Important: Auction Rate Securities (ARS) are debt or preferred securities with interest or dividend rates that are reset periodically by auction. Although there may be daily, weekly and monthly resets, there is no guarantee that there will be liquidity. If there are not enough bids at an auction to redeem the securities available for sale, the auction may fail and there can be no assurance that a secondary market will develop or that the security will trade at par or at any other price reflected in statements. Accordingly, investors should not rely on pricing information that appears in their statements with respect to ARS.
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