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: Robert C. Doll, Jr., Chief Executive
Officer, 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: 07/31/05
Date of reporting period: 02/01/05 - 04/30/05
Item 1 - Schedule of Investments
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 152.8% $ 1,875 Atlantic Highlands, New Jersey, Highland Regional Sewer Authority, Sewer Revenue $ 2,071
Refunding Bonds, 5.50% due 1/01/2020 (b)
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Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds (c):
1,540 5.50% due 9/01/2010 (e) 1,717
2,635 5.375% due 9/01/2019 2,875
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430 Carteret, New Jersey, Board of Education, COP, 6% due 1/15/2024 (d) 482
--------------------------------------------------------------------------------------------------------------
6,210 Casino Reinvestment Development Authority, New Jersey, Parking Fee Revenue Bonds,
Series A, 5.25% due 10/01/2007 (e) 6,549
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Delaware River and Bay Authority Revenue Bonds:
2,500 5% due 1/01/2033 (d)(l) 2,610
2,005 Series A, 5.625% due 1/01/2010 (a)(e) 2,244
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4,630 Delaware River Joint Toll Bridge Commission, New Jersey, Bridge Revenue Refunding
Bonds, 5% due 7/01/2028 4,799
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Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds (c):
5,000 5.50% due 1/01/2012 5,468
6,000 5.625% due 1/01/2013 6,594
500 5.75% due 1/01/2015 551
4,865 6% due 1/01/2018 5,420
5,525 6% due 1/01/2019 6,155
2,425 (Port District Project), Series B, 5.625% due 1/01/2026 2,632
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7,895 East Orange, New Jersey, Board of Education, COP, 5.50% due 8/01/2012 (c) 8,916
--------------------------------------------------------------------------------------------------------------
1,000 East Orange, New Jersey, Water Utility, GO, Refunding, 5.70% due 6/15/2008 (a)(e) 1,091
--------------------------------------------------------------------------------------------------------------
4,000 Essex County, New Jersey, Improvement Authority, Lease Revenue Bonds (Correctional
Facility Project), 6% due 10/01/2010 (b)(e) 4,562
--------------------------------------------------------------------------------------------------------------
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) 3,478
--------------------------------------------------------------------------------------------------------------
4,400 Essex County, New Jersey, Improvement Authority Revenue Bonds, Series A, 5% due
10/01/2028 (b) 4,619
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2,705 Essex County, New Jersey, Improvement Authority, Utility System Revenue Bonds (East
Orange Franchise), 6% due 7/01/2018 (d) 2,962
--------------------------------------------------------------------------------------------------------------
Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue Bonds,
Series B (c):
9,000 5.12%** due 11/01/2023 3,914
10,000 5.20%** due 11/01/2025 3,912
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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 at right.
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
M/F Multi-Family
RIB Residual Interest Bonds
VRDN Variable Rate Demand Notes
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A (c):
$ 1,960 5.80% due 11/01/2021 $ 2,226
2,730 5.80% due 11/01/2023 3,077
9,160 5.75% due 11/01/2028 10,982
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765 Jersey City, New Jersey, GO, Refunding, Quality School, Series A, 5.375% due
9/01/2017 (c) 833
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2,230 Jersey City, New Jersey, GO, Series B, 5.25% due 9/01/2023 (c) 2,452
--------------------------------------------------------------------------------------------------------------
5,250 Lafayette Yard, New Jersey, Community Development Revenue Bonds (Hotel/Conference
Center Project-Trenton), 6% due 4/01/2010 (d)(e) 5,993
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1,550 Middlesex County, New Jersey, COP, 5.25% due 6/15/2023 (d) 1,655
--------------------------------------------------------------------------------------------------------------
1,375 Middlesex County, New Jersey, COP, Refunding, 5.50% due 8/01/2016 (d) 1,522
--------------------------------------------------------------------------------------------------------------
5,270 Middlesex County, New Jersey, Improvement Authority, Lease Revenue Bonds (Educational
Services Commission Projects), 6% due 7/15/2010 (e) 6,038
--------------------------------------------------------------------------------------------------------------
500 Middlesex County, New Jersey, Improvement Authority Revenue Bonds (Senior Citizens
Housing Project), AMT, 5.50% due 9/01/2030 (a) 529
