BlackRock MuniYield Quality Fund II NPORTP (Jan 2020 report)

Schedule of Investments (unaudited)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 114.0%

Alabama — 0.6%
City of Birmingham Alabama, GO, Convertible CAB, Series A1, 5.00%, 03/01/45	$	915	$	1,071,099
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A:
5.00%, 12/01/34		240		288,348
5.00%, 12/01/47		655		767,785

				2,127,232

Alaska — 0.3%
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41		850		907,996


Arizona — 1.7%
Arizona IDA, RB^(a):
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39		480		505,109
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49		545		566,391
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54		420		435,691
Odyssey Preparatory Academy Project, 5.00%, 07/01/54		545		569,476
City of Phoenix Arizona Civic Improvement Corp., Refunding RB, Senior Lien, AMT, 5.00%, 07/01/32		1,000		1,123,930
City of Phoenix Industrial Development Authority, RB, Imagine East Mesa Charter Schools Project, 5.00%, 07/01/39^(a)		500		539,115
County of Maricopa Arizona IDA, Refunding RB:
HonorHealth, Series A, 5.00%, 09/01/36		575		708,774
Legacy Traditional Schools Project, 5.00%, 07/01/39^(a)		200		228,944
Legacy Traditional Schools Project, 5.00%, 07/01/49^(a)		290		324,878
Legacy Traditional Schools Project, 5.00%, 07/01/54^(a)		180		200,725


Security	Par (000)		Value

Arizona (continued)
County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52^(a)	$	470	$	499,535

				5,702,568

California — 8.4%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20^(b)		1,000		1,026,610
California Health Facilities Financing Authority, Refunding RB:
Kaiser Permanente,Sub-SeriesA-2, 5.00%, 11/01/47		1,140		1,791,544
St. Joseph Health System, Series A, 5.00%, 07/01/37		945		1,063,550
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42		1,290		1,393,032
California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53		865		911,079
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/49		705		870,196
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:
Series A, 5.00%, 03/01/36		365		446,253
Series A, 5.00%, 03/01/37		400		488,192
SeriesA-1, 5.75%, 03/01/34		700		733,964
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21^(b)		575		606,660
Golden State Tobacco Securitization Corp., Refunding RB, SeriesA-1, 3.50%, 06/01/36		1,310		1,356,400
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43^(c)		5,000		5,419,800
San Diego California Community College District, GO, CAB, Election of 2006^(d):
0.00%, 08/01/31		1,855		1,127,117
0.00%, 08/01/32		2,320		1,326,970
San Diego California Unified School District, GO, Election of 2008^(d):
CAB, Series C, 0.00%, 07/01/38		1,400		917,686
CAB, Series G, 0.00%, 07/01/34		580		315,056
CAB, Series G, 0.00%, 07/01/35		615		314,333


			1

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
CAB, Series G, 0.00%, 07/01/36	$	920	$	442,630
CAB, Series G, 0.00%, 07/01/37		615		278,527
San Diego California Unified School District, GO, Refunding, CAB, SeriesR-1, 0.00%, 07/01/31^(d)		1,110		901,464
San Marcos Unified School District, GO, Election of 2010, Series A^(b):
5.00%, 08/01/21		600		636,888
5.00%, 08/01/21		490		520,125
State of California, GO, Various Purposes, 5.00%, 04/01/42		1,500		1,622,505
Yosemite Community College District, GO, CAB, Election of 2004, Series D^(d):
0.00%, 08/01/36		2,000		1,359,600
0.00%, 08/01/37		2,790		1,811,491

				27,681,672

Colorado — 3.1%
City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A, 4.00%, 06/01/48		1,165		1,286,148
Colorado Health Facilities Authority, RB, Series A:
Adventist Health System/Sunbelt Obligated Group, 4.00%, 11/15/46		945		1,037,355
Commonspirit Health, 4.00%, 08/01/49		1,065		1,181,788
E-470 Public Highway Authority, Refunding RB, CAB, Series B (NPFGC), 0.00%, 09/01/32^(d)		5,500		2,775,520
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31		1,000		1,014,540
Regional Transportation District, COP, Series A, 5.00%, 06/01/39		2,500		2,796,875

