N-Q 1 myield.txt MUNIYIELD 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: Terry K. Glenn, 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: 10/31/04 Date of reporting period: 05/01/04 - 07/31/04 Item 1 - Schedule of Investments MuniYield Fund, Inc. Schedule of Investments as of July 31, 2004 (in Thousands)
S&P Moody's Face State Ratings Ratings Amount Municipal Bonds Value Alabama - 0.4% NR* A2 $2,500 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B, 5.75% due 6/01/2032 $ 2,561 Alaska - 0.3% NR* Ba1 2,050 Valdez, Alaska, Marine Terminal Revenue Refunding Bonds (Amerada Hess Pipeline Corporation), 6.10% due 2/01/2024 2,062 Arizona - 8.9% Arizona State Transportation Board, Highway Revenue Bonds, Sub-Series A: AA Aa2 5,825 5% due 7/01/2021 6,065 AA Aa2 7,030 5% due 7/01/2022 7,274 AA Aa2 5,240 5% due 7/01/2023 5,380 NR* Baa3 2,300 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project 1), Series A, 6.75% due 7/01/2029 2,335 Maricopa County, Arizona, IDA, M/F Housing Revenue Refunding Bonds (CRS Pine Ridge Housing Corporation), Series A-1 (g): AAA NR* 5,000 6% due 10/20/2031 5,157 AAA NR* 5,000 6.05% due 10/20/2036 5,159
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 July 31, 2004 (concluded) (in Thousands)
S&P Moody's Face State Ratings Ratings Amount Municipal Bonds Value Arizona Phoenix, Arizona, IDA, Airport Facility Revenue Refunding Bonds (concluded) (America West Airlines Inc. Project), AMT: NR* Caa2 $5,800 6.25% due 6/01/2019 $ 4,456 NR* Caa2 6,900 6.30% due 4/01/2023 5,164 Phoenix, Arizona, IDA, M/F Housing Revenue Bonds (Summit Apartments LLC Project) (g): AAA NR* 1,610 6.25% due 7/20/2022 1,690 AAA NR* 1,425 6.45% due 7/20/2032 1,485 AAA NR* 1,305 6.55% due 7/20/2037 1,364 NR* Baa3 1,400 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project II), Series A, 6.75% due 7/01/2031 1,419 Pima County, Arizona, IDA, M/F Housing Revenue Bonds (Columbus Village), Series A (g): AAA NR* 990 5.90% due 10/20/2021 997 AAA NR* 1,725 6% due 10/20/2031 1,738 AAA NR* 2,295 6.05% due 10/20/2041 2,312 NR* Baa2 2,500 Yavapai County, Arizona, IDA, Hospital Facility Revenue Bonds (Yavapai Regional Medical Center), Series A, 6% due 8/01/2033 2,522 California - AAA Aaa 3,370 Anaheim, California, Union High School District, GO, Series A, 21.7% 5% due 8/01/2022 (i) 3,473 BBB A3 8,760 California State, GO, 5% due 2/01/2033 8,488 California State Public Works Board, Lease Revenue Bonds: BBB- Baa1 2,000 (Department of Corrections), Series C, 5% due 6/01/2025 1,967 BBB- Baa1 4,500 (Department of Mental Health - Coalinga State Hospital), Series A, 5.125% due 6/01/2029 4,392 California State, Various Purpose, GO: BBB A3 6,800 5.25% due 11/01/2025 6,924 AAA Aaa 10,000 5% due 4/01/2031 (c) 9,970 BBB A3 5,550 5.50% due 11/01/2033 5,745 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds: BBB Baa3 5,500 Series A-3, 7.875% due 6/01/2042 5,609 BBB Baa3 7,500 Series A-4, 7.80% due 6/01/2042 7,613 BBB- Baa1 5,000 Series B, 5.50% due 6/01/2018 5,133 BBB- Baa1 5,000 Series B, 5.375% due 6/01/2028 4,957 BBB- Aaa 9,520 Series B, 5.50% due 6/01/2043 9,542 AAA Aaa 10,000 Los Angeles, California, Community Redevelopment Agency, Community Redevelopment Financing Authority Revenue Bonds (Bunker Hill Project), Series A, 5% due 12/01/2027 (i) 10,015 AAA Aaa 18,400 Los Angeles, California, Unified School District, GO, Series A, 5% due 7/01/2023 (i) 18,919 AA Aa3 1,250 Sacramento County, California, Sanitation District, Financing Authority Revenue Refunding Bonds, Trust Receipts, Class R, Series A, 10.57% due 12/01/2019 (k) 