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)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
August 31
Date of Fiscal Year End
February 28, 2011
Date of Reporting Period
Item 1. Reports to Stockholders
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Eaton Vance
Tax-Advantaged Dividend
Income Fund
Semiannual Report
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February 28, 2011
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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.
Semiannual Report
February 28, 2011
Eaton Vance
Tax-Advantaged Dividend Income Fund
Table of Contents
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2
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3
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4
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Financial Statements
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5
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Officers and Trustees
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21
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Important Notices
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22
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Eaton Vance
Tax-Advantaged Dividend Income Fund
February 28, 2011
Portfolio Managers
John Croft, CFA; Aamer Khan, CFA; Martha Locke; Judith A. Saryan, CFA
Performance
1
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New York Stock Exchange (NYSE) Symbol
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Inception Date 9/30/03
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EVT
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% Average Annual Total Returns at net asset value (NAV)
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Six Months
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23.26
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One Year
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24.72
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Five Years
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2.12
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Since Inception
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7.85
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% Average Annual Total Returns at market price, NYSE
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Six Months
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25.47
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One Year
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26.81
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Five Years
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2.89
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Since Inception
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6.98
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% Premium/(Discount) to NAV (2/28/11)
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(5.87
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)
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Distributions
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Total Distributions per share (8/31/10 - 2/28/11)
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$
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0.645
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Distribution Rate at NAV
2
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6.82
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%
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Distribution Rate at market price
2
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7.24
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%
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% Total Leverage
3
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24.08
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Comparative Performance (8/31/10 - 2/28/11)
4
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% Return
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Russell 1000 Value Index
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26.30
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*
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BofA Merrill Lynch Fixed Rate Preferred Securities Index
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3.62
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*
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Lipper Value Funds (Closed-End) Average at NAV
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22.38
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*
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*
Source: Bloomberg, L.P.; Lipper
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See Endnotes and Additional Disclosures on page 4.
Past performance is no guarantee of future results. Returns are historical and are calculated by
determining the percentage change in net asset value or market price (as applicable) with all
distributions reinvested. The Funds performance at market price will differ from its results at
NAV. Although market price performance generally reflects investment results over time, during
shorter periods, returns at market price can also be affected by factors such as changing
perceptions about the Fund, market conditions, fluctuations in supply and demand for the Funds
shares, or changes in Fund distributions. Investment return and principal value will fluctuate so
that shares, when sold, may be worth more or less than their original cost. Performance is for the
stated time period only; due to market volatility, the Funds current performance may be lower or
higher than the quoted return. For performance as of the most recent month end, please refer to
www.eatonvance.com.
2
Eaton Vance
Tax-Advantaged Dividend Income Fund
February 28, 2011
Fund Profile
Regional Distribution
5
(% of total investments)
Equity Sector Weightings
6
(% of total investments)
Top 10 Common Stock Holdings
6
(% of total investments)
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Chevron Corp.
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3.4
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Marathon Oil Corp.
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3.4
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Vale SA ADR
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3.1
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International Business Machines Corp.
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2.8
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British American Tobacco PLC
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2.6
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BHP Billiton, Ltd. ADR
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2.6
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ENI SpA
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2.5
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ConocoPhillips
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2.3
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Roche Holding AG
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2.3
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Novartis AG
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2.2
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Total % of total investments
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27.2
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See Endnotes and Additional Disclosures on page 4.
3
Eaton Vance
Tax-Advantaged Dividend Income Fund
February 28, 2011
Endnotes and Additional Disclosures
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1.
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Six-month returns are cumulative.
All other returns are presented on an average
annual basis. Performance results reflect the
effects of leverage.
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2.
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The Distribution Rate is based on the
Funds last regular distribution per share in
the period (annualized) divided by the Funds
NAV or market price at the end of the period.
The Funds distributions may be comprised of
ordinary income, net realized capital gains
and return of capital.
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3.
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Total Leverage is shown as a percentage
of the Funds total assets as of 2/28/11. The
Fund employs leverage through debt financing.
Use of financial leverage creates an opportunity
for increased income but, at the same time,
creates special risks (including the likelihood
of greater volatility of net asset value and
market price of common shares). The cost of the
Funds leverage rises and falls with changes in
short-term interest rates. In the event of a
rise in long-term interest rates due to market
conditions, the value of the Funds investment
portfolio could decline, which would reduce the
asset coverage for its debt financing.
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4.
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It is not possible to invest directly in
an Index or a Lipper Classification. Index total
returns do not reflect commissions or expenses
that would have been incurred if an investor
individually purchased or sold the securities
represented in an Index. Unlike the Fund, an
indexs return does not reflect the effect of
leverage. The Russell 1000 Value Index is an
unmanaged index of 1,000 U.S. large-cap value
stocks. The BofA Merrill Lynch Fixed Rate
Preferred Securities Index is an unmanaged index
of fixed-rate, preferred securities issued in the
U.S. The Lipper total return is the average total
return, at NAV, of the funds that are in the same
Lipper Classification as the Fund.
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5.
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Regional Distribution is shown as a
percentage of the Funds total investments as
of 2/28/11.
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6.
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Equity Sector Weightings and Top 10
Common Stock Holdings are shown as a
percentage of the Funds total investments as
of 2/28/11.
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4
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Portfolio
of Investments (Unaudited)
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Common Stocks 87.4%
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Security
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Shares
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Value
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Aerospace &
Defense 4.4%
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General Dynamics
Corp.
(1)
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245,000
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$
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18,649,400
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Honeywell International,
Inc.
(1)
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300,000
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17,373,000
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Lockheed Martin
Corp.
(1)
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170,000
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13,457,200
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United Technologies
Corp.
(1)
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130,000
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10,860,200
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$
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60,339,800
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Commercial
Banks 2.9%
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Banco Santander Brasil SA
ADR
(1)
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125,300
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$
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1,526,154
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HSBC Holdings
PLC
(1)
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1,250,000
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13,766,433
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Nordea Bank AB
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2,150,000
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24,458,161
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$
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39,750,748
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Diversified Financial
Services 0.7%
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JPMorgan Chase &
Co.
(1)
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210,000
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$
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9,804,900
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$
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9,804,900
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Diversified Telecommunication
Services 5.5%
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AT&T,
Inc.
(1)
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728,750
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$
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20,681,925
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Koninklijke KPN NV
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2,220,000
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35,941,907
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Telefonos de Mexico SA de CV
ADR
(1)
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650,000
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11,758,500
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TeliaSonera AB
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900,000
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7,573,460
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$
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75,955,792
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Electric
Utilities 5.8%
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Edison
International
(1)
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677,000
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$
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25,130,240
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Exelon
Corp.
(1)
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75,000
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3,132,000
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Fortum
Oyj
(1)
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940,000
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29,109,841
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NextEra Energy,
Inc.
(1)
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400,000
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22,188,000
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$
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79,560,081
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Electrical
Equipment 1.3%
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Emerson Electric
Co.
(1)
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300,000
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$
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17,898,000
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$
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17,898,000
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Food & Staples
Retailing 0.3%
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George Weston,
Ltd.
(1)
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65,000
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$
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4,555,453
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$
|
4,555,453
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Food Products 4.4%
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Kraft Foods, Inc.,
Class A
(1)
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622,821
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$
|
19,830,621
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Nestle
SA
(1)
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|
636,000
|
|
|
|
36,009,662
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Tate & Lyle
PLC
(1)
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|
500,000
|
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|
4,715,333
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$
|
60,555,616
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Household
Durables 2.6%
|
|
Stanley Black & Decker,
Inc.
(1)
|
|
|
400,000
|
|
|
$
|
30,332,000
|
|
|
|
Whirlpool
Corp.
