UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-22123         

        Nuveen Municipal High Income Opportunity Fund 2         
(Exact name of registrant as specified in charter)

Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Kevin J. McCarthy Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:             10/31          

Date of reporting period:          1/31/09         

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

    Portfolio of Investments (Unaudited)              
    Nuveen Municipal High Income Opportunity Fund 2 (NMD)              
    January 31, 2009              
Principal         Optional Call          
Amount (000)     Description (1)     Provisions (2)     Ratings (3)     Value  
    Alabama – 1.3% (1.0% of Total Investments)              
$         2,290     Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health     11/15 at 100.00     Baa1     $     1,692,997  
      System Inc., Series 2005A, 5.250%, 11/15/20              
    Arizona – 10.1% (7.8% of Total Investments)              
1,000     Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation     7/17 at 100.00     N/R     666,580  
      Bonds, Series 2007, 6.200%, 7/15/32              
4,000     Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series     12/17 at 102.00     N/R     3,000,480  
      2007, 7.000%, 12/01/27              
13,325     Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,     No Opt. Call     A     8,698,427  
      5.000%, 12/01/37              
1,000     Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &     12/17 at 100.00     N/R     676,260  
      Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)              
19,325     Total Arizona             13,041,747  
    California – 14.7% (11.4% of Total Investments)              
2,000     California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006,     12/16 at 100.00     Baa3     1,209,860  
      5.000%, 12/01/36              
4,065     California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,     11/16 at 100.00     AA–     2,870,418  
      Trust 3299, 16.832%, 11/15/46 (IF)              
3,500     California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity     7/15 at 100.00     BBB     2,163,560  
      Health System, Series 2005A, 5.250%, 7/01/35              
    Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds,              
    Franciscan Mobile Home Park Refunding, Series 2007A:              
3,500       5.000%, 12/15/37     12/17 at 100.00     A–     2,299,605  
1,990       6.500%, 12/15/47     12/17 at 100.00     N/R     1,325,619  
    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement              
    Asset-Backed Bonds, Series 2007A-1:              
3,000       5.750%, 6/01/47     6/17 at 100.00     BBB     1,812,150  
2,500       5.125%, 6/01/47     6/17 at 100.00     BBB     1,344,600  
3,190     Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed     6/15 at 100.00     A     81,855  
      Revenue Bonds, Series 2005A, Trust 2213, 10.044%, 6/01/45 – AMBAC Insured (IF)              
3,665     Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed     6/15 at 100.00     A     686,748  
      Revenue Bonds, Series 2005A, Trust 2448, 10.053%, 6/01/38 – FGIC Insured (IF)              
5,335     Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed     6/15 at 100.00     A     4,251,035  
      Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured              
1,515     Independent Cities Lease Finance Authority, California, Senior Lien Revenue Bonds, Caritas     8/15 at 100.00     BBB+     954,268  
      Affordable Housing Project Mobile Home Park, Series 2005A, 5.200%, 8/15/45 – ACA Insured              
34,260     Total California             18,999,718  
    Colorado – 10.8% (8.3% of Total Investments)              
2,000     Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37     12/15 at 100.00     N/R     1,644,020  
500     Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Carbon     12/16 at 100.00     N/R     308,605  
      Valley Academy, Series 2006, 5.625%, 12/01/36              
1,530     Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Windsor     5/17 at 100.00     BB+     905,760  
      Academy, Series 2007A, 5.700%, 5/01/37              
2,000     Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of     6/18 at 102.00     N/R     1,424,860  
      Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38              
1,480     Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,     9/16 at 100.00     AA     1,273,880  
      Series 2006A, 5.000%, 9/01/41 (4)              
1,010     Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F,     3/15 at 100.00     BBB+     832,482  
      5.000%, 3/01/25              
5,045     Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series     4/17 at 100.00     N/R     3,493,410  
      2007, 6.750%, 4/01/27 (Alternative Minimum Tax)              
1,000     Colorado State Higher Education Capital Construction Lease Purchase Financing Program     11/18 at 100.00     AA–     1,021,100  
      Certificates of Participation, Series 2008, 5.500%, 11/01/27 (4)              
1,000     Public Authority for Colorado Energy, Natural Gas Revenue Bonds, Colorado Springs Utilities,     No Opt. Call     A+     806,800  
      Series 2008, 6.500%, 11/15/38              
3,000     University of Colorado Hospital Authority, Revenue Bonds, Series 2006A, 5.250%, 11/15/39     5/16 at 100.00     A3     2,225,340  
18,565     Total Colorado             13,936,257  
    Florida – 13.2% (10.2% of Total Investments)              
1,500     Beeline Community Development District, Palm Beach County, Florida, Special Assessment Bonds,     5/18 at 100.00     N/R     1,077,720  
      Series 2008A, 7.000%, 5/01/37              
2,000     Escambia County, Florida, Environmental Improvement Revenue Bonds, International Paper Company     8/11 at 100.00     BBB     1,166,240  
