Company: ETJ
Filing Date: 2025-08-28
Form Type: N-CSRS
Source: 0001193125-25-190806
Chunk: 18

Company: Eaton Vance Risk-Managed Diversified Equity Income Fund
Filing Date: 2025-08-28
Form: N-CSRS
Chunk 18
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Eaton Vance

Risk-Managed Diversified Equity Income Fund

June 30, 2025

Board of
Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the
Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other
payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits
received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund
and other investment advisory clients.

Economies of
Scale

In reviewing management fees and profitability, the
Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the
difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board
received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized
by the Adviser. The Board also considered the fact that the Fund is not continuously offered and that the Fund’s assets are not expected to increase materially in the foreseeable future. Accordingly, the Board did not find that the
implementation of breakpoints in the advisory fee schedule is warranted at this time.

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

| Officers                               |                          |
| R.                                     
 Kelly Williams, Jr.                    
 President                              | Nicholas                 
 S. Di Lorenzo            
 Secretary                |
| Deidre                                 
 E. Walsh                               
 Vice President and Chief Legal Officer | Laura T