(1)
|
|
|
67,000
|
|
|
|
5,527,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,859,500
|
|
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|
|
|
|
|
Independent Power Producers &
Energy Traders 1.3%
|
|
International Power
PLC
(1)
|
|
|
3,317,000
|
|
|
$
|
18,032,708
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|
|
|
|
|
|
|
|
|
|
|
$
|
18,032,708
|
|
|
|
|
|
|
|
Insurance 4.2%
|
|
Sampo Oyj
|
|
|
664,000
|
|
|
$
|
20,551,181
|
|
|
|
Zurich Financial Services AG
|
|
|
129,000
|
|
|
|
37,472,338
|
|
|
|
|
|
|
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|
|
$
|
58,023,519
|
|
|
|
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|
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IT Services 3.6%
|
|
International Business Machines
Corp.
(1)
|
|
|
304,000
|
|
|
$
|
49,211,520
|
|
|
|
|
|
|
|
|
|
|
|
$
|
49,211,520
|
|
|
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|
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|
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Metals &
Mining 7.2%
|
|
BHP Billiton, Ltd.
ADR
(1)
|
|
|
481,000
|
|
|
$
|
45,502,600
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|
|
|
Vale SA
ADR
(1)
|
|
|
1,580,000
|
|
|
|
54,083,400
|
|
|
|
|
|
|
|
|
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|
|
$
|
99,586,000
|
|
|
|
|
|
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Multi-Utilities 1.9%
|
|
Sempra
Energy
(1)
|
|
|
500,000
|
|
|
$
|
26,615,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
26,615,000
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|
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|
|
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|
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Oil, Gas & Consumable
Fuels 19.6%
|
|
Chevron
Corp.
(1)
|
|
|
580,000
|
|
|
$
|
60,175,000
|
|
|
|
ConocoPhillips
(1)
|
|
|
520,000
|
|
|
|
40,492,400
|
|
|
|
ENI SpA
(1)
|
|
|
1,794,000
|
|
|
|
43,742,326
|
|
|
|
Marathon Oil
Corp.
(1)
|
|
|
1,211,000
|
|
|
|
60,065,600
|
|
|
|
Peabody Energy
Corp.
(1)
|
|
|
500,000
|
|
|
|
32,745,000
|
|
|
|
Repsol YPF
SA
(1)
|
|
|
980,000
|
|
|
|
32,897,596
|
|
|
|
|
|
|
|
|
|
|
|
$
|
270,117,922
|
|
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|
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|
|
See Notes to
Financial Statements.
5
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Portfolio
of Investments (Unaudited) continued
|
|
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|
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|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Pharmaceuticals 7.2%
|
|
Merck & Co.,
Inc.
(1)
|
|
|
596,307
|
|
|
$
|
19,421,719
|
|
|
|
Novartis
AG
(1)
|
|
|
690,000
|
|
|
|
38,775,664
|
|
|
|
Roche Holding
AG
(1)
|
|
|
267,000
|
|
|
|
40,274,910
|
|
|
|
|
|
|
|
|
|
|
|
$
|
98,472,293
|
|
|
|
|
|
|
|
Real Estate Investment Trusts
(REITs) 0.3%
|
|
Weyerhaeuser
Co.
(1)
|
|
|
196,288
|
|
|
$
|
4,791,390
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,791,390
|
|
|
|
|
|
|
|
Road &
Rail 2.3%
|
|
Union Pacific
Corp.
(1)
|
|
|
325,000
|
|
|
$
|
31,008,250
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,008,250
|
|
|
|
|
|
|
|
Software 4.2%
|
|
Microsoft
Corp.
(1)
|
|
|
1,326,639
|
|
|
$
|
35,262,064
|
|
|
|
Oracle
Corp.
(1)
|
|
|
670,000
|
|
|
|
22,043,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
57,305,064
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury
Goods 1.9%
|
|
VF
Corp.
(1)
|
|
|
275,000
|
|
|
$
|
26,309,250
|
|
|
|
|
|
|
|
|
|
|
|
$
|
26,309,250
|
|
|
|
|
|
|
|
Tobacco 5.8%
|
|
British American Tobacco
PLC
(1)
|
|
|
1,150,000
|
|
|
$
|
46,073,574
|
|
|
|
Imperial Tobacco Group
PLC
(1)
|
|
|
400,000
|
|
|
|
12,836,110
|
|
|
|
Philip Morris International,
Inc.
(1)
|
|
|
330,000
|
|
|
|
20,717,400
|
|
|
|
|
|
|
|
|
|
|
|
$
|
79,627,084
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
|
(identified cost $796,022,000)
|
|
$
|
1,203,379,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks 25.5%
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Commercial
Banks 14.5%
|
|
Abbey National Capital Trust I,
8.963%
(2)
|
|
|
8,190
|
|
|
$
|
9,153,611
|
|
|
|
Bank of America Corp.,
8.125%
(2)
|
|
|
16,300
|
|
|
|
17,615,915
|
|
|
|
Barclays Bank PLC,
6.86%
(2)(3)
|
|
|
3,500
|
|
|
|
3,340,130
|
|
|
|
Barclays Bank PLC,
7.434%
(2)(3)
|
|
|
16,220
|
|
|
|
16,269,017
|
|
|
|
BBVA International SA Unipersonal,
5.919%
(2)
|
|
|
7,913
|
|
|
|
6,601,254
|
|
|
|
BNP Paribas,
7.195%
(2)(3)
|
|
|
149
|
|
|
|
14,451,430
|
|
|
|
CoBank, ACB,
7.00%
(3)
|
|
|
400,000
|
|
|
|
18,737,520
|
|
|
|
CoBank, ACB,
11.00%
(3)
|
|
|
170,000
|
|
|
|
9,631,571
|
|
|
|
Credit Agricole SA/London,
6.637%
(2)(3)
|
|
|
8,525
|
|
|
|
7,793,419
|
|
|
|
DB Contingent Capital Trust II, 6.55%
|
|
|
158,077
|
|
|
|
3,798,590
|
|
|
|
Farm Credit Bank of Texas, Series I, 10.00%
|
|
|
1,405
|
|
|
|
14,941,297
|
|
|
|
JPMorgan Chase & Co.,
7.90%
(2)
|
|
|
18,810
|
|
|
|
21,043,556
|
|
|
|
KeyCorp, Series A, 7.75%
|
|
|
96,936
|
|
|
|
10,869,434
|
|
|
|
Landsbanki Islands HF,
7.431%
(2)(3)(4)(5)(6)
|
|
|
20,750
|
|
|
|
0
|
|
|
|
Lloyds Banking Group PLC,
6.657%
(2)(3)(5)
|
|
|
14,455
|
|
|
|
11,094,212
|
|
|
|
Royal Bank of Scotland Group PLC,
7.648%
(2)
|
|
|
4,086
|
|
|
|
3,889,615
|
|
|
|
Royal Bank of Scotland Group PLC, Series F, 7.65%
|
|
|
134,739
|
|
|
|
3,185,230
|
|
|
|
Royal Bank of Scotland Group PLC, Series H, 7.25%
|
|
|
80,000
|
|
|
|
1,816,800
|
|
|
|
Royal Bank of Scotland Group PLC, Series L, 5.75%
|
|
|
277,725
|
|
|
|
5,199,012
|
|
|
|
Standard Chartered PLC,
6.409%
(2)(3)
|
|
|
48
|
|
|
|
4,536,088
|
|
|
|
Wells Fargo & Co.,
7.98%
(2)
|
|
|
5,350
|
|
|
|
5,948,205
|
|
|
|
Wells Fargo & Co., Class A, 7.50%
|
|
|
9,890
|
|
|
|
10,186,700
|
|
|
|
|
|
|
|
|
|
|
|
$
|
200,102,606
|
|
|
|
|
|
|
|
Diversified Financial
Services 0.4%
|
|
Heller Financial, Inc., Series D, 6.95%
|
|
|
57,500
|
|
|
$
|
5,841,644
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,841,644
|
|
|
|
|
|
|
|
Electric
Utilities 1.8%
|
|
Entergy Arkansas, Inc., 6.45%
|
|
|
325,000
|
|
|
$
|
7,860,937
|
|
|
|
Entergy Louisiana, LLC, 6.95%
|
|
|
24,400
|
|
|
|
2,375,950
|
|
|
|
Southern California Edison Co., 6.00%
|
|
|
155,400
|
|
|
|
14,937,825
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25,174,712
|
|
|
|
|
|
|
|
Food Products 0.8%
|
|
Dairy Farmers of America,
7.875%
(3)
|
|
|
73,750
|
|
|
$
|
6,741,215
|
|
|
|
Ocean Spray Cranberries, Inc.,
6.25%
(3)
|
|
|
47,500
|
|
|
|
3,832,656
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,573,871
|
|
|
|
|
|
|
|
Insurance 5.9%
|
|
Allianz SE, 8.375%
|
|
|
51,757
|
|
|
$
|
1,342,447
|
|
|
|
Arch Capital Group, Ltd., Series A, 8.00%
|
|
|
398,515
|
|
|
|
10,066,489
|
|
|
|
AXA SA,
6.379%
(2)(3)
|
|
|
6,150
|
|
|
|
5,716,849
|
|
|
|
AXA SA,
6.463%
(2)(3)
|
|
|
14,775
|
|
|
|
13,404,530
|
|
|
|
Endurance Specialty Holdings, Ltd., Series A, 7.75%
|
|
|
317,500
|
|
|
|
8,162,925
|
|
|
|
ING Capital Funding Trust III,
3.903%
(2)
|
|
|
17,075
|
|
|
|
16,705,361
|
|
|
|
Prudential PLC, 6.50%
|
|
|
11,400
|
|
|
|
10,684,969
|
|
|
|
RAM Holdings, Ltd., Series A,
7.50%
(2)
|
|
|
13,000
|
|
|
|
6,500,813
|
|
|
|
RenaissanceRe Holdings, Ltd., Series C, 6.08%
|
|
|
177,901
|
|
|
|
4,162,883
|
|
|
|
RenaissanceRe Holdings, Ltd., Series D, 6.60%
|
|
|
177,143
|
|
|
|
4,366,575
|
|
|
|
|
|
|
|
|
|
|
|
$
|
81,113,841
|
|
|
|
|
|
|
See Notes to
Financial Statements.