--------------------------------------------------------------------------------------------------------------
Monmouth County, New Jersey, Improvement Authority, Revenue Refunding Bonds (a):
1,540 5.35% due 12/01/2017 1,686
1,470 5.375% due 12/01/2018 1,611
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1,000 Monroe Township, New Jersey, Municipal Utilities Authority, Middlesex County Revenue
Refunding Bonds, 5.25% due 2/01/2016 (b) 1,088
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2,465 New Jersey Building Authority, State Building Revenue Refunding Bonds, Series B, 5.25%
due 12/15/2016 (b) 2,783
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New Jersey EDA, Cigarette Tax Revenue Bonds:
2,700 5.625% due 6/15/2019 2,900
2,000 5.75% due 6/15/2029 2,144
585 5.50% due 6/15/2031 611
1,180 5.75% due 6/15/2034 1,260
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2,520 New Jersey EDA, EDR, Refunding (The Seeing Eye, Inc. Project), 5% due 12/01/2024 (a) 2,691
--------------------------------------------------------------------------------------------------------------
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) 5,565
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New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A (d):
7,500 5.25% due 7/01/2026 8,551
11,105 5.25% due 7/01/2033 11,976
4,485 5% due 7/01/2034 4,703
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New Jersey EDA, Natural Gas Facilities Revenue Refunding Bonds, AMT (d):
18,920 (NUI Corporation Projects), Series A, 5.70% due 6/01/2032 19,825
3,155 RIB, Series 161, 8.08% due 6/01/2032 (k) 3,457
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MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey EDA, Parking Facility Revenue Bonds (Elizabeth Development Company
Project) (b):
$ 1,430 5.60% due 10/15/2019 $ 1,541
1,000 5.60% due 10/15/2026 1,071
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4,580 New Jersey EDA, Revenue Bonds, DRIVERS, Series 219, 8.707% due 5/01/2016 (c)(k) 5,612
--------------------------------------------------------------------------------------------------------------
New Jersey EDA, School Facilities Construction Revenue Bonds:
7,200 Series A, 5.25% due 6/15/2011 (a)(e) 7,993
5,240 Series C, 5% due 6/15/2012 (d)(e) 5,796
9,000 Series L, 5% due 3/01/2030 (c) 9,486
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2,500 New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.),
AMT, Series A, 5.30% due 6/01/2015 2,648
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New Jersey EDA, State Lease Revenue Bonds (State Office Buildings Projects) (a)(e):
3,000 6% due 6/15/2010 3,408
4,620 6.25% due 6/15/2010 5,302
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New Jersey Health Care Facilities Financing Authority Revenue Bonds:
2,820 (Society of the Valley Hospital), 5.375% due 7/01/2025 (a) 3,037
2,135 (Somerset Medical Center), 5.50% due 7/01/2033 2,129
5,440 (South Jersey Hospital), 6% due 7/01/2026 5,822
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New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds:
4,000 (AHS Hospital Corporation), Series A, 6% due 7/01/2013 (a) 4,653
1,455 (Atlantic City Medical Center), 6.25% due 7/01/2017 1,654
3,500 (Atlantic City Medical Center), 5.75% due 7/01/2025 3,777
1,775 (Holy Name Hospital), 6% due 7/01/2025 1,849
1,000 (Meridian Health System Obligation Group), 5.375% due 7/01/2024 (c) 1,074
2,215 (Saint Clare's Hospital Inc.), Series A, 4.25% due 7/01/2017 (i) 2,211
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New Jersey Sports and Exposition Authority, Luxury Tax Revenue Refunding Bonds,
Convention Center (d):
2,000 5.50% due 3/01/2021 2,324
1,000 5.50% due 3/01/2022 1,164
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2,400 New Jersey Sports and Exposition Authority, State Contract Revenue Bonds, Series A,
6% due 3/01/2013 (d) 2,685
--------------------------------------------------------------------------------------------------------------
600 New Jersey Sports and Exposition Authority, State Contract Revenue Refunding Bonds,
VRDN, Series B-1, 2.93% due 3/01/2021 (d)(j) 600
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7,500 New Jersey State Educational Facilities Authority, Higher Education, Capital
Improvement Revenue Bonds, Series A, 5.125% due 9/01/2022 (a) 8,061
--------------------------------------------------------------------------------------------------------------
New Jersey State Educational Facilities Authority Revenue Bonds:
8,905 (Capital Improvement Fund), Series A, 5.75% due 9/01/2017 (c) 9,920
9,420 (Capital Improvement Fund), Series A, 5.75% due 9/01/2018 (c) 10,484
3,615 (Rowan University), Series C, 5.125% due 7/01/2028 (d) 3,847
3,260 (Rowan University), Series C, 5% due 7/01/2034 (d) 3,419
--------------------------------------------------------------------------------------------------------------