1,399 AAA Aaa 5,145 Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5% due 7/01/2022 (e) 5,305 AAA Aaa 10,000 University of California Hospital Revenue Bonds (UCLA Medical Center), Series A, 5% due 5/15/2039 (c) 9,820 AAA Aaa 7,465 University of California Revenue Bonds (Multiple Purpose Projects), Series Q, 5% due 9/01/2021 (i) 7,757 University of California, Revenue Refunding Bonds, Series A (c): AAA Aaa 3,000 5.125% due 5/15/2019 3,179 AAA Aaa 2,500 5.125% due 5/15/2020 2,636 Colorado - 4.9% AA Aa2 650 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Series D-2, 6.90% due 4/01/2029 654 AAA Aaa 8,000 Denver, Colorado, City and County Airport Revenue Bonds, AMT, Series D, 7.75% due 11/15/2013 (c) 9,733 NR* Baa2 5,500 Denver, Colorado, Urban Renewal Authority, Tax Increment Revenue Bonds (Pavilions), AMT, 7.75% due 9/01/2016 5,809 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee), Series A: NR* NR* 1,735 7.10% due 9/01/2014 1,802 NR* NR* 5,065 7.35% due 9/01/2031 5,259 NR* NR* 6,850 Plaza Metropolitan District No. 1, Colorado, Tax Allocation Revenue Bonds (Public Improvement Fees), 8% due 12/01/2025 7,028 Connecticut - NR* NR* 600 Connecticut State Development Authority, IDR (AFCO Cargo BDL-LLC 0.1% Project), AMT, 7.35% due 4/01/2010 604 Florida - 4.3% Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum), AMT: NR* NR* 11,500 Series A, 7.125% due 4/01/2030 12,102 NR* NR* 5,000 Series B, 7.125% due 4/01/2030 5,262 NR* NR* 4,200 Midtown Miami, Florida, Community Development District, Special Assessment Revenue Bonds, Series B, 6.50% due 5/01/2037 4,276 AAA Aaa 2,140 Saint Lucie County, Florida, Sales Tax Revenue Refunding and Improvement Bonds, 5.25% due 10/01/2022 (e) 2,269 B- B1 3,000 Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25% due 7/01/2028 2,512 Georgia - 3.0% AAA Aaa 12,140 Atlanta, Georgia, Airport Revenue Refunding Bonds, Series A, 5.875% due 1/01/2016 (h) 13,646 NR* NR* 4,600 Atlanta, Georgia, Tax Allocation Revenue Bonds (Atlantic Station Project), 7.90% due 12/01/2024 4,787 Idaho - 1.8% AA NR* 545 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Senior Series C-2, 7.15% due 7/01/2023 545 BB+ Ba3 10,000 Power County, Idaho, Industrial Development Corporation, Solid Waste Disposal Revenue Bonds (FMC Corporation Project), AMT, 6.45% due 8/01/2032 10,203 Illinois - 4.7% NR* B2 795 Beardstown, Illinois, IDR (Jefferson Smurfit Corp. Project), 8% due 10/01/2016 824 AAA Aaa 13,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, 3rd Lien, AMT, Series B-2, 6% due 1/01/2029 (j) 14,192 NR* Aaa 230 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series B, 7.625% due 9/01/2027 (f)(g)(l) 232 B Ba3 2,750 Illinois Development Finance Authority, PCR, Refunding (Illinois Power Company Project), Series A, 7.375% due 7/01/2006 (b) 3,063 AAA Aaa 3,285 Illinois Development Finance Authority Revenue Bonds (Presbyterian Home Lake Project), Series B, 6.30% due 9/01/2022 (i) 3,585 NR* NR* 1,760 Illinois Educational Facilities Authority, Revenue Refunding Bonds (Chicago Osteopathic Health System), 7.25% due 11/15/2019 (b) 1,786 NR* B2 1,250 Illinois Health Facilities Authority Revenue Bonds (Holy Cross Hospital Project), 6.70% due 3/01/2014 1,037 A1 VMIG1+ 10 Illinois Health Facilities Authority, Revenue Refunding Bonds (University of Chicago Hospitals), VRDN, 1.08% due 8/01/2026 (e)(m) 10 AAA Aaa 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) 4,287 Kansas - 0.2% BB+ NR* 1,250 Lenexa, Kansas, Health Care Facility Revenue Bonds (Lakeview Village Inc.), Series C, 6.875% due 5/15/2032 1,303 