UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act File Number

811-09155

 

Eaton Vance New Jersey Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Address of Principal Executive Offices)

 

Alan R. Dynner, Esq.

Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

 

Registrant’s Telephone Number, Including Area Code

(617) 482-8260

 

Date of Fiscal Year End

November 30

 

Date of Reporting Period

August 31, 2004

 


 

Item 1. Schedule of Investments

 


 

New Jersey Municipal Income Trust

 

as of August 31, 2004

PORTFOLIO OF INVESTMENTS (Unaudited)

 

 

 

Tax-Exempt Investments — 154.9%

 

Principal
Amount
(000’s omitted)

 

Security

 

Value

 

 

 

 

 

Cogeneration — 1.5%

 

 

 

1,000

 

Port Authority of New York and New Jersey, (KIAC), (AMT), 6.75%, 10/1/19

 

1,017,700

 

 

 

 

 

$

1,017,700

 

 

 

 

 

 

 

 

Education — 13.2%

 

 

 

1,445

 

New Jersey Educational Facilities Authority, (Bloomfield College), 6.85%, 7/1/30

 

1,479,998

 

3,935

 

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/20

 

4,169,211

 

3,250

 

New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.25%, 7/1/32

 

3,303,722

 

 

 

 

 

$

8,952,931

 

 

 

 

 

 

 

Electric Utilities — 11.3%

 

 

 

6,000

 

Puerto Rico Electric Power Authority, 5.125%, 7/1/29

 

6,134,340

 

1,500

 

Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31

 

1,537,110

 

 

 

 

 

$

7,671,450

 

 

 

 

 

 

 

General Obligations — 5.3%

 

 

 

3,500

 

Puerto Rico Public Buildings Authority, Commonwealth Guaranteed, 5.25%, 7/1/29

 

3,630,410

 

 

 

 

 

$

3,630,410

 

 

 

 

 

 

 

Hospital — 25.2%

 

 

 

2,000

 

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

 

2,014,240

 

1,035

 

New Jersey Health Care Facilities Financing Authority, (Atlantic City Medical Center), 5.75%, 7/1/25

 

1,100,929

 

550

 

New Jersey Health Care Facilities Financing Authority, (Burdette Tomlin Memorial Hospital), 5.50%, 7/1/29

 

562,749

 

 

1


 

1,500

 

New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.25%, 7/1/27

 

1,455,240

 

1,765

 

New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33

 

1,773,490

 

1,000

 

New Jersey Health Care Facilities Financing Authority, (Deborah Heart and Lung Center), 6.30%, 7/1/23

 

1,016,700

 

2,000

 

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), 6.00%, 1/1/34

 

2,098,980

 

750

 

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 6.50%, 7/1/21

 

793,785

 

2,000

 

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.75%, 7/1/31

 

2,124,240

 

1,450

 

New Jersey Health Care Facilities Financing Authority, (Saint Peters University Hospital), 6.875%, 7/1/20

 

1,626,421

 

1,900

 

New Jersey Health Care Facilities Financing Authority, (St. Elizabeth’s Hospital), 6.00%, 7/1/20

 

1,932,015

 

600

 

New Jersey Health Care Facilities Financing Authority, (Trinitas Hospital), 7.50%, 7/1/30

 

671,454

 

 

 

 

 

$

17,170,243

 

 

 

 

 

 

 

Industrial Development Revenue — 15.7%

 

 

 

1,000

 

Gloucester County, Improvements Authority, (Waste Management, Inc.), (AMT), 7.00%, 12/1/29

 

1,140,210

 

3,000

 

Middlesex County Pollution Control Authority, (Amerada Hess Corp.), 6.05%, 9/15/34

 

3,107,160

 

1,000

 

New Jersey EDA, (Anheuser-Busch), (AMT), 5.85%, 12/1/30

 

1,031,760

 

750

 

New Jersey EDA, (Continental Airlines), (AMT), 6.25%, 9/15/29

 

549,263

 

