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 29, 2016

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Income Trust

February 29, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 158.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 5.8%

      

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

    $ 1,730       $ 1,962,305   

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

      2,535         2,768,600   
     

 

 

  
   $ 4,730,905   
     

 

 

  

Cogeneration — 1.1%

      

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

    $ 900       $ 900,243   
     

 

 

  
   $ 900,243   
     

 

 

  

Education — 26.8%

      

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

    $ 310       $ 353,304   

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

      1,490         1,649,311   

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

      325         359,460   

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

      510         571,644   

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

      1,000         1,098,230   

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

      725         839,717   

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

      510         577,366   

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

      2,000         2,245,920   

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

      220         252,699   

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

      1,000         1,195,680   

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

      2,250         2,525,287   

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

      2,500         2,813,525   

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

      325         378,521   

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

      400         472,736   

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

      1,695         1,880,704   

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

      2,000         2,283,220   

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

      280         298,995   

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

      735         783,892   

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

      1,205         1,394,980   
     

 

 

  
   $ 21,975,191   
     

 

 

  

Electric Utilities — 4.5%

      

Long Island Power Authority, Electric System Revenue, Prerefunded to 5/1/19,
6.00%, 5/1/33

    $ 1,420       $ 1,650,580   

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

      1,735         2,079,796   
     

 

 

  
   $ 3,730,376   
     

 

 

  

Escrowed/Prerefunded — 7.1%

      

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

    $ 955       $ 1,094,497   

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

      845         871,668   

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

      750         795,443   

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

      1,250         1,336,162   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center),
Prerefunded to 7/1/22, 4.50%, 7/1/32

    $ 395       $ 473,672   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center),
Prerefunded to 7/1/22, 5.00%, 7/1/42

      1,000         1,229,570   
     

 

 

  
      $ 5,801,012   
     

 

 

  

General Obligations — 5.7%

      

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

    $ 4,000       $ 4,606,160   

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

      45         51,537   
     

 

 

  
      $ 4,657,697   
     

 

 

  

Hospital — 12.2%

      

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

    $ 130       $ 150,161   

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

      960         1,085,597   

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

      645         646,509   

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

      1,000         1,101,590   

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

      1,000         1,141,280   

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

      1,000         1,114,640   

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

      525         607,598   

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

      415         452,192   

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

      835         908,522   

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

      710         711,910   

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

      650         687,518   

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

      1,065         1,197,262   

Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), Prerefunded to 7/1/21, 5.00%, 7/1/28

      185         222,255   
     

 

 

  
      $ 10,027,034   
     

 

 

  

Housing — 11.7%

      

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

    $ 2,620       $ 2,658,671   

New York City Housing Development Corp., MFMR, 3.75%, 11/1/40

      500         505,900   

New York Housing Finance Agency, 3.80%, 11/1/35

      650         673,322   

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

      1,000         1,045,020   

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

      2,625         2,690,835   

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

      1,500         1,503,495   

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

      535         536,252   
     

 

 

  
      $ 9,613,495   
     

 

 

  

Industrial Development Revenue — 6.2%

      

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

    $ 1,000       $ 1,099,070   

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

      1,000         1,006,900   

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

      980         1,199,599   

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

      1,800         1,827,054   
     

 

 

  
      $ 5,132,623   
     

 

 

  

Insured-Education — 7.1%

      

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

    $ 1,250       $ 1,670,788   

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

      1,500         1,629,795   

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

      5,365         2,508,298   
     

 

 

  
      $ 5,808,881   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Electric Utilities — 1.9%

      

Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33

    $ 1,365       $ 1,570,733   
     

 

 

  
      $ 1,570,733   
     

 

 

  

Insured-General Obligations — 2.2%

      

Oyster Bay, (AGM), 4.00%, 8/1/28

    $ 1,680       $ 1,838,558   
     

 

 

  
      $ 1,838,558   
     

 

 

  

Insured-Other Revenue — 4.6%

      

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

    $ 2,645       $ 1,634,160   

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

      3,625         2,130,449   
     

 

 

  
      $ 3,764,609   
     

 

 

  

Insured-Special Tax Revenue — 0.5%

      

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

    $ 2,475       $ 381,769   
     

 

 

  
      $ 381,769   
     

 

 

  

Other Revenue — 9.1%

      

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

    $ 3,120       $ 1,617,034   

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

      380         439,421   

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

      625         684,681   

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

      1,000         1,106,890   

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

      1,300         1,386,866   

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

      2,000         2,198,700   
     

 

