Eaton Vance Tax-Managed Diversified Equity Income Fund April 2013 Distribution

Eaton Vance Tax-Managed Diversified Equity Income Fund April 2013 Distribution

PR Newswire

BOSTON, April 30, 2013

BOSTON, April 30, 2013 /PRNewswire/ -- Eaton Vance Tax-Managed Diversified
Equity Income Fund (NYSE: ETY) today announced important information
concerning its distribution declared in April 2013. This press release is
issued as required by the Fund's managed distribution plan (Plan) and an
exemptive order received from the U.S. Securities and Exchange Commission.
The Board of Trustees has 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 Fund's distributions for the
2013 calendar year. Shareholders should note that the Fund's total regular
distribution amount is subject to change as a result of market conditions or
other factors.

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 Fund's 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 2013

Distribution Amount per Common Share: $0.0843

The following table sets forth an estimate of the sources of the Fund's 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
                                                 Cumulative     % of the
                                                                Cumulative
                       Current      % of Current Distributions
Source                 Distribution Distribution for the        Distributions
                                                                for the Fiscal
                                                 Fiscal
                                                 Year-to-Date^1 Year-to-Date^1
Net Investment Income  $0.0096      11.3%        $0.0808        13.7%
Net Realized
Short-Term Capital     $0.0000      0.0%         $0.0000        0.0%
Gains
Net Realized Long-Term $0.0000      0.0%         $0.0000        0.0%
Capital Gains
Return of Capital or
Other Capital          $0.0747      88.7%        $0.5093        86.3%
Source(s)
Total per common share $0.0843      100.0%       $0.5901        100.0%



^ 1  The Fund's fiscal year is November 1, 2012 to October 31, 2013

IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund's
investment performance from the amount of this distribution or from the terms
of the Fund's 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
Fund's 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 Fund's 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 Fund's 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  5.73%
31, 2013^1
Annualized current distribution rate expressed as a percentage of NAV as 8.89%
of March 31, 2013^2
Cumulative total return at NAV for the fiscal year through March 31,    9.31%
2013^3
Cumulative fiscal year to date distribution rate as a percentage of NAV  4.45%
as of March 31, 2013^4



^1 Average annual total return at NAV represents the simple arithmetic average
of the annual NAV total returns of the Fund for the 5-year period ended on
March 31, 2013.
^2 The annualized current distribution rate is the cumulative distribution
rate annualized as a percentage of the Fund's NAV as of March 31, 2013.
^3 Cumulative total return at NAV is the percentage change in the Fund's NAV
for the period from the beginning of its fiscal year to March 31, 2013
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, 2013 measured on the dollar value of
distributions in the year-to-date period as a percentage of the Fund's NAV as
of March 31, 2013.



SOURCE Eaton Vance Management

Contact: Investor Contact: (800) 262-1122
 
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