Company: ETJ
Filing Date: 2025-08-28
Form Type: N-CSRS
Source: 0001193125-25-190806
Chunk: 1

Company: Eaton Vance Risk-Managed Diversified Equity Income Fund
Filing Date: 2025-08-28
Form: N-CSRS
Chunk 1
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 MDP. The MDP will be subject to regular periodic
review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination
of the MDP.

The Fund may distribute more than its net
investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with
“yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts
and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form
1099-DIV for each calendar year.

**Fund shares are not
insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.**

Semi-Annual Report June 30, 2025 Eaton Vance Risk-Managed Diversified Equity Income Fund

| Performance                          |  2 |
| Fund Profile                         |  3 |
| Endnotes and Additional Disclosures  |  4 |
| Financial Statements                 |  5 |
| Annual Meeting of Shareholders       | 17 |
| Board of Trustees’ Contract Approval | 18 |
| Officers and Trustees                | 22 |
| U.S. Customer Privacy Notice         | 23 |
| Important Notices                    | 26 |

Eaton Vance Risk-Managed Diversified Equity Income Fund June 30, 2025

Performance Portfolio Manager(s) Charles B. Gaffney and Douglas R. Rogers, CFA, CMT

| %                             
 Average Annual Total Returns1 | Inception  
 Date       |    Six 
 Months |    One 
   Year |   Five 
  Years |    Ten 
  Years |
| Fund                          
 at NAV                        | 07/31/2007 |  3.87% | 11.25% |  9.67% |  7.98% |
| Fund                          
 at Market Price               | —          |   1.48 |  12.30 |