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    SEC Form N-CSRS filed by Eaton Vance Tax Advantaged Dividend Income Fund

    6/27/25 12:56:23 PM ET
    $EVT
    Finance Companies
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    Eaton Vance Tax-Advantaged Dividend Income Fund
    false 0001253327 N-2 N-CSRS 0001253327 2024-11-01 2025-04-30 0001253327 evtadif:CommonSharesMember 2024-11-01 2025-04-30 0001253327 evtadif:RisksAssociatedWithForeignInvestmentsMember 2024-11-01 2025-04-30 0001253327 2020-10-31 0001253327 2021-10-31 0001253327 2022-10-31 0001253327 2023-10-31 0001253327 2024-10-31 0001253327 2025-04-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:shares
     
     
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
     
     
    Form N‑CSR
     
     
    CERTIFIED SHAREHOLDER REPORT OF REGISTERED
    MANAGEMENT INVESTMENT COMPANIES
    Investment Company Act File Number: 811‑21400
     
     
    Eaton Vance Tax‑Advantaged Dividend Income Fund
    (Exact Name of Registrant as Specified in Charter)
     
     
    One Post Office Square, Boston, Massachusetts 02109
    (Address of Principal Executive Offices)
     
     
    Deidre E. Walsh
    One Post Office Square, Boston, Massachusetts 02109
    (Name and Address of Agent for Services)
     
     
    (617) 482‑8260
    (Registrant’s Telephone Number)
    October 31
    Date of Fiscal Year End
    April 30, 2025
    Date of Reporting Period
     
     
     

    Item 1. Reports to Stockholders
    (a)


    Eaton Vance
    Tax-Advantaged Dividend Income Fund (EVT)
    Semi-Annual Report
    April 30, 2025


    Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
    Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.
    The Fund currently distributes monthly cash distributions equal to $0.1646 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.
    The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.
    Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

    Semi-Annual Report April 30, 2025
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    Table of Contents  
    Performance 2
    Fund Profile 3
    Endnotes and Additional Disclosures 4
    Financial Statements 5
    Officers and Trustees 21
    U.S. Customer Privacy Notice 22
    Important Notices 25

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Performance

    Portfolio Manager(s) Derek J.V. DiGregorio, Aaron S. Dunn, CFA, Bradley T. Galko, CFA and Joseph Mehlman, CFA
    % Average Annual Total Returns1,2 Inception Date Six Months One Year Five Years Ten Years
    Fund at NAV 09/30/2003 (4.17)% 3.12% 12.45% 8.84%
    Fund at Market Price — (3.44) 6.70 11.95 9.12

    Russell 1000® Value Index — (1.86)% 8.55% 12.99% 8.35%
    ICE BofA Fixed Rate Preferred Securities Index — (3.23) 3.81 2.32 3.72
    Blended Index — (2.18) 7.24 9.85 7.11
    % Premium/Discount to NAV3  
    As of period end (7.90)%
    Distributions4  
    Total Distributions per share for the period $0.99
    Distribution Rate at NAV 8.17%
    Distribution Rate at Market Price 8.87
    % Total Leverage5  
    Borrowings 19.87%
    See Endnotes and Additional Disclosures in this report.
    Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.
    2

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Fund Profile

    Sector Allocation (% of total investments)1
    Country Allocation (% of total investments)
    Top 10 Holdings (% of total investments)1
    JPMorgan Chase & Co. 4.3%
    Wells Fargo & Co. 2.1
    3M Co. 2.1
    American International Group, Inc. 2.1
    Abbott Laboratories 1.9
    Reinsurance Group of America, Inc. 1.8
    NextEra Energy, Inc. 1.8
    Walt Disney Co. 1.8
    Bank of America Corp. 1.7
    McDonald's Corp. 1.7
    Total 21.3%
     
    Footnotes:
    1 Excludes cash and cash equivalents.
     
    3

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Endnotes and Additional Disclosures

    1 Russell 1000® Value Index is an unmanaged index of U.S. large-cap value stocks. ICE BofA Fixed Rate Preferred Securities Index is an index of fixed-rate, preferred securities issued in the U.S. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 70% Russell 1000® Value Index and 30% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
    2 Performance results reflect the effects of leverage.
    3 The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.
    4 The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Pricing and Performance - Distributions on the Fund’s webpage available at eatonvance. com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.
    5 Total leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.
      Fund profile subject to change due to active management.
    4

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited)

