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. (MQT)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief 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, Option 4
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 - 01/31/2008
Item 1 - Schedule of Investments
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
---------------------------------------------------------------------------------------------------------------------------------
Alabama - 1.7% $ 2,000 Jefferson County, Alabama, Limited Obligation School Warrants, Series A,
4.75% due 1/01/2025 $ 2,008
----------------------------------------------------------------------------------------------------
2,950 University of Alabama, General Revenue Bonds, Series A, 5% due 7/01/2034 (i) 2,997
---------------------------------------------------------------------------------------------------------------------------------
Arizona - 2.4% 7,500 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,
5% due 12/01/2037 6,891
---------------------------------------------------------------------------------------------------------------------------------
California - 30.2% 7,150 Alameda Corridor Transportation Authority, California, Capital Appreciation
Revenue Refunding Bonds,
Subordinate Lien, Series A, 5.33% due 10/01/2025 (a)(n) 6,000
----------------------------------------------------------------------------------------------------
3,800 Anaheim, California, Public Financing Authority, Electric System
Distribution Facilities Revenue Bonds, Series A, 5% due 10/01/2031 (f) 3,950
----------------------------------------------------------------------------------------------------
550 Antelope Valley, California, Community College District, GO (Election of
2004), Series B, 5.25% due 8/01/2039 (i) 587
----------------------------------------------------------------------------------------------------
1,400 Arcadia, California, Unified School District, Capital Appreciation, GO
(Election of 2006), Series A, 5.08% due 8/01/2039 (f)(n) 265
----------------------------------------------------------------------------------------------------
2,100 Cabrillo, California, Community College District, GO (Election of 2004),
Series B, 5.20% due 8/01/2037 (i)(n) 417
----------------------------------------------------------------------------------------------------
4,800 Cabrillo, California, Community College District, GO (Election of 2004),
Series B, 4.87% due 8/01/2038 (i)(n) 898
----------------------------------------------------------------------------------------------------
5,000 California Health Facilities Financing Authority Revenue Bonds (Kaiser
Permanente), Series A, 5.50% due 6/01/2022 (d)(f) 5,138
----------------------------------------------------------------------------------------------------
1,120 California State, GO, 5% due 11/01/2037 (h) 1,122
----------------------------------------------------------------------------------------------------
2,200 California State, GO, Refunding, 5.25% due 9/01/2010 (g) 2,361
----------------------------------------------------------------------------------------------------
20 California State, GO, Refunding, 5.125% due 6/01/2027 20
----------------------------------------------------------------------------------------------------
3,900 California State, GO, Refunding, 5.25% due 2/01/2033 (k) 3,982
----------------------------------------------------------------------------------------------------
5,700 California State, GO, Refunding, 5% due 6/01/2037 (h) 5,708
----------------------------------------------------------------------------------------------------
1,600 California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5% due 6/01/2025 1,607
----------------------------------------------------------------------------------------------------
2,200 California State University, Systemwide Revenue Bonds, Series A,
5% due 11/01/2035 (c) 2,216
----------------------------------------------------------------------------------------------------
2,750 California State, Various Purpose, GO, 5.25% due 11/01/2029 2,824
----------------------------------------------------------------------------------------------------
6,500 California State, Various Purpose, GO, 5.50% due 11/01/2033 6,860
----------------------------------------------------------------------------------------------------
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) 4,761
----------------------------------------------------------------------------------------------------
1,370 East Side Union High School District, California, Santa Clara County,
GO (Election of 2002), Series D, 5% due 8/01/2026 (h) 1,397
----------------------------------------------------------------------------------------------------
2,770 Fairfield-Suisun, California, Unified School District, GO (Election of
2002), 5.50% due 8/01/2028 (i) 2,983
---------------------------------------------------------------------------------------------------------------------------------
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)
CABS Capital Appreciation Bonds
COP Certificates of Participation
EDA Economic Development Authority
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
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 January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
$ 800 Fresno, California, Unified School District, GO (Election of 2001),
Series E, 5% due 8/01/2030 (f) $ 837
------------------------------------------------------------------------------------------------------
2,300 Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series B, 5.50% due 6/01/2013 (g)(h) 2,583
