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ITG Reports Fourth Quarter 2011 Results
February 5, 2012

ITG (NYSE: ITG), a leading agency research broker and financial technology..."/>

Operating Profitability Impacted by Weaker Institutional Trading Volumes

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NEW YORK, Feb. 1, 2012 /PRNewswire/ -- ITG (NYSE: ITG), a leading agency research broker and financial technology firm, today reported results for the fourth quarter ended December 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20120123/NY39237LOGO )

Fourth quarter 2011 highlights included:

GAAP net loss of $3.7 million, or $0.09 per diluted share, compared to GAAP net income of $1.8 million, or $0.04 per diluted share in the fourth quarter of 2010. The GAAP net loss for the fourth quarter of 2011 included (i) a restructuring charge related to lease consolidations and employee separation costs of $6.8 million, or $0.10 per diluted share after taxes; and (ii) a non-cash impairment charge attributable to a minority investment of $4.3 million, or $0.06 per diluted share after taxes. GAAP net income for the fourth quarter of 2010 included charges related to the Majestic acquisition and office closings of $4.2 million, or $0.07 per diluted share after taxes.
Adjusted net income for the fourth quarter of 2011 of $2.7 million, or $0.07 per diluted share, compared to adjusted net income in the fourth quarter of 2010 of $4.7 million, or $0.11 per diluted share.
Revenues of $129.9 million, compared to $138.3 million in the fourth quarter of 2010.
Expenses of $136.3 million, compared to $135.2 million in the fourth quarter of 2010.
Adjusted expenses of $125.2 million, compared to $131.0 million in the fourth quarter of 2010.
Average daily trading volume in the U.S. of 182 million shares, up 6% from the fourth quarter of 2010. POSIT® average daily U.S. volume was 86.4 million shares, up 14% from the fourth quarter of 2010.
The repurchase of 1,009,700 shares of common stock under ITG's authorized share repurchase program for a total of $10.7 million. Repurchases since the first quarter of 2010 have totaled $89.2 million or 6.1 million shares, resulting in a decrease in shares outstanding, net of new issuances, of more than 10%.

The results of ITG's U.S. operations during the fourth quarter of 2011 were negatively impacted by reduced levels of trading activity by institutional investors. Sell-side client volume represented 44% of total U.S. volumes, up from 41% in the third quarter of 2011. Revenues from U.S. operations were $83.1 million in the fourth quarter of 2011, down 7% from $89.6 million in the fourth quarter of 2010. ITG's U.S. operations incurred a GAAP net loss of $6.4 million and adjusted net income of $0.3 million in the fourth quarter of 2011, compared to a GAAP net loss of $1.1 million and adjusted net income of $2.3 million in the fourth quarter of 2010.

ITG's International revenues were $46.8 million in the fourth quarter of 2011, a 4% decrease over $48.8 million in the fourth quarter of 2010. ITG's International operations posted GAAP net income of $2.7 million and adjusted net income of $2.4 million in the fourth quarter of 2011, compared to GAAP net income of $2.9 million and adjusted net income of $2.5 million in the fourth quarter of 2010.

"Low levels of trading activity by institutional investors in the U.S. and weaker turnover in both Europe and Asia Pacific pressured our revenues in the fourth quarter," said Bob Gasser, ITG's Chief Executive Officer and President. "Despite these headwinds, we continued to selectively build out the ITG Investment Research platform, maintained a disciplined approach to cost management and returned cash to shareholders via share buybacks in excess of our level of operating earnings."

Full Year 2011 Results

For the full year 2011, revenues were $572.0 million, GAAP net loss was $179.8 million, or $4.42 per diluted share and adjusted net income was $28.6 million, or $0.69 per diluted share. For the full year 2010, revenues were $570.8 million, GAAP net income was $24.0 million, or $0.55 per diluted share, in 2010 and adjusted net income was $38.1 million, or $0.88 per diluted share.