 

  
      $ 7,433,592   
     

 

 

  

Senior Living/Life Care — 7.1%

      

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

    $ 830       $ 933,526   

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

      855         955,018   

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

      280         300,096   

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

      120         126,803   

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

      905         998,477   

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

      230         238,726   

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

      230         236,307   

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

      1,830         2,006,668   
     

 

 

  
      $ 5,795,621   
     

 

 

  

Special Tax Revenue — 20.7%

      

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

    $ 1,500       $ 1,702,320   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(3)

      2,100         2,516,955   

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

      1,000         1,156,990   

New York Dormitory Authority, Personal Income Tax Revenue, 5.25%, 3/15/38

      1,000         1,123,080   

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

      2,380         2,778,840   

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

      6,000         7,067,460   

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

      545         613,256   
     

 

 

  
      $ 16,958,901   
     

 

 

  

Transportation — 17.9%

      

Metropolitan Transportation Authority, 5.00%, 11/15/27

    $ 500       $ 617,925   

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

      790         841,808   

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,500       $ 1,721,460   

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

      700         803,103   

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

      1,000         1,139,080   

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35

      1,665         1,929,535   

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

      990         1,075,269   

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38

      2,000         2,371,780   

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/40

      1,000         1,170,410   

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

      2,740         3,047,647   
     

 

 

  
      $ 14,718,017   
     

 

 

  

Water and Sewer — 5.9%

      

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

    $ 585       $ 322,464   

New York City Municipal Water Finance Authority, (Water and Sewer System),
5.75%, 6/15/40(1)(3)

      3,105         3,446,860   

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

      1,000         1,091,180   
     

 

 

  
      $ 4,860,504   
     

 

 

  

Total Tax-Exempt Investments — 158.1%
(identified cost $115,899,924)

       $ 129,699,761   
     

 

 

  

Miscellaneous — 0.9%

      
Security    Units      Value  

Real Estate — 0.9%

      

CMS Liquidating Trust(2)(4)(5)

      257       $ 697,616   
     

 

 

  

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

       $ 697,616   
     

 

 

  

Total Investments — 159.0%
(identified cost $116,722,324)

       $ 130,397,377   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.0)%

       $ (4,125,209 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (36.1)%

       $ (29,600,000 ) 
     

 

 

  

Other Assets, Less Liabilities — (17.9)%

       $ (14,655,842 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 82,016,326   
     

 

 

  

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

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 29, 2016, 10.2% 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 1.3% to 2.9% of total investments.

 

(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, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 29, 2016, the aggregate value of these securities is $4,918,436 or 6.0% of the Trust’s net assets applicable to common shares.

 

4

 

 

(3) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,318,816.

 

(4) Non-income producing.

 

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

Futures Contracts

 

Description

   

Contracts

    Position    Expiration
Month/Year		    Aggregate Cost     Value     Net Unrealized
Appreciation		  

Interest Rate Futures

          

U.S. Long Treasury Bond

    29    Short    Jun-16    $     (4,794,687 )    $     (4,771,406 )    $ 23,281   
               

 

 

  
  $     23,281   
               

 

 

  

Abbreviations:

 

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.

At February 29, 2016, the Trust had sufficient cash and/or securities to cover commitments under open derivative 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 February 29, 2016, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $23,281.

The cost and unrealized appreciation (depreciation) of investments of the Trust at February 29, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     99,190,432   
  

 

 

  

Gross unrealized appreciation

    $ 13,636,548   

Gross unrealized depreciation

      (319,603 ) 
  

 

 

  

Net unrealized appreciation

    $ 13,316,945   
  

 

 

  

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.

 

5

 

 

At February 29, 2016, 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

    $ —       $ 129,699,761       $ —       $ 129,699,761   

Miscellaneous

      —         —         697,616         697,616   

Total Investments

    $ —       $ 129,699,761       $ 697,616       $ 130,397,377   

Futures Contracts

    $ 23,281       $ —       $ —       $ 23,281   

Total

    $     23,281       $     129,699,761       $     697,616       $     130,420,658   

 

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

The carrying amount of the Institutional MuniFund Term Preferred Shares (iMTP Shares) at February 29, 2016 approximated its fair value. If measured at fair value, iMTP Shares would have been considered as Level 2 in the fair value hierarchy at February 29, 2016.

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 29, 2016 is not presented.

At February 29, 2016, 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:   April 25, 2016

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 25, 2016

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 25, 2016