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., Chief Executive
Officer, 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: 05/01/05 - 07/31/05
Item 1 - Schedule of Investments
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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Alabama - 1.6% $ 2,500 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B, 5.75% due
6/01/2032 $ 2,673
5,250 Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50% due
1/01/2022 5,718
2,200 Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential Care
Facility Revenue Bonds (Capstone Village, Inc. Project) Series A, 5.625% due
8/01/2025 2,170
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Arizona - 10.0% Arizona State Transportation Board, Highway Revenue Bonds, Sub-Series A:
5,825 5% due 7/01/2021 6,231
7,030 5% due 7/01/2022 7,504
5,240 5% due 7/01/2023 5,581
3,400 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.75% due 7/01/2029 3,344
Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds (CRS Pine Ridge
Housing Corporation), Series A-1 (d)(g):
5,000 6% due 10/20/2031 5,336
5,000 6.05% due 10/20/2036 5,292
Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds
(America West Airlines Inc. Project), AMT:
5,800 6.25% due 6/01/2019 4,745
6,900 6.30% due 4/01/2023 5,211
Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC Project)
(g):
1,610 6.25% due 7/20/2022 1,750
1,425 6.45% due 7/20/2032 1,549
1,305 6.55% due 7/20/2037 1,423
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 at right.
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
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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$ 1,400 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project II), Series A, 6.75% due 7/01/2031 $ 1,452
Pima County, Arizona, IDA, M/F Housing Revenue Bonds (Columbus Village), Series A
(g):
990 5.90% due 10/20/2021 996
1,725 6% due 10/20/2031 1,735
2,295 6.05% due 10/20/2041 2,309
Vistancia Community Facilities District, Arizona, GO:
3,000 5.50% due 7/15/2020 3,032
2,125 5.75% due 7/15/2024 2,154
5,900 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional
Medical Center), Series A, 6% due 8/01/2033 6,350
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Arkansas - 0.9% University of Arkansas, University Construction Revenue Bonds (UAMS Campus), Series
B (e):
2,000 5% due 11/01/2020 2,150
1,600 5% due 11/01/2027 1,700
1,000 University of Arkansas, University Revenue Refunding Bonds (UAMS Campus), Series A,
5% due 11/01/2014 (e) 1,101
1,000 Washington County, Arkansas, Hospital Construction Revenue Refunding Bonds
(Regional Medical Center), Series A, 5% due 2/01/2035 998
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California - 18.2% 8,760 California State, GO, 5% due 2/01/2033 9,104
California State Public Works Board, Lease Revenue Bonds:
2,000 (Department of Corrections), Series C, 5% due 6/01/2025 2,086
4,500 (Department of Mental Health - Coalinga State Hospital), Series A, 5.125% due
6/01/2029 4,710
California State, Various Purpose, GO:
6,800 5.25% due 11/01/2025 7,285
10,000 5% due 4/01/2031 (c) 10,487
5,550 5.50% due 11/01/2033 6,056
Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds:
5,500 Series A-3, 7.875% due 6/01/2042 6,854
7,500 Series A-4, 7.80% due 6/01/2042 9,310
5,000 Series B, 5.50% due 6/01/2007 (b) 5,240
5,000 Series B, 5.375% due 6/01/2010 (b) 5,477
9,520 Series B, 5.50% due 6/01/2013 (b) 10,681
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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$ 19,605 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Refunding Bonds, Series A, 4.84%** due 6/01/2025 (i) $ 7,571
18,400 Los Angeles, California, Unified School District, GO, Series A, 5% due 7/01/2023
(i) 19,500
2,500 Sacramento County, California, Sanitation District, Financing Authority Revenue
Refunding Bonds, Series A, 6% due 12/01/2019 2,551
5,145 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5% due
7/01/2022 (e) 5,472
7,465 University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5%
due 9/01/2021 (i) 7,882
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Colorado - 5.1% 470 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Series D-2, 6.90% due
4/01/2029 481
8,000 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75%
due 11/15/2013 (c) 9,490
5,325 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds (Pavilions),
AMT, 7.75% due 9/01/2016 5,595
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A:
1,735 7.10% due 9/01/2014 1,872
5,065 7.35% due 9/01/2031 5,407
6,850 Plaza Metropolitan District No. 1, Colorado, Tax Allocation Revenue Bonds (Public
Improvement Fees), 8% due 12/01/2025 7,590
SBC Metropolitan District, Colorado, GO, Refunding (k):
750 5% due 12/01/2025 762
720 5% due 12/01/2029 729
1,775 5% due 12/01/2034 1,791
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Connecticut - 0.9% 5,000 Bridgeport, Connecticut, Senior Living Facilities Revenue Bonds (3030 Park
Retirement Community Project), 7.25% due 4/01/2035 5,191
525 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC Project), AMT,
7.35% due 4/01/2010 535
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Florida - 4.3% Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National
Gypsum), AMT:
11,500 Series A, 7.125% due 4/01/2030 12,896
5,000 Series B, 7.125% due 4/01/2030 5,607
5,450 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series B, 6.50% due 5/01/2037 5,789
1,100 Orange County, Florida, Health Facilities Authority, Health Care Revenue Refunding
Bonds (Orlando Lutheran Towers), 5.375% due 7/01/2020 1,098
3,000 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 2,982
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MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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Georgia - 3.7% $ 12,140 Atlanta, Georgia, Airport Revenue Refunding Bonds, Series A, 5.875% due 1/01/2016
(h) $ 13,458
4,600 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due
12/01/2024 5,001
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 2,426
3,595 7.25% due 1/01/2035 3,855
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Idaho - 1.6% 380 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Senior Series C-2,
7.15% due 7/01/2023 380
10,000 Power County, Idaho, Industrial Development Corporation, Solid Waste Disposal
Revenue Bonds (FMC Corporation Project), AMT, 6.45% due 8/01/2032 10,409
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Illinois - 3.8% 745 Beardstown, Illinois, IDR (Jefferson Smurfit Corp. Project), 8% due 10/01/2016 787
13,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, 3rd Lien, AMT,
Series B-2, 6% due 1/01/2029 (j) 14,860
150 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series B, 7.625% due 9/01/2027
(f)(g)(l) 150
3,285 Illinois Development Finance Authority Revenue Bonds (Presbyterian Home Lake
Project), Series B, 6.30% due 9/01/2022 (i) 3,461
1,750 Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg),
Series A, 5.625% due 2/15/2037 1,770
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) 4,415
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Indiana - 1.1% Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series A (h):
2,850 5% due 1/01/2029 2,990
4,350 5% due 1/01/2032 4,549
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Kansas - 0.5% 1,250 Lenexa, Kansas, Health Care Facility Revenue Bonds (Lakeview Village Inc.),
Series C, 6.875% due 5/15/2032 1,357
1,700 Unified Government of Wyandotte County and Kansas City, Kansas, Sales Tax Special
Obligation Revenue Refunding Bonds (Redevelopment Project Area B), Second Lien, 5%
due 12/01/2020 1,712
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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 3,300
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Louisiana - 2.9% 19,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project),
6.50% due 1/01/2017 19,552
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MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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Maryland - 1.2% $ 3,000 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds
(Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 $ 3,061
4,000 Maryland State Health and Higher Educational Facilities Authority Revenue Refunding
Bonds (University of Maryland Medical System), 6% due 7/01/2032 4,378
500 Maryland State Industrial Development Financing Authority, Economic Development
Revenue Bonds (Our Lady of Good Counsel School), Series A, 6% due 5/01/2035 513
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Massachusetts - 6.3% 6,640 Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds,
Senior Series A, 5% due 7/01/2032 6,912
3,500 Massachusetts State Development Finance Agency, Human Service Provider Revenue
Bonds (Seven Hills Foundation & Affiliates), 5% due 9/01/2035 (a) 3,626
19,330 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (i) 20,505
