Nuveen Investments to Offer New Mortgage Opportunity Term Fund

New Fund Sub-Advised by Wellington Management

• Press Release
• Source: Nuveen Investments
• On 6:20 pm EST, Monday November 9, 2009

CHICAGO--(BUSINESS WIRE)--Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced 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 (“MBS”). 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 (“PPIP”) established by the U.S. Department of Treasury (the “UST”).

On March 23, 2009, the UST, in conjunction with the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve, announced the creation of PPIP. 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 UST 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 November 30, 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. The fund expects to be listed on the NYSE under ticker symbol JLS, subject to notice of issuance.

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 Company, LLP (“Wellington Management”), will be the fund’s subadviser and will have day-to-day responsibility for managing the fund’s direct investments in MBS and other permitted investments. Wellington Management, which was selected by the UST 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.

Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBC Securities LLC and Nuveen Investments, LLC are acting as co-lead underwriters in connection with this proposed offering.

About Wellington Management:

With over $506 billion in client assets under management on 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.

Shares of closed-end exchange traded investment companies, like the fund, usually trade on a national stock exchange. Similar to stocks, share prices 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 exchange-traded funds often trade at a discount to their net asset value.

Please see the fund’s preliminary prospectus for information regarding the fund and risks associated with investing in the fund.

The information contained in this press release and in the preliminary prospectus is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This press release or the preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a preliminary 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 preliminary prospectus carefully before they invest or send money.

The UST has not participated in the preparation of this release or the preliminary 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 UST does not approve or disapprove of any tax disclosure or advice set forth herein or therein.

Nuveen Investments
Media Contact:
Kathleen Cardoza, 312-917-7813
KATHLEEN.CARDOZA@NUVEEN.COM
or
Kristyna Sujata, 312-917-8343
KRISTYNA.SUJATA@NUVEEN.COM