Company: ETJ
Filing Date: 2025-08-28
Form Type: N-CSRS
Source: 0001193125-25-190806
Chunk: 10

Company: Eaton Vance Risk-Managed Diversified Equity Income Fund
Filing Date: 2025-08-28
Form: N-CSRS
Chunk 10
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) — continued

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund pursues a “collared” options strategy which consists of buying S&P 500 index put options below the current value of the index and writing S&P 500 index call options above the current value of the index with the same expiration. The strategy uses the premium income from the written call options to buy an equal number of put options. In buying put options on an index, the Fund in effect, acquires protection against decline in the value of the applicable index below the exercise price in exchange for the option premium paid. In writing index call options, the Fund in effect, sells potential appreciation in the value of the applicable index above the exercise price. The Fund retains the risk of lost appreciation, minus the premium received, should the price of the underlying index rise above the exercise price. Under normal market conditions, the Fund’s use of option collars is expected to provide a more consistent level of market exposure and market protection. The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at June 30, 2025 was as follows:

|            |          Fair 
         Value |               |
| Derivative |         Asset 
 Derivative(1) |     Liability 
 Derivative(2) |
| Purchased  
 options    |             $ 
       804,263 |             $ 
             — |
| Written    
 options    |             — |    -7,502,342 |
| Total      |      $804,263 |  $(7,502,342) |

| (1) | Statement                                                                  
 of Assets and Liabilities location: Unaffiliated investments, at value.    |
| (2) | Statement                                                                  
 of Assets and Liabilities location: Written options outstanding, at value. |

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2025 was as follows:

| Derivative |                  Realized 
               Gain (Loss) 
 on Derivatives Recognized 
              in Income(1) |                              Change 
                       in Unrealized 
      Appreciation (Depreciation) on 
 Derivatives Recognized in Income(2) |
| Purchased  
 options    |                         $ 
                 5,820