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: 08/31/2015

Date of reporting period: 11/30/2014

Item 1 – Schedule of Investments

Schedule of Investments November 30, 2014 (Unaudited)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

Municipal Bonds   

Par  

(000)

     Value  

New York — 139.3%

                 

Corporate — 12.2%

     

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

     

7.63%, 8/01/25

    $ 1,600      $ 1,739,904   

7.75%, 8/01/31

      1,500        1,640,805   

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

      330        360,786   

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

      500        554,685   

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

      200        225,726   

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

      2,500        2,512,000   

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

      1,000        1,194,530   

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

      625        643,175   

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

      680        690,907   
    

 

 

  
               9,562,518   

County/City/Special District/School District — 36.1%

     

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

     

5.50%, 8/01/25

      1,280        1,585,741   

5.00%, 8/01/30

      500        575,915   

City of New York New York, GO:

     

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

      500        557,620   

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

      690        796,971   
Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

                 

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

     

City of New York New York, GO (concluded):

     

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

    $ 250      $ 297,820   

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

      450        515,475   

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

     

5.00%, 11/15/35

      2,250        2,325,915   

5.00%, 11/15/44

      250        258,780   

4.75%, 11/15/45

      640        646,054   

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        1,057,877   

5.00%, 7/01/33

      400        449,864   

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

     

CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/35 (c)

      500        213,600   

CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/42 (c)

      1,750        508,883   

CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/45 (c)

      500        125,445   

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

      100        116,078   

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

      500        516,210   

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

      740        755,214   

City of New York New York Industrial Development Agency, Refunding ARB, Transportation Infrastructure Properties LLC, Series A, AMT, 5.00%, 7/01/22

      350        388,171   

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

     

5.00%, 11/01/27

      5        5,020   

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

      825        930,765   

Sub-Series B-1, 5.00%, 11/01/36

      340        390,344   

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014    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      $ 535,585   

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

      280        309,697   

Hudson Yards Infrastructure Corp., RB, Series A:

     

Senior, Fiscal 2012, 5.75%, 2/15/47

      1,550        1,782,112   

5.00%, 2/15/47

      2,850        3,036,988   

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

      850        907,299   

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

      1,110        1,156,698   

New York Liberty Development Corp., Refunding RB:

     

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

      1,400        1,591,324   

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

      500        565,195   

3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b)

      200        209,020   

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

      1,000        1,121,500   

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

      1,250        1,389,450   

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

      670        785,287   

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

      1,100        1,221,847   

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

      690        745,034   
    

 

 

  
               28,374,798   

Education — 25.3%

     

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

     

7.00%, 5/01/25

      345        4,306   

7.00%, 5/01/35

      220        2,746   
Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

                 

Education (continued)

     

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

     

4.38%, 10/01/30

    $ 500      $ 528,870   

4.63%, 10/01/40

      275        292,102   

Build NYC Resource Corp., RB, Series A:

     

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

      450        483,898   

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

      400        405,444   

Build NYC Resource Corp., Refunding RB, City University New York Queens, Series A, 5.00%, 6/01/38

      250        284,225   

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

      500        558,850   

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

     

American Museum of National History, 5.00%, 7/01/37

      440        508,895   

Carnegie Hall, 4.75%, 12/01/39

      700        739,879   

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

      1,295        1,410,164   

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

      500        551,715   

County of Cattaraugus New York, St. Bonaventure University Project, 5.00%, 5/01/39

      125        133,114   

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

      265        289,444   

 

                
2    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014   

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., RB, University of Rochester Project, Series A, 5.00%, 7/01/31

    $ 1,000      $ 1,128,350   

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

      240        270,874   

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

      350        369,086   

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

     

6.00%, 9/01/34

      150        178,139   

5.38%, 9/01/41

      650        728,773   

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

      450        505,800   

Geneva Development Corp., Refunding RB, Hobart and William Smith Colleges, 5.25%, 9/01/44

