UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-09155

Investment Company Act File Number

Eaton Vance New Jersey Municipal Income Trust

(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)

November 30

Date of Fiscal Year End

August 31, 2013

Date of Reporting Period

 

 

 


Item 1. Schedule of Investments


Eaton Vance

New Jersey Municipal Income Trust

August 31, 2013

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Municipal Securities — 161.9%

 

                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Education — 23.8%

     

Camden County Improvement Authority, (Rowan University School of Osteopathic Medicine), 5.00%, 12/1/32

   $ 1,270       $ 1,272,934   

New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27

     250         250,848   

New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33

     250         236,445   

New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37

     220         211,317   

New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36

     1,730         1,797,989   

New Jersey Educational Facilities Authority, (Ramapo College), 4.00%, 7/1/27

     1,135         1,095,127   

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

     640         641,318   

New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27

     1,650         1,655,593   

New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32

     965         1,258,157   

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

     1,295         1,295,829   

Rutgers State University, 5.00%, 5/1/33

     1,000         1,034,820   

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

     3,150         3,209,535   
     

 

 

 
      $ 13,959,912   
     

 

 

 

Electric Utilities — 2.0%

     

Puerto Rico Electric Power Authority, 5.00%, 7/1/29

   $ 500       $ 368,395   

Puerto Rico Electric Power Authority, 5.25%, 7/1/27

     1,000         780,690   
     

 

 

 
      $ 1,149,085   
     

 

 

 

General Obligations — 14.6%

     

Burlington County Bridge Commission, 4.00%, 8/15/23

   $ 320       $ 331,430   

Monmouth County Improvement Authority, 5.00%, 1/15/28

     1,850         1,985,383   

Monmouth County Improvement Authority, 5.00%, 1/15/30

     1,795         1,914,493   

Monmouth County Improvement Authority, 5.00%, 8/1/33

     500         525,530   

Monroe Township Board of Education, Middlesex County, 4.00%, 8/1/24

     2,500         2,567,475   

Tenafly Board of Education, 4.00%, 7/15/27

     1,235         1,215,475   
     

 

 

 
      $ 8,539,786   
     

 

 

 

Hospital — 25.1%

     

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

   $ 85       $ 77,733   

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

     1,335         1,335,641   

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

     650         616,493   

New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27

     2,290         2,322,724   

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

     2,090         2,107,619   

New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39

     1,415         1,440,456   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/21

     645         713,118   

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

     355         367,936   

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

     250         232,853   

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31

     2,055         2,056,521   

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

     2,440         2,317,414   

 

1

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33

   $ 1,075       $ 1,111,722   
     

 

 

 
      $ 14,700,230   
     

 

 

 

Housing — 3.2%

     

New Jersey Housing and Mortgage Finance Agency, (Single Family Housing),
(AMT), 4.70%, 10/1/37

   $ 620       $ 584,983   

New Jersey Housing and Mortgage Finance Agency, (Single Family Housing),
(AMT), 5.00%, 10/1/37

     1,315         1,284,347   
     

 

 

 
      $ 1,869,330   
     

 

 

 

Industrial Development Revenue — 5.8%

     

New Jersey Economic Development Authority, (Continental Airlines), (AMT),
5.125%, 9/15/23

   $ 50       $ 46,025   

New Jersey Economic Development Authority, (Continental Airlines), (AMT),
5.25%, 9/15/29

     135         120,814   

New Jersey Economic Development Authority, (Continental Airlines), (AMT),
5.50%, 6/1/33

     750         667,147   

New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.),
(AMT), 5.10%, 6/1/23

     220         234,780   

New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.),
(AMT), 5.70%, 10/1/39

     2,235         2,320,869   
     

 

 

 
      $ 3,389,635   
     

 

 

 

Insured-Electric Utilities — 0.8%

     

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

   $ 595       $ 441,984   
     

 

 

 
      $ 441,984   
     

 

 

 

