Harris Stayce D. 4

What Happened

• Stayce D. Harris, a director of BlackRock MuniHoldings California Quality Fund, Inc. (MUC), was credited with 11 common shares on February 9, 2026. The Form 4 lists the transaction as an "other acquisition or disposition" (code J) and does not report a trade price or dollar value.
• This was not an open-market purchase but the result of a fund reorganization: Harris surrendered 10.7715 shares of the predecessor fund (BlackRock California Municipal Income Trust) and received 11 shares of the acquiring fund (plus cash for any fractional share).

Key Details

• Transaction date: 2026-02-09; Form 4 filed: 2026-02-11 (appears filed within the typical two-business-day window).
• Transaction code: J (Other acquisition/disposition); reported as an acquisition of 11 shares.
• Shares owned after the transaction: not disclosed on the filing.
• Reorganization specifics (footnote): conversion ratio 1.02530147; NAVs as of Feb 6, 2026 — Target Fund $12.0395, Acquiring Fund $11.7424. Implied value of 11 shares ≈ $129.17 based on the Acquiring Fund NAV, but the filing lists value as N/A.
• No indication of option exercise, compensation award, gift, or 10b5-1 plan — this was a routine fund conversion.

Context

• This transaction reflects a structural reorganization of one BlackRock fund into another and represents a share conversion for existing shareholders, not a market buy or sale by the insider. Such conversions are routine and generally do not convey management trading intent.
• Because the reported amount/value is minimal and was produced by the reorganization process, it should not be read as a bullish or bearish signal from the director.