Statement of Assets and Liabilities
|
|
|
|
|
Assets
|
|
October 31, 2020
|
|
|
|
Unaffiliated investments, at value including $198,289,336 of securities on loan (identified cost, $1,833,027,648)
|
|
$
|
1,961,972,272
|
|
|
|
Affiliated investment, at value (identified cost, $24,994,027)
|
|
|
24,994,027
|
|
|
|
Dividends and interest receivable
|
|
|
7,344,274
|
|
|
|
Dividends receivable from affiliated investment
|
|
|
1,004
|
|
|
|
Receivable for investments sold
|
|
|
24,170,213
|
|
|
|
Receivable for open forward foreign currency exchange contracts
|
|
|
116,550
|
|
|
|
Tax reclaims receivable
|
|
|
344,033
|
|
|
|
Total assets
|
|
$
|
2,018,942,373
|
|
|
Liabilities
|
|
|
|
Liquidity Agreement borrowings
|
|
$
|
447,000,000
|
|
|
|
Payable for investments purchased
|
|
|
25,652,176
|
|
|
|
Payable for open forward foreign currency exchange contracts
|
|
|
57,219
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
1,465,975
|
|
|
|
Trustees fees
|
|
|
8,753
|
|
|
|
Accrued expenses
|
|
|
603,966
|
|
|
|
Total liabilities
|
|
$
|
474,788,089
|
|
|
|
Net Assets
|
|
$
|
1,544,154,284
|
|
|
Sources of Net Assets
|
|
|
|
Common shares, $0.01 par value, unlimited number of shares authorized, 73,507,574 shares issued and outstanding
|
|
$
|
735,076
|
|
|
|
Additional paid-in capital
|
|
|
1,398,490,940
|
|
|
|
Distributable earnings
|
|
|
144,928,268
|
|
|
|
Net Assets
|
|
$
|
1,544,154,284
|
|
|
Net Asset Value
|
|
|
|
($1,544,154,284 ÷ 73,507,574 common shares issued and outstanding)
|
|
$
|
21.01
|
|
|
|
|
|
|
|
|
13
|
|
See Notes to Financial Statements.
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Statement of Operations
|
|
|
|
|
Investment Income
|
|
Year Ended
October 31, 2020
|
|
|
|
Dividends (net of foreign taxes, $123,599)
|
|
$
|
49,537,108
|
|
|
|
Interest (net of foreign taxes, $4,103)
|
|
|
21,925,136
|
|
|
|
Dividends from affiliated investment
|
|
|
93,865
|
|
|
|
Total investment income
|
|
$
|
71,556,109
|
|
|
|
Expenses
|
|
|
|
|
|
|
Investment adviser fee
|
|
$
|
17,488,398
|
|
|
|
Trustees fees and expenses
|
|
|
106,501
|
|
|
|
Custodian fee
|
|
|
440,470
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
18,941
|
|
|
|
Legal and accounting services
|
|
|
250,605
|
|
|
|
Printing and postage
|
|
|
520,869
|
|
|
|
Interest expense and fees
|
|
|
6,871,388
|
|
|
|
Miscellaneous
|
|
|
143,355
|
|
|
|
Total expenses
|
|
$
|
25,840,527
|
|
|
|
Net investment income
|
|
$
|
45,715,582
|
|
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
Net realized gain (loss)
|
|
|
|
Investment transactions
|
|
$
|
96,427,427
|
|
|
|
Investment transactions affiliated investment
|
|
|
1,990
|
|
|
|
Proceeds from securities litigation settlements
|
|
|
234,787
|
|
|
|
Foreign currency transactions
|
|
|
2,120
|
|
|
|
Forward foreign currency exchange contracts
|
|
|
(417,336
|
)
|
|
|
Net realized gain
|
|
$
|
96,248,988
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
Investments
|
|
$
|
(259,702,726
|
)
|
|
|
Investments affiliated investment
|
|
|
(724
|
)
|
|
|
Foreign currency
|
|
|
23,584
|
|
|
|
Forward foreign currency exchange contracts
|
|
|
88,698
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(259,591,168
|
)
|
|
|
Net realized and unrealized loss
|
|
$
|
(163,342,180
|
)
|
|
|
Net decrease in net assets from operations
|
|
$
|
(117,626,598
|
)
|
|
|
|
|
|
|
|
14
|
|
See Notes to Financial Statements.
