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: Anne F. Ackerley, Chief Executive Officer, BlackRock MuniYield Quality Fund II, Inc., 55 East 52nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 04/30/2010

 

Date of reporting period: 01/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

Alabama — 1.1%

 

 

 

 

 

 

 

Alabama Public School & College
Authority, Refunding RB, Series A,
5.00%, 5/01/29

 

$

800

 

$

825,064

 

Birmingham Special Care Facilities
Financing Authority, RB, Children’s
Hospital (AGC), 6.00%, 6/01/39

 

 

650

 

 

689,312

 

County of Jefferson Alabama, RB,
Series A, 4.75%, 1/01/25

 

 

2,000

 

 

1,556,180

 

 

 

 

 

 

 

 

 

 

 

 

3,070,556

 

Arizona — 1.2%

 

 

 

 

 

 

 

State of Arizona, COP, Department of
Administration, Series A (AGM),
5.00%, 10/01/27

 

 

2,300

 

 

2,347,610

 

State of Arizona, COP, Department of
Administration, Series A (AGM),
5.00%, 10/01/29

 

 

925

 

 

934,130

 

 

 

 

 

 

 

 

 

 

 

 

3,281,740

 

California — 19.2%

 

 

 

 

 

 

 

Alameda Corridor Transportation
Authority, Refunding RB, CAB,
Subordinate Lien, Series A (AMBAC),
5.43%, 10/01/25 (a)

 

 

7,150

 

 

5,597,949

 

Antelope Valley Community College
District, GO, Election of 2004, Series
B (NPFGC), 5.25%, 8/01/39

 

 

550

 

 

555,775

 

Arcadia Unified School District
California, GO, CAB, Election of 2006,
Series A (AGM), 4.96%, 8/01/39 (b)

 

 

1,400

 

 

186,704

 

Cabrillo Community College District
California, GO, CAB, Election of 2004,
Series B (NPFGC), 5.18%,
8/01/37 (b)

 

 

2,100

 

 

313,635

 

Cabrillo Community College District
California, GO, CAB, Election of 2004,
Series B (NPFGC), 4.87%,
8/01/38 (b)

 

 

4,800

 

 

663,840

 

California Health Facilities Financing
Authority, RB, Kaiser Permanente,
Series A (AGM), 5.50%, 6/01/22 (c)

 

 

5,000

 

 

5,025,100

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

California (continued)

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB, St. Joseph
Health System, Series A,
5.75%, 7/01/39

 

$

500

 

$

515,000

 

Coast Community College District
California, GO, Refunding, CAB,
Election of 2002, Series C (AGM),
5.52%, 8/01/13 (a)

 

 

1,800

 

 

1,519,776

 

East Side Union High School District-
Santa Clara County California, GO,
CAB, Election of 2002, Series E
(Syncora), 5.15%, 8/01/29 (b)

 

 

15,000

 

 

4,214,100

 

El Monte Union High School District
California, GO, Election of 2002,
Series C (AGM), 5.25%, 6/01/28

 

 

4,000

 

 

4,169,680

 

Fairfield-Suisun Unified School District
California, GO, Election of 2002
(NPFGC), 5.50%, 8/01/28

 

 

2,770

 

 

2,949,773

 

Fresno Unified School District California,
GO, Election of 2001, Series E (AGM),
5.00%, 8/01/30

 

 

800

 

 

813,320

 

John Swett Unified School District, GO,
Series A (AGM), 5.50%, 8/01/26

 

 

2,815

 

 

2,929,064

 

Metropolitan Water District of Southern
California, RB, Series B-1 (NPFGC),
5.00%, 10/01/29

 

 

2,600

 

 

2,678,884

 

Metropolitan Water District of Southern
California, RB, Series B-1 (NPFGC),
5.00%, 10/01/36

 

 

1,475

 

 

1,499,618

 

Monterey Peninsula Community College
District, GO, CAB, Series C (AGM),
5.08%, 8/01/28 (b)

 

 

11,975

 

 

3,838,227

 

Orange County Sanitation District, COP
(NPFGC), 5.00%, 2/01/33

 

 

2,300

 

 

2,346,621

 

Palm Springs Financing Authority,
Refunding RB, Convention Center
Project, Series A (NPFGC),
5.50%, 11/01/29

 

 

2,900

 

 

3,000,485

 

Port of Oakland, RB, Series K, AMT
(NPFGC), 5.75%, 11/01/29

 

 

2,000

 

 

2,001,120

 

 

     Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

ARB

Airport Revenue Bonds Berkshire Hathaway Assurance

BHAC

Berkshire Hathaway Assurance Corp.