				10,092,226

Connecticut — 1.4%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing:
Sub-SeriesA-1, 3.85%, 11/15/43		370		403,874
Sub-SeriesE-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36		685		771,009
SeriesA-1, 3.80%, 11/15/39		415		453,483
Sub-SeriesB-1, 4.00%, 05/15/45		1,290		1,422,573


Security	Par (000)		Value

Connecticut (continued)
Connecticut State Health & Educational Facilities Authority, Refunding RB, University Of Hartford Issue:
4.00%, 07/01/39	$	255	$	281,433
4.00%, 07/01/49		475		512,686
State of Connecticut, GO, Series C, 5.00%, 06/15/32		545		686,057

				4,531,115

District of Columbia — 0.3%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53		875		991,323


Florida — 10.8%
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39		1,420		1,579,991
County of Escambia Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bond, 4.00%, 08/15/50^(e)		820		911,077
County of Lee Florida, Refunding ARB, Series A, AMT:
5.63%, 10/01/26		825		879,912
5.38%, 10/01/32		1,100		1,166,715
County of Miami-Dade Florida, RB, Seaport Department:
Series A, 6.00%, 10/01/38		1,780		2,070,425
Series B, AMT, 6.00%, 10/01/30		570		664,369
Series B, AMT, 6.25%, 10/01/38		360		418,540
Series B, AMT, 6.00%, 10/01/42		580		671,443
County of Miami-Dade Florida, Refunding ARB, Series A, AMT, 5.00%, 10/01/38		425		498,181
County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34		160		184,499
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/22^(b)		1,730		1,906,114
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40		2,635		3,038,234
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49		1,365		1,554,326


2

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:
5.00%, 08/01/41	$	495	$	551,529
5.00%, 08/01/47		1,435		1,593,697
County of Orange HFA, RB, S/F Housing, Multi-County Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 09/01/47		420		450,626
County of Osceola FL Transportation Revenue, Refunding RB, SeriesA-2^(d):
0.00%, 10/01/41		505		249,521
0.00%, 10/01/42		675		319,869
0.00%, 10/01/43		615		279,862
0.00%, 10/01/44		625		273,181
0.00%, 10/01/45		525		223,062
County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B:
5.00%, 10/01/21^(b)		30		32,019
5.00%, 10/01/31		1,870		1,990,484
County of Putnam Florida Development Authority, Refunding RB, Seminole Project, Series A, 5.00%, 03/15/42		1,560		1,885,478
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT, 5.38%, 10/01/29		2,400		2,561,760
Greater Orlando Aviation Authority, ARB, PrioritySub-Series A, AMT, 5.00%, 10/01/37		660		801,735
Greater Orlando Aviation Authority, RB, Priority Subordinated, AMT:
Series A, 5.00%, 10/01/47		2,170		2,594,713
Sub-Series A, 5.00%, 10/01/52		1,330		1,598,647
Lakewood Ranch Stewardship District, Special Assessment Bonds, S/F Housing, Stewardship District:
4.00%, 05/01/40		235		241,904
4.00%, 05/01/50		395		399,811
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23^(b)		1,040		1,180,462
State of Florida, GO, Department of Transportation,Right-of-Way Acquisition and Bridge Construction Bonds, 4.00%, 07/01/39		1,840		2,127,150


Security	Par (000)		Value

Florida (continued)
Storey Creek Community Development District, Special Assessment Bonds, Assessment Area One Project, 4.13%, 12/15/49	$	500	$	513,835

				35,413,171

Georgia — 1.4%
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54		440		519,495
County of LaGrange-Troup Hospital Authority, Refunding RB, Revenue Anticipation Certificates, 4.00%, 04/01/47		1,110		1,208,623
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/43		615		745,066
4.00%, 04/01/48^(f)		235		257,229
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:
4.00%, 01/01/49		470		516,774
5.00%, 01/01/56		645		765,809
Private Colleges & Universities Authority, RB, Savannah College of Art & Design:
5.00%, 04/01/33		120		137,353
5.00%, 04/01/44		550		620,840

				4,771,189

Hawaii — 0.4%
State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45		1,150		1,324,708


