BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II

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 811-21124

Name of Fund: BlackRock New York Municipal Income Trust II (BFY)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock New York Municipal Income Trust II, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2014

Date of reporting period: 11/30/2013

Item 1 – Schedule of Investments

Schedule of Investments November 30, 2013 (Unaudited)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds    Par  
(000)		     Value  

New York — 149.1%

                 

Corporate — 16.1%

  

  

City of New York New York Industrial Development Agency, Refunding RB, Transportation Infrastructure Properties LLC, Series A, AMT, 5.00%, 7/01/28

    $ 330      $ 311,995   

County of Chautauqua New York Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42

      500        506,265   

County of Essex New York Industrial Development Agency, RB, International Paper Co. Project, Series A, AMT, 6.63%, 9/01/32

      200        220,512   

County of Essex New York Industrial Development Agency, Refunding RB, International Paper Co. Project, Series A, AMT, 5.50%, 10/01/26

      625        625,982   

County of Jefferson New York Industrial Development Agency, Refunding RB, Solid Waste Disposal, International Paper Co. Project, Series A, AMT, 5.20%, 12/01/20

      750        750,060   

County of Suffolk New York Industrial Development Agency, RB, KeySpan Generation LLC, Port Jefferson, AMT, 5.25%, 6/01/27

      2,500        2,518,300   

New York City Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (a):

     

7.63%, 8/01/25

      1,600        1,731,648   

7.75%, 8/01/31

      1,500        1,623,435   

New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35

      1,030        1,077,936   

Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42

      625        550,131   

Port Authority of New York & New Jersey, ARB, Continental Airlines, Inc. & Eastern Air Lines, Inc. Project, LaGuardia, AMT, 9.13%, 12/01/15

      1,305        1,332,640   
    

 

 

  
               11,248,904   
Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

County/City/Special District/School District — 36.0%

  

City of New York New York, GO:

     

Fiscal 2009, Series A-1, 4.75%, 8/15/25

    $ 500      $ 559,235   

Fiscal 2014, Sub-Series D-1, 5.00%, 8/01/31

      690        738,238   

Sub-Series G-1, 6.25%, 12/15/31

      250        283,663   

Sub-Series I-1, 5.38%, 4/01/36

      450        496,449   

City of New York New York, GO, Refunding, Series E:

     

5.50%, 8/01/25

      1,280        1,512,282   

5.00%, 8/01/30

      500        536,855   

City of New York New York Convention Center Development Corp., RB, Hotel Unit Fee Secured, (AMBAC):

     

5.00%, 11/15/35

      2,250        2,263,297   

5.00%, 11/15/44

      250        250,180   

4.75%, 11/15/45

      640        625,574   

City of New York New York Housing Development Corp., RB, Fund Grant Program, New York City Housing Authority Program, Series B1:

     

5.25%, 7/01/32

      915        966,469   

5.00%, 7/01/33

      400        413,532   

City of New York New York Industrial Development Agency, RB, PILOT:

     

CAB, Yankee Stadium Project, Series A (AGC), 5.43%, 3/01/35 (b)

      500        160,105   

CAB, Yankee Stadium Project, Series A (AGC), 5.85%, 3/01/42 (b)

      1,750        343,665   

CAB, Yankee Stadium Project, Series A (AGC), 5.94%, 3/01/45 (b)

      500        80,370   

Queens Baseball Stadium (AGC), 6.38%, 1/01/39

      100        108,332   

Queens Baseball Stadium (AMBAC), 5.00%, 1/01/39

      500        421,325   

Yankee Stadium Project (NPFGC), 4.75%, 3/01/46

      740        714,921   

City of New York New York Transitional Finance Authority Future Tax Secured, RB:

     

5.00%, 11/01/27

      10        10,033   

Fiscal 2012, Sub-Series D-1, 5.00%, 11/01/38

      825        863,965   

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013    1

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

County/City/Special District/School District (concluded)

     

City of Syracuse New York, GO, Airport Terminal Security & Access, Series A, AMT (AGM), 4.75%, 11/01/31

