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Are periodic reports or communications prepared for the beneficial owners of unit investment trusts and limited partnerships that discuss past performance considered research reports under Regulation AC?

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Are periodic reports or communications prepared for the beneficial owners of unit investment trusts and limited partnerships that discuss past performance considered research reports under Regulation AC?

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No. Similar to Regulation AC’s treatment of backward-looking communications with investment company shareholders, periodic reports or communications with beneficial owners of unit investment trusts or limited partnerships that discuss past performance will not be considered research reports.

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