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Nuveen Investments to offer Mortgage Opportunity Term Fund

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Nuveen Investments, a provider of investment services to institutions and high-net-worth investors, has revealed plans for a public offering of a new closed-end fund, Nuveen Mortgage Opportunity Term Fund.

The fund’s investment objective is to generate attractive total returns through opportunistic investments in mortgage-backed securities.

The fund seeks to achieve its investment objective by investing in MBS directly and indirectly through a separate investment in a public-private investment partnership formed pursuant to the Public-Private Investment Program established by the US Department of Treasury.

PPIP is designed to encourage the transfer of certain illiquid legacy real estate-related assets off the balance sheets of financial institutions, restarting the market for these assets and supporting the flow of credit and other capital into the broader economy. PPIP calls for the creation of public-private investment partnerships through which privately raised capital and Department of Treasury capital are pooled together to facilitate the purchase of certain eligible MBS.

The new fund has a limited term of ten years and plans to liquidate all of its assets, retire or redeem its borrowings, and distribute any remaining net assets to common shareholders on or before 30 November 2019.

The fund’s investment objective and policies are not designed to seek to return their initial investment on the termination date to investors who purchase common shares in this offering, and such initial investors and any investors that purchase common shares after the completion of this offering may receive more or less than their original investment upon termination.

Nuveen Asset Management will be the fund’s adviser and will be responsible for determining the fund’s overall investment strategy and deciding whether and to what extent to invest in a public-private investment partnership formed pursuant to PPIP.

Wellington Management will be the fund’s sub-adviser and will have day-to-day responsibility for managing the fund’s direct investments in MBS and other permitted investments.

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