Illinois — 10.2%
Chicago Board of Education, GO, Refunding, Series A:
CAB, 0.00%, 12/01/25^(d)		225		194,740
5.00%, 12/01/29		590		733,193
5.00%, 12/01/30		705		870,872
City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/34		505		570,519
City of Chicago Illinois O’Hare International Airport, GARB:
3rd Lien, Series A, 5.75%, 01/01/21^(b)		1,680		1,753,618
3rd Lien, Series A, 5.75%, 01/01/39		320		332,848
Senior Lien, Series D, 5.25%, 01/01/42		2,585		3,144,963


			3

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series C, AMT, 5.38%, 01/01/39	$	3,235	$	3,575,872
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36		515		550,818
Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 08/15/34		400		427,628
Illinois Finance Authority, Refunding RB, Silver Cross Hospital & Medical Centers, Series C:
4.13%, 08/15/37		665		712,747
5.00%, 08/15/44		305		341,231
Illinois Housing Development Authority, RB, S/F Housing:
4.13%, 10/01/38		1,220		1,365,631
Series D (Ginnie Mae, Fannie Mae), 3.00%, 10/01/41		670		685,852
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/37		2,465		2,932,857
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project (NPFGC), 0.00%, 12/15/36^(d)		10,000		6,207,200
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:
CAB, Series B (AGM), 0.00%, 06/15/44^(d)		2,980		1,454,508
4.00%, 06/15/50^(e)		515		566,963
5.00%, 06/15/50^(e)		670		802,506
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21^(b)		575		613,554
Regional Transportation Authority, RB, Series B (NPFGC), 5.75%, 06/01/33		2,000		2,754,680
State of Illinois, GO:
5.25%, 02/01/33		735		824,177
5.50%, 07/01/33		710		793,851
5.25%, 02/01/34		735		823,428
5.50%, 07/01/38		390		434,359

				33,468,615

Indiana — 0.7%
Indiana Finance Authority, RB, Series A:
CWA Authority Project, 1st Lien, 5.25%, 10/01/38		1,000		1,065,520
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44		445		489,180


Security	Par (000)		Value

Indiana (continued)
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40	$	770	$	849,348


Louisiana — 1.8%			2,404,048
City of New Orleans Louisiana Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40		2,620		2,993,926
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/46		2,400		2,827,536

				5,821,462

Maine — 0.3%
State of Maine Housing Authority, RB:
M/F Housing, Series E, 4.25%, 11/15/43		630		696,717
S/F Housing, Mortgage Purchase Bonds, Series B, 3.35%, 11/15/44		175		181,683

				878,400

Maryland — 0.5%
City of Baltimore Maryland, Refunding, Tax Allocation Bonds, Senior Lien, Harbor Point Project, Series A, 3.63%, 06/01/46^(a)		655		661,196
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38		1,030		1,137,913

				1,799,109

Massachusetts — 2.3%
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47		1,855		2,157,922
Massachusetts Development Finance Agency, Refunding RB, Partners Health Care System, 4.00%, 07/01/41		815		928,399
Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46		55		59,053
Massachusetts HFA, Refunding RB, AMT:
Series A, 4.45%, 12/01/42		675		716,492
Series C, 5.00%, 12/01/30		1,365		1,382,076
Series C, 5.35%, 12/01/42		265		267,427
Massachusetts School Building Authority, RB:
Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43		1,110		1,241,913


4

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Sub-Series B, 4.00%, 02/15/43	$	670	$	728,163

				7,481,445

Michigan — 5.8%
City of Detroit Michigan Water Supply System Revenue, RB, Senior Lien, Series A, 5.25%, 07/01/41		1,600		1,683,504
Eastern Michigan University, RB, Series A (AGM), 4.00%, 03/01/44		545		606,013
Lansing Board of Water & Light, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/21^(b)		1,700		1,809,990
Michigan Finance Authority, Refunding RB:
Henry Ford Health System, 4.00%, 11/15/46		1,050		1,145,413
Trinity Health Credit Group, 5.00%, 12/01/21^(b)		15		16,127
Trinity Health Credit Group, Series A, 4.00%, 12/01/40		2,630		2,980,106
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48		570		712,175
Michigan Strategic Fund, RB,I-75 Improvement Project, AMT, 5.00%, 12/31/43		1,465		1,772,503
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39		720		818,323
State of Michigan Building Authority, Refunding RB, Facilities Program:
SeriesI-A, 5.38%, 10/15/41		600		640,362
SeriesII-A, 5.38%, 10/15/36		1,000		1,070,670
SeriesII-A (AGM), 5.25%, 10/15/36		1,900		2,030,853
State of Michigan Housing Development Authority, RB:
M/F Housing, Series A, 4.15%, 10/01/53		1,680		1,824,413
S/F Housing, Series C, 4.13%, 12/01/38		1,305		1,446,958


