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
(Registrants 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 (000s 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 (000s 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 (000s 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% |
$ | 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 funds 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 Funds 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 Funds policy regarding the valuation of investments and other significant accounting policies, please refer to the Funds 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 registrants principal executive officer and principal financial officer that the effectiveness of the registrants 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 Commissions 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 registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants 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 |