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., President, 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: 11/01/04 - 1/31/05
Item 1 - Schedule of Investments
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alaska - 0.8% $ 850 Alaska State Housing Finance Corporation, General Housing Revenue Bonds,
Series A, 5.25% due 12/01/2034 (d) $ 911
2,100 Alaska State International Airports Revenue Bonds, Series B, 5.75%
due 10/01/2019 (a) 2,412
500 Valdez, Alaska, Marine, Terminal Revenue Refunding Bonds (BP Pipelines Inc.
Project), VRDN, Series C, 1.83% due 7/01/2037 (l) 500
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Arizona - 0.6% 2,345 Maricopa County, Arizona, Public Finance Corporation, Lease Revenue Bonds,
RIB, Series 511X, 8.89% due 7/01/2014 (a)(i) 2,941
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California - 18.6% 4,150 Alameda Corridor Transportation Authority, California, Revenue Refunding
Bonds, Subordinated Lien, Series A, 5.525%** due 10/01/2025 (a) 3,024
California State Department of Water Resources, Power Supply Revenue Bonds,
Series A:
1,400 5.375% due 5/01/2021 1,531
1,000 5.375% due 5/01/2022 (g) 1,101
California State, GO, Refunding:
5,700 5.25% due 9/01/2026 6,130
6,000 5.25% due 2/01/2030 (b) 6,427
7,700 5.25% due 2/01/2030 (g) 8,248
2,850 California State, GO, Refunding, ROCS, Series II-R-272, 8.539% due 2/01/2033
(i)(j) 3,182
California State, Various Purpose, GO:
3,300 5.50% due 4/01/2028 3,601
2,500 5.25% due 11/01/2029 2,649
3,200 5.50% due 11/01/2033 3,465
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds:
5,000 RIB, Series RR II R 285X, 9.026% due 6/01/2043 (b)(i) 5,862
7,080 RIB, Series RR II R 287X, 9.279% due 6/01/2038 (i)(k) 8,454
4,050 Series B, 5.60% due 6/01/2028 4,290
3,000 Series B, 5.50% due 6/01/2033 (b) 3,265
1,870 Series B, 5.625% due 6/01/2033 (b) 2,058
1,600 Series B, 5.50% due 6/01/2043 (b) 1,738
2,800 Los Angeles, California, Unified School District, GO, Series A, 5%
due 1/01/2028 (g) 2,941
2,000 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Paguay Redevelopment Project), 5.125% due 6/15/2033 (a) 2,093
16,895 San Francisco, California, City and County, COP (San Bruno Jail No. 3),
5.25% due 10/01/2033 (a) 18,099
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 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
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
RITR Residual Interest Trust Receipts
ROCS Reset Option Certificates
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 6.4% Colorado Health Facilities Authority Revenue Bonds, Series A:
$ 1,650 (Catholic Health Initiatives), 5.50% due 3/01/2032 (c) $ 1,862
1,600 (Covenant Retirement Communities Inc.), 5.50% due 12/01/2027 (j) 1,720
1,000 (Covenant Retirement Communities Inc.), 5.50% due 12/01/2033 (j) 1,067
Colorado Housing and Finance Authority, Revenue Refunding Bonds, AMT:
1,530 (S/F Program), Series B-2, 6.80% due 2/01/2031 (g) 1,597
805 (S/F Program), Series C-2, 8.40% due 10/01/2021 (e)(g) 823
1,175 Series C-2, 7.05% due 4/01/2031 (e)(g) 1,182
1,715 Series C-2, 7.25% due 10/01/2031 (a) 1,759
465 Series E-2, 7% due 2/01/2030 (g) 473
6,405 Denver, Colorado, City and County, COP, Series B, 5.75% due 12/01/2010 (a)(h) 7,382
15,600 Northwest Parkway, Colorado, Public Highway Authority, Capital Appreciation
Revenue Bonds, Senior Convertible, Series C, 5.345%** due 6/15/2025 (f) 12,637
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District of Columbia - 0.6% 2,500 District of Columbia Revenue Refunding Bonds (Catholic University of America
Project), 5.625% due 10/01/2029 (a) 2,765
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Florida - 0.5% 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
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Georgia - 1.2% 4,785 Monroe County, Georgia, Development Authority, PCR, Refunding (Oglethorpe
Power Corporation-Scherer), Series A, 6.80% due 1/01/2011 5,614
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Hawaii - 0.5% 2,000 Hawaii State, GO, Series CX, 5.50% due 2/01/2021 (f) 2,241
