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 811-06728
Name of Fund: BlackRock MuniYield Quality Fund II, 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 (principal executive officer), BlackRock MuniYield Quality Fund
II, 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: (800) 882-0052
Date of fiscal year end: 10/31/2007
Date of reporting period: 05/01/2007 - 07/31/2007
Item 1 - Schedule of Investments
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 0.7% $ 2,000 Jefferson County, Alabama, Limited Obligation School Warrants,
Series A, 4.75% due 1/01/2025 $ 2,016
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California - 23.4% 7,150 Alameda Corridor Transportation Authority, California, Capital
Appreciation Revenue Refunding Bonds, Subordinate Lien, Series A,
5.33% due 10/01/2025 (a)(n) 5,887
3,800 Anaheim, California, Public Financing Authority, Electric System
Distribution Facilities Revenue Bonds, Series A, 5% due 10/01/2031 (f) 3,929
1,400 Arcadia, California, Unified School District, Capital Appreciation,
GO (Election of 2006), Series A, 4.96% due 8/01/2039 (f)(n) 273
2,100 Cabrillo, California, Community College District, GO (Election of 2004),
Series B, 5.20% due 8/01/2037 (i)(n) 451
4,800 Cabrillo, California, Community College District, GO (Election of 2004),
Series B, 4.870% due 8/01/2038 (i)(n) 980
2,200 California State, GO, Refunding, 5.25% due 9/01/2010 (g) 2,295
20 California State, GO, Refunding, 5.125% due 6/01/2027 21
1,600 California State Public Works Board, Lease Revenue Bonds
(Department of Corrections), Series C, 5% due 6/01/2025 1,641
2,200 California State University, Systemwide Revenue Bonds, Series A,
5% due 11/01/2035 (c) 2,267
2,750 California State, Various Purpose, GO, 5.25% due 11/01/2029 2,882
6,500 California State, Various Purpose, GO, 5.50% due 11/01/2033 6,949
2,500 Chabot-Las Positas, California, Community College District,
GO (Election of 2004), Series B, 4.812% due 8/01/2025 (a)(n) 1,037
15,000 East Side Union High School District, California, Santa Clara County,
Capital Appreciation, GO (Election of 2002), Series E,
5.15% due 8/01/2029 (h)(n) 4,974
1,370 East Side Union High School District, California, Santa Clara County,
GO (Election of 2002), Series D, 5% due 8/01/2026 (h) 1,428
2,770 Fairfield-Suisun, California, Unified School District,
GO (Election of 2002), 5.50% due 8/01/2028 (i) 2,988
800 Fresno, California, Unified School District, GO (Election of 2001),
Series E, 5% due 8/01/2030 (f) 835
2,300 Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series B, 5.50% due 6/01/2013 (g)(h) 2,488
3,725 Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series B, 5.625% due 6/01/2013 (b)(g) 4,053
Portfolio Abbreviations
To simplify the listings of BlackRock MuniYield Quality Fund II, 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
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
PCR Pollution Control Revenue Bonds
S/F Single-Family
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,815 John Swett Unified School District, California, GO, Series A,
5.50% due 8/01/2026 (f) $ 2,985
2,600 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2029 (c) 2,696
1,475 Metropolitan Water District of Southern California, Waterworks Revenue Bonds,
Series B-1, 5% due 10/01/2036 (c) 1,519
2,300 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (c) 2,356
2,900 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds
(Convention Center Project), Series A, 5.50% due 11/01/2029 (i) 3,152
1,250 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Paguay Redevelopment Project), 5.125% due 6/15/2033 (a) 1,288
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Bonds,
Series N, 5% due 8/15/2028 (i) 5,140
1,350 Sacramento, California, Unified School District, GO (Election of 2002),
5% due 7/01/2030 (i) 1,404
1,325 Tamalpais, California, Union High School District, GO (Election of 2001),
5% due 8/01/2028 (f) 1,369
2,025 Ventura County, California, Community College District,
GO (Election of 2002), Series B, 5% due 8/01/2030 (i) 2,105
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Colorado - 5.7% 1,150 Colorado Health Facilities Authority Revenue Bonds (Catholic Health
Initiatives), Series A, 5.50% due 3/01/2032 (d) 1,219
1,200 Colorado Health Facilities Authority Revenue Bonds (Covenant Retirement
Communities Inc.), Series A, 5.50% due 12/01/2027 (k) 1,245
675 Colorado Health Facilities Authority Revenue Bonds (Covenant Retirement
Communities Inc.), Series A, 5.50% due 12/01/2033 (k) 696
7,500 E-470 Public Highway Authority, Colorado, Capital Appreciation Revenue
Refunding Bonds, Series B, 5.607% due 9/01/2032 (i)(n) 2,003
