% Average Annual Total Returns 1 |
Inception Date |
Six Months |
One Year |
Five Years |
Ten Years |
Fund at NAV | 11/30/2006 | 19.42% | 22.04% | 11.07% | 10.16% |
Fund at Market Price | — | 23.56 | 21.48 | 10.61 | 10.60 |
S&P 500® Index | — | 20.98% | 22.66% | 13.18% | 12.40% |
Cboe S&P 500 BuyWrite Index SM |
— | 9.70 | 9.12 | 5.31 | 5.68 |
% Premium/Discount to NAV 2 |
|
As of period end | ( |
Distributions 3 |
|
Total Distributions per share for the period | $0.502 |
Distribution Rate at NAV | 8.88% |
Distribution Rate at Market Price | 9.10 |
1 |
Depictions do not reflect the Fund’s option positions. Excludes cash and cash equivalents. |
1 |
S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Cboe S&P 500 BuyWrite Index SM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 |
The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
3 |
The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. In recent years, a significant portion of the Fund’s distributions has been characterized as a return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
Fund profile subject to change due to active management. | |
Important Notice to Shareholders | |
On January 26, 2023, the Fund’s Board of Trustees voted to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the Fund’s By-Laws. |
Written Call Options (Exchange-Traded) — (0.2)% | |||||||
Description |
Number of Contracts |
Notional Amount |
Exercise Price |
Expiration Date |
Value | ||
S&P 500 Index | 167 | $ | 84,096,023 | $ | 5,275 | 5/1/24 | $ (835) |
S&P 500 Index | 167 | 84,096,023 | 5,250 | 5/3/24 | (4,593) | ||
S&P 500 Index | 168 | 84,599,592 | 5,280 | 5/6/24 | (2,940) | ||
S&P 500 Index | 169 | 85,103,161 | 5,240 | 5/8/24 | (18,168) | ||
S&P 500 Index | 169 | 85,103,161 | 5,250 | 5/10/24 | (25,772) | ||
S&P 500 Index | 168 | 84,599,592 | 5,240 | 5/13/24 | (41,580) | ||
S&P 500 Index | 168 | 84,599,592 | 5,150 | 5/15/24 | (317,520) | ||
S&P 500 Index | 168 | 84,599,592 | 5,095 | 5/17/24 | (688,800) | ||
S&P 500 Index | 167 | 84,096,023 | 5,070 | 5/20/24 | (936,035) | ||
S&P 500 Index | 166 | 83,592,454 | 5,150 | 5/22/24 | (439,070) | ||
S&P 500 Index | 165 | 83,088,885 | 5,170 | 5/24/24 | (413,325) | ||
S&P 500 Index | 165 | 83,088,885 | 5,180 | 5/28/24 | (392,700) | ||
Total |
$(3,281,338) |
Abbreviations: | |
ADR | – American Depositary Receipt |
April 30, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,267,044,278) | $2,100,603,855 |
Affiliated investments, at value (identified cost $13,104,131) | 13,104,131 |
Cash | 2,647 |
Dividends receivable | 733,889 |
Dividends receivable from affiliated investments | 64,145 |
Tax reclaims receivable | 78,192 |
Trustees' deferred compensation plan | 221,449 |
Total assets |
$2,114,808,308 |
Liabilities | |
Written options outstanding, at value (premiums received $9,940,231) | $3,281,338 |
Payable to affiliates: | |
Investment adviser fee | 1,755,757 |
Trustees' fees | 9,042 |
Trustees' deferred compensation plan | 221,449 |
Accrued expenses | 432,035 |
Total liabilities |
$5,699,621 |
Net Assets |
$2,109,108,687 |
Sources of Net Assets | |
Common shares, $0.01 par value, unlimited number of shares authorized | $1,573,880 |
Additional paid-in capital | 1,200,431,568 |
Distributable earnings | 907,103,239 |
Net Assets |
$2,109,108,687 |
Net Asset Value Per Common Share | |
Net assets ÷ common shares issued and outstanding |
$13.40 |
Six Months Ended | |
April 30, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $43,138) | $9,957,147 |
Dividend income from affiliated investments | 524,852 |
Total investment income |
$10,481,999 |
Expenses | |
Investment adviser fee | $10,253,193 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 241,814 |
Transfer and dividend disbursing agent fees | 5,995 |
Legal and accounting services | 85,303 |
Printing and postage | 223,094 |
Miscellaneous | 72,541 |
Total expenses |
$10,936,190 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $15,544 |
Total expense reductions |
$15,544 |
Net expenses |
$10,920,646 |
Net investment loss |
$(438,647) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $218,473,020 |
Written options | (73,380,279) |