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31,
|
|
Increase (Decrease) in Net Assets
|
|
2020
|
|
|
2019
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
45,715,582
|
|
|
$
|
42,105,593
|
|
|
|
|
Net realized gain
|
|
|
96,248,988
|
|
|
|
77,852,799
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
|
(259,591,168
|
)
|
|
|
131,520,504
|
|
|
|
|
Net increase (decrease) in net assets from operations
|
|
$
|
(117,626,598
|
)
|
|
$
|
251,478,896
|
|
|
|
|
Distributions to shareholders
|
|
$
|
(127,850,524
|
)
|
|
$
|
(126,986,981
|
)
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shelf offering, net of offering costs (see Note 5)
|
|
$
|
3,726,523
|
|
|
$
|
6,106,101
|
|
|
|
|
Reinvestment of distributions to shareholders
|
|
|
1,528,482
|
|
|
|
3,324,235
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
5,255,005
|
|
|
$
|
9,430,336
|
|
|
|
|
Net increase (decrease) in net assets
|
|
$
|
(240,222,117
|
)
|
|
$
|
133,922,251
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
At beginning of year
|
|
$
|
1,784,376,401
|
|
|
$
|
1,650,454,150
|
|
|
|
|
At end of year
|
|
$
|
1,544,154,284
|
|
|
$
|
1,784,376,401
|
|
|
|
|
|
|
|
|
15
|
|
See Notes to Financial Statements.
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Statement of Cash Flows
|
|
|
|
|
Cash Flows From Operating Activities
|
|
Year Ended
October 31, 2020
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(117,626,598
|
)
|
|
|
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
|
|
|
|
|
|
|
Investments purchased
|
|
|
(1,084,801,525
|
)
|
|
|
Investments sold
|
|
|
1,166,983,890
|
|
|
|
Increase in short-term investments, net
|
|
|
(8,280,804
|
)
|
|
|
Net amortization/accretion of premium (discount)
|
|
|
393,893
|
|
|
|
Decrease in dividends and interest receivable
|
|
|
450,486
|
|
|
|
Decrease in dividends receivable from affiliated investment
|
|
|
31,669
|
|
|
|
Increase in receivable for open forward foreign currency exchange contracts
|
|
|
(116,550
|
)
|
|
|
Decrease in receivable from the transfer agent
|
|
|
477,697
|
|
|
|
Increase in tax reclaims receivable
|
|
|
(21,707
|
)
|
|
|
Increase in payable for open forward foreign currency exchange contracts
|
|
|
27,852
|
|
|
|
Decrease in payable to affiliate for investment adviser fee
|
|
|
(110,684
|
)
|
|
|
Decrease in payable to affiliate for Trustees fees
|
|
|
(270
|
)
|
|
|
Increase in accrued expenses
|
|
|
89,160
|
|
|
|
Net change in unrealized (appreciation) depreciation from investments
|
|
|
259,703,450
|
|
|
|
Net realized gain from investments
|
|
|
(96,429,417
|
)
|
|
|
Net cash provided by operating activities
|
|
$
|
120,770,542
|
|
|
Cash Flows From Financing Activities
|
|
|
|
Cash distributions paid
|
|
$
|
(126,322,042
|
)
|
|
|
Proceeds from shelf offering, net of offering costs
|
|
|
3,954,737
|
|
|
|
Proceeds from Liquidity Agreement borrowings
|
|
|
447,000,000
|
|
|
|
Repayments of notes payable
|
|
|
(447,000,000
|
)
|
|
|
Net cash used in financing activities
|
|
$
|
(122,367,305
|
)
|
|
|
Net decrease in cash
|
|
$
|
(1,596,763
|
)
|
|
|
Cash at beginning of year
|
|
$
|
1,596,763
|
|
|
|
Cash at end of year
|
|
$
|
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
Noncash financing activities not included herein consist of:
|
|
|
|
|
|
|
Reinvestment of dividends and distributions
|
|
$
|
1,528,482
|
|
|
|
Cash paid for interest and fees on borrowings
|
|
$
|
6,686,015
|
|
|
|
|
|
|
|
|
16
|
|
See Notes to Financial Statements.
