Pluris has provided us with valuation services for several years now. They have always been very responsive to our requests and provided solid supporting data.

Susan M. Stein
Affirmative Insurance Holdings (NDQ: AFFM)

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.