Portfolio of Investments
		Nuveen New York Municipal Value Fund, Inc. (NNY)
		November 30, 2016 (Unaudited)
Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 101.3% (100.0% of Total Investments)
		MUNICIPAL BONDS – 101.3% (100.0% of Total Investments)
		Consumer Discretionary – 1.3% (1.3% of Total Investments)
$ 1,950		Seneca Nation of Indians Capital Improvements Authority, New York, Special Obligation Bonds,	6/17 at 100.00	N/R	$ 1,960,530
		Series 2007A, 5.000%, 12/01/23
		Consumer Staples – 2.8% (2.8% of Total Investments)
1,000		Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement	2/17 at 100.00	BB	1,008,540
		Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38
500		Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds,	2/17 at 100.00	B–	489,290
		Refunding Series 2006A-2, 5.250%, 6/01/26
2,875		Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds,	2/17 at 100.00	B–	2,659,433
		Series 2006A-3, 5.000%, 6/01/35
4,375		Total Consumer Staples			4,157,263
		Education and Civic Organizations – 20.7% (20.4% of Total Investments)
275		Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series	7/17 at 100.00	BBB	279,092
		2007A, 5.000%, 7/01/31
415		Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter	4/17 at 100.00	B	340,819
		Schools, Series 2007A, 5.000%, 4/01/37
750		Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds,	12/20 at 100.00	B	747,518
		Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40
1,250		Build New York City Resource Corporation, New York, Revenue Bonds, City University of New	6/24 at 100.00	Aa2	1,384,088
		York – Queens College, Q Student Residences, LLC Project, Refunding Series 2014A,
		5.000%, 6/01/43
		Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School
		for International Cultures and the Arts Project, Series 2013A:
215		5.000%, 4/15/33	4/23 at 100.00	BB+	208,900
310		5.000%, 4/15/43	4/23 at 100.00	BB+	288,945
1,175		Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series	7/17 at 100.00	AA	1,198,065
		2007A, 5.000%, 7/01/41 – RAAI Insured
415		Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University,	7/23 at 100.00	A–	447,021
		Series 2013A, 5.000%, 7/01/44
1,000		Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of	No Opt. Call	AA–	1,109,790
		Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
		Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory
		Facilities, Series 2015A:
235		5.000%, 7/01/31	No Opt. Call	Aa3	269,190
265		5.000%, 7/01/33	No Opt. Call	Aa3	300,558
		Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount
		Sinai, Refunding Series 2015A:
1,330		5.000%, 7/01/40	7/25 at 100.00	A–	1,440,882
2,180		5.000%, 7/01/45	7/25 at 100.00	A–	2,353,463
1,955		Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series	7/25 at 100.00	A–	2,134,430
		2015A, 5.000%, 7/01/45
760		Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series	No Opt. Call	AA–	853,480
		2015A, 5.000%, 7/01/35
2,385		Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series	7/26 at 100.00	AA–	2,667,956
		2016A, 5.000%, 7/01/36
280		Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph’s College, Series	7/20 at 100.00	Ba1	294,056
		2010, 5.250%, 7/01/35
680		Dormitory Authority of the Sate of New York, Revenue Bonds, Non State Supported Debt, Vaughn	12/26 at 100.00	BB–	671,874
		College of AeronauticsTechnology, Refunding Series 2016A, 5.500%, 12/01/36
		(WI/DD, Settling 12/15/16)
300		Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University	9/23 at 100.00	A–	321,432
		Project, Series 2013, 5.000%, 9/01/43
880		Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project,	7/19 at 100.00	BBB	940,896
		Series 2009, 5.750%, 7/01/39
		Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher
		College, Series 2011:
1,000		6.000%, 6/01/30	6/21 at 100.00	A–	1,119,670
1,000		6.000%, 6/01/34	6/21 at 100.00	A–	1,111,670
3,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of	7/21 at 100.00	AA–	3,282,240
		Rochester Project, Series 2011B, 5.000%, 7/01/41
		New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project,
		Series 2015A:
25		5.000%, 7/01/40	7/25 at 100.00	BBB	26,153
25		5.000%, 7/01/45	7/25 at 100.00	BBB	25,791
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball
		Stadium Project, Series 2006:
1,500		5.000%, 1/01/39 – AMBAC Insured	1/17 at 100.00	BBB	1,500,345
1,175		4.750%, 1/01/42 – AMBAC Insured	1/17 at 100.00	BBB	1,175,270
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium
		Project, Series 2006:
1,610		4.500%, 3/01/39 – FGIC Insured	2/17 at 100.00	Baa1	1,613,429
800		4.750%, 3/01/46 – NPFG Insured	2/17 at 100.00	AA–	802,136
1,345		Tompkins County Development Corporation, New York, Revenue Bonds, Ithaca College, Series 2011,	1/21 at 100.00	A2	1,479,446
		5.375%, 7/01/41 – AGM Insured
300		Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute,	9/20 at 100.00	A3	327,879
		Series 2010A, 5.125%, 9/01/40
28,835		Total Education and Civic Organizations			30,716,484
		Financials – 0.9% (0.8% of Total Investments)
105		Glen Cove Local Economic Economic Assistance Corporation, New York, Revenue Bonds, Series	1/34 at 100.00	N/R	72,092
		2016C, 0.000%, 1/01/55
1,000		New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue,	No Opt. Call	A	1,207,450
		Series 2007, 5.500%, 10/01/37
1,105		Total Financials			1,279,542
		Health Care – 3.0% (3.0% of Total Investments)
350		Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds,	7/20 at 100.00	A	378,704
		Series 2010, 5.000%, 7/01/26
		Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group
		Revenue Bonds, Series 2008:
1,060		6.500%, 12/01/21	12/18 at 100.00	Baa3	1,129,441
565		6.125%, 12/01/29	12/18 at 100.00	Baa3	594,261
1,155		6.250%, 12/01/37	12/18 at 100.00	Baa3	1,215,303
290		Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds,	2/17 at 100.00	BB	290,699
		Nicholas H. Noyes Hospital, Series 2005, 6.000%, 7/01/30
250		Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health	7/21 at 100.00	BBB+	270,545
		Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28
500		Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital,	1/17 at 100.00	BB–	500,815
		Series 2001A, 7.125%, 7/01/31
155		Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital,	2/17 at 100.00	BB–	155,253
		Series 2001B, 7.125%, 7/01/31
4,325		Total Health Care			4,535,021
		Housing/Multifamily – 1.7% (1.7% of Total Investments)
210		East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding	10/16 at 100.00	AA	210,638
		Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21
1,000		New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds,	5/19 at 100.00	AA+	1,056,150
		Series 2009C-1, 5.500%, 11/01/34
1,250		New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds,	5/19 at 100.00	AA+	1,278,163
		Series 2009M, 5.150%, 11/01/45
2,460		Total Housing/Multifamily			2,544,951
		Industrials – 1.7% (1.7% of Total Investments)
100		Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt	1/25 at 100.00	N/R	107,850
		Paper NY, Inc. Project, Series 2014, 5.000%, 1/01/35 (Alternative Minimum Tax)
2,350		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade	11/24 at 100.00	N/R	2,388,352
		Center Project, Class 1 Series 2014, 5.000%, 11/15/44
2,450		Total Industrials			2,496,202
		Long-Term Care – 0.8% (0.8% of Total Investments)
435		Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of	2/17 at 103.00	AA+	451,273
		Westchester Project, Series 2006, 5.200%, 2/15/41
270		Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens	11/16 at 100.00	Baa1	250,066
		Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31
170		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special	2/17 at 100.00	N/R	168,329
		Needs Facilities Pooled Program, Series 2008A-1, 5.500%, 7/01/18
235		Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special	7/18 at 100.00	N/R	174,932
		Needs Facilities Pooled Program, Series 2008-B1, 5.800%, 7/01/23
225		Yonkers Industrial Development Agency, New York, Civic Facilities Revenue Bonds, Special Needs	7/18 at 100.00	N/R	218,243
		Facilities Pooled Program Bonds, Series 2008-C1, 5.800%, 7/01/23
1,335		Total Long-Term Care			1,262,843
		Tax Obligation/General – 2.1% (2.1% of Total Investments)
1,930		New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25	12/17 at 100.00	AA	2,007,895
1,000		New York City, New York, General Obligation Bonds, Fiscal 2014 Series A-1, 5.000%, 8/01/26	8/23 at 100.00	AA	1,147,710
2,930		Total Tax Obligation/General			3,155,605
		Tax Obligation/Limited – 18.9% (18.7% of Total Investments)
		Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue
		Bonds, City University System, Series 1993A:
430		5.750%, 7/01/18	No Opt. Call	AA	448,361
1,400		6.000%, 7/01/20	No Opt. Call	AA	1,571,164
2,290		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General	No Opt. Call	AAA	2,558,388
		Purpose Series 2012D, 5.000%, 2/15/37
		Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B.