------------------------------------------------------------------------------------------------------
2,000 Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series B, 5.625% due 6/01/2013 (b)(g) 2,258
------------------------------------------------------------------------------------------------------
2,815 John Swett Unified School District, California, GO, Series A, 5.50%
due 8/01/2026 (f) 3,009
------------------------------------------------------------------------------------------------------
2,600 Metropolitan Water District of Southern California, Waterworks Revenue
Bonds, Series B-1, 5% due 10/01/2029 (c) 2,683
------------------------------------------------------------------------------------------------------
1,475 Metropolitan Water District of Southern California, Waterworks Revenue
Bonds, Series B-1, 5% due 10/01/2036 (c) 1,515
------------------------------------------------------------------------------------------------------
11,975 Monterey Peninsula Community College District, California, GO, CABS,
Series C, 5.08% due 8/01/2028 (f)(n) 4,156
------------------------------------------------------------------------------------------------------
2,300 Orange County, California, Sanitation District, COP, 5% due 2/01/2033 (c) 2,320
------------------------------------------------------------------------------------------------------
2,900 Palm Springs, California, Financing Authority, Lease Revenue Refunding
Bonds (Convention Center Project), Series A, 5.50% due 11/01/2029 (i) 3,135
------------------------------------------------------------------------------------------------------
1,250 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Paguay Redevelopment Project), 5.125% due 6/15/2033 (a) 1,257
------------------------------------------------------------------------------------------------------
375 Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation
Refunding Bonds (Rancho Redevelopment Project), Series A, 5% due 9/01/2034 (i) 376
------------------------------------------------------------------------------------------------------
5,000 Sacramento, California, Municipal Utility District, Electric Revenue Bonds,
Series N, 5% due 8/15/2028 (i) 5,061
------------------------------------------------------------------------------------------------------
1,350 Sacramento, California, Unified School District, GO (Election of 2002),
5% due 7/01/2030 (i) 1,402
------------------------------------------------------------------------------------------------------
900 Southern California Public Power Authority, Natural Gas Project Number 1,
Revenue Bonds, Series A, 5% due 11/01/2028 878
------------------------------------------------------------------------------------------------------
1,325 Tamalpais, California, Union High School District, GO (Election of 2001),
5% due 8/01/2028 (f) 1,382
------------------------------------------------------------------------------------------------------
2,025 Ventura County, California, Community College District, GO (Election of
2002), Series B, 5% due 8/01/2030 (i) 2,103
----------------------------------------------------------------------------------------------------------------------------------
Colorado - 1.7% 1,150 Colorado Health Facilities Authority Revenue Bonds (Catholic Health
Initiatives), Series A, 5.50% due 3/01/2032 (d) 1,232
------------------------------------------------------------------------------------------------------
1,200 Colorado Health Facilities Authority Revenue Bonds (Covenant Retirement
Communities Inc.), Series A, 5.50% due 12/01/2027 (k) 1,229
------------------------------------------------------------------------------------------------------
675 Colorado Health Facilities Authority Revenue Bonds (Covenant Retirement
Communities Inc.), Series A, 5.50% due 12/01/2033 (k) 685
------------------------------------------------------------------------------------------------------
7,500 E-470 Public Highway Authority, Colorado, Capital Appreciation Revenue
Refunding Bonds, Series B, 5.607% due 9/01/2032 (i)(n) 1,853
----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 0.7% 1,955 District of Columbia, GO, Series A, 4.75% due 6/01/2036 (c) 1,901
----------------------------------------------------------------------------------------------------------------------------------
Florida - 7.3% 2,000 Duval County, Florida, School Board, COP (Master Lease Program),
5% due 7/01/2033 (f) 2,048
------------------------------------------------------------------------------------------------------
3,050 Highlands County, Florida, Health Facilities Authority, Hospital Revenue
Bonds (Adventist Health System), Series C, 5.25% due 11/15/2036 3,080
------------------------------------------------------------------------------------------------------
1,700 Highlands County, Florida, Health Facilities Authority, Hospital Revenue
Refunding Bonds (Adventist Health System), Series G, 5.125% due 11/15/2032 1,704
------------------------------------------------------------------------------------------------------
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
$11,300 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, 5% due 10/01/2040 (h)(l) $ 11,202
------------------------------------------------------------------------------------------------------
730 Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk
Improvement Program), 5% due 1/01/2037 (i) 737
------------------------------------------------------------------------------------------------------
2,365 Peace River/Manasota Regional Water Supply Authority, Florida, Utility