    Common Stocks — 98.3%
    Security Shares Value
    Aerospace & Defense — 1.3%
    Huntington Ingalls Industries, Inc.      103,684 $   23,882,573
          $   23,882,573
    Air Freight & Logistics — 0.6%
    United Parcel Service, Inc., Class B      122,543 $   11,678,348
          $   11,678,348
    Banks — 10.1%
    Bank of America Corp.      977,635 $   38,988,084
    JPMorgan Chase & Co.      389,332    95,238,394
    Wells Fargo & Co.(1)      674,698    47,910,305
          $  182,136,783
    Beverages — 0.9%
    Constellation Brands, Inc., Class A       83,483 $   15,656,402
          $   15,656,402
    Biotechnology — 3.4%
    AbbVie, Inc.      122,889 $   23,975,644
    Gilead Sciences, Inc.      184,335    19,639,051
    Neurocrine Biosciences, Inc.(2)      163,837    17,643,606
          $   61,258,301
    Building Products — 1.4%
    Johnson Controls International PLC      289,996 $   24,330,664
          $   24,330,664
    Capital Markets — 5.5%
    Charles Schwab Corp.      465,964 $   37,929,469
    Goldman Sachs Group, Inc.(1)       17,599     9,636,332
    Interactive Brokers Group, Inc., Class A      116,656    20,047,334
    S&P Global, Inc.       42,336    21,170,117
    Tradeweb Markets, Inc., Class A       79,809    11,037,585
          $   99,820,837
    Chemicals — 1.9%
    Linde PLC       74,698 $   33,855,375
          $   33,855,375
    Security Shares Value
    Communications Equipment — 2.0%
    Cisco Systems, Inc.(1)      624,276 $   36,039,453
          $   36,039,453
    Consumer Staples Distribution & Retail — 2.8%
    BJ's Wholesale Club Holdings, Inc.(1)(2)      219,042 $   25,750,578
    U.S. Foods Holding Corp.(2)      371,352    24,382,972
          $   50,133,550
    Containers & Packaging — 1.8%
    Ball Corp.      607,879 $   31,573,235
          $   31,573,235
    Distributors — 0.5%
    Pool Corp.       28,984 $    8,496,370
          $    8,496,370
    Electric Utilities — 2.2%
    NextEra Energy, Inc.(1)      599,841 $   40,117,366
          $   40,117,366
    Electrical Equipment — 2.8%
    Eaton Corp. PLC       73,266 $   21,567,312
    Emerson Electric Co.      274,713    28,875,084
          $   50,442,396
    Energy Equipment & Services — 0.8%
    Baker Hughes Co.      407,298 $   14,418,349
          $   14,418,349
    Entertainment — 2.2%
    Walt Disney Co.      439,036 $   39,930,324
          $   39,930,324
    Food Products — 2.2%
    General Mills, Inc.      396,416 $   22,492,644
    Hershey Co.      104,353    17,446,778
          $   39,939,422
    Ground Transportation — 1.9%
    CSX Corp.    1,225,048 $   34,387,097
          $   34,387,097
    Health Care Equipment & Supplies — 4.2%
    Abbott Laboratories      326,014 $   42,626,330
     
    5
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Security Shares Value
    Health Care Equipment & Supplies (continued)
    Boston Scientific Corp.(1)(2)      313,777 $   32,278,240
          $   74,904,570
    Health Care Providers & Services — 2.7%
    McKesson Corp.       15,346 $   10,938,475
    UnitedHealth Group, Inc.(1)       91,604    37,689,550
          $   48,628,025
    Hotels, Restaurants & Leisure — 2.1%
    McDonald's Corp.(1)      119,660 $   38,249,319
          $   38,249,319
    Household Durables — 1.3%
    Meritage Homes Corp.      340,757 $   23,219,182
          $   23,219,182
    Household Products — 1.6%
    Clorox Co.      199,022 $   28,320,831
          $   28,320,831
    Industrial Conglomerates — 2.6%
    3M Co.(1)      342,655 $   47,598,206
          $   47,598,206
    Industrial REITs — 1.4%
    First Industrial Realty Trust, Inc.      520,292 $   24,755,493
          $   24,755,493
    Insurance — 7.1%
    American International Group, Inc.(1)      575,575 $   46,920,874
    Arch Capital Group Ltd.      193,119    17,512,031
    Reinsurance Group of America, Inc.(1)      218,694    40,963,573
    Ryan Specialty Holdings, Inc.      348,684    22,842,289
          $  128,238,767
    Interactive Media & Services — 1.8%
    Alphabet, Inc., Class C(1)      205,028 $   32,986,955
          $   32,986,955
    Leisure Products — 0.6%
    Hasbro, Inc.      166,165 $   10,285,613
          $   10,285,613
    Life Sciences Tools & Services — 2.7%
    Mettler-Toledo International, Inc.(2)       20,996 $   22,477,688
    Security Shares Value
    Life Sciences Tools & Services (continued)
    Thermo Fisher Scientific, Inc.       60,328 $   25,880,712
          $   48,358,400
    Machinery — 3.2%
    Ingersoll Rand, Inc.      154,146 $   11,627,233
    Toro Co.      307,894    21,023,002
    Westinghouse Air Brake Technologies Corp.      130,547    24,117,253
          $   56,767,488
    Metals & Mining — 1.6%
    Alcoa Corp.      517,203 $   12,686,989
    Steel Dynamics, Inc.      130,580    16,937,532
          $   29,624,521
    Multi-Utilities — 2.9%
    CMS Energy Corp.      364,508 $   26,846,014
    Sempra      347,783    25,829,844
          $   52,675,858
    Oil, Gas & Consumable Fuels — 4.8%
    Chevron Corp.(1)      160,053 $   21,776,811
    EOG Resources, Inc.      130,124    14,356,581
    EQT Corp.      536,391    26,519,171
    Williams Cos., Inc.      420,902    24,652,230
          $   87,304,793
    Pharmaceuticals — 2.7%
    Bristol-Myers Squibb Co.      329,018 $   16,516,704
    Zoetis, Inc.      206,256    32,258,438
          $   48,775,142
    Professional Services — 0.9%
    Robert Half, Inc.      375,105 $   16,617,151
          $   16,617,151
    Residential REITs — 2.3%
    Invitation Homes, Inc.      405,324 $   13,858,028
    Mid-America Apartment Communities, Inc.      175,308    27,987,922
          $   41,845,950
    Semiconductors & Semiconductor Equipment — 4.0%
    Intel Corp.    1,046,065 $   21,025,906
    Micron Technology, Inc.      440,104    33,866,003
    ON Semiconductor Corp.(2)      412,584    16,379,585
          $   71,271,494
     
    6
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Security Shares Value
    Software — 0.8%
    Nice Ltd. ADR(2)       98,127 $   15,293,584
          $   15,293,584
    Specialty Retail — 2.3%
    Chewy, Inc., Class A(2)      371,787 $   13,942,013
    Lithia Motors, Inc.       62,680    18,350,197
    Lowe's Cos., Inc.       44,799    10,015,264
          $   42,307,474
    Technology Hardware, Storage & Peripherals — 0.4%
    Apple, Inc.       31,175 $    6,624,688
          $    6,624,688
    Total Common Stocks
    (identified cost $1,439,189,999)
        $1,772,750,349
        