      Projects, Series 2006B, 5.000%, 8/01/26 (Alternative Minimum Tax)              
2,960     Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach     5/15 at 101.00     N/R     1,820,311  
      Gardens, Series 2004A, 5.900%, 5/01/35              
1,500     Palm Glades Community Development District, Florida, Special Assessment Bond, Series 2008A,     5/18 at 100.00     N/R     1,038,825  
      7.125%, 5/01/39              
1,000     Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina,     5/12 at 101.00     N/R     583,640  
      Series 2004, 5.750%, 5/01/35              
1,000     Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007,     5/17 at 100.00     N/R     673,270  
      6.000%, 5/01/37              
985     Reunion West Community Development District, Florida, Special Assessment Bonds, Series 2004,     5/12 at 101.00     N/R     485,566  
      6.250%, 5/01/36              
5,355     South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of     8/17 at 100.00     AA–     2,919,867  
      South Florida, Trust 1030, 9.405%, 8/15/37 (IF)              
6,000     Split Pine Community Development District, Florida, Special Assessment Bonds, Series 2007A,     5/17 at 100.00     N/R     3,062,880  
      5.250%, 5/01/39              
5,000     Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds,     5/18 at 100.00     N/R     3,421,600  
      Series 2007, 6.750%, 5/01/38              
1,480     Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,     5/14 at 101.00     N/R     779,516  
      5.400%, 5/01/37              
28,780     Total Florida             17,029,435  
    Georgia – 0.4% (0.3% of Total Investments)              
1,000     Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care,     7/17 at 100.00     N/R     514,060  
      Lenbrook Square Project, Series 2006A, 5.125%, 7/01/42              
    Idaho – 2.3% (1.8% of Total Investments)              
    Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial              
    Hospital, Series 2006:              
2,145       5.250%, 9/01/26     9/16 at 100.00     BBB–     1,633,761  
2,000       5.250%, 9/01/37     9/16 at 100.00     BBB–     1,351,860  
4,145     Total Idaho             2,985,621  
    Illinois – 7.5% (5.8% of Total Investments)              
1,100     Hillside, Cook County, Illinois, Senior Lien Tax Increment Revenue Bonds, Mannheim     1/18 at 102.00     N/R     785,059  
      Redevelopment Project, Series 2008, 7.000%, 1/01/28              
5,620     Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation,     No Opt. Call     BBB     3,411,340  
      Series 2007, 5.000%, 12/01/36              
1,500     Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2007, 5.500%, 4/01/37     4/17 at 100.00     Baa1     1,163,715  
2,500     Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel     1/16 at 100.00     BB–     1,405,025  
      Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured              
    Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental              
    Health Center, Series 2007:              
1,295       6.200%, 6/01/17     No Opt. Call     N/R     1,091,853  
2,745       6.625%, 6/01/37     6/17 at 103.00     N/R     1,878,266  
14,760     Total Illinois             9,735,258  
    Indiana – 4.0% (3.1% of Total Investments)              
3,000     Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health     8/16 at 100.00     Baa3     1,892,070  
      System, Series 2006, 5.125%, 8/01/29              
1,600     Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation     No Opt. Call     Aa3     966,720  
      Guaranteed, Series 2007A, Trust 2882, 14.676%, 10/15/20 (IF)              
2,000     Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest     3/17 at 100.00     BBB     1,315,860  
      Indiana, Series 2007, 5.500%, 3/01/37              
1,625     Vigo County, Indiana, Hospital Authority, Union Hospital, Revenue Bonds, Series 2007,     9/17 at 100.00     N/R     965,543  
      5.800%, 9/01/47              
8,225     Total Indiana             5,140,193  
    Louisiana – 6.2% (4.8% of Total Investments)              
5,000     Louisiana Local Government Envirnomental Facilities & Community Development Authority, Revenue     11/17 at 100.00     BB+     3,497,550  
      Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32              
500     Louisiana Local Government Environmental Facilities and Community Development Authority,     No Opt. Call     A     418,405  
      Revenue Bonds, Capital Projects and Equipment Acquisition Program, Series 2000A, 6.300%,              
      7/01/30 – AMBAC Insured              
5,000     Louisiana Local Government Environmental Facilities and Community Development Authority,     12/17 at 100.00     N/R     3,450,800  
      Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37              
1,000     Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,     5/11 at 101.00     BBB     635,140  
      Series 2001B, 5.875%, 5/15/39              
11,500     Total Louisiana             8,001,895  
    Maryland – 1.7% (1.3% of Total Investments)              
3,000     Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical     7/17 at 100.00     BBB     2,211,840  
      Center Project, Series 2007A, 5.500%, 7/01/42              
    Massachusetts – 0.6% (0.4% of Total Investments)              
90     Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds,     9/12 at 102.00     B3     58,681  
      Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)              
1,000     Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center     1/18 at 100.00     N/R     671,020  
      Issue, Series A (2008), 6.500%, 1/15/38              
1,090     Total Massachusetts             729,701  
    Michigan – 1.4% (1.1% of Total Investments)              
