Eaton Vance New York Municipal Bond Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-21148

Investment Company Act File Number

Eaton Vance New York Municipal Bond Fund

(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)

September 30

Date of Fiscal Year End

June 30, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

June 30, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 162.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.4%

      

New York Environmental Facilities Corp., 5.00%, 11/15/33

    $ 5,000       $ 5,784,500   

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

      3,360         3,788,064   
     

 

 

  
      $ 9,572,564   
     

 

 

  

Education — 29.7%

      

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/30

    $ 200       $ 225,232   

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/33

      105         117,288   

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/34

      200         222,800   

Geneva Development Corp., (Hobart and William Smith Colleges), Series 2012, 5.00%, 9/1/32

      1,330         1,470,568   

Geneva Development Corp., (Hobart and William Smith Colleges), Series 2014, 5.00%, 9/1/32

      200         223,708   

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/20

      760         877,192   

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/21

      950         1,102,456   

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

      800         873,464   

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/32

      300         326,706   

Madison County Capital Resource Corp., (Colgate University), 5.00%, 7/1/28

      550         644,974   

Madison County Capital Resource Corp., (Colgate University), 5.00%, 7/1/29

      300         348,561   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/23

      405         456,775   

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

      240         264,667   

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

      10,000         11,027,800   

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

      10,000         11,207,300   

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/37(1)

      5,700         6,443,565   

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

      10,000         11,154,700   

New York Dormitory Authority, (Rochester Institute of Technology), 5.00%, 7/1/40

      2,000         2,241,560   

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

      500         559,780   

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

      2,700         3,022,812   

New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/26

      1,175         1,337,820   

New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/30

      250         289,595   

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

      5,250         5,953,343   

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

      3,305         3,709,829   
     

 

 

  
      $ 64,102,495   
     

 

 

  

Electric Utilities — 1.5%

      

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

    $ 2,895       $ 3,327,021   
     

 

 

  
      $ 3,327,021   
     

 

 

  

Escrowed/Prerefunded — 1.0%

      

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/17, 5.00%, 5/1/26

    $ 2,055       $ 2,215,064   
     

 

 

  
      $ 2,215,064   
     

 

 

  

General Obligations — 11.2%

      

Long Beach City School District, 4.50%, 5/1/26

    $ 4,715       $ 5,197,722   

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

      7,250         8,142,330   

New York City, 5.00%, 8/1/34(1)

      8,650         9,731,683   

Peekskill, 5.00%, 6/1/35

      465         507,073   

Peekskill, 5.00%, 6/1/36

      490         534,335   
     

 

 

  
      $ 24,113,143   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 9.3%

      

New York Dormitory Authority, (Highland Hospital of Rochester), 5.00%, 7/1/26

    $ 620       $ 686,619   

New York Dormitory Authority, (Highland Hospital of Rochester), 5.20%, 7/1/32

      820         904,271   

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.375%, 7/1/34(1)

      9,325         9,768,217   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 5/1/20

      1,065         1,217,647   

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

      6,900         7,498,782   
     

 

 

  
      $ 20,075,536   
     

 

 

  

Housing — 1.6%

      

New York Housing Development Corp., 4.95%, 11/1/39

    $ 2,500       $ 2,579,975   

New York Mortgage Agency, 3.55%, 10/1/33

      1,000         978,880   
     

 

 

  
      $ 3,558,855   
     

 

 

  

Industrial Development Revenue — 1.1%

      

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

    $ 490       $ 566,254   

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

      1,440         1,711,181   
     

 

 

  
      $ 2,277,435   
     

 

 

  

Insured-Education — 18.4%

      

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

    $ 925       $ 1,060,762   

New York Dormitory Authority, (Educational Housing Services CUNY Student Housing), (AMBAC), 5.25%, 7/1/23

      1,750         1,974,560   

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

      10,750         11,746,310   

New York Dormitory Authority, (Pratt Institute), (AGC), 5.00%, 7/1/34

      1,555         1,681,795   

New York Dormitory Authority, (Pratt Institute), (AGC), 5.125%, 7/1/39

      2,405         2,585,591   

New York Dormitory Authority, (St. John’s University), (NPFG), Prerefunded to
7/1/17, 5.25%, 7/1/37