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

ERB

Education Revenue Bonds

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance Inc.

GNMA

Government National Mortgage Association

GO

General Obligation Bonds

HFA

Housing Finance Agency

IDA

Industrial Development Authority

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

PSF - GTD

Permanent School Fund Guaranteed

RB

Revenue Bonds

S/F

Single-Family

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND II, INC.

JANUARY 31, 2010

1

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund II, Inc. (MQT)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Poway Redevelopment Agency
California, Tax Allocation Bonds,
Refunding, Paguay Redevelopment
Project (AMBAC), 5.13%, 6/15/33

 

$

1,250

 

$

1,104,813

 

Sacramento Municipal Utility District,
RB, Series N (NPFGC),
5.00%, 8/15/28

 

 

4,300

 

 

4,311,911

 

Sacramento Unified School District
California, GO, Election of 2002
(NPFGC), 5.00%, 7/01/30

 

 

1,600

 

 

1,606,720

 

State of California, GO, 5.13%, 6/01/27

 

 

20

 

 

19,716

 

Ventura County Community College
District, GO, Election of 2002, Series
B (NPFGC), 5.00%, 8/01/30

 

 

2,025

 

 

2,068,942

 

 

 

 

 

 

 

 

 

 

 

 

53,930,773

 

Colorado — 1.2%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Covenant Retirement Communities,
Series A (Radian), 5.50%, 12/01/27

 

 

1,200

 

 

1,100,304

 

Colorado Health Facilities Authority, RB,
Covenant Retirement Communities,
Series A (Radian), 5.50%, 12/01/33

 

 

675

 

 

595,175

 

E-470 Public Highway Authority
Colorado, Refunding RB, CAB,
Series B (NPFGC), 5.62%, 9/01/32 (b)

 

 

7,500

 

 

1,656,000

 

 

 

 

 

 

 

 

 

 

 

 

3,351,479

 

Florida — 10.6%

 

 

 

 

 

 

 

Broward County School Board Florida,
COP, Series A (AGM), 5.25%, 7/01/33

 

 

1,400

 

 

1,430,520

 

County of Duval Florida, COP, Master
Lease Program (AGM),
5.00%, 7/01/33

 

 

2,600

 

 

2,589,236

 

County of Miami-Dade Florida, RB,
Jackson Health System (AGC),
5.63%, 6/01/34

 

 

2,000

 

 

2,069,580

 

County of Miami-Dade Florida,
Refunding RB, Miami International
Airport, AMT (AGC), 5.00%, 10/01/40

 

 

12,550

 

 

11,890,623

 

County of Orange Florida, Refunding RB,
Series B (NPFGC), 5.13%, 1/01/32

 

 

1,575

 

 

1,584,482

 

Hillsborough County Aviation Authority
Florida, RB, Series A, AMT (AGC),
5.38%, 10/01/33

 

 

3,250

 

 

3,277,755

 

Miami-Dade County School Board, COP,
Refunding, Series B (AGC),
5.25%, 5/01/31

 

 

1,625

 

 

1,682,070

 

Orange County School Board, COP,
Series A (AGC), 5.50%, 8/01/34

 

 

2,850

 

 

3,000,822

 

Sarasota County Public Hospital District,
RB, Sarasota Memorial Hospital
Project, Series A, 5.63%, 7/01/39

 

 

250

 

 

254,100

 

South Florida Water Management
District, COP (AGC), 5.00%, 10/01/22

 

 

1,800

 

 

1,918,728

 

 

 

 

 

 

 

 

 

 

 

 

29,697,916

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia — 0.9%

 

 

 

 

 

 

 

Augusta-Richmond County Georgia, RB
(AGM), 5.25%, 10/01/39

 

$

1,880

 

$

1,943,506

 

Gwinnett County Hospital Authority,
Refunding RB, Gwinnett Hospital
System, Series D (AGM), 5.50%,
7/01/41

 

 

730

 

 

732,628

 

 

 

 

 

 

 

 

 

 

 

 

2,676,134

 

Illinois — 22.0%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Refunding, Chicago School Reform
Board, Series A (NPFGC), 5.50%,
12/01/26

