Nuveen Mortgage Opportunity Term Fund (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to generate total returns through investments in mortgage-backed securities (MBS). The Fund seeks to invest primarily in non-agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). It invests in MBS directly, and indirectly through a separate investment as a limited partner in a private feeder fund (the Feeder PPIP Fund, collectively, the Feeder PPIP Funds). The Fund's Feeder PPIP Fund invests in a master fund (the Master PPIP Fund collectively, the Master PPIP Funds) that have been organized to invest directly in MBS and other assets eligible for purchase under the Public-Private Investment Program (PPIP) established by the United States Department of the Treasury (the UST). Nuveen Fund Advisors, Inc. (Nuveen Fund Advisors), formerly Nuveen Asset Management, is the Funds' investment adviser.