Kentucky - 0.5% NR* NR* 3,000 Kentucky Economic Development Finance Authority, Health System Revenue Refunding Bonds (Norton Healthcare Inc.), Series A, 6.625% due 10/01/2028 3,122 Louisiana - B NR* 4,125 Hodge, Louisiana, Utility Revenue Refunding Bonds (Stone Container 3.8% Corporation), AMT, 7.45% due3 /01/2024 4,210 BB- NR* 19,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project), 6.50% due 1/01/2017 19,180 Maryland - 1.2% NR* NR* 3,000 Maryland State Energy Financing Administration, Limited Obligation Revenue Bonds (Cogeneration-AES Warrior Run), AMT, 7.40% due 9/01/2019 3,065 A A3 4,000 Maryland State Health and Higher Educational Facilities Authority Revenue Refunding Bonds (University of Maryland Medical System), 6% due 7/01/2032 4,182 Massachusetts AAA Aaa 10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 1.7% 5.25% due 1/01/2029 (h) 10,299 Michigan - 0.5% BBB- NR* 3,325 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds (Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 3,033 Minnesota - 0.6% Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project), Series A (g): NR* A1 420 6% due 8/20/2021 456 NR* A1 2,000 6.20% due 2/20/2043 2,145 NR* Aa2 985 Minneapolis, Minnesota, M/F Housing Revenue Bonds (Gaar Scott Loft Project), AMT, 5.95% due 5/01/2030 1,037 Missouri - 0.7% Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois Bluffs): NR* NR* 635 6.75% due 10/01/2015 648 NR* NR* 2,800 7% due 10/01/2021 3,005 AAA NR* 445 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds, Homeownership, AMT, Series B, 7.55% due 9/01/2027 (f)(g) 447 New Hampshire BBB+ Baa1 3,425 New Hampshire Health and Education Facilities Authority, Revenue 0.6% Refunding Bonds (Elliot Hospital), Series B, 5.60% due 10/01/2022 3,434 New Jersey - NR* NR* 3,000 New Jersey EDA, First Mortgage Revenue Bonds (The Presbyterian 10.6% Home), Series A, 6.375% due 11/01/2031 3,018 NR* NR* 4,400 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc. Facility), Series A, 7.25% due 11/15/2031 4,457 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT: B Caa2 3,905 6.25% due 9/15/2019 3,094 B Caa2 16,195 6.25% due 9/15/2029 12,104 B+ NR* 3,680 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley Hospital Association), 6.625% due 7/01/2036 3,283 B+ NR* 1,500 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (Pascack Valley Hospital Association), 5.125% due 7/01/2028 1,092 AAA NR* 4,360 Port Authority of New York and New Jersey Revenue Refunding Bonds, DRIVERS, AMT, Series 177, 10.618% due 10/15/2032 (e)(k) 5,126 AAA NR* 20,575 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds, DRIVERS, AMT, Series 192, 10.117% due 12/01/2025 (e)(k) 23,084 BBB Baa3 7,500 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Refunding Bonds, 6% due 6/01/2037 5,997 BBB Baa3 4,500 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 6.75% due 6/01/2039 4,054 New York - NR* NR* 2,240 Dutchess County, New York, IDA, Civic Facility Revenue Refunding 20.6 % Bonds (Saint Francis Hospital), Series A, 7.50% due 3/01/2029 2,186 AAA Aaa 5,595 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, RITR, Series 9, 10.74% due 7/01/2006 (b)(h)(k) 6,697 New York City, New York, City IDA, Special Facilities Revenue Bonds, AMT: BB- Ba2 1,250 (British Airways PLC Project), 7.625% due 12/01/2032 1,234 BBB+ A3 10,000 (Terminal One Group Association Project), 6.125% due 1/01/2024 10,341 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds (k): AAA NR* 5,000 DRIVERS, Series 198, 10.147% due 6/15/2026 (e) 5,775 AAA Aaa 3,000 RITR, Series 11, 10.29% due 