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)
100 Bellevue Parkway, Wilmington, DE | 19809 | |
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Robert S. Kapito, President
BlackRock New York Municipal Income Trust II
_______40 East 52nd Street, New
York, NY 10022_______
(Name and address of agent for service)
Date of fiscal year end:___August 31, 2005
Date of reporting period:__May 31, 2005_________________________________
Item 1. Schedule of Investments.
The registrants 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 |
MAY 31, 2005 (Unaudited) |
BlackRock New York Municipal Income Trust II (BFY) |
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
LONG-TERM INVESTMENTS158.7% | ||||||||
Multi-State5.7% | ||||||||
Charter Mac Equity Issuer Trust, | ||||||||
A3 | $ 500 | 3 | Ser. A, 5.75%, 4/30/15 | No Opt. Call | $ 525,405 | |||
A3 | 1,000 | 3 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 1,067,190 | |||
Baa1 | 1,500 | 3 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 1,575,330 | |||
Baa1 | 1,000 | 3 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 1,062,970 | |||
4,230,895 | ||||||||
New York138.0% | ||||||||
Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A, | ||||||||
NR | 345 | 7.00%, 5/01/25 | 05/15 @ 102 | 343,189 | ||||
NR | 220 | 7.00%, 5/01/35 | 05/15 @ 102 | 215,380 | ||||
NR | 1,750 | Clarence Indl. Dev. Agcy., Civic Fac. Rev., Bristol Vlg. Proj., 6.00%, 1/20/44 | 01/13 @ 102 | 1,914,762 | ||||
Dorm. Auth., | ||||||||
AAA | 2,500 | Brooklyn Law School Proj., Ser. B, 5.125%, 7/01/30, XLCA | 07/13 @ 100 | 2,658,700 | ||||
AA | 960 | Insured Rochester Gen. Hosp. Proj., 5.00%, 12/01/25, RAA | 12/15 @ 100 | 1,016,275 | ||||
AA | 2,000 | Insured Rochester Gen. Hosp. Proj., 5.00%, 12/01/35, RAA | 12/15 @ 100 | 2,084,620 | ||||
Aa3 | 2,000 | Kateri Residence Proj., 5.00%, 7/01/22 | 07/13 @ 100 | 2,090,460 | ||||
AA | 5,000 | Memorial Sloan Kettering Ctr. Proj., Ser. 1, 5.00%, 7/01/34 | 07/13 @ 100 | 5,184,700 | ||||
AA | 2,000 | Mount St. Mary Coll. Proj., 5.00%, 7/01/32, RAA | 07/13 @ 100 | 2,082,140 | ||||
AAA | 2,425 | New York Univ. Proj., 5.00%, 7/01/31, MBIA | 07/11 @ 100 | 2,528,038 | ||||
AAA | 2,500 | 4 | St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC | 08/12 @ 100 | 2,606,750 | |||
AA | 4,000 | Dutchess Cnty. Ind. Dev. Agcy., Civic Facs. Rev., Vassar Coll. Proj., 5.35%, 9/01/40 | 08/11 @ 101 | 4,305,240 | ||||
A+ | 5,500 | Energy Res. & Dev. Auth., Facs. Rev., 4.70%, 6/01/36 | 10/05 @ 100 | 5,512,265 | ||||
BBB | 625 | Essex Cnty. Indl. Dev. Agcy., Sld.
Wst. Disp. Rev., Intl. Paper Co. Proj., Ser. A, 5.50%, 10/01/26 |
10/12 @ 100 | 642,388 | ||||
A | 3,250 | Geneva Indl. Dev. Agcy., Civic Fac.
Rev., Hobart & William Smith Proj., Ser. A, 5.375%, 2/01/33 |
02/13 @ 100 | 3,480,165 | ||||
BBB- | 385 | Herkimer Cnty. Indl. Dev. Agcy.,
Civic Fac. Rev., Coll. Fndtn., Inc. Student Hsg. Proj., 6.25%, 8/01/34 |
08/13 @ 100 | 403,230 | ||||
AAA | 3,515 | Long Island Pwr. Auth., Elec. Sys. Rev., Ser. A, Zero Coupon, 6/01/28, FSA | No Opt. Call | 1,224,204 | ||||
Met. Transp. Auth., Ser. A, | ||||||||
AAA | 2,000 | 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 2,146,320 | ||||
AA- | 5,000 | Ded. Tax Fund, 5.00%, 11/15/30 | 11/12 @ 100 | 5,195,150 | ||||
AA- | 5,000 | Svc. Contract Rev., 5.125%, 1/01/29 | 07/12 @ 100 | 5,277,350 | ||||
A+ | 2,500 | New York, Ser. O, 5.00%, 6/01/30 | 06/15 @ 100 | 2,634,725 | ||||
A+ | 5,000 | New York City, GO, Ser. B, 5.75%, 12/01/22 | 12/11 @ 100 | 5,590,000 | ||||
New York City Indl. Dev. Agcy., Ser. A, | ||||||||
AA+ | 1,000 | Eger Harbor Proj., 4.95%, 11/20/32 | 11/12 @ 101 | 1,045,780 | ||||
AA+ | 1,000 | Eger Harbor Proj., 5.875%, 5/20/44 | 11/12 @ 105 | 1,138,820 | ||||
A | 1,500 | Lycee Francais De Proj., 5.375%, 6/01/23, ACA | 12/12 @ 100 | 1,568,145 | ||||
New York City Mun. Wtr. Fin. Auth., | ||||||||
AA+ | 5,000 | Ser. A, 5.125%, 6/15/34 | 06/12 @ 100 | 5,269,700 | ||||
AA+ | 2,500 | Wtr. & Swr. Sys. Rev., Ser. D, 5.00%, 6/15/38 | 06/15 @ 100 | 2,643,450 | ||||
AAA | 5,000 | 5 | New York City Trans. Auth., Met.
