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, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Income Trust

August 31, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 155.5%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 5.7%

      

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

    $ 1,730      $ 1,888,901  

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

      2,535        2,618,300  
     

 

 

  
      $ 4,507,201  
     

 

 

  

Cogeneration — 1.0%

      

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

    $ 805      $ 805,097  
     

 

 

  
      $ 805,097  
     

 

 

  

Education — 27.9%

      

Hempstead Local Development Corp., (Molloy College), 5.00%, 7/1/39

    $ 700      $ 803,642  

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

      1,490        1,567,912  

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

      325        341,861  

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

      510        545,251  

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

      1,000        1,035,870  

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

      725        816,923  

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

      510        547,980  

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

      2,000        2,143,260  

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

      220        250,738  

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

      1,000        1,149,870  

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

      2,250        2,348,685  

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

      2,500        2,674,800  

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

      325        372,710  

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

      400        461,976  

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

      1,695        1,870,382  

New York Dormitory Authority, (The New School), 4.00%, 7/1/43

      500        525,030  

New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40

      2,000        2,250,780  

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

      280        303,724  

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

      735        793,264  

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

      1,205        1,406,331  
     

 

 

  
      $ 22,210,989  
     

 

 

  

Electric Utilities — 4.5%

      

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

    $ 1,420      $ 1,540,260  

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

      1,735        2,053,476  
     

 

 

  
      $ 3,593,736  
     

 

 

  

Escrowed/Prerefunded — 11.2%

      

Brooklyn Arena Local Development Corp., (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40

    $ 380      $ 428,260  

Metropolitan Transportation Authority, Prerefunded to 11/15/17, 5.00%, 11/15/37

      135        136,187  

Metropolitan Transportation Authority, Prerefunded to 11/15/17, 5.00%, 11/15/37

      655        660,757  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Metropolitan Transportation Authority, Dedicated Tax Revenue, Prerefunded to 11/15/19, 5.00%, 11/15/34

    $ 1,500      $ 1,636,830  

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

      955        1,013,780  

New York City Cultural Resources Trust, (Museum of Modern Art), Prerefunded to 10/1/18, 5.00%, 4/1/31

      625        653,881  

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

      395        456,134  

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

      1,000        1,179,730  

Saratoga County Industrial Development Agency, (Saratoga Hospital), Prerefunded to 12/1/17, 5.25%, 12/1/32

      650        657,365  

Saratoga County Water Authority, Prerefunded to 9/1/18, 5.00%, 9/1/48

      1,000        1,042,710  

Triborough Bridge and Tunnel Authority, Prerefunded to 11/15/18, 5.25%, 11/15/34(1)

      1,025        1,080,685  
     

 

 

  
      $ 8,946,319  
     

 

 

  

General Obligations — 5.7%

      

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

    $ 4,000      $ 4,517,160  

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

      45        47,780  
     

 

 

  
      $ 4,564,940  
     

 

 

  

Hospital — 10.3%

      

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

    $ 130      $ 144,462  

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

      960        1,062,298  

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

      1,000        1,089,790  

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

      1,000        1,106,130  

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

      1,000        1,109,270  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32(2)

      800        896,960  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35(2)

      100        110,457  

New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.125%, 12/1/29

      415        442,714  

New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.25%, 12/1/37

      835        892,164  

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

      1,065        1,173,406  

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

      185        212,759  
     

 

 

  
      $ 8,240,410  
     

 

 

  

Housing — 9.0%

      

New York City Housing Development Corp., MFMR, 3.45%, 11/1/37

    $ 1,000      $ 1,008,430  

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

      500        513,275  

New York City Housing Development Corp., MFMR, 3.95%, 11/1/36

      750        790,230  

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

      650        675,116  

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

      1,000        1,031,380  

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

      2,625        2,633,767  

New York Mortgage Agency, 3.90%, 10/1/36

      480        499,378  
     

 

 

  
      $ 7,151,576  
     

 

 

  

Industrial Development Revenue — 7.5%

      

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

    $ 1,000      $ 1,038,320  

New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(2)

      500        435,775  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,000      $ 994,850  

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

      1,000        1,281,380  

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37

      300        398,454  

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

      1,800        1,803,798  
     

 

 

  
      $ 5,952,577  
     

 

 

  

Insured-Education — 2.1%

      

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

    $ 1,250      $ 1,662,638  
     

 

 

  
      $ 1,662,638  
     

 

 

  

Insured-Electric Utilities — 1.8%

      

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

    $ 1,365      $ 1,469,504  
     

 

 

  
      $ 1,469,504  
     

 

 

  

Insured-General Obligations — 2.3%

      

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

    $ 1,680      $ 1,802,254  
     

 

 

  
      $ 1,802,254  
     

 

 

  

Insured-Other Revenue — 4.9%

      

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

    $ 2,645      $ 1,701,634  

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

      3,625        2,236,915  
     

 

 

  
      $ 3,938,549  
     

 

 

  

Insured-Special Tax Revenue — 0.7%

      

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

    $ 2,475      $ 514,726  
     

 

 

  
      $ 514,726  
     

 

 

  

Insured-Transportation — 2.9%

      

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37

    $ 1,000      $ 1,044,970  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/46

      1,250        1,293,800  
     

 

 

  
      $ 2,338,770  
     

 

