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 811-6660
Name of Fund: MuniYield Quality 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 Quality 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 Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alaska - 0.5% $ 2,100 Alaska State International Airports Revenue Bonds, Series B, 5.75% due 10/01/2019 (a) $ 2,363
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Arizona - 0.6% 2,345 Maricopa County, Arizona, Public Finance Corporation, Lease Revenue Bonds, RIB, Series
511X, 8.41% due 7/01/2014 (a)(i) 2,819
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California - 21.9% 1,250 Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue
Refunding Bonds, Subordinate Lien, Series A, 4.738%** due 10/01/2023 (a) 932
4,150 Alameda Corridor Transportation Authority, California, Revenue Refunding Bonds,
Subordinated Lien, Series A, 5.525%** due 10/01/2025 (a) 3,086
California State Department of Water Resources, Power Supply Revenue Bonds, Series A:
1,400 5.375% due 5/01/2021 1,515
1,000 5.375% due 5/01/2022 (g) 1,105
California State, GO, Refunding:
5,700 5.25% due 9/01/2026 6,082
6,000 5.25% due 2/01/2030 (b) 6,433
7,700 5.25% due 2/01/2030 (g) 8,256
2,850 California State, GO, Refunding, ROLS, Series II-R-272, 8.026% due 2/01/2033 (i)(j) 3,187
California State, Various Purpose, GO:
3,300 5.50% due 4/01/2028 3,636
2,500 5.25% due 11/01/2029 2,653
3,200 5.50% due 11/01/2033 3,492
3,525 Gilroy, California, Unified School District, GO, 5% due 8/01/2027 (d) 3,710
Portfolio Abbreviations
To simplify the listings of MuniYield Quality 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
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
ROLS Reset Option Long Securities
S/F Single-Family
MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds:
$ 5,000 RIB, Series RR II R 285X, 8.543% due 6/01/2043 (b)(i) $ 6,220
7,080 RIB, Series RR II R 287X, 8.796% due 6/01/2038 (i)(k) 8,927
4,050 Series B, 5.60% due 6/01/2010 (h) 4,477
4,600 Series B, 5.50% due 6/01/2013 (b)(h) 5,161
1,870 Series B, 5.625% due 6/01/2013 (b)(h) 2,114
4,000 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Refunding Bonds, Series A, 5% due 6/01/2035 (d) 4,196
7,300 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (g) 7,705
2,000 Mount Diablo, California, Unified School District, GO (Election of 2002), 5%
due 7/01/2027 (d) 2,104
2,000 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Paguay
Redevelopment Project), 5.125% due 6/15/2033 (a) 2,097
13,000 San Francisco, California, City and County, COP (San Bruno Jail No. 3), 5.25%
due 10/01/2033 (a) 13,856
1,950 Tamalpais, California, Union High School District, GO (Election of 2001), 5%
due 8/01/2028 (f) 2,051
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Colorado - 6.3% Colorado Health Facilities Authority Revenue Bonds, Series A:
1,650 (Catholic Health Initiatives), 5.50% due 3/01/2032 (c) 1,821
1,600 (Covenant Retirement Communities Inc.), 5.50% due 12/01/2027 (j) 1,713
1,000 (Covenant Retirement Communities Inc.), 5.50% due 12/01/2033 (j) 1,067
Colorado Housing and Finance Authority, Revenue Refunding Bonds, AMT:
1,385 (S/F Program), Series B-2, 6.80% due 2/01/2031 (g) 1,467
945 Series C-2, 7.05% due 4/01/2031 (e)(g) 968
1,400 Series C-2, 7.25% due 10/01/2031 (a) 1,435
410 Series E-2, 7% due 2/01/2030 (g) 430
6,405 Denver, Colorado, City and County, COP, Series B, 5.75% due 12/01/2010 (a)(h) 7,225
9,000 E-470 Public Highway Authority, Colorado, Capital Appreciation Revenue Refunding
Bonds, Series B, 5.485%** due 9/01/2029 (g) 2,515
12,800 Northwest Parkway, Colorado, Public Highway Authority, Capital Appreciation Revenue
Bonds, Senior Convertible, Series C, 5.416%** due 6/15/2025 (f) 10,710
