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October 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock MuniYield Quality Fund II, Inc. (MQT)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 5.0%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
835
$ 899,371
Series A, 5.25%, 05/01/56
 
1,085
1,130,546
Series F, 5.50%, 11/01/53
 
810
856,057
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.25%, 10/01/49
 
1,740
1,813,727
Energy Southeast A Cooperative District, RB, Series B-1,
5.75%, 04/01/54(a)
 
1,815
2,039,743
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a)
 
1,060
1,148,107
Southeast Energy Authority A Cooperative District, RB(a)
 
Series A, 5.00%, 01/01/56
 
840
899,232
Series A-1, 5.50%, 01/01/53
 
740
801,981
Series B, 5.25%, 03/01/55
 
480
516,972
Series B-1, 5.00%, 05/01/53
 
2,055
2,139,312
 
 
12,245,048
Arizona — 2.9%
Arizona Industrial Development Authority, RB(b)
 
5.00%, 07/01/54
 
545
469,316
Series A, 5.00%, 07/01/49
 
545
494,867
Series A, 5.00%, 07/01/54
 
420
373,688
City of Phoenix Civic Improvement Corp., ARB, Series B,
AMT, Junior Lien, 5.00%, 07/01/44
 
1,745
1,777,884
City of Phoenix Civic Improvement Corp., RB, Junior Lien,
5.25%, 07/01/47
 
910
978,109
Industrial Development Authority of the County of Pima,
RB, 5.00%, 07/01/39(b)
 
500
491,560
Industrial Development Authority of the County of Pima,
Refunding RB, 5.00%, 06/15/49(b)
 
1,025
948,434
Maricopa County Industrial Development Authority,
Refunding RB
 
5.00%, 07/01/54(b)
 
290
276,134
Series A, 5.00%, 09/01/37
 
575
598,417
Sierra Vista Industrial Development Authority, RB, 5.75%,
06/15/53(b)
 
745
749,972
 
 
7,158,381
Arkansas — 0.2%
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 5.70%, 05/01/53
 
420
428,679
California — 5.6%
California Enterprise Development Authority, RB, 8.00%,
11/15/62(b)
 
370
367,130
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(b)
 
1,165
932,000
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
 
100
101,627
Hartnell Community College District, GO, Series C,
Election 2008, 0.00%, 07/01/38(c)
 
1,400
901,303
Mt San Antonio Community College District, Refunding
GO, CAB, Series A, Convertible, Election 2008, 6.25%,
08/01/43(d)
 
5,000
5,042,879
Norman Y Mineta San Jose International Airport SJC,
Refunding RB, Series A, AMT, 5.00%, 03/01/41
 
765
770,677
Sacramento Metropolitan Fire District, GO, Series A,
Election 2024, 4.00%, 08/01/55
 
1,480
1,396,878
Security
 
Par
(000)
Value
California (continued)
San Diego Unified School District, Refunding GO, CAB,
Series R-1, 0.00%, 07/01/31(c)
$
1,110
$ 946,490
Yosemite Community College District, GO(c)
 
Series D, Election 2004, 0.00%, 08/01/36
 
2,000
1,448,283
Series D, Election 2004, 0.00%, 08/01/37
 
2,790
1,928,308
 
 
13,835,575
Colorado — 0.7%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
 
Series A, AMT, 5.00%, 11/15/47
 
240
247,041
Series A, AMT, 5.00%, 12/01/48
 
695
700,208
Colorado Health Facilities Authority, Refunding RB,
Series A, 4.00%, 08/01/44
 
940
851,231
 
 
1,798,480
Connecticut — 0.1%
Connecticut State Health & Educational Facilities
Authority, RB, 4.25%, 07/15/53
 
190
178,669
District of Columbia — 1.0%
District of Columbia Income Tax Revenue, Refunding RB,
Series A, 5.25%, 06/01/50
 
1,045
1,129,220
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.50%,
10/01/54
 
455
481,480
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB, Series B, Subordinate,
4.00%, 10/01/49
 
875
779,418
 
 
2,390,118
Florida — 9.6%
Capital Trust Agency, Inc., RB(b)
 
5.00%, 01/01/55
 
535
453,452
Series A, 5.00%, 06/01/55
 
480
389,562
Series A, 5.50%, 06/01/57
 
170
148,208
City of South Miami Health Facilities Authority, Inc.,
Refunding RB, 5.00%, 08/15/42
 
2,340
2,376,923
City of Tampa Florida Water & Wastewater System
Revenue, RB, Series A, Sustainability Bonds, 5.25%,
10/01/57
 