		Group A,B&C:
1,000		5.000%, 3/15/32	9/25 at 100.00	AAA	1,145,190
640		5.000%, 3/15/35	9/25 at 100.00	AAA	725,024
2,500		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/29	No Opt. Call	A	2,734,900
1,500		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B,	11/19 at 100.00	AA	1,630,095
		5.000%, 11/15/34
1,200		New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal	1/17 at 100.00	AA	1,205,808
		Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured
1,500		New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal	1/19 at 100.00	AA	1,597,530
		Series 2009-S5, 5.250%, 1/15/39
3,000		New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal	7/25 at 100.00	AA	3,337,140
		Series 2015S-2, 5.000%, 7/15/40
1,680		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate	5/23 at 100.00	AAA	1,880,038
		Fiscal 2013 Series I, 5.000%, 5/01/38
1,225		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate	2/24 at 100.00	AAA	1,381,947
		Fiscal 2014 Series D-1, 5.000%, 2/01/35
2,450		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2005B, 5.500%,	No Opt. Call	AA+	2,759,141
		4/01/20 – AMBAC Insured (UB) (5)
600		New York State Urban Development Corporation, Special Project Revenue Bonds, University	No Opt. Call	AA	681,138
		Facilities Grants, Series 1995, 5.875%, 1/01/21
20,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,	No Opt. Call	AA–	4,467,600
		8/01/43 – NPFG Insured
41,415		Total Tax Obligation/Limited			28,123,464
		Transportation – 22.3% (22.0% of Total Investments)
2,500		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding	11/25 at 100.00	AA–	2,808,700
		Series 2015D-1, 5.000%, 11/15/30
3,500		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2012E,	No Opt. Call	AA–	3,865,225
		5.000%, 11/15/42
1,100		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E,	11/23 at 100.00	AA–	1,232,825
		5.000%, 11/15/31
2,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B,	5/24 at 100.00	AA–	2,246,120
		5.250%, 11/15/38
5,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1,	11/26 at 100.00	AA–	5,458,850
		5.000%, 11/15/46
1,500		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx	10/17 at 102.00	N/R	483,270
		Parking Development Company, LLC Project, Series 2007, 5.875%, 10/01/46 (4)
660		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade	11/21 at 100.00	A+	726,455
		Center Project, Series 2011, 5.000%, 11/15/44
665		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds,	8/21 at 100.00	BB–	675,826
		American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016,
		5.000%, 8/01/31 (Alternative Minimum Tax)
2,630		New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport	7/24 at 100.00	BBB	2,677,892
		Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax)
5,900		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred	5/25 at 100.00	AA–	6,549,472
		Eighty-Ninth Series 2015, 5.000%, 5/01/40
1,575		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy	12/23 at 100.00	AA–	1,751,605
		Ninth Series 2013, 5.000%, 12/01/43
		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
		Terminal LLC Project, Eighth Series 2010:
225		6.500%, 12/01/28	2/17 at 100.00	Baa1	231,408
1,160		6.000%, 12/01/36	12/20 at 100.00	Baa1	1,315,289
2,000		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding	5/26 at 100.00	AA–	2,239,760
		Series 2016A, 5.000%, 11/15/41
780		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding	No Opt. Call	AA–	892,429
		Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured
31,195		Total Transportation			33,155,126
		U.S. Guaranteed – 12.3% (12.1% of Total Investments) (6)
990		Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series	11/17 at 100.00	N/R (6)	1,036,025
		2008D, 5.750%, 11/15/27 (Pre-refunded 11/15/17)
1,350		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue	1/20 at 100.00	AA+ (6)	1,539,999
		Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20)
990		Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, New York	2/17 at 100.00	N/R (6)	997,851
		Hospital Medical Center of Queens, Series 2007, 4.650%, 8/15/27 (Pre-refunded 2/15/17)
525		Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series	7/20 at 100.00	A– (6)	590,541
		2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20)
2,100		Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series	7/20 at 100.00	A– (6)	2,416,785
		2011A, 6.000%, 7/01/40 (Pre-refunded 7/01/20)
135		Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005,	2/17 at 100.00	N/R (6)	129,595