The discussion above includes adjusted expenses and adjusted net income and related per share amounts, which are non-GAAP financial measures that are described in the attached tables along with a reconciliation of these non-GAAP financial measures to GAAP results.

Conference Call

ITG has scheduled a conference call today at 11:00 am ET to discuss fourth quarter results. Those wishing to listen to the call should dial 1-866-831-6234 (1-617-213-8854 outside the US) and enter the passcode 38122132 at least 10 minutes prior to the start of the call to ensure connection. The webcast and accompanying slideshow presentation can be downloaded from ITG's web site at www.itg.com. For those unable to listen to the live broadcast of the call, a replay will be available for one week by dialing 1-888-286-8010 (1-617-801-6888 outside the US) and entering the passcode 69282617. The replay will be available starting approximately two hours after the completion of the conference call.

About ITG

ITG is an independent research and execution broker that partners with global portfolio managers and traders to provide unique data-driven insights throughout the investment process. From investment decision through settlement, ITG helps clients understand market trends, improve performance, mitigate risk and navigate increasingly complex markets. ITG is headquartered in New York with offices in North America, Europe, and Asia Pacific. For more information, please visit www.itg.com.

In addition to historical information, this press release may contain "forward-looking" statements that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. Certain of these factors are noted throughout ITG's 2010 Annual Report on Form 10-K, and its Form 10-Qs and include, but are not limited to, general economic, business, credit and financial market conditions, internationally and nationally, financial market volatility, fluctuations in market trading volumes, effects of inflation, adverse changes or volatility in interest rates, fluctuations in foreign exchange rates, evolving industry regulations, changes in tax policy or accounting rules, the actions of both current and potential new competitors, changes in commission pricing, potential impairment charges related to goodwill and other long-lived assets, rapid changes in technology, errors or malfunctions in our systems or technology, cash flows into or redemptions from equity mutual funds, ability to meet liquidity requirements related to the clearing of our customers' trades, customer trading patterns, the success of our products and service offerings, our ability to continue to innovate and meet the demands of our customers for new or enhanced products, our ability to successfully integrate acquired companies, our ability to attract and retain talented employees and our ability to achieve cost savings from our cost reduction plans. The forward-looking statements included herein represent ITG's views as of the date of this release. ITG undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.

ITG Media/Investor Contact:
J.T. Farley
1-212-444-6259
corpcomm@itg.com

INVESTMENT TECHNOLOGY GROUP, INC.

Consolidated Statements of Operations

(In thousands, except per share amounts)

Three Months Ended

December 31,

Year Ended

December 31,

2011

2010

2011

2010

(unaudited)

Revenues:

Commissions and fees

97,627

110,639

445,801

469,005

Recurring

28,636

26,542

110,919

93,186

Other

3,660

1,165

15,317

8,563

Total revenues

129,923

138,346

572,037

570,754

Expenses:

Compensation and employee benefits

52,041

57,208

219,307

215,886

Transaction processing

20,632

21,746

91,602

85,387

Occupancy and equipment

15,282

15,316

60,191

59,905

Telecommunications and data processing

services

13,960

14,108

58,460

53,473

Other general and administrative

22,705

22,516

90,808

88,162

Goodwill and other asset impairment

4,282

—

229,317

11,466

Restructuring charges

6,754

1,812

24,432

4,062

Acquisition related costs

—

2,409

2,523

2,409

Interest expense

625

2,025

671

Total expenses

136,281

135,198

778,666

521,421

(Loss) income before income tax expense

(6,358)

3,148

(206,628)

49,333

Income tax (benefit) expense

(2,686)

1,318

(26,839)

25,353

Net (loss) income

(3,672)

1,830

Eaton Vance California Municipal Income Trust Report of Earnings
February 5, 2012

Eaton Vance California Municipal Income Trust (NYSE Amex: CEV) (the "Trust"), a..."/>

BOSTON, Jan. 31, 2012 /PRNewswire/ -- Eaton Vance California Municipal Income Trust (NYSE Amex: CEV) (the "Trust"), a closed-end management investment company, today announced the earnings of the Trust for the three months and year ended November 30, 2011. The Trust's fiscal year ended on November 30, 2011.

