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: 07/31/2006
Date of reporting period: 02/01/06 - 04/30/06
Item 1 - Schedule of Investments
MuniHoldings New Jersey Insured Fund, Inc.
Schedule of Investments as of April 30, 2006 (in Thousands)
Face
Amount Municipal Bonds Value
New Jersey - 152.6% $ 1,875 Atlantic Highlands, New Jersey, Highland Regional Sewer Authority, Sewer
Revenue Refunding Bonds, 5.50% due 1/01/2020 (b) $ 2,005
2,635 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds, 5.375%
due 9/01/2010 (c)(e) 2,806
1,540 Camden County, New Jersey, Improvement Authority, Lease Revenue Bonds, 5.50%
due 9/01/2010 (c)(e) 1,647
430 Carteret, New Jersey, Board of Education, COP, 6% due 1/15/2010 (d)(e) 467
6,210 Casino Reinvestment Development Authority, New Jersey, Parking Fee Revenue Bonds,
Series A, 5.25% due 10/01/2007 (c)(e) 6,345
2,500 Delaware River and Bay Authority Revenue Bonds, 5% due 1/01/2033 (d) 2,568
4,630 Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge
Revenue Refunding Bonds, 5% due 7/01/2028 4,722
5,000 Delaware River Port Authority of New Jersey and Pennsylvania Revenue Bonds, 5.50%
due 1/01/2012 (c) 5,280
6,000 Delaware River Port Authority of New Jersey and Pennsylvania Revenue Bonds, 5.625%
due 1/01/2013 (c) 6,368
500 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds, 5.75%
due 1/01/2015 (c) 532
4,865 Delaware River Port Authority of New Jersey and Pennsylvania Revenue Bonds, 6%
due 1/01/2018 (c) 5,210
5,525 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds, 6%
due 1/01/2019 (c) 5,916
2,425 Delaware River Port Authority of New Jersey and Pennsylvania Revenue Bonds (Port
District Project), Series B, 5.625% due 1/01/2026 (c) 2,561
7,895 East Orange, New Jersey, Board of Education, COP, 5.50% due 8/01/2012 (c) 8,570
1,000 East Orange, New Jersey, Water Utility, GO, Refunding, 5.70% due 6/15/2008 (a)(e) 1,050
4,000 Essex County, New Jersey, Improvement Authority, Lease Revenue Bonds (Correctional
Facility Project), 6% due 10/01/2010 (b)(e) 4,364
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 April 30, 2006 (concluded) (in Thousands)
Face
Amount Municipal Bonds Value
New Jersey $ 3,300 Essex County, New Jersey, Improvement Authority, Lease Revenue Refunding Bonds
(concluded) (County Jail and Youth House Project), 5.35% due 12/01/2024 (a) $ 3,393
4,400 Essex County, New Jersey, Improvement Authority Revenue Bonds, Series A, 5%
due 10/01/2028 (b) 4,529
2,705 Essex County, New Jersey, Improvement Authority, Utility System Revenue Bonds
(East Orange Franchise), 6% due 7/01/2008 (d)(e) 2,854
9,000 Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue Bonds,
Series B, 5.12% due 11/01/2023 (c)(k) 3,883
10,000 Garden State Preservation Trust of New Jersey, Capital Appreciation Revenue Bonds,
Series B, 5.20% due 11/01/2025 (c)(k) 3,882
1,960 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.80% due 11/01/2021 (c) 2,213
2,730 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.80% due 11/01/2023 (c) 3,087
9,160 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.75% due 11/01/2028 (c) 10,727
5,000 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation,
Revenue Refunding Bonds, Series C, 5.25% due 11/01/2020 (c) 5,480
7,705 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation,
Revenue Refunding Bonds, Series C, 5.25% due 11/01/2021 (c) 8,463
2,230 Jersey City, New Jersey, GO, Series B, 5.25% due 9/01/2023 (c) 2,368
5,250 Lafayette Yard, New Jersey, Community Development Revenue Bonds (Hotel/Conference
Center Project-Trenton), 6% due 4/01/2010 (d)(e) 5,723
1,550 Middlesex County, New Jersey, COP, 5.25% due 6/15/2023 (d) 1,616
1,375 Middlesex County, New Jersey, COP, Refunding, 5.50% due 8/01/2016 (d) 1,476
5,270 Middlesex County, New Jersey, Improvement Authority, Lease Revenue Bonds (Educational
