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
BlackRock New York Municipal Income Trust II
(Exact name of registrant as specified in charter)
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100 Bellevue Parkway, Wilmington, DE
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19809
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| (Address of principal executive offices) | (Zip code) |
| Robert S. Kapito, President |
| BlackRock New York Municipal Income Trust II |
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40 East 52nd Street, New York, NY 10022
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| (Name and address of agent for service) |
Registrant’s telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2007
Date of reporting period: November 30, 2006
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
NOVEMBER 30, 2006
BlackRock New York Municipal Income Trust II (BFY)
(Percentage of Net Assets)
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| LONG-TERM INVESTMENTS—153.8% | |||||||||
| Multi-State—5.7% | |||||||||
| Charter Mac Equity Issuer Trust, | |||||||||
| A3 | $ | 500 | 3 | Ser. A, 5.75%, 4/30/15 | No Opt. Call | $ | 540,950 | ||
| A3 | 1,000 | 3 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 1,114,730 | ||||
| Baa1 | 1,500 | 3 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 1,636,290 | ||||
| Baa1 | 1,000 | 3 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 1,130,630 | ||||
| 4,422,600 | |||||||||
| New York—143.4% | |||||||||
Albany Indl. Dev.
Agcy., Sch. Impvts. Lease Appropriation RB, New Covenant Charter Sch.
Proj., |
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| NR | 345 | Ser. A, 7.00%, 5/01/25 | 05/15 @ 102 | 347,760 | |||||
| NR | 220 | Ser. A, 7.00%, 5/01/35 | 05/15 @ 102 | 220,143 | |||||
| AA- | 5,000 | 4 | City of New York, Recreational Fac. Impvts. Hotel Occupancy Tax GO, Ser. B, 5.75%, | ||||||
| 12/01/11 | N/A | 5,512,200 | |||||||
| Aaa | 1,720 | Clarence Indl. Dev. Agcy., Ind. Impvts. RB, Bristol Vlg., Inc. Proj., 6.00%, 1/20/44 | 01/13 @ 102 | 1,931,491 | |||||
| Dorm. Auth., | |||||||||
| Aa3 | 2,000 | Hlth., Hosp. & Nursing Home RB, Kateri Residence Proj., 5.00%, 7/01/22 | 07/13 @ 100 | 2,114,720 | |||||
| AA | 5,000 | Hlth., Hosp. & Nursing Home RB, Memorial Sloan-Kettering Proj., Ser. 1, 5.00%, | |||||||
| 7/01/34 | 07/13 @ 100 | 5,261,700 | |||||||
| BBB | 750 | Hlth., Hosp. & Nursing Home RB, Mt. Sinai Hosp. Proj., 5.50%, 7/01/26 | 07/08 @ 100 | 766,747 | |||||
| AAA | 2,500 | Hlth., Hosp. & Nursing Home RB, St. Barnabas Hosp.Proj., Ser. A, 5.00%, 2/01/31, | |||||||
| AMBAC | 08/12 @ 100 | 2,643,750 | |||||||
| AAA | 2,500 | Univ. & Coll. Impvts. RB, Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA | 07/13 @ 100 | 2,665,825 | |||||
| AA | 2,000 | Univ. & Coll. Impvts. RB, Mount St. Mary Coll. Proj., 5.00%, 7/01/32, RAA | 07/13 @ 100 | 2,104,080 | |||||
| AAA | 2,425 | Univ. & Coll. Impvts. RB, New Sch. Univ. Proj., 5.00%, 7/01/31, MBIA | 07/11 @ 100 | 2,528,717 | |||||
| AA | 4,000 | Dutchess Cnty. Ind. Dev. Agcy., Univ. & Coll. Impvts. Lease RB, Vassar Coll. Proj., | |||||||
| 5.35%, 9/01/40 | 08/11 @ 101 | 4,292,240 | |||||||
| A+ | 5,500 | Energy Res. & Dev. Auth., Elec., Pwr. & Lt. Impvts. RB, Consolidated Edison Co. Proj., | |||||||