Security	��	Par (000)		Value

Michigan (continued)
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39		$	340	$	381,613

					18,939,023

Minnesota — 0.1%
Minnesota Housing Finance Agency, RB, S/F Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 2.80%, 01/01/44^(e)			350		352,538


Missouri — 0.1%
Missouri Housing Development Commission, RB, S/F Housing, First Place Homeownership Loan Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 2.85%, 05/01/50^(e)			175		175,042


Nebraska — 0.9%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37			2,650		2,907,342


New Jersey — 10.1%
New Jersey EDA, RB:
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43			790		895,860
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34			610		690,489
Series WW, 5.25%, 06/15/25^(b)			15		18,361
Series WW, 5.25%, 06/15/33			135		157,291
Series WW, 5.00%, 06/15/34			180		205,432
Series WW, 5.00%, 06/15/36			800		911,744
Series WW, 5.25%, 06/15/40			305		350,906
New Jersey EDA, Refunding RB,Sub-Series A, 4.00%, 07/01/32			295		323,786
New Jersey Higher Education Student Assistance Authority, Refunding RB, AMT:
Series 1, 5.50%, 12/01/25			195		206,897
Series 1, 5.50%, 12/01/26			135		143,222
Series 1, 5.75%, 12/01/28			75		79,873
Series B, 3.25%, 12/01/39			2,150		2,237,505
Sub-Series C, 3.63%, 12/01/49			645		669,291
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33			840		886,427


			5

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program, Series AA, 5.25%, 06/15/33	$	1,315	$	1,463,253
Transportation Program, Series AA, 5.00%, 06/15/38		1,180		1,317,435
Transportation System, CAB, Series A, 0.00%, 12/15/29^(d)		225		177,104
Transportation System, Series A, 5.50%, 06/15/21^(b)		4,265		4,531,008
Transportation System, Series A (NPFGC), 5.75%, 06/15/25		1,400		1,704,332
Transportation System, Series AA, 5.50%, 06/15/39		4,650		5,174,706
Transportation System, Series B, 5.00%, 06/15/21^(b)		3,680		3,882,731
Transportation System, Series D, 5.00%, 06/15/32		525		596,978
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System Bond, 4.00%, 12/15/39		925		1,033,946
Tobacco Settlement Financing Corp., Refunding RB:
Series A, 5.00%, 06/01/34		820		1,004,844
Series A, 5.00%, 06/01/36		1,220		1,485,374
Series A, 4.00%, 06/01/37		745		831,949
Sub-Series B, 5.00%, 06/01/46		2,005		2,304,808

				33,285,552

New Mexico — 0.3%
City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/39		170		192,914
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44		325		377,683
New Mexico Mortgage Finance Authority, RB, S/F Housing (Ginnie Mae, Fannie Mae & Freddie Mac), 2.88%, 07/01/45^(e)		515		519,012

				1,089,609

New York — 5.8%
City of New York New York Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012, Series BB, 5.25%, 12/15/21^(b)		1,250		1,351,600
City of New York New York Transitional Finance Authority, RB, SeriesS-3, 4.00%, 07/15/46		1,000		1,138,350


Security	Par (000)		Value

New York (continued)
City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32	$	2,200	$	2,440,680
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21^(b)		375		393,922
5.75%, 02/15/47		235		245,472
New York City Water & Sewer System, RB,Series DD-1, 4.00%, 06/15/48		5,000		5,650,550
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50		4,950		5,648,346
Port Authority of New York & New Jersey, Refunding ARB, AMT:
Consolidated, 186th Series, 5.00%, 10/15/36		555		643,201
Consolidated, 186th Series, 5.00%, 10/15/44		1,110		1,275,201
Series 207, 4.00%, 09/15/43		410		460,315