 

 

2,500

 

 

2,770,875

 

City of Chicago Illinois, ARB, General,
Third Lien, Series B-2, AMT (AGM),
5.75%, 1/01/23

 

 

5,200

 

 

5,363,228

 

City of Chicago Illinois, ARB, General,
Third Lien, Series B-2, AMT (Syncora),
6.00%, 1/01/29

 

 

2,200

 

 

2,270,268

 

City of Chicago Illinois, GO, City of
Chicago Illinois, GO, CAB, City Colleges
(NPFGC), 5.88%, 1/01/31 (b)

 

 

8,370

 

 

2,795,999

 

City of Chicago Illinois, GO, Refunding,
Series A (AGM), 5.00%, 1/01/25

 

 

5,000

 

 

5,247,750

 

City of Chicago Illinois, RB, Series A
(AGC), 5.00%, 1/01/38

 

 

4,000

 

 

4,062,600

 

City of Chicago Illinois, Refunding RB,
General Airport, Third Lien, Series A,
AMT (NPFGC), 5.50%, 1/01/22

 

 

9,150

 

 

9,311,314

 

County of Cook Illinois, GO, Capital
Improvement, Series C (AMBAC),
5.50%, 11/15/12 (d)

 

 

2,460

 

 

2,773,724

 

Illinois Finance Authority, Refunding RB,
Central DuPage Health, Series B,
5.50%, 11/01/39

 

 

2,070

 

 

2,137,668

 

Illinois Sports Facilities Authority, RB,
State Tax Supported (AMBAC),
5.53%, 6/15/30 (a)

 

 

21,675

 

 

21,535,630

 

Regional Transportation Authority, RB,
Series B (NPFGC), 5.75%, 6/01/33

 

 

2,000

 

 

2,266,740

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/34

 

 

1,125

 

 

1,159,380

 

 

 

 

 

 

 

 

 

 

 

 

61,695,176

 

Indiana — 0.1%

 

 

 

 

 

 

 

Indiana Municipal Power Agency, RB,
Indiana Municipal Power Agency,
Series B, 5.75%, 1/01/34

 

 

350

 

 

359,730

 

Iowa — 0.4%

 

 

 

 

 

 

 

Iowa Finance Authority, RB, Series A
(AGC), 5.63%, 8/15/37

 

 

1,175

 

 

1,214,844

 

Kentucky — 0.8%

 

 

 

 

 

 

 

Kentucky State Property & Buildings
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/29

 

 

2,000

 

 

2,146,800

 

 

 

 

2

BLACKROCK MUNIYIELD QUALITY FUND II, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund II, Inc. (MQT)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Louisiana — 1.4%

 

 

 

 

 

 

 

Jefferson Parish Home Mortgage
Authority, RB, Series B-1, AMT
(NPFGC), 6.65%, 12/01/33

 

$

1,200

 

$

1,273,620

 

Louisiana Public Facilities Authority,
Refunding RB, Christus Health,
Series B (AGC), 6.50%, 7/01/30

 

 

1,150

 

 

1,284,286

 

Rapides Finance Authority Louisiana,
RB, Cleco Power LLC Project, AMT
(AMBAC), 4.70%, 11/01/36

 

 

1,650

 

 

1,367,767

 

 

 

 

 

 

 

 

 

 

 

 

3,925,673

 

Maryland — 0.4%

 

 

 

 

 

 

 

Maryland Community Development
Administration, Refunding RB,
Residential, Series A, AMT,
5.75%, 9/01/39

 

 

1,045

 

 

1,101,461

 

Massachusetts — 8.4%

 

 

 

 

 

 

 

Massachusetts HFA, RB, Rental
Mortgage, Series F, AMT (AGM),
5.25%, 1/01/46

 

 

20,000

 

 

19,371,400

 

Massachusetts HFA, RB, S/F Housing,
Series 128, AMT (AGM),
4.80%, 12/01/27

 

 

1,500

 

 

1,439,115

 

Massachusetts Water Resources
Authority, Refunding RB, General,
Series A (NPFGC), 5.00%, 8/01/34

 

 

2,700

 

 

2,779,974

 

 

 

 

 

 

 

 

 

 

 

 

23,590,489

 

Michigan — 5.7%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Second
Lien, Series B (AGM), 6.25%,
7/01/36

 

 

350

 

