What income investor doesn't love the frequent payout and reliable cash flow that can come from owning monthly dividend stocks, trusts and other entities? The ability to offset predictable expenses such as mortgage payments and utility bills every month with income from dividends provides the ultimate convenience, timeliness and peace of mind.

And there are other advantages to owning monthly dividend stocks.

One plus: the accelerated compounding effect that results from more frequently reinvesting dividends over time. Over long periods, the incremental growth from monthly versus quarterly reinvesting can add up. Consider a stock purchased for $20 that yields 5%, pays quarterly dividends and grows the dividend 5% a year. Over the course of 20 years, the value of a 100-share investment would rise from $2,000 to $10,756 and produce 21.9% annual returns. That same investment, paying monthly dividends rather than quarterly, would rise in value to $11,015 over 20 years and generate 22.5% yearly returns.

Another factor is the signaling power of monthly payout, which advertises the safety of the dividend. What company would commit to monthly payments if it lacked confidence in its ability to maintain and/or raise the dividend over time?

Lastly, because of more frequent distributions, many monthly dividend stocks can be less volatile than their quarterly paying counterparts.

Here are 16 monthly dividend stocks, trusts and even funds that offer not just generous yields, but relatively safe, reliable income.

Apple Hospitality REIT

Apple Hospitality REIT (APLE, $17.53) is one of the hotel industry's largest owners of select-service and extended-stay hotels. Apple Hospitality invests in only two brands, Hilton (HLT) and Marriott (MAR), and is one of the top five owners of Hilton and Marriott hotels nationwide. The REIT owns 241 hotels in 34 states and focuses on top business traveler markets such as Los Angeles, San Diego, Atlanta, Nashville and Dallas.

The benefits of the REIT's strong brand affiliations include a majority of bookings sourced directly through brand channels, a global network, branded hotels that consumers recognize and trust, and strong loyalty programs.

During the first six months of 2018, Apple acquired hotels in Atlanta and Phoenix for $137 million