    Corporate Bonds — 23.5%
    Security Principal
    Amount
    (000's omitted)
    Value
    Banks — 14.8%
    Banco Bilbao Vizcaya Argentaria SA:       
    6.125% to 11/16/27(3)(4) $      5,600 $    5,396,326
    9.375% to 3/19/29(3)(4)        4,400     4,749,813
    Banco Davivienda SA, 6.65% to 4/22/31(3)(4)(5)          870       743,468
    Banco de Credito e Inversiones SA, 8.75% to 2/8/29(3)(4)(5)        3,020     3,132,133
    Banco Mercantil del Norte SA/Grand Cayman:       
    7.50% to 6/27/29(3)(4)(5)        4,421     4,324,306
    7.625% to 1/10/28(3)(4)(5)        2,101     2,080,721
    8.375% to 10/14/30(3)(4)(5)        2,300     2,328,267
    8.375% to 5/20/31(3)(4)(5)        1,850     1,823,502
    Banco Santander SA, 9.625% to 5/21/33(3)(4)       10,800    12,227,663
    Bank of America Corp., Series TT, 6.125% to 4/27/27(3)(4)        4,231     4,231,064
    Bank of Montreal, 7.70% to 5/26/29, 5/26/84(4)       12,962    13,226,541
    Bank of Nova Scotia, 8.00% to 1/27/29, 1/27/84(4)       13,805    14,159,899
    Barclays PLC, 8.00% to 3/15/29(3)(4)        7,020     7,189,315
    BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 8.45% to 6/29/33, 6/29/38(4)(5)        1,800     1,870,541
    BNP Paribas SA:       
    4.625% to 2/25/31(3)(4)(5)        2,362     1,998,622
    7.75% to 8/16/29(3)(4)(5)        4,890     5,038,602
    Citigroup, Inc.:       
    6.95% to 2/15/30(3)(4)        7,370      7,238,242
    Security Principal
    Amount
    (000's omitted)
    Value
    Banks (continued)
    Citigroup, Inc.: (continued)      
    Series W, 4.00% to 12/10/25(3)(4) $      9,796 $    9,604,039
    CoBank ACB, 7.25% to 7/1/29(3)(4)        4,720     4,734,981
    Deutsche Bank AG, 6.00% to 10/30/25(3)(4)        2,800     2,749,144
    Farm Credit Bank of Texas, 7.75% to 6/15/29(3)(4)        5,268     5,471,777
    HSBC Holdings PLC, 4.60% to 12/17/30(3)(4)       10,317     9,046,703
    Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(3)(4)        7,374     7,272,023
    ING Groep NV, 8.00% to 5/16/30(3)(4)(6)        8,830     9,172,163
    JPMorgan Chase & Co., Series KK, 3.65% to 6/1/26(3)(4)       15,209    14,773,039
    KeyCorp, Series D, 5.00% to 9/15/26(3)(4)        3,000     2,907,054
    NatWest Group PLC:       
    4.60% to 6/28/31(3)(4)        1,477     1,227,750
    8.125% to 11/10/33(3)(4)        5,500     5,693,815
    PNC Financial Services Group, Inc., Series U, 6.00% to 5/15/27(3)(4)        5,000     4,957,791
    Royal Bank of Canada, 7.50% to 5/2/29, 5/2/84(4)        9,140     9,411,677
    Societe Generale SA:       
    5.375% to 11/18/30(3)(4)(5)        9,541     8,353,875
    9.375% to 11/22/27(3)(4)(5)        1,350     1,415,523
    10.00% to 11/14/28(3)(4)(5)        2,200     2,371,189
    Standard Chartered PLC, 4.75% to 1/14/31(3)(4)(5)        4,440     3,843,932
    State Street Corp., Series J, 6.70% to 9/15/29(3)(4)        4,700     4,731,213
    Sumitomo Mitsui Financial Group, Inc., 6.60% to 6/5/34(3)(4)        7,340     7,176,650
    Swedbank AB, 7.75% to 3/17/30(3)(4)(6)        9,200     9,453,000
    Toronto-Dominion Bank, 8.125% to 10/31/27, 10/31/82(4)       15,035    15,577,538
    Truist Financial Corp., Series Q, 5.10% to 3/1/30(3)(4)        5,618     5,393,002
    UBS Group AG:       
    4.375% to 2/10/31(3)(4)(5)        1,499     1,287,400
    4.875% to 2/12/27(3)(4)(5)        5,500     5,272,228
    6.85% to 9/10/29(3)(4)(5)        3,150     3,099,318
    9.25% to 11/13/33(3)(4)(5)        4,480     5,018,899
    UniCredit SpA, 7.296% to 4/2/29, 4/2/34(4)(5)        5,120     5,358,711
    Wells Fargo & Co., Series BB, 3.90% to 3/15/26(3)(4)        9,372     9,210,700
          $  266,344,159
    Capital Markets — 0.7%
    Charles Schwab Corp., Series H, 4.00% to 12/1/30(3)(4) $     13,900 $   12,146,384
          $   12,146,384
     
