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Eaton Vance

New York Municipal Income Trust

February 28, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Corporate Bonds & Notes — 2.7%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Hospital — 2.7%

 

Montefiore Obligated Group, 4.287%, 9/1/50

    $ 500      $ 535,804  

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

      1,500        1,571,275  
     

 

 

  

Total Corporate Bonds & Notes — 2.7%
(identified cost $2,018,420)

       $ 2,107,079  
     

 

 

  

Tax-Exempt Municipal Obligations — 145.3%

      
Security   

Principal

Amount

(000’s omitted)

      Value  

Cogeneration — 0.5%

 

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

    $ 355      $ 358,128  
     

 

 

  
      $ 358,128  
     

 

 

  

Education — 17.0%

 

Monroe County Industrial Development Corp., NY, (True North Rochester Preparatory Charter School):

      

5.00%, 6/1/50(1)

    $ 295      $ 338,666  

5.00%, 6/1/59(1)

      480        547,550  
New York Dormitory Authority, (Columbia University):

 

5.00%, 10/1/38(2)

      4,000        4,965,560  

5.00%, 10/1/41

      725        727,588  

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

      1,000        1,017,640  

New York Dormitory Authority, (New York University), 5.00%, 7/1/39(2)

      4,000        4,961,320  
New York Dormitory Authority, (Skidmore College):

 

5.00%, 7/1/27

      325        330,197  

5.25%, 7/1/29

      400        406,724  

Yonkers Economic Development Corp., NY, (Lamartine/Warburton, LLC - Charter School of Educational Excellence):

      

5.00%, 10/15/39

      125        142,030  

5.00%, 10/15/49

      25        27,828  

5.00%, 10/15/54

      40        44,367  
     

 

 

  
      $ 13,509,470  
     

 

 

  

Electric Utilities — 7.4%

 

New York Power Authority, 4.00%, 11/15/55(2)

    $ 1,000      $ 1,141,620  

Utility Debt Securitization Authority, NY, 5.00%, 12/15/36(2)

      4,000        4,761,520  
     

 

 

  
      $ 5,903,140  
     

 

 

  

Escrowed/Prerefunded — 3.0%

 

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

    $ 1,000      $ 1,063,470  

 

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Security   

Principal

Amount

(000’s omitted)

      Value  

Onondaga County Cultural Resources Trust, NY, (Syracuse University), Prerefunded to 12/1/23, 5.00%, 12/1/38

    $ 1,205      $ 1,361,963  
     

 

 

  
      $ 2,425,433  
     

 

 

  

General Obligations — 3.1%

      

Illinois, 5.00%, 10/1/33

    $ 1,300      $ 1,508,325  
Washingtonville Central School District, NY:      

0.05%, 6/15/35

      300        212,247  

0.05%, 6/15/36

      300        204,408  

0.05%, 6/15/37

      300        197,862  

0.05%, 6/15/38

      300        191,589  

0.05%, 6/15/39

      220        136,517  
     

 

 

  
      $ 2,450,948  
     

 

 

  

Hospital — 12.3%

      
Brookhaven Local Development Corp., NY, (Long Island Community Hospital):      

3.375%, 10/1/40

    $ 500      $ 510,270  

4.00%, 10/1/45

      500        544,125  

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

      1,500        1,563,900  

New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45

      2,960        3,244,693  

New York Dormitory Authority, (Maimonides Medical Center), 3.00%, 2/1/50

      700        721,798  

New York Dormitory Authority, (Montefiore Obligated Group), 4.00%, 9/1/50

      70        77,727  

New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/45(1)

      1,900        2,095,130  

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

      1,065        1,078,664  
     

 

 

  
      $ 9,836,307  
     

 

 

  

Housing — 3.3%

      

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

    $ 2,625      $ 2,650,935  
     

 

 

  
      $ 2,650,935  
     

 

 

  

Industrial Development Revenue — 7.5%

      

Build NYC Resource Corp., NY, (Pratt Paper (NY), Inc.), (AMT), 4.50%, 1/1/25(1)

