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
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2008 – 11/30/2008
Item 1 – Schedule of Investments
| BlackRock New York Municipal Income Trust II | |||||||
| Schedule of Investments November 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
| Par | ||||||
| Municipal Bonds | (000 | ) | Value | |||
| New York - 155.6% | Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant | |||||
| Charter School Project), Series A, 7%, 5/01/25 | $ | 345 | $ | 237,184 | ||
| Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant | ||||||
| Charter School Project), Series A, 7%, 5/01/35 | 220 | 143,807 | ||||
| Clarence, New York, IDA, Civic Facility Revenue Bonds (Bristol Village | ||||||
| Project), 6%, 1/20/44 (a) | 1,700 | 1,644,104 | ||||
| Dutchess County, New York, IDA, Civic Facility Revenue Bonds (Vassar | ||||||
| College Project), 5.35%, 8/01/11 (b) | 4,000 | 4,384,040 | ||||
| Dutchess County, New York, IDA, Civic Facility Revenue Refunding | ||||||
| Bonds (Bard College), Series A-2, 4.50%, 8/01/36 | 755 | 542,618 | ||||
| Essex County, New York, IDA, Environmental Improvement Revenue | ||||||
| Bonds (International Paper Company Project), AMT, Series A, 6.625%, | ||||||
| 9/01/32 | 200 | 143,834 | ||||
| Essex County, New York, IDA, Solid Waste Disposal, Revenue Refunding | ||||||
| Bonds (International Paper Company), AMT, Series A, 5.50%, 10/01/26 | 625 | 386,444 | ||||
| Genesee County, New York, IDA, Civic Facility Revenue Refunding | ||||||
| Bonds (United Memorial Medical Center Project), 5%, 12/01/27 | 250 | 158,272 | ||||
| Geneva, New York, IDA, Civic Facility Revenue Refunding Bonds | ||||||
| (Hobart and William Smith Project), Series A, 5.375%, 2/01/33 | 3,250 | 3,055,293 | ||||
| Herkimer County, New York, IDA, Civic Facility Revenue Bonds | ||||||
| (Herkimer College Foundation, Inc.), 6.25%, 8/01/34 | 385 | 295,380 | ||||
| Long Island Power Authority, New York, Electric System Revenue | ||||||
| Bonds, 5.04%, 6/01/28 (c)(d) | 3,515 | 1,088,525 | ||||
| Metropolitan Transportation Authority, New York, Dedicated Tax Fund | ||||||
| Revenue Refunding Bonds, Series A, 5%, 11/15/30 | 5,000 | 4,344,600 | ||||
| Metropolitan Transportation Authority, New York, Revenue Bonds, | ||||||
| Series C, 6.50%, 11/15/28 | 750 | 780,075 | ||||
| Metropolitan Transportation Authority, New York, Revenue Refunding | ||||||
| Bonds, Series A, 5.25%, 11/15/31 (e)(f) | 1,250 | 1,112,563 | ||||
| Metropolitan Transportation Authority, New York, Service Contract | ||||||
| Revenue Refunding Bonds, Series A, 5.125%, 1/01/29 | 5,000 | 4,466,050 | ||||
| Metropolitan Transportation Authority, New York, Transportation | ||||||
| Revenue Refunding Bonds, Series F, 5%, 11/15/35 | 500 | 421,295 | ||||
| New York City, New York, City Housing Development Corporation, M/F | ||||||
| Housing Revenue Bonds, AMT, Series J-2, 4.75%, 11/01/27 | 1,420 | 1,096,283 | ||||
| New York City, New York, City IDA, Mortgage Revenue Bonds (Eger | ||||||
| Harbor House, Inc. Project), Series A, 4.95%, 11/20/32 (a) | 980 | 831,991 | ||||
| New York City, New York, City IDA, Mortgage Revenue Bonds (Eger | ||||||
| Harbor House, Inc. Project), Series A, 5.875%, 5/20/44 (a) | 975 | 928,658 | ||||
| New York City, New York, City IDA, PILOT Revenue Bonds (Queens | ||||||
| Baseball Stadium Project), 5%, 1/01/39 (g) | 500 | 375,630 | ||||
| Portfolio Abbreviations | ||||||
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the list below.