| 4.70%, 6/01/36, AMT | 01/07 @ 100 | 5,502,860 | |||||||
| BBB | 625 | Essex Cnty. Indl. Dev. Agcy., Indl. RB, Intl. Paper Co. Proj., Ser. A, 5.50%, 10/01/26, | |||||||
| AMT | 10/12 @ 100 | 652,813 | |||||||
| A | 3,250 | Geneva Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Hobart & Williams Smith Proj., Ser. | |||||||
| A, 5.375%, 2/01/33 | 02/13 @ 100 | 3,493,815 | |||||||
| BBB- | 385 | Herkimer Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Herkimer Coll. Fndtn. Proj., | |||||||
| 6.25%, 8/01/34 | 08/13 @ 100 | 420,408 | |||||||
| Liberty Dev. Corp., | |||||||||
| AA- | 4,000 | Ind. Impvts. Misc. RB, Goldman Sachs Group, Inc. Proj., 5.25%, 10/01/35 | No Opt. Call | 4,758,400 | |||||
| B3 | 675 | Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19 | 02/16 @ 100 | 718,187 | |||||
| AAA | 3,515 | Long Island Pwr. Auth., Elec. Pwr. & Lt. RB, Ser. A, Zero Coupon, 6/01/28, FSA | No Opt. Call | 1,474,859 | |||||
| Met. Transp. Auth., | |||||||||
| AA- | 5,000 | Misc. RB, Ser. A, 5.125%, 1/01/29 | 07/12 @ 100 | 5,304,600 | |||||
| AA | 5,000 | Transit RB, Ser. A, 5.00%, 11/15/30 | 11/12 @ 100 | 5,251,850 | |||||
| AAA | 2,000 | Transit RB, Ser. A, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 2,153,300 | |||||
| New York City Indl. Dev. Agcy., | |||||||||
| BBB- | 1,000 | Econ. Impvts. RB, IAC Interactive Corp. Proj., 5.00%, 9/01/35 | 09/15 @ 100 | 1,043,200 | |||||
| AA+ | 1,000 | Local Hsg. RB, Eger Harbor House, Inc. Proj., Ser. A, 4.95%, 11/20/32 | 11/12 @ 101 | 1,048,990 | |||||
| AA+ | 1,000 | 4 | Local Hsg. RB, Eger Harbor House, Inc. Proj., Ser. A, 5.875%, 5/20/44 | N/A | 1,134,430 | ||||
| B | 1,600 | Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., 7.625%, 8/01/25, AMT | 08/16 @ 101 | 1,921,712 | |||||
| B | 1,500 | Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., 7.75%, 8/01/31, AMT | 08/16 @ 101 | 1,816,575 | |||||
| A | 1,500 | Private Primary Schs. Lease RB, Lycee Francais De New York Proj., Ser. A, 5.375%, | |||||||
| 6/01/23, ACA | 12/12 @ 100 | 1,585,335 | |||||||
| AAA | 1,100 | New York City Mun. Fin. Auth., Wtr. RB, Second Gen. Resolution Proj., Ser. A, 4.50%, | |||||||
| 6/15/37, MBIA | 06/16 @ 100 | 1,119,206 | |||||||
| AA+ | 5,000 | New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. A, 5.125%, 6/15/34 | 06/12 @ 100 | 5,292,300 | |||||
| AAA | 5,000 | 4 | New York City Trans. Auth. Met. Transp. Auth. Triborough Brdg. & Tunl., Trans. Impvts. | ||||||
| COP, Ser. A, 5.25%, 1/01/10, AMBAC | N/A | 5,301,650 | |||||||
| AAA | 5,000 | New York City Transl. Fin. Auth., Income Tax RB, Ser. B, 5.00%, 11/01/27 | 11/12 @ 100 | 5,285,350 | |||||
| BBB | 2,535 | New York Cntys. Tobacco Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43 | 06/13 @ 100 | 2,743,605 | |||||
| AAA | 3,000 | New York Convention Ctr. Operating. Corp., Recreational Fac. Impvts. Hotel Occupancy | |||||||
| Tax RB, 5.00%, 11/15/35, AMBAC | 11/15 @ 100 | 3,219,270 | |||||||
1
BlackRock New York Municipal Income Trust II (BFY) (continued)
(Percentage of Net Assets)
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| New York—(cont'd) | ||||||||||
| Caa1 | $ | 3,675 | Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB, Contl. Airlines | |||||||
| Proj., 9.125%, 12/01/15, AMT | 01/07 @ 100 | $ | 3,831,922 | |||||||
