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)
Registrants telephone number, including area code: 312-917-7700
Date of fiscal year end: February 28
Date of reporting period: November 30, 2017
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 | November 30, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 97.6% (98.6% of Total Investments) | ||||||
MUNICIPAL BONDS – 97.6% (98.6% of Total Investments) | ||||||
Consumer Staples – 5.5% (5.5% of Total Investments) | ||||||
$ 1,180 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | Baa1 | $1,326,709 | ||
100 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 | 2/18 at 100.00 | BB+ | 100,006 | ||
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1: | ||||||
120 | 5.625%, 6/01/35 | No Opt. Call | BBB | 131,794 | ||
380 | 5.750%, 6/01/43 | No Opt. Call | BBB | 417,289 | ||
1,780 | Total Consumer Staples | 1,975,798 | ||||
Education and Civic Organizations – 14.6% (14.8% of Total Investments) | ||||||
1,200 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/37 | 2/18 at 100.00 | B | 1,063,704 | ||
145 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 6.000%, 12/01/19 | No Opt. Call | B+ | 149,154 | ||
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+ | 51,634 | ||
75 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 76,479 | ||
100 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | A- | 110,519 | ||
200 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | Aa2 | 230,726 | ||
1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | Aa1 | 1,078,580 | ||
165 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 144A, 5.500%, 12/01/36 | 12/26 at 100.00 | BB- | 168,163 | ||
145 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) | 1/34 at 100.00 | N/R | 118,791 | ||
100 | Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2013, 5.000%, 9/01/38 | 9/23 at 100.00 | A- | 111,871 | ||
4,895 | New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 0.000%, 3/01/40 – AGC Insured | No Opt. Call | AA | 2,119,046 | ||
8,075 | Total Education and Civic Organizations | 5,278,667 | ||||
Financials – 1.1% (1.1% of Total Investments) | ||||||
300 | New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 | No Opt. Call | A | 394,422 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care – 0.6% (0.6% of Total Investments) | ||||||
$ 50 | Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.000%, 7/01/26 | 7/20 at 100.00 | A | $53,583 | ||
155 | Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John's Riverside Hospital, Series 2001B, 7.125%, 7/01/31 | 2/18 at 100.00 | BB- | 155,099 | ||
205 | Total Health Care | 208,682 | ||||
Housing/Multifamily – 4.2% (4.2% of Total Investments) | ||||||
1,000 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009A, 5.250%, 11/01/41 | 5/19 at 100.00 | Aa2 | 1,043,140 | ||
450 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29 | 5/19 at 100.00 | Aa2 | 459,576 | ||
1,450 | Total Housing/Multifamily | 1,502,716 | ||||
Industrials – 2.1% (2.1% of Total Investments) | ||||||
105 | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project, Series 2014, 144A, 5.000%, 1/01/35 (Alternative Minimum Tax) | 1/25 at 100.00 | N/R | 120,529 | ||
580 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 144A, 5.000%, 11/15/44 | 11/24 at 100.00 | N/R | 623,970 | ||
685 | Total Industrials | 744,499 | ||||
Tax Obligation/General – 6.9% (7.0% of Total Investments) | ||||||
1,000 | Nassau County, New York, General Obligation Bonds, General Improvement Series 2016C, 5.000%, 4/01/35 | 4/26 at 100.00 | A+ | 1,149,510 | ||
1,150 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | AA | 1,335,001 | ||
2,150 | Total Tax Obligation/General | 2,484,511 | ||||
Tax Obligation/Limited – 12.8% (13.0% of Total Investments) | ||||||
1,800 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B. Group A,B&C, 5.000%, 3/15/35 | 9/25 at 100.00 | AAA | 2,098,332 | ||
540 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A, 5.000%, 2/15/45 | 2/27 at 100.00 | Aa3 | 624,343 | ||
1,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S5, 5.250%, 1/15/39 | 1/19 at 100.00 | AA | 1,560,015 | ||
300 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | 2/24 at 100.00 | AAA | 342,921 | ||
4,140 | Total Tax Obligation/Limited | 4,625,611 | ||||
Transportation – 14.5% (14.6% of Total Investments) | ||||||
1,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 5.000%, 1/15/42 – AGM Insured | 1/24 at 100.00 | AA | 1,119,820 | ||
2,000 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007, 5.750%, 10/01/37 (5) | 2/18 at 100.00 | N/R | 620,000 | ||
155 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | 11/21 at 100.00 | A+ | 169,111 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
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 | $235,761 | ||
420 | 5.000%, 8/01/31 (Alternative Minimum Tax) | 8/21 at 100.00 | BB | 447,233 | ||
645 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 706,127 | ||
