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Nuveen completes IPO of Mortgage Opportunity Term Fund

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Nuveen Investments, a provider of investment services to institutions and high-net-worth investors, has completed the initial public offering of the Nuveen Mortgage Opportunity Term Fund.

The closed-end 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 mortgage-backed securities 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 the Treasury.

The fund raised USD400m in its common share offering, assuming full exercise of underwriters’ option to purchase additional shares, which may not occur.

Nuveen Asset Management is the fund’s adviser and is 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 is the fund’s sub-adviser and is responsible for managing the fund’s direct investments in mortgage-backed securities and other permitted investments. Wellington Management, which was selected by the Department of Treasury in July as one of nine managers eligible to participate in PPIP, also serves as investment adviser of a public-private investment partnership in which the fund may invest.

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