[SCHEDULE 13D/A] Eaton Vance New York Municipal Bond Fund SEC Filing
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report beneficial ownership of 2,792,476 shares of Eaton Vance New York Municipal Bond Fund common stock, representing 15.6% of the outstanding shares based on 17,961,289 shares reported outstanding as of March 31, 2025. The reported shares are held in client accounts for which the Sit entities share voting and dispositive power, and clients retain rights to dividends and proceeds from sales of those shares. This amendment updates the prior Schedule 13D filings and confirms that none of the Sit entities' directors or executive officers own the shares directly.
- Material stake disclosed: Sit entities report beneficial ownership of 2,792,476 shares (15.6%), improving transparency for investors
- Shared voting/dispositive power disclosed, clarifying the governance influence held via client accounts
- No statements of intent or plans regarding voting strategy or proposed actions, limiting insight into potential governance changes
- Exhibit A referenced but not included here, so recent transaction details for the last 60 days are not available in this text
Insights
TL;DR: Sit entities hold a significant 15.6% stake via client accounts, which could influence governance without direct officer ownership.
The disclosure shows an institutional stake large enough to be meaningful to other shareholders and the board, at 15.6% of the fund's outstanding shares. Because the shares are held in client accounts with shared voting and dispositive power, Sit may coordinate voting but does not report direct ownership by executives, which limits insider-alignment signals. No transactions detail is included here beyond a reference to Exhibit A; recent trades in the last 60 days would be needed to assess accumulation or disposition trends. Overall, the filing is material for shareholder composition but provides limited information on intent or voting plans.
TL;DR: A 15.6% beneficial position held with shared voting power is material to governance but shows no direct insider ownership.
The Sit entities' shared voting power over a sizeable block could affect proxy outcomes, especially in a closed-end fund context where activist or large advisory positions matter. The filing does not state any proposal, agreement, or plan to change control or board composition. Absence of direct holdings by executives reduces conflict-of-interest signals, but the report indicates clients receive dividends and sale proceeds, confirming economic exposure. Investors should review Exhibit A for recent transaction timing to understand whether this represents accumulation or a stable client allocation.