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31,
|
|
|
Period Ended
October 31, 2018(1)
|
|
|
Year Ended August 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
Net asset value Beginning of period
|
|
$
|
24.340
|
|
|
$
|
22.640
|
|
|
$
|
24.250
|
|
|
$
|
22.210
|
|
|
$
|
21.610
|
|
|
$
|
21.220
|
|
|
|
|
|
|
|
|
Income (Loss) From Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income(2)
|
|
$
|
0.622
|
|
|
$
|
0.577
|
|
|
$
|
0.075
|
|
|
$
|
0.562
|
|
|
$
|
0.824
|
|
|
$
|
0.743
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(2.212
|
)
|
|
|
2.862
|
|
|
|
(1.395
|
)
|
|
|
3.218
|
|
|
|
1.516
|
|
|
|
1.387
|
|
|
|
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(1.590
|
)
|
|
$
|
3.439
|
|
|
$
|
(1.320
|
)
|
|
$
|
3.780
|
|
|
$
|
2.340
|
|
|
$
|
2.130
|
|
|
|
|
|
|
|
|
Less Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(0.591
|
)
|
|
$
|
(0.560
|
)
|
|
$
|
(0.214
|
)
|
|
$
|
(0.469
|
)
|
|
$
|
(0.863
|
)
|
|
$
|
(0.733
|
)
|
|
|
|
|
|
|
|
From net realized gain
|
|
|
(1.149
|
)
|
|
|
(1.180
|
)
|
|
|
(0.076
|
)
|
|
|
(1.271
|
)
|
|
|
(0.877
|
)
|
|
|
(1.007
|
)
|
|
|
|
|
|
|
|
Total distributions
|
|
$
|
(1.740
|
)
|
|
$
|
(1.740
|
)
|
|
$
|
(0.290
|
)
|
|
$
|
(1.740
|
)
|
|
$
|
(1.740
|
)
|
|
$
|
(1.740
|
)
|
|
|
|
|
|
|
|
Premium from common shares sold through shelf offering (see Note 5)(2)
|
|
$
|
0.000
|
(3)
|
|
$
|
0.001
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
Net asset value End of period
|
|
$
|
21.010
|
|
|
$
|
24.340
|
|
|
$
|
22.640
|
|
|
$
|
24.250
|
|
|
$
|
22.210
|
|
|
$
|
21.610
|
|
|
|
|
|
|
|
|
Market value End of period
|
|
$
|
18.730
|
|
|
$
|
24.950
|
|
|
$
|
22.170
|
|
|
$
|
24.370
|
|
|
$
|
21.730
|
|
|
$
|
20.880
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset Value(4)
|
|
|
(6.13
|
)%
|
|
|
16.02
|
%
|
|
|
(5.48
|
)%(5)
|
|
|
17.79
|
%
|
|
|
11.57
|
%
|
|
|
11.25
|
%
|
|
|
|
|
|
|
|
Total Investment Return on Market Value(4)
|
|
|
(18.36
|
)%
|
|
|
21.44
|
%
|
|
|
(7.90
|
)%(5)
|
|
|
20.98
|
%
|
|
|
12.97
|
%
|
|
|
18.24
|
%
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000s omitted)
|
|
$
|
1,544,154
|
|
|
$
|
1,784,376
|
|
|
$
|
1,650,454
|
|
|
$
|
1,767,150
|
|
|
$
|
1,617,605
|
|
|
$
|
1,573,697
|
|
|
|
|
|
|
|
|
Ratios (as a percentage of average daily net assets):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and fees
|
|
|
1.17
|
%
|
|
|
1.14
|
%
|
|
|
1.14
|
%(6)
|
|
|
1.14
|
%
|
|
|
1.16
|
%
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
Interest and fee expense
|
|
|
0.42
|
%
|
|
|
0.81
|
%
|
|
|
0.74
|
%(6)
|
|
|
0.61
|
%
|
|
|
0.46
|
%
|
|
|
0.29
|
%
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.59
|
%
|
|
|
1.95
|
%
|
|
|
1.88
|
%(6)
|
|
|
1.75
|
%
|
|
|
1.62
|
%
|
|
|
1.47
|
%
|
|
|
|
|
|
|
|
Net investment income
|
|
|
2.81
|
%
|
|
|
2.51
|
%
|
|
|
1.88
|
%(6)
|
|
|
2.41
|
%
|
|
|
3.75
|
%
|
|
|
3.53
|
%
|
|
|
|
|
|
|
|
Portfolio Turnover
|
|
|
54
|
%
|
|
|
49
|
%
|
|
|
4
|
%(5)
|
|
|
58
|
%
|
|
|
85
|
%
|
|
|
91
|
%
|
|
|
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total amount outstanding (in 000s)
|
|
$
|
447,000
|
|
|
$
|
447,000
|
|
|
$
|
447,000
|
|
|
$
|
447,000
|
|
|
$
|
447,000
|
|
|
$
|
447,000
|
|
|
|
|
|
|
|
|
Asset coverage per
$1,000(7)
|
|
$
|
4,454
|
|
|
$
|
4,992
|
|
|
$
|
4,692
|
|
|
$
|
4,953
|
|
|
$
|
4,619
|
|
|
$
|
4,521
|
|
(1)
|
For the two months ended October 31, 2018. Effective September 1, 2018, the fiscal year-end of the Fund changed from August 31 to October 31.
|
(2)
|
Computed using average shares outstanding.
|
(3)
|
Amount is less than $0.0005.
|
(4)
|
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 Funds dividend reinvestment plan.
|
(7)
|
Calculated by subtracting the Funds total liabilities (not including the borrowings payable/notes payable) from the Funds total assets, and dividing
the result by the borrowings payable/notes payable balance in thousands.
|
|
|
|
|
|
|
|
17
|
|
See Notes to Financial Statements.
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements
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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation The following methodologies are used to determine the
market value or fair value of investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the
last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ
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 ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or
yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services pricing models. Inputs to the models may
include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information
pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term
debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask 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.
Foreign Securities and
Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate.
Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events
occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing
foreign equity securities that meet certain criteria, the Funds 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.