4,710
5,010,604
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB, Series A, AMT, 5.00%, 10/01/44
 
425
430,627
County of Miami-Dade Florida Water & Sewer System
Revenue, RB, 4.00%, 10/01/48
 
1,550
1,444,259
County of Miami-Dade Seaport Department, Refunding
RB
 
Series A, AMT, 5.00%, 10/01/41
 
360
376,960
Series A, AMT, 5.25%, 10/01/52
 
645
658,978
County of Osceola Florida Transportation Revenue,
Refunding RB, CAB(c)
 
Series A-2, 0.00%, 10/01/46
 
480
160,719
Series A-2, 0.00%, 10/01/47
 
775
243,911
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54
 
180
193,492
Florida Development Finance Corp., RB, AMT, 5.00%,
05/01/29(b)
 
480
484,773
Florida Development Finance Corp., Refunding RB
 
AMT, (AGM), 5.00%, 07/01/44
 
2,440
2,429,232
AMT, (AGM), 5.25%, 07/01/47
 
600
596,909
Florida Housing Finance Corp., RB, S/F Housing,
Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56
 
960
970,613
2
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Greater Orlando Aviation Authority, ARB
 
AMT, 5.25%, 10/01/51
$
815
$ 856,801
Sub-Series A, AMT, 5.00%, 10/01/47
 
2,520
2,530,892
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
210
221,580
Lakewood Ranch Stewardship District, SAB, S/F Housing
 
4.00%, 05/01/40
 
235
222,992
4.00%, 05/01/50
 
395
328,657
Orange County Health Facilities Authority, RB, Series A,
5.00%, 10/01/53
 
1,805
1,850,601
Seminole Improvement District, RB, 5.30%, 10/01/37
 
150
156,802
Storey Creek Community Development District, SAB,
4.13%, 12/15/49
 
500
428,393
Village Community Development District No. 14, SAB,
5.50%, 05/01/53
 
510
519,211
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
210
210,638
 
 
23,695,789
Georgia — 3.0%
City of Atlanta Georgia Department of Aviation, ARB,
Series B-1, AMT, Sustainability Bonds, 5.50%,
07/01/55
 
425
454,461
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
 
200
131,219
Gainesville & Hall County Hospital Authority, RB, Series A,
4.00%, 02/15/51
 
875
771,965
Georgia Housing & Finance Authority, RB, S/F Housing,
Series C, 5.13%, 12/01/50
 
3,360
3,459,862
Georgia Housing & Finance Authority, Refunding RB, S/F
Housing, Series C, 4.60%, 12/01/54
 
570
565,173
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
06/01/53(a)
 
620
657,290
Municipal Electric Authority of Georgia, RB
 
Class A, 5.50%, 07/01/63
 
345
353,357
Series A, 5.00%, 01/01/59
 
880
879,136
 
 
7,272,463
Hawaii — 0.6%
State of Hawaii Airports System Revenue, ARB, Series B,
5.00%, 07/01/49
 
1,490
1,593,647
Idaho — 0.3%
Idaho Health Facilities Authority, Refunding RB, 4.38%,
03/01/53
 
400
382,816
Idaho Housing & Finance Association, RB, S/F Housing,
Series A, (FHLMC, FNMA, GNMA), 4.60%, 01/01/49
 
295
292,641
 
 
675,457
Illinois — 10.3%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
1,265
1,273,025
Series A, 5.00%, 12/01/40
 
1,195
1,155,729
Series A, 6.25%, 12/01/50
 
575
601,079
Chicago Board of Education, Refunding GO, Series B,
12/01/43(e)
 
345
359,633
Chicago Midway International Airport, Refunding ARB,
Series B, 5.00%, 01/01/46
 
1,770
1,775,907
Chicago O’Hare International Airport, ARB
 
Class A, AMT, Senior Lien, 4.63%, 01/01/53
 
210
204,968
Series B, Senior Lien, 4.50%, 01/01/56
 
2,450
2,354,930
Chicago O’Hare International Airport, Refunding ARB
 
Series A, AMT, Senior Lien, 5.00%, 01/01/48
 
940
943,093
Security
 
Par
(000)
Value
Illinois (continued)
Chicago O’Hare International Airport, Refunding
ARB (continued)
 
Series A, AMT, Senior Lien, 5.25%, 01/01/48
$
600
$ 628,574
Series A, AMT, Senior Lien, 4.38%, 01/01/53
 
