I consider last quarters 2/10th of a penny monthly dividend reduction a push and not a cut. I also think that the Fed won't raise interest rates before next quarters dividend reset for PFN. I do believe we will start to get a slight increase in next quarters reset (about 2/10th of a penny). Anyway, no more dividend cuts for PFN ever again. I think an invester in PFN should buy between 25% to 33% of ANH or CMO per dollar invested in PFN next week. They both hold mostly agency adjustable rate mortgages and yeild about %16 and %17. I don't like common stocks but consider these a bond fund, sort of. Thats my 2 cents. good luck and God bless.