UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-21148
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)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
September 30
Date of Fiscal Year End
March 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 08/30/2002 | (8.09)% | (6.68)% | 3.07% | 4.74% |
Fund at Market Price | — | (12.06) | (9.59) | 2.82 | 4.03 |
| |||||
Bloomberg Municipal Bond Index | — | (5.55)% | (4.47)% | 2.52% | 2.88% |
% Premium/Discount to NAV3 | |
(8.22)% |
Distributions 4 | |
Total Distributions per share for the period | $0.293 |
Distribution Rate at NAV | 4.35% |
Taxable-Equivalent Distribution Rate at NAV | 7.34 |
Distribution Rate at Market Price | 4.74 |
Taxable-Equivalent Distribution Rate at Market Price | 8.00 |
% Total Leverage5 | |
Residual Interest Bond (RIB) Financing | 41.64% |
Credit Quality (% of total investments)*,** |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
** | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 08/30/2002 | (7.98)% | (6.77)% | 2.67% | 4.10% |
Fund at Market Price | — | (14.08) | (9.99) | 1.98 | 3.31 |
| |||||
Bloomberg Municipal Bond Index | — | (5.55)% | (4.47)% | 2.52% | 2.88% |
% Premium/Discount to NAV3 | |
(10.60)% |
Distributions 4 | |
Total Distributions per share for the period | $0.241 |
Distribution Rate at NAV | 4.07% |
Taxable-Equivalent Distribution Rate at NAV | 8.87 |
Distribution Rate at Market Price | 4.55 |
Taxable-Equivalent Distribution Rate at Market Price | 9.92 |
% Total Leverage5 | |
RIB Financing | 42.61% |
Credit Quality (% of total investments)*,** |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
** | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
% Average Annual Total Returns1,2 | Inception Date | Six Months | One Year | Five Years | Ten Years |
Fund at NAV | 08/30/2002 | (9.00)% | (7.23)% | 1.85% | 3.47% |
Fund at Market Price | — | (12.94) | (10.76) | 1.06 | 2.37 |
| |||||
Bloomberg Municipal Bond Index | — | (5.55)% | (4.47)% | 2.52% | 2.88% |
% Premium/Discount to NAV3 | |
(11.56)% |
Distributions 4 | |
Total Distributions per share for the period | $0.220 |
Distribution Rate at NAV | 3.59% |
Taxable-Equivalent Distribution Rate at NAV | 7.44 |
Distribution Rate at Market Price | 4.06 |
Taxable-Equivalent Distribution Rate at Market Price | 8.42 |
% Total Leverage5 | |
RIB Financing | 35.41% |
Credit Quality (% of total investments)*,** |
* | For purposes of the Fund’s rating restrictions, ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” (if any) are not rated by the national ratings agencies stated above. |
** | The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments. |
1 | Bloomberg Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Performance results reflect the effects of leverage. |
3 | The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php. |
4 | The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. |
5 | Fund employs RIB financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes. |
Abbreviations: | |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – AMBAC Financial Group, Inc. |
AMT | – Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax. |
BAM | – Build America Mutual Assurance Co. |
FHLMC | – Federal Home Loan Mortgage Corp. |
FNMA | – Federal National Mortgage Association |
GNMA | – Government National Mortgage Association |
PRIFA | – Puerto Rico Infrastructure Financing Authority |
SPA | – Standby Bond Purchase Agreement |
March 31, 2022 | |||
Municipal Fund | California Fund | New York Fund | |
Assets | |||
Investments: | |||
Identified cost | $ 1,481,489,298 | $ 468,133,249 | $ 327,122,394 |
Unrealized appreciation (depreciation) | 46,287,581 | 7,059,302 | (588,644) |
Investments, at value | $1,527,776,879 | $475,192,551 | $326,533,750 |
Cash | $ 13,901,944 | $ 8,132,880 | $ 1,331,555 |
Interest receivable | 17,775,546 | 4,571,944 | 3,795,789 |
Receivable for investments sold | 15,725,000 | 6,818,487 | 1,225,000 |
Total assets | $1,575,179,369 | $494,715,862 | $332,886,094 |
Liabilities | |||