Services Commission Projects), 6% due 7/15/2010 (e) 5,771
500 Middlesex County, New Jersey, Improvement Authority Revenue Bonds (Senior Citizens
Housing Project), AMT, 5.50% due 9/01/2030 (a) 520
1,540 Monmouth County, New Jersey, Improvement Authority Revenue Refunding Bonds,
5.35% due 12/01/2017 (a) 1,624
1,470 Monmouth County, New Jersey, Improvement Authority Revenue Refunding Bonds,
5.375% due 12/01/2018 (a) 1,552
2,700 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.625% due 6/15/2019 2,831
2,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 2,113
585 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 606
1,180 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 1,240
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) 5,391
7,500 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due
7/01/2026 (d) 8,293
11,105 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due
7/01/2033 (d) 11,754
4,485 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5% due 7/01/2034 (d) 4,620
3,155 New Jersey EDA, Natural Gas Facilities Revenue Refunding Bonds, RIB, AMT, Series 161,
7.26% due 6/01/2032 (d)(j) 3,363
9,460 New Jersey EDA, Natural Gas Facilities Revenue Refunding Bonds, RIB, AMT, Series 1202,
7.32% due 6/01/2032 (d)(j) 10,083
1,000 New Jersey EDA, Parking Facility Revenue Bonds (Elizabeth Development Company Project),
5.60% due 10/15/2026 (b) 1,043
4,580 New Jersey EDA, Revenue Bonds, DRIVERS, Series 219, 7.86% due 5/01/2016 (c)(j) 5,163
9,000 New Jersey EDA, School Facilities Construction Revenue Bonds, Series L, 5% due
3/01/2030 (c) 9,312
8,420 New Jersey EDA, School Facilities Construction Revenue Bonds, Series O, 5.25% due
3/01/2023 8,920
2,500 New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.),
AMT, Series A, 5.30% due 6/01/2015 2,589
2,670 New Jersey EDA, State Lease Revenue Bonds (Liberty State Park Project), Series C, 5%
due 3/01/2022 (c) 2,774
1,400 New Jersey EDA, State Lease Revenue Bonds (Liberty State Park Project), Series C, 5%
due 3/01/2023 (c) 1,453
3,000 New Jersey EDA, State Lease Revenue Bonds (State Office Buildings Projects), 6%
due 6/15/2010 (a)(e) 3,255
4,620 New Jersey EDA, State Lease Revenue Bonds (State Office Buildings Projects), 6.25%
due 6/15/2010 (a)(e) 5,057
10,775 New Jersey Health Care Facilities Financing Authority, Department of Human Services
Revenue Bonds (Greystone Park Psychiatric Hospital Project), 5% due 9/15/2023 (a) 11,183
2,315 New Jersey Health Care Facilities Financing Authority Revenue Bonds (RWJ Healthcare
Corporation), Series B, 5% due 7/01/2025 (i) 2,371
3,015 New Jersey Health Care Facilities Financing Authority Revenue Bonds (RWJ Healthcare
Corporation), Series B, 5% due 7/01/2035 (i) 3,061
2,820 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Society of the
Valley Hospital), 5.375% due 7/01/2025 (a) 2,957
2,135 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Somerset Medical
Center), 5.50% due 7/01/2033 2,166
5,440 New Jersey Health Care Facilities Financing Authority Revenue Bonds (South Jersey
Hospital), 6% due 7/01/2026 5,755
4,000 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (AHS
Hospital Corporation), Series A, 6% due 7/01/2013 (a) 4,452
1,455 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Atlantic City Medical Center), 6.25% due 7/01/2017 1,601
3,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Atlantic City Medical Center), 5.75% due 7/01/2025 3,708
1,775 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Holy Name Hospital), 6% due 7/01/2025 1,830
1,000 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Meridian Health System Obligation Group), 5.375% due 7/01/2024 (c) 1,047
5,890 New Jersey Sports and Exposition Authority, Luxury Tax Revenue Refunding Bonds
(Convention Center), 5.50% due 3/01/2021 (d) 6,583