System Revenue Bonds, Series A, 5% due 10/01/2030 (f) 2,438
----------------------------------------------------------------------------------------------------------------------------------
Georgia - 7.2% 5,000 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B,
5.25% due 1/01/2033 (f) 5,170
------------------------------------------------------------------------------------------------------
5,000 Atlanta, Georgia, Airport Revenue Refunding Bonds, Series A, 5.875%
due 1/01/2017 (c) 5,325
------------------------------------------------------------------------------------------------------
2,850 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5% due 11/01/2034 (f) 2,932
------------------------------------------------------------------------------------------------------
800 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series A,
5% due 11/01/2033 (i) 812
------------------------------------------------------------------------------------------------------
4,610 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series A,
5% due 11/01/2039 (i) 4,668
------------------------------------------------------------------------------------------------------
1,880 Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25% due 10/01/2039 (f) 1,986
----------------------------------------------------------------------------------------------------------------------------------
Illinois - 16.4% 5,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien,
AMT, Series B-2, 5.75% due 1/01/2023 (f) 5,568
------------------------------------------------------------------------------------------------------
2,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien,
AMT, Series B-2, 6% due 1/01/2029 (h) 2,323
------------------------------------------------------------------------------------------------------
2,460 Cook County, Illinois, Capital Improvement, GO, Series C,
5.50% due 11/15/2012 (a)(g) 2,772
------------------------------------------------------------------------------------------------------
10,000 Illinois Regional Transportation Authority Revenue Bonds, 6.50%
due 7/01/2026 (i) 12,734
------------------------------------------------------------------------------------------------------
21,675 Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds,
5.264% due 6/15/2030 (a)(n) 20,745
------------------------------------------------------------------------------------------------------
3,500 Metropolitan Pier and Exposition Authority, Illinois, Dedicated
State Tax Revenue Bonds (McCormick Place
Expansion), Series A, 5% due 12/15/2028 (i) 3,581
----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 7.4% 1,490 Jefferson Parish, Louisiana, Home Mortgage Authority,
S/F Mortgage Revenue Bonds, AMT, Series B-1,
6.65% due 12/01/2033 (e)(i) 1,575
------------------------------------------------------------------------------------------------------
5,500 Lafayette, Louisiana, Utilities Revenue Bonds, 5% due 11/01/2028 (i) 5,623
------------------------------------------------------------------------------------------------------
2,300 Louisiana Local Government Environmental Facilities and Community
Development Authority, Revenue Bonds (Capital Projects and Equipment
Acquisition Program), Series A, 6.30% due 7/01/2030 (a) 2,607
------------------------------------------------------------------------------------------------------
1,800 Louisiana State Citizens Property Insurance Corporation, Assessment
Revenue Bonds, Series B, 5% due 6/01/2023 (a) 1,813
------------------------------------------------------------------------------------------------------
3,500 Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A,
4.75% due 5/01/2039 (f) 3,500
------------------------------------------------------------------------------------------------------
3,185 Louisiana State Transportation Authority, Senior Lien Toll Revenue
Capital Appreciation Bonds, Series B, 5.31% due 12/01/2027 (a)(n) 1,120
------------------------------------------------------------------------------------------------------
2,400 New Orleans, Louisiana, Aviation Board Revenue Bonds, AMT, Series A,
5% due 1/01/2038 (f) 2,393
------------------------------------------------------------------------------------------------------
1,750 Rapides Financing Authority, Louisiana, Revenue Bonds (Cleco Power
LLC Project), AMT, 4.70% due 11/01/2036 (a) 1,638
------------------------------------------------------------------------------------------------------
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) 1,379
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 1.6% 2,290 Massachusetts Bay Transportation Authority, Sales Tax Revenue
Refunding Bonds, Senior Series A-2 4.80% due 7/01/2035 (n) 547
------------------------------------------------------------------------------------------------------
1,500 Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 128,
4.80% due 12/01/2027 (f) 1,447
------------------------------------------------------------------------------------------------------
1,750 Massachusetts State Health and Educational Facilities Authority Revenue
Bonds (Lahey Clinic Medical Center), Series D, 5.25% due 8/15/2037 1,767
------------------------------------------------------------------------------------------------------
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
$ 840 Massachusetts State Water Resource Authority, General Revenue Refunding
Bonds, Series B, 5.125% due 8/01/2027 (i) $ 869
----------------------------------------------------------------------------------------------------------------------------------
