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

BOSTON, April 4, 2011 /PRNewswire/ -- Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY)(the "Fund"), a closed-end investment company, today announced the earnings of the Fund for the three months ended January 31, 2011. The Fund's fiscal year ends on October 31, 2011.

For the three months ended January 31, 2011, the Fund had net investment income of $2,530,546 ($0.017 per share). In comparison, for the three months ended January 31, 2010, the Fund had net investment income of $4,112,170 ($0.027 per share).

Net realized and unrealized gains for the three months ended January 31, 2011 were $81,050,608 ($0.532 per share). In comparison, net realized and unrealized gains for the three months ended January 31, 2010 were $59,195,935 ($0.393 per share).

On January 31, 2011, net assets of the Fund were $1,883,630,072. The net asset value per share on January 31, 2011 was $12.35 based on 152,472,416 shares outstanding. In comparison, on January 31, 2010, net assets of the Fund were $1,925,588,205. The net asset value per share on January 31, 2010 was $12.77 based on 150,827,768 shares outstanding.

The Fund is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $191.7 billion in assets as of January 31, 2011, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)
		Three Months Ended				Three Months Ended
		January 31				January 31
		2011				2010
Gross investment income		$                          7,554				$                          9,474
Operating expenses		(5,023)				(5,362)
	Net investment income	$                          2,531				$                          4,112
Net realized and unrealized gains (losses)
on investments		81,051				59,196
	Net increase (decrease) in net assets
	from operations	$                        83,582				$                        63,308
Earnings per Share Outstanding
Gross investment income		$                          0.050				$                          0.063
Operating expenses		(0.033)				(0.036)
	Net investment income	$                          0.017				$                          0.027
Net realized and unrealized gains (losses)
on investments		0.532				0.393
	Net increase (decrease) in net assets
	from operations	$                          0.549				$                          0.420
Net Asset Value at January 31
	Net assets	$                   1,883,630				$                   1,925,588
	Shares outstanding	152,472				150,828
	Net asset value per share outstanding	$                          12.35				$                          12.77
Market Value Summary
	Market price on NYSE at January 31	$                          11.32				$                          12.61
	High market price (period ended January 31)	$                          12.06				$                          13.94
	Low market price (period ended January 31)	$                          10.88				$                          12.59

SOURCE Eaton Vance Management

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