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Risk-Managed Diversified Equity Income Fund

NAV ¹	02/05/2010 Quote 15.46 0.05
Market ²	02/05/2010 Quote 16.18 0.10
¹ Net Asset Value: without sales charge. ² Market Price.

Literature
Fact Sheet
Online prospectus currently unavailable
Annual Report
Semiannual Report
Notice and Proxy Statement
Fund Holdings (1st or 3rd fiscal quarters)
Fund Holdings as of 12/31/2009

Investment Objective and Policies

The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. Relative to other equity income funds, the Fund seeks to provide less volatile returns and reduced exposure to loss of value during stock market declines. In pursuing its investment objectives, the Fund will evaluate returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes.

General Data

Symbol	ETJ
CUSIP	27829G106
Fund Inception Date	7/31/2007
Performance Inception Date	7/31/2007
Portfolio Turnover Rate	100% for the fiscal year ending 12/31/2008

Performance

AVERAGE ANNUAL TOTAL RETURNS

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. The Fund’s performance at market market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for the Fund’s shares, or changes in Fund distributions. 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. Performance results reflect the effects of leverage resulting from the Fund’s issuance of Auction Preferred Shares.

For certain periods following the ex date of distributions paid by the Fund, returns may be calculated based on the lower of the net asset value or market price of the shares on the distribution pay date rather than the true distribution reinvestment price.

For the periods ended January 31, 2010


Returns at NAV¹	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+4.96%				+3.53%


Returns at Market²	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+4.58%				+5.42%

For the periods ended December 31, 2009


Returns at NAV¹	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+5.68%				+4.85%


Returns at Market²	1 Year	3 Year	5 Year	10 Year	Life of Fund
Return Before Taxes	+3.47%				+5.51%

Calendar Year Performance (Before Taxes)
	YTD 01/31/2010	2009	2008	07/31/2007 to 12/31/2009
NAV ¹	-2.74%	+5.68%	-1.17%	+4.85%
Market ²	+0.25%	+3.47%	+9.60%	+5.51%

During the year ended December 31, 2008, the fund elected to retain a portion of its realized long-term gains and pay the required federal corporate income tax on such amount. The total returns presented in the tables include the economic benefit to common shareholders of the tax credit or refund available to them, which equaled their pro rata share of the tax paid by the Fund. If this benefit were not included in their returns, the returns would have been:

Average Annual Total Returns as of 01/31/2010^*
	1 Year	Life of Fund
Returns at NAV¹	4.96%	2.10%
Returns at Market²	4.58%	3.97%
Average Annual Total Returns as of 12/31/2009^*
	1 Year	Life of Fund
Returns at NAV¹	5.68%	3.36%
Returns at Market²	3.47%	4.01%

Calendar Year Performance ^*
	YTD 01/31/2010	2009	7/31/2007 to 12/31/2009
NAV¹	n/a	5.68%	3.36%
Market²	n/a	3.47%	4.01%

¹ Net Asset Value   ² Market Price.
³ Includes all historical filings made with the Securities and Exchange Commission ("SEC") on behalf of a fund. Information found on the SEC
   web site is historical and may not represent current information about a fund. For search purposes, please note that closed-end funds are
   registered with the SEC pursuant to Form N-2 and not Form N-1A.

Performance inception date July 31, 2007.

Distribution History

Pay Date	Distribution
1/29/2010	$0.45
10/30/2009	$0.45
7/31/2009	$0.45
4/30/2009	$0.45
1/30/2009	$0.45

The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. For additional information please click on "19(a) Fund Distribution Notices". The Fund will determine the tax characteristics of all fund distributions after the end of the calendar year and will provide shareholders such information at that time.

Press Releases
1/29/2010	Eaton Vance Risk-Managed Diversified Equity Income Fund January 2010 Distribution
1/15/2010	Eaton Vance Closed-End Equity Funds Declare Quarterly Distributions
12/21/2009	Eaton Vance Risk-Managed Diversified Equity Income Fund Report of Earnings
12/14/2009	Eaton Vance Enhanced Equity Income Fund II Eaton Vance Risk-Managed Diversified Equity Income Fund Annual Meeting of Shareholders
10/30/2009	Eaton Vance Risk-Managed Diversified Equity Income Fund October 2009 Distribution
10/14/2009	Eaton Vance Closed-End Equity Funds Declare Quarterly Distributions
9/2/2009	Eaton Vance Risk-Managed Diversified Equity Income Fund Report of Earnings
7/31/2009	Eaton Vance Risk-Managed Diversified Equity Income Fund July 2009 Distribution
7/15/2009	Eaton Vance Closed-End Equity Funds Declare Quarterly Distributions
6/12/2009	Eaton Vance Risk-Managed Diversified Equity Income Fund Report of Earnings
4/30/2009	Eaton Vance Risk-Managed Diversified Equity Income Fund April 2009 Distribution
4/24/2009	Eaton Vance Enhanced Equity Income Fund II Eaton Vance Risk-Managed Diversified Equity Income Fund Annual Meeting of Shareholders
4/14/2009	Eaton Vance Closed-End Equity Funds Declare Quarterly Distributions
3/9/2009	Eaton Vance Risk-Managed Diversified Equity Income Fund Report of Earnings

Portfolio Management

Walter A. Row
(since 7/31/2007)

Untitled Document Vice President, Eaton Vance Management, Head of Structured Equity Portfolios

Experience in Financial Services Industry dating to 1981
Joined Eaton Vance in 1996
Director of Equity Research from 2000 - 2007
B.S. Yale University
M.B.A. Harvard Business School
CFA Charterholder

Michael A. Allison
(since 7/31/2007)

Untitled Document

Vice President, Eaton Vance Management

18 years' investment experience
Joined Eaton Vance in 2000
B.S.B.A. University of Denver
CFA Charterholder

Before investing in any Eaton Vance fund, prospective investors should consider carefully the fund's investment objective(s), risks, and charges and expenses. For open-end mutual funds, the fund's current prospectus contains this and other information about the Fund. To obtain a fund prospectus and the most recent annual and semiannual shareholder reports, contact your financial advisor or download a copy here. Read the prospectus carefully before you invest or send money. For closed-end funds, you should contact your financial advisor. To obtain the most recent annual and semi-annual shareholder report for a closed-end fund contact your financial advisor or download a copy here. Before purchasing any variable product, consider the objectives, risks, charges, and expenses associated with the underlying investment option(s) and those of the product itself. For a prospectus containing this and other information, contact your investment or insurance professional. Read the prospectus carefully before investing.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

Eaton Vance does not provide tax or legal advice. Prospective investors should consult with a tax or legal advisor before making any investment decision.

The information on this Web site is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase, securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

Publication details: 2010-02-05 11:33

Important Disclosure

Market price performance is shown before applicable commissions that a shareholder may encounter when purchasing or selling shares of the fund. All performance information is for common shares of the fund. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV. There is no assurance that the fund will achieve its investment objective. The fund is subject to investment risks, including possible loss of principal invested. This data is provided for information only and is not intended for trading purposes.