Company: ETY
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001076598-25-000103
Chunk: 14

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-05-01
Form: 424B3
Chunk 14
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 guidelines to which these ETFs will be subject.               |

An MSIM Affiliate will not vote proxies unless the investment management
agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate to vote proxies.

In addition to voting proxies of portfolio companies, MSIM routinely
engages with, or, in some cases, may engage a third party to engage with, the management or board of companies in which we invest on a
range of environmental, social and governance issues. Governance is a window into or proxy for management and board quality. MSIM engages
with companies where we have larger positions, voting issues are material or where we believe we can make a positive impact on the governance
structure. MSIM's engagement process, through private communication with companies, allows us to understand the governance structures
at investee companies and better inform our voting decisions. In certain situations, a client or its fiduciary may provide an MSIM
Affiliate with a proxy voting policy. In these situations, the MSIM Affiliate will comply with the client’s policy.

Appendix A

Appendix A applies to the following accounts managed by Morgan Stanley
AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate accounts;
(iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP's Custom Advisory Portfolio Solutions service.
Generally, AIP will follow the guidelines set forth in Section II of MSIM's Proxy Voting Policy and Procedures. To the extent that such
guidelines do not provide specific direction, or AIP determines that consistent with the Client Proxy Standard, the guidelines should
not be followed, the Proxy Review Committee has delegated the voting authority to vote securities held by accounts managed by AIP to the
Fund of Hedge Funds investment team, the Private Markets investment team or the Portfolio Solutions team of AIP. A summary of decisions
made by the applicable investment teams will be made available to the Proxy Review Committee for its information at the next scheduled
meeting of the Proxy Review Committee.

In certain cases, AIP may determine to abstain from determining (or
recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should be voted),
such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to the affected account(s)
that might result from adopting or rejecting (as the case may be) the