N-Q 1 d147247dnq.htm EATON VANCE NEW JERSEY MUNICIPAL BOND FUND Eaton Vance New Jersey 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

811-21229

Investment Company Act File Number

Eaton Vance New Jersey 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, 2015

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

New Jersey Municipal Bond Fund

December 31, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 153.1%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Education — 7.6%

     

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33

   $ 340       $ 388,766   

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34

     210         239,614   

New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37

     360         397,091   

New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/40

     690         770,675   

New Jersey Institute of Technology, 5.00%, 7/1/42

     735         819,848   

Rutgers State University, 5.00%, 5/1/39

     250         277,915   
     

 

 

 
      $ 2,893,909   
     

 

 

 

Escrowed/Prerefunded — 0.7%

     

New Jersey Health Care Facilities Financing Authority, (Hunterdon Medical Center), Prerefunded to 7/1/16, 5.125%, 7/1/35

   $ 250       $ 255,862   
     

 

 

 
      $ 255,862   
     

 

 

 

General Obligations — 4.1%

     

Monmouth County Improvement Authority, 5.00%, 1/15/27

   $ 1,375       $ 1,588,084   
     

 

 

 
      $ 1,588,084   
     

 

 

 

Hospital — 13.6%

     

Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42

   $ 250       $ 285,940   

New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), Prerefunded to 7/1/17, 5.00%, 7/1/37

     515         547,388   

New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44

     450         463,766   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26

     295         344,000   

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 5.25%, 7/1/31

     750         833,047   

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/34

     1,200         1,361,076   

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46

     1,315         1,331,345   

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), Prerefunded to 7/1/16, 5.00%, 7/1/46

     30         30,673   
     

 

 

 
      $ 5,197,235   
     

 

 

 

Housing — 2.6%

     

New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), 4.375%, 4/1/28

   $ 940       $ 1,003,535   
     

 

 

 
      $ 1,003,535   
     

 

 

 

Insured-Education — 6.4%

     

New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/27

   $ 920       $ 923,496   

New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 4.75%, 7/1/34

     1,145         1,229,844   

New Jersey Educational Facilities Authority, (William Paterson University), (AGC), 5.00%, 7/1/38

     275         297,333   
     

 

 

 
      $ 2,450,673   
     

 

 

 

Insured-Electric Utilities — 2.4%

     

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26

   $ 615       $ 613,770   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35

     335         318,337   
     

 

 

 
      $ 932,107   
     

 

 

 

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Insured-Escrowed/Prerefunded — 10.1%

     

Delaware Township, Hunterdon County, (AGC), Prerefunded to 10/15/18, 5.00%, 10/15/35

   $ 320       $ 355,491   

Delaware Township, Hunterdon County, (AGC), Prerefunded to 10/15/18, 5.10%, 10/15/36

     340         378,641   

Delaware Township, Hunterdon County, (AGC), Prerefunded to 10/15/18, 5.15%, 10/15/37

     360         401,407   

Delaware Township, Hunterdon County, (AGC), Prerefunded to 10/15/18, 5.20%, 10/15/38

     382         426,465   

Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31

     700         792,743   

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34

     840         949,814   

Nutley School District, (NPFG), Prerefunded to 7/15/17, 4.75%, 7/15/30

     110         116,678   

Nutley School District, (NPFG), Prerefunded to 7/15/17, 4.75%, 7/15/31

     410         434,891   
     

 

 

 
      $ 3,856,130   
     

 

 

 

Insured-General Obligations — 36.7%

     

Bayonne, (AGM), 0.00%, 7/1/23

   $ 2,415       $ 1,972,814   

Bayonne, (AGM), 5.50%, 7/1/39

     1,000         1,117,400   

Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39

     1,500         1,654,170   

Hudson County Improvement Authority, (Harrison Redevelopment), (NPFG), 0.00%, 12/15/38

     2,000         863,020   

Irvington Township, (AGM), 0.00%, 7/15/26

     5,235         3,708,840   

Jackson Township School District, (NPFG), 2.50%, 6/15/27

     2,310         2,254,999   

Jersey City, (AGM), 5.00%, 1/15/29

     1,000         1,090,140   

Monroe Township Board of Education, Middlesex County, (AGC), Prerefunded to 3/1/18, 4.75%, 3/1/34

     1,015         1,097,712   

Paterson, (BAM), 5.00%, 1/15/26

     250         279,798   
     

 

 

 
      $ 14,038,893   
     

 

 

 

Insured-Hospital — 5.6%

     

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), 5.00%, 7/1/38

   $ 170       $ 183,024   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38

     250         269,152   

New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38

     1,500         1,686,900   
     

 

 

 
      $ 2,139,076   
     

 

 

 

Insured-Lease Revenue/Certificates of Participation — 7.4%

     

Essex County Improvement Authority, (NPFG), 5.50%, 10/1/30

   $ 1,000       $ 1,331,550   

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34

     460         505,342   

New Jersey Economic Development Authority, (School Facilities Construction), (AGM), 5.00%, 6/15/33

     360         395,629   

New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28

     500         596,855   
     

 