    $ 500      $ 499,385   

Hudson Yards Infrastructure Corp., RB, Series A:

     

5.00%, 2/15/47

      2,850        2,847,207   

5.75%, 2/15/47

      1,550        1,653,757   

(AGM), 5.00%, 2/15/47

      850        855,805   

(NPFGC), 4.50%, 2/15/47

      1,510        1,411,699   

New York Liberty Development Corp., Refunding RB, Liberty:

     

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 2, 5.63%, 7/15/47

      1,400        1,478,848   

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

      500        527,505   

4 World Trade Center Project, 5.00%, 11/15/31

      1,000        1,041,960   

4 World Trade Center Project, 5.00%, 11/15/44

      1,000        1,002,580   

4 World Trade Center Project, 5.75%, 11/15/51

      670        713,972   

7 World Trade Center Project, Class 2, 5.00%, 9/15/43

      1,100        1,102,882   

7 World Trade Center Project, Class 3, 5.00%, 3/15/44

      690        660,903   
    

 

 

  
               25,144,993   

Education — 27.3%

     

Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A (c)(d):

     

7.00%, 5/01/25

      345        51,753   

7.00%, 5/01/35

      220        33,002   

Amherst Development Corp., Refunding RB, University at Buffalo Foundation Faculty-Student Housing Corp., Series A, (AGM):

     

4.38%, 10/01/30

      500        497,910   

4.63%, 10/01/40

      275        274,566   

Buffalo & County of Erie New York Industrial Land Development Corp., Refunding RB, Buffalo State College Foundation Housing Corp. Project, Series A, 5.38%, 10/01/41

      280        290,542   
Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

Education (continued)

     

Build NYC Resource Corp., RB, Series A:

     

Bronx Charter School For Excellence Project, 5.50%, 4/01/43

    $ 450      $ 424,395   

Bronx Charter School For International Cultures & The Arts Project, 5.00%, 4/15/33

      400        355,348   

City of New York New York Trust for Cultural Resources, RB, Juilliard School, Series A, 5.00%, 1/01/39

      500        523,455   

City of New York New York Trust for Cultural Resources, Refunding RB, Series A:

     

Carnegie Hall, 4.75%, 12/01/39

      700        700,357   

Wildlife Conservation Society, 3.25%, 8/01/32

      420        351,523   

Wildlife Conservation Society, 5.00%, 8/01/33

      500        530,275   

City of Troy New York Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute Project, Series A, 5.13%, 9/01/40

      1,750        1,772,277   

City of Yonkers New York Industrial Development Agency, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41

      500        526,505   

County of Dutchess New York Industrial Development Agency, RB, Bard College Civic Facility, Series A-2, 4.50%, 8/01/36

      755        680,406   

County of Herkimer New York Industrial Development Agency, RB, College Foundation, Inc., Student Housing Project, 6.25%, 8/01/34

      385        385,150   

County of Madison New York Capital Resource Corp., Refunding RB, Colgate University Project, Series A, 4.50%, 7/01/39

      265        264,989   

County of Monroe New York Industrial Development Corp., RB, University of Rochester Project, Series A, 5.00%, 7/01/31

      1,000        1,054,820   

 

                
2    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013   

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

Education (continued)

     

County of Monroe New York Industrial Development Corp., Refunding RB, University of Rochester, Series A, 5.00%, 7/01/38

    $ 240      $ 251,158   

County of Nassau New York Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 4.75%, 3/01/26

      350        357,070   

County of Oneida New York Local Development Corp., RB, Hamilton College Project, 4.00%, 7/01/38

      340        317,451   

County of St. Lawrence New York Industrial Development Agency, RB, Clarkson University Project:

     

6.00%, 9/01/34

      150        165,096   

5.38%, 9/01/41

      650        665,880   

County of Suffolk New York Industrial Development Agency, Refunding RB, Remarketing, New York Institute of Technology Project, 5.00%, 3/01/26

      410        413,313   

County of Tompkins New York Development Corp., RB, Ithaca College Project (AGM), 5.50%, 7/01/33

