Eaton Vance New York Municipal Income Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-09145

Investment Company Act File Number

Eaton Vance New York Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

November 30

Date of Fiscal Year End

February 28, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

 

Eaton Vance

New York Municipal Income Trust

February 28, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 167.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 6.2%

      

New York Environmental Facilities Corp., 5.00%, 10/15/39

    $ 1,730       $ 1,866,549   

New York Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37(1)

      2,535         2,781,300   
     

 

 

  
   $ 4,647,849   
     

 

 

  

Cogeneration — 1.4%

      

Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23

    $ 1,070       $ 1,061,793   
     

 

 

  
   $ 1,061,793   
     

 

 

  

Education — 28.4%

      

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/31

    $ 310       $ 329,443   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/23

      150         166,408   

New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/34

      1,490         1,634,143   

New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/39

      325         350,532   

New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33

      510         539,315   

New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38

      1,000         1,099,630   

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41

      725         788,242   

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34

      510         566,635   

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39

      2,000         2,200,860   

New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33

      220         234,626   

New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36

      1,000         1,092,230   

New York Dormitory Authority, (Rochester Institute of Technology), Prerefunded to 7/1/18, 6.00%, 7/1/33

      2,250         2,738,025   

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40

      2,500         2,676,750   

New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27

      325         357,747   

New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29

      400         440,736   

New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40

      1,695         1,751,104   

New York Dormitory Authority, (The New School), 5.50%, 7/1/40

      2,000         2,145,040   

Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29

      280         293,446   

Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40

      735         760,865   

Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38

      1,205         1,298,966   
     

 

 

  
   $ 21,464,743   
     

 

 

  

Electric Utilities — 8.1%

      

Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33

    $ 1,420       $ 1,623,358   

Puerto Rico Electric Power Authority, 5.25%, 7/1/31

      1,330         930,202   

Suffolk County Industrial Development Agency, (KeySpan-Port Jefferson Energy Center, LLC), (AMT), 5.25%, 6/1/27

      1,645         1,654,245   

Utility Debt Securitization Authority, 5.00%, 12/15/33

      1,735         1,948,422   
     

 

 

  
   $ 6,156,227   
     

 

 

  

General Obligations — 7.8%

      

Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34

    $ 585       $ 244,840   

Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35

      325         128,746   

New York, 5.00%, 2/15/34(1)

      4,000         4,358,880   

New York City, 6.25%, 10/15/28

      1,000         1,186,130   
     

 

 

  
   $ 5,918,596   
     

 

 

  

Health Care-Miscellaneous — 0.2%

      

Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15

    $ 50       $ 50,666   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15

    $ 100       $ 101,331   
     

 

 

  
   $ 151,997   
     

 

 

  

Hospital — 24.0%

      

Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30

    $ 130       $ 143,083   

Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40

      960         1,036,483   

Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18

      870         871,183   

Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25

      2,490         2,602,946   

Nassau County Local Economic Assistance Corp., (South Nassau Communities Hospital), 5.00%, 7/1/37

      1,000         1,021,140   

New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33

      2,000         2,007,580   

New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26

      1,000         1,088,460   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 5/1/32

      1,000         1,051,590   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34

      845         861,241   

New York Dormitory Authority, (NYU Hospital Center), 5.00%, 7/1/36

      750         767,543   

New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37

      1,250         1,308,100   

New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29

      415         417,075   

New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37

      835         824,730   

Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19

      965         967,084   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 4.50%, 7/1/32

      395         339,661   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 5.00%, 7/1/42

      1,000         870,070   

Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32

      650         667,544   

Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28

      1,250         1,311,737   
     

 

 

  
      $ 18,157,250   
     

 

 

  

Housing — 14.2%

      

New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39

    $ 1,500       $ 1,510,065   

New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40

      2,620         2,661,894   

New York Housing Finance Agency, 5.25%, 11/1/41

      1,000         1,037,720   

New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42

      2,625         2,693,040   

New York Mortgage Agency, (AMT), 4.875%, 10/1/30

      1,500         1,520,760   

New York Mortgage Agency, (AMT), 4.90%, 10/1/37

      1,325         1,333,241   
     

 

 

  
      $ 10,756,720   
     

 

 

  

Industrial Development Revenue — 4.9%

      

Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32

    $ 1,000       $ 1,105,140   

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35

      980         1,077,216   

Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42

      1,350         1,305,247   

Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15

      195         199,027   
     

 

 

  
      $ 3,686,630   
     

 

 

  

Insured-Education — 6.8%

      

New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35

    $ 1,250       $ 1,337,312   

New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(1)

      1,500         1,579,695   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33

      5,365         2,257,807   
     

 

 

  
      $ 5,174,814   
     

 

 

  

Insured-Electric Utilities — 2.1%

      

Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33

    $ 1,365       $ 1,551,186   
     

 

 

  
      $ 1,551,186   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Other Revenue — 3.7%

      

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31

    $ 2,645       $ 1,204,242   

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32

      3,625         1,559,258   
     

 

 

  
      $ 2,763,500   
     

 

 

  

Insured-Special Tax Revenue — 0.4%

      

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

    $ 2,475       $ 313,904   
     

 

 

  
      $ 313,904   
     

 

 

  

Insured-Transportation — 2.0%

      

Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29

    $ 1,475       $ 1,485,399   
     

 

 

  
      $ 1,485,399   
     

 

 

  

Insured-Water and Sewer — 1.3%

      

Nassau County Industrial Development Agency, (New York Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35

    $ 1,000       $ 1,007,540   
     

 

 

  
      $ 1,007,540   
     

 

 

  

Other Revenue — 7.2%

      

Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31

    $ 3,120       $ 1,186,661   

Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40

      380         407,896   

New York City Cultural Resources Trust, (Museum of Modern Art), 5.00%, 4/1/31

      625         689,231   

New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31

      1,000         1,115,860   

New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44

      2,000         2,021,740   
     

 

 

  
      $ 5,421,388   
     

 

 

  

Senior Living/Life Care — 6.7%

      

Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29

    $ 1,450       $ 1,450,014   

New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29

      280         292,236   

New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42

      120         123,272   

Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40

      905         964,287   

Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32

      230         214,942   

Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42

      230         200,721   

Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34

      1,800         1,838,592   
     

 

 

  
      $ 5,084,064   
     

 

 

  

Special Tax Revenue — 21.1%

      

Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34

    $ 1,500       $ 1,597,530   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(2)

      2,100         2,335,431   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33

      1,000         1,096,550   

New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38

      1,000         1,119,200   

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34

      2,380         2,599,745   

New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30(1)

      6,000         6,609,240   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

      545         600,247   
     

 

 

  
      $ 15,957,943   
     

 

 

  

Transportation — 14.5%

      

Metropolitan Transportation Authority, 5.00%, 11/15/37

    $ 790       $ 815,454   

Metropolitan Transportation Authority, 5.00%, 11/15/38

      1,500         1,589,040   

New York Thruway Authority, 5.00%, 1/1/37

      1,200         1,271,328   

New York Thruway Authority, 5.00%, 1/1/42

      1,000         1,045,110   

Port Authority of New York and New Jersey, 5.00%, 11/15/37(1)

      1,900         2,068,454   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)

      990         1,080,585   

Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(1)

      2,740         3,048,195   
     

 

 

  
      $ 10,918,166   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Water and Sewer — 6.0%

      

New York City Municipal Water Finance Authority, (Water and Sewer System),
5.75%, 6/15/40(1)(2)

    $ 3,105       $ 3,493,342   

Saratoga County Water Authority, 5.00%, 9/1/48

      1,000         1,037,510   
     

 

 

  
      $ 4,530,852   
     

 

 

  

Total Tax-Exempt Investments — 167.0%
(identified cost $118,562,141)

       $ 126,210,561   
     

 

 

  

Miscellaneous — 1.2%

      
Security    Units      Value  

Real Estate — 1.2%

      

CMS Liquidating Trust(3)(4)(5)

      257       $ 887,164   
     

 

 

  

Total Miscellaneous — 1.2%
(identified cost $822,400)

       $ 887,164   
     

 

 

  

Total Investments — 168.2%
(identified cost $119,384,541)

       $ 127,097,725   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (44.6)%

  

    $ (33,725,062 ) 
     

 

 

  

Other Assets, Less Liabilities — (23.6)%

  

    $ (17,808,683 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

  

    $ 75,563,980   
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

AGC

   -   Assured Guaranty Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

AMT

   -   Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC

   -   Berkshire Hathaway Assurance Corp.

FNMA

   -   Federal National Mortgage Association

MFMR

   -   Multi-Family Mortgage Revenue

NPFG

   -   National Public Finance Guaranty Corp.

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at February 28, 2014, 9.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 3.2% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,183,773.

 

(3) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At February 28, 2014, the aggregate value of these securities is $887,164 or 1.2% of the Trust’s net assets applicable to common shares.

 

(4) Non-income producing.

 

(5) For fair value measurement disclosure purposes, security is categorized as Level 3.

 

4

 

 

A summary of open financial instruments at February 28, 2014 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
6/14    43 U.S. Long Treasury Bond    Short    $     (5,641,320 )    $     (5,721,688 )    $     (80,368 ) 

At February 28, 2014, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trust holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trust purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

At February 28, 2014, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $80,368.

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 28, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     100,413,118   
  

 

 

  

Gross unrealized appreciation

    $ 8,178,643   

Gross unrealized depreciation

      (809,036 ) 
  

 

 

  

Net unrealized appreciation

    $ 7,369,607   
  

 

 

  

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 fund’s 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.

At February 28, 2014, the hierarchy of inputs used in valuing the Trust’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description    Level 1     Level 2      Level 3*      Total  

Tax-Exempt Investments

    $ —      $ 126,210,561       $ —       $ 126,210,561   

Miscellaneous

      —        —         887,164         887,164   

Total Investments

    $ —      $     126,210,561       $     887,164       $     127,097,725   
Liability Description                               

Futures Contracts

    $ (80,368 )    $ —       $ —       $ (80,368 ) 

Total

    $     (80,368 )    $ —       $ —       $ (80,368 ) 

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Trust.

Level 3 investments at the beginning and/or end of the period in relation to net assets applicable to common shares were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended February 28, 2014 is not presented.

At February 28, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

 

5

 

 

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance New York Municipal Income Trust

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 21, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 21, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 21, 2014