6/15/2026 (i) 3,453 AA+ Aa2 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 14,567 New York City, New York, GO, Refunding (h): AAA Aaa 2,000 Series G, 5.75% due 2/01/2014 (e) 2,135 NR* Aaa 10,000 Trust Receipts, Series R, 11.34% due 5/15/2014 (h)(k) 13,141 AA- NR* 6,795 New York State Dormitory Authority, Hospital Revenue Refunding Bonds (North General Hospital), 5.75% due 2/15/2015 7,529 New York State Dormitory Authority, Revenue Refunding Bonds (Mount Sinai Health), Series A: BB Ba1 5,000 6.75% due 7/01/2020 5,123 BB Ba1 315 6.50% due 7/01/2025 318 AA A1 10,000 New York State Urban Development Corporation, Personal Income Tax Revenue Bonds (State Facilities), Series A, 5.50% due 3/15/2032 10,481 NR* NR* 2,500 Suffolk County, New York, IDA, IDR, Refunding (Nissequogue Cogeneration Partners Facility), AMT, 5.50% due 1/01/2023 2,331 Tobacco Settlement Financing Corporation of New York Revenue Bonds: AAA Aaa 13,875 Series A-1, 5.25% due 6/01/2022 (c) 14,441 AA- A3 9,400 Series C-1, 5.50% due 6/01/2021 9,952 A+ A1 10,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Bonds, 5.25% due 11/15/2030 10,176 Westchester County, New York, IDA, Continuing Care Retirement Mortgage Revenue Bonds (Kendal on Hudson Project), Series A: NR* NR* 3,450 6.375% due 1/01/2024 3,478 NR* NR* 2,895 6.50% due 1/01/2034 2,853 North Carolina BBB Baa2 4,750 North Carolina Eastern Municipal Power Agency, Power System Revenue 1.3% Bonds, Series D, 6.75% due 1/01/2026 5,193 AA Aa2 380 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 8-A, 6.20% due 7/01/2016 398 AA Aa2 1,055 North Carolina HFA, S/F Revenue Bonds, Series II, 6.20% due 3/01/2016 (d) 1,098 NR* NR* 1,000 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage Revenue Bonds (Arbor Acres Community Project), 6.375% due 3/01/2032 1,011 Ohio - 2.4% Cuyahoga County, Ohio, Mortgage Revenue Bonds (West Tech Apartments Project), AMT (g): NR* Aaa 1,410 5.75% due 9/20/2020 1,474 NR* Aaa 2,250 5.85% due 9/20/2030 2,325 NR* NR* 2,175 Lucas County, Ohio, Health Care Facility Revenue Refunding and Improvement Bonds (Sunset Retirement Communities), Series A, 6.625% due 8/15/2030 2,239 NR* Aaa 5,000 Mason, Ohio, City School District, GO (School Improvement), 5% due 12/01/2031(i) 5,011 Mason, Ohio, Sewer System Revenue Refunding and Improvement Bonds (e): NR* Aaa 350 4.625% due 12/01/2025 338 NR* Aaa 2,495 5% due 12/01/2028 2,505 NR* NR* 970 Port of Greater Cincinnati Development Authority, Ohio, Special Assessment Revenue Bonds (Cooperative Public Parking Infrastructure Project), 6.30% due 2/15/2024 969 Oregon - 1.8% AAA Aaa 4,405 Oregon State Department of Administrative Services, COP, Series A, 6% due 5/01/2010 (b)(c) 5,083 AA- Aa3 4,305 Oregon State, GO, Refunding (Veterans Welfare), Series 80A, 5.70% due 10/01/2032 4,440 NR* NR* 1,830 Portland, Oregon, Housing Authority, Housing Revenue Bonds (Pine Square and University Place), Series A, 5.875% due 1/01/2022 1,761 Pennsylvania - AAA Aaa 5,000 Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania 11.5% Power and Light Company Project), Series B, 6.40% due 9/01/2029 (e) 5,118 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (National Gypsum Company), AMT: NR* NR* 12,100 Series A, 6.25% due 11/01/2027 12,077 NR* NR* 8,800 Series B, 6.125% due 11/01/2027 8,649 AAA Aaa 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) 17,483 NR* NR* 1,265 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75% due 12/01/2017 1,295 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, Refunding: NR* NR* 3,650 (Days Inn), Series B, 6.50% due 10/01/2027 