UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2011
Date of reporting period: 05/31/2011
Item 1 Schedule of Investments
BlackRock New York Municipal Income Trust II (BFY)
Schedule of Investments May 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York — 142.3% | |||
Corporate — 16.7% | |||
Chautauqua County Industrial | |||
Development Agency, RB, Nrg | |||
Dunkirk Power Project, 5.88%, | |||
4/01/42 | $ 500 | $ 473,340 | |
Essex County Industrial Development | |||
Agency New York, RB, International | |||
Paper Co. Project, Series A, AMT, | |||
6.63%, 9/01/32 | 200 | 208,610 | |
Essex County Industrial Development | |||
Agency New York, Refunding RB, | |||
International Paper Co. Project, | |||
Series A, AMT, 5.50%, 10/01/26 | 625 | 610,100 | |
Jefferson County Industrial | |||
Development Agency New York, | |||
Refunding RB, Solid Waste, Series A, | |||
AMT, 5.20%, 12/01/20 | 750 | 733,523 | |
New York City Industrial Development | |||
Agency, RB, American Airlines Inc., | |||
JFK International Airport, AMT (a): | |||
7.63%, 8/01/25 | 1,600 | 1,638,032 | |
7.75%, 8/01/31 | 1,500 | 1,527,315 | |
New York Liberty Development Corp., | |||
RB, Goldman Sachs Headquarters, | |||
5.25%, 10/01/35 | 1,280 | 1,274,675 | |
Port Authority of New York & New | |||
Jersey, RB, Continental Airlines Inc. | |||
and Eastern Air Lines Inc. Project, | |||
LaGuardia, AMT, 9.13%, 12/01/15 | 2,880 | 2,912,256 | |
Suffolk County Industrial Development | |||
Agency New York, RB, KeySpan, Port | |||
Jefferson, AMT, 5.25%, 6/01/27 | 2,500 | 2,452,300 | |
11,830,151 | |||
County/City/Special District/School District — 31.5% | |||
Amherst Development Corp., RB, | |||
University at Buffalo Foundation | |||
Faculty-Student Housing Corp., Series | |||
A (AGM): | |||
4.38%, 10/01/30 | 500 | 471,590 | |
4.63%, 10/01/40 | 275 | 247,508 |
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
County/City/Special District/School | |||
District (continued) | |||
Buffalo & Erie County Industrial Land | |||
Development Corp., RB, Buffalo State | |||
College Foundation Housing | |||
Corporation Project, 5.38%, | |||
10/01/41 (b) | $ 280 | $ 277,290 | |
City of New York New York, GO: | |||
Series A-1, 4.75%, 8/15/25 | 500 | 528,960 | |
Series B, 5.75%, 12/01/22 (c) | 2,000 | 2,054,960 | |
Sub-Series G-1, 6.25%, | |||
12/15/31 | 250 | 282,475 | |
Sub-Series I-1, 5.38%, | |||
4/01/36 | 450 | 468,783 | |
Hudson Yards Infrastructure Corp., RB, | |||
Series A: | |||
5.00%, 2/15/47 | 1,850 | 1,652,420 | |
(FGIC), 5.00%, 2/15/47 | 500 | 446,600 | |
(NPFGC), 4.50%, 2/15/47 | 250 | 208,275 | |
New York City Industrial Development | |||
Agency, PILOT, RB: | |||
CAB, Yankee Stadium, (AGC) | |||
5.85%, 3/01/35 (d) | 500 | 121,395 | |
CAB, Yankee Stadium, (AGC) | |||
6.04%, 3/01/42 (d) | 2,000 | 301,400 | |
Queens Baseball Stadium, | |||
6.38%, 1/01/39 | 100 | 102,190 | |
Queens Baseball Stadium, | |||
5.00%, 1/01/39 | 1,000 | 838,860 | |
Queens Baseball Stadium, | |||
5.00%, 1/01/46 | 550 | 448,453 | |
New York City Transitional Finance | |||
Authority, RB, (NPFGC): | |||
Series S-2, 4.50%, 1/15/31 | 2,500 | 2,467,475 | |
Series S-2, 4.25%, 1/15/34 | 250 | 229,908 | |
Series S-3, 5.25%, 1/15/39 | 1,300 | 1,341,093 | |
New York City Transitional Finance | |||
Authority, Refunding RB; Future Tax | |||
Secured, Series B, 5.00%, 11/01/27 | 5,000 | 5,213,050 | |
