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
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: Donald C. Burke, Chief Executive Officer, BlackRock New York Municipal Income Trust II, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2007 11/30/2007
Item 1 Schedule of Investments
BlackRock New York Municipal Income Trust II | ||
Schedule of Investments as of November 30, 2007 (Unaudited) |
(in Thousands) |
Face |
||||||
Amount |
Municipal Bonds | Value | ||||
New York - 144.9% | $ | 345 | Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), Series A, | |||
7% due 5/01/2025 | $ | 288 | ||||
220 | Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), Series A, | |||||
7% due 5/01/2035 | 180 | |||||
1,710 | Clarence, New York, IDA, Civic Facility Revenue Bonds (Bristol Village Project), 6% due 1/20/2044 (e) | 1,848 | ||||
4,000 | Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Vassar College Project), 5.35% due 8/01/2011 (g) | 4,330 | ||||
625 | Essex County, New York, IDA, Solid Waste Disposal, Revenue Refunding Bonds (International Paper Company), AMT, | |||||
Series A, 5.50% due 10/01/2026 | 611 | |||||
250 | Genesee County, New York, IDA, Civic Facility Revenue Refunding Bonds | |||||
(United Memorial Medical Center Project), 5% due 12/01/2027 | 228 | |||||
3,250 | Geneva, New York, IDA, Civic Facility Revenue Refunding Bonds (Hobart and William Smith Project), Series A, 5.375% due | |||||
2/01/2033 | 3,384 | |||||
385 | Herkimer County, New York, IDA, Civic Facility Revenue Bonds (Herkimer College Foundation Inc.), | |||||
6.25% due 8/01/2034 | 399 | |||||
3,515 | Long Island Power Authority, New York, Electric System Revenue Bonds, 5.04% due 6/01/2028 (h)(d) | 1,348 | ||||
5,000 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Refunding Bonds, Series A, | |||||
5% due 11/15/2030 | 5,112 | |||||
2,000 | Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, Series A, 5.25% due 11/15/2031 (c) | 2,104 | ||||
5,000 | Metropolitan Transportation Authority, New York, Service Contract Revenue Refunding Bonds, Series A, | |||||
5.125% due 1/01/2029 | 5,167 | |||||
1,420 | New York City, New York, City Housing Development Corporation, M/F Housing Revenue Bonds, AMT, | |||||
Series J-2, 4.75% due 11/01/2027 | 1,367 | |||||
980 | New York City, New York, City IDA, Mortgage Revenue Bonds (Eger Harbor House Inc. Project), Series A, | |||||
4.95% due 11/20/2032 (e) | 984 | |||||
975 | New York City, New York, City IDA, Mortgage Revenue Bonds (Eger Harbor House Inc. Project), Series A, | |||||
5.875% due 5/20/2044 (e) | 1,063 | |||||
500 | New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium Project), | |||||
5% due 1/01/2039 (b) | 516 | |||||
2,250 | New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium Project), | |||||
5% due 1/01/2046 (b) | 2,306 | |||||
1,000 | New York City, New York, City IDA, Revenue Bonds (IAC/InterActiveCorp Project), 5% due 9/01/2035 | 923 |
Portfolio Abbreviations | ||||
To simplify the listings of BlackRock New York Municipal Income Trust II's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below. | ||||
AMT | Alternative Minimum Tax (subject to) | M/F | Multi-Family | |
COP | Certificates of Participation | PILOT | Payment in Lieu of Taxes | |
GO | General Obligation Bonds | TFABS | Tobacco Flexible Amortization Bonds | |
IDA | Industrial Development Authority | |||
IDR | Industrial Development Revenue Bonds |
1
BlackRock New York Municipal Income Trust II | ||
Schedule of Investments as of November 30, 2007 (Unaudited) |
(in Thousands) |
Face | ||||||
Amount | Municipal Bonds |
Value |
||||
$ | 1,600 | New York City, New York, City IDA, Special Facility Revenue Bonds | ||||
(American Airlines, Inc. - JFK International Airport), AMT, 7.625% due 8/01/2025 | $ | 1,753 | ||||
1,500 | New York City, New York, City IDA, Special Facility Revenue Bonds | |||||
(Continental Airlines Inc. Project), AMT, 7.75% due 8/01/2031 | 1,652 | |||||
1,100 | New York City, New York, City Municipal Water Finance Authority, Second General Resolution, Water and Sewer System | |||||
