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

June 30, 2014

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New Jersey Municipal Bond Fund

June 30, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 150.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 9.3%

      

New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37

    $ 750       $ 770,828   

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

      340         385,954   

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

      210         237,812   

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/29

      500         581,065   

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

      360         390,215   

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

      735         794,579   

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

      250         278,055   
     

 

 

  
   $ 3,438,508   
     

 

 

  

General Obligations — 4.3%

      

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

    $ 1,375       $ 1,573,481   
     

 

 

  
   $ 1,573,481   
     

 

 

  

Hospital — 12.4%

      

Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34

    $ 685       $ 687,322   

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

      250         272,120   

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

      515         543,078   

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

      250         255,653   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/21

      255         297,600   

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

      295         328,925   

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

      750         810,277   

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

      1,345         1,367,529   
     

 

 

  
   $ 4,562,504   
     

 

 

  

Housing — 2.7%

      

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

    $ 940       $ 997,030   
     

 

 

  
   $ 997,030   
     

 

 

  

Insured-Education — 6.6%

      

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

    $ 920       $ 898,168   

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

      1,145         1,216,357   

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

      275         295,749   
     

 

 

  
   $ 2,410,274   
     

 

 

  

Insured-Electric Utilities — 2.5%

      

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

    $ 615       $ 613,376   

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

      335         321,024   
     

 

 

  
   $ 934,400   
     

 

 

  

Insured-Escrowed/Prerefunded — 2.7%

  

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

    $ 840       $ 1,006,160   
     

 

 

  
   $ 1,006,160   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-General Obligations — 43.3%

      

Bayonne, (AGM), 0.00%, 7/1/23

    $ 2,415       $ 1,819,533   

Bayonne, (AGM), 5.50%, 7/1/39

      1,000         1,080,340   

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

      320         345,376   

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

      340         367,839   

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

      360         390,618   

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

      382         414,898   

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

      1,500         1,609,455   

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

      2,000         660,720   

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

      5,235         3,419,764   

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

      2,310         2,115,798   

Jersey City, (AGM), 5.00%, 1/15/29

      1,000         1,070,490   

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

      700         778,239   

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

      1,015         1,060,959   

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

      110         115,669   

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

      410         430,279   

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

      250         280,253   
     

 

 

  
   $ 15,960,230   
     

 

 

  

Insured-Hospital — 11.6%

      

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36

    $ 2,000       $ 2,194,280   

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

      170         178,928   

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

      250         263,130   

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

      1,500         1,619,445   
     

 

 

  
   $ 4,255,783   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 6.4%

      

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

    $ 1,000       $ 1,245,540   

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

      460         521,847   

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

      500         605,625   
     

 

 

  
   $ 2,373,012   
     

 

 

  

Insured-Special Tax Revenue — 12.6%

      

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

    $ 1,000       $ 843,690   

Garden State Preservation Trust, (AGM), Prerefunded to 11/1/15, 5.80%, 11/1/21

      500         537,725   

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

      975         978,530   

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

      2,380         1,478,694   

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

      1,120         658,224   

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

      1,105         146,357   
     

 

 

  
   $ 4,643,220   
     

 

 

  

Insured-Transportation — 7.7%

      

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

    $ 1,500       $ 1,855,545   

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

      720         795,255   

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

      180         199,733   
     

 

 

  
   $ 2,850,533   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Water and Sewer — 9.8%

      

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

    $ 4,500       $ 3,106,710   

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

      635         509,880   
     

 

 

  
   $ 3,616,590   
     

 

 

  

Lease Revenue/Certificates of Participation — 1.7%

      

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

    $ 600       $ 633,588   
     

 

 

  
   $ 633,588   
     

 

 

  

Senior Living/Life Care — 1.9%

      

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

    $ 675       $ 703,309   
     

 

 

  
   $ 703,309   
     

 

 

  

Student Loan — 2.9%

      

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

    $ 965       $ 1,079,565   
     

 

 

  
   $ 1,079,565   
     

 

 

  

Transportation — 9.4%

      

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

    $ 590       $ 633,489   

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

      210         222,997   

New Jersey Transportation Trust Fund Authority, (Transportation Program), 5.25%, 6/15/30

      610         686,726   

New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/26

      1,000         596,760   

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

      1,150         1,318,831   
     

 

 

  
   $ 3,458,803   
     

 

 

  

Water and Sewer — 2.2%

      

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

    $ 725       $ 809,992   
     

 

 

  
   $ 809,992   
     

 

 

  

Total Tax-Exempt Municipal Securities — 150.0%
(identified cost $50,212,975)

       $ 55,306,982   
     

 

 

  

Taxable Municipal Securities — 1.4%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 1.4%

      

Port Authority of New York and New Jersey, 4.458%, 10/1/62

    $ 500       $ 512,195   
     

 

 

  

Total Taxable Municipal Securities — 1.4%
(identified cost $494,550)

       $ 512,195   
     

 

 

  

Total Investments — 151.4%
(identified cost $50,707,525)

       $ 55,819,177   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.2)%

  

    $ (19,600,493 ) 
     

 

 

  

Other Assets, Less Liabilities — 1.8%

  

    $ 654,680   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

  

    $ 36,873,364   
     

 

 

  

 

3

 

 

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

 

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.

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 June 30, 2014, 68.2% 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 22.3% of total investments.

 

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

A summary of open financial instruments at June 30, 2014 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Depreciation		  
9/14    50 U.S. Long Treasury Bond    Short    $     (6,808,502 )    $     (6,859,375 )    $     (50,873 ) 

At June 30, 2014, the Fund had sufficient cash and/or securities to cover commitments under these 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 purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

At June 30, 2014, 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 $50,873.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2014, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     50,447,393   
  

 

 

  

Gross unrealized appreciation

    $ 5,323,736   

Gross unrealized depreciation

      (176,952 ) 
  

 

 

  

Net unrealized appreciation

    $ 5,146,784   
  

 

 

  

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.

 

4

 

 

At June 30, 2014, 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 Municipal Securities

    $ —      $ 55,306,982       $ —       $ 55,306,982   

Taxable Municipal Securities

      —        512,195         —         512,195   

Total Investments

    $ —      $     55,819,177       $     —       $     55,819,177   
Liability Description                               

Futures Contracts

    $ (50,873 )    $ —       $ —       $ (50,873 ) 

Total

    $     (50,873 )    $ —       $ —       $ (50,873 ) 

The Fund held no investments or other financial instruments as of September 30, 2013 whose fair value was determined using Level 3 inputs. At June 30, 2014, 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:   August 25, 2014

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:   August 25, 2014

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 25, 2014