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District of 2,500 District of Columbia, Revenue Refunding Bonds (Catholic University of America
Columbia - 0.6% Project), 5.625% due 10/01/2029 (a) 2,718
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MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.7% $ 2,240 Beacon Tradeport Community Development District, Florida, Special Assessment Revenue
Refunding Bonds (Commercial Project), Series A, 5.625% due 5/01/2032 (j) $ 2,434
5,200 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series B, 5.125%
due 1/01/2032 (d) 5,500
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Georgia - 1.8% 2,800 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2039 (f) 3,010
4,785 Monroe County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation-Scherer), Series A, 6.80% due 1/01/2011 5,492
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Hawaii - 0.5% 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (f) 2,199
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Illinois - 24.2% 5,000 Chicago, Illinois, Board of Education, GO, RIB, Series 467, 8.91%
due 12/01/2027 (a)(i) 5,819
Chicago, Illinois, Capital Appreciation, GO, Project and Refunding, Series A (g):
1,000 5.376%** due 1/01/2029 829
1,000 5.387%** due 1/01/2030 826
Chicago, Illinois, GO (Lakefront Millennium Parking Facilities) (g):
5,000 5.125% due 1/01/2028 5,193
2,500 5.372%** due 1/01/2029 2,629
Chicago, Illinois, O'Hare International Airport Revenue Bonds, 3rd Lien, AMT,
Series B-2:
3,400 5.75% due 1/01/2023 (f) 3,760
4,000 5.75% due 1/01/2024 (f) 4,430
3,300 6% due 1/01/2029 (b) 3,715
Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds, AMT:
2,665 3rd Lien, Series A-2, 5.75% due 1/01/2021 (f) 2,953
6,835 DRIVERS, Series 250, 8.824% due 1/01/2021 (g)(i) 8,089
2,500 DRIVERS, Series 844Z, 8.048% due 7/01/2010 (g)(i) 2,847
6,250 RIB, Series 994X, 8.11% due 1/01/2032 (g)(i) 6,874
6,200 Cook County, Illinois, Capital Improvement, GO, Series C, 5.50% due 11/15/2026 (a) 6,853
2,130 Illinois Development Finance Authority Revenue Bonds (Presbyterian Home Lake Project),
Series B, 6.25% due 9/01/2017 (f) 2,238
Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds (a):
29,325 5.215%** due 6/15/2030 24,612
5,500 5% due 6/15/2032 5,732
10,000 Illinois State, GO, First Series, 5.50% due 8/01/2018 (f) 10,878
3,750 Illinois Student Assistance Commission, Student Loan Revenue Refunding Bonds, AMT,
Sub-Series CC, 6.875% due 3/01/2015 3,757
MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue
Refunding Bonds (McCormick Place Expansion Project):
$ 7,000 5.50% due 12/15/2024 (d) $ 7,609
3,500 Series B, 5.75% due 6/15/2023 (g) 3,950
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Indiana - 2.2% 7,500 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 5.25%
due 6/01/2029 (d) 8,070
2,000 Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds (Waterworks
Project), Series A, 5.25% due 7/01/2033 (g) 2,141
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Louisiana - 5.4% 8,500 Louisiana Local Government, Environmental Facilities, Community Development Authority
Revenue Bonds (Capital Projects and Equipment Acquisition), Series A, 6.30%
due 7/01/2030 (a) 9,250
4,675 Louisiana State Transportation Authority, Senior Lien Toll Revenue Capital
Appreciation Bonds, Series B, 5.31%** due 12/01/2027 (a) 1,464
New Orleans, Louisiana, Ernest N. Morial Exhibit Hall Authority, Special Tax,
Sub-Series A (a):
6,800 5.25% due 7/15/2028 7,274
5,000 5% due 7/15/2033 5,196
1,900 Terrebonne Parish, Louisiana, Hospital Service District Number 1, Hospital Revenue
Bonds (Terrebonne General Medical Center Project), 5.50% due 4/01/2033 (a) 2,065
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Massachusetts - 7.8% Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds,
Senior Series A:
