Unfortunately my forecast for a dividend reduction came true. The reality was however must worse than the forecast. Reality is a cut to .027 from .055. The problem with a cut like that is now AOD is not an income fund. The payout ratio does not begin to be competitive with other fixed income funds. AOD is not an income fund and it is not a growth fund. The way in which it is being manages provides no benefit or investment objective to its shareholders. The reduction was an attempt to stop the NAV decline and does not fix the basic problem that Alpine does not know what they are doing. Look for Alpine to consolidate AOD and one of the other closed end funds.