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

  
    
  
  
    
      Eaton Vance Tax Managed Diversified Equity Income Fund (NYSE: ETY), a 
      diversified closed-end investment company, today announced the earnings 
      of the Fund for the period from the start of business, November 30, 
      2006, to January 31, 2007. The Fund’s fiscal 
      year ends on October 31, 2007.
    
    
      For the period from the start of business, November 30, 2006, to January 
      31, 2007, the Fund had net investment income of $9,361,587 ($0.063 per 
      common share). Net realized and unrealized gains for the period from the 
      start of business, November 30, 2006, to January 31, 2007 were 
      $91,439,258 ($0.615 per common share).
    
    
      On January 31, 2007, net assets of the Fund were $2,941,094,345. The net 
      asset value per common share on January 31, 2007 was $19.77 based on 
      148,755,000 common shares outstanding.
    
    
      The Fund is managed by Eaton Vance Management. Eaton Vance and its 
      affiliates had $135.5 billion in assets under management on January 31, 
      2007. Eaton Vance Management will make available periodic summary 
      information regarding portfolio investments. Those interested should 
      call Eaton Vance Marketing at [phone].
    
    
      
        
          EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND
        
      
      
        
          SUMMARY OF RESULTS OF OPERATIONS
        
      
      
        
          (in thousands, except per share amounts)
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
          Three Months Ended
        
      
      
        
        
        
        
        
        
        
          January 31,
        
      
      
        
        
        
        
        
        
        
          
            2007(a)
          
        
      
      
        
          Gross investment income
        
        
        
        
          $14,264 
        
      
      
        
          Operating expenses
        
        
        
        
          ($4,902)
        
      
      
        
        
        
          Net investment income
        
        
        
        
          $9,362 
        
      
      
        
          Net realized and unrealized gains (losses) on investments
        
        
        
        
        
      
      
        
        
        
          $91,439 
        
      
      
        
        
        
          Net increase (decrease) in net assets from operations
        
        
        
        
        
      
      
        
        
        
        
        
          $100,801 
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per Share Outstanding
        
        
        
        
        
      
      
        
          Gross investment income
        
        
        
        
          $0.096 
        
      
      
        
          Operating expenses
        
        
        
        
          (0.033)
        
      
      
        
        
        
          Net investment income
        
        
        
        
          $0.063 
        
      
      
        
          Net realized and unrealized gains (losses) on investments
        
        
        
        
        
      
      
        
        
        
          0.615 
        
      
      
        
        
        
          Net increase (decrease) in net assets from operations
        
        
        
        
        
      
      
        
        
        
        
        
          $0.678 
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
          Net Asset Value at January 31
        
        
        
        
        
      
      
        
        
        
          Net assets (000)
        
        
        
        
          $2,941,094 
        
      
      
        
        
        
          Shares outstanding (000)
        
        
        
        
          148,755 
        
      
      
        
        
        
          Net asset value per share outstanding
        
        
        
        
          $19.77 
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
          Market Value Summary
        
        
        
        
        
      
      
        
        
        
          Market price on NYSE at January 31
        
        
        
        
          $20.39 
        
      
      
        
        
        
          High market price (period ended January 31)
        
        
        
        
          $20.49 
        
      
      
        
        
        
          Low market price (period ended January 31)
        
        
        
        
          $20.00 
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
          
            (a) For the period from the start of business, November 30, 2006 
            to January 31, 2007.