Portfolio of Investments (Unaudited)
	Nuveen New York Municipal Value Fund 2, Inc. (NYV)
	December 31, 2009
Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Consumer Staples – 3.6% (3.7% of Total Investments)
$     1,350	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,	No Opt. Call	BBB	$    1,318,208
	Series 2001, 6.500%, 5/15/33
	Education and Civic Organizations – 11.9% (12.2% of Total Investments)
1,200	Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter	4/17 at 100.00	N/R	925,080
	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–	1,014,360
	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–	1,540,755
	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	824,320
	Pilot, Series 2009A, 0.000%, 3/01/40 – AGC Insured
8,795	Total Education and Civic Organizations			4,304,515
	Energy – 2.8% (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	1,007,100
	2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
	Health Care – 18.9% (19.3% of Total Investments)
1,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health	1/10 at 100.00	A3	999,910
	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	1,480,980
	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–	1,508,580
	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	Baa2	988,568
	2007B, 5.625%, 7/01/37
700	Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health	8/16 at 100.00	Baa3	603,757
	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	713,074
	5.750%, 11/15/37
500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.	2/14 at 100.00	A+	522,700
	Obligated Group, Series 2009, 6.625%, 2/15/32
6,935	Total Health Care			6,817,569
	Housing/Multifamily – 12.9% (13.2% of Total Investments)
1,500	New York City Housing Development Corporation, New York, FNMA Backed Progress of Peoples	11/15 at 100.00	AAA	1,456,890
	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	1,766,394
	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	1,007,260
	5.250%, 11/01/41
450	New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B,	5/19 at 100.00	Aa2	439,583
	4.500%, 11/01/29
4,750	Total Housing/Multifamily			4,670,127
	Tax Obligation/General – 7.3% (7.4% of Total Investments)
1,000	New York City, New York, General Obligation Bonds, Fiscal 2009 Series C, 5.000%, 8/01/23	8/19 at 100.00	AA	1,075,620
1,500	New York City, New York, General Obligation Bonds, Fiscal 2009 Series J1, 5.000%, 5/15/36	No Opt. Call	AA	1,547,490
2,500	Total Tax Obligation/General			2,623,110
	Tax Obligation/Limited – 25.8% (26.5% 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	1,241,988
	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–	1,210,764
1,710	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47	2/17 at 100.00	A	1,592,506
1,500	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal	1/19 at 100.00	AA–	1,570,275
	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	2,193,678
	Option Bond Trust 09-6W, 13.184%, 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+	1,558,605
	2009A, 6.000%, 8/01/42
9,110	Total Tax Obligation/Limited			9,367,816
	Transportation – 10.8% (11.1% 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–	497,550
500	7.750%, 8/01/31 (Alternative Minimum Tax)	8/16 at 101.00	B–	499,950
2,000	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx	10/17 at 100.00	N/R	1,548,020
	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	1,370,726
	Series 2008A, 5.000%, 11/15/33
4,325	Total Transportation			3,916,246
	Water and Sewer – 2.9% (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+	1,041,660
	Bonds, Second Generation Resolution, Series 2009FF-1, 5.000%, 6/15/40
$    39,765	Total Long-Term Investments (cost $32,413,771) – 96.9%			35,066,351
	Short-Term Investments – 0.9% (0.9% of Total Investments)
$         309	State Street Bank Euro Dollar Time Deposit, 0.010%, 1/04/10	N/A	N/A	309,378
	Total Short-Term Investments (cost $309,378)			309,378
	Total Investments (cost $32,723,149) – 97.8%			35,375,729
	Other Assets Less Liabilities – 2.2%			784,775
	Net Assets Applicable to Common Shares – 100%			$ 36,160,504

 

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 December 31, 2009:

 

	Level 1	Level 2	Level 3	Total
Investments:
Municipal Bonds	$         —	$35,066,351	$ —	$35,066,351
Short-Term Investments	309,378	—	—	309,378
Total	$309,378	$35,066,351	$ —	$35,375,729

 

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 December 31, 2009, the cost of investments was $32,699,983.

 

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2009, were as follows:

 

Gross unrealized:
Appreciation	$2,722,230
Depreciation	(46,484)
Net unrealized appreciation (depreciation) of investments	$2,675,746

(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.