Nuveen Mortgage Opportunity Term Fund 2 NPORTP (Sep 2019 report)

JMT

Nuveen Mortgage Opportunity
Term Fund 2

Portfolio of Investments September 30, 2019

(Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity			Ratings (2)		Value

		LONG-TERM INVESTMENTS – 40.8% (40.5% of Total Investments)

		MORTGAGE-BACKED SECURITIES – 34.8% (34.5% of Total Investments)

$	925	280 Park Avenue 2017-280P Mortgage Trust, 144A,(1-Month LIBOR reference rate + 2.120% spread), (3)		4.146%		9/15/34			BB–	$	927,879
	1,048	Angel Oak Mortgage Trust2019-3, 144A		2.930%		5/25/59			AAA		1,055,079
	195	Angel Oak Mortgage Trust I LLC2017-2, 144A		2.478%		7/25/47			AAA		194,213
	61	Angel Oak Mortgage Trust LLC, 144A		3.644%		1/25/47			AAA		60,567
	400	Arroyo Mortgage Trust2018-1, 144A		3.763%		4/25/48			AAA		407,298
	1,148	Arroyo Mortgage Trust2019-1, 144A		3.805%		1/25/49			AAA		1,173,500
	1,276	BCAP LLC Trust2007-AA1,(1-Month LIBOR reference rate + 0.180% spread), (3)		2.198%		3/25/37			Caa3		1,270,712
	769	ChaseFlex Trust Series2007-2,(1-Month LIBOR reference rate + 0.280% spread), (3)		2.298%		5/25/37			B3		731,896
	782	CHL Mortgage Pass-Through Trust 2006-HYB1		4.024%		3/20/36			Caa3		740,197
	388	COLT2018-3 Mortgage Loan Trust, 144A		3.692%		10/26/48			AAA		390,593
	856	COLT2019-1 Mortgage Loan Trust, 144A		3.705%		3/25/49			AAA		868,530
	490	COMM 2019-521F Mortgage Trust, 144A,(1-Month LIBOR reference rate + 0.900% spread), (3)		2.928%		6/15/34			AAA		490,152
	582	Connecticut Avenue Securities Trust2019-R01, 144A,(1-Month LIBOR reference rate + 0.850% spread), (3)		2.868%		7/25/31			Aaa		582,149
	1,310	Core Industrial Trust 2015-CALW, 144A		3.979%		2/10/34			B		1,330,505
	603	Corevest American Finance2019-1 Trust, 144A		3.324%		3/15/52	��		AAA		620,453
	493	Deephaven Residential Mortgage Trust2019-2, 144A		3.558%		4/25/59			AAA		497,195
	1,583	Deephaven Residential Mortgage Trust2019-3, 144A		2.964%		7/25/59			AAA		1,590,275
	738	Fannie Mae Connecticut Avenue Securities,(1-Month LIBOR reference rate + 5.250% spread), (3)		7.268%		10/25/23			A+		816,345
	515	First Horizon Alternative Mortgage Securities Trust2005-AA7		4.086%		9/25/35			N/R		498,189
	659	First Horizon Alternative Mortgage Securities Trust2006-FA3		6.000%		7/25/36			Ca		508,424
	15,801	Freddie Mac Multifamily Structured Pass-Through Certificates, (I/O)		4.196%		11/25/27			AAA		341,283
	7,000	Freddie Mac Multifamily Structured Pass-Through Certificates, (I/O)		1.715%		7/25/41			N/R		392,761
	5,015	Freddie Mac Multifamily Structured Pass-Through Certificates, (I/O)		1.781%		9/25/41			N/R		311,919
	660	Freddie Mac STACR Trust 2019-HRP1, 144A,(1-Month LIBOR reference rate + 1.400% spread), (3)		3.418%		2/25/49			BBB+		660,387
	865	Freddie Mac Structured Agency Credit Risk Debt Notes,(1-Month LIBOR reference rate + 1.350% spread), (3)		3.368%		3/25/29			Aaa		868,676
	462	Freddie Mac Structured Agency Credit Risk Debt Notes,(1-Month LIBOR reference rate + 2.900% spread), (3)		5.045%		7/25/28			AAA		465,572
	922	Freddie Mac Structured Agency Credit Risk Debt Notes,(1-Month LIBOR reference rate + 4.250% spread), (3)		6.268%		11/25/23			BBB		992,580
	547	Freddie Mac Structured Agency Credit Risk Debt Notes,(1-Month LIBOR reference rate + 4.750% spread), (3)		6.768%		10/25/24			AA		580,275
	1,293	FREMF 2016-K504 Mortgage Trust, 144A		3.116%		9/25/20			N/R		1,296,800
	340	FREMF 2018-K733 Mortgage Trust, 144A		4.218%		9/25/25			Baa1		363,283
	277	GCAT2018-1 LLC, 144A		3.844%		6/25/48			N/R		277,713
	1,041	GCAT 2019-NQM1 LLC, 144A		2.985%		2/25/59			AAA		1,043,729
	557	GMACM Mortgage Loan Trust2005-AF2		6.000%		12/25/35			N/R		547,463
	734	GSAA Home Equity Trust2007-8,(1-Month LIBOR reference rate + 0.450% spread), (3)		2.468%		8/25/37			B1		715,158
	689	IndyMac INDX Mortgage Loan Trust 2005-AR11		3.889%		8/25/35			Caa3		623,538
	432	JP Morgan Mortgage Trust2006-A6		4.279%		10/25/36			N/R		401,091
	275	Morgan Stanley Capital I Trust2017-CLS, 144A,(1-Month LIBOR reference rate + 1.950% spread), (3)		3.978%		11/15/34			Ba3		275,516
	1,011	Morgan Stanley Mortgage Loan Trust2007-13		6.000%		10/25/37			D		828,887
	222	Nationstar HECM Loan Trust2019-1, 144A		2.651%		6/25/29			Aaa		222,845
	113	New Residential Mortgage Loan Trust2016-3, 144A		3.250%		9/25/56			Aaa		114,820
	534	New Residential Mortgage Loan Trust2018-4, 144A,(1-Month LIBOR reference rate + 0.900% spread), (3)		2.918%		1/25/48			Aaa		532,651
	1,054	New Residential Mortgage Loan Trust 2019-NQM3, 144A		2.802%		7/25/49			AAA		1,056,037



