Company: ETY
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001076598-25-000103
Chunk: 1

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-05-01
Form: 424B3
Chunk 1
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 and/or Rule 12b-1 fees applicable to the investment. Investments
by a Fund in a fund affiliated with the investment adviser or its affiliates or a fund advised by the investment adviser or its affiliates
present potential conflicts of interest, including potential incentives to invest in smaller or newer funds to increase asset levels or
provide greater viability. The investment adviser voluntarily waives advisory fees of a Fund associated with investments by the Fund in
a fund advised by the investment adviser or its affiliates which will reduce, but will not eliminate, these types of conflicts.

3. The following replaces the Appendix – “Eaton Vance Funds Proxy Voting Policy and Procedures”:

Adopted: June 16, 2003
Revised: May 8, 2013;
December 10, 2019;
October 12, 2021
April 2025

<div align='center'>Eaton Vance Funds

Proxy Voting Policy and Procedures</div>

I. Overview

The Boards of Trustees (the “Board”) of the Eaton Vance
Funds1 have adopted these written proxy voting policy and procedures
(the “Policy”). For purposes of this Policy:

| · | “Fund” means each registered investment company sponsored by the Eaton Vance organization; and |

| · | “Adviser” means the investment adviser or sub-adviser responsible for the day-to-day management of all or a portion of 
 the Fund’s assets.                                                                                                     |

_____________

1 The Eaton Vance Funds may be organized as trusts or corporations.
For ease of reference, the Funds may be referred to herein as Trusts and the Funds’ Board of Trustees or Board of Directors may
be referred to collectively herein as the Board.

II. Delegation of Proxy
Voting Responsibilities

The Board hereby delegates to the Adviser responsibility for voting
the Fund’s proxies as described in this Policy. In this connection, the Adviser is required to provide the Board with a copy of
its proxy voting policies and procedures (“Adviser Procedures”) and all Fund proxies will be voted in accordance with the
Adviser Procedures. The Adviser Procedures shall comply with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”) and be reasonably designed to ensure that the Adviser votes Fund securities in the best interest of the Fund
and include how the Adviser addresses material conflicts that may arise between the interest of the Adviser and the interests of the Fund.

The Adviser is