750

 

New Jersey EDA, (Continental Airlines), (AMT), 9.00%, 6/1/33

 

724,485

 

3,700

 

New Jersey EDA, (The Seeing Eye, Inc.), 6.20%, 12/1/24

 

4,112,587

 

 

 

 

 

$

10,665,465

 

 

 

 

 

 

 

Insured-Education — 3.2%

 

 

 

450

 

New Jersey Educational Facilities Authority, (Jersey City University), (AMBAC), 5.00%, 7/1/32

 

459,027

 

 

2


 

1,600

 

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental, Residual Certificates, (MBIA), Variable Rate, 7/1/33 (1)(2)

 

1,693,264

 

 

 

 

 

$

2,152,291

 

 

 

 

 

 

 

Insured-Electric Utilities — 1.9%

 

 

 

1,250

 

Vineland, (Electric Utility), (MBIA), (AMT), 5.25%, 5/15/26

 

1,292,325

 

 

 

 

 

$

1,292,325

 

 

 

 

 

 

 

Insured-General Obligations — 7.3%

 

 

 

1,555

 

Colts Neck Township Board of Education, (FSA), 5.00%, 2/1/26

 

1,637,602

 

3,500

 

Irvington Township, (FSA), 0.00%, 7/15/24

 

1,333,570

 

5,500

 

Irvington Township, (FSA), 0.00%, 7/15/25

 

1,972,025

 

 

 

 

 

$

4,943,197

 

 

 

 

 

 

 

Insured-Housing — 0.3%

 

 

 

230

 

New Jersey Housing and Mortgage Finance Agency, Multifamily Housing, (FSA), 5.75%, 5/1/25

 

242,459

 

 

 

 

 

$

242,459

 

 

 

 

 

 

 

Insured-Industrial Development Revenue — 3.1%

 

 

 

1,580

 

New Jersey EDA, (FSA), Variable Rate, 5/1/17 (1)(2)

 

2,118,559

 

 

 

 

 

$

2,118,559

 

 

 

 

 

 

 

Insured-Special Tax Revenue — 9.1%

 

 

 

8,500

 

Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/27

 

2,681,750

 

6,000

 

Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25

 

2,129,160

 

1,250

 

New Jersey EDA, (Motor Vehicle Surcharges), (MBIA), 5.25%, 7/1/26

 

1,360,200

 

 

 

 

 

$

6,171,110

 

 

 

 

 

 

 

Insured-Transportation — 25.9%

 

 

 

4,000

 

Delaware River and Bay Authority, (AMBAC), 5.75%, 1/1/29 (3)

 

4,405,440

 

1,000

 

Delaware River Port Authority, (FSA), 5.625%, 1/1/26

 

1,064,690

 

3,250

 

Delaware River Port Authority, (FSA), 5.75%, 1/1/26

 

3,584,165

 

 

3


 

1,500

 

New Jersey Turnpike Authority, RITES, (MBIA), Variable Rate, 1/1/30 (1)(2)

 

1,825,335

 

1,000

 

Newark Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/25

 

1,033,470

 

50

 

Newark Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/37

 

50,780

 

1,250

 

Newark Housing Authority, (Newark Marine Terminal), (MBIA), Variable Rate, 1/1/37 (1)(2)

 

1,308,463

 

4,000

 

Port Authority of New York and New Jersey, (JFK International Terminal), (MBIA), (AMT), 5.75%, 12/1/25

 

4,320,600

 

 

 

 

 

$

17,592,943

 

 

 

 

 

 

 

Insured-Water and Sewer — 7.8%

 

 

 

2,800

 

Bayonne Municipal Utilities Authority, Water and Sewer Revenue, (XLCA), 4.75%, 4/1/33

 

2,784,712

 

1,500

 

Bordentown Sewer Authority, (FGIC), 5.375%, 12/1/20

 

1,651,800

 

1,330

 

Passaic Valley Sewer Commissioners, (FGIC), 2.50%, 12/1/32

 

