JPMorgan subsidiary shifts 1,541 BlackRock BFK preferred shares in reorg

Rhea-AI Filing Summary

BLACKROCK MUNICIPAL INCOME TRUST reported an insider Form 4 showing an organizational change in how certain preferred shares are held. DNT Asset Trust exchanged 1,541 Series W-7 Variable Rate Muni Term Preferred Shares of the trust for an equal number of similar shares of BlackRock MuniHoldings Fund, Inc. in a cashless transaction, leaving no remaining holdings of these preferred shares in the trust. JPMorgan Chase & Co. jointly filed the statement because it indirectly held an interest through its subsidiary DNT Asset Trust, while both reporting persons explicitly disclaim being part of any group for purposes of U.S. securities laws.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JPMORGAN CHASE & CO

(Last) (First) (Middle)

270 PARK AVENUE

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK MUNICIPAL INCOME TRUST [ BFK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/09/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series W-7 Variable Rate Muni Term Preferred Shares	02/09/2026		J(1)(2)		1,541	D(1)	(1)	0	I(2)	By Subsidiary(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

JPMORGAN CHASE & CO

(Last) (First) (Middle)

270 PARK AVENUE

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

DNT Asset Trust

(Last) (First) (Middle)

270 PARK AVENUE

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. In connection with the reorganization of the Issuer into BlackRock MuniHoldings Fund, Inc. ("MHD"), 1,541 Series W-7 Variable Rate Muni Term Preferred Shares ("VMTP Shares") of the Issuer beneficially owned by DNT Asset Trust ("DNT Trust") were exchanged for an equal number of VMTP Shares of MHD in a cashless transaction. The 1,541 shares reported as disposed of in Table I represent shares that were beneficially owned by DNT Trust.

2. This statement is jointly filed by JPMorgan Chase & Co. and DNT Trust. JPMorgan Chase & Co. holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of its subsidiary DNT Trust.

3. 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, (i) acting (or has agreed or is agreeing to act together with any other person) 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 or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Remarks:

Exhibits Index Exhibit 99.1 - Joint Filing Agreement Exhibit 99.2 - Joint Filer Information

	JPMORGAN CHASE & CO., by: /s/ Michael Lees	02/26/2026
	DNT ASSET TRUST, by: /s/ Tim A. Self	02/26/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction is reported in this Form 4 related to AMJB?

The Form 4 reports an internal restructuring transaction where DNT Asset Trust exchanged 1,541 preferred shares of BlackRock Municipal Income Trust for an equal number of preferred shares of BlackRock MuniHoldings Fund, Inc. The move was cashless and reflects a reorganization, not an open-market trade.

How many BlackRock Municipal Income Trust preferred shares were affected?

A total of 1,541 Series W-7 Variable Rate Muni Term Preferred Shares of BlackRock Municipal Income Trust were exchanged. These shares were beneficially owned by DNT Asset Trust and were swapped one-for-one into similar preferred shares of BlackRock MuniHoldings Fund, Inc. during a reorganization.

Was this Form 4 transaction for AMJB a buy or a sell?

The transaction is categorized as an “other” type, not a standard buy or sell. DNT Asset Trust exchanged 1,541 preferred shares of BlackRock Municipal Income Trust for the same number in BlackRock MuniHoldings Fund, Inc., in a cashless, restructuring-related swap rather than a market purchase or sale.

What is JPMorgan Chase & Co.’s role in this BlackRock Municipal Income Trust filing?

JPMorgan Chase & Co. is a joint reporting person because it indirectly held an interest in the preferred shares through its subsidiary DNT Asset Trust. The filing explains that JPMorgan’s involvement arises solely from this indirect ownership chain and not from direct trading activity in the trust’s securities.

Did DNT Asset Trust retain any BlackRock Municipal Income Trust preferred shares after the transaction?

No preferred shares of BlackRock Municipal Income Trust remained after the exchange. The Form 4 indicates that, following the cashless swap of 1,541 preferred shares into BlackRock MuniHoldings Fund, Inc. preferred shares, the reported balance of these specific trust securities was reduced to zero.

Do the reporting persons admit to acting as a group under U.S. securities laws?

No, the reporting persons explicitly disclaim group status under Section 13(d) of the Securities Exchange Act. They state that filing the Form 4 together should not be construed as acting as a partnership, syndicate, or other group with respect to the issuer or its securities.