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, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

June 30, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 160.5%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.8%

      

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

    $ 3,360       $ 3,741,696   

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

      50         54,071   

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

      6,100         6,596,662   
     

 

 

  
      $ 10,392,429   
     

 

 

  

Education — 29.3%

      

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

    $ 200       $ 224,432   

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

      1,330         1,468,134   

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

      200         222,270   

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

      105         116,173   

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

      200         220,624   

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

      760         887,946   

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

      950         1,114,274   

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

      800         866,256   

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

      300         323,133   

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

      405         454,884   

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

      240         268,166   

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

      10,000         11,173,600   

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

      10,000         11,075,300   

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

      5,700         6,458,499   

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

      10,000         11,276,900   

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

      2,000         2,224,160   

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

      500         560,990   

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

      2,700         3,029,346   

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

      1,175         1,337,961   

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

      250         283,685   

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

      5,250         5,735,310   

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

      3,305         3,684,348   
     

 

 

  
      $ 63,006,391   
     

 

 

  

Electric Utilities — 1.6%

      

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

    $ 2,895       $ 3,344,188   
     

 

 

  
      $ 3,344,188   
     

 

 

  

General Obligations — 11.1%

      

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

    $ 4,715       $ 5,135,342   

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

      7,250         8,177,275   

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

      8,650         9,634,370   

Peekskill, 5.00%, 6/1/35

      465         493,742   

Peekskill, 5.00%, 6/1/36

      490         519,547   
     

 

 

  
      $ 23,960,276   
     

 

 

  

Hospital — 10.3%

      

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

    $ 620       $ 689,638   

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

      820         883,017   

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

      9,325         9,824,727   

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

      1,065         1,235,698   

 

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       $ 2,160,915   

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

      6,900         7,462,212   
     

 

 

  
      $ 22,256,207   
     

 

 

  

Housing — 1.7%

      

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

    $ 2,500       $ 2,605,025   

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

      1,000         977,410   
     

 

 

  
      $ 3,582,435   
     

 

 

  

Industrial Development Revenue — 1.1%

      

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

    $ 490       $ 566,729   

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

      1,440         1,707,696   
     

 

 

  
      $ 2,274,425   
     

 

 

  

Insured-Education — 18.1%

      

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

    $ 925       $ 1,043,733   

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

      1,750         2,000,775   

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

      10,750         11,710,728   

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

      1,555         1,655,686   

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

      2,405         2,555,144   

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

      3,750         3,925,163   

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

      8,500         9,259,645   

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

      5,555         2,279,661   

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

      8,455         3,151,770   

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

      4,000         1,422,840   
     

 

 

  
      $ 39,005,145   
     

 

 

  

Insured-Electric Utilities — 6.1%

      

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

    $ 5,000       $ 5,795,550   

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

      7,210         7,440,864   
     

 

 

  
      $ 13,236,414   
     

 

 

  

Insured-Escrowed/Prerefunded — 3.5%

      

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

    $ 2,250       $ 2,437,200   

New York Dormitory Authority, (Maimonides Medical Center), (NPFG), Prerefunded to 8/1/14, 5.00%, 8/1/33

      2,525         2,535,529   

New York Housing Development Corp., (NPFG), Prerefunded to 7/1/15,
5.00%, 7/1/25

      2,350         2,464,774   
     

 

 

  
      $ 7,437,503   
     

 

 

  

Insured-General Obligations — 7.1%

      

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

    $ 2,290       $ 2,591,433   

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

      2,390         2,755,287   

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

      200         226,212   

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

      200         223,840   

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

      200         222,214   

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

      200         221,100   

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

      175         187,180   

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

      185         210,865   

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

      195         220,048   

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

      1,110         1,191,696   

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

      820         877,096   

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

      860         917,921   

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

      785         869,945   

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

      825         906,576   

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 905       $ 986,287   

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

      950         1,030,180   

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

      1,590         1,709,934   
     

 