      3,750         4,084,425   

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

      8,500         9,287,780   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/34

      5,555         2,384,650   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/36

      8,455         3,302,608   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/37

      4,000         1,491,200   
     

 

 

  
      $ 39,599,681   
     

 

 

  

Insured-Electric Utilities — 6.1%

      

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

    $ 5,000       $ 5,741,450   

New York Power Authority, (BHAC), (NPFG), 4.50%, 11/15/47(1)

      7,210         7,378,497   
     

 

 

  
      $ 13,119,947   
     

 

 

  

Insured-Escrowed/Prerefunded — 4.5%

      

Nassau County Sewer and Storm Water Finance Authority, (BHAC), Prerefunded to 11/1/18, 5.125%, 11/1/23

    $ 300       $ 340,404   

Nassau County Sewer and Storm Water Finance Authority, (BHAC), Prerefunded to 11/1/18, 5.375%, 11/1/28

      3,835         4,382,868   

New York City, (AGM), Prerefunded to 4/1/16, 5.00%, 4/1/22

      2,250         2,330,325   

New York State Housing Finance Agency, (AGM), Prerefunded to 9/15/16, 5.00%, 3/15/37

      2,415         2,548,284   
     

 

 

  
      $ 9,601,881   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 9.3%

      

Brentwood Union Free School District, (AGC), 4.75%, 11/15/23

    $ 2,290       $ 2,559,212   

Brentwood Union Free School District, (AGC), 5.00%, 11/15/24

      2,390         2,708,802   

East Northport Fire District, (AGC), 4.50%, 11/1/20

      200         222,166   

East Northport Fire District, (AGC), 4.50%, 11/1/21

      200         220,616   

East Northport Fire District, (AGC), 4.50%, 11/1/22

      200         219,564   

East Northport Fire District, (AGC), 4.50%, 11/1/23

      200         218,970   

Eastchester Union Free School District, (AGM), 4.00%, 6/15/23

      175         185,407   

Freeport, (AGC), 5.00%, 10/15/20

      185         208,414   

Freeport, (AGC), 5.00%, 10/15/21

      195         218,328   

Hoosic Valley Central School District, (AGC), 4.00%, 6/15/23

      1,110         1,193,960   

Longwood Central School District, Suffolk County, (AGC), 4.15%, 6/1/23

      820         876,760   

Longwood Central School District, Suffolk County, (AGC), 4.25%, 6/1/24

      860         922,574   

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

      4,585         4,810,124   

Wantagh Union Free School District, (AGC), 4.50%, 11/15/19

      785         848,106   

Wantagh Union Free School District, (AGC), 4.50%, 11/15/20

      825         890,530   

Wantagh Union Free School District, (AGC), 4.75%, 11/15/22

      905         980,839   

Wantagh Union Free School District, (AGC), 4.75%, 11/15/23

      950         1,029,610   

William Floyd Union Free School District, (AGC), 4.00%, 12/15/24

      1,590         1,720,173   
     

 

 

  
      $ 20,034,155   
     

 

 

  

Insured-Hospital — 2.2%

      

New York Dormitory Authority, (Hudson Valley Hospital Center), (AGM), (BHAC), 5.00%, 8/15/36

    $ 4,355       $ 4,668,212   
     

 

 

  
      $ 4,668,212   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 2.3%

      

Ulster County, Resource Recovery Agency, Solid Waste System, (AMBAC), 0.00%, 3/1/21

    $ 1,490       $ 1,320,274   

Ulster County, Resource Recovery Agency, Solid Waste System, (AMBAC), 0.00%, 3/1/23

      1,090         901,714   

Ulster County, Resource Recovery Agency, Solid Waste System, (AMBAC), 0.00%, 3/1/25

      3,635         2,767,507   
     

 

 

  
      $ 4,989,495   
     

 

 

  

Insured-Other Revenue — 2.1%

      

New York City Transitional Finance Authority, (BHAC), 5.50%, 7/15/38

    $ 4,050       $ 4,537,660   
     

 

 

  
      $ 4,537,660   
     

 

 

  

Insured-Special Tax Revenue — 1.9%

      

