N-Q 1 d688780dnq.htm EATON VANCE NEW YORK MUNICIPAL BOND FUND 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, 2018

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

New York Municipal Bond Fund

December 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 160.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Bond Bank — 9.6%

     

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

   $ 4,110      $ 4,263,714  

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

     17,500        18,092,375  
     

 

 

 
      $ 22,356,089  
     

 

 

 

Education — 26.7%

     

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

   $ 200      $ 223,826  

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

     105        117,361  

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

     200        222,702  

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

     1,935        2,108,124  

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

     200        223,544  

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

     950        1,014,191  

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

     800        849,200  

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

     300        318,162  

New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/38

     2,000        2,352,660  

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38(1)

     2,000        2,347,220  

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

     1,275        1,348,975  

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

     10,000        10,580,200  

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

     6,975        7,261,603  

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

     2,000        2,308,700  

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

     10,000        10,163,800  

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

     2,000        2,077,980  

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/34

     100        109,580  

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

     1,110        1,125,584  

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

     2,700        2,737,908  

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

     1,175        1,256,792  

New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/28

     325        347,214  

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

     250        269,105  

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

     1,660        1,837,205  

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

     6,250        6,594,250  

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

     3,820        4,260,561  
     

 

 

 
      $ 62,056,447  
     

 

 

 

Electric Utilities — 2.9%

     

Long Island Power Authority, Electric System Revenue, 5.00%, 9/1/37

   $ 1,500      $ 1,720,110  

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

     2,895        3,231,399  

Utility Debt Securitization Authority, 5.00%, 12/15/36(1)

     1,675        1,901,711  
     

 

 

 
      $ 6,853,220  
     

 

 

 

Escrowed/Prerefunded — 4.7%

     

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

   $ 3,715      $ 3,851,415  

Metropolitan Transportation Authority, Prerefunded to 11/15/20, 5.00%, 11/15/34

     2,000        2,120,720  

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

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

   $ 3,430      $ 3,766,174  

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

     1,065        1,108,921  
     

 

 

 
   $ 10,847,230  
     

 

 

 

General Obligations — 10.3%

 

Bridgehampton Union Free School District, 4.00%, 3/15/37

   $ 1,930      $ 2,039,508  

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

     8,250        8,728,500  

New York City, 4.00%, 8/1/34

     2,000        2,119,300  

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

     10,000        11,061,200  
     

 

 

 
   $ 23,948,508  
     

 

 

 

Hospital — 8.9%

 

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

   $ 755      $ 784,890  

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

     1,000        1,039,510  

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

     9,825        10,324,307  

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/42

     1,500        1,693,485  

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

     6,380        6,788,894  
     

 

 

 
   $ 20,631,086  
     

 

 

 

Housing — 8.6%

 

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

   $ 870      $ 847,580  

New York City Housing Development Corp., 3.70%, 11/1/38

     885        882,496  

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

     1,675        1,664,263  

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

     2,030        2,057,750  

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

     2,500        2,518,675  

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

     2,815        2,473,400  

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

     500        505,365  

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

     1,000        1,019,740  

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

     2,000        2,009,860  

New York Mortgage Agency, 4.10%, 10/1/38

     4,300        4,430,548  

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

     1,500        1,633,005  
     

 

 

 
   $ 20,042,682  
     

 

 

 

Industrial Development Revenue — 1.3%

 

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

   $ 1,020      $ 1,238,861  

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

     1,440        1,844,914  
     

 

 

 
   $ 3,083,775  
     

 

 

 

Insured – Education — 3.8%

 

New York Dormitory Authority, (Barnard College), (NPFG), 5.00%, 7/1/24

   $ 290      $ 290,800  

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

     75        88,503  

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

     1,345        1,680,349  

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

     1,750        1,947,085  

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

     1,900        1,930,647  

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

     2,950        2,999,383  
     

 

 

 
   $ 8,936,767  
     

 

 

 

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Insured – Electric Utilities — 5.7%

 

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

   $ 5,000      $ 5,050,600  

Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 5/1/19, 5.50%, 5/1/33

     500        506,285  

Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 5/1/19, 6.00%, 5/1/33

     500        507,095  

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

     7,210        7,221,248  
     

 

 

 
   $ 13,285,228  
     

 

 

 

Insured – Escrowed/Prerefunded — 2.6%

 

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

   $ 2,290      $ 2,350,387  

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

     2,390        2,458,139  

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

     1,110        1,121,633  
     

 

 

 
   $ 5,930,159  
     

 

 

 

Insured – General Obligations — 3.8%

 

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

   $ 200      $ 200,464  

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

     200        200,438  

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

     200        200,436  

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

     200        200,436  

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

     1,005        1,006,829  

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

     1,050        1,052,016  

Nassau County, (AGM), 5.00%, 7/1/42

     1,000        1,124,580  

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

     4,585        4,818,927  
     

 