Insured-Gas Utilities — 6.1%

     

New Jersey Economic Development Authority, (New Jersey Natural Gas Co.),
(NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40

   $ 3,540       $ 3,591,719   
     

 

 

 
      $ 3,591,719   
     

 

 

 

Insured-General Obligations — 5.4%

     

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

   $ 1,015       $ 1,039,563   

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

     1,240         1,325,622   

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

     750         784,703   
     

 

 

 
      $ 3,149,888   
     

 

 

 

Insured-Hospital — 5.7%

     

New Jersey Economic Development Authority, (Hillcrest Health Service System), (AMBAC), 0.00%, 1/1/20

   $ 100       $ 77,855   

New Jersey Economic Development Authority, (Hillcrest Health Service System), (AMBAC), 0.00%, 1/1/21

     300         218,940   

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

     750         753,982   

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

     385         384,704   

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

     500         499,615   

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

     1,380         1,398,078   
     

 

 

 
      $ 3,333,174   
     

 

 

 

Insured-Industrial Development Revenue — 3.4%

     

New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25

   $ 1,940       $ 1,997,831   
     

 

 

 
      $ 1,997,831   
     

 

 

 

 

2

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Insured-Lease Revenue/Certificates of Participation — 4.6%

     

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

   $ 1,500       $ 1,591,560   

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

     1,000         1,095,620   
     

 

 

 
      $ 2,687,180   
     

 

 

 

Insured-Special Tax Revenue — 11.5%

     

Garden State Preservation Trust, (AGM), 0.00%, 11/1/25

   $ 5,250       $ 3,165,120   

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

     4,300         2,339,114   

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

     2,020         1,025,534   

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

     2,020         197,192   
     

 

 

 
      $ 6,726,960   
     

 

 

 

Insured-Student Loan — 3.9%

     

New Jersey Higher Education Student Assistance Authority, (AGC),
(AMT), 6.125%, 6/1/30

   $ 2,215       $ 2,290,664   
     

 

 

 
      $ 2,290,664   
     

 

 

 

Insured-Transportation — 0.6%

     

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

   $ 315       $ 330,920   
     

 

 

 
      $ 330,920   
     

 

 

 

Lease Revenue/Certificates of Participation — 6.0%

     

New Jersey Economic Development Authority, (School Facilities Construction),
5.25%, 12/15/33

   $ 1,500       $ 1,549,740   

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

     1,700         1,705,933   

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31

     250         275,403   
     

 

 

 
      $ 3,531,076   
     

 

 

 

Other Revenue — 6.0%

     

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

   $ 13,280       $ 324,563   

New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48

     2,040         2,067,153   

New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32

     500         492,785   

Tobacco Settlement Financing Corp., 5.00%, 6/1/41

     900         611,703   
     

 

 

 
      $ 3,496,204   
     

 

 

 

Senior Living/Life Care — 4.3%

     

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28

   $ 465       $ 466,990   

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38

     770         755,793   

New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36

     815         743,158   

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.50%, 7/1/38

     700         575,008   
     

 

 

 
      $ 2,540,949   
     

 

 

 

Special Tax Revenue — 3.2%

     

New Jersey Economic Development Authority, (Newark Downtown District
Management Corp.), 5.125%, 6/15/27

   $ 100       $ 100,488   

New Jersey Economic Development Authority, (Newark Downtown District
Management Corp.), 5.125%, 6/15/37

     175         168,583   

Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40

     750         626,032   

Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37

     500         429,965   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

     500         546,085   
     

 

 

 
      $ 1,871,153   
     

 

 

 

 

3

 

 


                                                 
Security    Principal
Amount
(000’s omitted)
     Value  

Student Loan — 5.4%

     

New Jersey Higher Education Student Assistance Authority,
(AMT), 1.225%, 6/1/36
(1) (2) (3)

   $ 2,500       $ 2,514,675   

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43

     750         633,555   
     

 

 