Michigan - 3.7% 1,500 Detroit, Michigan, Sewage Disposal System, Second Lien Revenue Bonds,
Series B, 5% due 7/01/2036 (c) 1,493
------------------------------------------------------------------------------------------------------
1,000 Michigan Higher Education Student Loan Authority, Student Loan Revenue
Refunding Bonds, AMT, Series XVII-G, 5.20% due 9/01/2020 (a) 1,038
------------------------------------------------------------------------------------------------------
3,335 Michigan State Hospital Finance Authority, Hospital Revenue Refunding
Bonds (Sparrow Obligated Group), 5% due 11/15/2036 3,290
------------------------------------------------------------------------------------------------------
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) 1,022
------------------------------------------------------------------------------------------------------
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) 3,956
----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 0.9% 2,655 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) 2,615
----------------------------------------------------------------------------------------------------------------------------------
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) 4,314
------------------------------------------------------------------------------------------------------
1,500 Saint Louis County, Missouri, Pattonville R-3 School District, GO
(Missouri Direct Deposit Program), 6% due 3/01/2010 (c)(g) 1,626
----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.5% 1,300 Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds,
Series A, 5% due 4/01/2033 (f) 1,347
----------------------------------------------------------------------------------------------------------------------------------
Nevada - 3.1% 2,800 Carson City, Nevada, Hospital Revenue Bonds (Carson-Tahoe Hospital
Project), Series A, 5.50% due 9/01/2033 (k) 2,846
------------------------------------------------------------------------------------------------------
1,500 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds,
Series A-2, 5% due 7/01/2030 (c) 1,505
------------------------------------------------------------------------------------------------------
2,700 Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds,
Series A-2, 5% due 7/01/2036 (c) 2,692
------------------------------------------------------------------------------------------------------
2,200 Clark County, Nevada, IDR (Southwest Gas Corp. Project), AMT, Series A,
4.75% due 9/01/2036 (c) 2,078
----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 6.0% 1,070 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 1,064
------------------------------------------------------------------------------------------------------
500 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 484
------------------------------------------------------------------------------------------------------
2,400 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,
5% due 7/01/2029 (i) 2,481
------------------------------------------------------------------------------------------------------
4,800 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,
5.25% due 7/01/2033 (i) 4,961
------------------------------------------------------------------------------------------------------
4,250 New Jersey EDA, School Facilities Construction Revenue Bonds, Series O,
5.125% due 3/01/2028 4,446
------------------------------------------------------------------------------------------------------
4,000 New Jersey EDA, School Facilities Construction Revenue Bonds, Series P,
5.125% due 9/01/2028 4,182
----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 2.3% 6,295 New Mexico State Highway Commission, Tax Revenue Bonds, Senior Sub-Lien,
Series A, 6% due 6/15/2010 (f)(g) 6,820
----------------------------------------------------------------------------------------------------------------------------------
New York - 8.2% 1,800 Metropolitan Transportation Authority, New York, Transportation Revenue
Bonds, Series A, 5% due 11/15/2032 (c) 1,834
------------------------------------------------------------------------------------------------------
9,280 Nassau Health Care Corporation, New York, Health System Revenue Bonds,
5.75% due 8/01/2009 (f)(g) 9,965
------------------------------------------------------------------------------------------------------
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
$ 5,000 New York State Dormitory Authority, Revenue Refunding Bonds (State
University Educational Facilities), 5.75% due 5/15/2010 (c)(g) $ 5,432
------------------------------------------------------------------------------------------------------
6,115 Tobacco Settlement Financing Corporation of New York Revenue Bonds,
Series A-1, 5.25% due 6/01/2022 (a) 6,518
----------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.4% 5,120 Plain, Ohio, Local School District, GO, Refunding, 6% due 6/01/2011 (c)(g) 5,694
------------------------------------------------------------------------------------------------------
1,170 Plain, Ohio, Local School District, GO, Refunding, 6% due 12/01/2020 (c) 1,275
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.3% 5 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds,
6% due 1/01/2017 (f) 5
------------------------------------------------------------------------------------------------------
1,340 Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 99A,
5.25% due 10/01/2032 1,344
------------------------------------------------------------------------------------------------------
2,350 Philadelphia, Pennsylvania, Gas Works Revenue Refunding Bonds, 1998