10,975 Northwest Parkway, Colorado, Public Highway Authority, Capital
Appreciation Revenue Bonds, Senior Convertible, Series C,
5.327% due 6/15/2011 (f)(n) 9,995
1,735 Northwest Parkway, Colorado, Public Highway Authority Revenue Bonds,
Series A, 5.50% due 6/15/2021 (a) 1,850
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District of Columbia - 1.0% 2,900 District of Columbia, GO, Series A, 4.75% due 6/01/2036 (c) 2,911
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Florida - 3.8% 1,250 Highlands County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System), Series C, 5.25% due 11/15/2036 1,264
1,700 Highlands County, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Adventist Health System), Series G,
5.125% due 11/15/2032 1,710
2,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, Series A, 5% due 10/01/2040 (h) 2,028
3,575 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series B,
5.125% due 1/01/2032 (c) 3,704
2,600 Peace River/Manasota Regional Water Supply Authority, Florida,
Utility System Revenue Bonds, Series A, 5% due 10/01/2030 (f) 2,679
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BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 6.9% $ 5,000 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B,
5.25% due 1/01/2033 (f) $ 5,254
5,000 Atlanta, Georgia, Airport Revenue Refunding Bonds, Series A, 5.875%
due 1/01/2017 (c) 5,276
2,850 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5% due 11/01/2034 (f) 2,944
800 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series A, 5%
due 11/01/2033 (i) 823
4,075 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series A, 5%
due 11/01/2039 (i) 4,169
1,880 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2039 (f) 1,975
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Illinois - 15.9% 5,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third
Lien, AMT, Series B-2, 5.75% due 1/01/2023 (f) 5,625
2,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third
Lien, AMT, Series B-2, 6% due 1/01/2029 (h) 2,422
2,460 Cook County, Illinois, Capital Improvement, GO, Series C, 5.50% due
11/15/2012 (a)(g) 2,654
10,000 Illinois Regional Transportation Authority Revenue Bonds, 6.50% due
7/01/2026 (i) 12,618
21,675 Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds,
5.26% due 6/15/2030 (a)(n) 20,130
3,500 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State
Tax Revenue Bonds (McCormick Place Expansion), Series A,
5% due 12/15/2028 (i) 3,589
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Indiana - 1.4% 3,750 Indiana Transportation Finance Authority, Highway Revenue Bonds,
Series A, 5.25% due 6/01/2014 (c)(g) 4,051
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Louisiana - 8.1% 1,655 Jefferson Parish, Louisiana, Home Mortgage Authority, S/F Mortgage
Revenue Bonds, AMT, Series B-1, 6.65% due 12/01/2033 (e)(i) 1,718
5,500 Lafayette, Louisiana, Utilities Revenue Bonds, 5% due 11/01/2028 (i) 5,692
2,300 Louisiana Local Government Environmental Facilities and Community
Development Authority, Revenue Bonds (Capital Projects and Equipment
Acquisition), Series A, 6.30% due 7/01/2030 (a) 2,681
1,800 Louisiana State Citizens Property Insurance Corporation, Assessment
Revenue Bonds, Series B, 5% due 6/01/2023 (a) 1,874
3,500 Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A,
4.75% due 5/01/2039 (f) 3,505
3,185 Louisiana State Transportation Authority, Senior Lien Toll Revenue
Capital Appreciation Bonds, Series B, 5.31% due 12/01/2027 (a)(n) 1,111
4,200 New Orleans, Louisiana, Ernest N. Morial Exhibit Hall Authority, Special
Tax, Sub-Series A, 5.25% due 7/15/2028 (a) 4,374
1,750 Rapides Financing Authority, Louisiana, Revenue Bonds (Cleco Power LLC
Project), AMT, 4.70% due 11/01/2036 (a) 1,682
1,300 Terrebonne Parish, Louisiana, Hospital Service District Number 1,
Hospital Revenue Bonds (Terrebonne General Medical Center Project),
5.50% due 4/01/2033 (a) 1,387
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Massachusetts - 3.7% 2,290 Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding
Bonds, Senior Series A-2, 5.12% due 7/01/2035 (n) 564
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,500 Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 128,
4.80% due 12/01/2027 (f) $ 1,468
5,800 Massachusetts State School Building Authority, Dedicated Sales Tax
Revenue Bonds, Series A, 5% due 8/15/2030 (f) 6,033
1,800 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds,
5.25% due 1/01/2014 (c)(g) 1,932
840 Massachusetts State Water Resource Authority, General Revenue
Refunding Bonds, Series B, 5.125% due 8/01/2027 (i) 874
