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

August 31, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Income Trust

August 31, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 161.4%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 6.0%

      

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

    $ 1,730       $ 1,952,737   

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

      2,535         2,782,315   
     

 

 

  
      $ 4,735,052   
     

 

 

  

Cogeneration — 1.2%

      

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

    $ 990       $ 990,089   
     

 

 

  
      $ 990,089   
     

 

 

  

Education — 27.7%

      

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

    $ 310       $ 339,590   

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

      1,490         1,646,614   

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

      325         359,161   

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

      510         570,613   

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

      1,000         1,096,580   

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

      725         829,741   

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

      510         576,453   

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

      2,000         2,257,400   

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

      220         246,514   

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

      1,000         1,178,210   

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

      2,250         2,571,300   

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

      2,500         2,796,000   

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

      325         371,117   

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

      400         465,604   

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

      1,695         1,839,533   

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

      2,000         2,271,520   

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

      280         298,164   

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

      735         788,655   

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

      1,205         1,363,927   
     

 

 

  
      $ 21,866,696   
     

 

 

  

Electric Utilities — 6.7%

      

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

    $ 1,420       $ 1,637,601   

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

      1,645         1,666,451   

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

      1,735         2,008,592   
     

 

 

  
      $ 5,312,644   
     

 

 

  

Escrowed/Prerefunded — 5.3%

      

New York City, Prerefunded to 10/15/18, 6.25%, 10/15/28

    $ 955       $ 1,114,428   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 11/1/16, 5.00%, 11/1/34

      845         891,052   

New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.00%, 7/1/36

      750         809,573   

New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.625%, 7/1/37

      1,250         1,363,500   
     

 

 

  
      $ 4,178,553   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

General Obligations — 5.8%

      

New York, 5.00%, 2/15/34(1)

    $ 4,000       $ 4,568,120   

New York City, 6.25%, 10/15/28

      45         52,226   
     

 

 

  
      $ 4,620,346   
     

 

 

  

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       $ 50,000   

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

      85         85,000   
     

 

 

  
      $ 135,000   
     

 

 

  

Hospital — 17.8%

      

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

    $ 130       $ 149,245   

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

      960         1,084,829   

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

      760         761,550   

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

      2,490         2,498,541   

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

      1,000         1,078,120   

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

      1,000         1,129,650   

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

      1,000         1,095,550   

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

      525         580,797   

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

      415         457,222   

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

      835         914,183   

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

      840         842,008   

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

      395         398,448   

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

      1,000         1,033,230   

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

      650         691,347   

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

      1,250         1,375,800   
     

 

 

  
      $ 14,090,520   
     

 

 

  

Housing — 13.5%

      

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

    $ 1,500       $ 1,502,115   

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

      2,620         2,662,653   

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

      1,000         1,041,840   

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

      2,625         2,692,909   

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

      1,500         1,554,345   

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

      1,140         1,179,946   
     

 

 

  
      $ 10,633,808   
     

 

 

  

Industrial Development Revenue — 6.0%

      

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

    $ 1,000       $ 1,115,130   

New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44(2)

      1,000         997,970   

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

      980         1,149,471   

Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42(2)

      1,350         1,360,611   

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

      100         101,546   
     

 

 

  
      $ 4,724,728   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Education — 7.0%

      

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

    $ 1,250       $ 1,456,062   

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

      1,500         1,635,255   

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

      5,365         2,436,193   
     

 

 

  
      $ 5,527,510   
     

 

 

  

Insured-Electric Utilities — 2.0%

      

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

    $ 1,365       $ 1,563,812   
     

 

 

  
      $ 1,563,812   
     

 

 

  

Insured-General Obligations — 2.3%

      

Oyster Bay, (AGM), 4.00%, 8/1/28

    $ 1,680       $ 1,789,687   
     

 

 

  
      $ 1,789,687   
     

 

 

  

Insured-Other Revenue — 4.3%

      

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

    $ 2,645       $ 1,472,418   

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

      3,625         1,899,609   
     

 

 

  
      $ 3,372,027   
     

 

 

  

Insured-Special Tax Revenue — 0.5%

      

