Lately, many frustrated preferred investors have searched for an opportunity to cash in on the subprime crisis and move on. Responding directly to investor woes, several closed-end fund companies like Nuveen Investments and Eaton Vance have scrambled to offer investors a chance to redeem their auction-rate preferred securities.

Earlier this month, for instance, the Securities and Exchange Commission granted Eaton permission to provide a new auction-rate security known as Liquidity Protected Preferred Shares. Last Monday, Eaton Vance said that it plans to redeem about $310 million in auction-rate preferred securities for about 15 of its municipal funds.

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