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Portfolio of Investments November 30, 2025
NXJ
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 167.2% (98.6% of Total Investments)  
X
888,181,007
MUNICIPAL BONDS - 167.2%  (98.6% of Total Investments)
X
–
CONSUMER STAPLES - 5.3% (3.1% of Total Investments)
$
8,525,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018A
4
.000
%
06/01/37
$
8,490,822
12,895,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018A
5
.000
06/01/46
12,835,273
7,250,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018B
5
.000
06/01/46
7,049,615
TOTAL CONSUMER STAPLES
28,375,710
EDUCATION AND CIVIC ORGANIZATIONS - 19.5% (11.5% of Total Investments)
1,000,000
Atlantic County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, Stockton University Atlantic
City Campus Phase II, Series 2021A - AGM Insured
4
.000
07/01/53
902,914
715,000
Camden County Improvement Authority, New Jersey, School
Revenue Bonds, KIPP: Cooper Norcross Academy 2022 Project,
Social Series 2022
6
.000
06/15/62
742,321
1,600,000
Essex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, Institute of Technology CHF-
Newark, LLC-NJIT Student Housing Project, Series 2021A - BAM
Insured
4
.000
08/01/51
1,497,572
1,000,000
Essex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, Institute of Technology CHF-
Newark, LLC-NJIT Student Housing Project, Series 2021A - BAM
Insured
4
.000
08/01/56
925,175
1,000,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Fossil Park & Student Center Projects,
Series 2021 - BAM Insured
4
.000
07/01/46
974,420
3,210,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Project, County Guaranteed Loan,
Series 2024 - BAM Insured
5
.000
07/01/49
3,343,803
4,000,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Project, County Guaranteed Loan,
Series 2024 - BAM Insured
5
.000
07/01/54
4,149,434
1,290,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5
.000
07/01/32
1,461,749
885,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5
.000
07/01/33
1,012,779
715,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5
.000
07/01/34
823,338
1,060,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Central Jersey College Prep Charter School
Project, Series 2025
5
.125
11/01/55
1,061,139
1,000,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Foundation Academy Charter School, Series
2018A
5
.000
07/01/50
925,959
175,000
(a)
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Teaneck Community Charter School, Series
2017A
5
.125
09/01/52
168,531
840,000
New Jersey Economic Development Authority, Revenue Bonds,
The Seeing Eye Inc., Refunding Series 2017
3
.000
06/01/32
835,445
500,000
New Jersey Economic Development Authority, Revenue Bonds,
The Seeing Eye Inc., Refunding Series 2017
5
.000
06/01/32
518,261
770,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Kean University, Refunding Series 2015H - AGM Insured
4
.000
07/01/39
770,144
6,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2024A-1
5
.000
03/01/37
6,904,351
10,000,000
(b)
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2024B, (UB)
4
.000
03/01/53
9,537,423
330,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
3
.750
07/01/37
253,305
3,830,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
4
.000
07/01/42
2,770,005
Portfolio of Investments November 30, 2025
(continued)
NXJ
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,200,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Refunding Series 2015C
5
.000
%
07/01/35
$
1,200,887
775,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Refunding Series 2017D
3
.500
07/01/44
643,886
515,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2013D
5
.000
07/01/38
515,315
1,935,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2013D
5
.000
07/01/43
1,935,202
1,980,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2016C
3
.000
07/01/46
1,476,846
1,060,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
5
.000
07/01/37
1,082,650
2,280,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
5
.000
07/01/42
2,304,320
1,050,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
4
.000
07/01/47
953,004
3,160,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
5
.000
07/01/47
3,174,914
4,560,000
New Jersey Educational Facilities Authority, Revenue Bonds,
William Paterson University, Series 2015C
5
.000
07/01/40
4,562,762
2,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
William Paterson University, Series 2017B - AGM Insured
5
.000
07/01/42
2,029,171
2,295,000
New Jersey Educational Facilities Authority, Revenue Bonds,
William Paterson University, Series 2017B - AGM Insured
5
.000
07/01/47
2,313,099
875,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Senior Series 2021B,
(AMT)
2
.500
12/01/40
823,485
8,295,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Senior Series 2022B,
(AMT)
4
.000
12/01/41
8,243,573
365,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
3
.750
12/01/30
365,208
370,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
4
.000
12/01/32
370,020
290,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
4
.000
12/01/33