New York Thruway Authority, Miscellaneous Tax Revenue, (AMBAC), 5.50%, 4/1/20

    $ 2,175       $ 2,579,202   

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/36

      3,000         674,550   

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

      6,705         877,416   
     

 

 

  
      $ 4,131,168   
     

 

 

  

Insured-Transportation — 8.3%

      

Port Authority of New York and New Jersey, (AGM), 5.00%, 8/15/24(1)

    $ 5,600       $ 6,091,008   

Port Authority of New York and New Jersey, (AGM), 5.00%, 8/15/33(1)

      11,000         11,863,170   
     

 

 

  
      $ 17,954,178   
     

 

 

  

Other Revenue — 5.9%

      

Battery Park City Authority, 5.00%, 11/1/34

    $ 4,925       $ 5,617,356   

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

      4,900         2,353,176   

New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/32

      4,110         4,697,155   
     

 

 

  
      $ 12,667,687   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Special Tax Revenue — 24.1%

      

Metropolitan Transportation Authority, Dedicated Tax Fund, 5.00%, 11/15/31(1)

    $ 10,000       $ 11,430,700   

New York City Transitional Finance Authority, Future Tax Revenue, 5.00%, 2/1/35(1)

      10,000         11,286,700   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(2)

      1,000         1,179,040   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 6/15/31(1)

      6,500         7,397,845   

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

      6,600         7,465,722   

New York Thruway Authority, Miscellaneous Tax Revenue, 5.00%, 4/1/26

      2,370         2,681,276   

Sales Tax Asset Receivables Corp., 5.00%, 10/15/30(1)

      8,900         10,475,834   
     

 

 

  
      $ 51,917,117   
     

 

 

  

Transportation — 11.6%

      

Metropolitan Transportation Authority, 5.25%, 11/15/38

    $ 3,430       $ 3,878,713   

Nassau County Bridge Authority, 5.00%, 10/1/35

      1,565         1,669,698   

Nassau County Bridge Authority, 5.00%, 10/1/40

      300         320,664   

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

      7,280         8,046,074   

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38(1)

      10,000         11,007,300   
     

 

 

  
      $ 24,922,449   
     

 

 

  

Water and Sewer — 5.6%

      

Albany Municipal Water Finance Authority, 5.00%, 12/1/26

    $ 755       $ 869,262   

Albany Municipal Water Finance Authority, 5.00%, 12/1/29

      500         575,780   

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/34

      1,000         1,115,770   

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/44(1)

      8,750         9,580,725   
     

 

 

  
      $ 12,141,537   
     

 

 

  

Total Tax-Exempt Investments — 162.1%
(identified cost $324,432,847)

       $ 349,527,280   
     

 

 

  

Other Assets, Less Liabilities — (62.1)%

       $  (133,938,584 ) 
     

 

 

  

Net Assets — 100.0%

       $ 215,588,696   
     

 

 

  

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

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

BHAC

   -   Berkshire Hathaway Assurance Corp.

NPFG

   -   National Public Finance Guaranty Corp.

The Fund 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 June 30, 2015, 33.9% 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 3.2% to 13.8% of total investments.

 

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

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $429,040.

 

4

 

 

A summary of open financial instruments at June 30, 2015 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Appreciation		  
9/15    50 U.S. Long Treasury Bond    Short    $     (7,734,672 )    $     (7,542,188 )    $     192,484   

At June 30, 2015, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Fund holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Fund enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

At June 30, 2015, 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 $192,484.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     181,329,724   
  

 

 

  

Gross unrealized appreciation

    $ 26,272,831   

Gross unrealized depreciation

      (1,930,275 ) 
  

 

 

  

Net unrealized appreciation

    $ 24,342,556   
  

 

 

  

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 June 30, 2015, the hierarchy of inputs used in valuing the Fund’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

    $ —       $ 349,527,280       $ —       $ 349,527,280   

Total Investments

    $ —       $ 349,527,280       $ —       $ 349,527,280   

Futures Contracts

    $ 192,484       $ —       $ —       $ 192,484   

Total

    $     192,484       $     349,527,280       $ —       $     349,719,764   

The Fund held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. At June 30, 2015, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’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.

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 Bond Fund

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   August 24, 2015

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:   August 24, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 24, 2015