Affiliated Fund. The Fund may invest in
Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities
in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on
available market quotations provided by a third party pricing service.
Fair Valuation. 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 fair value, which
is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context
to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the 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 statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions Investment transactions for financial statement
purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the
ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the
Funds understanding of the applicable countries tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements continued
in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings,
the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for
amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal Taxes The 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.
As of October 31, 2020, the Fund had no uncertain tax positions that would require
financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the
date of filing.
E Foreign Currency Translation Investment
valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses
denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign
currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is
not separately disclosed.
F Use of Estimates The preparation of
the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and
expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications Under the 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, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for
indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund
enters into agreements with service providers that may contain indemnification clauses. The 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.
H 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. 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.
2 Distributions to Shareholders
and Income Tax Information
Subject to its Managed Distribution Plan, the Fund intends to make monthly distributions from its net investment income, net
capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and other sources. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the
ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the
financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from
ordinary income. Distributions in any year may include a return of capital component.
The tax character of distributions declared for the years ended
October 31, 2020 and October 31, 2019 was as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
Ordinary income
|
|
$
|
43,450,940
|
|
|
$
|
40,906,954
|
|
|
|
|
Long-term capital gains
|
|
$
|
84,399,584
|
|
|
$
|
86,080,027
|
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements continued
As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
|
|
|
|
|
|
|
Undistributed long-term capital gains
|
|
$
|
14,202,258
|
|
|
|
Net unrealized appreciation
|
|
$
|
128,727,233
|
|
|
|
Other temporary differences
|
|
$
|
1,998,777
|
|
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at
October 31, 2020, as determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
1,858,263,314
|
|
|
|
Gross unrealized appreciation
|
|
$
|
276,149,368
|
|
|
|
Gross unrealized depreciation
|
|
|
(147,446,383
|
)
|
|
|
Net unrealized appreciation
|
|
$
|
128,702,985
|
|
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., 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 the Funds 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 terminated without the consent of a majority of Trustees and a majority of shareholders. For the year ended October 31, 2020, the Funds investment adviser fee amounted to $17,488,398 or 0.84% of the Funds average
daily gross assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.
Trustees and officers of the Fund who are members of EVMs organization receive remuneration for their services to the Fund out of the investment adviser fee.
Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2020, 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 $1,105,206,813 and $1,190,637,349, respectively, for
the year ended October 31, 2020.
5 Common Shares of Beneficial Interest and Shelf Offering
Common shares issued by the Fund pursuant to its dividend reinvestment plan for the years ended October 31, 2020 and October 31, 2019 were 61,751 and
139,956, respectively.
Pursuant to a registration statement filed with and declared effective on July 31, 2019 by the SEC, the Fund is authorized
to issue up to an additional 5,472,154 common shares through an equity shelf offering program (the shelf offering). Under the shelf offering, the Fund, subject to market conditions, may raise additional capital from time to time and in
varying amounts and offering methods at a net price at or above the Funds net asset value per common share. During the years ended October 31, 2020 and October 31, 2019, the Fund sold 146,951 and 255,496 common shares, respectively,
and received proceeds (net of offering costs) of $3,726,523 and $6,106,101, respectively, through its shelf offering. The net proceeds in excess of the net asset value of the shares sold were $28,531 for the year ended October 31, 2020 and
$46,562 for the year ended October 31, 2019. Offering costs (other than the applicable sales commissions) incurred in connection with the shelf offering were borne directly by EVM. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM, is
the distributor of the Funds shares and is entitled to receive a sales commission from the Fund of 1.00% of the gross sales price per share, a portion of which is re-allowed to sales agents. The Fund was informed that the sales commissions
retained by EVD during the years ended October 31, 2020 and October 31, 2019 were $7,528 and $12,336, respectively.
In November 2013, the
Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements continued
obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the years ended October 31, 2020 and October 31, 2019.
6 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. A summary of obligations under these financial instruments at
October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, 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. The Fund enters into forward foreign currency exchange contracts to seek to hedge against fluctuations in
currency exchange rates.
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 October 31, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $57,219. At October 31, 2020, there were no assets pledged by the Fund for such liability.
The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations
under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivative counterparties. An ISDA
Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the
relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments payables and/or receivables with collateral held and/or posted and
create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a
particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in
the event the Funds net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.
The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral
requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral
due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the
Funds custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a
counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk
exposure is foreign exchange risk at October 31, 2020 was as follows:
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
|
Derivative
|
|
Asset Derivative(1)
|
|
|
Liability Derivative(2)
|
|
|
|
|
Forward foreign currency exchange contracts
|
|
$
|
116,550
|
|
|
$
|
(57,219
|
)
|
(1)
|
Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts.
|
(2)
|
Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts.