868,131

 

 

 

 

 

$

5,304,643

 

 

 

 

 

 

 

Nursing Home — 3.0%

 

 

 

1,000

 

New Jersey EDA, (Masonic Charity Foundation), 5.50%, 6/1/31

 

1,049,090

 

980

 

New Jersey EDA, (Victoria Health), 5.20%, 12/20/36

 

1,015,858

 

 

 

 

 

$

2,064,948

 

 

 

 

 

 

 

Other Revenue — 3.0%

 

 

 

1,000

 

New Jersey EDA, (Glimcher Properties REIT), (AMT), 6.00%, 11/1/28

 

949,850

 

1,250

 

Tobacco Settlement Financing Corp., Variable Rate, 6/1/39 (2)(4)

 

1,080,425

 

 

 

 

 

$

2,030,275

 

 

 

 

 

 

 

Senior Living / Life Care — 2.4%

 

 

 

1,700

 

New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25

 

1,648,286

 

 

 

 

 

$

1,648,286

 

 

 

 

 

 

 

Transportation — 15.7%

 

 

 

1,500

 

New Jersey Transportation Trust Fund Authority, Variable Rate, 6/15/17 (2)(4)

 

1,687,455

 

5,660

 

Port Authority of New York and New Jersey, 5.25%, 7/15/34

 

5,745,126

 

 

4


 

1,600

 

Port Authority of New York and New Jersey, Variable Rate, 3/1/28 (1)

 

2,032,080

 

1,175

 

South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33

 

1,193,095

 

 

 

 

 

$

10,657,756

 

 

 

 

 

 

 

Total Tax-Exempt Investments — 154.9%

 

 

 

(identified cost $98,228,888)

 

$

105,326,991

 

 

 

 

 

 

 

Other Assets, Less Liabilities — 1.0%

 

$

696,014

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.9)%

 

$

(38,000,411

)

Net Assets Applicable to Common Shares— 100.0%

 

$

68,022,594

 

 

AMBAC

-

 

AMBAC Financial Group, Inc.

AMT

-

 

Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC

-

 

Financial Guaranty Insurance Company

FSA

-

 

Financial Security Assurance, Inc.

MBIA

-

 

Municipal Bond Insurance Association

XLCA

-

 

XL Capital Assurance, Inc.

 

The Trust 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 August 31, 2004, 37.8% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.4% to 15.9% of total investments.

 

(1)

 

 

Security has been issued as a leveraged inverse floater bond.

(2)

 

 

Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers.  At August 31, 2004, the aggregate value of the securities is $9,713,501 or 14.3% of the Trust’s net assets.

(3)

 

 

Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(4)

 

 

Security has been issued as an inverse floater bond.

 

5


 

A summary of financial instruments at August 31, 2004 is as follows:

 

Futures Contracts

 

Expiration
Date(s)

 

Contracts

 

Position

 

Aggregate
Cost

 

Value

 

Net Unrealized
Depreciation

 

12/04

 

220 U.S. Treasury Bond

 

Short

 

$

(24,271,254

)

$

(24,488,750

)

$

(217,496

)

 

At August 31, 2004, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

 

The cost and unrealized appreciation (depreciation) in value of the investments owned at August 31, 2004 as computed on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

98,212,935

 

Gross unrealized appreciation

 

$

7,344,334

 

Gross unrealized depreciation

 

(230,278

)

Net unrealized appreciation

 

$

7,114,056

 

 

6


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 Income Trust

 

 

 

By:

/s/ Thomas J. Fetter

 

 

Thomas J. Fetter

 

President and Principal Executive Officer

 

 

Date:

October 21, 2004

 

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/ Thomas J. Fetter

 

 

Thomas J. Fetter

 

President and Principal Executive Officer

 

 

Date:

October 21, 2004

 

 

By:

/s/ James L. O’Connor

 

 

James L. O’Connor

 

Treasurer and Principal Financial Officer

 

 

Date:

October 21, 2004