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  4. [424B3] Eaton Vance Tax-Managed Diversified Equity Income Fund Prospectus Filed Pursuant to Rule 424(b)(3)

Eaton Vance (ETY) posts 2025 NAV $15.65 and 13.56% NAV return

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

Eaton Vance Tax-Managed Diversified Equity Income Fund supplements its prospectus to replace the Financial Highlights table for periods ending October 31, 2025 and prior years.

The table reports a Net asset value – End of year of $15.65 (Year Ended October 31, 2025), a Total Investment Return on Net Asset Value of 13.56% for the year ended October 31, 2025, and Net assets, end of year of $2,492,210 (as labeled in the table). It also lists expense and performance ratios, portfolio turnover, market value and historical annual data for prior years.

Positive

  • None.

Negative

  • None.

Insights

Updated financial table restates key NAV, return and ratio data through October 31, 2025.

The supplement replaces the Financial Highlights with year-by-year figures including Net asset value – End of year $15.65, Total Investment Return on NAV 13.56%, and Net assets, end of year $2,492,210 (table label).

Expense ratios are shown as 1.06% (total and net) for the year ended October 31, 2025, and portfolio turnover is 46%. Subsequent filings or disclosures would provide additional context if needed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What NAV did Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) report for year end 2025?
The fund shows a Net asset value – End of year of $15.65 for the year ended October 31, 2025. This figure appears in the updated Financial Highlights table replacing the prior prospectus entries.

What was the fund's total investment return on NAV for the year ended October 31, 2025 (ETY)?
The updated table reports a Total Investment Return on Net Asset Value of 13.56% for the year ended October 31, 2025. This percentage is listed in the Financial Highlights column for 2025.

What net assets figure does the supplement show for ETY at year end 2025?
The Financial Highlights table lists Net assets, end of year $2,492,210 for the period ended October 31, 2025. The number is presented with the table's label as provided.

What expense and net expense ratios are disclosed for ETY for the year ended October 31, 2025?
The table reports both Total expenses 1.06% and Net expenses 1.06% as percentages of average daily net assets for the year ended October 31, 2025, shown in the Ratios/Supplemental Data section.

Does the supplement include market value and portfolio turnover for ETY in 2025?
Yes. The table includes Market value – End of year $15.83 and Portfolio Turnover 46% for the year ended October 31, 2025, as part of the Financial Highlights replaced by this supplement.

 

 

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

 

Source: View Original Filing on SEC EDGAR