New York Convention Center | |||
Development Corp., RB, Hotel Unit | |||
Fee Secured (AMBAC): | |||
5.00%, 11/15/35 | 2,250 | 2,197,192 |
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II | MAY 31, 2011 | 1 |
BlackRock New York Municipal Income Trust II (BFY)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
County/City/Special District/School | |||
District (concluded) | |||
New York Convention Center | |||
Development Corp., RB, Hotel Unit | |||
Fee Secured (AMBAC) (concluded): | |||
5.00%, 11/15/44 | $ 250 | $ 237,925 | |
New York Liberty Development Corp., | |||
Refunding RB, Second Priority, Bank | |||
of America Tower at One Bryant Park | |||
Project: | |||
5.63%, 7/15/47 | 1,400 | 1,404,172 | |
6.38%, 7/15/49 | 500 | 515,590 | |
New York State Dormitory Authority, RB, | |||
State University Dormitory Facilities, | |||
Series A, 5.00%, 7/01/39 | 250 | 253,140 | |
22,310,704 | |||
Education — 25.7% | |||
Albany Industrial Development Agency, | |||
RB, New Covenant Charter School | |||
Project, Series A (e)(f): | |||
7.00%, 5/01/25 | 345 | 86,271 | |
7.00%, 5/01/35 | 220 | 55,013 | |
City of Troy New York, Refunding RB, | |||
Rensselaer Polytechnic, Series A, | |||
5.13%, 9/01/40 | 250 | 246,808 | |
Dutchess County Industrial | |||
Development Agency New York, RB, | |||
Vassar College Project, 5.35%, | |||
8/01/11 (c) | 1,000 | 1,018,380 | |
Dutchess County Industrial | |||
Development Agency New York, | |||
Refunding RB, Bard College Civic | |||
Facility, Series A-2, 4.50%, 8/01/36 | 755 | 656,420 | |
Geneva Industrial Development Agency | |||
New York, RB, Hobart & William | |||
Smith Project, Series A, 5.38%, | |||
2/01/33 | 3,250 | 3,269,532 | |
Herkimer County Industrial | |||
Development Agency New York, RB, | |||
College Foundation Inc. Student | |||
Housing Project, 6.25%, 8/01/34 | 385 | 379,860 | |
Nassau County Industrial Development | |||
Agency, Refunding RB, New York | |||
Institute of Technology Project, Series | |||
A, 4.75%, 3/01/26 | 350 | 346,682 | |
New York City Industrial Development | |||
Agency, RB, Lycee Francais de New | |||
York Project, Series A (ACA), 5.38%, | |||
6/01/23 | 1,500 | 1,524,255 | |
New York State Dormitory Authority, RB: | |||
Brooklyn Law School, Series | |||
B, (Syncora), 5.13%, 7/01/30 | 2,000 | 2,007,940 | |
Convent of the Sacred Heart | |||
(AGM), 5.75%, 11/01/40 | 500 | 520,680 | |
Fordham University, Series A, | |||
5.50%, 7/01/36 | 150 | 155,636 |
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
Education (concluded) | |||
New York State Dormitory Authority, RB: | |||
The New School (AGM), | |||
5.50%, 7/01/43 | $ 775 | $ 799,552 | |
New School University | |||
(NPFGC), 5.00%, 7/01/31 | 1,425 | 1,425,071 | |
Rochester Institute of | |||
Technology, Series A, 6.00%, | |||
7/01/33 | 625 | 673,056 | |
University of Rochester, Series | |||
A, 5.13%, 7/01/39 | 250 | 253,540 | |
New York State Dormitory Authority, | |||
Refunding RB: | |||
Brooklyn Law School, 5.75%, | |||
7/01/33 | 250 | 266,955 | |
Skidmore College, Series A, | |||
5.25%, 7/01/29 | 200 | 212,044 | |
Skidmore College, Series A, | |||
5.25%, 7/01/31 | 300 | 312,138 | |
Teachers College, 5.50%, | |||
3/01/39 | 650 | 670,618 | |
Suffolk County Industrial Development | |||
Agency, Refunding RB, New York | |||
Institute of Technology Project, | |||
5.00%, 3/01/26 | 410 | 411,496 | |