 
      $ 3,148,230   
     

 

 

 

Transportation — 18.3%

     

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

   $ 1,060       $ 1,078,349   

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

     1,080         1,089,850   

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

     1,850         1,945,497   

New Jersey Transportation Trust Fund Authority, (Transportation System),
5.875%, 12/15/38

     250         275,067   

New Jersey Transportation Trust Fund Authority, (Transportation System),
6.00%, 12/15/38

     530         591,899   

New Jersey Turnpike Authority, 5.25%, 1/1/40

     3,600         3,641,436   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35 (1)

     1,995         2,125,253   
     

 

 

 
      $ 10,747,351   
     

 

 

 

Water and Sewer — 2.2%

     

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

   $ 1,275       $ 1,302,094   
     

 

 

 
      $ 1,302,094   
     

 

 

 

Total Tax-Exempt Municipal Securities — 161.9%
(identified cost $95,259,783)

      $ 94,795,355   
     

 

 

 

Taxable Municipal Securities — 1.5%

     
Security   

Principal
Amount

(000’s omitted)

     Value  

Transportation — 1.5%

     

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

   $ 1,000       $ 865,930   
     

 

 

 

Total Taxable Municipal Securities — 1.5%
(identified cost $989,048)

      $ 865,930   
     

 

 

 

Total Investments — 163.4%
(identified cost $96,248,831)

      $ 95,661,285   
     

 

 

 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (57.1)%

      $ (33,425,722
     

 

 

 

Other Assets, Less Liabilities — (6.3)%

      $ (3,677,446
     

 

 

 

Net Assets Applicable to Common Shares — 100.0%

      $ 58,558,117   
     

 

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

4

 

 


AGC

  -   Assured Guaranty Corp.

AGM

  -   Assured Guaranty Municipal Corp.

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.

BAM

  -   Build America Mutual Assurance Co.

NPFG

  -   National Public Finance Guaranty Corp.

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, 2013, 25.7% 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 0.8% to 10.1% of total investments.

 

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

 

(2) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $514,675

 

(3) Variable rate security. The stated interest rate represents the rate in effect at August 31, 2013.

A summary of open financial instruments at August 31, 2013 is as follows:

Futures Contracts

 

Expiration
Month/Year
  

Contracts

   Position    Aggregate Cost     Value     Net Unrealized
Depreciation
 
12/13    135 U.S. Long Treasury Bond    Short    $     (17,789,167   $     (17,807,344   $      (18,177

At August 31, 2013, the Trust had sufficient cash and/or securities to cover commitments under these contracts.

The Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trust holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trust purchases and sells U.S. Treasury futures contracts to hedge against changes in interest rates.

At August 31, 2013, 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 $18,177.

The cost and unrealized appreciation (depreciation) of investments of the Trust at August 31, 2013, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

   $      90,397,004   
  

 

 

 

Gross unrealized appreciation

   $ 2,631,796   

Gross unrealized depreciation

     (3,247,515
  

 

 

 

Net unrealized depreciation

   $ (615,719
  

 

 

 

 

5

 

 


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.

At August 31, 2013, the hierarchy of inputs used in valuing the Trust’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

   $      $ 94,795,355       $       $ 94,795,355   

Taxable Municipal Securities

            865,930                 865,930   

Total Investments

   $      $     95,661,285       $       $     95,661,285   
Liability Description                                   

Futures Contracts

   $ (18,177   $       $       $ (18,177

Total

   $     (18,177   $       $       $ (18,177

The Trust held no investments or other financial instruments as of November 30, 2012 whose fair value was determined using Level 3 inputs. At August 31, 2013, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

For information on the Trust’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements included in its semiannual or annual report to shareholders.

 

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 M. Metzold
  Thomas M. Metzold
  President
Date:   October 25, 2013

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 M. Metzold
  Thomas M. Metzold
  President
Date:   October 25, 2013

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   October 25, 2013
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