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)
| 100 Bellevue Parkway, Wilmington, DE | 19809 |
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2006
Date of reporting period: May 31, 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)
MAY
31, 2006
BlackRock New York Municipal Income Trust II (BFY)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| LONG-TERM INVESTMENTS—156.9% | ||||||||||
| Multi-State—5.6% | ||||||||||
| Charter Mac Equity Issuer Trust, | ||||||||||
| A3 | $ 500 | 3 | Ser. A, 5.75%, 4/30/15 | No Opt. Call | $ 528,125 | |||||
| A3 | 1,000 | 3 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 1,078,370 | |||||
| Baa1 | 1,500 | 3 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 1,554,285 | |||||
| Baa1 | 1,000 | 3 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 1,053,290 | |||||
4,214,070 |
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| New York—146.5% | ||||||||||
| Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., | ||||||||||
| NR | 345 | Ser. A, 7.00%, 5/01/25 | 05/15 @ 102 | 328,492 | ||||||
| NR | 220 | Ser. A, 7.00%, 5/01/35 | 05/15 @ 102 | 205,040 | ||||||
| Aaa | 1,725 | Clarence Indl. Dev. Agcy. Civic Fac. RB, Bristol Vlg. Proj., 6.00%, 1/20/44 | 01/13 @ 102 | 1,887,616 | ||||||
| AAA | 2,000 | Convention Ctr. Dev. RB, Hotel Unit Fee Secured, 5.00%, 11/15/44, AMBAC | 11/15 @ 100 | 2,051,420 | ||||||
| Dorm. Auth. RB, | ||||||||||
| AAA | 2,500 | Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA | 07/13 @ 100 | 2,607,500 | ||||||
| Aa3 | 2,000 | Kateri Residence Proj., 5.00%, 7/01/22 | 07/13 @ 100 | 2,042,920 | ||||||
| AA | 5,000 | Memorial Sloan Kettering Ctr. Proj., Ser. 1, 5.00%, 7/01/34 | 07/13 @ 100 | 5,083,150 | ||||||
| AA | 2,000 | Mount St. Mary Coll. Proj., 5.00%, 7/01/32, RAA | 07/13 @ 100 | 2,041,700 | ||||||
| BB+ | 750 | Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26 | 07/08 @ 100 | 760,507 | ||||||
| AAA | 2,425 | New York Univ. Proj., 5.00%, 7/01/31, MBIA | 07/11 @ 100 | 2,483,782 | ||||||
| AAA | 2,500 | 4 | St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC | 08/12 @ 100 | 2,558,300 | |||||
| AA | 4,000 | Dutchess Cnty. Ind. Dev. Agcy. Civic Facs. RB, Vassar Coll. Proj., 5.35%, 9/01/40 | 08/11 @ 101 | 4,215,960 | ||||||
| A+ | 5,500 | Energy Res. & Dev. Auth. Facs. RB, 4.70%, 6/01/36 | 07/06 @ 100 | 5,503,685 | ||||||
| BBB | 625 | Essex Cnty. Indl. Dev. Agcy. Sld. Wst. Disp. RB, Intl. Paper Co. Proj., Ser. A, 5.50%, 10/01/26 | 10/12 @ 100 | 631,925 | ||||||
| A | 3,250 | Geneva Indl. Dev. Agcy. Civic Fac. RB, Hobart & Williams Smith Proj., Ser. A, 5.375%, 2/01/33 | 02/13 @ 100 | 3,406,065 | ||||||
| BBB- | 385 | Herkimer Cnty. Indl. Dev. Agcy. Civic Fac. RB, Coll. Fndtn., Inc. Student Hsg. Proj., 6.25%, | ||||||||
| 8/01/34 | 08/13 @ 100 | 395,164 | ||||||||
| AA- | 5,185 | Liberty Dev. Corp. RB, 5.25%, 10/01/35 | No Opt. Call | 5,609,911 | ||||||
| AAA | 3,515 | Long Island Pwr. Auth. Elec. Sys. RB, Ser. A, Zero Coupon, 6/01/28, FSA | No Opt. Call | 1,254,750 | ||||||
| Met. Transp. Auth. RB, | ||||||||||
| AAA | 2,000 | Ser. A, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 2,116,280 | ||||||
| AA- | 5,000 | Ded. Tax Fund, Ser. A, 5.00%, 11/15/30 | 11/12 @ 100 | 5,110,300 | ||||||
| AA- | 5,000 | Svc. Contract, Ser. A, 5.125%, 1/01/29 | 07/12 @ 100 | 5,183,100 | ||||||
| AA- | 5,000 | 5 | New York City GO, Ser. B, 5.75%, 12/01/11 | N/A | 5,486,700 | |||||
| New York City Indl. Dev. Agcy. RB, | ||||||||||
| B- | 1,600 | American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25 | 08/16 @ 101 | 1,774,464 | ||||||
| B- | 1,500 | American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31 | 08/16 @ 101 | 1,671,390 | ||||||
