Company: ETY
Filing Date: 2025-02-19
Form Type: 424B5
Source: 0001193125-25-029518
Chunk: 51

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-02-19
Form: 424B5
Chunk 51
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 as between Russia and Ukraine, in the Middle East, or in eastern Asia could affect the economies of many nations, including the United States. The duration of ongoing hostilities and any sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted. There is widespread concern about the potential effects of global climate change on property and security values. Certain issuers, industries and regions may be adversely affected by the impact of climate change in ways that cannot be foreseen. The impact of legislation, regulation and international accords related to climate change may negatively impact certain issuers and/or industries. Market Disruption.Global instability, war, geopolitical tensions and terrorist attacks in the United States and around the world have previously resulted, and may continue to result in market volatility and may have long-term effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of significant future events on the global economy and securities markets. A similar disruption of the financial markets could impact interest rates, auctions, secondary trading, ratings, credit risk, inflation and other factors relating to the Common Shares. Anti-Takeover Provisions.The Fund’s Agreement and Declaration of Trust (the “Declaration of Trust”) and Amended and Restated By‑Laws (the “By‑Laws” and together with the Declaration of Trust, the “Organizational Documents”) include provisions that could have the effect of making it more difficult to acquire control of the Fund or to change the composition of its Board. See “Description of Capital Structure - Certain Provisions of the Organizational Documents - Anti-Takeover Provisions in the Organizational Documents.”

Summary of Fund Expenses The table below shows Fund expenses as a percentage of net assets attributable to Common Shares for the year ended October 31, 2024.

| Common Shareholder Transaction Expenses                    
 Sales Load Paid By You (as a percentage of offering price) 
 Offering Expenses (as a percentage of offering price)      |     |   |    — 
    — | (1) 
 (2) |
|:-----------------------------------------------------------|:----|:--|-----:|----:|
| Dividend Reinvestment Plan Fees                            |     | $ | 5.00 |  -3 |

| Annual Expenses                      |     | Percentage of Net Assets 
 Attributable to Common   
 Shares(4)                |      |      |
| Investment Adviser Fee