10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25% due
1/01/2014 (b)(h) 11,052
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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 6,144
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Minnesota - 0.6% Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project), Series
A (g):
420 6% due 8/20/2021 460
2,000 6.20% due 2/20/2043 2,171
965 Minneapolis, Minnesota, M/F Housing Revenue Bonds (Gaar Scott Loft Project), AMT,
5.95% due 5/01/2030 1,011
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Missouri - 2.1% Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois
Bluffs):
380 6.75% due 10/01/2015 383
2,800 7% due 10/01/2021 3,017
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 5,188
5,000 5.28%** due 4/15/2029 1,647
5,000 5.31%** due 4/15/2030 1,567
5,000 5.32%** due 4/15/2031 1,488
300 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds,
Homeownership, AMT, Series B, 7.55% due 9/01/2027 (f)(g) 301
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MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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Nebraska - 0.3% Lincoln, Nebraska, Sanitation and Sewer Revenue Bonds:
$ 865 4.25% due 6/15/2024 $ 845
905 4.25% due 6/15/2025 881
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New Hampshire - 0.5% 3,425 New Hampshire Health and Education Facilities Authority, Revenue Refunding Bonds
(Elliot Hospital), Series B, 5.60% due 10/01/2022 3,629
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New Jersey - 24.2% 4,500 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation
Revenue Bonds, Series A, 5.80% due 11/01/2022 (i) 5,173
11,435 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 12,090
New Jersey EDA, First Mortgage Revenue Bonds, Series A:
710 (Lions Gate Project), 5.75% due 1/01/2025 721
230 (Lions Gate Project), 5.875% due 1/01/2037 234
3,000 (The Presbyterian Home), 6.375% due 11/01/2031 3,104
20,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5% due 7/01/2029
(e) 21,164
4,400 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2031 4,782
17,300 New Jersey EDA, School Facilities Construction, Revenue Refunding Bonds, Series K,
5.50% due 12/15/2019 (c) 20,095
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project),
AMT:
3,905 6.25% due 9/15/2019 3,640
14,830 6.25% due 9/15/2029 13,534
3,680 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley
Hospital Association), 6.625% due 7/01/2036 3,784
1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds
(Pascack Valley Hospital Association), 5.125% due 7/01/2028 1,316
10,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue
Refunding Bonds, Series B, 5.25% due 12/15/2015 (c) 11,163
20,000 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C-2,
5.50% due 1/01/2025 (c) 23,487
4,360 Port Authority of New York and New Jersey, Revenue Refunding Bonds, DRIVERS, AMT,
Series 177, 9.346% due 10/15/2032 (e)(m) 4,960
20,575 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds,
DRIVERS, AMT, Series 192, 8.845% due 12/01/2025 (e)(m) 22,844
7,500 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, 6% due 6/01/2037 8,079
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MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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New York - 16.4% $ 2,200 Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Saint
Francis Hospital), Series A, 7.50% due 3/01/2029 $ 2,340
5,595 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds,
RITR, Series 9, 6.10% due 7/01/2006 (b)(h)(m) 6,160
New York City, New York, City IDA, Special Facilities Revenue Bonds, AMT:
1,250 (British Airways PLC Project), 7.625% due 12/01/2032 1,394
10,000 (Terminal One Group Association Project), 6.125% due 1/01/2024 10,145
5,000 New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, DRIVERS, Series 198, 8.866% due 6/15/2026 (e)(m) 5,358
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 15,258
10,000 New York City, New York, GO, Refunding, Trust Receipts, Series R, 10.042% due
5/15/2014 (h)(m) 12,768
10,000 New York City, New York, GO, Series M, 5% due 4/01/2021 10,549
New York State Dormitory Authority, Revenue Refunding Bonds (Mount Sinai Health),
Series A:
5,000 6.75% due 7/01/2020 5,376
315 6.50% due 7/01/2025 334
8,360 New York State Dormitory Authority, Supported Debt Revenue Refunding Bonds
(Department of Health), Series A, 5% due 7/01/2023 (n) 8,870
2,500 Suffolk County, New York, IDA, IDR, Refunding (Nissequogue Cogeneration Partners