1,050 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth Series 2017, 5.000%, 11/15/47 | 11/27 at 100.00 | AA- | 1,232,395 | ||
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 | 2/18 at 100.00 | Baa1 | 189,351 | ||
140 | 6.000%, 12/01/36 | 12/20 at 100.00 | Baa1 | 155,708 | ||
290 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42 | 11/27 at 100.00 | AA- | 341,197 | ||
6,100 | Total Transportation | 5,216,703 | ||||
U.S. Guaranteed – 19.2% (19.4% of Total Investments) (6) | ||||||
290 | Albany Capital Resource Corporation, New York, St. Peter's Hospital Project, Series 2011, 6.000%, 11/15/25 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R (6) | 326,140 | ||
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008: | ||||||
235 | 6.500%, 12/01/21 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 (6) | 244,318 | ||
140 | 6.125%, 12/01/29 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 (6) | 146,591 | ||
245 | 6.250%, 12/01/37 (Pre-refunded 12/01/18) | 12/18 at 100.00 | Baa3 (6) | 256,836 | ||
1,500 | Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37 (Pre-refunded 5/01/19) | 5/19 at 100.00 | A (6) | 1,582,635 | ||
1,200 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2009A, 5.000%, 3/15/38 (Pre-refunded 3/15/19) | 3/19 at 100.00 | AAA | 1,252,572 | ||
1,200 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 (Pre-refunded 12/01/19) | 12/19 at 100.00 | BBB+ (6) | 1,297,236 | ||
1,325 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2008A, 5.000%, 11/15/33 (Pre-refunded 5/15/18) | 5/18 at 100.00 | AA- (6) | 1,347,445 | ||
400 | Yonkers, New York, General Obligation Bonds, Refunding Series 2011A, 5.000%, 10/01/24 (Pre-refunded 10/01/21) – AGM Insured | 10/21 at 100.00 | AA (6) | 448,988 | ||
6,535 | Total U.S. Guaranteed | 6,902,761 | ||||
Utilities – 5.5% (5.6% of Total Investments) | ||||||
25 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 26,439 | ||
285 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | A- | 317,886 | ||
605 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2012A, 144A, 5.250%, 11/01/42 (Alternative Minimum Tax) | 2/18 at 100.00 | BB+ | 605,399 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 905 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 | 12/23 at 100.00 | AAA | $ 1,036,370 | ||
1,820 | Total Utilities | 1,986,094 | ||||
Water and Sewer – 10.6% (10.7% of Total Investments) | ||||||
900 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44 | 12/21 at 100.00 | AA+ | 1,000,359 | ||
1,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series AA, 5.000%, 6/15/38 | 6/27 at 100.00 | AA+ | 1,174,670 | ||
400 | New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2017E, 5.000%, 6/15/42 (WI/DD, Settling 12/14/17) | 6/27 at 100.00 | AAA | 467,884 | ||
1,000 | New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects-Second Resolution Bonds, Subordinated SRF, 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 1,178,320 | ||
3,300 | Total Water and Sewer | 3,821,233 | ||||
$ 36,540 | Total Long-Term Investments (cost $32,903,724) | 35,141,697 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 1.4% (1.4% of Total Investments) | ||||||
MUNICIPAL BONDS – 1.4% (1.4% of Total Investments) | ||||||
Transportation – 1.4% (1.4% of Total Investments) | ||||||
$ 295 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Variable Rate Demand Obligations, Series 2015E-2, 1.010%, 11/15/50 (7) | 2/18 at 100.00 | VMIG-1 | $295,000 | ||
205 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Variable Rate Demand Obligations, Series 2015E-5, 0.950%, 11/15/45 (7) | 2/18 at 100.00 | VMIG-1 | 205,000 | ||
$ 500 | Total Short-Term Investments (cost $500,000) | 500,000 | ||||
Total Investments (cost $33,403,724) – 99.0% | 35,641,697 | |||||
Other Assets Less Liabilities – 1.0% | 361,841 | |||||
Net Assets – 100% | $ 36,003,538 |
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments: | ||||
Municipal Bonds | $ — | $35,141,697 | $ — | $35,141,697 |
Short-Term Investments: | ||||
Municipal Bonds | — | 500,000 | — | 500,000 |
Total | $ — | $35,641,697 | $ — | $35,641,697 |
Tax cost of investments | $33,201,298 |
Gross unrealized: | |
Appreciation | $ 2,991,203 |
Depreciation | (550,804) |
Net unrealized appreciation (depreciation) of investments | $ 2,440,399 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(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 bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. 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 not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S. Government or agency. | |
(7) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
Item 2. Controls and Procedures.
a. | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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: January 29, 2018
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: January 29, 2018 | ||||
By (Signature and Title) | /s/ Stephen D. Foy | |||
Stephen D. Foy | ||||
Vice President and Controller (principal financial officer) | ||||
Date: January 29, 2018 |