Payable for floating rate notes issued | $ 644,086,035 | $ 208,553,000 | $ 117,764,643 |
Due to broker for floating rate notes redeemed | 12,580,000 | — | — |
Payable for when-issued securities | 14,967,917 | 4,924,469 | — |
Payable to affiliate: | |||
Investment adviser fee | 808,120 | 253,820 | 173,526 |
Interest expense and fees payable | 1,224,730 | 341,853 | 231,910 |
Accrued expenses | 219,996 | 96,356 | 86,549 |
Total liabilities | $ 673,886,798 | $214,169,498 | $118,256,628 |
Net Assets | $ 901,292,571 | $280,546,364 | $214,629,466 |
Sources of Net Assets | |||
Common shares, $0.01 par value, unlimited number of shares authorized | $ 719,532 | $ 249,943 | $ 181,183 |
Additional paid-in capital | 892,760,635 | 311,794,508 | 229,440,189 |
Distributable earnings (accumulated loss) | 7,812,404 | (31,498,087) | (14,991,906) |
Net Assets | $ 901,292,571 | $280,546,364 | $214,629,466 |
Common Shares Issued and Outstanding | 71,953,184 | 24,994,339 | 18,118,294 |
Net Asset Value Per Common Share | |||
Net assets ÷ common shares issued and outstanding | $ 12.53 | $ 11.22 | $ 11.85 |
Six Months Ended March 31, 2022 | |||
Municipal Fund | California Fund | New York Fund | |
Investment Income | |||
Interest income | $ 27,050,522 | $ 8,065,063 | $ 5,518,294 |
Total investment income | $ 27,050,522 | $ 8,065,063 | $ 5,518,294 |
Expenses | |||
Investment adviser fee | $ 4,908,238 | $ 1,535,616 | $ 1,069,926 |
Trustees’ fees and expenses | 41,207 | 13,075 | 9,128 |
Custodian fee | 120,564 | 37,664 | 29,629 |
Transfer and dividend disbursing agent fees | 9,734 | 9,078 | 9,128 |
Legal and accounting services | 66,064 | 43,668 | 42,181 |
Printing and postage | 31,760 | 4,254 | 9,704 |
Interest expense and fees | 2,143,611 | 685,414 | 397,497 |
Miscellaneous | 50,964 | 23,372 | 23,425 |
Total expenses | $ 7,372,142 | $ 2,352,141 | $ 1,590,618 |
Net investment income | $ 19,678,380 | $ 5,712,922 | $ 3,927,676 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss): | |||
Investment transactions | $ (1,120,877) | $ (1,992,763) | $ (2,216,443) |
Disposal of investments in violation of restrictions and net increase from payment by affiliate | 0 | — | — |
Net realized loss | $ (1,120,877) | $ (1,992,763) | $ (2,216,443) |
Change in unrealized appreciation (depreciation): | |||
Investments | $ (99,975,838) | $ (28,790,292) | $ (23,545,167) |
Net change in unrealized appreciation (depreciation) | $ (99,975,838) | $(28,790,292) | $(23,545,167) |
Net realized and unrealized loss | $(101,096,715) | $(30,783,055) | $(25,761,610) |
Net decrease in net assets from operations | $ (81,418,335) | $(25,070,133) | $(21,833,934) |
Six Months Ended March 31, 2022 (Unaudited) | |||
Municipal Fund | California Fund | New York Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 19,678,380 | $ 5,712,922 | $ 3,927,676 |
Net realized loss | (1,120,877) | (1,992,763) | (2,216,443) |
Net change in unrealized appreciation (depreciation) | (99,975,838) | (28,790,292) | (23,545,167) |
Net decrease in net assets from operations | $ (81,418,335) | $ (25,070,133) | $ (21,833,934) |
Distributions to common shareholders | $ (21,111,064) | $ (6,018,637) | $ (3,984,213) |
Net decrease in net assets | $ (102,529,399) | $ (31,088,770) | $ (25,818,147) |
Net Assets | |||
At beginning of period | $1,003,821,970 | $ 311,635,134 | $ 240,447,613 |
At end of period | $ 901,292,571 | $280,546,364 | $214,629,466 |
Year Ended September 30, 2021 | |||
Municipal Fund | California Fund | New York Fund | |
Increase (Decrease) in Net Assets | |||
From operations: | |||
Net investment income | $ 42,699,032 | $ 12,571,740 | $ 8,906,441 |
Net realized gain | 5,541,586 | 667,567 | 611,044 |
Net change in unrealized appreciation (depreciation) | (12,825,827) | (5,398,300) | 110,315 |
Net increase in net assets from operations | $ 35,414,791 | $ 7,841,007 | $ 9,627,800 |
Distributions to common shareholders | $ (42,826,531) | $ (12,567,154) | $ (9,015,482) |
Tax return of capital to common shareholders | $ — | $ — | $ (206,730) |