For the three months ended November 30, 2011, the Trust had net investment income of $1,564,336 ($0.217 per common share). From this amount, the Trust paid dividends on preferred shares of $28,952 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $1,535,384, or $0.213 per common share. The Trust's net investment income for the year ended November 30, 2011 was $6,690,748 ($0.926 per common share, before deduction of the preferred share dividends totaling $0.022 per common share), resulting in net investment income after the preferred dividends of $0.904 per common share. In comparison, for the three months ended November 30, 2010, the Trust had net investment income of $1,664,731 ($0.231 per common share). From this amount, the Trust paid dividends on preferred shares of $53,779 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $1,610,952, or $0.224 per common share. The Trust's net investment income for the year ended November 30, 2010 was $6,802,191 ($0.945 per common share, before deduction of the preferred share dividends totaling $0.028 per common share), resulting in net investment income after the preferred dividends of $0.917 per common share.

Net realized and unrealized gains for the three months ended November 30, 2011 were $952,161 ($0.130 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2011 were $28,169 ($0.002 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2010 were $7,546,408 ($1.043 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2010 were $149,760 ($0.026 per common share).

On November 30, 2011, net assets of the Trust applicable to common shares were $89,861,706. The net asset value per common share on November 30, 2011 was $12.41 based on 7,243,893 common shares outstanding. In comparison, on November 30, 2010, net assets of the Trust applicable to common shares were $89,395,119. The net asset value per common share on November 30, 2010 was $12.39 based on 7,217,856 common shares outstanding.

The Trust periodically makes certain performance data and information about portfolio characteristics available on www.eatonvance.com (on the fund information page under "Individual Investors – Closed-End Funds"). Trust portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following quarter-end.

The Trust is managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $184.5 billion in assets as of December 31, 2011, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST
SUMMARY OF RESULTS OF OPERATIONS
(in thousands, except per share amounts)

		Three Months Ended		Year Ended
		November 30,		November 30,
		2011	2010	2011	2010
Net investment income		$ 1,564	$ 1,665	$ 6,691	$ 6,802
Net realized and unrealized gains (losses)
on investments		952	(7,546)	28	150
Preferred dividends paid from net investment income		(29)	(54)	(157)	(204)
	Net increase (decrease) in net assets
	from operations	$ 2,487	$ (5,935)	$ 6,562	$ 6,748

Earnings per Common Share Outstanding
Net investment income		$ 0.217	$ 0.231	$ 0.926	$ 0.945
Net realized and unrealized gains (losses)
on investments		0.130	(1.043)	0.002	0.026
Preferred dividends paid from net investment income		(0.004)	(0.007)	(0.022)	(0.028)
	Net increase (decrease) in net assets
	from operations	$ 0.343	$ (0.819)	$ 0.906	$ 0.943

Net investment income		$ 0.217	$ 0.231	$ 0.926	$ 0.945
Preferred dividends paid from net investment income		(0.004)	(0.007)	(0.022)	(0.028)
Net investment income after preferred dividends		$ 0.213	$ 0.224	$ 0.904	$ 0.917

Net Asset Value at November 30 (Common Shares)
	Net assets			$89,862	$89,395
	Shares outstanding			7,244	7,218
	Net asset value per share outstanding			$12.41	$12.39

Market Value Summary (Common Shares)
	Market price on NYSE Amex at November 30			$12.77	$12.40
	High market price (period ended November 30)			$13.02	$13.69
	Low market price (period ended November 30)			$10.80	$11.79

SOURCE Eaton Vance Management

Mandate expands relationship to cover 12 ETFs with assets over $420 million

NEW YORK, Feb. 2, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for the AdvisorShares Rockledge SectorSAM ETF (NYSE: SSAM). This mandate expands BNY Mellon's relationship with AdvisorShares, which began in 2009, to include 12 ETFs with assets totaling more than $420 million.