6
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Portfolio
of Investments (Unaudited) continued
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Marine 0.8%
|
|
Seaspan Corp., 9.50%
|
|
|
412,800
|
|
|
$
|
10,951,584
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,951,584
|
|
|
|
|
|
|
|
Real Estate Investment Trusts
(REITs) 1.3%
|
|
CapLease, Inc., Series A, 8.125%
|
|
|
400,000
|
|
|
$
|
9,986,000
|
|
|
|
Developers Diversified Realty Corp., Series G, 8.00%
|
|
|
168,869
|
|
|
|
4,213,282
|
|
|
|
Developers Diversified Realty Corp., Series I, 7.50%
|
|
|
63,000
|
|
|
|
1,518,930
|
|
|
|
Regency Centers Corp., Series C, 7.45%
|
|
|
89,395
|
|
|
|
2,234,875
|
|
|
|
|
|
|
|
|
|
|
|
$
|
17,953,087
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
|
(identified cost $370,271,252)
|
|
$
|
351,711,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds & Notes 14.3%
|
|
|
|
Principal Amount
|
|
|
|
|
|
|
Security
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
|
Commercial
Banks 4.7%
|
|
Banco Industriale Comercial SA,
8.50%, 4/27/20
(3)
|
|
$
|
2,010
|
|
|
$
|
2,050,200
|
|
|
|
Citigroup Capital XXI, 8.30% to 12/21/37, 12/21/57,
12/21/77
(7)(8)
|
|
|
12,850
|
|
|
|
13,299,750
|
|
|
|
Groupe BPCE, 12.50% to 9/30/19,
8/29/49
(3)(8)
|
|
|
10,691
|
|
|
|
12,060,432
|
|
|
|
HBOS Capital Funding, LP, 6.071% to 6/30/14,
6/29/49
(3)(8)
|
|
|
3,780
|
|
|
|
3,420,900
|
|
|
|
Northgroup Preferred Capital Corp., 6.378% to 10/15/17,
1/29/49
(3)(8)
|
|
|
16,700
|
|
|
|
16,109,421
|
|
|
|
PNC Preferred Funding Trust II, 6.113% to 3/15/12,
3/29/49
(3)(8)
|
|
|
17,200
|
|
|
|
13,591,165
|
|
|
|
SunTrust Preferred Capital I, 5.853% to 12/15/11,
6/29/49
(8)
|
|
|
5,100
|
|
|
|
4,054,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
64,586,368
|
|
|
|
|
|
|
|
Diversified Financial
Services 2.1%
|
|
GE Capital Trust I, 6.375% to 11/15/17,
11/15/67
(8)
|
|
$
|
16,000
|
|
|
$
|
16,440,000
|
|
|
|
HSBC Finance Capital Trust IX, 5.911% to 11/30/15,
11/30/35
(8)
|
|
|
13,300
|
|
|
|
12,734,750
|
|
|
|
|
|
|
|
|
|
|
|
$
|
29,174,750
|
|
|
|
|
|
|
|
Electric
Utilities 2.9%
|
|
Energisa SA,
9.50%, 1/29/49
(3)
|
|
$
|
4,290
|
|
|
$
|
4,402,613
|
|
|
|
Integrys Energy Group, Inc., 6.11% to 12/1/16,
12/1/66
(8)
|
|
|
11,310
|
|
|
|
11,012,072
|
|
|
|
PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17,
3/30/67
(8)
|
|
|
15,500
|
|
|
|
15,247,443
|
|
|
|
Wisconsin Energy Corp., 6.25% to 5/15/17,
5/15/67
(8)
|
|
|
9,600
|
|
|
|
9,600,182
|
|
|
|
|
|
|
|
|
|
|
|
$
|
40,262,310
|
|
|
|
|
|
|
|
Insurance 2.5%
|
|
MetLife, Inc., 10.75% to 8/1/34, 8/1/39,
8/1/69
(7)(8)
|
|
$
|
9,825
|
|
|
$
|
13,618,482
|
|
|
|
QBE Capital Funding II LP, 6.797% to 6/1/17,
6/29/49
(3)(8)
|
|
|
3,685
|
|
|
|
3,431,262
|
|
|
|
XL Capital, Ltd., 6.50% to 4/15/17,
12/29/49
(8)
|
|
|
18,570
|
|
|
|
17,362,950
|
|
|
|
|
|
|
|
|
|
|
|
$
|
34,412,694
|
|
|
|
|
|
|
|
Pipelines 1.0%
|
|
Enbridge Energy Partners, LP, 8.05% to 10/1/17, 10/1/37,
10/1/77
(7)(8)
|
|
$
|
4,585
|
|
|
$
|
4,890,526
|
|
|
|
Enterprise Products Operating, LLC, 7.00% to 6/1/17,
6/1/67
(8)
|
|
|
5,105
|
|
|
|
5,103,647
|
|
|
|
Southern Union Co., 7.20% to 11/1/11,
11/1/66
(8)
|
|
|
1,865
|
|
|
|
1,762,425
|
|
|
|
TransCanada Pipelines, Ltd., 6.35% to 5/15/17,
5/15/67
(8)
|
|
|
2,148
|
|
|
|
2,185,985
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,942,583
|
|
|
|
|
|
|
|
Retail Food and
Drug 1.1%
|
|
CVS Caremark Corp., 6.302% to 6/1/12, 6/1/37,
6/1/62
(7)(8)
|
|
$
|
15,000
|
|
|
$
|
14,779,350
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,779,350
|
|
|
|
|
|
|
|
|
Total Corporate Bonds &
Notes
|
|
|
(identified cost $182,570,632)
|
|
$
|
197,158,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments 0.0%
(9)
|
|
|
|
Interest
|
|
|
|
|
|
|
Description
|
|
(000s omitted)
|
|
|
Value
|
|
|
|
|
|
Eaton Vance Cash Reserves Fund, LLC,
0.18%
(10)
|
|
$
|
216
|
|
|
$
|
215,667
|
|
|
|
|
|
|
|
|
Total Short-Term Investments
|
|
|
(identified cost $215,667)
|
|
$
|
215,667
|
|
|
|
|
|
|
|
|
Total Investments 127.2%
|
|
|
(identified
cost $1,349,079,551)
|
|
$
|
1,752,464,957
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets, Less
Liabilities (27.2)%
|
|
$
|
(374,938,738
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
$
|
1,377,526,219
|
|
|
|
|
|
See Notes to
Financial Statements.