 

378,984

 

City of Detroit Michigan, RB, Second
Lien, Series B (AGM), 7.00%,
7/01/36

 

 

200

 

 

228,460

 

City of Detroit Michigan, RB, System,
Second Lien, Series A (BHAC),
5.50%, 7/01/36

 

 

4,500

 

 

4,649,805

 

City of Detroit Michigan, RB, System,
Second Lien, Series B (NPFGC),
5.00%, 7/01/36

 

 

3,000

 

 

2,703,570

 

City of Detroit Michigan, Refunding RB,
Second Lien, Series E (BHAC),
5.75%, 7/01/31

 

 

2,200

 

 

2,346,432

 

Michigan Higher Education Student
Loan Authority, Refunding RB,
Student Loan, Series XVII-G, AMT
(AMBAC), 5.20%, 9/01/20

 

 

1,000

 

 

1,000,430

 

Michigan Strategic Fund, RB, Detroit
Edison Co. Project, Series C, AMT
(Syncora), 5.45%, 12/15/32

 

 

3,900

 

 

3,671,577

 

Michigan Strategic Fund, Refunding RB,
Detroit Edison Co. Project, Series A,
AMT (Syncora), 5.50%, 6/01/30

 

 

1,000

 

 

955,170

 

 

 

 

 

 

 

 

 

 

 

 

15,934,428

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Minnesota — 0.7%

 

 

 

 

 

 

 

City of Minneapolis Minnesota,
Refunding RB, Fairview Health
Services, Series B (AGC),
6.50%, 11/15/38

 

$

1,800

 

$

1,999,530

 

Dakota County Community
Development Agency, RB, Mortgage-
Backed Securities Program, Series B,
AMT (GNMA), 5.15%, 12/01/38

 

 

—

(e)

 

4

 

 

 

 

 

 

 

 

 

 

 

 

1,999,534

 

Missouri — 1.4%

 

 

 

 

 

 

 

Pattonville R-3 School District, GO,
Missouri Direct Deposit Program
(FGIC), 5.75%, 3/01/10 (d)

 

 

2,000

 

 

2,029,880

 

Pattonville R-3 School District, GO,
Missouri Direct Deposit Program
(FGIC), 5.75%, 3/01/10 (d)

 

 

2,000

 

 

2,029,880

 

 

 

 

 

 

 

 

 

 

 

 

4,059,760

 

Nevada — 4.0%

 

 

 

 

 

 

 

City of Carson City Nevada, RB, Carson-
Tahoe Hospital Project, Series A,
(Radian), 5.50%, 9/01/33

 

 

2,800

 

 

2,539,320

 

County of Clark Nevada, RB, Las Vegas-
McCarran International Airport,
Series A (AGC), 5.25%, 7/01/39 (f)

 

 

1,700

 

 

1,692,350

 

County of Clark Nevada, RB, Southwest
Gas Corp. Project, Series A, AMT
(FGIC), 4.75%, 9/01/36

 

 

40

 

 

33,257

 

County of Clark Nevada, RB,
Subordinate Lien, Series A-2 (NPFGC),
5.00%, 7/01/30

 

 

1,500

 

 

1,517,130

 

County of Clark Nevada, RB,
Subordinate Lien, Series A-2 (NPFGC),
5.00%, 7/01/36

 

 

2,700

 

 

2,672,541

 

County of Clark Nevada, RB, System,
Subordinate Lien, Series C (AGM),
5.00%, 7/01/26

 

 

1,275

 

 

1,308,685

 

Las Vegas Valley Water District, GO,
Refunding, Series A (NPFGC),
5.00%, 6/01/24

 

 

1,350

 

 

1,395,225

 

 

 

 

 

 

 

 

 

 

 

 

11,158,508

 

New Jersey — 7.6%

 

 

 

 

 

 

 

New Jersey EDA, RB, Cigarette Tax
(Radian), 5.75%, 6/15/29

 

 

870

 

 

854,001

 

New Jersey EDA, RB, Cigarette Tax
(Radian), 5.50%, 6/15/31

 

 

400

 

 

372,416

 

New Jersey EDA, RB, Motor Vehicle
Surcharge, Series A (NPFGC),
5.25%, 7/01/33

 

 

8,200

 

 

8,319,064

 

New Jersey EDA, RB, School Facilities
Construction, Series O,
5.13%, 3/01/28

 

 

3,380

 

 

3,511,685

 

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND II, INC.

