CHICAGO - (Business Wire) Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced it has successfully completed the initial public offering of the Nuveen Mortgage Opportunity Term Fund. The new closed-end fund’s investment objective is to generate attractive total returns through opportunistic investments in mortgage-backed securities (MBS). 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 (PPIP) established by the U.S. Department of the Treasury. The fund will begin trading on the New York Stock Exchange today, under the symbol JLS. The fund raised $400 million 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 Company, LLP (Wellington Management) is the fund’s subadviser 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.
Shares of closed-end investment companies, like the fund, usually trade on a national stock exchange. Similar to stocks, the fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value.
Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Nuveen Investments, LLC acted as co-lead underwriters in connection with the offering.
About Wellington Management:
With over $506 billion in client assets under management as of September 30, 2009, Wellington Management serves as an investment advisor to over 1,600 institutions located in over 40 countries. The firm is structured as a collection of investment teams that create solutions designed to respond to specific client needs, and is recognized for its proprietary, independent research, which is shared across all areas of the organization and used only for managing client portfolios. Tracing its roots back to 1928, the firm is based in Boston, Massachusetts, and also has offices in Atlanta, Georgia; Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Beijing; Hong Kong; London; Singapore; Sydney; and Tokyo.
About Nuveen Investments:
Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $141 billion of assets on September 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in the fund, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606. Investors should read the prospectus carefully before they invest or send money.
The U.S. Department of the Treasury has not participated in the preparation of this release or the prospectus or made any representation regarding, and expressly disclaims any liability or responsibility to any investor in the fund for, the accuracy, completeness or correctness of any of the information contained herein or therein. Without limitation of the foregoing, the U.S. Department of the Treasury does not approve or disapprove of any tax disclosure or advice set forth herein or therein.
This document is not an offer to sell securities and is not soliciting an offer to buy securities in any state where the offer or sale is not permitted.
MEDIA CONTACT:
Nuveen Investments
Kathleen Cardoza
312-917-7813
kathleen.cardoza@nuveen.com
or
Kristyna Sujata
312-917-8343
kristyna.sujata@nuveen.com
