Company: ETY
Filing Date: 2025-02-14
Form Type: N-2ASR
Source: 0001193125-25-026876
Chunk: 44

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-02-14
Form: N-2ASR
Chunk 44
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 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-endinvestment 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-endat market prices when shares are trading at a discount to NAV. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. The results of the share repurchase program are disclosed in the Fund’s annual and semi-annual reports to shareholders. See “Description of Capital Structure—Repurchase of Common Shares and Other Discount Measures.”

The following table sets forth for each of the periods 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 such date.

| Fiscal Quarter Ended 
 1/31/2025            |     | Market Price 
 High         | 15.37 |     | Low | 14.39 |     | NAV per Share on Date of 
 Market Price             
 High                     | 15.49 |     | Low | 14.92 |     | NAV Premium/(Discount) on Date of Market 
 Price                                    
 High                                     | (0.77 | )% |     | Low | (3.55 | )% |
|:---------------------|:----|:-------------|------:|:----|:----|------:|:----|:-------------------------|------:|:----|:----|------:|:----|:-----------------------------------------|------:|:---|:----|:----|------:|:---|
| 10/31/2024           |     | $            | 14.91 |     | $   | 13.24 |     | $                        | 15.33 |     | $   | 13.64 |     |                                          | (2.74 | )