EATON VANCE TAX ADVANTAGED DIVIDEND INCOME FUND

N-CSR 1 d85266dncsr.htm EATON VANCE TAX ADVANTAGED DIVIDEND INCOME FUND EATON VANCE TAX ADVANTAGED DIVIDEND INCOME FUND

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

October 31, 2025

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

Eaton Vance

Tax-Advantaged Dividend Income Fund (EVT)

Annual Report

October 31, 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.

Annual Report October 31, 2025

Eaton Vance

Tax-Advantaged Dividend Income Fund

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	4
Fund Profile	5
The Fund’s Investment Objectives, Principal Strategies and Principal Risks	6
Endnotes and Additional Disclosures	12
Financial Statements	13
Report of Independent Registered Public Accounting Firm	30
Federal Tax Information	31
Annual Meeting of Shareholders	32
Dividend Reinvestment Plan	33
Board of Trustees’ Contract Approval	35
Management and Organization	39
U.S. Customer Privacy Notice	41
Potential Conflicts of Interest	44
Important Notices	52

% Average Annual Total Returns^1,2	Inception Date	One Year	Five Years	Ten Years
Fund at NAV	09/30/2003	10.72%	13.43%	10.46%
Fund at Market Price	—	11.28	14.12	10.53

Russell 1000® Value Index	—	11.15%	14.27%	9.96%
ICE BofA Fixed Rate Preferred Securities Index	—	3.42	2.49	4.12
Blended Index	—	8.89	10.77	8.34

Distributions ⁴
Total Distributions per share for the period	$1.98
Distribution Rate at NAV	7.36%
Distribution Rate at Market Price	8.02

Top 10 Holdings (% of total investments)¹
JPMorgan Chase & Co.	3.9%
Amazon.com, Inc.	3.0
3M Co.	2.3
Wells Fargo & Co.	2.3
Micron Technology, Inc.	2.3
Bank of America Corp.	2.1
American International Group, Inc.	1.9
NextEra Energy, Inc.	1.9
Chevron Corp.	1.8
CSX Corp.	1.8
Total	23.3%

†	The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
^‡	The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market trading.

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 unmanaged 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

	Fund profile subject to change due to active management.
	Additional Information
	Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance.

Security	Shares		Value
Aerospace & Defense — 1.2%
Huntington Ingalls Industries, Inc.		75,204	$ 24,217,192
			$ 24,217,192
Air Freight & Logistics — 1.4%
United Parcel Service, Inc., Class B		295,567	$ 28,498,570
			$ 28,498,570
Banks — 10.7%
Bank of America Corp.		977,635	$ 52,254,591
Huntington Bancshares, Inc.		651,213	10,054,729
JPMorgan Chase & Co.		307,500	95,669,400
Wells Fargo & Co.		637,114	55,409,804
			$ 213,388,524
Biotechnology — 4.0%
AbbVie, Inc.⁽¹⁾		122,889	$ 26,794,717
Gilead Sciences, Inc.		184,335	22,081,490
Neurocrine Biosciences, Inc.⁽²⁾		213,963	30,641,641
			$ 79,517,848
Broadline Retail — 3.7%
Amazon.com, Inc.⁽¹⁾⁽²⁾		304,795	$ 74,437,035
			$ 74,437,035
Building Products — 1.7%
Johnson Controls International PLC		289,996	$ 33,172,642
			$ 33,172,642
Capital Markets — 4.5%
Cboe Global Markets, Inc.		47,864	$ 11,757,313
Charles Schwab Corp.		465,964	44,042,917
Goldman Sachs Group, Inc.		17,599	13,892,123
S&P Global, Inc.		42,336	20,626,522
			$ 90,318,875
Chemicals — 1.6%
Linde PLC		74,698	$ 31,246,173
			$ 31,246,173

Security	Principal Amount (000's omitted)		Value
Banks — 14.0%
Banco Bilbao Vizcaya Argentaria SA:
6.125% to 11/16/27⁽³⁾⁽⁴⁾	$	5,600	$ 5,625,603
9.375% to 3/19/29⁽³⁾⁽⁴⁾		4,400	4,924,317
Banco de Credito e Inversiones SA, 8.75% to 2/8/29^(3)(4)(5)		3,020	3,250,094
Banco Mercantil del Norte SA/Grand Cayman:
7.50% to 6/27/29^(3)(4)(5)		4,421	4,538,886
7.625% to 1/10/28^(3)(4)(5)		2,101	2,171,333
8.375% to 10/14/30^(3)(4)(5)		2,300	2,467,031
8.375% to 5/20/31^(3)(4)(5)		1,850	1,937,159
Banco Santander SA, 9.625% to 5/21/33⁽³⁾⁽⁴⁾		10,800	13,178,182
Bank of America Corp., Series TT, 6.125% to 4/27/27⁽³⁾⁽⁴⁾		4,231	4,286,739
Bank of Montreal, 7.70% to 5/26/29, 5/26/84⁽⁴⁾		12,962	13,756,052
Bank of Nova Scotia, 8.00% to 1/27/29, 1/27/84⁽⁴⁾		13,805	14,743,988
Barclays PLC, 8.00% to 3/15/29⁽³⁾⁽⁴⁾		7,020	7,496,110
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 8.45% to 6/29/33, 6/29/38⁽⁴⁾⁽⁵⁾		1,800	1,992,771
BNP Paribas SA:
4.625% to 2/25/31^(3)(4)(5)		2,362	2,135,981
7.75% to 8/16/29^(3)(4)(5)		4,890	5,160,285
Canadian Imperial Bank of Commerce, 7.00% to 10/28/30, 10/28/85⁽⁴⁾		9,445	9,745,493
Citigroup, Inc.:
6.875% to 8/15/30⁽³⁾⁽⁴⁾		2,425	2,501,252
6.95% to 2/15/30⁽³⁾⁽⁴⁾		7,370	7,591,181

