Eaton Vance Tax-Managed Diversified Equity Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. The Company invests in sectors, such as health care, information technology, financials, consumer staples, energy, industrials and materials. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The Fund's investment advisor is EVM.