1,800 5% due 7/01/2032 1,874
2,000 5% due 7/01/2035 2,061
Massachusetts Bay, Massachusetts, Transportation Authority, General Transportation
System Revenue Refunding Bonds, Series A (g):
3,730 7% due 3/01/2011 4,383
3,550 7% due 3/01/2014 4,323
3,445 Massachusetts State, HFA, Housing Revenue Bonds, DRIVERS, AMT, Series 982, 7.832%
due 1/01/2011 (f)(i) 3,599
6,005 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series C, 5.60%
due 1/01/2045 (f) 6,355
1,915 Massachusetts State Port Authority, Special Facilities Revenue Bonds, DRIVERS, AMT,
Series 501, 8.32% due 7/01/2009 (a)(i) 2,136
7,830 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (f) 8,306
MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,400 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25%
due 1/01/2014 (d)(h) $ 2,652
800 Massachusetts State Water Resource Authority, General Revenue Refunding Bonds,
Series B, 5.125% due 8/01/2027 (g) 844
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Michigan - 5.3% 7,625 Detroit, Michigan, City School District, GO, Series A, 5.50% due 5/01/2012 (f)(h) 8,504
1,750 Detroit, Michigan, Water Supply System Revenue Bonds, Series B, 5% due 7/01/2034 (g) 1,828
3,040 Michigan Higher Education Student Loan Authority, Student Loan Revenue Refunding
Bonds, AMT, Series XVII-G, 5.20% due 9/01/2020 (a) 3,186
Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit
Edison Company Project), AMT (b):
1,700 Series A, 5.50% due 6/01/2030 1,830
3,300 Series C, 5.65% due 9/01/2029 3,532
5,800 Series C, 5.45% due 12/15/2032 6,162
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Nebraska - 0.5% 2,300 Washington County, Nebraska, Wastewater Facilities Revenue Bonds (Cargill Inc.
Project), AMT, 5.90% due 11/01/2027 2,515
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Nevada - 4.3% 4,100 Carson City, Nevada, Hospital Revenue Bonds (Carson-Tahoe Hospital Project), Series A,
5.50% due 9/01/2033 (j) 4,372
Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds (d):
2,000 Series A-2, 5% due 7/01/2030 2,088
4,100 Series A-2, 5% due 7/01/2036 4,267
3,000 Series B, 5.25% due 7/01/2034 3,154
5,710 Washoe County, Nevada, School District, GO, 5.875% due 12/01/2009 (f)(h) 6,324
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New Hampshire - 3.5% 10,000 New Hampshire Health and Education Facilities Authority Revenue Bonds
(Dartmouth-Hitchcock Obligation Group, 5.50% due 8/01/2027 (f) 11,050
5,000 New Hampshire State Business Finance Authority, PCR, Refunding (Public Service
Company), AMT, Series D, 6% due 5/01/2021 (g) 5,422
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New Jersey - 2.8% New Jersey EDA, Cigarette Tax Revenue Bonds:
910 5.75% due 6/15/2029 975
1,385 5.50% due 6/15/2031 1,452
2,750 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%
due 7/01/2031 (g) 2,977
New Jersey EDA, Revenue Bonds, ROLS (i)(l)(m):
3,575 Series II-R-309-1, 8.543% due 6/15/2024 4,187
3,000 Series II-R-309-2, 8.543% due 6/15/2031 3,545
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MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New York - 6.9% New York City, New York, GO:
$ 6,920 RIB, Series 394, 9.134% due 8/01/2016 (g)(i) $ 8,581
2,410 Series B, 5.875% due 8/15/2006 (b)(h) 2,523
2,590 Series B, 5.875% due 8/15/2013 (b) 2,707
1,255 Series F, 5.75% due 2/01/2019 (b) 1,292
9,325 New York City, New York, GO, Refunding, Series G, 5.75% due 2/01/2006 (f)(h) 9,598
7,320 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1, 5.25%
due 6/01/2022 (a) 7,925
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Ohio - 1.0% 2,500 Columbus, Ohio, City School District, GO (School Facilities Construction and
Improvements), 5.25% due 12/01/2027 (f) 2,715
2,000 Jackson, Ohio, Hospital Facilities Revenue Bonds (Consolidated Health System-Jackson
