Mutual Funds Focus

Eaton Vance New York Municipal Income Trust Report of Earnings
February 2, 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,

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

Eaton Vance California Municipal Income Trust Report of Earnings
February 2, 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.

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

2011 Earnings Per Diluted Share Increase to $0.51, Compared to $0.18 in 2010

Loans Grow 12%; Deposits Rise 14%

NEW YORK, Jan. 31, 2012 /PRNewswire/ --

Highlights*:

Sharp growth in profitability – Net income available to common shareholders for 2011 was 350% of the 2010 amount.
Higher net interest income – Sterling’s results benefitted from an increase in net interest income to $84.1 million in 2011 from $81.6 million in 2010.
Rising loan volume – Loans in portfolio rose 12% and approached $1.5 billion.
Improved yield on loans – The yield on loans was up by 5 basis points sequentially, to 5.42% for the 2011 fourth quarter, as compared to the 2011 third quarter.
Increasing deposits – Total deposits approached $2.0 billion, rising 14%. Noninterest-bearing demand deposits increased 34%, to $765.8 million.
Noninterest income – Total noninterest income was $44.1 million, or 31% of total revenue.
Expense control – Noninterest expenses increased 3%, comparing 2011 to 2010.
Tax benefit – The Company recognized a tax benefit in the 2011 periods due to the completion of tax audits for prior years.
Strong capital – The tangible common equity ratio was 8.01%, up from 6.81%, reflecting the benefit of a public equity offering in March 2011 as well as retention of earnings.
TARP repayment – In 2011, Sterling redeemed all of the preferred stock and warrants issued to the U.S. Treasury under the TARP Capital Purchase Program.
Growing assets – Total assets approached $2.5 billion, an increase of 6%.
Solid credit metrics – The allowance for loan losses as a percentage of nonaccrual loans increased to 315% from 275% a year ago. The provision for loan losses decreased to $12.0 million from $28.5 million. The ratio of nonperforming assets to total assets was 0.33%, compared to 0.29% a year ago.

* As of December 31, 2011 and 2010 or full-year periods, as applicable, unless otherwise noted.

Page 1 of 16

Sterling Bancorp (NYSE: STL), a financial holding company headquartered in New York City and the parent company of Sterling National Bank, today reported higher earnings for the full year and fourth quarter ended December 31, 2011, as well as strong growth in loans, deposits and total assets.

Net income available to common shareholders for the full year 2011 was $15.5 million, or 350% of the $4.4 million reported in 2010. Net income available to common shareholders per diluted share increased to $0.51 for 2011, from $0.18 a year ago.

For the 2011 fourth quarter, net income available to common shareholders was $5.3 million, increasing from $3.5 million in the 2010 fourth quarter. Net income available to common shareholders per diluted share increased to $0.17 for the 2011 fourth quarter, from $0.13 in the 2010 fourth quarter.

Results for the full year and fourth quarter 2011 benefitted from continued growth in the Company's loan volume, which led to higher net interest income and increased accounts receivable management and other related fees. The 2011 results also reflected certain items specific to the fourth quarter, including: a net tax benefit, primarily due to the completion of Federal tax audits for the periods 2002 through 2009, of approximately $1.9 million; an expense related to the settlement of certain litigation of approximately $900 thousand; and a write-down of certain assets to realizable value, amounting to about $600 thousand. In a loss mitigation effort related to the residential mortgage repurchase issues prevalent across the banking industry, the Company also recognized a charge for incurred and probable repurchase obligations of nearly $700 thousand.

Management Perspective

"Sterling delivered strong results in 2011, with net income available to common shareholders at 350% of the 2010 level, double-digit growth in loans and deposits, and solid asset quality. This performance in a year of challenge and uncertainty for the overall economy and financial industry demonstrates the fundamental earnings power of our business model. We saw robust demand for our products and services, reflecting our unwavering commitment to the needs of small-to-midsized businesses and all of our customers, and our focus on a resilient marketplace in the New York metropolitan area and beyond," said Louis J. Cappelli, Sterling's Chairman and Chief Executive Officer.

"Sterling has continued to thrive because of our longstanding commitment to serve the needs of the small-to-midsized businesses that are vital engines of economic activity and job creation. In the recent past, we have enhanced our offerings to these customers by expanding our range of financial solutions, including such capabilities as mortgage warehouse financing and trade financing. Our capacity to serve our market and grow our business for the future is also supported by our strong capital base and high asset quality. We look forward to building on this solid platform to drive profitable performance and grow shareholder value in the future," Mr. Cappelli concluded.

Page 2 of 16

Fourth Quarter 2011 Financial Results

Net income available to common shareholders for the fourth quarter of 2011 was $5.3 million, or $0.17 per diluted share, compared to $3.5 million, or $0.13 per diluted share for the same quarter of 2010. Per share results in the 2011 fourth quarter reflected the impact of an additional 3.9 million average common shares outstanding, due to Sterling's March 2011 common share offering. The proceeds of the offering provided additional capital to respond to growth opportunities. The Company's per share earnings growth was partially offset by the effect of the higher share count.