    7
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Security Principal
    Amount
    (000's omitted)
    Value
    Diversified Financial Services — 1.4%
    Air Lease Corp., 6.00% to 9/24/29(3)(4) $      7,113 $    6,675,467
    American AgCredit Corp., Series A, 5.25% to 6/15/26(3)(4)(5)        9,955     9,332,813
    Brookfield Finance, Inc., 6.30% to 10/15/34, 1/15/55(4)        2,425     2,312,273
    Goldman Sachs Group, Inc.:       
    Series V, 4.125% to 11/10/26(3)(4)        2,007     1,919,447
    Series W, 7.50% to 2/10/29(3)(4)        4,975     5,163,712
    Unifin Financiera SAB de CV:       
    7.375%, 2/12/26(5)(7)(8)        2,410             0
    7.375%, 2/12/26(5)(7)(8)        2,410             0
          $   25,403,712
    Electric Utilities — 1.3%
    Dominion Energy, Inc., Series C, 4.35% to 1/15/27(3)(4) $      1,933 $    1,879,169
    Duke Energy Corp., 6.45% to 6/3/34, 9/1/54(4)        4,770     4,791,952
    Edison International, Series B, 5.00% to 12/15/26(3)(4)        1,455     1,290,796
    Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(4)        5,475     5,496,098
    NextEra Energy Capital Holdings, Inc., 6.375% to 5/15/30, 8/15/55(4)        4,731     4,752,801
    PG&E Corp., 7.375% to 12/15/29, 3/15/55(4)        4,815     4,686,392
          $   22,897,208
    Financial Services — 0.3%
    Ally Financial, Inc., Series B, 4.70% to 5/15/26(3)(4) $      5,464 $    5,036,826
          $    5,036,826
    Food Products — 0.6%
    Land O' Lakes, Inc., 8.00%(3)(5) $     11,397 $   10,599,167
          $   10,599,167
    Independent Power and Renewable Electricity Producers — 0.3%
    Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82(4) $      5,554 $    5,218,034
          $    5,218,034
    Insurance — 2.3%
    Allianz SE, 3.50% to 11/17/25(3)(4)(5) $      5,800 $    5,583,715
    Athene Holding Ltd., 6.625% to 7/15/34, 10/15/54(4)        5,650     5,442,843
    Equitable Holdings, Inc., 6.70% to 12/28/34, 3/28/55(4)        7,189     7,115,311
    Global Atlantic Fin Co., 7.95% to 7/15/29, 10/15/54(4)(5)        7,010      7,136,313
    Security Principal
    Amount
    (000's omitted)
    Value
    Insurance (continued)
    Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(4)(5) $     13,436 $   12,693,876
    Nippon Life Insurance Co., 6.50% to 4/30/35, 4/30/55(4)(5)        4,450     4,517,454
          $   42,489,512
    Oil and Gas — 0.6%
    BP Capital Markets PLC, 6.125% to 3/18/35(3)(4) $      7,025 $    6,798,541
    Petroleos Mexicanos, 6.50%, 3/13/27        5,300     5,181,739
          $   11,980,280
    Pipelines — 0.6%
    Enbridge, Inc., Series NC5, 8.25% to 10/15/28, 1/15/84(4) $     11,320 $   11,772,539
          $   11,772,539
    Telecommunications — 0.6%
    Bell Telephone Co. of Canada or Bell Canada, 6.875% to 6/15/30, 9/15/55(4) $      3,575 $    3,579,756
    Rogers Communications, Inc., 5.25% to 3/15/27, 3/15/82(4)(5)        7,540     7,355,944
          $   10,935,700
    Total Corporate Bonds
    (identified cost $426,645,795)
        $  424,823,521
        
    Preferred Stocks — 2.2%
    Security Shares Value
    Banks — 0.1%
    Citizens Financial Group, Inc., Series H, 7.375%       32,614 $      856,770
    KeyCorp, Series H, 6.20% to 12/15/27(4)       46,473     1,139,983
          $    1,996,753
    Capital Markets — 0.4%
    Affiliated Managers Group, Inc., 4.75%      281,231 $    4,761,241
    Bank of New York Mellon Corp., Series K, 6.15% to 3/20/30(4)       87,600     2,200,512
          $    6,961,753
    Electric Utilities — 0.6%
    Brookfield BRP Holdings Canada, Inc.:       
    4.625%      247,187 $    3,561,965
    7.25%      193,316      4,461,733
     
    8
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Security Shares Value
    Electric Utilities (continued)
    SCE Trust IV, Series J, 5.375% to 9/15/25(4)       24,025 $      531,914
    SCE Trust V, Series K, 5.45% to 3/15/26(4)      130,020     2,960,555
          $   11,516,167
    Insurance — 0.8%
    American National Group, Inc.:       
    7.375%      181,500 $    4,522,980
    Series B, 6.625% to 9/1/25(4)      295,909     7,445,070
    Aspen Insurance Holdings Ltd., 7.00%       98,000     2,310,840
          $   14,278,890
    Wireless Telecommunication Services — 0.3%
    U.S. Cellular Corp., 5.50%      196,865 $    4,323,155
          $    4,323,155
    Total Preferred Stocks
    (identified cost $44,107,083)
        $   39,076,718
        
    Miscellaneous — 0.0%
    Security Principal
    Amount
    Value
    Construction & Engineering — 0.0%
    Abengoa Abenewco 2 SA, Escrow Certificates(2)(7) $  2,474,373 $            0
    Total Miscellaneous
    (identified cost $0)
        $            0
        
    Short-Term Investments — 0.6%
    Security Shares Value
    Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.24%(9)   10,295,690 $   10,295,690
    Total Short-Term Investments
    (identified cost $10,295,690)
        $   10,295,690
    Total Investments — 124.6%(10)
    (identified cost $1,920,238,567)
        $2,246,946,278
    Other Assets, Less Liabilities — (24.6)%     $ (444,141,459)
    Net Assets — 100.0%     $1,802,804,819
        
    The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
    (1) All or a portion of this security was on loan at April 30, 2025 pursuant to the Liquidity Agreement (see Note 6). The aggregate market value of securities on loan at April 30, 2025 was $306,356,175.
    (2) Non-income producing security.
    (3) Perpetual security with no stated maturity date but may be subject to calls by the issuer.
    (4) Security converts to variable rate after the indicated fixed-rate coupon period.
    (5) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2025, the aggregate value of these securities is $116,580,519 or 6.5% of the Fund's net assets.
    (6) Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At April 30, 2025, the aggregate value of these securities is $18,625,163 or 1.0% of the Fund's net assets.
    (7) Security is valued using significant unobservable inputs and is categorized as Level 3 in the fair value hierarchy.
    (8) Issuer is in default with respect to interest and/or principal payments and is non-income producing.
    (9) May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of April 30, 2025.
    (10) The Fund has granted a security interest in all the Fund's investments, unless otherwise pledged, in connection with the Liquidity Agreement (see Note 6).
     