Facility), AMT, 5.50% due 1/01/2023 2,515
9,400 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1,
5.50% due 6/01/2021 10,327
10,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Bonds, 5.25%
due 11/15/2030 10,678
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 3,672
2,895 6.50% due 1/01/2034 3,093
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North Carolina - 1.9% 2,710 Charlotte, North Carolina, Airport Revenue Bonds, Series A, 5% due 7/01/2029 (e) 2,843
4,750 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series
D, 6.75% due 1/01/2026 5,288
290 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 8-A, 6.20% due
7/01/2016 302
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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$ 885 North Carolina, HFA, S/F Revenue Bonds, Series II, 6.20% due 3/01/2016 (d) $ 915
1,000 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage
Revenue Bonds (Arbor Acres Community Project), 6.375% due 3/01/2032 1,055
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 2,030
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Ohio - 4.0% Cincinnati, Ohio, City School District, GO (School Improvement), Refunding (i):
4,280 5% due 12/01/2020 4,751
3,450 5% due 12/01/2021 3,834
Cuyahoga County, Ohio, Mortgage Revenue Bonds (West Tech Apartments Project), AMT
(g):
1,410 5.75% due 9/20/2020 1,488
2,250 5.85% due 9/20/2030 2,373
2,175 Lucas County, Ohio, Health Care Facility Revenue Refunding and Improvement Bonds
(Sunset Retirement Communities), Series A, 6.625% due 8/15/2030 2,347
5,000 Mason, Ohio, City School District, GO (School Improvement), 5% due 12/01/2031 (i) 5,259
2,495 Mason, Ohio, Sewer System Revenue Refunding and Improvement Bonds, 5% due
12/01/2028 (e) 2,635
970 Port of Greater Cincinnati Development Authority, Ohio, Special Assessment Revenue
Bonds (Cooperative Public Parking Infrastructure Project), 6.30% due 2/15/2024 1,037
Toledo-Lucas County, Ohio, Port Authority Revenue Bonds (Saint Mary Woods Project),
Series A:
750 6% due 5/15/2024 761
2,250 6% due 5/15/2034 2,263
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Oregon - 1.6% 4,405 Oregon State Department of Administrative Services, COP, Series A, 6% due 5/01/2010
(b)(c) 4,968
3,460 Oregon State, GO, Refunding (Veterans Welfare), Series 80A, 5.70% due 10/01/2032 3,471
1,830 Portland, Oregon, Housing Authority, Housing Revenue Bonds (Pine Square and
University Place), Series A, 5.875% due 1/01/2022 1,827
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Pennsylvania - 6.5% 5,000 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power and Light
Utilities Corporation Project), 4.75% due 2/15/2027 (h) 5,108
5,270 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT, Series A, 6.25% due 11/01/2027 5,665
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) 17,149
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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Philadelphia, Pennsylvania, Authority for IDR, Commercial Development:
$ 1,265 7.75% due 12/01/2017 $ 1,293
3,650 (Days Inn), Refunding, Series B, 6.50% due 10/01/2027 3,768
4,000 (Doubletree), Refunding, Series A, 6.50% due 10/01/2027 4,130
5,000 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2031 5,939
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Rhode Island - 1.1% 4,240 Central Falls, Rhode Island, Detention Facility Corporation, Detention Facility,
Revenue Refunding Bonds, 7.25% due 7/15/2035 4,349
Woonsocket, Rhode Island, GO (h):
1,225 6% due 10/01/2017 1,389
1,195 6% due 10/01/2018 1,352
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Tennessee - 2.2% 4,610 Hardeman County, Tennessee, Correctional Facilities Corporation Revenue Bonds,
7.75% due 8/01/2017 4,801
10,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling
Facility-Calhoun Newsprint), AMT, 7.40% due 12/01/2022 10,054
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Texas - 15.0% 5,000 Alliance Airport Authority, Inc., Texas, Special Facilities Revenue Bonds (American
Airlines Inc. Project), AMT, 7.50% due 12/01/2029 4,481
Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A:
5,000 6.70% due 1/01/2028 5,389
5,000 6.70% due 1/01/2032 5,321
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 1,333
2,460 6% due 8/01/2031 2,523
1,000 6.05% due 8/01/2036 1,026
6,650 Brazos River Authority, Texas, PCR, Refunding (Utilities Electric Company), AMT,
Series B, 5.05% due 6/01/2030 6,707
3,755 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc.