1,000     Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital     8/17 at 100.00     N/R     560,970  
      Obligated Group, Series 2007A, 4.875%, 8/15/27              
1,750     Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American     12/17 at 100.00     N/R     1,205,680  
      Montessori Academy, Series 2007, 6.500%, 12/01/37              
20     Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center     2/09 at 101.00     BB     12,775  
      Obligated Group, Series 1998A, 5.250%, 8/15/23              
2,770     Total Michigan             1,779,425  
    Minnesota – 2.7% (2.1% of Total Investments)              
5,000     St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc.,     11/15 at 100.00     Baa3     3,484,500  
      Series 2005, 6.000%, 11/15/35              
    Missouri – 1.0% (0.8% of Total Investments)              
40     Saint Louis Industrial Development Authority, Missouri, Saint Louis Convention Center     12/10 at 102.00     Caa2     12,015  
      Headquarters Hotel Project, Series 2000A, 7.000%, 12/15/15 (Alternative              
      Minimum Tax) (5)              
2,026     Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment     3/09 at 100.00     N/R     1,290,521  
      Project, Series 2008A, 6.300%, 8/22/26              
2,066     Total Missouri             1,302,536  
    Montana – 0.3% (0.2% of Total Investments)              
715     Montana Board of Investments, Resource Recovery Revenue Bonds, Yellowstone Energy LP, Series     No Opt. Call     N/R     409,967  
      1993, 7.000%, 12/31/19 (Alternative Minimum Tax)              
    Nevada – 2.0% (1.5% of Total Investments)              
55     Clark County, Nevada, Industrial Development Revenue Bonds, Nevada Power Company, Series     6/09 at 100.00     BB+     35,062  
      1995A, 5.600%, 10/01/30 (Alternative Minimum Tax)              
    Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas              
    Monorail Project, First Tier, Series 2000:              
1,200       5.625%, 1/01/32 – AMBAC Insured     1/10 at 102.00     A     518,652  
1,200       5.375%, 1/01/40 – AMBAC Insured     1/10 at 100.00     A     518,796  
    Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax              
    Revenue Bonds Series 2008A:              
1,000       6.500%, 6/15/20     6/18 at 100.00     Ba2     793,650  
1,000       6.750%, 6/15/28     6/18 at 100.00     Ba2     705,690  
4,455     Total Nevada             2,571,850  
    New Jersey – 5.1% (3.9% of Total Investments)              
    New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental              
    Airlines Inc., Series 1999:              
3,000       6.250%, 9/15/19 (Alternative Minimum Tax)     9/09 at 101.00     B     2,154,270  
55       6.400%, 9/15/23 (Alternative Minimum Tax)     9/09 at 101.00     B     37,199  
240       6.250%, 9/15/29 (Alternative Minimum Tax)     9/09 at 101.00     B     151,020  
25     New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental     11/10 at 101.00     B     16,398  
      Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)              
5,700     New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters     7/18 at 100.00     Baa2     4,211,616  
      University Hospital, Series 2007, 5.750%, 7/01/37              
9,020     Total New Jersey             6,570,503  
    New Mexico – 0.3% (0.2% of Total Investments)              
500     Montecito Estates Public Improvement District, New Mexico, Special Levee Revenue Bonds, Series     10/17 at 100.00     N/R     350,560  
      2007, 7.000%, 10/01/37              
    New York – 0.6% (0.5% of Total Investments)              
1,030     New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special     7/16 at 101.00     N/R     777,805  
      Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23              
    North Carolina – 3.7% (2.9% of Total Investments)              
1,685     Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series     10/17 at 100.00     N/R     1,143,323  
      2007, 5.250%, 10/01/38              
1,910     Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue     1/18 at 100.00     AA–     1,330,487  
      Bonds, Series 2008, Trust 1149, 9.412%, 1/15/47 (IF)              
    North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond,              
    Meredith College, Series 2008A:              
1,740       6.000%, 6/01/31     6/18 at 100.00     BBB     1,469,726  
1,000       6.125%, 6/01/35     6/18 at 100.00     BBB     839,430  
6,335     Total North Carolina             4,782,966  
    Ohio – 4.1% (3.2% of Total Investments)              
6,845     Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue     6/17 at 100.00     BBB     3,873,312  
      Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47              
95     Coshocton County, Ohio, Environmental Revenue Bonds, Smurfit-Stone Container Corporation,     No Opt. Call     D     12,144  
      Series 2005, 5.125%, 8/01/13 (6)              
2,000     Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc.,     7/17 at 102.00     N/R     1,407,200  
      Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax)              
8,940     Total Ohio             5,292,656  
    Oklahoma – 2.7% (2.1% of Total Investments)              
5,040     Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,     2/17 at 100.00     AA–     3,473,518  
      Trust 1037, 8.612%, 2/15/42 (IF)              
45     Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1995,     6/09 at 100.00     B–     30,919  
      6.250%, 6/01/20              
5,085     Total Oklahoma             3,504,437  
    Pennsylvania – 1.4% (1.1% of Total Investments)              
1,010     Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School     12/17 at 100.00     BB+     660,974  
      Revenue Bonds, Series 2007A, 6.375%, 12/15/37              
