Eaton Vance New York 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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Income Trust

February 28, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 158.8%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 5.8%

      

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

    $ 1,730      $ 1,841,967  

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

      2,535        2,558,626  
     

 

 

  
      $ 4,400,593  
     

 

 

  

Cogeneration — 2.2%

      

New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28

    $ 500      $ 499,020  

New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.75%, 10/1/36

      500        496,590  

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

      705        705,289  
     

 

 

  
      $ 1,700,899  
     

 

 

  

Education — 28.7%

      

Monroe County Industrial Development Corp., (Nazareth College of Rochester), 4.00%, 10/1/47

    $ 1,155      $ 1,131,011  

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

      1,490        1,529,842  

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

      325        333,499  

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

      510        530,854  

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

      1,000        1,012,070  

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

      725        788,974  

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

      510        532,797  

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

      2,000        2,086,700  

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

      220        248,983  

New York Dormitory Authority, (Fordham University), Prerefunded to 7/1/21, 5.50%, 7/1/36

      1,000        1,118,030  

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

      2,250        2,284,402  

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

      2,500        2,611,750  

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

      325        355,706  

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

      400        441,948  

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

      1,695        1,801,531  

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

      500        510,435  

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

      2,000        2,178,660  

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

      280        292,211  

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

      735        772,794  

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

      1,205        1,358,420  
     

 

 

  
      $ 21,920,617  
     

 

 

  

Electric Utilities — 4.5%

      

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

    $ 1,420      $ 1,492,406  

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

      1,735        1,983,330  
     

 

 

  
      $ 3,475,736  
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Escrowed/Prerefunded — 10.9%

      

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

    $ 380      $ 412,406  

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

      1,500        1,587,900  

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

      955        983,812  

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

      625        638,544  

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/21, 5.00%, 5/1/32

      1,000        1,098,940  

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

      395        437,838  

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

      1,000        1,129,150  

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

      1,000        1,018,330  

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

      1,025        1,053,649  
     

 

 

  
      $ 8,360,569  
     

 

 

  

General Obligations — 7.5%

      

Illinois, 5.00%, 12/1/34

    $ 1,300      $ 1,334,216  

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

      4,000        4,341,160  

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

      45        46,375  
     

 

 

  
      $ 5,721,751  
     

 

 

  

Hospital — 11.7%

      

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

    $ 130      $ 142,290  

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

      960        1,045,680  

Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/47

      1,000        958,030  

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

      1,000        1,066,170  

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

      1,000        1,064,720  

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

      800        874,216  

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

      100        107,272  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/40(2)

      1,000        1,067,410  

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

      415        429,260  

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

      835        864,467  

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

      1,065        1,155,014  

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

      185        204,175  
     

 

 

  
      $ 8,978,704  
     

 

 

  

Housing — 10.0%

      

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

    $ 400      $ 393,244  

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

      500        501,740  

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

      750        759,877  

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

      650        656,078  

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

      1,000        1,033,890  

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

      2,625        2,628,360  

New York Mortgage Agency, 3.60%, 10/1/34(3)

      1,190        1,193,641  

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

      480        489,466  
     

 

 

  
      $ 7,656,296  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Industrial Development Revenue — 7.8%

      

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

    $ 1,000      $ 1,025,550  

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

      500        453,045  

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

      1,075        1,071,893  

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

      1,000        1,231,270  

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

      300        381,060  

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

      1,800        1,801,170  
     

 

 

  
      $ 5,963,988  
     

 

 

  

Insured – Education — 2.0%

      

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

    $ 1,250      $ 1,547,938  
     

 

 

  
      $ 1,547,938  
     

 

 

  

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      $ 1,427,681  
     

 

 

  
      $ 1,427,681  
     

 

 

  

Insured – General Obligations — 2.3%

      

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

    $ 1,680      $ 1,767,410  
     

 

 

  
      $ 1,767,410  
     

 

 

  

Insured – Other Revenue — 5.1%

      

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

    $ 2,645      $ 1,693,514  

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

      3,625        2,224,300  
     

 

 

  
      $ 3,917,814  
     

 

 

  

Insured – Special Tax Revenue — 0.6%

      

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

    $ 2,475      $ 469,681  
     

 

 

  
      $ 469,681  
     

 

 

  

Insured – Transportation — 3.0%

      

