KESTER W CARL 4

What Happened
Carl W. Kester, a director of BlackRock MuniHoldings Fund, Inc. (MHD), acquired 85 common shares of MHD on February 9, 2026. The shares were received in a fund reorganization—his 100 shares of BlackRock MuniHoldings Quality Fund II, Inc. were converted to 85 shares of the Acquiring Fund. Using the Acquiring Fund NAV reported on Feb 6 ($12.8419), the 85 shares are approximately $1,092 in aggregate value. The Form 4 reports the transaction as an "other acquisition or disposition (J)."

Key Details

• Transaction date: 2026-02-09 (reported on Form 4 filed 2026-02-11) — filing appears timely.
• Transaction type/code: Other acquisition (code J) via fund reorganization.
• Shares received: 85 common shares of BlackRock MuniHoldings Fund, Inc.
• Estimated value: ≈ $1,092 (85 × $12.8419 NAV reported Feb 6, 2026).
• Shares owned after transaction: 85 shares of the Acquiring Fund (received in exchange for 100 Target Fund shares).
• Notable footnote: Reorganization effective Feb 9, 2026; conversion ratio was 0.85365094. Cash was paid for any fractional shares.

Context
This was an administrative conversion from one BlackRock fund to another as part of a reorganization, not an open-market buy or sale. Such conversions reflect the mechanics of fund mergers and do not, by themselves, indicate director trading sentiment.