Company: ETY
Filing Date: 2025-02-19
Form Type: 424B5
Source: 0001193125-25-029518
Chunk: 9

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-02-19
Form: 424B5
Chunk 9
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 or value different from NAV. See “Distributions” and “Dividend Reinvestment Plan” in the accompanying Prospectus. The example does not include estimated offering costs, which would cause the expenses shown in the example to increase. 3 The example should not be considered a representation of past or future expenses, and the Fund’s actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. Market and Net Asset Value Information Our Common Shares are listed on the NYSE under the symbol “ETY.” Our Common Shares commenced trading on the NYSE in 2006. Our Common Shares have traded both at a premium and a discount to net asset value or NAV. We cannot predict whether our shares will trade in the future at a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of Common Shares (less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company’s common stock. Our issuance of Common Shares may have an adverse effect on prices in the secondary market for our Common Shares by increasing the number of Common Shares available, which may put downward pressure on the market price for our Common Shares. Shares of Common Stock of closed‑end investment companies frequently trade at a discount from NAV. See “Prospectus Summary—Special Risk Considerations—Discount from or premium to NAV” on page 11 of the accompanying Prospectus. The following table sets forth for the period indicated the high and low closing market prices for Common Shares on the NYSE, and the corresponding NAV per share and the premium or discount to NAV per share at which the Fund’s Common Shares were trading as of the same date. NAV is determined no less frequently than daily, generally on each day of the week that the NYSE is open for trading. See “Determination of Net Asset Value” on page 23 of the accompanying SAI for information as to the determination of the Fund’s net asset value.

On February 10, 2025, the last reported sale price, NAV per Common Share and percentage premium/(discount) to NAV per Common Share, were $ 15.53, $ 15.61and ( 0.51)%, respectively. As of February 10, 2025, the Fund had 157,388,026 Common Shares outstanding and net assets of $2,456,390,124. The following table provides information