# EDGAR Filing Document

**Accession Number:** 0001715468
**File Stem:** 0001193125-23-004834
**Filing Date:** 2023-1
**Character Count:** 197400
**Document Hash:** d7647db1a43dc01342c3fc7c70e850a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004834.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004834

**CONFORMED SUBMISSION TYPE**: SC TO-I

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Multi-Sector Opportunities Trust
- **CENTRAL INDEX KEY:** 0001715468
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90961
- **FILM NUMBER:** 23518846

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** (800) 882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Fixed Income Value Opportunities II
- **DATE OF NAME CHANGE:** 20171102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Multi-Sector Opportunities Trust Series I
- **DATE OF NAME CHANGE:** 20170824
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Multi-Sector Opportunities Trust
- **CENTRAL INDEX KEY:** 0001715468
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** (800) 882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Fixed Income Value Opportunities II
- **DATE OF NAME CHANGE:** 20171102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Multi-Sector Opportunities Trust Series I
- **DATE OF NAME CHANGE:** 20170824

**As filed with the Securities and Exchange Commission on January 9, 2023** 

------

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

------

**SCHEDULE TO** 

------

**TENDER OFFER STATEMENT** 

**Under Section 14(d)(1) or 13(e)(1)** 

**of the Securities Exchange Act of 1934** 

------

## BlackRock Multi-Sector Opportunities Trust
**(Name of Subject Company (Issuer))** 

**(Names of Filing Person(s) (Issuer))** 

**Common Shares of Beneficial Interest, Par Value $0.001 per share** 

**(Title of Class of Securities)** 

**09190C104** 

**(CUSIP Number of Class of Securities)** 

**John M. Perlowski** 

**BlackRock Multi-Sector Opportunities Trust** 

**55 East 52nd Street** 

**New York, New York 10055** 

**1-800-441-7762** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Person(s))** 

------

***Copies to:***

---

| | |
|:---|:---|
| **Margery K. Neale, Esq.** | **Janey Ahn, Esq.** |
| **Willkie Farr & Gallagher LLP** | **BlackRock Advisors, LLC** |
| **787 Seventh Avenue** | **55 East 52nd Street** |
| **New York, New York 10019** | **New York, New York 10055** |

---

------

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which this statement relates:

☐ third-party tender offer subject to Rule 14d-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4

☐ going-private transaction subject to Rule 13e-3

☐ amendment to Schedule 13D under Rule 13d-2

Check the following box if the filing is a final amendment reporting the results of the tender offer. ☐

------

**Introductory Statement** 

This Issuer Tender Offer Statement on Schedule TO relates to an offer by BlackRock Multi-Sector Opportunities Trust, a Delaware statutory trust (the "Trust"), to repurchase 5% of its issued and outstanding common shares of beneficial interest as of January 3, 2023, par value $0.001 per share (the "Shares"), in exchange for cash at a price equal to the net asset value ("NAV") per Share (the "Purchase Price") determined as of the close of the regular trading session of the New York Stock Exchange (the "NYSE") on the day the offer expires (the "Pricing Date"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 9, 2023 (the "Offer to Purchase"), and in the related Letter of Transmittal which are filed as exhibits to this Schedule TO.

This Issuer Tender Offer Statement on Schedule TO is being filed in satisfaction of the reporting requirements of Rule 13e-4(c)(2) promulgated under the Securities Exchange Act of 1934, as amended.

The information set forth in the Offer to Purchase and the related Letter of Transmittal is incorporated herein by reference in answer to Item 1 through Item 9 and Item 11 of Schedule TO.

**Item 1.** **Summary Term Sheet** <br>

The information set forth under "Summary Term Sheet" in the Offer to Purchase is incorporated herein by reference.

**Item 2.** **Subject Company Information** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The name of the issuer is BlackRock Multi-Sector Opportunities Trust, a diversified closed-end management investment company, organized as a Delaware statutory trust (the "Trust"). The principal executive offices of the Trust are located at 100 Bellevue Parkway, Wilmington, Delaware 19809. The telephone number of the Trust is (800) 882-0052.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The title of the securities being sought is common shares of beneficial interest, par value $0.001 per share. As of January 3, 2023, there were 3,215,627 Shares issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There is no established trading market for the Shares.

**Item 3.** **Identity and Background of Filing Person** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is the filing person. BlackRock Advisors, LLC acts as the investment adviser for the Trust (the "Investment Advisor"). The Investment Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a wholly-owned subsidiary of BlackRock, Inc. The members of the Trust's Board of Trustees are Cynthia L. Egan, Frank J. Fabozzi, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, R. Glenn Hubbard, W. Carl Kester, Catherine A. Lynch, Robert Fairbairn and John M. Perlowski (each, a "Trustee"). The principal executive officer and principal financial and accounting officer of the Trust are John M. Perlowski and Trent Walker, respectively. The Trustees and the executive officers of the Trust may be reached at the Trust's business address and phone number set forth in Item 2(a) above. The information set forth in the Offer to Purchase under "Certain Information about the Trust" is incorporated herein by reference.

**Item 4.** **Terms of the Transaction** <br>

(a)(1) The following sections of the Offer to Purchase contain a description of the material terms of the transaction and are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Price; Number of Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Purpose of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Plans or Proposals of the Trust"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Certain Conditions of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Procedures for Tendering Shares for Purchase"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Withdrawal Rights"

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Payment for Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Source and Amount of Consideration"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Effects of the Offer; Consequences of Participation"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Interests of Trustees and Officers; Transactions and Arrangement Concerning the Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Certain Information about the Trust"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Certain U.S. Federal Income Tax Consequences"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Amendments; Extensions of Repurchase Period; Termination"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fees and Expenses"

(a)(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The information set forth in the Offer to Purchase under "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares" is incorporated herein by reference.

**Item 5.** **Past Contracts, Transactions, Negotiations and Agreements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The information set forth in the Offer to Purchase under "Purpose of the Offer;" "Plans or Proposals of the Trust," "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares" and "Certain Information about the Trust" is incorporated herein by reference.

**Item 6.** **Purposes of the Transaction and Plans or Proposals** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information set forth in the Offer to Purchase under "Purpose of the Offer" and "Plans or Proposals of the Trust" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The information set forth in the Offer to Purchase under "Purpose of the Offer" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The information set forth in the Offer to Purchase under "Purpose of the Offer" and "Plans or Proposals of the Trust" is incorporated herein by reference.

**Item 7.** **Source and Amount of Funds or Other Considerations** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information set forth in the Offer to Purchase under "Source and Amount of Consideration" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The information set forth in the Offer to Purchase under "Source and Amount of Consideration" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The information set forth in the Offer to Purchase under "Source and Amount of Consideration" is incorporated herein by reference.

**Item 8.** **Interests in Securities of the Subject Company** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The information set forth in the Offer to Purchase under "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares" is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The information set forth in the Offer to Purchase under "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares" is incorporated herein by reference.

**Item 9.** **Persons/Assets Retained, Employed, Compensated or Used** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No persons have been directly or indirectly employed, retained, or are to be compensated by or on behalf of the Trust to make solicitations or recommendations in connection with the Offer to Purchase.

------

**Item 10.** **Financial Statements** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The audited annual financial statements of the Trust dated December 31, 2021 and the schedule of investments of the Trust dated December 31, 2021, both filed with the SEC on EDGAR on Form N-CSR on March 4, 2022, are incorporated by reference. The unaudited semi-annual financial statements of the Trust dated June 30, 2022 and the schedule of investments of the Trust dated June 30, 2022, both filed with the SEC on EDGAR on Form N-CSR on September 1, 2022, are incorporated by reference. The Trust will prepare and transmit to shareholders the audited annual financial statements of the Trust and the schedule of investments of the Trust within 60 days after the close of the period for which the report is being made, or as otherwise required by the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 11.** **Additional Information** <br>

(a)(1) The information set forth in the Offer to Purchase under "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares" is incorporated herein by reference.

(a)(2) None.

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

---

| | |
|:---|:---|
| **Item 12(a).** | **Exhibits**  |

---

---

| | |
|:---|:---|
| (a)(1)(i) | [Offer to Purchase, dated January 9, 2023 is filed herewith.](d425828dex99a1i.htm) |
| (a)(1)(ii) | [Form of Letter of Transmittal is filed herewith.](d425828dex99a1ii.htm) |
| (a)(2) | None. |
| (a)(3) | Not Applicable. |
| (a)(4) | Not Applicable. |
| (a)(5)(i) | [Press release issued on January 3, 2023 is incorporated by reference to the Trust's Schedule TO-C, as filed with the SEC on January 3, 2023.](http://www.sec.gov/Archives/edgar/data/1715468/000119312523000816/d441294dsctoc.htm) |
| (b) | None. |
| (d)(1) | [Form of Automatic Dividend Reinvestment Plan is incorporated by reference to the Trust's Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2, as filed with the SEC on November 13, 2017.](http://www.sec.gov/Archives/edgar/data/1715468/000119312517340202/d429341dex99e.htm) |
| (d)(2) | [Form of Investment Management Agreement between the Trust and BlackRock Advisors, LLC is incorporated by reference to the Trust's Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2, as filed with the SEC on November 13, 2017.](http://www.sec.gov/Archives/edgar/data/1715468/000119312517340202/d429341dex99g1.htm) |
| (d)(3) | [Form of Amended and Restated Sub-Investment Advisory Agreement between BlackRock Advisors, LLC and BlackRock International Limited is incorporated by reference to the Trust's Schedule TO-I, as filed with the SEC on October 1, 2019.](http://www.sec.gov/Archives/edgar/data/1715468/000119312519259842/d811722dex99d3.htm) |
| (d)(4) | [Form of Sub-Investment Advisory Agreement between BlackRock Advisors, LLC and BlackRock (Singapore) Limited is incorporated by reference to the Trust's Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2, as filed with the SEC on November 13, 2017.](http://www.sec.gov/Archives/edgar/data/1715468/000119312517340202/d429341dex99g4.htm) |
| (d)(5) | [Form of BlackRock Fixed-Income Complex Third Amended and Restated Deferred Compensation Plan is incorporated by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 of BlackRock Credit Strategies Fund (File No. 333-227456), as filed with the SEC on January 16, 2019.](http://www.sec.gov/Archives/edgar/data/1752019/000119312519010696/d625057dex99i.htm) |
| (d)(6) | [Form of Transfer Agency and Service Agreement, Side Agreement and Fee Letter between the Trust and Computershare Trust Company, N.A. and Computershare Inc. is incorporated by reference to the Trust's Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2, as filed with the SEC on November 13, 2017.](http://www.sec.gov/Archives/edgar/data/1715468/000119312517340202/d429341dex99k1.htm) |

---

------

---

| | |
|:---|:---|
| (d)(7) | [Administration and Fund Accounting Services Agreement between the Trust and State Street Bank and Trust Company is incorporated by reference to the Schedule TO-I of BlackRock Debt Strategies Fund, Inc., as filed with the SEC on March 15, 2019.](http://www.sec.gov/Archives/edgar/data/1051003/000119312519076776/d699115dex99d5.htm) |
| (d)(8) | [Master Custodian Agreement between the Trust and State Street Bank and Trust Company is incorporated by reference to the Schedule TO-I of BlackRock Debt Strategies Fund, Inc., as filed with the SEC on March 15, 2019.](http://www.sec.gov/Archives/edgar/data/1051003/000119312519076776/d699115dex99d6.htm) |
| (g) | None. |
| (h) | None. |

---

---

| | |
|:---|:---|
| **Item 12(b).** | **Filing Fees**  |

---

[Filing Fee Exhibit.](d425828dexfilingfees.htm)

**Item 13.** **Information Required By Schedule 13E-3** <br>

Not Applicable.