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements continued
The Funds derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the
Funds derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets and pledged by the Fund for such liabilities
as of October 31, 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Derivative Assets
Subject to
Master Netting
Agreement
|
|
|
Derivatives
Available
for Offset
|
|
|
Non-cash
Collateral
Received(a)
|
|
|
Cash
Collateral
Received(a)
|
|
|
Net Amount
of Derivative
Assets(b)
|
|
|
|
|
|
|
|
State Street Bank and Trust Company
|
|
$
|
116,550
|
|
|
$
|
(57,219
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
59,331
|
|
|
|
|
|
|
|
Counterparty
|
|
Derivative Liabilities
Subject to
Master Netting
Agreement
|
|
|
Derivatives
Available
for Offset
|
|
|
Non-cash
Collateral
Pledged(a)
|
|
|
Cash
Collateral
Pledged(a)
|
|
|
Net Amount
of Derivative
Liabilities(c)
|
|
|
|
|
|
|
|
State Street Bank and Trust Company
|
|
$
|
(57,219
|
)
|
|
$
|
57,219
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
(a)
|
In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization.
|
(b)
|
Net amount represents the net amount due from the counterparty in the event of default.
|
(c)
|
Net amount represents the net amount payable to the counterparty in the event of default.
|
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 year ended October 31, 2020 was as follows:
|
|
|
|
|
|
|
|
|
Derivative
|
|
Realized Gain (Loss)
on Derivatives Recognized
in Income(1)
|
|
|
Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in
Income(2)
|
|
|
|
|
Forward foreign currency exchange contracts
|
|
$
|
(417,336
|
)
|
|
$
|
88,698
|
|
(1)
|
Statement of Operations location: Net realized gain (loss) Forward foreign currency exchange contracts.
|
(2)
|
Statement of Operations location: Change in unrealized appreciation (depreciation) Forward foreign currency exchange contracts.
|
The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of
currency purchased and currency sold) outstanding during the year ended October 31, 2020, which is indicative of the volume of this derivative type, was approximately $6,279,000.
7 Liquidity Agreement
Effective August 28, 2020, the Fund entered into a Liquidity
Agreement (the Agreement) with State Street Bank and Trust Company (SSBT) that allows the Fund to borrow or otherwise access up to $524 million through securities lending transactions, direct loans from SSBT or a combination of both. The Fund has
granted to SSBT a security interest in all its cash, securities and other financial assets, unless otherwise pledged, to secure the payment and performance of its obligations under the Agreement. Pursuant to the terms of the Agreement, the Fund has
made its securities available for securities lending transactions by SSBT acting as securities lending agent for the Fund. Securities lending transactions are required to be secured with cash collateral received from the securities borrowers equal
at all times to at least 100%, 102% or 105% of the market value of the securities loaned, depending on the type of security. The market value of securities loaned is determined daily and any additional required collateral is delivered to SSBT on the
next business day. The Fund is subject to the possible delay in the recovery of loaned securities. Pursuant to the Agreement, SSBT has provided indemnification to the Fund in the event of default by a securities borrower with respect to security
loans. However, the Fund retains all risk of loss and gains associated with securities purchased using cash received as collateral for security loans. The Fund is entitled to receive from securities borrowers all substitute interest, dividends and
other distributions paid with respect to the securities on loan. The Fund may instruct SSBT to recall a security on loan at any time. At October 31, 2020, the value of the securities loaned and the value of the cash collateral received by SSBT,
which exceeded the value of the securities loaned, amounted to $198,289,336 and $202,436,890, respectively.
Interest on borrowings outstanding under the
Agreement is charged at a rate equal to 1-month LIBOR plus 0.50%, payable monthly. SSBT retains all net fees that may arise in connection with securities lending transactions. If the value of securities available to lend falls below a prescribed
level, the interest rate may be increased. If the Fund utilizes less than 50% of the commitment amount, it will be charged a monthly non-usage fee of 0.25% per annum on
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements continued
the unused portion of the commitment. The Agreement may be terminated by either SSBT or the Fund upon 360 days prior written notice to the other party and after the second anniversary of the Agreement, by the
Fund upon 90 days prior written notice to SSBT. If certain asset coverage and collateral requirements or other covenants are not met, the Agreement could be deemed in default and result in termination. At October 31, 2020, the Fund had
borrowings outstanding under the Agreement of $447 million at an annual interest rate of 0.64%, which are shown as Liquidity Agreement borrowings on the Statement of Assets and Liabilities. The carrying amount of the borrowings at October 31,
2020 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2020.
Prior to August 28, 2020, the Fund had a Credit Agreement with another major financial institution that allowed it to borrow up to $524 million over a rolling
179 calendar day period. Interest was charged at a rate above 1-month LIBOR and was payable monthly. The Fund was charged a commitment fee of 0.30% per annum on the unused portion of the commitment if outstanding borrowings were less than 80%
of the borrowing limit. For the year ended October 31, 2020, the aggregate average borrowings under the Agreement and Credit Agreement and the average interest rate (excluding fees) were $447 million and 1.53%, respectively.
