I've worked with Pluris on local estate and gift tax appraisal matters several times now, and I could not be happier with their service.

Victoria Kaempf
Lakin Spears, LLP

Closed-End Fund ARS

Print

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.