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 811-6414
Name of Fund: MuniYield Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr.,
President, MuniYield 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: 10/31/05
Date of reporting period: 11/01/04 - 1/31/05
Item 1 - Schedule of Investments
MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
Alabama - 1.3% $ 2,500 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B,
5.75% due 6/01/2032 $ 2,654
5,250 Jefferson County, Alabama, Limited Obligation School Warrants, Series A,
5.50% due 1/01/2022 5,769
Alaska - 0.5% Valdez, Alaska, Marine Terminal Revenue Refunding Bonds:
2,050 (Amerada Hess Pipeline Corporation), 6.10% due 2/01/2024 2,073
1,200 (BP Pipelines Inc. Project), VRDN, Series C, 1.83% due 7/01/2037 (m) 1,200
Arizona - 9.3% Arizona State Transportation Board, Highway Revenue Bonds, Sub-Series A:
5,825 5% due 7/01/2021 6,331
7,030 5% due 7/01/2022 7,606
5,240 5% due 7/01/2023 5,648
3,400 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project 1), Series A, 6.75% due 7/01/2029 3,380
Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds (CRS Pine
Ridge Housing Corporation), Series A-1 (g):
5,000 6% due 10/20/2031 5,302
5,000 6.05% due 10/20/2036 5,300
Phoenix, Arizona, IDA, Airport Facility Revenue Refunding Bonds (America West
Airlines Inc. Project), AMT:
5,800 6.25% due 6/01/2019 4,486
6,900 6.30% due 4/01/2023 5,192
Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments
LLC Project) (g):
1,610 6.25% due 7/20/2022 1,775
1,425 6.45% due 7/20/2032 1,553
1,305 6.55% due 7/20/2037 1,426
1,400 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project II), Series A, 6.75% due 7/01/2031 1,450
Pima County, Arizona, IDA, M/F Housing Revenue Bonds (Columbus Village),
Series A (g):
990 5.90% due 10/20/2021 995
1,725 6% due 10/20/2031 1,733
2,295 6.05% due 10/20/2041 2,305
5,900 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai
Regional Medical Center), Series A, 6% due 8/01/2033 6,275
Portfolio Abbreviations
To simplify the listings of MuniYield 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
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield Fund, Inc.
Schedule of Investments as of January 31, 2005 (concluded) (in Thousands)
Face
State Amount Municipal Bonds Value
Arkansas - 1.1% University of Arkansas, University Construction Revenue Bonds (UAMS Campus),
Series B (e):
$ 2,000 5% due 11/01/2020 $ 2,182
1,600 5% due 11/01/2027 1,694
2,000 5% due 11/01/2034 2,094
1,000 University of Arkansas, University Revenue Refunding Bonds (UAMS Campus),
Series A, 5% due 11/01/2014 (e) 1,120
California - 17.3% 3,370 Anaheim, California, Union High School District, GO, Series A, 5% due
8/01/2012 (b)(i) 3,765
8,760 California State, GO, 5% due 2/01/2033 9,009
California State Public Works Board, Lease Revenue Bonds:
2,000 (Department of Corrections), Series C, 5% due 6/01/2025 2,085
4,500 (Department of Mental Health - Coalinga State Hospital), Series A,
5.125% due 6/01/2029 4,670
California State, Various Purpose, GO:
6,800 5.25% due 11/01/2025 7,318
10,000 5% due 4/01/2031 (c) 10,440
5,550 5.50% due 11/01/2033 6,010
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds:
5,500 Series A-3, 7.875% due 6/01/2042 6,141
7,500 Series A-4, 7.80% due 6/01/2042 8,338
5,000 Series B, 5.50% due 6/01/2018 5,241
5,000 Series B, 5.375% due 6/01/2028 5,244
9,520 Series B, 5.50% due 6/01/2043 10,175
18,400 Los Angeles, California, Unified School District, GO, Series A, 5% due
7/01/2023 (i) 19,710
1,250 Sacramento County, California, Sanitation District Financing Authority, Revenue
Refunding Bonds, Trust Receipts, Class R, Series A, 9.811% due 12/01/2019 (k) 1,350
5,145 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5%
due 7/01/2022 (e) 5,531
7,465 University of California Revenue Bonds (Multiple Purpose Projects), Series Q,
5% due 9/01/2021 (i) 7,955
Colorado - 4.7% 520 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Series D-2, 6.90%
due 4/01/2029 531
8,000 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75%
due 11/15/2013 (c) 9,758
5,325 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds
(Pavilions), AMT, 7.75% due 9/01/2016 5,599