JMT		Nuveen Mortgage Opportunity Term Fund 2(continued)
JMT		Portfolio of Investments September 30, 2019
		(Unaudited)


Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		MORTGAGE-BACKED SECURITIES(continued)

$	22	Oak Hill Advisors Residential Loan Trust 2017-NPLA, 144A		3.000%		6/25/57		N/R	$	22,541
	437	Pretium Mortgage Credit Partners I 2019-NPL1 LLC, 144A		4.213%		7/25/60		N/R		440,296
	920	Progress Residential 2019-SFR2 Trust, 144A		3.147%		5/17/36		Aaa		932,827
	531	PRPM2018-2 LLC, 144A		4.000%		8/25/23		N/R		533,376
	728	RALI Series2007-QS2 Trust		6.250%		1/25/37		Caa3		675,843
	1,798	RAMP Series2006-NC2 Trust,(1-Month LIBOR reference rate + 0.290% spread), (3)		2.308%		2/25/36		Aaa		1,796,964
	436	Spruce Hill Mortgage Loan Trust2019-SH1, 144A		3.395%		4/29/49		AAA		438,465
	1,128	STACR Trust 2018-HRP1, 144A,(1-Month LIBOR reference rate + 1.650% spread), (3)		3.668%		4/25/43		BB–		1,130,768
	465	STACR Trust 2018-HRP2, 144A,(1-Month LIBOR reference rate + 1.250% spread), (3)		3.268%		2/25/47		A		466,321
	293	Towd Point Mortgage Trust2019-SJ1, 144A		3.750%		11/25/58		AAA		295,451
	1,650	Towd Point Mortgage Trust2019-SJ2, 144A		4.250%		11/25/58		AA		1,701,105
	603	Vericrest Opportunity Loan Trust 2019-NPL2, 144A		3.967%		2/25/49		N/R		605,011
	503	Verus Securitization Trust2019-2, 144A		3.211%		4/25/59		AAA		505,513
	133	VOLT LXII LLC, 144A		3.125%		9/25/47		N/R		132,802
	436	WaMu Mortgage Pass-Through Certificates Series2006-AR7 Trust, (12MTA reference rate + 0.980% spread), (3)		3.426%		7/25/46		Caa3		424,906
$	64,748	Total Mortgage-Backed Securities (cost $37,309,814)								37,769,324

