Company: ETY
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001076598-25-000103
Chunk: 7

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-05-01
Form: 424B3
Chunk 7
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 MSIM are managed
through the operation of various policies and procedures, including (among others) those creating and enforcing information barriers between
MSIM and other Morgan Stanley divisions.

MSIM has also enacted policies and procedures to address potential conflicts
resulting from its own commercial or other relationships and to manage conflicts of interests so that proxies are voted in accordance
with the Client Proxy Standard. The GST administers proxy voting Policy implementation and is responsible for providing investment teams
with voting recommendations in accordance with this Policy and the Proxy Voting Guidelines. In the event of a material conflict of interest
not addressed by such policies and procedures, the Head of GST will convene a special committee to oversee how a proxy should be voted
in accordance with the Client Proxy Standard. Any determinations of the special committee regarding a material conflict of interest where
appropriate will be reported to the Fund Board.

MSIM also faces potential conflicts of interest when voting proxies
of its parent company Morgan Stanley. In such situations, MSIM will seek to vote its shares in the same proportion as other holders of
Morgan Stanley’s shares (“echo vote”).

H. Proxy Voting Reporting & Recordkeeping

We will promptly provide a copy of this Policy to any client requesting
it. We will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in
that client’s account. MSIM files an annual Form N-PX on behalf of each MSIM affiliate for which such filing is required, indicating
how proxies were voted with respect to each MSIM affiliate fund’s or advisor’s holdings.

The GST will maintain requisite proxy voting books and records, including
but not limited to: (1) proxy voting policies and procedures, (2) proxy statements received on behalf of client accounts, (3) proxies
voted, (4) copies of any relevant research documents and (5) PRC and Special Committee decisions and actions. This documentation will
be maintained for such period as required by relevant law and regulation.

MSIM also maintains rationales for its voting decisions at shareholder
meetings (including votes against management) in a searchable database on an external website, which is updated on a rolling 12-month
basis.

Records are retained in accordance with Morgan Stanley’s Global
Information Management Policy, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction
of official books and records and other information of legal or operational significance.

The Global Information Management Policy incorporates Morgan Stanley’s
Master Retention Schedule