Hospital), 6.125% due 10/01/2009 (h)(j) 2,238
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Oklahoma - 0.8% Tulsa, Oklahoma, Airports Improvement Trust, General Revenue Bonds (Tulsa
International Airport), AMT (d):
1,250 Series A, 6% due 6/01/2020 1,461
1,000 Series B, 6% due 6/01/2019 1,095
1,000 Series B, 6.125% due 6/01/2026 1,100
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Oregon - 2.0% 7,500 Portland, Oregon, Sewer System Revenue Bonds, RIB, Series 386, 8.86%
due 8/01/2020 (d)(i) 9,178
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Pennsylvania - 8.4% 2,000 Allegheny County, Pennsylvania, Port Authority, Special Transportation Revenue Bonds,
6% due 3/01/2009 (g)(h) 2,211
Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Bonds (g):
680 5.50% due 12/01/2010 (h) 758
120 5.50% due 12/01/2030 132
Pennsylvania State Public School Building Authority, School Lease Revenue Bonds
(The School District of Philadelphia Project) (f):
6,000 5.25% due 6/01/2025 6,512
2,440 5% due 6/01/2029 2,551
11,750 5% due 6/01/2033 12,268
6,250 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease Revenue Bonds,
Series B, 5.50% due 10/01/2021 (f) 6,903
7,170 Philadelphia, Pennsylvania, School District, GO, Series B, 5.625% due 8/01/2012 (d)(h) 8,088
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MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 0.6% $ 2,500 Providence, Rhode Island, GO, Series A, 5.70% due 7/15/2007 (f)(h) $ 2,657
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South 20,000 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds,
Carolina - 2.3% Sub-Series A-2, 4.915%** due 1/01/2028 (a) 6,844
3,800 Spartanburg County, South Carolina, Solid Waste Disposal Facilities Revenue Bonds
(BMW Project), AMT, 7.55% due 11/01/2024 3,951
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Tennessee - 5.7% 15,000 Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds (Southside Redevelopment
Corporation), 5.875% due 10/01/2024 (a) 16,664
5,000 Memphis-Shelby County, Tennessee, Airport Authority, Airport Revenue Bonds, AMT,
Series D, 6.25% due 3/01/2018 (a) 5,544
Tennessee HDA, Homeownership Revenue Bonds, AMT, Series 2-C (a):
2,075 6.10% due 7/01/2013 2,132
2,390 6.20% due 7/01/2015 2,474
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Texas - 13.0% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), Trust
Certificates, Second Tier, Series B:
1,400 5.75% due 1/01/2032 1,456
4,000 6% due 1/01/2023 4,292
1,000 Bell County, Texas, Health Facilities Development Revenue Bonds (Lutheran General
Health Care System), 6.50% due 7/01/2019 (c) 1,232
Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement
Bonds, AMT, Series A (d):
1,835 5.875% due 11/01/2017 2,029
2,145 5.875% due 11/01/2018 2,372
2,385 5.875% due 11/01/2019 2,637
5,235 Denton, Texas, Utility System Revenue Bonds, RIB, Series 369, 9.36%
due 12/01/2017 (f)(i) 6,610
Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Good Shepherd Medical Center Project) (j):
6,000 6.875% due 10/01/2020 6,884
2,600 6.375% due 10/01/2025 2,923
MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 4,000 Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2020 (g) $ 4,416
2,700 Houston, Texas, Airport System Revenue Refunding Bonds, Sub-Lien, Series B, 5.50%
due 7/01/2030 (f) 2,909
9,250 Leander, Texas, Independent School District, Capital Appreciation, GO, Refunding
(School Building), 5.46%** due 8/15/2028 (d) 2,747
7,150 North Harris County, Texas, Regional Water Authority, Senior Lien Revenue Bonds,
5.125% due 12/15/2035 (g) 7,558
7,200 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First
Tier, Series A, 5.75% due 8/15/2038 (a) 8,046
4,600 Travis County, Texas, Health Facilities Development Corporation, Revenue Refunding
