Eaton Vance Tax-Advantaged Dividend Income Fund Report of Earnings

BOSTON, Nov. 2  /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 August 31, 2009 and the year ended August 31, 2009.  The Fund's fiscal year ended on August 31, 2009.

For the three months ended August 31, 2009, the Fund had net investment income of $12,188,589 ($0.167 per common share). For the year ended August 31, 2009, the Fund had net investment income of $89,399,014 ($1.227 per common share).  In comparison, for the three months ended August 31, 2008, the Fund had net investment income of $25,988,224 ($0.357 per common share).  For the year ended August 31, 2008, the Fund had net investment income of $161,017,582 ($2.211 per common share).  From this amount, the Fund paid dividends on preferred shares of $20,059,122 (equal to $0.275 for each common share), resulting in net investment income after the preferred dividends of $140,958,460 or $1.936 per common share.

Net realized and unrealized gains for the three months ended August 31, 2009 were $117,872,977 ($1.613 per common share) and net realized and unrealized losses for the year ended August 31, 2009 were $637,435,774 ($8.757 per common share). In comparison, net realized and unrealized losses for the three months ended August 31, 2008 were $338,918,232 ($4.653 per common share) and net realized and unrealized losses for the year ended August 31, 2008 were $441,649,765 ($6.058 per common share).

On August 31, 2009, net assets of the Fund were $1,116,175,367.  The net asset value per share on August 31, 2009 was $15.32 based on 72,835,900 shares outstanding.  In comparison, on August 31, 2008, net assets of the Fund were $1,771,251,765.  The net asset value per share on August 31, 2008 was $24.32 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 $157.0 billion in assets as of September 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        Year Ended
                                August 31,             August 31,
                                ----------            ----------
                             2009       2008        2009        2008
                             ----       ----        ----        ----
  Gross investment
   income                 $16,588    $34,733    $110,702    $189,602
  Operating expenses       (2,691)    (4,150)    (11,115)    (20,074)
  Interest expense         (1,708)    (4,595)    (10,188)     (8,510)
                           ------     ------     -------      ------
    Net investment
     income               $12,189    $25,988     $89,399    $161,018
  Net realized and
   unrealized gains
   (losses)
    on investments       $117,873  $(338,918)  $(637,436)  $(441,650)
  Preferred dividends
   paid (1)                     -          -           -     (20,059)
                               --         --          --     -------
    Net increase
    (decrease) in net
     assets from
     operations          $130,062  $(312,930)  $(548,037)  $(300,691)
                         ========  =========   =========   =========

  Earnings per Common
   Share Outstanding
  ---------------------
  Gross investment
   income                  $0.228     $0.477      $1.520      $2.603
  Operating expenses       (0.037)    (0.057)     (0.153)     (0.276)
  Interest expense         (0.024)    (0.063)     (0.140)     (0.116)
                           ------     ------      ------      ------
    Net investment
     income                $0.167     $0.357      $1.227      $2.211
  Net realized and
   unrealized gains
   (losses) on
   investments             $1.613    $(4.653)    $(8.757)    $(6.058)
  Preferred dividends
   paid (1)                     -          -           -      (0.275)
                               --         --          --      ------
    Net increase (decrease)
    in net assets
    from operations        $1.780    $(4.296)    $(7.530)    $(4.122)
                           ======    =======     =======     =======

  Net investment income    $0.167     $0.357      $1.227      $2.211
  Preferred dividends
   paid (1)                     -          -           -      (0.275)
                               --         --          --      ------
  Net investment income
   after preferred
   dividends               $0.167     $0.357      $1.227      $1.936
                           ======     ======      ======      ======


  Net Asset Value at May 31
   (Common Shares )
  -------------------------
    Net assets                                $1,116,175  $1,771,252
    Shares outstanding                            72,836      72,836
    Net asset value per
     share outstanding                            $15.32      $24.32

  Market Value Summary
  (Common Shares )
  -------------------------
    Market price on NYSE at
     August 31                                    $13.92      $21.05
    High market price
    (period ended
     August 31)                                   $21.05      $29.40
    Low market price (period
     ended August 31)                              $6.81      $20.60

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


DATASOURCE: Eaton Vance Management



CONTACT:  Investor Contact of Eaton Vance Management, [phone]



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

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