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It should not be assumed that an investment in the securities identified was or will be profitable or that the securities are held in client portfolios. The examples are provided for illustrative purposes only and should not be considered recommendations to buy or sell particular securities. Opinions represented are subject to change. A complete list of holdings and transactions for the previous twelve months is available upon request. Forward-looking statements are necessarily speculative in nature. It can be expected that some or all of the assumptions or beliefs underlying the forward-looking statements will not materialize or will vary significantly from actual results or outcomes.