Closed-End Funds | Q2 2022

Eaton Vance

Risk-Managed Diversified Equity Income Fund

Objective

The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation.

Portfolio Facts1 

Symbol

ETJ

Inception Date

07/31/2007

Price at NAV

$8.25

Market Price

$8.38

Premium/Discount

1.58%

Portfolio Overview2 

Total Net Assets

$553.36M

Number of Equity Holdings

65

Call Options Written

% of Stock Portfolio

96%

Average Days to Expiration

14 Days

% Out of the Money

6.9%

Put Options Purchased

% of Stock Portfolio

98%

Average Days to Expiration

14 Days

% Out of the Money

4.0%

Fund Highlights

  • The Fund invests in a diversified portfolio of common stocks and purchases out-of-the-money,short-dated S&P 500® index put options and sells out-of-the-money S&P 500® Index call options of the same term as the put options with roll dates that are staggered across the options portfolio. The Fund evaluates returns on an after tax basis and seeks to minimize and defer federal income taxes incurred by shareholders in connection with their investment in the Fund.
  • The Fund pays monthly distributions to shareholders pursuant to a managed distribu- tion plan*.
  • NYSE listing provides daily liquidity.

Market Price and NAV History

$20

At NAV

15

At Market Price

10

5

7/12

5/14

5/16

5/18

5/20

6/22

% Average Annual Returns (as of 06/30/2022)

Q2

YTD

1 Year

3 Years

5 Years

10 Years

Fund at NAV

-10.86

-16.47

-13.03

5.13

5.81

6.30

Fund at Market Price

-12.94

-17.61

-20.17

5.72

7.57

8.32

Distribution History (Last 6 Distributions)*

Ex Date

Distribution Per Share

06/22/22

$0.07600

05/23/22

$0.07600

04/21/22

$0.07600

03/23/22

$0.07600

02/17/22

$0.07600

01/21/22

$0.07600

Distribution Rates*3 

Distribution Rate at NAV

11.05%

Distribution Rate at Market Price

10.88%

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. Performance less than or equal to one year is cumulative. For performance as of the most recent month-end, please refer to eatonvance.com.

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

2 Portfolio Overview is presented as of total net assets. Portfolio profile subject to change due to active management. % of Stock Portfolio with call options written is based on the notional value of the options. A call option is in-the-money if the strike price is below the price of the security/index and out-of-the- money if the strike price is above the security/index. A put option is out-of-the-money if the price of the underlying security is above the strike price.

3 The Distribution Rate is based on the Fund's last regular distribution per share (annualized) divided by the Fund's Net Asset Value (NAV) or market price (the price at which the Fund is traded on the exchange) at the end of the period.

*Fund currently makes distributions in accordance with a managed distribution plan. As of 06/30/2022, distributions include amounts characterized for federal income tax purposes as ordinary dividends (including qualified dividends), capital gain distributions and estimated nondividend distributions, also known as return of capital distributions. Return of capital distribution may include a return of some or all of the money that an investor invested in Fund shares. With each distribution, the Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution and related information. Notices and press releases for the last 24 months are available on our website (http://funds.eatonvance.com/19a-Fund-Distribution- Notices.php). The amounts and sources of distributions are only estimates and are not provided for tax reporting purposes. Fund reports the character of distributions for federal income tax purposes each calendar year on Form 1099-DIV. In recent years, a significant portion of the Fund's distributions has been characterized as return of capital.

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." Distributions in excess of Fund returns will cause its NAV to erode. Investors should not draw any conclusions about a Fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan. The Fund's distributions are determined by the investment adviser based on its current assessment of the Fund's long-term return potential. As portfolio and market conditions change the rate of distributions paid by the Fund could change.

NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT

Risk-Managed Diversified

Equity Income Fund

Q2 2022

GICS Sectors

Comm.

Consumer

Consumer Energy

Financials Health Care Industrials Information Materials

Real Estate Utilities

Services

Discretionary

Staples

Technology

vs. S&P 500® Index4 , 5 

40

30

20

10

Fund (%)

0

7.04

11.12

7.96

4.93

10.41

15.59

8.42

27.89

2.18

2.27

2.19

Index (%)

8.87

10.54

6.99

4.35

10.84

15.14

7.81

26.84

2.60

2.92

3.10

Top 10 Holdings (%)4 , 6 

Microsoft Corp

7.90

Apple Inc

7.18

Alphabet Inc - CL C

5.14

Amazon.com Inc

3.75

Eli Lilly & Co

2.81

UnitedHealth Group Inc

2.51

Procter & Gamble Co

2.20

Pfizer Inc

2.18

Accenture PLC

2.07

Chevron Corp

2.01

Expense Ratios (%)

as of Annual Report dated 12/31/2021

Management Fees

1.00

Other Expenses

0.10

Total Expenses

1.10

Portfolio Management

G. R. Nelson

Executive Director, Portfolio Manager, Analyst

Joined Eaton Vance 2004

Managed Fund since 2019

4 Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.5 Information presented as a percent of equity holdings. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC ("S&P DJI") and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.6 Information presented as of total net assets.

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.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Eaton Vance is part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

©2022 Morgan Stanley. All rights reserved. Eaton Vance Distributors, Inc.

3035 | 7.27.22

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Eaton Vance Risk-Managed Diversified Equity Income Fund published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 17:16:05 UTC.