      400        455,624   

State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36

      300        348,324   

State of New York Dormitory Authority, RB:

     

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

      500        577,360   

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

      150        177,024   

State University Dormitory Facilities, Series A, 5.00%, 7/01/39

      250        275,988   

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

      670        755,338   

Touro College & University System, Series A, 5.25%, 1/01/34

      1,200        1,337,712   

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

      250        281,770   
Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

                 

Education (concluded)

     

State of New York Dormitory Authority, Refunding RB:

     

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

    $ 250      $ 281,683   

Fordham University, 5.00%, 7/01/44

      640        718,182   

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

      600        679,176   

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

      690        765,251   

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

      200        234,422   

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

      300        348,324   

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

      1,220        1,451,946   

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

      700        828,968   

Teachers College, 5.50%, 3/01/39

      650        724,951   

Town of Hempstead New York Local Development Corp., Refunding RB, Adelphi University Project, 5.00%, 10/01/35

      210        238,083   
    

 

 

  
               19,854,800   

Health — 20.5%

     

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

      300        334,644   

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

      250        250,188   

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

     

5.00%, 12/01/32

      180        198,581   

5.00%, 12/01/37

      250        271,625   

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014    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 Monroe New York Industrial Development Corp., Refunding RB:

     

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

    $ 250      $ 251,003   

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

      1,425        1,674,589   

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

      350        367,549   

County of Suffolk New York Economic Development Corp., RB, Catholic Health Services, Series C, 5.00%, 7/01/32

      150        168,584   

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

      450        465,336   

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

     

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

      1,000        1,099,250   

Series B, 6.00%, 11/01/30

      150        174,170   

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

     

4.00%, 1/01/23

      920        969,873   

5.00%, 1/01/34

      500        537,835   

State of New York Dormitory Authority, RB:

     

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

      500        557,870   

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

      305        313,564   

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

      250        290,200   

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

      425        488,159   

New York University Hospitals Center, Series B, 5.63%, 7/01/17 (f)

      530        577,578   
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      $ 831,405   

State of New York Dormitory Authority, Refunding RB:

     

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

      130        139,513   

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

      500        569,880   

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

      1,000        1,044,140   

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

      1,000        1,106,820   

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

      750        819,172   

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

      500        557,790   

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

      2,000        2,061,600   
    

 

 

  
               16,120,918   

Housing — 4.3%

     

City of New York New York Housing Development Corp., RB, M/F Housing:

     

Class F, 4.50%, 11/15/24 (b)

      500        509,925   

Series J-2-A, AMT, 4.75%, 11/01/27

      1,420        1,463,225   

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

      1,000        1,016,680   

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

      360        364,640   
    

 

 

  
               3,354,470   

State — 10.0%

     

City of New York New York Transitional Finance Authority, BARB, Fiscal 2013, Series S-1, 4.00%, 7/15/42

      1,000        1,031,840   

 

                
4    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014   

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 (concluded)

     

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

    $ 750      $ 869,040   

Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 4.00%, 10/15/32

      350        380,979   

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

      500        562,365   

State of New York Dormitory Authority, RB:

     

General Purpose, Series B, 5.00%, 3/15/37

      1,070        1,200,326   

General Purpose, Series B, 5.00%, 3/15/42

      1,000        1,114,200   

General Purpose, Series C, 5.00%, 3/15/34

      1,000        1,143,730   

Series C, 5.00%, 12/15/31

      500        541,995   

State Supported Debt, Series A, 5.00%, 3/15/44

      250        288,320   

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

      160        184,486   

State of New York Urban Development Corp., RB, State Personal Income Tax, Series C, 5.00%, 3/15/30

      500        584,145   
    

 

 

  
               7,901,426   

Tobacco — 0.6%

     

Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 6/01/39

      250        243,500   

Niagara Tobacco Asset Securitization Corp., Refunding RB, 5.25%, 5/15/40

      230        257,269   
    

 