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee), Series A:
1,735 7.10% due 9/01/2014 1,878
5,065 7.35% due 9/01/2031 5,421
6,850 Plaza Metropolitan District No. 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 7,171
Connecticut - 0.1% 600 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT,
7.35% due 4/01/2010 609
Florida - 4.1% Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum), AMT:
11,500 Series A, 7.125% due 4/01/2030 12,694
5,000 Series B, 7.125% due 4/01/2030 5,519
5,450 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series B, 6.50% due 5/01/2037 5,696
3,000 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 2,797
Georgia - 3.7% 12,140 Atlanta, Georgia, Airport Revenue Refunding Bonds, Series A, 5.875% due
1/01/2016 (h) 13,752
4,600 Atlanta, Georgia, Tax Allocation Revenue Bonds (Atlantic Station Project),
7.90% due 12/01/2024 5,020
Brunswick & Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A:
2,285 7.125% due 1/01/2025 2,276
3,305 7.25% due 1/01/2035 3,307
Idaho - 1.6% 425 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Senior Series C-2,
7.15% due 7/01/2023 425
10,000 Power County, Idaho, Industrial Development Corporation, Solid Waste Disposal
Revenue Bonds (FMC Corporation Project), AMT, 6.45% due 8/01/2032 10,275
Illinois - 4.3% 745 Beardstown, Illinois, IDR (Jefferson Smurfit Corp. Project), 8% due 10/01/2016 788
4,500 Chicago, Illinois, O'Hare International Airport, General Revenue Refunding Bonds,
Third Lien, Series A, 4.75% due 1/01/2035 (e) 4,525
13,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, 3rd Lien, AMT,
Series B-2, 6% due 1/01/2029 (j) 14,837
175 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series B, 7.625% due
9/01/2027 (f)(g)(l) 176
3,285 Illinois Development Finance Authority Revenue Bonds (Presbyterian Home Lake
Project), Series B, 6.30% due 9/01/2022 (i) 3,541
10 Illinois Health Facilities Authority, Revenue Refunding Bonds (University of
Chicago Hospitals), VRDN, 1.84% due 8/01/2026 (e)(m) 10
4,000 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax
Revenue Bonds (McCormick Place Expansion), Series A, 5.50% due 6/15/2023 (e) 4,459
Indiana - 1.2% Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series A (h):
2,850 5% due 1/01/2029 2,984
4,350 5% due 1/01/2032 4,533
Kansas - 0.2% 1,250 Lenexa, Kansas, Health Care Facility Revenue Bonds (Lakeview Village Inc.),
Series C, 6.875% due 5/15/2032 1,345
Kentucky - 0.5% 3,000 Kentucky Economic Development Finance Authority, Health System Revenue Refunding
Bonds (Norton Healthcare Inc.), Series A, 6.625% due 10/01/2028 3,249
Louisiana - 3.0% 19,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project),
6.50% due 1/01/2017 19,516
Maryland - 1.1% 3,000 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 3,069
4,000 Maryland State Health and Higher Educational Facilities Authority, Revenue
Refunding Bonds (University of Maryland Medical System), 6% due 7/01/2032 4,343
Massachusetts - 1.6% 10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25% due
1/01/2029 (h) 10,751
Michigan - 0.9% 6,060 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 5,809
Minnesota - 0.6% Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project),
Series A (g):
420 6% due 8/20/2021 468
2,000 6.20% due 2/20/2043 2,179
975 Minneapolis, Minnesota, M/F Housing Revenue Bonds (Gaar Scott Loft Project),
AMT, 5.95% due 5/01/2030 1,042
Missouri - 2.0% Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds
(Gravois Bluffs):
620 6.75% due 10/01/2015 630
2,800 7% due 10/01/2021 3,028
Kansas City, Missouri, Municipal Assistance Corporation, Leasehold Improvement
Revenue Bonds (H. Roe Bartle Convention Center), Series B-1 (c):
15,000 5.383%** due 4/15/2028 4,801
5,000 5.28%** due 4/15/2029 1,510
5,000 5.31%** due 4/15/2030 1,431
5,000 5.32%** due 4/15/2031 1,359
405 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds,
Homeownership, AMT, Series B, 7.55% due 9/01/2027 (f)(g) 406
New Hampshire - 0.6% 3,425 New Hampshire Health and Education Facilities Authority, Revenue Refunding
Bonds (Elliot Hospital), Series B, 5.60% due 10/01/2022 3,591
New Jersey - 26.3% 11,435 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 11,984