JANUARY 31, 2010

3

 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund II, Inc. (MQT)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities
Construction, Series P,
5.13%, 9/01/28

 

$

4,000

 

$

4,158,520

 

New Jersey EDA, Refunding RB, School
Facilities Construction, Series N-1
(AGM), 5.50%, 9/01/25

 

 

2,000

 

 

2,312,580

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A (NPFGC), 5.75%, 6/15/25

 

 

1,400

 

 

1,626,604

 

 

 

 

 

 

 

 

 

 

 

 

21,154,870

 

New Mexico — 2.3%

 

 

 

 

 

 

 

New Mexico State Transportation
Commission, RB, Senior, Sub Lien
Series A (AGM), 6.00%, 6/15/10 (d)

 

 

6,295

 

 

6,431,098

 

New York — 2.3%

 

 

 

 

 

 

 

New York State Dormitory Authority, RB,
State University Educational Facilities
(FGIC), 5.75%, 5/15/24 (d)

 

 

5,000

 

 

5,132,500

 

Triborough Bridge & Tunnel Authority,
RB, General, Series A-2,
5.25%, 11/15/34

 

 

1,200

 

 

1,271,844

 

 

 

 

 

 

 

 

 

 

 

 

6,404,344

 

Ohio — 2.4%

 

 

 

 

 

 

 

New Albany Plain Local School District,
GO, Refunding (FGIC),
6.00%, 6/01/11 (d)

 

 

5,120

 

 

5,499,545

 

New Albany Plain Local School District,
GO, Refunding (NPFGC),
6.00%, 12/01/20

 

 

1,170

 

 

1,243,523

 

 

 

 

 

 

 

 

 

 

 

 

6,743,068

 

Oregon — 0.2%

 

 

 

 

 

 

 

Medford Hospital Facilities Authority,
RB, Asante Health System, Series A
(AGC), 5.00%, 8/01/40 (f)

 

 

500

 

 

487,015

 

Pennsylvania — 1.6%

 

 

 

 

 

 

 

Delaware River Port Authority
Pennsylvania & New Jersey, RB
(AGM), 6.00%, 1/01/17

 

 

5

 

 

5,022

 

Pennsylvania HFA, Refunding RB,
Series 99A, AMT, 5.25%, 10/01/32

 

 

1,340

 

 

1,342,881

 

Pennsylvania Turnpike Commission, RB,
CAB, Sub-Series E,
6.47%, 12/01/38 (a)

 

 

2,600

 

 

1,641,614

 

Philadelphia School District, GO,
Series E, 6.00%, 9/01/38

 

 

1,300

 

 

1,385,137

 

 

 

 

 

 

 

 

 

 

 

 

4,374,654

 

Puerto Rico — 2.1%

 

 

 

 

 

 

 

Puerto Rico Electric Power Authority,
Refunding RB, Series VV (NPFGC),
5.25%, 7/01/30

 

 

1,070

 

 

1,082,027

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A,
6.38%, 8/01/39

 

 

3,000

 

 

3,192,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series A (NPFGC),
5.76%, 8/01/41 (b)

 

$

10,000

 

$

1,486,400

 

 

 

 

 

 

 

 

 

 

 

 

5,760,727

 

South Carolina — 0.9%

 

 

 

 

 

 

 

Berkeley County School District, RB,
Securing Assets For Education,
5.13%, 12/01/30

 

 

2,450

 

 

2,498,657

 

Tennessee — 0.8%

 

 

 

 

 

 

 

Tennessee Energy Acquisition Corp., RB,
Series A, 5.25%, 9/01/26

 

 

2,465

 

 

2,380,179

 

Texas — 12.6%

 

 

 

 

 

 

 

City of Corpus Christi Texas, Refunding
RB, Series A (AGM),
6.00%, 7/15/10 (d)

 

 

2,000

 

 

2,053,600

 

Dallas-Fort Worth International Airport
Facilities Improvement Corp., RB,
Series A, AMT (NPFGC),
5.50%, 11/01/33

 

 

5,000

 

 

5,014,650

 

Lewisville ISD Texas, GO, Refunding,
CAB, School Building (NPFGC),
4.67%, 8/15/24 (b)

 

 

3,915

 

 

1,949,709

 

Lone Star College System, GO,
5.00%, 8/15/33

 

