UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-6718
Name of Fund: MuniYield Quality Fund II, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., President, MuniYield
Quality Fund II, Inc., 800 Scudders Mill Road, Plainsboro, NJ 08536.
Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 10/31/05
Date of reporting period: 11/01/04 - 1/31/05
Item 1 - Schedule of Investments
MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2005 (in Thousands)
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Face
State Amount Municipal Bonds Value
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Alaska - 1.4% $ 550 Alaska State Housing Finance Corporation, General Housing Revenue Bonds,
Series A, 5.25% due 12/01/2034 (c) $ 590
1,400 Alaska State International Airports Revenue Bonds, Series B, 5.75%
due 10/01/2019 (a) 1,608
2,100 Valdez, Alaska, Marine Terminal Revenue Refunding Bonds (BP Pipelines Inc. Project),
VRDN, Series C, 1.83% due 7/01/2037 (m) 2,100
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Arizona - 1.0% 2,700 Northern Arizona University System Revenue Bonds, 5.50% due 6/01/2034 (c) 2,990
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California - 20.9% 8,150 Alameda Corridor Transportation Authority, California, Revenue Refunding
Bonds, Subordinated Lien, Series A, 5.319%* due 10/01/2025 (a) 5,939
2,500 California Health Facilities Financing Authority Revenue Bonds
(Kaiser Permanente), RIB, Series 26, 8.84% due 6/01/2022 (f)(l) 2,936
2,490 California State Department of Water Resources, Power Supply Revenue
Bonds, Series A, 5.375% due 5/01/2022 (i) 2,742
California State, GO, Refunding:
2,800 5.25% due 9/01/2026 3,011
1,780 5.25% due 2/01/2030 (h) 1,907
5,300 5.25% due 2/01/2030 (i) 5,677
1,950 ROLS, Series II-R-272, 8.539% due 2/01/2033 (k)(l) 2,177
California State, Various Purpose, GO:
2,750 5.25% due 11/01/2029 2,914
6,500 5.50% due 11/01/2033 7,039
2,770 Fairfield-Suisun, California, Unified School District, GO (Election of 2002),
5.50% due 8/01/2028 (i) 3,084
Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series B:
2,750 5.60% due 6/01/2028 2,913
2,050 5.50% due 6/01/2033 (h) 2,231
1,300 5.625% due 6/01/2033 (h) 1,431
7,075 5.625% due 6/01/2038 (b) 7,762
2,300 5.50% due 6/01/2043 (h) 2,498
2,815 John Swett Unified School District, California, GO, Series A, 5.50%
due 8/01/2026 (f) 3,150
1,900 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (i) 1,996
1,250 Poway, California, Redevelopment Agency, Tax Allocation Refunding Bonds
(Paguay Redevelopment Project), 5.125% due 6/15/2033 (a) 1,308
3,650 Sacramento County, California, Sanitation District Financing Authority Revenue
Refunding Bonds Trust Receipts, Class R, Series A, 9.811% due 12/01/2019 (l) 3,941
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Portfolio Abbreviations
To simplify the listings of MuniYield Quality Fund II, Inc.'s portfolio holdings
in the Schedule of Investments, we have abbreviated the names of many of the
securities according to the list below.