 

 
   $ 8,804,126  
     

 

 

 

Insured – Hospital — 0.2%

 

New York City Health and Hospitals Corp., (AGM), 5.50%, 2/15/20

   $ 500      $ 501,515  
     

 

 

 
   $ 501,515  
     

 

 

 

Insured – Lease Revenue/Certificates of Participation — 2.4%

 

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

   $ 1,490      $ 1,425,140  

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

     1,090        990,243  

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

     3,635        3,107,707  
     

 

 

 
   $ 5,523,090  
     

 

 

 

Insured – Special Tax Revenue — 1.7%

 

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

   $ 2,685      $ 2,809,020  

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

     3,000        1,122,270  
     

 

 

 
   $ 3,931,290  
     

 

 

 

Lease Revenue/Certificates of Participation — 3.9%

 

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

   $ 8,000      $ 9,015,840  
     

 

 

 
   $ 9,015,840  
     

 

 

 

Other Revenue — 13.3%

 

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

   $ 4,925      $ 5,054,183  

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

     6,000        3,757,140  

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

     1,500        1,610,700  

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

     10,000        11,343,400  

New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37(1)

     2,200        2,538,778  

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

     5,975        6,496,737  
     

 

 

 
   $ 30,800,938  
     

 

 

 

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Special Tax Revenue — 30.6%

 

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

   $ 10,000      $ 10,989,300  

New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 8/1/41

     3,750        3,861,300  

New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 5/1/42

     5,430        5,583,235  

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

     2,100        2,155,230  

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

     10,000        10,538,300  

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

     845        897,796  

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

     655        698,977  

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

     9,250        10,187,765  

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33

     650        687,849  

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

     7,620        8,393,963  

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43(1)

     2,000        2,284,840  

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

     2,370        2,464,634  

Sales Tax Asset Receivable Corp., 4.00%, 10/15/32

     1,935        2,075,229  

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

     8,900        10,188,809  
     

 

 

 
   $ 71,007,227  
     

 

 

 

Transportation — 11.8%

 

Metropolitan Transportation Authority, Green Bonds, 4.00%, 11/15/38

   $ 3,175      $ 3,232,055  

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

     1,915        2,003,856  

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

     365        381,359  

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

     2,500        2,637,225  

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

     7,240        7,748,248  

Port Authority of New York and New Jersey, 5.00%, 12/1/34(1)

     820        919,007  

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

     8,000        9,074,880  

Port Authority of New York and New Jersey, 5.00%, 10/15/36(1)

     1,200        1,379,568  
     

 

 

 
   $ 27,376,198  
     

 

 

 

Water and Sewer — 7.1%

 

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

   $ 755      $ 819,402  

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

     500        542,205  

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/46(1)

     2,000        2,235,520  

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

     8,750        9,424,625  

Suffolk County Water Authority, 4.00%, 6/1/41

     1,150        1,197,610  

Suffolk County Water Authority, 5.00%, 6/1/36(1)

     2,000        2,381,820  
     

 

 

 
   $ 16,601,182  
     

 

 

 

Senior Living/Life Care — 0.8%

 

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

   $ 135      $ 150,402  

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

     325        368,973  

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

     200        229,226  

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

     970        1,075,497  
     

 

 

 
   $ 1,824,098  
     

 

 

 

Total Tax-Exempt Investments — 160.7%
(identified cost $362,376,987)

      $ 373,356,695  
  

 

 

 

Other Assets, Less Liabilities — (60.7)%

      $ (141,015,043
     

 

 

 

Net Assets — 100.0%

      $ 232,341,652  
     

 

 

 

 

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 December 31, 2018, 12.6% 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 0.1% to 3.7% of total investments.

 

(1)

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

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 Guarantee Corp.
 

 

The Fund did not have any open derivative instruments at December 31, 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 December 31, 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

   $      $ 373,356,695      $      $ 373,356,695  

Total Investments

   $     —      $     373,356,695      $     —      $     373,356,695  

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.

Reorganization

As of the close of business on December 14, 2018, the Fund acquired the net assets of Eaton Vance New York Municipal Bond Fund II (New York Fund II), pursuant to a plan of reorganization approved by the shareholders of New York Fund II. The investment portfolio of New York Fund II, with a fair value of $53,007,450 and identified cost of $51,991,914 was the principal asset acquired by the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the identified cost of the investments received from New York Fund II was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Fund immediately before the acquisition were $199,216,655. The net assets of New York Fund II at that date of $31,246,579 were combined with those of the Fund, resulting in combined net assets of $230,463,234.

 

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:   February 25, 2019

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 25, 2019
By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 25, 2019