BlackRock MuniHoldings Quality Fund II, Inc. (the Fund), formerly BlackRock MuniHoldings Insured Fund II, Inc., seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment-grade municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes. The Fund invests at least 80% of its assets in municipal obligations with remaining maturities of one year or more at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives. The Funds sector allocation includes county/city/special district/school district, utilities, transportation, health, corporate, state, housing, education and tobacco. BlackRock Advisors, LLC acts as investment advisor of the Fund.