Foreign currency transactions | 876 |
Net realized gain |
$145,093,617 |
Change in unrealized appreciation (depreciation): | |
Investments | $207,478,937 |
Written options | 26,452 |
Foreign currency | (673) |
Net change in unrealized appreciation (depreciation) |
$207,504,716 |
Net realized and unrealized gain |
$352,598,333 |
Net increase in net assets from operations |
$352,159,686 |
Six Months Ended April 30, 2024 (Unaudited) |
Year Ended October 31, 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income (loss) | $(438,647) | $8,993,079 |
Net realized gain | 145,093,617 | 136,768,968 |
Net change in unrealized appreciation (depreciation) | 207,504,716 | 53,565,511 |
Net increase in net assets from operations |
$352,159,686 |
$199,327,558 |
Distributions to shareholders |
$(78,961,573) |
$(151,924,121) |
Capital share transactions: | ||
Reinvestment of distributions | $— | $3,967,366 |
Net increase in net assets from capital share transactions |
$— |
$3,967,366 |
Net increase in net assets |
$273,198,113 |
$51,370,803 |
Net Assets | ||
At beginning of period | $1,835,910,574 | $1,784,539,771 |
At end of period |
$2,109,108,687 |
$1,835,910,574 |
Six Months Ended April 30, 2024 (Unaudited) |
Year Ended October 31, | |||||
2023 |
2022 |
2021 |
2020 |
2019 | ||
Net asset value — Beginning of period | $11.660 | $11.360 | $14.360 | $11.600 | $11.870 | $11.860 |
Income (Loss) From Operations | ||||||
Net investment income (loss) (1) |
$(0.003) | $0.057 | $0.057 | $0.054 | $0.093 | $0.101 |
Net realized and unrealized gain (loss) | 2.245 | 1.209 | (1.946) | 3.740 | 0.648 | 0.921 |
Total income (loss) from operations |
$2.242 |
$1.266 |
$(1.889) |
$3.794 |
$0.741 |
$1.022 |
Less Distributions | ||||||
From net investment income | $(0.502) | $(0.114) | $(0.056) | $(0.054) | $(0.093) | $(0.100) |
From net realized gain | — | (0.852) | (0.973) | (0.445) | — | (0.548) |
Tax return of capital | — | — | (0.086) | (0.538) | (0.919) | (0.364) |
Total distributions |
$(0.502) |
$(0.966) |
$(1.115) |
$(1.037) |
$(1.012) |
$(1.012) |
Premium from common shares sold through shelf offering (see Note 5) (1) |
$— |
$— |
$0.004 |
$0.003 |
$0.001 |
$0.000 (2) |
Net asset value — End of period |
$13.400 |
$11.660 |
$11.360 |
$14.360 |
$11.600 |
$11.870 |
Market value — End of period |
$13.080 |
$11.010 |
$12.000 |
$14.610 |
$10.340 |
$11.920 |
Total Investment Return on Net Asset Value (3) |
19.42% (4) |
11.53% |
(13.55)% |
33.85% |
7.02% |
9.24% |
Total Investment Return on Market Value (3) |
23.56% (4) |
(0.39)% |
(10.24)% |
52.78% |
(5.01)% |
13.53% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $2,109,109 | $1,835,911 | $1,784,540 | $2,211,925 | $1,759,628 | $1,782,364 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.06% (5)(6) |
1.07% (6) |
1.07% (6) |
1.07% | 1.08% | 1.07% |
Net investment income (loss) | (0.04)% (5) |
0.48% | 0.45% | 0.40% | 0.80% | 0.86% |
Portfolio Turnover | 26% (4) |
63% | 55% | 36% | 40% | 57% |
(1) |
Computed using average shares outstanding. |
(2) |
Amount is less than $0.0005. |
(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) |
Not annualized. |
(5) |
Annualized. |
(6) |
Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2024 and the years ended October 31, 2023 and 2022). |
Aggregate cost |
$1,275,488,393 |
Gross unrealized appreciation | $841,928,946 |
Gross unrealized depreciation | (6,990,691) |
Net unrealized appreciation |
$834,938,255 |
Average Daily Gross Assets |
Annual Fee Rate |
Up to and including $1.5 billion | 1.000% |
Over $1.5 billion up to and including $3 billion | 0.980% |
Over $3 billion up to and including $5 billion | 0.960% |
Over $5 billion | 0.940% |
Fair Value | ||
Derivative |
Asset Derivative |
Liability Derivative (1) |
Written options | $ — | $(3,281,338) |
(1) |
Statement of Assets and Liabilities location: Written options outstanding, at value. |
Derivative |
Realized Gain (Loss) on Derivatives Recognized in Income (1) |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income (2) |
Written options | $(73,380,279) | $26,452 |
(1) |
Statement of Operations location: Net realized gain (loss): Written options. |
(2) |
