Eaton Vance Tax-Managed Diversified Equity Income Fund Report of Earnings as of July 31, 2008

  
    
  
  
    
      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 July 31, 2008 and for the nine 
      months ended July 31, 2008. The Fund’s fiscal 
      year ends on October 31, 2008.
    
    
      For the three months ended July 31, 2008, the Fund had net investment 
      income of $8,483,430 ($0.056 per common share). For the nine months 
      ended July 31, 2008, the Fund had net investment income of $35,228,165 
      ($0.235 per common share). In comparison, for the three months ended 
      July 31, 2007, the Fund had net investment income of $60,687,240 ($0.405 
      per common share). For the period from the start of business, November 
      30, 2006, to July 31, 2007, the Fund had net investment income of 
      $166,524,025 ($1.130 per common share).
    
    
      Net realized and unrealized losses for the three months ended July 31, 
      2008 were $139,246,701 ($0.928 per common share) and net realized and 
      unrealized losses for the nine months ended July 31, 2008 were 
      $262,357,091 ($1.752 per common share). In comparison, net realized and 
      unrealized losses for the three months ended July 31, 2007 were 
      $149,843,311 ($1.000 per common share). Net realized and unrealized 
      gains for the period from the start of business, November 30, 2006, to 
      July 31, 2007 were $4,084,626 ($0.017 per common share).
    
    
      On July 31, 2008, net assets of the Fund were $2,498,856,966. The net 
      asset value per common share on July 31, 2008 was $16.69 based on 
      149,711,079 common shares outstanding. In comparison, on July 31, 2007, 
      net assets of the Fund were $2,891,441,674. The net asset value per 
      common share on July 31, 2007 was $19.31 based on 149,711,079 common 
      shares outstanding.
    
    
      The Fund is managed by Eaton Vance Management, a subsidiary of Eaton 
      Vance Corp, which is listed on the New York Stock Exchange under the 
      symbol EV. Eaton Vance and its affiliates had $155.8 billion in assets 
      under management on July 31, 2008. 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
        
        
        
        
          Nine Months Ended
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
          July 31,
        
        
        
        
          
            July 31,
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
          
            2008
          
        
        
        
        
          
            2007
          
        
        
        
        
          
            2008
          
        
        
        
        
          
            2007(1)
          
        
      
      
        
          Gross investment income
        
        
        
        
        
        
        
        
        
        
          $15,292
        
        
        
        
          $68,716
        
        
        
        
          $56,164
        
        
        
        
          $186,925
        
      
      
        
          Operating expenses
        
        
        
        
        
        
        
        
        
        
          ($6,809)
        
        
        
        
          ($8,029)
        
        
        
        
          ($20,936)
        
        
        
        
          ($20,401)
        
      
      
        
        
        
          Net investment income
        
        
        
        
        
        
        
        
        
        
          $8,483
        
        
        
        
          $60,687
        
        
        
        
          $35,228
        
        
        
        
          $166,524
        
      
      
        
          Net realized and unrealized gains (losses)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          on investments
        
        
        
        
        
        
        
        
        
        
          ($139,247)
        
        
        
        
          ($149,483)
        
        
        
        
          ($262,357)
        
        
        
        
          $4,085
        
      
      
        
        
        
          Net increase (decrease) in net assets
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          from operations
        
        
        
        
        
        
        
        
        
        
          ($130,764)
        
        
        
        
          ($88,796)
        
        
        
        
          ($227,129)
        
        
        
        
          $170,609
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Earnings per Share Outstanding
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Gross investment income
        
        
        
        
        
        
        
        
        
        
          $0.102
        
        
        
        
          $0.459
        
        
        
        
          $0.375
        
        
        
        
          $1.269
        
      
      
        
          Operating expenses
        
        
        
        
        
        
        
        
        
        
          ($0.046)
        
        
        
        
          ($0.054)
        
        
        
        
          ($0.140)
        
        
        
        
          ($0.139)
        
      
      
        
        
        
          Net investment income
        
        
        
        
        
        
        
        
        
        
          $0.056
        
        
        
        
          $0.405
        
        
        
        
          $0.235
        
        
        
        
          $1.130
        
      
      
        
          Net realized and unrealized gains (losses)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          on investments
        
        
        
        
        
        
        
        
        
        
          ($0.928)
        
        
        
        
          ($1.000)
        
        
        
        
          ($1.752)
        
        
        
        
          $0.017
        
      
      
        
        
        
          Net increase (decrease) in net assets
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          from operations
        
        
        
        
        
        
        
        
        
        
          ($0.872)
        
        
        
        
          ($0.595)
        
        
        
        
          ($1.517)
        
        
        
        
          $1.147
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Net Asset Value at July 31 (Common 
            Shares )
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Net assets (000)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $2,498,857
        
        
        
        
          $2,891,442
        
      
      
        
        
        
          Shares outstanding (000)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          149,711
        
        
        
        
          149,711
        
      
      
        
        
        
          Net asset value per share outstanding
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $16.69
        
        
        
        
          $19.31
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Market Value Summary (Common Shares 
            )
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Market price on NYSE at July 31
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $14.85
        
        
        
        
          $18.70
        
      
      
        
        
        
          High market price (period ended July 31)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $17.17
        
        
        
        
          $20.66
        
      
      
        
        
        
          Low market price (period ended July 31)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $13.68
        
        
        
        
          $18.53
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1) For the period from the start of business, November 30, 2006, to 
          July 31, 2007.