830
771,595
Series A, AMT, Senior Lien, 5.00%, 01/01/53
 
415
415,775
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57
 
705
716,062
Illinois Finance Authority, Refunding RB, Series A, 5.00%,
11/15/45
 
1,110
1,110,328
Illinois State Toll Highway Authority, RB, Series A, 5.00%,
01/01/40
 
730
730,652
Metropolitan Pier & Exposition Authority, RB
 
5.00%, 06/15/57
 
670
667,052
Series A, (NPFGC), 0.00%, 12/15/36(c)
 
10,000
6,517,791
Metropolitan Pier & Exposition Authority, Refunding RB,
Series B, (AGM), 0.00%, 06/15/44(c)
 
2,980
1,277,277
Regional Transportation Authority, RB, Series B,
(NPFGC), 5.75%, 06/01/33
 
2,000
2,244,867
State of Illinois, GO
 
Series B, 5.25%, 05/01/41
 
635
678,180
Series F, 5.25%, 09/01/47
 
850
884,986
 
 
25,311,503
Indiana — 0.7%
Indiana Finance Authority, RB, Series A, 5.00%, 10/01/53
 
780
805,466
Indiana Finance Authority, Refunding RB
 
Series C, 5.25%, 10/01/46
 
640
690,479
Series C, 5.25%, 10/01/47
 
220
236,707
 
 
1,732,652
Kentucky — 1.2%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%,
01/01/52(b)
 
150
141,820
County of Boyle Kentucky, Refunding RB
 
Series A, 4.25%, 06/01/46
 
200
182,475
Series A, 5.25%, 06/01/49
 
775
800,345
Kentucky Public Energy Authority, Refunding RB,
Series A-1, 5.25%, 04/01/54(a)
 
1,745
1,924,065
 
 
3,048,705
Louisiana — 2.5%
Louisiana Public Facilities Authority, RB
 
5.25%, 10/01/53
 
1,525
1,523,385
AMT, 5.75%, 09/01/64
 
1,195
1,239,085
Louisiana Stadium & Exposition District, Refunding RB
 
Series A, 5.00%, 07/01/48
 
480
492,294
Series A, 5.25%, 07/01/53
 
1,280
1,330,391
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%,
01/01/48
 
1,010
1,011,013
Port New Orleans Board of Commissioners, ARB,
Series B, AMT, (AGM), 5.50%, 04/01/51
 
435
464,069
 
 
6,060,237
Maine — 0.4%
Maine State Housing Authority, RB, S/F Housing,
Series C, Sustainability Bonds, (HUD SECT 8), 4.75%,
11/15/49
 
885
897,354
Maryland — 0.0%
Maryland Economic Development Corp., RB, 5.00%,
07/01/56
 
145
145,429
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Massachusetts — 1.1%
Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47
$
1,565
$ 1,522,593
Massachusetts Development Finance Agency, Refunding
RB, 5.00%, 07/01/47
 
815
817,758
Massachusetts Housing Finance Agency, Refunding RB,
Series A, AMT, 4.45%, 12/01/42
 
335
324,099
 
 
2,664,450
Michigan — 2.2%
City of Lansing Michigan, Refunding GO, Series B,
(AGM), 4.13%, 06/01/48
 
880
843,786
Michigan Finance Authority, RB
 
4.00%, 02/15/50
 
1,570
1,390,888
Series A, 4.00%, 11/15/50
 
2,550
2,283,733
Sustainability Bonds, 5.50%, 02/28/57
 
135
141,468
Michigan State Building Authority, Refunding RB, Series II,
4.00%, 10/15/47
 
185
174,789
Michigan State Housing Development Authority, RB, S/F
Housing, Series D, Sustainability Bonds, 4.45%,
12/01/49
 
400
392,916
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
 
150
150,163
 
 
5,377,743
Minnesota — 0.8%
Minneapolis-St Paul Metropolitan Airports Commission,
ARB, Series B, AMT, 5.25%, 01/01/49
 
1,215
1,272,429
Minnesota Agricultural & Economic Development Board,
RB, 5.25%, 01/01/54
 
605
629,628
 
 
1,902,057
Missouri — 0.6%
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB, Series A, 4.25%, 04/01/55
 
315
297,847
Kansas City Industrial Development Authority, ARB,
Series B, AMT, 5.00%, 03/01/39
 
670
688,653
Missouri Housing Development Commission, RB, S/F
Housing, Series C, (FHLMC, FNMA, GNMA), 5.00%,
11/01/55
 
390
393,318
 
 
1,379,818
Nebraska — 0.5%
Central Plains Energy Project, Refunding RB, Series A,
5.00%, 09/01/37
 
1,150
1,258,604
New Hampshire — 2.6%
New Hampshire Business Finance Authority, RB
 
