<SEC-DOCUMENT>0001225208-11-025146.txt : 20111121
<SEC-HEADER>0001225208-11-025146.hdr.sgml : 20111121
<ACCEPTANCE-DATETIME>20111121143756
ACCESSION NUMBER:		0001225208-11-025146
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20111031
FILED AS OF DATE:		20111121
DATE AS OF CHANGE:		20111121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Row Walter A III
		CENTRAL INDEX KEY:			0001307650

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21832
		FILM NUMBER:		111218696

	MAIL ADDRESS:	
		STREET 1:		255 STATE STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance Tax-Managed Diversified Equity Income Fund
		CENTRAL INDEX KEY:			0001340736
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Vance Tax-Managed Premium & Dividend Income Fund
		DATE OF NAME CHANGE:	20051110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Vance Tax-Managed Premium & Income Opportunities Fund
		DATE OF NAME CHANGE:	20051005
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>doc5.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

    <documentType>5</documentType>

    <periodOfReport>2011-10-31</periodOfReport>

    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0001340736</issuerCik>
        <issuerName>Eaton Vance Tax-Managed Diversified Equity Income Fund</issuerName>
        <issuerTradingSymbol>ETY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001307650</rptOwnerCik>
            <rptOwnerName>Row Walter A III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>EATON VANCE MANAGEMENT</rptOwnerStreet1>
            <rptOwnerStreet2>TWO INTERNATIONAL PLACE</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02110</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>1</isOfficer>
            <officerTitle>President</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2011-10-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>5</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>220.4143</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1888.1972</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">FYE DRIP Adjustment</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Paul M. O'Neil, Attorney in Fact</signatureName>
        <signatureDate>2011-11-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