 

  
               500,769   

Transportation — 17.9%

     

Metropolitan Transportation Authority, RB:

     

Series A-1, 5.25%, 11/15/34

      270        311,016   

Series C, 6.50%, 11/15/28

      750        904,477   

Series E, 5.00%, 11/15/38

      1,000        1,119,440   

Series H, 5.00%, 11/15/25

      500        589,415   

Metropolitan Transportation Authority, Refunding RB, Series F:

     

5.00%, 11/15/30

      1,500        1,727,160   

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

      500        524,330   
Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

                 

Transportation (concluded)

     

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

    $ 500      $ 572,685   

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        1,157,270   

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

     

146th Series (AGM), 4.50%, 12/01/34

      750        765,150   

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

      500        513,675   

177th Series, 4.00%, 1/15/43

      1,500        1,520,760   

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

      430        473,877   

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

     

5.00%, 1/01/37

      1,735        1,931,697   

5.00%, 1/01/42

      1,030        1,136,461   

Triborough Bridge & Tunnel Authority, Refunding RB, CAB (c):

     

General, Series B, 0.00%, 11/15/32

      1,000        531,270   

Sub-Series A, 0.00%, 11/15/32

      505        258,555   
    

 

 

  
               14,037,238   

Utilities — 12.4%

     

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

      500        529,970   

Long Island Power Authority, RB:

     

CAB, Electric System, Series A (AGM), 0.00%, 6/01/28 (c)

      3,515        2,286,156   

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

      1,000        1,223,690   

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

      500        564,120   

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014    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)

     

State of New York Environmental Facilities Corp., Refunding RB:

     

Revolving Funds New York City Municipal Water, 2nd General Resolution, Series B, 5.00%, 6/15/36

    $ 350      $ 401,320   

State Clean Water and Drinking Water Revolving New York City Municipal Water Finance Authority Projects, Series A, 5.00%, 6/15/37

      1,500        1,671,645   

Utility Debt Securitization Authority, Refunding RB, Restructuring, Series E, 5.00%, 12/15/41

      2,690        3,101,947   
    

 

 

  
               9,778,848   
Total Municipal Bonds in New York              109,485,785   
    

Multi-State — 5.5%

                 

Housing — 5.5%

     

Centerline Equity Issuer Trust (b)(g):

     

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

      500        509,805   

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

      1,000        1,149,610   

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

      1,500        1,529,550   

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

      1,000        1,160,790   
Total Municipal Bonds in Multi-State              4,349,755   
    

Puerto Rico — 1.4%

                 

Housing — 1.4%

     

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

      1,000        1,069,160   
Total Municipal Bonds — 146.2%              114,904,700   
    
                  

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

             

New York — 13.4%

                 

County/City/Special District/School District — 0.7%

     

City of New York New York, GO, Sub-Series I-1, 5.00%, 3/01/36

      500        571,600   

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

    Par  
(000)		     Value  

New York (concluded)

                 

Education — 0.7%

     

City of New York New York Trust for Cultural Resources, Refunding RB, Wildlife Conservation Society, Series A, 5.00%, 8/01/33

    $ 510      $ 588,167   

State — 3.6%

     

City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39

      1,300        1,457,878   

Sales Tax Asset Receivable Corp., Fiscal 2015, Series A, 5.00%, 10/15/31

      255        306,538   

State of New York Dormitory Authority, RB, General Purpose, Series C, 5.00%, 3/15/41

      1,000        1,101,880   
    

 

 

  
               2,866,296   

Transportation — 4.4%

     

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

      1,995        2,285,013   

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

      1,000        1,132,570   
    

 

 

  
               3,417,583   

Utilities — 4.0%

     

City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40

      240        275,095   

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:

     

