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

BOSTON, Jan. 5 /PRNewswire-FirstCall/ -- 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, 2009 and the year ended October 31, 2009. The Fund's fiscal year ended on October 31, 2009.

For the three months ended October 31, 2009, the Fund had net investment income of $4,314,646 ($0.028 per common share). For the year ended October 31, 2009, the Fund had net investment income of $27,911,994 ($0.186 per common share). In comparison, for the three months ended October 31, 2008, the Fund had net investment income of $4,727,173 ($0.032 per common share). For the year ended October 31, 2008, the Fund had net investment income of $39,955,338 ($0.267 per common share).

Net realized and unrealized gains for the three months ended October 31, 2009 were $69,091,217 ($0.467 per common share) and net realized and unrealized gains for the year ended October 31, 2009 were $228,768,660 ($1.534 per common share). In comparison, net realized and unrealized losses for the three months ended October 31, 2008 were $496,559,810 ($3.325 per common share) and net realized and unrealized losses for the year ended October 31, 2008 were $758,916,901 ($5.077 per common share).

On October 31, 2009, net assets of the Fund were $1,924,015,547. The net asset value per common share on October 31, 2009 was $12.81 based on 150,236,255 common shares outstanding. In comparison, on October 31, 2008, net assets of the Fund were $1,937,782,955. The net asset value per common share on October 31, 2008 was $12.94 based on 149,711,079 common 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 $154.9 billion in assets as of October 31, 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 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          Year Ended
                                      October 31,             October 31,
                                      -----------             -----------
                                    2009       2008        2009        2008
                                    ----       ----        ----        ----
    Gross investment income       $9,367    $10,825      $47,286     $66,989
    Operating expenses            (5,052)    (6,098)     (19,374)    (27,034)
                                   ------    ------      -------     -------
        Net investment income     $4,315     $4,727      $27,912     $39,955
    Net realized and
     unrealized gains
     (losses) on investments     $69,092  $(496,560)    $228,769   $(758,917)
                                 -------  ---------     --------   ---------
        Net increase (decrease)
         in net assets from
         operations              $73,407  $(491,833)    $256,681   $(718,962)
                                 =======  =========     ========   =========

    Earnings per Share
     Outstanding
    ------------------
    Gross investment income       $0.062     $0.072       $0.315      $0.447
    Operating expenses            (0.034)    (0.040)      (0.129)     (0.180)
                                  ------     ------       ------      ------
        Net investment income     $0.028     $0.032       $0.186      $0.267
    Net realized and unrealized
     gains (losses) on
     investments                  $0.467    $(3.325)      $1.534     $(5.077)
                                  ------    -------       ------     -------
        Net increase (decrease)
        in net assets from
        operations                $0.495    $(3.293)      $1.720     $(4.810)
                                  ======    =======       ======     =======


    Net Asset Value at October 31
    (Common Shares )
    -------------------
        Net assets                                    $1,924,016  $1,937,783
        Shares outstanding                               150,236     149,711
        Net asset value
         per share
         outstanding                                      $12.81      $12.94

    Market Value Summary
     (Common Shares )
    --------------------
        Market price on
         NYSE at October 31                               $12.47      $11.90
        High market price
         (period ended October 31)                        $13.40      $17.17
        Low market price
         (period ended October 31)                         $7.87       $9.22

SOURCE Eaton Vance Management

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