8 Investments in Affiliated Funds
At
October 31, 2020, the value of the Funds investment in affiliated funds was $24,994,027, which represents 1.6% of the Funds net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of affiliated fund
|
|
Value,
beginning
of period
|
|
|
Purchases
|
|
|
Sales proceeds
|
|
|
Net
realized
gain (loss)
|
|
|
Change in
unrealized
appreciation
(depreciation)
|
|
|
Value, end
of period
|
|
|
Dividend
income
|
|
|
Units, end
of period
|
|
|
Short-Term Investments
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance Cash Reserves Fund, LLC
|
|
$
|
16,711,957
|
|
|
$
|
326,184,547
|
|
|
$
|
(317,903,743
|
)
|
|
$
|
1,990
|
|
|
$
|
(724
|
)
|
|
$
|
24,994,027
|
|
|
$
|
93,865
|
|
|
|
24,994,027
|
|
9 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.
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements continued
At October 31, 2020, the hierarchy of inputs used in valuing the Funds investments and open derivative instruments, which are carried at value, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Description
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
|
Total
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Services
|
|
$
|
144,344,271
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
144,344,271
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
69,866,520
|
|
|
|
|
|
|
|
|
|
|
|
69,866,520
|
|
|
|
|
|
|
Consumer Staples
|
|
|
122,463,412
|
|
|
|
|
|
|
|
|
|
|
|
122,463,412
|
|
|
|
|
|
|
Energy
|
|
|
69,742,357
|
|
|
|
|
|
|
|
|
|
|
|
69,742,357
|
|
|
|
|
|
|
Financials
|
|
|
298,358,025
|
|
|
|
|
|
|
|
|
|
|
|
298,358,025
|
|
|
|
|
|
|
Health Care
|
|
|
188,638,443
|
|
|
|
20,246,024
|
|
|
|
|
|
|
|
208,884,467
|
|
|
|
|
|
|
Industrials
|
|
|
184,949,225
|
|
|
|
|
|
|
|
0
|
|
|
|
184,949,225
|
|
|
|
|
|
|
Information Technology
|
|
|
122,649,582
|
|
|
|
|
|
|
|
|
|
|
|
122,649,582
|
|
|
|
|
|
|
Materials
|
|
|
59,008,863
|
|
|
|
|
|
|
|
|
|
|
|
59,008,863
|
|
|
|
|
|
|
Real Estate
|
|
|
60,380,883
|
|
|
|
|
|
|
|
|
|
|
|
60,380,883
|
|
|
|
|
|
|
Utilities
|
|
|
120,281,619
|
|
|
|
|
|
|
|
|
|
|
|
120,281,619
|
|
|
|
|
|
|
Total Common Stocks
|
|
$
|
1,440,683,200
|
|
|
$
|
20,246,024
|
**
|
|
$
|
0
|
|
|
$
|
1,460,929,224
|
|
|
|
|
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples
|
|
$
|
|
|
|
$
|
13,257,429
|
|
|
$
|
|
|
|
$
|
13,257,429
|
|
|
|
|
|
|
Energy
|
|
|
18,093,539
|
|
|
|
|
|
|
|
|
|
|
|
18,093,539
|
|
|
|
|
|
|
Financials
|
|
|
43,318,308
|
|
|
|
19,721,525
|
|
|
|
|
|
|
|
63,039,833
|
|
|
|
|
|
|
Real Estate
|
|
|
24,948,714
|
|
|
|
|
|
|
|
|
|
|
|
24,948,714
|
|
|
|
|
|
|
Utilities
|
|
|
17,391,940
|
|
|
|
3,236,260
|
|
|
|
|
|
|
|
20,628,200
|
|
|
|
|
|
|
Total Preferred Stocks
|
|
$
|
103,752,501
|
|
|
$
|
36,215,214
|
|
|
$
|
|
|
|
$
|
139,967,715
|
|
|
|
|
|
|
Corporate Bonds & Notes
|
|
$
|
|
|
|
$
|
297,459,291
|
|
|
$
|
|
|
|
$
|
297,459,291
|
|
|
|
|
|
|
Exchange-Traded Funds
|
|
|
63,616,042
|
|
|
|
|
|
|
|
|
|
|
|
63,616,042
|
|
|
|
|
|
|
Short-Term Investments
|
|
|
|
|
|
|
24,994,027
|
|
|
|
|
|
|
|
24,994,027
|
|
|
|
|
|
|
Total Investments
|
|
$
|
1,608,051,743
|
|
|
$
|
378,914,556
|
|
|
$
|
0
|
|
|
$
|
1,986,966,299
|
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
$
|
|
|
|
$
|
116,550
|
|
|
$
|
|
|
|
$
|
116,550
|
|
|
|
|
|
|
Total
|
|
$
|
1,608,051,743
|
|
|
$
|
379,031,106
|
|
|
$
|
0
|
|
|
$
|
1,987,082,849
|
|
|
|
|
|
|
Liability Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
|
$
|
|
|
|
$
|
(57,219
|
)
|
|
$
|
|
|
|
$
|
(57,219
|
)
|
|
|
|
|
|
Total
|
|
$
|
|
|
|
$
|
(57,219
|
)
|
|
$
|
|
|
|
$
|
(57,219
|
)
|
*
|
None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
|
**
|
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.
|
Level 3 investments at the beginning and/or end of the period
in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for year ended October 31, 2020 is not presented.
