Eaton Vance Risk-Managed Diversified Equity Income Fund (the Fund) is 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 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 invests in various sectors, including Consumer Discretionary, Consumer Staples, information technology, health care, energy, financials, industrials, telecommunication services, utilities and materials. The Fund's investment advisor is Eaton Vance Management (EVM).