3,000 New Jersey EDA, First Mortgage Revenue Bonds (The Presbyterian Home), Series A,
6.375% due 11/01/2031 3,065
20,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5% due
7/01/2029 (e) 21,027
4,400 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2031 4,637
8,750 New Jersey EDA, School Facilities Construction Revenue Bonds, Series I, 5.25%
due 9/01/2029 9,333
17,300 New Jersey EDA, School Facility Construction, Revenue Refunding Bonds, Series K,
5.50% due 12/15/2019 (c) 20,293
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT:
3,905 6.25% due 9/15/2019 3,263
16,195 6.25% due 9/15/2029 12,884
3,680 New Jersey Health Care Facilities Financing Authority Revenue Bonds
(Pascack Valley Hospital Association), 6.625% due 7/01/2036 3,620
1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Pascack Valley Hospital Association), 5.125% due 7/01/2028 1,215
10,000 New Jersey State Transportation Trust Fund Authority, Transportation System
Revenue Refunding Bonds, Series B, 5.25% due 12/15/2015 (c) 11,339
2,200 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, VRDN, Series C-3,
1.82% due 1/01/2024 (i)(m) 2,200
20,000 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds,
Series C-2, 5.50% due 1/01/2025 (c) 23,604
4,360 Port Authority of New York and New Jersey Revenue Refunding Bonds, DRIVERS, AMT,
Series 177, 9.84% due 10/15/2032 (e)(k) 5,122
20,575 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds,
DRIVERS, AMT, Series 192, 9.35% due 12/01/2025 (e)(k) 23,382
7,500 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, 6% due 6/01/2037 7,111
7,500 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 6.125% due
6/01/2024 7,502
New York - 15.7% 2,240 Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Saint
Francis Hospital), Series A, 7.50% due 3/01/2029 2,238
5,595 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Bonds, RITR, Series 9, 6.10% due 7/01/2006 (b)(h)(k) 6,399
New York City, New York, City IDA, Special Facilities Revenue Bonds, AMT:
1,250 (British Airways Plc Project), 7.625% due 12/01/2032 1,314
10,000 (Terminal One Group Association Project), 6.125% due 1/01/2024 10,139
5,000 New York City, New York, City Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, DRIVERS, Series 198, 9.381% due 6/15/2026 (e)(k) 5,560
14,000 New York City, New York, City Municipal Water Finance Authority, Water and
Sewer System Revenue Refunding Bonds, 5.50% due 6/15/2033 15,389
New York City, New York, GO, Refunding (h):
2,000 Series G, 5.75% due 2/01/2006 (b) 2,094
10,000 Trust Receipts, Series R, 10.573% due 5/15/2014 (k) 13,342
9,375 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A, 5% due 10/15/2029 (c) 9,891
New York State Dormitory Authority, Revenue Refunding Bonds (Mount Sinai Health),
Series A:
5,000 6.75% due 7/01/2020 5,397
315 6.50% due 7/01/2025 331
2,500 Suffolk County, New York, IDA, IDR, Refunding (Nissequogue Cogeneration Partners
Facility), AMT, 5.50% due 1/01/2023 2,420
9,400 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2021 10,390
10,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Bonds,
5.25% due 11/15/2030 10,674
Westchester County, New York, IDA, Continuing Care Retirement Mortgage Revenue
Bonds (Kendal on Hudson Project), Series A:
3,450 6.375% due 1/01/2024 3,527
2,895 6.50% due 1/01/2034 2,956
North Carolina - 1.9% 2,710 Charlotte, North Carolina, Airport Revenue Bonds, Series A, 5% due 7/01/2029 (e) 2,830
4,750 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds,
Series D, 6.75% due 1/01/2026 5,317
315 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 8-A, 6.20% due
7/01/2016 334
900 North Carolina, HFA, S/F Revenue Bonds, Series II, 6.20% due 3/01/2016 (d) 935
1,000 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage
Revenue Bonds (Arbor Acres Community Project), 6.375% due 3/01/2032 1,046
2,000 North Carolina Medical Care Commission, Health Care Housing Revenue Bonds
(The ARC of North Carolina Projects), Series A, 5.80% due 10/01/2034 2,031
Ohio - 2.8% Cuyahoga County, Ohio, Mortgage Revenue Bonds (West Tech Apartments Project),
AMT (g):
1,410 5.75% due 9/20/2020 1,509
2,250 5.85% due 9/20/2030 2,367
2,175 Lucas County, Ohio, Health Care Facility Revenue Refunding and Improvement Bonds
