Nuveen Mortgage Opportunity Term Fund 2 (XJMTX)
Filed: 6 Sep 11, 12:00am
Exhibit 99.1
Wellington Management Legacy Securities PPIF (Offshore), LP
(a Delaware limited partnership)
Financial Statements
For the Six Months Ended June 30, 2011
(UNAUDITED)
Wellington Management Legacy Securities PPIF (Offshore), LP
(a Delaware limited partnership)
TABLE OF CONTENTS
| Page | ||||
Statement of Assets, Liabilities and Partners’ Capital | 1 | |||
Statement of Operations | 2 | |||
Statement of Changes in Partners’ Capital | 3 | |||
Statement of Cash Flows | 4 | |||
Wellington Management Legacy Securities PPIF (Offshore), LP
(a Delaware limited partnership)
STATEMENT OF ASSETS, LIABILITIES AND PARTNERS’ CAPITAL
JUNE 30, 2011
(UNAUDITED)
(in U.S. Dollars)
Assets | ||||
Investment in Wellington Management Legacy Securities PPIF Master Fund, LP (the “Master Fund”), at fair value | $ | 771,007,649 | ||
Cash | 377,066 | |||
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Total assets | $ | 771,384,715 | ||
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Liabilities and partners’ capital | ||||
Liabilities | ||||
Management fees payable | $ | 381,985 | ||
Due to Limited Partners | 172,050 | |||
Professional fees payable | 119,028 | |||
Administration fees payable | 45,396 | |||
Due to General Partner | 2,000 | |||
Other accrued expenses | 59,717 | |||
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Total liabilities | 780,176 | |||
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Partners capital | ||||
General Partner | 3,462,920 | |||
Limited Partners | 767,141,619 | |||
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Total partners’ capital | 770,604,539 | |||
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Total liabilities and partners’ capital | $ | 771,384,715 | ||
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1
Wellington Management Legacy Securities PPIF (Offshore), LP
(a Delaware limited partnership)
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2011
(UNAUDITED)
(in U.S. Dollars)
Net investment income allocated from Master Fund | ||||
Interest income | $ | 55,698,296 | ||
Interest expense | (4,845,218 | ) | ||
Administration fees | (158,000 | ) | ||
Professional fees | (28,672 | ) | ||
Other expenses | (29,367 | ) | ||
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Net investment income allocated from Master Fund | 50,637,039 | |||
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Offshore Feeder expenses | ||||
Management fees | 752,300 | |||
Administration fees | 130,414 | |||
Professional fees | 79,933 | |||
Other expenses | 16,116 | |||
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Total Offshore Feeder expenses | 978,763 | |||
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Net investment income | 49,658,276 | |||
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Net realized and change in unrealized appreciation (depreciation) allocated from Master Fund | ||||
Net realized gain on investments | 171,252 | |||
Net realized loss on swaps | (1,328,952 | ) | ||
Net change in unrealized appreciation on UST Warrant | 325,651 | |||
Net change in unrealized depreciation on investments | (72,883,127 | ) | ||
Net change in unrealized depreciation on swaps | (13,308,713 | ) | ||
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Net realized and change in unrealized depreciation allocated from Master Fund | (87,023,889 | ) | ||
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Net decrease in partners’ capital resulting from operations | $ | (37,365,613 | ) | |
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Wellington Management Legacy Securities PPIF (Offshore), LP
(a Delaware limited partnership)
STATEMENT OF CHANGES IN PARTNERS’ CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 2011
(UNAUDITED)
(in U.S. Dollars)
| Offshore Cayman Feeders | ||||||||||||||||||||
| General Partner | Advent Legacy Securities, Ltd. | Wellington Management Legacy Securities PPIF (Offshore) Ltd. | Other Limited Partners’ | Total | ||||||||||||||||
Partners’ capital, at December 31, 2010 | $ | 11,125,968 | $ | 91,592,135 | $ | 622,256,218 | $ | 30,227,694 | $ | 755,202,015 | ||||||||||
Contributions | 10,000 | 10,180,000 | 69,020,000 | 3,300,000 | 82,510,000 | |||||||||||||||
Distributions | ||||||||||||||||||||
Investment proceeds | (3,605 | ) | (3,669,521 | ) | (24,879,207 | ) | (1,189,530 | ) | (29,741,863 | ) | ||||||||||
Net decrease in Partners’ Capital resulting from operations | (4,431 | ) | (4,644,842 | ) | (31,254,449 | ) | (1,461,891 | ) | (37,365,613 | ) | ||||||||||
Carried Interest | (7,665,012 | ) | 989,802 | 6,675,210 | — | — | ||||||||||||||
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Partners’ capital, at June 30, 2011 | $ | 3,462,920 | $ | 94,447,574 | $ | 641,817,772 | $ | 30,876,273 | $ | 770,604,539 | ||||||||||
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Remaining capital commitments, end of period | $ | 9,897 | $ | 10,075,093 | $ | 68,308,732 | $ | 3,265,993 | $ | 81,659,715 | ||||||||||
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3
Wellington Management Legacy Securities PPIF (Offshore), LP
(a Delaware limited partnership)
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2011
(UNAUDITED)
(in U.S. Dollars)
Cash flows from operating activities: | ||||
Net decrease in partners’ capital resulting from operations | $ | (37,365,613 | ) | |
Adjustments to reconcile net decrease in partners’ capital resulting from operations to net cash used in operating activities: | ||||
Investments made in Master Fund | (82,510,000 | ) | ||
Distributions received from Master Fund | 30,966,963 | |||
Net investment income allocated from the Master Fund | (50,637,039 | ) | ||
Net realized and change in unrealized depreciation allocated from Master Fund | 87,023,889 | |||
Decrease in management fees payable | (199,590 | ) | ||
Decrease in due to Limited Partners | (60,000 | ) | ||
Increase in professional fees payable | 10,276 | |||
Decrease in administration fees payable | (14,487 | ) | ||
Decrease in distribution payable | (189,212 | ) | ||
Increase in other accrued expenses | 13,749 | |||
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Net cash used in operating activities | (52,961,064 | ) | ||
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Cash flows from financing activities: | ||||
Contributions | 82,510,000 | |||
Distributions | (29,741,863 | ) | ||
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Net cash provided by financing activities | 52,768,137 | |||
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Net change in cash | (192,927 | ) | ||
Cash: | ||||
Beginning of period | 569,993 | |||
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End of period | $ | 377,066 | ||
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