424B3 1 evtmdeif-efp23359_424b3.htm EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND - 424B3

Filed pursuant to Rule 424(b)(3)

File No. 333-284944

EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND

Supplement to Prospectus dated February 14, 2025

The following replaces the Financial Highlights contained in the Prospectus:

Selected data for a Common Share outstanding during the periods stated.

	Year Ended October 31,
	2025			2024			2023			2022			2021
Net asset value – Beginning of year	$	14.91		$	11.66		$	11.36		$	14.36		$	11.60
Income (Loss) From Operations
Net investment income (loss)⁽¹⁾	$	(0.04	)	$	(0.02	)	$	0.06		$	0.06		$	0.05
Net realized and unrealized gain (loss)		1.97			4.37			1.21			(1.95	)		3.74
Total income (loss) from operations	$	1.93		$	4.35		$	1.27		$	(1.89	)	$	3.79
Less Distributions
From net investment income	$	—		$	—		$	(0.12	)	$	(0.05	)	$	(0.05	)
From net realized gain		(1.18	)		(1.10	)		(0.85	)		(0.97	)		(0.44	)
Tax return of capital		(0.01	)		—			—			(0.09	)		(0.54	)
Total distributions	$	(1.19	)	$	(1.10	)	$	(0.97	)	$	(1.11	)	$	(1.03	)
Premium from common shares sold through shelf offering⁽¹⁾	$	0.00	⁽²⁾	$	—		$	—		$	0.00	⁽²⁾	$	0.00	⁽²⁾
Net asset value – End of year	$	15.65		$	14.91		$	11.66		$	11.36		$	14.36
Market value – End of year	$	15.83		$	14.52		$	11.01		$	12.00		$	14.61
Total Investment Return on Net Asset Value⁽³⁾		13.56	%		38.59	%		11.53	%		(13.55	)%		33.85	%
Total Investment Return on Market Value⁽³⁾		17.95	%		43.06	%		(0.39	)%		(10.24	)%		52.78	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	2,492,210		$	2,345,918		$	1,835,911		$	1,784,540		$	2,211,925
Ratios (as a percentage of average daily net assets):⁽⁴⁾
Total expenses		1.06	%		1.06	%		1.07	%		1.07	%		1.07	%
Net expenses		1.06	%⁽⁵⁾		1.06	%⁽⁵⁾		1.07	%⁽⁵⁾		1.07	%⁽⁵⁾		1.07	%
Net investment income (loss)		(0.28	)%		(0.15	)%		0.48	%		0.45	%		0.40	%
Portfolio Turnover		46	%		39	%		63	%		55	%		36	%

^{(See related footnotes.)}

	Year Ended October 31,
	2020			2019			2018			2017			2016
Net asset value – Beginning of year	$	11.87		$	11.86		$	11.96		$	11.14		$	12.01
Income (Loss) From Operations
Net investment income⁽¹⁾	$	0.09		$	0.10		$	0.08		$	0.10		$	0.12
Net realized and unrealized gain		0.65			0.92			0.83			1.73			0.02
Total income from operations	$	0.74		$	1.02		$	0.91		$	1.83		$	0.14
Less Distributions
From net investment income	$	(0.09	)	$	(0.10	)	$	(0.08	)	$	(0.09	)	$	(0.09	)
From net realized gain		—			(0.55	)		(0.49	)		(0.29	)		(0.07	)
Tax return of capital		(0.92	)		(0.36	)		(0.44	)		(0.63	)		(0.85	)
Total distributions	$	(1.01	)	$	(1.01	)	$	(1.01	)	$	(1.01	)	$	(1.01	)
Premium from common shares sold through shelf offering⁽¹⁾	$	0.00	⁽²⁾	$	0.00	⁽⁶⁾	$	—		$	—		$	—
Net asset value – End of year	$	11.60		$	11.87		$	11.86		$	11.96		$	11.14
Market value – End of year	$	10.34		$	11.92		$	11.46		$	11.64		$	10.29
Total Investment Return on Net Asset Value⁽³⁾		7.02	%		9.24	%		7.75	%		17.51	%		1.98	%
Total Investment Return on Market Value⁽³⁾		(5.01	)%		13.53	%		6.98	%		23.81	%		0.04	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,759,628		$	1,782,364		$	1,775,555		$	1,787,846		$	1,665,148
Ratios (as a percentage of average daily net assets):
Expenses		1.08	%		1.07	%		1.07	%		1.08	%		1.08	%
Net investment income		0.80	%		0.86	%		0.66	%		0.86	%		1.05	%
Portfolio Turnover		40	%		57	%		48	%		75	%		86	%

^⁽¹⁾

Computed using average shares outstanding.

^⁽²⁾

Amount is less than $0.005.

^⁽³⁾

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan.

^⁽⁴⁾

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

^⁽⁵⁾

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (equal to less than 0.005% of average daily net assets for the year ended October 31, 2025, 2024, 2023 and 2022).

^⁽⁶⁾

Amount is less than $0.0005.

March 11, 2026

SEC Form 424B3 filed by Eaton Vance Tax-Managed Diversified Equity Income Fund