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

    $ 1,000      $ 1,025,850  

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

      1,250        1,273,063  
     

 

 

  
      $ 2,298,913  
     

 

 

  

Other Revenue — 10.7%

      

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

    $ 3,120      $ 1,886,196  

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

      1,000        1,015,520  

New York City Trust for Cultural Resources, (Alvin Ailey Dance Foundation), 4.00%, 7/1/46

      1,715        1,747,825  

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

      1,300        1,375,699  

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

      2,000        2,125,920  
     

 

 

  
      $ 8,151,160  
     

 

 

  

Senior Living/Life Care — 9.2%

      

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

    $ 80      $ 92,790  

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

      205        241,740  

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

      225        267,138  

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

      530        599,621  

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

      830        931,243  

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

      855        956,198  

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

      280        289,806  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 120      $ 123,738  

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

      905        978,775  

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

      100        100,119  

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

      230        235,380  

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

      230        234,519  

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

      1,830        1,966,939  
     

 

 

  
      $ 7,018,006  
     

 

 

  

Special Tax Revenue — 18.0%

      

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

    $ 1,185      $ 1,305,028  

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

      915        1,004,908  

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

      1,000        1,088,250  

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

      1,000        1,039,780  

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

      2,380        2,663,482  

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

      6,000        6,691,860  
     

 

 

  
      $ 13,793,308  
     

 

 

  

Transportation — 13.3%

      

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

    $ 1,500      $ 1,666,350  

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

      695        761,803  

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

      1,000        1,090,750  

Port Authority of New York and New Jersey, (AMT), 4.00%, 9/15/43

      1,500        1,529,850  

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

      1,665        1,853,078  

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

      500        553,605  

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

      990        991,584  

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

      1,715        1,761,957  
     

 

 

  
      $ 10,208,977  
     

 

 

  

Water and Sewer — 3.6%

      

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

    $ 585      $ 331,239  

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

      2,385        2,413,548  
     

 

 

  
      $ 2,744,787  
     

 

 

  

Total Tax-Exempt Municipal Securities — 158.8%
(identified cost $113,571,783)

       $ 121,524,828  
     

 

 

  

Taxable Municipal Securities — 2.0%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 2.0%

      

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

    $ 1,500      $ 1,503,645  
     

 

 

  

Total Taxable Municipal Securities — 2.0%
(identified cost $1,521,818)

       $ 1,503,645  
     

 

 

  

 

4

 

 

                                                 

Corporate Bonds & Notes — 3.6%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 3.6%

      

Northwell Healthcare, Inc., 4.26%, 11/1/47

    $ 1,000      $ 977,524  

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

      1,500        1,485,468  

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

      315        325,013  
     

 

 

  

Total Corporate Bonds & Notes — 3.6%
(identified cost $2,848,409)

       $ 2,788,005  
     

 

 

  

Miscellaneous — 1.0%

      
Security    Units      Value  

Real Estate — 1.0%

      

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

      257      $ 736,351  
     

 

 

  

Total Miscellaneous — 1.0%
(identified cost $822,400)

       $ 736,351  
     

 

 

  

Total Investments — 165.4%
(identified cost $118,764,410)

       $ 126,552,829  
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.4)%

       $ (4,126,165 ) 
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value
(net of unamortized deferred offering costs) — (38.6)%

       $ (29,496,904 ) 
     

 

 

  

Other Assets, Less Liabilities — (21.4)%

       $ (16,414,479 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 76,515,281  
     

 

 

  

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 28, 2018, 9.0% 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.

 

(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 28, 2018, the aggregate value of these securities is $7,487,056 or 9.8% of the Trust’s net assets applicable to common shares.

 

(3) When-issued security.

 

(4) Non-income producing.

 

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

 

5

 

 

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 February 28, 2018.

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, 2018, 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

    $ —      $ 121,524,828      $ —      $ 121,524,828  

Taxable Municipal Securities

      —        1,503,645        —        1,503,645  

Corporate Bonds & Notes

      —        2,788,005        —        2,788,005  

Miscellaneous

      —        —        736,351        736,351  

Total Investments

    $ —      $     125,816,478      $     736,351      $     126,552,829  

 

* 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, 2018 is not presented. At February 28, 2018, 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.

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:   April 26, 2018

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 26, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 26, 2018