Series 2025-1, Class A1, 4.09%, 01/20/41(a)
 
368
366,747
Series A, Sustainability Bonds, 5.50%, 06/01/55
 
1,875
1,972,442
New Hampshire Business Finance Authority, RB, M/F
Housing
 
1st Series, Class B, 5.75%, 04/28/42
 
555
579,398
Series 2025, Subordinate, 5.15%, 09/28/37
 
870
880,025
Class A-1, Sustainability Bonds, 0.00%, 11/20/42(a)
 
2,201
2,163,681
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
359
357,184
 
 
6,319,477
New Jersey — 4.7%
Camden County Improvement Authority, RB, Sustainability
Bonds, 6.00%, 06/15/62
 
180
187,149
New Jersey Economic Development Authority, RB
 
AMT, 5.13%, 01/01/34
 
610
611,039
AMT, 5.38%, 01/01/43
 
790
790,707
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Higher Education Student Assistance
Authority, RB, Series C, AMT, Subordinate, 4.25%,
12/01/50
$
800
$ 702,020
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing, Series M, Sustainability Bonds, 5.10%,
10/01/50
 
1,265
1,304,293
New Jersey Transportation Trust Fund Authority, RB
 
5.00%, 12/15/32(f)
 
1,490
1,732,912
Series BB, 4.00%, 06/15/50
 
1,400
1,277,272
New Jersey Turnpike Authority, RB, Series A, 5.25%,
01/01/55
 
1,085
1,166,742
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/35
 
1,220
1,259,160
Series A, 5.00%, 06/01/46
 
860
850,735
Series A, 5.25%, 06/01/46
 
1,610
1,614,077
 
 
11,496,106
New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
 
180
174,804
New York — 9.0%
City of New York, GO, Series G-1, 5.25%, 02/01/53
 
200
213,126
Metropolitan Transportation Authority, RB, Series D-2,
Sustainability Bonds, 4.00%, 11/15/48
 
1,115
1,019,811
New York City Housing Development Corp., RB, M/F
Housing, Series A, Sustainability Bonds, (FHLMC,
FNMA, GNMA, HUD SECT 8), 4.70%, 08/01/54
 
935
932,467
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB, Series A-1, Subordinate,
5.25%, 05/01/52
 
815
871,749
New York Liberty Development Corp., Refunding RB
 
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%,
11/15/51
 
2,045
1,502,045
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
600
433,569
New York Power Authority, Refunding RB, Series A,
Sustainability Bonds, 4.00%, 11/15/55
 
230
212,514
New York Transportation Development Corp., ARB
 
AMT, 5.00%, 12/01/36
 
450
480,167
AMT, 5.63%, 04/01/40
 
470
493,521
AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60
 
1,030
1,113,331
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
1,050
1,098,377
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60
 
1,800
1,832,367
AMT, Sustainability Bonds, 5.50%, 06/30/60
 
3,035
3,098,646
New York Transportation Development Corp., Refunding
RB, Series A, AMT, Sustainability Bonds, 5.50%,
12/31/60
 
1,200
1,225,545
Port Authority of New York & New Jersey, ARB,
Series 218, AMT, 5.00%, 11/01/49
 
1,535
1,565,114
Triborough Bridge & Tunnel Authority Sales Tax Revenue,
RB
 
Series A, 4.25%, 05/15/58
 
3,150
3,020,312
Series A, 4.50%, 05/15/63
 
1,000
990,691
Triborough Bridge & Tunnel Authority, RB, Series A,
5.00%, 11/15/49
 
1,900
1,957,918
 
 
22,061,270
4
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
North Carolina — 0.3%
North Carolina Housing Finance Agency, RB, S/F
Housing, Series 54-A, (FHLMC, FNMA, GNMA),
4.70%, 07/01/50
$
525
$ 529,050
University of North Carolina at Chapel Hill, RB, 5.00%,
02/01/49
 
165
184,425
 
 
713,475
North Dakota — 0.4%
North Dakota Housing Finance Agency, RB, S/F Housing,
Series C, Sustainability Bonds, 4.75%, 07/01/49
 
970
982,961
Ohio — 1.5%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
2,075
1,738,931
Columbus-Franklin County Finance Authority, RB, M/F
Housing, (FNMA), 4.82%, 11/01/43
 
720
767,871
Ohio Housing Finance Agency, RB, S/F Housing,
Series B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.65%, 09/01/49
 
1,160
1,161,076
 
 
3,667,878
Oklahoma — 0.4%
Oklahoma Turnpike Authority, RB, Series A, (AGM),
4.25%, 01/01/55
 