289,994
315,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
4
.000
12/01/35
314,943
1,215,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2023B, (AMT)
4
.000
12/01/44
1,170,500
1,000,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2024B, (AMT)
4
.250
12/01/45
995,669
2,650,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2025-1B, (AMT)
4
.500
12/01/45
2,721,920
2,430,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Subordinate Series
2021C, (AMT)
3
.250
12/01/51
1,761,347
2,500,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Subordinate Series
2022C, (AMT)
5
.000
12/01/52
2,485,609
365,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Series 2019B, (AMT)
3
.250
12/01/39
354,345
465,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Series 2020B, (AMT)
3
.500
12/01/39
449,670
6,855,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2017-C, (AMT)
4
.250
12/01/47
6,395,116
4,795,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2019C, (AMT)
3
.625
12/01/49
3,708,344
1,000,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2020C, (AMT)
4
.250
12/01/50
879,476
1,060,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5
.000
07/01/45
1,143,977
3,430,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5
.250
07/01/50
3,726,987
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
2,865,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5
.250
%
07/01/55
$
3,099,025
1,560,000
Passaic County Improvement Authority, New Jersey, Charter
School Revenue Bonds, Community Charter School of Paterson,
Series 2024A
5
.000
01/01/55
1,471,072
1,000,000
Passaic County Improvement Authority, New Jersey, Charter
School Revenue Bonds, Paterson Arts & Science Charter School,
Series 2023
5
.500
07/01/58
1,024,090
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
103,564,494
HEALTH CARE - 14.7% (8.7% of Total Investments)
2,880,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
2
.375
07/01/46
1,874,872
1,215,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
3
.000
07/01/51
904,213
85,000
New Jersey Health Care Facilities Finance Authority, Revenue
Bonds, AHS Hospital Corporation, Series 2008A
5
.000
07/01/27
85,079
1,935,000
(b)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, AHS Hospital Corporation, Refunding Series 2016
4
.000
07/01/41
1,922,180
700,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hackensack Meridian Health Obligated Group, Refunding
Series 2017A
5
.000
07/01/28
724,163
4,140,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hackensack Meridian Health Obligated Group, Refunding
Series 2017A
5
.000
07/01/57
4,173,705
210,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hunterdon Medical Center, Refunding Series 2014A
4
.000
07/01/45
197,501
13,810,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2017A
5
.000
07/01/42
13,977,182
6,220,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
4
.125
07/01/54
5,720,166
5,880,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
5
.250
07/01/54
6,240,364
830,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5
.000
07/01/32
840,284
1,055,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5
.000
07/01/33
1,067,712
1,370,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5
.000
07/01/34
1,386,286
2,150,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding Series
2016A
5
.000
07/01/43
2,161,302
375,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding Series
2024A
4
.250
07/01/54
362,982
2,055,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4
.000
07/01/45
1,964,822
2,155,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
3
.000
07/01/51
1,648,947
1,755,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4
.000
07/01/51
1,598,743
1,600,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
3
.000
07/01/32
1,495,524
1,135,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
4
.000
07/01/34
1,135,258
2,100,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
5
.000
07/01/35
2,108,631
4,265,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
5
.000
07/01/36
4,279,335
3,085,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
5
.000
07/01/41
3,091,789
Portfolio of Investments November 30, 2025
(continued)
NXJ
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
6,595,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
4
.000
%
07/01/48
$
5,748,237
3,875,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A - AGM
Insured
4
.125
07/01/38
3,875,788
3,915,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A - AGM
Insured
5
.000
07/01/46
3,916,417
1,500,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Valley Health System Obligated Group, Series 2019
4
.000
07/01/44
1,418,286
5,350,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Valley Health System Obligated Group, Series 2019
3
.000
07/01/49
4,178,131
TOTAL HEALTH CARE
78,097,899
HOUSING/MULTIFAMILY - 7.4% (4.3% of Total Investments)
450,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Kean Properties LLC - Kean University Student
Housing Project, Series 2017A
5
.000
07/01/47
424,462
