Karpus reports 16.28% stake in MHD fund

Karpus Management, Inc. reports beneficial ownership of 8,490,550 common shares of BlackRock MuniHoldings Fund, representing 16.28% of the fund’s outstanding common shares as of the event date.

Accepted by SEC EDGAR 02/13/2026 - 04:10 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Karpus Management, Inc. reports beneficial ownership of 8,490,550 common shares of BlackRock MuniHoldings Fund, representing 16.28% of the fund’s outstanding common shares as of the event date. Karpus has sole voting and sole dispositive power over all of these shares, with no shared authority.

The filing describes Karpus as a New York-based registered investment adviser whose managed accounts directly own the shares. Karpus states the position is held in the ordinary course of business and not for the purpose of changing or influencing control of the fund.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Karpus Management hold in BlackRock MuniHoldings Fund (MHD)?

Karpus Management, Inc. reports beneficial ownership of 8,490,550 common shares of BlackRock MuniHoldings Fund, equal to 16.28% of the fund’s outstanding common shares. These shares are held in accounts Karpus manages and over which it exercises sole voting and dispositive power.

Is Karpus Management’s position in MHD intended to influence control of the fund?

Karpus states the MHD shares were acquired and are held in the ordinary course of business, not to change or influence control of BlackRock MuniHoldings Fund. The certification confirms the holdings are not part of any control-related transaction, except limited activities tied to a specific nomination rule.

What type of entity is Karpus Management in the MHD Schedule 13G/A filing?

Karpus Management, Inc. is a New York corporation and a registered investment adviser under the Investment Advisers Act of 1940. It manages client accounts that directly own the MHD shares, and it exercises voting and investment authority for those accounts as the reporting person.

Who controls Karpus Management and how does that affect MHD share ownership reporting?

Karpus is controlled by City of London Investment Group plc, listed on the London Stock Exchange. The filing explains effective informational barriers exist, so voting and investment power over MHD securities is exercised independently by Karpus, and beneficial ownership is not attributed between Karpus and City of London Investment Group.

What voting and dispositive powers does Karpus have over its MHD holdings?

Karpus reports sole voting power over 8,490,550 MHD common shares and sole dispositive power over the same number of shares, with no shared voting or dispositive authority. This means only Karpus directs how these shares are voted and whether or when they may be sold from managed accounts.

When was the ownership position in MHD measured for Karpus’s Schedule 13G/A?

The ownership position reported by Karpus in BlackRock MuniHoldings Fund is measured as of December 31, 2025, which is listed as the date of the event requiring the filing. The Schedule 13G/A Amendment No. 3 updates beneficial ownership information as of that event date.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

BLACKROCK MUNIHOLDINGS FUND

(Name of Issuer)

Common

(Title of Class of Securities)

09253N104

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 09253N104

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,490,550.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,490,550.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,490,550.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.28 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BLACKROCK MUNIHOLDINGS FUND
(b)	Address of issuer's principal executive offices: 100 Bellevue Parkway, Wilmington, DE 19809
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: 09253N104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 8,490,550.00
(b)	Percent of class: 16.28 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8,490,550.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 8,490,550.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	02/13/2026