Oil and gas limited partnerships are paying out notably high dividends. Legacy Reserves (ticker: LGCY), which yields 8.2%, and Atlas Energy Resources (ATN), which yields 6.3%, are two favorites of Wayne Nordberg, chairman of investment manager Hollow Brook Associates. "They're smaller, well positioned and are in the early stage of development," he says.

Oil and gas limited partnerships are paying out notably high dividends. Legacy Reserves (ticker: LGCY), which yields 8.2%, and Atlas Energy Resources (ATN), which yields 6.3%, are two favorites of Wayne Nordberg, chairman of investment manager Hollow Brook Associates. "They're smaller, well positioned and are in the early stage of development," he says.

Some of the small regional telephone companies might not be glamorous, but they're generating nice cash flows. Citizen Communications (CZN) offers investors an 8.9% yield while Qwest Communications (Q) has a 7.9% yield. Of course, competition from cable companies and wireless providers is the threat that can't be ignored in this sector.

Some of the small regional telephone companies might not be glamorous, but they're generating nice cash flows. Citizen Communications (CZN) offers investors an 8.9% yield while Qwest Communications (Q) has a 7.9% yield. Of course, competition from cable companies and wireless providers is the threat that can't be ignored in this sector.

Everyone hates the drug companies, because their drugs have lost patent protection and few new offerings have filled the void. But some still throw off good cash flow, and buying them is a bet that their research crews will eventually hit gold. Among the highest yields: Pfizer (PFE), at 7.2%, and Bristol-Myers Squibb (BMY), at 6.1%.

Everyone hates the drug companies, because their drugs have lost patent protection and few new offerings have filled the void. But some still throw off good cash flow, and buying them is a bet that their research crews will eventually hit gold. Among the highest yields: Pfizer (PFE), at 7.2%, and Bristol-Myers Squibb (BMY), at 6.1%.

Annaly does have leverage of 8-to-1, so if Wall Street decides not to lend to it anymore, the company will run into problems. (Carlyle's leverage was north of 30-to-1.) Likewise, if short-term interest rates rise and long-term rates fall, the company's income will fall and the dividend will get cut. But given the current economic environment, Annaly's 13.9% dividend yield is a good bet.