      450        480,411   

State of New York Dormitory Authority, LRB, State University Dormitory Facilities, Series A, 5.00%, 7/01/39

      250        256,978   

State of New York Dormitory Authority, RB:

     

Convent of the Sacred Heart (AGM), 5.75%, 11/01/40

      500        535,790   

Fordham University, Series A, 5.50%, 7/01/36

      150        159,447   

State University Dormitory Facilities, Series A, 5.00%, 7/01/41

      670        695,674   

University of Rochester, Series A, 5.13%, 7/01/39

      250        263,788   

State of New York Dormitory Authority, Refunding RB:

     

Brooklyn Law School, 5.75%, 7/01/33

      250        258,785   

New York University, Series A, 5.00%, 7/01/37

      600        628,116   

Rochester Institute of Technology, 5.00%, 7/01/38

      690        702,510   
Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

Education (concluded)

     

State of New York Dormitory Authority, Refunding RB (concluded):

     

Skidmore College, Series A, 5.25%, 7/01/29

    $ 200      $ 214,458   

Skidmore College, Series A, 5.25%, 7/01/31

      300        318,078   

State University Dormitory Facilities, Series A, 5.25%, 7/01/30

      1,220        1,326,238   

State University Dormitory Facilities, Series A, 5.25%, 7/01/32

      700        747,803   

State University Dormitory Facilities, Series A, 5.00%, 7/01/42

      370        383,845   

Teachers College, 5.50%, 3/01/39

      650        678,528   

Teachers College, Series A, 5.00%, 7/01/31

      525        552,683   
    

 

 

  
               19,090,373   

Health — 27.1%

     

County of Dutchess New York Local Development Corp., Refunding RB, Health Quest System, Inc., Series A, 5.75%, 7/01/40

      300        316,269   

County of Genesee New York Industrial Development Agency, Refunding RB, United Memorial Medical Center Project, 5.00%, 12/01/27

      250        235,573   

County of Monroe New York Industrial Development Corp., RB, Rochester General Hospital Project, Series A:

     

5.00%, 12/01/32

      180        181,166   

5.00%, 12/01/37

      250        245,542   

County of Monroe New York Industrial Development Corp., Refunding RB:

     

Rochester General Hospital Project, Series B, 3.60%, 12/01/32

      420        334,526   

Unity Hospital of Rochester Project (FHA), 5.50%, 8/15/40

      1,425        1,540,325   

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013    3

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

Health (continued)

     

County of Nassau New York Local Economic Assistance Corp., Refunding RB, Winthrop University Hospital Association Project, 4.25%, 7/01/42

    $ 180      $ 150,016   

County of Saratoga New York Industrial Development Agency, RB, Saratoga Hospital Project, Series B, 5.25%, 12/01/32

      350        353,517   

County of Suffolk New York Industrial Development Agency, Refunding RB, Jefferson’s Ferry Project, 5.00%, 11/01/28

      450        457,560   

County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien:

     

Remarketing, Series A, 5.00%, 11/01/30

      1,000        1,018,290   

Series B, 6.00%, 11/01/30

      150        163,157   

County of Westchester New York Local Development Corp., Refunding RB, Kendal On Hudson Project:

     

4.00%, 1/01/23

      920        904,756   

5.00%, 1/01/34

      500        485,175   

Onondaga Civic Development Corp., Refunding RB, St. Joseph’s Hospital Health Center Project, 4.50%, 7/01/32

      1,210        1,001,130   

State of New York Dormitory Authority, RB:

     

General Purpose, Series E, 5.00%, 2/15/37

      1,000        1,045,120   

Healthcare, Series A, 5.00%, 3/15/38

      500        520,950   

Memorial Sloan-Kettering Cancer Center, 5.00%, 7/01/41

      1,000        1,028,080   

New York Hospital Medical Center-Queens (FHA), 4.75%, 2/15/37

      305        305,159   

New York State Association for Retarded Children, Inc., Series A, 6.00%, 7/01/32

      250        267,955   

New York University Hospitals Center, Series A, 5.75%, 7/01/31

      425        453,734   

New York University Hospitals Center, Series B, 5.63%, 7/01/37

      530        543,181   
Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

Health (concluded)

