Eaton Vance Tax-Managed Diversified Equity Income Fund Report Of Earnings

BOSTON, March 31 /PRNewswire-FirstCall/ -- Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY), a closed-end investment company, today announced the earnings of the Fund for the three months ended January 31, 2010.  The Fund's fiscal year ends on October 31, 2010.

For the three months ended January 31, 2010, the Fund had net investment income of $4,112,170 ( $0.027 per common share).  In comparison, for the three months ended January 31, 2009, the Fund had net investment income of $5,186,735 ( $0.035 per common share).  

Net realized and unrealized gains for the three months ended January 31, 2010 were $59,195,935 ( $0.393 per common share).  In comparison, net realized and unrealized losses for the three months ended January 31, 2009 were $115,564,631 ( $0.772 per common share).

On January 31, 2010, net assets of the Fund were $1,925,588,205.  The net asset value per common share on January 31, 2010 was $12.77 based on 150,827,768 common shares outstanding.  In comparison, on January 31, 2009, net assets of the Fund were $1,758,165,144.  The net asset value per common share on January 31, 2009 was $11.74 based on 149,711,079 common shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $161.6 billion in assets as of January 31, 2010, offering individuals and institutions a broad array of investment products and wealth management solutions.  The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.  For more information about Eaton Vance, visit www.eatonvance.com.

    
    
              EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND  
                         SUMMARY OF RESULTS OF OPERATIONS            
                     (in thousands, except per share amounts)        
                                                             
                                 Three Months Ended  Three Months Ended 
                                     January 31          January 31     
                                     ----------          ----------     
                                        2010                2009 
                                        ----                ---- 
    Gross investment income            $9,474             $10,077 
    Operating expenses                 (5,362)             (4,890)
                                       ------              ------ 
      Net investment income            $4,112              $5,187 
    Net realized and unrealized 
     gains (losses) on investments     59,196            (115,565)
                                       ------            -------- 
      Net increase (decrease) in 
       net assets from operations     $63,308           $(110,378)
                                      =======           ========= 
                                                             
    Earnings per Common Share 
     Outstanding                    
    -------------------------                    
    Gross investment income            $0.063              $0.067 
    Operating expenses                 (0.036)             (0.032)
                                       ------              ------ 
      Net investment income            $0.027              $0.035 
    Net realized and unrealized 
     gains (losses) on investments      0.393              (0.772)
                                        -----              ------ 
      Net increase (decrease) in 
       net assets from operations      $0.420             $(0.737)
                                       ======             ======= 
                                                             
                                                             
    Net Asset Value at January 31
     (Common Shares)            
    ----------------------------- 
      Net assets                   $1,925,588          $1,758,165 
      Shares outstanding              150,828             149,711 
      Net asset value per                                             
       share outstanding               $12.77              $11.74 
                                                             
    Market Value Summary 
     (Common Shares)                    
    -------------------- 
      Market price on NYSE at                                          
       January 31                      $12.61              $10.83 
      High market price (period                                        
       ended January 31)               $13.94              $11.98 
      Low market price (period                                         
       ended January 31)               $12.59               $7.87 

SOURCE Eaton Vance Management

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