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, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

June 30, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 164.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 9.2%

 

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

    $ 3,360      $ 3,672,379  

New York Environmental Facilities Corp., Clean Water and Drinking Water, 4.00%, 6/15/46(1)

      15,000        15,880,050  
     

 

 

  
   $ 19,552,429  
     

 

 

  

Education — 30.2%

 

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

    $ 200      $ 226,702  

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

      105        117,811  

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

      200        223,682  

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

      1,330        1,501,969  

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

      200        225,126  

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

      950        1,071,961  

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

      800        898,152  

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

      300        336,081  

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

      240        253,320  

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

      10,000        10,555,000  

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

      10,000        11,232,500  

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

      5,700        6,300,495  

New York Dormitory Authority, (New York University), 4.00%, 7/1/35

      1,500        1,608,675  

New York Dormitory Authority, (New York University), Prerefunded to 7/1/19,
5.00%, 7/1/39(1)

      10,000        10,785,000  

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

      2,000        2,193,960  

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

      500        537,800  

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

      2,700        2,904,120  

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

      1,175        1,340,087  

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

      250        285,613  

New York Dormitory Authority, (The New School), 5.00%, 7/1/46

      1,660        1,881,344  

New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40

      5,250        5,915,490  

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

      3,305        3,845,401  
     

 

 

  
   $ 64,240,289  
     

 

 

  

Electric Utilities — 1.6%

 

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

    $ 2,895      $ 3,380,520  
     

 

 

  
   $ 3,380,520  
     

 

 

  

Escrowed/Prerefunded — 2.9%

 

Triborough Bridge and Tunnel Authority, Prerefunded to 11/15/18, 5.00%, 11/15/38(1)

    $ 5,955      $ 6,286,393  
     

 

 

  
   $ 6,286,393  
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

General Obligations — 10.9%

 

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

    $ 3,715      $ 4,050,725  

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

      7,250        8,174,447  

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

      8,650        9,958,572  

Peekskill, 5.00%, 6/1/35

      465        481,029  

Peekskill, 5.00%, 6/1/36

      490        506,890  
     

 

 

  
   $ 23,171,663  
     

 

 

  

Hospital — 9.5%

 

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

    $ 620      $ 674,045  

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

      820        885,248  

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

      9,325        9,871,352  

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

      1,065        1,174,461  

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

      5,890        6,460,564  

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        1,160,409  
     

 

 

  
   $ 20,226,079  
     

 

 

  

Housing — 6.5%

 

New York City Housing Development Corp., 3.55%, 11/1/42

    $ 1,640      $ 1,638,311  

New York City Housing Development Corp., 3.80%, 11/1/37

      885        907,700  

New York City Housing Development Corp., 4.05%, 11/1/41

      2,030        2,114,529  

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

      2,500        2,571,000  

New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 3.20%, 11/1/46

      4,190        3,982,679  

New York Housing Finance Agency, (FHLMC), (FNMA), (GNMA), 4.00%, 11/1/42

      500        520,775  

New York Housing Finance Agency, (FNMA), 3.95%, 11/1/37

      1,000        1,041,020  

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

      995        1,010,233  
     

 

 

  
   $ 13,786,247  
     

 

 

  

Industrial Development Revenue — 1.2%

 

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

    $ 490      $ 612,500  

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

      1,440        1,865,102  
     

 

 

  
   $ 2,477,602  
     

 

 

  

Insured-Education — 3.5%

 

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

    $ 925      $ 1,209,946  

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

      1,750        2,091,005  

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

      1,555        1,677,068  

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

      2,405        2,599,733  
     

 

 

  
   $ 7,577,752  
     

 

 

  

Insured-Electric Utilities — 6.0%

 

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

    $ 5,000      $ 5,409,250  

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

      7,210        7,297,169  
     

 

 

  
   $ 12,706,419  
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Escrowed/Prerefunded — 6.4%

 

Brentwood Union Free School District, (AGC), Prerefunded to 11/15/19, 4.75%, 11/15/23

    $ 2,290      $ 2,490,329  

Brentwood Union Free School District, (AGC), Prerefunded to 11/15/19, 5.00%, 11/15/24

      2,390        2,613,059  

Eastchester, Union Free School District, (AGM), Prerefunded to 6/15/18, 4.00%, 6/15/23

      175        180,101  

Freeport, (AGC), Prerefunded to 10/15/18, 5.00%, 10/15/20

      185        194,744  

Freeport, (AGC), Prerefunded to 10/15/18, 5.00%, 10/15/21

      195        205,271  

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

      300        316,779  

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

      3,835        4,062,185  

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

      785        795,919  

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

      825        836,476  

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

      905        918,439  

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

      950        964,108  
     

 

 

  
   $ 13,577,410  
     

 

 

  

Insured-General Obligations — 4.0%

 

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

    $ 200      $ 209,804  

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

      200        209,712  

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

      200        209,574  

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

      200        209,370  

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

      1,110        1,173,281  

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

      820        841,869  

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

      860        883,908  

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

      4,585        4,899,990  
     

 

 

  
   $ 8,637,508  
     

 

 

  

Insured-Hospital — 2.0%

 

