HUBBARD ROBERT GLENN 4

What Happened Glenn R. Hubbard, a director of BlackRock Municipal Income Trust (BFK), had 336 common shares of the Target Fund converted in a reorganization effective February 9, 2026. In the reorganization into BlackRock MuniHoldings Fund, Inc. (the Acquiring Fund) Hubbard received 285 common shares of the Acquiring Fund (and cash for any fractional share). The transaction is reported as an "Other acquisition or disposition (J)" and lists no per-share price (N/A) because it was an in-kind conversion rather than an open-market sale or purchase.

Key Details

• Transaction date: February 9, 2026; Form 4 filed February 11, 2026 (appears timely).
• Transaction code: J — Other acquisition/disposition (fund reorganization).
• Shares surrendered: 336 shares of BlackRock Municipal Income Trust (Target Fund).
• Shares received: 285 common shares of BlackRock MuniHoldings Fund, Inc.; cash paid for fractional share, if any.
• Conversion ratio and NAVs (per footnote): conversion ratio 0.84835577; Target NAV (as of Feb 6, 2026) $10.8945; Acquiring Fund NAV $12.8419. The Acquiring Fund shares were issued to equal the aggregate NAV of the surrendered shares less reorganization costs.
• Price/value: N/A in filing (no open-market price reported).
• Shares owned after transaction: not specified in the provided filing.

Context This was an administrative exchange resulting from a fund reorganization, not a sale or purchase in the open market. Such conversions transfer economic interest from one fund to another based on NAV and do not necessarily signal insider buying or selling intent.