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Illinois - 26.6% Chicago, Illinois, Board of Education, GO (a):
1,750 (Chicago School Reform Project), Series A, 5.25% due 12/01/2030 1,868
5,000 RIB, Series 467, 9.39% due 12/01/2027 (i) 5,989
Chicago, Illinois, Capital Appreciation, GO, Project and Refunding, Series A
(g):
1,000 5.422%** due 1/01/2027 799
1,000 5.435%** due 1/01/2028 794
1,000 5.448%** due 1/01/2029 790
1,000 5.46%** due 1/01/2030 798
Chicago, Illinois, GO (Lakefront Millennium Parking Facilities) (g):
5,000 5.125% due 1/01/2028 5,206
2,500 5.444%** due 1/01/2029 2,532
5,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue
Refunding Bonds, Third Lien, AMT, Series A, 5.50% due 1/01/2022 (g) 5,414
Chicago, Illinois, O'Hare International Airport Revenue Bonds, 3rd Lien, AMT,
Series B-2:
3,400 5.75% due 1/01/2023 (f) 3,797
4,000 5.75% due 1/01/2024 (f) 4,451
3,300 6% due 1/01/2029 (b) 3,709
Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, AMT:
2,665 3rd Lien, Series A-2, 5.75% due 1/01/2021 (f) 2,986
6,835 DRIVERS, Series 250, 9.318% due 1/01/2021 (g)(i) 8,381
5,000 RIB, Series 994X, 8.58% due 1/01/2032 (g)(i) 5,466
6,200 Cook County, Illinois, Capital Improvement, GO, Series C, 5.50%
due 11/15/2026 (a) 6,971
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois (concluded) $ 2,130 Illinois Development Finance Authority Revenue Bonds (Presbyterian Home Lake
Project), Series B, 6.25% due 9/01/2017 (f) $ 2,286
Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds (a):
31,350 5.224%** due 6/15/2030 25,332
5,500 5% due 6/15/2032 5,717
10,000 Illinois State, GO, First Series, 5.50% due 8/01/2018 (f) 11,130
3,750 Illinois Student Assistance Commission, Student Loan Revenue Refunding Bonds,
AMT, Sub-Series CC, 6.875% due 3/01/2015 3,757
5,295 Kane and De Kalb Counties, Illinois, Community Unity School District Number
302, GO, 5.80% due 2/01/2022 (d) 6,160
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) 7,791
3,500 Series B, 5.75% due 6/15/2023 (g) 4,040
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Indiana - 1.5% 4,500 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A,
5.25% due 6/01/2029 (d) 4,858
2,000 Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds
(Waterworks Project), Series A, 5.25% due 7/01/2033 (g) 2,139
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Louisiana - 3.9% 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) 9,323
6,800 New Orleans, Louisiana, Ernest N. Morial Exhibit Hall Authority, Special Tax,
Sub-Series A, 5.25% due 7/15/2028 (a) 7,319
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) 2,062
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Massachusetts - 4.4% Massachusetts Bay, Massachusetts, Transportation Authority, General
Transportation System, Revenue Refunding Bonds, Series A (g):
3,730 7% due 3/01/2011 4,514
3,550 7% due 3/01/2014 4,432
7,005 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series
C, 5.60% due 1/01/2045 (f) 7,274
1,915 Massachusetts State Port Authority, Special Facilities Revenue Bonds, DRIVERS,
AMT, Series 501, 8.814% due 7/01/2009 (a)(i) 2,137
2,400 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25%
due 1/01/2028 (d) 2,588
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Michigan - 5.6% Detroit, Michigan, City School District, GO, Series A (f):
4,000 5.50% due 5/01/2019 4,497
3,625 5.50% due 5/01/2020 4,076
3,040 Michigan Higher Education Student Loan Authority, Student Loan Revenue
Refunding Bonds, AMT, Series XVII-G, 5.20% due 9/01/2020 (a) 3,216
Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds
(Detroit Edison Company Project) (b):
3,100 5.45% due 9/01/2029 3,423
1,700 AMT, Series A, 5.50% due 6/01/2030 1,823
3,300 AMT, Series C, 5.65% due 9/01/2029 3,529
5,800 AMT, Series C, 5.45% due 12/15/2032 6,142
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.5% $ 2,300 Washington County, Nebraska, Wastewater Facilities Revenue Bonds (Cargill Inc.
