Auction Preferred Stock

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Auction Preferred Stock

A preferred stock with an adjustable dividend that changes every seven weeks according to the results of a Dutch auction. Every preferred stock has a guaranteed dividend; an auction market preferred stock is distinguished by the fact that the amount of its dividends changes from time to time. An auction market preferred stock is beneficial for some investors because the auction reveals the current market yield every seven weeks, which helps in investment decisions on whether to buy, sell, or hold. It is also called an auction rate preferred stock or a Dutch auction preferred stock.
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NEW YORK -- Fitch Ratings affirms the ratings on the following ING Clarion Real Estate Income Fund auction preferred stocks.
Auction preferred stocks 2,800 shares series A, 'AAA';
ING Clarion Global Real Estate Income Fund's 4,000 shares Series A, 4,000 shares Series B, 4,000 shares Series C, 4,000 shares Series D, 6,200 shares Series T, 6,200 shares Series W auction preferred stocks are rated 'AAA' by Fitch Ratings.
ING Clarion Real Estate Income Fund's 4,200 shares Series W28 auction preferred stocks are rated 'AAA' by Fitch Ratings.