Revenue Bonds, Series AA, 4.50% due 6/15/2037 (k) | 1,074 | |||||
450 | New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, | |||||
Series A, 4.25% due 6/15/2039 (d) | 420 | |||||
5,000 | New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds, | |||||
Series A, 5.125% due 6/15/2034 | 5,143 | |||||
5,000 | New York City, New York, City Transit Authority, Metropolitan Transportation Authority, Triborough COP, | |||||
Series A, 5.25% due 1/01/2010 (b)(g) | 5,254 | |||||
500 | New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-1, | |||||
5% due 7/15/2031 (c) | 524 | |||||
3,000 | New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-2, | |||||
4.50% due 1/15/2031 (c) | 2,974 | |||||
250 | New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-2, | |||||
4.25% due 1/15/2034 (c) | 237 | |||||
5,000 | New York City, New York, City Transitional Finance Authority, Future Tax Secured, | |||||
Revenue Refunding Bonds, Series B, 5% due 11/01/2027 | 5,193 | |||||
1,500 | New York City, New York, GO, Series A, 5% due 8/01/2030 | 1,534 | ||||
4,000 | New York City, New York, GO, Series B, 5.75% due 12/01/2011 (g) | 4,379 | ||||
1,500 | New York City, New York, IDA, Civic Facility Revenue Bonds (Lycee Francais de New York Project), Series A, 5.375% due | |||||
6/01/2023 (a) | 1,478 | |||||
1,000 | New York City, New York, IDA, Civic Facility Revenue Refunding Bonds (Polytechnic University), | |||||
5.25% due 11/01/2037 (a) | 908 | |||||
3,000 | New York Convention Center Development Corporation, New York, Revenue Bonds (Hotel Unit Fee Secured), | |||||
5% due 11/15/2035 (b) | 3,110 | |||||
2,535 | New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, 6% due 6/01/2043 | 2,599 | ||||
675 | New York Liberty Development Corporation Revenue Bonds (National Sports Museum Project), Series A, | |||||
6.125% due 2/15/2019 | 678 | |||||
1,500 | New York State Dormitory Authority, Mortgage Hospital Revenue Bonds (Saint Barnabas Hospital), Series A, | |||||
5% due 2/01/2031 (b)(m) | 1,535 | |||||
500 | New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (Manhattan College), Series B, 5.30% due | |||||
7/01/2037 (n) | 500 | |||||
530 | New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds | |||||
(New York University Hospitals Center), Series B, 5.625% due 7/01/2037 | 519 | |||||
250 | New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds | |||||
(School District Financing Program), Series A, 5% due 10/01/2035 (d) | 261 |
2
BlackRock New York Municipal Income Trust II | ||
Schedule of Investments as of November 30, 2007 (Unaudited) |
(in Thousands) |
Face | ||||||
Amount | Municipal Bonds |
Value |
||||
$ |
500 | New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds | ||||
(Mount Sinai School of Medicine of New York University), 5% due 7/01/2035 (k) | $ | 522 | ||||
2,500 | New York State Dormitory Authority Revenue Bonds (Brooklyn Law School), Series B, 5.125% due 7/01/2030 (l) | 2,585 | ||||
1,425 | New York State Dormitory Authority Revenue Bonds (New School University), 5% due 7/01/2031 (k) | 1,454 | ||||
2,000 | New York State Dormitory Authority, Revenue Refunding Bonds (Kateri Residence), 5% due 7/01/2022 | 2,071 | ||||
2,000 | New York State Dormitory Authority, Revenue Refunding Bonds (Mount Saint Mary College Project), | |||||
5% due 7/01/2032 | 1,958 | |||||
5,500 | New York State Energy Research and Development Authority, Facilities Revenue Bonds | |||||
(Consolidated Edison Company of New York, Inc. Project), AMT, 4.70% due 6/01/2036 | 5,503 | |||||
1,500 | New York State Energy Research and Development Authority, Gas Facilities Revenue Refunding Bonds | |||||
(Brooklyn Union Gas Company/Keyspan), AMT, Series A, 4.70% due 2/01/2024 (c) | 1,495 | |||||
2,000 | New York State Urban Development Corporation, Personal Income Tax Revenue Bonds, Series B, 5% due 3/15/2035 | 2,072 | ||||
3,500 | Port Authority of New York and New Jersey, Special Obligation Revenue Bonds | |||||