    9
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Portfolio of Investments (Unaudited) — continued

    Country Concentration of Portfolio
    Country Percentage of
    Total Investments
    Value
    United States 88.3% $1,984,481,370
    Canada 4.3 96,133,997
    United Kingdom 1.2 27,001,515
    Spain 1.0 22,373,802
    France 0.9 19,177,811
    Mexico 0.8 17,609,076
    Israel 0.7 15,293,584
    Switzerland 0.7 14,677,845
    Japan 0.5 11,694,104
    Sweden 0.4 9,453,000
    Netherlands 0.4 9,172,163
    Germany 0.4 8,332,859
    Italy 0.2 5,358,711
    Chile 0.1 3,132,133
    Bermuda 0.1 2,310,840
    Colombia 0.0(1) 743,468
    Total Investments 100.0% $2,246,946,278
    (1) Amount is less than 0.05%.
    Abbreviations:
    ADR – American Depositary Receipt
    REITs – Real Estate Investment Trusts
    10
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Statement of Assets and Liabilities (Unaudited)

      April 30, 2025
    Assets  
    Unaffiliated investments, at value (identified cost $1,909,942,877) — including $306,356,175 of securities on loan $2,236,650,588
    Affiliated investments, at value (identified cost $10,295,690) 10,295,690
    Cash 23,857
    Foreign currency, at value (identified cost $1,996) 2,026
    Interest and dividends receivable 6,541,635
    Dividends receivable from affiliated investments 62,838
    Tax reclaims receivable 67,173
    Trustees' deferred compensation plan 260,188
    Total assets $2,253,903,995
    Liabilities  
    Liquidity Agreement borrowings $447,000,000
    Payable to affiliates:  
     Investment adviser fee 1,538,083
    Trustees' fees 9,222
    Trustees' deferred compensation plan 260,188
    Accrued expenses 2,291,683
    Total liabilities $451,099,176
    Net Assets $1,802,804,819
    Sources of Net Assets  
    Common shares, $0.01 par value, unlimited number of shares authorized $745,428
    Additional paid-in capital 1,425,380,068
    Distributable earnings 376,679,323
    Net Assets $1,802,804,819
    Common Shares Issued and Outstanding 74,542,782
    Net Asset Value Per Common Share  
    Net assets ÷ common shares issued and outstanding $24.18
    11
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Statement of Operations (Unaudited)

      Six Months Ended
      April 30, 2025
    Investment Income  
    Dividend income $20,348,917
    Dividend income from affiliated investments 419,171
    Interest income 13,378,227
    Other income 327,208
    Total investment income $34,473,523
    Expenses  
    Investment adviser fee $9,977,810
    Trustees’ fees and expenses 54,250
    Custodian fee 237,119
    Transfer and dividend disbursing agent fees 9,769
    Legal and accounting services 142,702
    Printing and postage 236,940
    Interest expense and fees 11,310,891
    Miscellaneous 38,648
    Total expenses $22,008,129
    Deduct:  
    Waiver and/or reimbursement of expenses by affiliates $13,606
    Total expense reductions $13,606
    Net expenses $21,994,523
    Net investment income $12,479,000
    Realized and Unrealized Gain (Loss)  
    Net realized gain (loss):  
    Investment transactions $92,926,064
    Proceeds from securities litigation settlements 134,957
    Foreign currency transactions (4,154)
    Net realized gain $93,056,867
    Change in unrealized appreciation (depreciation):  
    Investments $(189,775,007)
    Foreign currency 55
    Net change in unrealized appreciation (depreciation) $(189,774,952)
    Net realized and unrealized loss $(96,718,085)
    Net decrease in net assets from operations $(84,239,085)
    12
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Statements of Changes in Net Assets

      Six Months Ended
    April 30, 2025
    (Unaudited)
    Year Ended
    October 31, 2024
    Increase (Decrease) in Net Assets    
    From operations:    
    Net investment income $12,479,000 $21,629,493
    Net realized gain 93,056,867 124,757,593
    Net change in unrealized appreciation (depreciation) (189,774,952) 347,462,404
    Net increase (decrease) in net assets from operations $(84,239,085) $493,849,490
    Distributions to shareholders $(73,618,452) $(141,348,023)
    Net increase (decrease) in net assets $(157,857,537) $352,501,467
    Net Assets    
    At beginning of period $1,960,662,356 $1,608,160,889
    At end of period $1,802,804,819 $1,960,662,356
    13
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Statement of Cash Flows (Unaudited)

      Six Months Ended
      April 30, 2025
    Cash Flows From Operating Activities  
    Net decrease in net assets from operations $(84,239,085)
    Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:  
    Investments purchased (649,729,275)
    Investments sold 695,388,020
    Decrease in short-term investments, net 15,089,544
    Net amortization/accretion of premium (discount) 43,485
    Decrease in interest and dividends receivable 607,442
    Decrease in dividends receivable from affiliated investments 32,624
    Increase in tax reclaims receivable (17,546)
    Decrease in Trustees’ deferred compensation plan 15,008
    Decrease in payable to affiliates for investment adviser fee (208,736)
    Decrease in payable to affiliates for Trustees' deferred compensation plan (15,008)
    Decrease in accrued expenses (425,933)
    Net change in unrealized (appreciation) depreciation from investments 189,775,007
    Net realized gain from investments (92,926,064)
    Net cash provided by operating activities $73,389,483
    Cash Flows From Financing Activities  
    Cash distributions paid $(73,618,452)
    Net cash used in financing activities $(73,618,452)
    Net decrease in cash* $(228,969)
    Cash at beginning of period (including foreign currency) $254,852
    Cash at end of period (including foreign currency) $25,883
    Supplemental disclosure of cash flow information:  
    Cash paid for interest and fees on borrowings $11,549,291
    * Includes net change in unrealized (appreciation) depreciation on foreign currency of $(55).
    14
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Financial Highlights