		5.000%, 7/01/35 (Pre-refunded 2/03/17) – ACA Insured
		Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida
		Health System, Series 2007A:
280		5.250%, 2/01/27 (Pre-refunded 2/01/17)	2/17 at 100.00	Aaa	282,128
260		5.500%, 2/01/32 (Pre-refunded 2/01/17)	2/17 at 100.00	Aaa	262,085
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2008A:
1,365		5.250%, 11/15/36 (Pre-refunded 11/15/17)	11/17 at 100.00	AA– (6)	1,422,398
1,635		5.250%, 11/15/36 (Pre-refunded 11/15/17)	11/17 at 100.00	N/R (6)	1,703,752
560		Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%,	1/17 at 100.00	A– (6)	562,262
		1/01/34 (Pre-refunded 1/01/17)
2,830		New York City, New York, General Obligation Bonds, Fiscal 2008 Series D-1, 5.125%, 12/01/25	12/17 at 100.00	N/R (6)	2,949,284
		(Pre-refunded 12/01/17)
2,100		New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds,	12/17 at 100.00	AAA	2,190,300
		Series 2008A, 5.000%, 12/15/27 (Pre-refunded 12/15/17) (UB)
675		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%,	10/17 at 100.00	AA+ (6)	697,964
		4/01/27 (Pre-refunded 10/01/17)
325		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty	8/17 at 100.00	AA (6)	363,428
		Eighth Series 2008, Tender Option Bond Trust 2015-XF2178, 16.499%, 8/15/32 (Pre-refunded
		8/15/17) – AGM Insured (IF) (5)
170		Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic	10/17 at 100.00	N/R (6)	175,834
		College, Series 2007, 5.000%, 10/01/27 (Pre-refunded 10/01/17)
45		Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health	7/21 at 100.00	N/R (6)	51,205
		Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28
		(Pre-refunded 7/01/21)
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
335		4.750%, 6/01/22 (Pre-refunded 2/03/17)	2/17 at 100.00	BBB– (6)	335,151
345		5.000%, 6/01/26 (Pre-refunded 2/03/17)	2/17 at 100.00	BB– (6)	342,733
240		5.125%, 6/01/42 (Pre-refunded 2/03/17)	2/17 at 100.00	B– (6)	222,962
17,255		Total U.S. Guaranteed			18,272,282
		Utilities – 8.3% (8.2% of Total Investments)
1,000		Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds,	2/20 at 100.00	Baa3	1,047,950
		NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42
90		Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34	10/22 at 100.00	BBB	93,641
135		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A,	9/24 at 100.00	A–	147,871
		5.000%, 9/01/44
400		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,	5/21 at 100.00	A–	430,812
		5.000%, 5/01/38
1,250		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A,	No Opt. Call	A–	1,373,512
		5.000%, 9/01/37
2,490		Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue	No Opt. Call	BB+	2,511,788
		Refunding Bonds, Covanta Energy Project, Series 2012A, 5.250%, 11/01/42 (Alternative
		Minimum Tax)
450		Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue	1/17 at 100.00	N/R	447,565
		Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (Alternative Minimum Tax)
		Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE:
4,440		5.000%, 12/15/34	12/23 at 100.00	AAA	5,023,904
1,100		5.000%, 12/15/41	12/23 at 100.00	AAA	1,240,932
11,355		Total Utilities			12,317,975
		Water and Sewer – 4.5% (4.4% of Total Investments)
300		Buffalo Municipal Water Finance Authority, New York, Water System Revenue Bonds, Refunding	7/25 at 100.00	A	336,903
		Series 2015A, 5.000%, 7/01/29
		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 Subordinated SRF Series 2015A:
2,100		5.000%, 6/15/36	6/25 at 100.00	AAA	2,382,219
2,500		5.000%, 6/15/40	6/25 at 100.00	AAA	2,816,050
1,000		New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010	2/22 at 100.00	AAA	1,086,180
		Master Financing Program, Series 2012B, 5.000%, 2/15/42
5,900		Total Water and Sewer			6,621,352
$ 156,885		Total Long-Term Investments (cost $146,321,707)			150,598,640
		Floating Rate Obligations – (2.2)%			(3,255,000)
		Other Assets Less Liabilities – 0.9%			1,376,236
		Net Assets Applicable to Common Shares – 100%			$ 148,719,876

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:

 

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 November 30, 2016, the cost of investments was $142,749,702.

Gross unrealized appreciation and gross unrealized depreciation of investments as of November 30, 2016, were as follows:

 

 

 

Date:         January 27, 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.

 

Date:         January 27, 2017        

Date:         January 27, 2017