OCONNOR WALTER 4

What Happened
Walter O'Connor, a director of BlackRock Municipal Income Trust II (BLE), disposed of 95 BLE shares on Feb 9, 2026 as part of a reorganization (transaction code J). Those 95 Target Fund shares were converted into 84 shares of the acquiring fund, BlackRock MuniHoldings Fund, Inc., with cash paid for the fractional share. No open‑market sale occurred; this was a conversion in a corporate reorganization (price listed as N/A on the Form 4). Based on the reported Feb 6 NAVs, the 95 BLE shares had an aggregate pre‑conversion NAV of about $1,084.01 (95 × $11.4106); the resulting 84 shares plus cash for the fractional share equal that value after reorg costs.

Key Details

• Transaction date: February 9, 2026 (reported on Form 4 filed Feb 11, 2026).
• Transaction type/code: Other acquisition/disposition (J) — reorganization/conversion.
• Conversion ratio: 0.88854453 (95 × 0.88854453 = 84.41173035 → 84 full shares + cash for ~0.41173 fractional share).
• NAVs used (as of Feb 6, 2026): Target Fund $11.4106; Acquiring Fund $12.8419.
• Value implied by NAVs: ~ $1,084.01 total; fractional‑share cash ~ $5.29.
• Holdings after transaction: O'Connor received 84 shares of BlackRock MuniHoldings Fund, Inc. in exchange for his 95 BLE shares.
• Filing timeliness: Filed Feb 11 for a Feb 9 transaction — appears timely (Form 4 typically due within two business days).

Context

• This was an administrative conversion from one fund to another via a reorganization, not a buy or sale in the open market; it doesn’t indicate a trading decision by the insider.
• Transaction code J is commonly used for reorganizations, mergers, or similar corporate events where shares are exchanged rather than bought or sold.