     

State of New York Dormitory Authority, RB (concluded):

     

North Shore-Long Island Jewish Obligated Group, Series A, 5.50%, 5/01/37

    $ 750      $ 779,122   

North Shore-Long Island Jewish Obligated Group, Series C, 4.25%, 5/01/39

      315        274,248   

North Shore-Long Island Jewish Obligated Group, Series D, 4.25%, 5/01/39

      405        356,773   

State of New York Dormitory Authority, Refunding RB:

     

Miriam Osborn Memorial Home Association, 5.00%, 7/01/29

      130        132,789   

Mount Sinai Hospital, Series A, 5.00%, 7/01/26

      500        533,170   

New York University Hospital Center, Series A, 5.00%, 7/01/36

      1,000        1,007,460   

North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/32

      1,000        1,014,200   

North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/41

      750        745,537   

North Shore-Long Island Jewish Obligated Group, Series E, 5.50%, 5/01/33

      500        523,065   

St. Luke’s Roosevelt Hospital (FHA), 4.90%, 8/15/31

      2,000        2,005,720   
    

 

 

  
               18,923,265   

Housing — 3.9%

     

City of New York New York Housing Development Corp., RB, M/F Housing, Series J-2-A, AMT, 4.75%, 11/01/27

      1,420        1,438,275   

State of New York HFA, RB, M/F Housing, Highland Avenue Senior Apartments, Series A, AMT (SONYMA), 5.00%, 2/15/39

      1,000        991,430   

State of New York Mortgage Agency, Refunding RB, 48th Series, 3.70%, 10/01/38

      360        290,056   
    

 

 

  
               2,719,761   

 

                
4    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013   

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

State — 11.2%

     

City of New York New York Transitional Finance Authority, BARB:

     

Fiscal 2013, Series S-1, 4.00%, 7/15/42

    $ 1,775      $ 1,525,560   

Series S-2 (NPFGC), 4.25%, 1/15/34

      250        247,985   

Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Sub-Series B-1, 5.00%, 11/15/31

      750        801,570   

State of New York, GO, Series A, 5.00%, 2/15/39

      500        534,290   

State of New York Dormitory Authority, ERB:

     

Series B, 5.75%, 3/15/36

      300        334,956   

Series C, 5.00%, 12/15/31

      500        534,380   

State of New York Dormitory Authority, RB, General Purpose, Series B, 5.00%, 3/15/37

      1,070        1,118,685   

State of New York Thruway Authority, RB, Transportation, Series A, 5.00%, 3/15/32

      160        171,027   

State Of New York Urban Development Corp., RB

State Personal Income Tax:

     

Series B, 5.00%, 3/15/35

      2,000        2,068,920   

Series C, 5.00%, 3/15/30

      500        539,675   
    

 

 

  
               7,877,048   

Transportation — 17.9%

     

Metropolitan Transportation Authority, RB:

     

Series C, 6.50%, 11/15/28

      750        875,617   

Series H, 5.00%, 11/15/25

      1,000        1,092,200   

Metropolitan Transportation Authority, Refunding RB, Series F:

     

5.00%, 11/15/30

      1,500        1,568,295   

(AGM), 4.00%, 11/15/30

      500        493,325   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43

      500        521,975   

Port Authority of New York & New Jersey, ARB, Special Project JFK International Air Terminal LLC:

     

Project, Series 8, 6.00%, 12/01/42

      1,000        1,068,840   
Municipal Bonds    Par  
(000)		     Value  

New York (continued)

                 

Transportation (concluded)

     

Port Authority of New York & New Jersey, ARB, Special Project JFK International Air Terminal LLC (concluded):

     

Series 6, AMT (NPFGC), 6.25%, 12/01/13

    $ 1,000      $ 1,000,140   

Port Authority of New York & New Jersey, Refunding ARB, Consolidated AMT:

     

147th Series, 4.75%, 4/15/37

      500        493,025   

178th Series, 5.00%, 12/01/43

      430        431,677   

Port Authority of New York & New Jersey, Refunding RB, Consolidated, 177th Series, AMT, 4.00%, 1/15/43

