Form 4: JPMorgan Chase & Co. Reports BlackRock Muni Trust Share Exchange

JPMorgan Chase & Co. and its subsidiary DNT Asset Trust reported the exchange of 1,541 BlackRock Municipal Income Trust preferred shares for shares in BlackRock MuniHoldings Fund, Inc. due to a corporate reorganization.

Summary

• JPMorgan Chase & Co. and DNT Asset Trust jointly filed a Form 4 statement of changes in beneficial ownership.
• The filing reports a transaction that occurred on February 9, 2026, involving the exchange of securities.
• DNT Asset Trust exchanged 1,541 Series W-7 Variable Rate Muni Term Preferred Shares of BlackRock Municipal Income Trust (BFK).
• These shares were exchanged for an equal number of VMTP Shares of BlackRock MuniHoldings Fund, Inc. (MHD).
• The transaction was cashless and took place in connection with the reorganization of BlackRock Municipal Income Trust (BFK) into BlackRock MuniHoldings Fund, Inc. (MHD).
• Following the transaction, DNT Asset Trust's direct beneficial ownership of BFK's Series W-7 VMTP Shares is 0.
• JPMorgan Chase & Co. holds an indirect interest in the securities through its subsidiary, DNT Asset Trust.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily a compliance report detailing a mandatory share exchange resulting from a corporate reorganization, with no direct positive or negative implications for the reporting persons' operational performance or financial health.

Risks

• Reporting persons explicitly state that the filing should not be construed as an admission of acting as a partnership, syndicate, or group for the purpose of acquiring, holding, or disposing of securities under Section 13(d) of the US Securities Exchange Act of 1934.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding future performance or strategic plans.

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, acting as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer.

Industry Context

StockSavvy.ai notes that the exchange of shares due to a fund reorganization is a common occurrence within the closed-end fund industry, often undertaken to consolidate assets, streamline operations, or adjust investment mandates. This specific event reflects BlackRock's ongoing management of its municipal income fund offerings.

Stakeholder Impact

• Shareholders of BlackRock Municipal Income Trust (BFK) had their Series W-7 Variable Rate Muni Term Preferred Shares exchanged for equivalent shares in BlackRock MuniHoldings Fund, Inc. (MHD) as part of the reorganization.

Key Dates

Keywords

JPMorgan Chase, DNT Asset Trust, BlackRock Municipal Income Trust, BFK, BlackRock MuniHoldings Fund, MHD, Form 4, beneficial ownership, share exchange, preferred shares, corporate reorganization, SEC filing