1,400,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Kean Properties LLC - Kean University Student
Housing Project, Series 2017A
5
.000
01/01/50
1,296,788
1,900,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Rowan Properties LLC - Rowan University
Student Housing Project, Series 2015A
5
.000
01/01/48
1,822,198
6,575,000
New Jersey Economic Development Authority, Revenue Bonds,
West Campus Housing LLC - New Jersey City University Student
Housing Project, Series 2015
5
.000
07/01/47
5,828,285
3,292,153
New Jersey Housing & Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Cherry Garden Apartments Project,
Series 2021B
2
.375
01/01/39
2,713,937
1,730,000
New Jersey Housing & Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Riverview Towers Apartments, Series
2024B
5
.250
12/20/65
1,909,755
3,500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Forest Hill House, Series 2024A-1
5
.000
01/20/66
3,589,470
1,785,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Montgomery Gateway Apartments,
Series 2025A
4
.550
05/01/41
1,885,649
4,320,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2015A
4
.000
11/01/45
4,046,361
2,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2017D, (AMT)
3
.900
11/01/32
2,002,353
1,750,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2017D, (AMT)
4
.250
11/01/37
1,751,369
1,150,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2
.300
11/01/40
908,104
500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2
.450
11/01/45
361,286
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2
.550
11/01/50
665,637
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2
.625
11/01/56
645,545
1,500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2
.250
11/01/36
1,261,930
1,270,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2
.650
11/01/46
915,642
1,445,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2
.700
11/01/51
980,225
1,310,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2
.750
11/01/56
875,065
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023C, (AMT)
5
.000
11/01/38
1,032,195
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4
.350
05/01/45
1,000,601
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4
.550
%
05/01/55
$
1,504,198
1,175,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4
.600
05/01/60
1,163,085
690,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2024A
4
.500
05/01/50
675,811
TOTAL HOUSING/MULTIFAMILY
39,259,951
HOUSING/SINGLE FAMILY - 13.0% (7.7% of Total Investments)
5,280,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018A
3
.600
04/01/33
5,300,177
3,025,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018A
3
.750
10/01/35
3,028,287
2,840,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018B, (AMT)
3
.800
10/01/32
2,842,784
4,585,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C
3
.500
10/01/34
4,552,452
4,835,000
(b)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C, (UB)
3
.850
10/01/39
4,843,393
2,780,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C
3
.950
10/01/44
2,703,427
4,810,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
2
.050
10/01/35
4,114,580
6,235,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
2
.250
10/01/40
4,847,259
3,210,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
2
.400
10/01/45
2,331,932
1,000,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2024K
4
.150
10/01/39
1,009,644
1,335,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2024K
4
.550
10/01/44
1,348,042
1,500,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2024K
4
.700
10/01/50
1,504,515
5,995,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2021H
1
.900
10/01/36
4,931,190
4,625,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2021H
2
.150
10/01/41
3,411,878
8,070,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2021H
2
.400
04/01/52
5,379,092
4,040,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2022I
4
.500
10/01/42
4,114,221
2,980,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2022I
4
.600
10/01/46
3,017,757
1,000,000
(b)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J, (UB)
4
.150
10/01/38
1,017,424
2,300,000
(b)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J, (UB)
4
.500
10/01/43
2,344,917
3,850,000
(b)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J, (UB)
4
.700
10/01/48
3,852,620
2,455,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2025M
5
.050
10/01/45
2,551,899
TOTAL HOUSING/SINGLE FAMILY
69,047,490
INDUSTRIALS - 0.6% (0.4% of Total Investments)
1,000,000
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A, (AMT)
4
.750
06/15/32
1,000,436
1,225,000
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A, (AMT)
5
.125
06/15/43
1,224,947
1,000,000
(a)
New Jersey Economic Development Authority, New Jersey, Dock
and Wharf Facility Revenue Bonds, Repauno Port & Rail Terminal
Project, Series 2025, (AMT)
6
.625
01/01/45
1,038,748
TOTAL INDUSTRIALS
3,264,131
Portfolio of Investments November 30, 2025
(continued)
NXJ
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE - 0.8% (0.4% of Total Investments)
$
1,110,000
New Jersey Economic Development Authority, Fixed Rate