Tompkins County Development Corp., | |||
RB, Ithaca College Project (AGM), | |||
5.50%, 7/01/33 | 450 | 471,132 | |
Trust for Cultural Resources, RB, | |||
Series A: | |||
Carnegie Hall, 4.75%, | |||
12/01/39 | 925 | 888,712 | |
Juilliard School, 5.00%, | |||
1/01/39 | 1,050 | 1,074,570 | |
Yonkers Industrial Development Agency | |||
New York, RB, Sarah Lawrence | |||
College Project, Series A, 6.00%, | |||
6/01/41 | 500 | 515,355 | |
18,241,716 | |||
Health — 19.5% | |||
Clarence Industrial Development | |||
Agency, RB, Bristol Village Project | |||
(Ginnie Mae), 6.00%, 1/20/44 | 1,660 | 1,695,092 | |
Dutchess County Local Development | |||
Corp., Refunding RB, Health Quest | |||
System Inc., Series A, 5.75%, | |||
7/01/40 | 300 | 299,562 | |
Genesee County Industrial Development | |||
Agency New York, Refunding RB, | |||
United Memorial Medical Center | |||
Project, 5.00%, 12/01/27 | 250 | 199,443 | |
Monroe County Industrial Development | |||
Corp., RB, Unity Hospital Rochester | |||
Project (FHA), 5.50%, 8/15/40 | 425 | 442,514 |
2 BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II | MAY 31, 2011 |
BlackRock New York Municipal Income Trust II (BFY)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
Health (concluded) | |||
New York City Industrial Development | |||
Agency, RB, Eger Harbor Project, | |||
Series A (Ginnie Mae): | |||
4.95%, 11/20/32 | $ 1,070 | $ 1,073,424 | |
5.88%, 5/20/44 | 975 | 1,015,092 | |
New York State Dormitory Authority, | |||
MRB, St. Barnabas, Series A (FHA), | |||
5.00%, 2/01/31 | 1,500 | 1,502,250 | |
New York State Dormitory Authority, RB: | |||
Healthcare, Series A, 5.00%, | |||
3/15/38 | 500 | 511,620 | |
New York Hospital Medical | |||
Center-Queens (FHA), 4.75%, | |||
2/15/37 | 305 | 280,374 | |
New York State Association | |||
for Retarded Children, Inc., | |||
Series A, 6.00%, 7/01/32 | 350 | 368,977 | |
New York University Hospital | |||
Center, Series A, 5.75%, | |||
7/01/31 | 425 | 432,799 | |
New York University Hospital | |||
Center, Series B, 5.63%, | |||
7/01/37 | 530 | 530,647 | |
North Shore-Long Island | |||
Jewish Health System, Series | |||
A, 5.50%, 5/01/37 | 750 | 750,915 | |
New York State Dormitory Authority, | |||
Refunding RB: | |||
Kateri Residence, 5.00%, | |||
7/01/22 | 2,000 | 2,061,340 | |
Mount Sinai Hospital, Series | |||
A, 5.00%, 7/01/26 | 575 | 584,211 | |
North Shore-Long Island | |||
Jewish Health System, Series | |||
E, 5.50%, 5/01/33 | 500 | 504,445 | |
Saratoga County Industrial | |||
Development Agency New York, RB, | |||
Saratoga Hospital Project, Series B, | |||
5.25%, 12/01/32 | 350 | 323,687 | |
Suffolk County Industrial Development | |||
Agency New York, Refunding RB, | |||
Jeffersons Ferry Project, 5.00%, | |||
11/01/28 | 450 | 399,537 | |
Westchester County Healthcare Corp. | |||
New York, Refunding RB, Senior Lien, | |||
Series B, 6.00%, 11/01/30 | 150 | 152,363 | |
Westchester County Industrial | |||
Development Agency New York, MRB, | |||
Kendal on Hudson Project, Series A, | |||
6.38%, 1/01/24 | 750 | 717,060 | |
13,845,352 | |||
Housing — 3.2% | |||
New York City Housing Development | |||
Corp., RB, Series J-2-A, AMT, 4.75%, | |||
11/01/27 | 1,420 | 1,362,533 |
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
Housing (concluded) | |||
New York State HFA, RB, Highland | |||
Avenue Senior Apartments, Series A, | |||
