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

Jun 29, 2010, 14:39 ET from Eaton Vance Management

BOSTON, June 29 /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 and six months ended April 30, 2010.  The Fund's fiscal year ends on October 31, 2010.

For the three months ended April 30, 2010, the Fund had net investment income of $6,662,321 ($0.044 per share). For the six months ended April 30, 2010, the Fund had net investment income of $10,774,491 ($0.071 per share).  In comparison, for the three months ended April 30, 2009, the Fund had net investment income of $10,866,984 ($0.072 per share).  For the six months ended April 30, 2009, the Fund had net investment income of $16,053,719 ($0.107 per share).  

Net realized and unrealized gains for the three months ended April 30, 2010 were $92,008,036 ($0.604 per share).  Net realized and unrealized gains for the six months ended April 30, 2010 were $151,203,971 ($0.997 per share). In comparison, net realized and unrealized gains for the three months ended April 30, 2009 were $42,312,012 ($0.290 per share).  Net realized and unrealized losses for the six months ended April 30, 2009 were $73,252,619 ($0.482 per share).

On April 30, 2010, net assets of the Fund were $1,969,592,647.  The net asset value per share on April 30, 2010 was $13.01 based on 151,343,502 shares outstanding.  In comparison, 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.

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 $176.2 billion in assets as of April 30, 2010, 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

Six Months Ended

April 30,

April 30,

2010

2009

2010

2009

Gross investment income

$ 11,677

$ 15,271

$      21,151

$      25,348

Operating expenses

(5,015)

(4,404)

(10,377)

(9,294)

Net investment income

$   6,662

$ 10,867

$      10,774

$      16,054

Net realized and unrealized gains (losses) on investments

$ 92,008

$ 42,312

$    151,204

$    (73,253)

Net increase (decrease) in net assets from operations

$ 98,670

$ 53,179

$    161,978

$    (57,199)

Earnings per Share Outstanding

Gross investment income

$   0.077

$   0.102

$        0.140

$        0.169

Operating expenses

(0.033)

(0.030)

(0.069)

(0.062)

Net investment income

$   0.044

$   0.072

$        0.071

$        0.107

Net realized and unrealized gains (losses) on investments

$   0.604

$   0.290

$        0.997

$      (0.482)

Net increase (decrease) in net assets from operations

$   0.648

$   0.362

$        1.068

$      (0.375)

Net Asset Value at April 30

Net assets  

$ 1,969,593

$ 1,742,101

Shares outstanding

151,344

149,711

Net asset value per share outstanding

$        13.01

$        11.64

Market Value Summary

Market price on NYSE at April 30

$        13.47

$        10.69

High market price (period ended April 30)

$        13.94

$        11.98

Low market price (period ended April 30)

$        12.40

$          7.87

SOURCE Eaton Vance Management



RELATED LINKS

http://www.eatonvance.com