(Sunset Retirement Communities), Series A, 6.625% due 8/15/2030 2,298
5,000 Mason, Ohio, City School District, GO (School Improvement), 5% due 12/01/2031 (i) 5,243
2,495 Mason, Ohio, Sewer System Revenue Refunding and Improvement Bonds, 5% due
12/01/2028 (e) 2,630
970 Port of Greater Cincinnati Development Authority, Ohio, Special Assessment
Revenue Bonds (Cooperative Public Parking Infrastructure Project), 6.30%
due 2/15/2024 1,012
Toledo-Lucas County, Ohio, Port Authority Revenue Bonds (Saint Mary Woods Project),
Series A:
750 6% due 5/15/2024 751
2,250 6% due 5/15/2034 2,207
Oregon - 1.7% 4,405 Oregon State Department of Administrative Services, COP, Series A, 6% due
5/01/2010 (b)(c) 5,085
3,900 Oregon State, GO, Refunding (Veterans Welfare), Series 80A, 5.70% due 10/01/2032 3,958
1,830 Portland, Oregon, Housing Authority, Housing Revenue Bonds (Pine Square and
University Place), Series A, 5.875% due 1/01/2022 1,798
Pennsylvania - 7.4% 200 Geisinger Authority, Pennsylvania, Health System Revenue Refunding Bonds
(Geisinger Health Systems), VRDN, 1.84% due 8/01/2028 (m) 200
5,000 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light
Company Project), Series B, 6.40% due 9/01/2029 (e) 5,219
8,980 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT, Series A, 6.25% due 11/01/2027 9,514
16,270 Pennsylvania State Higher Educational Facilities Authority, Health Services
Revenue Refunding Bonds (Allegheny Delaware Valley Obligation), Series C, 5.875%
due 11/15/2016 (e) 17,319
Philadelphia, Pennsylvania, Authority for IDR, Commercial Development:
1,265 7.75% due 12/01/2017 1,292
3,650 (Days Inn), Refunding, Series B, 6.50% due 10/01/2027 3,766
4,000 (Doubletree), Refunding, Series A, 6.50% due 10/01/2027 4,127
700 Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds, VRDN,
1.83% due 6/15/2023 (i)(m) 700
5,000 Sayre, Pennsylvania, Health Care Facilities Authority Revenue Bonds (Guthrie
Health Issue), Series B, 7.125% due 12/01/2031 5,934
Rhode Island - 0.4% Woonsocket, Rhode Island, GO (h):
1,225 6% due 10/01/2017 1,417
1,195 6% due 10/01/2018 1,382
Tennessee - 2.3% 4,610 Hardeman County, Tennessee, Correctional Facilities Corporation Revenue Bonds,
7.75% due 8/01/2017 4,824
10,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling
Facility-Calhoun Newsprint), AMT, 7.40% due 12/01/2022 10,046
Texas - 15.9% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A:
5,000 6.70% due 1/01/2028 5,357
5,000 6.70% due 1/01/2032 5,354
Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue Bonds
(Water at Northern Hills Apartments), Series A (e):
1,300 5.80% due 8/01/2021 1,393
2,460 6% due 8/01/2031 2,580
1,000 6.05% due 8/01/2036 1,049
6,650 Brazos River Authority, Texas, PCR, Refunding (Utilities Electric Company),
AMT, Series B, 5.05% due 6/01/2030 6,834
3,755 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 4,167
4,365 Dallas-Fort Worth, Texas, International Airport Facility, Improvement Corporation
Revenue Bonds (Learjet Inc.), AMT, Series 2001-A-1, 6.15% due 1/01/2016 4,364
7,500 Dallas-Fort Worth, Texas, International Airport Facility, Improvement Corporation
Revenue Refunding Bonds (American Airlines), AMT, Series B, 6.05% due 5/01/2029 7,283
Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project) (a):
3,000 6.875% due 10/01/2020 3,505
2,000 6.375% due 10/01/2025 2,286
5,000 Guadalupe-Blanco River Authority, Texas, Sewage and Solid Waste Disposal Facility
Revenue Bonds (E. I. du Pont de Nemours and Company Project), AMT, 6.40% due
4/01/2026 5,280
3,900 Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue Bonds (Citgo Petroleum
Corporation Project), AMT, 7.50% due 5/01/2025 4,359
1,600 Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo),
AMT, 6.375% due 1/01/2023 1,653
Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor), AMT:
4,830 6.375% due 4/01/2027 5,205
3,330 6.95% due 4/01/2030 3,809
7,030 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 7,789
3,900 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due
11/01/2031 4,206
11,500 Red River Authority, Texas, PCR, Refunding (Celanese Project), AMT, Series B,
6.70% due 11/01/2030 11,899
6,500 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds,
