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, 2013

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

December 31, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 169.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 5.0%

      

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

    $ 3,360       $ 3,541,171   

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

      50         52,985   

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

      6,100         6,464,109   
     

 

 

  
      $ 10,058,265   
     

 

 

  

Education — 29.1%

      

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

    $ 1,330       $ 1,386,911   

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

      760         875,839   

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

      950         1,086,933   

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

      800         825,464   

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

      300         307,269   

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

      405         437,777   

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

      240         249,413   

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

      10,000         10,392,200   

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

      10,000         10,546,100   

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

      5,700         5,984,829   

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

      10,000         10,442,700   

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

      2,000         2,032,820   

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

      500         523,460   

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

      2,700         2,826,684   

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

      1,175         1,270,668   

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

      300         318,897   

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

      5,250         5,479,897   

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

      3,305         3,419,849   
     

 

 

  
      $ 58,407,710   
     

 

 

  

Electric Utilities — 2.7%

      

Puerto Rico Electric Power Authority, 5.25%, 7/1/31

    $ 3,615       $ 2,298,778   

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

      2,895         3,148,139   
     

 

 

  
      $ 5,446,917   
     

 

 

  

General Obligations — 11.3%

      

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

    $ 4,715       $ 4,986,159   

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

      8,650         9,038,212   

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

      7,250         7,695,150   

Peekskill, 5.00%, 6/1/35

      465         480,787   

Peekskill, 5.00%, 6/1/36

      490         505,837   
     

 

 

  
      $ 22,706,145   
     

 

 

  

Hospital — 10.5%

      

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

    $ 620       $ 662,501   

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

      820         839,278   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 9,325       $ 9,231,563   

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

      1,065         1,210,128   

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

      2,055         2,114,883   

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

      6,900         7,031,790   
     

 

 

  
      $ 21,090,143   
     

 

 

  

Housing — 1.7%

      

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

    $ 2,500       $ 2,504,475   

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

      1,000         866,130   
     

 

 

  
      $ 3,370,605   
     

 

 

  

Industrial Development Revenue — 1.0%

      

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

    $ 490       $ 509,404   

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

      1,440         1,531,008   
     

 

 

  
      $ 2,040,412   
     

 

 

  

Insured-Education — 18.3%

      

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

    $ 925       $ 926,156   

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

      1,750         1,922,988   

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

      10,750         10,884,697   

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

      1,555         1,594,792   

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

      2,405         2,456,371   

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

      3,750         3,831,638   

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

      8,500         8,606,505   

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

      5,555         2,176,171   

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

      8,455         3,006,429   

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

      4,000         1,348,120   
     

 

 

  
      $ 36,753,867   
     

 

 

  

Insured-Electric Utilities — 6.4%

      

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

    $ 5,000       $ 5,572,450   

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

      7,210         7,223,410   
     

 

 

  
      $ 12,795,860   
     

 

 

  

Insured-Escrowed/Prerefunded — 3.3%

      

Madison County Industrial Development Agency, (Colgate University), (NPFG), Prerefunded to 7/1/14, 5.00%, 7/1/39

    $ 4,000       $ 4,097,240   

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

      2,250         2,480,243   
     

 

 

  
      $ 6,577,483   
     

 

 

  

Insured-General Obligations — 7.6%

      

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

    $ 2,290       $ 2,536,267   

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

      2,390         2,657,106   

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

      200         224,716   

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

      200         221,360   

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

      200         219,306   

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

      200         217,860   

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

      255         271,080   

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

      175         184,121   

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

      185         209,720   

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

      195         217,901   

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

      1,110         1,165,988   

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

      820         863,099   

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

      860         902,690   

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 785       $ 871,931   

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

      825         902,963   

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

      905         977,690   

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

      950         1,019,179   

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

      1,590         1,658,179   
     

 

 

  
      $ 15,321,156   
     

 

 

  

Insured-Hospital — 3.5%

      

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

    $ 4,355       $ 4,424,201   

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

      2,525         2,596,357   
     

 

 

  
      $ 7,020,558   
     

 

 

  