AMT Alternative Minimum Tax (subject to)
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
IDA Industrial Development Authority
IDB Industrial Development Board
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
ROLS Reset Options Longs
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
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Face
State Amount Municipal Bonds Value
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Colorado - 11.0% $ 11,020 Colorado Department of Transportation Revenue Bonds, DRIVERS, Series 249,
9.849% due 6/15/2014 (a)(l) $ 14,361
Colorado Health Facilities Authority Revenue Bonds, Series A:
1,150 (Catholic Health Initiatives), 5.50% due 3/01/2032 (n) 1,298
1,200 (Covenant Retirement Communities Inc.), 5.50% due 12/01/2027 (k) 1,290
675 (Covenant Retirement Communities Inc.), 5.50% due 12/01/2033 (k) 720
Colorado Housing and Finance Authority, S/F Program Revenue Refunding Bonds,
AMT (i):
630 Series A-2, 6.45% due 4/01/2030 633
1,775 Series B-2, 6.80% due 2/01/2031 1,852
65 Series C-1, 7.65% due 12/01/2025 (d) 67
710 Colorado Housing and Finance Authority, Revenue Refunding Bonds, AMT,
Series E-2, 7% due 2/01/2030 (i) 722
13,950 Northwest Parkway, Colorado, Public Highway Authority, Capital Appreciation
Revenue Bonds, Senior Convertible, Series C, 4.155%* due 6/15/2025 (f) 11,301
1,735 Northwest Parkway, Colorado, Public Highway Authority Revenue Bonds,
Series A, 5.50% due 6/15/2021 (a) 1,960
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Connecticut - 3.8% 1,100 Connecticut State Regional Learning Educational Service Center Revenue
Bonds (Office/Education Center Facility), 7.75% due 2/01/2006 (j) 1,176
9,325 Connecticut State Resource Recovery Authority, Revenue Refunding Bonds,
DRIVERS, Series 187, 8.889% due 11/15/2011 (i)(l) 10,640
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Georgia - 3.6% 5,000 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B,
5.25% due 1/01/2033 (f) 5,356
5,000 Atlanta, Georgia, Airport Revenue Refunding Bonds, Series A,
5.875% due 1/01/2017 (c) 5,654
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Illinois - 21.2% 3,250 Chicago, Illinois, Board of Education, GO (Chicago School Reform Project),
Series A, 5.25% due 12/01/2030 (a) 3,470
3,500 Chicago, Illinois, Gas Supply Revenue Refunding Bonds (People's Gas Light & Coke),
Series A, 6.10% due 6/01/2025 (a) 3,611
6,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue
Refunding Bonds, Third Lien, AMT, Series A, 5.50% due 1/01/2022 (i) 6,497
Chicago, Illinois, O'Hare International Airport Revenue Bonds, 3rd Lien,
AMT, Series B-2:
5,200 5.75% due 1/01/2023 (f) 5,806
2,200 6% due 1/01/2029 (h) 2,473
2,830 Chicago, Illinois, Park District, GO, Refunding, Series C, 5.50% due 1/01/2021 (c) 3,179
3,000 Cook County, Illinois, Capital Improvement, GO, Series C, 5.50% due 11/15/2026 (a) 3,373
10,000 Illinois Regional Transportation Authority Revenue Bonds, 6.50% due 7/01/2026 (i) 13,126
23,850 Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds, 5.274%*
due 6/15/2030 (a) 19,271
3,625 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue
Refunding Bonds, DRIVERS, Series 269, 9.224% due 6/15/2023 (i)(l) 4,743
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MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
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Face
State Amount Municipal Bonds Value
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Indiana - 2.9% Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A (c):
$ 3,750 5.25% due 6/01/2028 $ 4,060
3,000 5.25% due 6/01/2029 3,239
1,500 Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds
(Waterworks Project), Series A, 5.25% due 7/01/2033 1,604
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Kansas - 1.6% 1,370 Sedgwick and Shawnee Counties, Kansas, S/F Mortgage-Backed Revenue
Bonds, AMT, Series A-2, 7.60% due 12/01/2031 (g)(i) 1,412
2,295 Sedgwick and Shawnee Counties, Kansas, S/F Mortgage-Backed Revenue
Refunding Bonds, AMT, Series A-2, 6.45% due 12/01/2033 (e)(i) 2,394
1,240 Sedgwick and Shawnee Counties, Kansas, S/F Mortgage-Backed Securities Program