Project), AMT, 5.90% due 11/01/2027 $ 2,510
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Nevada - 5.5% 4,100 Carson City, Nevada, Hospital Revenue Bonds (Carson-Tahoe Hospital Project),
Series A, 5.50% due 9/01/2033 (j) 4,386
Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, Series
A-2 (d):
2,000 Series A-2, 5% due 7/01/2030 2,079
4,100 Series A-2, 5% due 7/01/2036 4,246
3,000 Series B, 5.25% due 7/01/2034 3,148
Director of the State of Nevada, Department of Business and Industry Revenue
Bonds (Las Vegas Monorail Company Project), First Tier (a):
1,000 5.625% due 1/01/2032 1,110
4,400 5.375% due 1/01/2040 4,656
5,710 Washoe County, Nevada, School District, GO, 5.875% due 12/01/2009 (f)(h) 6,477
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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) 11,238
5,000 New Hampshire State Business Finance Authority, PCR, Refunding (Public Service
Company), AMT, Series D, 6% due 5/01/2021 (g) 5,501
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New Jersey - 4.8% New Jersey EDA, Cigarette Tax Revenue Bonds:
7,150 5.50% due 6/15/2024 7,814
910 5.75% due 6/15/2029 966
1,385 5.50% due 6/15/2031 1,440
2,750 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25%
due 7/01/2031 (g) 2,973
3,000 New Jersey EDA, Revenue Bonds, ROCS, Series II-R-309-2, 9.026%
due 6/15/2031 (i) 3,526
6,100 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, VRDN, Series
C-3, 1.82% due 1/01/2024 (f)(l) 6,100
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New York - 10.6% 3,500 Erie County, New York, IDA, School Facility Revenue Bonds (City of Buffalo
Project), 5.75% due 5/01/2024 (f) 4,060
8,085 New York City, New York, City Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, RITR, Series FR-6, 9.275% due 6/15/2026 (g)(i) 8,990
New York City, New York, GO (b):
2,410 Series B, 5.875% due 8/15/2006 (h) 2,574
2,590 Series B, 5.875% due 8/15/2013 2,755
1,425 Series F, 5.75% due 2/01/2019 1,494
New York City, New York, GO (i):
3,500 DRIVERS, Series 194, 9.381% due 2/01/2015 (f) 3,840
6,920 RIB, Series 394, 9.614% due 8/01/2016 (g) 8,980
9,325 New York City, New York, GO, Refunding, Series G, 5.75%
due 2/01/2006 (f)(h) 9,773
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) 2,726
2,000 Jackson, Ohio, Hospital Facilities Revenue Bonds (Consolidated Health
System-Jackson Hospital), 6.125% due 10/01/2020 (j) 2,235
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
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 $ 1,485
1,000 Series B, 6% due 6/01/2019 1,113
1,000 Series B, 6.125% due 6/01/2026 1,119
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Oregon - 2.0% 7,500 Portland, Oregon, Sewer System Revenue Bonds, RIB, Series 386, 9.96%
due 8/01/2020 (d)(i) 9,364
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Pennsylvania - 8.0% 2,000 Allegheny County, Pennsylvania, Port Authority, Special Transportation Revenue
Bonds, 6% due 3/01/2009 (g)(h) 2,265
800 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Bonds,
5.50% due 12/01/2030 (g) 888
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 6,578
11,750 5% due 6/01/2033 12,203
6,250 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease
Revenue Bonds, Series B, 5.50% due 10/01/2021 (f) 7,039
Philadelphia, Pennsylvania, School District, GO, Series B (d):
1,500 5.625% due 8/01/2020 1,679
3,670 5.625% due 8/01/2021 4,104
2,000 5.625% due 8/01/2022 2,231
1,155 Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds
(Capital Projects and Equipment Program), 6.15% due 12/01/2029 (a) 1,228
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Rhode Island - 0.6% 2,500 Providence, Rhode Island, GO, Series A, 5.70% due 7/15/2007 (f)(h) 2,714
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South Carolina - 1.5% 3,045 South Carolina State Public Service Authority, Revenue Refunding Bonds,
DRIVERS, Series 277, 9.346% due 1/01/2022 (g)(h)(i) 3,341
3,800 Spartanburg County, South Carolina, Solid Waste Disposal Facilities Revenue
Bonds (BMW Project), AMT, 7.55% due 11/01/2024 3,984
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Tennessee - 6.2% 17,000 Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds (Southside Redevelopment
Corporation), 5.875% due 10/01/2024 (a) 19,287
5,000 Memphis-Shelby County, Tennessee, Airport Authority, Airport Revenue Bonds,
AMT, Series D, 6.25% due 3/01/2018 (a) 5,640
Tennessee HDA, Homeownership Revenue Bonds, AMT, Series 2-C (a):
2,075 6.10% due 7/01/2013 2,161
2,390 6.20% due 7/01/2015 2,508
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Texas - 11.7% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
Trust Certificates, Second Tier, Series B:
4,000 6% due 1/01/2023 4,281
1,400 5.75% due 1/01/2032 1,452
