PIMCO NEW YORK MUNICIPAL INCOME FUND II

Regulatory Filings • Oct 30, 2007

N-Q 1 c50687_nq.htm c50687_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q OMB APPROVAL OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response: 10.5

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: May 31, 2008

Date of Reporting Period: August 31, 2007

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, 2007 (unaudited) | | | |
| Principal | | | |
| Amount | | Credit Rating | |
| (000 ) | | (Moody's/S&P) | Value* |
| NEW YORK MUNICIPAL BONDS & NOTES—89.4% | | | |
| | Buffalo Municipal Water Finance Auth., Water System Rev., | | |
| | Ser. B (Pre-refunded @ $100, 7/1/12) (FSA)(a), | | |
| $250 | 5.00%, 7/1/27 | Aaa/AAA | $265,128 |
| 1,000 | 5.125%, 7/1/32 | Aaa/AAA | 1,065,990 |
| 2,400 | Erie Cnty. Industrial Dev. Agcy., Orchard Park Rev., 6.00%, 11/15/36 | NR/NR | 2,364,000 |
| | Erie Cnty. Tobacco Asset Securitization Corp. Rev., | | |
| 10,000 | 6.50%, 7/15/32, (Pre-refunded @ $101, 7/15/10) (a) | NR/AAA | 10,845,900 |
| | Liberty Dev. Corp. Rev., | | |
| 2,500 | 5.25%, 10/1/35 (g) | Aa3/AA- | 2,582,125 |
| 1,700 | 5.50%, 10/1/37 | Aa3/AA- | 1,820,360 |
| | Metropolitan Transportation Auth. Rev., | | |
| 1,850 | 5.00%, 11/15/30, Ser. A (FSA) | Aaa/AAA | 1,882,005 |
| 10,000 | 5.25%, 11/15/31, Ser. E | A2/A | 10,264,100 |
| 7,000 | 5.35%, 7/1/31, Ser. B | A1 /AAA | 7,233,450 |
| 4,130 | Mortgage Agcy. Rev., 4.75%, 10/1/27, Ser. 128 (g) | Aa1 /NR | 3,984,748 |
| 4,000 | New York City, GO, 5.00%, 3/1/33, Ser. I | Aa3/AA | 4,032,400 |
| | New York City Health & Hospital Corp. Rev., Ser. A, | | |
| 1,100 | 5.375%, 2/15/26 | A1 /A | 1,111,858 |
| 2,000 | 5.45%, 2/15/26 | A1/A | 2,037,000 |
| | New York City Industrial Dev. Agcy. Rev., | | |
| 975 | Eger Harbor, 4.95%, 11/20/32 (GNMA) | NR/AA+ | 943,556 |
| 1,415 | Liberty Interactive Corp., 5.00%, 9/1/35 | Baa3/BBB- | 1,326,025 |
| 1,220 | Staten Island Univ. Hospital, 6.45%, 7/1/32 | B2 /NR | 1,250,171 |
| 1,500 | United Jewish Appeal Fed., 5.00%, 7/1/27 | Aa1 /NR | 1,531,170 |
| | New York City Municipal Water Finance Auth., Water & Sewer System Rev., | | |
| 7,500 | 4.50%, 6/15/33, Ser. C (g) | NR/NR | 7,052,550 |
| 3,055 | 4.75%, 6/15/25, Ser. D (MBIA-IBC) | Aaa/AAA | 3,067,189 |
| 5,000 | 5.00%, 6/15/32, Ser. A (g) | Aa2 /AA+ | 5,051,000 |
| 15,000 | 5.125%, 6/15/34, Ser. A (g) | Aa2/AA+ | 15,288,150 |
| 10,000 | New York City Transitional Finance Auth. Rev., 5.00%, 11/1/27, Ser. B | Aa1 /AAA | 10,208,700 |
| 7,785 | New York City Trust for Cultural Res. Rev., 5.00%, 2/1/34 (FGIC)(g) | Aaa/AAA | 7,929,801 |
| 3,600 | Port Auth. New York & New Jersey Rev., 5.00%, 4/15/32, Ser. 125 (FSA) | Aaa/AAA | 3,691,440 |
| 7,500 | State Dormitory Auth. Lease Rev., State Univ. Dormitory Facs., | | |
| | 5.00%, 7/1/32, (Pre-refunded @ $100, 7/1/12) (a) | Aa3/AA- | 7,936,800 |
| | State Dormitory Auth. Rev., | | |
| 2,600 | Catholic Health of Long Island, 5.10%, 7/1/34 | Baa1/BBB | 2,461,784 |
| 7,490 | Court Facs., 5.50%, 5/15/31, Ser. A (AMBAC)(g) | NR/NR | 8,351,725 |
| 2,000 | Kaleida Health Hospital, 5.05%, 2/15/25 (FHA) | NR/AAA | 2,017,440 |
| 5,300 | Lenox Hill Hospital, 5.50%, 7/1/30 | Ba2/NR | 5,304,876 |
| | Long Island Univ. (Radian), | | |
| 1,320 | 5.25%, 9/1/28 | Aa3/AA | 1,310,034 |
| 80 | 5.25%, 9/1/28, (Pre-refunded @ $102, 9/1/09) (a) | Aa3/AA | 83,891 |
| 8,850 | North General Hospital, 5.00%, 2/15/25 | NR/AA- | 8,929,473 |
| 5,000 | Rochester Hospital, 5.00%, 12/1/35 (Radian)(g) | NR/NR | 4,571,100 |
| 1,500 | Sloan-Kettering Center Memorial, 5.00%, 7/1/34, Ser. 1 | Aa2/AA | 1,504,395 |
| 5,000 | St. Barnabas Hospital, 5.00%, 2/1/31, Ser. A (AMBAC-FHA) | Aaa/AAA | 5,095,500 |
| 8,600 | State Personal Income Tax, 5.00%, 3/15/32, (Pre-refunded @ $100, 3/15/13) (a) | Aa3/AAA | 9,140,940 |
| 1,250 | Student Housing Corp., 5.125%, 7/1/34, (Pre-refunded @ $100, 7/1/14) (FGIC)(a) | Aaa/AAA | 1,350,200 |
| 4,270 | Teachers College, 5.00%, 7/1/32 (MBIA) | Aaa/NR | 4,350,233 |
| 2,000 | Yeshiva Univ., 5.125%, 7/1/34 (AMBAC) | Aaa/NR | 2,061,940 |