Net interest income was $21.9 million for the 2011 fourth quarter, up from $20.3 million for the 2010 fourth quarter. This primarily reflected the benefit of higher average loan balances and reduced funding costs, partially offset by the impact of lower yields on interest-earning assets and higher interest-bearing deposit balances. Net interest margin was 3.77% for the 2011 fourth quarter, compared to 3.98% for the 2010 fourth quarter, due in part to Sterling's strategy of maintaining liquidity for future loan demand by investing in short-term instruments and interest-bearing deposits with the Federal Reserve Bank.

Total noninterest income was $10.3 million for the 2011 fourth quarter, compared to $12.1 million in the same period of 2010. This primarily reflected higher accounts receivable management and other related fees, which were more than offset by decreased residential mortgage banking income due to the mortgage repurchase charge noted earlier and industry-wide conditions with respect to lower mortgage volume and the slower pace of investor funding. The 2011 period's results also reflect a reduction in service charges and securities gains.

Noninterest expenses were $24.7 million for the 2011 fourth quarter, an increase of approximately $300 thousand from the year-ago period. This increase principally reflected higher compensation expenses related to the growth in Sterling's business, and the expenses for certain legal matters and the asset write-down noted earlier, partially offset by lower deposit insurance premiums due to a change during the 2011 third quarter in the method of calculating such premiums.

Sterling recognized a tax benefit of $864 thousand in the 2011 fourth quarter, compared to a provision for income taxes of $928 thousand in the 2010 fourth quarter. The 2011 period was positively impacted primarily by the net benefit from the completion of Federal tax audits noted earlier.

Full Year 2011 Financial Results

Net income available to common shareholders for the full year 2011 was $15.5 million, or $0.51 per diluted share, compared to $4.4 million, or $0.18 per diluted share, for 2010. Results for the 2011 period included a charge for accelerated accretion of $1.2 million due to the redemption of all issued and outstanding Series A preferred shares and repurchase of the related warrant to purchase common shares in each case issued under the TARP Capital Purchase Program. Per share results in 2011 reflected the impact of an additional 5.5 million average common shares outstanding, largely due to Sterling's March 2011 common share offering.

Page 3 of 16

Net interest income was $84.1 million for 2011, compared to $81.6 million for 2010. The comparison largely reflected the benefit of higher average loan and investment securities balances and reduced funding costs, partially offset by the impact of lower yields on interest-earning assets and higher interest-bearing deposit balances. Net interest margin was 3.92% for 2011, compared to 4.25% for 2010, due in part to the strategy of maintaining liquidity, as noted earlier.

The provision for loan losses decreased to $12.0 million for 2011, compared to $28.5 million a year earlier. The higher provision for loan losses in the year-ago period reflected the Company's decision in the 2010 third quarter to accelerate the resolution of certain nonaccrual loans, principally leasing receivables.

Total noninterest income was $44.1 million for 2011, compared to $47.6 million in 2010. This primarily reflected higher accounts receivable management and other related fees, more than offset by lower residential mortgage banking income, service charges and securities gains.

Noninterest expenses were $94.3 million for 2011, compared to $91.6 million in 2010. This increase principally reflected higher compensation expenses and occupancy costs related to the growth in Sterling's business and expenses for certain legal matters as noted earlier, partially offset by lower deposit insurance premiums.

The provision for income taxes was $4.2 million in 2011, including the net effect of the tax benefit recognized in the fourth quarter. In 2010, the provision for income taxes was $2.2 million.

Loans, Deposits and Total Assets

Total loans held in portfolio approached $1.5 billion at December 31, 2011, rising 12% from a year earlier. The Company continues to have a robust loan pipeline. The ratio of portfolio loans to deposits was approximately 74.1% at December 31, 2011.

Total deposits were nearly $2.0 billion at December 31, 2011, up 14% from $1.7 billion a year earlier. Noninterest-bearing demand deposits totaled $765.8 million at December 31, 2011, a 34% increase from a year ago, and represented 39% of total deposits, among the highest ratios of demand to total deposits in the industry.

Total assets approached $2.5 billion at December 31, 2011, an increase of 6% from a year ago.

Asset Quality

Sterling continued to exhibit strong credit quality throughout 2011. Net charge-offs declined to $10.2 million for 2011, from $29.6 million a year-ago. The allowance for loan losses as a percentage of nonaccrual loans was 315% at December 31, 2011, improved from 275% a year earlier. Nonperforming assets were $8.3 million or 0.33% of total assets at December 31, 2011, compared to $6.8 million or 0.29% a year ago.