| AAA | 2,000 | St. Urban Dev. Corp., Pub. Impvts. Income Tax RB, Ser. B, 5.00%, 3/15/35 | 03/15 @ 100 | 2,141,300 | ||||||
| Suffolk Cnty. Indl. Dev. Agcy., | ||||||||||
| BBB- | 450 | Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28 | 11/16 @ 100 | 471,497 | ||||||
| A | 2,500 | Indl. Impvts. RB, Keyspan-Port Jefferson Proj., 5.25%, 6/01/27, AMT | 06/13 @ 100 | 2,634,925 | ||||||
| Triborough Brdg. & Tunl. Auth., Hwy. Rev. Tolls RB, | ||||||||||
| AAA | 850 | 4 | Ser. A, 5.00%, 1/01/12 | N/A | 908,497 | |||||
| AA | 150 | Ser. A, 5.00%, 1/01/32 | 01/12 @ 100 | 157,047 | ||||||
| AAA | 9,000 | 4 | TSASC, Inc., Resource Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, | |||||||
| 7/15/12 | N/A | 9,999,720 | ||||||||
| 111,776,996 | ||||||||||
| Puerto Rico—4.7% | ||||||||||
| BBB | 1,400 | Children's Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43 | 05/12 @ 100 | 1,476,832 | ||||||
| AAA | 2,000 | 4 | Hwy. & Transp. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. D, 5.375%, 7/01/12 | N/A | 2,188,720 | |||||
| 3,665,552 | ||||||||||
| Total Long-Term Investments (cost $111,730,874) | 119,865,148 | |||||||||
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| MONEY MARKET FUND—1.6% | ||||||||||
| NR | 1,200 | AIM Tax Free Cash Reserve Portfolio - Institutional Class (cost $1,200,000) | N/A | 1,200,000 | ||||||
| Total Investments —155.4% (cost $112,930,8745) | $ | 121,065,148 | ||||||||
| Other assets in excess of liabilities —1.9% | 1,517,082 | |||||||||
| Preferred shares at redemption value, including dividends payable—(57.3)% | (44,653,853 | ) | ||||||||
| Net Assets Applicable to Common Shareholders—100% | $ |
77,928,377 |
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| __________ | |
| 1 | Using the highest of Standard & Poor's, Moody's Investors Service or Fitch's Ratings. |
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
| 3 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of November 30, 2006, the Trust held 5.7% of its net assets, with a current market value of $4,422,600, in securities restricted as to resale. |
| 4 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
| 5 | Cost for federal income tax purposes is $112,925,492. The net unrealized appreciation on a tax basis is $8,139,656, consisting of $8,139,656 gross unrealized appreciation and $0 gross unrealized depreciation. |
| KEY TO ABBREVIATIONS | ||||||||
| ACA | — | American Capital Access | GO | — | General Obligation | |||
| AMBAC | — | American Municipal Bond Assurance Corp. | MBIA | — | Municipal Bond Insurance Assoc. | |||
| AMT | — | Subject to Alternative Minimum Tax | RAA | — | Radian Asset Assurance | |||
| COP | — | Certificate of Participation | RB | — | Revenue Bond | |||
| FGIC | — | Financial Guaranty Insurance Co. | XLCA | — | XL Capital Assurance | |||
| FSA | — | Financial Security Assurance | ||||||
2
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
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.
| (Registrant) BlackRock New York Municipal Income Trust II | |
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: January 25, 2007 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Robert S. Kapito |
| Name: Robert S. Kapito | |
| Title: President and Principal Executive Officer | |
| Date: January 25, 2007 | |
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: January 25, 2007 | |