AMT (SONYMA), 5.00%, 2/15/39 | $ 1,000 | $ 880,300 | |
2,242,833 | |||
State — 7.3% | |||
New York State Dormitory Authority, | |||
ERB: | |||
Series B, 5.75%, 3/15/36 | 300 | 329,136 | |
Series C, 5.00%, 12/15/31 | 500 | 520,075 | |
New York State Dormitory Authority, | |||
LRB, Municipal Health Facilities, Sub- | |||
Series 2-4, 4.75%, 1/15/30 | 800 | 796,048 | |
New York State Urban Development | |||
Corp., RB, State Personal Income Tax, | |||
Series B, 5.00%, 3/15/35 | 2,000 | 2,028,780 | |
State of New York, GO, Series A: | |||
4.75%, 2/15/37 | 1,000 | 1,013,140 | |
5.00%, 2/15/39 | 500 | 517,410 | |
5,204,589 | |||
Tobacco — 7.8% | |||
New York Counties Tobacco Trust III, | |||
RB, Tobacco Settlement Pass-Thru, | |||
Turbo, 6.00%, 6/01/43 | 2,535 | 2,098,321 | |
TSASC Inc. New York, RB, Tobacco | |||
Settlement Asset-Backed, Series 1, | |||
5.75%, 7/15/12 (c) | 3,250 | 3,445,585 | |
5,543,906 | |||
Transportation — 17.3% | |||
Metropolitan Transportation Authority, | |||
RB, Series 2008C, 6.50%, 11/15/28 | 750 | 863,047 | |
Metropolitan Transportation Authority, | |||
Refunding RB, Series A: | |||
5.13%, 1/01/29 | 570 | 572,867 | |
5.00%, 11/15/30 | 5,000 | 5,018,450 | |
(NPFGC), 5.25%, 11/15/31 | 1,250 | 1,254,650 | |
Port Authority of New York & New | |||
Jersey, RB: | |||
Consolidated, 116th Series, | |||
4.13%, 9/15/32 | 2,000 | 1,897,840 | |
Consolidated, 161st Series, | |||
4.50%, 10/15/37 | 500 | 482,020 | |
JFK International Air Terminal, | |||
6.00%, 12/01/42 | 1,000 | 992,440 | |
Special Project, JFK | |||
International Air Terminal, | |||
Series 6 AMT (NPFGC), 6.25%, | |||
12/01/13 | 1,000 | 1,043,780 | |
Triborough Bridge & Tunnel Authority, | |||
RB, General Purpose, Series A, | |||
5.00%, 1/01/32 | 150 | 150,438 | |
12,275,532 | |||
Utilities — 13.3% | |||
Long Island Power Authority, RB: | |||
CAB (AGM), 5.23%, 6/01/28 (d) | 3,515 | 1,592,998 |
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II | MAY 31, 2011 | 3 |
BlackRock New York Municipal Income Trust II (BFY)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York (concluded) | |||
Utilities (concluded) | |||
Long Island Power Authority, RB (concluded): | |||
General, Series C (CIFG), 5.25%, | |||
9/01/29 | $ 1,000 | $ 1,074,470 | |
Long Island Power Authority, Refunding | |||
RB, Series A, 5.50%, 4/01/24 | 500 | 550,795 | |
New York City Municipal Water Finance | |||
Authority, RB, Series B, 5.00%, | |||
6/15/36 | 600 | 606,372 | |
New York City Municipal Water Finance | |||
Authority, Refunding RB, Series A, | |||
5.13%, 6/15/34 | 4,000 | 4,021,800 | |
New York State Environmental Facilities | |||
Corp., Refunding RB, Revolving Funds, | |||
New York City Water Project, Series A, | |||
5.00%, 6/15/37 | 1,500 | 1,555,785 | |
9,402,220 | |||
Total Municipal Bonds in New York | 100,897,003 | ||
Guam — 1.7% | |||
State — 0.7% | |||
Territory of Guam, GO, Series A, 7.00%, | |||
11/15/39 | 485 | 499,041 | |
Tobacco — 0.5% | |||
Guam Economic Development & | |||
Commerce Authority, Refunding RB, | |||
Tobacco Settlement Asset-Backed, | |||
5.63%, 6/01/47 | 375 | 301,395 | |
Utilities — 0.5% | |||
Guam Government Waterworks | |||
Authority, Refunding RB, Water, | |||
5.88%, 7/01/35 | 400 | 363,492 | |
Total Municipal Bonds in Guam | 1,163,928 | ||
Multi-State — 6.1% | |||
Housing — 6.1% | |||
Centerline Equity Issuer Trust (g)(h): | |||