      1,500        1,269,090   

State of New York Thruway Authority, Refunding RB, General, Series I:

     

5.00%, 1/01/37

      1,735        1,783,719   

5.00%, 1/01/42

      1,030        1,049,158   

Triborough Bridge & Tunnel Authority, Refunding RB:

     

CAB, Sub-Series A, 4.93%, 11/15/32 (b)

      505        200,662   

General, CAB, Series B, 4.93%, 11/15/32 (b)

      1,000        397,590   

General, Series B, 5.00%, 11/15/31

      90        96,231   

Sub-Series A, 5.00%, 11/15/30

      150        159,648   
    

 

 

  
               12,501,192   

Utilities — 9.6%

     

City of New York New York Municipal Water Finance Authority, RB, Series B, 5.00%, 6/15/36

      500        517,170   

County of Suffolk New York Water Authority, Refunding RB, 3.00%, 6/01/25

      750        722,572   

Long Island Power Authority, RB, Electric System:

     

CAB, Series A (AGM), 4.32%, 6/01/28 (b)

      3,515        1,892,511   

General, Series C (CIFG), 5.25%, 9/01/29

      1,000        1,064,110   

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.50%, 4/01/24

      500        548,530   

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013    5

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New York (concluded)

                 

Utilities (concluded)

     

New York State Environmental Facilities Corp., Refunding RB, State Clean Water and Drinking Water Revolving New York City Municipal Water Finance Authority Projects:

     

2nd Resolution, Series B, 5.00%, 6/15/36

    $ 350      $ 368,400   

Series A, 5.00%, 6/15/37

      1,500        1,590,150   
    

 

 

  
               6,703,443   
Total Municipal Bonds in New York              104,208,979   
    

Multi-State — 6.4%

                 

Housing — 6.4%

  

  

Centerline Equity Issuer Trust (e)(f):

     

Series A-4-1, 5.75%, 5/15/15

      500        531,020   

Series A-4-2, 6.00%, 5/15/19

      1,000        1,146,560   

Series B-3-1, 6.00%, 5/15/15

      1,500        1,593,405   

Series B-3-2, 6.30%, 5/15/19

      1,000        1,159,870   
    

 

 

  
               4,430,855   
Total Municipal Bonds in Multi-State              4,430,855   
    

Puerto Rico — 0.7%

                 

Housing — 0.7%

  

  

Puerto Rico Housing Finance Authority, Refunding RB, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27

      500        502,055   
Total Municipal Bonds — 156.2%              109,141,889   
    
                  
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		  

New York — 10.6%

                 

State — 2.0%

  

City of New York New York Transitional Finance Authority Building Aid, BARB, Series S-3, 5.25%, 1/15/39

      1,300        1,392,427   

Transportation — 4.5%

     

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43

      1,995        2,082,680   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		    Par  
(000)		     Value  

New York (concluded)

                 

Transportation (concluded)

     

Port Authority of New York & New Jersey, ARB, Consolidated, Series 169, AMT, 5.00%, 10/15/26

    $ 1,000      $ 1,067,590   
    

 

 

  
               3,150,270   

Utilities — 4.1%

     

City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System:

     

2nd General Resolution, Fiscal 2011, Series HH, 5.00%, 6/15/32

      1,500        1,588,815   

Fiscal 2009, Series A, 5.75%, 6/15/40

      240        265,922   

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2012, Series BB, 5.00%, 6/15/44

      1,005        1,031,395   
    

 

 

  
               2,886,132   
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts — 10.6%		              7,428,829   
Total Long-Term Investments
(Cost — $115,355,050) — 166.8%		              116,570,718   
    
                  
Short-Term Securities    Shares         

BIF New York Municipal Money Fund, 0.00%, (h)(i)

      301,827        301,827   
Total Short-Term Securities
(Cost — $301,827) — 0.4%		              301,827   

 

 

                
6    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013   

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

 

 

      Value       
Total Investments
(Cost — $115,656,877*) — 167.2%		    $ 116,872,545     
Other Assets Less Liabilities — 2.9%      2,047,301     

