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)
 

Gifford R. Zimmerman
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:            2/28          
 
Date of reporting period:         5/31/17         
 
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 
 
 
 
           
 
  
Nuveen New York Municipal Value Fund 2 (NYV) 
 
 
 
 
  
May 31, 2017 (Unaudited) 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 95.8% (100.0% of Total Investments) 
 
 
 
           
 
  
MUNICIPAL BONDS – 95.8% (100.0% of Total Investments) 
 
 
 
           
 
  
Consumer Staples – 3.9% (4.1% of Total Investments) 
 
 
 
$ 1,180 
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
Baa1 
$ 1,343,111 
 
  
Series 2001, 6.500%, 5/15/33 
 
 
 
100 
  
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
8/17 at 100.00 
BB 
100,021 
 
  
Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 
 
 
 
1,280 
  
Total Consumer Staples 
 
 
1,443,132 
 
  
Education and Civic Organizations – 14.4% (15.0% of Total Investments) 
 
 
 
1,200 
  
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
8/17 at 100.00 
B 
1,016,220 
 
  
Schools, Series 2007A, 5.000%, 4/01/37 
 
 
 
210 
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
No Opt. Call 
B+ 
214,586 
 
  
Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19 
 
 
 
 
  
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School 
 
 
 
 
  
for International Cultures and the Arts Project, Series 2013A: 
 
 
 
50 
  
5.000%, 4/15/33 
4/23 at 100.00 
BB+ 
50,377 
75 
  
5.000%, 4/15/43 
4/23 at 100.00 
BB+ 
74,457 
100 
  
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, 
7/23 at 100.00 
A– 
110,926 
 
  
Series 2013A, 5.000%, 7/01/44 
 
 
 
200 
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 
7/25 at 100.00 
Aa2 
235,266 
 
  
2015A, 5.000%, 7/01/35 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell 
7/20 at 100.00 
Aa1 
1,108,260 
 
  
University, Series 2010A, 5.000%, 7/01/40 
 
 
 
165 
  
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & 
12/26 at 100.00 
BB– 
169,671 
 
  
Technology, Series 2016A, 5.500%, 12/01/36 
 
 
 
145 
  
Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public 
1/34 at 100.00 
N/R 
106,565 
 
  
Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) 
 
 
 
100 
  
Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University 
9/23 at 100.00 
A– 
114,379 
 
  
Project, Series 2013, 5.000%, 9/01/38 
 
 
 
4,895 
  
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project 
No Opt. Call 
AA 
2,078,809 
 
  
PILOT, Series 2009A, 0.000%, 3/01/40 – AGC Insured 
 
 
 
8,140 
  
Total Education and Civic Organizations 
 
 
5,279,516 
 
  
Financials – 4.5% (4.7% of Total Investments) 
 
 
 
1,000 
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, 
No Opt. Call 
A 
1,263,410 
 
  
Series 2005, 5.250%, 10/01/35 
 
 
 
300 
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, 
No Opt. Call 
A 
392,967 
 
  
Series 2007, 5.500%, 10/01/37 
 
 
 
1,300 
  
Total Financials 
 
 
1,656,377 
 
  
Health Care – 0.6% (0.6% of Total Investments) 
 
 
 
50 
  
Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, 
7/20 at 100.00 
A 
54,589 
 
  
Series 2010, 5.000%, 7/01/26 
 
 
 
160 
  
Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, 
8/17 at 100.00 
BB– 
160,299 
 
  
Series 2001B, 7.125%, 7/01/31 
 
 
 
210 
  
Total Health Care 
 
 
214,888 
 
  
Housing/Multifamily – 4.1% (4.3% of Total Investments) 
 
 
 
1,000 
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A, 
5/19 at 100.00 
Aa2 
1,034,900 
 
  
5.250%, 11/01/41 
 
 
 
450 
  
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 
5/19 at 100.00 
Aa2 
463,586 
 
  
4.500%, 11/01/29 
 
 
 
1,450 
  
Total Housing/Multifamily 
 
 
1,498,486 
 
  
Industrials – 2.0% (2.1% of Total Investments) 
 
