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: 07/31/06
Date of reporting period: 08/01/05 - 10/31/05
Item 1 - Schedule of Investments
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of October 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
New Jersey - 156.3% $ 1,875 Atlantic Highlands, New Jersey, Highland Regional Sewer Authority, Sewer
Revenue Refunding Bonds, 5.50% due 1/01/2020 (d) $ 2,032
Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds (e)(f):
2,635 5.375% due 9/01/2010 2,852
1,540 5.50% due 9/01/2010 1,676
430 Carteret, New Jersey, Board of Education, COP, 6% due 1/15/2024 (b) 475
6,210 Casino Reinvestment Development Authority, New Jersey, Parking Fee Revenue Bonds,
Series A, 5.25% due 10/01/2007 (e)(f) 6,452
Delaware River and Bay Authority, New Jersey, Revenue Bonds:
2,500 5% due 1/01/2033 (b) 2,576
2,005 Series A, 5.625% due 1/01/2010 (a)(e) 2,190
4,630 Delaware River Joint Toll Bridge Commission, Pennsylvania and New Jersey, Bridge
Revenue Refunding Bonds, 5% due 7/01/2028 4,727
Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds (f):
5,000 5.50% due 1/01/2012 5,368
6,000 5.625% due 1/01/2013 6,483
500 5.75% due 1/01/2015 542
4,865 6% due 1/01/2018 5,311
5,525 6% due 1/01/2019 6,031
2,425 (Port District Project), Series B, 5.625% due 1/01/2026 2,600
7,895 East Orange, New Jersey, Board of Education, COP, 5.50% due 8/01/2012 (f) 8,675
1,000 East Orange, New Jersey, Water Utility, GO, Refunding, 5.70% due 6/15/2008 (a)(e) 1,071
4,000 Essex County, New Jersey, Improvement Authority, Lease Revenue Bonds (Correctional
Facility Project), 6% due 10/01/2010 (d)(e) 4,437
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) 3,426
4,400 Essex County, New Jersey, Improvement Authority Revenue Bonds, Series A, 5% due
10/01/2028 (d) 4,551
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
EDR Economic Development Revenue Bonds
GO General Obligation Bonds
RIB Residual Interest Bonds
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of October 31, 2005 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
New Jersey $ 2,705 Essex County, New Jersey, Improvement Authority, Utility System Revenue Bonds
(concluded) (East Orange Franchise), 6% due 7/01/2018 (b) $ 2,907
Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue
Bonds, Series B (f):
9,000 5.12%** due 11/01/2023 3,839
10,000 5.20%** due 11/01/2025 3,820
Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A (f):
1,960 5.80% due 11/01/2021 2,231
2,730 5.80% due 11/01/2023 3,084
9,160 5.75% due 11/01/2028 10,799
765 Jersey City, New Jersey, GO, Refunding, Quality School, Series A, 5.375% due
9/01/2009 (e)(f) 826
2,230 Jersey City, New Jersey, GO, Series B, 5.25% due 9/01/2023 (f) 2,399
5,250 Lafayette Yard, New Jersey, Community Development Revenue Bonds (Hotel/Conference
Center Project-Trenton), 6% due 4/01/2010 (b)(e) 5,823
1,550 Middlesex County, New Jersey, COP, 5.25% due 6/15/2023 (b) 1,633
1,375 Middlesex County, New Jersey, COP, Refunding, 5.50% due 8/01/2016 (b) 1,494
5,270 Middlesex County, New Jersey, Improvement Authority, Lease Revenue Bonds (Educational
Services Commission Projects), 6% due 7/15/2010 (e) 5,871
500 Middlesex County, New Jersey, Improvement Authority Revenue Bonds (Senior Citizens
Housing Project), AMT, 5.50% due 9/01/2030 (a) 523
Monmouth County, New Jersey, Improvement Authority, Revenue Refunding Bonds (a):
1,540 5.35% due 12/01/2017 1,654
1,470 5.375% due 12/01/2018 1,580
2,465 New Jersey Building Authority, State Building Revenue Refunding Bonds, Series B,
5.25% due 12/15/2016 (d) 2,714
New Jersey EDA, Cigarette Tax Revenue Bonds:
2,700 5.625% due 6/15/2019 2,860
2,000 5.75% due 6/15/2029 2,101
585 5.50% due 6/15/2031 602
1,180 5.75% due 6/15/2034 1,234
4,315 New Jersey EDA, EDR, Refunding (The Seeing Eye, Inc. Project), 5% due 12/01/2024 (a) 4,522
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) 5,474
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A (b):
7,500 5.25% due 7/01/2026 8,326
11,105 5.25% due 7/01/2033 11,795
4,485 5% due 7/01/2034 4,634
New Jersey EDA, Natural Gas Facilities, Revenue Refunding Bonds, AMT (b):
18,920 (NUI Corporation Projects), Series A, 5.70% due 6/01/2032 19,653