3,700 NR* NR* 4,000 (Doubletree), Series A, 6.50% due 10/01/2027 4,054 AAA Aaa 10,965 Philadelphia, Pennsylvania, School District, GO, Series A, 5.50% due 2/01/2012 (b)(i) 12,326 A- NR* 5,000 Sayre, Pennsylvania, Health Care Facilities Authority Revenue Bonds (Guthrie Health Issue), Series B, 7.125% due 12/01/2031 5,700 Rhode Island - Woonsocket, Rhode Island, GO (h): 0.5% NR* Aaa 1,225 6% due 10/01/2017 1,399 NR* Aaa 1,195 6% due 10/01/2018 1,365 Tennessee - NR* NR* 4,610 Hardeman County, Tennessee, Correctional Facilities Corporation 2.4% Revenue Bonds, 7.75% due 8/01/2017 4,770 BB Ba2 10,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling Facility-Calhoun Newsprint), AMT, 7.40% due 12/01/2022 10,031 Texas - 20.3% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First Tier, Series A: BBB- Baa3 5,000 6.70% due 1/01/2028 5,199 BBB- Baa3 5,000 6.70% due 1/01/2032 5,196 Bexar County, Texas, Housing Finance Corporation, M/F Housing Revenue Bonds (Water at Northern Hills Apartments), Series A (e): NR* Aaa 1,300 5.80% due 8/01/2021 1,348 NR* Aaa 2,460 6% due 8/01/2031 2,525 NR* Aaa 1,000 6.05% due 8/01/2036 1,027 BBB Baa2 6,850 Brazos River Authority, Texas, PCR, Refunding (Utilities Electric Company), AMT, Series B, 5.05% due 6/01/2030 7,030 BBB- NR* 3,755 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project), Series B, 7.75% due 12/01/2018 4,088 BBB- Baa3 5,045 Dallas-Fort Worth, Texas, International Airport Facility, Improvement Corporation Revenue Bonds (Learjet Inc.), AMT, Series 2001-A-1, 6.15% due 1/01/2016 5,032 CCC Caa2 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 7,146 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds (Good Shepherd Medical Center Project) (a): AA Baa2 3,000 6.875% due 10/01/2020 3,472 AA Baa2 2,000 6.375% due 10/01/2025 2,231 AA- Aa3 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 5,328 BB Ba3 3,900 Gulf Coast, Texas, IDA, Solid Waste Disposal Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 7.50% due 5/01/2025 4,091 AAA Aaa 18,200 Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, Series A, 5.25% due 5/15/2025 (e) 18,919 NR* Baa3 1,600 Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo), AMT, 6.375% due 1/01/2023 1,611 Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor), AMT: A- A3 6,200 6.375% due 4/01/2027 6,619 A- A3 3,330 6.95% due 4/01/2030 3,737 BBB- Ba2 7,030 Matagorda County, Texas, Navigation District Number 1 Revenue Refunding Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029 7,739 BB Ba3 3,900 Port Corpus Christi, Texas, Individual Development Corporation, Environmental Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due 11/01/2031 4,113 B- B1 11,500 Red River Authority, Texas, PCR, Refunding (Celanese Project), AMT, Series B, 6.70% due 11/01/2030 11,186 San Antonio, Texas, Water Revenue Refunding Bonds: AA- Aa3 1,000 5.875% due 5/15/2016 1,117 AA- Aa3 1,000 5.875% due 5/15/2017 1,114 AAA Aaa 6,500 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, Series A, 5.50% due 8/15/2039 (c) 6,783 AAA Aaa 7,020 Tyler, Texas, Waterworks and Sewer Revenue Bonds, 5.70% due 9/01/2030 (h) 7,495 Utah - 0.3% AAA Aaa 1,545 Utah State Board of Regents, Revenue Refunding Bonds (University of Utah Research Facilities), Series A, 5.50% due 4/01/2018 (e) 1,695 Virginia - 2.5% AAA Aaa 5,000 Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds, AMT, Series A, 6.10% due 2/01/2011(c) 5,613 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds: NR* B1 6,200 First Tier, Sub-Series C, 6.25%** due 8/15/2031 504 BB Ba2 6,500 Senior Series A, 