10 Risks and Uncertainties
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
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Notes to Financial Statements continued
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.
Pandemic Risk
An outbreak of respiratory disease caused by
a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery,
quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and
economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue
to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Funds performance, or the performance of the securities in which the Fund invests.
11 Additional Information
On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (Eaton Vance) announced that they had entered into a definitive agreement under which
Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Funds investment advisory agreement, and,
where applicable, any related sub-advisory agreement. On November 10, 2020, the Funds Board approved a new investment advisory agreement. The new investment advisory agreement will be presented to Fund shareholders for approval, and, if
approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on October 29, 2020 who have voting power with respect to such shares are entitled to be present and vote at a joint
special meeting of shareholders to be held on January 7, 2021 and at any adjournments or postponements thereof.
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Report of Independent Registered
Public Accounting Firm
To the Trustees and Shareholders of Eaton Vance Tax-Advantaged Dividend Income Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying
statement of assets and liabilities of Eaton Vance Tax-Advantaged Dividend Income Fund (the Fund), including the portfolio of investments, as of October 31, 2020, the related statements of operations and cash flows for the year then
ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period ended October 31, 2020, for the period from September 1, 2018 to October 31, 2018,
and for each of the three years in the period ended August 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October
31, 2020, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period ended
October 31, 2020, for the period from September 1, 2018 to October 31, 2018, and for each of the three years in the period ended August 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial
statements and financial highlights are the responsibility of the Funds management. Our responsibility is to express an opinion on the Funds financial statements and financial highlights based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing
procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we
performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 17, 2020
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the
tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for
corporations and capital gains dividends.
Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund
designates approximately $48,575,609, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the
Funds dividend distribution that qualifies under tax law. For the Funds fiscal 2020 ordinary income dividends, 87.80% qualifies for the corporate dividends received deduction.
Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2020, $97,108,677 or, if subsequently determined to be
different, the net capital gain of such year.
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Item 1: The election of Cynthia E. Frost, Valerie A. Mosley and Susan J. Sutherland as Class I Trustees of the Fund for a three-year term expiring in 2022.
|
|
|
|
|
|
|
|
|
Nominee for Trustee
Elected by All Shareholders
|
|
Number of Shares1
|
|
|
For
|
|
|
Withheld
|
|
|
|
|
Cynthia E. Frost
|
|
|
67,547,905
|
|
|
|
1,686,523
|
|
|
|
|
Valerie A. Mosley
|
|
|
67,492,935
|
|
|
|
1,741,494
|
|
|
|
|
Susan J. Sutherland
|
|
|
67,441,676
|
|
|
|
1,792,753
|
|
1
|
Excludes fractional shares
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Dividend Reinvestment Plan
The Fund offers a dividend reinvestment plan (Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of the Fund. You may elect to participate in the
Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company, LLC (AST) as dividend
paying agent. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of
the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by AST, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the
nominee does not offer the Plan, you will need to request that the Funds transfer agent re-register your Shares in your name or you will not be able to participate.
The Agents service fee for handling distributions will be paid by the Fund. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive
Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus
brokerage commissions from the proceeds.
If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on
the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Application for Participation in Dividend Reinvestment Plan
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the
name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on
your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
Please print exact name on account
Shareholder signature
Date
Shareholder signature
Date
Please sign exactly as your common shares
are registered. All persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF
YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should
be mailed to the following address:
Eaton Vance Tax-Advantaged Dividend Income Fund
c/o American Stock Transfer & Trust Company, LLC
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Management and Organization
Fund Management. The Trustees of Eaton Vance Tax-Advantaged Dividend Income Fund (the Fund) are responsible for the overall management and supervision of the Funds affairs. The Trustees and
officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The Noninterested Trustees consist of those Trustees who are not
interested persons of the Fund, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, EVC refers to Eaton Vance
Corp., EV refers to Eaton Vance, Inc., EVM refers to Eaton Vance Management, BMR refers to Boston Management and Research and EVD refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate
parent and trustee, respectively, of EVM and BMR. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios
(with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other
Eaton Vance funds.
|
|
|
|
|
|
|
Name and Year of Birth
|
|
Fund
Position(s)
|
|
Term Expiring.
Trustee
Since(1)
|
|
Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience
|
|
Interested Trustee
|
|
|
|
|
Thomas E. Faust Jr.
1958
|
|
Class II
Trustee
|
|
Until 2023.
