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, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

 

Eaton Vance

New York Municipal Bond Fund

June 30, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 169.2%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 9.4%

 

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

    $ 3,360      $ 3,538,046  

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

      15,000        15,643,350  
     

 

 

  
   $ 19,181,396  
     

 

 

  

Education — 30.5%

 

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

    $ 200      $ 224,474  

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

      105        116,773  

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

      200        221,812  

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

      1,330        1,462,242  

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

      200        223,242  

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

      950        1,027,112  

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

      800        857,200  

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

      300        321,186  

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

      240        244,015  

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

      10,000        10,167,300  

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

      10,000        10,760,800  

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

      5,700        6,036,129  

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

      700        745,157  

New York Dormitory Authority, (New York University), 4.00%, 7/1/39

      1,150        1,206,154  

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

      10,000        10,344,200  

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

      2,000        2,109,900  

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

      500        516,505  

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

      2,700        2,789,127  

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

      1,175        1,273,042  

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

      250        272,893  

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

      1,660        1,861,026  

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

      5,250        5,634,247  

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

      3,305        3,706,458  
     

 

 

  
   $ 62,120,994  
     

 

 

  

Electric Utilities — 1.6%

 

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

    $ 2,895      $ 3,282,091  
     

 

 

  
   $ 3,282,091  
     

 

 

  

Escrowed/Prerefunded — 7.3%

 

Long Beach City School District, Prerefunded to 5/1/20, 4.50%, 5/1/26

    $ 3,715      $ 3,908,923  

Metropolitan Transportation Authority, Prerefunded to 11/15/21, 5.25%, 11/15/38

      3,430        3,818,379  

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

      1,065        1,127,164  

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

      5,955        6,036,524  
     

 

 

  
   $ 14,890,990  
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

General Obligations — 8.6%

 

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

    $ 7,250      $ 7,792,010  

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

      8,650        9,675,025  
     

 

 

  
   $ 17,467,035  
     

 

 

  

Hospital — 9.1%

 

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

    $ 620      $ 653,945  

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

      820        864,780  

New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 4.00%, 7/1/37

      825        874,904  

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

      9,325        9,906,601  

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

      5,890        6,347,653  
     

 

 

  
   $ 18,647,883  
     

 

 

  

Housing — 8.9%

 

New York City Housing Development Corp., 3.45%, 11/1/37

    $ 870      $ 862,692  

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

      885        897,213  

New York City Housing Development Corp., 3.80%, 11/1/43

      1,675        1,683,961  

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

      2,030        2,075,147  

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

      2,500        2,545,225  

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

      2,815        2,597,119  

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

      500        514,895  

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

      1,000        1,027,780  

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

      995        1,004,343  

New York Mortgage Agency, 3.60%, 10/1/34

      3,295        3,336,880  

Westchester County Local Development Corp., (Purchase Housing Corp. II), 5.00%, 6/1/47

      1,500        1,664,865  
     

 

 

  
   $ 18,210,120  
     

 

 

  

Industrial Development Revenue — 1.3%

 

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

    $ 640      $ 796,352  

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

      1,440        1,862,078  
     

 

 

  
   $ 2,658,430  
     

 

 

  

Insured – Education — 3.8%

 

New York Dormitory Authority, (City University), (AMBAC), 5.25%, 7/1/30

    $ 50      $ 58,785  

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

      1,345        1,676,462  

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

      1,750        1,966,772  

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

      1,555        1,606,953  

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

      2,405        2,488,309  
     

 

 

  
   $ 7,797,281  
     

 

 

  

Insured – Electric Utilities — 6.1%

 

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

    $ 5,000      $ 5,160,750  

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

      7,210        7,222,329  
     

 

 

  
   $ 12,383,079  
     

 

 

  

Insured – Escrowed/Prerefunded — 5.2%

 

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

    $ 2,290      $ 2,390,256  

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

      2,390        2,502,689  

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

      185        186,920  

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

      195        197,024  

Hoosic Valley Central School District, (AGC), Prerefunded to 6/15/19, 4.00%, 6/15/23

      1,110        1,136,074  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 300      $ 303,693  

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

      3,835        3,885,354  
     

 

 

  
   $ 10,602,010  
     

 

 

  

