Shares of Eaton Vance Senior Floating-Rate Fund of Beneficial Interest (NYSE:EFR) traded today at $13.72, eclipsing its 52-week high. Approximately 84,000 shares have changed hands today, as compared to an average 30-day volume of 109,000 shares.
Over the past year, Eaton Vance Senior Floating-Rate Fund of Beneficial Interest has traded in a range of $7.20 to $13.72 and is now at $13.68, 90% above that low.
Eaton Vance Senior Floating-Rate Fund of Beneficial Interest has overhead space with shares priced $13.68, or 3.5% below the average consensus analyst price target of $14.17.
The investment objective is to provide a high level of current income, with a secondary objective of capital preservation. Under normal market conditions, a duration of less than one year is expected. It pursues its objectives by investing primarily in Senior Loans. Senior Loans are made to corporations, partnerships and other business entities which operate in various industries and geographical regions. Senior Loans pay interest at rates that are re-determined periodically by a reference to a base lending rate, primarily the LIBOR, plus a premium. At least 80% of its total assets will be invested in Senior Loans. Up to 20% of its total assets may be invested in loan securities, other income-producing securities and warrants and equity securities. The bonds may be below investment grade quality by judged to be of comparable quality. The Fund is authorized to invest in foreign loans denominated in euros, British pounds, Swiss francs and Canadian dollar.
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