The recent no-action letter, issued jointly by the staff of the Division of Investment Management (“IM”) and the Division of Corporate Finance (“Corp Fin”) of the Securities and Exchange Commission (the “Commission”) to Eaton Vance Management (pub. avail. June 13, 2008) (the “Eaton Vance Letter”), represents another step down the circuitous path that eventually leads to money market funds acquiring preferred stock issued by closed-end funds. The Eaton Vance Letter introduces a new type of closed-end preferred stock that it calls “Liquidity Protected Preferred” (“LPP”).

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