On January 24, 2024, Sit Investment Associates Inc announced that it has delivered a letter to Eaton Vance New York Municipal Bond Fund, expressing concern about the persistently high Net Asset Value discount for the Company, it believed that the NAV discount is the result of the Company's significant underperformance versus the benchmark, increased volatility versus the benchmark, and considerable reduction in the size of the Company's monthly dividends, and it believed that the overuse of leverage is the primary driver of these 2 factors. In addition, Sit Investment Associates requested that the Company take corrective action, including proactive measures to reduce the NAV discount, such action should include providing shareholders with the opportunity to redeem shares at the Company's NAV, and the investment adviser should refund to the Company any management fees collected which were based on the value of the borrowed assets during the periods in which the cost of borrowing exceeded the return on the Company's holdings.