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

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 October 31, 2025 pursuant to the Liquidity Agreement (see Note 6). The aggregate market value of securities on loan at October 31, 2025 was $378,794,818.
⁽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 October 31, 2025, the aggregate value of these securities is $123,257,338 or 6.2% 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 October 31, 2025, the aggregate value of these securities is $19,465,172 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 October 31, 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).

% Premium/Discount to NAV³
As of period end	(8.13)%

% Total Leverage⁵
Borrowings	18.27%

Security	Shares		Value
Communications Equipment — 2.2%
Cisco Systems, Inc.⁽¹⁾		589,893	$ 43,127,077
			$ 43,127,077
Consumer Staples Distribution & Retail — 2.3%
BJ's Wholesale Club Holdings, Inc.⁽²⁾		219,042	$ 19,332,647
U.S. Foods Holding Corp.⁽²⁾		371,352	26,967,582
			$ 46,300,229
Containers & Packaging — 1.2%
Ball Corp.		533,170	$ 25,058,990
			$ 25,058,990
Distributors — 0.6%
Pool Corp.		44,279	$ 11,825,150
			$ 11,825,150
Electric Utilities — 3.7%
Entergy Corp.		132,993	$ 12,779,297
NextEra Energy, Inc.		557,921	45,414,770
NRG Energy, Inc.		93,219	16,020,617
			$ 74,214,684
Electrical Equipment — 3.1%
Eaton Corp. PLC		73,266	$ 27,955,375
Emerson Electric Co.		242,327	33,821,579
			$ 61,776,954
Energy Equipment & Services — 0.8%
Baker Hughes Co.		326,529	$ 15,807,269
			$ 15,807,269
Entertainment — 1.7%
Walt Disney Co.		305,351	$ 34,388,630
			$ 34,388,630
Food Products — 1.4%
Hershey Co.		104,353	$ 17,701,400
J.M. Smucker Co.		96,137	9,954,986
			$ 27,656,386
Ground Transportation — 2.2%
CSX Corp.		1,225,048	$ 44,126,229
			$ 44,126,229

Security	Shares		Value
Health Care Equipment & Supplies — 3.6%
Abbott Laboratories⁽¹⁾		326,014	$ 40,301,851
Boston Scientific Corp.⁽¹⁾⁽²⁾		313,777	31,603,619
			$ 71,905,470
Hotels, Restaurants & Leisure — 1.6%
McDonald's Corp.		106,084	$ 31,658,648
			$ 31,658,648
Household Durables — 1.1%
Meritage Homes Corp.		313,395	$ 21,172,966
			$ 21,172,966
Household Products — 1.0%
Clorox Co.		173,724	$ 19,537,001
			$ 19,537,001
Industrial Conglomerates — 2.8%
3M Co.⁽¹⁾		342,655	$ 57,052,058
			$ 57,052,058
Industrial REITs — 1.2%
First Industrial Realty Trust, Inc.		444,970	$ 24,597,942
			$ 24,597,942
Insurance — 6.4%
American International Group, Inc.		575,575	$ 45,447,402
Arch Capital Group Ltd.		193,119	16,668,101
Reinsurance Group of America, Inc.		218,694	39,902,907
Ryan Specialty Holdings, Inc.⁽¹⁾		482,027	26,415,080
			$ 128,433,490
Interactive Media & Services — 4.1%
Alphabet, Inc., Class C⁽¹⁾		144,987	$ 40,860,236
Meta Platforms, Inc., Class A⁽¹⁾		62,862	40,756,578
			$ 81,616,814
Leisure Products — 0.7%
Hasbro, Inc.		171,657	$ 13,099,146
			$ 13,099,146
Life Sciences Tools & Services — 1.5%
Mettler-Toledo International, Inc.⁽²⁾		20,996	$ 29,736,425
			$ 29,736,425

Country Concentration of Portfolio
Country	Percentage of Total Investments	Value
United States	88.5%	$2,165,359,325
Canada	4.8	117,357,064
United Kingdom	1.2	29,021,550
Spain	1.0	23,728,102
France	0.8	20,314,413
Mexico	0.7	17,780,799
Switzerland	0.6	15,259,901
Japan	0.5	12,474,760
Sweden	0.4	9,892,935
Netherlands	0.4	9,572,237
Israel	0.4	9,496,777
Finland	0.3	6,793,777
Bermuda	0.2	4,983,660
Chile	0.1	3,250,094
Italy	0.1	2,887,306
Total Investments	100.0%	$2,448,172,700

