NPORT-EX 2 FJ2G.htm HTML

Eaton Vance

New Jersey Municipal Income Fund

October 31, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 94.7%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Bond Bank — 0.3%

      

New Jersey Infrastructure Bank, Green Bonds, 4.00%, 9/1/29

    $ 410      $ 508,609  
     

 

 

  
      $ 508,609  
     

 

 

  

Education — 5.8%

      

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/30

    $ 1,765      $ 2,024,243  

New Jersey Educational Facilities Authority, (Princeton University), 4.00%, 7/1/37

      1,095        1,271,843  

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/26

      2,200        2,577,916  

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/36

      805        1,000,180  

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/42

      1,000        1,226,260  

New Jersey Institute of Technology, 5.00%, 7/1/32

      980        1,068,131  

Rutgers State University, 5.00%, 5/1/29(1)

      500        636,080  
     

 

 

  
      $ 9,804,653  
     

 

 

  

Escrowed/Prerefunded — 2.6%

      

New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32

    $ 2,250      $ 2,468,542  

New Jersey Institute of Technology, Prerefunded to 7/1/22, 5.00%, 7/1/32

      430        473,095  

New Jersey Turnpike Authority, Prerefunded to 7/1/22, 5.00%, 1/1/30

      1,215        1,338,456  
     

 

 

  
      $ 4,280,093  
     

 

 

  

General Obligations — 12.2%

      

Bergen County, 3.00%, 7/15/29

    $ 3,000      $ 3,263,190  

Bergen County Improvement Authority, 4.00%, 10/15/31

      1,605        1,922,421  

Burlington County Bridge Commission, 5.00%, 8/1/27

      400        506,664  

Burlington County Bridge Commission, 5.00%, 8/1/30

      500        638,995  

Burlington County Bridge Commission, 5.00%, 8/1/31

      410        522,151  

Burlington County Bridge Commission, 5.00%, 8/1/32

      250        318,068  

Burlington County Bridge Commission, 5.00%, 10/1/36

      1,000        1,254,190  

East Brunswick Board of Education, 4.00%, 8/1/34

      1,200        1,422,072  

Gloucester County Improvement Authority, 4.00%, 4/1/35

      3,320        3,735,830  

Jersey City, 5.00%, 11/1/33

      800        974,872  

Marlboro, 4.00%, 12/1/25

      95        110,052  

Marlboro, 4.00%, 12/1/26

      130        152,970  

Marlboro, 4.00%, 12/1/27

      65        77,490  

Marlboro, 4.00%, 12/1/28

      75        89,020  

Marlboro, 4.00%, 12/1/29

      55        64,949  

New Jersey, 4.00%, 6/1/30

      3,000        3,256,830  

Ocean County, 4.00%, 9/1/29

      480        566,942  

Ocean County, 5.00%, 9/1/27

      1,305        1,663,797  
     

 

 

  
      $ 20,540,503  
     

 

 

  

Hospital — 12.9%

      

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35

    $ 750      $ 832,763  

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

      1,100        1,224,663  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 4.00%, 7/1/41

    $ 1,500      $ 1,659,600  

New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27

      175        175,543  

New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 4.00%, 7/1/47

      120        132,116  

New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 5.00%, 7/1/36

      215        258,378  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32

      1,415        1,705,825  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39

      2,750        3,252,397  

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/32

      400        461,012  

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/33

      1,155        1,330,352  

New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/31

      2,575        3,099,425  

New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/33

      300        359,478  

New Jersey Health Care Facilities Financing Authority, (RWJ Barnabas Health Obligated Group), 5.00%, 7/1/43

      545        642,157  

New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 3.00%, 7/1/32

      250        251,055  

New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/34

      1,165        1,271,831  

New Jersey Health Care Facilities Financing Authority, (St. Joseph’s Healthcare System Obligated Group), 4.00%, 7/1/48

      3,000        3,199,830  

New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/28

      1,000        1,181,530  

New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/29

      500        589,565  
     

 

 

  
      $ 21,627,520  
     

 

 

  

Housing — 1.9%

      

New Jersey Housing and Mortgage Finance Agency, SFMR, (AMT), 3.80%, 10/1/32

    $ 2,935      $ 3,180,718  
     

 

 

  
      $ 3,180,718  
     

 

 

  

