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    SEC Form 424B3 filed by Eaton Vance Risk-Managed Diversified Equity Income Fund

    3/8/24 11:49:24 AM ET
    $ETJ
    Finance Companies
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    Get the next $ETJ alert in real time by email
    424B3 1 etjprosupp.htm EATON VANCE RISK-MANAGED DIVERSIFIED EQUITY INCOME FUND SUPPLEMENT DTD 3-8-2024

     

     

    Filed pursuant to Rule 424(b)(3)
    File No. 333-260965

     

    EATON VANCE RISK-MANAGED DIVERSIFIED EQUITY INCOME FUND
    Supplement to
    Prospectus dated November 10, 2021

    The following replaces the Financial Highlights contained in the Prospectus:

    Selected data for a Common Share outstanding during the periods stated.

      Year Ended December 31,
      2023 2022 2021 2020 2019
    Net asset value – Beginning of year $ 7.990 $ 10.380 $ 10.080 $ 9.340 $ 8.950
    Income (Loss) From Operations          
    Net investment income(1) $ 0.021 $ 0.035 $ 0.045 $ 0.067 $ 0.066
    Net realized and unrealized gain (loss) 1.174 (1.555) 1.159 1.585 1.236
    Total income (loss) from operations $ 1.195 $ (1.520) $ 1.204 $ 1.652 $ 1.302
    Less Distributions          
    From net investment income $ (0.020) $ (0.033) $ (0.045) $ (0.080) $ (0.066)
    From net realized gain (0.624) (0.549) (0.181) (0.194) —
    Tax return of capital (0.051) (0.294) (0.686) (0.638) (0.846)
    Total distributions $ (0.695) $ (0.876) $ (0.912) $ (0.912) $ (0.912)
    Premium from common shares sold through shelf offering(1) — $ 0.006     $      0.008 — —
    Net asset value – End of year $ 8.490 $ 7.990 $ 10.380 $ 10.080 $ 9.340
    Market value – End of year $ 7.840 $ 7.500 $ 10.690 $ 10.370 $ 9.330
    Total Investment Return on Net Asset Value(2) 15.94% (14.93)% 12.35% 18.78% 15.18%
    Total Investment Return on Market Value(2) 14.05% (22.46)% 12.47% 22.33% 26.82%
    Ratios/Supplemental Data          
    Net assets, end of year (000’s omitted) $ 571,065 $ 537,472 $ 677,045 $ 643,771 $ 595,471
    Ratios (as a percentage of average daily net assets):          
    Expenses 1.13%(3) 1.12%(3) 1.10% 1.11% 1.11%
    Net investment income 0.25% 0.39% 0.44% 0.70% 0.71%
    Portfolio Turnover 73% 55% 41% 52% 57%

    (See related footnotes.)

     

     
     

     

     

      Year Ended December 31,
      2018 2017 2016 2015 2014
    Net asset value – Beginning of year $ 10.080 $ 9.980 $ 11.150 $ 12.060 $ 12.720
    Income (Loss) From Operations          
    Net investment income(1) $ 0.059 $ 0.078 $ 0.108 $ 0.197 $ 0.065
    Net realized and unrealized gain (loss) (0.277) 0.968 (0.162) 0.007 0.335
    Total income (loss) from operations $ (0.218) $ 1.046 $ (0.054) $ 0.204 $ 0.400
    Less Distributions          
    From net investment income $ (0.486) $ (0.946) $ (0.093) $ (1.116) $ (1.116)
    Tax return of capital (0.426) — (1.023) — —
    Total distributions $ (0.912) $ (0.946) $ (1.116) $ (1.116) $ (1.116)
    Anti-dilutive effect of share repurchase program(1) — — — $ 0.002 $ 0.056
    Net asset value – End of year $ 8.950 $ 10.080 $ 9.980 $ 11.150 $ 12.060
    Market value – End of year $ 8.120 $ 9.630 $ 8.960 $ 10.160 $ 10.660
    Total Investment Return on Net Asset Value(2) (2.13)% 11.66% 0.60% 2.76% 4.49%
    Total Investment Return on Market Value(2) (7.06)% 18.82% (0.88)% 5.93% 4.25%
    Ratios/Supplemental Data          
    Net assets, end of year (000’s omitted) $ 570,021 $ 641,923 $ 635,595 $ 710,166 $ 769,202
    Ratios (as a percentage of average daily net assets):          
    Expenses(4) 1.10% 1.10% 1.11% 1.10% 1.10%
    Net investment income 0.60% 0.78% 1.05% 1.68% 0.52%
    Portfolio Turnover 53% 87% 79% 77% 66%

    (1)Computed using average shares outstanding.
    (2)Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

    (3)Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022).
    (4)Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash balances, were discontinued by the custodian.

     

     

     

     

     

    March 8, 2024

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