UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-8621
Name of Fund: MuniHoldings New Jersey Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Terry K. Glenn, President, MuniHoldings
New Jersey Insured Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ
08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 07/31/04
Date of reporting period: 08/01/04 - 10/31/04
Item 1 - Schedule of Investments
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of October 31, 2004 (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
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New Jersey - 157.0%
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AAA Aaa $ 1,875 Atlantic Highlands, New Jersey, Highland Regional Sewer Authority, Sewer Revenue
Refunding Bonds, 5.50% due 1/01/2020 (b) $ 2,102
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Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds (c):
AAA Aaa 1,540 5.50% due 9/01/2010 (e) 1,755
AAA Aaa 2,635 5.375% due 9/01/2019 2,919
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NR* Aaa 430 Carteret, New Jersey, Board of Education, COP, 6% due 1/15/2024 (d) 493
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AAA Aaa 6,210 Casino Reinvestment Development Authority, New Jersey, Parking Fee Revenue Bonds,
Series A, 5.25% due 10/01/2017(c) 6,695
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Delaware River and Bay Authority Revenue Bonds:
AAA Aaa 2,500 5% due 1/01/2033 (d) 2,579
AAA Aaa 2,005 Series A, 5.625% due 1/01/2018 (a) 2,251
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A- A2 4,630 Delaware River Joint Toll Bridge Commission, New Jersey, Bridge Revenue Refunding
Bonds, 5% due 7/01/2028 4,724
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Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds (c):
AAA Aaa 5,000 5.50% due 1/01/2012 5,577
AAA Aaa 6,000 5.625% due 1/01/2013 6,725
AAA Aaa 500 5.75% due 1/01/2015 563
AAA Aaa 4,865 6% due 1/01/2018 5,519
AAA Aaa 5,525 6% due 1/01/2019 6,268
AAA Aaa 2,425 (Port District Project), Series B, 5.625% due 1/01/2026 2,656
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AAA Aaa 7,895 East Orange, New Jersey, Board of Education, COP, 5.50% due 8/01/2012 (c) 9,087
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NR* Aaa 1,000 East Orange, New Jersey, Water Utility, GO, Refunding, 5.70% due 6/15/2022 (a) 1,104
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NR* Aaa 4,000 Essex County, New Jersey, Improvement Authority, Lease Revenue Bonds (Correctional
Facility Project), 6% due 10/01/2010 (b)(e) 4,670
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AAA Aaa 3,300 Essex County, New Jersey, Improvement Authority, Lease Revenue Refunding Bonds
(County Jail and Youth House Project), 5.35% due 12/01/2024 (a) 3,541
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NR* Aaa 4,400 Essex County, New Jersey, Improvement Authority Revenue Bonds, Series A, 5%
due 10/01/2028 (b) 4,554
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AAA Aaa 2,705 Essex County, New Jersey, Improvement Authority, Utility System Revenue Bonds
(East Orange Franchise), 6% due 7/01/2018 (d) 3,042
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Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue Bonds,
Series B (c):
AAA Aaa 9,000 5.12%** due 11/01/2023 3,627
AAA Aaa 10,000 5.20%** due 11/01/2025 3,610
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Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A (c):
AAA Aa3 1,960 5.80% due 11/01/2021 2,188
AAA Aa3 2,730 5.80% due 11/01/2023 3,017
AAA Aa3 9,160 5.75% due 11/01/2028 10,557
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AAA Aaa 1,500 Hoboken, New Jersey, Parking Authority, Parking Revenue Bonds, Series A, 5.30%
due 5/01/2011 (a)(e) 1,723
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AAA Aaa 765 Jersey City, New Jersey, GO, Refunding, Quality School, Series A, 5.375%
due 9/01/2017 (c) 849
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AAA Aaa 2,230 Jersey City, New Jersey, GO, Series B, 5.25% due 9/01/2023 (c) 2,414
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Portfolio Abbreviations
To simplify the listings of MuniHoldings New Jersey Insured Fund, Inc's
portfolio holdings in the Schedule of Investments, we have abbreviated the names
of many of the securities according to the list below.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
RIB Residual Interest Bonds
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of October 31, 2004 (continued) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
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New Jersey (continued)
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NR* Aaa $ 5,250 Lafayette Yard, New Jersey, Community Development Revenue Bonds (Hotel/Conference
Center Project-Trenton), 6% due 4/01/2010 (d)(e) $ 6,126
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AAA Aaa 1,000 Marlboro Township, New Jersey, Board of Education, GO, 5.25% due 7/15/2009 (c)(e) 1,116