3,000 New Jersey Sports and Exposition Authority, Luxury Tax Revenue Refunding Bonds
(Convention Center), 5.50% due 3/01/2022 (d) 3,370
2,400 New Jersey Sports and Exposition Authority, State Contract Revenue Bonds, Series A,
6% due 3/01/2013 (d) 2,587
7,500 New Jersey State Educational Facilities Authority, Higher Education, Capital
Improvement Revenue Bonds, Series A, 5.125% due 9/01/2022 (a) 7,868
8,905 New Jersey State Educational Facilities Authority Revenue Bonds (Capital Improvement
Fund), Series A, 5.75% due 9/01/2010 (c)(e) 9,615
9,420 New Jersey State Educational Facilities Authority Revenue Bonds (Capital Improvement
Fund), Series A, 5.75% due 9/01/2010 (c)(e) 10,171
3,615 New Jersey State Educational Facilities Authority Revenue Bonds (Rowan University),
Series C, 5.125% due 7/01/2028 (d) 3,778
3,260 New Jersey State Educational Facilities Authority Revenue Bonds (Rowan University),
Series C, 5% due 7/01/2034 (d) 3,362
7,510 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Montclair
State University), Series L, 5% due 7/01/2034 (d) 7,746
2,375 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Rowan
University), Series C, 5.25% due 7/01/2017 (b) 2,519
2,820 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Rowan
University), Series C, 5.25% due 7/01/2018 (b) 2,991
2,635 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Rowan
University), Series C, 5.25% due 7/01/2019 (b) 2,795
1,410 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Rowan
University), Series C, 5% due 7/01/2031 (b) 1,446
1,000 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT,
Series U, 5.60% due 10/01/2012 (d) 1,027
2,820 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT,
Series U, 5.65% due 10/01/2013 (d) 2,894
3,000 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT,
Series U, 5.75% due 4/01/2018 (d) 3,082
805 New Jersey State Housing and Mortgage Finance Agency, Home Buyer Revenue Bonds, AMT,
Series U, 5.85% due 4/01/2029 (d) 825
11,225 New Jersey State Housing and Mortgage Financing Agency, Capital Fund Program Revenue
Bonds, Series A, 4.70% due 11/01/2025 (c) 11,241
5,000 New Jersey State Transit Corporation, COP (Federal Transit Administration Grants),
Series A, 6.125% due 9/15/2009 (a)(e) 5,367
7,500 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series A, 6% due 6/15/2010 (e) 8,143
14,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Bonds, Series D, 5% due 6/15/2019 (c) 14,615
9,165 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Refunding Bonds, Series B, 5.50% due 12/15/2021 (d) 10,262
7,615 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series B, 5.15%
due 1/01/2035 (a)(k) 5,001
910 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C,
6.50% due 1/01/2016 (d) 1,044
4,355 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C,
6.50% due 1/01/2016 (d)(g) 5,009
255 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C,
6.50% due 1/01/2016 (d)(g) 293
4,665 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C-1,
4.50% due 1/01/2031 (a) 4,536
1,000 North Bergen Township, New Jersey, Board of Education, COP, 6% due 12/15/2010 (c)(e) 1,103
1,580 North Bergen Township, New Jersey, Board of Education, COP, 6.25% due 12/15/2010 (c)(e) 1,760
1,680 North Bergen Township, New Jersey, Board of Education, COP, 6.25% due 12/15/2010 (c)(e) 1,871
1,250 North Bergen Township, New Jersey, Board of Education, COP, 5% due 12/15/2018 (c) 1,297
3,035 Orange Township, New Jersey, Municipal Utility and Lease, GO, Refunding, Series C,
5.10% due 12/01/2017 (d) 3,146
1,980 Paterson, New Jersey, Public School District, COP, 6.125% due 11/01/2015 (d) 2,145
2,000 Paterson, New Jersey, Public School District, COP, 6.25% due 11/01/2019 (d) 2,172
4,750 Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, AMT,
119th Series, 5.50% due 9/15/2019 (b) 4,825
