BNY Mellon to Provide ETF Services for AdvisorShares Rockledge SectorSAM ETF
February 4, 2012

 BNY Mellon, the global leader in investment management and investment..."/>
 
 

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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Virtus Investment Partners Announces Financial Results for 2011 Fourth Quarter and Full Year
February 4, 2012

Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a..."/>
 
 

- Operating Income, as Adjusted, of $13.6 Million for the Fourth Quarter and $43.7 Million for the Full Year, up 90 Percent and 101 Percent from 2010; Operating Income Increases to $8.2 Million in Fourth Quarter and $13.9 Million for 2011

- Net Income of $140.7 Million in Fourth Quarter Includes $132.0 Million Net Benefit from Release of Tax Valuation Allowance

- Net Flows of $0.8 Billion in Quarter up 64 Percent from 2010 Fourth Quarter; Full-Year Net Flows of $5.2 Billion up from $1.5 Billion in 2010

- Long Term, Open-End Mutual Fund Sales Increase to $2.4 Billion from $1.5 Billion in Fourth Quarter 2010, and to $9.5 Billion for Full Year from $4.5 Billion in 2010; Net Flows Increase to $5.1 Billion for Full Year from $1.7 Billion in 2010


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HARTFORD, Conn., Feb. 1, 2012 /PRNewswire/ -- Virtus Investment Partners, Inc. (NASDAQ: VRTS), which operates a multi-manager asset management business, today reported financial results for the fourth quarter of 2011 that included its 11th consecutive quarter of positive flows, a fourth consecutive quarter of more than $1 billion of net flows from long-term open-end mutual funds, and its highest quarter of operating income, as adjusted, and operating margin, as adjusted, since it became a public company.

(Logo: http://photos.prnewswire.com/prnh/20090105/NEM020LOGO )

Operating income, as adjusted, of $13.6 million for the quarter ended December 31, 2011, increased 90 percent from $7.1 million in the fourth quarter of 2010 and 6 percent from $12.8 million in the third quarter of 2011. Operating margin, as adjusted, was 32 percent for the fourth quarter, compared with 23 percent in the prior year's fourth quarter and 31 percent in the third quarter of 2011.

Operating income for the fourth quarter was $8.2 million with a margin of 15 percent, compared with $4.5 million and 11 percent in the fourth quarter of 2010 and an operating loss of $2.2 million and margin of (4) percent in the third quarter of 2011, which included $10.8 million in expenses related to the launch of a closed-end fund. The company also reported net income for the quarter of $140.7 million that includes a tax benefit of $132.0 million primarily related to the release of a valuation allowance on certain deferred tax assets. The company released the valuation allowance when it determined that, based on projected future taxable income, it will more likely than not realize these deferred tax assets.

Operating income, as adjusted, and operating margin, as adjusted, are non-GAAP measures that exclude certain non-cash and other items, such as costs related to the July launch of the Duff & Phelps Global Utility Income (NYSE: DPG) closed-end fund, and transition costs for the Newfleet Multi-Sector Fixed Income team that joined the company in June. These measures are further described and reconciled to GAAP measures in the table at the end of the release.

Assets under management were $34.6 billion at December 31, 2011, an increase of 17 percent from the prior year and 5 percent from the quarter ended September 30, 2011. Long-term assets under management, which exclude cash management products, were $32.2 billion at the end of the 2011 fourth quarter, an increase of 23 percent from the prior year and 8 percent from the prior quarter.

Financial Highlights (Unaudited)

(Dollars in thousands, except per share data or as noted)

In evaluating its performance, the company considers certain non-GAAP measures, including operating income, as adjusted, operating margin, as adjusted, operating expenses, as adjusted, and revenue, as adjusted, that are described and reconciled to GAAP-reported amounts in the table at the end of the release. These non-GAAP measures net the distribution and administration expenses against the related revenue and also exclude certain other cash and non-cash items.