Page 4 of 16

Capital

Sterling's capital base has continued to exceed all regulatory requirements for well-capitalized institutions. At December 31, 2011, Sterling's Tier 1 risk-based capital ratio was 12.61% (compared to a requirement of 6.00%), total risk-based capital was 13.71% (requirement of 10.00%), and the Tier 1 leverage ratio was 9.02% (requirement of 5.00%). Also during 2011, the Company redeemed all of the preferred stock and warrants issued to the U.S. Treasury under the TARP Capital Purchase Program.

The tangible common equity ratio rose to 8.01% at December 31, 2011 from 6.81% a year ago.

Conference Call

Sterling Bancorp will host a teleconference call for the financial community on January 31, 2012, at 10:00 a.m. Eastern Time to discuss the full year and fourth quarter 2011 financial results. To access the conference call live, interested parties may dial 800-398-9367 at least 10 minutes prior to the call.

A replay of the conference call will be available beginning at approximately 1:00 p.m. Eastern Time on January 31, 2012, until 11:59 p.m. Eastern Time on February 14, 2012. To access the replay by telephone, interested parties may dial 800-475-6701 and enter the Access Code 233854.

About Sterling Bancorp

Sterling Bancorp (NYSE: STL) is a New York City-based financial corporation with assets exceeding $2.4 billion. Since 1929, Sterling National Bank, the company's principal banking subsidiary, has successfully served the needs of businesses, professionals and individuals in the New York metropolitan area and beyond. Sterling is well-known for its high-touch, hands-on approach to customer service and a special focus on serving the business community.

Sterling offers clients a full range of depository and cash management services plus a broad portfolio of financing solutions – including working capital lines, accounts receivable and inventory financing, factoring, trade financing, payroll funding and processing, equipment financing, commercial and residential mortgages and mortgage warehouse lines of credit.

Page 5 of 16

Certain statements in this press release, including but not limited to, statements as to future events, future liquidity, future interest rate risk and operating expenses, statements concerning future results of operations, financial position or dividends, and plans and objectives for future operations, future capital, future liquidity and future growth, statements concerning the economic environment, asset quality and future levels of nonaccrual loans, charge-offs and provisions for loan losses, and continued robust demand for the Company's products and services, continued strong capital base and high asset quality of the Company, and the Company's ability to continue enhancing its offerings to small-to-midsized businesses, and other statements contained herein regarding matters that are not historical facts, are "forward-looking statements" as defined in the Securities Exchange Act of 1934. These statements are not historical facts but instead are subject to numerous assumptions, risks and uncertainties, and represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside its control. Any forward-looking statements the Company may make speak only as of the date on which such statements are made. The Company's actual results and financial position may differ materially from the anticipated results and financial condition indicated in or implied by these forward-looking statements, and the Company makes no commitment to update or revise forward-looking statements to reflect new information or subsequent events or changes in expectations. For a discussion of some of the risks and important factors that could affect the Company's future results and financial condition, see "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements and Factors that Could Affect Future Results" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

Page 6 of 16

STERLING BANCORP

Consolidated Financial Highlights

(Unaudited)

(dollars in thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2011

2010

2011

2010

BALANCE SHEET HIGHLIGHTS

Period End Balances

Investment securities

$677,871

$789,315

$677,871

$789,315

Loans held for sale

43,372

32,049

43,372

32,049

Loans held in portfolio,

net of unearned discounts

1,473,309

1,314,234

1,473,309

1,314,234

Interest bearing deposits with other banks

126,448

40,503

126,448

40,503

Total earning assets

2,329,486

2,185,466

2,329,486

2,185,466

Allowance for loan losses

20,029

18,238

20,029

18,238

Total assets

2,493,297

2,360,457

2,493,297

2,360,457

Demand deposits

765,800

570,290

765,800

570,290

Savings, NOW and money market deposits

565,423

562,207

565,423

562,207

Time deposits

657,848

615,267

657,848

615,267

Customer repurchase agreements

47,313

23,016

47,313

23,016

Other short-term borrowings

18,485

37,878

18,485

37,878

Advances FHLB/Long-term borrowings

148,507

169,947

148,507

169,947

Shareholders

Eaton Vance New York Municipal Income Trust Report of Earnings
February 1, 2012

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


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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Eaton Vance New York Municipal Income Trust Report of EarningsFebruary 2, 2012

Eaton Vance California Municipal Income Trust Report of EarningsFebruary 2, 2012

2011 Earnings Per Diluted Share Increase to $0.51, Compared to $0.18 in 2010Loans Grow 12%; Deposits Rise 14%

Eaton Vance New York Municipal Income Trust Report of EarningsFebruary 1, 2012

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Eaton Vance New York Municipal Income Trust Report of Earnings
February 2, 2012

Eaton Vance California Municipal Income Trust Report of Earnings
February 2, 2012

2011 Earnings Per Diluted Share Increase to $0.51, Compared to $0.18 in 2010

Loans Grow 12%; Deposits Rise 14%

Eaton Vance New York Municipal Income Trust Report of Earnings
February 1, 2012