 
 
105 
  
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt 
1/25 at 100.00 
N/R 
113,375 
 
  
Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax) 
 
 
 
580 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
623,639 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44 
 
 
 
685 
  
Total Industrials 
 
 
737,014 
 
  
Tax Obligation/General – 4.4% (4.6% of Total Investments) 
 
 
 
1,000 
  
Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C, 
4/26 at 100.00 
A+ 
1,154,150 
 
  
5.000%, 4/01/35 
 
 
 
400 
  
Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 – 
10/21 at 100.00 
AA 
459,240 
 
  
AGM Insured 
 
 
 
1,400 
  
Total Tax Obligation/General 
 
 
1,613,390 
 
  
Tax Obligation/Limited – 18.1% (18.9% of Total Investments) 
 
 
 
1,200 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 
3/19 at 100.00 
AAA 
1,281,552 
 
  
Education Series 2009A, 5.000%, 3/15/38 
 
 
 
560 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
2/25 at 100.00 
AAA 
648,620 
 
  
Purpose Series 2015B Group C, 5.000%, 2/15/38 
 
 
 
1,800 
  
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. 
9/25 at 100.00 
AAA 
2,130,497 
 
  
Group A,B&C, 5.000%, 3/15/35 
 
 
 
540 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2017A, 5.000%, 2/15/45 
2/27 at 100.00 
Aa3 
630,828 
1,500 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 
1/19 at 100.00 
AA 
1,594,635 
 
  
Series 2009-S5, 5.250%, 1/15/39 
 
 
 
300 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
2/24 at 100.00 
AAA 
347,178 
 
  
Fiscal 2014 Series D-1, 5.000%, 2/01/35 
 
 
 
5,900 
  
Total Tax Obligation/Limited 
 
 
6,633,310 
 
  
Transportation – 10.0% (10.4% of Total Investments) 
 
 
 
1,000 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
1/24 at 100.00 
AA 
1,122,470 
 
  
Refunding Series 2013A, 5.000%, 1/15/42 – AGM Insured 
 
 
 
2,000 
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx 
10/17 at 102.00 
N/R 
642,680 
 
  
Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 (5) 
 
 
 
155 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
172,555 
 
  
Center Project, Series 2011, 5.000%, 11/15/44 
 
 
 
 
  
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
 
 
 
 
  
American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016: 
 
 
 
220 
  
5.000%, 8/01/26 (Alternative Minimum Tax) 
8/21 at 100.00 
BB– 
237,230 
420 
  
5.000%, 8/01/31 (Alternative Minimum Tax) 
8/21 at 100.00 
BB– 
448,102 
645 
  
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
7/24 at 100.00 
BBB 
705,217 
 
  
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 
 
 
 
 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
  
Terminal LLC Project, Eighth Series 2010: 
 
 
 
180 
  
6.500%, 12/01/28 
8/17 at 100.00 
Baa1 
182,992 
140 
  
6.000%, 12/01/36 
12/20 at 100.00 
Baa1 
158,221 
4,760 
  
Total Transportation 
 
 
3,669,467 
 
  
U.S. Guaranteed – 22.3% (23.3% of Total Investments) (6) 
 
 
 
290 
  
Albany Capital Resource Corporation, New York, St. Peter's Hospital Project, Series 2011, 
11/20 at 100.00 
N/R (6) 
338,479 
 
  
6.000%, 11/15/25 (Pre-refunded 11/15/20) 
 
 
 
1,000 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 
7/17 at 100.00 
Aa2 (6) 
1,003,530 
 
  
Facilities, Series 2007, 5.000%, 7/01/37 (Pre-refunded 7/01/17) 
 
 
 
 
  
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group 
 
 
 
 
  
Revenue Bonds, Series 2008: 
 
 
 
285 
  
6.500%, 12/01/21 (Pre-refunded 12/01/18) 
12/18 at 100.00 
Baa3 (6) 
304,591 
140 
  
6.125%, 12/01/29 (Pre-refunded 12/01/18) 
12/18 at 100.00 
Baa3 (6) 
150,853 
245 
  