5.75%, 5/15/15 | 500 | 536,865 | |
6.00%, 5/15/15 | 1,500 | 1,628,475 | |
6.00%, 5/15/19 | 1,000 | 1,084,820 | |
6.30%, 5/15/19 | 1,000 | 1,088,640 | |
Total Municipal Bonds in Multi-State | 4,338,800 | ||
Puerto Rico — 8.8% | |||
County/City/Special District/School District — 2.1% | |||
Puerto Rico Sales Tax Financing Corp., | |||
RB: | |||
CAB, Series A, 6.40%, | |||
8/01/32 (d) | 750 | 192,480 | |
First Sub-Series A, 6.50%, | |||
8/01/44 | 1,000 | 1,063,630 | |
Puerto Rico Sales Tax Financing Corp., | |||
Refunding RB, CAB, Series A (NPFGC), | |||
5.77%, 8/01/41 (d) | 1,500 | 207,555 | |
1,463,665 |
Par | ||
Municipal Bonds | (000) | Value |
Puerto Rico (concluded) | ||
Housing — 1.4% | ||
Puerto Rico Housing Finance Authority, | ||
Refunding RB, Subordinate, Capital | ||
Fund Modernization, 5.13%, | ||
12/01/27 | $ 1,000 | $ 1,007,740 |
State — 1.1% | ||
Puerto Rico Sales Tax Financing Corp., | ||
Refunding RB, CAB, Series A (d): | ||
(AMBAC), 5.14%, 8/01/54 | 5,000 | 271,950 |
(NPFGC), 5.99%, 8/01/43 | 4,000 | 479,160 |
751,110 | ||
Tobacco — 0.6% | ||
Children's Trust Fund, Refunding RB, | ||
Asset-Backed, 5.63%, 5/15/43 | 500 | 407,280 |
Transportation — 2.9% | ||
Puerto Rico Highway & Transportation | ||
Authority, Refunding RB: | ||
Series CC (AGM), 5.50%, | ||
7/01/30 | 1,000 | 1,039,680 |
Series D, 5.38%, 7/01/36 (c) | 1,000 | 1,054,170 |
2,093,850 | ||
Utilities — 0.7% | ||
Puerto Rico Electric Power Authority, | ||
Refunding RB, Series W (NPFGC), | ||
5.25%, 7/01/29 | 500 | 489,690 |
Total Municipal Bonds in Puerto Rico | 6,213,335 | |
Total Municipal Bonds – 158.9% | 112,613,066 | |
Municipal Bonds Transferred to Tender | ||
Option Bond Trusts (i) | ||
New York — 0.4% | ||
Utilities — 0.4% | ||
New York City Municipal Water Finance | ||
Authority, RB, Fiscal 2009, Series A, | ||
5.75%, 6/15/40 | 240 | 261,792 |
Total Municipal Bonds Transferred to | ||
Tender Option Bond Trusts– 0.4% | 261,792 | |
Total Long-Term Investments | ||
(Cost – $111,974,752) – 159.3% | 112,874,858 | |
Short-Term Securities | Shares | |
BIF New York Municipal Money Fund | ||
0.00%, (j)(k) | 1,517,473 | 1,517,473 |
Total Short-Term Securities | ||
(Cost – $1,517,473) – 2.1% | 1,517,473 |
4 BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II | MAY 31, 2011 |
BlackRock New York Municipal Income Trust II (BFY)
Schedule of Investments (concluded)
Value | |
Total Investments | |
(Cost - $113,492,225*) – 161.4% | $ 114,392,331 |
Other Assets Less Liabilities – 1.6% | 1,124,443 |
Liability for Trust Certificates , Including Interest | |
Expense and Fees Payable - (0.2)% | (160,135) |
Preferred Shares, at Redemption Value – (62.8)% | (44,477,230) |
Net Assets Applicable to Common Shares– 100.0% | $ 70,879,409 |
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2011, as computed for federal income tax purposes, were as
follows:
Aggregate cost | $ 113,181,796 |
Gross unrealized appreciation | $ 3,395,613 |
Gross unrealized depreciation | (2,345,017) |
Net unrealized appreciation | $ 1,050,596 |
(a) Security exempt from registration under Rule 144A of the Securities Act |
of 1933. These securities may be resold in transactions exempt from |
registration to qualified institutional investors. |
(b) When issued security. Unsettled when-issued transactions were as |
follows: |
Counterparty | Value | Unrealized Appreciation |