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AAA Aaa 1,550 Middlesex County, New Jersey, COP, 5.25% due 6/15/2023 (d) 1,675
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AAA Aaa 1,375 Middlesex County, New Jersey, COP, Refunding, 5.50% due 8/01/2016 (d) 1,540
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Middlesex County, New Jersey, Improvement Authority, Lease Revenue Bonds
(Educational Services Commission Projects)(e):
AAA Aa1 3,970 5.70% due 7/15/2010 4,592
AAA Aa1 5,270 6% due 7/15/2010 6,179
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AAA Aaa 500 Middlesex County, New Jersey, Improvement Authority Revenue Bonds (Senior Citizens
Housing Project), AMT, 5.50% due 9/01/2030 (a) 526
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Monmouth County, New Jersey, Improvement Authority, Revenue Refunding Bonds (a):
AAA Aaa 1,540 5.35% due 12/01/2017 1,715
AAA Aaa 1,470 5.375% due 12/01/2018 1,636
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NR* Aaa 1,000 Monroe Township, New Jersey, Municipal Utilities Authority, Middlesex County
Revenue Refunding Bonds, 5.25% due 2/01/2016 (b) 1,100
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New Jersey EDA, Cigarette Tax Revenue Bonds:
BBB Baa2 3,960 5.50% due 6/15/2016 4,308
BBB Baa2 2,700 5.625% due 6/15/2019 2,848
BBB Baa2 2,000 5.75% due 6/15/2029 2,051
BBB Baa2 585 5.50% due 6/15/2031 588
BBB Baa2 1,180 5.75% due 6/15/2034 1,211
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AAA Aaa 5,000 New Jersey EDA, Lease Revenue Bonds (University of Medicine and
Dentistry-International Center for Public Health Project), 6% due 6/01/2032 (a) 5,659
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New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A (d):
AAA Aaa 7,500 5.25% due 7/01/2026 8,284
AAA Aaa 11,105 5.25% due 7/01/2033 11,796
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New Jersey EDA, Natural Gas Facilities Revenue Refunding Bonds, AMT (d):
AAA Aaa 18,920 (NUI Corporation Projects), Series A, 5.70% due 6/01/2032 19,854
NR* Aaa 3,155 RIB, Series 161, 9.33% due 6/01/2032 (f) 3,467
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New Jersey EDA, Parking Facility Revenue Bonds (Elizabeth Development Company
Project) (b):
AAA Aaa 1,430 5.60% due 10/15/2019 1,588
AAA Aaa 1,000 5.60% due 10/15/2026 1,091
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AAA NR* 4,580 New Jersey EDA, Revenue Bonds, DRIVERS, Series 219, 9.967% due 5/01/2016 (c)(f) 5,900
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New Jersey EDA, School Facilities Construction Revenue Bonds, Series A (a):
AAA Aaa 7,000 5.25% due 6/15/2017 7,736
AAA Aaa 7,200 5.25% due 6/15/2018 7,957
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BBB NR* 2,500 New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management
Inc.), AMT, Series A, 5.30% due 6/01/2015 2,676
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New Jersey EDA, State Lease Revenue Bonds (State Office Buildings Projects) (a):
AAA Aaa 3,000 6% due 6/15/2015 3,436
AAA Aaa 4,620 6.25% due 6/15/2020 5,345
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AAA Aaa 6,635 New Jersey EDA, Water Facilities Revenue Refunding Bonds (American Water), AMT,
Series B, 5.125% due 4/01/2022 (a) 7,002
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New Jersey Health Care Facilities Financing Authority Revenue Bonds:
AAA Aaa 2,820 (Society of the Valley Hospital), 5.375% due 7/01/2025 (a) 3,054
NR* Baa2 3,135 (Somerset Medical Center), 5.50% due 7/01/2033 3,178
NR* Baa1 5,440 (South Jersey Hospital), 6% due 7/01/2026 5,760
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New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds:
AAA Aaa 4,000 (AHS Hospital Corporation), Series A, 6% due 7/01/2013 (a) 4,719
A A2 1,455 (Atlantic City Medical Center), 6.25% due 7/01/2017 1,660
A A2 3,500 (Atlantic City Medical Center), 5.75% due 7/01/2025 3,762
BBB+ NR* 1,775 (Holy Name Hospital), 6% due 7/01/2025 1,842
AAA Aaa 1,000 (Meridian Health System Obligation Group), 5.375% due 7/01/2024 (c) 1,075
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MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of October 31, 2004 (continued) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
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New Jersey (continued)
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New Jersey Sports and Exposition Authority, Luxury Tax Revenue Refunding Bonds
(Convention Center) (d):
AAA Aaa $ 2,000 5.50% due 3/01/2021 $ 2,331
AAA Aaa 1,000 5.50% due 3/01/2022 1,162
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AAA Aaa 2,400 New Jersey Sports and Exposition Authority, State Contract Revenue Bonds,
Series A, 6% due 3/01/2013 (d) 2,742
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AAA Aaa 7,500 New Jersey State Educational Facilities Authority, Higher Education, Capital
