PIMCO NEW YORK MUNICIPAL INCOME FUND II

Regulatory Filings • Oct 21, 2005

N-Q 1 c39376_nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION	OMB APPROVAL
Washington, DC 20549	OMB Number: 3235-0578
	Expires: February 28, 2006
FORM N-Q	Estimated average burden
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-21078

Registrant Name: PIMCO New York Municipal Income Fund II

Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105

Name and Address of Agent for Service: Lawrence G. Altadonna – 1345 Avenue of the Americas New York, New York 10105

Registrant’s telephone number, including area code: 212-739-3371

Date of Fiscal Year End: 5/31/06

Date of Reporting Period: 8/31/05

Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 ( §§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1 -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments PIMCO New York Municipal Income Fund II Schedule of Investments August 31, 2005 (unaudited)

Principal — Amount		Credit Rating
(000)		(Moody's/S&P)	Value*
NEW YORK MUNICIPAL BONDS & NOTES—82.5%
	Buffalo Municipal Water Finance Auth., Water System Rev. Ser. B (FSA),
$250	5.00%, 7/1/27	Aaa/AAA	$265,393
1,000	5.125%, 7/1/32	Aaa/AAA	1,062,830
5,000	City of New York, GO, 5.00%, 6/1/33, Ser. O	A1 /A+	5,267,550
2,130	City of Yonkers, GO, 5.00%, 8/1/35, Ser. B (MBIA)	Aaa/AAA	2,282,870
10,000	Erie Cnty. Tobacco Asset Securitization Corp. Rev.,
	6.50%, 7/15/32 (Pre-refunded
@ %101, 7/15/10) (a)	Ba1 /AAA	11,568,900
	Metropolitan Transportation Auth. Rev.,
1,850	5.00%, 11/15/30, Ser. A (FSA)	Aaa/AAA	1,951,510
10,000	5.25%, 11/15/31, Ser. E	A2 /A	10,773,900
7,000	Metropolitan Transportation Auth. Service
	Contract Rev., 5.35%, 7/1/31, Ser. B	A2 /AAA	7,580,440
4,000	New York City, GO, 5.00%, 3/1/33,
Ser. I	A1 /A+	4,185,400
	New York City Health & Hospital Corp. Rev.,
Ser. A,
1,100	5.375%, 2/15/26	A2/BBB+	1,157,673
2,000	5.45%, 2/15/26	A2/BBB+	2,123,540
	New York City Industrial Dev.
Agcy., Civic Fac. Rev.,
1,500	Staten Island
Univ. Hospital, 5.00%, 7/1/27	Aa2 /NR	1,617,405
1,235	United Jewish
Appeal Fed., 6.45%, 7/1/32	B2 /NR	1,263,170
1,000	New York City Industrial Dev. Agcy. Rev., Eger Harbor,
	4.95%, 11/20/32 (GNMA)	NR/AA+	1,051,650
3,055	New York City Municipal Water Finance Auth.,
	Water & Sewer System Rev., 4.75%, 6/15/25, Ser. D (MBIA-IBC)	Aaa/AAA	3,122,546
10,000	New York City Transitional Finance Auth. Rev.,
	5.00%, 11/1/27, Ser. B	Aa1 /AAA	10,622,600
3,600	Port Auth. of New York & New Jersey Rev.,
	5.00%, 4/15/32, Ser. 125 (FSA)	Aaa/AAA	3,826,188
	Sachem Central School Dist. of Holbrook, GO (MBIA),
3,445	5.00%, 6/15/28	Aaa/AAA	3,692,075
2,895	5.00%, 6/15/29	Aaa/AAA	3,098,634
7,500	State Dormitory Auth. Lease Rev., State Univ.
	Dormitory Facs., 5.00%, 7/1/32
(Pre-refunded @ $100, 7/1/12) (a)	A1 /AA-	8,272,575
	State Dormitory Auth. Rev.,
2,600	Catholic Health of Long Island, 5.10%, 7/1/34	Baa1/BBB	2,697,032
4,315	Court Facs. Lease, 5.50%,
5/15/32 (AMBAC)	Aaa/AAA	5,241,517
2,000	Kaleida Health Hospital, 5.05%, 2/15/25 (FHA)	NR/AAA	2,146,180
5,300	Lenox Hill Hospital, 5.50%, 7/1/30	Baa2/NR	5,550,849
1,400	Long Island Univ., 5.25%, 9/1/28 (Radian)	Baa3/AA	1,481,396
8,850	North General Hospital, 5.00%, 2/15/25	NR/AA-	9,275,154
3,225	NY & Presbyterian Hospital Rev., 4.75%, 8/1/27 (AMBAC-FHA)	Aaa/AAA	3,295,692
3,000	NYSARC, 5.00%, 7/1/34, Ser. A (FSA)	NR/AAA	3,203,760
5,000	Saint Barnabas Hospital, 5.00%, 2/1/31, Ser. A (FHA-AMBAC)	Aaa/AAA	5,243,450
1,500	Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1	Aa2 /AA	1,564,965
8,600	State Personal Income Tax ,
	5.00%, 3/15/32 (Pre-refunded
@ $100, 3/15/13)(a)	A1 /AA	9,500,764
1,250	Student Housing Corp., 5.125%, 7/1/34 (FGIC)	Aaa/AAA	1,346,825
4,270	Teachers College, 5.00%, 7/1/32 (MBIA)	Aaa/NR	4,498,957
2,000	Yeshiva Univ., 5.125%, 7/1/34 (AMBAC)	Aaa/NR	2,154,920

