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, 2013

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New York Municipal Bond Fund

June 30, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 163.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 4.9%

      

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

    $ 3,360       $ 3,595,200   

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

      50         53,910   

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

      6,100         6,576,959   
     

 

 

  
      $ 10,226,069   
     

 

 

  
Education — 26.3%      

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

    $ 760       $ 875,421   

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

      950         1,089,745   

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

      800         836,152   

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

      300         311,517   

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

      405         440,101   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/24

      210         225,042   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/25

      135         142,769   

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

      240         257,333   

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

      10,000         10,722,200   

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

      10,000         10,743,600   

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

      5,700         6,146,481   

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

      10,000         10,619,300   

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

      2,000         2,082,460   

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

      2,700         2,871,099   

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

      1,175         1,294,592   

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

      300         324,624   

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

      5,250         5,621,175   
     

 

 

  
      $ 54,603,611   
     

 

 

  
Electric Utilities — 1.6%      

Puerto Rico Electric Power Authority, 5.25%, 7/1/30

    $ 3,560       $ 3,375,841   
     

 

 

  
      $ 3,375,841   
     

 

 

  
General Obligations — 11.8%      

Arlington Central School District, 4.00%, 12/15/29

    $ 1,360       $ 1,385,772   

Arlington Central School District, 4.00%, 12/15/30

      1,830         1,845,793   

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

      4,715         5,047,879   

New York City, 4.00%, 10/1/30(1)

      7,500         7,574,925   

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

      7,250         7,742,058   

Peekskill, 5.00%, 6/1/35

      465         485,799   

Peekskill, 5.00%, 6/1/36

      490         511,246   
     

 

 

  
      $ 24,593,472   
     

 

 

  
Hospital — 10.5%      

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

    $ 620       $ 648,508   

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

      820         844,977   

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

      9,325         9,626,011   

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

      1,065         1,231,577   

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

      2,055         2,131,240   

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

      6,900         7,322,694   
     

 

 

  
      $ 21,805,007   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Housing — 1.7%

      

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

    $ 2,500       $ 2,576,500   

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

      1,000         889,230   
     

 

 

  
      $ 3,465,730   
     

 

 

  

Industrial Development Revenue — 1.0%

      

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

    $ 500       $ 534,795   

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

      1,440         1,590,034   
     

 

 

  
      $ 2,124,829   
     

 

 

  
Insured-Education — 18.1%      

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

    $ 925       $ 968,577   

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

      1,750         1,945,773   

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

      10,750         11,203,757   

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

      1,555         1,639,017   

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

      2,405         2,535,086   

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

      3,750         4,015,612   

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

      8,500         8,858,785   

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

      5,555         2,142,064   

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

      8,455         2,956,713   

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

      4,000         1,334,920   
     

 

 

  
      $ 37,600,304   
     

 

 

  
Insured-Electric Utilities — 6.3%      

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

    $ 5,000       $ 5,696,400   

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

      7,210         7,306,974   
     

 

 

  
      $ 13,003,374   
     

 

 

  
Insured-Escrowed/Prerefunded — 2.0%      

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

    $ 4,000       $ 4,190,600   
     

 

 

  
      $ 4,190,600   
     

 

 

  
Insured-General Obligations — 9.1%      

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

    $ 2,290       $ 2,580,578   

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

      2,390         2,712,961   

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

      200         229,060   

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

      200         226,144   

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

      200         224,092   

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

      200         222,558   

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

      255         273,625   

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

      175         186,370   

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

      185         213,862   

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

      195         222,690   

Hauppauge Union Free School District, (AGC), 4.00%, 7/15/24

      940         1,000,310   

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

      1,110         1,187,955   

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

      820         873,571   

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

      860         915,788   

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

      2,250         2,427,863   

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

      785         877,096   

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

      825         915,560   

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

      905         990,993   

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

      950         1,034,854   

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

      1,590         1,688,294   
     

 

 

  
      $ 19,004,224   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Hospital — 3.5%

      

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

    $ 4,355       $ 4,517,921   

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

      2,525         2,646,503   
     

 

 

  
      $ 7,164,424   
     

 

 

  

Insured-Housing — 1.2%

      

