Company: ETY
Filing Date: 2025-02-19
Form Type: 424B5
Source: 0001193125-25-029518
Chunk: 18

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-02-19
Form: 424B5
Chunk 18
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 the shares of the Fund. Please read and retain this Prospectus for future reference. A Statement of Additional Information (“SAI”) dated February 14, 2025, has been filed with the SEC and is incorporated by reference into this Prospectus. You may request a free copy of the SAI, the table of contents of which is on page 58 of this Prospectus, a free copy of our annual and semi-annual reports to shareholders (when available), obtain other information or make shareholder inquiries, by calling toll-free 1‑800‑262‑1122 or by writing to the Fund at One Post Office Square, Boston, Massachusetts 02109. The Fund’s SAI and annual and semi-annual reports also are available free of charge on our website at http://www.eatonvance.com and on the SEC’s website (http://www.sec.gov). You may also obtain these documents, after paying a duplication fee, by electronic request at the following email address: publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund’s website is not part of this Prospectus. The Fund’s shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. You should rely only on the information contained or incorporated by reference in this Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information contained in this Prospectus is accurate as of any date other than the date on the front of this Prospectus. The Fund’s business, financial condition, results of operations and prospects may have changed since that date.

Table of Contents

| Prospectus Summary                              |     |  6 |
| Summary of Fund Expenses                        |     | 20 |
| Financial Highlights and Investment Performance |     | 22 |
| The Fund                                        |     | 24 |
| Use of Proceeds                                 |     | 25 |
| Investment Objectives, Policies and Risks       |     | 25 |
| Management of the Fund                          |     | 41 |
| Plan of Distribution                            |     | 42 |
| Distributions                                   |     | 43 |
| U.S. Federal Income Tax Matters                 |     | 44 |
| Dividend Reinvestment