------

**SIGNATURE** 

After due 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.

---

| | |
|:---|:---|
| **BlackRock Multi-Sector Opportunities Trust** | **BlackRock Multi-Sector Opportunities Trust** |
| By: | /s/ John M. Perlowski |
|  | Name: John M. Perlowski |
|  | Title: President and Chief Executive Officer |
|  | Dated: January 9, 2023 |

---

------

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| (a)(1)(i) | [Offer to Purchase, dated January 9, 2023.](d425828dex99a1i.htm) |
| (a)(1)(ii) | [Form of Letter of Transmittal.](d425828dex99a1ii.htm) |
|  | [Filing Fee Exhibit.](d425828dexfilingfees.htm) |

---

## Ex-99.(A)(1)(I)

##### [**Table of Contents**](#toc)
**Exhibit (a)(1)(i)** 

**<br>Offer to Purchase** 

**Up to 5% of the Issued and Outstanding Common Shares of Beneficial Interest** 

**of** 

**BlackRock Multi-Sector Opportunities Trust** 

**at** 

**Net Asset Value Per Share** 

**by** 

**BlackRock Multi-Sector Opportunities Trust** 

**in Exchange for Cash** 

**THE OFFER TO PURCHASE WILL EXPIRE AT 5:00 P.M., EASTERN TIME,** 

**ON FEBRUARY 8, 2023, UNLESS THE OFFER IS EXTENDED.** 

To the Common Shareholders of BlackRock Multi-Sector Opportunities Trust:

BlackRock Multi-Sector Opportunities Trust, a diversified, closed-end management investment company, organized as a Delaware statutory trust (the "Trust"), is offering to purchase up to 5% of its issued and outstanding common shares of beneficial interest as of January 3, 2023, par value $0.001 per share (the "Shares") (the "Offer Amount"). The offer is to purchase Shares in exchange for cash at a price equal to the net asset value ("NAV") per Share (the "Purchase Price") determined as of the close of the regular trading session of the New York Stock Exchange (the "NYSE") on the day the offer expires (the "Pricing Date"). The offer is being made upon the terms and subject to the conditions set forth in this Offer to Purchase and the related Letter of Transmittal (in the case of registered shareholders) (which, together with any amendments or supplements thereto, collectively constitute the "Offer"). If more than the Offer Amount is tendered and not withdrawn, any purchases will be made on a pro rata basis.

In order to participate, the materials described in the Offer must be delivered to Computershare Trust Company, N.A. (the "Depositary") by 5:00 p.m. Eastern time, February 8, 2023, or such later date to which the Offer is extended (the "Expiration Date"). Should the Offer be extended beyond February 8, 2023, the Pricing Date will be the close of ordinary trading on the NYSE on the newly designated Expiration Date. Shareholders who choose to participate in the Offer can expect payments for Shares tendered and accepted to be mailed within approximately ten business days after the Expiration Date.

As of January 3, 2023, the Trust had 3,215,627 Shares outstanding and its NAV per Share was $66.88. The NAV on the Pricing Date may be higher or lower than the NAV as of January 3, 2023. For the Trust's most current NAV, you may view online at https://www.blackrock.com/us/individual/products/296842/. **For additional questions or information during the pendency of this Offer, you may contact Georgeson LLC (the "Information Agent") by calling (888) 658-3624, between the hours of 9:00 a.m. and 11:00 p.m., Eastern time, Monday through Friday (except holidays), and 12:00 p.m. and 6:00 p.m., Eastern time, on Saturday.**

**The Offer is subject to important terms and conditions, including the conditions listed under Section 4, "Certain Conditions of the Offer."** 

**Neither the Securities and Exchange Commission (the "Commission") nor any state securities commission has approved or disapproved of the Offer, passed upon the fairness or merits of the Offer, or determined whether this Offer to Purchase is accurate or complete. Any representation to the contrary is a crime.** 

**If you are not interested in selling any of your Shares at this time, you do not need to do anything. This Offer is not part of a plan to liquidate the Trust. Shareholders are not required to participate in the Offer.** 

**You should be aware that, if you tender Shares pursuant to the Offer, tendered Shares will not be entitled to receive any Trust dividend or distribution with a record date on or after February 15, 2023.** 

------

##### [**Table of Contents**](#toc)
**Because this Offer is limited as to the number of Shares that the Trust will purchase, not all Shares tendered for purchase by shareholders may be accepted for payment by the Trust. This may occur, for example, if one or more large investors seek to tender a significant number of Shares or if a large number of investors tender Shares.** 

**IMPORTANT INFORMATION** 

Shareholders who desire to participate in the Offer should either: (a) properly complete and sign the Letter of Transmittal, provide thereon the original of any required signature guarantee(s) and mail or deliver it together with the Shares, if any (in proper form), and all other documents required by the Letter of Transmittal; or (b) request their broker, dealer, commercial bank or trust company (each, a "Nominee") to effect the transaction on their behalf. Shareholders whose Shares are registered in the name of a Nominee, such as a brokerage firm or other financial intermediary, must contact that firm to instruct the firm to participate in the Offer on their behalf. Tendering shareholders may be charged a fee by their Nominee or other financial intermediary for processing the documentation required to participate in the Offer on their behalf. Shareholders are urged to consult their own investment and tax advisers and make their own decisions whether to tender Shares and, if so, how many Shares to tender, or to refrain from tendering Shares in the Offer.

The Trust reserves the absolute right to reject Shares determined not to be tendered in appropriate form.

**Beneficial owners should be aware that their broker, dealer, commercial bank, trust company or other nominee may establish its own earlier deadline for participation in the Offer. Accordingly, beneficial owners wishing to participate in the Offer should contact their Nominee as soon as possible in order to determine the times by which such owner must take action in order to participate in the Offer.** 

**If you want to tender your Shares but your certificates for the Shares are not immediately available or cannot be delivered to the Depositary within the required time or you cannot comply with the procedures for book-entry transfer, or your other required documents cannot be delivered to the Depositary by the Expiration Date of the Offer, you will not be able to tender your Shares.** 

**Neither the Trust nor its Board of Trustees (the "Board of Trustees" or the "Board") nor BlackRock Advisors, LLC (the "Investment Advisor") makes any recommendation to any shareholders as to whether to tender Shares for purchase or to refrain from tendering Shares in the Offer. No person has been authorized to make any recommendation on behalf of the Trust, its Board of Trustees or the Investment Advisor as to whether shareholders should tender Shares for purchase pursuant to the Offer or to make any representation or to give any information in connection with the Offer other than as contained herein. If made or given, any such recommendation, representation or information must not be relied upon as having been authorized by the Trust, its Board of Trustees or the Investment Advisor. Shareholders are urged to carefully evaluate all information in the Offer, consult their own investment and tax advisers and make their own decisions whether to tender their Shares for purchase or refrain from participating in the Offer.** 

**The Trust has filed with the Commission a Tender Offer Statement on Schedule TO under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), relating to the Offer.** 

**The making of the Offer may, in some jurisdictions, be restricted or prohibited by applicable law. The Offer is not being made, directly or indirectly, in or into, and may not be accepted from within, any jurisdiction in which the making of the Offer or the acceptance of the Offer would, absent prior registration, filing or qualification under applicable laws, not be in compliance with the laws of that jurisdiction. Accordingly, shareholders are required to inform themselves of and observe any such restrictions.** 

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | [SUMMARY TERM SHEET](#toc425828_1) | i |
| **1.** | [Price; Number of Shares](#toc425828_2) | 1 |
| **2.** | [Purpose of the Offer](#toc425828_3) | 2 |
| **3.** | [Plans or Proposals of the Trust](#toc425828_4) | 2 |
| **4.** | [Certain Conditions of the Offer](#toc425828_5) | 3 |
| **5.** | [Procedures for Tendering Shares for Purchase](#toc425828_6) | 4 |
| **6.** | [Withdrawal Rights](#toc425828_7) | 7 |
| **7.** | [Payment for Shares](#toc425828_8) | 8 |
| **8.** | [Source and Amount of Consideration](#toc425828_9) | 8 |
| **9.** | [Effects of the Offer; Consequences of Participation](#toc425828_10) | 9 |
| **10.** | [Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares](#toc425828_11) | 10 |
| **11.** | [Certain Information about the Trust](#toc425828_12) | 11 |
| **12.** | [Additional Information](#toc425828_13) | 12 |
| **13.** | [Certain U.S. Federal Income Tax Consequences](#toc425828_14) | 12 |
| **14.** | [Certain Legal and Regulatory Matters](#toc425828_15) | 16 |
| **15.** | [Amendments; Extensions of Purchase Period; Termination](#toc425828_16) | 16 |
| **16.** | [Fees and Expenses](#toc425828_17) | 17 |
| **17.** | [Miscellaneous](#toc425828_18) | 17 |
|  | [FINANCIAL STATEMENTS](#toc425828_19) | 18 |

---

------

##### [**Table of Contents**](#toc)
**SUMMARY TERM SHEET** 

*This Summary Term Sheet highlights certain information concerning this Offer. To understand the Offer fully and for a more complete discussion of its terms and conditions, you should read carefully the entire Offer to Purchase and the related Letter of Transmittal. We have included section references parenthetically to direct you to a more complete description in the Offer of the topics in this Summary Term Sheet.* 

**What is the Offer?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust is offering to purchase up to 5% of its Shares. The Trust will pay cash for Shares purchased pursuant
to the Offer. The Trust will purchase Shares at a price equal to the NAV per Share as of the close of the regular trading session of the NYSE on the Pricing Date. If the number of Shares properly tendered and not withdrawn prior to the date and time
the Offer expires is less than or equal to the Offer Amount, the Trust will, upon the terms and subject to the conditions of the Offer, purchase all Shares tendered. If shareholders tender (and do not timely withdraw) more than the Offer Amount, the
Trust will purchase duly tendered Shares from participating shareholders on a pro rata basis, based upon the number of Shares each shareholder tenders for purchase and does not timely withdraw. The Trust does not intend to increase the number of
Shares that it is offering to purchase, even if shareholders tender more than the Offer Amount. Shareholders cannot be assured that all of their tendered Shares will be purchased. (See Section 1, "Price; Number of Shares" and
Section 7, "Payment for Shares.")