First Tier, Series A, 5.50% due 8/15/2039 (c) 7,176
7,020 Tyler, Texas, Waterworks and Sewer Revenue Bonds, 5.70% due 9/01/2030 (h) 7,817
Utah - 0.3% 1,545 Utah State Board of Regents, Revenue Refunding Bonds (University of Utah
Research Facilities), Series A, 5.50% due 4/01/2018 (e) 1,720
Virginia - 2.9% 5,000 Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds, AMT,
Series A, 6.10% due 2/01/2011 (c) 5,700
Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds:
7,500 Senior Series A, 5.50% due 8/15/2028 7,185
24,800 Senior Series B, 6.67%** due 8/15/2029 5,745
Washington - 0.3% Vancouver, Washington, Housing Authority, Housing Revenue Bonds (Teal Pointe
Apartments Project), AMT:
945 6% due 9/01/2022 915
1,250 6.20% due 9/01/2032 1,202
West Virginia - 0.6% 1,000 Princeton, West Virginia, Hospital Revenue Refunding Bonds (Community Hospital
Association Inc. Project), 6% due 5/01/2019 813
3,000 Upshur County, West Virginia, Solid Waste Disposal Revenue Bonds (TJ International
Project), AMT, 7% due 7/15/2025 3,112
Wisconsin - 0.7% 700 Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50% due 1/01/2025 711
Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds
(Eastcastle Place Inc. Project):
1,000 6% due 12/01/2024 1,003
1,800 6.125% due 12/01/2034 1,774
965 Wisconsin State, GO, AMT, Series B, 6.20% due 11/01/2026 (e) 982
Wyoming - 0.8% 2,550 Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds (FMC Corporation
Project), AMT, Series A, 7% due 6/01/2024 2,595
2,500 Wyoming Student Loan Corporation, Student Loan Revenue Refunding Bonds,
Series A, 6.20% due 6/01/2024 2,714
Puerto Rico - 7.0% 15,000 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Bonds, Trust Receipts, Class R, Series B, 9.603% due 7/01/2035 (e)(k) 19,199
16,360 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series D, 5.75% due 7/01/2041 18,555
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Trust Receipts,
Class R, Series 16 HH, 9.333% due 7/01/2013 (i)(k) 3,198
4,350 Puerto Rico Public Finance Corporation Revenue Bonds, DRIVERS, Series 272,
9.229% due 8/01/2030 (k) 4,909
U.S. Virgin 6,250 Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds
Islands - 1.0% (Hovensa Refinery), AMT, 6.125% due 7/01/2022 6,723
Total Investments (Cost - $900,821*) - 147.7% 962,486
Other Assets Less Liabilities - 4.9% 32,194
Preferred Stock, at Redemption Value - (52.6%) (343,096)
------------
Net Assets Applicable to Common Stock - 100.0% $ 651,584
============
(a)Radian Insured.
(b)Prerefunded.
(c)AMBAC Insured.
(d)FHA Insured.
(e)MBIA Insured.
(f)FNMA Collateralized.
(g)GNMA Collateralized.
(h)FGIC Insured.
(i)FSA Insured.
(j)XL Capital Insured.
(k)The rate disclosed is that currently in effect. This rate
changes periodically and inversely based upon prevailing market
rates.
(l)FHLMC Collateralized.
(m)Security has a maturity of more than one year, but has variable
rate and demand features, which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes
periodically based upon prevailing market rates.
*The cost and unrealized appreciation (depreciation) of investments
as of January 31, 2005, as computed for federal income tax purposes,
were as follows:
(in Thousands)
Aggregate cost $ 900,948
==========
Gross unrealized appreciation $ 65,411
Gross unrealized depreciation (3,873)
----------
Net unrealized appreciation $ 61,538
==========
**Represents a zero coupon bond; the interest rate shown reflects
the effective yield at the time of purchase by the Fund.
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
Merrill Lynch
Institutional Tax-Exempt Fund (9,413) $ 34
Financial futures sold as of January 31, 2005 were as follows:
(in Thousands)
Number of Unrealized
Contracts Issue Expiration Date Face Value Depreciation
1,500 10-Year U.S. Treasury Bond March 2005 $ 167,931 $ (467)
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.
MuniYield Fund, Inc.
By: /s/ Robert C. Doll, Jr.
Robert C. Doll, Jr.,
President
MuniYield Fund, Inc.
Date: March 21, 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.,
President
MuniYield Fund, Inc.
Date: March 21, 2005
By: /s/ Donald C. Burke
Donald C. Burke,
Chief Financial Officer
MuniYield Fund, Inc.
Date: March 21, 2005