KALINOSKI MICHAEL 4

What Happened
Michael Kalinoski, a director of BlackRock Municipal Income Quality Trust (BYM), had 500 common shares of the Target Fund converted into shares of the acquiring fund as part of a fund reorganization effective February 9, 2026. The filing reports the 500 Target Fund shares were exchanged under reorganization terms; Kalinoski received 467 common shares of BlackRock MuniHoldings Fund, with cash paid for any fractional share.

Key Details

• Transaction date: February 9, 2026. Form 4 filed February 11, 2026 (timely; within two business days).
• Reported transaction code: J (other acquisition or disposition) — this is not an open-market sale or purchase.
• Surrendered: 500 shares of BlackRock Municipal Income Quality Trust (Target Fund).
• Received: 467 common shares of BlackRock MuniHoldings Fund (Acquiring Fund); fractional share value paid in cash.
• NAVs and conversion: Target Fund NAV $12.0152 and Acquiring Fund NAV $12.8419 (as of Feb 6, 2026); conversion ratio 0.93562479 (500 × 0.93562479 ≈ 467.8).
• Price per share / total trade value: N/A for a market price — value was determined by NAV and cash adjustment in the reorganization.
• Shares owned after transaction: 467 common shares of the Acquiring Fund (plus any cash for fractionals).
• No indication of a 10b5‑1 plan, tax withholding, or a late filing in this Form 4.

Context
This was a fund reorganization (conversion of shares) rather than a purchase or sale on the open market. Such conversions reflect structural fund changes and NAV-based exchanges, not an insider expressing buy/sell sentiment. Retail investors should treat this as an administrative conversion, not as a trading signal.