Insured – General Obligations — 3.6%

 

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

    $ 200      $ 202,068  

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

      200        202,036  

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

      200        202,030  

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

      200        202,030  

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

      820        821,607  

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

      860        861,772  

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

      4,585        4,817,230  
     

 

 

  
   $ 7,308,773  
     

 

 

  

Insured – Lease Revenue/Certificates of Participation — 2.7%

 

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

    $ 1,490      $ 1,409,794  

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

      1,090        975,735  

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

      3,635        3,034,316  
     

 

 

  
   $ 5,419,845  
     

 

 

  

Insured – Other Revenue — 2.0%

 

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

    $ 4,050      $ 4,061,745  
     

 

 

  
   $ 4,061,745  
     

 

 

  

Insured – Special Tax Revenue — 2.4%

 

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

    $ 2,175      $ 2,321,856  

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

      3,000        1,085,520  

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

      6,705        1,533,098  
     

 

 

  
   $ 4,940,474  
     

 

 

  

Lease Revenue/Certificates of Participation — 3.4%

 

Hudson Yards Infrastructure Corp., 5.00%, 2/15/42(1)

    $ 6,000      $ 6,846,300  
     

 

 

  
   $ 6,846,300  
     

 

 

  

Other Revenue — 12.4%

 

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

    $ 4,925      $ 5,146,674  

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

      4,900        3,003,847  

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

      1,000        1,098,210  

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

      10,000        11,416,100  

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

      4,110        4,525,891  
     

 

 

  
   $ 25,190,722  
     

 

 

  

Special Tax Revenue — 25.8%

 

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

    $ 10,000      $ 11,128,600  

New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 8/1/42

      2,100        2,189,313  

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

      10,000        10,690,000  

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

      565        613,110  

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

      435        471,414  

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

      6,500        7,235,345  

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

      6,600        7,376,886  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

New York Thruway Authority, Miscellaneous Tax Revenue, Prerefunded to 4/1/20, 5.00%, 4/1/26

    $ 2,370      $ 2,506,749  

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

      8,900        10,258,674  
     

 

 

  
   $ 52,470,091  
     

 

 

  

Transportation — 18.9%

 

Metropolitan Transportation Authority, 4.00%, 11/15/42

    $ 7,030      $ 7,237,948  

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

      1,565        1,658,274  

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

      300        317,340  

New York Thruway Authority, 4.00%, 1/1/36

      2,500        2,635,375  

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

      7,240        7,849,608  

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

      8,000        9,112,480  

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

      5,000        5,646,200  

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

      4,045        4,092,407  
     

 

 

  
   $ 38,549,632  
     

 

 

  

Water and Sewer — 5.4%

 

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

    $ 755      $ 830,100  

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

      500        549,215  

New York City Municipal Water Finance Authority, (Water and Sewer System), Prerefunded to 6/15/21, 5.00%, 6/15/44(1)

      8,750        9,556,137  
     

 

 

  
   $ 10,935,452  
     

 

 

  

Senior Living/Life Care — 0.8%

 

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

    $ 135      $ 153,534  

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

      325        377,874  

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

      200        234,382  

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

      845        962,768  
     

 

 

  
   $ 1,728,558  
     

 

 

  

Total Tax-Exempt Investments — 169.2%
(identified cost $332,940,693)

       $ 344,692,901  
     

 

 

  

Other Assets, Less Liabilities — (69.2)%

 

    $ (140,949,559 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 203,743,342  
     

 

 

  

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, 2018, 15.2% 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 0.4% to 6.0% of total investments.

 

(1)

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

 

4

 

 

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.
 

The Fund did not have any open derivative instruments at June 30, 2018.

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, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

    $ —      $ 344,692,901      $ —      $ 344,692,901  

Total Investments

    $     —      $     344,692,901      $     —      $     344,692,901  

At June 30, 2018, 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.

Proposed Plan of Reorganization

In April 2018, the Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) whereby the Fund would acquire substantially all the assets and assume substantially all the liabilities of Eaton Vance New York Municipal Bond Fund II (New York Fund II) in exchange for common shares of the Fund. The proposed reorganization is subject to approval by the shareholders of New York Fund II.

 

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.

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 21, 2018

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 21, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 21, 2018