Project), Series B, 7.75% due 12/01/2018 4,171
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 7,470
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project) (a):
$ 3,000 6.875% due 10/01/2020 $ 3,442
2,000 6.375% due 10/01/2025 2,248
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 5,190
3,900 Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue Bonds (Citgo Petroleum
Corporation Project), AMT, 7.50% due 5/01/2025 4,474
1,600 Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo), AMT,
6.375% due 1/01/2023 1,663
Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor), AMT:
4,830 6.375% due 4/01/2027 5,157
3,330 6.95% due 4/01/2030 3,799
7,030 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 7,721
5,200 Nueces River Authority, Texas, Water Supply Facilities, Revenue Refunding Bonds
(Corpus Christi Lake Project), 5% due 7/15/2026 (i) 5,492
3,900 Port Corpus Christi, Texas, Individual Development Corporation, Environmental
Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due
11/01/2031 4,169
2,500 Red River Authority, Texas, PCR, Refunding (Celanese Project), AMT, Series B, 6.70%
due 11/01/2030 2,693
6,500 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.50% due 8/15/2039 (c) 7,160
7,020 Tyler, Texas, Waterworks and Sewer Revenue Bonds, 5.70% due 9/01/2010 (b)(h) 7,808
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Utah - 0.3% 1,545 Utah State Board of Regents, Revenue Refunding Bonds (University of Utah Research
Facilities), Series A, 5.50% due 4/01/2010 (b)(e) 1,709
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Virginia - 3.5% James City County, Virginia, Economic Development Authority, Residential Care
Facility, First Mortgage Revenue Refunding Bonds (Williamsburg Landing, Inc.),
Series A:
1,500 5.35% due 9/01/2026 1,512
2,000 5.50% due 9/01/2034 2,023
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
-----------------------------------------------------------------------------------------------------------------------------------
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds:
$ 6,750 Senior-Series A, 5.50% due 8/15/2028 $ 7,025
24,800 Senior-Series B, 6.67%** due 8/15/2029 6,289
3,970 Tobacco Settlement Financing Corporation of Virginia, Asset Backed Revenue Bonds,
5.625% due 6/01/2037 4,187
Winchester, Virginia, IDA, Residential Care Facilities, Revenue Bonds
(Westminster-Canterbury), Series A:
1,000 5.20% due 1/01/2027 1,007
1,000 5.30% due 1/01/2035 1,007
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 0.3% Vancouver, Washington, Housing Authority, Housing Revenue Bonds
(Teal Pointe Apartments Project), AMT:
945 6% due 9/01/2022 952
1,250 6.20% due 9/01/2032 1,260
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.1% 1,000 Princeton, West Virginia, Hospital Revenue Refunding Bonds (Community Hospital
Association Inc. Project), 6% due 5/01/2019 925
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.7% 700 Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50% due 1/01/2025 740
Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds
(Eastcastle Place Inc. Project):
1,000 6% due 12/01/2024 1,022
1,800 6.125% due 12/01/2034 1,817
965 Wisconsin State, GO, AMT, Series B, 6.20% due 11/01/2026 (e) 965
-----------------------------------------------------------------------------------------------------------------------------------
Wyoming - 0.8% 2,550 Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds (FMC Corporation
Project), AMT, Series A, 7% due 6/01/2024 2,578
2,500 Wyoming Student Loan Corporation, Student Loan Revenue Refunding Bonds, Series A,
6.20% due 6/01/2024 2,688
-----------------------------------------------------------------------------------------------------------------------------------
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
-----------------------------------------------------------------------------------------------------------------------------------
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 6.8% $ 15,000 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Bonds, Trust Receipts, Class R, Series B, 9.074% due 7/01/2035 (e)(m) $ 18,636
16,360 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series D, 5.75% due 7/01/2041 18,243
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Trust Receipts, Class R,
Series 16 HH, 8.804% due 7/01/2013 (i)(m) 3,102
4,350 Puerto Rico Public Finance Corporation Revenue Bonds, DRIVERS, Series 272, 8.735%
due 8/01/2030 (m) 4,710
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Islands 6,250 Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds (Hovensa
- 1.0% Refinery), AMT, 6.125% due 7/01/2022 6,884
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $949,587) - 153.4% 1,015,965
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
800 Merrill Lynch Institutional Tax-Exempt Fund (o) 800
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $800) - 0.1% 800
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $950,387*) - 153.5% 1,016,765
Liabilities in Excess of Other Assets - (1.7%) (11,326)
Preferred Stock, at Redemption Value - (51.8%) (343,022)
----------
Net Assets Applicable to Common Stock - 100.0% $ 662,417
==========
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2005, as computed for federal income tax purposes, were as
follows:
(in Thousands)
-------------------------------------------------------------------------
Aggregate cost $ 950,514
=========
Gross unrealized appreciation $ 69,793
Gross unrealized depreciation (3,542)
---------
Net unrealized appreciation $ 66,251
=========
MuniYield Fund, Inc.
Schedule of Investments as of July 31, 2005
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
(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) ACA Insured.
(l) FHLMC Collateralized.
(m) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(n) CIFG Insured.
(o) 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:
(in Thousands)
-------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
-------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund (8,613) $64
-------------------------------------------------------------------------
Financial futures contracts sold as of July 31, 2005 were as follows:
(in Thousands)
-------------------------------------------------------------------------
Number of Expiration Face Unrealized
Contracts Issue Date Value Appreciation
-------------------------------------------------------------------------
750 10-Year U.S. September
Treasury Notes 2005 $84,255 $1,017
-------------------------------------------------------------------------
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.,
Chief Executive Officer
MuniYield Fund, Inc.
Date: September 23, 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
MuniYield Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Fund, Inc.
Date: September 23, 2005