Statement of Operations location: Change in unrealized appreciation (depreciation): Written options. |
Name |
Value, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $4,156,246 | $284,362,860 | $(275,414,975) | $ — | $ — | $13,104,131 | $524,852 | 13,104,131 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description |
Level 1 |
Level 2 |
Level 3 |
Total |
Common Stocks | $2,100,603,855* | $ — | $ — | $2,100,603,855 |
Short-Term Investments | 13,104,131 | — | — | 13,104,131 |
Total Investments |
$ 2,113,707,986 |
$ — |
$ — |
$2,113,707,986 |
Liability Description |
||||
Written Call Options | $ (3,281,338) | $ — | $ — | $ (3,281,338) |
Total |
$ (3,281,338) |
$ — |
$ — |
$ (3,281,338) |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Officers | |
R. Kelly Williams, Jr. President |
Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer |
Laura T. Donovan Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
* | Interested Trustee |
U.S. Customer Privacy Notice | March 2024 |
FACTS |
WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? |
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account information and wire transfer instructions |
How? |
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information |
Does Eaton Vance share? |
Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
For our marketing purposes — to offer our products and services to you |
Yes | No |
For joint marketing with other financial companies |
No | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes | No* |
For our affiliates’ everyday business purposes — information about your creditworthiness |
Yes | Yes* |
For our affiliates to market to you |
Yes | Yes* |
For nonaffiliates to market to you |
No | We don’t share |
To limit our sharing |
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: new no longer |
Questions? |
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
U.S. Customer Privacy Notice — continued | March 2024 |
Who we are | |
Who is providing this notice? |
Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see Affiliates definition below.) |
What we do | |
How does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? |
We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? |
Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.) |
What happens when I limit sharing for an account I hold jointly with someone else? |
Your choices will apply to everyone on your account. |
Definitions | |
Affiliates |
Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”). |
Nonaffiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance does not jointly market. |
U.S. Customer Privacy Notice — continued | March 2024 |
Other important information | |
*PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you. Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the Registrant’s most recent fiscal year end.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Principal Financial Officer’s Section 302 certification. | |
(a)(2)(ii) | Principal Executive Officer’s Section 302 certification. | |
(b) | Combined Section 906 certification. | |
(c) | Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Managed Diversified Equity Income Fund
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
Principal Executive Officer |
Date: June 25, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Principal Financial Officer | ||
Date: | June 25, 2024 | |
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
Principal Executive Officer | ||
Date: | June 25, 2024 |
Eaton Vance Tax-Managed Diversified Equity Income Fund
FORM N-CSR
Exhibit 13(a)(2)(i)
CERTIFICATION
I, James F. Kirchner, certify that:
1. I have reviewed this report on Form N-CSR of Eaton Vance Tax-Managed Diversified Equity Income Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: June 25, 2024 | /s/ James F. Kirchner | |||||
James F. Kirchner | ||||||
Principal Financial Officer |
Eaton Vance Tax-Managed Diversified Equity Income Fund
FORM N-CSR
CERTIFICATION
I, R. Kelly Williams, Jr., certify that:
1. I have reviewed this report on Form N-CSR of Eaton Vance Tax-Managed Diversified Equity Income Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: June 25, 2024 | /s/ R. Kelly Williams, Jr. | |||||
