UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-09145

 

Eaton Vance New York Municipal Income Trust

(Exact name of registrant as specified in charter)

The Eaton Vance Building, 255 State Street, Boston, Massachusetts

02109

(Address of principal executive offices)

(Zip code)

Alan R. Dynner, Esq.
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

 

 

Registrant's telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

November 30

 

 

Date of reporting period:

August 31, 2004

 

 


 

Item 1. Schedule of Investments

 


 

New York Municipal Income Trust

as of August 31, 2004

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Tax-Exempt Investments — 150.3%

 

Principal
Amount
(000’s omitted)

 

Security

 

Value

 

 

 

 

 

 

 

Cogeneration — 2.5%

 

 

 

1,000

 

Port Authority of New York and New Jersey, (KIAC), (AMT), 6.75%, 10/1/19

 

1,017,700

 

1,150

 

Suffolk County IDA, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23

 

1,091,994

 

 

 

 

 

$

2,109,694

 

 

 

 

 

 

 

Education — 13.3%

 

 

 

1,000

 

Dutchess County IDA, (Marist College), 5.00%, 7/1/20

 

1,029,070

 

6,000

 

Hempstead IDA, (Hofstra University Civic Facilities), 5.00%, 7/1/33

 

6,044,340

 

50

 

New York Dormitory Authority, (City University), 5.25%, 7/1/31

 

51,367

 

4,025

 

New York Dormitory Authority, (Rockefeller University), 4.75%, 7/1/37

 

4,032,889

 

 

 

 

 

$

11,157,666

 

 

 

 

 

 

 

Electric Utilities — 17.6%

 

 

 

2,000

 

Long Island Power Authority, 5.50%, 12/1/23

 

2,079,120

 

1,655

 

Long Island Power Authority, Electric System Revenue, 5.25%, 12/1/26

 

1,690,665

 

1,000

 

Long Island Power Authority, Electric System Revenue, 5.375%, 9/1/25

 

1,045,450

 

4,100

 

New York Power Authority, 5.25%, 11/15/40

 

4,219,187

 

1,500

 

Puerto Rico Electric Power Authority, 5.125%, 7/1/29

 

1,533,585

 

2,000

 

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

 

2,065,500

 

2,100

 

Suffolk County IDA, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27

 

2,132,361

 

 

 

 

 

$

14,765,868

 

 

 

 

 

 

 

General Obligations — 10.5%

 

 

 

6,000

 

New York City, 5.25%, 9/15/33

 

6,180,480

 

 

1


 

2,500

 

Puerto Rico Public Buildings Authority, Commonwealth Guaranteed, 5.25%, 7/1/29

 

2,593,150

 

 

 

 

 

$

8,773,630

 

 

 

 

 

 

 

Health Care - Miscellaneous — 6.4%

 

 

 

1,250

 

New York City IDA, (A Very Special Place, Inc.), 5.75%, 1/1/29

 

1,021,112

 

1,500

 

New York City IDA, (Ohel Children’s Home), 6.00%, 3/15/23

 

1,338,225

 

140

 

Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), 7.50%, 9/1/15

 

152,606

 

180

 

Suffolk County IDA, Civic Facility Revenue, (Alliance of LI), 7.50%, 9/1/15

 

196,207

 

2,600

 

Westchester County IDA, (Children’s Village), 5.375%, 3/15/19

 

2,610,582

 

 

 

 

 

$

5,318,732

 

 

 

 

 

 

 

Hospital — 15.3%

 

 

 

235

 

Chautauqua County IDA, (Womans Christian Association), 6.35%, 11/15/17

 

219,833

 

495

 

Chautauqua County IDA, (Womans Christian Association), 6.40%, 11/15/29

 

463,874

 

1,250

 

Fulton County IDA, (Nathan Littauer Hospital), 6.00%, 11/1/18

 

1,200,375

 

400

 

Nassau County IDA, Civic Facility Revenue, (North Shore Health System), 6.25%, 11/1/21

 

434,968

 

3,200

 

New York City Health and Hospital Corp., 5.25%, 2/15/17

 

3,295,232

 

300

 

New York City Health and Hospital Corp., (Health System), 5.375%, 2/15/26

 

305,688

 

1,500

 

New York Dormitory Authority Revenue, (Lenox Hill Hospital), 5.50%, 7/1/30

 

1,549,965

 

2,000

 

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

 

2,028,240

 

1,250

 

Oneida County IDA, (St. Elizabeth Hospital), 5.75%, 12/1/19

 

