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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Income Trust

August 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 157.4%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Cogeneration — 2.3%

      

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

    $ 500      $ 504,625  

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

      500        504,625  

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

      705        705,268  
     

 

 

  
      $ 1,714,518  
     

 

 

  

Education — 28.8%

      

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

    $ 1,490      $ 1,506,703  

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

      325        328,432  

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

      510        522,964  

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38(1)

      4,000        4,712,280  

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

      725        775,482  

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

      510        523,587  

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

      2,000        2,052,460  

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

      220        246,400  

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

      1,000        1,103,670  

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

      4,000        4,631,800  

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

      325        350,314  

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

      400        434,684  

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

      2,000        2,133,500  

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

      280        293,476  

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

      735        766,899  

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

      1,205        1,346,997  
     

 

 

  
      $ 21,729,648  
     

 

 

  

Electric Utilities — 8.0%

      

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

    $ 1,420      $ 1,461,308  

Utility Debt Securitization Authority, 5.00%, 12/15/36(1)

      4,000        4,578,440  
     

 

 

  
      $ 6,039,748  
     

 

 

  

Escrowed/Prerefunded — 8.1%

      

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

    $ 380      $ 403,902  

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

      1,500        1,560,975  

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

      955        960,071  

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

      1,000        1,084,220  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,000      $ 1,112,960  

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

      1,025        1,032,647  
     

 

 

  
      $ 6,154,775  
     

 

 

  

General Obligations — 7.5%

      

Illinois, 5.00%, 12/1/34

    $ 1,300      $ 1,367,678  

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

      4,000        4,281,880  

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

      45        45,238  
     

 

 

  
      $ 5,694,796  
     

 

 

  

Hospital — 7.4%

      

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

    $ 130      $ 140,357  

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

      960        1,032,509  

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

      1,000        966,510  

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

      1,000        1,053,950  

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

      415        419,536  

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

      835        844,369  

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

      1,065        1,143,405  
     

 

 

  
      $ 5,600,636  
     

 

 

  

Housing — 4.8%

      

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

    $ 1,000      $ 1,018,720  

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

      2,625        2,628,124  
     

 

 

  
      $ 3,646,844  
     

 

 

  

Industrial Development Revenue — 6.9%

      

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

    $ 980      $ 1,213,328  

Niagara Area Development Corp., (Covanta), (AMT), 4.75%, 11/1/42(2)(3)

      2,500        2,512,525  

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

      1,490        1,500,713  
     

 

 

  
      $ 5,226,566  
     

 

 

  

Insured-Education — 2.0%

      

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

    $ 1,250      $ 1,548,713  
     

 

 

  
      $ 1,548,713  
     

 

 

  

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      $ 1,398,306  
     

 

 

  
      $ 1,398,306  
     

 

 

  

Insured-Other Revenue — 5.3%

      

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

    $ 2,645      $ 1,721,207  

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

      3,625        2,258,085  
     

 

 

  
      $ 3,979,292  
     

 

 

  

Insured-Transportation — 3.0%

      

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

    $ 1,000      $ 1,015,020  

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

      1,250        1,262,237  
     

 

 

  
      $ 2,277,257  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Lease Revenue/Certificates of Participation — 13.8%

      

Hudson Yards Infrastructure Corp., 5.00%, 2/15/42(1)

    $ 4,000      $ 4,532,200  

Monroe County Industrial Development Agency, (Rochester Schools Modernization), 5.00%, 5/1/31

      5,000        5,906,250  
     

 

 

  
      $ 10,438,450  
     

 

 

  

Other Revenue — 15.1%

      

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

    $ 3,120      $ 1,915,368  

New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37(1)

      5,200        6,000,280  

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

      1,300        1,368,445  

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

      2,000        2,150,300  
     

 

 

  
      $ 11,434,393  
     

 

 

  

Senior Living/Life Care — 2.2%

      

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

    $ 120      $ 122,323  

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

      905        966,359  

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

      100        100,500  

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

      230        234,543  

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

      230        234,763  
     

 

 

  
      $ 1,658,488  
     

 

 

  

Special Tax Revenue — 19.2%

      

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

    $ 1,185      $ 1,276,482  

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

      915        986,644  

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

      1,000        1,019,690  

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43(1)

      4,000        4,597,880  

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

      6,000        6,593,520  
     

 

 

  
      $ 14,474,216  
     

 

 

  

Transportation — 8.9%

      

New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C & D Redevelopment), (AMT), 4.00%, 1/1/36

    $ 400      $ 405,272  

Port Authority of New York and New Jersey, 5.00%, 10/15/36(1)

      4,000        4,593,200  

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

      1,715        1,727,622  
     

 

 

  
      $ 6,726,094  
     

 

 

  

Water and Sewer — 12.2%

      

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/46(1)

    $ 4,000      $ 4,509,720  

Suffolk County Water Authority, 5.00%, 6/1/36(1)

      4,000        4,734,160  
     

 

 

  
      $ 9,243,880  
     

 

 

  

Total Tax-Exempt Investments — 157.4%
(identified cost $113,365,924)

       $ 118,986,620  
     

 

 

  

 

3

 

 

                                                 

Corporate Bonds & Notes — 2.0%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 2.0%

      

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

    $ 1,500      $ 1,500,137  
     

 

 

  

Total Corporate Bonds & Notes — 2.0%
(identified cost $1,520,312)

       $ 1,500,137  
     

 

 

  

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 — 160.4%
(identified cost $115,708,636)

       $ 121,223,108  
     

 

 

  

Institutional MuniFund Term Preferred Shares, at Liquidation Value
(net of unamortized deferred offering costs) — (5.2)%

       $ (3,931,345 ) 
     

 

 

  

Other Assets, Less Liabilities — (55.2)%

       $ (41,712,096 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 75,579,667  
     

 

 

  

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, 2018, 7.6% 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 1.2% to 3.3% 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 August 31, 2018, the aggregate value of these securities is $6,118,034 or 8.1% 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.

 

4

 

 

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
 

 

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

    $ —      $ 118,986,620      $ —      $ 118,986,620  

Corporate Bonds & Notes

      —        1,500,137        —        1,500,137  

Miscellaneous

      —        —        736,351        736,351  

Total Investments

    $     —      $     120,486,757      $     736,351      $     121,223,108  

 

*

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 August 31, 2018 is not presented.

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.

 

5

 

 

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 22, 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:   October 22, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 22, 2018