360
351,244
Tulsa Municipal Airport Trust Trustees, Refunding ARB,
AMT, 6.25%, 12/01/35
 
490
565,067
 
 
916,311
Oregon — 0.6%
Clackamas County School District No. 12 North
Clackamas, GO, CAB(c)
 
Series A, (GTD), 0.00%, 06/15/27(f)
 
95
55,584
Series A, (GTD), 0.00%, 06/15/38
 
780
443,018
Port of Portland Oregon Airport Revenue, ARB,
Series 24B, AMT, 5.00%, 07/01/47
 
930
932,450
 
 
1,431,052
Pennsylvania — 5.7%
Allegheny County Airport Authority, ARB, Series A, AMT,
5.00%, 01/01/51
 
2,030
2,036,907
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
200
175,990
Pennsylvania Economic Development Financing Authority,
RB
 
5.00%, 06/30/42
 
4,450
4,460,913
AMT, 5.50%, 06/30/41
 
900
950,999
AMT, 5.75%, 06/30/48
 
780
813,230
Pennsylvania Higher Educational Facilities Authority, RB,
4.00%, 08/15/49
 
500
454,299
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Series B2, 4.38%, 11/01/54
 
680
624,659
Pennsylvania Housing Finance Agency, RB, S/F Housing,
Series 145A, Sustainability Bonds, 4.75%, 10/01/49
 
2,095
2,104,414
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing, Series 142-A, Sustainability Bonds,
5.00%, 10/01/50
 
410
414,278
Pennsylvania Turnpike Commission, RB
 
Series C, 5.25%, 12/01/54
 
425
457,096
Security
 
Par
(000)
Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, RB (continued)
 
Series A, Subordinate, 5.00%, 12/01/44
$
1,300
$ 1,345,677
School District of Philadelphia, GOL, Series A, (SAW),
5.50%, 09/01/48
 
265
282,557
 
 
14,121,019
Puerto Rico — 4.6%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
5,000
4,727,510
Series A-1, Restructured, 5.00%, 07/01/58
 
4,084
3,966,547
Series A-2, Restructured, 4.78%, 07/01/58
 
276
259,549
Series A-2, Restructured, 4.33%, 07/01/40
 
738
715,487
Series B-1, Restructured, 4.75%, 07/01/53
 
309
292,160
Series B-2, Restructured, 4.78%, 07/01/58
 
411
386,503
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(c)
 
2,946
1,025,304
 
 
11,373,060
South Carolina — 3.1%
Charleston County Airport District, ARB, Series A, AMT,
5.25%, 07/01/54
 
410
426,372
County of Berkeley South Carolina, SAB
 
4.25%, 11/01/40
 
315
295,209
4.38%, 11/01/49
 
465
414,298
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(a)
 
1,650
1,799,966
South Carolina Jobs-Economic Development Authority,
RB
 
5.00%, 01/01/55(b)
 
855
708,829
7.50%, 08/15/62(b)
 
405
361,737
Series A, 5.50%, 11/01/50
 
530
564,952
Series A, 4.50%, 11/01/54
 
1,205
1,184,895
Series A, 5.50%, 11/01/54
 
990
1,053,867
South Carolina Public Service Authority, RB, Series A,
4.00%, 12/01/55
 
550
488,673
South Carolina Public Service Authority, Refunding RB,
Series B, 5.00%, 12/01/46
 
350
364,618
South Carolina State Housing Finance & Development
Authority, Refunding RB, S/F Housing, Series A, 4.95%,
07/01/53
 
95
96,883
 
 
7,760,299
Tennessee — 1.6%
Knox County Health Educational & Housing Facility Board,
RB, Series A-1, (BAM), 5.50%, 07/01/59
 
160
169,033
Memphis-Shelby County Airport Authority, ARB, Series A,
AMT, 5.00%, 07/01/49
 
1,000
1,015,729
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, RB, 5.25%,
05/01/48
 
200
208,232
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB,
5.25%, 10/01/58
 
835
807,476
Metropolitan Government of Nashville & Davidson County
TN Water & Sewer Revenue, Refunding RB, 5.25%,
07/01/55
 
630
671,098
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
1,040
1,127,744
 
 
3,999,312
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas — 15.5%
Alamo Heights Independent School District, GO, (PSF),
4.00%, 02/01/51
$
485
$ 454,954
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
420
210,000
7.88%, 11/01/62
 
370
222,000
City of Austin Texas Airport System Revenue, ARB, AMT,
5.25%, 11/15/47
 
