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, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

December 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 163.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.7%

      

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

    $ 3,360       $ 3,815,683   

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

      50         53,683   

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

      6,100         6,549,326   
     

 

 

  
      $ 10,418,692   
     

 

 

  

Education — 29.0%

      

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

    $ 200       $ 231,726   

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

      105         120,443   

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

      200         228,434   

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

      1,330         1,509,457   

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

      200         230,072   

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

      760         887,855   

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

      950         1,117,228   

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

      800         889,528   

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

      300         332,652   

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

      405         463,348   

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

      240         267,497   

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

      10,000         11,145,700   

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

      10,000         11,504,700   

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

      5,700         6,521,028   

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

      10,000         11,239,200   

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

      2,000         2,268,120   

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

      500         564,255   

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

      2,700         3,046,977   

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

      1,175         1,362,483   

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

      250         291,908   

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

      5,250         5,980,905   

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

      3,305         3,800,585   
     

 

 

  
      $ 64,004,101   
     

 

 

  

Electric Utilities — 1.6%

      

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

    $ 2,895       $ 3,458,367   
     

 

 

  
      $ 3,458,367   
     

 

 

  

General Obligations — 11.1%

      

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

    $ 4,715       $ 5,180,983   

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

      7,250         8,403,475   

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

      8,650         9,982,187   

Peekskill, 5.00%, 6/1/35

      465         512,602   

Peekskill, 5.00%, 6/1/36

      490         540,161   
     

 

 

  
      $ 24,619,408   
     

 

 

  

Hospital — 10.3%

      

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

    $ 620       $ 696,316   

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

      820         906,116   

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

      9,325         10,052,816   

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 1,065       $ 1,233,057   

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

      2,055         2,172,361   

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

      6,900         7,632,228   
     

 

 

  
      $ 22,692,894   
     

 

 

  

Housing — 1.6%

      

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

    $ 2,500       $ 2,633,675   

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

      1,000         1,013,170   
     

 

 

  
      $ 3,646,845   
     

 

 

  

Industrial Development Revenue — 1.1%

      

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

    $ 490       $ 591,724   

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

      1,440         1,791,576   
     

 

 

  
      $ 2,383,300   
     

 

 

  

Insured-Education — 18.0%

      

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

    $ 925       $ 1,115,670   

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

      1,750         2,034,253   

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

      10,750         11,871,547   

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

      1,555         1,675,839   

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

      2,405         2,593,937   

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

      3,750         4,042,950   

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

      8,500         9,386,805   

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

      5,555         2,349,376   

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

      8,455         3,253,484   

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

      4,000         1,469,680   
     

 

 

  
      $ 39,793,541   
     

 

 

  

Insured-Electric Utilities — 6.0%

      

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

    $ 5,000       $ 5,815,100   

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

      7,210         7,506,259   
     

 

 

  
      $ 13,321,359   
     

 

 

  

Insured-Escrowed/Prerefunded — 4.3%

      

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

    $ 300       $ 346,680   

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

      3,835         4,467,698   

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

      2,250         2,382,120   

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

      2,350         2,405,813   
     

 

 

  
      $ 9,602,311   
     

 

 

  

Insured-General Obligations — 9.2%

      

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

    $ 2,290       $ 2,586,051   

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

      2,390         2,755,312   

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

      200         222,990   

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

      200         221,450   

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

      200         220,574   

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

      200         220,040   

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

      175         186,923   

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

      185         210,476   

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

      195         220,699   

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

      1,110         1,216,260   

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 820       $ 877,146   

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

      860         919,933   

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

      4,585         4,934,102   

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

      785         856,168   

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

      825         894,803   

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

      905         978,169   

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

      950         1,023,796   

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

      1,590         1,727,440   
     

 

 

  
      $ 20,272,332   
     

 

 

  

Insured-Hospital — 2.1%

      

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

    $ 4,355       $ 4,740,679   
     

 

 

  
      $ 4,740,679   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 2.3%

      

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

    $ 1,490       $ 1,328,186   

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

      1,090         906,520   

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

      3,635         2,791,717   
     

 

 

  
      $ 5,026,423   
     

 

 

  

Insured-Other Revenue — 2.1%

      

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

    $ 4,050       $ 4,595,697   
     

 

 

  
      $ 4,595,697   
     

 

 

  

Insured-Special Tax Revenue — 3.5%

      

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

    $ 2,415       $ 2,605,253   

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

      2,175         2,616,873   

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

      3,000         625,740   

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

      4,000         885,480   

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

      6,705         940,980   
     

 

 

  
      $ 7,674,326   
     

 

 

  

Insured-Transportation — 8.3%

      

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

    $ 5,600       $ 6,232,688   

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

      11,000         12,051,600   
     

 

 

  
      $ 18,284,288   
     

 

 

  

Insured-Water and Sewer — 0.7%

      

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

    $ 1,475       $ 1,501,889   
     

 

 

  
      $ 1,501,889   
     

 

 

  

Other Revenue — 5.8%

      

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

    $ 4,925       $ 5,733,094   

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

      4,900         2,354,842   

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

      4,110         4,749,804   
     

 

 

  
      $ 12,837,740   
     

 

 

  

Special Tax Revenue — 24.4%

      

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

    $ 10,000       $ 11,767,600   

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

      10,000         11,386,200   

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

      1,000         1,189,120   

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

      6,500         7,632,365   

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

      6,600         7,814,268   

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

      2,370         2,728,368   

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

      9,400         11,488,398   
     

 

 

  
      $ 54,006,319   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 11.4%

      

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

    $ 3,430       $ 3,927,693   

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

      1,565         1,701,953   

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

      300         327,399   

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

      7,280         8,112,905   

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

      10,000         11,110,400   
     

 

 

  
      $ 25,180,350   
     

 

 

  

Water and Sewer — 5.6%

      

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

    $ 755       $ 885,570   

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

      500         593,065   

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

      1,000         1,156,930   

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

      8,750         9,772,700   
     

 

 

  
      $ 12,408,265   
     

 

 

  

Total Tax-Exempt Investments — 163.1%
(identified cost $330,165,060)

       $ 360,469,126   
     

 

 

  

Other Assets, Less Liabilities — (63.1)%

       $ (139,426,157 ) 
     

 

 

  

Net Assets — 100.0%

       $ 221,042,969   
     

 

 

  

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, 2014, 34.6% 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 $439,120.

A summary of open financial instruments at December 31, 2014 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
3/15    75 U.S. Long Treasury Bond    Short    $     (10,546,806 )    $     (10,842,188 )    $     (295,382 ) 

At December 31, 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.

 

4

 

 

At December 31, 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 $295,382.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $      187,774,966   
  

 

 

  

Gross unrealized appreciation

    $ 31,873,601   

Gross unrealized depreciation

      (1,849,441 ) 
  

 

 

  

Net unrealized appreciation

    $ 30,024,160   
  

 

 

  

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, 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

    $ —       $ 360,469,126       $ —       $ 360,469,126   

Total Investments

    $ —       $     360,469,126       $ —       $     360,469,126   
Liability Description                                

Futures Contracts

    $ (295,382 )     $ —       $ —       $ (295,382 ) 

Total

    $     (295,382 )     $ —       $     —       $ (295,382 ) 

The Fund held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. At December 31, 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:   February 23, 2015

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 23, 2015

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   February 23, 2015