| AMT | Alternative Minimum Tax (subject to) | IDR | Industrial Development Revenue Bonds | |
| COP | Certificates of Participation | M/F | Multi-Family | |
| GO | General Obligation Bonds | PILOT | Payment in Lieu of Taxes | |
| IDA | Industrial Development Authority | TFABS | Tobacco Flexible Amortization Bonds |
1
| BlackRock New York Municipal Income Trust II | |||||||
| Schedule of Investments November 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
| Par | ||||||
| Municipal Bonds | (000 | ) | Value | |||
| New York City, New York, City IDA, PILOT Revenue Bonds (Queens | ||||||
| Baseball Stadium Project), 5%, 1/01/46 (g) | $ | 2,050 | $ | 1,493,220 | ||
| New York City, New York, City IDA, Revenue Bonds | ||||||
| (IAC/InterActiveCorp Project), 5%, 9/01/35 | 1,000 | 628,130 | ||||
| New York City, New York, City IDA, Special Facility Revenue Bonds | ||||||
| (American Airlines, Inc. - JFK International Airport), AMT, 7.625%, | ||||||
| 8/01/25 | 1,600 | 1,124,240 | ||||
| New York City, New York, City IDA, Special Facility Revenue Bonds | ||||||
| (Continental Airlines, Inc. Project), AMT, 7.75%, 8/01/31 | 1,500 | 1,029,915 | ||||
| New York City, New York, City Municipal Water Finance Authority, | ||||||
| Second General Resolution, Water and Sewer System Revenue Bonds, | ||||||
| Series AA, 4.50%, 6/15/37 (f) | 850 | 681,284 | ||||
| New York City, New York, City Municipal Water Finance Authority, | ||||||
| Water and Sewer System Revenue Bonds, Series A, 5.75%, 6/15/40 | 250 | 250,775 | ||||
| New York City, New York, City Municipal Water Finance Authority, | ||||||
| Water and Sewer System, Revenue Refunding Bonds, Series A, 5.125%, | ||||||
| 6/15/34 | 5,000 | 4,685,600 | ||||
| New York City, New York, City Transit Authority, Metropolitan | ||||||
| Transportation Authority, Triborough COP, Series A, 5.25%, | ||||||
| 1/01/10 (b)(g) | 5,000 | 5,246,900 | ||||
| New York City, New York, City Transitional Finance Authority, Building | ||||||
| Aid Revenue Bonds, Series S-2, 4.50%, 1/15/31 (e)(f) | 2,500 | 1,984,200 | ||||
| New York City, New York, City Transitional Finance Authority, Building | ||||||
| Aid Revenue Bonds, Series S-2, 4.25%, 1/15/34 (e)(f) | 250 | 180,665 | ||||
| New York City, New York, City Transitional Finance Authority, Building | ||||||
| Aid Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38 | 500 | 383,550 | ||||
| New York City, New York, City Transitional Finance Authority, Future | ||||||
| Tax Secured, Revenue Refunding Bonds, Series B, 5%, 11/01/27 | 5,000 | 4,821,950 | ||||
| New York City, New York, GO, Series B, 5.75%, 12/01/11 (b) | 3,000 | 3,320,670 | ||||
| New York City, New York, IDA, Civic Facility Revenue Bonds (Lycee | ||||||
| Francais de New York Project), Series A, 5.375%, 6/01/23 (h) | 1,500 | 1,211,910 | ||||
| New York City, New York, IDA, Civic Facility Revenue Refunding Bonds | ||||||
| (Polytechnic University), 5.25%, 11/01/37 (h) | 460 | 324,042 | ||||
| New York Convention Center Development Corporation, New York, | ||||||
| Revenue Bonds (Hotel Unit Fee Secured), 5%, 11/15/35 (g) | 3,000 | 2,527,770 | ||||
| New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through | ||||||
| Bonds, 6%, 6/01/43 | 2,535 | 2,045,821 | ||||
| New York Liberty Development Corporation Revenue Bonds (National | ||||||
| Sports Museum Project), Series A, 6.125%, 2/15/19 (i)(j) | 675 | 80,595 | ||||
| New York State Dormitory Authority, Mortgage Hospital Revenue Bonds | ||||||
| (Saint Barnabas Hospital), Series A, 5%, 2/01/31 (g)(k) | 1,500 | 1,237,515 | ||||
| New York State Dormitory Authority, Non-State Supported Debt, Lease | ||||||
| Revenue Bonds (Municipal Health Facilities Improvement | ||||||
| Program), Sub-Series 2-4, 4.75%, 1/15/30 | 1,000 | 855,610 | ||||
| New York State Dormitory Authority, Non-State Supported Debt | ||||||
| Revenue Bonds (Manhattan College), Series B, 5.30%, 7/01/37 (l) | 250 | 200,085 | ||||
| New York State Dormitory Authority, Non-State Supported Debt | ||||||
| Revenue Bonds (New York Hospital Medical Center of Queens), 4.75%, | ||||||
| 2/15/37 (k) | 315 | 240,156 |
2
| BlackRock New York Municipal Income Trust II | |||||||
| Schedule of Investments November 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
| Par | ||||||
