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

Oct 14, 2011, 15:32 ET from Eaton Vance Management

BOSTON, Oct. 14, 2011 /PRNewswire/ -- 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 and nine months ended July 31, 2011.  The Fund's fiscal year ends on October 31, 2011.

For the three months ended July 31, 2011, the Fund had net investment income of $7,670,782 ($0.051 per share). For the nine months ended July 31, 2011, the Fund had net investment income of $14,893,137 ($0.098 per share).  In comparison, for the three months ended July 31, 2010, the Fund had net investment income of $6,629,836 ($0.044 per share).  For the nine months ended July 31, 2010, the Fund had net investment income of $17,404,327 ($0.115 per share).

Net realized and unrealized losses for the three months ended July 31, 2011 were $92,248,670 ($0.609 per share).  Net realized and unrealized gains for the nine months ended July 31, 2011 were $72,963,373 ($0.479 per share). In comparison, net realized and unrealized losses for the three months ended July 31, 2010 were $110,751,631 ($0.729 per share).  Net realized and unrealized gains for the nine months ended July 31, 2010 were $40,452,340 ($0.268 per share).

On July 31, 2011, net assets of the Fund were $1,799,623,898.  The net asset value per share on July 31, 2011 was $11.80 based on 152,472,416 shares outstanding.  In comparison, on July 31, 2010, net assets of the Fund were $1,810,525,872.  The net asset value per share on July 31, 2010 was $11.92 based on 151,902,343 shares outstanding.

The Fund periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Fund portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.  

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 $177.8 billion in assets as of September 30, 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

Nine Months Ended 

July 31,

 July 31,

2011

2010

2011

2010

Gross investment income

$  12,626

$    11,481

$      29,677

$      32,632

Operating expenses

(4,955)

(4,851)

(14,784)

(15,228)

Net investment income

$    7,671

$      6,630

$      14,893

$      17,404

Net realized and unrealized gains (losses)

 on investments

$ (92,249)

$ (110,752)

$      72,963

$      40,452

Net increase (decrease) in net assets

 from operations

$ (84,578)

$ (104,122)

$      87,856

$      57,856

Earnings per Share Outstanding

Gross investment income

$    0.083

$      0.076

$        0.195

$        0.216

Operating expenses

(0.032)

(0.032)

(0.097)

(0.101)

Net investment income

$    0.051

$      0.044

$        0.098

$        0.115

Net realized and unrealized gains (losses)

 on investments

$   (0.609)

$     (0.729)

$        0.479

$        0.268

Net increase (decrease) in net assets

 from operations

$   (0.558)

$     (0.685)

$        0.577

$        0.383

Net Asset Value at July 31

Net assets  

$ 1,799,624

$ 1,810,526

Shares outstanding

152,472

151,902

Net asset value per share outstanding

$        11.80

$        11.92

Market Value Summary

Market price on NYSE at July 31

$        10.45

$        11.88

High market price (period ended July 31)

$        12.06

$        13.94

Low market price (period ended July 31)

$        10.41

$        10.66

SOURCE Eaton Vance Management



RELATED LINKS

http://www.eatonvance.com