Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-22271         

        Nuveen New York Municipal Value Fund 2         
(Exact name of registrant as specified in charter)

Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Kevin J. McCarthy Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:            9/30          

Date of reporting period:         6/30/09         

Form N-Q is to be used by management investment companies, other than small business investment companies 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 30b1-5 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 respond 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

    Portfolio of Investments (Unaudited)             
    Nuveen New York Municipal Value Fund 2, Inc. (NYV)             
    June 30, 2009             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples – 3.4% (3.4% of Total Investments)             
$        1,350    District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,    No Opt. Call    BBB   $   1,141,898 
     Series 2001, 6.500%, 5/15/33             
    Education and Civic Organizations – 15.5% (15.6% of Total Investments)             
1,000    Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter    4/17 at 100.00    N/R    650,420 
     Schools, Series 2007A, 5.000%, 4/01/37             
1,000    Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory    7/17 at 100.00    AA–    964,960 
     Facilities, Series 2007, 5.000%, 7/01/37             
225    Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College,    7/09 at 101.00    BBB–    220,973 
     Series 1999, 6.250%, 7/01/29 – RAAI Insured             
1,500    Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series    7/18 at 100.00    AA–    1,486,380 
     2008A, 5.000%, 7/01/38             
2,000    New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx    10/17 at 100.00    N/R    1,177,340 
     Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37             
5,095    New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project    No Opt. Call    AAA    718,497 
     Pilot, Series 2009A, 0.000%, 3/01/40 – AGC Insured             
10,820    Total Education and Civic Organizations            5,218,570 
    Energy – 2.9% (2.9% of Total Investments)             
1,000    Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series    1/14 at 100.00    BBB    958,540 
     2003, 6.125%, 7/01/22 (Alternative Minimum Tax)             
    Health Care – 14.4% (14.5% of Total Investments)             
1,000    Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health    7/09 at 100.00    A3    922,670 
     Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%,             
     7/01/27 – RAAI Insured             
1,500    Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish    11/16 at 100.00    A3    1,352,610 
     Obligated Group, Series 2006B, 5.000%, 11/01/34             
1,010    Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series    7/17 at 100.00    Baa2    897,890 
     2007B, 5.625%, 7/01/37             
700    Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health    8/16 at 100.00    Baa3    508,774 
     System, Series 2006, 5.000%, 8/01/24             
725    Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A,    11/17 at 100.00    A    643,829 
     5.750%, 11/15/37             
500    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.    2/14 at 100.00    A+    509,590 
     Obligated Group, Series 2009, 6.625%, 2/15/32             
5,435    Total Health Care            4,835,363 
    Housing/Multifamily – 11.8% (11.9% of Total Investments)             
1,500    New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples    11/15 at 100.00    AAA    1,336,695 
     Development Multifamily Rental Housing Revenue Bonds, Series 2005B, 4.950%, 5/15/36             
     (Alternative Minimum Tax)             
1,800    New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds,    11/14 at 100.00    AA    1,677,942 
     Series 2004-H2, 5.125%, 11/01/34 (Alternative Minimum Tax)             
1,000    New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A,    5/19 at 100.00    Aa2    967,020 
     5.250%, 11/01/41             
4,300    Total Housing/Multifamily            3,981,657 
    Tax Obligation/General – 8.7% (8.8% of Total Investments)             
1,710    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47    2/17 at 100.00    A    1,467,146 
1,500    New York City, New York, General Obligation Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36    No Opt. Call    AA    1,475,940 
3,210    Total Tax Obligation/General            2,943,086 
    Tax Obligation/Limited – 21.6% (21.8% of Total Investments)             
1,200    Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series    3/19 at 100.00    AAA    1,187,280 
     2009A, 5.000%, 3/15/38             
1,200    Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34    12/19 at 100.00    BBB–    1,176,384 
1,500    New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal    1/19 at 100.00    AA–    1,497,720 
     Series 2009-S5, 5.250%, 1/15/39             
2,000    New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender    3/17 at 100.00    AAA    1,946,300 
     Option Bond Trust 09-6W, 0.892%, 3/15/37 (IF)             
1,500    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series    8/19 at 100.00    A+    1,470,330 
     2009A, 6.000%, 8/01/42             
7,400    Total Tax Obligation/Limited            7,278,014 
    Transportation – 6.6% (6.6% of Total Investments)             
    New York City Industrial Development Agency, New York, American Airlines-JFK International             
    Airport Special Facility Revenue Bonds, Series 2005:             
500     7.500%, 8/01/16 (Alternative Minimum Tax)    No Opt. Call    B–    455,670 
500     7.750%, 8/01/31 (Alternative Minimum Tax)    8/16 at 101.00    B–    428,825 
1,325    Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding    5/18 at 100.00    Aa2    1,331,532 
     Series 2008A, 5.000%, 11/15/33             
2,325    Total Transportation            2,216,027 
    Water and Sewer – 3.0% (3.0% of Total Investments)             
1,000    New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue    6/19 at 100.00    AA+    992,959 
     Bonds, Second Generation Resolution, Series 2009FF-1, 5.000%, 6/15/40             
$        36,840    Total Long-Term Investments (cost $29,432,401) – 87.9%            29,566,114 
    Short-Term Investments – 11.4% (11.5% of Total Investments)             
$          3,828    State Street Bank Euro Dollar Time Deposit, 0.010%, 7/01/09    N/A    N/A    3,827,653 
    Total Short-Term Investments (cost $3,827,653)            3,827,653 
    Total Investments (cost $33,260,054) – 99.3%            33,393,767 
    Other Assets Less Liabilities – 0.7%            238,485 
    Net Assets Applicable to Common Shares – 100%          $  33,632,252 

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of June 30, 2009:

    Level 1    Level 2    Level 3    Total 
Investments:                 
   Municipal Bonds    $           —    $29,566,114    $ —    $29,566,114 
   Short-Term Investments    3,827,653    —    —    3,827,653 
Total    $3,827,653    $29,566,114    $ —    $33,393,767 

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to Statement of Financial Accounting Standards No. 140 (SFAS No. 140), if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At June 30, 2009, the cost of investments was $33,256,159.

Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2009, were as follows:

Gross unrealized:     
  Appreciation    $ 361,150 
  Depreciation    (223,542)
Net unrealized appreciation (depreciation) of investments    $ 137,608 

(1)    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
    shares unless otherwise noted. 
(2)    Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There 
    may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be 
    subject to periodic principal paydowns. 
(3)    Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. 
    (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below 
    investment grade. 
N/A    Not applicable. 
N/R    Not rated. 
(IF)    Inverse floating rate investment. 

Item 2. Controls and Procedures.

  1. 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") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. 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.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.


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)         Nuveen New York Municipal Value Fund 2         

By (Signature and Title)          /s/ Kevin J. McCarthy                    
                                                  Kevin J. McCarthy
                                                  Vice President and Secretary

Date         August 28, 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 (Signature and Title)         /s/ Gifford R. Zimmerman                    
                                                 Gifford R. Zimmerman
                                                 Chief Administrative Officer (principal executive officer) 

Date         August 28, 2009        

By (Signature and Title)         /s/ Stephen D. Foy                              
                                                 Stephen D. Foy
                                                 Vice President and Controller (principal financial officer) 

Date        August 28, 2009