In the past few years, I have been satisfied with the quality of the valuation services performed by Pluris, the level of audit support provided, and the competitive pricing of their service. I look forward to continuing to work with them.

Rajesh Madan
Cutera, Inc. (CUTR)

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.