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

December 31, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

December 31, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 161.9%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.4%

  

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

    $ 5,000       $ 5,953,400   

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

      3,360         3,804,058   
     

 

 

  
   $ 9,757,458   
     

 

 

  

Education — 29.3%

      

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

    $ 200       $ 231,456   

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

      105         120,523   

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

      200         228,974   

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

      1,330         1,505,906   

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

      200         230,012   

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

      760         873,810   

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

      950         1,111,661   

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

      800         912,080   

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

      300         341,226   

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

      550         668,228   

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

      300         362,088   

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

      405         465,758   

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

      240         265,296   

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

      10,000         11,054,000   

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

      10,000         11,635,500   

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

      5,700         6,489,108   

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

      10,000         11,165,600   

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

      2,000         2,263,920   

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

      500         562,100   

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

      2,700         3,035,340   

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

      1,175         1,348,183   

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

      250         293,043   

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

      5,250         5,971,560   

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

      3,305         3,818,002   
     

 

 

  
   $ 64,953,374   
     

 

 

  

Electric Utilities — 1.6%

      

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

    $ 2,895       $ 3,469,600   
     

 

 

  
   $ 3,469,600   
     

 

 

  

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       $ 2,172,854   
     

 

 

  
   $ 2,172,854   
     

 

 

  

General Obligations — 11.2%

      

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

    $ 4,715       $ 5,209,462   

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

      7,250         8,367,298   

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

      8,650         10,167,902   

Peekskill, 5.00%, 6/1/35

      465         504,274   

Peekskill, 5.00%, 6/1/36

      490         531,385   
     

 

 

  
      $ 24,780,321   
     

 

 

  

 

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       $ 696,260   

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

      820         913,898   

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

      9,325         10,011,040   

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

      1,065         1,212,566   

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

      5,890         6,549,445   

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

      1,010         1,203,324   
     

 

 

  
      $ 20,586,533   
     

 

 

  

Housing — 1.6%

      

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

    $ 2,500       $ 2,609,000   

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

      1,000         1,022,890   
     

 

 

  
      $ 3,631,890   
     

 

 

  

Industrial Development Revenue — 1.1%

      

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

    $ 490       $ 592,640   

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

      1,440         1,800,029   
     

 

 

  
      $ 2,392,669   
     

 

 

  

Insured-Education — 18.0%

      

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

    $ 925       $ 1,125,799   

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

      1,750         2,022,913   

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

      10,750         11,686,540   

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

      1,555         1,716,393   

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

      2,405         2,655,721   

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

      3,750         4,001,513   

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

      8,500         9,240,520   

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

      5,555         2,444,533   

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

      8,455         3,385,213   

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

      4,000         1,529,120   
     

 

 

  
      $ 39,808,265   
     

 

 

  

Insured-Electric Utilities — 5.9%

      

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

    $ 5,000       $ 5,765,350   

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

      7,210         7,406,617   
     

 

 

  
      $ 13,171,967   
     

 

 

  

Insured-Escrowed/Prerefunded — 5.9%

      

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

    $ 300       $ 335,328   

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

      3,835         4,313,378   

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

      2,250         2,276,347   

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

      2,415         2,493,657   

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.50%, 11/15/19

      785         839,204   

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.50%, 11/15/20

      825         881,966   

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.75%, 11/15/22

      905         971,690   

Wantagh Union Free School District, (AGC), Prerefunded to 11/15/17, 4.75%, 11/15/23

      950         1,020,006   
     

 

 

  
      $ 13,131,576   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 7.4%

      

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

    $ 2,290       $ 2,542,885   

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

      2,390         2,687,627   

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

      200         219,956   

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

      200         219,326   

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

      200         218,768   

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

      200         218,338   

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

      175         185,208   

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

      185         205,888   

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

      195         216,440   

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

      1,110         1,198,145   

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

      820         870,241   

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

      860         915,057   

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

      4,585         4,988,618   

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

      1,590         1,745,597   
     

 

