Eaton Vance Tax-Advantaged Dividend Income Fund Report of Earnings

BOSTON, May 1  /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 February 28, 2009 and for the six months ended February 28, 2009. The Fund's fiscal year ends on August 31, 2009.

For the three months ended February 28, 2009, the Fund had net investment income of $18,355,562 ($0.252 per common share). For the six months ended February 28, 2009, the Fund had net investment income of $30,298,928 ($0.416 per common share).  In comparison, for the three months ended February 29, 2008, the Fund had net investment income of $41,980,184 ($0.576 per common share).  From this amount, the Fund paid dividends on preferred shares of $8,507,272 (equal to $0.117 for each common share), resulting in net investment income after the preferred dividends of $33,472,912 or $0.459 per common share.  For the six months ended February 29, 2008, the Fund had net investment income of $61,209,870 ($0.840 per common share).  From this amount, the Fund paid dividends on preferred shares of $17,128,248 (equal to $0.235 for each common share), resulting in net investment income after the preferred dividends of $44,081,622 or $0.605 per common share.

Net realized and unrealized losses for the three months ended February 28, 2009 were $248,078,124 ($3.410 per common share) and net realized and unrealized losses for the six months ended February 28, 2009 were $993,958,989 ($13.651 per common share). In comparison, net realized and unrealized losses for the three months ended February 29, 2008 were $248,586,640 ($3.413 per common share) and net realized and unrealized losses for the six months ended February 29, 2008 were $168,524,558 ($2.311 per common share).

On February 28, 2009, net assets of the Fund applicable to common shares were $747,531,221.  The net asset value per common share on February 28, 2009 was $10.26 based on 72,835,900 common shares outstanding.  In comparison, on February 29, 2008, net assets applicable to common shares of the Fund were $2,014,101,280.  The net asset value per common share on February 29, 2008 was $27.65 based on 72,835,900 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 $119.3 billion in assets as of March 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      Six Months Ended
                               February 28,           February 28,
                               ------------           ------------
                              2009       2008       2009        2008
                              ----       ----       ----        ----
  Gross investment
   income                  $23,325    $47,255    $42,727     $72,031
  Operating expenses        (2,764)    (5,275)    (6,059)    (10,821)
  Interest expense          (2,205)         -     (6,369)          -
                            ------        ---     ------         ---
    Net investment
     income                $18,356    $41,980    $30,299     $61,210
  Net realized and
   unrealized gains
   (losses)
    on investments       $(248,078) $(248,587) $(993,959)  $(168,525)
  Preferred dividends
   paid (1)                      -     (8,507)         -     (17,128)
                            ------     ------    ------       ------
    Net increase
    (decrease) in
    net assets
    from operations      $(229,722) $(215,114) $(963,660)  $(124,443)
                         =========  =========  =========   =========

  Earnings per Common Share Outstanding
  -------------------------------------
  Gross investment
   income                   $0.321     $0.649     $0.587      $0.989
  Operating expenses        (0.039)    (0.073)    (0.084)     (0.149)
  Interest expense          (0.030)         -     (0.087)          -
                            ------     ------     ------      ------
    Net investment
     income                 $0.252     $0.576     $0.416      $0.840
  Net realized and
   unrealized gains
   (losses)
    on investments         $(3.410)   $(3.413)  $(13.651)    $(2.311)
  Preferred dividends
   paid (1)                      -     (0.117)         -      (0.235)
                            ------     ------     ------      ------
    Net increase
     (decrease) in
     net assets
     from operations       $(3.158)   $(2.954)  $(13.235)    $(1.706)
                           =======    =======   ========     =======

  Net investment income     $0.252     $0.576     $0.416      $0.840
  Preferred dividends
   paid (1)                      -     (0.117)         -      (0.235)
                            ------     ------     ------      ------
  Net investment income
   after preferred
   dividends                $0.252     $0.459     $0.416      $0.605
                            ======     ======     ======      ======


  Net Asset Value at February 28 (Common Shares )
  -----------------------------------------------
    Net assets                                  $747,531  $2,014,101
    Shares outstanding                            72,836      72,836
    Net asset value per share outstanding         $10.26      $27.65

  Market Value Summary (Common Shares )
  -------------------------------------
    Market price on NYSE at February 28            $8.30      $24.24
    High market price (period ended February
     28)                                          $21.05      $28.08
    Low market price (period ended February
     28)                                           $7.97      $23.55

  (1) As of April 23, 2008, all series of preferred shares had been
      redeemed.


DATASOURCE: Eaton Vance Management



CONTACT:  Investors, Eaton Vance Management [phone]



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

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