**When will the Offer expire, and may the Offer be extended?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Offer will expire at 5:00 p.m., Eastern time, on February 8, 2023, the Expiration Date, unless extended.
The Trust may extend the offer period at any time. If it does, the Trust will determine the purchase price as of the close of ordinary trading on the NYSE on the new Expiration Date. The Trust may extend the period of time the Offer will be open by
issuing a press release or making some other public announcement by no later than 9:00 a.m. Eastern time on the next business day after the Offer otherwise would have expired. (See Section 1, "Price; Number of Shares.")

**What is the purpose of the Offer?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In recognition that a secondary market for the Shares does not exist, until the adoption of a plan of
liquidation, the Trust intends, but is not obligated, to conduct quarterly tender offers for up to 5% of the Shares then outstanding in the sole discretion of the Trust's Board of Trustees. On January 3, 2023, the Trust announced that it
intended to repurchase 5% of the Shares outstanding by conducting the Offer. (See Section 2, "Purpose of the Offer" and Section 3, "Plans or Proposals of the Trust.")

**Will I have to pay anything to participate in the Offer?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Trust will not charge a separate service fee in conjunction with the Offer. If your Shares are held through a
financial intermediary, the financial intermediary may charge a service fee for participation in the Offer. (See Section 1, "Price; Number of Shares," Section 7, "Payment for Shares" and Section 16, "Fees and
Expenses.")

**What is the NAV per Share as of a recent date?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 3, 2023, the NAV per Share was $66.88. The NAV on the Pricing Date may be higher or lower than
the NAV as of January 3, 2023. For the Trust's most current NAV, you may view online at https://www.blackrock.com/us/individual/products/296842/. **For additional questions or information during the pendency of this Offer, you may contact the Information Agent by calling (888) 658-3624, between the hours of 9:00 a.m. and 11:00 p.m., Eastern time, Monday through Friday (except holidays), and 12:00 p.m. and 6:00 p.m., Eastern time, on Saturday.** 

i

------

##### [**Table of Contents**](#toc)
**Will the Trust's NAV per Share be higher or lower on the Pricing Date?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No one can accurately predict what the Trust's NAV per Share will be at any future date, including the
Pricing Date. You should realize that the NAV on the Pricing Date may be higher or lower than the NAV as of January 3, 2023 set forth above.

**Does the Trust have the financial resources to pay me for my Shares?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes. If the Trust purchased 160,782 Shares (5% of the Shares outstanding as of January 3, 2023, rounded to
the nearest whole Share) at a price per share of $66.88, equal to the NAV as of January 3, 2023, the Trust's total cost, not including fees and expenses incurred in connection with the Offer, would be approximately $10.75 million. The
Trust intends to first use cash on hand to pay for Shares tendered, and then intends to sell portfolio securities to raise any additional cash needed for the purchase of Shares. Other than potentially through the use of reverse repurchase
agreements, the Trust has no intention to borrow money to finance the purchase of Shares in the Offer. (See Section 8, "Source and Amount of Consideration.")

**How do I participate in the Offer?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If your Shares are registered in the name of a Nominee, you should contact that firm if you wish to tender your
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All other shareholders wishing to participate in the Offer must, prior to the date and time the Offer expires,
complete and execute a Letter of Transmittal, together with any required signature guarantees, and any other documents required by the Letter of Transmittal. You must send these materials to the Depositary at its address set forth on the last page
of this offer. If you hold certificates for Shares, you must send the certificates to the Depositary at its address set forth on the last page of this offer. If your Shares are held in book-entry form, you must comply with the book-entry delivery
procedure set forth in Section 5.C of this Offer. In all these cases, the Depositary must receive these materials prior to the date and time the Offer expires. If any certificate representing Shares has been mutilated, lost, stolen or
destroyed, the shareholder should promptly call the Depositary at (781) 575-2879 or (800) 699-1236. The shareholder will then be instructed by the Depositary as to the
steps that must be taken to replace the certificate. The Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost or destroyed certificates have been followed.

The Trust's transfer agent holds Shares in uncertificated form for certain shareholders pursuant to the Trust's automatic dividend reinvestment plan. When a shareholder tenders share certificates, the Depositary will accept any of the shareholder's uncertificated Shares for tender first, and accept the balance of tendered Shares from the shareholder's certificated Shares.

**Must I tender all of my Shares for purchase?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>No</u>. You may tender for purchase all or part of the Shares you own. (See Section 1, "Price;
Number of Shares.")

**May I withdraw my Shares after I have tendered them for purchase and, if so, by when?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yes, you may withdraw all, but not less than all, of your tendered Shares at any time prior to 5:00 p.m., Eastern
time, on February 8, 2023, which is the Expiration Date. In order for your withdrawal to be effective, you must submit or direct your Nominee to submit a withdrawal request to the Depositary prior to 5:00 p.m., Eastern time on the Expiration
Date. You may resubmit withdrawn Shares by following the purchase procedures before the Offer expires, including during any extension period. (See Section 6, "Withdrawal Rights.")

ii

------

##### [**Table of Contents**](#toc)
**How do I withdraw previously tendered Shares?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must submit or direct your Nominee to submit a request for withdrawal of previously tendered Shares to the
Depositary. You may withdraw only all Shares previously tendered by you, and not a portion thereof, and your request for withdrawal must state this. (See Section 6, "Withdrawal Rights.")

**May my Nominee place any conditions on my tender of Shares?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No.

**May I place any conditions on my tender of Shares?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No.

**Is my tender of Shares in the Offer a taxable transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is anticipated that the tender of Shares in exchange for cash will generally be a taxable transaction for U.S.
federal income tax purposes either in the form of a "sale or exchange" or, under certain circumstances, a "dividend." Please consult your tax adviser regarding your individual tax consequences, including potential state, local
and foreign tax consequences. (See Section 13, "Certain U.S. Federal Income Tax Consequences.")

**Is there any reason Shares tendered by me for purchase would not be accepted?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to those circumstances described under "Certain Conditions of the Offer" in which the Trust
is not required to purchase tendered Shares, the Trust has reserved the right to reject any and all tendered Shares determined by the Trust not to have been tendered in the appropriate form. For example, tenders will be rejected if the tender does
not include the original signature(s) or the original of any required signature guarantee(s). Moreover, as further described herein, if more than the Offer Amount is tendered and not withdrawn, any purchases will be made on a pro rata basis.

**What should I do if I decide not to tender my Shares for purchase?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Nothing.</u> There are no actions that you need to take if you determine not to participate in the Offer.

**If I decide not to tender, how will the Offer affect my Shares?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you do not tender your Shares (or if you own Shares following completion of the Offer), you will be subject to
any increased risks associated with the reduction in the Trust's total assets due to the payment for the tendered Shares. These risks may include greater volatility due to decreased diversification and proportionately higher expenses due to a
decreased asset base, as well as the possibility of receiving additional taxable capital gains on the distributions of the sale of portfolio securities to pay for tendered shares. The reduced assets of the Trust as a result of the Offer may result
in less investment flexibility for the Trust, depending on the number of Shares purchased, could limit the Trust's ability to use leverage and may have an adverse effect on the Trust's investment performance. The Trust currently utilizes
leverage through reverse repurchase agreements. In an effort to maintain the Trust's current asset coverage, the Trust may need to de-lever. This de-levering may
result in decreased returns to the Trust and increased expenses for remaining shareholders. (See Section 9, "Effects of the Offer; Consequences of Participation" and Section 16, "Fees and Expenses.")

**Does the Trust's management recommend that shareholders participate in the Offer, and will management participate in the Offer?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• None of the Trust, the Board of Trustees nor the Investment Advisor is making any recommendation to shareholders
regarding whether to tender Shares for purchase or refrain from tendering Shares in the

iii

------

##### [**Table of Contents**](#toc)
Offer. The Trust has been advised that neither its Board of Trustees nor officers intend to tender any Shares pursuant to the Offer. (See Section 10, "Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares.")

**Will there be additional opportunities to tender my Shares to the Trust?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No other tender offers have been approved by the Board, but the Board reserves the right to approve (and the
Trust intends to conduct) tender offers in the future. (See Section 2, "Purpose of the Offer" and Section 3, "Plans or Proposals of the Trust.")

**How do I obtain more information?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Questions and requests for assistance may be directed to your financial advisor or other Nominee, or to the **Information Agent** toll free at (888) 658-3624. Requests for additional copies of this Offer to Purchase and the applicable Letter of Transmittal should also be directed to the **Information Agent**.

*The* ***Information Agent*** *for the Offer is:*![LOGO](g425828g33e29.jpg)

1290 Avenue of the Americas, 9<sup>th</sup> Floor

New York, NY 10104

**(888) 658-3624 (Toll Free)** 

iv

------

##### [**Table of Contents**](#toc)
*The Depositary for the Offer is:*![LOGO](g425828g35s48.jpg)

*By Mail:* Computershare Trust Company, N.A. Voluntary Corporate Actions P.O. Box 43011 Providence, RI 02940-3011 *By Overnight Courier:* Computershare Trust Company, N.A. Voluntary Voluntary Corporate Actions 150 Royall Street Canton, MA 02021

v

------

##### [**Table of Contents**](#toc)
**1. Price; Number of Shares.** 

Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of any such extension or amendment), the Trust will accept for purchase, and pay for, an aggregate amount of up to 5% of its Shares outstanding as of January 3, 2023 that are properly tendered and not timely withdrawn in accordance with Section 6 prior to the Expiration Date. As of January 3, 2023, there were 3,215,627 Shares outstanding. The term "Expiration Date" means 5:00 p.m., Eastern time, on February 8, 2023, unless the Trust, in its sole discretion, extends the period during which the Offer is open, in which case "Expiration Date" shall mean the time and date on which the Offer, as so extended by the Trust, shall expire. The Trust reserves the right in its sole discretion and for any reason to amend, extend or terminate the Offer prior to the time the Offer expires. See Section 15, "Amendments; Extensions of Purchase Period; Termination." The Trust will not be obligated to purchase Shares pursuant to the Offer under certain circumstances. See Section 4, "Certain Conditions of the Offer."

