Company: ETJ
Filing Date: 2025-08-28
Form Type: N-CSRS
Source: 0001193125-25-190806
Chunk: 2

Company: Eaton Vance Risk-Managed Diversified Equity Income Fund
Filing Date: 2025-08-28
Form: N-CSRS
Chunk 2
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.11% |
| Net                                                            
 investment income (loss)                                       |  -0.31)% 
       (5 |       (0.20)% |              0.25% |    0.39% |    0.44% |    0.70% |
| Portfolio                                                      
 Turnover                                                       |      23% 
      (3) |           40% |                73% |      55% |      41% |      52% |

| (1) | Computed                                                                                                                                                                                                                                                
 using average shares outstanding.                                                                                                                                                                                                                       |
| (2) | Returns                                                                                                                                                                                                                                                 
 are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
| (3) | Not                                                                                                                                                                                                                                                     
 annualized.                                                                                                                                                                                                                                             |
| (4) | Total                                                                                                                                                                                                                                                   
 expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.                                           |
| (5) | Annualized.                                                                                                                                                                                                                                             |
| (6) | Includes                                                                                                                                                                                                                                                
 a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December     
 31, 2024, 2023 and 2022).                                                                                                                                                                                                                               |
| *   | A                                                                                                                                                                                                                                                       
 portion of the distributions may be deemed a tax return of capital at year-end. See Note 2.                                                                                                                                                             |

11 See Notes to Financial Statements.

Eaton Vance

Risk-Managed Diversified Equity Income Fund

June 30, 2025

Notes to Financial
Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Risk-Managed Diversified Equity Income Fund (the
Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s primary investment objective is to provide current
income and gains, with a secondary objective of capital appreciation.

The following is a summary of significant accounting policies
of the Fund. The