      Six Months Ended
    April 30, 2025
    (Unaudited)
    Year Ended October 31,
      2024 2023 2022 2021 2020
    Net asset value — Beginning of period $26.30 $21.57 $23.81 $28.61 $21.01 $24.34
    Income (Loss) From Operations            
    Net investment income(1) $0.17 $0.29 $0.49 $0.58 $0.60 $0.62
    Net realized and unrealized gain (loss) (1.30) 6.34 (0.94) (3.43) 8.79 (2.21)
    Total income (loss) from operations $(1.13) $6.63 $(0.45) $(2.85) $9.39 $(1.59)
    Less Distributions            
    From net investment income $(0.99) $(0.28) $(0.44) $(0.58) $(0.59) $(0.59)
    From net realized gain — (1.62) (1.35) (1.37) (1.20) (1.15)
    Total distributions $(0.99) $(1.90) $(1.79) $(1.95) $(1.79) $(1.74)
    Premium from common shares sold through shelf offering (see Note 5)(1) $— $— $— $0.00(2) $0.00(2) $0.00(2)
    Net asset value — End of period $24.18 $26.30 $21.57 $23.81 $28.61 $21.01
    Market value — End of period $22.27 $24.04 $19.29 $24.42 $29.36 $18.73
    Total Investment Return on Net Asset Value(3) (4.17)%(4) 32.28% (1.99)% (10.19)% 45.70% (6.13)%
    Total Investment Return on Market Value(3) (3.44)%(4) 35.20% (14.54)% (10.24)% 67.72% (18.36)%
    Ratios/Supplemental Data            
    Net assets, end of period (000’s omitted) $1,802,805 $1,960,662 $1,608,161 $1,774,707 $2,106,999 $1,544,154
    Ratios (as a percentage of average daily net assets):(5)            
    Expenses excluding interest and fees 1.11%(6) 1.11% 1.13% 1.11% 1.10% 1.17%
    Interest and fee expense 1.18%(6) 1.42% 1.40% 0.40% 0.14% 0.42%
    Total expenses 2.29%(6) 2.53% 2.53% 1.51% 1.24% 1.59%
    Net expenses 2.29%(6)(7) 2.53%(7) 2.53%(7) 1.51%(7) 1.24% 1.59%
    Net investment income 1.30%(6) 1.14% 2.08% 2.21% 2.26% 2.81%
    Portfolio Turnover 27%(4) 39% 29% 31% 30% 54%
    Senior Securities:            
    Total amount outstanding (in 000’s) $447,000 $447,000 $447,000 $447,000 $447,000 $447,000
    Asset coverage per $1,000(8) $5,033 $5,386 $4,598 $4,970 $5,714 $4,454
    (1) Computed using average shares outstanding.
    (2) Amount is less than $0.005.
    (3) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
    (4) Not annualized.
    (5) Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.
    (6) Annualized.
    (7) Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2025 and the years ended October 31, 2024, 2023 and 2022).
    (8) Calculated by subtracting the Fund’s total liabilities (not including the borrowings payable/notes payable) from the Fund’s total assets, and dividing the result by the borrowings payable/notes payable balance in thousands.
    15
    See Notes to Financial Statements.

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited)

    1  Significant Accounting Policies
    Eaton Vance Tax-Advantaged Dividend Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund pursues its objective by investing primarily in dividend-paying common and preferred stocks.
    The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946. 
    A  Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
    Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
    Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
    Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
    Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
    Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
    B  Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
    C  Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (the “EU reclaims”). These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, the EU reclaims are recorded as income only when the likelihood of their receipt becomes certain. During the six months ended April 30, 2025, the Fund received approximately $327,000 from France for EU reclaims and interest thereon. Such amount is included in other income on the Statement
    16

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    of Operations. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. 
    D  Federal Taxes—The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
    As of April 30, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
    E  Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
    F  Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
    G  Indemnifications—Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
    H  Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires incremental disclosures related to a public entity’s reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, the Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.
    I  Interim Financial Statements—The interim financial statements relating to April 30, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
    2  Distributions to Shareholders and Income Tax Information
    Subject to its Managed Distribution Plan, the Fund intends to make monthly distributions from its net investment income, net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and other sources. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.
    17

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    The cost and unrealized appreciation (depreciation) of investments of the Fund at April 30, 2025, as determined on a federal income tax basis, were as follows:
    Aggregate cost $1,921,208,334
    Gross unrealized appreciation $448,885,166
    Gross unrealized depreciation (123,147,222)
    Net unrealized appreciation $325,737,944
    3  Investment Adviser Fee and Other Transactions with Affiliates
    The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily gross assets as follows and is payable monthly:
    Average Daily Gross Assets Annual Fee Rate
    Up to and including $1.5 billion 0.850%
    Over $1.5 billion up to and including $3 billion 0.830%
    Over $3 billion up to and including $5 billion 0.810%
    Over $5 billion 0.790%
    Gross assets, as defined in the Fund's investment advisory agreement, means total assets of the Fund, including any form of investment leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the Fund’s investment objectives and policies, and/or (iv) any other means. Accrued expenses includes other liabilities other than indebtedness attributable to leverage. For the six months ended April 30, 2025, the Fund’s investment adviser fee amounted to $9,977,810 or 0.84% (annualized) of the Fund’s average daily gross assets. EVM also serves as administrator of the Fund, but receives no compensation.
    The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended April 30, 2025, the investment adviser fee paid was reduced by $13,606 relating to the Fund's investment in the Liquidity Fund.
    Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.
    4  Purchases and Sales of Investments
    Purchases and sales of investments, other than short-term obligations, aggregated $649,729,275 and $695,388,020, respectively, for the six months ended April 30, 2025.
    5  Common Shares of Beneficial Interest and Shelf Offering
    The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the six months ended April 30, 2025 and the year ended October 31, 2024.
    In November 2013, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the six months ended April 30, 2025 and the year ended October 31, 2024.
    18