				19,247,637

North Carolina — 0.1%
North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System:
4.00%, 01/01/55		175		195,571
(AGM), 4.00%, 01/01/55		140		158,132

				353,703

North Dakota — 0.1%
North Dakota Housing Finance Agency, RB, S/F Housing, Home Mortgage, Series F, 3.05%, 07/01/43		280		287,045


Ohio — 1.7%
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, SeriesA-2, 5.88%, 06/01/47		2,570		2,581,359
County of Butler Ohio, Refunding RB, UC Health, 4.00%, 11/15/37		405		461,352
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21^(b)		460		505,443
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48		285		312,158
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, SeriesA-1:
5.25%, 02/15/32		610		685,634


6

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
5.25%, 02/15/33	$	850	$	954,669

				5,500,615

Oklahoma — 0.2%
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		495		550,098


Oregon — 0.4%
County of Clackamas Oregon Community College District, GO, Convertible Deferred Interest Bonds, Series A, 5.00%, 06/15/40^(c)		390		464,006
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38^(d)		875		467,714
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43		375		410,929

				1,342,649

Pennsylvania — 11.6%
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT:
5.00%, 07/01/35		670		812,127
5.00%, 07/01/47		765		908,101
Commonwealth Financing Authority, RB:
Series B, 5.00%, 06/01/22^(b)		2,110		2,310,471
Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39		935		1,053,810
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49		840		934,189
Pennsylvania Economic Development Financing Authority, RB:
UPMC, Series B, 4.00%, 03/15/40		3,000		3,306,660
AMT, 5.00%, 06/30/42		3,300		3,785,067
Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/34		2,220		2,591,162
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38		1,155		1,335,492
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42		835		932,327


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50	$	3,175	$	3,680,460
Pennsylvania Housing Finance Agency, RB, S/F Housing:
Series127-B, 3.88%, 10/01/38		790		859,512
Series 128B, 3.85%, 04/01/38		1,760		1,933,272
Pennsylvania Turnpike Commission, RB:
Series A, 5.00%, 12/01/38		550		641,261
SeriesA-1, 5.00%, 12/01/41		730		866,021
Series B, 5.00%, 12/01/40		285		338,275
Series C, 5.50%, 12/01/23^(b)		490		575,324
Series C, 5.00%, 12/01/39		2,900		3,381,371
Sub-SeriesA-1, 5.00%, 12/01/41		1,755		2,056,193
Subordinate, Special Motor License Fund, 5.50%, 12/01/20^(b)		2,245		2,330,243
Subordinate, Special Motor License Fund, 6.00%, 12/01/20^(b)		500		521,035
Pennsylvania Turnpike Commission, Refunding RB:
Motor Licensed Fund Enhancement, Third Series, 4.00%, 12/01/38		1,835		2,080,266
SeriesA-1, 5.00%, 12/01/40		680		799,626
Philadelphia School District, GO, Refunding, Series F, 5.00%, 09/01/38		270		319,629

				38,351,894

Puerto Rico — 3.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:
CAB, SeriesA-1, 0.00%, 07/01/46^(d)		1,869		545,898
SeriesA-1, 4.75%, 07/01/53		1,665		1,842,239
SeriesA-1, 5.00%, 07/01/58		2,218		2,491,080
SeriesA-2, 4.78%, 07/01/58		5,913		6,538,832
SeriesB-1, 4.75%, 07/01/53		424		468,719
SeriesB-2, 4.78%, 07/01/58		411		453,078

				12,339,846

Rhode Island — 1.3%
Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Multi Family Development Bond, Series 1B, 3.90%, 10/01/37		370		383,697
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40		415		489,767


			7

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Rhode Island (continued)
Tobacco Settlement Financing Corp., Refunding RB, Series B:
4.50%, 06/01/45	$	945	$	992,883
5.00%, 06/01/50		2,340		2,522,988

