Company: ETY
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001076598-25-000103
Chunk: 3

Company: Eaton Vance Tax-Managed Diversified Equity Income Fund
Filing Date: 2025-05-01
Form: 424B3
Chunk 3
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 Board regarding the proxy voting records of the Fund.

The Adviser shall provide reports to the Board as requested by the
Board, the Administrator, the Funds’ Chief Compliance Officer or the Funds’ Chief Legal Officer, including material changes
to the Adviser Procedures and material conflicts of interest. The Adviser Procedures, including procedures relating to material conflicts
of interest, shall be provided to the Board at least annually.

The Adviser also shall report any material changes to the Adviser
Procedures to the Fund’s Chief Legal Officer prior to implementing such changes in order to enable the Administrator to effectively
coordinate the Fund’s disclosure relating to the Adviser Procedures. The Fund’s Chief Legal Officer shall ensure that the
required disclosure relating to the Adviser Procedures is included in the Fund’s registration statement.

4. The following replaces the Appendix – “Adviser Proxy Voting Policy and Procedures”:

<div align='center'>Morgan Stanley Investment Management (“MSIM”)

Equity Proxy Voting Policy and Procedures

April 2025</div>

Contents

Introduction

A. MSIM Approach to Proxy Voting

B. Applicability of Policy

Proxy Voting Procedures

A. Proprietary Proxy Voting System

B. Proxy Services Provided by Third Parties

C. Proxy Voting Operations

D. Proxy Voting Oversight

E. Securities Lending

F. Market and Operational Limitations

G. Conflicts of Interest

H. Proxy Voting Reporting & Recordkeeping

I. Review of Policy

MSIM Proxy Voting Guidelines

A. Board of Directors

B. Auditors

C. Executive & Director Compensation

D. Shareholder Rights and Defenses

E. Capital Structure

F. Corporate Transactions & Proxy Fights

G. Shareholder Proposals

Introduction

This Proxy Voting Policy (“Policy”) sets out Morgan Stanley
Investment Management’s (“MSIM”)1 approach
to Proxy Voting, the procedures it follows with respect to Proxy Voting and the guidelines used to inform voting on key issues. The Policy
is reviewed annually and updated as necessary to address new and evolving proxy voting issues and standards.

A. MSIM Approach to Proxy Voting

MSIM will vote proxies in a prudent and diligent manner and in the best
interests of clients in accordance with its fiduciary duties, consistent with the objectives of the relevant investment strategy (“Client
Proxy Standard”). MSIM will generally seek to vote proxies in accordance with the Proxy Voting Guidelines set out below.

MSIM has a decentralized approach towards investment management, consisting
of independent investment teams