Revenue Bonds, Lions Gate Project, Series 2014
5
.250
%
01/01/44
$
1,049,868
2,708,281
(a)
New Jersey Economic Development Authority, Revenue Bonds,
White Horse HMT Urban Renewal LLC Project, Series 2020
5
.000
01/01/40
1,918,974
1,410,000
(a)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018
5
.750
10/01/38
1,034,971
TOTAL LONG-TERM CARE
4,003,813
TAX OBLIGATION/GENERAL - 21.2% (12.5% of Total Investments)
1,000,000
Asbury Park, New Jersey, General Obligation Bonds, Bond
Anticipation Notes Series 2025AB
4
.000
01/14/26
1,001,502
1,780,000
Bridgewater & Raritan School District, Somerset County, New
Jersey, General Obligation Bonds, Series 2024
4
.000
07/15/45
1,752,219
2,920,000
Cumberland County Improvement Authority, New Jersey,
Guaranteed Lease Revenue Bonds, County Correctional Facility
Project, Series 2018 - BAM Insured
4
.000
10/01/43
2,914,220
1,470,000
Cumberland County, New Jersey, General Obligation Bonds,
Series 2021
2
.000
05/15/30
1,368,508
1,475,000
Cumberland County, New Jersey, General Obligation Bonds,
Series 2021
2
.000
05/15/31
1,348,866
600,000
Essex County Improvement Authority, New Jersey, Lease
Revenue Bonds, Essex County Family Court Building Projects,
County Guaranteed Series 2025
5
.000
03/17/26
604,204
2,000,000
Essex County, New Jersey, General Obligation Bonds, Bond
Anticipation Notes, Series 2025
4
.000
07/08/26
2,016,641
1,000,000
Freehold Township Board of Education, Monmouth County, New
Jersey, General Obligation Bonds, School Series 2025
4
.000
08/15/41
1,021,293
625,000
Gloucester County Improvement Authority, New Jersey, General
Obligation Loan Revenue Bonds, Health Sciences Educational
Facilities Projects Series 2024
5
.000
03/01/32
716,398
500,000
Gloucester County Improvement Authority, New Jersey, General
Obligation Loan Revenue Bonds, Health Sciences Educational
Facilities Projects Series 2024
5
.000
03/01/36
577,504
680,000
Hamilton Township, Mercer County Board of Education, New
Jersey, General Obligation Bonds, Series 2017
3
.250
12/15/38
661,676
1,340,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3
.125
03/01/31
1,347,012
1,110,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3
.250
03/01/32
1,116,837
1,255,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3
.500
03/01/36
1,262,237
1,040,000
Hudson County Improvement Authority, New Jersey, County
Guaranteed Governmental Loan Revenue Bonds, Guttenberg
General Obligation Bond Project, Series 2018
5
.000
08/01/42
1,040,752
2,000,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Courthouse
Project, Series 2020
4
.000
10/01/46
1,912,507
2,390,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Courthouse
Project, Series 2020
4
.000
10/01/51
2,221,387
4,235,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Vocational
Technical Schools Project, Series 2016
5
.000
05/01/46
4,249,069
9,775,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Vocational
Technical Schools Project, Series 2016
5
.250
05/01/51
9,810,738
3,500,000
Hudson County, New Jersey, Bond Anticipation Notes, Series
2025
4
.000
02/26/26
3,511,124
650,000
Jersey City Board of Education, Hudson County, New Jersey,
General Obligation Bonds, School Energy Savings Refunding
Series 2023 - AGM Insured
4
.000
08/15/40
669,930
500,000
Jersey City Board of Education, Hudson County, New Jersey,
General Obligation Bonds, School Energy Savings Refunding
Series 2023 - AGM Insured
4
.000
08/15/41
510,309
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
880,000
Jersey City Board of Education, Hudson County, New Jersey,
General Obligation Bonds, School Energy Savings Refunding
Series 2023 - AGM Insured
4
.125
%
08/15/42
$
895,699
5,000,000
Jersey City, New Jersey, General Obligation Bonds, General
Improvement Series 2022A
3
.000
02/15/37
4,752,124
1,000,000
Jersey City, New Jersey, General Obligation Bonds, Refunding
General Improvement Series 2017A
5
.000
11/01/29
1,043,470
515,000
Jersey City, New Jersey, General Obligation Bonds, Refunding
General Improvement Series 2017A
5
.000
11/01/31
537,777
440,000
Jersey City, New Jersey, General Obligation Bonds, Refunding
General Improvement Series 2017A
5
.000
11/01/33
457,910
1,850,000
Madison Borough Board of Education, Morris County, New
Jersey, General Obligation Bonds, School Series 2024
1
.000
08/15/30
1,682,754
1,585,000
Madison Borough Board of Education, Morris County, New
Jersey, General Obligation Bonds, School Series 2024
4
.000
08/15/42
1,595,832
2,255,000
Manalapan-Englishtown Regional Board of Education, New
Jersey, General Obligation Bonds, School Series 2025
4
.000
07/15/43
2,266,667
5,195,000
Manalapan-Englishtown Regional Board of Education, New
Jersey, General Obligation Bonds, School Series 2025
4
.000
07/15/44
5,179,428
1,000,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2021A
3
.000
03/01/36
993,158
1,500,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4
.250
08/01/44
1,509,735
35,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4
.375
08/01/45
35,332
1,110,000
New Brunswick, New Jersey, General Obligation Bonds, Cultural
Center Project, Series 2017 - AGM Insured
4
.000
09/15/44
1,110,968