7
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Portfolio
of Investments (Unaudited) continued
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets.
|
|
|
ADR
|
|
- American Depositary Receipt
|
|
|
|
|
|
|
(1)
|
|
All or portion of this security has been segregated as
collateral with the custodian for borrowings under the Committed
Facility Agreement.
|
|
(2)
|
|
Variable rate security. The stated interest rate represents the
rate in effect at February 28, 2011.
|
|
(3)
|
|
Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be sold
in certain transactions (normally to qualified institutional
buyers) and remain exempt from registration. At
February 28, 2011, the aggregate value of these securities
is $170,614,630 or 12.4% of the Funds net assets.
|
|
(4)
|
|
Defaulted security.
|
|
(5)
|
|
Non-income producing security.
|
|
(6)
|
|
Security valued at fair value using methods determined in good
faith by or at the direction of the Trustees.
|
|
(7)
|
|
The maturity dates shown are the scheduled maturity date and
final maturity date, respectively. The scheduled maturity date
is earlier than the final maturity date due to the possibility
of earlier repayment.
|
|
(8)
|
|
Security converts to floating rate after the indicated
fixed-rate coupon period.
|
|
(9)
|
|
Amount is less than 0.05%.
|
|
(10)
|
|
Affiliated investment company available to Eaton Vance
portfolios and funds which invests in high quality, U.S. dollar
denominated money market instruments. The rate shown is the
annualized
seven-day
yield as of February 28, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
Country Concentration of Portfolio
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Country
|
|
Total Investments
|
|
|
Value
|
|
|
|
|
|
United States
|
|
|
61.3
|
%
|
|
$
|
1,074,248,763
|
|
|
|
Switzerland
|
|
|
8.7
|
|
|
|
152,532,574
|
|
|
|
United Kingdom
|
|
|
6.9
|
|
|
|
120,140,312
|
|
|
|
Brazil
|
|
|
3.5
|
|
|
|
62,062,367
|
|
|
|
Finland
|
|
|
2.8
|
|
|
|
49,661,022
|
|
|
|
Australia
|
|
|
2.8
|
|
|
|
48,933,862
|
|
|
|
Italy
|
|
|
2.5
|
|
|
|
43,742,326
|
|
|
|
Netherlands
|
|
|
2.0
|
|
|
|
35,941,907
|
|
|
|
Spain
|
|
|
1.9
|
|
|
|
32,897,596
|
|
|
|
Sweden
|
|
|
1.8
|
|
|
|
32,031,621
|
|
|
|
France
|
|
|
1.8
|
|
|
|
31,181,811
|
|
|
|
Bermuda
|
|
|
1.2
|
|
|
|
20,933,877
|
|
|
|
Cayman Islands
|
|
|
1.0
|
|
|
|
17,362,950
|
|
|
|
Mexico
|
|
|
0.7
|
|
|
|
11,758,500
|
|
|
|
Hong Kong
|
|
|
0.6
|
|
|
|
10,951,584
|
|
|
|
Canada
|
|
|
0.4
|
|
|
|
6,741,438
|
|
|
|
Germany
|
|
|
0.1
|
|
|
|
1,342,447
|
|
|
|
Iceland
|
|
|
0.0
|
|
|
|
0
|
|
|
|
|
|
Total Investments
|
|
|
100.0
|
%
|
|
$
|
1,752,464,957
|
|
|
|
|
|
See Notes to
Financial Statements.
8
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Statement
of Assets and Liabilities (Unaudited)
|
|
|
|
|
|
|
Assets
|
|
February 28, 2011
|
|
|
|
Unaffiliated investments, at value (identified cost,
$1,348,863,884)
|
|
$
|
1,752,249,290
|
|
|
|
Affiliated investment, at value (identified cost, $215,667)
|
|
|
215,667
|
|
|
|
Restricted cash*
|
|
|
5,250,000
|
|
|
|
Foreign currency, at value (identified cost, $10,269,650)
|
|
|
10,345,044
|
|
|
|
Dividends and interest receivable
|
|
|
10,062,195
|
|
|
|
Interest receivable from affiliated investment
|
|
|
1,661
|
|
|
|
Receivable for investments sold
|
|
|
74,400,853
|
|
|
|
Tax reclaims receivable
|
|
|
3,794,448
|
|
|
|
|
|
Total assets
|
|
$
|
1,856,319,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Notes payable
|
|
$
|
447,000,000
|
|
|
|
Payable for investments purchased
|
|
|
27,514,593
|
|
|
|
Payable for open forward foreign currency exchange contracts
|
|
|
2,763,400
|
|
|
|
Payable to affiliate:
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
1,109,291
|
|
|
|
Accrued expenses
|
|
|
405,655
|
|
|
|
|
|
Total liabilities
|
|
$
|
478,792,939
|
|
|
|
|
|
Net assets
|
|
$
|
1,377,526,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 72,835,900 shares issued and outstanding
|
|
$
|
728,359
|
|
|
|
Additional paid-in capital
|
|
|
1,382,213,413
|
|
|
|
Accumulated net realized loss
|
|
|
(411,999,581
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
5,617,914
|
|
|
|
Net unrealized appreciation
|
|
|
400,966,114
|
|
|
|
|
|
Net assets
|
|
$
|
1,377,526,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
|
|
($1,377,526,219
¸
72,835,900 common shares issued and outstanding)
|
|
$
|
18.91
|
|
|
|
|
|
|
|
|
*
|
|
Represents restricted cash on deposit at the custodian for open
forward foreign currency exchange contracts.
|
See Notes to
Financial Statements.
9
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Statement
of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
Investment Income
|
|
February 28, 2011
|
|
|
|
Dividends (net of foreign taxes, $759,446)
|
|
$
|
46,921,032
|
|
|
|
Interest
|
|
|
5,222,996
|
|
|
|
Interest income allocated from affiliated investment
|
|
|
39,237
|
|
|
|
Expenses allocated from affiliated investment
|
|
|
(1,252
|
)
|
|
|
|
|
Total investment income
|
|
$
|
52,182,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
7,187,207
|
|
|
|
Trustees fees and expenses
|
|
|
25,250
|
|
|
|
Custodian fee
|
|
|
178,344
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
9,596
|
|
|
|
Legal and accounting services
|
|
|
49,424
|
|
|
|
Printing and postage
|
|
|
91,024
|
|
|
|
Interest expense and fees
|
|
|
2,379,814
|
|
|
|
Miscellaneous
|
|
|
53,024
|
|
|
|
|
|
Total expenses
|
|
$
|
9,973,683
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of investment adviser fee
|
|
$
|
465,078
|
|
|
|
Reduction of custodian fee
|
|
|
502
|
|
|
|
|
|
Total expense reductions
|
|
$
|
465,580
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
9,508,103
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
42,673,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
20,492,138
|
|
|
|
Investment transactions allocated from affiliated investment
|
|
|
1,065
|
|
|
|
Foreign currency and forward foreign currency exchange contract
transactions
|
|
|
(9,072,918
|
)
|
|
|
|
|
Net realized gain
|
|
$
|
11,420,285
|
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments
|
|
$
|
219,578,782
|
|
|
|
Foreign currency and forward foreign currency exchange contracts
|
|
|
(10,884,825
|
)
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
208,693,957
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain
|
|
$
|
220,114,242
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
262,788,152
|
|
|
|
|
|
See Notes to
Financial Statements.
