FORM N-Q
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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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2006Item 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
NOVEMBER 30, 2005 (Unaudited)
BlackRock New York Municipal Income Trust II (BFY)
| Option Call | ||||||||
| Rating1 | Description | Provisions2 | Value | |||||
| LONG-TERM INVESTMENTS—158.8% | ||||||||
| Multi-State—5.7% | ||||||||
| Charter Mac Equity Issuer Trust, | ||||||||
| A3 | $ 500 | 3 | Ser. A, 5.75%, 10/31/15 | No Opt. Call | $ 528,640 | |||
| A3 | 1,000 | 3 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 1,062,540 | |||
| Baa1 | 1,500 | 3 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 1,566,705 | |||
| Baa1 | 1,000 | 3 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 1,063,360 | |||
| 4,221,245 | ||||||||
| New York—144.3% | ||||||||
| Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., GO, | ||||||||
| NR | 345 | Ser. A, 7.00%, 5/01/25 | 05/15 @ 102 | 336,775 | ||||
| NR | 220 | Ser. A, 7.00%, 5/01/35 | 05/15 @ 102 | 210,973 | ||||
| Aaa | 1,730 | Clarence Indl. Dev. Agcy., Civic Fac. Rev., Bristol Vlg. Proj., | ||||||
| 6.00%, 1/20/44 | 01/13 @ 102 | 1,903,536 | ||||||
| Dorm. Auth., | ||||||||
| AAA | 2,500 | Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA | 07/13 @ 100 | 2,613,925 | ||||
| Aa3 | 2,000 | Kateri Residence Proj., 5.00%, 7/01/22 | 07/13 @ 100 | 2,054,460 | ||||
| AA | 5,000 | Memorial Sloan Kettering Ctr. Proj., Ser. 1, 5.00%, 7/01/34 | 07/13 @ 100 | 5,107,250 | ||||
| AA | 2,000 | Mount St. Mary Coll. Proj., 5.00%, 7/01/32, RAA | 07/13 @ 100 | 2,042,900 | ||||
| BB+ | 750 | Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26 | 07/08 @ 100 | 759,960 | ||||
| AAA | 2,425 | New York Univ. Proj., 5.00%, 7/01/31, MBIA | 07/11 @ 100 | 2,487,686 | ||||
| AAA | 2,500 | 4 | St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC | 08/12 @ 100 | 2,560,950 | |||
| AA | 4,000 | Dutchess Cnty. Ind. Dev. Agcy., Civic Facs. Rev., Vassar Coll. Proj., 5.35%, 9/01/40 | 08/11 @ 101 | 4,244,200 | ||||
| A+ | 5,500 | Energy Res. & Dev. Auth., Facs. Rev., 4.70%, 6/01/36 | 01/06 @ 100 | 5,535,640 | ||||
| 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 | 637,044 | ||||||
| A | 3,250 | Geneva Indl. Dev. Agcy., Civic Fac. Rev., Hobart & Williams Smith Proj., | ||||||
| Ser. A, 5.375%, 2/01/33 | 02/13 @ 100 | 3,416,043 | ||||||
| BBB- | 385 | Herkimer Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Coll. Fndtn., Inc. Student Hsg. | ||||||
| Proj., 6.25%, 8/01/34 | 08/13 @ 100 | 398,194 | ||||||
| AA- | 5,000 | Liberty Dev. Corp. Rev. Proj., 5.25%, 10/01/35 | No Opt. Call | 5,532,850 | ||||
| AAA | 3,515 | Long Island Pwr. Auth., Elec. Sys. Rev., Ser. A, Zero Coupon, 6/01/28, FSA | No Opt. Call | 1,217,631 | ||||
| Met. Transp. Auth., | ||||||||
| AAA | 2,000 | Ser. A, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 2,109,280 | ||||
| AA- | 5,000 | Ded. Tax Fund, Ser. A, 5.00%, 11/15/30 | 11/12 @ 100 | 5,108,650 | ||||
| AA- | 5,000 | Svc. Contract Rev., Ser. A, 5.125%, 1/01/29 | 07/12 @ 100 | 5,187,450 | ||||
| BBB- | 1,000 | New York City Ind. Dev. Agcy., Liberty Interactive Corp. Proj., 5.00%, 9/01/35 | 09/15 @ 100 | 1,007,410 | ||||
| New York City Indl. Dev. Agcy., | ||||||||
| B- | 1,100 | 7.75%, 8/01/31 | 1,062,292 | |||||
| AA+ | 1,000 | Eger Harbor Proj., Ser. A, 4.95%, 11/20/32 | 11/12 @ 101 | 1,006,450 | ||||
| AA+ | 1,000 | 5 | Eger Harbor Proj., Ser. A, 5.875%, 5/20/44 | N/A | 1,116,100 | |||
| A | 1,500 | Lycee Francais De Proj., Ser. A, 5.375%, 6/01/23, ACA | 12/12 @ 100 | 1,539,045 | ||||
| AA+ | 5,000 | New York City Mun. Wtr. Fin. Auth., Ser. A, 5.125%, 6/15/34 | 06/12 @ 100 | 5,180,700 | ||||
| AAA | 5,000 | 5 | New York City Trans. Auth., Met. Transp. Auth., Triborough Brdg. & Tunl. Auth. Proj., COP, | |||||