PIMCO New York Municipal Income Fund II Schedule of Investments August 31, 2005 (unaudited)

Principal — Amount		Credit Rating
(0000)		(Moody's/S&P)	Value*
$2,000	State Environmental Facs. Corp., State Clean
	Water & Drinking Rev., 5.125%, 6/15/31	Aaa/AAA	$2,132,260
5,000	State Municipal Board Bank Agcy. Special School
	Purpose Rev., 5.00%, 6/1/23, Ser. C	NR/A+	5,271,700
6,100	State Urban Dev. Corp. Personal Income Tax Rev.,
	5.00%, 3/15/33, Ser. C-1 (Pre-refunded @ $100, 3/15/13)(a)	A1 /AA	6,738,914
	Tobacco Settlement Asset Backed, Inc. Rev., Ser.
1,
25,000	5.75%, 7/15/32	Baa3/BBB	26,477,000
10,000	6.375%, 7/15/39	Baa3/BBB	10,627,600
4,700	Triborough Bridge & Tunnel Auth. Rev., 5.00%,
	1/1/32, Ser. A (FGIC-TCRS)	Aaa/AAA	4,935,799
2,000	Warren & Washington Cnty. Industrial Dev. Agcy.
	Fac. Rev., Glens Falls Hospital, 5.00%, 12/1/35, Ser. A (FSA)	Aaa/AAA	2,110,300
750	Westchester Cnty. Industrial Dev. Agcy.
	Continuing Care Retirement Rev., Kendal on Hudson, 6.50%, 1/1/34	NR/NR	787,710
	Total New York Municipal Bonds & Notes (cost—$187,157,656)		201,069,593
OTHER MUNICIPAL BONDS & NOTES—5.1%
	California—1.6%
	Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA),
3,500	zero coupon, 8/1/24	Aaa/AAA	1,500,835
3,000	zero coupon, 8/1/25	Aaa/AAA	1,220,550
3,130	Covina Valley Unified School Dist., GO,
	zero coupon, 6/1/25, Ser. B (FGIC)	Aaa/AAA	1,283,050
			4,004,435
	Colorado—0.1%
210	Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A	Aaa/NR	99,238
	Puerto Rico—3.4%
5,675	Children's Trust Fund Tobacco Settlement Rev.,
	5.625%, 5/15/43	Baa3/BBB	5,933,212
1,500	Commonwealth Highway & Transportation Auth. Rev.,
	5.25%, 7/1/38, Ser. D	Baa2/A	1,590,630
750	Electric Power Auth. Power Rev., 5.125%, 7/1/29, Ser. NN	A3 /A-	796,815
			8,320,657
	Total Other Municipal Bonds & Notes (cost—$11,315,410)		12,424,330
NEW YORK VARIABLE RATE NOTES (b)(c)(d) —9.3%
6,994	Long Island Power Auth. Electric System Rev.,
	12.84%, 12/1/26, Ser. 339 (MBIA-IBC)	Aaa/NR	8,566,181
	New York City Municipal Water Finance Auth., Water & Sewer Syst. Rev.,
1,250	10.599%, 6/15/32	NR/NR	1,479,000
3,750	11.099%, 6/15/34	NR/NR	4,687,050

PIMCO New York Municipal Income Fund II Schedule of Investments August 31, 2005 (unaudited)