10
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
February 28, 2011
|
|
Year Ended
|
|
|
Increase (Decrease)
in Net Assets
|
|
(Unaudited)
|
|
August 31, 2010
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
42,673,910
|
|
|
$
|
96,954,166
|
|
|
|
Net realized gain from investment, foreign currency and forward
foreign currency exchange contract transactions
|
|
|
11,420,285
|
|
|
|
16,926,086
|
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, foreign currency and forward foreign currency
exchange contracts
|
|
|
208,693,957
|
|
|
|
25,619,913
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
262,788,152
|
|
|
$
|
139,500,165
|
|
|
|
|
|
Distributions to shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(46,979,155
|
)
|
|
$
|
(93,958,310
|
)
|
|
|
|
|
Total distributions
|
|
$
|
(46,979,155
|
)
|
|
$
|
(93,958,310
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets
|
|
$
|
215,808,997
|
|
|
$
|
45,541,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
At beginning of period
|
|
$
|
1,161,717,222
|
|
|
$
|
1,116,175,367
|
|
|
|
|
|
At end of period
|
|
$
|
1,377,526,219
|
|
|
$
|
1,161,717,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated undistributed net
investment income
included in net assets
|
|
At end of period
|
|
$
|
5,617,914
|
|
|
$
|
9,923,159
|
|
|
|
|
|
See Notes to
Financial Statements.
11
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Statement
of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
Cash Flows From
Operating Activities
|
|
February 28, 2011
|
|
|
|
Net increase in net assets from operations
|
|
$
|
262,788,152
|
|
|
|
Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:
|
|
|
|
|
|
|
Investments purchased
|
|
|
(684,088,564
|
)
|
|
|
Investments sold
|
|
|
622,561,802
|
|
|
|
Decrease in short-term investments, net
|
|
|
730,189
|
|
|
|
Net amortization/accretion of premium (discount)
|
|
|
2,435
|
|
|
|
Increase in restricted cash
|
|
|
(5,250,000
|
)
|
|
|
Decrease in dividends and interest receivable
|
|
|
3,608,432
|
|
|
|
Decrease in interest receivable from affiliated investment
|
|
|
5,495
|
|
|
|
Increase in receivable for investments sold
|
|
|
(36,656,730
|
)
|
|
|
Decrease in receivable for open forward foreign currency
exchange contracts
|
|
|
8,411,225
|
|
|
|
Increase in tax reclaims receivable
|
|
|
(114,002
|
)
|
|
|
Increase in payable for investments purchased
|
|
|
15,522,190
|
|
|
|
Increase in payable for open forward foreign currency exchange
contracts
|
|
|
2,763,400
|
|
|
|
Increase in payable to affiliate for investment adviser fee
|
|
|
133,634
|
|
|
|
Decrease in accrued expenses
|
|
|
(432,997
|
)
|
|
|
Net change in unrealized (appreciation) depreciation from
investments
|
|
|
(219,578,782
|
)
|
|
|
Net realized gain from investments
|
|
|
(20,492,138
|
)
|
|
|
|
|
Net cash used in operating activities
|
|
$
|
(50,086,259
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities
|
|
Distributions paid to common shareholders, net of reinvestments
|
|
$
|
(46,979,155
|
)
|
|
|
Proceeds from notes payable
|
|
|
107,000,000
|
|
|
|
|
|
Net cash provided by financing activities
|
|
$
|
60,020,845
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash*
|
|
$
|
9,934,586
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of period
|
|
$
|
410,458
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
period
(1)
|
|
$
|
10,345,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash
flow information:
|
|
Cash paid for interest and fees on borrowings
|
|
$
|
2,765,898
|
|
|
|
|
|
|
|
|
(1)
|
|
Balance includes foreign currency, at value.
|
*
|
|
Includes net change in unrealized appreciation (depreciation) on
foreign currency of $75,394.
|
See Notes to
Financial Statements.
12
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended August 31,
|
|
|
|
|
February 28, 2011
|
|
|
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
15.950
|
|
|
$
|
15.320
|
|
|
$
|
24.320
|
|
|
$
|
30.310
|
|
|
$
|
26.910
|
|
|
$
|
24.860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
Net investment
income
(1)
|
|
$
|
0.586
|
|
|
$
|
1.331
|
|
|
$
|
1.227
|
|
|
$
|
2.211
|
|
|
$
|
2.158
|
|
|
$
|
2.118
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
3.019
|
|
|
|
0.589
|
|
|
|
(8.757
|
)
|
|
|
(6.058
|
)
|
|
|
3.369
|
|
|
|
1.890
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.275
|
)
|
|
|
(0.437
|
)
|
|
|
(0.394
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
3.605
|
|
|
$
|
1.920
|
|
|
$
|
(7.530
|
)
|
|
$
|
(4.122
|
)
|
|
$
|
5.090
|
|
|
$
|
3.614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions to Common
Shareholders
|
|
From net investment income
|
|
$
|
(0.645
|
)
|
|
$
|
(1.290
|
)
|
|
$
|
(1.470
|
)
|
|
$
|
(1.868
|
)
|
|
$
|
(1.690
|
)
|
|
$
|
(1.564
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.645
|
)
|
|
$
|
(1.290
|
)
|
|
$
|
(1.470
|
)
|
|
$
|
(1.868
|
)
|
|
$
|
(1.690
|
)
|
|
$
|
(1.564
|
)
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
18.910
|
|
|
$
|
15.950
|
|
|
$
|
15.320
|
|
|
$
|
24.320
|
|
|
$
|
30.310
|
|
|
$
|
26.910
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
17.810
|
|
|
$
|
14.750
|
|
|
$
|
13.920
|
|
|
$
|
21.050
|
|
|
$
|
27.130
|
|
|
$
|
25.550
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
23.26
|
%
(3)
|
|
|
13.25
|
%
|
|
|
(28.38
|
)%
|
|
|
(13.61
|
)%
|
|
|
19.72
|
%
|
|
|
15.66
|
%
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
25.47
|
%
(3)
|
|
|
15.26
|
%
|
|
|
(24.81
|
)%
|
|
|
(16.46
|
)%
|
|
|
12.87
|
%
|
|
|
25.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to
Financial Statements.
13
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Financial
Highlights continued
Selected data for a common share
outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
Year Ended August 31,
|
|
|
|
|
February 28, 2011
|
|
|
Ratios/Supplemental
Data
|
|
(Unaudited)
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
1,377,526
|
|
|
$
|
1,161,717
|
|
|
$
|
1,116,175
|
|
|
$
|
1,771,252
|
|
|
$
|
2,208,015
|
|
|
$
|
1,960,096
|
|
|
|
Ratios (as a percentage of average daily net assets applicable
to common
shares):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and
fees
(5)
|
|
|
1.11
|
%
(6)
|
|
|
1.04
|
%
|
|
|
1.07
|
%
|
|
|
0.98
|
%
|
|
|
0.99
|
%
|
|
|
1.04
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.37
|
%
(6)
|
|
|
0.39
|
%
|
|
|
0.99
|
%
|
|
|
0.41
|
%
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.48
|
%
(6)
|
|
|
1.43
|
%
|
|
|
2.06
|
%
|
|
|
1.39
|
%
|
|
|
0.99
|
%
|
|
|
1.04
|
%
|
|
|
Net investment income
|
|
|
6.65
|
%
(6)
|
|
|
8.09
|
%
|
|
|
8.66
|
%
|
|
|
7.74
|
%
|
|
|
7.23
|
%
|
|
|
8.28
|
%
|
|
|
Portfolio Turnover
|
|
|
38
|
%
(3)
|
|
|
117
|
%
|
|
|
76
|
%
|
|
|
96
|
%
|
|
|
41
|
%
|
|
|
67
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares and borrowings,
are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares plus preferred shares and
borrowings):
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and
fees
(5)
|
|
|
0.84
|
%
(6)
|
|
|
0.81
|
%
|
|
|
0.77
|
%
|
|
|
0.73
|
%
|
|
|
0.75
|
%
|
|
|
0.76
|
%
|
|
|
Interest and fee
expense
(7)
|
|
|
0.28
|
%
(6)
|
|
|
0.31
|
%
|
|
|
0.70
|
%
|
|
|
0.31
|
%
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.12
|
%
(6)
|
|
|
1.12
|
%
|
|
|
1.47
|
%
|
|
|
1.04
|
%
|
|
|
0.75
|
%
|
|
|
0.76
|
%
|
|
|
Net investment income
|
|
|
5.02
|
%
(6)
|
|
|
6.30
|
%
|
|
|
6.16
|
%
|
|
|
5.79
|
%
|
|
|
5.47
|
%
|
|
|
6.02
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable outstanding (in 000s)
|
|
$
|
447,000
|
|
|
$
|
340,000
|
|
|
$
|
340,000
|
|
|
$
|
700,000
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Asset coverage per $1,000 of notes
payable
(8)
|
|
$
|
4,082
|
|
|
$
|
4,417
|
|
|
$
|
4,283
|
|
|
$
|
3,530
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Total preferred shares outstanding
|
|
|
|
(9)
|
|
|
|
(9)
|
|
|
|
(9)
|
|
|
|
(9)
|
|
|
28,000
|
|
|
|
28,000
|
|
|
|
Asset coverage per preferred
share
(10)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
103,868
|
|
|
$
|
95,030
|
|
|
|
Involuntary liquidation preference per preferred
share
(11)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(11)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
|
(9)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
(3)
|
|
Not annualized.