R. Kelly Williams, Jr. | ||||||
Principal Executive Officer |
Form N-CSR Item 13(b) Exhibit
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Tax-Managed Diversified Equity Income Fund (the Fund), that:
(a) | The Semiannual Report of the Fund on Form N-CSR for the period ended April 30, 2024 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(b) | The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. |
A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.
Eaton Vance Tax-Managed Diversified Equity Income Fund
Date: June 25, 2024 |
/s/ James F. Kirchner |
James F. Kirchner |
Principal Financial Officer |
Date: June 25, 2024 |
/s/ R. Kelly Williams, Jr. |
R. Kelly Williams, Jr. |
Principal Executive Officer |
Form N-CSR Item 13(c) Exhibit
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) with important information concerning the distribution declared in November 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the November distribution. It is not determinative of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: November 2023
Distribution Amount per Common Share: $0.0805
The following table sets forth an estimate of the sources of the Funds November distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Diversified Equity Income Fund
Source |
Current Distribution |
% of Current Distribution |
Cumulative Distributions for the Fiscal Year-to-Date1 |
% of the Cumulative Distributions for the Fiscal Year-to-Date1 |
||||||||||||
Net Investment Income |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Short-Term Capital Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Long-Term Capital Gains |
$ | 0.0805 | 100.0 | % | $ | 0.0805 | 100.0 | % | ||||||||
Return of Capital or Other Capital Source(s) |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Total per common share |
$ | 0.0805 | 100.0 | % | $ | 0.0805 | 100.0 | % |
1 | The Funds fiscal year is November 1, 2023 to October 31, 2024 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value (NAV) for certain periods.
Average annual total return at NAV for the 5-year period ended on October 31, 20231 |
8.57 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of October 31, 20232 |
8.28 | % | ||
Cumulative total return at NAV for the fiscal year through October 31, 20233 |
11.53 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of October 31, 20234 |
8.28 | % |
1 | Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on October 31, 2023. |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of October 31, 2023. |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to October 31, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to October 31, 2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of October 31, 2023. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Managed Diversified Equity Income Fund
November 30, 2023
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) with important information concerning the distribution declared in December 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the December distribution. It is not determinative of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: December 2023
Distribution Amount per Common Share: $0.0805
The following table sets forth an estimate of the sources of the Funds December distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Diversified Equity Income Fund
Source |
Current Distribution |
% of Current Distribution |
Cumulative Distributions for the Fiscal Year-to-Date1 |
% of the Cumulative Distributions for the Fiscal Year-to-Date1 |
||||||||||||
Net Investment Income |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Short-Term Capital Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Long-Term Capital Gains |
$ | 0.0028 | 3.5 | % | $ | 0.0833 | 51.7 | % | ||||||||
Return of Capital or Other Capital Source(s) |
$ | 0.0777 | 96.5 | % | $ | 0.0777 | 48.3 | % | ||||||||
Total per common share |
$ | 0.0805 | 100.0 | % | $ | 0.1610 | 100.0 | % |
1 | The Funds fiscal year is November 1, 2023 to October 31, 2024 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value (NAV) for certain periods.