2,000,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
5
.000
06/01/27
2,071,385
3,355,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
4
.000
06/01/31
3,592,998
3,940,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
3
.000
06/01/32
3,984,783
3,280,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2020
2
.250
06/01/35
2,895,215
1,465,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2020
5
.000
06/01/40
1,511,807
1,000,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2021 - BAM Insured
2
.000
06/01/36
832,715
750,000
Newark Board of Education, Essex County, New Jersey, General
Obligation Bonds, School Energy Savings Series 2021 - BAM
Insured
3
.000
07/15/38
676,115
755,000
Newark Board of Education, Essex County, New Jersey, General
Obligation Bonds, School Energy Savings Series 2021 - BAM
Insured
3
.000
07/15/39
670,831
1,000,000
Newark Board of Education, Essex County, New Jersey, General
Obligation Bonds, School Energy Savings Series 2021 - BAM
Insured
3
.000
07/15/40
875,890
2,400,000
Newark, Essex County, New Jersey, Mass Transit Access Tax
Revenue Bonds, Mulberry Pedestrian Bridge Redevelopment
Project, Series 2022 - AGM Insured
6
.000
11/15/62
2,681,296
1,290,000
Newark, New Jersey, General Obligation Bonds, Refunding
Qualified  General Improvement Series 2025A
5
.000
07/15/26
1,306,008
2,937,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/33
2,935,205
2,032,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/35
2,018,518
2,000,000
Rahway, New Jersey, General Obligation Bonds, Bond
Anticipation Note Series 2025
4
.000
07/22/26
2,018,036
1,000,000
Sayreville School District, Middlesex County, New Jersey, General
Obligation Bonds, School Series 2022 - BAM Insured
4
.000
01/15/41
1,023,765
2,000,000
South Brunswick Township, Middlesex County, New Jersey,
General Obligation Bonds, BAN Series 2025A
4
.000
10/19/26
2,023,188
500,000
South Orange Village Township, New Jersey, General Obligation
Bonds, Refunding Series 2020
4
.000
01/15/26
500,758
Portfolio of Investments November 30, 2025
(continued)
NXJ
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
4,035,000
Tenafly Board of Education, Bergen County, New Jersey, General
Obligation Bonds, Series 2024
3
.000
%
08/01/36
$
3,968,575
1,000,000
Toms River Board of Education, Ocean County, New Jersey,
General Obligation Bonds, Regional Schools Series 2019
2
.000
07/15/26
986,506
4,620,000
Union County Utilities Authority, New Jersey, Resource Recovery
Facility Lease Revenue Bonds, Covantan Union Inc. Lessee,
Refunding Series 2011B, (AMT)
5
.250
12/01/31
4,628,116
2,515,000
Union County Utilities Authority, New Jersey, Solid Waste System
County Deficiency Revenue Bonds, Series 2011A
5
.000
06/15/41
2,516,384
590,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
5
.000
07/01/40
662,239
500,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
5
.000
07/01/41
553,035
750,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
5
.000
07/01/42
820,219
700,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
4
.500
07/01/43
723,944
700,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
4
.500
07/01/44
721,147
1,515,000
Washington Township Board of Education, Mercer County, New
Jersey, General Obligation Bonds, Series 2005 - AGM Insured
5
.250
01/01/27
1,556,933
TOTAL TAX OBLIGATION/GENERAL
112,451,398
TAX OBLIGATION/LIMITED - 47.3% (27.9% of Total Investments)
4,500,000
Bergen County Improvement Authority, New Jersey, County
Guaranteed Governmental Pooled Project Notes, Series 2025A
4
.000
05/21/26
4,529,020
2,365,000
Bergen County Improvement Authority, New Jersey, County
Guaranteed Revenue Bonds, Bergen New Bridge Medical Center
Project, Series 2022
5
.000
08/01/47
2,493,151
3,775,000
Bergen County Improvement Authority, New Jersey, Guaranteed
Lease Revenue Bonds, County Administration Complex Project,
Series 2005
5
.000
11/15/26
3,864,150
3,065,000
Bergen County Improvement Authority, New Jersey, Lease
Revenue Bonds, County Courthouse Project, County Guaranteed
Series 2024
5
.000
06/01/49
3,310,790
2,000,000
Bergen County Improvement Authority, New Jersey, Lease
Revenue Bonds, County Courthouse Project, County Guaranteed
Series 2024
5
.000
06/01/54
2,154,258
2,605,000
Burlington County Bridge Commission, New Jersey,
Governmental Leasing Program Revenue Bonds, Notes Series
2025C-2
4
.000
07/31/26
2,625,881
440,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5
.000
01/15/33
508,519
475,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5
.000
01/15/36
547,785
500,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5
.000
01/15/37
572,173
1,000,000
Casino Reinvestement Development Authority, New Jersey,
Luxury Tax Revenue Bonds, Series 2024A
5
.000
11/01/40
1,092,634
1,005,000
Casino Reinvestement Development Authority, New Jersey,
Luxury Tax Revenue Bonds, Series 2024A
4
.000
11/01/44
957,562
560,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5
.000
04/01/26
564,472
590,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5
.000
04/01/27
609,021
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,965,000