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Michigan - 3.7% 1,500 Detroit, Michigan, Sewage Disposal System, Second Lien Revenue Bonds,
Series B, 5% due 7/01/2036 (c) 1,550
1,000 Michigan Higher Education Student Loan Authority, Student Loan Revenue
Refunding Bonds, AMT, Series XVII-G, 5.20% due 9/01/2020 (a) 1,027
3,335 Michigan State Hospital Finance Authority, Hospital Revenue Refunding
Bonds (Sparrow Obligated Group), 5% due 11/15/2036 3,309
1,000 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds
(Detroit Edison Company Pollution Control Project), AMT, Series A,
5.50% due 6/01/2030 (h) 1,058
3,900 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds
(Detroit Edison Company Pollution Control Project), AMT, Series C,
5.45% due 12/15/2032 (h) 4,078
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Minnesota - 0.9% 2,693 Dakota County, Minnesota, Community Development Agency, S/F Mortgage
Revenue Bonds (Mortgage-Backed Securities Program), Series B,
5.15% due 12/01/2038 (e)(p) 2,708
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Missouri - 2.0% 4,000 Saint Louis County, Missouri, Pattonville R-3 School District, GO
(Missouri Direct Deposit Program), 5.75% due 3/01/2010 (c)(g) 4,228
1,500 Saint Louis County, Missouri, Pattonville R-3 School District, GO
(Missouri Direct Deposit Program), 6% due 3/01/2010 (c)(g) 1,595
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Nebraska - 0.5% 1,300 Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds,
Series A, 5% due 4/01/2033 (f) 1,338
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Nevada - 3.2% 2,800 Carson City, Nevada, Hospital Revenue Bonds (Carson-Tahoe Hospital
Project), Series A, 5.50% due 9/01/2033 (k) 2,899
1,500 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds,
Series A-2, 5% due 7/01/2030 (c) 1,542
2,700 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds,
Series A-2, 5% due 7/01/2036 (c) 2,766
2,200 Clark County, Nevada, IDR (Southwest Gas Corp. Project), AMT,
Series A, 4.75% due 9/01/2036 (c) 2,150
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New Jersey - 6.0% 1,070 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 1,139
500 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 523
2,400 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,
5% due 7/01/2029 (i) 2,484
4,800 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,
5.25% due 7/01/2033 (i) 5,073
4,250 New Jersey EDA, School Facilities Construction Revenue Bonds,
Series O, 5.125% due 3/01/2028 4,422
4,000 New Jersey EDA, School Facilities Construction Revenue Bonds,
Series P, 5.125% due 9/01/2028 4,170
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New Mexico - 2.2% 6,295 New Mexico State Highway Commission, Tax Revenue Bonds, Senior
Sub-Lien, Series A, 6% due 6/15/2010 (f)(g) 6,661
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BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New York - 10.5% $ 1,800 Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series A, 5% due 11/15/2032 (c) $ 1,858
7,500 Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series A, 5% due 11/15/2035 7,747
9,280 Nassau Health Care Corporation, New York, Health System Revenue
Bonds, 5.75% due 8/01/2009 (f)(g) 9,825
5,000 New York State Dormitory Authority, Revenue Refunding Bonds (State
University Educational Facilities), 5.75% due 5/15/2010 (c)(g) 5,313
6,115 Tobacco Settlement Financing Corporation of New York Revenue Bonds,
Series A-1, 5.25% due 6/01/2022 (a) 6,428
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Ohio - 4.6% 7,100 Ohio State Air Quality, Development Authority Revenue Bonds (Dayton
Power and Light Company Project), 4.80% due 9/01/2036 (c) 6,994
5,120 Plain, Ohio, Local School District, GO, Refunding, 6% due 6/01/2011 (c)(g) 5,516
1,170 Plain, Ohio, Local School District, GO, Refunding, 6% due 12/01/2020 (c) 1,252
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Pennsylvania - 4.0% 5,500 Pennsylvania State Public School Building Authority, School Lease
Revenue Bonds (The School District of Philadelphia Project),
5% due 6/01/2013 (f)(g) 5,819
3,230 Philadelphia, Pennsylvania, Authority for Industrial Development,
Lease Revenue Bonds, Series B, 5.50% due 10/01/2020 (f) 3,438
2,350 Philadelphia, Pennsylvania, Gas Works Revenue Refunding Bonds,
1998 General Ordinance, 7th Series, 5% due 10/01/2032 (a) 2,435
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Rhode Island - 1.4% 4,010 Rhode Island State Health and Educational Building Corporation,
Higher Education Facilities Revenue Bonds (University of Rhode Island),
Series A, 5.70% due 9/15/2009 (g)(i) 4,203
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South Carolina - 4.8% 2,450 Berkeley County, South Carolina, School District, Installment Lease