Pershing LLC | $277,290 | $2,044 |
(c) US 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.
(d) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(e) Non-income producing security.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) Security exempt from registration under Rule 144A of the Securities Act
of 1933. Theses securities may be resold in transactions exempt from
registration to qualified institutional investors.
(h) Security 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.
(i) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Trust acquired residual interest certificates. These
securities serve as collateral in a financing transaction.
(j) Investments in companies considered to be an affiliate of the Trust during
the period, for purposes of Section 2(a)(3) of the Investment Company Act
of 1940, as amended, were as follows:
Shares | Shares | |||
Held at | Held at | |||
August 31, | Net | May 31, | ||
Affiliate | 2010 | Activity | 2011 | Income |
BIF New York | ||||
Municipal | ||||
Money Fund | 935,140 | 582,333 | 1,517,473 | $151 |
(k) Represents the current yield as of report date.
•Financial futures contracts sold as of May 31, 2011 were as follows:
Notional | Unrealized | ||||
Contracts | Issue | Exchange | Expiration | Value | Depreciation |
Long-Term | |||||
U.S. | Chicago | ||||
Treasury | Board of | September | |||
360 | Note | Trade | 2011 | $3,737,052 | $(8,260) |
•Fair Value Measurements - Various inputs are used in determining the fair
value of investments and derivative financial instruments. These inputs are
summarized in three broad levels for financial reporting purposes as follows:
• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities
• 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)
• 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 inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Trust’s policy regarding valuation of investments and
derivative financial instruments and other significant accounting policies,
please refer to the Trust’s most recent financial statements as contained in
its semi-annual report.
The following tables summarize the inputs used as of May 31, 2011 in
determining the fair valuation of the Trust's investments and derivative
financial instruments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Assets: | ||||
Long-Term | ||||
Investments1 | — | $112,874,858 | — | $ 112,874,858 |
Short-Term | ||||
Securities | $ 1,517,473 | — | — | $ 1,517,473 |
Total | $ 1,517,473 | $112,874,858 | — | $ 114,392,331 |
1 See above Schedule of Investments for values in each sector. |
Valuation Inputs Level 1 | Level 2 | Level 3 | Total | |
Derivative Financial Instruments2 | ||||
Liabilities: | ||||
Interest rate | ||||
contracts | $ (8,260) | — | — | $ (8,260) |
2 Derivative financial instruments are financial futures contracts, which are | ||||
valued at the unrealized appreciation/depreciation on the instrument. |
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST II | MAY 31, 2011 | 5 |
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
31940 Act3)) areeffective 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: July 26, 2011
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: July 26, 2011
By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock New York Municipal Income Trust II
Date: July 26, 2011