Net increase (decrease) in net assets | $ (7,411,740) | $ (4,726,147) | $ 405,588 |
Net Assets | |||
At beginning of year | $ 1,011,233,710 | $ 316,361,281 | $ 240,042,025 |
At end of year | $1,003,821,970 | $311,635,134 | $240,447,613 |
Six Months Ended March 31, 2022 | |||
Municipal Fund | California Fund | New York Fund | |
Cash Flows From Operating Activities | |||
Net decrease in net assets from operations | $ (81,418,335) | $ (25,070,133) | $ (21,833,934) |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities: | |||
Investments purchased | (196,935,662) | (32,918,047) | (58,061,760) |
Investments sold | 235,023,002 | 45,975,001 | 67,522,959 |
Net amortization/accretion of premium (discount) | 3,681,125 | 1,880,137 | 1,284,967 |
Decrease in interest receivable | 262,007 | 273,498 | 133,423 |
Decrease in payable to affiliate for investment adviser fee | (31,430) | (4,493) | (8,740) |
Increase (decrease) in interest expense and fees payable | (25,233) | 42,112 | 10,520 |
Decrease in accrued expenses | (139,595) | (64,421) | (52,476) |
Net change in unrealized (appreciation) depreciation from investments | 99,975,838 | 28,790,292 | 23,545,167 |
Net realized loss from investments | 1,120,877 | 1,992,763 | 2,216,443 |
Net cash provided by operating activities | $ 61,512,594 | $ 20,896,709 | $ 14,756,569 |
Cash Flows From Financing Activities | |||
Cash distributions paid to common shareholders | $ (21,111,064) | $ (6,018,637) | $ (3,984,213) |
Repayment of secured borrowings | (28,240,000) | — | (7,860,000) |
Decrease in due to custodian | — | (6,745,192) | (1,580,801) |
Net cash used in financing activities | $ (49,351,064) | $(12,763,829) | $(13,425,014) |
Net increase in cash | $ 12,161,530 | $ 8,132,880 | $ 1,331,555 |
Cash at beginning of period | $ 1,740,414 | $ — | $ — |
Cash at end of period | $ 13,901,944 | $ 8,132,880 | $ 1,331,555 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest and fees | $ 2,168,844 | $ 643,302 | $ 386,977 |
Municipal Fund | ||||||
Year Ended September 30, | ||||||
Six
Months Ended March 31, 2022 (Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |
Net asset value — Beginning of period | $ 13.950 | $ 14.050 | $ 13.980 | $ 12.940 | $ 13.740 | $ 14.480 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.273 | $ 0.593 | $ 0.571 | $ 0.522 | $ 0.573 | $ 0.640 |
Net realized and unrealized gain (loss) | (1.400) | (0.098) | 0.033 | 0.982 | (0.785) | (0.739) |
Total income (loss) from operations | $ (1.127) | $ 0.495 | $ 0.604 | $ 1.504 | $ (0.212) | $ (0.099) |
Less Distributions | ||||||
From net investment income | $ (0.293) | $ (0.595) | $ (0.563) | $ (0.517) | $ (0.572) | $ (0.641) |
Tax return of capital | — | — | — | — | (0.016) | — |
Total distributions | $ (0.293) | $ (0.595) | $ (0.563) | $ (0.517) | $ (0.588) | $ (0.641) |
Anti-dilutive effect of share repurchase program (see Note 5)(1) | $ — | $ — | $ — | $ 0.022 | $ — | $ — |
Discount on tender offer(1) | $ — | $ — | $ 0.029 | $ 0.031 | $ — | $ — |
Net asset value — End of period | $ 12.530 | $ 13.950 | $ 14.050 | $ 13.980 | $ 12.940 | $ 13.740 |
Market value — End of period | $ 11.500 | $ 13.380 | $ 13.170 | $ 12.960 | $ 11.530 | $ 12.680 |
Total Investment Return on Net Asset Value(2) | (8.09)% (3) | 3.75% | 4.99% | 12.72% | (1.09)% | (0.19)% |
Total Investment Return on Market Value(2) | (12.06)% (3) | 6.16% | 6.15% | 17.28% | (4.50)% | (2.08)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $901,293 | $1,003,822 | $1,011,234 | $1,114,236 | $881,990 | $936,652 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 1.07% (4) | 1.09% | 1.13% | 1.11% | 1.07% | 1.07% |
Interest and fee expense(5) | 0.44% (4) | 0.41% | 1.05% | 1.51% | 1.25% | 0.93% |
Total expenses | 1.51% (4) | 1.50% | 2.18% | 2.62% | 2.32% | 2.00% |
Net investment income | 4.03% (4) | 4.18% | 4.09% | 3.89% | 4.29% | 4.67% |
Portfolio Turnover | 13% (3) | 10% | 7% | 18% | 17% | 6% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G). |
California Fund | ||||||
Year Ended September 30, | ||||||
Six
