Company: ETY
Filing Date: 2025-02-19
Form Type: 424B5
Source: 0001193125-25-029518
Chunk: 7

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-02-19
Form: 424B5
Chunk 7
---
 you, as a Common Shareholder, would bear directly or indirectly. Unless otherwise noted, the table 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)      |     |   | 1.00 
 0.08 | %(1) 
 %(2) |
|:-----------------------------------------------------------|:----|:--|-----:|-----:|
| Dividend reinvestment plan fees                            |     | $ | 5.00 |   -3 |

| Annual expenses                      |     | Percentage of net assets         
 attributable to Common Shares(4) |      |      |
| Investment adviser fee               |     |                                  | 0.99 | %(5) |
| Other expenses                       |     |                                  | 0.07 | %    |
| Total annual Fund operating expenses |     |                                  | 1.06 | %    |

| (1) | Represents the estimated commission with respect to the Fund’s Common Shares being sold in this Offering. There is no guarantee that there will be any sales of the Fund’s Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of the Fund’s Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “Capitalization” above. In addition, the price per share of any such sale may be greater or less than the price set forth under “Capitalization” above, depending on market price of the Fund’s Common Shares at the time of any such sale. |

| (2) | Represents estimated Offering expenses as a percentage of the offering price of Common Shares based on the last reported sales price for Common Shares on the NYSE on February 10, 2025. Offering expenses generally include, but are not limited to, the preparation, review and filing with the SEC of the Fund’s registration statement (including this Prospectus Supplement and the accompanying Prospectus and the SAI), the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of this Prospectus Supplement, the accompanying Prospectus, SAI and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated with the Offering. |

| (3) | You will be charged a $5.00