Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 267

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 267
---
 as a separate issuer, except that if the security is backed only by the
assets and revenues of a non-government entity then the entity with the ultimate responsibility for the payment of interest and principal may be regarded as the sole issuer. With respect to the
remaining 25% of its total assets, MUE can invest more than 5% of its assets in one issuer. Under the 1940 Act, a fund cannot change its classification
from diversified to non-diversified without shareholder approval.

In order to
obtain and maintain the desired ratings for the VMTP Shares from Moody’s and Fitch and to comply with the Eligible Assets requirement of the Articles Supplementary, MUE will be required to comply with investment quality, diversification and
other guidelines established by Moody’s and Fitch. Such guidelines will likely be more restrictive than the restrictions set forth above

B-10

APPENDIX C

FORM OF AMENDMENT TO MHD ARTICLES SUPPLEMENTARY

BLACKROCK MUNIHOLDINGS FUND, INC.

ARTICLES OF AMENDMENT

AMENDING THE ARTICLES SUPPLEMENTARY ESTABLISHING AND FIXING THE RIGHTS AND

PREFERENCES OF

VARIABLE RATE MUNI TERM PREFERRED SHARES

This is to certify that:

: The charter of BlackRock MuniHoldings Fund, Inc., a Maryland corporation (the
“Corporation”), is amended by these Articles of Amendment, which amend that section of the charter titled Articles Supplementary Establishing and Fixing the Rights and Preferences of Variable Rate Muni Term Preferred Shares, dated
effective December 20, 2023 (as amended to date, the “Governing Document”).

: The charter of the Corporation is hereby amended by deleting the second and third recitals of the
Governing Document in their entirety and replacing them with the following :

SECOND: Pursuant to authority expressly
vested in the Board of Directors of the Corporation by Article IV of the Corporation’s Charter, the Board of Directors has, by resolution duly adopted on November 14, 2023, reclassified 2,140 authorized and unissued shares of common stock
of the Corporation as shares of preferred stock of the Corporation, par value $0.10 per share, as Variable Rate Muni Term Preferred Shares (the “VMTP Preferred Shares”). The VMTP Preferred Shares may be issued in one or more
series, as designated and authorized by the Board of Directors or a duly authorized committee thereof from time to time (each