Transp. Auth., Triborough Brdg. & Tunl. Auth., COP, Ser. A, |
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5.25%, 1/01/29, AMBAC | N/A | 5,516,850 | ||||||
AAA | 5,000 | New York City Trans. Fin. Auth., Ser. B, 5.00%, 11/01/27 | 11/12 @ 100 | 5,258,800 | ||||
BBB | 2,535 | New York Cntys. Tobacco Trust III, 6.00%, 6/01/43 | 06/13 @ 100 | 2,621,215 | ||||
NR | 3,675 | Port Auth. of NY & NJ, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15 | 07/05 @ 100 | 3,690,913 | ||||
AAA | 1,000 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 @ 100 | 1,068,570 | ||||
A | 2,500 | Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27 | 06/13 @ 100 | 2,617,900 | ||||
AA | 1,000 | Triborough Brdg. & Tunl. Auth., Ser. A, 5.00%, 1/01/32 | 01/12 @ 100 | 1,041,450 | ||||
BBB | 9,000 | TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32 | 07/12 @ 100 | 9,182,880 | ||||
101,800,524 | ||||||||
Puerto Rico15.0% | ||||||||
BBB | 1,400 | Childrens Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 @ 100 | 1,408,204 | ||||
Hwy. & Transp. Auth., | ||||||||
A- | 1,850 | 5.00%, 7/01/28 | 07/13 @ 100 | 1,937,523 | ||||
A | 2,000 | Ser. D, 5.375%, 7/01/36 | 07/12 @ 100 | 2,155,220 | ||||
A | 1,000 | Ser. G, 5.00%, 7/01/42 | 07/13 @ 100 | 1,036,260 | ||||
A- | 4,315 | Public Impvt., Ser. A, 5.00%, 7/01/34 | 07/14 @ 100 | 4,503,609 | ||||
11,040,816 | ||||||||
Total Long-Term Investments (cost $111,838,478) | 117,072,235 | |||||||
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BlackRock New York Municipal Income Trust II (BFY) (continued) |
Principal | ||||||||
Amount | ||||||||
Rating1 | (000) | Description | Value | |||||
SHORT-TERM INVESTMENTS7.7% | ||||||||
New York7.7% | ||||||||
New York City, GO, | ||||||||
A1+ | $3,375 | 6 | Ser. H, 2.93%, 6/01/05, MBIA, FRDD | $ 3,375,000 | ||||
A-1 | 2,300 | 6 | Ser. H-7, 2.94%, 6/01/05, FRDD | 2,300,000 | ||||
Total Short-Term Investments (cost $5,675,000) | 5,675,000 | |||||||
Total Investments166.4% (cost $117,513,4787) | $122,747,235 | |||||||
Liabilities in excess of other assets(5.9)% | (4,312,790) | |||||||
Preferred shares at redemption value, including dividends payable(60.5)% | (44,664,757 | ) | ||||||
Net Assets Applicable to Common Shareholders100% | $ 73,769,688 | |||||||
1 | Using the higher of S&Ps, Moodys or Fitchs rating. |
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 May 31, 2005, the Trust held 5.7% of it nets assets, with a current market value of $4,230,895, in securities restricted as to resale. |
4 | Securities, or a portion thereof, pledged as collateral with a value of $625,620 on 340 short U.S. Treasury Note futures contracts expiring Sept. 2005. The value of such contracts on May 31, 2005 was $38,510,313, with an unrealized loss of $414,965. |
5 | 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. |
6 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is as of May 31, 2005. |
7 | Cost for Federal income purposes is $117,510,733. The net unrealized appreciation on a tax basis is $5,236,502 consisting of $5,238,062 gross unrealized appreciation and $1,560 gross unrealized depreciation. |
KEY TO ABBREVIATIONS |
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ACA | American Capital Access | FSA | Financial Security Assurance |
AMBAC | American Municipal Bond Assurance Corporation | GO | General Obligation |
COP | Certificate of Participation | MBIA | Municipal Bond Insurance Association |
FGIC | Financial Guaranty Insurance Company | RAA | Radian Asset Assurance |
FRDD | Floating Rate Daily Demand | XLCA | XL Capital Assurance |
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Item 2. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrants disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits. |
Separate certifications of the registrants 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/ Henry Gabbay_____________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: July 22, 2005
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: Principal Executive Officer
Date: July 22, 2005
By: __/s/ Henry Gabbay_____________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 22, 2005