nq2.htm



 
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:         6/30/10         
 
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, 2010      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Consumer Staples – 3.5% (3.6% of Total Investments)      
$ 1,350  District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,  No Opt. Call  BBB  $ 1,298,673 
  Series 2001, 6.500%, 5/15/33       
  Education and Civic Organizations – 12.2% (12.3% of Total Investments)      
1,200  Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter  4/17 at 100.00  N/R  1,014,348 
  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  Aa2  1,029,750 
  Facilities, Series 2007, 5.000%, 7/01/37       
1,500  Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series  7/18 at 100.00  AA–  1,562,205 
  2008A, 5.000%, 7/01/38       
5,095  New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project  No Opt. Call  AAA  902,426 
  Pilot, Series 2009A, 0.000%, 3/01/40 – AGC Insured       
8,795  Total Education and Civic Organizations      4,508,729 
  Energy – 2.7% (2.8% of Total Investments)      
1,000  Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series  1/14 at 100.00  Baa3  1,012,060 
  2003, 6.125%, 7/01/22 (Alternative Minimum Tax)       
  Health Care – 20.3% (20.5% of Total Investments)      
500  Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt  8/15 at 100.00  A–  492,340 
  Hospital, Series 2005, 4.900%, 8/15/31       
50  Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds,  7/20 at 100.00  A2  50,550 
  Series 2010, 5.000%, 7/01/26       
1,000  Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health  7/10 at 100.00  A3  989,120 
  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  1,503,120 
  Obligated Group, Series 2006B, 5.000%, 11/01/34       
1,500  Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish  5/19 at 100.00  A–  1,544,295 
  Obligated Group, Series 2009A, 5.500%, 5/01/37       
1,010  Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series  7/17 at 100.00  BBB  1,040,896 
  2007B, 5.625%, 7/01/37       
700  Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health  8/16 at 100.00  Baa3  650,384 
  System, Series 2006, 5.000%, 8/01/24       
725  Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A,  11/17 at 100.00  710,261 
  5.750%, 11/15/37       
500  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.  2/14 at 100.00  A+  521,885 
  Obligated Group, Series 2009, 6.625%, 2/15/32       
7,485  Total Health Care      7,502,851 
  Housing/Multifamily – 12.9% (13.1% of Total Investments)      
1,500  New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples  11/15 at 100.00  AAA  1,502,025 
  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  1,807,164 
  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  1,020,470 
  5.250%, 11/01/41       
450  New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B,  5/19 at 100.00  Aa2  449,397 
  4.500%, 11/01/29       
4,750  Total Housing/Multifamily      4,779,056 
  Tax Obligation/General – 7.2% (7.3% of Total Investments)      
1,500  New York City, New York, General Obligation Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36  No Opt. Call  AA  1,568,835 
1,000  New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23  8/19 at 100.00  AA  1,104,380 
2,500  Total Tax Obligation/General      2,673,215 
  Tax Obligation/Limited – 26.0% (26.3% 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  1,267,548 
  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–  1,230,636 
1,710  Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47  2/17 at 100.00  1,676,672 
1,500  New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal  1/19 at 100.00  AA–  1,598,730 
  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  2,242,139 
  Option Bond Trust 09-6W, 12.779%, 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+  1,594,875 
  2009A, 6.000%, 8/01/42       
9,110  Total Tax Obligation/Limited      9,610,600 
  Transportation – 11.0% (11.2% 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–  510,935 
500  7.750%, 8/01/31 (Alternative Minimum Tax)  8/16 at 101.00  B–  516,810 
2,000  New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx  10/17 at 100.00  N/R  1,657,620 
  Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37       
1,325  Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding  5/18 at 100.00  Aa2  1,390,853 
  Series 2008A, 5.000%, 11/15/33       
4,325  Total Transportation      4,076,218 
  Water and Sewer – 2.8% (2.9% 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+  1,046,270 
  Bonds, Second Generation Resolution, Series 2009FF, 5.000%, 6/15/40       
$      40,315  Total Investments (cost $32,991,354) – 98.6%      36,507,672 
  Other Assets Less Liabilities – 1.4%      537,136 
  Net Assets Applicable to Common Shares – 100%      $ 37,044,808 

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 methodologies 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, 2010:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $36,507,672  $ —  $36,507,672 

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 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 securities reflected as financing transactions, 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, 2010, the cost of investments was $32,948,192.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2010, were as follows:
 
Gross unrealized:   
   Appreciation  $3,562,469 
   Depreciation  (2,989)
Net unrealized appreciation (depreciation) of investments  $3,559,480 

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, 
  Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or 
  BBB by Fitch are considered to be below investment grade. 
N/R  Not rated. 
(IF)  Inverse floating rate investment. 

Item 2. Controls and Procedures.

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") (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)).
 
 
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 (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 27, 2010        
 
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 27, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         August 27, 2010