Industrial Development Revenue — 7.1%

      

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33

    $ 1,875      $ 2,093,513  

New Jersey Economic Development Authority, (Continental Airlines), Series 2000A, (AMT), 5.625%, 11/15/30

      255        292,875  

New Jersey Economic Development Authority, (Continental Airlines), Series 2000B, (AMT), 5.625%, 11/15/30

      430        493,868  

New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 4.00%, 8/1/59

      380        411,878  

New Jersey Economic Development Authority, (Middlesex Water Co.), (AMT), 5.00%, 8/1/59

      1,000        1,195,810  

New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39

      4,370        4,383,853  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), 3.375%, 4/1/38

    $ 3,000      $ 3,094,950  
     

 

 

  
      $ 11,966,747  
     

 

 

  

Insured – Electric Utilities — 2.5%

      

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34

    $ 3,935      $ 4,201,872  
     

 

 

  
      $ 4,201,872  
     

 

 

  

Insured – Escrowed/Prerefunded — 0.3%

      

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), Escrowed to Maturity, 5.25%, 7/1/26

    $ 380      $ 474,609  
     

 

 

  
      $ 474,609  
     

 

 

  

Insured – General Obligations — 6.5%

      

Atlantic City, (AGM), 4.00%, 3/1/42

    $ 250      $ 273,668  

Atlantic City, (AGM), 5.00%, 3/1/37

      1,500        1,767,075  

Bayonne, (AGM), 5.00%, 8/1/25

      615        731,573  

Bayonne, (AGM), 5.00%, 8/1/26

      865        1,024,748  

East Orange, (AGM), 5.00%, 10/15/29

      130        168,784  

East Orange, (AGM), 5.00%, 10/15/30

      175        224,737  

East Orange, (AGM), 5.00%, 10/15/31

      400        510,752  

Irvington Township, (AGM), 0.00%, 7/15/23

      3,945        3,694,335  

Lakewood Township, (BAM), 4.00%, 11/1/26

      250        288,002  

Lakewood Township, (BAM), 4.00%, 11/1/27

      120        139,244  

Paterson, (BAM), 5.00%, 1/15/26

      1,305        1,427,344  

Trenton, (BAM), 5.00%, 12/1/26

      500        591,020  
     

 

 

  
      $ 10,841,282  
     

 

 

  

Insured – Special Tax Revenue — 9.5%

      

Garden State Preservation Trust, (AGM), 0.00%, 11/1/24

    $ 6,000      $ 5,528,400  

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (NPFG), 5.25%, 7/1/26

      1,620        1,933,016  

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

      6,500        5,552,625  

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

      3,590        2,956,760  
     

 

 

  
      $ 15,970,801  
     

 

 

  

Insured – Transportation — 2.2%

      

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31

    $ 2,015      $ 2,255,651  

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

      850        852,236  

South Jersey Transportation Authority, (AGM), 5.00%, 11/1/33

      500        630,910  
     

 

 

  
      $ 3,738,797  
     

 

 

  

Other Revenue — 3.5%

      

Mercer County Improvement Authority, 4.00%, 4/1/32

    $ 1,500      $ 1,778,970  

Mercer County Improvement Authority, 4.00%, 3/15/40

      1,365        1,572,767  

Mercer County Improvement Authority, 5.00%, 4/1/34

      1,000        1,285,010  

New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32

      1,000        1,223,020  
     

 

 

  
      $ 5,859,767  
     

 

 

  

Senior Living/Life Care — 2.3%

      

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29

    $ 1,250      $ 1,359,588  

 

3

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

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

    $ 2,450      $ 2,572,475  
     

 

 

  
      $ 3,932,063  
     

 

 

  

Student Loan — 5.1%

      

New Jersey Higher Education Student Assistance Authority, (AMT), 3.088%, (3 mo. USD LIBOR + 0.95%), 6/1/36(2)

    $ 2,610      $ 2,614,515  

New Jersey Higher Education Student Assistance Authority, (AMT), 3.25%, 12/1/29

      2,000        2,102,180  

New Jersey Higher Education Student Assistance Authority, (AMT), 3.35%, 12/1/29

      2,675        2,851,042  

New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/34

      950        1,047,736  
     

 

 

  
      $ 8,615,473  
     

 

 

  

Transportation — 20.0%

      