Three Months Ended




Three Months Ended




Twelve Months Ended




12/31/2011


12/31/2010


Change


9/30/2011


Change


12/31/2011


12/31/2010


Change

Ending Assets Under Management (in billions)

$      34.6


$      29.5


17%


$      33.1


5%


$      34.6


$      29.5


17%

Average Assets Under Management (in billions)

$      34.2


$      28.6


20%


$      34.3


-


$      33.0


$      26.5


25%

















Gross Sales (in millions)

$   2,629.2


$   1,719.2


53%


$   3,339.4


(21)%


$  11,223.8


$   5,819.1


93%

Net Flows (in millions)

$     790.3


$     481.4


64%


$   1,613.8


(51)%


$   5,208.2


$   1,511.9


N/M

















Revenue

$    56,172


$    40,739


38%


$    55,457


1%


$   204,652


$   144,556


42%

Revenue, as adjusted (1)

$    42,690


$    30,881


38%


$    41,857


2%


$   155,146


$   111,351


39%

















Operating expenses

$    47,978


$    36,289


32%


$    57,650


(17)%


$   190,749


$   135,285


41%

Operating expenses, as adjusted (1)

$    29,116


$    23,732


23%


$    29,066


-


$   111,468


$    89,622


24%

















Operating income (loss)

$     8,194


$     4,450


84%


$    (2,193)


N/M


$    13,903


$     9,271


50%

Operating income, as adjusted (1)

$    13,574


$     7,149


90%


$    12,791


6%


$    43,678


$    21,729


101%

















Net income (loss)

$   140,665


$     4,450


N/M


$    (2,778)


N/M


$   145,420

Eaton Vance Senior Income Trust Declares Monthly Distribution
February 3, 2012

 Eaton Vance Senior Income Trust (NYSE: EVF), a closed-end management..."/>
 

BOSTON, Feb. 1, 2012 /PRNewswire/ -- Eaton Vance Senior Income Trust (NYSE: EVF), a closed-end management investment company, today declared a monthly distribution of $0.036 per common share. As portfolio and market conditions change, the rate of future distributions may change. The distribution is expected to be paid on February 20, 2012, to shareholders of record on February 13, 2012.  The ex-dividend date is February 9, 2012.

At this time the Fund believes that a portion of the February distribution may be comprised of amounts from sources other than net investment income.  If that is the case, you will be notified in writing.  Further information will be available prior to the payment date at   http://funds.eatonvance.com.  The final determination of tax characteristics of the Fund's distributions will occur after the end of the year, at which time it will be reported to the shareholders.

The Fund 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.

SOURCE Eaton Vance Management

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Eaton Vance Michigan Municipal Income Trust Report of Earnings
February 3, 2012

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

BOSTON, Jan. 31, 2012 /PRNewswire/ -- Eaton Vance Michigan Municipal Income Trust (NYSE Amex: EMI) (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 $413,275 ($0.196 per common share).  From this amount, the Trust paid dividends on preferred shares of $10,018 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $403,257, or $0.192 per common share. The Trust's net investment income for the year ended November 30, 2011 was $1,747,303 ($0.826 per common share, before deduction of the preferred share dividends totaling $0.025 per common share), resulting in net investment income after the preferred dividends of $0.801 per common share. In comparison, for the three months ended November 30, 2010, the Trust had net investment income of $457,495 ($0.216 per common share).  From this amount, the Trust paid dividends on preferred shares of $18,305 (equal to $0.008 for each common share), resulting in net investment income after the preferred dividends of $439,190, or $0.208 per common share. The Trust's net investment income for the year ended November 30, 2010 was $1,854,695 ($0.876 per common share, before deduction of the preferred share dividends totaling $0.033 per common share), resulting in net investment income after the preferred dividends of $0.843 per common share.  

Net realized and unrealized gains for the three months ended November 30, 2011 were $275,350 ($0.128 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2011 were $1,185,888 ($0.558 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2010 were $2,068,788 ($0.976 per common share). The Trust's net realized and unrealized losses for the year ended November 30, 2010 were $95,653 ($0.044 per common share).