 

  
      $ 16,432,094   
     

 

 

  

Insured-Hospital — 2.1%

      

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

    $ 4,355       $ 4,614,906   
     

 

 

  
      $ 4,614,906   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 2.4%

      

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

    $ 1,490       $ 1,365,153   

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

      1,090         938,577   

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

      3,635         2,927,665   
     

 

 

  
      $ 5,231,395   
     

 

 

  

Insured-Other Revenue — 2.0%

      

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

    $ 4,050       $ 4,489,182   
     

 

 

  
      $ 4,489,182   
     

 

 

  

Insured-Special Tax Revenue — 1.9%

      

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

    $ 2,175       $ 2,556,908   

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

      3,000         610,980   

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

      6,705         1,006,220   
     

 

 

  
      $ 4,174,108   
     

 

 

  

Other Revenue — 11.2%

      

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

    $ 4,925       $ 5,603,123   

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

      4,900         2,503,018   

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

      4,110         4,774,012   

New York, Transitional Finance Authority, (Building Aid), 5.00%, 7/15/32(1)

      10,000         11,881,100   
     

 

 

  
      $ 24,761,253   
     

 

 

  

Special Tax Revenue — 24.1%

      

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

    $ 10,000       $ 11,867,800   

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

      10,000         11,562,100   

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

      1,000         1,194,110   

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

      6,500         7,639,710   

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

      6,600         7,650,918   

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

      2,370         2,679,688   

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

      8,900         10,817,861   
     

 

 

  
      $ 53,412,187   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 15.8%

      

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

    $ 3,430       $ 4,055,872   

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

      1,565         1,688,870   

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

      300         324,294   

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

      7,280         8,264,329   

Port Authority of New York and New Jersey, 5.00%, 10/15/35(1)

      8,000         9,512,560   

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

      10,000         11,022,600   
     

 

 

  
      $ 34,868,525   
     

 

 

  

Water and Sewer — 5.7%

      

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

    $ 755       $ 878,412   

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

      500         589,485   

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

      1,000         1,169,930   

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

      8,750         9,947,000   
     

 

 

  
      $ 12,584,827   
     

 

 

  

Total Tax-Exempt Investments — 161.9%
(identified cost $328,604,288)

       $ 358,424,984   
     

 

 

  

Other Assets, Less Liabilities — (61.9)%

       $ (137,081,558 ) 
     

 

 

  

Net Assets — 100.0%

       $ 221,343,426   
     

 

 

  

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

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 December 31, 2015, 28.2% 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 13.4% 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 $444,110.

Futures Contracts

 

Description

    Contracts    Position    Expiration
Month/Year		    Aggregate Cost     Value     Net Unrealized
Depreciation		  

Interest Rate Futures

                

U.S. Long Treasury Bond

    50    Short    Mar-16    $     (7,678,812 )    $     (7,687,500 )    $ (8,688 ) 
               

 

 

  
                $     (8,688 ) 
               

 

 

  

Abbreviations:

 

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.

 

4

 

 

At December 31, 2015, the Fund had sufficient cash and/or securities to cover commitments under open derivative 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 December 31, 2015, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $8,688.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     186,863,402   
  

 

 

  

Gross unrealized appreciation

    $ 30,834,941   

Gross unrealized depreciation

      (1,098,359 ) 
  

 

 

  

Net unrealized appreciation

    $ 29,736,582   
  

 

 

  

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 December 31, 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

    $ —       $     358,424,984       $ —       $ 358,424,984   

Total Investments

    $ —       $ 358,424,984       $ —       $     358,424,984   
Liability Description                                

Futures Contracts

    $ (8,688 )     $ —       $ —       $ (8,688 ) 

Total

    $     (8,688 )     $ —       $     —       $ (8,688 ) 

The Fund held no investments or other financial instruments as of September 30, 2015 whose fair value was determined using Level 3 inputs. At December 31, 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:   February 22, 2016

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:   February 22, 2016

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 22, 2016