| AA+ | 1,000 | Eger Harbor Proj., Ser. A, 4.95%, 11/20/32 | 11/12 @ 101 | 1,003,410 | ||||||
| AA+ | 1,000 | 5 | Eger Harbor Proj., Ser. A, 5.875%, 5/20/44 | N/A | 1,109,590 | |||||
| BBB- | 1,000 | Liberty Interactive Corp. Proj., 5.00%, 9/01/35 | 09/15 @ 100 | 976,360 | ||||||
| A | 1,500 | Lycee Francais De Proj., Ser. A, 5.375%, 6/01/23, ACA | 12/12 @ 100 | 1,531,665 | ||||||
| AA+ | 5,000 | New York City Mun. Wtr. Fin. Auth., Ser. A, 5.125%, 6/15/34 | 06/12 @ 100 | 5,166,000 | ||||||
| AAA | 5,000 | 5 | New York City Trans. Met. Transp. Auth. Triborough Brdg. & Tunl. COP, Ser. A, | |||||||
| 5.25%, 1/01/10, AMBAC | N/A | 5,307,750 | ||||||||
| AAA | 5,000 | New York City Trans. Fin. Auth. RB, Ser. B, 5.00%, 11/01/27 | 11/12 @ 100 | 5,157,250 | ||||||
| BBB | 2,535 | New York Cntys. Tobacco Trust III RB, 6.00%, 6/01/43 | 06/13 @ 100 | 2,649,379 | ||||||
| AAA | 3,000 | New York Convention Ctr. Dev. RB, 5.00%, 11/15/35, AMBAC | 11/15 @ 100 | 3,088,680 | ||||||
| Caa2 | 3,675 | Port Auth. of NY & NJ RB, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15 | 07/06 @ 100 | 3,735,527 | ||||||
| Suffolk Cnty. Indl. Dev. Agcy. RB, | ||||||||||
| BBB- | 450 | Jeffersons Ferry Proj., 5.00%, 11/01/28 | 11/16 @ 100 | 444,663 | ||||||
| A | 2,500 | Keyspan Port Jefferson Proj., 5.25%, 6/01/27 | 06/13 @ 100 | 2,557,175 | ||||||
| Triborough Brdg. & Tunl. Auth. RB, | ||||||||||
| AAA | 850 | 5 | Ser. A, 5.00%, 1/01/12 | N/A | 902,955 | |||||
| AA | 150 | Ser. A, 5.00%, 1/01/32 | 01/12 @ 100 | 153,136 | ||||||
| AAA | 9,000 | 5 | TSASC, Inc., Tobacco Settlement RB, Ser. 1, 5.75%, 7/15/12 | N/A | 9,948,690 | |||||
| AAA | 2,000 | Urban Dev. Corp. St. Personal Income Tax RB, Ser. B, 5.00%, 3/15/35 | 03/15 @ 100 | 2,055,640 | ||||||
110,197,991 |
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1
BlackRock New York Municipal Income Trust II (BFY) (continued)
| Principal | |||||||||
| Amount | Option Call | ||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||
| Puerto Rico—4.8% | |||||||||
| BBB | $1,400 | Children’s Trust Fund Tobacco Settlement RB, 5.625%, 5/15/43 | 05/12 @ 100 | $ 1,436,932 | |||||
| AAA | 2,000 | 5 | Hwy. & Transp. Auth. RB, Ser. D, 5.375%, 7/01/12 | 2,174,980 |
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3,611,912 |
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| Total Investments—156.9% (cost $113,375,5666) | $ 118,023,973 |
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| Other assets in excess of liabilities—2.5% | 1,897,511 |
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| Preferred shares at redemption value, including dividends payable—(59.4)% | (44,678,523 |
) | |||||||
| Net Assets Applicable to Common Shareholders—100% | $ 75,242,961 |
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| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s 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, 2006, the Trust held 5.6% of its net assets, with a current market value of $4,214,070, in securities restricted as to resale. | ||||
| 4 | Security pledged as collateral. | ||||
| 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 income tax purposes is $113,371,241. The net unrealized appreciation on a tax basis is $4,652,732, consisting of $4,817,365 gross unrealized appreciation and $164,633 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. | RB | — | Revenue Bond |
| FSA | — | Financial Security Assurance | XLCA | — | XL Capital 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/ Henry
Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006
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: July 26, 2006
By: /s/ Henry
Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006