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

December 31, 2018

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance

New Jersey Municipal Bond Fund

December 31, 2018

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 152.6%

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Education — 11.1%

 

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

    $ 210      $ 232,927  

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

      1,675        2,020,720  

New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/31(1)

      1,125        1,345,702  

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

      360        388,307  
     

 

 

  
   $ 3,987,656  
     

 

 

  

Escrowed/Prerefunded — 2.6%

 

Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/40

    $ 210      $ 216,510  

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31

      615        699,089  
     

 

 

  
   $ 915,599  
     

 

 

  

General Obligations — 19.7%

 

Massachusetts, 5.00%, 9/1/38(1)

    $ 2,500      $ 2,905,175  

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

      260        275,893  

Ocean County, 3.00%, 9/1/35

      915        882,288  

Ocean County, 3.00%, 9/1/36

      375        358,084  

Ocean County, 4.00%, 9/1/30(1)

      775        863,730  

Ocean County, 5.00%, 9/1/28(1)

      700        850,087  

Ocean County, 5.00%, 9/1/28

      10        12,144  

Ocean County, 5.00%, 9/1/29(1)

      725        877,272  

Ocean County, 5.00%, 9/1/29

      20        24,200  
     

 

 

  
   $ 7,048,873  
     

 

 

  

Hospital — 7.9%

 

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

    $ 250      $ 270,185  

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

      450        459,284  

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31

      135        153,148  

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39(1)

      1,750        1,944,880  
     

 

 

  
   $ 2,827,497  
     

 

 

  

Insured – Education — 0.3%

 

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

    $ 85      $ 85,143  

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

      20        20,040  
     

 

 

  
   $ 105,183  
     

 

 

  

Insured – Electric Utilities — 2.8%

 

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

    $ 615      $ 644,378  

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

      335        342,883  
     

 

 

  
   $ 987,261  
     

 

 

  

 

1

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Insured – Escrowed/Prerefunded — 5.6%

 

Bayonne, (AGM), Prerefunded to 7/1/19, 5.50%, 7/1/39

    $ 1,000      $ 1,018,530  

Jersey City, (AGM), Prerefunded to 1/15/19, 5.00%, 1/15/29

      1,000        1,001,130  
     

 

 

  
   $ 2,019,660  
     

 

 

  

Insured – General Obligations — 9.4%

 

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

    $ 4,165      $ 3,345,411  
     

 

 

  
   $ 3,345,411  
     

 

 

  

Insured – Hospital — 4.3%

 

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

    $ 1,500      $ 1,526,745  
     

 

 

  
   $ 1,526,745  
     

 

 

  

Insured – Lease Revenue/Certificates of Participation — 5.2%

 

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

    $ 1,000      $ 1,266,310  

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

      500        596,275  
     

 

 

  
   $ 1,862,585  
     

 

 

  

Insured – Special Tax Revenue — 6.6%

 

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

    $ 1,000      $ 938,690  

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

      420        327,671  

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

      1,120        836,192  

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

      1,105        268,084  
     

 

 

  
   $ 2,370,637  
     

 

 

  

Insured – Transportation — 4.0%

 

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

    $ 1,000      $ 1,243,870  

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

      180        184,961  
     

 

 

  
   $ 1,428,831  
     

 

 

  

Insured – Water and Sewer — 6.8%

 

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

    $ 2,150      $ 1,846,119  

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

      635        569,436  
     

 

 

  
   $ 2,415,555  
     

 

 

  

Senior Living/Life Care — 1.9%

 

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

    $ 675      $ 693,293  
     

 

 

  
   $ 693,293  
     

 

 

  

Special Tax Revenue — 8.0%

 

New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45(1)

    $ 2,800      $ 2,859,780  
     

 

 

  
   $ 2,859,780  
     

 

 

  

Student Loan — 2.7%

 

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

    $ 965      $ 979,263  
     

 

 

  
   $ 979,263  
     

 

 

  

Transportation — 37.9%

 

Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/37(1)

    $ 1,150      $ 1,311,161  

Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/37

      20        22,803  

Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/47(1)

      3,125        3,508,375  

Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/47

      15        16,840  

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

      1,150        1,216,850  

 

2

 

 

                                                 
Security    Principal
Amount
(000’s omitted)		      Value  

Port Authority of New York and New Jersey, 5.00%, 10/15/35(1)

    $ 2,675      $ 3,034,413  

Port Authority of New York and New Jersey, 5.00%, 10/15/42(1)

      3,750        4,249,237  

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

      200        213,292  
     

 

 

  
   $ 13,572,971  
     

 

 

  

Water and Sewer — 15.8%

 

Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/43(1)

    $ 3,750      $ 4,280,850  

Passaic County Utilities Authority, 5.00%, 3/1/37

      695        851,118  

Sussex County Municipal Utilities Authority, 0.00%, 12/1/37

      1,000        525,630  
     

 

 

  
   $ 5,657,598  
     

 

 

  

Total Tax-Exempt Investments — 152.6%
(identified cost $52,402,011)

       $ 54,604,398  
     

 

 

  

Other Assets, Less Liabilities — (52.6)%

 

    $ (18,819,616 ) 
     

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

    $ 35,784,782  
     

 

 

  

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, 2018, 29.4% 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 2.1% to 13.8% of total investments.

 

(1)

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

Abbreviations:

 

AGC

   -   Assured Guaranty Corp.

AGM

   -   Assured Guaranty Municipal Corp.

AMBAC

   -   AMBAC Financial Group, Inc.

BHAC

   -   Berkshire Hathaway Assurance Corp.

NPFG

   -   National Public Finance Guaranty Corp.

XLCA

   -   XL Capital Assurance, Inc.
 

 

The Fund did not have any open derivative instruments at December 31, 2018.

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.

 

3

 

 

At December 31, 2018, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

    $ —      $ 54,604,398      $ —      $ 54,604,398  

Total Investments

    $     —      $     54,604,398      $     —      $     54,604,398  

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.

Subsequent Event

On December 20, 2018, the shareholders of the Fund approved an Agreement and Plan of Reorganization providing for the reorganization of the Fund into the Eaton Vance Municipal Bond Fund. The transaction was completed as of the close of business on January 18, 2019.

 

4

 

 

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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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 25, 2019

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 25, 2019
By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   February 25, 2019