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 October 31, 2007 and for the 
      period from the start of business, November 30, 2006, to October 31, 
      2007. The Fund’s fiscal year ended on October 
      31, 2007.
    
    
      For the three months ended October 31, 2007, the Fund had net investment 
      income of $27,908,315 ($0.184 per common share). For the period from the 
      start of business, November 30, 2006, to October 31, 2007, the Fund had 
      net investment income of $194,432,340 ($1.314 per common share).
    
    
      Net realized and unrealized gains for the three months ended October 31, 
      2007 were $83,601,399 ($0.566 per common share). Net realized and 
      unrealized gains for the period from the start of business, November 30, 
      2006, to October 31, 2007 were $87,686,025 ($0.583 per common share).
    
    
      On October 31, 2007, net assets of the Fund were $2,933,710,014. The net 
      asset value per common share on October 31, 2007 was $19.60 based on 
      149,711,079 common shares outstanding.
    
    
      The Fund is managed by Eaton Vance Management. Eaton Vance and its 
      affiliates had $161.7 billion in assets under management on October 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
        
        
        
        
        
        
        
        
          Period Ended
        
        
        
      
      
        
        
        
        
        
        
        
          October 31,
        
        
           
        
        
        
        
           
        
        
          
            October 31,(a)
          
        
        
           
        
      
      
        
        
        
        
        
        
        
          2007
        
        
           
        
        
        
        
        
        
          2007
        
        
           
        
      
      
        
          Gross investment income
        
        
        
        
          $
        
        
          35,932
        
        
        
        
        
        
        
        
          $
        
        
          222,857
        
        
        
      
      
        
          Operating expenses
        
        
        
        
           
        
        
          ($8,024
        
        
          )
        
        
        
        
        
        
           
        
        
          ($28,425
        
        
          )
        
      
      
        
        
        
          Net investment income (losses)
        
        
        
        
          $
        
        
          27,908
        
        
        
        
        
        
        
        
          $
        
        
          194,432
        
        
        
      
      
        
          Net realized and unrealized gains (losses)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          on investments
        
        
        
        
          $
        
        
          83,601
        
        
           
        
        
        
        
        
        
          $
        
        
          87,686
        
        
           
        
      
      
        
        
        
          Net increase (decrease) in net assets
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          from operations
        
        
        
        
          $
        
        
          111,509
        
        
           
        
        
        
        
        
        
          $
        
        
          282,118
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings per Share Outstanding
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Gross investment income
        
        
        
        
          $
        
        
          0.240
        
        
        
        
        
        
        
        
          $
        
        
          1.509
        
        
        
      
      
        
          Operating expenses
        
        
        
        
           
        
        
          ($0.056
        
        
          )
        
        
        
        
        
        
           
        
        
          ($0.195
        
        
          )
        
      
      
        
        
        
          Net investment income (losses)
        
        
        
        
          $
        
        
          0.184
        
        
        
        
        
        
        
        
          $
        
        
          1.314
        
        
        
      
      
        
          Net realized and unrealized gains (losses)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          on investments
        
        
        
        
          $
        
        
          0.566
        
        
        
        
        
        
        
        
          $
        
        
          0.583
        
        
        
      
      
        
        
        
          Net increase (decrease) in net assets
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          from operations
        
        
        
        
          $
        
        
          0.750
        
        
           
        
        
        
        
        
        
          $
        
        
          1.897
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net Asset Value at October 31
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Net assets (000)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          2,933,710
        
        
        
      
      
        
        
        
          Shares outstanding (000)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          149,711
        
        
        
      
      
        
        
        
          Net asset value per share outstanding
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          19.60
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Market Value Summary
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Market price on NYSE at October 31
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          17.13
        
        
        
      
      
        
        
        
          High market price (period ended October 31)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          20.66
        
        
        
      
      
        
        
        
          Low market price (period ended October 31)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          16.85
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            (a)For the period from the start of business, November 30, 2006 to 
            October 31, 2007.