Eaton Vance Tax-Advantaged Dividend Income Fund Report of Earnings

BOSTON, Jan. 29  /PRNewswire-FirstCall/ -- Eaton Vance Tax-Advantaged Dividend Income Fund (NYSE:EVT), a closed-end investment company, today announced the earnings of the Fund for the three months ended November 30, 2009.  The Fund's fiscal year ends on August 31, 2010.

For the three months ended November 30, 2009, the Fund had net investment income of $12,689,284 ($0.174 per common share).  In comparison, for the three months ended November 30, 2008, the Fund had net investment income of $11,943,366 ($0.164 per common share).

Net realized and unrealized gains for the three months ended November 30, 2009 were $111,680,223 ($1.533 per common share).  In comparison, net realized and unrealized losses for the three months ended November 30, 2008 were $745,880,865 ($10.241 per common share).

On November 30, 2009, net assets of the Fund were $1,217,143,529.  The net asset value per share on November 30, 2009 was $16.71 based on 72,835,899 shares outstanding.  In comparison, on November 30, 2008, net assets of the Fund were $1,004,048,773.  The net asset value per share on November 30, 2008 was $13.79 based on 72,835,900 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 $163.1 billion in assets as of December 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 http://www.eatonvance.com/.

              EATON VANCE TAX-ADVANTAGED DIVIDEND INCOME FUND           
                     SUMMARY OF RESULTS OF OPERATIONS                   
                 (in thousands, except per share amounts)               
                                                                        
                                                     Three Months Ended  
                                                         November 30,    
                                                         ------------    
                                                       2009        2008 
                                                       ----        ---- 
  Gross investment income                           $17,141     $19,402 
  Operating expenses                                 (3,521)     (3,295)
  Interest expense                                     (931)     (4,164)
                                                       ----      ------ 
    Net investment income                           $12,689     $11,943 
  Net realized and unrealized gains (losses)                            
    on investments                                 $111,680   $(745,881)
                                                   --------   --------- 
    Net increase (decrease) in net assets                               
      from operations                              $124,369   $(733,938)
                                                   ========   ========= 
                                                                        
  Earnings per Common Share Outstanding                                 
  -------------------------------------                                 
  Gross investment income                            $0.235      $0.266 
  Operating expenses                                 (0.048)     (0.045)
  Interest expense                                   (0.013)     (0.057)
                                                     ------      ------ 
    Net investment income                            $0.174      $0.164 
  Net realized and unrealized gains (losses)                            
    on investments                                   $1.533    $(10.241)
                                                     ------    -------- 
    Net increase (decrease) in net assets                               
      from operations                                $1.707    $(10.077)
                                                     ======    ======== 
                                                                        
  Net investment income                              $0.174      $0.164 
                                                     ======      ====== 
                                                                        
  Net Asset Value at November 30 (Common Shares)                        
  ----------------------------------------------                        
    Net assets (000)                             $1,217,144  $1,004,049 
    Shares outstanding (000)                         72,836      72,836 
    Net asset value per share outstanding            $16.71      $13.79 
                                                                        
  Market Value Summary (Common Shares)                                  
  ------------------------------------                                  
    Market price on NYSE at November 30              $15.82      $10.07 
    High market price (period ended November 30)     $15.94      $21.05 
    Low market price (period ended November 30)      $13.47       $8.40


DATASOURCE: Eaton Vance Management



CONTACT:  Investors, Eaton Vance Management, [phone]



Web Site:  http://www.eatonvance.com/ 

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