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

 

811-09915

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)

 

(Zip code)

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, 2006

 

 



Item 1. Schedule of Investments



Eaton Vance New Jersey Municipal Income Trust                                                                       as of August 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 152.7%

Principal

 

 

 

 

 

Amount

 

 

 

 

 

(000’s omitted)

 

Security

 

Value

 

Electric Utilities — 9.5%

 

 

 

$

5,000

 

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

 

$

5,250,750

 

1,500

 

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

 

1,600,545

 

 

 

 

 

$

6,851,295

 

Escrowed / Prerefunded — 5.7%

 

 

 

3,935

 

New Jersey Educational Facilities Authority, (Princeton University), Prerefunded to 7/1/10, 5.00%, 7/1/20

 

4,095,351

 

 

 

 

 

$

4,095,351

 

General Obligations — 5.1%

 

 

 

3,500

 

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

 

3,672,655

 

 

 

 

 

$

3,672,655

 

Hospital — 25.1%

 

 

 

100

 

Camden County, Improvement Authority, (Cooper Health System), 5.00%, 2/15/25

 

102,387

 

90

 

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

 

91,387

 

100

 

Camden County, Improvement Authority, (Cooper Health System), 5.25%, 2/15/27

 

104,402

 

2,750

 

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

 

2,944,260

 

1,035

 

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

 

1,108,050

 

2,140

 

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

 

2,180,681

 

1,765

 

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

 

1,834,347

 

2,000

 

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

 

2,127,200

 

450

 

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

 

462,393

 

750

 

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

 

832,957

 

2,000

 

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

 

2,123,480

 

1,450

 

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

 

1,598,045

 

1



 

 

 

$

1,900

 

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

 

$

1,963,745

 

600

 

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

 

664,272

 

 

 

 

 

$

18,137,606

 

Industrial Development Revenue — 9.7%

 

 

 

1,000

 

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

 

1,082,350

 

3,000

 

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

 

3,228,960

 

1,000

 

New Jersey Economic Development Authority, (Anheuser-Busch), (AMT), 5.85%, 12/1/30

 

1,021,530

 

750

 

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29

 

766,342

 

750

 

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33

 

892,005

 

 

 

 

 

$

6,991,187

 

Insured-Education — 2.4%

 

 

 

1,600

 

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental, Residual Certificates, (University of Puerto Rico), (MBIA), Variable Rate, 7.735%, 7/1/33 (1)(2)

 

1,760,160

 

 

 

 

 

$

1,760,160

 

Insured-Electric Utilities — 1.8%

 

 

 

1,250

 

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

 

1,300,825

 

 

 

 

 

$

1,300,825

 

Insured-Escrowed/Prerefunded — 4.9%

 

 

 

1,580

 

New Jersey Economic Development Authority, (FSA), Prerefunded to 5/1/09, Variable Rate, 7.275%, 5/1/17 (1)(2)

 

1,784,910

 

1,500

 

New Jersey Turnpike Authority, RITES, (MBIA), Prerefunded to 1/1/10, Variable Rate, 8.071%, 1/1/30 (1)(2)

 

1,772,580

 

 

 

 

 

$

3,557,490

 

Insured-Gas Utilities — 7.1%

 

 

 

5,000

 

New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (AMT), 4.90%, 10/1/40

 

5,110,550

 

 

 

 

 

$

5,110,550

 

Insured-General Obligations — 12.4%

 

 

 

850

 

Hudson County, Improvements Authority, (CIFG), 4.25%, 9/1/28 (3)

 

825,724

 

3,500

 

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

 

1,582,770

 

5,500

 

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

 

2,366,045

 

750

 

Madison Borough, Board of Education, (MBIA), 4.75%, 7/15/35

 

766,583

 

2



 

 

 

$

1,531

 

Stafford Township, (MBIA), 3.00%, 7/1/30

 

$

1,211,633

 

1,945

 

Washington Township, Board of Education, Gloucester County, (FSA), 5.25%, 1/1/28

 

2,232,296

 

 

 

 

 

$

8,985,051

 

Insured-Housing — 6.2%

 

 

 

3,390

 

New Jersey Housing and Mortgage Finance Agency, (FSA), (AMT), 5.05%, 5/1/34

 

3,423,425

 

810

 

New Jersey Housing and Mortgage Finance Agency, Multifamily Housing, (FGIC), (AMT), 5.00%, 11/1/36

 

825,309

 

230

 

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

 

240,083

 

 

 

 

 

$

4,488,817

 

Insured-Lease Revenue / Certificates of Participation — 1.0%

 

 

 

700

 

Gloucester County, Improvements Authority, (MBIA), 4.75%, 9/1/30

 

717,787

 

 

 

 

 

$

717,787

 

Insured-Special Tax Revenue — 14.7%

 

 

 

12,030

 

Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/24

 

5,369,591

 

7,100

 

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

 

2,728,246

 

6,000

 

Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25 (4)

 

2,547,420

 

 

 

 

 

$

10,645,257

 

Insured-Transportation — 15.0%

 

 

 

1,000

 

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

 

1,054,970

 

3,250

 

Delaware River Port Authority, (FSA), 5.75%, 1/1/26 (5)

 

3,444,383

 

9,230

 

