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, 2016

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

 

Eaton Vance

New York Municipal Bond Fund

June 30, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 153.8%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.4%

      

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

    $ 5,000       $ 6,265,650   

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

      3,360         3,830,837   
     

 

 

  
      $ 10,096,487   
     

 

 

  

Education — 28.8%

      

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

    $ 200       $ 240,922   

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

      105         125,397   

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

      200         238,118   

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

      1,330         1,593,752   

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

      200         239,442   

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

      760         869,873   

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

      950         1,109,638   

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

      800         922,816   

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

      300         346,056   

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

      550         697,246   

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

      300         378,042   

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

      405         477,232   

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

      240         264,739   

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

      10,000         11,030,800   

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

      10,000         11,774,400   

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

      5,700         6,552,492   

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

      10,000         11,164,700   

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

      2,000         2,286,480   

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

      500         561,555   

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

      2,700         3,032,397   

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

      1,175         1,368,487   

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

      250         296,815   

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

      5,250         6,104,018   

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

      3,305         4,051,864   
     

 

 

  
      $ 65,727,281   
     

 

 

  

Electric Utilities — 1.6%

      

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

    $ 2,895       $ 3,586,702   
     

 

 

  
      $ 3,586,702   
     

 

 

  

Escrowed/Prerefunded — 0.9%

      

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

    $ 2,055       $ 2,130,254   
     

 

 

  
      $ 2,130,254   
     

 

 

  

General Obligations — 11.1%

      

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

    $ 4,715       $ 5,279,621   

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

      7,250         8,522,882   

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

      8,650         10,573,760   

Peekskill, 5.00%, 6/1/35

      465         500,540   

Peekskill, 5.00%, 6/1/36

      490         527,451   
     

 

 

  
      $ 25,404,254   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Hospital — 11.3%

      

Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.00%, 7/1/35(2)

    $ 3,750       $ 4,605,375   

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

      620         704,655   

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

      820         930,265   

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

      9,325         10,386,092   

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

      1,065         1,221,811   

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

      5,890         6,727,204   

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         1,208,566   
     

 

 

  
      $ 25,783,968   
     

 

 

  

Housing — 1.6%

      

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

    $ 2,500       $ 2,645,475   

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

      995         1,049,785   
     

 

 

  
      $ 3,695,260   
     

 

 

  

Industrial Development Revenue — 1.2%

      

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

    $ 490       $ 661,559   

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

      1,440         2,022,307   
     

 

 

  
      $ 2,683,866   
     

 

 

  

Insured-Education — 8.5%

      

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

    $ 925       $ 1,328,698   

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

      1,750         2,112,337   

New York Dormitory Authority, (Pratt Institute), (AGC), Prerefunded to 7/1/19, 5.00%, 7/1/34

      1,555         1,752,594   

New York Dormitory Authority, (Pratt Institute), (AGC), Prerefunded to 7/1/19, 5.125%, 7/1/39

      2,405         2,719,526   

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

      3,750         3,923,475   

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

      5,555         2,506,694   

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

      8,455         3,473,060   

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

      4,000         1,569,240   
     

 

 

  
      $ 19,385,624   
     

 

 

  

Insured-Electric Utilities — 5.8%

      

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

    $ 5,000       $ 5,690,150   

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

      7,210         7,576,552   
     

 

 

  
      $ 13,266,702   
     

 

 

  

Insured-Escrowed/Prerefunded — 4.7%

      

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

    $ 300       $ 331,701   

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

      3,835         4,262,449   

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

      2,415         2,438,015   

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

      785         827,579   

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

      825         869,748   

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

      905         957,182   

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

      950         1,004,777   
     

 

 

  
      $ 10,691,451   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 7.3%

      

