trust (BZM) 5.4%
Neuberger Berman California Intermediate Municipal Fund (NBW) 5.4%
Nuveen Arizona Premium Income Municipal Fund (NAZ) 5.4%
Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG) 5.4%
Nuveen Maryland Premium Income Municipal Fund (NMY) 5.4%
Nuveen Massachusetts Premium Income Municipal Fund (NMT) 5.4%
Nuveen North Carolina Dividend Advantage Municipal Fund (NRB) 5.4%
Hugoton Royalty Trust (HGT) 5.3%
Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB) 5.3%
BlackRock Florida Municipal 2020 Term Trust (BFO) 5.2%
Morgan Stanley California Insured Muni (IIC) 5.2%
Nuveen Georgia Dividend Advantage Municipal Fund (NZX) 5.2%
Nuveen Insured New York Tax Free Advantage Municipal Fund (NRK) 5.2%
Nuveen North Carolina Dividend Advantage Municipal Fund 2 (NNO) 5.2%
BlackRock Municipal 2020 Term Trust (BKK) 5.1%
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ) 5.1%
Nuveen Georgia Premium Income Municipal Fund NPG) 5.1%
Nuveen Insured New York Premium Income Municipal Fund (NNF) 5.1%
Nuveen Maryland Dividend Advantage Municipal Fund (NFM) 5.1%
Nuveen Virginia Dividend Advantage Municipal Fund (NGB) 5.1%
Nuveen California Municipal Value Fund (NCA) 5.0%
Nuveen California Select Tax Free Portfolio (NXC) 5.0%
Nuveen Connecticut Premium Income Municipal Fund (NTC) 5.0%
Nuveen Municipal Income Fund (NMI) 5.0%
Nuveen North Carolina Premium Income Muni Fund (NNC) 5.0%
Western Asset Intermediate Muni Fund (SBI) 5.0%
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) 4.9%
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) 4.9%
Nuveen Missouri Premium Income Municipal Fund (NOM) 4.9%
Nuveen Select Tax Free Income Portfolio 2 (NXQ) 4.9%
Nuveen Select Tax-Free Income Portfolio (NXP) 4.9%
Nuveen Virginia Premium Income Municipal Fund (NPV) 4.9%
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) 4.8%
Aberdeen Global Income Fund (FCO) 4.7%
Delaware Investments Minnesota Municipal Income Fund II (VMM) 4.7%
DTF Tax-Free Income (DTF) 4.7%
Nuveen Insured Massachusetts Tax Free Advantage Muni Fund (NGX) 4.7%
Nuveen Municipal Value Fund (NUV) 4.7%
Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NII) 4.7%
Nuveen New York Municipal Value Fund (NNY) 4.5%
BlackRock Income Trust (BKT) 4.4%
Delaware Investments Colorado Insured Muni Income Fund (VCF) 4.4%
Nuveen New York Select Tax-Free Income Portfolio (NXN) 4.4%
Morgan Stanley Insured California Municipal Securities (ICS) 4.3%
Morgan Stanley Insured Municipal Securities (IMS) 4.3%
Nuveen Select Tax-Free Income Portfolio 3 (NXR) 4.3%
Delaware Investments Arizona Municipal Income Fund (VAZ) 4.2%
Nuveen Select Maturities Municipal Fund (NIM) 4.0%
BlackRock Insured Municipal Term Trust (BMT) 3.5%
First Trust/Four Corners Senior Fltg Rate (FCM) 3.5%
Calamos Convertible Opport. & Income (CHI) 3.4%

*Canadian company

At the time of publication, Fuld owned PWE.

Fred Fuld is the publisher of the stock and bond investing blog Stockerblog.com and the founder of WallStreetNewsNetwork.com. He has been in the financial services industry for more than 20 years, working as an investment advisor, options market maker at the Pacific Stock Exchange, vice president of a San Francisco money management fund and college faculty member. He is the author of the books Investing in Brazil Stocks and The Green Light on Green Stocks.