905
940,082
City of Austin Texas Water & Wastewater System
Revenue, Refunding RB, 5.00%, 11/15/53
 
650
685,399
City of Corpus Christi Texas Utility System Revenue,
Refunding RB, 4.13%, 07/15/53
 
635
588,380
City of Galveston Texas Wharves & Terminal Revenue,
ARB
 
Series A, AMT, 1st Lien, 5.50%, 08/01/43
 
105
111,229
Series A, AMT, 1st Lien, 5.50%, 08/01/44
 
105
110,210
City of Garland Texas Electric Utility System Revenue,
Refunding RB, (AGM), 4.25%, 03/01/48
 
100
97,584
City of Houston Texas Airport System Revenue, ARB
 
Series A, AMT, 6.63%, 07/15/38
 
405
405,008
Series B, AMT, 5.50%, 07/15/36
 
100
109,924
Series B, AMT, 5.50%, 07/15/37
 
260
284,036
City of Houston Texas Airport System Revenue, Refunding
ARB, Series A, AMT, Subordinate Lien, 5.50%,
07/01/55
 
630
672,121
City of Houston Texas Airport System Revenue, Refunding
RB
 
Series A, AMT, 5.00%, 07/01/27
 
225
229,390
Sub-Series A, AMT, 4.00%, 07/01/46
 
830
753,341
Sub-Series A, AMT, 4.00%, 07/01/48
 
2,055
1,843,960
Conroe Independent School District, GO, (PSF), 4.00%,
02/15/50
 
1,005
941,591
County of Harris Texas Toll Road Revenue, Refunding RB
 
Series A, 1st Lien, 4.00%, 08/15/49
 
2,135
2,005,761
Series A, 1st Lien, 4.00%, 08/15/54
 
1,520
1,398,699
Dallas Fort Worth International Airport, Refunding ARB,
Series A-1, AMT, 5.50%, 11/01/50
 
365
390,001
Denton Independent School District, GO, (PSF), 5.00%,
08/15/48
 
665
697,591
Dickinson Independent School District, GO, (PSF), 4.13%,
02/15/48
 
350
341,258
Eagle Mountain & Saginaw Independent School District,
GO, (PSF), 4.00%, 08/15/54
 
170
157,521
Fort Bend Independent School District, Refunding GO,
Series A, (PSF), 4.00%, 08/15/49
 
370
348,393
Harris County Cultural Education Facilities Finance Corp.,
Refunding RB, Class A, 4.13%, 07/01/52
 
295
271,950
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(c)(f)
 
1,850
1,121,966
New Hope Cultural Education Facilities Finance Corp., RB
 
Series A, 5.50%, 08/15/49
 
1,505
1,651,515
Series A, 5.00%, 08/15/50(b)
 
450
382,631
North Texas Tollway Authority, RB, Series C, Convertible,
6.75%, 09/01/31(d)(f)
 
10,000
12,170,333
North Texas Tollway Authority, Refunding RB, 4.25%,
01/01/49
 
970
903,468
Northwest Independent School District, GO, (PSF),
5.25%, 02/15/55
 
690
737,152
Port Authority of Houston of Harris County Texas, ARB
 
5.00%, 10/01/51
 
675
695,666
1st Lien, 5.00%, 10/01/53
 
500
516,233
Security
 
Par
(000)
Value
Texas (continued)
Spring Branch Independent School District, GO, (PSF),
4.00%, 02/01/48
$
465
$ 443,275
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, 5.00%, 10/01/49
 
105
103,897
Tarrant County Hospital District, GOL, 4.25%, 08/15/53
 
240
224,502
Tarrant Regional Water District, RB, 4.25%, 09/01/55
 
260
249,924
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
260
230,577
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB, 5.00%, 12/15/32
 
1,500
1,637,838
Texas State University System, Refunding RB, 4.00%,
03/15/49
 
1,170
1,073,188
Texas Water Development Board, RB, Series A, 4.38%,
10/15/59
 
1,760
1,699,107
 
 
38,111,655
Utah — 3.3%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
140
141,419
City of Salt Lake City Utah Airport Revenue, ARB
 
Series A, AMT, 5.00%, 07/01/43
 
800
810,301
Series A, AMT, 5.00%, 07/01/47
 
3,485
3,497,522
Series A, AMT, 5.00%, 07/01/51
 
1,450
1,471,810
Downtown Revitalization Public Infrastructure District, RB
 
Series A, 1st Lien, (AGM), 5.50%, 06/01/55
 
650
700,175
Series B, 2nd Lien, (AGM), 5.50%, 06/01/55
 
230
247,569
Utah Charter School Finance Authority, RB, 5.00%,
06/15/39(b)
 