Fiscal 2011, Series HH, 5.00%, 6/15/32

      1,500        1,714,410   

Fiscal 2012, Series BB, 5.00%, 6/15/44

      1,005        1,113,979   
    

 

 

  
               3,103,484   
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 13.4%		              10,547,130   
Total Long-Term Investments
(Cost — $115,053,092) — 159.6%		              125,451,830   

 

 

                
6    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014   

Schedule of Investments (continued)

   

BlackRock New York Municipal Income Trust II (BFY)

(Percentages shown are based on Net Assets)

Short-Term Securities    Shares     Value  

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

      1,233,592      $ 1,233,592   
Total Short-Term Securities
(Cost — $1,233,592) — 1.6%		         1,233,592   
Total Investments
(Cost — $116,286,684*) — 161.2%		         126,685,422   
Other Assets Less Liabilities — 2.8%        2,190,420   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (7.5%)

   

     (5,896,652 ) 
VRDP Shares, at Liquidation Value — (56.5%)        (44,400,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 78,579,190   
    

 

 

  

 

*   As of November 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 110,430,270   
 

 

 

  

Gross unrealized appreciation

   $ 10,914,046   

Gross unrealized depreciation

     (554,201 ) 
 

 

 

  

Net unrealized appreciation

   $ 10,359,845   
 

 

 

  

    

Notes to Schedule of Investments

 

(a)   Variable rate security. Rate shown is as of report date.

 

(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)   Non-income producing security.

 

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

 

(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)   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.

 

(h)   Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.

 

(i)   Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 2014, 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,
2014		       

Net

Activity

        Shares Held
at November 30,
2014		        Income  

BIF New York Municipal Money Fund

        863,476           370,116           1,233,592           —   

 

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

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014    7

Schedule of Investments (continued)

    BlackRock New York Municipal Income Trust II  (BFY)
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BARB    Building Aid Revenue Bonds
CAB    Capital Appreciation Bonds
ERB    Education Revenue Bonds
FHA    Federal Housing Administration
GO    General Obligation Bonds
HFA    Housing Finance Agency
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

 

Ÿ  

Financial futures contracts outstanding as of November 30, 2014 were as follows:

 

Contracts
Sold		     Issue   Exchange   Expiration   Notional
Value		     Unrealized
Depreciation		  
  (88 )    10-Year U.S. Treasury Note   Chicago Board of Trade   March 2015   $ 11,180,125      $ (33,606 ) 

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 the investment advisor. 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. 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. 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. The three levels of the fair value hierarchy are as follows:

 

  Ÿ  

Level 1 — unadjusted quoted prices 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)

 

                
8    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014   

Schedule of Investments (conclued)

    BlackRock New York Municipal Income Trust II  (BFY)

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. 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, 2014:

 

     Level 1        Level 2        Level 3      Total  
Assets:                 

Investments:

                 

Long-Term Investments1

     —         $ 125,451,830         —      $ 125,451,830   

Short-Term Securities

   $ 1,233,592           —         —        1,233,592   
 

 

 

  

Total

   $ 1,233,592         $ 125,451,830         —      $ 126,685,422   
 

 

 

  

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

       

     Level 1        Level 2        Level 3      Total  

Derivative Financial Instruments2

                 
Liabilities:                 

Other contracts

   $ (33,606 )         —         —      $ (33,606 ) 

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

       

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of November 30, 2014, 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

   $ 107,000           —         —      $ 107,000   
Liabilities:                 

TOB trust certificates

     —         $ (5,895,307 )       —        (5,895,307 ) 

VRDP Shares

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

 

 

  
Total   $ 107,000         $ (50,295,307 )       —      $ (50,188,307 ) 
 

 

 

  

There were no transfers between levels during the period ended November 30, 2014.

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II    NOVEMBER 30, 2014    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 22, 2015

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 22, 2015
By:   /s/ Neal J. Andrews                        
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock New York Municipal Income Trust II
Date: January 22, 2015