The purchase price of the Shares will be the NAV per Share determined as of the close of the regular trading session of the NYSE on the Pricing Date. On January 3, 2023, the NAV per Share was $66.88. The NAV on the Pricing Date may be higher or lower than the NAV as of January 3, 2023. For the Trust's most current NAV, you may view online at https://www.blackrock.com/us/individual/products/296842/. **For additional questions or information during the pendency of this Offer, you may contact the Information Agent by calling (888) 658-3624, between the hours of 9:00 a.m. and 11:00 p.m., Eastern time, Monday through Friday (except holidays), and 12:00 p.m. and 6:00 p.m., Eastern time, on Saturday.** Shareholders tendering Shares shall be entitled to receive all dividends with an "ex date" on or before the Expiration Date provided that they own Shares as of the record date for such dividend. Shareholders should be aware that, if they tender Shares pursuant to the Offer, tendered Shares will not be entitled to receive any Trust dividend or distribution with a record date on or after February 15, 2023.

The Offer is being made to all shareholders and is not conditioned upon shareholders tendering for purchase in the aggregate any minimum number of Shares. If the number of Shares properly tendered and not withdrawn prior to the date and time the Offer expires is less than or equal to the Offer Amount, the Trust will, upon the terms and subject to the conditions of the Offer, purchase all Shares tendered. If more than the Offer Amount is duly tendered for purchase pursuant to the Offer (and not timely withdrawn as provided in Section 6), the Trust, subject to the conditions listed in Section 3, will purchase Shares from participating shareholders in accordance with the terms and conditions specified in the Offer on a pro rata basis based upon the number of Shares duly tendered (and not timely withdrawn) by or on behalf of each shareholder. The Trust does not intend to increase the number of Shares offered for purchase, even if more than the Offer Amount is tendered by all shareholders in the aggregate.

The Trust currently utilizes leverage through reverse repurchase agreements. As of December 31, 2022, this leverage represented approximately 1.03% of the Trust's Managed Assets (approximately 1.04% of the Trust's net assets). "Managed Assets" means the total assets of the Trust (including any assets attributable to reverse repurchase agreements) minus the sum of the Trust's accrued liabilities (other than borrowings representing financial leverage). The Trust intends to maintain approximately the same level of economic leverage, as a percentage of Managed Assets, following the Offer. Based on the number of Shares purchased in the Offer, the Trust may reduce its use of reverse repurchase agreements in order to maintain the Trust's overall economic leverage targets.

The Trust will not charge a separate service fee in conjunction with the Offer. If your Shares are held through a financial intermediary, the financial intermediary may charge a service fee for participation in the Offer. Tendering shareholders will not be obligated to pay transfer taxes on the purchase of Shares by the Trust, except in the circumstances set forth in Section 7, "Payment for Shares."

On January 3, 2023, there were 3,215,627 Shares issued and outstanding. The Trust has been advised that neither its Board of Trustees nor officers intend to tender any Shares pursuant to the Offer.

------

##### [**Table of Contents**](#toc)
The Trust reserves the right, in its sole discretion, at any time or from time to time, to extend the period of time during which the Offer is open by giving notice of such extension to the Depositary and making a public announcement thereof. See Section 15, "Amendments; Extensions of Purchase Period; Termination." The Trust makes no assurance that it will extend the Offer. During any extension, all Shares previously tendered and not withdrawn will remain subject to the Offer, subject to the right of a tendering shareholder to withdraw his or her Shares.

**2. Purpose of the Offer.** 

In recognition that a secondary market for the Shares does not exist, until the adoption of a plan of liquidation, the Trust intends, but is not obligated, to conduct quarterly tender offers for up to 5% of the Shares then outstanding in the sole discretion of the Trust's Board of Trustees. On November 11, 2022, the Board approved the Offer.

Any Shares purchased by the Trust pursuant to the Offer will be available for issuance by the Trust without further shareholder action (except as required by applicable law).

None of the Trust, the Board nor the Investment Advisor makes any recommendation to any shareholder as to whether to tender Shares for purchase or to refrain from tendering Shares in the Offer. No person has been authorized to make any recommendation on behalf of the Trust, the Board or the Investment Advisor as to whether shareholders should tender Shares for purchase pursuant to the Offer or to make any representation or to give any information in connection with the Offer other than as contained herein. If made or given, any such recommendation, representation or information must not be relied upon as having been authorized by the Trust, the Board or the Investment Advisor. Shareholders are urged to evaluate carefully all information in the Offer, consult their own investment and tax advisers and make their own decisions whether to tender their Shares for purchase or refrain from participating in the Offer.

**3. Plans or Proposals of the Trust.** 

Except to the extent described herein or in connection with the operation of the Trust's automatic dividend reinvestment plan, the Trust does not have any present plans or proposals and is not engaged in any negotiations that relate to or would result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any extraordinary transaction, such as a merger, reorganization or liquidation, involving the Trust or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other than in connection with transactions in the ordinary course of the Trust's operations and for purposes of funding the Offer, any purchase, sale or transfer of a material amount of assets of the Trust or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any material change in the Trust's present dividend policy, or indebtedness or capitalization of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) changes to the present Board or management of the Trust, including changes to the number or the term of members of the Board, the filling of any existing vacancies on the Board or changes to any material term of the employment contract of any executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other material change in the Trust's corporate structure or business, including any plans or proposals to make any changes in the Trust's investment policy for which a vote would be required by Section 13 of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any class of equity securities of the Trust being delisted from a national securities exchange or ceasing to be authorized to be quoted in an automated quotations system operated by a national securities association;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any class of equity securities of the Trust becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the suspension of the Trust's obligation to file reports pursuant to Section 15(d) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the acquisition by any person of additional securities of the Trust, or the disposition of securities of the Trust (other than through periodic purchase offers by the Trust, including this Offer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any changes in the Trust's Agreement and Declaration of Trust, Bylaws or other governing instruments or other actions that could impede the acquisition of control of the Trust.

**4. Certain Conditions of the Offer.** 

Notwithstanding any other provision of the Offer, and in addition to (and not in limitation of) the Trust's right to extend, amend or terminate the Offer at any time in its sole discretion, the Trust shall not be required to accept for purchase or, subject to the applicable rules and regulations of the Commission, including Rule 14e-1(c) under the Exchange Act, pay for, and may delay the acceptance of or payment for any tendered Shares, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such transactions, if consummated, would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impair the Trust's status as a regulated investment company ("RIC") under the U.S. federal
income tax laws (which would cause the Trust's income to be taxed at the corporate level in addition to the taxation of shareholders who receive dividends from the Trust); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) result in the Trust's asset coverage with respect to any indebtedness or preferred equity being reduced
below the asset coverage requirement set forth in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust would not be able to liquidate portfolio securities in a manner that is orderly and consistent with the Trust's investment objectives and policies in order to purchase Shares tendered pursuant to the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is, in the Board's judgment, any (i) legal action or proceeding instituted or threatened challenging the Offer or otherwise materially adversely affecting the Trust; (ii) declaration of a banking moratorium by Federal or state authorities or any suspension of payment by banks in the United States or New York State, which is material to the Trust; (iii) limitation imposed by Federal or state authorities on the extension of credit by lending institutions; (iv) commencement of war, armed hostilities, acts of terrorism or other international or national calamity directly or indirectly involving the United States that in the sole determination of the Board is material to the Trust; or (v) other events or conditions that would have a material adverse effect on the Trust or its shareholders if Shares tendered pursuant to the Offer were purchased; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Board determines that effecting the Offer would be inconsistent with applicable legal requirements or would constitute a breach of the Board's fiduciary duties owed to the Trust or its shareholders.

The foregoing conditions are for the Trust's sole benefit and may be asserted by the Trust regardless of the circumstances giving rise to any such condition (including any action or inaction of the Trust), and any such condition may be waived by the Trust, in whole or in part, at any time and from time to time in its reasonable judgment. The Trust's failure at any time to exercise any of the foregoing rights shall not be deemed a waiver of any such right; the waiver of any such right with respect to particular facts and circumstances shall not be deemed a waiver with respect to any other facts or circumstances; and each such right shall be deemed an ongoing right which may be asserted at any time and from time to time. Any determination by the Trust concerning the events described in this Section 4 shall be final and binding.

The Trust reserves the right, at any time during the pendency of the Offer, to terminate, extend or amend the Offer in any respect. If the Trust determines to terminate or amend the Offer or to postpone the acceptance for

------

##### [**Table of Contents**](#toc)
payment of or payment for Shares tendered, it will, to the extent necessary, extend the period of time during which the Offer is open as provided in Section 15, "Amendments; Extensions of Purchase Period; Termination." In the event any of the foregoing conditions are modified or waived in whole or in part at any time, the Trust will promptly make a public announcement of such waiver and may, depending on the materiality of the modification or waiver, extend the Offer period as provided in Section 15, "Amendments; Extensions of Purchase Period; Termination."

**5. Procedures for Tendering Shares for Purchase.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Proper Tender of Shares.* 

Shareholders who desire to tender Shares registered in the name of a Nominee must contact their Nominee to effect a tender on their behalf.

For Shares to be properly tendered pursuant to the Offer, a shareholder must cause a properly completed and duly executed Letter of Transmittal bearing original signature(s) and the original of any required signature guarantee(s), and all other documents required by the Letter of Transmittal, to be received by the Depositary at one of its addresses set forth on the back cover of this Offer to Purchase, and must cause certificates for tendered Shares to be received by the Depositary at such address or cause such Shares to be delivered pursuant to the procedures for book-entry delivery set forth below (and confirmation of receipt of such delivery to be received by the Depositary), in each case before the Expiration Date.

***Mutilated, Lost, Stolen or Destroyed Certificates.*** If any certificate representing Shares has been mutilated, lost, stolen or destroyed, the shareholder should promptly call the Depositary at (781) 575-2879 or (800) 699-1236. The shareholder will then be instructed by the Depositary as to the steps that must be taken to replace the certificate. This Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost or destroyed certificates have been followed.

**Letters of Transmittal and certificates representing tendered Shares should not be sent or delivered to the Trust.** 

The Trust's transfer agent holds Shares in uncertificated form for certain shareholders pursuant to the Trust's automatic dividend reinvestment plan. When a shareholder tenders certificated Shares, the Depositary will accept any of the shareholder's uncertificated Shares for tender first, and accept the balance of tendered Shares from the shareholder's certificated Shares, and any remaining Shares will be issued in book-entry and will be electronically held in your account in lieu of a certificate.