    $ 995      $ 1,063,416  

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

      980        1,373,264  

New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment), (AMT), 4.375%, 10/1/45

      810        928,260  

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

      2,500        2,617,800  
     

 

 

  
      $ 5,982,740  
     

 

 

  

Insured-Education — 2.0%

      

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

    $ 1,250      $ 1,593,425  
     

 

 

  
      $ 1,593,425  
     

 

 

  

Insured-General Obligations — 4.0%

      
Nassau County, NY:      

(AGM), 5.00%, 7/1/42

    $ 1,400      $ 1,706,180  

(AGM), 5.00%, 4/1/43(2)

      1,200        1,473,912  

(AGM), 5.00%, 4/1/43

      20        24,565  
     

 

 

  
      $ 3,204,657  
     

 

 

  

 

2

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Insured-Other Revenue — 6.6%

      
New York City Industrial Development Agency, NY, (Yankee Stadium):      

(AGC), 0.00%, 3/1/31

    $ 2,645      $ 2,129,807  

(AGC), 0.00%, 3/1/32

      3,625        2,825,216  

(AGM), 3.00%, 3/1/49

      300        309,837  
     

 

 

  
      $ 5,264,860  
     

 

 

  

Insured-Transportation — 7.0%

      

Metropolitan Transportation Authority, NY, Green Bonds, (AGM), 4.00%, 11/15/46

    $ 1,920      $ 2,141,971  

New York Thruway Authority, (AGM), 3.00%, 1/1/46

      1,000        1,030,550  
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment):

 

(AGM), (AMT), 4.00%, 7/1/37

      1,000        1,083,750  

(AGM), (AMT), 4.00%, 7/1/46

      1,250        1,341,488  
     

 

 

  
      $ 5,597,759  
     

 

 

  

Lease Revenue/Certificates of Participation — 13.7%

      

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

    $ 4,000      $ 4,682,640  

Monroe County Industrial Development Agency, NY, (Rochester Schools Modernization), 5.00%, 5/1/31(2)

      5,000        6,241,850  
     

 

 

  
      $ 10,924,490  
     

 

 

  

Other Revenue — 10.6%

      

New York City Transitional Finance Authority, NY, (Building Aid), 5.00%, 7/15/37(2)

    $ 5,200      $ 6,352,424  

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

      2,000        2,080,680  
     

 

 

  
      $ 8,433,104  
     

 

 

  

Senior Living/Life Care — 4.7%

      
Brookhaven Local Development Corp., NY, (Jefferson’s Ferry):      

4.00%, 11/1/45

    $ 450      $ 473,647  

5.25%, 11/1/26

      240        288,979  

Buffalo and Erie County Industrial Land Development Corp., NY, (Orchard Park CCRC, Inc.), 5.00%, 11/15/22

      165        173,667  
Suffolk County Economic Development Corp., NY, (Peconic Landing at Southold, Inc.):      

5.00%, 12/1/29

      180        206,595  

5.00%, 12/1/34

      170        192,551  

5.00%, 12/1/40

      175        196,032  
Tompkins County Development Corp., NY, (Kendal at Ithaca, Inc.):      

4.00%, 7/1/34

      100        100,606  

4.25%, 7/1/32

      230        236,755  

4.50%, 7/1/42

      230        236,037  
Westchester County Local Development Corp., NY, (Kendal on Hudson):      

5.00%, 1/1/28

      1,090        1,152,708  

5.00%, 1/1/34

      480        502,205  
     

 

 

  
      $ 3,759,782  
     

 

 

  

Special Tax Revenue — 16.5%

      

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43(2)

    $ 4,000      $ 4,800,400  

New York State Urban Development Corp., Personal Income Tax Revenue, 3.00%, 3/15/48

      2,000        2,056,160  

New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30(2)

      6,000        6,294,780  
     

 

 

  
      $ 13,151,340  
     

 

 

  

 

3

 

 