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A
5
.000
%
08/15/49
$
2,087,593
8,000,000
(b)
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A, (UB)
4
.000
08/15/53
7,689,678
5,615,000
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A
5
.000
08/15/53
5,882,847
7,785,000
(b)
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A, (UB)
5
.000
08/15/53
8,156,360
5,445,000
New Jersey Economic Development Authority, Lease Revenue
Bonds, State House Project, Series 2017B
4
.500
06/15/40
5,531,622
2,400,000
New Jersey Economic Development Authority, New Jersey,
Transit Transportation Project Revenue Bonds, Portal North
Bridge Project Series 2022A
5
.250
11/01/47
2,528,132
1,685,000
New Jersey Economic Development Authority, New Jersey,
Transit Transportation Project Revenue Bonds, Portal North
Bridge Project Series 2022A
5
.000
11/01/52
1,735,772
5,675,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3
.375
07/01/30
5,605,450
665,364
New Jersey Economic Development Authority, Revenue
Refunding Bonds, Kapkowski Road Landfill Project, Series 2002
6
.500
04/01/28
686,698
1,300,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
5
.000
06/15/31
1,438,022
1,000,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
5
.000
06/15/32
1,102,775
6,495,000
(b)
New Jersey Educational Facilities Authority, Revenue Bonds,
Higher Education Capital Improvement Fund Series 2023A, (UB)
4
.625
09/01/48
6,638,456
590,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Higher Education Capital Improvement Fund Series 2023A
5
.250
09/01/53
619,809
1,140,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/29
1,152,184
655,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2016A-1
5
.000
06/15/30
661,885
2,000,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2018A
5
.000
06/15/31
2,020,338
3,495,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2019AA
5
.000
06/15/46
3,560,263
1,250,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
3
.000
06/15/50
944,925
260,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
4
.000
06/15/50
239,580
3,750,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC
5
.000
06/15/42
3,999,314
1,000,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023AA
4
.250
06/15/44
977,283
31,175,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0
.000
12/15/30
26,748,883
37,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/32
29,807,962
37,945,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/33
29,414,308
5,160,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0
.000
12/15/34
3,843,646
1,150,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2018A
5
.000
12/15/35
1,211,221
440,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2018A
5
.000
12/15/36
461,834
4,950,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019A
4
.000
12/15/39
4,955,342
750,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
4
.000
06/15/44
718,586
Portfolio of Investments November 30, 2025
(continued)
NXJ
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
6,845,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
3
.500
%
06/15/46
$
5,780,900
2,720,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
4
.000
06/15/50
2,506,374
4,425,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2020AA
5
.000
06/15/45
4,580,902
2,045,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2020AA
3
.000
06/15/50
1,545,897
1,940,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024AA
4
.000
06/15/42
1,880,506
3,170,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024CC
4
.125
06/15/55
2,954,060
600,000
Newark Parking Authority, Essex County, New Jersey, Lease
Revenue Bonds, Parking Facility/Office Project Series 2023 - AGM
Insured
5
.250
02/01/43
625,842
1,250,000
Newark Parking Authority, Essex County, New Jersey, Lease
Revenue Bonds, Parking Facility/Office Project Series 2023 - AGM
Insured
5
.500
02/01/51
1,293,808
1,140,000
Passaic County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Senior Housing Project Series 2024
4
.000
11/01/46
1,144,152
750,000
Passaic County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Senior Housing Project Series 2024
4
.125
11/01/56
735,295
3,790,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Preakness Healthcare Center Expansion Project,
Refunding Series 2015
3
.750
05/01/36
3,791,011
3,550,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Preakness Healthcare Center Expansion Project,
Series 2012
3
.500
05/01/35
3,550,563
909,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
865,369
1,783,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
1,738,364
2,899,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
2,827,630
1,059,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
999,770
1,470,000
Union County Improvement Authority, New Jersey, County
Guaranteed Lease Revenue Bonds, Union County Administration
Complex Project, Series 2024
4
.125
04/15/54
1,418,895
1,420,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5
.500
05/01/28
1,520,933
1,425,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5
.500
05/01/29
1,567,016
1,000,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5