Revenue Bonds, AMT, Series A-1, 6.875% due 12/01/2026 (g)(i) 1,254
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Louisiana - 4.4% 2,740 Jefferson Parish, Louisiana, Home Mortgage Authority, S/F Mortgage Revenue Bonds,
AMT, Series B-1, 6.65% due 12/01/2033 (e)(i) 2,843
3,900 Louisiana Local Government, Environmental Facilities, Community
Development Authority Revenue Bonds (Capital Projects and Equipment Acquisition),
Series A, 6.30% due 7/01/2030 (a) 4,278
4,650 New Orleans, Louisiana, Ernest N. Morial Exhibit Hall Authority, Special
Tax, Sub-Series A, 5.25% due 7/15/2028 (a) 5,005
1,300 Terrebonne Parish, Louisiana, Hospital Service District Number 1, Hospital
Revenue Bonds (Terrebonne General Medical Center Project), 5.50% due 4/01/2033 (a) 1,411
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Massachusetts - 1.6% 2,785 Massachusetts State Port Authority, Special Facilities Revenue Bonds,
DRIVERS, AMT, Series 501, 8.814% due 7/01/2009 (a)(l) 3,108
1,800 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds,
5.25% due 1/01/2028 (c) 1,941
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Michigan - 6.7% 8,800 Detroit, Michigan, Water Supply System Revenue Bonds, Series B,
5.25% due 7/01/2032 (i) 9,423
1,300 Michigan Higher Education Student Loan Authority, Student Loan Revenue
Refunding Bonds, AMT, Series XVII-G, 5.20% due 9/01/2020 (a) 1,375
2,685 Michigan State, HDA, Revenue Refunding Bonds, Series C,
5.90% due 12/01/2015 (d)(f) 2,817
Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds
(Detroit Edison Company Project) (h):
1,750 5.45% due 9/01/2029 1,932
1,000 AMT, Series A, 5.50% due 6/01/2030 1,072
3,900 AMT, Series C, 5.45% due 12/15/2032 4,130
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Missouri - 2.0% Saint Louis County, Missouri, Pattonville R-3 School District, GO (Missouri Direct
Deposit Program) (c)(j):
4,000 5.75% due 3/01/2010 4,560
1,500 6% due 3/01/2010 1,728
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Nevada - 3.5% 2,800 Carson City, Nevada, Hospital Revenue Bonds (Carson-Tahoe Hospital Project),
Series A, 5.50% due 9/01/2033 (k) 2,995
Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds,
Series A-2 (c):
1,500 5% due 7/01/2030 1,559
2,700 5% due 7/01/2036 2,796
MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
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Face
State Amount Municipal Bonds Value
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Nevada (concluded) $ 3,300 Director of the State of Nevada, Department of Business and Industry Revenue Bonds
(Las Vegas Monorail Company Project), First Tier, 5.375% due 1/01/2040 (a) $ 3,492
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New Jersey - 5.4% New Jersey EDA, Cigarette Tax Revenue Bonds:
4,600 5.50% due 6/15/2024 5,027
1,070 5.75% due 6/15/2029 1,136
500 5.50% due 6/15/2031 520
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A (i):
2,400 5% due 7/01/2029 2,523
4,800 5.25% due 7/01/2033 5,185
2,000 New Jersey EDA, Revenue Bonds, ROLS, Series II-R-309-2, 9.026% due 6/15/2031 (l) 2,351
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New Mexico - 2.3% 6,295 New Mexico State Highway Commission, Tax Revenue Bonds, Senior
Sub-Lien, Series A, 6% due 6/15/2010 (f)(j) 7,222
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New York - 11.1% 2,500 Erie County, New York, IDA, School Facility Revenue Bonds
(City of Buffalo Project), 5.75% due 5/01/2026 (f) 2,871
9,280 Nassau Health Care Corporation, New York, Health System Revenue Bonds,
5.75% due 8/01/2009 (f)(j) 10,602
2,500 New York City, New York, City Transitional Finance Authority, Revenue
Refunding Bonds, Future Tax Secured, Series C, 5.50% due 11/01/2024 2,770
4,000 New York City, New York, GO, Series D, 5.875% due 6/01/2012 (i)(j) 4,621
5,000 New York State Dormitory Authority, Revenue Refunding Bonds
(State University Educational Facilities), 5.75% due 5/15/2010 (c)(j) 5,726
7,115 Tobacco Settlement Financing Corporation of New York Revenue Bonds,
Series A-1, 5.25% due 6/01/2022 (a) 7,703
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North Carolina - 1.7% 5,000 Martin County, North Carolina, Industrial Facilities and Pollution Control Financing