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

    $ 2,475       $ 392,040   
     

 

 

  
      $ 392,040   
     

 

 

  

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       $ 1,008,870   
     

 

 

  
      $ 1,008,870   
     

 

 

  

Other Revenue — 9.1%

      

Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31(3)

    $ 3,120       $ 1,525,306   

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

      380         436,365   

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

      625         688,525   

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

      1,000         1,117,400   

New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(2)

      1,300         1,306,578   

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

      2,000         2,161,820   
     

 

 

  
      $ 7,235,994   
     

 

 

  

Senior Living/Life Care — 6.7%

      

Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/29(4)

    $ 625       $ 675,006   

Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/30(4)

      750         804,900   

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

      280         296,943   

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

      120         125,718   

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

      905         986,975   

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

      230         232,231   

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

      230         230,727   

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

      1,830         1,947,010   
     

 

 

  
      $ 5,299,510   
     

 

 

  

Special Tax Revenue — 21.0%

      

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

    $ 1,500       $ 1,696,305   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(5)

      2,100         2,476,110   

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

      1,000         1,150,940   

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

      1,000         1,121,420   

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

      2,380         2,722,315   

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

      6,000         6,844,560   

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

      545         614,973   
     

 

 

  
      $ 16,626,623   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 10.8%

      

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

    $ 790       $ 844,779   

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

      1,500         1,661,415   

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

      700         784,679   

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

      1,000         1,096,100   

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

      990         1,083,872   

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

      2,740         3,064,580   
     

 

 

  
      $ 8,535,425   
     

 

 

  

Water and Sewer — 6.2%

      

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

    $ 585       $ 306,271   

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(1)(5)

      3,105         3,481,357   

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

      1,000         1,093,450   
     

 

 

  
      $ 4,881,078   
     

 

 

  

Total Tax-Exempt Investments — 161.4%
(identified cost $115,609,574)

       $ 127,520,012   
     

 

 

  

Miscellaneous — 0.9%

      
Security    Units      Value  

Real Estate — 0.9%

      

CMS Liquidating Trust(2)(6)

      257       $  723,528   
     

 

 

  

Total Miscellaneous — 0.9%
(identified cost $822,400)

       $ 723,528   
     

 

 

  

Total Investments — 162.3%
(identified cost $116,431,974)

       $ 128,243,540   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.7)%

       $ (33,725,732 ) 
     

 

 

  

Other Assets, Less Liabilities — (19.6)%

       $ (15,511,142 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 79,006,666   
     

 

 

  

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.

AGM

   -   Assured Guaranty Municipal 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 August 31, 2015, 10.6% 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 1.4% to 2.6% of total investments.

 

4

 

 

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

 

(2) 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 August 31, 2015, the aggregate value of these securities is $4,388,687 or 5.6% of the Trust’s net assets applicable to common shares.

 

(3) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 

(4) When-issued security.

 

(5) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,312,467.

 

(6) Non-income producing.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $ 98,892,312   
  

 

 

  

Gross unrealized appreciation

    $ 11,751,562   

Gross unrealized depreciation

      (290,334 ) 
  

 

 

  

Net unrealized appreciation

    $     11,461,228   
  

 

 

  

A summary of open financial instruments at August 31, 2015 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
12/15    29 U.S. Long Treasury Bond    Short    $     (4,481,578 )    $     (4,484,125 )    $     (2,547 ) 

At August 31, 2015, 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 enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

At August 31, 2015, 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 $2,547.

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 August 31, 2015, 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

    $ —       $ 127,520,012       $ —       $ 127,520,012   

Miscellaneous

      —         723,528         —         723,528   

Total Investments

    $ —       $     128,243,540       $     —       $     128,243,540   
Liability Description                                

Futures Contracts

    $ (2,547 )     $ —       $ —       $ (2,547 ) 

Total

    $     (2,547 )     $ —       $ —       $ (2,547 ) 

 

5

 

 

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 August 31, 2015 is not presented.

At August 31, 2015, 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.

 

6

 

 

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:   October 26, 2015

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:   October 26, 2015
By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 26, 2015