New York Dormitory Authority, (Hudson Valley Hospital Center), (AGM), (BHAC), Prerefunded to 8/15/17, 5.00%, 8/15/36

    $ 4,355      $ 4,376,035  
     

 

 

  
   $ 4,376,035  
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 2.6%

 

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

    $ 1,490      $ 1,407,349  

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

      1,090        983,529  

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

      3,635        3,084,843  
     

 

 

  
   $ 5,475,721  
     

 

 

  

Insured-Other Revenue — 2.0%

 

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

    $ 4,050      $ 4,238,447  
     

 

 

  
   $ 4,238,447  
     

 

 

  

Insured-Special Tax Revenue — 2.2%

 

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

    $ 2,175      $ 2,432,498  

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

      3,000        988,200  

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

      6,705        1,331,948  
     

 

 

  
   $ 4,752,646  
     

 

 

  

Lease Revenue/Certificates of Participation — 3.3%

 

Hudson Yards Infrastructure Corp., 5.00%, 2/15/42

    $ 6,000      $ 6,974,760  
     

 

 

  
   $ 6,974,760  
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Other Revenue — 12.5%

 

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

    $ 4,925      $ 5,359,927  

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

      4,900        2,860,571  

Brooklyn Arena Local Development Corp., (Barclays Center), 5.00%, 7/15/42

      1,000        1,122,500  

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

      10,000        11,723,500  

New York City Trust for Cultural Resources, (Museum of Modern Art), 4.00%, 4/1/31

      730        817,373  

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

      4,110        4,705,087  
     

 

 

  
   $ 26,588,958  
     

 

 

  

Special Tax Revenue — 26.4%

 

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

    $ 10,000      $ 11,593,400  

New York City Transitional Finance Authority, Future Tax Revenue, 3.00%, 2/1/39

      350        339,524  

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

      10,000        11,103,500  

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

      565        641,185  

New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(1)

      435        497,063  

New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/36(2)

      3,500        3,729,565  

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

      6,500        7,595,120  

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

      6,600        7,521,426  

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

      2,370        2,608,351  

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

      8,900        10,680,445  
     

 

 

  
   $ 56,309,579  
     

 

 

  

Transportation — 15.7%

 

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

    $ 3,430      $ 3,921,176  

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

      1,565        1,718,840  

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

      300        329,391  

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

      7,240        8,140,873  

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

      8,000        9,319,680  

Port Authority of New York and New Jersey, 5.00%, 10/15/41(1)

      5,000        5,784,700  

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

      4,045        4,256,877  
     

 

 

  
   $ 33,471,537  
     

 

 

  

Water and Sewer — 5.2%

 

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

    $ 755      $ 858,503  

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

      500        569,685  

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

      8,750        9,705,150  
     

 

 

  
   $ 11,133,338  
     

 

 

  

Senior Living/Life Care — 0.9%

 

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.00%, 11/1/24

    $ 135      $ 155,726  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25

      325        383,373  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/26

      360        426,100  

Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/36

      845        941,905  
     

 

 

  
   $ 1,907,104  
     

 

 

  

Total Tax-Exempt Investments — 164.7%
(identified cost $330,713,889)

       $ 350,848,436  
     

 

 

  

Other Assets, Less Liabilities — (64.7)%

 

    $ (137,885,010 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 212,963,426  
     

 

 

  

 

4

 

 

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, 2017, 17.5% 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 2.5% to 7.3% of total investments.

 

(1) Security represents the municipal bond held by a trust that issues residual interest bonds.
(2) When-issued security.

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-17    $     (7,603,068 )    $     (7,684,375 )    $     (81,307 ) 
               

 

 

  
                $ (81,307 ) 
               

 

 

  

Abbreviations:

 

AGC     -     Assured Guaranty Corp.

AGM

     -     Assured Guaranty Municipal Corp.

AMBAC

     -     AMBAC Financial Group, Inc.

BHAC

     -     Berkshire Hathaway Assurance Corp.

FHLMC

     -     Federal Home Loan Mortgage Corp.

FNMA

     -     Federal National Mortgage Association

GNMA

     -     Government National Mortgage Association

NPFG

     -     National Public Finance Guaranty Corp.

At June 30, 2017, 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 June 30, 2017, 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 $81,307.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     189,897,764  
  

 

 

  

Gross unrealized appreciation

    $ 22,677,890  

Gross unrealized depreciation

      (2,217,218 ) 
  

 

 

  

Net unrealized appreciation

    $ 20,460,672  
  

 

 

  

 

5

 

 

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, 2017, 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

    $ —      $     350,848,436      $     —      $     350,848,436  

Total Investments

    $ —      $ 350,848,436      $ —      $ 350,848,436  
Liability Description                                

Futures Contracts

    $ (81,307 )     $ —      $ —      $ (81,307 ) 

Total

    $     (81,307 )     $ —      $ —      $ (81,307 ) 

The Fund held no investments or other financial instruments as of September 30, 2016 whose fair value was determined using Level 3 inputs. At June 30, 2017, 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.

 

6

 

 

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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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 24, 2017

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 24, 2017

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 24, 2017