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 three months ended April 30, 2007 and for the period 
      from the start of business, November 30, 2006, to April 30, 2007. The 
      Fund’s fiscal year ends on October 31, 2007.
    
    
      For the three months ended April 30, 2007, the Fund had net investment 
      income of $96,475,198 ($0.647 per common share). For the period from the 
      start of business, November 30, 2006, to April 30, 2007, the Fund had 
      net investment income of $105,836,785 ($0.725 per common share).
    
    
      Net realized and unrealized gains for the three months ended April 30, 
      2007 were $62,128,679 ($0.417 per common share). Net realized and 
      unrealized gains for the period from the start of business, November 30, 
      2006, to April 30, 2007 were $153,567,937 ($1.017 per common share).
    
    
      On April 30, 2007, net assets of the Fund were $3,039,596,690. The net 
      asset value per common share on April 30, 2007 was $20.37 based on 
      149,228,998 common shares outstanding.
    
    
      The Fund is managed by Eaton Vance Management. Eaton Vance and its 
      affiliates had $150.0 billion in assets under management on April 30, 
      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
        
        
        
        
          Period Ended
        
      
      
        
        
        
        
        
        
        
          April 30,
        
        
        
        
          
            April 30,(a)
          
        
      
      
        
        
        
        
        
        
        
          2007 
        
        
        
        
          2007 
        
      
      
        
          Gross investment income
        
        
        
        
          $103,945 
        
        
        
        
          $118,209 
        
      
      
        
          Operating expenses
        
        
        
        
          ($7,470)
        
        
        
        
          ($12,372)
        
      
      
        
        
        
          Net investment income (losses)
        
        
        
        
          $96,475 
        
        
        
        
          $105,837 
        
      
      
        
          Net realized and unrealized gains (losses) on investments
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          $62,129 
        
        
        
        
          $153,568 
        
      
      
        
        
        
          Net increase (decrease) in net assets from operations
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          $158,604 
        
        
        
        
          $259,405 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per Share Outstanding
        
        
        
        
        
        
        
        
        
      
      
        
          Gross investment income
        
        
        
        
          $0.697 
        
        
        
        
          $0.810 
        
      
      
        
          Operating expenses
        
        
        
        
          ($0.050)
        
        
        
        
          ($0.085)
        
      
      
        
        
        
          Net investment income (losses)
        
        
        
        
          $0.647 
        
        
        
        
          $0.725 
        
      
      
        
          Net realized and unrealized gains (losses) on investments
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          $0.417 
        
        
        
        
          $1.017 
        
      
      
        
        
        
          Net increase (decrease) in net assets from operations
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          $1.064 
        
        
        
        
          $1.742 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net Asset Value at April 30
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Net assets (000)
        
        
        
        
        
        
        
        
          $3,039,597 
        
      
      
        
        
        
          Shares outstanding (000)
        
        
        
        
        
        
        
        
          149,229 
        
      
      
        
        
        
          Net asset value per share outstanding
        
        
        
        
        
        
        
        
          $20.37 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Market Value Summary
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Market price on NYSE at April 30
        
        
        
        
        
        
        
        
          $20.49 
        
      
      
        
        
        
          High market price (period ended April 30)
        
        
        
        
        
        
        
        
          $20.58 
        
      
      
        
        
        
          Low market price (period ended April 30)
        
        
        
        
        
        
        
        
          $19.53 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            (a) For the period from the start of business, November 30, 2006 
            to April 30, 2007.