 

 
      $ 2,829,376   
     

 

 

 

Insured-Special Tax Revenue — 13.1%

     

Garden State Preservation Trust, (AGM), 0.00%, 11/1/21

   $ 1,000       $ 892,530   

Garden State Preservation Trust, (AGM), 5.75%, 11/1/28

     500         617,335   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (BHAC), (NPFG), 5.00%, 7/1/27

     975         978,715   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26

     2,380         1,640,582   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27

     1,120         738,875   

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

     1,105         165,827   
     

 

 

 
      $ 5,033,864   
     

 

 

 

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Insured-Transportation — 9.4%

     

New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28

   $ 1,200       $ 688,572   

New Jersey Turnpike Authority, (AGM), (BHAC), 5.25%, 1/1/29

     1,500         1,938,030   

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

     720         768,974   

South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33

     180         201,960   
     

 

 

 
      $ 3,597,536   
     

 

 

 

Insured-Water and Sewer — 10.5%

     

Middlesex County Improvement Authority, (Perth Amboy), (AMBAC), 0.00%, 9/1/24

   $ 4,500       $ 3,460,140   

Passaic Valley Sewerage Commissioners, (NPFG), 2.50%, 12/1/32

     635         552,952   
     

 

 

 
      $ 4,013,092   
     

 

 

 

Lease Revenue/Certificates of Participation — 1.6%

     

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38

   $ 600       $ 630,162   
     

 

 

 
      $ 630,162   
     

 

 

 

Senior Living/Life Care — 1.9%

     

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/34

   $ 675       $ 724,923   
     

 

 

 
      $ 724,923   
     

 

 

 

Student Loan — 2.8%

     

New Jersey Higher Education Student Assistance Authority, 5.625%, 6/1/30

   $ 965       $ 1,067,715   
     

 

 

 
      $ 1,067,715   
     

 

 

 

Transportation — 14.5%

     

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35

   $ 590       $ 655,555   

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40

     210         233,333   

New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31

     1,150         1,260,918   

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

     2,675         3,180,762   

South Jersey Transportation Authority, 5.00%, 11/1/39

     200         215,058   
     

 

 

 
      $ 5,545,626   
     

 

 

 

Water and Sewer — 2.1%

     

North Hudson Sewerage Authority, 5.00%, 6/1/29

   $ 725       $ 824,151   
     

 

 

 
      $ 824,151   
     

 

 

 

Total Tax-Exempt Investments — 153.1%
(identified cost $52,411,601)

      $ 58,621,949   
     

 

 

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.8)%

      $ (2,225,079
     

 

 

 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (45.4)%

      $ (17,375,000
     

 

 

 

Other Assets, Less Liabilities — (1.9)%

      $ (727,561
     

 

 

 

Net Assets Applicable to Common Shares — 100.0%

      $ 38,294,309   
     

 

 

 

 

3

 

 


The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

The Fund invests primarily in debt securities issued by New Jersey 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, 2015, 66.3% 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 0.5% to 22.9% of total investments.

 

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

Futures Contracts

 

Description

   Contracts    Position    Expiration
Month/Year
     Aggregate Cost     Value     Net Unrealized
Depreciation
 
Interest Rate Futures                
U.S. Long Treasury Bond    14    Short      Mar-16       $     (2,150,067   $     (2,152,500   $ (2,433
               

 

 

 
                $     (2,433
               

 

 

 

Abbreviations:

 

AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

AMBAC

  -   AMBAC Financial Group, Inc.

BAM

  -   Build America Mutual Assurance Co.

BHAC

  -   Berkshire Hathaway Assurance Corp.

FGIC

  -   Financial Guaranty Insurance Company

NPFG

  -   National Public Finance Guaranty Corp.

XLCA

  -   XL Capital Assurance, Inc.

At December 31, 2015, the Fund had sufficient cash and/or securities to cover commitments under open derivative 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 enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

At December 31, 2015, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is interest rate risk was $2,433.

The cost and unrealized appreciation (depreciation) of investments of the Fund at December 31, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $     50,201,987   
  

 

 

 

Gross unrealized appreciation

   $ 6,400,728   

Gross unrealized depreciation

     (120,766
  

 

 

 

Net unrealized appreciation

   $ 6,279,962   
  

 

 

 

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)

 

4

 

 


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, 2015, 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

   $       $ 58,621,949       $       $     58,621,949   

Total Investments

   $       $ 58,621,949       $       $     58,621,949   
Liability Description                                

Futures Contracts

   $ (2,433    $       $       $ (2,433

Total

   $ (2,433    $       $       $ (2,433

The carrying amount of the Institutional MuniFund Term Preferred Shares (iMTP Shares) at December 31, 2015 approximated its fair value. If measured at fair value, iMTP Shares would have been considered as Level 2 in the fair value hierarchy at December 31, 2015.

The Fund held no investments or other financial instruments as of September 30, 2015 whose fair value was determined using Level 3 inputs. At December 31, 2015, 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 Jersey Municipal Bond Fund

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   February 22, 2016

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 22, 2016

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 22, 2016