(Continental Airlines, Inc. - LaGuardia Project), AMT, 9.125% due 12/01/2015 | 3,628 | |||||
450 | Suffolk County, New York, IDA, Continuing Care and Retirement, Revenue Refunding Bonds | |||||
(Jeffersons Ferry Project), 5% due 11/01/2028 | 421 | |||||
2,500 | Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson), AMT, 5.25% due 6/01/2027 | 2,521 | ||||
8,000 | TSASC, Inc., New York, TFABS, Series 1, 5.75% due 7/15/2012 (g) | 8,838 | ||||
150 | Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, Series A, 5% due 1/01/2032 | 153 | ||||
Puerto Rico - 8.5% | 500 | Children's Trust Fund Project of Puerto Rico, Tobacco Settlement Revenue Refunding Bonds, | ||||
5.625% due 5/15/2043 | 492 | |||||
2,000 | Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds, | |||||
Series D, 5.375% due 7/01/2012 (g) | 2,178 | |||||
3,000 | Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds, | |||||
Series N, 5.25% due 7/01/2039 (c) | 3,178 | |||||
5,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds, Series A, 5.14% due 8/01/2054 (h)(b) | 451 | ||||
Total Municipal Bonds (Cost - $109,773) - 153.4% | 113,403 | |||||
Corporate Bonds | ||||||
Multi-State - 5.8% | 500 | Charter Mac Equity Issuer Trust, 5.75% due 4/30/2015 (j) | 536 | |||
1,500 | Charter Mac Equity Issuer Trust, 6% due 4/30/2015 (j) | 1,598 | ||||
1,000 | Charter Mac Equity Issuer Trust, 6% due 4/30/2019 (j) | 1,093 | ||||
1,000 | Charter Mac Equity Issuer Trust, 6.30% due 4/30/2019 (j) | 1,088 | ||||
Total Corporate Bonds (Cost - $4,000) - 5.8% | 4,315 |
3
BlackRock New York Municipal Income Trust II | ||
Schedule of Investments as of November 30, 2007 (Unaudited) |
(in Thousands) |
Shares | ||||||
Held | Short-Term Securities |
Value |
||||
415 | CMA New York Municipal Money Fund, 3.07% (f)(i) | $ | 415 | |||
Total Short-Term Securities (Cost - $415) - 0.6% | 415 | |||||
Total Investments (Cost - $114,188*) - 159.8% | 118,133 | |||||
Other Assets Less Liabilities - 0.6% | 463 | |||||
Preferred Shares, at Redemption Value - (60.4%) | (44,660 | ) | ||||
Net Assets Applicable to Common Shares - 100.0% | $ | 73,936 |
* |
The cost and unrealized appreciation (depreciation) of investments as of November 30, 2007, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ |
114,027 | |
Gross unrealized appreciation | $ |
4,707 | |
Gross unrealized depreciation | (601 | ) | |
Net unrealized appreciation | $ |
4,106 |
(a) |
ACA Insured. |
(b) |
AMBAC Insured. |
(c) |
FGIC Insured. |
(d) |
FSA Insured. |
(e) |
GNMA Collateralized. |
(f) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Affiliate | Net Activity | Dividend Income | |
CMA New York Municipal Money Fund | (496) | $5 |
(g) |
Prerefunded. |
(h) |
Represents as zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(i) |
Represents the current yield as of November 30, 2007. |
(j) |
The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. |
(k) |
MBIA Insured. |
(l) |
XL Capital Insured. |
(m) |
FHA Insured. |
(n) |
Radian Insured. |
4
BlackRock New York Municipal Income Trust II | ||
Schedule of Investments as of November 30, 2007 (Unaudited) |
(in Thousands) |
• Forward interest rate swaps outstanding as of November 30, 2007 were as follows:
Notional | Unrealized | |||||
Amount | Depreciation | |||||
Pay a fixed rate of 4.026% and receive a floating rate based on 1-week | ||||||
(SIFMA) Municipal Swap Index rate | ||||||
Broker, Citibank N.A. | ||||||
Expires December 2032 | $ | 3,500 |
$ | (153 | ) | |
Pay a fixed rate of 4.065% and receive a floating rate based on 1-week | ||||||
(SIFMA) Municipal Swap Index rate | ||||||
Broker, Citibank N.A. | ||||||
Expires December 2037 | $ | 2,500 |
(120 | ) | ||
Total | $ | (273 | ) |
5
Item 2 | Controls and Procedures |
2(a) | The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective 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 and Exchange Act of 1934, as amended. |
2(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 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/
Donald C. Burke |