The gridlock in the auction rate security market is getting more attention Tuesday morning. This time the focus is on when "preferred" investors are not so "preferred." The WSJ FundTrack. Reporter Shefali Anand explores the phenomenon of "preferred" share holders coming second when it comes to redeeming auction rate shares. Anand uses Pimco's latest move of making preferred share holders wait to cash in on auction rate shares because it would hurt the funds' common shareholders. Vanguard's decision to replace the managers on two of its funds yesterday was also covered in the Fund Track. 

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