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, 2012

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

June 30, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 160.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.8%

      

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

    $ 3,360       $ 3,755,707   

New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 10/15/35

      50         56,771   

New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 10/15/35(1)

      6,100         6,926,062   
     

 

 

  
      $ 10,738,540   
     

 

 

  

Education — 25.9%

      

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

    $ 760       $ 894,163   

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

      950         1,120,962   

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

      800         873,632   

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

      300         325,482   

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

      405         454,823   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/24

      210         232,898   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/25

      135         148,447   

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

      240         271,738   

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

      10,000         11,322,400   

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

      10,000         11,467,300   

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

      5,700         6,396,027   

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

      10,000         11,091,900   

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

      2,000         2,186,700   

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

      2,700         3,036,177   

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

      1,175         1,348,254   

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

      250         285,100   

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

      5,250         5,889,975   
     

 

 

  
      $ 57,345,978   
     

 

 

  

Electric Utilities — 1.7%

      

Puerto Rico Electric Power Authority, 5.25%, 7/1/30

    $ 3,560       $ 3,739,032   
     

 

 

  
      $ 3,739,032   
     

 

 

  

Escrowed/Prerefunded — 0.8%

      

Madison County Industrial Development Agency, (Colgate University), Prerefunded to 7/1/13, 5.00%, 7/1/33

    $ 1,630       $ 1,708,648   
     

 

 

  
      $ 1,708,648   
     

 

 

  

General Obligations — 8.8%

      

Arlington Central School District, 4.00%, 12/15/29

    $ 2,360       $ 2,529,967   

Arlington Central School District, 4.00%, 12/15/30

      2,330         2,478,584   

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

      4,715         5,276,179   

New York, 5.00%, 2/15/34(1)

      7,250         8,241,438   

Peekskill, 5.00%, 6/1/35

      465         510,738   

Peekskill, 5.00%, 6/1/36

      490         536,535   
     

 

 

  
      $ 19,573,441   
     

 

 

  

Hospital — 5.8%

      

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

    $ 620       $ 674,734   

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

      820         893,464   

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

      1,065         1,272,845   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 2,055       $ 2,196,507   

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

      6,900         7,741,731   
     

 

 

  
      $ 12,779,281   
     

 

 

  

Housing — 1.2%

      

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

    $ 2,500       $ 2,638,000   
     

 

 

  
      $ 2,638,000   
     

 

 

  

Industrial Development Revenue — 1.0%

      

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

    $ 500       $ 561,840   

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

      1,440         1,681,186   
     

 

 

  
      $ 2,243,026   
     

 

 

  

Insured-Education — 20.8%

      

Madison County Industrial Development Agency, (Colgate University), (NPFG), 5.00%, 7/1/39

    $ 4,000       $ 4,117,200   

New York Dormitory Authority, (Brooklyn Law School), (XLCA), 5.125%, 7/1/30

      3,280         3,405,755   

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

      925         1,076,450   

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

      1,750         2,033,815   

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

      10,750         11,692,452   

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

      1,555         1,677,254   

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

      2,405         2,598,627   

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

      3,750         3,958,125   

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

      8,500         9,245,195   

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

      5,555         2,082,903   

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

      8,455         2,880,534   

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

      4,000         1,297,680   
     

 

 

  
      $ 46,065,990   
     

 

 

  

Insured-Electric Utilities — 6.1%

      

Long Island Power Authority Electric System Revenue, (BHAC), 5.75%, 4/1/33(2)

    $ 5,000       $ 5,935,750   

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

      7,210         7,505,105   
     

 

 

  
      $ 13,440,855   
     

 

 

  

Insured-General Obligations — 9.3%

      

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

    $ 2,290       $ 2,698,261   

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

      2,390         2,833,178   

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

      200         239,666   

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

      200         237,492   

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

      200         235,618   

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

      200         233,212   

Eastchester Union Free School District, (AGM), 3.75%, 6/15/21

      255         281,938   

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

      175         193,053   

Freeport, (AGC), 5.00%, 10/15/20

      185         223,972   

Freeport, (AGC), 5.00%, 10/15/21

      195         233,977   

Hauppauge Union Free School District, (AGC), 4.00%, 7/15/24

      940         1,036,482   

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

      1,110         1,238,527   

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

      820         905,731   

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

      860         947,832   

New York, (AGM), 5.00%, 4/1/22

      2,250         2,535,862   

Oneida County, (AGC), 4.00%, 4/15/22

      645         713,338   

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

      785         908,339   

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

      825         945,689   

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

      905         1,030,831   

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

      950         1,076,027   

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

      1,590         1,751,480   
     

 

 

  
      $ 20,500,505   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Hospital — 8.0%

      

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

    $ 4,355       $ 4,670,650   

New York Dormitory Authority, (Maimonides Medical Center), (NPFG), 5.00%, 8/1/33

      2,525         2,706,371   

New York Dormitory Authority, (New York and Presbyterian Hospital), (AGM), (BHAC), (FHA), 5.25%, 2/15/31(1)

      10,000         10,394,000   
     

 

 

  
      $ 17,771,021   
     

 

 

  

Insured-Housing — 1.1%

      

New York Housing Development Corp., (FGIC), (NPFG), 5.00%, 7/1/25

    $ 2,350       $ 2,485,501   
     

 

 

  
      $ 2,485,501   
     

 

 

  

Insured-Other Revenue — 6.2%

      