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey State Educational Facilities Authority, Revenue Refunding Bonds:
$ 7,510 (Montclair State University), Series L, 5% due 7/01/2034 (d) $ 7,876
1,355 (Rowan University), 4.50% due 7/01/2027 1,364
2,375 (Rowan University), Series C, 5.25% due 7/01/2017 (b) 2,600
2,820 (Rowan University), Series C, 5.25% due 7/01/2018 (b) 3,084
2,635 (Rowan University), Series C, 5.25% due 7/01/2019 (b) 2,881
1,410 (Rowan University), Series C, 5% due 7/01/2031 (b) 1,468
4,000 (University of Medicine and Dentistry), Series B, 5.25% due 12/01/2017 (a) 4,092
--------------------------------------------------------------------------------------------------------------
New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT,
Series U (d):
1,000 5.60% due 10/01/2012 1,035
2,820 5.65% due 10/01/2013 2,917
3,000 5.75% due 4/01/2018 3,113
805 5.85% due 4/01/2029 834
--------------------------------------------------------------------------------------------------------------
1,205 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Refunding
Bonds, AMT, Series S, 5.95% due 10/01/2017 (d) 1,246
--------------------------------------------------------------------------------------------------------------
11,225 New Jersey State Housing and Mortgage Financing Agency, Capital Fund Program Revenue
Bonds, Series A, 4.70% due 11/01/2025 (c) 11,404
--------------------------------------------------------------------------------------------------------------
2,590 New Jersey State Housing and Mortgage Financing Agency, M/F Revenue Bonds, Series D,
4.60% due 11/01/2025 (b) 2,599
--------------------------------------------------------------------------------------------------------------
5,000 New Jersey State Transit Corporation, COP (Federal Transit Administration Grants),
Series A, 6.125% due 9/15/2009 (a)(e) 5,598
--------------------------------------------------------------------------------------------------------------
7,500 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series A, 6% due 6/15/2010 (e) 8,519
--------------------------------------------------------------------------------------------------------------
New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Refunding Bonds, Series B (d):
7,410 5.50% due 12/15/2015 8,497
9,165 5.50% due 12/15/2021 10,652
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New Jersey State Turnpike Authority, Turnpike Revenue Bonds:
7,615 Series B, 5.15%** due 1/01/2035 (a) 4,834
600 VRDN, Series C-2, 2.94% due 1/01/2024 (c)(j) 600
--------------------------------------------------------------------------------------------------------------
New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds:
20,000 Series A, 5.75% due 1/01/2010 (d)(e) 22,343
1,165 Series C, 6.50% due 1/01/2016 (d) 1,410
4,355 Series C, 6.50% due 1/01/2016 (d)(g) 5,227
4,665 Series C-1, 4.50% due 1/01/2031 (a) 4,667
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North Bergen Township, New Jersey, Board of Education, COP (c):
1,000 6% due 12/15/2010 (e) 1,152
3,260 6.25% due 12/15/2010 (e) 3,798
1,250 5% due 12/15/2018 1,331
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3,035 Orange Township, New Jersey, Municipal Utility and Lease, GO, Refunding, Series C,
5.10% due 12/01/2017 (d) 3,246
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MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Paterson, New Jersey, Public School District, COP (d):
$ 1,980 6.125% due 11/01/2015 $ 2,227
2,000 6.25% due 11/01/2019 2,259
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4,750 Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, AMT,
119th Series, 5.50% due 9/15/2019 (b) 4,937
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Port Authority of New York and New Jersey, Special Obligation Revenue Bonds, AMT (d):
2,375 DRIVERS, Series 192, 8.191% due 12/01/2025 (k) 2,654
2,165 (JFK International Air Terminal LLC), RIB, Series 157, 8.19% due 12/01/2022 (k) 2,499
13,500 (JFK International Air Terminal LLC), Series 6, 6.25% due 12/01/2011 15,350
1,500 (JFK International Air Terminal LLC), Series 6, 6.25% due 12/01/2015 1,739
--------------------------------------------------------------------------------------------------------------
South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds:
3,750 4.50% due 1/01/2015 3,875
1,920 4.50% due 1/01/2016 1,966
1,500 5% due 1/01/2026 1,553
2,000 5.10% due 1/01/2033 2,078
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4,755 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 7% due 6/01/2041 5,138
--------------------------------------------------------------------------------------------------------------
4,325 Trenton, New Jersey, Parking Authority, Parking Revenue Bonds, DRIVERS, Series 221,
10.76% due 4/01/2010 (b)(e)(k) 5,514
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4,740 University of Medicine and Dentistry, New Jersey, Revenue Bonds, Series A, 5.50% due