General Ordinance, 7th Series, 5% due 10/01/2032 (a) 2,352
----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 1.5% 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) 4,277
----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 3.7% 2,450 Berkeley County, South Carolina, School District, Installment Lease
Revenue Bonds (Securing Assets for Education Project), 5.125% due 12/01/2030 2,479
------------------------------------------------------------------------------------------------------
2,075 Kershaw County, South Carolina, Public Schools Foundation, Installment
Power Revenue Refunding Bonds, 5% due 12/01/2029 (b) 2,085
------------------------------------------------------------------------------------------------------
6,100 South Carolina Transportation Infrastructure Bank Revenue Bonds, Series A,
5% due 10/01/2033 (a) 6,193
----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.8% 3,920 Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series A,
5.25% due 9/01/2026 3,880
------------------------------------------------------------------------------------------------------
1,500 Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series C,
5% due 2/01/2027 1,433
----------------------------------------------------------------------------------------------------------------------------------
Texas - 11.9% 2,000 Corpus Christi, Texas, Utility System Revenue Refunding Bonds, Series A,
6% due 7/15/2010 (f)(g) 2,174
------------------------------------------------------------------------------------------------------
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) 4,499
------------------------------------------------------------------------------------------------------
9,345 Leander, Texas, Independent School District, Capital Appreciation, GO,
Refunding (School Building), 5.51% due 8/15/2030 (c)(n) 2,755
------------------------------------------------------------------------------------------------------
8,800 Leander, Texas, Independent School District, Capital Appreciation, GO,
Refunding (School Building), 5.58% due 8/15/2035 (n) 1,952
------------------------------------------------------------------------------------------------------
3,915 Lewisville, Texas, Independent School District, Capital Appreciation and
School Building, GO, Refunding, 4.67% due 8/15/2024 (c)(n) 1,684
------------------------------------------------------------------------------------------------------
3,500 Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor),
AMT, 6.375% due 4/01/2027 3,518
------------------------------------------------------------------------------------------------------
2,250 Matagorda County, Texas, Navigation District Number 1, PCR, Refunding
(Central Power and Light Company Project), AMT, 5.20% due 5/01/2030 (i) 2,269
------------------------------------------------------------------------------------------------------
4,925 North Harris County, Texas, Regional Water Authority, Senior Lien
Revenue Bonds, 5.125% due 12/15/2035 (i) 5,053
------------------------------------------------------------------------------------------------------
800 North Texas Thruway Authority, Dallas North Thruway System Revenue Bonds,
Series A, 5% due 1/01/2035 (f) 824
------------------------------------------------------------------------------------------------------
1,293 Texas State Affordable Housing Corporation, S/F Mortgage Revenue Bonds
(Professional Educators HomeLoan Program), AMT, Series A-1,
5.50% due 12/01/2039 (e)(p) 1,360
------------------------------------------------------------------------------------------------------
4,800 Texas State Turnpike Authority, Central Texas Turnpike System Revenue
Bonds, First Tier, Series A, 5.75% due 8/15/2038 (a) 4,980
------------------------------------------------------------------------------------------------------
3,600 Texas State Turnpike Authority, Central Texas Turnpike System Revenue
Bonds, First Tier, Series A, 5.50% due 8/15/2039 (a) 3,682
----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
----------------------------------------------------------------------------------------------------------------------------------
Vermont - 1.1% $ 700 Vermont HFA, Revenue Refunding Bonds, AMT, Series C,
5.50% due 11/01/2038 (f) $ 711
------------------------------------------------------------------------------------------------------
2,755 Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 27,
4.85% due 11/01/2032 (f) 2,618
----------------------------------------------------------------------------------------------------------------------------------
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) 2,205
----------------------------------------------------------------------------------------------------------------------------------
Washington - 6.3% 7,470 Port of Seattle, Washington, Revenue Bonds, AMT, Series B,
6% due 2/01/2016 (i) 7,815
------------------------------------------------------------------------------------------------------
2,100 Port of Tacoma, Washington, GO, AMT, Series B, 4.875% due 12/01/2038 (l) 2,052
------------------------------------------------------------------------------------------------------
1,600 Port of Tacoma, Washington, Revenue Refunding Bonds, Series A,
5.25% due 12/01/2014 (a)(g) 1,829
------------------------------------------------------------------------------------------------------
6,150 Seattle, Washington, Municipal Light and Power Revenue Bonds,
6% due 10/01/2009 (g)(i) 6,600
----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $380,313) - 134.1% 390,556