Section 14(e) of the Exchange Act and Rule 14e-4 promulgated thereunder make it unlawful for any person, acting alone or in concert with others, directly or indirectly, to request a purchase of Shares pursuant to the Offer unless at the time of the request, and at the time the Shares are accepted for payment, the person requesting the purchase has a net long position equal to or greater than the amount requested for purchase in either: (a) Shares, and will deliver or cause to be delivered such Shares for the purpose of purchase to the Trust within the period specified in the Offer, or (b) an equivalent security and, upon the acceptance of his or her request to purchase, will acquire Shares by conversion, exchange, or exercise of such equivalent security to the extent required by the terms of the Offer, and will deliver or cause to be delivered the Shares so acquired for the purpose of requesting the purchase to the Trust prior to or on the Expiration Date. Section 14(e) and Rule 14e-4 provide a similar restriction applicable to the request to purchase or guarantee of a request to tender on behalf of another person.

The acceptance of Shares by the Trust for purchase will constitute a binding agreement between the participating shareholder and the Trust upon the terms and subject to the conditions of the Offer, including the participating shareholder's representation that the shareholder has a net long position in the Shares being tendered for purchase within the meaning of Rule 14e-4 and that the request to tender such Shares complies with Rule 14e-4.

------

##### [**Table of Contents**](#toc)
By submitting the Letter of Transmittal, a tendering shareholder shall, subject to and effective upon acceptance for payment of the Shares tendered, be deemed in consideration of such acceptance to sell, assign and transfer to, or upon the order of, the Trust all right, title and interest in and to all the Shares that are being tendered (and any and all dividends, distributions, other Shares or other securities or rights declared or issuable in respect of such Shares after the Expiration Date) and irrevocably constitute and appoint the Depositary the true and lawful agent and attorney-in-fact of the tendering shareholder with respect to such Shares (and any such dividends, distributions, other Shares or securities or rights), with full power of substitution (such power of attorney being deemed to be an irrevocable power coupled with an interest) to (a) deliver certificates for such Shares (and any such other dividends, distributions, other Shares or securities or rights) or transfer ownership of such Shares (and any such other dividends, distributions, other Shares or securities or rights), together, in either such case, with all accompanying evidences of transfer and authenticity to or upon the order of the Trust, upon receipt by the Depositary of the purchase price, (b) present such Shares (and any such other dividends, distributions, other Shares or securities or rights) for transfer on the books of the Trust, and (c) receive all benefits and otherwise exercise all rights of beneficial ownership of such Shares (and any such other dividends, distributions, other Shares or securities or rights), all in accordance with the terms of the Offer. Upon such acceptance for payment, all prior powers of attorney given by the tendering shareholder with respect to such Shares (and any such dividends, distributions, other shares or securities or rights) will, without further action, be revoked and no subsequent powers of attorney may be given by the tendering shareholder with respect to the tendered Shares (and, if given, will be null and void).

By submitting a Letter of Transmittal, and in accordance with the terms and conditions of the Offer, a tendering shareholder shall be deemed to represent and warrant that: (a) the tendering shareholder has full power and authority to tender, sell, assign and transfer the tendered Shares (and any and all dividends, distributions, other Shares or other securities or rights declared or issuable in respect of such Shares after the Expiration Date); (b) when and to the extent the Trust accepts the Shares for purchase, the Trust will acquire good, marketable and unencumbered title thereto, free and clear of all liens, restrictions, charges, proxies, encumbrances or other obligations relating to their sale or transfer, and not subject to any adverse claim; (c) on request, the tendering shareholder will execute and deliver any additional documents deemed by the Depositary or the Trust to be necessary or desirable to complete the sale, assignment and transfer of the tendered Shares (and any and all dividends, distributions, other Shares or securities or rights declared or issuable in respect of such Shares after the Expiration Date); and (d) the tendering shareholder has read and agreed to all of the terms of the Offer, including this Offer to Purchase and the Letter of Transmittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Signature Guarantees and Method of Delivery.* All signatures on the Letter of Transmittal must be guaranteed by an Eligible Institution. (See Instruction 2 of the Letter of Transmittal.) An "Eligible Institution" is a firm which is a broker, dealer, commercial bank, credit union, savings association or other entity and which is a member in good standing of a stock transfer association's approved medallion program (such as STAMP, SEMP or MSP).

If the Letter of Transmittal is signed by the registered holder(s) of the Shares tendered for purchase thereby, the signature(s) must correspond with the name(s) as written on the face of the certificate(s) for the Shares tendered for purchase without any alteration, enlargement or any change whatsoever.

If any of the Shares tendered for purchase thereby are owned of record by two or more joint owners, all such owners must sign the Letter of Transmittal.

If any of the Shares tendered for purchase are registered in different names, it is necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations.

If the Letter of Transmittal or any certificates for Shares tendered for purchase or share powers relating to Shares tendered for purchase are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate

------

##### [**Table of Contents**](#toc)
when signing, and proper evidence satisfactory to the Trust of their authority so to act must be submitted together with the Letter of Transmittal.

If the Letter of Transmittal is signed by the registered holder(s) of the Shares tendered for purchase, no endorsements of certificates or separate share powers with respect to such Shares are required unless payment is to be made to, or certificates for Shares not purchased are to be issued in the name of, a person other than the registered holder(s). Signatures on such certificates or share powers must be guaranteed by an Eligible Institution.

If the Letter of Transmittal is signed by a person other than the registered holder(s) of the certificate(s) listed thereon, the certificate(s) must be endorsed or accompanied by appropriate share powers, in either case signed exactly as the name(s) of the registered holder(s) appear(s) on the certificate(s) for the Shares involved.

Signatures on such certificates or share powers must be guaranteed by an Eligible Institution.

**THE METHOD OF DELIVERY OF ANY DOCUMENTS, INCLUDING CERTIFICATES FOR SHARES, IS AT THE ELECTION AND RISK OF THE PARTY TENDERING SHARES. IF DOCUMENTS ARE SENT BY MAIL, IT IS RECOMMENDED THAT THEY BE SENT BY REGISTERED MAIL, PROPERLY INSURED, WITH RETURN RECEIPT REQUESTED.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C. Book-Entry Delivery.* Any financial institution that is a participant in the DTC system may make book-entry delivery of tendered Shares in accordance with DTC's procedures. However, although delivery of Shares may be effected through book-entry transfer at DTC, a Letter of Transmittal properly completed and bearing original signature(s) and the original of any required signature guarantee(s) or an Agent's Message (as defined below) in connection with a book-entry transfer and any other documents required by the Letter of Transmittal, must be received by the Depositary prior to the Expiration Date at one of its addresses set forth on the back cover page of this Offer to Purchase.

The term "Agent's Message" means a message from DTC transmitted to, and received by, the Depositary forming a part of a timely confirmation of a book-entry transfer of Shares (a "Book-Entry Confirmation") which states that (a) DTC has received an express acknowledgment from the DTC participant tendering the Shares for purchase that are the subject of the Book-Entry Confirmation, (b) the DTC participant has received and agrees to be bound by the terms of the Letter of Transmittal, and (c) the Trust may enforce such agreement against the DTC participant. **Delivery of documents to DTC in accordance with DTC's procedures does not constitute delivery to the Depositary.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D. Determinations of Validity.* All questions as to the validity, form, eligibility (including time of receipt) and acceptance of tenders will be determined by the Trust, in its sole discretion, which determination shall be final and binding. The Trust reserves the absolute right to reject any or all tenders determined not to be in appropriate form or to refuse to accept for payment or purchase, or pay for, any Shares if, in the opinion of the Trust's counsel, accepting, purchasing or paying for such Shares would be unlawful. The Trust also reserves the absolute right to the extent permitted by law to waive any of the conditions of the Offer or any defect in any tender, whether generally or with respect to any particular Share(s) or shareholder(s). The Trust's interpretations of the terms and conditions of the Offer (including the Letter of Transmittal and the instructions thereto) shall be final and binding.

**None of the Trust, the Board of Trustees, the Investment Advisor, the Information Agent, the Depositary nor any other person is or will be obligated to give any notice of any defect or irregularity in any tender, and none of the foregoing persons will incur any liability for failure to give any such notice.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E. U.S. Federal Income Tax Withholding.* Under the U.S. federal income tax backup withholding rules, the Depositary would generally be required to withhold 24% of the gross payments made pursuant to the Offer to

------

##### [**Table of Contents**](#toc)
any U.S. Shareholder (as defined below) unless such U.S. Shareholder has completed and submitted to the Depositary an IRS Form W-9. In order to avoid the possibility of backup withholding, all participating U.S. Shareholders are required to provide the Depositary with a properly completed and signed IRS Form W-9. A "U.S. Shareholder" is a shareholder that is a "U.S. person" within the meaning of the Internal Revenue Code of 1986, as amended (the "Code"). In general, a U.S. Shareholder is a shareholder that is (a) an individual who is a citizen or resident of the United States; (b) a corporation or partnership, or other entity taxed as a corporation or partnership, created or organized in the United States or under the law of the United States or of any State thereof; (c) an estate the income of which is subject to U.S. federal income taxation regardless of the source of such income; or (d) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust.

In order to avoid backup withholding, participating Non-U.S. Shareholders (as defined below) must provide the Depositary with a completed IRS Form W-8BEN or W-8BEN-E, or another type of Form W-8 appropriate to the particular Non-U.S. Shareholder. For purposes of this Offer to Purchase, a "Non-U.S. Shareholder" is generally any shareholder that is not a "U.S. person" within the meaning of the Code. Copies of Form W-8BEN or W-8BEN-E are provided with the Letter of Transmittal for Non-U.S. Shareholders. Other types of Form W-8 can be found on the IRS website at www.irs.gov/formspubs/index.html.

Tendering Non-U.S. Shareholders may be subject to U.S. federal withholding tax, even if they submit an appropriate IRS Form W-8 in order to claim an exemption from backup withholding. For an additional discussion of U.S. federal income tax withholding as well as a discussion of certain other U.S. federal income tax consequences to tendering shareholders, see Section 13, "Certain U.S. Federal Income Tax Consequences."

**6. Withdrawal Rights.** 

At any time prior to the Expiration Date any shareholder may withdraw all, but not less than all, of the Shares that the shareholder has tendered. In addition, Shareholders will also have the right to withdraw the tender of Shares at any time after 5:00 p.m. on March 8, 2023, to the extent the Shares have not yet been accepted for payment as of that date.

To be effective, a written notice of withdrawal of Shares tendered for purchase must be timely received by the Depositary at one of its addresses set forth on the back cover of this Offer to Purchase. Shareholders may also send a facsimile transmission notice of withdrawal, which must be timely received by the Depositary prior to the Expiration Date, and the original notice of withdrawal must be delivered to the Depositary by overnight courier the next day. Any notice of withdrawal must specify the name(s) of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawn (which may not be less than all of the Shares tendered by the shareholder) and, if one or more certificates representing such Shares have been delivered or otherwise identified to the Depositary, the name(s) of the registered owner(s) of such Shares as set forth in such certificate(s) if different from the name(s) of the person tendering the Shares. If one or more certificates have been delivered to the Depositary, then, prior to the release of such certificate(s), the certificate number(s) shown on the particular certificate(s) evidencing such Shares must also be submitted and the signature on the notice of withdrawal must be guaranteed by an Eligible Institution.