.500
05/01/30
1,127,984
1,830,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5
.500
05/01/31
2,114,047
1,915,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5
.500
05/01/32
2,257,093
1,990,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5
.500
05/01/33
2,385,214
2,075,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5
.500
05/01/34
2,524,498
13,760,000
Union County Improvement Authority, New Jersey, Lease
Revenue Bonds, Plainfield - Park Madison Redevelopment
Project, Refunding Series 2013A
5
.000
03/01/34
15,171,252
TOTAL TAX OBLIGATION/LIMITED
251,157,559
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION - 30.1% (17.8% of Total Investments)
$
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Refunding Series 2024B
5
.000
%
01/01/42
$
1,107,699
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Refunding Series 2024B
5
.000
01/01/43
1,097,666
1,075,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2019
4
.000
01/01/44
1,063,776
665,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2024A
5
.000
01/01/49
708,929
1,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2015 - BAM Insured
4
.000
07/01/34
1,000,584
2,820,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2015 - BAM Insured
4
.000
07/01/35
2,821,409
2,005,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2019B
5
.000
07/01/28
2,123,426
1,520,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2019B
5
.000
07/01/29
1,643,457
3,320,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/42
3,389,306
10,210,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5
.000
07/01/47
10,329,444
1,050,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2019A
5
.000
07/01/28
1,112,019
1,350,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2019A
5
.000
07/01/29
1,459,649
1,015,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2019A
5
.000
07/01/30
1,098,988
4,140,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Refunding Series 2025
5
.000
01/01/37
4,772,469
2,400,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Series 2018A
5
.000
01/01/37
2,525,720
6,355,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5
.375
01/01/43
6,360,801
7,815,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5
.625
01/01/52
7,821,357
1,975,000
New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT)
5
.250
09/15/29
1,977,578
2,250,000
New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B,
(AMT)
5
.625
11/15/30
2,253,902
5,215,000
New Jersey Economic Development Authority, Special Facility
Revenue Bonds, Port Newark Container Terminal LLC Project,
Refunding Series 2017, (AMT)
5
.000
10/01/37
5,293,617
9,110,000
New Jersey Economic Development Authority, Special Facility
Revenue Bonds, Port Newark Container Terminal LLC Project,
Refunding Series 2017, (AMT)
5
.000
10/01/47
9,114,279
2,565,000
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A -
AGM Insured
5
.250
01/01/29
2,770,367
2,000,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2021A
4
.000
01/01/42
2,000,044
2,490,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2021A
4
.000
01/01/51
2,364,917
1,230,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022A
4
.000
01/01/42
1,231,455
2,500,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022A
4
.000
01/01/43
2,474,101
7,500,000
(b)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022B, (UB)
5
.250
01/01/52
7,963,688
8,500,000
(b)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2024B, (UB)
4
.125
01/01/54
8,206,248
Portfolio of Investments November 30, 2025
(continued)
NXJ
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
3,000,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2024B
5
.250
%
01/01/54
$
3,199,127
5,000,000
(b)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2025A, (UB)
4
.750
01/01/50
5,187,292
5,000,000
(b)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2025A, (UB)
4
.750
01/01/55
5,159,471
2,800,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2025A
5
.250
01/01/55
3,023,186
2,750,000
Passaic County Improvement Authority, New Jersey, Revenue
Bonds, Paterson Parking Deck Facility, Series 2005
5
.000
04/15/35
2,754,254
2,890,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Seventy Seventh Series 2013,
(AMT)
4
.000
01/15/43
2,716,618
7,895,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)
4
.000
11/01/41
7,743,496
4,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)
4
.000
11/01/47
3,644,168
1,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fifth Series 2024
5
.000
09/01/49
1,062,560
1,285,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fifth Series 2024
5
.000
09/01/54
1,355,051
4,500,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fouteen Series 2019, (AMT)
4
.000
09/01/38
4,504,224
2,500,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fouteen Series 2019, (AMT)
4
.000
09/01/39
2,498,966
1,265,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT)
5
.000
07/15/38
1,372,560
2,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Four Series 2022, (AMT)
5
.500
08/01/52
2,119,158
10,720,000
