Eaton Vance Short Duration Diversified Income Fund Report of Earnings

BOSTON, April 7 /PRNewswire-FirstCall/ -- Eaton Vance Short Duration
Diversified Income Fund (NYSE: EVG), a closed-end investment company, today
announced the earnings of the Fund for the three months ended January 31,
2009. The Fund's fiscal year ends on October 31, 2009.

For the three months ended January 31, 2009, the Fund had net investment
income of $5,137,951 ($0.272 per common share). In comparison, for the three
months ended January 31, 2008, the Fund had net investment income of
$6,545,091 ($0.347 per common share).

Net realized and unrealized losses for the three months ended January 31, 2009
were $5,030,106 ($0.266 per common share). In comparison, net realized and
unrealized losses for the three months ended January 31, 2008 were $4,542,473
($0.241 per common share).

On January 31, 2009, net assets applicable to the common shares of the Fund
were $277,337,882. The net asset value per common share on January 31, 2009
was $14.68 based on 18,886,596 common shares outstanding. In comparison, on
January 31, 2008, net assets applicable to common shares of the Fund were
$344,926,311. The net asset value per common share on January 31, 2008 was
$18.26 based on 18,886,596 common 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 $121.9 billion in assets as of January 31, 2009,
offering individuals and institutions a broad array of investment products 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 Three Months
Ended Ended
January 31 January 31
---------- ----------
2009 2008
---- ----
Gross investment income $6,108 $7,540
Operating expenses (970) (995)
---- ----
Net investment income $5,138 $6,545
Net realized and unrealized gains (losses)
on investments (5,030) (4,542)
------ ------
Net increase (decrease) in net assets
from operations $108 $2,003
==== ======

Earnings per Share Outstanding
------------------------------
Gross investment income $0.323 $0.399
Operating expenses (0.051) (0.052)
------ ------
Net investment income (1) $0.272 $0.347
Net realized and unrealized gains (losses)
on investments (0.266) (0.241)
------ ------
Net increase (decrease) in net assets
from operations $0.006 $0.106
====== ======

Net Asset Value at January 31(Common Shares)
--------------------------------------------
Net assets (000) $277,338 $344,926
Shares outstanding (000) 18,887 18,887
Net asset value per share outstanding $14.68 $18.26

Market Value Summary (Common Shares)
------------------------------------
Market price on NYSE at January 31 $12.88 $16.93
High market price (period ended January 31) $13.01 $16.93
Low market price (period ended January 31) $10.37 $15.70

(1) For federal income tax purposes estimated net investment income per
share for the three months ended January 31, 2009 and January 31,
2008 were $0.34 and $0.48, respectively.

SOURCE Eaton Vance Management

Investors, +1-800-262-1122