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

BOSTON, July 1  /PRNewswire-FirstCall/ -- Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE:ETY), a closed-end investment company, today announced the earnings of the Fund for the three months ended April 30, 2009 and the six months ended April 30, 2009.  The Fund's fiscal year ends on October 31, 2009.

For the three months ended April 30, 2009, the Fund had net investment income of $10,866,984 ($0.072 per common share). For the six months ended April 30, 2009, the Fund had net investment income of $16,053,719 ($0.107 per common share).  In comparison, for the three months ended April 30, 2008, the Fund had net investment income of $10,001,322 ($0.067 per common share).  For the six months ended April 30, 2008, the Fund had net investment income of $26,744,735 ($0.179 per common share).

Net realized and unrealized gains for the three months ended April 30, 2009 were $42,312,012 ($0.290 per common share) and net realized and unrealized losses for the six months ended April 30, 2009 were $73,252,619 ($0.482 per common share). In comparison, net realized and unrealized gains for the three months ended April 30, 2008 were $95,310,465 ($0.635 per common share) and net realized and unrealized losses for the six months ended April 30, 2008 were $123,110,390 ($0.824 per common share).

On April 30, 2009, net assets of the Fund were $1,742,101,307.  The net asset value per share on April 30, 2009 was $11.64 based on 149,711,079 shares outstanding.  In comparison, on April 30, 2008, net assets of the Fund were $2,698,861,611.  The net asset value per share on April 30, 2008 was $18.03 based on 149,711,079 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 $127.2 billion in assets as of April 30, 2009, offering individuals and institutions a broad array of investment products 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 http://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     Six Months Ended
                             April 30,             April 30,
                             ---------             ---------
                            2009      2008        2009        2008
                            ----      ----        ----        ----
  Gross investment
   income                $15,271   $16,768     $25,348     $40,872
  Operating expenses      (4,404)   (6,767)     (9,294)    (14,127)
                          ------    ------      ------     -------
    Net investment
     income              $10,867   $10,001     $16,054     $26,745
  Net realized and
   unrealized gains
   (losses) on
   investments           $42,312   $95,310    $(73,253)  $(123,110)
                         -------   -------    --------   ---------
    Net increase
     (decrease) in net
     assets from
     operations          $53,179  $105,311    $(57,199)   $(96,365)
                         =======  ========    ========    ========

  Earnings per Share
   Outstanding
  ------------------
  Gross investment
   income                 $0.102    $0.112      $0.169      $0.273
  Operating expenses      (0.030)   (0.045)     (0.062)     (0.094)
                          ------    ------      ------      ------
    Net investment
     income               $0.072    $0.067      $0.107      $0.179
  Net realized and
   unrealized gains
   (losses) on
   investments            $0.290    $0.635     $(0.482)    $(0.824)
                          ------    ------     -------     -------
    Net increase
     (decrease) in net
     assets from
     operations           $0.362    $0.702     $(0.375)    $(0.645)
                          ======    ======     =======     =======


  Net Asset Value at
   April 30 (Common
   Shares)
  ------------------
    Net assets                              $1,742,101  $2,698,862
    Shares outstanding                         149,711     149,711
    Net asset value per
     share outstanding                          $11.64      $18.03

  Market Value Summary
   (Common Shares )
  --------------------
    Market price on NYSE
     at April 30                                $10.69      $16.58
    High market price
     (period ended April 30)                    $11.98      $17.17
    Low market price
     (period ended April 30)                     $7.87      $14.86


DATASOURCE: Eaton Vance Management



CONTACT:  Investors, Eaton Vance Management, [phone]



Web Site:  http://www.eatonvance.com/ 

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