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Two Nuveen Municipal High Income Opportunity funds complete merger
By Toni Weeks
San Luis Obispo, Calif., July 15 - Nuveen Investments announced that the reorganization of the Nuveen Municipal High Income Opportunity Fund 2 (NYSE: NMD) into the Nuveen Municipal High Income Opportunity Fund (NYSE: NMZ) was completed prior to the opening of the New York Stock Exchange on Monday.
In the transaction, common shares of NMD were exchanged for newly issued common shares of NMZ in a tax-free transaction based upon the fund's closing net asset value on July 12. The exchange ratio was 0.97055385.
In addition, Variable-Rate MuniFund Term Preferred Share (VMTP) shareholders of NMD received an equivalent number of newly issued VMTP shares from NMZ with substantially the same terms as their previous VMTP shares.
Chicago-based Nuveen Fund Advisors is the investment adviser to the funds.
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