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Two Nuveen Municipal Closed-End Funds Declare Pre-Merger Distributions

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced common share distributions for two municipal closed-end funds. The shareholders of these funds, the Nuveen Municipal High Income Opportunity Fund (NYSE MKT: NMZ) and Nuveen Municipal High Income Opportunity Fund 2 (NYSE: NMD), have each approved the reorganization of their fund into a single, larger fund. The reorganization is expected to take place after the close of business on Friday, July 12, 2013, effective Monday July 15, 2013, with NMZ acquiring substantially all of the assets of NMD. The goal of this reorganization is to create a single, larger municipal bond fund, with lower operating expenses and increased share trading volume.

The following dates apply to distribution declarations for the following Closed-End Funds:

Record Date   July 12, 2013    
Ex-Dividend Date July 10, 2013      
Payable Date August 1, 2013 Per Share Distribution Amount
Reinvest Date August 1, 2013 Tax-Exempt Ordinary Income
        Income   (Taxable Market Discount)
Acquiring Fund   NMZ   .0730   -
Acquired Fund   NMD   .0655   .0049
 

The following dates apply to distribution declarations for the following Closed-End Funds:

Record Date   July 12, 2013    
Ex-Dividend Date July 10, 2013      
Payable Date September 3, 2013 Per Share Distribution Amount
Reinvest Date September 3, 2013 Tax-Exempt Ordinary Income
        Income   (Taxable Market Discount)
Acquiring Fund   NMZ   .0179   -
Acquired Fund   NMD   .0121   -
 

Regulations require that the acquired funds fully distribute any accumulated undistributed net investment income (UNII) prior to effecting the reorganization. Consequently, NMD is declaring distributions which will comply with these regulations, payable August 1 st, 2013 and September 3 rd, 2013 to fund shareholders of record on July 12 th, 2013. In addition, the acquiring fund (NMZ) is declaring a distribution August 1 st, 2013 and September 3 rd, 2013 to fund shareholders of record on July 12 th, 2013. The distribution information is detailed in the table above. Following the merger, NMZ is expected to declare an additional distribution, payable September 3, 2013. The total dollar amount of the combined pre- and post-merger distributions received September 3, 2013 will be equal to or greater than the shareholder’s prior monthly tax-exempt dividend.

Since the record date is July 12, 2013 for both funds’ distributions payable August 1, 2013 and September 3, 2013, any new fund shares acquired after the ex-dividend date of July 10, 2013 will not receive a full monthly distribution until October 1, 2013. However, the tax-exempt income earned on these shares during this period will be reflected in each fund’s net asset value as undistributed net investment income (UNII) which will be paid out over time.

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