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

    $ 2,350       $ 2,492,175   
     

 

 

  
      $ 2,492,175   
     

 

 

  

Insured-Other Revenue — 6.4%

      

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

    $ 2,055       $ 2,058,699   

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

      6,930         6,782,252   

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

      4,050         4,492,584   
     

 

 

  
      $ 13,333,535   
     

 

 

  
Insured-Solid Waste — 2.1%      

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

    $ 1,490       $ 1,198,869   

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

      1,090         795,307   

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

      3,635         2,388,886   
     

 

 

  
      $ 4,383,062   
     

 

 

  
Insured-Special Tax Revenue — 6.3%      

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

    $ 2,415       $ 2,503,244   

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

      2,175         2,639,363   

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

      3,000         612,540   

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

      4,000         1,106,000   

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

      6,705         961,698   

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

      850         887,944   

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

      4,185         4,367,717   
     

 

 

  
      $ 13,078,506   
     

 

 

  

Insured-Transportation — 8.8%

      

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

    $ 5,600       $ 6,286,892   

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

      11,000         11,919,050   
     

 

 

  
      $ 18,205,942   
     

 

 

  

Insured-Water and Sewer — 3.0%

      

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

    $ 300       $ 343,851   

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

      3,835         4,314,145   

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

      1,475         1,512,111   
     

 

 

  
      $ 6,170,107   
     

 

 

  
Other Revenue — 6.5%      

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

    $ 5,225       $ 5,788,255   

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

      4,900         1,979,796   

New York Liberty Development Corp., (7 World Trade Center), 5.00%, 9/15/40

      5,500         5,756,630   
     

 

 

  
      $ 13,524,681   
     

 

 

  
Special Tax Revenue — 15.6%      

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

    $ 10,000       $ 10,824,100   

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

      10,000         10,655,600   

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

      1,000         1,111,350   

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

      6,500         7,093,450   

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

      2,370         2,617,452   
     

 

 

  
      $ 32,301,952   
     

 

 

  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 11.4%

      

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

    $ 3,430       $ 3,590,696   

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

      1,565         1,614,845   

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

      300         310,119   

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

      7,380         7,755,568   

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

      10,000         10,440,000   
     

 

 

  
      $ 23,711,228   
     

 

 

  
Water and Sewer — 5.6%      

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

    $ 755       $ 841,176   

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

      500         542,520   

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

      1,000         1,073,910   

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

      8,750         9,207,450   
     

 

 

  
      $ 11,665,056   
     

 

 

  

Total Tax-Exempt Investments — 163.7%
(identified cost $328,369,225)

       $ 340,023,729   
     

 

 

  

Other Assets, Less Liabilities — (63.7)%

       $ (132,275,458 ) 
     

 

 

  

Net Assets — 100.0%

       $ 207,748,271   
     

 

 

  

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, 2013, 40.8% 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 ranged from 1.1% to 13.7% 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 $361,350.

A summary of open financial instruments at June 30, 2013 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Appreciation		  
9/13    75 U.S. Long Treasury Bond    Short    $     (10,547,910 )    $     (10,188,282 )    $     359,628   

At June 30, 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.

 

4

 

 

At June 30, 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 $359,628.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     187,295,179   
  

 

 

  

Gross unrealized appreciation

    $ 16,577,876   

Gross unrealized depreciation

      (5,599,326 ) 
  

 

 

  

Net unrealized appreciation

    $ 10,978,550   
  

 

 

  

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, 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

    $ —       $ 340,023,729       $ —       $ 340,023,729   

Total Investments

    $ —       $ 340,023,729       $ —       $ 340,023,729   

Futures Contracts

    $ 359,628       $ —       $ —       $ 359,628   

Total

    $     359,628       $     340,023,729       $ —       $     340,383,357   

The Fund held no investments or other financial instruments as of September 30, 2012 whose fair value was determined using Level 3 inputs. At June 30, 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/ Cynthia J. Clemson
  Cynthia J. Clemson
  President
Date:   August 26, 2013

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/ Cynthia J. Clemson
  Cynthia J. Clemson
  President
Date:   August 26, 2013

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 26, 2013