On November 30, 2011, net assets of the Trust applicable to common shares were $28,366,330. The net asset value per common share on November 30, 2011 was $13.40 based on 2,116,294 common shares outstanding. In comparison, on November 30, 2010, net assets of the Trust applicable to common shares were $27,262,276. The net asset value per common share on November 30, 2010 was $12.88 based on 2,116,294 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 MICHIGAN 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

$                    413


$                    457


$                 1,747


$                 1,855

Net realized and unrealized gains (losses)








 on investments

275


(2,069)


1,186


(96)

Preferred dividends paid from net investment income

(10)


(18)


(54)


(71)


Net increase (decrease) in net assets









 from operations

$                    678


$                (1,630)


$                 2,879


$                 1,688










Earnings per Common Share Outstanding








Net investment income

$                 0.196


$                 0.216


$                 0.826


$                 0.876

Net realized and unrealized gains (losses)








 on investments

0.128


(0.976)


0.558


(0.044)

Preferred dividends paid from net investment income

(0.004)


(0.008)


(0.025)


(0.033)


Net increase (decrease) in net assets









 from operations

$                 0.320


$                (0.768)


$                 1.359


$                 0.799










Net investment income

$                 0.196


$                 0.216


$                 0.826


$                 0.876

Preferred dividends paid from net investment income

(0.004)


(0.008)


(0.025)


(0.033)

Net investment income after preferred dividends

$                 0.192


$                 0.208


$                 0.801


$                 0.843










Net Asset Value at November 30 (Common Shares)









Net assets





$28,366


$27,262


Shares outstanding





2,116


2,116


Net asset value per share outstanding





$13.40


$12.88










Market Value Summary (Common Shares)









Market price on NYSE Amex at November 30





$12.47


$12.10


High market price (period ended November 30)





$12.52


$13.35


Low market price (period ended November 30)





$11.10


$11.45



SOURCE Eaton Vance Management

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Eaton Vance New York Municipal Income Trust Report of Earnings
February 3, 2012

 Eaton Vance New York Municipal Income Trust (NYSE Amex: EVY) (the..."/>
 

BOSTON, Jan. 31, 2012 /PRNewswire/ -- Eaton Vance New York Municipal Income Trust (NYSE Amex: EVY) (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 $1,253,012 ($0.230 per common share).  From this amount, the Trust paid dividends on preferred shares of $19,348 (equal to $0.004 for each common share), resulting in net investment income after the preferred dividends of $1,233,664, or $0.226 per common share. The Trust's net investment income for the year ended November 30, 2011 was $5,179,486 ($0.950 per common share, before deduction of the preferred share dividends totaling $0.019 per common share), resulting in net investment income after the preferred dividends of $0.931 per common share. In comparison, for the three months ended November 30, 2010, the Trust had net investment income of $1,289,723 ($0.237 per common share).  From this amount, the Trust paid dividends on preferred shares of $35,337 (equal to $0.007 for each common share), resulting in net investment income after the preferred dividends of $1,254,386, or $0.230 per common share. The Trust's net investment income for the year ended November 30, 2010 was $5,176,320 ($0.954 per common share, before deduction of the preferred share dividends totaling $0.025 per common share), resulting in net investment income after the preferred dividends of $0.929 per common share. 

Net realized and unrealized gains for the three months ended November 30, 2011 were $507,140 ($0.096 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2011 were $958,978 ($0.179 per common share). In comparison, net realized and unrealized losses for the three months ended November 30, 2010 were $4,808,239 ($0.889 per common share). The Trust's net realized and unrealized gains for the year ended November 30, 2010 were $909,352 ($0.166 per common share).

On November 30, 2011, net assets of the Trust applicable to common shares were $72,678,205. The net asset value per common share on November 30, 2011 was $13.31 based on 5,461,594 common shares outstanding. In comparison, on November 30, 2010, net assets of the Trust applicable to common shares were $71,372,379. The net asset value per common share on November 30, 2010 was $13.11 based on 5,443,476 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 NEW YORK 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

$     1,253

 

$     1,290

 

$     5,179

 

$     5,176

 

 

 

 

 

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

  on investments

507

 

(4,808)

 

959

 

909

 

 

 

 

 

 

Preferred dividends paid from net investment income

(19)

 

(35)

 

(104)

 

(136)

 

 

 

 

 

 

 

Net increase (decrease) in net assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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