1,450     Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project,     7/17 at 100.00     N/R     1,117,776  
      Series 2008A, 6.500%, 7/01/40              
2,460     Total Pennsylvania             1,778,750  
    Puerto Rico – 0.0% (0.0% of Total Investments)              
20     Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series     6/09 at 100.00     CCC+     9,157  
      1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)              
    South Carolina – 6.3% (4.9% of Total Investments)              
4,000     Charleston, South Carolina, Tax Increment Revenue Bonds, Charleston Neck redevelopment     No Opt. Call     N/R     3,996,320  
      Project, Series 2007, 7.500%, 6/01/09              
1,600     Georgetown County, South Carolina, Environmental Improvement Revenue Bonds, International     8/11 at 100.00     BBB     868,672  
      Paper Company, Series 2006A, 5.000%, 8/01/30 (Alternative Minimum Tax)              
3,477     Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District,     No Opt. Call     N/R     3,267,302  
      Series 2007B, 7.700%, 11/01/17              
9,077     Total South Carolina             8,132,294  
    Tennessee – 1.9% (1.5% of Total Investments)              
    Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding              
    Bonds, Sumner Regional Health System Inc., Series 2007:              
2,000       5.500%, 11/01/37     11/17 at 100.00     N/R     992,140  
3,000       5.500%, 11/01/46     11/17 at 100.00     N/R     1,446,120  
5,000     Total Tennessee             2,438,260  
    Texas – 11.7% (9.0% of Total Investments)              
440     Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric     No Opt. Call     Caa1     290,017  
      Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax)              
3,000     Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds,     2/18 at 100.00     BB+     1,993,650  
      Series 2008A, 6.500%, 8/15/38              
1,000     Hidalgo Willacy Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds,     1/14 at 102.00     N/R     739,770  
      Heritage Square Apartments Project, Series 2003A, 7.000%, 1/01/39              
1,330     La Vernia Higher Education Financing Corporation, Texas, Education Revenue Bonds, Amigos Por     2/16 at 100.00     N/R     917,235  
      Vida Friends For Life Public Charter School, Series 2008, 6.375%, 2/15/37              
1,335     North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008,     1/18 at 100.00     A3     1,178,391  
      5.750%, 1/01/38              
110     Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC     No Opt. Call     Caa1     72,779  
      Project, Series 2001B, 5.750%, 5/01/30 (Mandatory put 11/01/11) (Alternative Minimum Tax)              
385     Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric     No Opt. Call     Caa1     254,728  
      Company, Series 2001A, 5.500%, 5/01/22 (Mandatory put 11/01/11)              
3,000     Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company     8/13 at 101.00     Caa1     1,596,960  
      LLC Project, Series 2003B, 6.150%, 8/01/22              
5,290     Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds,     2/17 at 100.00     AA–     3,280,911  
      Texas Health Resources Project, Trust 1031, 9.591%, 2/15/36 (IF)              
1,000     Texas Public Finance Authority, Charter School Revenue Bonds, School of Excellence Charter     12/14 at 100.00     BB     713,850  
      School, Series 2004A, 7.000%, 12/01/34              
5,000     Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series     8/12 at 100.00     A     4,055,750  
      2002A, 5.000%, 8/15/42 – AMBAC Insured              
21,890     Total Texas             15,094,041  
    Utah – 3.9% (3.0% of Total Investments)              
    Utah State Charter School Finance Authority, Noah Webster Academy Revenue Bonds, Series:              
500       6.250%, 6/15/28     6/17 at 100.00     N/R     367,140  
1,430       6.500%, 6/15/38     6/17 at 100.00     N/R     1,011,453  
5,500     Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series     12/17 at 100.00     BBB–     3,713,490  
      2007A, 5.800%, 6/15/38              
7,430     Total Utah             5,092,083  
    Washington – 5.6% (4.3% of Total Investments)              
4,000     Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.750%, 1/01/38     No Opt. Call     N/R     2,857,920  
7,000     Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and     No Opt. Call     N/R     4,332,510  
      Medical Center of Seattle, Series 2007, 5.700%, 12/01/32              
11,000     Total Washington             7,190,430  
    West Virginia – 0.3% (0.3% of Total Investments)              
740     Ohio County Commission, West Virginia, Special District Excise Tax Revenue Bonds, Fort Henry     3/16 at 100.00     N/R     445,302  
      Economic Development, Series 2006B, 5.625%, 3/01/36              
    Wisconsin – 0.0% (0.0% of Total Investments)              
500     Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan     8/16 at 100.00     BBB+     –  
      Healthcare System, Series 2006, Trust 2113, 13.284%, 8/15/26 (IF)              
3,500     Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan     8/16 at 100.00     BBB+     –  
      Healthcare System, Series 2006, Trust 2187, 0.534%, 8/15/34 (IF)              
4,000     Total Wisconsin             –  
    Wyoming – 1.6% (1.2% of Total Investments)              
3,000     Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005,     12/15 at 100.00     BBB     2,058,870  
     5.600%, 12/01/35 (Alternative Minimum Tax)              
$      257,473     Total Investments (cost $239,540,300) – 129.4%             167,085,114  
    Borrowings – (31.8)% (7)             (41,000,000)
    Other Assets Less Liabilities – 2.4%             3,031,021  
    Net Assets Applicable to Common Shares – 100%           $   129,116,135  