 

  
      $ 15,347,814   
     

 

 

  

Insured-Hospital — 2.2%

      

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

    $ 4,355       $ 4,751,261   
     

 

 

  
      $ 4,751,261   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 2.2%

      

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

    $ 1,490       $ 1,297,134   

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

      1,090         869,842   

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

      3,635         2,645,226   
     

 

 

  
      $ 4,812,202   
     

 

 

  

Insured-Other Revenue — 2.2%

      

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

    $ 5       $ 5,017   

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

      4,050         4,628,178   
     

 

 

  
      $ 4,633,195   
     

 

 

  

Insured-Special Tax Revenue — 5.8%

      

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

    $ 2,415       $ 2,612,885   

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

      2,175         2,650,738   

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

      3,000         583,710   

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

      4,000         664,120   

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

      6,705         888,077   

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

      850         861,288   

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

      4,185         4,238,736   
     

 

 

  
      $ 12,499,554   
     

 

 

  

Insured-Transportation — 8.6%

      

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

    $ 5,600       $ 6,273,848   

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

      11,000         12,149,720   
     

 

 

  
      $ 18,423,568   
     

 

 

  

Insured-Water and Sewer — 2.9%

      

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

    $ 300       $ 347,214   

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

      3,835         4,400,548   

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

      1,475         1,500,178   
     

 

 

  
      $ 6,247,940   
     

 

 

  

Other Revenue — 5.7%

      

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

    $ 4,925       $ 5,625,680   

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

      4,900         2,104,991   

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

      4,110         4,625,106   
     

 

 

  
      $ 12,355,777   
     

 

 

  

Special Tax Revenue — 19.1%

      

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

    $ 10,000       $ 11,419,400   

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

      10,000         11,125,000   

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

      1,000         1,157,070   

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

      6,500         7,394,465   

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

      6,600         7,408,368   

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

      2,370         2,723,580   
     

 

 

  
      $ 41,227,883   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 11.5%

      

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

    $ 3,430       $ 3,787,715   

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

      1,565         1,662,734   

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

      300         318,564   

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

      7,280         7,967,450   

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

      10,000         11,093,600   
     

 

 

  
      $ 24,830,063   
     

 

 

  

Water and Sewer — 5.6%

      

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

    $ 755       $ 876,948   

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

      500         579,320   

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

      1,000         1,120,720   

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

      8,750         9,461,550   
     

 

 

  
      $ 12,038,538   
     

 

 

  

Total Tax-Exempt Investments — 160.5%
(identified cost $321,234,839)

       $ 345,663,208   
     

 

 

  

Other Assets, Less Liabilities — (60.5)%

       $ (130,239,106 ) 
     

 

 

  

Net Assets — 100.0%

       $ 215,424,102   
     

 

 

  

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 June 30, 2014, 36.6% 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 14.0% 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 $407,070.

A summary of open financial instruments at June 30, 2014 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
9/14    75 U.S. Long Treasury Bond    Short    $     (10,212,753 )    $     (10,289,062 )    $     (76,309 ) 

At June 30, 2014, 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, 2014, 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 $76,309.

 

4

 

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $ 178,790,973   
  

 

 

  

Gross unrealized appreciation

    $ 27,085,911   

Gross unrealized depreciation

      (2,883,676 ) 
  

 

 

  

Net unrealized appreciation

    $ 24,202,235   
  

 

 

  

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, 2014, 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

    $ —      $ 345,663,208       $ —       $ 345,663,208   

Total Investments

    $ —      $     345,663,208       $ —       $     345,663,208   
Liability Description                               

Futures Contracts

    $ (76,309 )    $ —       $ —       $ (76,309 ) 

Total

    $     (76,309 )    $ —       $     —       $ (76,309 ) 

The Fund held no investments or other financial instruments as of September 30, 2013 whose fair value was determined using Level 3 inputs. At June 30, 2014, 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 25, 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:   August 25, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 25, 2014