BOSTON, Oct. 5, 2012 /PRNewswire/ -- Eaton Vance Management (EVM), investment adviser to Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ), today announced the appointment of Kevin J. Amell as a portfolio manager of the Fund, joining current managers Walter A. Row III and Michael A. Allison in that role. Going forward, Mr. Row and Mr. Allison will continue to manage the Fund's common stock portfolio, while Mr. Amell will manage the Fund's options overlay program and collaborate with the other managers to direct the Fund's overall investment program. Mr. Amell joined EVM as an equity options trader in 2009. He was previously a senior trader at Numeric Investors and Jacobs Levy Equity Management. Concurrent with Mr. Amell becoming a portfolio manager, the Fund is in the process of modifying the implementation of its "collared" options strategy, which consists of purchasing out-of-the-money S&P 500 Index put options and selling out-of-the-money S&P 500 Index call options on all or substantially all of the value of the Fund's common stock portfolio. Purchasing index put options provides protection against loss of principal value during periods of market weakness and selling index call options generates premium income. Going forward, the Fund generally intends to purchase short-dated (generally 28-day) index put options and sell index call options of the same term, staggering roll dates across the options portfolio. EVM believes that, under normal market conditions, this should result in a more consistent level of market exposure and market protection than the historical implementation of the Fund's options strategy. There can be no assurance that the Fund's investment program as a whole or its options strategy will be successful. The Fund is managed to achieve a primary objective of current income and gains and 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. The Fund evaluates returns on an after-tax basis, seeking to minimize and defer shareholder federal income taxes. There can be no assurance that the Fund will achieve its objectives.