| Ser. A, 5.25%, 1/01/10, AMBAC | N/A | 5,394,450 | ||||||
| AAA | 5,000 | New York City Trans. Fin. Auth., Ser. B, 5.00%, 11/01/27 | 11/12 @ 100 | 5,170,750 | ||||
| New York City, GO, | ||||||||
| A+ | 4,900 | 5 | Ser. B, 5.75%, 12/01/11 | N/A | 5,465,803 | |||
| A+ | 100 | Ser. B, 5.75%, 12/01/22 | 12/11 @ 100 | 109,852 | ||||
| New York Cntys. Tobacco Trust III, | ||||||||
| BBB | 17,000 | Zero Coupon, 6/01/38 | 06/15 @ 26.186 | 2,506,480 | ||||
| BBB | 2,535 | 6.00%, 6/01/43 | 06/13 @ 100 | 2,645,095 | ||||
| AAA | 3,000 | New York Convention Ctr. Dev., 5.00%, 11/15/35, AMBAC | 11/15 @ 100 | 3,114,240 | ||||
| Caa2 | 3,675 | Port Auth. of NY & NJ, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15 | 01/06 @ 100 | 3,684,408 | ||||
| AAA | 1,000 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 @ 100 | 1,039,860 | ||||
| A | 2,500 | Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27 | 06/13 @ 100 | 2,574,800 | ||||
| Triborough Brdg. & Tunl. Auth., | ||||||||
| AA | 850 | 5 | Ser. A, 5.00%, 1/01/12 | N/A | 916,768 | |||
| AA | 150 | Ser. A, 5.00%, 1/01/32 | 01/12 @ 100 | 154,665 | ||||
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BlackRock New York Municipal Income Trust II (BFY) (continued)
| Option Call | ||||||||
| Rating1 | Description | Provisions2 | Value | |||||
| New York—(cont’d) | ||||||||
| BBB | $9,000 | TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32 | 07/12 @ 100 | $ 9,201,510 | ||||
| 106,356,075 | ||||||||
| Puerto Rico—8.8% | ||||||||
| BBB | 1,400 | Children's Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 @ 100 | 1,421,238 | ||||
| Hwy. & Transp. Auth., | ||||||||
| BBB | 1,850 | 5.00%, 7/01/28 | 07/13 @ 100 | 1,867,335 | ||||
| AAA | 2,000 | 5 | Ser. D, 5.375%, 7/01/12 | N/A | 2,190,140 | |||
| BBB+ | 1,000 | Ser. G, 5.00%, 7/01/42 | 07/13 @ 100 | 983,460 | ||||
| 6,462,173 | ||||||||
| Total Long-Term Investments (cost $112,950,323) | 117,039,493 | |||||||
| Total Investments—158.8% (cost $112,950,3236) | $117,039,493 | |||||||
| Other assets in excess of liabilities—1.8% | 1,350,566 | |||||||
| Preferred shares at redemption value, including dividends payable—(60.6)% | (44,670,628) | |||||||
| Net Assets Applicable to Common Shareholders—100% | $ 73,719,431 | |||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch Ratings 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 November 30, 2005, the Trust held 5.7% of its net assets, with a current market value of $4,221,245, in securities restricted as to resale. | ||
| 4 | Security, or a portion thereof, pledged as collateral with a value of $614,628 on 80 U.S. Treasury Note futures contracts expiring December 2005, 60 U.S. Treasury Note futures contracts expiring March 2006 and 51 U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on November 30, 2005 was $20,924,219, with an unrealized gain of $267,903. | ||
| 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 | Cost for Federal tax purposes is $112,946,801. The net unrealized appreciation on a tax basis is $4,092,692, consisting of $4,134,015 gross unrealized appreciation and $41,323 gross unrealized depreciation. | ||
KEY TO ABBREVIATIONS
| ACA | — American Capital Access | GO | — General Obligation | ||||
| AMBAC | — American Municipal Bond Assurance Corp. | MBIA | — Municipal Bond Insurance Assoc. | ||||
| COP | — Certificate of Participation | RAA | — Radian Asset Assurance | ||||
| FGIC | — Financial Guaranty Insurance Co. | XLCA | — XL Capital Assurance | ||||
| FSA | — Financial Security Assurance |
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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 principle executive and principle 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/ Henry GabbayPursuant 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, 2006
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: January 25, 2006