Improvement Revenue Bonds, Series A, 5.125% due 9/01/2022 (c) 8,000
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New Jersey State Educational Facilities Authority, Revenue Bonds:
AAA Aaa 8,905 (Capital Improvement Fund) Series A, 5.75% due 9/01/2017 (c) 10,126
AAA Aaa 9,420 (Capital Improvement Fund) Series A, 5.75% due 9/01/2018 (c) 10,711
AAA Aaa 3,615 (Rowan University), Series C, 5.125% due 7/01/2028 (b) 3,803
AAA Aaa 3,260 (Rowan University), Series C, 5% due 7/01/2034 (b) 3,370
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New Jersey State Educational Facilities Authority, Revenue Refunding Bonds:
AAA Aaa 7,510 (Montclair State University), Series L, 5% due 7/01/2034 (d) 7,764
AAA Aaa 2,375 (Rowan University), Series C, 5.25% due 7/01/2017 (b) 2,645
AAA Aaa 2,820 (Rowan University), Series C, 5.25% due 7/01/2018 (b) 3,132
AAA Aaa 2,635 (Rowan University), Series C, 5.25% due 7/01/2019 (b) 2,911
AAA Aaa 1,410 (Rowan University), Series C, 5% due 7/01/2031 (b) 1,451
AAA Aaa 4,000 (University of Medicine and Dentistry), Series B, 5.25% due 12/01/2017 (a) 4,175
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New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds,
AMT, Series U (d):
AAA Aaa 1,000 5.60% due 10/01/2012 1,053
AAA Aaa 2,820 5.65% due 10/01/2013 2,970
AAA Aaa 3,000 5.75% due 4/01/2018 3,153
AAA Aaa 805 5.85% due 4/01/2029 835
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AAA Aaa 1,265 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Refunding
Bonds, AMT, Series S, 5.95% due 10/01/2017 (d) 1,325
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AAA Aaa 5,000 New Jersey State Transit Corporation, COP (Federal Transit Administration Grants),
Series A, 6.125% due 9/15/2009 (a)(e) 5,757
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New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Bonds:
AAA Aaa 5,000 Series A, 5.25% due 6/15/2007 (d)(e) 5,497
AAA Aaa 2,000 Series A, 5% due 6/15/2008 (c)(e) 2,187
AAA A1 7,500 Series A, 6% due 6/15/2010 (e) 8,718
A+ A1 12,600 Series C, 5.50% due 6/15/2019 14,035
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AAA Aaa 15,075 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Refunding Bonds, Series B, 6% due 12/15/2011 (d)(e) 17,861
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New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds (d):
AAA Aaa 20,000 Series A, 5.75% due 1/01/2019 22,453
AAA Aaa 1,165 Series C, 6.50% due 1/01/2016 1,434
AAA Aaa 4,355 Series C, 6.50% due 1/01/2016 (g) 5,308
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AAA Aaa 2,000 Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal
Additional Rent-Backed Revenue Bonds (City of Newark Redevelopment Projects),
5% due 1/01/2037 (d) 2,053
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North Bergen Township, New Jersey, Board of Education, COP (c):
NR* Aaa 1,250 5% due 12/15/2018 1,359
NR* Aaa 1,000 6% due 12/15/2019 1,165
NR* Aaa 1,580 6.25% due 12/15/2020 1,863
NR* Aaa 1,680 6.25% due 12/15/2021 1,981
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NR* Aaa 3,035 Orange Township, New Jersey, Municipal Utility and Lease, GO, Refunding, Series C,
5.10% due 12/01/2017 (d) 3,310
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Paterson, New Jersey, Public School District, COP (d):
NR* Aaa 1,980 6.125% due 11/01/2015 2,289
NR* Aaa 2,000 6.25% due 11/01/2019 2,323
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AAA Aaa 4,750 Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds,
AMT, 119th Series, 5.50% due 9/15/2019 (b) 5,002
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MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of October 31, 2004 (continued) (in Thousands)
S&P Moody's Face
Ratings Ratings Amount Municipal Bonds Value
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New Jersey (concluded)
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Port Authority of New York and New Jersey, Special Obligation Revenue Bonds, AMT (d):
AAA NR* $ 2,375 DRIVERS, Series 192, 9.431% due 12/01/2025, AMT (f) $ 2,705
NR* Aaa 2,165 (JFK International Air Terminal LLC), RIB, Series 157, 9.43% due 12/01/2022 (f) 2,551
AAA Aaa 13,500 (JFK International Air Terminal LLC), Series 6, 6.25% due 12/01/2011 15,482
AAA Aaa 1,500 (JFK International Air Terminal LLC), Series 6, 6.25% due 12/01/2015 1,754
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South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds:
A- NR* 3,750 4.50% due 1/01/2015 3,914
A- NR* 1,920 4.50% due 1/01/2016 1,988
A- NR* 1,500 5% due 1/01/2026 1,537
A- NR* 2,000 5.10% due 1/01/2033 2,050
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BBB Baa3 2,500 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, 5.75% due 6/01/2032 2,321
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Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds:
BBB Baa3 2,500 6.75% due 6/01/2039 2,447
BBB Baa3 4,755 7% due 6/01/2041 4,748