6.250%, 12/01/37 (Pre-refunded 12/01/18) 
12/18 at 100.00 
Baa3 (6) 
264,708 
1,500 
  
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish 
5/19 at 100.00 
A (6) 
1,631,520 
 
  
Obligated Group, Series 2009A, 5.500%, 5/01/37 (Pre-refunded 5/01/19) 
 
 
 
1,010 
  
Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 
7/17 at 100.00 
N/R (6) 
1,014,091 
 
  
2007B, 5.625%, 7/01/37 (Pre-refunded 7/01/17) 
 
 
 
1,200 
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 
12/19 at 100.00 
BBB+ (6) 
1,340,964 
 
  
(Pre-refunded 12/01/19) 
 
 
 
725 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 
11/17 at 100.00 
A (6) 
741,385 
 
  
11/15/37 (Pre-refunded 11/15/17) 
 
 
 
1,325 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
5/18 at 100.00 
AA– (6) 
1,378,093 
 
  
Series 2008A, 5.000%, 11/15/33 (Pre-refunded 5/15/18) 
 
 
 
7,720 
  
Total U.S. Guaranteed 
 
 
8,168,214 
 
  
Utilities – 5.5% (5.7% of Total Investments) 
 
 
 
25 
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 
10/22 at 100.00 
BBB 
26,584 
285 
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 
9/24 at 100.00 
A– 
322,079 
 
  
5.000%, 9/01/44 
 
 
 
605 
  
Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue 
11/17 at 100.00 
BB+ 
608,182 
 
  
Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative 
 
 
 
 
  
Minimum Tax) 
 
 
 
905 
  
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 
12/23 at 100.00 
AAA 
1,049,574 
 
  
5.000%, 12/15/41 
 
 
 
1,820 
  
Total Utilities 
 
 
2,006,419 
 
  
Water and Sewer – 6.0% (6.3% of Total Investments) 
 
 
 
900 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/21 at 100.00 
AA+ 
1,009,269 
 
  
Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44 
 
 
 
1,000 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water 
6/27 at 100.00 
AAA 
1,199,110 
 
  
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects-Second 
 
 
 
 
  
Resolution Bonds, Subordinated SRF Series 2017A, 5.000%, 6/15/42 
 
 
 
1,900 
  
Total Water and Sewer 
 
 
2,208,379 
$ 36,565 
  
Total Long-Term Investments (cost $32,358,488) 
 
 
35,128,592 
 
  
Other Assets Less Liabilities – 4.2% 
 
 
1,548,820 
 
  
Net Assets Applicable to Common Shares – 100% 
 
 
$ 36,677,412 
 

Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Prices are determined using 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 the end of the reporting period:
         
 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments: 
 
 
 
 
Municipal Bonds 
$ — 
$35,128,592 
$ — 
$35,128,592 
 
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.
As of May 31, 2017, the cost of investments was $32,147,919.
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2017, were as follows:
   
Gross unrealized: 
 
Appreciation 
$3,517,512 
Depreciation 
(536,839) 
Net unrealized appreciation (depreciation) of investments 
$2,980,673 
 
(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) 
  
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group 
 
  
("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This 
 
  
treatment of split-rated securities may differ from that used for other purposes, such as for Fund 
 
  
investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are 
 
  
considered to be below investment grade. Holdings designated N/R are not rated by any of these national 
 
  
rating agencies. 
(4) 
  
Step-up coupon. The rate shown is the coupon as of the end of the reporting period. 
(5) 
  
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income 
 
  
producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on 
 
  
the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the 
 
  
Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations 
 
  
and has ceased accruing additional income on the Fund's records. 
(6) 
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, 
 
  
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or 
 
  
agency securities are regarded as having an implied rating equal to the ratings of such securities. 
 
 
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/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         July 28, 2017        
 
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/ Cedric H. Antosiewicz            
       Cedric H. Antosiewicz
     Chief Administrative Officer (principal executive officer)
                        
Date:         July 28, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         July 28, 2017