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, 2015

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New Jersey Municipal Bond Fund

June 30, 2015

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 151.0%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 7.9%

      

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

    $ 340       $ 377,985   

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

      210         233,119   

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

      360         390,024   

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

      690         754,763   

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

      735         800,092   

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

      250         278,112   
     

 

 

  
      $ 2,834,095   
     

 

 

  

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       $ 262,108   
     

 

 

  
      $ 262,108   
     

 

 

  

General Obligations — 4.3%

      

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

    $ 1,375       $ 1,568,476   
     

 

 

  
      $ 1,568,476   
     

 

 

  

Hospital — 14.1%

      

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

    $ 250       $ 281,030   

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

      515         536,409   

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

      450         445,185   

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

      295         328,668   

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

      750         812,865   

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

      1,200         1,319,976   

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

      1,315         1,342,063   

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

      30         31,313   
     

 

 

  
      $ 5,097,509   
     

 

 

  

Housing — 2.7%

      

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

    $ 940       $ 985,120   
     

 

 

  
      $ 985,120   
     

 

 

  

Insured-Education — 6.8%

      

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

    $ 920       $ 900,892   

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

      1,145         1,236,863   

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

      275         298,972   
     

 

 

  
      $ 2,436,727   
     

 

 

  

Insured-Electric Utilities — 2.5%

      

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

    $ 615       $ 584,551   

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

      335         312,830   
     

 

 

  
      $ 897,381   
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Escrowed/Prerefunded — 6.5%

      

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

    $ 700       $ 806,680   

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

      840         965,244   

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

      110         118,995   

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

      410         443,525   
     

 

 

  
      $ 2,334,444   
     

 

 

  

Insured-General Obligations — 41.6%

      

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

    $ 2,415       $ 1,868,051   

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

      1,000         1,122,520   

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

      320         348,717   

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

      340         371,654   

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

      360         393,941   

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

      382         418,592   

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

      1,500         1,659,840   

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

      2,000         751,760   

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

      5,235         3,457,717   

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

      2,310         2,144,419   

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

      1,000         1,096,540   

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

      1,015         1,114,409   

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

      250         274,118   
     

 

 

  
      $ 15,022,278   
     

 

 

  

Insured-Hospital — 6.4%

      

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

    $ 190       $ 203,317   

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

      170         179,845   

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

      250         264,477   

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

      1,500         1,654,140   
     

 

 

  
      $ 2,301,779   
     

 

 

  

Insured-Lease Revenue/Certificates of Participation — 7.6%

      

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

    $ 1,000       $ 1,266,090   

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

      460         516,580   

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

      360         386,035   

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

      500         566,465   
     

 

 

  
      $ 2,735,170   
     

 

 

  

Insured-Special Tax Revenue — 13.0%

      

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

    $ 1,000       $ 862,120   

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

      500         509,380   

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         1,527,746   

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

      1,120         682,875   

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

      1,105         144,600   
     

 

 

  
      $ 4,705,436   
     

 

 

  

Insured-Transportation — 7.8%

      

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

    $ 1,500       $ 1,822,110   

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

      720         776,499   

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

      180         202,617   
     

 

 

  
      $ 2,801,226   
     

 

 

  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured-Water and Sewer — 10.4%

      

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

    $ 4,500       $ 3,231,180   

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

      635         523,354   
     

 

 

  
      $ 3,754,534   
     

 

 

  

Lease Revenue/Certificates of Participation — 1.8%

      

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

    $ 600       $ 639,786   
     

 

 

  
      $ 639,786   
     

 

 

  

Senior Living/Life Care — 2.0%

      

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

    $ 675       $ 704,153   
     

 

 

  
      $ 704,153   
     

 

 

  

Student Loan — 2.9%

      

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

    $ 965       $ 1,061,548   
     

 

 

  
      $ 1,061,548   
     

 

 

  

Transportation — 9.8%

      

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

    $ 590       $ 649,620   

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

      210         228,306   

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

      610         644,483   

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

      1,000         577,290   

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

      1,150         1,223,082   

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

      200         210,032   
     

 

 

  
      $ 3,532,813   
     

 

 

  

Water and Sewer — 2.2%

      

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

    $ 725       $ 800,197   
     

 

 

  
      $ 800,197   
     

 

 

  

Total Tax-Exempt Municipal Securities — 151.0%
(identified cost $49,772,977)

       $ 54,474,780   
     

 

 

  

Taxable Municipal Securities — 1.3%

      
Security    Principal
Amount
(000’s omitted)		      Value  

Transportation — 1.3%

      

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

    $ 500       $ 480,395   
     

 

 

  

Total Taxable Municipal Securities — 1.3%
(identified cost $494,583)

       $ 480,395   
     

 

 

  

Total Investments — 152.3%
(identified cost $50,267,560)

       $ 54,955,175   
     

 

 

  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.3)%

       $ (19,600,071 ) 
     

 

 

  

Other Assets, Less Liabilities — 2.0%

       $ 733,927   
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

       $ 36,089,031   
     

 

 

  

 

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, 2015, 67.3% 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 23.3% 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, 2015 is as follows:

Futures Contracts

 

Expiration
Month/Year		   

Contracts

    Position    Aggregate Cost     Value     Net Unrealized
Appreciation		  
9/15    14 U.S. Long Treasury Bond    Short    $     (2,165,709 )    $     (2,111,813 )    $     53,896   

At June 30, 2015, 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 enters into U.S. Treasury futures contracts to hedge against changes in interest rates.

At June 30, 2015, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $53,896.

The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2015, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     49,877,636   
  

 

 

  

Gross unrealized appreciation

    $ 5,075,199   

Gross unrealized depreciation

      (222,660 ) 
  

 

 

  

Net unrealized appreciation

    $ 4,852,539   
  

 

 

  

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, 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 Municipal Securities

    $ —       $ 54,474,780       $ —       $ 54,474,780   

Taxable Municipal Securities

      —         480,395         —         480,395   

Total Investments

    $ —       $ 54,955,175       $ —       $ 54,955,175   

Futures Contracts

    $ 53,896       $ —       $ —       $ 53,896   

Total

    $     53,896       $     54,955,175       $     —       $     55,009,071   

The Fund held no investments or other financial instruments as of September 30, 2014 whose fair value was determined using Level 3 inputs. At June 30, 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:   August 24, 2015

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 24, 2015

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   August 24, 2015