All questions as to the validity, form and eligibility (including time of receipt) of notices of withdrawal will be determined by the Trust in its sole discretion, which determination shall be final and binding. Shares properly withdrawn will not thereafter be deemed to be tendered for purposes of the Offer. Withdrawn Shares, however, may be re-tendered for purchase by following the procedures described in Section 5 prior to the Expiration Date. Except as otherwise provided in this Section 6, tenders of Shares made pursuant to the Offer will be irrevocable.

**None of the Trust, the Board of Trustees, the Investment Advisor, the Information Agent, the Depositary nor any other person is or will be obligated to give any notice of any defect or irregularity in any notice of withdrawal, nor shall any of them incur any liability for failure to give any such notice.** 

------

##### [**Table of Contents**](#toc)
**7. Payment for Shares.** 

For purposes of the Offer, the Trust will be deemed to have accepted for payment and purchased Shares that are tendered for purchase (and not timely withdrawn in accordance with Section 6) when, as and if the Trust gives oral or written notice to the Depositary of its acceptance of such Shares for purchase pursuant to the Offer. Under the Exchange Act, the Trust is obligated to pay for or return Shares tendered for purchase promptly after the termination, expiration or withdrawal of the Offer. Unless otherwise indicated on the Letter of Transmittal, properly tendered Shares that are not purchased because of proration will be returned at the Trust's expense to you or to other persons at your discretion.

Payment for Shares accepted for payment pursuant to the Offer will be made by the Depositary out of funds made available to it by the Trust. The Depositary will act as agent for the Trust for the purpose of effecting payment to the tendering shareholder. In all cases, payment for Shares purchased pursuant to the Offer will be made only after timely receipt by the Depositary of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Letter of Transmittal (or a copy thereof) properly completed and duly executed with any required signature
guarantee(s), or an Agent's Message in connection with a book-entry transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate evidencing Shares or timely confirmation of a book-entry transfer of such Shares into the
Depositary's account at DTC pursuant to the procedure set forth in Section 5; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other documents required by the Letter of Transmittal.

Accordingly, payment may not be made to all tendering shareholders at the same time and will depend upon when Share certificates are received by the Depositary or Book-Entry Confirmations of tendered Shares are received in the Depositary's account at DTC.

If any tendered Shares are not accepted for payment or are not paid because of an invalid tender, if certificates are submitted for more Shares than are tendered, or if a shareholder withdraws tendered Shares, (i) the Shares will be issued in book-entry form and will be electronically held in your account for such unpurchased Shares, as soon as practicable following the expiration, termination or withdrawal of the Offer, (ii) Shares delivered pursuant to the book-entry delivery procedures will be credited to the account from which they were delivered, and (iii) uncertificated Shares held by the Trust's transfer agent pursuant to the Trust's dividend reinvestment plan will be returned to the automatic dividend reinvestment plan account maintained by the transfer agent.

The Trust will pay all transfer taxes, if any, payable on the transfer to it of Shares purchased pursuant to the Offer. If, however, payment of the purchase price is to be made to, or if unpurchased Shares were registered in the name of, any person other than the tendering holder, or if any tendered certificates are registered or the Shares tendered are held in the name of any person other than the person signing the Letter of Transmittal, the amount of any transfer taxes (whether imposed on the registered holder or such other person) payable on account of such transfer will be deducted from the purchase price unless satisfactory evidence of the payment of such taxes, or exemption therefrom, is submitted. In addition, if certain events occur, the Trust may not be obligated to purchase Shares pursuant to the Offer. See Section 4, "Certain Conditions of the Offer."

Any tendering shareholder or other payee who fails to complete fully and sign the Substitute IRS Form W-9, if one is included with the Letter of Transmittal, may be subject to U.S. federal income tax withholding of 24% of the gross proceeds paid to such shareholder or other payee pursuant to the Offer. Non-U.S. Shareholders should provide the Depositary with a completed IRS Form W-8 in order to avoid 24% backup withholding. A copy of IRS Form W-8 will be provided upon request from the Depositary. See Section 5, "Procedures for Tendering Shares for Purchase—U.S. Federal Income Tax Withholding."

**8. Source and Amount of Consideration.** 

The actual cost of the Offer to the Trust cannot be determined at this time because the number of Shares to be purchased will depend on the number of Shares tendered for purchase, and the price will be based on the NAV

------

##### [**Table of Contents**](#toc)
per Share on the Pricing Date. If shareholders tendered all Shares offered for purchase pursuant to the Offer, and the Trust purchased such Shares at a price per share of $66.88, the NAV as of January 3, 2023, payments by the Trust to the participating shareholders would be approximately $10.75 million. See Section 9, "Effects of the Offer; Consequences of Participation."

The monies to be used by the Trust to purchase Shares pursuant to the Offer will be first obtained from any cash on hand and then from the proceeds of sales of securities in the Trust's investment portfolio. The Board of Trustees believes that the Trust has sufficient liquidity to purchase the Shares that may be tendered pursuant to the Offer. However, if, in the judgment of the Board of Trustees, there is not sufficient liquidity of the assets of the Trust to pay for tendered Shares, the Trust may terminate the Offer.

Other than potentially through the use of reverse repurchase agreements, no funds are expected to be borrowed, directly or indirectly, for the purpose of the Offer. There are no alternative financing arrangements or alternative financing plans. There are no material conditions to the availability of the Consideration for the purposes of this Offer, except as set forth herein. See Section 4, "Certain Conditions of the Offer."

**9. Effects of the Offer; Consequences of Participation.** 

The Offer may have certain adverse consequences for tendering and non-tendering shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Effects on NAV and Consideration Received by Tendering Shareholders.* To pay the aggregate purchase price of Shares accepted for payment pursuant to the Offer, the Trust anticipates that funds will be first derived from any cash on hand and then from the proceeds from the sale of portfolio securities held by the Trust. If the Trust is required to sell a substantial amount of portfolio securities to raise cash to finance the Offer, such dispositions of portfolio securities could cause market prices of the Trust's portfolio securities, and hence the Trust's NAV, to decline. If such a decline occurs, the Trust cannot predict what its magnitude might be or whether such a decline would be temporary or continue to or beyond the Expiration Date. Because the price per Share to be paid in the Offer will be dependent upon the NAV as determined as of the close of ordinary trading on the NYSE on the Pricing Date, if such a decline continued to the Pricing Date, the consideration received by tendering shareholders would be less than it otherwise might have been. In addition, a sale of portfolio securities will result in increased brokerage and related transaction expenses, and the Trust may receive proceeds from the sale of portfolio securities that are less than the valuations of such securities by the Trust. Accordingly, because of the Offer, the Trust's NAV may decline more than it otherwise might, thereby reducing the amount of proceeds received by tendering shareholders, and also reducing the NAV for non-tendering shareholders.

The Trust will sell portfolio securities to raise cash for the purchase of Shares. Thus, it is likely that during the pendency of the Offer, and possibly for a short time thereafter, the Trust will hold a greater than normal percentage of its net assets in cash and cash equivalents. This larger cash position may interfere with the Trust's ability to meet its investment objective. The Trust is required by law to pay for tendered Shares it accepts for payment promptly after the Expiration Date of this Offer. If on or prior to the Expiration Date the Trust does not have, or believes it is unlikely to have, sufficient cash to pay for all Shares tendered, it may extend the Offer to allow additional time to sell portfolio securities and raise sufficient cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Recognition of Capital Gains*. As noted, the Trust will likely be required to sell portfolio securities pursuant to the Offer. If the Trust's tax basis for the securities sold is less than the sale proceeds, the Trust will recognize capital gains. The Trust would expect to distribute any such gains to shareholders of record (reduced by net capital losses realized during the fiscal year, if any, and available capital loss carry-forwards) during, or following the end of, the Trust's fiscal year. This recognition and distribution of gains, if any, would have two negative consequences: first, while shareholders at the time of a declaration of distributions will receive such distributions, such shareholders would be required to pay taxes on a greater amount of capital gain distributions than otherwise would be the case; and second, to raise cash to make the distributions, the Trust might need to sell additional portfolio securities, thereby possibly being forced to realize and recognize additional capital gains. It is

------

##### [**Table of Contents**](#toc)
impossible to predict what the amount of unrealized gains or losses would be in the Trust's portfolio at the time that the Trust is required to liquidate portfolio securities (and hence the amount of capital gains or losses that would be realized and recognized). As of December 31, 2021, the Trust had unrealized capital depreciation of approximately $16.0 million. As of December 31, 2021, the Trust had non-expiring capital loss carryforwards of approximately $36.8 million.

In addition, some distributed gains may be realized on securities held for one year or less, which would generate income taxable to the shareholders at ordinary income rates. This could adversely affect the Trust's after-tax performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C. Tax Consequences of Purchases to Shareholders*. The Trust's purchase of tendered Shares pursuant to the Offer will have tax consequences for tendering shareholders. See Section 13, "Certain U.S. Federal Income Tax Consequences."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D. Effect on Remaining Shareholders, Higher Expense Ratio and Less Investment Flexibility*. The purchase of Shares by the Trust pursuant to the Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering shareholders. All shareholders remaining after the Offer will be subject to any increased risks associated with the reduction in the Trust's aggregate assets resulting from payment for the tendered Shares, such as greater volatility due to decreased diversification and proportionately higher expenses due to a decreased asset base. The reduced net assets of the Trust as a result of the Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust's investment performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E. Effect on Leverage*. The Trust currently utilizes leverage through reverse repurchase agreements. As of December 31, 2022, this leverage represented approximately 1.03% of the Trust's Managed Assets (approximately 1.04% of the Trust's net assets). The Trust's net assets attributable to Shares are the Trust's Managed Assets minus the value of the Trust's assets attributable to money borrowed for investment purposes. The Trust intends to maintain approximately the same level of economic leverage, as a percentage of Managed Assets, following the Offer. Based on the number of Shares purchased in the Offer, the Trust may reduce its use of reverse repurchase agreements in order to maintain the Trust's overall economic leverage targets. This de-levering may result in decreased returns to the Trust and increased expenses for remaining shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F. Possible Proration*. If greater than the Offer Amount of the Trust's Shares are tendered pursuant to the Offer, the Trust would, upon the terms and subject to the conditions of the Offer, purchase Shares tendered on a pro rata basis. Accordingly, shareholders cannot be assured that all of their tendered Shares will be purchased.

