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, 2012

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

New York Municipal Bond Fund

December 31, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 161.1%

 

                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Bond Bank — 4.7%

     

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

   $ 3,360       $ 3,859,699   

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

     50         55,994   

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

     6,100         6,831,207   
     

 

 

 
      $ 10,746,900   
     

 

 

 

Education — 25.7%

     

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

   $ 760       $ 903,678   

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

     950         1,135,849   

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

     800         902,664   

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

     300         336,153   

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

     405         467,990   

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

     210         239,272   

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

     135         152,312   

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

     240         278,383   

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

     10,000         11,599,300   

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

     10,000         11,678,400   

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

     5,700         6,553,404   

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

     10,000         11,586,800   

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

     2,000         2,234,820   

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

     2,700         3,053,349   

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

     1,175         1,378,545   

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

     250         292,848   

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

     5,250         6,013,717   
     

 

 

 
      $ 58,807,484   
     

 

 

 

Electric Utilities — 1.6%

     

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

   $ 3,560       $ 3,634,048   
     

 

 

 
      $ 3,634,048   
     

 

 

 

Escrowed/Prerefunded — 0.7%

     

Madison County Industrial Development Agency, (Colgate University), Prerefunded to 7/1/13, 5.00%, 7/1/33

   $ 1,630       $ 1,669,120   
     

 

 

 
      $ 1,669,120   
     

 

 

 

General Obligations — 12.3%

     

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

   $ 2,360       $ 2,660,286   

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

     2,330         2,613,398   

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

     4,715         5,255,811   

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

     7,250         8,404,200   

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

     7,500         8,119,800   

Peekskill, 5.00%, 6/1/35

     465         516,689   

Peekskill, 5.00%, 6/1/36

     490         542,910   
     

 

 

 
      $ 28,113,094   
     

 

 

 

 

1

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Hospital — 5.7%

  

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

   $ 620       $ 687,351   

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

     820         905,395   

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

     1,065         1,273,793   

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

     2,055         2,214,858   

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

     6,900         7,881,387   
     

 

 

 
      $ 12,962,784   
     

 

 

 

Housing — 1.2%

     

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

   $ 2,500       $ 2,688,325   
     

 

 

 
   $ 2,688,325   
     

 

 

 

Industrial Development Revenue — 1.0%

     

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

   $ 500       $ 584,095   

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

     1,440         1,745,165   
     

 

 

 
   $ 2,329,260   
     

 

 

 

Insured-Education — 19.1%

     

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

   $ 4,000       $ 4,179,480   

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

     925         1,144,558   

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

     1,750         2,081,555   

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

     10,750         11,973,887   

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

     1,555         1,714,730   

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

     2,405         2,651,753   

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

     3,750         4,169,100   

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

     8,500         9,371,930   

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

     5,555         2,151,118   

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

     8,455         2,975,484   

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

     4,000         1,342,680   
     

 

 

 
   $ 43,756,275   
     

 

 

 

Insured-Electric Utilities — 6.0%

     

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

   $ 5,000       $ 6,006,750   

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

     7,210         7,677,058   
     

 

 

 
   $ 13,683,808   
     

 

 

 

Insured-Escrowed/Prerefunded — 1.5%

     

New York Dormitory Authority, (Brooklyn Law School), (XLCA), Prerefunded to 7/1/13, 5.125%, 7/1/30

   $ 3,280       $ 3,359,081   
     

 

 

 
   $ 3,359,081   
     

 

 

 

Insured-General Obligations — 8.7%

     

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

   $ 2,290       $ 2,704,513   

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

     2,390         2,847,159   

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

     200         239,604   

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

     200         237,730   

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

     200         235,506   

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

     200         233,122   

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

     255         283,448   

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

     175         193,279   

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

     185         223,715   

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

     195         234,117   

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

     940         1,044,152   

 

2

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

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

   $ 1,110       $ 1,244,454   

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

     820         906,600   

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

     860         951,212   

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

     2,250         2,546,415   

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

     785         909,854   

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

     825         946,085   

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

     905         1,030,524   

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

     950         1,074,222   

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

     1,590         1,770,544   
     

 

 

 
   $ 19,856,255   
     

 

 

 

Insured-Hospital — 7.8%

     

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

   $ 4,355       $ 4,802,345   

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

     2,525         2,659,305   

New York Dormitory Authority, (New York and Presbyterian Hospital), (AGM), (BHAC), (FHA), 5.25%, 2/15/31(1)

     9,840         10,393,795   
     

 

 