2,375 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds, DRIVERS,
AMT, Series 192, 7.343% due 12/01/2025 (d)(j) 2,508
13,500 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (JFK
International Air Terminal LLC), AMT, Series 6, 6.25% due 12/01/2011 (d) 14,820
1,500 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (JFK
International Air Terminal LLC), AMT, Series 6, 6.25% due 12/01/2015 (d) 1,672
2,165 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (JFK
International Air Terminal LLC), RIB, AMT, Series 157, 7.36% due 12/01/2022 (d)(j) 2,367
9,600 Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds (Capital
Appreciation), Series A, 4.79% due 9/01/2028 (d)(k) 3,164
3,750 South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds, 4.50% due
1/01/2015 3,795
1,920 South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds, 4.50% due
1/01/2016 1,931
1,500 South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds, 5% due 1/01/2026 1,532
2,000 South Jersey Port Corporation of New Jersey, Revenue Refunding Bonds, 5.10% due
1/01/2033 2,043
4,755 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
7% due 6/01/2041 5,380
4,325 Trenton, New Jersey, Parking Authority, Parking Revenue Bonds, DRIVERS, Series 221,
8.073% due 4/01/2010 (b)(e)(j) 5,060
4,740 University of Medicine and Dentistry, New Jersey, Revenue Bonds, Series A, 5.50%
due 12/01/2027 (a) 5,098
2,000 University of Medicine and Dentistry of New Jersey, COP, 5% due 6/15/2029 (d) 2,054
4,170 West Deptford Township, New Jersey, GO, 5.625% due 9/01/2010 (b)(e) 4,482
4,410 West Deptford Township, New Jersey, GO, 5.625% due 9/01/2010 (b)(e) 4,740
3,615 West Orange, New Jersey, Board of Education, COP, 6% due 10/01/2009 (d)(e) 3,906
Puerto Rico - 8.8% 4,500 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue
Refunding Bonds, Series J, 5% due 7/01/2029 (d) 4,658
3,480 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue
Refunding Bonds, Series K, 5% due 7/01/2045 3,472
10,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series HH, 5.25%
due 7/01/2029 (c) 10,536
5,100 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series RR, 5% due
7/01/2028 (f) 5,278
1,780 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds (Hospital Auxilio Mutuo Obligation Group), Series A, 6.25%
due 7/01/2024 (d) 1,786
1,750 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds (Hospital de la Concepcion), Series A, 6.50% due 11/15/2020 1,930
Total Municipal Bonds (Cost - $490,760) - 161.4% 508,264
Shares
Held Short-Term Securities
2,118 CMA New Jersey Municipal Money Fund, 2.99% (h)(l) 2,118
Total Short-Term Securities (Cost - $2,118) - 0.6% 2,118
Total Investments (Cost - $492,878*) - 162.0% 510,382
Other Assets Less Liabilities - 2.5% 7,705
Preferred Stock, at Redemption Value - (64.5%) (203,092)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 314,995
===========
* The cost and unrealized appreciation (depreciation) of investments,
as of April 30, 2006 as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 492,878
===============
Gross unrealized appreciation $ 18,619
Gross unrealized depreciation (1,115)
---------------
Net unrealized appreciation $ 17,504
===============
(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,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Dividend
Affiliate Activity Income
CMA New Jersey Municipal Money Fund (4,014) $76
(i) Radian Insured.
(j) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(k) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(l) Represents the current yield as of 4/30/2006.
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 22, 2006
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 22, 2006
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniHoldings New Jersey Insured Fund, Inc.
Date: June 22, 2006