3,155 RIB, Series 161, 8.37% due 6/01/2032 (j) 3,400
New Jersey EDA, Parking Facility Revenue Bonds (Elizabeth Development Company
Project) (d):
1,430 5.60% due 10/15/2019 1,516
1,000 5.60% due 10/15/2026 1,057
4,580 New Jersey EDA, Revenue Bonds, DRIVERS, Series 219, 9.003% due 5/01/2016 (f)(j) 5,334
New Jersey EDA, School Facilities Construction Revenue Bonds:
9,000 Series L, 5% due 3/01/2030 (f) 9,353
8,420 Series O, 5.25% due 3/01/2023 8,916
2,500 New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.),
AMT, Series A, 5.30% due 6/01/2015 2,598
New Jersey EDA, State Lease Revenue Bonds:
2,670 (Liberty State Park Project), Series C, 5% due 3/01/2022 (f) 2,806
1,400 (Liberty State Park Project), Series C, 5% due 3/01/2023 (f) 1,468
1,000 (Liberty State Park Project), Series C, 5% due 3/01/2027 (f) 1,040
3,000 (State Office Buildings Projects), 6% due 6/15/2010 (a)(e) 3,313
4,620 (State Office Buildings Projects), 6.25% due 6/15/2010 (a)(e) 5,161
New Jersey Health Care Facilities Financing Authority Revenue Bonds:
2,315 (RWJ Healthcare Corporation), Series B, 5% due 7/01/2025 (i) 2,368
3,015 (RWJ Healthcare Corporation), Series B, 5% due 7/01/2035 (i) 3,061
2,820 (Society of the Valley Hospital), 5.375% due 7/01/2025 (a) 2,998
2,135 (Somerset Medical Center), 5.50% due 7/01/2033 2,152
5,440 (South Jersey Hospital), 6% due 7/01/2026 5,786
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds:
4,000 (AHS Hospital Corporation), Series A, 6% due 7/01/2013 (a) 4,515
1,455 (Atlantic City Medical Center), 6.25% due 7/01/2017 1,620
3,500 (Atlantic City Medical Center), 5.75% due 7/01/2025 3,710
1,775 (Holy Name Hospital), 6% due 7/01/2025 1,840
1,000 (Meridian Health System Obligation Group), 5.375% due 7/01/2024 (f) 1,059
1,000 (Saint Clare's Hospital Inc.), Series A, 4.25% due 7/01/2017 (i) 969
New Jersey Sports and Exposition Authority, Luxury Tax Revenue Refunding Bonds
(Convention Center) (b):
2,000 5.50% due 3/01/2021 2,258
1,000 5.50% due 3/01/2022 1,132
2,400 New Jersey Sports and Exposition Authority, State Contract Revenue Bonds, Series A,
6% due 3/01/2013 (b) 2,631
7,500 New Jersey State Educational Facilities Authority, Higher Education, Capital
Improvement Revenue Bonds, Series A, 5.125% due 9/01/2022 (a) 7,912
New Jersey State Educational Facilities Authority Revenue Bonds:
18,325 (Capital Improvement Fund), Series A, 5.75% due 9/01/2010 (e)(f) 20,140
3,615 (Rowan University), Series C, 5.125% due 7/01/2028 (b) 3,789
3,260 (Rowan University), Series C, 5% due 7/01/2034 (b) 3,369
New Jersey State Educational Facilities Authority, Revenue Refunding Bonds:
7,510 (Montclair State University), Series L, 5% due 7/01/2034 (b) 7,760
2,375 (Rowan University), Series C, 5.25% due 7/01/2017 (d) 2,553
2,820 (Rowan University), Series C, 5.25% due 7/01/2018 (d) 3,031
2,635 (Rowan University), Series C, 5.25% due 7/01/2019 (d) 2,832
1,410 (Rowan University), Series C, 5% due 7/01/2031 (d) 1,448
4,000 (University of Medicine and Dentistry), Series B, 5.25% due 12/01/2017 (a) 4,046
11,225 New Jersey State Housing and Mortgage Finance Agency, Capital Fund Program Revenue
Bonds, Series A, 4.70% due 11/01/2025 (f) 11,251
New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT,
Series U (b):
1,000 5.60% due 10/01/2012 1,034
2,820 5.65% due 10/01/2013 2,914
3,000 5.75% due 4/01/2018 3,100
805 5.85% due 4/01/2029 828
5,000 New Jersey State Transit Corporation, COP (Federal Transit Administration Grants),
Series A, 6.125% due 9/15/2009 (a)(e) 5,480
New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds:
7,500 Series A, 6% due 6/15/2010 (e) 8,281
8,860 Series D, 5% due 6/15/2019 (f) 9,330
9,165 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Refunding Bonds, Series B, 5.50% due 12/15/2021 (b) 10,365
7,615 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series B, 5.15%** due
1/01/2035 (a) 4,872
New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds:
20,000 Series A, 5.75% due 1/01/2010 (b)(e) 21,786
4,355 Series C, 6.50% due 1/01/2016 (b)(g) 5,094
255 Series C, 6.50% due 1/01/2016 (b)(g) 299
910 Series C, 6.50% due 1/01/2016 (b) 1,062
4,665 Series C-1, 4.50% due 1/01/2031 (a) 4,528
North Bergen Township, New Jersey, Board of Education, COP (f):