Average annual total return at NAV for the 5-year period ended on November 30, 20231 |
9.82 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 20232 |
7.77 | % | ||
Cumulative total return at NAV for the fiscal year through November 30, 20233 |
7.32 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of November 30, 20234 |
0.65 | % |
1 | Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on November 30, 2023. |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of November 30, 2023. |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to November 30, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to November 30, 2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of November 30, 2023. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Managed Diversified Equity Income Fund
December 29, 2023
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) with important information concerning the distribution declared in January 2024. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the January distribution. It is not determinative of the tax character of the Funds distributions for the 2024 calendar year.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: January 2024
Distribution Amount per Common Share: $0.0805
The following table sets forth an estimate of the sources of the Funds January distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Diversified Equity Income Fund
Source |
Current Distribution |
% of Current Distribution |
Cumulative Distributions for the Fiscal Year-to-Date1 |
% of the Cumulative Distributions for the Fiscal Year-to-Date1 |
||||||||||||
Net Investment Income |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Short-Term Capital Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Long-Term Capital Gains |
$ | 0.0805 | 100.0 | % | $ | 0.2415 | 100.0 | % | ||||||||
Return of Capital or Other Capital Source(s) |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Total per common share |
$ | 0.0805 | 100.0 | % | $ | 0.2415 | 100.0 | % |
1 | The Funds fiscal year is November 1, 2023 to October 31, 2024 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value (NAV) for certain periods.
Average annual total return at NAV for the 5-year period ended on December 31, 20231 |
12.48 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of December 31, 20232 |
7.59 | % | ||
Cumulative total return at NAV for the fiscal year through December 31, 20233 |
10.56 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of December 31, 20234 |
1.26 | % |
1 | Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on December 31, 2023. |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of December 31, 2023. |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to December 31, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to December 31, 2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of December 31, 2023. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2024 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Managed Diversified Equity Income Fund
January 31, 2024
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) with important information concerning the distribution declared in February 2024. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the February distribution. It is not determinative of the tax character of the Funds distributions for the 2024 calendar year.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: February 2024
Distribution Amount per Common Share: $0.0805
The following table sets forth an estimate of the sources of the Funds February distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Diversified Equity Income Fund
Source |
Current Distribution |
% of Current Distribution |
Cumulative Distributions for the Fiscal Year-to-Date1 |
% of the Cumulative Distributions for the Fiscal Year-to-Date1 |
||||||||||||
Net Investment Income |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Short-Term Capital Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Long-Term Capital Gains |
$ | 0.0805 | 100.0 | % | $ | 0.3220 | 100.0 | % | ||||||||
Return of Capital or Other Capital Source(s) |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Total per common share |
$ | 0.0805 | 100.0 | % | $ | 0.3220 | 100.0 | % |
1 | The Funds fiscal year is November 1, 2023 to October 31, 2024 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value (NAV) for certain periods.
Average annual total return at NAV for the 5-year period ended on January 31, 20241 |
12.07 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of January 31, 20242 |
7.36 | % | ||
Cumulative total return at NAV for the fiscal year through January 31, 20243 |
14.75 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of January 31, 20244 |
1.84 | % |
1 | Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on January 31, 2024. |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of January 31, 2024. |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to January 31, 2024 including distributions paid and assuming reinvestment of those distributions. |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to January 31, 2024 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of January 31, 2024. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2024 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Managed Diversified Equity Income Fund
February 29, 2024
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) with important information concerning the distribution declared in March 2024. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the March distribution. It is not determinative of the tax character of the Funds distributions for the 2024 calendar year.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: March 2024
Distribution Amount per Common Share: $0.0805
The following table sets forth an estimate of the sources of the Funds March distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Diversified Equity Income Fund
Source |
Current Distribution |
% of Current Distribution |
Cumulative Distributions for the Fiscal Year-to-Date1 |
% of the Cumulative Distributions for the Fiscal Year-to-Date1 |
||||||||||||
Net Investment Income |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Short-Term Capital Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Long-Term Capital Gains |
$ | 0.0805 | 100.0 | % | $ | 0.4025 | 100.0 | % | ||||||||
Return of Capital or Other Capital Source(s) |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Total per common share |
$ | 0.0805 | 100.0 | % | $ | 0.4025 | 100.0 | % |
1 | The Funds fiscal year is November 1, 2023 to October 31, 2024 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value (NAV) for certain periods.
