Eaton Vance Risk-Managed Diversified Equity Income Fund Report of Earnings

BOSTON, March 5 /PRNewswire-FirstCall/ -- Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ), a diversified closed-end investment company, today announced the earnings of the Fund for the three months and year ended December 31, 2009.  The Fund's fiscal year ended on December 31, 2009.

For the three months ended December 31, 2009, the Fund had net investment income of $2,363,480 ($0.033 per common share). For the year ended December 31, 2009, the Fund had net investment income of $11,497,843 ($0.161 per common share).  In comparison, 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).

Net realized and unrealized gains for the three months ended December 31, 2009 were $25,230,691 ($0.334 per common share) and net realized and unrealized gains for the year ended December 31, 2009 were $51,979,935 ($0.709 per common share). In comparison, 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).

On December 31, 2009, net assets of the Fund were $1,183,153,706.  The net asset value per common share on December 31, 2009 was $16.41 based on 72,082,170 common shares outstanding.  In comparison, on December 31, 2008, net assets of the Fund were $1,227,476,690.  The net asset value per common share on December 31, 2008 was $17.34 based on 70,805,825 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 $161.6 billion in assets as of January 31, 2010, 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,
                                    2009         2008     2009       2008
                                    ----         ----     ----       ----
    Gross investment
     income                        $5,416       $6,072    $24,044    $25,115
    Operating expenses            ($3,052)     ($3,272)  ($12,546)  ($13,944)
                                  -------      -------   --------   --------
           Net investment income   $2,364       $2,800    $11,498    $11,171
    Net realized and
     unrealized gains
     (losses)on investments       $25,231     ($46,297)   $51,980   ($72,305)
                                  -------     --------    -------   --------
            Net increase 
             (decrease) in
             net assets
             from operations      $27,595     ($43,497)   $63,478   ($61,134)
                                  =======     ========    =======   ========
    
    Earnings per Share
     Outstanding
    ------------------
    Gross investment
     income                        $0.075       $0.086     $0.336     $0.357
    Operating expenses            ($0.042)     ($0.046)   ($0.175)   ($0.198)
                                  -------      -------    -------    -------
           Net investment income   $0.033       $0.040     $0.161     $0.159
    Net realized and
     unrealized gains
     (losses) on investments       $0.334      ($0.650)    $0.709    ($1.020)
                                   ------      -------     ------    -------
            Net increase 
             (decrease) in
             net assets
             from operations       $0.367      ($0.610)    $0.870    ($0.861)
                                   ======      =======     ======    =======
    
    
    Net Asset Value at December 31
     (Common Shares)
    ------------------
           Net assets                                  $1,183,154 $1,227,477
           Shares outstanding                              72,082     70,806
           Net asset value per share
            outstanding                                    $16.41     $17.34
    
    Market Value Summary 
     (Common Shares )
    ----------------
           Market price on NYSE at December 31             $16.66     $17.98
           High market price (year ended December 31)      $18.00     $19.38
           Low market price (year ended December 31)       $14.77     $13.21

SOURCE Eaton Vance Management

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