Hoist your groceries up into a tree and get out the bear mace. We’re going hunting for bargains in this downtrodden market. And one of the best ways to fortify a portfolio during any bear market is with the best high-yield dividend paying stocks.

The higher the yield, the better. And stocks that pay dividends on a monthly rather than quarterly or yearly basis is also preferred. While share prices might be deflating across the board, investors can still reap benefits from stocks that payout a hefty dividend every 30 days. For investors who are retired, monthly dividend stocks can provide a regular and predictable source of income. Reinvested dividends are a great way to pad and grow a portfolio over time.

With all this in mind, consider the following three high-yield monthly dividend stocks to buy in July that will help to strengthen your investment portfolio regardless of the prevailing market conditions.

Best High-Yield Monthly Dividend Stocks: Pembina Pipeline

Based in Calgary, Alberta, Pembina Pipeline (NYSE:PBA) specializes in the transportation and storage of crude oil from Canada’s massive northern oil sands reserves down to the Gulf of Mexico in the U.S. The company, whose stock is up 15% to $35 a share this year amid the current boom in prices for crude oil and natural gas, has a long history of paying hefty monthly dividends to shareholders. With a dividend yield of nearly 5.5%, Pembina Pipeline far outpaces the average dividend yield of 1.3% among the companies in the S&P 500 index.

Pembina has steadily raised its dividend yield as it has grown and expanded its business. The oil company is also moving to lessen its carbon emissions and is a big investor in new technologies to try and clean-up Canada’s oil sands region. Plus, Pembina Pipeline is involved in logistics, operates a propane export terminal, and is planning to get into liquified natural gas (LNG) and carbon–sequestration. PBA stock would be a great addition to any portfolio, but can provide regular income to investors in retirement.

Horizon Technology Finance (HRZN)

For a truly massive dividend, look to Horizon Technology Finance (NASDAQ:HRZN). The company offers loans to venture capital-backed businesses in high-growth industries, primarily technology, life sciences and renewable energy. And it pays a dividend that currently yields 10%, dwarfing the average dividend yield of 1.5% among companies listed in the technology-laden Nasdaq composite.

If its gargantuan dividend isn’t enough, Horizon Technology also has a stock repurchase program, with plans to buyback nearly $ 7 million of its own shares. And while its business of lending money to start-ups can be viewed as risky, more than 90% of the loans made by Horizon Technology are considered to have a standard level of credit risk.

Unfortunately, HRZN stock is down 24% this year and has been pulled lower due to its exposure to technology and other volatile sectors. But there’s no arguing with the company’s dividend yield.

Best High-Yield Monthly Dividend Stocks: Sabine Royalty Trust (SBR)

Not to be outdone is Sabine Royalty Trust (NYSE:SBR). Based in Dallas, Sabine holds royalty and mineral rights in several U.S. oil and gas properties. And with prices of crude oil hovering around $110 a barrel, SBR stock has been surging. The company’s share price is up 51% year to date and has gained 63% over the past 12 months. That’s way ahead of the performance of both the S&P 500 and Nasdaq indices, which are in the red.

While the performance of SBR stock is enough to make people sit up and take notice, the company’s dividend yield of 9.5% is another eye catching feature of this stock. With its share price ratcheting higher in recent months, Sabine Royalty has made sure to reward its shareholders, announcing in April that it is raising its monthly dividend payment by 56.3% to 73 cents a share. The dividend plus the share price appreciation make Sabine Royalty hard to ignore.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.