FRANKLIN NEW JERSEY MUNICIPAL INC

The top holders mix a market-maker with distribution platforms — Jane Street ($2.6M) provides liquidity, while Bank of America ($2.5M) and LPL Financial ($2.0M) hold on behalf of advisory clients. None represents a conviction position in the fund; they reflect inventory and allocation.

For readers, FTNJ's 13F record is a distribution-and-liquidity map for a New Jersey muni product. The Jane Street presence is market-making, and the wirehouse/RIA names are client allocation — neither carries the kind of signal a conviction equity position would.