| The Results During the year, nine stocks received an "A" grade for dividend safety. Not one of them cut its dividend. In fact, six of them raised their dividends. None of the eight stocks with "B" ratings or the eight stocks with "C" ratings decreased their dividends either. However, as we move to the lower grades, we start to see some cuts. Two of the nine stocks with "D" ratings reduced their dividends after we issued our grades, while six of the nine with "F" ratings did so. In fact, the average changes in the dividends during the year lined up exactly how you'd expect based on their ratings. One of the few stocks with an "F" rating that did not lower its dividend is one of the most commonly requested stocks for the Safety Net column: AGNC Investment Corp. (Nasdaq: AGNC). I reviewed AGNC twice in 2023 - once in January and again in July. In January, I actually said, "Investors can probably bank on the dividend this year as long as [net interest income] comes in near where it's expected." However, I warned that because of the company's track record of cutting the dividend when times get tough, there would be another reduction the next time NII turned lower. The theme was the same six months later. The company's NII was still fine in July, but its nine dividend cuts in 12 years remained a sure sign that another cut was coming at some point. Will it be in 2024? That depends... | 
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