                                                 
Security   

Principal

Amount

(000’s omitted)

      Value  

Transportation — 13.8%

      

Metropolitan Transportation Authority, NY, Green Bonds, 4.75%, 11/15/45

    $ 300      $ 345,582  

New York Thruway Authority, 4.00%, 1/1/50

      1,750        1,962,625  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT), 5.25%, 1/1/50

      740        829,540  

New York Transportation Development Corp., (Terminal 4 John F. Kennedy International Airport):

      

4.00%, 12/1/42

      2,085        2,318,812  

5.00%, 12/1/36

      170        209,698  

(AMT), 4.00%, 12/1/40

      50        55,620  

Niagara Frontier Transportation Authority, NY, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/39

      350        411,834  

Port Authority of New York and New Jersey, 5.00%, 10/15/36(2)

      4,000        4,822,400  
     

 

 

  
      $ 10,956,111  
     

 

 

  

Water and Sewer — 12.3%

      

New York City Municipal Water Finance Authority, NY, (Water and Sewer System),
5.00%, 6/15/46(2)

    $ 4,000      $ 4,748,960  

Suffolk County Water Authority, NY, 5.00%, 6/1/36(2)

      4,000        5,028,280  
     

 

 

  
      $ 9,777,240  
     

 

 

  

Total Tax-Exempt Municipal Obligations — 145.3%
(identified cost $105,855,863)

       $ 115,779,869  
     

 

 

  

Taxable Municipal Obligations — 0.3%

      
Security   

Principal

Amount

(000’s omitted)

      Value  

Insured-Other Revenue — 0.3%

      
New York City Industrial Development Agency, NY, (Queens Baseball Stadium):      

(AGM), 2.236%, 1/1/34

    $ 95      $ 93,868  

(AGM), 2.336%, 1/1/35

      140        138,251  
     

 

 

  

Total Taxable Municipal Obligations — 0.3%
(identified cost $235,000)

       $ 232,119  
     

 

 

  

Miscellaneous — 0.7%

      
Security    Units      Value  

Real Estate — 0.7%

      

CMS Liquidating Trust(1)(3)(4)

      257      $ 558,611  
     

 

 

  

Total Miscellaneous — 0.7%
(identified cost $822,400)

       $ 558,611  
     

 

 

  

 

4

 

 

                                                 
Security                   Value  

Total Investments — 149.0%
(identified cost $108,931,683)

       $ 118,677,678  
     

 

 

  

Other Assets, Less Liabilities — (49.0)%

       $ (39,004,470 ) 
     

 

 

  

Net Assets — 100.0%

       $ 79,673,208  
     

 

 

  

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

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. At February 28, 2021, 13.4% 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 7.9% of total investments.

 

(1)

Security exempt from registration under Rule 144A of 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, 2021, the aggregate value of these securities is $7,221,173 or 9.1% of the Trust’s net assets.

 

(2)

Security represents the municipal bond held by a trust that issues residual interest bonds.

 

(3)

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

 

(4)

Non-income producing security.

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.

FNMA

   -   Federal National Mortgage Association

 

5

 

 

The Trust did not have any open derivative instruments at February 28, 2021.

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.

 

6

 

 

At February 28, 2021, 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  

Corporate Bonds & Notes

    $ —      $ 2,107,079      $ —      $ 2,107,079  

Tax-Exempt Municipal Obligations

      —        115,779,869        —        115,779,869  

Taxable Municipal Obligations

      —        232,119        —        232,119  

Miscellaneous

      —        —        558,611        558,611  

Total Investments

    $     —      $     118,119,067      $     558,611      $     118,677,678  

 

*

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

 

7

 

 

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended February 28, 2021 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.

Subsequent Event

On April 12, 2021, the Trust’s Board of Trustees approved a Plan of Liquidation and Termination (the “Plan”) for the Trust. The Plan will be submitted to the Trust shareholders for approval at the Trust’s special meeting of shareholders to be held on June 25, 2021.

 

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