KESTER W CARL 4

What Happened
Carl W. Kester, a director of BlackRock MuniHoldings Quality Fund II, Inc. (ticker: MUE), reported an "other acquisition or disposition" (code J) on 2026-02-09. As part of a fund reorganization, he surrendered 100 shares of the Target Fund and received 85 common shares of the Acquiring Fund (BlackRock MuniHoldings Fund, Inc.), with cash paid for any fractional share. Based on the funds' reported NAVs as of Feb 6, 2026 (Target NAV $10.9625; Acquiring NAV $12.8419) the exchange represented roughly $1,096 in value.

Key Details

• Transaction date: February 9, 2026 (reported on Form 4 filed Feb 11, 2026).
• Transaction code: J (other acquisition or disposition) — this reflects the corporate reorganization exchange, not an open-market sale.
• Amount exchanged: 100 shares of BlackRock MuniHoldings Quality Fund II surrendered; 85 whole shares of the Acquiring Fund received (plus cash for fractional shares). Conversion ratio disclosed: 0.85365094.
• NAVs used in the conversion (as of Feb 6, 2026): Target Fund $10.9625; Acquiring Fund $12.8419.
• Shares owned after transaction: the filing reports receipt of 85 shares of the Acquiring Fund (and cash for any fraction).
• Filing timeliness: Form 4 was filed Feb 11, 2026 for a Feb 9 transaction — consistent with the standard 2-business-day reporting window.

Context
This was a non-market corporate reorganization converting fund shares on a pro rata NAV basis; it is not an insider purchase or sale driven by trading intent. Such exchanges are routine when funds merge or reorganize and do not by themselves signal insider sentiment.