Principal — Amount		Credit Rating
(000)		(Moody's/S&P)	Value*
$1,950	New York City Trust for Cultural Resources Rev.,
	10.585%, 2/1/34, (FGIC)	NR/NR	$2,415,075
2,475	State Dormitory Authority Rev., 10.291%, 5/15/31 (AMBAC)	NR/AAA	4,062,911
1,250	State Dormitory Authority Rev., Drivers,
	11.697%, 6/1/13, Ser. 931 (Radian)	Aa3/NR	1,515,850
	Total New York Variable Rate Notes (cost—$20,871,131)		22,726,067
OTHER VARIABLE RATE NOTES (b)(c)(d) —1.9%
	California—1.0%
1,800	State Economic Recovery, GO, 15.495%, 1/1/10, Ser.
935	Aa3/NR	2,576,250
	Puerto Rico—0.9%
1,900	Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A	Baa3/BBB	2,107,594
	Total Other Variable Rate Notes (cost—$4,412,748)		4,683,844
NEW YORK VARIABLE RATE DEMAND NOTES (d)(e) —0.3%
700	City of New York, GO, 2.30%, 9/1/05	VMIG1/A-1+	700,000
100	New York City Transitional
Finance Auth., GO, 2.25%, 9/1/05	VMIG1/A-1	100,000
	Total New York Variable Rate Demand Notes (cost—$800,000)		800,000
U.S. TREASURY BILLS (f) —1.0%
2,505	2.92%-3.28%,9/1/05-9/15/05 (cost—$2,502,347)		2,502,119
	Total Investments
before options written (cost—$227,059,292 )—100.1%		244,205,953
OPTIONS WRITTEN (g) — (0.1)%
Contracts
	CALL OPTIONS—(0.1)%
	U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
157	strike price $112, expires 11/22/05		(176,625	)
199	strike price $113, expires 11/22/05		(136,812	)
			(313,437	)
	PUT OPTIONS—(0.0)%
	U.S. Treasury Notes 5 yr. Futures, Chicago Board of Trade,
263	strike price $105.50, expires 11/22/05		(16,437	)
233	strike price $106, expires 11/22/05		(21,844	)
			(38,281	)
	Total Options Written (premiums received—$239,950)		(351,718	)
	Total Investments net of options written (cost-$226,819,342) — 100.0%		$243,854,235

Other Investments: Futures contracts outstanding at August 31, 2005:

		Notional — Amount		Expiration	Unrealized — Appreciation
Type		(000)		Date	(Depreciation)
Long:	U.S.
Treasury 5 Year Note	$(23,300	)	12/20/05	$269,406
Short:	U.S. Treasury 20 Year Bond	(18,600	)	9/21/05	(326,203	)
	U.S. Treasury 20 Year Bond	(5,400	)	12/20/05	(18,563	)
					$(75,360	)

| * | Portfolio
securities and other financial instruments for which market quotations
are readily available are stated at market value. Portfolio securities
and other financial instruments for which market quotations are not
readily available or if a development/event occurs that may significantly
impact the value of a security, maybe fair-valued, in good faith, pursuant
to guidelines established by the Board of Trustees. The Fund’s investments
are valued daily by an independent pricing service. The independent pricing
service uses information provided by market makers or estimates of market
values obtained from yield data relating to investments or securities with
similar characteristics. Exchange traded options and futures, are valued
at the settlement price determined by the relevant exchange. Short-term investments
maturing in 60 days or less are valued at amortized cost, if their original
maturity was 60 days or less, or by amortizing their value on the 61 st day
prior to maturity, if the original term to maturity exceeded 60 days. The
prices used by the Fund to value securities may differ from the value that
would be realized if the securities were sold. The Fund’s net asset
value is determined daily at the close of regular trading (normally 4:00
p.m. Eastern time) on the New York Stock Exchange. |
| --- | --- |
| (a) | Pre-refunded bonds — collateralized
by U.S. Government or other eligible securities which are held in escrow
and used to pay principal and interest and retire the bonds at the
earliest refunding date. |
| (b) | 144A Security - Security exempt from registration,
under Rule 144A of the Securities Act of 1933. These securities may be resold
in transactions exempt from registration, typically only to qualified institutional
buyers. Unless otherwise indicated, these securities are not considered to be illiquid. |
| (c) | Residual Interest Municipal Bonds. The interest
rate shown bears an inverse relationship to the interest rate on another security
or the value of an index. |
| (d) | Variable Rate Notes — Instruments
whose interest rates change on a specified date (such as a coupon date
or interest payment date) and/or whose interest rates vary with changes
in a designated base rate (such as the prime interest rate). The rate shown is the rate in effect of August 31, 2005. |
| (e) | Maturity date shown
is date of next call. |
| (f) | All or partial amount segregated as initial margin
on futures contracts. |
| (g) | Non-income producing. |
| Glossary: AMBAC — insured by American Municipal
Bond Assurance Corp. FGIC — insured by Financial Guaranty
Insurance Co. FHA — insured by Federal Housing Administration FSA — insured by Financial Security Assurance,
Inc. GNMA — insured by Government National
Mortgage Association GO — General Obligation Bond IBC — Insurance Bond Certificate MBIA — insured by Municipal Bond Investors
Assurance NR — Not Rated Radian — insured by Radian Guaranty,
Inc. TCRS — insured by Temporary Custodian
Receipts | |

Item 2. Controls and Procedures

(a) The registrant's President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant's internal controls or in factors that could affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits

(a) Exhibit 99.302 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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: New York Municipal Income Fund II

By /s/ Brian S. Shlissel President & Chief Executive Officer

Date: October 21, 2005

By /s/ Lawrence G. Altadonna Treasurer, Principal Financial & Accounting Officer

Date: October 21, 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 dated indicated.

By /s/ Brian S. Shlissel President & Chief Executive Officer

Date: October 21, 2005

By /s/ Lawrence G. Altadonna Treasurer, Principal Financial & Accounting Officer

Date: October 21, 2005