----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (j)
----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.7% 1,250 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, Series A, 5% due 10/01/2040 (h) 1,191
------------------------------------------------------------------------------------------------------
3,575 Orange County, Florida, Sales Tax Revenue Refunding Bonds, Series B,
5.125% due 1/01/2032 (c) 3,659
----------------------------------------------------------------------------------------------------------------------------------
Georgia - 6.0% 17,000 Atlanta, Georgia, Airport Passenger Facility Charge, Subordinate Lien
Revenue Refunding Bonds, Series C, 5% due 1/01/2033 (f) 17,336
----------------------------------------------------------------------------------------------------------------------------------
Illinois - 6.1% 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) 9,820
------------------------------------------------------------------------------------------------------
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) 7,876
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 10.8% 20,000 Massachusetts State HFA, Housing Revenue Bonds (Rental Mortgage), AMT,
Series F, 5.25% due 1/01/2046 (f) 19,676
------------------------------------------------------------------------------------------------------
2,900 Massachusetts State Port Authority, Special Facilities Revenue Bonds
(Delta Air Lines Inc. Project), AMT, Series A, 5.50% due 1/01/2016 (a) 3,019
------------------------------------------------------------------------------------------------------
2,670 Massachusetts State Port Authority, Special Facilities Revenue Bonds
(Delta Air Lines Inc. Project), AMT, Series A, 5.50% due 1/01/2019 (a) 2,780
------------------------------------------------------------------------------------------------------
5,800 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue
Bonds, Series A, 5% due 8/15/2030 (f) 6,025
----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 3.1% 4,600 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 (l) 4,840
------------------------------------------------------------------------------------------------------
4,000 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 (l) 4,208
----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 6.7% 2,725 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2028 (l) 2,873
------------------------------------------------------------------------------------------------------
2,425 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2029 (l) 2,555
------------------------------------------------------------------------------------------------------
880 Charleston Educational Excellence Financing Corporation, South Carolina,
Revenue Bonds (Charleston County School District), 5.25% due 12/01/2030 (l) 925
------------------------------------------------------------------------------------------------------
3,000 Pickens County South Carolina, Scago Educational Facility Revenue Bonds,
Federal and State Tax-exempt, 5% due 12/01/2031 (f) 3,064
------------------------------------------------------------------------------------------------------
10,000 South Carolina Transportation Infrastructure Bank Revenue Bonds,
Series A, 5% due 10/01/2033 (a) 10,153
----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Transferred to Tender Option Bond Trusts (j) Value
----------------------------------------------------------------------------------------------------------------------------------
Texas - 1.7% $ 5,000 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, AMT,
Series A, 5.50% due 11/01/2033 (i) $ 5,086
----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $106,410) - 36.1% 105,086
----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
----------------------------------------------------------------------------------------------------------------------------------
1,400 Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (m)(o) 1,400
----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $1,400) - 0.5% 1,400
----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $488,123*) - 170.7% 497,042
Other Assets Less Liabilities - 2.0% 5,786
Liability for Trust Certificates, Including Interest Expense Payable - (17.7%) (51,497)
Preferred Stock, at Redemption Value - (55.0%) (160,088)
-----------
Net Assets Applicable to Common Stock - 100.0% $ 291,243
===========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 436,942
=========
Gross unrealized appreciation $ 13,361
Gross unrealized depreciation (4,551)
---------
Net unrealized appreciation $ 8,810
=========
(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.
(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.
BlackRock MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
(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:
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Net Dividend
Affiliate Activity Income
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Merrill Lynch Institutional Tax-Exempt Fund 93 $ 26
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(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 January 31, 2008.
(p) FHLMC Collateralized.
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 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)
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock MuniYield Quality Fund II, Inc.
Date: March 24, 2008
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniYield Quality Fund II, Inc.
Date: March 24, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniYield Quality Fund II, Inc.
Date: March 24, 2008