 

3,000

 

 

3,116,160

 

Mansfield ISD Texas, GO, School
Building (PSF-GTD), 5.00%, 2/15/33

 

 

1,065

 

 

1,118,452

 

Matagorda County Navigation District
No. 1 Texas, Refunding RB, Central
Power & Light Co. Project, AMT
(NPFGC), 5.20%, 5/01/30

 

 

1,800

 

 

1,690,470

 

North Harris County Regional Water
Authority, RB, Senior Lien (NPFGC),
5.13%, 12/15/35

 

 

2,045

 

 

2,073,487

 

North Texas Tollway Authority, RB,
System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

 

3,400

 

 

3,626,950

 

North Texas Tollway Authority,
Refunding RB, First Tier, Series A,
6.00%, 1/01/28

 

 

2,415

 

 

2,567,363

 

North Texas Tollway Authority,
Refunding RB, System, First Tier
(NPFGC), 5.75%, 1/01/40

 

 

3,600

 

 

3,673,188

 

Texas State Turnpike Authority, RB, First
Tier, Series A (AMBAC),
5.75%, 8/15/38

 

 

4,800

 

 

4,822,320

 

Texas State Turnpike Authority, RB, First
Tier, Series A (AMBAC),
5.50%, 8/15/39

 

 

3,500

 

 

3,474,625

 

 

 

 

 

 

 

 

 

 

 

 

35,180,974

 

Vermont — 1.8%

 

 

 

 

 

 

 

Vermont HFA, RB, Series 27, AMT
(AGM), 4.85%, 11/01/32

 

 

2,570

 

 

2,447,308

 

 

 

 

4

BLACKROCK MUNIYIELD QUALITY FUND II, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund II, Inc. (MQT)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Vermont (concluded)

 

 

 

 

 

 

 

Vermont HFA, Refunding RB, Multiple
Purpose, Series C, AMT (AGM),
5.50%, 11/01/38

 

$

2,475

 

$

2,498,339

 

 

 

 

 

 

 

 

 

 

 

 

4,945,647

 

Washington — 3.4%

 

 

 

 

 

 

 

Port of Seattle Washington, RB,
Series B, AMT (NPFGC), 6.00%,
2/01/16

 

 

7,470

 

 

7,553,813

 

Port of Tacoma Washington, RB,
Series A (AMBAC), 5.25%,
12/01/14 (d)

 

 

1,600

 

 

1,875,328

 

 

 

 

 

 

 

 

 

 

 

 

9,429,141

 

Total Municipal Bonds – 117.5%

 

 

 

 

 

328,985,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

 

 

 

 

 

 

Arizona — 0.4%

 

 

 

 

 

 

 

Phoenix Civic Improvement Corporation,
RB, Junior Lien, Series A, 5.00%,
7/01/34

 

 

1,000

 

 

1,033,360

 

California — 3.7%

 

 

 

 

 

 

 

Anaheim Public Financing Authority
California, RB, Electric System
Distribution Facilities, Series A (FSA),
5.00%, 10/01/31

 

 

3,808

 

 

3,811,518

 

Los Angeles Community College District
California, GO, 2008 Election,
Series A, 6.00%, 8/01/33

 

 

1,699

 

 

1,884,971

 

San Diego Community College District
California, GO, Election of 2002,
5.25%, 8/01/33

 

 

359

 

 

367,053

 

San Diego County Water Authority, COP,
Refunding, Series 2008-A (AGM),
5.00%, 5/01/33

 

 

3,030

 

 

3,076,874

 

Tamalpais Union High School District,
California, GO, Election of 2001 (FSA),
5.00%, 8/01/28

 

 

1,320

 

 

1,335,642

 

 

 

 

 

 

 

 

 

 

 

 

10,476,058

 

Colorado — 0.3%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Catholic Healthcare,
Series A, 5.50%, 7/01/34

 

 

780

 

 

821,967

 

District of Columbia — 1.0%

 

 

 

 

 

 

 

District of Columbia, RB, Series A,
5.50%, 12/01/30

 

 

855

 

 

949,597

 

District of Columbia Water & Sewer
Authority, RB, Series A, 6.00%,
10/01/35

 

 

1,580

 

 

1,764,392

 

 

 

 

 

 

 

 

 

 

 

 

2,713,989

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

Par
(000)

 

Value

 

Florida — 3.5%

 