|
(4)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
(5)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%.
|
(6)
|
|
Annualized.
|
(7)
|
|
Interest and fee expense relates to the notes payable incurred
to redeem the Funds preferred shares.
|
(8)
|
|
Calculated by subtracting the Funds total liabilities (not
including the notes payable) from the Funds total assets,
and dividing the result by the notes payable balance in
thousands.
|
(9)
|
|
The Funds preferred shares were fully redeemed during the
year ended August 31, 2008.
|
(10)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding.
|
(11)
|
|
Plus accumulated and unpaid dividends.
|
See Notes to
Financial Statements.
14
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
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
Funds 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.
A Investment
Valuation
Equity securities (including common
shares of closed-end investment companies) 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 asked
prices therefore on the exchange where such securities are
principally traded. Equity securities listed on the NASDAQ
Global or Global Select Market generally 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 asked 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 will use 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. The value of preferred equity securities that are valued
by a pricing service on a bond basis will be adjusted by an
income factor, to be determined by the investment adviser, to
reflect the next anticipated regular dividend. Debt obligations
(including short-term obligations with a remaining maturity of
more than sixty days) 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 asked prices, broker/dealer quotations, prices or yields
of securities with similar characteristics, 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 securities purchased with a remaining maturity
of sixty days or less are generally valued at amortized cost,
which approximates market value. 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. Forward foreign
currency exchange contracts are generally valued at the mean of
the average bid and average asked prices that are reported by
currency dealers to a third party pricing service at the
valuation time. Such third party pricing service valuations are
supplied for specific settlement periods and the Funds
forward foreign currency exchange contracts are valued at an
interpolated rate between the closest preceding and subsequent
settlement period reported by the third party pricing service.
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
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. Investments for which valuations
or market quotations are not readily available or are deemed
unreliable are valued at fair value using methods determined in
good faith by or at the direction of the Trustees of the Fund in
a manner that most fairly reflects the securitys value, or
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 all 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 securitys 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 companys or entitys financial
condition, and an evaluation of the forces that influence the
issuer and the market(s) in which the security is purchased and
sold.
The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash
Reserves Fund), an affiliated investment company managed by
Eaton Vance Management (EVM). Cash Reserves Fund generally
values its investment securities utilizing the amortized cost
valuation technique in accordance with
Rule 2a-7
under the 1940 Act. This technique involves initially valuing a
portfolio security at its cost and thereafter assuming a
constant amortization to maturity of any discount or premium. If
amortized cost is determined not to approximate fair value, Cash
Reserves Fund may value its investment securities in the same
manner as debt obligations described above.
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 Funds understanding of the applicable
countries tax rules and rates. Interest income is recorded
on the basis of interest accrued, adjusted for amortization of
premium or accretion of discount.
D Federal
Taxes
The Funds 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.
15
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Notes
to Financial Statements (Unaudited) continued
At August 31, 2010, the Fund, for federal income tax
purposes, had a capital loss carryforward of $414,827,388 which
will reduce its taxable income arising from future net realized
gains on investment transactions, if any, to the extent
permitted by the Internal Revenue Code, and thus will reduce the
amount of distributions to shareholders, which would otherwise
be necessary to relieve the Fund of any liability for federal
income or excise tax. Such capital loss carryforward will expire
on August 31, 2013 ($495,600), August 31, 2014
($19,534,062), August 31, 2016 ($2,183,068),
August 31, 2017 ($181,415,053) and August 31, 2018
($211,199,605).
As of February 28, 2011, the Fund had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Funds federal
tax returns filed in the
3-year
period ended August 31, 2010 remains subject to examination
by the Internal Revenue Service.
E Expense
Reduction
State Street Bank and
Trust Company (SSBT) serves as custodian of the Fund.
Pursuant to the custodian agreement, SSBT receives a fee reduced
by credits, which are determined based on the average daily cash
balance the Fund maintains with SSBT. All credit balances, if
any, used to reduce the Funds custodian fees are reported
as a reduction of expenses in the Statement of Operations.
F 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.
G Use of
Estimates
The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America 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.
H Indemnifications
Under the Funds 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 Funds 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 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
Funds 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.
I Forward Foreign Currency
Exchange Contracts
The Fund may enter into
forward foreign currency exchange contracts for the purchase or
sale of a specific foreign currency at a fixed price on a future
date. The forward foreign currency exchange contracts are
adjusted by the daily exchange rate of the underlying currency
and any gains or losses are recorded as unrealized until such
time as the contracts have been closed or offset by another
contract with the same broker for the same settlement date and
currency. Risks may arise upon entering these contracts from the
potential inability of counterparties to meet the terms of their
contracts and from movements in the value of a foreign currency
relative to the U.S. dollar.
J Statement of Cash
Flows
The cash amount shown in the Statement
of Cash Flows of the Fund is the amount included in the
Funds Statement of Assets and Liabilities and represents
the cash on hand at its custodian and does not include any
short-term investments.
K Interim Financial
Statements
The interim financial statements
relating to February 28, 2011 and for the six months then
ended have not been audited by an independent registered public
accounting firm, but in the opinion of the Funds
management, reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of
the financial statements.
2 Distributions
to Shareholders
The Fund intends to make monthly distributions of net investment
income to common shareholders. In addition, at least annually,
the Fund intends to distribute all or substantially all of its
net realized capital gains (reduced by available capital loss
carryforwards from prior years, if any). Distributions are
recorded on the ex-dividend date. The Fund distinguishes between
distributions on a tax basis and a financial reporting basis.
Accounting principles generally accepted in the United States of
America require that only distributions in excess of tax basis
earnings and profits be 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.
3 Investment
Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM as compensation for
management and investment advisory services rendered to the
Fund. Pursuant to the investment advisory agreement and
subsequent fee reduction agreement, the fee is computed at an
annual rate of 0.85% of its average daily gross assets up to and
including $1.5 billion, 0.83% over $1.5 billion up to
and including $3 billion, and at reduced rates as daily
gross assets exceed $3 billion and is payable monthly.
Gross assets as referred to herein represent net assets plus
obligations attributable to investment leverage. The fee
reduction cannot be
16
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Notes
to Financial Statements (Unaudited) continued
terminated without the consent of the Trustees and shareholders.
The Fund invests its cash in Cash Reserves Fund. EVM does not
currently receive a fee for advisory services provided to Cash
Reserves Fund. For the six months ended February 28, 2011,
the Funds investment adviser fee totaled $7,187,207,
representing 0.85% (annualized) of the Funds average daily
gross assets. EVM also serves as administrator of the Fund, but
receives no compensation.