1,000 6% due 12/15/2010 (e) 1,121
3,260 6.25% due 12/15/2010 (e) 3,700
1,250 5% due 12/15/2018 1,323
3,035 Orange Township, New Jersey, Municipal Utility and Lease, GO, Refunding, Series C,
5.10% due 12/01/2017 (b) 3,202
Paterson, New Jersey, Public School District, COP (b):
1,980 6.125% due 11/01/2015 2,193
2,000 6.25% due 11/01/2019 2,221
4,750 Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds,
AMT, 119th Series, 5.50% due 9/15/2019 (d) 4,871
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds, AMT (b):
2,375 DRIVERS, Series 192, 8.477% due 12/01/2025 (j) 2,566
2,165 (JFK International Air Terminal LLC), RIB, Series 157, 8.48% due 12/01/2022 (j) 2,420
13,500 (JFK International Air Terminal LLC), Series 6, 6.25% due 12/01/2011 14,969
1,500 (JFK International Air Terminal LLC), Series 6, 6.25% due 12/01/2015 1,690
9,600 Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds (Capital Appreciation),
Series A, 4.79%** due 9/01/2028 (b) 3,056
South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds:
3,750 4.50% due 1/01/2015 3,800
1,920 4.50% due 1/01/2016 1,929
1,500 5% due 1/01/2026 1,532
2,000 5.10% due 1/01/2033 2,044
4,755 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7% due 6/01/2041 5,561
4,325 Trenton, New Jersey, Parking Authority, Parking Revenue Bonds, DRIVERS, Series 221,
9.207% due 4/01/2010 (d)(e)(j) 5,238
4,740 University of Medicine and Dentistry, New Jersey, Revenue Bonds, Series A, 5.50% due
12/01/2027 (a) 5,163
2,000 University of Medicine and Dentistry of New Jersey, COP, 5% due 6/15/2029 (b) 2,062
8,580 West Deptford Township, New Jersey, GO, 5.625% due 9/01/2010 (d)(e) 9,383
West Orange, New Jersey, Board of Education, COP (b)(e):
2,040 5.75% due 10/01/2009 2,235
3,615 6% due 10/01/2009 3,986
Puerto Rico - 8.7% Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue
Refunding Bonds:
4,500 Series J, 5% due 7/01/2029 (b) 4,679
3,480 Series K, 5% due 7/01/2045 3,474
Puerto Rico Electric Power Authority, Power Revenue Bonds:
10,000 Series HH, 5.25% due 7/01/2029 (f) 10,659
5,100 Series RR, 5% due 7/01/2028 (c) 5,310
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 (b) 1,799
1,750 (Hospital de la Concepcion), 6.50% due 11/15/2020 1,958
Total Municipal Bonds (Cost - $502,466) - 165.0% 527,182
Shares
Held Short-Term Securities
1,570 CMA New Jersey Municipal Money Fund (h) 1,570
Total Short-Term Securities (Cost - $1,570) - 0.5% 1,570
Total Investments (Cost - $504,036*) - 165.5% 528,752
Liabilities in Excess of Other Assets - (1.9%) (6,174)
Preferred Stock, at Redemption Value - (63.6%) (203,051)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 319,527
===========
* The cost and unrealized appreciation (depreciation) of investments as of
October 31, 2005, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 504,036
===============
Gross unrealized appreciation $ 25,670
Gross unrealized depreciation (954)
---------------
Net unrealized appreciation $ 24,716
===============
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(a) AMBAC Insured.
(b) MBIA Insured.
(c) CIFG Insured.
(d) FGIC Insured.
(e) Prerefunded.
(f) FSA Insured.
(g) Escrowed to maturity.
(h) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:
Net Income
Affiliate Activity Dividend
CMA New Jersey Municipal Money Fund (4,562) $28
(i) Radian Insured.
(j) The rate disclosed is that currently in effect. This rate changes periodically
and inversely based upon prevailing market rates.
Forward interest rate swaps outstanding as of October 31, 2005 were as follows:
Notional Unrealized
Amount Appreciation
Receive a variable rate equal to the 7-Day
Bond Market Association Municipal Swap Index
rate and pay a fixed rate of 3.923%
Broker, JPMorgan Chase Bank
Expires November 2018 $ 4,210 $ 29
Receive a variable rate equal to the 7-Day
Bond Market Association Municipal Swap Index
rate and pay a fixed rate of 4.09%
Broker, JPMorgan Chase Bank
Expires August 2026 $ 8,905 $ 100
----------
Total $ 129
==========
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: December 17, 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: December 17, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings New Jersey Insured Fund, Inc.
Date: December 17, 2005