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

    $ 2,290       $ 2,569,311   

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

      2,390         2,703,807   

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

      200         219,284   

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

      200         218,956   

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

      200         218,628   

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

      200         218,466   

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

      175         185,479   

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

      185         204,710   

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

      195         215,520   

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

      1,110         1,217,692   

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

      820         870,520   

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

      860         914,756   

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

      4,585         5,056,751   

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

      1,590         1,777,811   
     

 

 

  
      $ 16,591,691   
     

 

 

  

Insured-Hospital — 2.0%

      

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

    $ 4,355       $ 4,557,595   
     

 

 

  
      $ 4,557,595   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 2.4%

      

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

    $ 1,490       $ 1,399,393   

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

      1,090         981,501   

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

      3,635         3,122,720   
     

 

 

  
      $ 5,503,614   
     

 

 

  

Insured-Other Revenue — 2.0%

      

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

    $ 4,050       $ 4,447,994   
     

 

 

  
      $ 4,447,994   
     

 

 

  

Insured-Special Tax Revenue — 2.0%

      

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

    $ 2,175       $ 2,554,363   

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

      3,000         789,120   

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

      6,705         1,222,456   
     

 

 

  
      $ 4,565,939   
     

 

 

  

Other Revenue — 11.3%

      

Battery Park City Authority, 5.00%, 11/1/34(3)

    $ 4,925       $ 5,623,217   

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

      4,900         2,736,797   

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

      10,000         12,554,700   

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

      4,110         4,976,676   
     

 

 

  
      $ 25,891,390   
     

 

 

  

Special Tax Revenue — 24.1%

      

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

    $ 10,000       $ 12,167,700   

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

      10,000         11,688,500   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(4)

      1,000         1,195,710   

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

      6,500         7,989,670   

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

      6,600         7,951,944   

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

      2,370         2,718,745   

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

      8,900         11,311,989   
     

 

 

  
      $ 55,024,258   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 17.1%

      

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

    $ 3,430       $ 4,120,528   

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

      1,565         1,785,649   

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

      300         340,839   

New York City Transitional Finance Authority, 3.00%, 2/1/39(1)

      3,250         3,360,858   

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

      7,280         8,516,071   

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

      8,000         10,041,040   

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

      10,000         10,950,300   
     

 

 

  
      $ 39,115,285   
     

 

 

  

Water and Sewer — 5.7%

      

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

    $ 755       $ 895,966   

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

      500         595,105   

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

      1,000         1,208,280   

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

      8,750         10,238,813   
     

 

 

  
      $ 12,938,164   
     

 

 

  

Total Tax-Exempt Investments — 153.8%
(identified cost $314,866,141)

       $ 351,087,779   
     

 

 

  

Other Assets, Less Liabilities — (53.8)%

       $ (122,870,339 ) 
     

 

 

  

Net Assets — 100.0%

       $ 228,217,440   
     

 

 

  

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 June 30, 2016, 22.5% 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 3.5% to 7.7% of total investments.

 

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

 

(2) When-issued security.

 

(3) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 

(4) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $445,710.

Futures Contracts

 

Description   

Contracts

   

Position

   

Expiration
Month/Year

    Aggregate Cost     Value     Net Unrealized
Depreciation		  

Interest Rate Futures

   

U.S. Long Treasury Bond    50    Short    Sep-16    $     (8,133,625 )    $     (8,617,187 )    $     (483,562 ) 

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.

At June 30, 2016, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

 

4

 

 

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, 2016, 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 $483,562.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     187,318,378   
  

 

 

  

Gross unrealized appreciation

    $ 37,441,340   

Gross unrealized depreciation

      (761,939 ) 
  

 

 

  

Net unrealized appreciation

    $ 36,679,401   
  

 

 

  

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, 2016, 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

    $ —       $     351,087,779       $ —       $     351,087,779   

Total Investments

    $ —       $ 351,087,779       $ —       $ 351,087,779   
Liability Description                          

Futures Contracts

    $ (483,562 )     $ —       $ —       $ (483,562 ) 

Total

    $     (483,562 )     $ —       $     —       $ (483,562 ) 

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

 

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