EATON VANCE TAX-MANAGED DIVERSIFIED EQUITY INCOME FUND 
By BOSTON, May 30, 2014 /PRNewswire/ -- Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY) today announced important information concerning its distribution declared in May 2014. This press release is issued as required by the Fund's managed distribution plan (Plan) and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the implementation of the Plan to make monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the May distribution. It is not determinative of the tax character of the Fund's distributions for the 2014 calendar year. Shareholders should note that the Fund's total regular distribution amount is subject to change as a result of market conditions or other factors.
The amounts and sources of distributions reported in this notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: May 2014
Distribution Amount per Common Share: $0.0843
The following table sets forth an estimate of the sources of the Fund's May distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
Eaton Vance Tax-Managed Diversified Equity Income Fund
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Source Current Distribution % of Current Cumulative Distributions % of the Cumulative
Distribution Distributions
for the Fiscal for the Fiscal
Year-to-Date(1) Year-to-Date(1)
--- -------------- --------------
Net Investment Income $0.0345 40.9% $0.1534 26.0%
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Net Realized Short-Term Capital Gains $0.0000 0.0% $0.0000 0.0%
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Net Realized Long-Term Capital Gains $0.0000 0.0% $0.0000 0.0%
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Return of Capital or Other Capital Source(s) $0.0498 59.1% $0.4367 74.0%
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Total per common share $0.0843 100.0% $0.5901 100.0%
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(1) The Fund's fiscal year is November 1, 2013 to October 31, 2014
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.' The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Fund's performance based on its net asset value (NAV) for certain periods.
Average annual total
return at NAV for the
5-year period ended on
April 30, 2014(1) 13.63%
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Annualized current
distribution rate
expressed as a
percentage of NAV as
of April 30, 2014(2) 8.35%
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Cumulative total return
at NAV for the fiscal
year through April
30, 2014(3) 6.79%
----------------------- ----
Cumulative fiscal year
to date distribution
rate as a percentage
of NAV as of April
30, 20144 4.18%
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(1) Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested, for the 5-year period ended on April 30, 2014.
(2) The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the Fund's NAV as of April 30, 2014.
(3) Cumulative total return at NAV is the percentage change in the Fund's NAV for the period from the beginning of its fiscal year to April 30, 2014 including distributions paid and assuming reinvestment of those distributions.
(4) Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to April 30, 2014 measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund's NAV as of April 30, 2014.
SOURCE Eaton Vance Management