Revenue Bonds (Securing Assets for Education Project),
5.125% due 12/01/2030 2,537
2,075 Kershaw County, South Carolina, Public Schools Foundation,
Installment Power Revenue Refunding Bonds, 5% due 12/01/2029 (b) 2,139
3,000 Scago Educational Facilities Corporation for Pickens County School
District, South Carolina, Revenue Bonds, 5% due 12/01/2031 (f) 3,106
6,100 South Carolina Transportation Infrastructure Bank Revenue Bonds,
Series A, 5% due 10/01/2033 (a) 6,280
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Tennessee - 0.8% 2,150 Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds (Southside
Redevelopment Corporation), 5.875% due 10/01/2024 (a) 2,266
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Texas - 11.1% 2,000 Corpus Christi, Texas, Utility System Revenue Refunding Bonds,
Series A, 6% due 7/15/2010 (f)(g) 2,121
4,000 Gregg County, Texas, Health Facilities Development Corporation,
Hospital Revenue Bonds (Good Shepherd Medical Center Project),
6.875% due 10/01/2010 (g)(k) 4,391
9,345 Leander, Texas, Independent School District, Capital Appreciation, GO,
Refunding (School Building), 5.51% due 8/15/2030 (c)(n) 2,780
8,800 Leander, Texas, Independent School District, Capital Appreciation, GO,
Refunding (School Building), 5.58% due 8/15/2035 (n) 1,952
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,915 Lewisville, Texas, Independent School District, Capital Appreciation
and School Building, GO, Refunding, 4.67% due 8/15/2024 (c)(n) $ 1,692
3,500 Lower Colorado River Authority, Texas, PCR (Samsung Austin
Semiconductor), AMT, 6.375% due 4/01/2027 3,575
4,925 North Harris County, Texas, Regional Water Authority, Senior Lien
Revenue Bonds, 5.125% due 12/15/2035 (i) 5,083
800 North Texas Thruway Authority, Dallas North Thruway System Revenue
Bonds, Series A, 5% due 1/01/2035 (f) 822
1,299 Texas State Affordable Housing Corporation, S/F Mortgage Revenue Bonds
(Professional Educators Home Loan Program), AMT, Series A-1,
5.50% due 12/01/2039 (e)(p) 1,363
4,800 Texas State Turnpike Authority, Central Texas Turnpike System Revenue
Bonds, First Tier, Series A, 5.75% due 8/15/2038 (a) 5,135
3,600 Texas State Turnpike Authority, Central Texas Turnpike System Revenue
Bonds, First Tier, Series A, 5.50% due 8/15/2039 (a) 3,809
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Vermont - 0.9% 2,755 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 27, 4.85% due
11/01/2032 (f) 2,676
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Virginia - 0.8% 2,100 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds
(Old Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 2,250
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Washington - 5.4% 7,470 Port of Seattle, Washington, Revenue Bonds, AMT, Series B,
6% due 2/01/2016 (i) 7,852
1,600 Port of Tacoma, Washington, Revenue Refunding Bonds, Series A, 5.25%
due 12/01/2014 (a)(g) 1,736
6,150 Seattle, Washington, Municipal Light and Power Revenue Bonds, 6% due
10/01/2009 (g)(i) 6,489
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Total Municipal Bonds (Cost - $381,040) - 133.4% 394,739
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Municipal Bonds Held in Trust (j)
-----------------------------------------------------------------------------------------------------------------------------------
California - 3.1% 5,000 California Health Facilities Financing Authority Revenue Bonds
(Kaiser Permanente), Series A, 5.50% due 6/01/2022 (d)(f) 5,165
3,900 California State, GO, Refunding, 5.25% due 2/01/2033 (k) 4,097
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 5.9% 17,000 Atlanta, Georgia, Airport Passenger Facility Charge, Subordinate Lien
Revenue Refunding Bonds, Series C, 5% due 1/01/2033 (f) 17,459
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Illinois - 6.0% 9,500 Chicago, Illinois, O'Hare International Airport, General Airport
Revenue Refunding Bonds, Third Lien, AMT, Series A,
5.50% due 1/01/2022 (i) 9,903
7,250 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State
Tax Revenue Refunding Bonds (McCormick Place Expansion Project),
Series B, 5.75% due 6/15/2023 (i) 7,816
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 8.8% 20,000 Massachusetts State HFA, Housing Revenue Bonds (Rental Mortgage), AMT,
Series F, 5.25% due 1/01/2046 (f) 20,241
2,900 Massachusetts State Port Authority, Special Facilities Revenue Bonds
(Delta Air Lines Inc. Project), AMT, Series A, 5.50% due 1/01/2019 (a) 3,030
2,670 Massachusetts State Port Authority, Special Facilities Revenue Bonds
(Delta Air Lines Inc. Project), AMT, Series A, 5.50% due 1/01/2018 (a) 2,790
