Soccio Phillip 4

What Happened
Phillip Soccio, a portfolio manager at BlackRock MuniHoldings Fund, acquired 104.75 phantom share units (derivative units) on February 9, 2026. The units were recorded at $11.87 each for a total economic value of approximately $1,243. This was not an open-market purchase or sale but a reallocation of previously awarded phantom units as part of a fund reorganization.

Key Details

• Transaction date and value: Feb 9, 2026 — 104.75 phantom units @ $11.87 = ~$1,243.
• Transaction type: Other acquisition (derivative) — reallocation of phantom stock units (code J).
• Filing date: Form 4 filed Feb 11, 2026 (appears timely for a Form 4 reporting a Feb 9 transaction).
• Shares owned after transaction: Not specified in the provided filing data.
• Footnotes of note:
  • Phantom share explanation: a phantom share is the economic equivalent of one common share and, subject to vesting, is payable in cash.
  • Reorganization note: BlackRock MuniHoldings Quality Fund II, Inc. was reorganized into BlackRock MuniHoldings Fund, Inc.; Soccio’s prior Target Fund phantom units were converted to units in the Acquiring Fund at the reorg exchange ratio. No cash was paid by Soccio in connection with the reallocation.

Context
This was a derivative-unit reallocation tied to a fund reorganization, not a market buy or insider sale. Phantom units represent a cash-equivalent interest (subject to vesting) rather than immediate equity ownership, so this transaction should be viewed as an administrative adjustment from the reorganization rather than a direct signal of insider buying or selling.