				4,389,335

South Carolina — 6.4%
County of Berkeley South Carolina, Special Assessment Bonds, Nexton Improvement District Assessment:
4.25%, 11/01/40		315		324,349
4.38%, 11/01/49		465		476,676
County of Charleston South Carolina Airport District, ARB, Series A, AMT, 5.50%, 07/01/41		1,360		1,531,768
South Carolina Jobs EDA, RB, McLeod Health Obligated Group, 5.00%, 11/01/48		2,010		2,438,854
South Carolina Jobs EDA, Refunding RB, Series A:
Palmetto Health (AGM), 6.50%, 08/01/21^(b)		100		108,307
Prisma Health Obligated Group, 5.00%, 05/01/38		2,220		2,688,398
South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/55^(a)		855		898,725
South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/48		470		560,033
State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25^(b)		2,040		2,478,600
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54		3,935		4,465,438
Series E, 5.50%, 12/01/53		2,820		3,183,131
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38		1,840		2,049,190

				21,203,469

South Dakota — 0.4%
South Dakota Health & Educational Facilities Authority, Refunding RB, Avera Health Issue, 4.00%, 07/01/37		1,085		1,216,480


Tennessee — 0.7%
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40		750		837,405


Security	Par (000)		Value

Tennessee (continued)
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46	$	1,110	$	1,309,356

				2,146,761

Texas — 14.9%
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42		1,240		1,413,637
Central Texas Turnpike System, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 08/15/41		605		657,702
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38		500		553,480
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36^(d)		1,850		1,027,786
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35		1,680		2,094,708
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39		750		856,080
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT:
Series D, 5.00%, 11/01/38		1,800		1,906,848
Series D, 5.00%, 11/01/42		1,140		1,211,364
Series H, 5.00%, 11/01/32		2,715		2,886,778
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33		865		992,172
Leander ISD, GO, Refunding, CAB, Series D(PSF-GTD), 0.00%, 08/15/38^(d)		3,020		1,438,456
North Texas Tollway Authority, RB, Convertible CAB, Series C, 6.75%, 09/01/31^(b)(c)		10,000		14,191,600
North Texas Tollway Authority, Refunding RB:
4.25%, 01/01/49		1,090		1,237,564
1st Tier-Series A, 5.00%, 01/01/43		790		968,082
Series B, 5.00%, 01/01/40		530		584,161
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB^(d):
0.00%, 09/15/35		1,150		582,084


8

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
0.00%, 09/15/36	$	3,875	$	1,848,297
0.00%, 09/15/37		17,775		7,971,910
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43		350		385,949
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:
5.00%, 12/15/31		1,030		1,127,376
5.00%, 12/15/32		3,445		3,767,831
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45		1,135		1,299,836

				49,003,701

Utah — 0.6%
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48		395		476,686
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/42		1,095		1,312,346
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/39^(a)		185		200,705

				1,989,737

Virginia — 0.2%
Virginia Small Business Financing Authority, RB, 95 Express Lanes LLC Project, AMT, 5.00%, 07/01/49		670		710,414


Washington — 2.7%
County of Snohomish Housing Authority, Refunding RB, 4.00%, 04/01/44		430		473,838
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		1,730		2,064,461
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40		900		1,030,032
Washington Health Care Facilities Authority, RB:
MultiCare Health System, Remarketing, Series B, 5.00%, 08/15/44		3,000		3,256,230
Providence Health & Services, 4.00%, 10/01/45		630		682,536
Providence Health & Services, Series A, 5.00%, 04/01/20^(b)		1,000		1,006,530


Security	Par (000)		Value

Washington (continued)
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55^(a)	$	495	$	543,901

				9,057,528

West Virginia — 0.3%
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51		870		953,129


Wisconsin — 1.4%
Public Finance Authority, RB, American Preparatory Academy — Las Vegas Project, Series A^(a):
5.00%, 07/15/39		100		111,384
5.00%, 07/15/49		355		388,501
5.00%, 07/15/54		170		185,341
Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/39^(a)		295		328,415
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A:
4.15%, 11/01/48		1,920		2,100,096
3.20%, 11/01/49		110		113,304
3.38%, 05/01/57		185		191,281
4.45%, 05/01/57		1,030		1,124,533