Average annual total return at NAV for the 5-year period ended on February 29, 20241 |
12.69 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of February 29, 20242 |
6.99 | % | ||
Cumulative total return at NAV for the fiscal year through February 29, 20243 |
21.52 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of February 29, 20244 |
2.33 | % |
1 | Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on February 29, 2024. |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of February 29, 2024. |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to February 29, 2024 including distributions paid and assuming reinvestment of those distributions. |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to February 29, 2024 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of February 29, 2024. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2024 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Managed Diversified Equity Income Fund
March 28, 2024
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) with important information concerning the distribution declared in April 2024. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the April distribution. It is not determinative of the tax character of the Funds distributions for the 2024 calendar year.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: April 2024
Distribution Amount per Common Share: $0.0992
The following table sets forth an estimate of the sources of the Funds April distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Diversified Equity Income Fund
Source |
Current Distribution |
% of Current Distribution |
Cumulative Distributions for the Fiscal Year-to-Date1 |
% of the Cumulative Distributions for the Fiscal Year-to-Date1 |
||||||||||||
Net Investment Income |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Short-Term Capital Gains |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Net Realized Long-Term Capital Gains |
$ | 0.0992 | 100.0 | % | $ | 0.5017 | 100.0 | % | ||||||||
Return of Capital or Other Capital Source(s) |
$ | 0.0000 | 0.0 | % | $ | 0.0000 | 0.0 | % | ||||||||
Total per common share |
$ | 0.0992 | 100.0 | % | $ | 0.5017 | 100.0 | % |
1 | The Funds fiscal year is November 1, 2023 to October 31, 2024 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value (NAV) for certain periods.
Average annual total return at NAV for the 5-year period ended on March 31, 20241 |
12.63 | % | ||
Annualized current distribution rate expressed as a percentage of NAV as of March 31, 20242 |
6.90 | % | ||
Cumulative total return at NAV for the fiscal year through March 31, 20243 |
23.85 | % | ||
Cumulative fiscal year to date distribution rate as a percentage of NAV as of March 31, 20244 |
2.88 | % |
1 | Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on March 31, 2024. |
2 | The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Funds NAV as of March 31, 2024. |
3 | Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the beginning of its fiscal year to March 31, 2024 including distributions paid and assuming reinvestment of those distributions. |
4 | Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to March 31, 2024 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of March 31, 2024. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of actual Fund distributions for the 2024 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Managed Diversified Equity Income Fund
April 30, 2024
N-2 |
6 Months Ended | |||
---|---|---|---|---|
Apr. 30, 2024
shares
| ||||
Cover [Abstract] | ||||
Entity Central Index Key | 0001340736 | |||
Amendment Flag | false | |||
Document Type | N-CSRS | |||
Entity Registrant Name | Eaton Vance Tax-Managed Diversified Equity Income Fund | |||
General Description of Registrant [Abstract] | ||||
Investment Objectives and Practices [Text Block] | The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. | |||
Latest Premium (Discount) to NAV [Percent] | (2.39%) | [1] | ||
Common Shares [Member] | ||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Outstanding Security, Title [Text Block] | Common Shares | |||
Outstanding Security, Held [Shares] | 157,388,026 | |||
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