Company: ETY
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001076598-25-000103
Chunk: 0

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-05-01
Form: 424B3
Chunk 0
---
| Filed pursuant to Rule 424(b)(3) 
 File Nos. 333-284944, 333-286376 |

<div align='center'>EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND

Supplement to Statement of Additional Information (“SAI”)
dated February 14, 2025

as may be supplemented and/or revised from time to time

EATON VANCE ENHANCED EQUITY INCOME FUND II

Supplement to SAI dated April 4, 2025

as may be supplemented and/or revised from time to time</div>

1. The following replaces “Proxy Voting Policy.” under “Trustees and Officers”:

Proxy Voting Policy. The Board adopted a proxy voting
policy and procedures (the “Fund Policy”), pursuant to which the Board has delegated proxy voting responsibility to the Adviser
and adopted the proxy voting policies and procedures of the Adviser (the “Adviser Policies”). An independent proxy voting
service has been retained to assist in the voting of Fund proxies through the provision of research, execution, recordkeeping and reporting
services. The members of the Board will review the Fund’s proxy voting records from time to time and will review annually the Adviser
Policies. For a copy of the Fund Policy and the Adviser Policies, see Appendix A, B and C, respectively. Pursuant to certain provisions
of the 1940 Act relating to funds investing in other funds, a Fund may be required or may elect to vote its interest in another fund in
the same proportion as the holders of all other shares of that fund. Information on how the Fund voted proxies relating to portfolio securities
during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, (2) on
the SEC’s website at http://www.sec.gov and (3) on the Fund’s website at https://www.eatonvance.com.

2. The following replaces the forty-third paragraph under "Potential Conflicts of Interest":

Investments in Morgan Stanley Funds and Other Funds. To
the extent permitted by applicable law, a Fund may invest in a fund affiliated with the investment adviser or its affiliates or a
fund advised by the investment adviser or its affiliates. In connection with any such investments, an investing Fund, to the extent
permitted by the 1940 Act, will pay all advisory, administrative