| Municipal Bonds | (000 | ) | Value | |||
| New York State Dormitory Authority, Non-State Supported Debt | ||||||
| Revenue Bonds (New York University Hospitals Center), Series B, | ||||||
| 5.625%, 7/01/37 | $ | 530 | $ | 376,978 | ||
| New York State Dormitory Authority, Non-State Supported Debt | ||||||
| Revenue Bonds (Rochester Institute of Technology), Series A, 6%, | ||||||
| 7/01/33 | 625 | 610,831 | ||||
| New York State Dormitory Authority, Non-State Supported Debt, | ||||||
| Revenue Refunding Bonds (Mount Sinai School of Medicine of New York | ||||||
| University), 5%, 7/01/35 (f) | 500 | 421,710 | ||||
| New York State Dormitory Authority, Non-State Supported Debt, | ||||||
| Revenue Refunding Bonds (School Districts Financing Program), | ||||||
| Series B, 5%, 4/01/36 (c) | 750 | 669,105 | ||||
| New York State Dormitory Authority Revenue Bonds (Brooklyn Law | ||||||
| School), Series B, 5.125%, 7/01/30 (m) | 2,000 | 1,648,960 | ||||
| New York State Dormitory Authority Revenue Bonds (New School | ||||||
| University), 5%, 7/01/31 (f) | 1,425 | 1,232,511 | ||||
| New York State Dormitory Authority, Revenue Refunding Bonds (Kateri | ||||||
| Residence), 5%, 7/01/22 | 2,000 | 1,907,820 | ||||
| New York State Dormitory Authority, State Personal Income Tax | ||||||
| Revenue Bonds (Education), Series B, 5.75%, 3/15/36 | 300 | 302,757 | ||||
| New York State Dormitory Authority, State Personal Income Tax | ||||||
| Revenue Bonds (Education), Series B, 5.25%, 3/15/38 | 250 | 236,080 | ||||
| New York State Dormitory Authority, State Supported Debt Revenue | ||||||
| Bonds (Mental Health Services Facilities), Series A, 5%, 2/15/33 (c) | 700 | 625,065 | ||||
| New York State Energy Research and Development Authority, Facilities | ||||||
| Revenue Bonds (Consolidated Edison Company of New York, Inc. | ||||||
| Project), AMT, 4.70%, 6/01/36 | 5,500 | 5,419,040 | ||||
| New York State Energy Research and Development Authority, Gas | ||||||
| Facilities Revenue Refunding Bonds (Brooklyn Union Gas | ||||||
| Company/Keyspan), AMT, Series A, 4.70%, 2/01/24 (e) | 1,500 | 1,141,485 | ||||
| New York State Environmental Facilities Corporation, State Clean | ||||||
| Water and Drinking Water, Revenue Refunding Bonds (New York City | ||||||
| Municipal Water Finance Authority), Series A, 5%, 6/15/37 | 1,500 | 1,386,495 | ||||
| New York State Urban Development Corporation, Personal Income Tax | ||||||
| Revenue Bonds, Series B, 5%, 3/15/35 | 2,000 | 1,848,620 | ||||
| Port Authority of New York and New Jersey, Special Obligation | ||||||
| Revenue Bonds (Continental Airlines, Inc. - LaGuardia Project), AMT, | ||||||
| 9.125%, 12/01/15 | 3,310 | 3,314,469 | ||||
| Rensselaer County, New York, IDA, Civic Facility Revenue Bonds | ||||||
| (Rensselaer Polytechnic Institute), 5%, 3/01/36 | 2,000 | 1,713,980 | ||||
| Saratoga County, New York, IDA, Civic Facility Revenue Bonds (The | ||||||
| Saratoga Hospital Project), Series B, 5.25%, 12/01/32 | 350 | 256,788 | ||||
| Suffolk County, New York, IDA, Continuing Care and Retirement, | ||||||
| Revenue Refunding Bonds (Jeffersons Ferry Project), 5%, 11/01/28 | 450 | 317,619 | ||||
| Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson), AMT, | ||||||
| 5.25%, 6/01/27 | 2,500 | 1,925,425 |
3
| BlackRock New York Municipal Income Trust II | |||||||
| Schedule of Investments November 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
| Par | |||||||
| Municipal Bonds | (000 | ) | Value | ||||
| TSASC, Inc., New York, TFABS, Series 1, 5.75%, 7/15/12 (b) | $ | 5,000 | $ | 5,592,550 | |||
| Triborough Bridge and Tunnel Authority, New York, Revenue Refunding | |||||||
| Bonds, Series A, 5%, 1/01/32 | 150 | 137,684 | |||||
| 92,077,221 | |||||||
| Multi-State - 6.9% | Charter Mac Equity Issuer Trust, 5.75%, 4/30/15 (n)(o) | 500 | 503,525 | ||||
| Charter Mac Equity Issuer Trust, 6%, 4/30/15 (n)(o) | 1,500 | 1,553,250 | |||||
| Charter Mac Equity Issuer Trust, 6%, 4/30/19 (n)(o) | 1,000 | 991,080 | |||||
| Charter Mac Equity Issuer Trust, 6.30%, 4/30/19 (n)(o) | 1,000 | 1,011,760 | |||||
| 4,059,615 | |||||||
| Guam - 0.4% | Guam Economic Development and Commerce Authority, Tobacco | ||||||
| Settlement Asset-Backed Revenue Refunding Bonds, 5.625%, 6/01/47 | 375 | 264,176 | |||||