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AAA Aaa 4,325 Trenton, New Jersey, Parking Authority, Parking Revenue Bonds, DRIVERS, Series 221,
10.76% due 4/01/2010 (b)(e)(f) 5,737
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AAA Aaa 4,740 University of Medicine and Dentistry, New Jersey, Revenue Bonds, Series A, 5.50%
due 12/01/2027 (a) 5,179
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NR* Aaa 17,135 West Deptford Township, New Jersey, GO, 5.625% due 9/01/2010 (b)(e) 19,640
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West Orange, New Jersey, Board of Education, COP (d):
NR* Aaa 2,040 5.75% due 10/01/2014 2,321
NR* Aaa 3,615 6% due 10/01/2024 4,131
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Puerto Rico - 6.6%
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AAA Aaa 4,500 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series J, 5% due 7/01/2029 (d) 4,707
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Puerto Rico Electric Power Authority, Power Revenue Bonds:
AAA Aaa 10,000 Series HH, 5.25% due 7/01/2029 (c) 10,601
AAA Aaa 2,355 Series X, 5.50% due 7/01/2005 (d)(e) 2,414
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Puerto Rico Industrial Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds, Series A:
AAA Aaa 1,780 (Hospital Auxilio Mutuo Obligation Group), 6.25% due 7/01/2024 (d) 1,856
AA Aa2 1,750 (Hospital de la Concepcion), 6.50% due 11/15/2020 2,033
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Total Municipal Bonds (Cost - $495,621) - 163.6% 537,231
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Shares
Held Short-Term Investments
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851 CMA New Jersey Municipal Money Fund (h) 851
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Total Short-Term Investments (Cost - $851) - 0.2% 851
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Total Investments (Cost - $496,472***) - 163.8% 538,082
Liabilities in Excess of Other Assets - (2.0%) (6,637)
Preferred Stock, at Redemption Value - (61.8%) (203,025)
----------
Net Assets Applicable to Common Stock - 100.0% $ 328,420
==========
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FSA Insured.
(d) MBIA Insured.
(e) Prerefunded.
(f) The interest rate is subject to change periodically and inversely based
upon prevailing market rates. The interest rate shown is the rate in
effect at October 31, 2004.
(g) Escrowed to maturity.
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of October 31, 2004 (concluded) (in Thousands)
(h) Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
--------------------------------------------------------------------------
Affiliate Net Activity Dividend Income
--------------------------------------------------------------------------
CMA New Jersey Municipal Money Fund 703 $ 4
--------------------------------------------------------------------------
* Not Rated.
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
*** The cost and unrealized appreciation/depreciation of investments as of
October 31, 2004, as computed for federal income tax purposes, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Aggregate cost $ 496,472
=========
Gross unrealized appreciation $ 41,616
Gross unrealized deprecation (6)
---------
Net unrealized apprecation $ 41,610
=========
Forward interest rate swaps outstanding as of October 31, 2004 were as
follows:
(in Thousands)
-----------------------------------------------------------------------------------
Unrealized
Notional Amount Depreciation
-----------------------------------------------------------------------------------
Receive a variable rate equal to 7-Day Bond
Market Association Municipal Swap Index
Rate Index and pay a fixed rate of 4.073% interest
Broker, Morgan Stanley Captial Services, Inc.
Expires March 2025 $ 20,000 $ (35)
Receive a variable rate equal to 7-Day Bond
Market Association Municipal Swap Index
Rate Index and pay a fixed rate of 4.366% interest
Broker, J.P. Morgan Chase Bank
Expires August 2026 $ 8,905 (431)
Receive a variable rate equal to 7-Day Bond
Market Association Municipal Swap Index
Rate Index and pay a fixed rate of 4.099% interest
Broker, J.P. Morgan Chase Bank
Expires November 2018 $ 4,210 (170)
-----------------------------------------------------------------------------------
Total $ (636)
========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
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.
MuniHoldings New Jersey Insured Fund, Inc.
By: /s/ Terry K. Glenn
--------------------------------
Terry K. Glenn,
President
MuniHoldings New Jersey Insured Fund, Inc.
Date: December 20, 2004
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/ Terry K. Glenn
--------------------------------
Terry K. Glenn
President
MuniHoldings New Jersey Insured Fund, Inc.
Date: December 20, 2004
By: /s/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings New Jersey Insured Fund, Inc.
Date: December 20, 2004