Other types of ARS covered by Pluris include auction rate tranches of CDOs and XXX ARS. Regulation XXX ARS were issued by trusts created by special purpose captive insurance companies. They are typically collateralized with Surplus Notes issued by these Special Purpose Vehicles (“SPV”). These SPVs are generally wholly owned by a parent insurance company and serve as reinsurance vehicles for the parent insurance companies. Holders are repaid from cash flows either directly from coupon payments from the deposited Surplus Notes or from certain investments in highly rated liquid sanctioned short term investments.