New Jersey Transportation Trust Fund Authority, (AMBAC), 0.00%, 12/15/36

 

2,278,795

 

1,000

 

New Jersey Turnpike Authority, (FSA), 5.25%, 1/1/30

 

1,151,090

 

1,250

 

Newark, Housing Authority, (Newark Marine Terminal), (MBIA), Variable Rate, 6.496%, 1/1/37 (1)(2)

 

1,405,013

 

1,555

 

Port Authority of New York and New Jersey, (CIFG), (AMT), 4.50%, 9/1/35

 

1,543,788

 

 

 

 

 

$

10,878,039

 

Insured-Water and Sewer — 7.2%

 

 

 

5,000

 

Rahway Valley, Sewerage Authority, (MBIA), 0.00%, 9/1/27

 

1,921,200

 

10,000

 

Rahway Valley, Sewerage Authority, (MBIA), 0.00%, 9/1/30

 

3,314,900

 

 

 

 

 

$

5,236,100

 

3



 

 

 

Nursing Home — 2.9%

 

 

 

$

1,000

 

New Jersey Economic Development Authority, (Masonic Charity Foundation), 5.50%, 6/1/31

 

$

1,063,370

 

960

 

New Jersey Economic Development Authority, (Victoria Health), 5.20%, 12/20/36 (1)

 

1,017,053

 

 

 

 

 

$

2,080,423

 

Other Revenue — 4.6%

 

 

 

7,200

 

Children’s Trust Fund, Tobacco Settlement, 0.00%, 5/15/50

 

469,944

 

6,100

 

Children’s Trust Fund, Tobacco Settlement, 0.00%, 5/15/55

 

209,108

 

950

 

Tobacco Settlement Financing Corp., 6.75%, 6/1/39

 

1,066,698

 

1,250

 

Tobacco Settlement Financing Corp., Variable Rate, 9.894%, 6/1/39 (1)(6)(7)

 

1,557,088

 

 

 

 

 

$

3,302,838

 

Private Education — 4.7%

 

 

 

3,250

 

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

 

3,373,435

 

 

 

 

 

$

3,373,435

 

Senior Living / Life Care — 2.4%

 

 

 

1,700

 

New Jersey Economic Development Authority, (Fellowship Village), 5.50%, 1/1/25

 

1,725,942

 

 

 

 

 

$

1,725,942

 

Special Tax Revenue — 5.4%

 

 

 

750

 

New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31

 

787,005

 

1,310

 

New Jersey Economic Development Authority, (Cigarette Tax), 5.75%, 6/15/29

 

1,404,569

 

1,500

 

New Jersey Economic Development Authority, (Cigarette Tax), Variable Rate, 7.46%, 6/15/34 (1)(6)

 

1,696,395

 

 

 

 

 

$

3,887,969

 

Transportation — 4.9%

 

 

 

1,600

 

Port Authority of New York and New Jersey, Variable Rate, 8.523%, 3/1/28 (1)(2)

 

2,308,240

 

1,175

 

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

 

1,217,664

 

 

 

 

 

$

3,525,904

 

Total Tax-Exempt Investments — 152.7%
(identified cost $101,944,607)

 

$

110,324,681

 

Other Assets, Less Liabilities — (0.1)%

 

$

(85,198

)

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.6)%

 

$

(38,012,496

)

Net Assets Applicable to Common Shares — 100.0%

 

$

72,226,987

 

 

4



 

 

 

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.

CIFG

—

CDC IXIS Financial Guaranty North America, Inc.

FGIC

—

Financial Guaranty Insurance Company

FSA

—

Financial Security Assurance, Inc.

MBIA

—

Municipal Bond Insurance Association

 

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, 2006, 47.8% 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 ranged from 2.1% to 25.3% of total investments.

(1)

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, 2006, the aggregate value of the securities is $13,301,439 or 18.4% of the Trust’s net assets applicable to common shares.

(2)

Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2006.

(3)

When-issued security.

(4)

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

(5)

Security (or a portion thereof) has been segregated to cover when-issued securities.

(6)

Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at August 31, 2006.

(7)

Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security.

 

A summary of financial instruments at August 31, 2006 is as follows:

Futures Contracts

 

 

 

 

 

 

 

 

 

 

Net

 

Expiration

 

 

 

 

 

Aggregate

 

 

 

Unrealized

 

Date

 

Contracts

 

Position

 

Cost

 

Value

 

Depreciation

 

12/06

 

170 U.S. Treasury Bond

 

 

Short

 

 

$

(18,720,527

)

$

(18,880,625

)

 

$

(160,098

)

 

 

At August 31, 2006, 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, 2006 as computed on a federal income tax basis, were as follows:

Aggregate cost

 

$

101,920,112

 

Gross unrealized appreciation

 

$

8,404,569

 

Gross unrealized depreciation

 

—

 

Net unrealized appreciation

 

$

8,404,569

 

 

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 Income Trust

By:

 

/s/ Robert B. MacIntosh

 

 

Robert B. MacIntosh

 

 

President and Principal Executive Officer

Date:

 

October 23, 2006

 

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/ Robert B. MacIntosh

 

 

Robert B. MacIntosh

 

 

President and Principal Executive Officer

Date:

 

October 23, 2006

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer and Principal Financial Officer

Date:

 

October 23, 2006