Their work has proved especially valuable in providing an appropriate level of support for the annual independent audit of the Fund.

George J. McVey, Jr.
Dynamis Advisors, LLC & IMVA, LLC

Closed-End Fund ARS

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Closed-end mutual funds issue Auction Rate Preferred Shares (also referred to as ARPS or auction preferred shares (APS)) to enhance returns for their common shareholders. Closed-end funds may be unable to refinance (and redeem their ARPS at par) with debt, if doing so would clearly disadvantage their common shareholders. In addition, leverage requirements may in some cases be stricter for debt financing than for preferred equity financing. Nevertheless, many closed-end funds announced plans, shortly after auctions began failing, to refinance and redeem their ARPS.