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) -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 4,630 Delaware River Joint Toll Bridge Commission, New Jersey, Bridge Revenue Refunding Bonds, 5% due 7/01/2028 4,799 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 765 Jersey City, New Jersey, GO, Refunding, Quality School, Series A, 5.375% due 9/01/2017 (c) 833 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 1,000 Monroe Township, New Jersey, Municipal Utilities Authority, Middlesex County Revenue Refunding Bonds, 5.25% due 2/01/2016 (b) 1,088 -------------------------------------------------------------------------------------------------------------- 2,465 New Jersey Building Authority, State Building Revenue Refunding Bonds, Series B, 5.25% due 12/15/2016 (b) 2,783 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 3,035 Orange Township, New Jersey, Municipal Utility and Lease, GO, Refunding, Series C, 5.10% due 12/01/2017 (d) 3,246 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 4,740 University of Medicine and Dentistry, New Jersey, Revenue Bonds, Series A, 5.50% due 12/01/2027 (a) 5,258 -------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------- Total Municipal Bonds (Cost - $494,714) - 160.3% 529,611 ----------------------------------------------------------------------------------------------------------------------------------- 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