| Puerto Rico - 6.8% | Children's Trust Fund Project of Puerto Rico, Tobacco Settlement | ||||||
| Revenue Refunding Bonds, 5.625%, 5/15/43 | 500 | 357,535 | |||||
| Puerto Rico Commonwealth Highway and Transportation Authority, | |||||||
| Transportation Revenue Refunding Bonds, Series D, 5.375%, 7/01/12 | 2,000 | 2,175,480 | |||||
| Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, | |||||||
| Series VV, 5.25%, 7/01/29 (f) | 500 | 398,370 | |||||
| Puerto Rico Housing Financing Authority, Capital Funding Program, | |||||||
| Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27 | 1,000 | 923,950 | |||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue | |||||||
| Refunding Bonds, Series A, 5.14%, 8/01/54 (d)(g) | 5,000 | 170,450 | |||||
| 4,025,785 | |||||||
| Total Long-Term Investments | |||||||
| (Cost - $111,085,149) - 169.7% | 100,426,797 | ||||||
| Short-Term Securities | Shares | ||||||
| CMA New York Municipal Money Fund, 0.69% (p)(q) | 1,757,167 | 1,757,167 | |||||
| Total Short-Term Securities | |||||||
| (Cost - $1,757,167) - 3.0% | 1,757,167 | ||||||
| Total Investments (Cost - $112,842,316*) - 172.7% | 102,183,964 | ||||||
| Other Assets Less Liabilities - 2.8% | 1,659,011 | ||||||
| Preferred Shares, at Redemption Value - (75.5)% | (44,671,666 | ) | |||||
| Net Assets Applicable to Common Shares - 100.0% | $ | 59,171,309 |
| * | The cost and unrealized appreciation (depreciation) of investments as of November 30, 2008, |
| as computed for federal income tax purposes, were as follows: |
| Aggregate cost | $ | 112,680,637 | |||
| Gross unrealized appreciation | $ | 1,925,201 | |||
| Gross unrealized depreciation | (12,421,874 | ) | |||
| Net unrealized depreciation | $ | (10,496,673 | ) |
| (a) | GNMA Collateralized. |
| (b) | U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full |
| at the date indicated, typically at a premium to par. | |
| (c) | FSA Insured. |
| (d) | Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase. |
| (e) | FGIC Insured. |
| (f) | MBIA Insured. |
| (g) | AMBAC Insured. |
4
| BlackRock New York Municipal Income Trust II | |
| Schedule of Investments November 30, 2008 (Unaudited) | |
|
|
| (h) | ACA Insured. |
| (i) | Non-income producing security. |
| (j) | Issuer filed for bankruptcy and/or is in default of interest payments. |
| (k) | FHA Insured. |
| (l) | Radian Insured. |
| (m) | XL Capital Insured. |
| (n) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in |
| transactions exempt from registration to qualified institutional investors. | |
| (o) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt |
| revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is | |
| subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. | |
| (p) | Represents the current yield as of report date. |
| (q) | 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 | Income | ||
| CMA New York Municipal Money Fund | 910,733 | $ 11,108 |
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
Level 1 - price quotations in active markets/exchanges for identical securities
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs)
Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of November 30, 2008 in determining the fair valuation of the Trust's investments:
|
Valuation Inputs |
Investments in Securities |
||||
| Level 1 | $ | 1,757,167 | |||
| Level 2 | 100,426,797 | ||||
| Level 3 | - | ||||
| Total | $ | 102,183,964 |
5
Item 2 – Controls and Procedures
|
2 (a) – |
The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s 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 Exchange Act of 1934, as amended. |
2(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) 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 |
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
| By: | /s/ Donald C. Burke | |
| Donald C. Burke | ||
| Chief Executive Officer of | ||
| BlackRock New York Municipal Income Trust II | ||
Date: January 20, 2009
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 | |
| Donald C. Burke | ||
| Chief Executive Officer (principal executive officer) of | ||
BlackRock New York Municipal
Income Trust II |
||
Date: January 20, 2009
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock New York Municipal Income Trust II | ||
Date: January 20, 2009