Sub-advised by Rockledge Advisors LLC, the new ETF seeks to generate stable and consistent annual returns under all market conditions by investing in both long and short positions in U.S. sector ETFs that offer exposure to U.S. large capitalization equities. The ETF employs an actively managed and diversified equity sector rotation process based on a proprietary quantitative analysis known as the "Sector Scoring and Allocation Methodology."

Utilizing this analysis, the fund managers will buy long the sector ETFs that Rockledge forecasts to outperform the S&P 500 Index while also selling short an equal dollar amount of sector ETFs that are expected to underperform the S&P 500. The fund expects to hold equal amounts long and short, creating a dollar neutral portfolio.

"We expanded our relationship with BNY Mellon because of its ability to provide comprehensive support for alternative ETFs," said Noah Hamman, founder and chief executive officer of AdvisorShares. "This new fund requires BNY Mellon to support our ability to take both long and short positions."

"We continue to see an increasing array of ETF strategies being developed by our clients, including actively managed funds such as those created by AdvisorShares," said Joseph Keenan, managing director and global head of exchange-traded fund services at BNY Mellon Asset Servicing. "BNY Mellon remains committed to the ongoing enhancement of its industry-leading ETF technology platform to facilitate the rapid evolution of the ETF business."

AdvisorShares, the advisor, is headquartered in Bethesda, Maryland. AdvisorShares is one of the leading providers of actively managed ETFs. AdvisorShares is pleased to offer actively managed ETFs, including the Dent Tactical ETF (NYSE: DENT), the Accuvest Global Long Short ETF (NYSE: AGLS), the WCM/BNY Mellon Focused Growth ADR ETF (NYSE: AADR), the Cambria Global Tactical ETF (NYSE: GTAA) the Peritus High Yield ETF (NYSE: HYLD), the Madrona Domestic ETF (NYSE: FWDD), the Madrona International ETF (NYSE: FWDI), the Madrona Global Bond ETF (NYSE: FWDB), the Active Bear ETF (NYSE: HDGE), the Meidell Tactical Advantage ETF (NYSE: MATH), the TrimTabs Float Shrink ETF (NYSE: TTFS) and the Rockledge SectorSAM ETF (NYSE: SSAM). AdvisorShares provides educational support to help investors understand ETFs, and the underlying investment strategy for each of the AdvisorShares ETFs. AdvisorShares continues to seek qualified sub-advisor investment partners to offer compelling investment strategies in an active ETF structure. Visit the website at www.advisorshares.com to learn more about AdvisorShares. Follow the AdvisorShares Team on Twitter or 'Like' on Facebook.

Rockledge Advisors LLC, the sub-advisor, is headquartered in Brooklyn, New York. Rockledge Advisors LLC is a subsidiary of The Rockledge Group LLC, a Connecticut limited liability company established in 2004. The Rockledge Group LLC serves as investment adviser to a variety of individual and institutional investor accounts in the U.S. and in Europe. www.RockledgeAdvisors.com

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through BNY Mellon and other related companies.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.

SOURCE BNY Mellon

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ITG Reports Fourth Quarter 2011 Results
February 5, 2012

Operating Profitability Impacted by Weaker Institutional Trading Volumes

Eaton Vance California Municipal Income Trust Report of Earnings
February 5, 2012

Mandate expands relationship to cover 12 ETFs with assets over $420 million

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ITG Reports Fourth Quarter 2011 ResultsFebruary 5, 2012

Operating Profitability Impacted by Weaker Institutional Trading Volumes

Eaton Vance California Municipal Income Trust Report of EarningsFebruary 5, 2012

Mandate expands relationship to cover 12 ETFs with assets over $420 million

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ITG Reports Fourth Quarter 2011 Results
February 5, 2012

Eaton Vance California Municipal Income Trust Report of Earnings
February 5, 2012