| PIMCO New York Municipal
Income Fund II Schedule of Investments | | | |
| --- | --- | --- | --- |
| August
31, 2007 (unaudited) | | | |
| Principal | | | |
| Amount | | Credit Rating | |
| (000 ) | | (Moody's/S&P) | Value* |
| $2,000 | State Environmental Facs. Corp., State Clean Water & Drinking Rev., | | |
| | 5.125%, 6/15/31 | Aaa/AAA | $2,049,600 |
| 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) | Aa3/AAA | 6,483,690 |
| | Tobacco Settlement Asset Backed, Inc. Rev., Ser.1, | | |
| 25,000 | 5.00%, 6/1/34 | NR/BBB | 23,591,500 |
| 25,000 | 5.75%, 7/15/32, (Pre-refunded @ $100, 7/15/12) (a) | Aaa/AAA | 27,236,500 |
| 10,000 | 6.375%, 7/15/39, (Pre-refunded @ $101, 7/15/09) (a) | Aaa/AAA | 10,575,200 |
| | Triborough Bridge & Tunnel Auth. Rev. (FGIC-TCRS), | | |
| 710 | 5.00%, 1/1/32 | Aaa/AAA | 722,084 |
| 3,990 | 5.00%, 1/1/32, (Pre-refunded @ $100, 1/1/12) (a) | Aaa/AAA | 4,208,293 |
| 2,000 | Warren & Washington Cntys. Industrial Dev. Agcy. Fac. Rev., GlensFalls Hospital, | | |
| | 5.00%, 12/1/35, Ser. A (FSA) | Aaa/AAA | 2,028,740 |
| 750 | Westchester Cnty. Industrial Dev. Agcy. Continuing Care Retirement Rev., | | |
| | Kendal on Hudson, 6.50%, 1/1/34 | NR/NR | 775,402 |
| | Total New York Municipal Bonds & Notes (cost—$242,436,512) | | 248,970,156 |
| OTHER MUNICIPAL BONDS & NOTES—6.6% | | | |
| | California—2.9% | | |
| | Alameda Unified School Dist., Alameda Cnty., GO, Ser. A (FSA), | | |
| 3,500 | zero coupon, 8/1/24 | Aaa/AAA | 1,543,990 |
| 3,000 | zero coupon, 8/1/25 | Aaa/AAA | 1,254,300 |
| 3,130 | Covina Valley Unified School Dist., GO, zero coupon, 6/1/25, Ser. B (FGIC) | Aaa/AAA | 1,319,326 |
| 5,000 | Tobacco Securitization Agcy. Rev., Los Angeles Cnty., zero coupon, 6/1/28 | Baa3/NR | 3,884,750 |
| | | | 8,002,366 |
| | Colorado—0.0% | | |
| 210 | Dawson Ridge Dist. No. 1, GO, zero coupon, 10/1/22, Ser. A | Aaa/NR | 103,496 |
| | Puerto Rico—3.7% | | |
| 5,675 | Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 | Baa3/BBB | 5,517,178 |
| 1,500 | Commonwealth Highway & Transportation Auth. Rev., | | |
| | 5.25%, 7/1/38, Ser. D, (Pre-refunded @ $100, 7/1/12) (a) | Baa3/AAA | 1,603,800 |
| 750 | Electric Power Auth. Power Rev., | | |
| | 5.125%, 7/1/29, Ser. NN, (Pre-refunded @ $100, 7/1/13) (a) | A3 /BBB+ | 802,238 |
| | Puerto Rico Sales Tax Financing Corp. Rev., | | |
| 14,250 | zero coupon, 8/1/54, Ser. A (AMBAC) | Aaa/AAA | 1,265,115 |
| 12,900 | zero coupon, 8/1/56, Ser. A | A1/A+ | 943,506 |
| | | | 10,131,837 |
| | Total Other Municipal Bonds & Notes (cost—$18,210,624) | | 18,237,699 |
| NEW YORK VARIABLE RATE NOTES (b)(c)(d) —2.7% | | | |
| 5,595 | Long Island Power Auth. Electric System Rev., | | |
| | 9.22%, 12/1/26, Ser. 339 (MBIA-IBC) | Aaa/NR | 6,209,891 |
| 1,300 | State Urban Dev. Corp. Rev., 8.417%, 3/15/35 | NR/AAA | 1,389,440 |
| | Total New York Variable Rate Notes (cost—$6,759,180) | | 7,599,331 |