In addition, EVM has contractually agreed to reimburse the Fund
for fees and other expenses at an annual rate of 0.20% of the
Funds average daily gross assets during the first five
full years of the Funds operations, 0.15% of the
Funds average daily gross assets in year six, 0.10% in
year seven and 0.05% in year eight. Such reimbursement will be
reduced by an amount, if any, by which the annual effective
advisory fee rate is less than 0.85% of the Funds average
daily gross assets. The Fund concluded its first seven full
years of operations on September 30, 2010. Pursuant to this
agreement, EVM waived $465,078 of its investment adviser fee for
the six months ended February 28, 2011.
Except for Trustees of the Fund who are not members of
EVMs organization, officers and Trustees 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. For the six months
ended February 28, 2011, no significant amounts have been
deferred. 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 $684,088,564 and $622,561,802,
respectively, for the six months ended February 28, 2011.
5 Common
Shares of Beneficial Interest
The Fund may issue common shares pursuant to its dividend
reinvestment plan. There were no transactions in common shares
for the six months ended February 28, 2011 and the year
ended August 31, 2010.
6 Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Fund at February 28, 2011, as determined
on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
1,349,372,482
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
444,635,987
|
|
|
|
Gross unrealized depreciation
|
|
|
(41,543,512
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
403,092,475
|
|
|
|
|
|
|
|
|
|
|
|
|
7 Financial
Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities.
These financial instruments may include forward foreign currency
exchange contracts and may involve, to a varying degree,
elements of risk in excess of the amounts recognized for
financial statement purposes. The notional or contractual
amounts of these instruments represent the investment the Fund
has in particular classes of financial instruments and do not
necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments
is meaningful only when all related and offsetting transactions
are considered.
17
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Notes
to Financial Statements (Unaudited) continued
A summary of obligations under these financial instruments at
February 28, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency
Exchange Contracts
|
Sales
|
|
|
|
|
|
|
|
|
Net Unrealized
|
|
|
Settlement Date
|
|
Deliver
|
|
In Exchange For
|
|
Counterparty
|
|
Depreciation
|
|
|
|
|
3/10/11
|
|
Euro
60,000,000
|
|
United States Dollar
81,747,600
|
|
Goldman Sachs Group, Inc.
|
|
$
|
(1,041,100
|
)
|
|
|
3/10/11
|
|
Euro
60,000,000
|
|
United States Dollar
81,749,400
|
|
JPMorgan Chase Co.
|
|
|
(1,039,299
|
)
|
|
|
3/10/11
|
|
Euro
57,266,744
|
|
United States Dollar
78,334,319
|
|
Standard Chartered Bank
|
|
|
(683,001
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(2,763,400
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At February 28, 2011, the Fund had sufficient cash
and/or
securities to cover commitments under these contracts.
The Fund is subject to foreign exchange risk in the normal
course of pursuing its investment objective. Because the Fund
holds foreign currency denominated investments, the value of
these investments and related receivables and payables may
change due to future changes in foreign currency exchange rates.
To hedge against this risk, the Fund enters into forward foreign
currency exchange contracts. The Fund also enters into such
contracts to hedge the currency risk of investments it
anticipates purchasing.
The Fund enters into forward foreign currency exchange contracts
that may contain provisions whereby the counterparty may
terminate the contract under certain conditions, including but
not limited to a decline in the Funds net assets below a
certain level over a certain period of time, which would trigger
a payment by the Fund for those derivatives in a liability
position. At February 28, 2011, the fair value of
derivatives with credit-related contingent features in a net
liability position was $1,041,100.
The non-exchange traded derivatives in which the Fund may
invest, including forward foreign currency exchange contracts,
are subject to the risk that the counterparty to the contract
fails to perform its obligations under the contract.
The fair value of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) and
whose primary underlying risk exposure is foreign exchange risk
at February 28, 2011 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
Derivative
|
|
Asset Derivatives
|
|
Liability
Derivatives
(1)
|
|
|
|
|
Forward foreign currency exchange contracts
|
|
$
|
|
|
|
$
|
(2,763,400
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Statement of Assets and Liabilities location: Payable for open
forward foreign currency exchange contracts; Net unrealized
appreciation.
|
The effect of derivative instruments (not considered to be
hedging instruments for accounting disclosure purposes) on the
Statement of Operations and whose primary underlying risk
exposure is foreign exchange risk for the six months ended
February 28, 2011 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Gain (Loss)
|
|
Change in Unrealized
|
|
|
|
|
on Derivatives Recognized
|
|
Appreciation (Depreciation) on
|
|
|
Derivative
|
|
in
Income
(1)
|
|
Derivatives Recognized in
Income
(2)
|
|
|
|
|
Forward foreign currency exchange contracts
|
|
$
|
(9,087,603
|
)
|
|
$
|
(11,174,625
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Statement of Operations location: Net realized gain
(loss) Foreign currency and forward foreign currency
exchange contract transactions.
|
(2)
|
|
Statement of Operations location: Change in unrealized
appreciation (depreciation) Foreign currency and
forward foreign currency exchange contracts.
|
The average notional amount of forward foreign currency exchange
contracts outstanding during the six months ended
February 28, 2011, which is indicative of the volume of
this derivative type, was approximately $237,869,000.
18
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Notes
to Financial Statements (Unaudited) continued
8 Committed
Facility Agreement
The Fund has entered into a Committed Facility Agreement, as
amended (the Agreement) with a major financial institution that
allows it to borrow up to $514 million ($454 million
prior to December 15, 2010) over a rolling 180
calendar day period. Interest is charged at a rate above
3-month
LIBOR and is payable monthly. The Fund is charged a commitment
fee of 0.55% per annum on the unused portion of the commitment.
Under the terms of the Agreement, the Fund is required to
satisfy certain collateral requirements and maintain a certain
level of net assets. At February 28, 2011, the Fund had
borrowings outstanding under the Agreement of $447 million
at an interest rate of 1.01%. The carrying amount of the
borrowings at February 28, 2011 approximated its fair
value. For the six months ended February 28, 2011, the
average borrowings under the Agreement and the average interest
rate (annualized) were $420 million and 1.07%, respectively.
9 Risks
Associated with Foreign Investments
Investing in securities issued by companies whose principal
business activities are outside the United States may involve
significant risks not present in domestic investments. For
example, there is generally less publicly available information
about foreign companies, particularly those not subject to the
disclosure and reporting requirements of the U.S. securities
laws. Certain foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and
standards of practice comparable to those applicable to domestic
issuers. Investments in foreign securities also involve the risk
of possible adverse changes in investment or exchange control
regulations, expropriation or confiscatory taxation, limitation
on the removal of funds or other assets of the Fund, political
or financial instability or diplomatic and other developments
which could affect such investments. Foreign securities markets,
while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some
foreign issuers (particularly those located in developing
countries) may be less liquid and more volatile than securities
of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities
markets, broker-dealers and issuers than in the
United States.
10 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 funds own assumptions in determining the fair
value of investments)
|
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.