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		ASSET-BACKED SECURITIES – 6.0% (6.0% of Total Investments)

$	5	Avant Loans Funding Trust2017-B, 144A		3.380%		4/15/21		N/R	$	5,335
	1,135	Drive Auto Receivables Trust2017-3, 144A		3.530%		12/15/23		Aaa		1,147,742
	1,209	Hertz Vehicle Financing II LP, 144A		3.710%		3/25/23		Aaa		1,245,093
	885	Hertz Vehicle Financing II LP, 144A		3.420%		5/25/25		Aaa		913,872
	500	Madison Park Funding XIX Ltd, 144A,(3-Month LIBOR reference rate + 1.750% spread), (3)		3.703%		1/22/28		Aa2		499,753
	1,005	OneMain Direct Auto Receivables Trust2018-1, 144A		3.850%		10/14/25		A		1,033,760
	650	Westlake Automobile Receivables Trust2017-1, 144A		5.050%		8/15/24		BBB–		661,270
	1,015	Westlake Automobile Receivables Trust2018-1, 144A		3.410%		5/15/23		A–		1,025,344
$	6,404	Total Asset-Backed Securities (cost $6,420,591)								6,532,169
		Total Long-Term Investments (cost $43,730,405)								44,301,493

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (2)		Value

		SHORT-TERM INVESTMENTS – 59.8% (59.5% of Total Investments)

		REPURCHASE AGREEMENTS – 2.1% (2.1% of Total Investments)

$	2,325	Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/19, repurchase price $2,325,086, collateralized by $2,095,000 U.S. Treasury Bonds, 2.750%, due 11/15/42, value $2,372,070		0.850%		10/01/19		N/A	$	2,325,031
	2,325	Total Repurchase Agreements (cost $2,325,031)								2,325,031

		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 57.7% (57.4% of Total Investments)

	31,450	U.S. Treasury Bill		0.000%		10/15/19		N/R		31,428,648
	31,337	U.S. Treasury Bill		0.000%		10/22/19		N/R		31,303,974
	62,787	Total U.S. Government and Agency Obligations (cost $62,732,492)								62,732,622
$	65,112	Total Short-Term Investments (cost $65,057,523)								65,057,653
		Total Investments (cost $108,787,928) – 100.6%								109,359,146
		Other Assets Less Liabilities – (0.6)%								(679,308	)
		Net Assets Applicable to Common Shares – 100%							$	108,679,838

Part F of FormN-PORT was prepared in accordance with accounting principles general accepted in teh United States of America (U.S. GAAP) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) related to interim filings. Part F ofForm N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund’s investments in securities are recorded at their estimated fair value. 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, credit spreads, 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 risks 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:
Mortgage-Backed Securities	$	—	$	37,769,324	$	—	$	37,769,324
Asset-Backed Securities		—		6,532,169		—		6,532,169

Short-Term Investments:
Repurchase Agreements		—		2,325,031		—		2,325,031
U.S. Government and Agency Obligations		—		62,732,622		—		62,732,622
Total	$	—	$	109,359,146	$	—	$	109,359,146

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industrysub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industrysub-classifications into sectors for reporting ease.

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)

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.

(3)	Variable rate security. The rate shown is the coupon as of the end of the reporting period.

I/O	Interest only security.

LIBOR

London Inter-Bank Offered Rate

12MTA

Federal Reserve U.S.12-Month Cumulative Treasury Average1-Year CMT.

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.

Nuveen Mortgage Opportunity Term Fund 2 (XJMTX) NPORT-PNuveen Mortgage Opportunity Term Fund 2 (Sep 2019 report)