185
178,474
Utah Charter School Finance Authority, Refunding RB,
5.00%, 06/15/40(b)
 
335
325,047
Utah Housing Corp., RB, S/F Housing, Series E, (FHLMC,
FNMA, GNMA), 4.70%, 01/01/50
 
665
670,081
 
 
8,042,398
Virginia — 0.7%
Fairfax County Industrial Development Authority, RB,
4.13%, 05/15/54
 
215
198,061
Henrico County Economic Development Authority,
Refunding RB, Series A, 5.00%, 11/01/48
 
670
697,539
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
965
808,675
 
 
1,704,275
Washington — 0.7%
Vancouver Housing Authority, RB, M/F Housing, 5.00%,
08/01/40
 
320
330,630
Washington Health Care Facilities Authority, Refunding
RB, Series A, 5.50%, 09/01/55
 
190
201,782
Washington State Housing Finance Commission, RB, M/F
Housing, Series A-1, 0.00%, 11/20/41(a)
 
1,178
1,133,718
 
 
1,666,130
Wisconsin — 1.5%
Public Finance Authority, RB
 
Class A, 5.00%, 06/15/51(b)
 
555
457,838
Series A, 5.00%, 07/01/40(b)
 
300
288,837
AMT, 5.75%, 06/30/60
 
965
996,544
6
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wisconsin (continued)
Public Finance Authority, RB (continued)
 
AMT, 5.75%, 12/31/65
$
1,150
$ 1,191,107
AMT, 6.50%, 12/31/65
 
770
845,682
 
 
3,780,008
Total Municipal Bonds — 105.6%
(Cost: $248,398,034)
259,372,348
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
Alabama(a) — 5.1%
Black Belt Energy Gas District, RB
 
Series C, 5.50%, 10/01/54(h)
 
3,794
4,210,635
Series C-1, 5.25%, 02/01/53
 
7,721
8,231,388
 
 
12,442,023
California — 1.4%
City of Los Angeles Department of Airports, Refunding
ARB, Series A, AMT, Sustainability Bonds, 5.25%,
05/15/50
 
3,286
3,469,392
Colorado — 1.6%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 5.50%,
11/15/53
 
3,676
3,878,974
Florida — 10.6%
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
3,345
3,628,788
City of Tampa Florida Water & Wastewater System
Revenue, RB, Series A, Sustainability Bonds, 5.25%,
10/01/57
 
2,150
2,287,219
County of Seminole Florida Sales Tax Revenue,
Refunding RB, Series B, 5.25%, 10/01/31
 
4,200
4,632,644
Hillsborough County Aviation Authority, ARB, Class B,
AMT, 5.50%, 10/01/54
 
5,340
5,706,838
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 5.25%, 11/15/49
 
3,619
3,862,467
Miami-Dade County Expressway Authority, Refunding RB,
Series A, (AGM), 5.00%, 07/01/35
 
2,100
2,101,729
Tender Opt Bd Tr Rcpts, 5.25%, 10/01/50
 
3,537
3,786,316
 
 
26,006,001
Georgia — 7.2%
City of Atlanta Georgia Department of Aviation, ARB,
Series B-1, AMT, Sustainability Bonds, 5.50%,
07/01/55
 
5,440
5,817,098
County of DeKalb Georgia Water & Sewerage Revenue,
RB, Series A, 5.00%, 10/01/55
 
4,159
4,356,210
Georgia Housing & Finance Authority, RB, S/F Housing,
Series A, 4.65%, 12/01/50(h)
 
4,336
4,326,177
Main Street Natural Gas, Inc., RB, Series C, 5.00%,
09/01/53(a)(h)
 
2,970
3,177,342
 
 
17,676,827
Illinois — 6.7%
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 5.00%, 12/01/49(h)
 
5,474
5,640,354
City of Chicago Illinois Wastewater Transmission
Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%,
01/01/58
 
4,902
5,118,852
Security
 
Par
(000)
Value
Illinois (continued)
Illinois Finance Authority, Refunding RB, Series A, 5.00%,
08/15/51
$
1,951
$ 1,984,347
Regional Transportation Authority, RB, (NPFGC), 6.50%,
07/01/26
 
3,540
3,623,227
 
 
16,366,780
Missouri — 0.9%
Missouri Housing Development Commission, RB, S/F
Housing, Series E, 4.60%, 11/01/49
 
2,325
2,305,291
Nebraska — 2.3%
Nebraska Investment Finance Authority, RB, S/F Housing,
Series E, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.80%, 09/01/54
 