1,000 Bell County, Texas, Health Facilities Development Revenue Bonds (Lutheran
General Health Care System), 6.50% due 7/01/2019 (c) 1,247
Dallas-Fort Worth, Texas, International Airport Revenue Refunding and
Improvement Bonds, AMT, Series A (d):
1,835 5.875% due 11/01/2017 2,064
2,145 5.875% due 11/01/2018 2,413
2,385 5.875% due 11/01/2019 2,683
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas (concluded) $ 5,235 Denton, Texas, Utility System Revenue Bonds, RIB, Series 369, 9.84%
due 12/01/2017 (f)(i) $ 6,783
Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project) (j):
6,000 6.875% due 10/01/2020 7,011
2,600 6.375% due 10/01/2025 2,972
4,000 Harris County, Houston, Texas, Sports Authority Revenue Refunding Bonds,
Senior Lien, Series G, 5.75% due 11/15/2020 (g) 4,539
100 Harris County, Texas, Health Facilities Development Corporation, Hospital
Revenue Bonds (Texas Children's Hospital), VRDN, Series B-1, 1.84%
due 10/01/2029 (g)(l) 100
2,700 Houston, Texas, Airport System Revenue Refunding Bonds, Sub-Lien, Series B,
5.50% due 7/01/2030 (f) 2,950
7,200 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds,
First Tier, Series A, 5.75% due 8/15/2038 (a) 8,230
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) 5,319
2,900 White Settlement, Texas, Independent School District, GO, 5.75% due 8/15/2034 3,322
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Utah - 3.8% 15,000 Salt Lake City, Utah, Hospital Revenue Refunding Bonds (IHC Hospitals Inc.),
6.30% due 2/15/2015 (g) 17,892
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 2.1% 6,000 Fairfax County, Virginia, EDA, Resource Recovery Revenue Refunding Bonds,
AMT, Series A, 6.05% due 2/01/2009 (a) 6,656
3,100 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old
Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 3,403
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 5.7% 10,000 Energy Northwest, Washington, Electric Revenue Bonds, DRIVERS, Series 242,
9.35% due 7/01/2017 (g)(i) 12,874
2,835 King County, Washington, Sewer Revenue Refunding Bonds, Series B, 5.50%
due 1/01/2027 (f) 3,156
2,400 Port of Tacoma, Washington, Revenue Refunding Bonds, Series A, 5.25%
due 12/01/2034 (a) 2,569
7,500 Washington State, GO, Series A and AT-6, 6.25% due 2/01/2011 (f) 8,483
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Wisconsin - 0.2% 1,000 Milwaukee County, Wisconsin, Airport Revenue Bonds, AMT, Series A, 5.75%
due 12/01/2025 (d) 1,104
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Total Investments (Cost - $611,244*) - 139.7% 663,950
Other Assets Less Liabilities - 2.4% 11,279
Preferred Stock, at Redemption Value - (42.1%) (200,017)
---------
Net Assets Applicable to Common Stock - 100.0% $ 475,212
=========
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (continued)
(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.
(j) Radian Insured.
(k) CIFG Insured.
(l) 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 $ 611,244
==================
Gross unrealized appreciation $ 53,162
Gross unrealized depreciation (456)
------------------
Net unrealized appreciation $ 52,706
==================
** 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)
--------------------------------------------------------------------------
Dividend
Affiliate Net Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund (4,970) $ 26
--------------------------------------------------------------------------
MuniYield Quality Fund, Inc.
Schedule of Investments as of January 31, 2005 (concluded)
Forward interest rate swaps outstanding as of January 31, 2005 were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Unrealized
Notional Amount Depreciation
--------------------------------------------------------------------------
Receive a variable rate equal to 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate equal
to 3.621%
Broker, JPMorgan Chase Bank
Expires March 2015 $20,000 $ (184)
Receive a variable rate equal to 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate equal
to 3.658%
Broker, JPMorgan Chase Bank
Expires April 2015 $22,000 (244)
Receive a variable rate equal to 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate equal
to 4.251%
Broker, JPMorgan Chase Bank
Expires February 2025 $38,000 (1,739)
Receive a variable rate equal to 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate equal
to 4.073%
Broker, Morgan Stanley Capital
Services, Inc.
Expires March 2025 $14,000 (291)
--------------------------------------------------------------------------
Total $ (2,458)
==========
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.,
President
MuniYield Quality 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 Quality Fund, Inc.
Date: March 21, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Quality Fund, Inc.
Date: March 21, 2005