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.6%)

      (4,635,992 )   
VRDP Shares, at Liquidation Value — (63.5%)      (44,400,000 )   
  

 

 

    
Net Assets Applicable to Common Shares — 100.0%    $ 69,883,854     
  

 

 

    

 

*   As of November 30, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 111,054,351   
 

 

 

  

Gross unrealized appreciation

   $ 3,936,208   

Gross unrealized depreciation

     (2,753,002 ) 
 

 

 

  

Net unrealized appreciation

   $ 1,183,206   
 

 

 

  

 

Notes to Schedule of Investments
(a)   Variable rate security. Rate shown is as of report date.

 

(b)   Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

(c)   Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

 

(d)   Non-income producing security.

 

(e)   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.

 

(f)   Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

 

(g)   Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral in a financing transaction.

 

(h)   Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   Shares Held
at August 31,
2013		     Net
Activity		     Shares Held
at November 30,
2013		     Income  

BIF New York Municipal Money Fund

     2,552,420        (2,250,593 )      301,827        —   

 

(i)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:      AGC    Assured Guarantee Corp.
     AGM    Assured Guaranty Municipal Corp.
     AMBAC    American Municipal Bond Assurance Corp.
     AMT    Alternative Minimum Tax (subject to)
     ARB    Airport Revenue Bonds
     BARB    Building Aid Revenue Bonds
     CAB    Capital Appreciation Bonds
     CIFG    CDC IXIS Financial Guaranty
     ERB    Education Revenue Bonds
     FHA    Federal Housing Administration
     GO    General Obligation Bonds
     HFA    Housing Finance Agency
     LRB    Lease Revenue Bonds
     M/F    Multi-Family
     NPFGC    National Public Finance Guarantee Corp.
     PILOT    Payment in Lieu of Taxes
     RB    Revenue Bonds
     SONYMA    State of New York Mortgage Agency

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013    7

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

 

 

Ÿ  

Financial futures contracts as of November 30, 2013 were as follows:

 

Contracts

Sold

     Issue   Exchange   Expiration   Notional
Value		     Unrealized
Appreciation		  
  (29 )    10-Year US Treasury Note   Chicago Board of Trade   December 2013   $ 3,672,578      $ 18,547   

 

Ÿ  

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

Ÿ  

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

 

  Ÿ  

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

 

  Ÿ  

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)

 

  Ÿ  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own 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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2013:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                 
Investments:                 

Long-Term Investments1

   $ —         $ 116,570,718           —         $ 116,570,718   

Short-Term Securities

     301,827           —           —           301,827   
 

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 301,827         $ 116,570,718           —         $ 116,872,545   
 

 

 

       

 

 

       

 

 

       

 

 

  

 

1   See above Schedule of Investments for values in each sector.

      

     Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments2             

Assets:

                 

Interest rate contracts

   $ 18,547           —           —         $ 18,547   

 

2   Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

      

 

                
8    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013   

Schedule of Investments (concluded)

   

BlackRock New York Municipal Income Trust II (BFY)

 

Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of November 30, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                 

Cash pledged for financial futures contracts

   $ 52,000           —           —         $ 52,000   

Liabilities:

                 

Bank overdraft

     —         $ (2,783 )         —           (2,783 ) 

TOB trust certificates

     —           (4,634,988 )         —           (4,634,988 ) 

VRDP Shares

     —           (44,400,000 )         —           (44,400,000 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 52,000         $ (49,037,771 )         —         $ (48,985,771 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

There were no transfers between levels during the period ended November 30, 2013.

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2013    9

Item 2 – Controls and Procedures

2(a) –

   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –

   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are 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.

 

BlackRock New York Municipal Income Trust II
By:  

/s/ John M. Perlowski

  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock New York Municipal Income Trust II
Date: January 24, 2014

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/ John M. Perlowski

  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock New York Municipal Income Trust II
Date: January 24, 2014

 

By:  

/s/ Neal J. Andrews

  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock New York Municipal Income Trust II
Date: January 24, 2014