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

BOSTON, June 18, 2012 /PRNewswire/ -- Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ), a diversified closed-end management investment company, today announced the earnings of the Fund for the three months ended March 31, 2012. The Fund's fiscal year ends on December 31, 2012.

For the three months ended March 31, 2012, the Fund had net investment income of $2,224,855 ($0.030 per common share). In comparison, for the three months ended March 31, 2011, the Fund had net investment income of $895,786 ($0.012 per common share).

Net realized and unrealized gains for the three months ended March 31, 2012 were $13,359,988 ($0.183 per common share). In comparison, net realized and unrealized gains for the three months ended March 31, 2011 were $7,316,291 ($0.100 per common share).

On March 31, 2012, net assets of the Fund were $914,500,222. The net asset value per common share on March 31, 2012 was $12.53 based on 72,958,783 common shares outstanding. In comparison, on March 31, 2011, net assets of the Fund were $1,040,883,915. The net asset value per common share on March 31, 2011 was $14.27 based on 72,958,783 common shares outstanding.

The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter -end.

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 $197.5 billion in assets as of April 30, 2012, offering individuals and institutions a broad array of investment strategies 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
		March 31,
		2012	2011
Gross investment income		$ 4,692	$ 3,673
Operating expenses		(2,467)	(2,777)
	Net investment income	$ 2,225	$ 896
Net realized and unrealized gains (losses) on investments		$ 13,360	$ 7,316
	Net increase (decrease) in net assets from operations	$ 15,585	$ 8,212


Earnings per Common Share Outstanding
Gross investment income		$ 0.064	$ 0.050
Operating expenses		(0.034)	(0.038)
	Net investment income	$ 0.030	$ 0.012
Net realized and unrealized gains (losses) on investments		$ 0.183	$ 0.100
	Net increase (decrease) in net assets from operations	$ 0.213	$ 0.112


Net Asset Value at March 31 (Common Shares)
	Net assets	$ 914,500	$ 1,040,884
	Shares outstanding	72,959	72,959
	Net asset value per share outstanding	$ 12.53	$ 14.27

Market Value Summary (Common Shares)
	Market price on NYSE at March 31	$ 10.59	$ 12.82
	High market price (period ended March 31)	$ 10.75	$ 13.46
	Low market price (period ended March 31)	$ 10.53	$ 12.39