 

  

Lease Revenue/Certificates of Participation — 1.3%

      

Hudson Yards Infrastructure Corp., 4.00%, 2/15/44

    $ 1,000      $ 1,069,030  
     

 

 

  
      $ 1,069,030  
     

 

 

  

Other Revenue — 8.1%

      

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

    $ 3,120      $ 1,843,296  

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

      1,000        1,041,230  

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

      1,300        1,416,350  

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

      2,000        2,187,180  
     

 

 

  
      $ 6,488,056  
     

 

 

  

Senior Living/Life Care — 8.8%

      

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.00%, 11/1/24

    $ 80      $ 92,949  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25

      205        243,456  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/26

      225        268,479  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/36

      530        595,975  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 830      $ 921,142  

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

      855        941,748  

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

      280        292,127  

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

      120        124,093  

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

      905        985,201  

Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.00%, 7/1/34

      100        101,883  

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

      230        239,575  

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

      230        238,374  

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

      1,830        2,000,574  
     

 

 

  
      $ 7,045,576  
     

 

 

  

Special Tax Revenue — 20.6%

      

New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 8/1/43

    $ 500      $ 535,945  

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

      1,185        1,346,267  

New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(1)

      915        1,044,867  

New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/36

      1,500        1,627,830  

New York Dormitory Authority, Personal Income Tax Revenue, Series 2011A, 5.00%, 3/15/33

      1,000        1,128,000  

New York Dormitory Authority, Personal Income Tax Revenue, Prerefunded to 3/15/19, 5.25%, 3/15/38

      1,000        1,067,600  

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

      2,380        2,744,473  

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

      6,000        6,938,280  
     

 

 

  
      $ 16,433,262  
     

 

 

  

Transportation — 15.6%

      

Buffalo and Fort Erie Public Bridge Authority, 5.00%, 1/1/42

    $ 2,250      $ 2,643,908  

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

      1,500        1,727,475  

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

      695        790,403  

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

      1,000        1,123,460  

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

      1,665        1,933,348  

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/44

      500        571,605  

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

      990        1,013,334  

Triborough Bridge and Tunnel Authority, Subseries 2008B-3, 5.00%, 11/15/38

      680        800,421  

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

      1,715        1,805,912  
     

 

 

  
      $ 12,409,866  
     

 

 

  

Water and Sewer — 3.6%

      

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

    $ 585      $ 355,317  

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

      2,385        2,480,877  
     

 

 

  
      $ 2,836,194  
     

 

 

  

Total Tax-Exempt Municipal Securities — 155.5%
(identified cost $112,876,975)

       $ 123,981,270  
     

 

 

  

 

4

 

 

                                                 

Taxable Municipal Securities — 1.9%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 1.9%

      

New York Dormitory Authority, (New York University), 3.998%, 7/1/39

    $ 1,500      $ 1,566,660  
     

 

 

  

Total Taxable Municipal Securities — 1.9%
(identified cost $1,522,773)

       $ 1,566,660  
     

 

 

  

Corporate Bonds & Notes — 2.4%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 2.4%

      

NYU Hospitals Center, 4.168%, 7/1/37

    $ 1,500      $ 1,576,582  

NYU Hospitals Center, 4.368%, 7/1/47

      315        341,670  
     

 

 

  

Total Corporate Bonds & Notes — 2.4%
(identified cost $1,836,019)

       $ 1,918,252  
     

 

 

  

Miscellaneous — 0.9%

      
Security    Units      Value  

Real Estate — 0.9%

      

CMS Liquidating Trust(2)(3)(4)

      257      $ 691,928  
     

 

 

  

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

       $ 691,928  
     

 

 

  

Total Investments — 160.7%
(identified cost $117,058,167)

       $ 128,158,110  
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.2)%

       $ (4,126,046 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value
(net of unamortized deferred offering costs) — (37.0)%

       $ (29,463,024 ) 
     

 

 

  

Other Assets, Less Liabilities — (18.5)%

       $ (14,837,992 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 79,731,048  
     

 

 

  

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 August 31, 2017, 9.1% 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 0.4% to 3.2% of total investments.

 

5

 

 

(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 August 31, 2017, the aggregate value of these securities is $6,350,118 or 8.0% of the Trust’s net assets applicable to common shares.

 

(3) Non-income producing.

 

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

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.
 

 

The Trust did not have any open derivative instruments at August 31, 2017.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     100,523,768  
  

 

 

  

Gross unrealized appreciation

    $ 11,726,294  

Gross unrealized depreciation

      (301,952 ) 
  

 

 

  

Net unrealized appreciation

    $ 11,424,342  
  

 

 

  

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, 2017, the hierarchy of inputs used in valuing the Trust’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3*      Total  

Tax-Exempt Municipal Securities

    $ —      $ 123,981,270      $ —      $ 123,981,270  

Taxable Municipal Securities

      —        1,566,660        —        1,566,660  

Corporate Bonds & Notes

      —        1,918,252        —        1,918,252  

Miscellaneous

      —        —        691,928        691,928  

Total Investments

    $ —      $     127,466,182      $     691,928      $     128,158,110  

 

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

 

6

 

 

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, 2017 is not presented. At August 31, 2017, 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.

 

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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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 24, 2017

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 24, 2017

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 24, 2017