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We investigate the spectral properties of the maximal operator associated with a differential expression with real-valued periodic coefficients , and where changes sign. It turns out that the non-real spectrum of is bounded, symmetric with respect to the real axis and consists of a finite number of analytic curves. The real spectrum is band-shaped and neither bounded from above nor from below. We characterize the finite spectral singularities of and prove that there is only a finite number of them. Finally, we provide a condition on the coefficients which ensures that is not a spectral singularity of .

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