(b)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Six Series 2022, (AMT), (UB)
5
.000
01/15/47
10,974,356
1,385,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2020A
5
.000
11/01/45
1,421,549
2,240,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A
4
.625
11/01/47
2,250,148
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A - BAM
Insured
5
.250
11/01/52
1,048,490
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2025A - BAM
Insured
4
.000
11/01/38
1,031,539
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2025A - BAM
Insured
4
.000
11/01/39
1,022,231
TOTAL TRANSPORTATION
160,175,339
U.S. GUARANTEED - 1.3% (c)(0.8% of Total Investments)
1,760,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Kennedy Health System Obligated Group Issue,
Refunding Series 2012, (ETM)
3
.750
07/01/27
1,774,090
1,875,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2019AA, (Pre-refunded 12/15/28)
5
.000
06/15/46
2,017,953
1,250,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)
5
.000
06/15/48
1,453,065
1,610,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)
5
.500
06/15/50
1,923,263
TOTAL U.S. GUARANTEED
7,168,371
UTILITIES - 6.0% (3.5% of Total Investments)
500,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5
.000
10/01/28
527,392
505,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5
.000
10/01/29
539,610
1,970,000
New Jersey Economic Development Authority, Natural Gas
Facilities Revenue Bonds, New Jersey Natural Gas Company
Project, Refunding Series 2011A
2
.750
08/01/39
1,621,224
13
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,495,000
New Jersey Economic Development Authority, Natural Gas
Facilities Revenue Bonds, New Jersey Natural Gas Company
Project, Refunding Series 2011C, (AMT)
3
.000
%
08/01/41
$
1,256,901
2,355,000
New Jersey Economic Development Authority, Water Facilities
Revenue Bonds, Middlesex Water Company, Series 2019, (AMT)
4
.000
08/01/59
2,067,429
835,000
New Jersey Environmental Infrastructure Trust, Environmental
Infrastructure Bonds, Green Series 2025A-SW1
5
.000
09/01/36
992,921
4,455,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2021A-1
3
.000
09/01/34
4,460,645
925,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2024A-W1
5
.000
09/01/49
991,289
2,700,000
Passaic County Utilities Authority, New Jersey, Solid Waste
Disposal Revenue Bonds, Refunding Series 2018
5
.000
03/01/37
3,046,653
1,365,000
Passaic Valley Water Commission, New Jersey, Water System
Revenue Bonds, Series 2023 - AGM Insured
4
.000
12/01/53
1,320,548
1,500,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/35
1,553,393
1,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
4
.000
07/01/42
917,365
13,000,000
Salem County Pollution Control Financing Authority, New
Jersey, Revenue Bonds, Atlantic City Electric Company Project,
Refunding Series 2020
2
.250
06/01/29
12,319,482
TOTAL UTILITIES
31,614,852
TOTAL MUNICIPAL BONDS
(Cost $890,862,289)
888,181,007
TOTAL LONG-TERM INVESTMENTS
(Cost $890,862,289)
888,181,007
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  2.4% (1.4% of Total Investments)  
X
12,960,000
MUNICIPAL BONDS - 2.4%  (1.4% of Total Investments)
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 2.1% (1.2% of Total Investments)
$
11,000,000
(d),(e)
Rutgers State University, New Jersey, Revenue Bonds, Series
2009G
2
.200
05/01/39
$
11,000,000
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
11,000,000
HOUSING/MULTIFAMILY - 0.3% (0.2% of Total Investments)
1,960,000
(e)
New Jersey Housing and Mortgage Finance Agency, Multifamily
Housing Revenue Bonds, Meadow Brook Apartments Project,
Series 2006A, (AMT)
2
.900
03/15/40
1,960,000
TOTAL HOUSING/MULTIFAMILY
1,960,000
TOTAL MUNICIPAL BONDS
(Cost $12,960,000)
12,960,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,960,000)
12,960,000
TOTAL INVESTMENTS - 169.6%
(Cost $903,822,289)
901,141,007
FLOATING RATE OBLIGATIONS - (12.0)%  
(
63,850,000
)
VRDP SHARES, NET - (58.9)% (f)
(
312,847,513
)
OTHER ASSETS & LIABILITIES, NET - 1.3%
6,831,736
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
531,275,230
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
Portfolio of Investments November 30, 2025
(continued)
NXJ
14
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an
independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to
maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements
for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs
are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about
the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the
circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $6,631,982 or 0.7% of Total Investments.
(b)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(c)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(d)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(e)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
(f)
VRDP Shares, Net as a percentage of Total Investments is 34.7%.
NXJ
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
888,181,007
$
–
$
888,181,007
Short-Term Investments:
Municipal Bonds
–
12,960,000
–
12,960,000
Total
$
–
$
901,141,007
$
–
$
901,141,007