				4,542,855


Total Municipal Bonds — 114.0% (Cost — $333,825,415)				375,332,281


Municipal Bonds Transferred to Tender Option Bond Trusts^(g) — 48.2%

California — 1.7%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge Subordinate, 4.00%, 04/01/47^(h)		3,392		3,791,604
Los Angeles California Unified School District, GO, Election of 2008, SeriesB-1, 5.25%, 07/01/42^(h)		1,391		1,769,389

				5,560,993

Colorado — 1.7%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48^(h)		2,084		2,575,351


			9

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Colorado (continued)
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 02/01/21^(b)	$	3,000	$	3,120,300

				5,695,651

Connecticut — 0.4%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45		1,231		1,453,350


District of Columbia — 0.3%
District of Columbia Housing Finance Agency, RB, M/F Housing, SeriesB-2 (FHA), 4.10%, 09/01/39		920		1,015,754


Florida — 8.3%
City of Miami Beach Florida, RB, 5.00%, 09/01/45		2,740		3,239,009
City Of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47		2,340		2,791,222
County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49		2,056		2,293,105
County of Miami-Dade Florida Expressway Authority, Refunding RB, Series A (AGM), 5.00%, 07/01/35		2,100		2,132,256
County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42		1,540		1,671,023
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20^(b)		6,901		7,086,281
County of Seminole Florida, Refunding RB, Series B (NPFGC), 5.25%, 10/01/31		4,200		5,651,478
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49^(h)		2,116		2,387,149

				27,251,523

Georgia — 0.6%
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49		1,821		1,967,944


Illinois — 4.9%
City of Chicago Illionis Waterworks, Refunding RB, 2017 2nd Lien, Water Revenue Project (AGM), 5.25%, 11/01/33		490		490,271


Security	Par (000)		Value

Illinois (continued)
Regional Transportation Authority, RB, (NPFGC), 6.50%, 07/01/26	$	10,000	$	12,653,797
State of Illinois Toll Highway Authority, RB:
Series A, 5.00%, 01/01/38		1,858		2,049,554
Series B, 5.00%, 01/01/40		930		1,096,859

				16,290,481

Louisiana — 0.5%
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41		1,350		1,480,545


Maine — 0.3%
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38		848		942,229


Maryland — 1.3%
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46		939		1,132,458
City of Baltimore Maryland Water Utility Fund, RB,Sub-Water Projects, Series A, 5.00%, 07/01/41		2,478		2,976,410

				4,108,868

Massachusetts — 0.5%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46		1,321		1,512,603


Michigan — 3.3%
Michigan Finance Authority, RB, Series A:
Beaumont Health Credit Group, 5.00%, 11/01/44		1,750		2,036,143
Mclaren Health Care, 4.00%, 02/15/50		2,550		2,880,811
Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/21^(b)		4,685		5,030,659


10

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Michigan (continued)
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45	$	760	$	902,249

				10,849,862

Nebraska — 0.7%
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47		2,033		2,187,331


Nevada — 2.2%
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38		2,716		3,404,746
Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46		3,080		3,684,696

				7,089,442

New Jersey — 2.1%
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51		720		859,990
New Jersey State Turnpike Authority, Refunding RB:
Series B, 4.00%, 01/01/37		2,054		2,378,403
Series G, 4.00%, 01/01/43		1,906		2,167,148
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36		1,580		1,655,147

				7,060,688

New York — 7.6%
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38		1,940		2,164,924
City of New York Transitional Finance Authority, BARB, SeriesS-1, 4.00%, 07/15/42^(h)		1,500		1,579,815
City of New York Transitional Finance Authority, RB, Future Tax,Sub-SeriesA-3, 5.00%, 08/01/40^(h)		2,714		3,344,999
City of New York Water & Sewer System, Refunding RB:
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47^(c)		4,920		5,546,988
2nd General Resolution, Series FF, 5.00%, 06/15/39		2,595		3,085,195
Series DD, 5.00%, 06/15/35		1,470		1,712,329


Security	Par (000)		Value

New York (continued)
Metropolitan Transportation Authority, RB, Transportation,Sub-SeriesD-1, 5.25%, 11/15/44	$	3,080	$	3,588,508
Metropolitan Transportation Authority, Refunding RB, SeriesC-1, 5.25%, 11/15/56		1,338		1,608,881
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56		2,001		2,469,774