 

 

 

 

 

 

City of Tallahassee. Florida, RB
(NPFGC), 5.00%, 10/01/37

 

$

4,000

 

$

4,004,760

 

County of Seminole. Florida, Refunding
RB, Series B (NPFGC), 5.25%,
10/01/31

 

 

4,200

 

 

4,589,928

 

Florida State Board of Education, GO,
Series D, 5.00%, 6/01/37

 

 

1,189

 

 

1,218,744

 

 

 

 

 

 

 

 

 

 

 

 

9,813,432

 

Georgia — 7.2%

 

 

 

 

 

 

 

City of Atlanta Georgia, RB, General,
Series B (AGM), 5.25%, 1/01/33

 

 

4,999

 

 

5,095,330

 

City of Atlanta Georgia, RB, General,
Subordinate Lien, Series C (AGM),
5.00%, 1/01/33

 

 

15,000

 

 

15,040,650

 

 

 

 

 

 

 

 

 

 

 

 

20,135,980

 

Illinois — 10.8%

 

 

 

 

 

 

 

City of Chicago, Illinois, Refunding RB,
Second Lien (FSA), 5.25%, 11/01/33

 

 

2,549

 

 

2,671,098

 

Illinois State Toll Highway Authority, RB,
Series B, 5.50%, 1/01/33

 

 

3,499

 

 

3,739,948

 

Metropolitan Pier & Exposition Authority,
Illinois, RB, McCormick Place
Expansion, Series A (NPFGC), 5.00%,
12/15/28

 

 

3,500

 

 

3,569,475

 

Metropolitan Pier & Exposition Authority,
Illinois, Refunding RB, McCormick
Place Expansion, Series B (NPFGC),
5.75%, 6/15/23

 

 

7,250

 

 

7,842,107

 

Regional Transportation Authority, RB
(NPFGC), 6.50%, 7/01/26

 

 

10,000

 

 

12,480,337

 

 

 

 

 

 

 

 

 

 

 

 

30,302,965

 

Louisiana — 1.7%

 

 

 

 

 

 

 

State of Louisiana, RB, Series A
(FSA), 5.00%, 5/01/36

 

 

4,600

 

 

4,688,688

 

Massachusetts — 2.7%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Series A (AGM),
5.00%, 8/15/30

 

 

7,195

 

 

7,545,547

 

Nevada — 1.9%

 

 

 

 

 

 

 

City of Las Vegas, Nevada, GO, Limited
Tax Performing Arts Center,
6.00%, 4/01/39

 

 

3,298

 

 

3,575,999

 

Clark County Water Reclamation
District, GO, Series B,
5.75%, 7/01/34

 

 

1,574

 

 

1,728,025

 

 

 

 

 

 

 

 

 

 

 

 

5,304,024

 

New Jersey — 0.4%

 

 

 

 

 

 

 

New Jersey EDA, RB, Cigarette Tax
(AGC), 5.50%, 6/15/24

 

 

1,000

 

 

1,035,030

 

New York — 1.8%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Fiscal 2009, Series A,
5.75%, 6/15/40

 

 

1,050

 

 

1,170,686

 

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND II, INC.

JANUARY 31, 2010

5

 

 

 

Schedule of Investments (continued)

BlackRock MuniYield Quality Fund II, Inc. (MQT)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

New York State Dormitory Authority,
ERB, Series B, 5.75%, 3/15/36

 

$

1,005

 

$

1,118,012

 

New York State Thruway Authority, RB,
Series G (AGM), 5.00%, 1/01/32

 

 

2,700

 

 

2,758,995

 

 

 

 

 

 

 

 

 

 

 

 

5,047,693

 

Ohio — 0.2%

 

 

 

 

 

 

 

State of Ohio, RB, Cleveland Clinic
Health, Series B, 5.50%, 1/01/34

 

 

500

 

 

522,185

 

South Carolina — 2.6%

 

 

 

 

 

 

 

Charleston Educational Excellence
Finance Corp., RB, Charleston County
School (AGC), 5.25%, 12/01/28

 

 

2,725

 

 

2,824,490

 

Charleston Educational Excellence
Finance Corp., RB, Charleston County
School (AGC), 5.25%, 12/01/29

 

 

2,425

 

 

2,499,739

 

Charleston Educational Excellence
Finance Corp., RB, Charleston County
School (AGC), 5.25%, 12/01/30