 
   $ 17,855,445   
     

 

 

 

Insured-Housing — 1.1%

     

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

   $ 2,350       $ 2,549,257   
     

 

 

 
   $ 2,549,257   
     

 

 

 

Insured-Other Revenue — 6.1%

     

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

   $ 2,055       $ 2,162,867   

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

     6,930         7,094,310   

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

     4,050         4,671,392   
     

 

 

 
   $ 13,928,569   
     

 

 

 

Insured-Solid Waste — 2.0%

     

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

   $ 1,490       $ 1,243,778   

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

     1,090         834,046   

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

     3,635         2,563,838   
     

 

 

 
   $ 4,641,662   
     

 

 

 

Insured-Special Tax Revenue — 6.3%

     

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

   $ 2,415       $ 2,595,835   

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

     2,175         2,769,645   

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

     3,000         661,650   

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

     4,000         1,225,560   

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

     11,060         1,717,176   

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

     850         908,327   

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

     4,185         4,468,324   
     

 

 

 
   $ 14,346,517   
     

 

 

 

Insured-Transportation — 8.2%

     

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

   $ 5,600       $ 6,535,028   

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

     11,000         12,230,130   
     

 

 

 
      $ 18,765,158   
     

 

 

 

Insured-Water and Sewer — 2.8%

     

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

   $ 300       $ 354,777   

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

     3,835         4,522,194   

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

     1,475         1,549,694   
     

 

 

 
      $ 6,426,665   
     

 

 

 

 

3

 

 


                                                 
Security   

Principal

Amount

(000’s omitted)

     Value  

Other Revenue — 6.3%

     

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

   $ 4,925       $ 5,876,313   

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

     4,900         2,151,247   

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

     5,500         6,295,520   
     

 

 

 
      $ 14,323,080   
     

 

 

 

Special Tax Revenue — 15.4%

     

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

   $ 10,000       $ 11,900,000   

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

     10,000         11,507,200   

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

     1,000         1,201,550   

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

     6,500         7,794,280   

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

     2,370         2,778,232   
     

 

 

 
      $ 35,181,262   
     

 

 

 

Transportation — 11.4%

     

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

   $ 3,430       $ 3,905,329   

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

     1,565         1,742,721   

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

     300         333,417   

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

     7,380         8,334,751   

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

     10,000         11,615,000   
     

 

 

 
      $ 25,931,218   
     

 

 

 

Water and Sewer — 5.5%

     

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

   $ 755       $ 900,753   

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

     500         588,195   

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

     1,000         1,167,620   

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

     8,750         9,891,262   
     

 

 

 
      $ 12,547,830   
     

 

 

 

Total Tax-Exempt Investments — 161.1%
(identified cost $334,323,291)

      $ 368,103,097   
     

 

 

 

Other Assets, Less Liabilities — (61.1)%

      $ (139,556,419
     

 

 

 

Net Assets — 100.0%

      $ 228,546,678   
     

 

 

 

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

FHA

  -   Federal Housing Administration

NPFG

  -   National Public Finance Guaranty Corp.

XLCA

  -   XL Capital Assurance, Inc.

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, 2012, 43.2% 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 ranged from 0.9% to 16.2% 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 $451,550.

 

4

 

 


A summary of open financial instruments at December 31, 2012 is as follows:

Futures Contracts

 

Expiration
Month/Year
  

Contracts

   Position    Aggregate Cost     Value     Net  Unrealized
Appreciation
 
3/13    75 U.S. 30-Year Treasury Bond    Short    $     (11,249,277   $     (11,062,500   $     186,777   

At December 31, 2012, 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 December 31, 2012, 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 $186,777.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2012, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $     190,785,166   
  

 

 

 

Gross unrealized appreciation

   $ 34,576,284   

Gross unrealized depreciation

     (1,293,353
  

 

 

 

Net unrealized appreciation

   $ 33,282,931   
  

 

 

 

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, 2012, 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

   $       $ 368,103,097       $       $ 368,103,097   

Total Investments

   $       $ 368,103,097       $       $ 368,103,097   

Futures Contracts

   $     186,777       $       $       $ 186,777   

Total

   $ 186,777       $     368,103,097       $     —       $     368,289,874   

The Fund held no investments or other financial instruments as of September 30, 2012 whose fair value was determined using Level 3 inputs. At December 31, 2012, 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:   February 22, 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:   February 22, 2013

 

By:   /s/ Barbara E. Campbell
  Barbara E. Campbell
  Treasurer
Date:   February 22, 2013