Months Ended March 31, 2022 (Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |
Net asset value — Beginning of period | $ 12.470 | $ 12.660 | $ 12.570 | $ 11.780 | $ 12.450 | $ 13.050 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.229 | $ 0.503 | $ 0.473 | $ 0.438 | $ 0.482 | $ 0.566 |
Net realized and unrealized gain (loss) | (1.238) | (0.190) | 0.080 | 0.802 | (0.641) | (0.582) |
Total income (loss) from operations | $ (1.009) | $ 0.313 | $ 0.553 | $ 1.240 | $ (0.159) | $ (0.016) |
Less Distributions | ||||||
From net investment income | $ (0.241) | $ (0.503) | $ (0.463) | $ (0.454) | $ (0.511) | $ (0.584) |
Tax return of capital | — | — | — | (0.020) | — | — |
Total distributions | $ (0.241) | $ (0.503) | $ (0.463) | $ (0.474) | $ (0.511) | $ (0.584) |
Anti-dilutive effect of share repurchase program (see Note 5)(1) | $ — | $ — | $ — | $ 0.024 | $ — | $ — |
Net asset value — End of period | $ 11.220 | $ 12.470 | $ 12.660 | $ 12.570 | $ 11.780 | $ 12.450 |
Market value — End of period | $ 10.040 | $ 11.940 | $ 11.360 | $ 11.330 | $ 9.960 | $ 12.040 |
Total Investment Return on Net Asset Value(2) | (7.98)% (3) | 2.78% | 4.93% | 11.54% | (0.79)% | 0.27% |
Total Investment Return on Market Value(2) | (14.08)% (3) | 9.67% | 4.46% | 18.91% | (13.26)% | (6.67)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $280,546 | $311,635 | $316,361 | $314,277 | $251,940 | $266,346 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 1.10% (4) | 1.11% | 1.12% | 1.15% | 1.16% | 1.15% |
Interest and fee expense(5) | 0.45% (4) | 0.40% | 1.00% | 1.59% | 1.41% | 1.01% |
Total expenses | 1.55% (4) | 1.51% | 2.12% | 2.74% | 2.57% | 2.16% |
Net investment income | 3.77% (4) | 3.96% | 3.76% | 3.61% | 3.99% | 4.55% |
Portfolio Turnover | 8% (3) | 19% | 20% | 17% | 24% | 19% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G). |
New York Fund | ||||||
Year Ended September 30, | ||||||
Six
Months Ended March 31, 2022 (Unaudited) |
2021 | 2020 | 2019 | 2018 | 2017 | |
Net asset value — Beginning of period | $ 13.270 | $ 13.250 | $ 13.480 | $ 12.770 | $ 13.610 | $ 14.290 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.217 | $ 0.492 | $ 0.490 | $ 0.476 | $ 0.539 | $ 0.599 |
Net realized and unrealized gain (loss) | (1.417) | 0.037 | (0.236) | 0.745 | (0.815) | (0.661) |
Total income (loss) from operations | $ (1.200) | $ 0.529 | $ 0.254 | $ 1.221 | $ (0.276) | $ (0.062) |
Less Distributions | ||||||
From net investment income | $ (0.220) | $ (0.498) | $ (0.484) | $ (0.497) | $ (0.564) | $ (0.618) |
Tax return of capital | — | (0.011) | — | (0.014) | — | — |
Total distributions | $ (0.220) | $ (0.509) | $ (0.484) | $ (0.511) | $ (0.564) | $ (0.618) |
Net asset value — End of period | $ 11.850 | $ 13.270 | $ 13.250 | $ 13.480 | $ 12.770 | $ 13.610 |
Market value — End of period | $ 10.480 | $ 12.270 | $ 11.800 | $ 12.440 | $ 11.060 | $ 12.930 |
Total Investment Return on Net Asset Value(2) | (9.00)% (3) | 4.34% | 2.37% | 10.25% | (1.50)% | 0.02% |
Total Investment Return on Market Value(2) | (12.94)% (3) | 8.30% | (1.21)% | 17.47% | (10.20)% | (5.18)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $214,629 | $240,448 | $240,042 | $244,319 | $199,929 | $213,185 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses excluding interest and fees | 1.02% (4) | 1.06% | 1.09% | 1.10% | 1.19% | 1.22% |
Interest and fee expense(5) | 0.34% (4) | 0.35% | 0.93% | 1.38% | 1.35% | 0.94% |
Total expenses | 1.36% (4) | 1.41% | 2.02% | 2.48% | 2.54% | 2.16% |
Net investment income | 3.35% (4) | 3.65% | 3.68% | 3.63% | 4.10% | 4.41% |
Portfolio Turnover | 17% (3) | 15% | 31% | 25% | 15% | 10% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. |
(3) | Not annualized. |
(4) | Annualized. |
(5) | Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G). |
Municipal
Fund |
California
Fund |
New
York Fund | |
Floating Rate Notes Outstanding | $644,086,035 | $208,553,000 | $117,764,643 |
Interest Rate or Range of Interest Rates (%) | 0.51 - 0.81 | 0.53 - 0.63 | 0.53 - 0.60 |