Trustee since 2007.
|
|
Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and
Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Fund.
Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).
|
|
Noninterested Trustees
|
|
|
|
|
Mark R. Fetting
1954
|
|
Class III
Trustee
|
|
Until 2021.
Trustee since 2016.
|
|
Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief
Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008).
Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships in the Last Five Years. None.
|
|
|
|
|
Cynthia E. Frost
1961
|
|
Class I
Trustee
|
|
Until 2022.
Trustee since 2014.
|
|
Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for
Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other Directorships in
the Last Five Years. None.
|
|
|
|
|
George J. Gorman
1952
|
|
Class III
Trustee
|
|
Until 2021.
Trustee since 2014.
|
|
Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm)
(1974-2009).
Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the
Ashmore Funds (9 funds) (2010-2014).
|
|
|
|
|
Valerie A. Mosley
1960
|
|
Class I
Trustee
|
|
Until 2022.
Trustee since 2014.
|
|
Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio
Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at
Kidder Peabody (1986-1990).
Other Directorships in the Last Five Years. Director of DraftKings, Inc.
(digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet,
Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).
|
Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Management and Organization continued
|
|
|
|
|
|
|
Name and Year of Birth
|
|
Fund
Position(s)
|
|
Term Expiring.
Trustee
Since(1)
|
|
Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience
|
|
Noninterested Trustees (continued)
|
|
|
|
|
William H. Park
1947
|
|
Chairperson of the Board and Class II
Trustee
|
|
Until 2023.
Chairperson of the Board since 2016 and Trustee since 2003.
|
|
Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment
management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm)
(2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public
accounting firm) (1972-1981).
Other Directorships in the Last Five Years. None.
|
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Helen Frame Peters
1948
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Class III
Trustee
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Until 2021.
Trustee since 2008.
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Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002).
Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm)
(1991-1998).
Other Directorships in the Last Five Years. None.
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Keith Quinton
1958
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Class II Trustee
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Until 2023.
Trustee since 2018.
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Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly,
Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).
Other Directorships in the Last
Five Years. Director (since 2016) and
Chairman (since 2019) of New Hampshire Municipal Bond Bank.
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Marcus L. Smith
1966
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Class III Trustee
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Until 2021.
Trustee since 2018.
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Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management
(investment management firm) (1994-2017).
Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment
decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
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Susan J. Sutherland
1957
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Class I
Trustee
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Until 2022.
Trustee since 2015.
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Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2018). Formerly, Director of
Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
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Scott E. Wennerholm
1959
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Class II
Trustee
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Until 2023.
Trustee since 2016.
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Private Investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group
(executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis
Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
Other Directorships in the Last Five Years. None.
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Name and Year of Birth
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Fund
Position(s)
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Officer
Since(2)
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Principal Occupation(s)
During Past Five Years
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Principal Officers who are not Trustees
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Edward J. Perkin
1972
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President
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2014
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Vice President and Chief Equity Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (CRM).
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Maureen A. Gemma
1960
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Vice President, Secretary and Chief Legal Officer
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2005
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Vice President of EVM and BMR. Also Vice President of CRM.
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Eaton Vance
Tax-Advantaged Dividend Income Fund
October 31, 2020
Management and Organization continued
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Name and Year of Birth
|
|
Fund
Position(s)
|
|
Officer
Since(2)
|
|
Principal Occupation(s)
During Past Five Years
|
|
Principal Officers who are not Trustees (continued)
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James F. Kirchner
1967
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|
Treasurer
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|
2007
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Vice President of EVM and BMR. Also Vice President of CRM.
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Richard F. Froio
1968
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|
Chief Compliance Officer
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2017
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|
Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at
BlackRock/Barclays Global Investors (2009-2012).
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(1)
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Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated
otherwise.
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(2)
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Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent
election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election. Each officer serves until his or her successor is elected.
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Eaton Vance Funds
IMPORTANT NOTICES
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a
privacy policy and procedures (Privacy Program) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.
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At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax
status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer
requirements.
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On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various
services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your
personal information with our affiliates.
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We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that
information.
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We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for
changes by accessing the link on our homepage: www.eatonvance.com.
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Our pledge of protecting your personal information applies to the
following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International)
Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Managements Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy
Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of
shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called householding and it helps
eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (AST), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents
indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding
not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on
Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR
database on the SECs website at www.sec.gov.
Proxy Voting. From
time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds
and Portfolios Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30,
without charge, upon request, by calling 1-800-262-1122 and by accessing the SECs website at www.sec.gov.
Share Repurchase
Program. The Funds Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the
prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Funds repurchase activity, including the number of shares
purchased, average price and average discount to net asset value, is disclosed in the Funds annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to
maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio
characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds net asset value per share is readily accessible on the Eaton Vance website.
Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under Individual Investors
Closed-End Funds.
This Page Intentionally Left Blank
Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer Agent
American Stock
Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley
Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
2004 10.31.20