BOSTON, March 9 /PRNewswire-FirstCall/ -- Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ), a closed-end investment company, today announced the earnings of the Fund for the three months ended December 31, 2008 and for the year ended December 31, 2008. The Fund's fiscal year ended on December 31, 2008.
For the three months ended December 31, 2008, the Fund had net investment income of $2,799,701 ($0.040 per common share). For the year ended December 31, 2008, the Fund had net investment income of $11,170,928 ($0.159 per common share). In comparison, for the three months ended December 31, 2007, the Fund had net investment income of $3,260,149 ($0.046 per common share). For the period from the start of business, July 31, 2007, to December 31, 2007, the Fund had net investment income of $7,264,785 ($0.106 per common share).
Net realized and unrealized losses for the three months ended December 31, 2008 were $46,296,931 ($0.650 per common share) and net realized and unrealized losses for the year ended December 31, 2008 were $72,304,941 ($1.020 per common share). In comparison, net realized and unrealized gains for the three months ended December 31, 2007 were $59,517,634 ($0.848 per common share) and net realized and unrealized gains for the period from the start of business, July 31, 2007, to December 31, 2007 were $88,911,427 ($1.265 per common share).
On December 31, 2008, net assets applicable to the common shares of the Fund were $1,227,476,690. The net asset value per share on December 31, 2008 was $17.34 based on 70,805,825 common shares outstanding. In comparison, on December 31, 2007, net assets applicable to common shares of the Fund were $1,404,098,578. The net asset value per common share on December 31, 2007 was $20.00 based on 70,205,000 common shares outstanding.
The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $121.9 billion in assets as of January 31, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
EATON VANCE RISK-MANAGED DIVERSIFIED EQUITY INCOME FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
-------------------------------------------
2008 2007 2008 2007 (1)
---- ---- ---- --------
Gross investment
income $6,072 $6,917 $25,115 $13,347
Operating
expenses ($3,272) ($3,656) ($13,944) ($6,082)
------- ------- -------- -------
Net investment
income $2,800 $3,261 $11,171 $7,265
Net realized and
unrealized gains
(losses)
on investments ($46,297) $59,518 ($72,305) $88,911
-------- ------- -------- -------
Net increase
(decrease) in
net assets
from
operations ($43,497) $62,779 ($61,134) $96,176
======== ======= ======== =======
Earnings per Share Outstanding
------------------------------
Gross investment
income $0.086 $0.099 $0.357 $0.195
Operating
expenses ($0.046) ($0.053) ($0.198) ($0.089)
------- ------- ------- -------
Net investment
income $0.040 $0.046 $0.159 $0.106
Net realized and
unrealized gains
(losses)
on investments ($0.650) $0.848 ($1.020) $1.265
------- ------ ------- ------
Net increase
(decrease) in
net assets
from
operations ($0.610) $0.894 ($0.861) $1.371
======= ====== ======= ======
Net Asset Value at December 31 (Common
Shares)
--------------------------------------
Net assets
(000) $1,227,477 $1,404,099
Shares
outstanding
(000) 70,806 70,205
Net asset
value per
share
outstanding $17.34 $20.00
Market Value Summary (Common Shares)
-------------------------------------
Market price
on NYSE at
December 31 $17.98 $18.70
High market
price (year
ended December
31) $19.38 $20.00
Low market
price (year
ended December
31) $13.21 $16.53
(1) For the period from the start of business, July 31, 2007, to December
31, 2007.
