Nuveen Municipal High Income Opportunity Fund 2 (the Fund) is a diversified closed-end investment company. The Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain United State territories. The fund invests at least 50% of its managed assets in municipal securities rated. The fund may invest up to 50% of its managed assets in municipal securities that, at the time of investment. The Fund's investment advisor is Nuveen Fund Advisors, Inc.