Delaware River and Bay Authority of Delaware and New Jersey, 4.00%, 1/1/39

    $ 1,000      $ 1,136,620  

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/28

      2,000        2,287,040  

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/33

      1,000        1,264,290  

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

      2,270        2,855,887  

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/36

      1,250        1,568,025  

New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/37

      1,500        1,742,790  

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AMT), 5.375%, 1/1/43

      275        308,110  

New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/38

      3,220        3,719,937  

New Jersey Turnpike Authority, 4.00%, 1/1/48

      2,935        3,276,840  

New Jersey Turnpike Authority, 5.00%, 1/1/37

      1,420        1,733,025  

New Jersey Turnpike Authority, 5.00%, 1/1/45

      2,780        3,174,704  

Newark Housing Authority, (Newark Marine Terminal), 4.00%, 1/1/37

      1,500        1,683,525  

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34

      3,985        4,675,122  

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

      2,530        3,040,149  

South Jersey Transportation Authority, 5.00%, 11/1/31

      1,000        1,137,800  
     

 

 

  
      $ 33,603,864  
     

 

 

  

Total Tax-Exempt Municipal Securities — 94.7%
(identified cost $146,839,703)

       $ 159,147,371  
     

 

 

  

Taxable Municipal Securities — 3.3%

      
Security    Principal
Amount
(000’s omitted)		      Value  

General Obligations — 0.4%

      

Atlantic City, 7.50%, 3/1/40

    $ 445      $ 655,494  
     

 

 

  
      $ 655,494  
     

 

 

  

Transportation — 2.9%

      

New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28(3)

    $ 4,250      $ 4,953,800  
     

 

 

  
      $ 4,953,800  
     

 

 

  

Total Taxable Municipal Securities — 3.3%
(identified cost $5,078,519)

       $ 5,609,294  
     

 

 

  

 

4

 

 

                                                 

Trust Units — 0.0%(4)

      
Security    Notional
Amount
(000’s omitted)		      Value  

Insured – Special Tax Revenue — 0.0%(4)

      

COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (non-taxable), 8/1/45(5)

    $ 332      $ 16,620  

COFINA Series 2007A Senior Bonds Due 2045 National Custodial Trust (taxable), 8/1/45(5)

      109        15,050  
     

 

 

  

Total Trust Units — 0.0%(4)
(identified cost $27,775)

       $ 31,670  
     

 

 

  

Total Investments — 98.0%
(identified cost $151,945,997)

       $ 164,788,335  
     

 

 

  

Other Assets, Less Liabilities — 2.0%

       $ 3,356,755  
     

 

 

  

Net Assets — 100.0%

       $ 168,145,090  
     

 

 

  

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 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. At October 31, 2019, 21.4% 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 10.2% of total investments.

 

(1)

When-issued security.

 

(2)

Floating rate security. The stated interest rate represents the rate in effect at October 31, 2019.

 

(3)

Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

 

(4)

Amount is less than 0.05%.

 

(5)

Security was received in connection with the restructuring of an insured zero-coupon bond issued by the Puerto Rico Sales Tax Financing Corporation (“COFINA”) (the “Original Bond”). The notional amount of the combined taxable and tax-exempt trust units reflects the accreted amount of the Original Bond from original issuance through the restructuring date. Each trust certificate represents an ownership interest in various coupon paying and zero-coupon COFINA bonds and potential insurance payments pursuant to an insurance policy with National Public Finance Guarantee Corporation. The trust units have no stated coupon interest rate but accrete income to maturity at the annual rate of approximately 5.04%, the same rate as the Original Bond.

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

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.

LIBOR

   -   London Interbank Offered Rate

NPFG

   -   National Public Finance Guarantee Corp.

SFMR

   -   Single Family Mortgage Revenue

XLCA

   -   XL Capital Assurance, Inc.
 

 

5

 

 

Currency Abbreviations:

 

USD

   -   United States Dollar

The Fund did not have any open derivative instruments at October 31, 2019.

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 October 31, 2019, 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 Municipal Securities

    $     —      $ 159,147,371      $ —      $ 159,147,371  

Taxable Municipal Securities

      —        5,609,294        —        5,609,294  

Trust Units

      —        31,670        —        31,670  

Total Investments

    $ —      $     164,788,335      $     —      $     164,788,335  

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.

 

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