SC 13D/A ·Filed Oct 1, 2026

MHD

BLACKROCK MUNIHOLDINGS FUND, INC.

NEUTRAL

Impact 3/10

Horizonmonths Processed26d 7h ago SEC0001193125-26-410213

Activist stake amendment (position change)

Actionable Insight • Neutral

This is a routine administrative amendment reflecting a trust restructuring of JPMorgan's preferred share holdings. No change in activist stance or economic exposure. Monitor for any future amendments that alter the stated purpose or increase the stake.

DirectionNeutral

Confidencemedium

Horizonmonths

Latest settled — T+5d

MHD ▼ -1.56% at T+5d

NEUTRAL call -1.56% · α vs SPY -2.86% · entry $10.26 → $10.10

Next anchor: T+20d tomorrow

Latest observation: T+16 +6.82% FF3 residual α

Entry = T+0 close
Oct 1, 2026
via day close

T+1d

+0.68%

call +0.68% · α -0.06%

$10.33

settled 25d ago

T+5d

-1.56%

call -1.56% · α -2.86%

$10.10

settled 19d ago

T+20d

Pending

tomorrow

T+60d

Pending

in 2mo

Price Chart

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Executive Summary

JPMorgan Chase & Co. filed Amendment No. 3 to its Schedule 13D, reporting the deposit of 7,178 Variable Rate Muni Term Preferred Shares of BlackRock MuniHoldings Fund, Inc. into a tender option bond trust (TOB Trust) on June 2, 2026. The filing updates the exhibits to include amendments to the purchase and registration rights agreements dated September 28, 2026. No change in beneficial ownership percentage or purpose was stated.

Key Financial Metrics

Investor

JPMorgan Chase & Co.

Key Facts

JPMorgan deposited 7,178 Variable Rate Muni Term Preferred Shares into a TOB Trust (JPM PD Series 5114 Trust) on June 2, 2026.
JPMorgan retains indirect beneficial ownership and voting rights over the deposited shares.
The filing amends exhibits to include amendments to the purchase and registration rights agreements dated September 28, 2026.
No change in the stated purpose or demands from prior filings.

Financial Impact

No financial figures disclosed; 7,178 preferred shares deposited into a trust structure.

Risk Factors

Potential future changes in JPMorgan's intentions or demands regarding the issuer.
No material risk identified from this filing alone.

Documents Analyzed

This report is based on 3 SEC documents filed with EDGAR.

Document	Accession Number
SC 13D/A Filing (Primary)	0001193125-26-410213
Document: 0001193125-26-410213-index.html	0001193125-26-410213
Document: 0001193125-26-410213.txt	0001193125-26-410213

US Market Status

Market Closed — Opens Wed (< 1m)

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