Risk-Managed Diversified Equity Income Fund (ETJ)

Overview

Historical Returns (%) as of Mar 31, 2024

03/31/2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	1.91	10.52	10.52	22.30	5.70	9.16	7.00
Market Price	0.93	8.75	8.75	14.47	0.58	7.64	7.03
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative. The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

Distribution Rates^1,2

04/22/2024
	as of Apr 22, 2024
Distribution Rate at NAV	8.85%
Distribution Rate at Market Price	9.41%

Fund Facts as of Mar 31, 2024

03/31/2024
Performance Inception	07/31/2007
Investment Objective	Current income and gains
Total Net Assets	$618.3M
CUSIP	27829G106

Expense Ratios (%)

01/31/2024
as of Annual Report dated 12/31/2023
Management Fees	1.00
Other Expenses	0.13
Total Expenses	1.13

Portfolio Management

12/12/2023
Charles Gaffney			Managed Fund since 2023
Douglas R. Rogers, CFA, CMT			Managed Fund since 2023

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.

Performance

Historical Returns (%) as of Mar 31, 2024

03/31/2024

					Annualized
	1 Mo.	3 Mos.	YTD	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
Fund at NAV	1.91	10.52	10.52	22.30	5.70	9.16	7.00
Market Price	0.93	8.75	8.75	14.47	0.58	7.64	7.03
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than or equal to one year is cumulative. The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. Click here for more information.

Calendar Year Returns (%)

12/31/2023
	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Fund at NAV	4.49	2.76	0.60	11.66	-2.13	15.18	18.78	12.35	-14.93	15.94
Market Price	4.25	5.93	-0.88	18.82	-7.06	26.82	22.33	12.47	-22.46	14.05

Fund Facts

03/31/2024
Performance Inception	07/31/2007

Distribution Rates^1,2

04/22/2024
	as of Apr 22, 2024
Distribution Rate at NAV	8.85%
Distribution Rate at Market Price	9.41%

Distribution History^3,4

04/22/2024
Ex-Date	Distribution	Reinvest Price
Apr 22, 2024	$0.06510
Mar 20, 2024	$0.05790
Feb 21, 2024	$0.05790
Jan 22, 2024	$0.05790
Dec 21, 2023	$0.05790
Nov 21, 2023	$0.05790
Oct 20, 2023	$0.05790
Sep 21, 2023	$0.05790
Aug 21, 2023	$0.05790
Jul 21, 2023	$0.05790
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Distributions ($)Distributions (%)
Distributions ($)	as of Dec 31, 2023
	Ordinary Dividends
	Non-Qualified	Qualified	Total	Capital Gain Distributions	Nondividend Distributions	Total Distributions
2023	$0.00	$0.02	$0.02	$0.62	$0.05	$0.69
2022	$0.00	$0.03	$0.03	$0.55	$0.29	$0.88
2021	$0.00	$0.04	$0.04	$0.09	$0.78	$0.91
2020	$0.00	$0.08	$0.08	$0.19	$0.64	$0.91
2019	$0.00	$0.07	$0.07	$0.00	$0.85	$0.91
2018	$0.33	$0.15	$0.48	$0.00	$0.43	$0.91
2017	$0.77	$0.18	$0.95	$0.00	$0.00	$0.95
2016	$0.00	$0.09	$0.09	$0.00	$1.03	$1.12
2015	$0.81	$0.31	$1.12	$0.00	$0.00	$1.12
2014	$0.93	$0.19	$1.12	$0.00	$0.00	$1.12
2013	$0.00	$0.10	$0.10	$0.00	$1.02	$1.12
2012	$0.00	$0.13	$0.13	$0.00	$1.03	$1.16
2011	$0.00	$0.08	$0.08	$0.00	$1.20	$1.28
2010	$0.00	$0.11	$0.11	$0.00	$1.69	$1.80
2009	$0.00	$0.16	$0.16	$0.01	$1.63	$1.80
2008	$0.17	$0.31	$0.48	$1.32	$0.00	$1.80
2007	$0.04	$0.15	$0.19	$0.26	$0.00	$0.45
Distributions (%)	as of Dec 31, 2023
2023	0.00%	2.95%	2.95%	89.77%	7.28%	100.00%
2022	0.00%	3.78%	3.78%	62.68%	33.55%	100.00%
2021	0.00%	4.87%	4.87%	10.10%	85.03%	100.00%
2020	0.00%	8.82%	8.82%	21.27%	69.92%	100.00%
2019	0.00%	7.19%	7.19%	0.00%	92.81%	100.00%
2018	36.53%	16.74%	53.27%	0.00%	46.73%	100.00%
2017	81.48%	18.52%	100.00%	0.00%	0.00%	100.00%
2016	0.00%	8.33%	8.33%	0.00%	91.67%	100.00%
2015	72.23%	27.77%	100.00%	0.00%	0.00%	100.00%
2014	82.92%	17.08%	100.00%	0.00%	0.00%	100.00%
2013	0.00%	8.76%	8.76%	0.00%	91.24%	100.00%
2012	0.00%	11.16%	11.16%	0.00%	88.84%	100.00%
2011	0.00%	5.97%	5.97%	0.00%	94.03%	100.00%
2010	0.00%	6.25%	6.25%	0.00%	93.75%	100.00%
2009	0.00%	8.80%	8.80%	0.47%	90.73%	100.00%
2008	9.33%	17.06%	26.39%	73.61%	0.00%	100.00%
2007	8.60%	33.65%	42.25%	57.75%	0.00%	100.00%

