Company: ETY
Filing Date: 2025-02-19
Form Type: 424B5
Source: 0001193125-25-029518
Chunk: 54

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-02-19
Form: 424B5
Chunk 54
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 % |     |   |        48 | % |     |   |        75 | % |     |   |        86 | % |     |   |        85 | % |

| (1) | Computed using average shares outstanding. |

| (2) | Amount is less than $0.005. |

| (3) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. |

| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |

| (5) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Morgan Stanley Institutional Liquidity Funds (equal to less than 0.005% of average daily net assets for the years ended October 31, 2024, 2023 and 2022). |

| (6) | Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian. |

TRADING AND NAV INFORMATION The Fund’s Common Shares have traded both at a premium and a discount to NAV. The Fund cannot predict whether its 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. The issuance of Common Shares may have an adverse effect on prices in the secondary market for the Fund’s Common Shares by increasing the number of Common Shares available, which may put downward pressure on the market price for the Fund’s Common Shares. Shares of common stock of closed‑end investment companies frequently trade at a discount from their NAV. See “Special Risk Considerations - Discount From or Premium to NAV”. In addition, the Fund’s Board of Trustees has authorized the Fund to repurchase up to 10% of its outstanding common shares as of the last day of the prior calendar year‑end at market prices when shares are trading at a discount to NAV. The share repurchase program does