1,134,163

 

2,105

 

Suffolk County IDA, Civic Facility, (Huntington Hospital), 6.00%, 11/1/22

 

2,221,028

 

 

 

 

 

$

12,853,366

 

 

 

 

 

 

 

Industrial Development Revenue — 6.3%

 

 

 

1,500

 

New York City IDA, (American Airlines, Inc.-JFK International Airport), (AMT), 8.00%, 8/1/12

 

1,187,190

 

775

 

Onandaga County IDA, Aero Syracuse Cargo, (AMT), 6.125%, 1/1/32

 

785,253

 

2,500

 

Onondaga County IDA, (Anheuser-Busch), (AMT), 6.25%, 12/1/34

 

2,719,025

 

 

2


 

550

 

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

 

561,110

 

 

 

 

 

$

5,252,578

 

 

 

 

 

 

 

Insured-Education — 6.6%

 

 

 

1,000

 

Madison County IDA, (Colgate University), (MBIA), 5.00%, 7/1/39

 

1,015,310

 

1,500

 

New York Dormitory Authority, (Barnard College), (AMBAC), 4.75%, 7/1/35

 

1,490,295

 

1,200

 

New York Dormitory Authority, (Cooper Union), (MBIA), 6.25%, 7/1/29

 

1,374,672

 

900

 

New York Dormitory Authority, New York University, (MBIA), Variable Rate, 7/1/27 (1) (2)

 

1,667,322

 

 

 

 

 

$

5,547,599

 

 

 

 

 

 

 

Insured-Escrowed/Prerefunded — 7.1%

 

 

 

1,500

 

Metropolitan Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.75%, 7/1/26

 

1,525,410

 

1,400

 

Metropolitan Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.75%, 7/1/26

 

1,423,716

 

1,000

 

Metropolitan Transportation Authority of New York, Escrowed to Maturity, (FGIC), 4.875%, 7/1/18

 

1,063,140

 

1,000

 

New York City, Trust for Cultural Resources, (Museum of History), Prerefunded to 7/1/09, (AMBAC), Variable Rate, 7/1/29 (1) (2)

 

1,273,610

 

580

 

New York Dormitory Authority, (New York State Department of Health), Prerefunded to 7/01/06, (MBIA), 5.50%, 7/1/25

 

631,237

 

 

 

 

 

$

5,917,113

 

 

 

 

 

 

 

Insured-General Obligations — 2.7%

 

 

 

1,750

 

Puerto Rico, (FSA), Variable Rate, 7/1/27 (1) (2)

 

2,257,010

 

 

 

 

 

$

2,257,010

 

 

 

 

 

 

 

Insured-Hospital — 10.4%

 

 

 

5,000

 

New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), (MBIA), 5.50%, 7/1/23 (3)

 

5,716,300

 

3,000

 

New York Dormitory Authority, (Municipal Health Facilities Improvement), (FSA), 4.75%, 1/15/29

 

2,984,820

 

 

 

 

 

$

8,701,120

 

 

3


 

Insured-Lease Revenue / Certificates of Participation — 0.5%

 

 

 

420

 

New York Dormitory Authority, (New York State Department of Health), (MBIA), 5.50%, 7/1/25

 

447,308

 

 

 

 

 

$

447,308

 

 

 

 

 

 

 

Insured-Special Tax Revenue — 3.0%

 

 

 

1,175

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/07 (2) (4)

 

1,226,665

 

1,190

 

Puerto Rico Infrastructure Financing Authority, (AMBAC), Variable Rate, 7/1/28 (1) (2)

 

1,268,492

 

 

 

 

 

$

2,495,157

 

 

 

 

 

 

 

Insured-Transportation — 11.6%

 

 

 

2,325

 

Monroe County Airport Authority, (MBIA), (AMT), Variable Rate, 1/1/17 (2) (4)

 

3,053,678

 

2,735

 

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

 

2,917,753

 

1,750

 

Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT), Variable Rate, 4/1/29 (2) (4)

 

1,983,905

 

1,750

 

Triborough Bridge and Tunnel Authority, (MBIA), 5.00%, 1/1/32

 

1,776,163

 

 

 

 

 

$

9,731,499

 

 

 

 

 

 

 

Insured-Water and Sewer — 2.6%

 

 

 

2,000

 

New York City Municipal Water Finance Authority, (FGIC), 5.50%, 6/15/32

 

2,141,560

 

 

 

 

 

$

2,141,560

 

 

 

 

 

 

 

Lease Revenue/Certificates of Participation — 5.7%

 