1. Distribution Rate at NAV and Market Price is calculated by dividing the last distribution paid per share (annualized) by NAV or market price, respectively. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income."
2. The Fund has adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and non-dividend distributions, also known as return of capital.
3. See “Tax Character of Distributions”. For information about any distributions in the current year estimated to include non-dividend distributions or capital gains, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a).
4. The Fund has adopted a policy to pay common shareholders a stable monthly distribution. In an effort to maintain a stable distribution amount, the Fund may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. A nondividend or return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares, which can cause the Fund's NAV to erode. There is no assurance that the Fund will always be able to pay distributions of a particular size.

Portfolio

Fund Holdings (%)^5,6 as of Feb 29, 2024

02/29/2024
Holding	% of Net Assets
Microsoft Corp	8.71%
Apple Inc	6.31%
Amazon.com Inc	5.48%
NVIDIA Corp	5.43%
Alphabet Inc - CL C	3.65%
Meta Platforms Inc	3.17%
AbbVie Inc	2.85%
Eli Lilly & Co	2.64%
Visa Inc	2.57%
Walmart Inc	2.29%
View All

Management

Charles Gaffney

Managing Director, Portfolio Manager

Biography

Charlie is a managing director of Morgan Stanley and a portfolio manager on the Eaton Vance Core/Growth team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of Eaton Vance U.S. core equity strategies. He is a member of the Eaton Vance Equity Strategy Committee. He is also a vice president and portfolio manager for Calvert Research and Management. He joined Eaton Vance in 2003. Morgan Stanley acquired Eaton Vance in March 2021.

Charlie began his career in the investment management industry in 1996. Before joining Eaton Vance, he was a sector portfolio manager with Brown Brothers Harriman and a senior equity analyst with Morgan Stanley Dean Witter.

Charlie earned a B.A. from Bowdoin College and an MBA from Fordham University.

Education

B.A. Bowdoin College
M.B.A. Graduate School of Business, Fordham University

Experience

Managed Fund since 2023

Other funds managed

Douglas R. Rogers, CFA, CMT

Executive Director, Portfolio Manager
Joined Eaton Vance 2001

Biography

Doug is an executive director of Morgan Stanley and a portfolio manager on the Eaton Vance Core/Growth team. He is responsible for buy and sell decisions, portfolio construction and risk management for Eaton Vance growth equity strategies. In addition, he covers the information technology and communication services sectors. He joined Eaton Vance in 2001. Morgan Stanley acquired Eaton Vance in March 2021.

Doug served as a nuclear submarine officer in the United States Navy prior to beginning his career in the investment management industry in 1999. Before joining Eaton Vance, he was a research analyst with Endeca Technologies Inc.

Doug earned a B.S. from the United States Naval Academy and an MBA from Harvard Business School. He holds the Chartered Market Technician (CMT®) designation and is a CFA charterholder.