5.50% ** due 8/15/2028 5,452 BB Ba2 24,800 Senior Series B, 6.67%** due 8/15/2029 3,606 Washington - Vancouver, Washington, Housing Authority, Housint Revenue Bonds 0.3% (Teal Pointe Apartments Project), AMT: NR* NR* 945 6% due 9/01/2022 896 NR* NR* 1,250 6.20% due 9/01/2032 1,173 West Virginia B- B2 1,000 Princeton, West Virginia, Hospital Revenue Refunding Bonds 0.6% (Community Hospital Association Inc. Project), 6% due 5/01/2019 771 BBB Baa2 3,000 Upshur County, West Virginia, Solid Waste Disposal Revenue Bonds (TJ International Project), AMT, 7% due 7/15/2025 3,157 Wisconsin - NR* Baa3 700 Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50% due 0.3% 1/01/2025 703 AAA Aaa 1,140 Wisconsin State, GO, AMT, Series B, 6.20% due 11/01/2026(e) 1,186 Wyoming - 0.9% BB+ Ba3 2,550 Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds (FMC Corporation Project), AMT, Series A, 7% due 6/01/2024 2,591 AA NR* 2,500 Wyoming Student Loan Corporation, Student Loan Revenue Refunding Bonds, Series A, 6.20% due 6/01/2024 2,665 Puerto Rico - AAA Aaa 15,000 Puerto Rico Commonwealth, Highway and Transportation Authority, 7.2% Transportation Revenue Bonds, Trust Receipts, Class R, Series B, 10.418% due 7/01/2035(e)(k) 18,600 A Baa1 16,360 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation Revenue Refunding Bonds, Series D, 5.75% due 7/01/2041 17,268 AAA Aaa 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Trust Receipts, Class R, Series 16 HH, 10.07% due 7/01/2013(i)(k) 3,212 AAA NR* 4,350 Puerto Rico Public Finance Corporation Revenue Bonds, DRIVERS, Series 272, 9.985% due 8/01/2030(k) 5,088 Virgin Islands BBB- Baa3 6,250 Virgin Islands Public Finance Authority, Refinery Facilities Revenue 1.1% Bonds (Hovensa Refinery), AMT, 6.125% due 7/01/2022 6,490 Total Municipal Bonds (Cost - $850,093) - 144.5% 885,204 Shares Held Short-Term Securities 7,713 Merrill Lynch Institutional Tax-Exempt Fund ++ 7,713 Total Short-Term Securities (Cost - $7,713) - 1.3% 7,713 Total Investments (Cost - $857,806***) - 145.8% 892,917 Other Assets Less Liabilities - 2.0% 12,458 Preferred Stock, at Redemption Value - (47.8%) (293,000) ---------- Net Assets Applicable to Common Stock - 100.0% $ 612,375 ========== (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 interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the rate in effect at July 31, 2004. (l) FHLMC Collateralized. (m) The interest rate is subject to change periodically based upon prevailing market rates. The interest rate shown is the rate in effect at July 31, 2004. * Not Rated. ** Represents a zero coupon; the interest rate shown reflects the effective yield at the time of purchase by the Fund. *** The cost and unrealized appreciation/depreciation of investments as of July 31, 2004, as computed for federal income tax purposes, were as follows: (in Thousands) Aggregate cost $ 857,933 ========= Gross unrealized appreciation $ 44,048 Gross unrealized depreciation (9,064) --------- Net unrealized appreciation $ 34,984 ========= + Highest short-term rating by Moody's Investors Service, Inc. ++ 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 (8,900) $ 100
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/ Terry K. Glenn________ Terry K. Glenn, President of MuniYield Fund, Inc. Date: September 17, 2004 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/ Terry K. Glenn________ Terry K. Glenn, President of MuniYield Fund, Inc. Date: September 17, 2004 By: _/s/ Donald C. Burke________ Donald C. Burke, Chief Financial Officer of MuniYield Fund, Inc. Date: September 17, 2004