Company: ETY
Filing Date: 2025-02-14
Form Type: N-2ASR
Source: 0001193125-25-026876
Chunk: 6

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-02-14
Form: N-2ASR
Chunk 6
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 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 Plan                      |     | 47 |
| Description of Capital Structure                |     | 47 |
| Custodian and Transfer Agent                    |     | 51 |
| Legal Matters                                   |     | 51 |
| Reports to Shareholders                         |     | 51 |
| Independent Registered Public Accounting Firm   |     | 52 |
| Potential Conflicts of Interest                 |     | 52 |
| Additional Information                          |     | 54 |
| Incorporation by Reference                      |     | 54 |
| The Fund’s Privacy Policy                       |     | 55 |
|                                                 |     | 58 |

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS This Prospectus, any accompanying Prospectus Supplement and the SAI, including documents incorporated by reference, contain “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,” “expect,” “estimate,” “continue,” “plan,” “anticipate,” and similar terms and the negative of such terms. Such forward-looking statements may be contained in this Prospectus as well as in any accompanying Prospectus Supplement. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could