Form 4: EVT Portfolio Manager Sells Shares Under 10b5-1 Plan

Eaton Vance Tax-Advantaged Dividend Income Fund's Portfolio Manager, Derek DiGregorio, reported the sale of 1,056 common shares at $23.64 per share under a pre-arranged 10b5-1 plan.

Summary

• Derek DiGregorio, a Portfolio Manager for Eaton Vance Tax-Advantaged Dividend Income Fund (EVT), reported a transaction involving the sale of common shares.
• The transaction occurred on November 18, 2025, and involved the disposition of 1,056 common shares.
• The shares were sold at a price of $23.64 per share.
• This sale was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-scheduled transaction.
• Following the sale, DiGregorio directly owns 343.9 common shares and indirectly owns 3,416.463 common shares through a spouse.

Sentiment

Score: 5

Explanation: The sale by a portfolio manager is generally a neutral to slightly negative signal, but the execution under a Rule 10b5-1 plan mitigates any strong negative sentiment as it indicates a pre-scheduled transaction rather than a reaction to new information.

Positives

• The transaction was executed under a Rule 10b5-1(c) plan, which indicates a pre-scheduled sale and reduces the implication that the insider is selling due to negative undisclosed information.

Negatives

• A Portfolio Manager sold 1,056 common shares of the fund, reducing their direct beneficial ownership.

Industry Context

This is a routine disclosure of an individual insider transaction, which is a standard regulatory requirement for publicly traded companies and funds. It does not inherently reflect broader industry trends but provides transparency into management's holdings.

Related Party Transactions

• The sale of common shares by Portfolio Manager Derek DiGregorio is a related party transaction, as he is an insider of the fund.

Stakeholder Impact

• Shareholders may view the insider sale, even if pre-planned, with slight caution, though the 10b5-1 plan reduces the immediate negative signal typically associated with insider selling.

Key Dates

Recommendation

The reported insider sale by a portfolio manager, while a disposition of shares, was executed under a pre-arranged 10b5-1 plan. This suggests the transaction is routine and not based on new material non-public information, thus not warranting a change in investment thesis based solely on this filing. Investors should continue to hold and evaluate the fund based on its performance and broader market conditions.

Keywords

Eaton Vance Tax-Advantaged Dividend Income Fund, EVT, Derek DiGregorio, Insider Sale, Form 4, 10b5-1 plan, Portfolio Manager, Common Shares