Karpus Reports 11.03% Stake in BlackRock MuniHoldings

Rhea-AI Filing Summary

BlackRock MuniHoldings Fund reported that Karpus Management, Inc. beneficially owns 19,267,035 common shares, representing 11.03% of the class as of 02/27/2026 in Amendment No. 4 to its Schedule 13G/A. The filing states the shares are owned directly by accounts managed by Karpus and notes informational barriers with City of London Investment Group plc limiting attribution.

Insights

Corporate Governance Analyst

Karpus holds a double-digit stake (11.03%) in MuniHoldings.

The Schedule 13G/A amendment lists 19,267,035 shares and clarifies those shares are held in accounts managed by Karpus Management, Inc. The filing includes a statement that effective informational barriers exist between Karpus and its parent, CLIG, for attribution purposes.

Holder size at 11.03% is notable for disclosure and potential engagement, though the filing does not describe transactions, intent, or planned actions; subsequent filings would show any change in position.

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 beneficially owns 19,267,035 shares, equal to 11.03% of the common shares. The position is reported in Amendment No. 4 to a Schedule 13G/A with an event date of 02/27/2026.

Are the shares held directly by Karpus or a related entity for MHD?

The filing states the shares are owned directly by accounts managed by Karpus Management, Inc. It also explains informational barriers with City of London Investment Group plc for attribution purposes.

Does the Schedule 13G/A indicate Karpus intends to sell or buy more MHD shares?

No transaction intent is disclosed in this amendment. The filing lists current beneficial ownership of 19,267,035 shares (11.03%) and does not state plans to buy or sell.

What date and signature appear on the amendment for MHD ownership?

The amendment lists an effective/event date of 02/27/2026 and the signature block is dated 03/06/2026, signed by Jodi L. Hedberg, Chief Compliance Officer of Karpus.

Does the filing attribute Karpus’s holdings to its parent, CLIG?

The filing states that effective informational barriers exist between Karpus and City of London Investment Group plc, and that attribution of beneficial ownership to CLIG is not required under the cited SEC release.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/06/2026 - 04:08 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

BLACKROCK MUNIHOLDINGS FUND

(Name of Issuer)

Common

(Title of Class of Securities)

02/27/2026

(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 Number(s):

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 19,267,035.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 19,267,035.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,267,035.00

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)

11.03 %

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: 19,267,035.00
(b)	Percent of class: 11.03 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 19,267,035.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 19,267,035.00
	(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:	03/06/2026