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    In February 2022, the Fund filed an automatically effective shelf registration statement (the “2022 Registration Statement”) and a prospectus supplement, pursuant to the 2022 Registration Statement, relating to the offer and sale of up to an additional 5,472,154 common shares of the Fund under the Fund's then current equity shelf offering program. As of February 2025, the offering of unsold shares pursuant to the 2022 Registration Statement has been terminated. During the six months ended April 30, 2025 and the year ended October 31, 2024, there were no shares sold by the Fund pursuant to its then current shelf offering.
    6  Liquidity Agreement
    The Fund has entered into a Liquidity Agreement (the Agreement) with State Street Bank and Trust Company (SSBT) that allows the Fund to borrow or otherwise access up to $524 million through securities lending transactions, direct loans from SSBT or a combination of both. The Fund has granted to SSBT a security interest in all its cash, securities and other financial assets, unless otherwise pledged, to secure the payment and performance of its obligations under the Agreement. Pursuant to the terms of the Agreement, the Fund has made its securities available for securities lending transactions by SSBT acting as securities lending agent for the Fund. Securities lending transactions are required to be secured with cash collateral received from the securities borrowers equal at all times to at least 100%, 102% or 105% of the market value of the securities loaned, depending on the type of security. The market value of securities loaned is determined daily and any additional required collateral is delivered to SSBT on the next business day. The Fund is subject to the possible delay in the recovery of loaned securities. Pursuant to the Agreement, SSBT has provided indemnification to the Fund in the event of default by a securities borrower with respect to security loans. However, the Fund retains all risk of loss and gains associated with securities purchased using cash received under the Agreement. The Fund is entitled to receive from securities borrowers all substitute interest, dividends and other distributions paid with respect to the securities on loan. The Fund may instruct SSBT to recall a security on loan at any time. At April 30, 2025, the value of the securities loaned and the value of the cash collateral received by SSBT, which exceeded the value of the securities loaned, amounted to $306,356,175
    and $313,724,985, respectively.
    Interest on borrowings outstanding under the Agreement is charged at a rate equal to the Overnight Bank Financing Rate (OBFR) plus 0.62%, payable monthly. SSBT retains all net fees that may arise in connection with securities lending transactions. If the value of securities available to lend falls below a prescribed level, the interest rate may be increased. If the Fund utilizes less than 50% of the commitment amount, it will be charged a monthly non-usage fee of 0.25% per annum on the unused portion of the commitment. The Agreement may be terminated by the Fund upon 90 days’ prior written notice to SSBT. If certain asset coverage and collateral requirements or other covenants are not met, the Agreement could be deemed in default and result in termination. At April 30, 2025, the Fund had borrowings outstanding under the Agreement of $447 million at an annual interest rate of 4.95%, which are shown as Liquidity Agreement borrowings on the Statement of Assets and Liabilities. The carrying amount of the borrowings at April 30, 2025 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2025. For the six months ended April 30, 2025, the aggregate average borrowings under the Agreement and the average annual interest rate (excluding fees) were $447,000,000 and 5.03%, respectively.
    7  Affiliated Investments
    At April 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $10,295,690, which represents 0.6% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended April 30, 2025 were as follows:
    Name Value,
    beginning
    of period
    Purchases Sales
    proceeds
    Net realized
    gain (loss)
    Change in
    unrealized
    appreciation
    (depreciation)
    Value, end
    of period
    Dividend
    income
    Shares,
    end of period
    Short-Term Investments 
    Liquidity Fund $25,385,234 $319,433,949 $(334,523,493) $ — $ — $10,295,690 $419,171 10,295,690
    8  Fair Value Measurements
    Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
    • Level 1 – quoted prices in active markets for identical investments
    • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
    • Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
    19

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Notes to Financial Statements (Unaudited) — continued

    In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    At April 30, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
    Asset Description  Level 1 Level 2 Level 3** Total
    Common Stocks $1,772,750,349* $         — $ — $1,772,750,349
    Corporate Bonds             — 424,823,521 0   424,823,521
    Preferred Stocks:        
    Communication Services      4,323,155          —  —     4,323,155
    Financials     23,237,396          —  —    23,237,396
    Utilities     11,516,167          —  —    11,516,167
    Total Preferred Stocks $    39,076,718 $         — $ — $   39,076,718
    Miscellaneous $            — $         — $0 $            0
    Short-Term Investments     10,295,690          —  —    10,295,690
    Total Investments $ 1,822,122,757 $424,823,521 $0 $2,246,946,278
    * The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
    ** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
    Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended April 30, 2025 is not presented.
    9  Risks and Uncertainties
    Risks Associated with Foreign Investments
    Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
    20

    Table of Contents
    Eaton Vance
    Tax-Advantaged Dividend Income Fund
    April 30, 2025
    Officers and Trustees

    Officers
    R. Kelly Williams, Jr.
    President
    Nicholas S. Di Lorenzo
    Secretary
    Deidre E. Walsh
    Vice President and Chief Legal Officer
    Laura T. Donovan
    Chief Compliance Officer
    James F. Kirchner
    Treasurer
     
    Trustees  
    George J. Gorman
    Chairperson
     
    Alan C. Bowser  
    Mark R. Fetting  
    Cynthia E. Frost  
    Valerie A. Mosley  
    Keith Quinton  
    Marcus L. Smith  
    Nancy Wiser Stefani  
    Susan J. Sutherland  
    Scott E. Wennerholm  
     
    21

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    Eaton Vance Funds
    U.S. Customer Privacy Notice March 2024

