Eaton Vance Tax-Advantaged Dividend Income Fund Report of Earnings

BOSTON, Aug. 5  /PRNewswire-FirstCall/ -- Eaton Vance Tax-Advantaged Dividend Income Fund (NYSE:EVT), a diversified closed-end investment company, today announced the earnings of the Fund for the three months ended May 31, 2009 and the nine months ended May 31, 2009.  The Fund's fiscal year ends on August 31, 2009.

For the three months ended May 31, 2009, the Fund had net investment income of $46,911,497 ($0.644 per common share). For the nine months ended May 31, 2009, the Fund had net investment income of $77,210,425 ($1.060 per common share).  In comparison, for the three months ended May 31, 2008, the Fund had net investment income of $73,819,488 ($1.014 per common share).  From this amount, the Fund paid dividends on preferred shares of $2,930,875 (equal to $0.040 for each common share), resulting in net investment income after the preferred dividends of $70,888,613 or $0.974 per common share.  For the nine months ended May 31, 2008, the Fund had net investment income of $135,029,358 ($1.854 per common share).  From this amount, the Fund paid dividends on preferred shares of $20,059,123 (equal to $0.275 for each common share), resulting in net investment income after the preferred dividends of $114,970,235 or $1.579 per common share.

Net realized and unrealized gains for the three months ended May 31, 2009 were $238,650,238 ($3.279 per common share) and net realized and unrealized losses for the nine months ended May 31, 2009 were $755,308,751 ($10.370 per common share). In comparison, net realized and unrealized gains for the three months ended May 31, 2008 were $65,793,025 ($0.903 per common share) and net realized and unrealized losses for the nine months ended May 31, 2008 were $102,731,533 ($1.410 per common share).

On May 31, 2009, net assets of the Fund applicable to common shares were $1,009,615,252.  The net asset value per common share on May 31, 2009 was $13.86 based on 72,835,900 common shares outstanding.  In comparison, on May 31, 2008, net assets applicable to common shares of the Fund were $2,117,490,534.  The net asset value per common share on May 31, 2008 was $29.07 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 $136.3 billion in assets as of June 30, 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     Nine Months Ended
                                       May 31,               May 31,
                                       -------               -------
                                     2009      2008        2009        2008
                                     ----      ----        ----        ----
  Gross investment
   income                         $51,387   $82,838     $94,114    $154,869
  Operating expenses               (2,365)   (5,104)     (8,424)    (15,925)
  Interest expense                 (2,111)   (3,915)     (8,480)     (3,915)
                                   ------    ------      ------      ------
    Net investment
     income                       $46,911   $73,819     $77,210    $135,029
  Net realized and
   unrealized gains
   (losses)
   on investments                $238,650   $65,793   $(755,309)  $(102,731)
  Preferred dividends
   paid (1)                             -    (2,931)          -     (20,059)
                                      ---    ------         ---     -------
    Net increase
     (decrease) in net
     assets
     from operations             $285,561  $136,681   $(678,099)    $12,239
                                 ========  ========   =========     =======

  Earnings per Common
   Share Outstanding
  -------------------
  Gross investment
   income                          $0.705    $1.137      $1.292      $2.126
  Operating expenses               (0.032)   (0.069)     (0.116)     (0.218)
  Interest expense                 (0.029)   (0.054)     (0.116)     (0.054)
                                   ------    ------      ------      ------
    Net investment
     income                        $0.644    $1.014      $1.060      $1.854
  Net realized and
   unrealized gains
   (losses)
   on investments                  $3.279    $0.903    $(10.370)    $(1.410)
  Preferred dividends
   paid (1)                             -    (0.040)          -      (0.275)
                                      ---    ------         ---      ------
    Net increase
     (decrease) in net
     assets
     from operations               $3.923    $1.877     $(9.310)     $0.169
                                   ======    ======     =======      ======

  Net investment
   income                          $0.644    $1.014      $1.060      $1.854
  Preferred dividends
   paid (1)                             -    (0.040)          -      (0.275)
                                      ---    ------         ---      ------
  Net investment income
   after preferred
   dividends                       $0.644    $0.974      $1.060      $1.579
                                   ======    ======      ======      ======


  Net Asset Value at
   May 31 (Common
   Shares )
  ------------------
    Net assets                                       $1,009,615  $2,117,491
    Shares outstanding                                   72,836      72,836
    Net asset value per
     share outstanding                                   $13.86      $29.07

  Market Value Summary
   (Common Shares )
  --------------------
    Market price on
     NYSE at May 31                                      $11.69      $25.95
    High market price
     (period ended May 31)                               $21.05      $29.40
    Low market price
     (period ended May 31)                                $6.81      $22.67

  (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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