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BLACKROCK MUNIHOLDINGS FUND, INC.·4

Feb 11, 6:20 PM ET

HUBBARD ROBERT GLENN 4

Research Summary

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MHD Director Glenn R. Hubbard Receives Shares in Reorganization

What Happened
Glenn R. Hubbard, a director of BlackRock MuniHoldings Fund, Inc. (MHD), was credited with a total of 1,157 MHD common shares on Feb 9, 2026. These were not open‑market purchases but shares received in a corporate reorganization: 285 shares (from BlackRock Municipal Income Trust), 587 shares (from BlackRock Municipal Income Trust II) and 285 shares (from BlackRock Municipal Income Quality Trust). No per‑share trade price was reported (filing shows "N/A"); using the Acquiring Fund NAV of $12.8419 (per the footnotes), the implied aggregate value of the 1,157 shares is about $14,858 (estimate based on NAV).

Key Details

  • Transaction date: Feb 9, 2026; Form 4 filed Feb 11, 2026 (timely reporting).
  • Reported as code J ("Other acquisition or disposition") — the filing’s footnotes explain these were share conversions from three predecessor BlackRock municipal funds into MHD.
  • Shares received by conversion: 285, 587, and 285 (total 1,157).
  • Original surrendered shares (per footnotes): 336, 661, and 305 (total 1,302); conversion ratios produced the 1,157 new MHD shares.
  • NAVs and conversion ratios (per filing footnotes):
    • BlackRock Municipal Income Trust: NAV $10.8945, conversion ratio 0.84835577 → 336 old → 285 new.
    • BlackRock Municipal Income Trust II: NAV $11.4106, conversion ratio 0.88854453 → 661 old → 587 new.
    • BlackRock Municipal Income Quality Trust: NAV $12.0152, conversion ratio 0.93562479 → 305 old → 285 new.
  • Cash was paid for any fractional shares, per the footnotes.
  • Filing does not state Hubbard’s total MHD holdings after the conversion.

Context
This transaction reflects a fund reorganization—existing shares of three BlackRock municipal funds were converted into shares of the combined Acquiring Fund (MHD) at fixed conversion ratios and NAVs. Because these were in‑kind conversions (not discretionary buys or sells), they do not necessarily signal a director’s change in market view; they simply convert prior fund holdings into shares of the new combined fund.