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

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

PR Newswire

BOSTON, Jan. 10, 2013

BOSTON, Jan. 10, 2013 /PRNewswire/ --Eaton Vance Tax-Managed Diversified
Equity Income Fund (NYSE: ETY), a closed-end management investment company,
today announced the earnings of the Fund for the three months and year ended
October 31, 2012. The Fund's fiscal year ended on October 31, 2012.

For the three months ended October 31, 2012, the Fund had net investment
income of $4,267,065 ($0.028 per share). For the year ended October 31, 2012,
the Fund had net investment income of $21,018,094 ($0.138 per share). In
comparison, for the three months ended October 31, 2011, the Fund had net
investment income of $3,504,354 ($0.023 per share). For the year ended October
31, 2011, the Fund had net investment income of $18,397,491 ($0.121 per
share).

Net realized and unrealized gains for the three months ended October 31, 2012
were $45,874,909 ($0.303 per share). Net realized and unrealized gains for the
year ended October 31, 2012 were $161,640,039 ($1.062 per share). In
comparison, net realized and unrealized losses for the three months ended
October 31, 2011 were $107,436,802 ($0.706 per share). Net realized and
unrealized losses for the year ended October 31, 2011 were $34,473,429 ($0.227
per share).

On October 31, 2012, net assets of the Fund were $1,654,325,965. The net asset
value per share on October 31, 2012 was $10.96 based on 150,969,916 shares
outstanding. In comparison, on October 31, 2011, net assets of the Fund were
$1,651,550,686. The net asset value per share on October 31, 2011 was $10.83
based on 152,472,416 shares outstanding.

The Fund periodically makes certain performance data and information about
portfolio characteristics available on www.eatonvance.com (on the fund
information page under "Individual Investors – Closed-End Funds"). Fund
portfolio holdings for the most recent month-end are also posted to the
website approximately 30 days following month-end.

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 $199.5 billion in assets as of October 31, 2012,
offering individuals and institutions a broad array of investment strategies
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      Year Ended
                             October 31,             October 31,
                             2012       2011         2012         2011
Gross investment income      $      $       $         $     
                               8,791  7,835        38,756      37,512
Operating expenses           (4,524)    (4,331)      (17,738)     (19,115)
     Net investment          $      $       $         $     
     income                    4,267  3,504        21,018      18,397
Net realized and
unrealized gains (losses)
 on investments             $      $          $          $    
                              45,875   (107,437)    161,640     (34,473)
     Net increase (decrease)
     in net assets
      from operations       $      $          $          $    
                              50,142   (103,933)    182,658     (16,076)
Earnings per Share
Outstanding
Gross investment income      $      $       $       $     
                               0.057  0.051        0.254         0.246
Operating expenses           (0.029)    (0.028)      (0.116)      (0.125)
     Net investment          $      $       $       $     
     income                   0.028  0.023        0.138         0.121
Net realized and
unrealized gains (losses)
 on investments             $      $        $       $     
                               0.303  (0.706)     1.062        (0.227)
     Net increase (decrease)
     in net assets
      from operations       $      $        $       $     
                               0.331  (0.683)     1.200        (0.106)
Net Asset Value at
October 31
     Net assets                                    $           $  
                                                     1,654,326    1,651,551
     Shares outstanding                             150,970      152,472
     Net asset value per                             $       $     
     share outstanding                               10.96         10.83
Market Value Summary
     Market price on NYSE at                         $       $     
     October 31                                       9.51         9.21
     High market price                               $       $     
     (period ended October                            9.88        12.06
     31)
     Low market price                                $       $     
     (period ended October                            8.39         8.25
     31)

Investor Contact: (800) 262-1122



SOURCE Eaton Vance Management

Website: http://www.eatonvance.com/