New York City Cultural Resource Trust, (American Museum of Natural History), (NPFG), 5.00%, 7/1/44

    $ 2,055       $ 2,203,761   

New York Industrial Development Agency, (Yankee Stadium), (NPFG), 4.75%, 3/1/46

      6,930         6,938,663   

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

      4,050         4,578,363   
     

 

 

  
      $ 13,720,787   
     

 

 

  

Insured-Solid Waste — 2.0%

      

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

    $ 1,490       $ 1,202,117   

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

      1,090         807,058   

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

      3,635         2,458,460   
     

 

 

  
      $ 4,467,635   
     

 

 

  

Insured-Special Tax Revenue — 13.3%

      

Metropolitan Transportation Authority, (AGM), 5.00%, 11/15/32(1)

    $ 14,550       $ 14,775,234   

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

      2,415         2,582,408   

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

      2,175         2,756,465   

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

      3,000         698,070   

Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/32

      4,000         1,255,000   

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

      12,675         1,903,912   

Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/29

      850         928,871   

Sales Tax Asset Receivables Corp., (AMBAC), 5.00%, 10/15/32(2)

      4,185         4,563,324   
     

 

 

  
      $ 29,463,284   
     

 

 

  

Insured-Transportation — 8.2%

      

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

    $ 5,600       $ 6,256,544   

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

      11,000         11,991,650   
     

 

 

  
      $ 18,248,194   
     

 

 

  

Insured-Water and Sewer — 3.0%

      

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

    $ 300       $ 356,076   

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

      3,835         4,468,926   

New York City Municipal Water Finance Authority, (Water and Sewer System), (BHAC), (NPFG), 5.125%, 6/15/34

      360         361,544   

Suffolk County Water Authority, (NPFG), 4.50%, 6/1/25

      1,475         1,552,231   
     

 

 

  
      $ 6,738,777   
     

 

 

  

Other Revenue — 6.8%

      

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

    $ 4,925       $ 5,867,941   

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

      4,900         1,913,107   

New York Liberty Development Corp., (7 World Trade Center Project), 5.00%, 9/15/40

      6,500         7,282,340   
     

 

 

  
      $ 15,063,388   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Special Tax Revenue — 10.6%

      

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

    $ 10,000       $ 11,202,600   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(3)

      1,000         1,177,940   

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

      6,500         7,548,840   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33

      1,500         1,694,655   

New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32

      1,765         1,929,074   
     

 

 

  
      $ 23,553,109   
     

 

 

  

Transportation — 13.4%

      

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

    $ 3,430       $ 3,858,030   

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

      1,565         1,705,600   

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

      300         324,957   

New York Thruway Authority, 5.00%, 4/1/26

      2,370         2,756,784   

New York Thruway Authority, 5.00%, 1/1/37(4)

      8,755         9,590,314   

New York Thruway Authority, 5.00%, 1/1/42(4)

      275         298,947   

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

      10,000         11,197,800   
     

 

 

  
      $ 29,732,432   
     

 

 

  

Water and Sewer — 1.2%

      

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

    $ 755       $ 886,649   

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

      500         576,435   

New York City Municipal Water Finance Authority, 5.00%, 6/15/34

      1,000         1,141,030   
     

 

 

  
      $ 2,604,114   
     

 

 

  

Total Tax-Exempt Investments — 160.0%
(identified cost $325,995,603)

       $ 354,621,538   
     

 

 

  

Other Assets, Less Liabilities — (60.0)%

       $ (132,915,220 ) 
     

 

 

  

Net Assets — 100.0%

       $ 221,706,318   
     

 

 

  

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.

FGIC

   -   Financial Guaranty Insurance Company

FHA

   -   Federal Housing Administration

NPFG

   -   National Public Finance Guaranty Corp.

XLCA

   -   XL Capital Assurance, Inc.

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, 2012, 48.8% 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 ranged from 1.0% to 16.7% 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 segregated to cover payable for when-issued securities.

 

(3) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $427,940.

 

(4) When-issued security.

 

4

 

 

A summary of open financial instruments at June 30, 2012 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
9/12    75 U.S. 30-Year Treasury Bond    Short    $     (11,043,613 )    $     (11,097,657 )    $ (54,044 ) 

At June 30, 2012, 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 purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

At June 30, 2012, 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 $54,044.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2012, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     192,520,848   
  

 

 

  

Gross unrealized appreciation

    $ 28,343,062   

Gross unrealized depreciation

      (1,072,372 ) 
  

 

 

  

Net unrealized appreciation

    $ 27,270,690   
  

 

 

  

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, 2012, 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

    $ —        $ 354,621,538       $     —         $ 354,621,538   

Total Investments

    $ —        $     354,621,538       $ —         $     354,621,538   
Liability Description                               

Futures Contracts

    $ (54,044 )    $ —         $ —         $ (54,044 ) 

Total

    $     (54,044 )    $ —         $ —         $ (54,044 ) 

The Fund held no investments or other financial instruments as of September 30, 2011 whose fair value was determined using Level 3 inputs. At June 30, 2012, 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/ Cynthia J. Clemson

  Cynthia J. Clemson
  President
Date:   August 27, 2012

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/ Cynthia J. Clemson

  Cynthia J. Clemson
  President
Date:   August 27, 2012
By:  

/s/ Barbara E. Campbell

  Barbara E. Campbell
  Treasurer
Date:   August 27, 2012