Company: ETJ
Filing Date: 2025-02-27
Form Type: DEF 14A
Source: 0000940394-25-000250
Chunk: 20

Company: Eaton Vance Risk-Managed Diversified Equity Income Fund
Filing Date: 2025-02-27
Form: DEF 14A
Chunk 20
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| (1) | As of January 28, 2025, the Eaton Vance fund complex consists of 123 registered investment companies or series thereof. The compensation      
 schedule disclosed above reflects the current compensation, which may not have been in place for each Fund’s full fiscal year ended           
 December 31, 2024 or for the full calendar year ended December 31, 2024. Amounts do not include expenses reimbursed to Trustees for attending 
 Board meetings, which in the aggregate amounted to $96,845 for the calendar year ended December 31, 2024.                                     |

| (2) | Includes deferred compensation as follows: Enhanced Equity Fund: $488; Risk-Managed Fund: $268; Buy-Write Income Fund: $191; Buy-Write 
 Opportunities Fund: $705; and Global Buy-Write Opportunities Fund: $444.                                                               |

| (3) | Includes $30,000 of deferred compensation. |

Trustees of each Fund who are not affiliated with Eaton Vance may elect
to defer receipt of all or a percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (the
“Deferred Compensation Plan”). Under the Deferred Compensation Plan, an eligible Trustee may elect to have his or her deferred
fees invested in the shares of one or more funds in the Eaton Vance family of funds, and the amount paid to the Trustees under the Deferred
Compensation Plan will be determined based upon the performance of such investments. Deferral of Trustees’ fees in accordance with
the Deferred Compensation Plan will have a negligible effect on the assets, liabilities, and net income of a participating Fund, and will
not obligate a Fund to retain the services of any Trustee or obligate a Fund to pay any particular level of compensation to the Trustee.
No Fund has a pension or retirement plan for its Trustees.

The Board recommends that shareholders vote FOR the election of
the Trustee nominees of each Fund.

<div align='center'>OTHER MATTERS</div>

The Board knows of no business other than that identified in Proposal
1 of the Notice of Annual Meeting of Shareholders that will be presented for consideration. If any other matters are properly presented,
it is the intention of the persons named as proxies to vote on such matters in accordance with their judgment.

<div align='center'>NOTICE TO BANKS AND BROKER/DEALERS</div>

Each Fund has previously solicited all nominee and broker/dealer accounts
as to the number of