 

 

4,385

 

New York Dormitory Authority, (Court Facility), 6.00%, 5/15/39

 

4,774,827

 

 

 

 

 

$

4,774,827

 

 

 

 

 

 

 

Other Revenue — 3.4%

 

 

 

1,285

 

Albany Industrial Development Agency Civic Facility, (Charitable Leadership), 5.75%, 7/1/26

 

1,312,987

 

1,250

 

Puerto Rico Infrastructure Financing Authority, Variable Rate, 10/1/32 (1) (2)

 

1,554,038

 

 

 

 

 

$

2,867,025

 

 

4


 

Senior Living / Life Care — 2.6%

 

 

 

1,250

 

Mount Vernon IDA, (Wartburg Senior Housing, Inc. — Meadowview), 6.20%, 6/1/29

 

1,162,025

 

1,000

 

Suffolk County IDA, (Jeffersons Ferry), 7.20%, 11/1/19

 

1,043,540

 

 

 

 

 

$

2,205,565

 

 

 

 

 

 

 

Special Tax Revenue — 1.3%

 

 

 

1,040

 

New York State Local Government Assistance Corp., 5.00%, 4/1/21

 

1,126,299

 

 

 

 

 

$

1,126,299

 

 

 

 

 

 

 

Transportation — 14.6%

 

 

 

6,000

 

Metropolitan Transportation Authority of New York, 5.25%, 11/15/32

 

6,178,740

 

1,000

 

Port Authority of New York and New Jersey, 5.25%, 7/15/34

 

1,015,040

 

1,800

 

Port Authority of New York and New Jersey, Variable Rate, 3/1/28 (1)

 

2,286,090

 

1,300

 

Port Authority of New York and New Jersey, (AMT), Variable Rate, 6/15/33 (2) (4)

 

1,180,231

 

1,550

 

Puerto Rico Highway and Transportation Authority, 4.75%, 7/1/38

 

1,531,881

 

 

 

 

 

$

12,191,982

 

 

 

 

 

 

 

Water and Sewer — 6.3%

 

 

 

1,500

 

New York City Municipal Water Finance Authority, 5.25%, 6/15/29

 

1,530,045

 

3,500

 

New York City Municipal Water Finance Authority, 5.75%, 6/15/29

 

3,777,445

 

 

 

 

 

$

5,307,490

 

 

 

 

 

 

 

Total Tax-Exempt Investments — 150.3%
(identified cost $118,833,479)

 

$

125,943,088

 

 

 

 

 

 

 

Other Assets, Less Liabilities — 2.8%

 

$

2,361,314

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.1)%

 

$

(44,505,495

)

Net Assets Applicable to Common Shares— 100.0%

 

$

83,798,907

 

 

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.

 

 

 

FGIC

-

Financial Guaranty Insurance Company

FSA

-

Financial Security Assurance, Inc.

MBIA

-

Municipal Bond Insurance Association

 

5


 

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, 2004, 29.6% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 4.2% to 16.3% of total investments.

 

(1)                                                          Security has been issued as a leveraged inverse floater bond.

 

(2)                                                          Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2004, the aggregate value of the securities is $15,464,951 or 18.5% of the Trust’s net assets.

 

(3)                                                          Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

 

(4)                                                          Security has been issued as an inverse floater bond.

 

6


 

A summary of financial instruments at August 31, 2004 is as follows:

 

Futures Contracts

 

Expiration
Date(s)

 

Contracts

 

Position

 

Aggregate
Cost

 

Value

 

Net Unrealized
Depreciation

 

12/04

 

210 U.S. Treasury Bond

 

Short

 

$

(23,168,016

)

$

(23,375,625

)

$

(207,609

)

 

At August 31, 2004, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

 

The cost and unrealized appreciation (depreciation) in value of the investments owned at August 31, 2004 as computed on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

118,803,783

 

Gross unrealized appreciation

 

$

8,237,143

 

Gross unrealized depreciation

 

(1,097,838

)

Net unrealized appreciation

 

$

7,139,305

 

 

7


 

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/ Thomas J. Fetter

 

 

Thomas J. Fetter

 

President and Principal Executive Officer

 

 

Date:

October 21, 2004

 

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/ Thomas J. Fetter

 

 

Thomas J. Fetter

 

President and Principal Executive Officer

 

 

Date:

October 21, 2004

 

 

By:

 /s/ James L. O’Connor

 

 

James L. O’Connor

 

Treasurer and Principal Financial Officer

 

 

Date:

October 21, 2004