| PIMCO New York Municipal
Income Fund II Schedule of Investments | | | |
| --- | --- | --- | --- |
| August
31, 2007 (unaudited) | | | |
| Principal | | | |
| Amount | | Credit Rating | |
| (000 ) | | (Moody's/S&P) | Value* |
| OTHER VARIABLE RATE NOTES (d) —0.7% | | | |
| | Puerto Rico—0.7% | | |
| $1,900 | Public Finance Corp. Rev., 5.75%, 8/1/27, Ser. A (cost—$1,995,608) | Ba1/BBB- | $2,010,979 |
| NEW YORK VARIABLE RATE DEMAND NOTES (d)(e) —0.3% | | | |
| 915 | New York City Transitional Finance Auth. Rev., | | |
| | 3.93%, 9/4/07, Ser. 1 (cost—$915,000) | VMIG1/A-1+ | 915,000 |
| U .S. TREASURY BILLS (f) —0.3% | | | |
| 710 | 1.70%-4.77%, 9/13/07 (cost—$708,931) | | 708,931 |
| | Total Investments (cost—$271,025,855) —100.0% | | $278,442,096 |

Notes to Schedule of Investments:

| * | 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 are fair-valued,
in good faith, pursuant to guidelines established by the Board of Trustees.
The Fund’s investments are valued daily using prices supplied by an
independent pricing service or dealer quotations, or are valued at the
last sale price on the exchange that is the primary market for such securities,
or the last quoted mean price for those securities for which the over-the-counter
market is the primary market or for listed securities in which there were
no sales. Independent pricing services use 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 term to maturity was 60 days
or less, or by amortizing their value on the 61st 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 as of the close of regular trading (normally, 4:00 p.m. Eastern time)
on the New York Stock Exchange ("NYSE") on each day the NYSE is open for
business. |
| --- | --- |
| (a) | Pre-refunded bonds are 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
(payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). |
| (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) | Inverse Floater—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 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 interest rate disclosed reflects the rate in effect on August 31, 2007. |
| (e) | Maturity date shown is date of next put. |
| (f) | All or partial amount segregated as collateral for futures contracts. |
| (g) | Residual Interest Bonds held in
trust—Securities
represent underlying bonds transferred to a separate securitization trust
established in a tender option bond transaction in which the Fund acquired
the residual interest certificates. These securities serve as collateral
in a financing transaction. |

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—Temporary Custodian Receipts

Other Investments:

(1) Futures contracts outstanding at August 31, 2007:

			Market			Unrealized
			Value		Expiration	Appreciation
Type	Contracts		(000)		Date	(Depreciation)
Long: U.S. Treasury Notes 5 yr. Futures	137		$14,618		12/31/07	$61,008
Short: U.S. Treasury Bond Futures	(476	)	(53,104	)	12/19/07	(128,610	)
						$(67,602	)

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 Act (17CFR270.30a-3(c)), 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 over financial reporting (as defined in Rule 30a-3(d)) under the Act (17CFR270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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: PIMCO New York Municipal Income Fund II

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

Date: October 30, 2007

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

Date: October 30, 2007

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 30, 2007

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

Date: October 30, 2007