19
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Notes
to Financial Statements (Unaudited) continued
At February 28, 2011, the hierarchy of inputs used in
valuing the Funds investments, which are carried at value,
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Description
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
62,168,750
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
62,168,750
|
|
|
|
Consumer Staples
|
|
|
45,103,474
|
|
|
|
99,634,679
|
|
|
|
|
|
|
|
144,738,153
|
|
|
|
Energy
|
|
|
193,478,000
|
|
|
|
76,639,922
|
|
|
|
|
|
|
|
270,117,922
|
|
|
|
Financials
|
|
|
16,122,444
|
|
|
|
96,248,113
|
|
|
|
|
|
|
|
112,370,557
|
|
|
|
Health Care
|
|
|
19,421,719
|
|
|
|
79,050,574
|
|
|
|
|
|
|
|
98,472,293
|
|
|
|
Industrials
|
|
|
109,246,050
|
|
|
|
|
|
|
|
|
|
|
|
109,246,050
|
|
|
|
Information Technology
|
|
|
106,516,584
|
|
|
|
|
|
|
|
|
|
|
|
106,516,584
|
|
|
|
Materials
|
|
|
99,586,000
|
|
|
|
|
|
|
|
|
|
|
|
99,586,000
|
|
|
|
Telecommunication Services
|
|
|
32,440,425
|
|
|
|
43,515,367
|
|
|
|
|
|
|
|
75,955,792
|
|
|
|
Utilities
|
|
|
77,065,240
|
|
|
|
47,142,549
|
|
|
|
|
|
|
|
124,207,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
|
|
$
|
761,148,686
|
|
|
$
|
442,231,204
|
*
|
|
$
|
|
|
|
$
|
1,203,379,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples
|
|
$
|
|
|
|
$
|
10,573,871
|
|
|
$
|
|
|
|
$
|
10,573,871
|
|
|
|
Financials
|
|
|
79,767,725
|
|
|
|
225,243,453
|
|
|
|
0
|
|
|
|
305,011,178
|
|
|
|
Industrials
|
|
|
10,951,584
|
|
|
|
|
|
|
|
|
|
|
|
10,951,584
|
|
|
|
Utilities
|
|
|
|
|
|
|
25,174,712
|
|
|
|
|
|
|
|
25,174,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
$
|
90,719,309
|
|
|
$
|
260,992,036
|
|
|
$
|
0
|
|
|
$
|
351,711,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds & Notes
|
|
$
|
|
|
|
$
|
197,158,055
|
|
|
$
|
|
|
|
$
|
197,158,055
|
|
|
|
Short-Term Investments
|
|
|
|
|
|
|
215,667
|
|
|
|
|
|
|
|
215,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$
|
851,867,995
|
|
|
$
|
900,596,962
|
|
|
$
|
0
|
|
|
$
|
1,752,464,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
$
|
|
|
|
$
|
(2,763,400
|
)
|
|
$
|
|
|
|
$
|
(2,763,400
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
|
|
|
$
|
(2,763,400
|
)
|
|
$
|
|
|
|
$
|
(2,763,400
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Includes foreign equity securities whose values were adjusted to
reflect market trading of comparable securities or other
correlated instruments that occurred after the close of trading
in their applicable foreign markets.
|
During the six months ended February 28, 2011, the Fund
transferred a security, valued at zero at the beginning and end
of the period, to Level 3. At February 28, 2011, the value
of investments transferred between Level 1 and
Level 2, if any, during the six months then ended was not
significant.
20
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
|
|
|
Officers
|
|
|
|
|
Judith A. Saryan
President
John H. Croft
Vice President
Aamer Khan
Vice President
Martha G. Locke
Vice President
|
|
Duncan W. Richardson
Vice President
Barbara E. Campbell
Treasurer
Maureen A. Gemma
Secretary and Chief Legal Officer
Paul M. ONeil
Chief Compliance Officer
|
|
|
|
Trustees
|
|
|
|
|
Ralph F. Verni
Chairman
Benjamin C. Esty
Thomas E. Faust Jr.*
Allen R. Freedman
|
|
William H. Park
Ronald A. Pearlman
Helen Frame Peters
Lynn A. Stout
|
Number of
Employees
The Fund is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a closed-end management investment company and has no
employees.
Number of
Shareholders
As of February 28, 2011, our records indicate that there
are 296 registered shareholders and approximately 58,991
shareholders owning the Fund shares in street name, such as
through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive Fund
reports directly, which contain important information about the
Fund, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
New York Stock
Exchange symbol
The New York Stock Exchange symbol is EVT.
21
Eaton Vance
Tax-Advantaged
Dividend Income Fund
February 28, 2011
Privacy.
The
Eaton Vance organization is committed to ensuring your financial
privacy. Each of the financial institutions identified below has
in effect the following policy (Privacy Policy) with respect to
nonpublic personal information about its customers:
|
|
|
Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information
such as name, address, social security number, tax status,
account balances and transactions.
|
|
|
None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In
the normal course of servicing a customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers.
|
|
|
Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
|
|
|
We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Privacy Policy periodically for changes by accessing the
link on our homepage: www.eatonvance.com.
|
Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel,
Boston Management and Research, and Eaton Vance Distributors,
Inc. Our Privacy Policy applies only to those Eaton Vance
customers who are individuals and who have a direct relationship
with us. If a customers account (i.e. fund shares) is held
in the name of a third-party financial adviser/broker-dealer, it
is likely that only such advisers privacy policies apply
to the customer. This notice supersedes all previously issued
privacy disclosures. For more information about Eaton
Vances Privacy Policy, please call
1-800-262-1122.
Delivery of Shareholder
Documents.
The Securities and Exchange
Commission (the 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.
Eaton Vance, or your financial adviser, may household the
mailing of your documents indefinitely unless you instruct Eaton
Vance, or your financial adviser, otherwise.
If you would
prefer that your Eaton Vance documents not be householded,
please contact Eaton Vance at
1-800-262-1122,
or contact your financial adviser. Your instructions that
householding not apply to delivery of your Eaton Vance documents
will be effective within 30 days of receipt by Eaton Vance
or your financial adviser.
Portfolio
Holdings.
Each Eaton Vance Fund and its
underlying Portfolio(s) (if applicable) will file a schedule of
portfolio holdings on
Form N-Q
with the SEC for the first and third quarters of each fiscal
year. The
Form N-Q
will be available 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 SECs website at
www.sec.gov.
Form N-Q
may also be reviewed and copied at the SECs public
reference room in Washington, D.C. (call
1-800-732-0330
for information on the operation of the public reference room).
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.
This description is also available on the SECs website at
www.sec.gov.
Additional Notice to
Shareholders.
The Fund may purchase shares of
its common stock in the open market when they trade at a
discount to net asset value or at other times if the Fund
determines such purchases are advisable. There can be no
assurance that the Fund will take such action or that such
purchases would reduce the discount.
22
This Page Intentionally Left Blank
This Page Intentionally Left Blank
Investment
Adviser
Eaton Vance
Management
Two International Place
Boston, MA 02110
Administrator
Eaton Vance
Management
Two International Place
Boston, MA 02110
Custodian
State Street Bank and
Trust Company
200 Clarendon Street
Boston, MA 02116
Transfer
Agent
American Stock Transfer &
Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Offices
of the Fund
Eaton Vance Tax-Advantaged
Dividend Income Fund
Two International Place
Boston, MA 02110
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer,
Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide
a copy of such code of ethics to any person upon request, without charge, by calling
1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Chief Financial
Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice
Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief
Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice
President and Chief Financial Officer of United Asset Management Corporation (an institutional
investment management firm) and as a Senior Manager at Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public accounting firm).
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
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal
financial officer that the effectiveness of the registrants 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 Commissions rules and forms and that the information required to be disclosed by
the registrant has been accumulated and communicated to the registrants principal executive
officer and principal financial officer in order to allow timely decisions regarding required
disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting
during the second fiscal quarter of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrants internal control over financial
reporting.
Item 12. Exhibits
|
|
|
(a)(1)
|
|
Registrants Code of Ethics Not applicable (please see Item 2).
|
|
|
|
(a)(2)(i)
|
|
Treasurers Section 302 certification.
|
|
|
|
(a)(2)(ii)
|
|
Presidents Section 302 certification.
|
|
|
|
(b)
|
|
Combined Section 906 certification.
|
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/ Judith A. Saryan
|
|
|
Judith A. Saryan
|
|
|
President
|
|
|
|
|
|
Date: April 12, 2011
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/ Barbara E. Campbell
|
|
|
Barbara E. Campbell
|
|
|
Treasurer
|
|
|
|
|
|
Date: April 12, 2011
|
|
|
|
|
|
By:
|
/s/ Judith A. Saryan
|
|
|
Judith A. Saryan
|
|
|
President
|
|
|
|
|
|
Date: April 12, 2011
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