				25,101,413

Ohio — 1.5%
Northeast Ohio Regional Sewer District, Refunding RB:
4.00%, 11/15/43		2,581		2,929,583
4.00%, 11/15/49^(h)		1,875		2,032,688

				4,962,271

Pennsylvania — 1.1%
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42		800		939,344
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49		1,362		1,409,001
Philadelphia Authority for Industrial Development, RB, Childrens Hospital of Philadelphia Project, Series A, 4.00%, 07/01/44		1,094		1,170,623

				3,518,968

Rhode Island — 0.4%
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43		1,300		1,423,318


South Carolina — 0.6%
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49^(h)		1,770		1,972,700


Texas — 3.5%
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43		1,305		1,388,898
County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43		1,094		1,344,389


			11

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41	$	3,080	$	3,683,680
Dallas-Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/37^(h)		1,996		2,101,299
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42		1,649		1,729,608
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae):
3.63%, 09/01/44		805		868,900
3.75%, 09/01/49		441		476,378

				11,593,152

Utah — 1.7%
County of Utah Utah, RB, IHC Health Services, Inc., Series B, 4.00%, 05/15/47		5,135		5,517,813


Virginia — 0.7%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57		1,962		2,455,693


Washington — 1.7%
Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30		2,190		2,402,758


Security	Par (000)		Value

Washington (continued)
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38	$	2,565	$	3,300,668

				5,703,426

Wisconsin — 0.6%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series A, 5.00%, 04/01/42		1,920		2,098,272


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 48.2% (Cost — $146,204,485)				158,814,290


Total Long-Term Investments — 162.2% (Cost — $480,029,900)				534,146,571


	Shares

Short-Term Securities — 0.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%^(i)(j)		527,120		527,226


Total Short-Term Securities — 0.1% (Cost — $527,226)				527,226


Total Investments — 162.3% (Cost — $480,557,126)				534,673,797


Other Assets Less Liabilities — 0.2%				494,272

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.1)%				(89,316,886	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (35.4)%				(116,499,443	)


Net Assets Applicable to Common Shares — 100.0%			$	329,351,740

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	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.

^(c)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(d)	Zero-coupon bond.

^(e)	When-issued security.

^(f)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(g)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

^(h)	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 1, 2021 to October 1, 2027, is $12,993,743.

⁽ⁱ⁾	Annualized7-day yield as of period end.


12

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(j)	During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 04/30/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		746,789		(219,669	)		527,120	$	527,226	$	12,132	$	593	$	22

^(a)

Includes net capital gain distributions, if applicable.


Portfolio Abbreviations

AGM		Assured Guaranty Municipal Corp.

AMT		Alternative Minimum Tax (subject to)

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

BARB		Building Aid Revenue Bonds

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

EDA		Economic Development Authority

FHA		Federal Housing Administration

GARB		General Airport Revenue Bonds

GO		General Obligation Bonds

GTD		Guaranteed

HFA		Housing Finance Agency

IDA		Industrial Development Authority

ISD		Independent School District

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF-GTD		Permanent School Fund Guaranteed

RB		Revenue Bonds

S/F		Single-Family

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		29		03/20/20	$	3,818	$	(62,501	)
Long U.S. Treasury Bond		96		03/20/20		15,699		(441,836	)
5-Year U.S. Treasury Note		41		03/31/20		4,933		(52,895	)

							$	(557,232	)


			13

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock MuniYield Quality Fund II, Inc. (MQT)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

•

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—		$	534,146,571	$	—	$	534,146,571
Short-Term Securities		527,226			—		—		527,226

	$	527,226		$	534,146,571	$	—	$	534,673,797

Derivative Financial Instruments^(b)
Liabilities:
Interest Rate Contracts	$	(557,232	)	$	—	$	—	$	(557,232	)

^(a)

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

^(b)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities:
TOB Trust Certificates	$	—	$	(89,017,222	)	$	—	$	(89,017,222	)
VMTP Shares at Liquidation Value		—		(116,500,000	)		—		(116,500,000	)

	$	—	$	(205,517,222	)	$	—	$	(205,517,222	)


14

BlackRock MuniYield Quality Fund II (MQT) NPORT-PBlackRock MuniYield Quality Fund II, Inc. (Jan 2020 report)