MuniYield Quality Fund II

NAV as of 30-Dec-2016 $13.63
52 WK: 13.37 - 14.95
1 Day NAV Change as of 30-Dec-2016 0.02 (0.15%)

Market Price as of 02-Jan-2017 $12.81
1 Day Price Change as of 02-Jan-2017 0.00 (0.00%)
Distribution Rate as of 30-Dec-2016 5.81%
Premium Discount as of 30-Dec-2016 -6.02%

Overview

Investment Approach

BlackRock MuniYield Quality Fund II, Inc.’s (MQT) (the 'Fund') investment objective is to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests in municipal bonds which are in the three highest quality rating categories (A or better) or, if unrated, of comparable quality at the time of investment. The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund's investment objective will be achieved.

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
NAV Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	10.67	10.92	8.72	7.01	7.07
Market Price Total Return (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund.	17.70	11.39	8.51	7.28	6.70

Missing average annual returns data

	YTD	1m	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
NAV Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	6.87	-	10.67	36.46	51.91	96.82	418.62
Market Price Total Return (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund.	11.22	-	17.70	38.19	50.41	101.99	376.43

Missing cumulative returns data

	2011	2012	2013	2014	2015
NAV Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	22.01	15.36	-6.69	20.84	5.08
Market Price Total Return (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund.	29.12	11.67	-13.62	20.56	7.28

Missing calendar year returns data

Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Distributions

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Recent
Calendar Year

Chart
Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Return of Capital

Chart
Table

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Custom Columns

Year
Total Distribution

Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.

Past distributions are not indicative of future distributions.

If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Net Assets as of 30-Dec-2016 $307,377,034

Managed Assets 496,702,903.99

Share Class launch date 21-Sep-1992

Exchange New York Stock Exchange Inc.

Asset Class Fixed Income

Morningstar Category Muni National Long

Lipper Classification Gen & Ins Leveraged

CUSIP 09254G108

Management Fee 0.80%

Gross Expense Ratio 1.48%

Shares Outstanding as of 30-Dec-2016 22,558,009

Number of Holdings as of 30-Nov-2016 271

Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of NAV. When the Fund’s closing price is greater than the Fund’s NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the Fund’s closing price is less than the Fund’s NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number. Closing price is determined using the last traded price on the Fund’s listed exchange and NAV is calculated daily (usually 4:00pm eastern time). as of 30-Dec-2016 -6.02%

3m Avg Volume as of 30-Nov-2016 67,710.00

Portfolio Characteristics

Distribution Rate The annual yield an investor would receive if the most recent fund distribution and current fund price stayed the same going forward. It is calculated by annualizing the most recent distribution and dividing by the fund's market price from the as-of-date. The distribution rate may include a return of capital. Please refer to the "Closed-End Fund Resources" section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be relied upon for tax reporting purposes. as of 30-Dec-2016 5.81%

Tax Equiv. Yield Tax equivalent yield (TEY) is used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. TEY represents the yield a taxable bond would have to earn in order to match, after taxes, the yield available on a tax-exempt municipal bond. Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate*) For example, an investor in the 43.4% tax bracket would have to earn a yield of 3.53% on a taxable bond to match a 2.00% yield on a tax-exempt security. The highest Federal individual income tax rate of 43.4% is assumed. as of 30-Dec-2016 10.26%

Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of - -

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of 30-Nov-2016 4.60%

Average Coupon as of 30-Nov-2016 4.13%

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the 'Literature' section for more information on that measure. as of 30-Nov-2016 10.91 yrs

WAL to Maturity as of 30-Nov-2016 23.07 yrs

Leverage The amount of borrowed funds used to purchase assets in order to enhance returns. as of 30-Nov-2016 $190,822,070.00

% Leveraged The relative amount of total managed assets financed through leverage. as of 30-Nov-2016 38.57%

% AMT Bonds Amount of assets in the portfolio that are Alternative Minimum Tax bonds, relative to the total managed assets. These are bonds subject to the federal alternative minimum tax, a separate tax computation that creates a tax liability after allowed deductions. as of 30-Nov-2016 12.79%

% Insured Amount of assets in the portfolio that have their principal and interest backed by an additional entity in the form of insurance, relative to the total managed assets. as of 30-Nov-2016 27.92%

Ratings

Holdings

as of 30-Nov-2016

Name	Weight (%)
ILLINOIS SPORTS FACS AUTH 5.5 06/15/2030	2.66
TOB 4.428 REGTRN 759911PT1 6.5 07/01/2022	2.59
NORTH TEX TWY AUTH REV 0 09/01/2045	2.13
NEW JERSEY ST TRANSN TR FD AUT 5 06/15/2042	1.88
DUVAL CNTY FLA SCH BRD CTFS PARTN 5 07/01/2033	1.66

Name	Weight (%)
TOB 2.91 MIAUTL 59334DGZ1 5 10/01/2018	1.53
ALAMEDA CORRIDOR TRANSN AUTH C 5.45 10/01/2025	1.51
SOUTH CAROLINA ST PUB SVCS AUT 5.5 12/01/2054	1.48
NEW JERSEY ECONOMIC DEV AUTH R 5.25 07/01/2033	1.41
MONTEREY PENINSULA CALIF CMNTY COL 0 08/01/2028	1.40

Countries
Regions

as of 30-Nov-2016

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

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The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of 30-Nov-2016

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Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Manager, Municipal Mutual Fund

Co-Head Portfolio Manager, Municipal Mutual Fund

Portfolio Manager

Literature

Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses which may be obtained by visiting the SEC Edgar database. Read the prospectus carefully before investing.

Common shares for most of the closed-end funds identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions. The information for these funds is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares.

Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.

The fund is actively managed and its characteristics will vary. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to political risks, currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities. Obligations of US govt. agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US govt. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities. Investments in emerging markets may be considered speculative and are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. In addition, many emerging securities markets have lower trading volumes and less liquidity. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors.

The amounts and sources of distributions reported in any notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to change based on tax regulations. The Fund will send a Form 1099-DIV for the calendar year that will tell how to report these distributions for federal income tax purposes.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the end of the period.

Some investors may be subject to the alternative minimum tax (AMT).

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

©2016 BlackRock, Inc. All rights reserved. BLACKROCK and BUILD ON BLACKROCK are registered and unregistered trademarks of BlackRock, Inc or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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