"Floating rate securities are very timely, given the current interest rate environment; I'd like to increase my weighting in these securities now and Pioneer Floating Rate Trust (PHD) is the best way to accomplish that now," says income expert Amy Calistri.

The editor of The Daily Paycheck explains, "The closed-end fund is trading at a reasonable premium to its average. PHD is currently trading at a premium of 0.31% compared to its 52-week average of 1.67%.

"All floating rate funds were forced to trim their dividends as interest rates fell. PHD's last dividend cut was in May 2010, which was a little later in the interest cycle than the dividend actions taken by other funds.

"TAL International (TAL) is one of the worlds largest lessor of containers; its annual dividend of $1.60 provides a current yield of 5.3%," says income specialist Amy Calistri.

The editor of The Daily Paycheck explains, "In today's global economy, roughly 90% of non-bulk cargo is transported by container ships. Interestingly enough, most shipping lines don't own the actual containers; they lease them.

"This wasn't necessarily the type of stock you wanted to be in when the global economy ground to a halt. But as the world's economies and trade improve, this is one company that benefits first.

This post is one in a series in which more than 60 newsletter advisors share their Top Stock Picks for 2011. This special report is courtesy of TheStockAdvisors.com.

"With fewer people tapping the housing market, apartments are filling up fast. That's one big reason I like Equity Residential (EQR) for 2011," says income specialist Amy Calisti.

The editor of The Daily Paycheck explains, "Equity Residential is an S&P 500 company and the largest real estate investment trust (REIT) of its kind.

"I think that floating and variable rate securities will do well in the coming year and it's time to prepare," says income specialist Amy Calistri.

The editor of The Daily Paycheck explains, "As such, in my research I was happy to find Blackrock Floating Rate Income Trust (BGT), a closed-end fund yielding 5.7%, in my research.

"Many floating rate funds concentrated in the financial sector. Fortunately, BlackRock Floating Rate Income Trust is not.

"Global takeovers have totaled $1.29 trillion so far this year, up +23% from the same time last year. That's great news for funds that profit from Wall Street's deal making," says income specialist Amy Calistri.

The editor of The Daily Paycheck explains, "The Gabelli Global Deal Fund (GDL) is a closed-end fund that invests in securities of companies involved in announced mergers, takeovers and leveraged buyouts. And the fund offers a rich 9.0% yield.

"During the recession, smart companies battened down the hatches, cut costs and paid down debt. As a result, their balance sheets are healthy. Overall, $3 trillion of cash is sitting on company balance sheets.

"We've all read stories about the states' budget woes. In the wake of falling tax revenues, brought on by the decline in the housing market and the recession, U.S. states are tightening their belts; so why would I invest in state municipal bonds?" asks income specialist Amy Calistri.

The editor of The Daily Paycheck explains, "Here's the reasoning behind our recommendation for PIMCO Municipal Income (PMF).

"In the wake of falling tax revenues, brought on by the decline in the housing market and the recession, U.S. states are tightening their belts. Some states, such as California, are facing sizable budget challenges.

"The Gabelli Global Multimedia Trust (GGT) has been around since 1994; the closed-end fund invests in traditional global telecommunications, media and entertainment industries -- along with newer interactive media products and services," notes income expert Amy Calistri.

The editor of The Daily Paycheck explains, "Since its inception, the fund has returned an average of +5.85% per year. But there are two reasons to believe GGT will do even better than that in the foreseeable future.

"As an income investor, it's difficult to find solid investments that can protect you from interest rate risk; but JPMorgan Chase Fixed-to-Floating Rate Securities (JPM-Z), which offer a 7.6% variable yield, look like a good candidate," says income expert Amy Calistri.

The editor of The Daily Paycheck explain, "Interest rates are at their lowest levels in history. And for the foreseeable future, the U.S. Federal Reserve is going to keep it that way.

"Until an economic recovery is well in hand, the Fed is going to err on the side of caution and low interest rates. And that's good for existing fixed income securities.

"When it comes to bond managers, you won't find better than Bill Gross, founder and Managing Director of Pacific Investment Management Company (PIMCO)," asserts Amy Calistri.

The editor of The Daily Paycheck explains, "Gross is considered the world's foremost fixed income authority. And when you own the PIMCO Corporate Income Fund (PCN), you tap into his expertise and enviable track record.

She continues, "Since its inception in December 2001, the fund has enjoyed an average annual return of +11.3%. And Gross doesn't generate those returns by holding high-risk junk bonds. The fund's portfolio has an investment-grade credit quality.

"There is an asset class that allows investors to buy individual bonds as cheaply as individual stocks; exchange-traded debt securities trade on major U.S. exchanges with tickers, and trade just like stocks," says Amy Calistri.

The editor of The Daily Paycheck -- newsletter service focuses on developing and maintaining an income-generating portfolio -- explains, "There are dozens of exchange-traded debt securities available.

"Specifically, I've been keeping an eye on Ford Motor Credit 7.60% Notes (FCJ). an exchange-traded debt securit, with an annual dividend of $1.90, providing a current yield of 7.9%.

"As background, Ford Motor Company (F) was the only one of the "Big Three" automobile manufacturers that didn't take a government handout.

"While certainly challenged during the economic downturn, Ford benefited from the relative weakness of its peers. Consumers preferred buying from Ford rather than a rival headed for bankruptcy court.

"With the recent run-up in the market, quality double-digit yield opportunities are few and far between. So I was pleasantly surprised when I came across Evergreen Global Dividend Opportunities (EOD)," says Amy Calistri, an income advisor who focuses building and maintaining a monthly dividend portfolio.

In her The Daily Paycheck, she explains, "I'd been looking for a solid income producer more heavily slanted toward equities. Bill Gross, PIMCO founder and recognized bond expert, believes stocks may outperform bonds in the foreseeable future. I'm inclined to agree with him.

For a stellar yield of 8.8%, superb track record and a healthy exposure to sovereign debt, it's hard to beat the AllianceBernstein Global High Income Fund (AWF)," says income expert Amy Calistri.

The editor of The Daily Paycheck -- an advisory that monitors an ongoing $250,000 portfolio of yield-oriented stocks, the advisor explains, "And when it comes to income, AWF is as steady as they get, having spewed out monthly paychecks for nearly 17 years. Since its 1993 inception, this closed-end fund has delivered an average annual return of +12.0%."

This post is part of a special report, Top Picks for 2010, the 27th annual survey in which TheStockAdvisors.com asks the nation's leading advisors for their single favorite stock for the new year. See all 80 stocks listed here.

For her top pick for 2010, income specialist Amy Calistri looks to Kinder Morgan Energy Partners (KMP).

The editor of The Daily Paycheck explains, "I always look for the gift that keeps on giving; that's how I view this master limited partnership, which produces a steady stream of income each and every quarter."