2,188
2,217,410
Omaha Public Power District, Refunding RB, Series B,
5.25%, 02/01/48
 
3,260
3,465,016
 
 
5,682,426
New Jersey — 1.8%
New Jersey Transportation Trust Fund Authority, RB,
Series AA, 5.00%, 06/15/55
 
4,240
4,394,953
New York — 12.1%
Metropolitan Transportation Authority Dedicated Tax Fund,
Refunding RB, Series B-1, Sustainability Bonds, 5.00%,
11/15/49
 
3,793
3,969,458
New York City Municipal Water Finance Authority, RB
 
Series AA, Subordinate, 5.00%, 06/15/51
 
2,834
2,977,263
Series AA-1, 5.25%, 06/15/52
 
4,020
4,244,647
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Series B, 5.25%, 05/01/55
 
4,136
4,413,546
Series C, 5.25%, 05/01/48
 
3,673
3,897,372
New York State Dormitory Authority, Refunding RB,
Series A, 4.00%, 03/15/47
 
1,810
1,704,615
Port Authority of New York & New Jersey, Refunding ARB,
Series 200, 5.25%, 10/15/57
 
1,910
1,942,947
Triborough Bridge & Tunnel Authority, RB, Series A,
5.00%, 11/15/51
 
1,990
2,043,858
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A, 5.00%, 05/15/47
 
3,040
3,157,100
Series C, 4.13%, 05/15/52
 
1,500
1,419,366
 
 
29,770,172
Oklahoma — 1.3%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53
 
2,999
3,198,023
Oregon — 0.9%
Port of Portland Oregon Airport Revenue, Refunding ARB,
Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48
 
2,020
2,150,338
Pennsylvania — 1.3%
Pennsylvania Turnpike Commission, Refunding RB,
Series B, 5.25%, 12/01/52
 
3,030
3,209,701
South Carolina — 2.0%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)(h)
 
4,589
4,990,999
Tennessee — 1.9%
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(a)(h)
 
4,395
4,740,780
Texas — 6.3%
City of Houston Texas Airport System Revenue, Refunding
ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%,
07/01/53
 
1,330
1,385,802
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB, Series A, 5.50%, 02/01/50
$
1,610
$ 1,747,376
Crowley Independent School District, GO, (PSF), 5.25%,
02/01/53
 
2,159
2,292,262
North Texas Municipal Water District, RB, 5.00%,
06/01/50(h)
 
4,158
4,329,326
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
 
2,541
2,618,778
Texas Water Development Board, RB, Series A, 4.38%,
10/15/59
 
3,267
3,154,285
 
 
15,527,829
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 63.4%
(Cost: $151,063,511)
155,810,509
Total Long-Term Investments — 169.0%
(Cost: $399,461,545)
415,182,857
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.01%(i)(j)
 
2,886,851
2,887,140
Total Short-Term Securities — 1.2%
(Cost: $2,887,125)
2,887,140
Total Investments — 170.2%
(Cost: $402,348,670)
418,069,997
Other Assets Less Liabilities — 1.4%
3,489,719
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (39.6)%
(97,324,908
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(32.0)%
(78,600,000
)
Net Assets Applicable to Common Shares — 100.0%
$ 245,634,808
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
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.
(c)
Zero-coupon bond.
(d)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
in effect.
(e)
When-issued security.
(f)
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.
(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 February 1, 2029 to May 1, 2052, is $24,165,839.
(i)
Affiliate of the Fund.
(j)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/25
Shares
Held at
10/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 4,961,531
$ —
$ (2,074,391
)(a)
$ 5
$ (5
)
$ 2,887,140
2,886,851
$ 20,284
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
8
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniYield Quality Fund II, Inc. (MQT)
 
Fair Value Hierarchy as of Period End (continued)
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 259,372,348
$ —
$ 259,372,348
Municipal Bonds Transferred to Tender Option Bond Trusts
—
155,810,509
—
155,810,509
Short-Term Securities 
Money Market Funds
2,887,140
—
—
2,887,140
 
$2,887,140
$415,182,857
$—
$418,069,997
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 fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(96,836,645
)
$—
$(96,836,645
)
VMTP Shares at Liquidation Value
—
(78,600,000
)
—
(78,600,000
)
 
$—
$(175,436,645
)
$—
$(175,436,645
)
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM
 Build America Mutual Assurance Co.
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
HUD SECT 8
 U.S. Department of Housing and Urban Development
Section 8
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF
 Permanent School Fund
Portfolio Abbreviation (continued)
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
ST
 Special Tax
Schedule of Investments
9