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Eaton Vance Short Duration Diversified Income Fund Report Of Earnings

BOSTON, July 20, 2012 /PRNewswire/ -- Eaton Vance Short Duration Diversified Income Fund (NYSE: EVG) (the "Fund"), a closed-end management investment company, today announced the earnings of the Fund for the three and six months ended April 30, 2012. The Fund's fiscal year ends on October 31, 2012.

For the three months ended April 30, 2012, the Fund had net investment income of $4,075,123 ($0.216 per share). For the six months ended April 30, 2012, the Fund had net investment income of $7,913,490 ($0.419 per share). In comparison, for the three months ended April 30, 2011, the Fund had net investment income of $3,928,500 ($0.208 per share). For the six months ended April 30, 2011, the Fund had net investment income of $7,775,193 ($0.412 per share).

Net realized and unrealized gains for the three months ended April 30, 2012 were $556,989 ($0.033 per share). Net realized and unrealized gains for the six months ended April 30, 2012 were $3,729,907 ($0.201 per share). In comparison, net realized and unrealized gains for the three months ended April 30, 2011 were $2,572,588 ($0.136 per share). Net realized and unrealized gains for the six months ended April 30, 2011 were $6,385,207 ($0.338 per share).

On April 30, 2012, net assets of the Fund were $337,609,329. The net asset value per share on April 30, 2012 was $17.88 based on 18,886,596 shares outstanding. In comparison, on April 30, 2011, net assets of the Fund were $347,523,540. The net asset value per share on April 30, 2011 was $18.40 based on 18,886,596 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 month-end are also posted to the website approximately 30 days following month-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 $192.3 billion in assets as of June 30, 2012, 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 SHORT DURATION DIVERSIFIED INCOME FUND
	SUMMARY OF RESULTS OF OPERATIONS
	(in thousands, except per share amounts)

		Three Months Ended		Six Months Ended
		April 30,		April 30,
		2012	2011	2012		2011
Gross investment income		$ 5,853	$ 5,486	$ 11,216		$ 10,859
Operating expenses		(1,778)	(1,558)	(3,303)		(3,084)
	Net investment income	$ 4,075	$ 3,928	$ 7,913		$ 7,775
Net realized and unrealized gains (losses)
on investments		$ 557	$ 2,572	$ 3,730		$ 6,385
	Net increase (decrease) in net assets
	from operations	$ 4,632	$ 6,500	$ 11,643		$ 14,160

Earnings per Share Outstanding
Gross investment income		$ 0.310	$ 0.291	$ 0.594		$ 0.575
Operating expenses		(0.094)	(0.083)	(0.175)		(0.163)
	Net investment income	$ 0.216	$ 0.208	$ 0.419	⁽¹⁾	$ 0.412	⁽¹⁾
Net realized and unrealized gains (losses)
on investments		$ 0.033	$ 0.136	$ 0.201		$ 0.338
	Net increase (decrease) in net assets
	from operations	$ 0.249	$ 0.344	$ 0.620		$ 0.750


Net Asset Value at April 30
	Net assets			$ 337,609		$ 347,524
	Shares outstanding			18,887		18,887
	Net asset value per share outstanding			$ 17.88		$ 18.40

Market Value Summary
	Market price on NYSE at April 30			$ 16.92		$ 16.79
	High market price (period ended April 30)			$ 17.23		$ 17.89
	Low market price (period ended April 30)			$ 16.15		$ 16.67

⁽¹⁾	For federal income tax purposes, estimated net investment income per share for the six months ended April 30, 2012 and April 30, 2011 were $0.39 and $0.49, respectively.