Authority Revenue Bonds (Solid Waste Disposal -Weyerhaeuser Company),
AMT, 6.80% due 5/01/2024 5,121
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Ohio - 2.3% Plain, Ohio, Local School District, GO, Refunding (c)(f):
5,120 6% due 6/01/2011 (j) 5,955
1,170 6% due 12/01/2020 1,350
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Pennsylvania - 6.5% 600 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue
Bonds, 5.50% due 12/01/2030 (i) 666
3,335 Delaware River Port Authority of Pennsylvania and New Jersey Revenue
Bonds, RIB, Series 396, 9.853% due 1/01/2019 (f)(l) 4,204
5,500 Pennsylvania State Public School Building Authority, School Lease Revenue
Bonds (The School District of Philadelphia Project), 5% due 6/01/2033 (f) 5,712
3,230 Philadelphia, Pennsylvania, Authority for Industrial Development, Lease
Revenue Bonds, Series B, 5.50% due 10/01/2020 (f) 3,638
4,500 Philadelphia, Pennsylvania, School District, GO, Series B, 5.625% due 8/01/2022 (c) 5,019
900 Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds
(Capital Projects and Equipment Program), 6.15% due 12/01/2029 (a) 957
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MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
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Face
State Amount Municipal Bonds Value
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Rhode Island - 1.5% $ 4,010 Rhode Island State Health and Educational Building Corporation, Higher
Education Facilities Revenue Bonds (University of Rhode Island), Series A,
5.70% due 9/15/2024 (i) $ 4,494
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South Carolina - 1.6% 2,250 South Carolina State Public Service Authority, Revenue Refunding Bonds,
DRIVERS, Series 277, 9.346% due 1/01/2022 (i)(l) 2,469
2,500 Spartanburg County, South Carolina, Solid Waste Disposal Facilities Revenue
Bonds (BMW Project), AMT, 7.55% due 11/01/2024 2,621
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Tennessee - 2.7% 7,365 Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds
(Southside Redevelopment Corporation), 5.875% due 10/01/2024 (a) 8,356
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Texas - 12.3% 4,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
Trust Certificates, Second Tier, Series B, 5.75% due 1/01/2032 4,149
2,730 Corpus Christi, Texas, Utility System Revenue Refunding Bonds,
Series A, 6% due 7/15/2010 (f)(j) 3,133
3,250 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS,
AMT, Series 202, 9.83% due 11/01/2028 (c)(l) 3,929
Dickinson, Texas, Independent School District, GO, Refunding (i):
1,180 6% due 2/15/2017 1,333
1,250 6% due 2/15/2018 1,412
4,000 Gregg County, Texas, Health Facilities Development Corporation, Hospital
Revenue Bonds (Good Shepherd Medical Center Project), 6.875% due 10/01/2020 (k) 4,674
800 Harris County, Texas, Health Facilities Development Corporation, Hospital
Revenue Bonds (Texas Children's Hospital), VRDN, Series B-1, 1.84%
due 10/01/2029 (i)(m)(n) 800
1,900 Houston, Texas, Airport System Revenue Refunding Bonds,
Sub-Lien, Series B, 5.50% due 7/01/2030 (f) 2,076
3,500 Lower Colorado River Authority, Texas, PCR (Samsung Austin Semiconductor),
AMT, 6.375% due 4/01/2027 3,772
Texas State Turnpike Authority, Central Texas Turnpike System Revenue
Bonds, First Tier, Series A (a):
4,800 5.75% due 8/15/2038 5,487
3,600 5.50% due 8/15/2039 3,975
1,000 University of Houston, Texas, University Revenue Bonds,
5.50% due 2/15/2030 (i) 1,089
1,900 White Settlement, Texas, Independent School District, GO, 5.75% due 8/15/2034 2,177
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Virginia - 3.4% 2,100 Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds
(Old Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (a) 2,305
26,500 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds,
Senior Series B, 5.875%* due 8/15/2024 8,348
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Washington - 6.3% 2,150 King County, Washington, Sewer Revenue Refunding Bonds, Series B,
5.50% due 1/01/2027 (f) 2,393
1,600 Port of Tacoma, Washington, Revenue Refunding Bonds, Series A,
5.25% due 12/01/2034 (a) 1,713
MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2005 (continued) (in Thousands)
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Face
State Amount Municipal Bonds Value
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Washington (concluded) $ 7,470 Port Seattle, Washington, Revenue Bonds, AMT, Series B,
6% due 2/01/2016 (i) $ 8,373
6,150 Seattle, Washington, Municipal Light and Power Revenue Bonds,
6% due 10/01/2009 (i)(j) 7,045
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Puerto Rico - 3.7% 5,000 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Bonds, Series B, 6% due 7/01/2005 (i)(j) 5,131
3,250 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,
RIB, Series 449X, 8.91% due 7/01/2016 (a)(l) 3,457
2,500 Puerto Rico Municipal Finance Agency, GO, Series A,
5.50% due 8/01/2023 (f) 2,768
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Total Investments (Cost - $422,178**) - 146.4% 453,309
Other Assets Less Liabilities - 2.1% 6,479
Preferred Stock, at Redemption Value - (48.5%) (150,085)
---------
Net Assets Applicable to Common Stock - 100.0% $ 309,703
=========
* Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
** The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2005, as computed for federal income tax purposes, were as
follows:
(in Thousands)
-------------------------------------------------------------------------
Aggregate cost $422,178
========
Gross unrealized appreciation $ 31,964
Gross unrealized depreciation (833)
--------
Net unrealized appreciation $ 31,131
========
(a) AMBAC Insured.
(b) CIFG Insured.
(c) FGIC Insured.
(d) FHA Insured.
(e) FNMA/GNMA Collateralized.
(f) FSA Insured.
(g) GNMA Collateralized.
(h) XL Capital Insured.
(i) MBIA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(m) Security has a maturity of more than one year, but has variable rate and
demand features, which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically
based upon prevailing market rates.
(n) Escrowed to maturity.
MuniYield Quality Fund II, Inc.
Schedule of Investments as of January 31, 2005 (concluded)
Investments in companies considered to be an affiliate of the Fund (such
companies are defined as Affiliated Companies in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
--------------------------------------------------------------------------
Affiliate Net Activity Dividend Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund (2,866) $ 11
--------------------------------------------------------------------------
Forward interest rate swaps outstanding as of January 31, 2005 were as
follows:
(in Thousands)
--------------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
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Receive a variable rate equal to 7-Day Bond Market Association
Municipal Swap Index Rate and pay a fixed rate equal to 3.621%
Broker, JPMorgan Chase Bank
Expires March 2015 $15,000 $ (138)
Receive a variable rate equal to 7-Day Bond Market Association
Municipal Swap Index Rate and pay a fixed rate equal to 3.658%
Broker, JPMorgan Chase Bank
Expires April 2015 $15,000 (166)
Receive a variable rate equal to 7-Day Bond Market Association
Municipal Swap Index Rate and pay a fixed rate equal to 4.251%
Broker, JPMorgan Chase Bank
Expires February 2025 $16,000 (733)
Receive a variable rate equal to 7-Day Bond Market Association
Municipal Swap Index Rate and pay a fixed rate equal to 4.073%
Broker, Morgan Stanley Capital Services, Inc.
Expires March 2025 $19,000 (394)
--------------------------------------------------------------------------------------------
Total $(1,431)
=======
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
MuniYield Quality Fund II, Inc.
By: /s/ Robert C. Doll, Jr.
---------------------------------
Robert C. Doll, Jr.,
President
MuniYield Quality Fund II, Inc.
Date: March 21, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
---------------------------------
Robert C. Doll, Jr.,
President
MuniYield Quality Fund II, Inc.
Date: March 21, 2005
By: /s/ Donald C. Burke
---------------------------------
Donald C. Burke,
Chief Financial Officer
MuniYield Quality Fund II, Inc.
Date: March 21, 2005