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BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Held in Trust (j) Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 3.1% $ 4,600 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 (l) $ 4,871
4,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 (l) 4,307
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 2.4% 6,670 Delaware River Port Authority of Pennsylvania and New Jersey
Revenue Bonds, 6% due 1/01/2017 (f) 6,988
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South Carolina - 5.6% 2,725 Charleston Educational Excellence Financing Corporation, South
Carolina, Revenue Bonds (Charleston County School District),
5.25% due 12/01/2028 (l) 2,881
2,425 Charleston Educational Excellence Financing Corporation, South
Carolina, Revenue Bonds (Charleston County School District),
5.25% due 12/01/2029 (l) 2,561
880 Charleston Educational Excellence Financing Corporation, South
Carolina, Revenue Bonds (Charleston County School District),
5.25% due 12/01/2030 (l) 929
10,000 South Carolina Transportation Infrastructure Bank Revenue Bonds,
Series A, 5% due 10/01/2033 (a) 10,296
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Texas - 2.3% 6,500 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT,
Series A, 6% due 11/01/2028 (c) 6,741
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Total Municipal Bonds Held in Trust (Cost - $109,429) - 37.2% 110,075
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Shares
Held Short-Term Securities
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1,500 Merrill Lynch Institutional Tax-Exempt Fund, 3.47% (m)(o) 1,500
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Total Short-Term Securities (Cost - $1,500) - 0.5% 1,500
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Total Investments (Cost - $491,969*) - 171.1% 506,314
Other Assets Less Liabilities - 1.1% 3,137
Liabilities for Trust Certificates, Including Interest
Expense Payable - (18.0%) (53,305)
Preferred Stock, at Redemption Value - (54.2%) (160,213)
Net Assets Applicable to Common Stock - 100.0% $ 295,933
==========
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 439,433
==================
Gross unrealized appreciation $ 15,553
Gross unrealized depreciation (1,682)
------------------
Net unrealized appreciation $ 13,871
==================
(a) AMBAC Insured.
(b) CIFG Insured.
(c) FGIC Insured.
(d) Escrowed to maturity.
(e) FNMA/GNMA Collateralized.
(f) FSA Insured.
(g) Prerefunded.
(h) XL Capital Insured.
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
(i) MBIA Insured.
(j) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(k) Radian Insured.
(l) Assured Guaranty Insured.
(m) 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:
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund (4,415) $ 90
--------------------------------------------------------------------------
(n) Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase.
(o) Represents the current yield as of July 31, 2007.
(p) FHLMC Collateralized.
o Forward interest rate swaps outstanding as of July 31, 2007 were as
follows:
--------------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
--------------------------------------------------------------------------------------------------------------
Pay a fixed rate of 4.124% and receive a floating rate based on
1-Week Bond Market Association Rate
Broker, JPMorgan Chase
Expires September 2017 $ 22,500 $ (377)
Pay a fixed rate of 3.9415% and receive a floating rate based on
1-Week (SIFMA) Municipal Swap Index Rate
Broker, JPMorgan Chase
Expires October 2017 $ 10,000 (21)
--------------------------------------------------------------------------------------------------------------
Total $ (398)
=============
Item 2 - Controls and Procedures
2(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
13a-15(b) under the Securities and Exchange Act of 1934, as amended.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal quarter that have materially affected, or are 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.
BlackRock MuniYield Quality Fund II, Inc.
By: /s/ Robert C. Doll, Jr.
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Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Quality Fund II, Inc.
Date: September 20, 2007
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.
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Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Quality Fund II, Inc.
Date: September 20, 2007
By: /s/ Donald C. Burke
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Donald C. Burke,
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Quality Fund II, Inc.
Date: September 20, 2007