**10. Interests of Trustees and Officers; Transactions and Arrangements Concerning the Shares** 

Information, as of particular dates, concerning the Trust's trustees and executive officers, their remuneration, any material interest of such persons in transactions with the Trust and other matters, is required to be disclosed in proxy statements distributed to the Trust's shareholders and filed with the Commission. The business address and business telephone number of each trustee and executive officer of the Trust are in care of BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.

To the best of the Trust's knowledge, no trustee or executive officer of the Trust beneficially owned Shares of the Trust as of January 3, 2023. To the best of the Trust's knowledge, no person controlling the Trust or the Investment Advisor nor any associate or majority-owned subsidiary of such person beneficially owned Shares of the Trust as of January 3, 2023.

None of the Trust, the Investment Advisor or, to the best of the Trust's knowledge, any of the Trust's trustees or executive officers or any person controlling the Trust or the Investment Advisor, has effected any transaction in Shares, except for dividend reinvestment, during the 60 days prior to the date of this Offer to Purchase.

------

##### [**Table of Contents**](#toc)
Except as set forth in this Offer to Purchase, none of the Trust, the Investment Advisor or, to the best of the Trust's knowledge, any of the Trust's trustees or executive officers or any person controlling the Trust or the Investment Advisor, is a party to any agreement, arrangement, or understanding, whether or not legally enforceable, with any other person with respect to any securities of the Trust, including, but not limited to, any agreement, arrangement, understanding or relationship concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guaranties of loans, guaranties against loss or the giving or withholding of proxies, consents or authorizations. Except as set forth in this Offer to Purchase, there is no present or proposed material agreement, arrangement, understanding or relationship with respect to the Offer between the Trust and any of its executive officers, trustees, controlling persons or subsidiaries.

The Trust has been advised that neither its Board of Trustees nor its officers intend to tender any Shares pursuant to the Offer. Therefore, the Trust does not intend to purchase Shares from any officer or Trustee pursuant to the Offer.

As of January 3, 2023, to the knowledge of the Trust, no person beneficially owned more than 5% of the voting securities of any class of securities of the Trust.

BlackRock Advisors, LLC acts as the investment adviser for the Trust. Pursuant to an investment advisory agreement between the Investment Advisor and the Trust (the "Investment Advisory Agreement"), the Trust pays the Investment Advisor a monthly fee at an annual rate of 1.25% of the Trust's average daily Managed Assets. Because the investment advisory fee is calculated on the basis of Managed Assets, which includes assets purchased with leverage, the fee paid to the Investment Advisor during periods in which the Trust is using leverage will be higher than if the Trust did not use leverage.

The Investment Advisor has entered into sub-advisory agreements (each, a "Sub-Advisory Agreement") with BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BRS"), each an affiliate of the Investment Advisor (the "Sub-Advisors"). The Investment Advisor pays BIL and BRS for services they provide for that portion of the Trust for which BIL and BRS acts as sub-adviser a monthly fee that is equal to a percentage of the investment advisory fees paid by the Trust to the Investment Advisor.

A discussion regarding the basis for the approval of the Investment Advisory Agreement and Sub-Advisory Agreements by the Board is available in the Trust's Semi-Annual Report to shareholders for the period ended June 30, 2022.

The Trust also is a party to certain other service agreements. The Trust is a party to a Transfer Agency and Registrar Services Agreement with Computershare Trust Company, N.A. ("Computershare"). The Trust pays Computershare a monthly fee plus out-of-pocket expenses for the services it provides as transfer, shareholder services and dividend disbursing agent for the Trust.

State Street Bank and Trust Company ("State Street") serves as custodian for the Trust's portfolio securities pursuant to the Custodian Agreement ("Custodian Agreement") entered into with the Trust. Under the Custodian Agreement, the Trust is obligated to pay State Street reasonable compensation for its services and expenses as agreed upon from time to time between the Trust and State Street.

The amounts paid by the Trust under these service agreements are disclosed in the Trust's financial statements, which can be found in the Trust's annual and semi-annual reports.

**11. Certain Information about the Trust.** 

The Trust was organized as a Delaware statutory trust on August 23, 2017 pursuant to its Certificate of Trust and Agreement and Declaration of Trust, as subsequently amended, is governed by the laws of the State of Delaware, and commenced operations on February 23, 2018. The Trust is registered under the 1940 Act as a

------

##### [**Table of Contents**](#toc)
diversified, closed-end management investment company. The Trust's principal office is located at 100 Bellevue Parkway, Wilmington, Delaware 19809, and its telephone number is (800) 882-0052. As a closed-end investment company, the Trust differs from an open-end investment company (i.e., a mutual fund) in that it does not redeem its Shares at the election of a shareholder. Shares are not traded on any established trading market and are subject to restrictions on transferability pursuant to the Agreement and Declaration of Trust.

The Trust's investment objective is to seek to provide high income and total return. The Trust may invest in a broad range of debt and equity instruments, sectors and strategies to achieve its investment objective. Under normal conditions, the Trust will invest at least 80% of its total assets in fixed income securities and other financial instruments that pay periodic income. The Trust may invest any amount of its assets in securities of any credit quality, including securities that are rated at the time of investment below investment grade — i.e., ''Ba'' or ''BB'' or below by Moody's Investor's Service, Inc., S&P Global Ratings or Fitch Ratings, Inc., or securities that are judged to be of comparable quality by the Investment Advisor and the Sub-Advisors. The Trust's investment objective may be changed without prior shareholder approval. There can be no assurance that the investment objective of the Trust will be achieved.

BlackRock Advisors, LLC acts as the investment adviser for the Trust. The Investment Advisor is responsible for the management of the Trust's portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operation of the Trust. The Investment Advisor, located at 100 Bellevue Parkway, Wilmington, Delaware 19809, is a wholly-owned subsidiary of BlackRock, Inc. The Investment Advisor has entered into Sub-Advisory Agreements with the Sub-Advisors, each of which is an affiliate of the Investment Advisor.

**12. Additional Information.** 

The Trust has filed with the Commission a Schedule TO, which provides additional information relating to the Offer. You may inspect and obtain a copy of Schedule TO by visiting the EDGAR database on the Commission's website (http://www.sec.gov). Copies of the Schedule TO can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**13. Certain U.S. Federal Income Tax Consequences.** 

The following discussion is a general summary of certain U.S. federal income tax consequences of a participating shareholder's sale of Shares pursuant to the Offer. This discussion is based on current U.S. federal income tax law, including the Code, existing and proposed Treasury regulations, administrative pronouncements and judicial decisions, all as currently in effect and all of which are subject to change, possibly with retroactive effect. This discussion does not apply to a shareholder that is a member of a class of holders subject to special rules (such as a dealer in securities, a trader in securities that elects to use a mark-to-market method of accounting for its securities holdings, a bank, a life insurance company, a tax-exempt organization, a person that owns Shares as part of a hedging, integrated, conversion or constructive sale transaction or as a position in a straddle, a partnership or other pass-through entity for U.S. federal income tax purposes, an accrual basis taxpayer subject to special tax accounting rules under Section 451(b) of the Code or a U.S. Shareholder (as such term is defined in Section 5, "Procedures for Tendering Shares for Purchase—U.S. Federal Income Tax Withholding" above) whose functional currency for tax purposes is not the U.S. dollar). This summary assumes that the Trust is and will remain a RIC for U.S. federal income tax purposes for the taxable year that includes the purchase of Shares pursuant to the Offer. No ruling has been or will be sought from the Internal Revenue Service ("IRS") regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects set forth below. Shareholders must consult their own tax advisers with respect to the tax consequences of a sale of Shares pursuant to the Offer, including potential tax consequences in jurisdictions where the shareholder is a citizen, resident or domiciliary.

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A. Consequences to U.S. Shareholders of Participating in the Offer.* 

<u>In General</u>. A shareholder's tender of all or a part of its Shares for cash pursuant to the Offer will be a taxable transaction for U.S. federal income tax purposes. The tax consequences of the sale will be determined in part under the stock redemption rules of Section 302 of the Code. The amount and characterization of income recognized by a shareholder in connection with a sale pursuant to the Offer will depend on whether the sale is treated as an "exchange" or a "dividend" for tax purposes.

<u>Treatment as an Exchange</u>. If the redemption qualifies under any of the provisions of Section 302(b) of the Code, as more fully described below, the cash received pursuant to the Offer will be treated as received in exchange for the Shares sold. The treatment accorded to such an exchange results in a shareholder's recognizing gain or loss equal to the difference between (a) the cash received by the shareholder pursuant to the Offer and (b) the shareholder's adjusted tax basis in the Shares surrendered. Assuming the Shares are held as capital assets, such recognized gain or loss will be capital gain or loss. If the Shares were held longer than one year, such capital gain or loss will be long-term. If the Shares were held for one year or less, such capital gain or loss will be short-term. However, any loss upon an exchange of Shares held for six months or less generally will be treated as a long-term capital loss to the extent of distributions received or deemed received from the Trust that were treated as long-term capital gain. In addition, under certain "wash sales" rules, recognition of a loss on Shares sold pursuant to the Offer will ordinarily be disallowed to the extent a shareholder acquires Shares within 30 days before or after the date Shares are purchased pursuant to the Offer and, in that event, the basis and holding period of the Shares acquired will be adjusted to reflect the disallowed loss. The deductibility of capital losses is subject to a number of limitations under the Code.

<u>Treatment as a Dividend</u>. If none of the provisions under Section 302(b) of the Code outlined below are satisfied, a shareholder will be treated as having received a distribution on its Shares. Any such distribution will be treated as taxable dividend income in an amount equal to the entire amount of cash received by the shareholder for its Shares pursuant to the Offer to the extent the Trust has current or accumulated earnings and profits. Any amounts treated as distributions to shareholders in excess of the Trust's current and accumulated earnings and profits will be treated as a return of capital to such shareholders to the extent of their basis in their Shares (reducing that basis accordingly) and then as capital gain (which will be long-term or short-term depending on such shareholder's applicable holding period for the Shares tendered).

Accordingly, the difference between "dividend" and "sale or exchange" treatment is important with respect to the amount (there is no basis offset for dividends) and character of income that tendering shareholders are deemed to receive. While the marginal tax rate for dividends and capital gains remains the same for corporate shareholders, under the Code the top income tax rate on ordinary dividend income and short-term capital gains of individuals generally exceeds the maximum tax rate on long-term capital gains.

