Company: ETY
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001076598-25-000103
Chunk: 15

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-05-01
Form: 424B3
Chunk 15
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 measure in question.

For regulatory reasons, AIP may either 1) invest in a class of securities
of an underlying fund (the "Fund") that does not provide for voting rights; or 2) waive 100% of its voting rights with respect
to the following:

| 1. | Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting in a     
 similar capacity for or on behalf of the Fund (each individually a "Designated Person," and collectively, the "Designated             
 Persons"), which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such   
 Designated Person's death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the 
 Fund to remove or replace a Designated Person; and                                                                                    |

| 2. | Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may             
 include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence    
 of an event described in the Fund's organizational documents; provided, however, that, if the Fund's organizational documents require           
 the consent of the Fund's general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective, 
 then AIP may exercise its voting rights with respect to such matter.                                                                            |