 

 

880

 

 

903,047

 

South Carolina State Public Service
Authority, RB, Santee Cooper,
Series A, 5.50%, 1/01/38

 

 

1,125

 

 

1,210,309

 

 

 

 

 

 

 

 

 

 

 

 

7,437,585

 

Texas — 4.2%

 

 

 

 

 

 

 

Clear Creek Independent School
District, Texas, GO, Refunding, School
Building (PSF-GTD), 5.00%, 2/15/33

 

 

1,900

 

 

2,043,042

 

Cypress Fairbanks Independent School
District, GO, Refunding, Schoolhouse
(PSF-GTD), 5.00%, 2/15/32

 

 

5,250

 

 

5,539,747

 

Harris County Cultural Education
Facilities Finance Corporation, RB,
Hospital Texas Childrens Hospital
Project, 5.50%, 10/01/39

 

 

4,000

 

 

4,105,280

 

 

 

 

 

 

 

 

 

 

 

 

11,688,069

 

Virginia — 0.8%

 

 

 

 

 

 

 

Fairfax County IDA Virginia, Refunding
RB, Health Care, Inova Health System,
Series A, 5.50%, 5/15/35

 

 

300

 

 

311,938

 

Virginia Housing Development Authority,
RB, Series H, Sub-Series H1 (NPFGC),
5.35%, 7/01/31

 

 

1,995

 

 

2,013,653

 

 

 

 

 

 

 

 

 

 

 

 

2,325,591

 

Wisconsin — 0.4%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

1,250

 

 

1,249,612

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 43.6%

 

 

 

 

 

122,141,775

 

Total Long-Term Investments
(Cost – $439,714,581) – 161.1%

 

 

 

 

 

451,127,150

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.16% (h)(i)

 

 

5,104,482

 

$

5,104,482

 

Total Short-Term Securities
(Cost – $5,104,482) – 1.8%

 

 

 

 

 

5,104,482

 

Total Investments
(Cost – $444,819,063*) – 162.9%

 

 

 

 

 

456,231,632

 

Other Assets Less Liabilities – 1.0%

 

 

 

 

 

2,799,760

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (22.3)%

 

 

 

 

 

(62,352,395

)

Preferred Shares, at Redemption Value – (41.6)%

 

 

 

 

 

(116,584,726

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

280,094,271

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

391,697,848

 

 

 

 

Gross unrealized appreciation

 

$

19,397,434

 

Gross unrealized depreciation

 

 

(17,183,183

)

 

 

 

Net unrealized appreciation

 

$

2,214,251

 

 

 

 

 

 

(a)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield.

 

 

(b)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date

 

 

(c)

Security is collateralized by Municipal or U.S. Treasury Obligations.

 

 

(d)

U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(e)

Amount is less than $1,000.

 

 

(f)

When-issued security. Unsettled when-issued security transactions were as follows:

 

 

 

 

 

 

 

 

Counterparty

 

Market
Value

 

Unrealized
Depreciation

 

Citigroup Global Markets, Inc.

 

$

1,692,350

 

$

(7,650

)

Merrill Lynch & Co.

 

$

487,015

 

 

—

 

 

 

(g)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(h)

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:

 

 

 

 

 

 

 

 

Affiliate

 

Net
Activity

 

Income

 

 

 

 

 

 

 

 

 

FFI Institutional Tax-Exempt Fund

 

$

4,203,619

 

$

13,560

 

 

 

(i)

Represents the current yield as of report date.

 

 

 

6

BLACKROCK MUNIYIELD QUALITY FUND II, INC.

JANUARY 31, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniYield Quality Fund II, Inc. (MQT)

 

 

 

•

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in the semi-annual report.

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

Valuation Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

 

Level 1 - Short-Term Securities

 

$

5,104,482

 

Level 2 - Long-Term Investments1

 

 

451,127,150

 

Level 3

 

 

—

 

 

 

 

Total

 

$

456,231,632

 

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

BLACKROCK MUNIYIELD QUALITY FUND II, INC.

JANUARY 31, 2010

7

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 13(a)-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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock MuniYield Quality Fund II, Inc.
   
  Date: March 19, 2010
   
  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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniYield Quality Fund II, Inc.
   
  Date: March 19, 2010
   
 

By:

 /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniYield Quality Fund II, Inc.
   
  Date: March 19, 2010