Insured-Housing — 1.3%

      

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

    $ 2,350       $ 2,515,722   
     

 

 

  
      $ 2,515,722   
     

 

 

  

Insured-Other Revenue — 4.7%

      

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

    $ 2,055       $ 2,042,259   

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

      2,970         2,846,478   

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

      4,050         4,464,517   
     

 

 

  
      $ 9,353,254   
     

 

 

  

Insured-Solid Waste — 2.2%

      

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

    $ 1,490       $ 1,220,727   

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

      1,090         806,404   

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

      3,635         2,402,481   
     

 

 

  
      $ 4,429,612   
     

 

 

  

Insured-Special Tax Revenue — 6.0%

      

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

    $ 2,415       $ 2,497,641   

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

      2,175         2,602,801   

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

      3,000         493,980   

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

      4,000         525,960   

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

      6,705         740,299   

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

      850         874,488   

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

      4,185         4,285,817   
     

 

 

  
      $ 12,020,986   
     

 

 

  

Insured-Transportation — 8.9%

      

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

    $ 5,600       $ 6,294,512   

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

      11,000         11,619,630   
     

 

 

  
      $ 17,914,142   
     

 

 

  

Insured-Water and Sewer — 3.0%

      

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

    $ 300       $ 343,206   

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

      3,835         4,271,001   

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

      1,475         1,499,249   
     

 

 

  
      $ 6,113,456   
     

 

 

  

Other Revenue — 5.9%

      

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

    $ 5,225       $ 5,687,987   

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

      4,900         1,831,620   

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

      4,110         4,374,150   
     

 

 

  
      $ 11,893,757   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Special Tax Revenue — 19.3%

      

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

    $ 10,000       $ 10,655,600   

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

      10,000         10,454,200   

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

      1,000         1,087,610   

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

      6,500         6,959,810   

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

      6,600         6,973,428   

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

      2,370         2,582,850   
     

 

 

  
      $ 38,713,498   
     

 

 

  

Transportation — 11.6%

      

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

    $ 3,430       $ 3,532,283   

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

      1,565         1,583,655   

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

      300         302,541   

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

      7,280         7,463,310   

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

      10,000         10,326,400   
     

 

 

  
      $ 23,208,189   
     

 

 

  

Water and Sewer — 5.7%

      

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

    $ 755       $ 827,087   

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

      500         535,380   

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

      1,000         1,049,890   

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

      8,750         8,951,950   
     

 

 

  
      $ 11,364,307   
     

 

 

  

Total Tax-Exempt Investments — 169.0%
(identified cost $332,803,544)

       $ 339,116,044   
     

 

 

  

Other Assets, Less Liabilities — (69.0)%

       $ (138,483,834 ) 
     

 

 

  

Net Assets — 100.0%

       $ 200,632,210   
     

 

 

  

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

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 December 31, 2013, 38.6% 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 0.2% to 13.5% 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 $337,610.

 

4

 

 

A summary of open financial instruments at December 31, 2013 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Appreciation		  
3/14    75 U.S. Long Treasury Bond    Short    $     (9,783,847 )    $     (9,623,437 )    $     160,410   

At December 31, 2013, 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 December 31, 2013, 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 $160,410.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2013, as determined on a federal income tax basis, were as follows:

 

                        

Aggregate cost

    $     190,388,400   
  

 

 

  

Gross unrealized appreciation

    $ 13,283,672   

Gross unrealized depreciation

      (7,226,028 ) 
  

 

 

  

Net unrealized appreciation

    $ 6,057,644   
  

 

 

  

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, 2013, 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

    $ —       $ 339,116,044       $     —       $     339,116,044   

Total Investments

    $ —       $     339,116,044       $ —       $ 339,116,044   

Futures Contracts

    $ 160,410       $ —       $ —       $ 160,410   

Total

    $     160,410       $ 339,116,044       $ —       $ 339,276,454   

The Fund held no investments or other financial instruments as of September 30, 2013 whose fair value was determined using Level 3 inputs. At December 31, 2013, 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 24, 2014

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 24, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 24, 2014