(1)     All percentages shown in the Portfolio of Investments are based on net assets applicable to Common  
    shares unless otherwise noted.  
(2)     Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.  
    There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities  
    may be subject to periodic principal paydowns.  
(3)     Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service,  
    Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be  
    below investment grade.  
    The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AGC, AMBAC, CIFG,  
    FGIC, FSA, MBIA, RAAI and SYNCORA as of January 31, 2009. Subsequent to January 31, 2009, and  
    during the period this Portfolio of Investments was prepared, there may have been reductions to the  
    ratings of certain bonds resulting from changes to the ratings of the underlying insurers both during the  
    period and after period end. Such reductions would likely reduce the effective rating of many of the bonds  
    insured by that insurer or insurers presented at period end.  
(4)     Investment, or portion of investment, has been pledged as collateral for Recourse Trusts.  
(5)     Non-income producing security, in the case of a bond, generally denotes that the issuer has defaulted on  
    the payment of principal or interest or has filed for bankruptcy.  
(6)     During the current fiscal period, the Adviser concluded this issue is not likely to meet its future interest  
    payment obligations and directed the custodian to cease accruing additional income on the Fund’s records.  
(7)     Borrowings as a percentage of Total Investments is 24.5%.  
N/R     Not rated.  
(IF)     Inverse floating rate investment.  

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of the Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.  
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates,  
               prepayment speeds, credit risk, etc.).  
Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair  
               value of investments).  

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the Fund's fair value measurements as of January 31, 2009:

    Level 1     Level 2     Level 3     Total  
Investments     $ —     $167,085,114     $ —     $167,085,114  

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No. 140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At January 31, 2009, the cost of investments was $239,405,927.

Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2009, were as follows:

Gross unrealized:      
  Appreciation     $     792,337  
  Depreciation     (73,113,150)
Net unrealized appreciation (depreciation) of investments     $(72,320,813)

Item 2. Controls and Procedures.

  1. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         Nuveen Municipal High Income Opportunity Fund 2         

By (Signature and Title)          /s/ Kevin J. McCarthy                    
                                                  Kevin J. McCarthy
                                                  Vice President and Secretary

Date          April 1, 2009        

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)         /s/ Gifford R. Zimmerman                    
                                                 Gifford R. Zimmerman
                                                 Chief Administrative Officer (principal executive officer) 

Date          April 1, 2009        

By (Signature and Title)         /s/ Stephen D. Foy                              
                                                 Stephen D. Foy
                                                 Vice President and Controller (principal financial officer) 

Date         April 1, 2009        

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