    FACTS WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
    Why?  Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. 
    What?  The types of personal information we collect and share depend on the product or service you have with us. This information can include:
    ■ Social Security number and income
    ■ investment experience and risk tolerance
    ■ checking account information and wire transfer instructions 
    How?  All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. 
    Reasons we can share your personal information Does Eaton Vance
    share?
    Can you limit
    this sharing?
    For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No
    For our marketing purposes — to offer our products and services to you Yes No
    For joint marketing with other financial companies No We don’t share
    For our affiliates’ everyday business purposes — information about your transactions and experiences Yes No*
    For our affiliates’ everyday business purposes — information about your creditworthiness Yes Yes*
    For our affiliates to market to you Yes Yes*
    For nonaffiliates to market to you No We don’t share
    To limit our
    sharing 
    Call toll-free 1-800-262-1122 or email: [email protected]
    Please note:
    If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. 
    Questions?   Call toll-free 1-800-262-1122 or email: [email protected] 
        
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    Eaton Vance Funds
    U.S. Customer Privacy Notice — continued March 2024

    Page 2
    Who we are
    Who is providing this notice? Eaton Vance Management and our investment management affiliates (“Eaton Vance”) (see Affiliates definition below.)
    What we do
    How does Eaton Vance
    protect my personal
    information?
    To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
    How does Eaton Vance
    collect my personal
    information?
    We collect your personal information, for example, when you
    ■ open an account or make deposits or withdrawals from your account
    ■ buy securities from us or make a wire transfer
    ■ give us your contact information
    We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
    Why can’t I limit all sharing? Federal law gives you the right to limit only
    ■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
    ■ affiliates from using your information to market to you
    ■ sharing for nonaffiliates to market to you
    State laws and individual companies may give you additional rights to limit sharing. (See below for more on your rights under state law.)
    What happens when I limit
    sharing for an account I hold
    jointly with someone else?
    Your choices will apply to everyone on your account.
    Definitions
    Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
    ■ Our affiliates include registered investment advisers such as Eaton Vance Management, Eaton Vance Advisers International Ltd., Boston Management and Research, Calvert Research and Management, Parametric Portfolio Associates LLC, Atlanta Capital Management Company LLC, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Co.; registered broker-dealers such as Morgan Stanley Distributors Inc. and Eaton Vance Distributors, Inc. (together, the “Investment Management Affiliates”); and companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. (the “Morgan Stanley Affiliates”).
    Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
    ■ Eaton Vance does not share with nonaffiliates so they can market to you.
    Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
    ■ Eaton Vance does not jointly market.
    Other important information
    23

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    Eaton Vance Funds
    U.S. Customer Privacy Notice — continued March 2024

    Page 3
    *PLEASE NOTE: Eaton Vance does not share your creditworthiness information or your transactions and experiences information with the Morgan Stanley Affiliates, nor does Eaton Vance enable the Morgan Stanley Affiliates to market to you. Your opt outs will prevent Eaton Vance from sharing your creditworthiness information with the Investment Management Affiliates and will prevent the Investment Management Affiliates from marketing their products to you.
    Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.
    California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.
    24

    Table of Contents
    Eaton Vance Funds
    IMPORTANT NOTICES

    Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by EQ or your financial intermediary.
    Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
    Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov. You may also access proxy voting information for the Eaton Vance Funds or their underlying Portfolios at www.eatonvance.com/
    proxyvoting.
    Share Repurchase Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.
    Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
    Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
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    Investment Adviser and Administrator
    Eaton Vance Management
    One Post Office Square
    Boston, MA 02109
    Custodian
    State Street Bank and Trust Company
    One Congress Street, Suite 1
    Boston, MA 02114-2016
    Transfer Agent
    Equiniti Trust Company, LLC (“EQ”)
    P.O. Box 500
    Newark, NJ 07101
    Fund Offices
    One Post Office Square
    Boston, MA 02109

    Table of Contents
    7734    4.30.25


    (b) Not applicable.

    Item 2. Code of Ethics

    Not required in this filing.

    Item 3. Audit Committee Financial Expert

    Not required in this filing.

    Item 4. Principal Accountant Fees and Services

    Not required in this filing.


    Item 5. Audit Committee of Listed Registrants

    Not required in this filing.

    Item 6. Schedule of Investments

     

    (a)

    Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

     

    (b)

    Not applicable.

    Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

    Not applicable.

    Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

    Not applicable.

    Item 9. Proxy Disclosures for Open-End Management Investment Companies

    Not applicable.

    Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

    Not applicable.

    Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

    Not applicable.

    Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

    Not required in this filing.

    Item 13. Portfolio Managers of Closed-End Management Investment Companies

    Not required in this filing.

    Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

    No such purchases this period.

    Item 15. Submission of Matters to a Vote of Security Holders

    There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.


    Item 16. Controls and Procedures

     

    (a)

    It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

     

    (b)

    There have been no changes in the registrant’s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

    Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

    No activity to report for the registrant’s most recent fiscal year end.

    Item 18. Recovery of Erroneously Awarded Compensation

    Not applicable.

    Item 19. Exhibits

     

    (a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).
    (a)(2)(i)   Principal Financial Officer’s Section 302 certification.
    (a)(2)(ii)   Principal Executive Officer’s Section 302 certification.
    (b)   Combined Section 906 certification.
    (c)   Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.


    Signatures

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    Eaton Vance Tax-Advantaged Dividend Income Fund

     

    By:  

    /s/ R. Kelly Williams, Jr.

      R. Kelly Williams, Jr.
      Principal Executive Officer
    Date:   June 24, 2025

    Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

     

    By:  

    /s/ James F. Kirchner

      James F. Kirchner
      Principal Financial Officer
    Date:   June 24, 2025
    By:  

    /s/ R. Kelly Williams, Jr.

      R. Kelly Williams, Jr.
      Principal Executive Officer
    Date:   June 24, 2025
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