Collateral for Floating Rate Notes Outstanding | $880,509,917 | $284,555,613 | $158,430,297 |
Municipal
Fund |
California
Fund |
New
York Fund | |
Average Floating Rate Notes Outstanding | $657,934,725 | $208,285,000 | $129,123,187 |
Average Interest Rate | 0.65% | 0.66% | 0.62% |
Municipal
Fund |
California
Fund |
New
York Fund | |
Deferred capital losses: | |||
Short-term | $37,196,077 | $16,096,629 | $8,722,573 |
Long-term | $ 564,388 | $19,513,468 | $3,069,665 |
Municipal
Fund |
California
Fund |
New
York Fund | |
Deferred capital losses from reorganizations: | |||
Short-term | $ — | $2,349,785 | $1,398,642 |
Long-term | $ — | $1,908,450 | $ — |
Municipal
Fund |
California
Fund |
New
York Fund | |
Aggregate cost | $ 835,160,611 | $260,049,153 | $209,313,618 |
Gross unrealized appreciation | $ 61,291,940 | $ 12,248,251 | $ 6,316,880 |
Gross unrealized depreciation | (12,761,707) | (5,657,853) | (6,861,391) |
Net unrealized appreciation (depreciation) | $ 48,530,233 | $ 6,590,398 | $ (544,511) |
Municipal
Fund |
California
Fund |
New
York Fund | |
Investment Adviser Fee | $4,908,238 | $1,535,616 | $1,069,926 |
Municipal
Fund |
California
Fund |
New
York Fund | |
Purchases | $211,903,579 | $37,842,516 | $58,061,760 |
Sales | $226,948,002 | $41,638,488 | $67,682,959 |
• | 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) |
Municipal Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 11,928,627 | $ — | $ 11,928,627 |
Tax-Exempt Mortgage-Backed Securities | — | 3,195,169 | — | 3,195,169 |
Tax-Exempt Municipal Obligations | — | 1,512,653,083 | — | 1,512,653,083 |
Total Investments | $ — | $1,527,776,879 | $ — | $1,527,776,879 |
California Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Tax-Exempt Mortgage-Backed Securities | $ — | $ 1,620,890 | $ — | $ 1,620,890 |
Tax-Exempt Municipal Obligations | — | 453,803,693 | — | 453,803,693 |
Taxable Municipal Obligations | — | 19,767,968 | — | 19,767,968 |
Total Investments | $ — | $475,192,551 | $ — | $475,192,551 |
New York Fund | ||||
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Corporate Bonds | $ — | $ 1,159,370 | $ — | $ 1,159,370 |
Tax-Exempt Municipal Obligations | — | 321,837,278 | — | 321,837,278 |
Taxable Municipal Obligations | — | 2,053,542 | — | 2,053,542 |
Trust Units | — | 1,483,560 | — | 1,483,560 |
Total Investments | $ — | $326,533,750 | $ — | $326,533,750 |
Officers | |
Eric
A. Stein President |
Jill R.
Damon Secretary |
Deidre
E. Walsh Vice President and Chief Legal Officer |
Richard F.
Froio Chief Compliance Officer |
James
F. Kirchner Treasurer |
Trustees |
* | Interested Trustee |
** | Ms. Wiser began serving as a Trustee effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons
we can share your personal information |
Does
Eaton Vance share? |
Can
you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To
limit our sharing |
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How
does Eaton Vance protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment
Management Affiliates |
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not required in this filing.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not required in this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not required in this filing.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. 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 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 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
No activity to report for the registrant’s most recent fiscal year end.
Item 13. Exhibits
(a)(1) |
Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) |
Treasurer’s Section 302 certification. | |
(a)(2)(ii) |
President’s Section 302 certification. | |
(b) |
Combined Section 906 certification. |
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/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | May 23, 2022 |
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/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | May 23, 2022 |
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | May 23, 2022 |