Abbreviations:
ADR	– American Depositary Receipt
REITs	– Real Estate Investment Trusts

	October 31, 2025
Assets
Unaffiliated investments, at value (identified cost $1,873,588,444) — including $378,794,818 of securities on loan	$ 2,436,844,335
Affiliated investments, at value (identified cost $11,328,365)	11,328,365
Cash	329,255
Foreign currency, at value (identified cost $1,996)	1,949
Interest and dividends receivable	6,341,944
Dividends receivable from affiliated investments	37,358
Receivable for investments sold	12,719,338
Tax reclaims receivable	67,173
Trustees' deferred compensation plan	287,430
Total assets	$2,467,957,147
Liabilities
Liquidity Agreement borrowings	$ 447,000,000
Payable for investments purchased	17,206,118
Payable to affiliates:
Investment adviser fee	1,735,483
Trustees' fees	9,042
Trustees' deferred compensation plan	287,430
Accrued expenses	2,253,342
Total liabilities	$ 468,491,415
Net Assets	$1,999,465,732
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	573,340,236
Net Assets	$1,999,465,732
Common Shares Issued and Outstanding	74,542,782
Net Asset Value Per Common Share
Net assets ÷ common shares issued and outstanding	$ 26.82

	Year Ended
	October 31, 2025
Investment Income
Dividend income	$ 38,957,064
Dividend income from affiliated investments	746,989
Interest income	27,288,628
Other income	327,209
Total investment income	$ 67,319,890
Expenses
Investment adviser fee	$ 20,101,378
Trustees’ fees and expenses	108,718
Custodian fee	437,191
Transfer and dividend disbursing agent fees	17,285
Legal and accounting services	216,900
Printing and postage	498,636
Interest expense and fees	22,493,340
Miscellaneous	126,458
Total expenses	$ 43,999,906
Deduct:
Waiver and/or reimbursement of expenses by affiliates	$ 24,407
Total expense reductions	$ 24,407
Net expenses	$ 43,975,499
Net investment income	$ 23,344,391
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ 115,926,891
Foreign currency transactions	(4,154)
Net realized gain	$115,922,737
Change in unrealized appreciation (depreciation):
Investments	$ 46,773,173
Foreign currency	(22)
Net change in unrealized appreciation (depreciation)	$ 46,773,151
Net realized and unrealized gain	$162,695,888
Net increase in net assets from operations	$186,040,279

	Year Ended October 31,
	2025	2024
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 23,344,391	$ 21,629,493
Net realized gain	115,922,737	124,757,593
Net change in unrealized appreciation (depreciation)	46,773,151	347,462,404
Net increase in net assets from operations	$ 186,040,279	$ 493,849,490
Distributions to shareholders	$ (147,236,903)	$ (141,348,023)
Net increase in net assets	$ 38,803,376	$ 352,501,467
Net Assets
At beginning of year	$ 1,960,662,356	$ 1,608,160,889
At end of year	$1,999,465,732	$1,960,662,356

	Year Ended
	October 31, 2025
Cash Flows From Operating Activities
Net increase in net assets from operations	$ 186,040,279
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased	(1,048,656,452)
Investments sold	1,157,912,935
Decrease in short-term investments, net	14,056,869
Net amortization/accretion of premium (discount)	287,787
Decrease in interest and dividends receivable	807,133
Decrease in dividends receivable from affiliated investments	58,104
Increase in tax reclaims receivable	(17,546)
Increase in Trustees’ deferred compensation plan	(12,234)
Decrease in payable to affiliates for investment adviser fee	(11,336)
Decrease in payable to affiliates for Trustees' fees	(180)
Increase in payable to affiliates for Trustees' deferred compensation plan	12,234
Decrease in accrued expenses	(464,274)
Net change in unrealized (appreciation) depreciation from investments	(46,773,173)
Net realized gain from investments	(115,926,891)
Net cash provided by operating activities	$ 147,313,255
Cash Flows From Financing Activities
Cash distributions paid	$ (147,236,903)
Net cash used in financing activities	$ (147,236,903)
Net increase in cash*	$ 76,352
Cash at beginning of year (including foreign currency)	$ 254,852
Cash at end of year (including foreign currency)	$ 331,204
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowings	$ 22,757,690

⁽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⁾	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.
⁽⁵⁾	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 years ended October 31, 2025, 2024, 2023 and 2022).
⁽⁶⁾	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.

Undistributed long-term capital gains	$ 8,426,144
Net unrealized appreciation	561,447,758
Other temporary differences	3,466,334
Distributable earnings	$573,340,236

Aggregate cost	$1,886,724,895
Gross unrealized appreciation	$ 639,326,764
Gross unrealized depreciation	(77,878,959)
Net unrealized appreciation	$ 561,447,805

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%

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