12/01/2027 (a) 5,258
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2,000 University of Medicine and Dentistry of New Jersey, COP, 5% due 6/15/2029 (d) 2,091
--------------------------------------------------------------------------------------------------------------
8,580 West Deptford Township, New Jersey, GO, 5.625% due 9/01/2010 (b)(e) 9,617
--------------------------------------------------------------------------------------------------------------
West Orange, New Jersey, Board of Education, COP (d)(e):
2,040 5.75% due 10/01/2009 2,284
3,615 6% due 10/01/2009 4,085
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Puerto Rico - 7.5% 4,500 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue
Refunding Bonds,Series J, 5% due 7/01/2029 (d) 4,771
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Puerto Rico Electric Power Authority, Power Revenue Bonds:
10,000 Series HH, 5.25% due 7/01/2029 (c) 10,768
5,100 Series RR, 5% due 7/01/2028 (f) 5,400
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Puerto Rico Industrial Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds, Series A:
1,780 (Hospital Auxilio Mutuo Obligation Group), 6.25% due 7/01/2024 (d) 1,812
1,750 (Hospital de la Concepcion), 6.50% due 11/15/2020 2,003
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Total Municipal Bonds (Cost - $494,714) - 160.3% 529,611
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MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2005 (in Thousands)
Shares
Held Short-Term Securities Value
-----------------------------------------------------------------------------------------------------------------------------------
10,690 CMA New Jersey Municipal Money Fund (h) $ 10,690
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $10,690) - 3.3% 10,690
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $505,404*) - 163.6% 540,301
Liabilities in Excess of Other Assets - (2.1%) (6,935)
Preferred Stock, at Redemption Value - (61.5%) (203,039)
----------
Net Assets - 100.0% $ 330,327
==========
* The cost and unrealized appreciation (depreciation) of investments, as of
April 30, 2005, as computed for federal income tax purposes, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Aggregate cost $ 505,364
=========
Gross unrealized appreciation $ 34,937
Gross unrealized depreciation --
---------
Net unrealized appreciation $ 34,937
=========
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FSA Insured.
(d) MBIA Insured.
(e) Prerefunded.
(f) CIFG Insured.
(g) Escrowed to maturity.
(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)
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
CMA New Jersey Municipal Money Fund 10,542 $ 54
--------------------------------------------------------------------------
(i) Radian Insured.
(j) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. The rate changes
periodically based upon prevailing market rates.
(k) The rate disclosed is that currently in effect. The rate changes
periodically and inversely based upon prevailing market rates.
(l) All or a portion of security held as collateral in connection with open
financial futures contracts.
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2005
Forward interest rate swaps outstanding as of April 30, 2005, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
--------------------------------------------------------------------------
Receive a variable rate equal
to the 7-Day Bond Market
Association Municipal Swap
Index Rate and pay a fixed
rate of 3.759%
Broker, JPMorgan Chase Bank
Expires November 2018 $ 4,210 $ (4)
Receive a variable rate equal
to the 7-Day Bond Market
Association Municipal Swap
Index Rate and pay a fixed
rate of 3.971%
Broker, JPMorgan Chase Bank
Expires August 2026 $ 8,905 $ (26)
--------------------------------------------------------------------------
Total $ (30)
========
Financial futures contracts sold as of April 30, 2005 were as follows:
(in Thousands)
--------------------------------------------------------------------------
Number of Expiration Face Unrealized
Contracts Issue Date Value Depreciation
--------------------------------------------------------------------------
530 10-Year
U.S. Treasury June
Notes 2005 $ 57,967 $ (1,087)
--------------------------------------------------------------------------
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/ Robert C. Doll, Jr.
------------------------------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings New Jersey Insured Fund, Inc.
Date: June 20, 2005
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/ Robert C. Doll, Jr.
------------------------------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniHoldings New Jersey Insured Fund, Inc.
Date: June 20, 2005
By: /s/ Donald C. Burke
------------------------------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings New Jersey Insured Fund, Inc.
Date: June 20, 2005