Bonds (Ascension Health Credit), Series A, 6.25% due 11/15/2009 (g)(h) 5,187
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Utah - 3.7% 15,000 Salt Lake City, Utah, Hospital Revenue Refunding Bonds (IHC Hospitals Inc.), 6.30%
due 2/15/2015 (g) 17,602
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Virginia - 1.0% 1,000 Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds, AMT,
Series A, 6.05% due 2/01/2009 (a) 1,083
3,100 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion
Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 3,411
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Washington - 5.6% 10,000 Energy Northwest, Washington, Electric Revenue Bonds, DRIVERS, Series 242, 8.856%
due 7/01/2017 (g)(i) 12,431
2,835 King County, Washington, Sewer Revenue Refunding Bonds, Series B, 5.50%
due 1/01/2027 (f) 3,094
2,400 Port of Tacoma, Washington, Revenue Refunding Bonds, Series A, 5.25%
due 12/01/2034 (a) 2,583
7,500 Washington State, GO, Series A and AT-6, 6.25% due 2/01/2011 (f) 8,267
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MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
Face
Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.3% $ 1,475 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series II, 5.25%
due 7/01/2031 $ 1,574
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Total Municipal Bonds (Cost - $617,535) - 141.2% 663,282
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Shares
Held Short-Term Securities
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5,000 Merrill Lynch Institutional Tax-Exempt Fund (n) 5,000
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Total Short-Term Securities (Cost - $5,000) - 1.1% 5,000
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Total Investments (Cost - $622,535 *) - 142.3% 668,282
Other Assets Less Liabilities - 0.3% 1,459
Preferred Stock, at Redemption Value - (42.6%) (200,038)
---------
Net Assets Applicable to Common Stock - 100.0% $ 469,703
=========
* 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 $ 622,535
=========
Gross unrealized appreciation $ 46,172
Gross unrealized depreciation (425)
---------
Net unrealized appreciation $ 45,747
=========
** Represents a zero coupon or step-up bond; the interest rate shown is the
effective yield at the time of purchase by the Fund.
(a) AMBAC Insured.
(b) XL Capital Insured.
(c) Escrowed to maturity.
(d) FGIC Insured.
(e) FHA Insured.
(f) FSA Insured.
(g) MBIA Insured.
(h) Prerefunded.
(i) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
MuniYield Quality Fund, Inc.
Schedule of Investments as of July 31, 2005 (in Thousands)
(j) Radian Insured.
(k) CIFG Insured.
(l) Assured Guaranty Insured.
(m) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(n) 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 30 $ 66
--------------------------------------------------------------------------
Forward interest rate swaps outstanding as of July 31, 2005 were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
--------------------------------------------------------------------------
Pay a fixed rate of 3.593% and receive
a floating rate based on 1-week USD
Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires August 2015 $60,000 $ 199
Pay a fixed rate of 3.542% and receive
a floating rate based on 1-week USD
Bond Market Association rate
Broker, JPMorgan Chase Bank
Expires October 2015 $22,000 208
--------------------------------------------------------------------------
Total $ 407
======
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 Quality Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer
MuniYield Quality 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 Quality Fund, Inc.
Date: September 23, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Quality Fund, Inc.
Date: September 23, 2005