Each shareholder's tax adviser should determine whether that shareholder qualifies under one of the provisions of Section 302(b) of the Code. In the event that the transaction is treated as a dividend distribution to a shareholder for federal income tax purposes, such shareholder's remaining tax basis in the Shares actually redeemed will be added to the tax basis of such shareholder's remaining Shares in the Trust. In the event that a shareholder actually owns no Shares in the Trust after the redemption, but the transaction is nevertheless treated as a dividend distribution because such shareholder constructively owns Shares in the Trust (see below), such shareholder's tax basis may, under certain circumstances, be added to Shares in the Trust owned by related persons that were considered constructively owned by such shareholder, or may be lost entirely. With respect to a purchase of Shares that is treated as a distribution but that is not otherwise taxable as a dividend because it exceeds the Trust's earnings and profits, the method by which a U.S. holder must reduce its basis is uncertain in situations where the holder owns different blocks of shares that were acquired at different prices and thus have different bases. Each shareholder should consult its tax adviser with respect to the particular U.S. federal income tax consequences to such shareholder of participating in the Offer.

------

##### [**Table of Contents**](#toc)
<u>Constructive Ownership of Shares</u>. In determining whether the provisions under Section 302(b) of the Code, as described below, are satisfied, a shareholder must take into account not only Shares actually owned by such shareholder, but also Shares that are constructively owned within the meaning of Section 318 of the Code. Under Section 318 of the Code, a shareholder may constructively own Shares actually owned, and in some cases constructively owned, by certain related individuals and certain entities in which the shareholder or a related individual or entity has an interest. The rules of constructive ownership are complex and must be applied to a particular shareholder's situation by a tax adviser.

<u>The Provisions of Section</u> <u>302(b) of the Code</u>. Under Section 302(b) of the Code, a redemption will be taxed as an exchange, and not as a dividend, if it (a) results in a "complete redemption" of all the Shares owned by a shareholder, (b) is "substantially disproportionate" with respect to a shareholder, or (c) is "not essentially equivalent to a dividend" with respect to a shareholder. Each shareholder should be aware that, under certain circumstances, sales, purchases, or transfers of Shares in the market or to or from other parties contemporaneous with sales pursuant to the Offer may be taken into account in determining whether the tests under clause (a), (b), or (c) above are satisfied. Further, the Trust believes that in the event the Offer is oversubscribed, resulting in a proration, it is likely that less than all the Shares tendered by a shareholder will be purchased by the Trust. Proration may affect whether a sale by a shareholder will satisfy the provisions (a), (b), or (c) above.

A brief description of the three major applicable provisions of Section 302(b) of the Code is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *A Complete Redemption of Interest.* The receipt of cash by a shareholder will result in a "complete
redemption" of all the Shares owned by the shareholder within the meaning of Section 302(b)(3) of the Code if either (i) all the Shares actually and constructively owned by the shareholder are sold pursuant to the Offer or
(ii) all the Shares actually owned by the shareholder are sold pursuant to the Offer, the only Shares the shareholder constructively owns are actually owned by such shareholder's family members, and the shareholder is eligible to waive and
effectively waives, under procedures described in Section 302(c) of the Code, such constructive ownership. Shareholders wishing to satisfy the "complete termination" test through waiver of the constructive ownership rules should
consult their tax advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *A Substantially Disproportionate Redemption.* The receipt of cash by a shareholder will be
"substantially disproportionate" with respect to such shareholder within the meaning of Section 302(b)(2) of the Code if (i) the percentage of the total outstanding Shares actually and constructively owned by the shareholder
immediately following the sale of Shares pursuant to the Offer is less than 80 percent of the percentage of the total outstanding Shares actually and constructively owned by such shareholder immediately before such sale, and
(ii) immediately following the exchange, the shareholder actually and constructively owns less than 50% of the total combined voting power of all classes of voting shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Not Essentially Equivalent to a Dividend.* Even if a sale by a shareholder fails to meet the
"complete redemption" or "substantially disproportionate" tests, a shareholder may nevertheless meet the "not essentially equivalent to a dividend" test. Whether a specific redemption is "not essentially equivalent
to a dividend" depends on the individual shareholder's facts and circumstances. In any event, the redemption must result in a "meaningful reduction" of the shareholder's proportionate interest in the Trust. The IRS has
indicated in a published ruling that, in the case of a minority stockholder in a publicly held corporation whose relative stock investment in the corporation was minimal and who exercised no control over corporate affairs, a small reduction in the
percentage ownership interest of such stockholder in such corporation was sufficient to constitute a "meaningful reduction." Shareholders seeking to rely on this test should consult their own tax advisers as to the application of this
particular standard to their own situations.

<u>Backup Withholding</u>. The Depositary may be required to withhold 24% of the gross proceeds paid to a shareholder or other payee pursuant to the Offer unless either: (a) the shareholder has completed and submitted to

------

##### [**Table of Contents**](#toc)
the Depositary an IRS Form W-9 (including the Substitute IRS Form W-9, if one is included with the Letter of Transmittal) providing the shareholder's taxpayer identification number/social security number and certifying under penalties of perjury: (i) that such number is correct, (ii) either that (A) the shareholder is exempt from backup withholding, (B) the shareholder has not been notified by the IRS that the shareholder is subject to backup withholding as a result of an under-reporting of interest or dividends, or (C) the IRS has notified the shareholder that the shareholder is no longer subject to backup withholding, (iii) the shareholder is a U.S. citizen or other U.S. person (as defined in IRS Form W-9), and (iv) the FATCA code(s) entered on the form (if any) indicating that the shareholder is exempt from FATCA reporting is correct; or (b) an exception applies under applicable law and Treasury regulations.

<u>Medicare Tax</u>. Certain U.S. Shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a portion of their "net investment income," which generally includes capital gains or dividends recognized upon a sale of Shares pursuant to the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B. Consequences to Non-U.S. Shareholders of the Trust's Purchase of Shares Pursuant to the Offer* 

<u>U.S. Withholding at the Source</u>. Since the Trust cannot determine whether a payment made pursuant to the Offer should be characterized for any particular shareholder as an "exchange" or a "dividend" for tax purposes at the time of the payment, we or the applicable withholding agent may treat any payments to a tendering shareholder that is a Non-U.S. Shareholder and that does not hold its Shares in connection with a trade or business conducted in the United States (and, if required by an applicable income tax treaty, a U.S. permanent establishment) as a dividend for U.S. federal income tax purposes that is subject to U.S. withholding tax at the rate of 30% (or lower rate provided by an applicable treaty). This U.S. withholding tax will apply even if the Non-U.S. Shareholder has provided the required certification to avoid backup withholding. In order to obtain a reduced rate of withholding under an applicable tax treaty, a Non-U.S. Shareholder must deliver to the Depositary before the payment a properly completed and executed IRS Form W-8BEN or W-8BEN-E. In order to obtain an exemption from withholding on the grounds that the Non-U.S. Shareholder holds its Shares in connection with a trade or business conducted in the United States, the Non-U.S. Shareholder must deliver to the Depositary a properly completed and executed IRS Form W-8ECI. Such forms (and additional IRS forms) may be obtained from the **Information Agent** or the IRS at www.irs.gov.

A tendering Non-U.S. Shareholder who realizes a capital gain on a tender of Shares will generally not be subject to U.S. federal income tax on such gain, unless (i) the gain is effectively connected with the Non-US. Shareholder's conduct of a U.S. trade or business (and, if required under an applicable income tax treaty, is attributable to a U.S. permanent establishment) or (ii) the Non-U.S. Shareholder is an individual who is physically present in the United States for 183 days or more during the tax year and certain other conditions are satisfied. A tendering Non-U.S. Shareholder who realizes a capital gain may be eligible to claim a refund of any withheld tax by filing a U.S. tax return and demonstrating that it satisfies one of the provisions of Section 302 described above or is otherwise able to establish that no withholding or a reduced amount of withholding is due. Dividend income or capital gains that are effectively connected with a U.S. trade or business (and, if required under an applicable income tax treaty, are attributable to a U.S. permanent establishment) will generally be taxed on a net income basis at the same rates applicable to U.S. persons (and, in the case of a Non-U.S. Shareholder that is a corporation, may be subject to an additional branch profits tax at the rate of 30% (or lower rate provided by an applicable treaty)). Different rules may also apply in the case of certain Non-U.S. Shareholders that are subject to special rules, including former citizens or residents of the United States and "controlled foreign corporations." Non-U.S. Shareholders are advised to consult their own tax advisers.

<u>Backup Withholding and Certification Rules</u>. Non-U.S. Shareholders have special U.S. tax certification requirements to avoid backup withholding at a rate of 24%, and if applicable, to obtain the benefit of any income tax treaty between the Non-U.S. Shareholder's country of residence and the United States. To claim these tax benefits, the non-U.S. Shareholder must provide the Depositary with a properly completed IRS Form W-8BEN

------

##### [**Table of Contents**](#toc)
or W-8BEN-E (or other IRS Form W-8, where applicable, or their substitute forms) to establish his or her status as a Non-U.S. Shareholder, to claim beneficial ownership over Shares, and to claim, if applicable, a reduced rate of or exemption from withholding tax under the applicable treaty. Backup withholding generally will not apply to amounts subject to the 30% or a treaty-reduced rate of withholding.

<u>FATCA Withholding</u>. A Non-U.S. Shareholder (other than an individual) may be subject to a 30% withholding tax under FATCA unless such Non-U.S. Shareholder establishes an exemption from such withholding tax under FATCA, typically on IRS Form W-8BEN-E. Amounts withheld under FATCA will be credited against any withholding due for U.S. federal income tax. Non-U.S. Shareholders are encouraged to consult with their tax advisers regarding the possible implications of these rules on their participation in the Offer.

**Non-U.S. Shareholders are urged to consult their own tax advisers regarding the application of U.S. federal income tax withholding, including eligibility for a withholding tax reduction or exemption, and the refund procedure.** 

**The U.S. federal income tax discussion set forth above is a summary included for general information purposes only. In view of the individual nature of tax consequences, each shareholder is advised to consult its own tax adviser with respect to the specific tax consequences to it of the Offer, including the effect and applicability of state, local, foreign and other tax laws and the possible effects of changes in federal or other tax laws.** 

**14. Certain Legal and Regulatory Matters.** 

The Trust is not aware of any approval or action by any government or governmental, administrative or regulatory authority or agency, domestic or foreign, that would be required to effect the Offer. Should any such approval or other action be required, the Trust presently contemplates that such approval or other action will be sought. The Trust is unable to predict whether it may determine that it is required to delay the acceptance for payment of, or payment for, Shares purchased pursuant to the Offer pending the outcome of any such matter. There can be no assurance that any such approval or other action, if needed, would be obtained without substantial conditions or that the failure to obtain any such approval or other action might not have a material adverse effect on the Trust. The Trust's obligations under the Offer to accept for payment and pay for Shares are subject to certain conditions described in Section 4, "Certain Conditions of the Offer."

**15. Amendments; Extensions of Purchase Period; Termination.** 

Subject to the applicable rules and regulations of the Commission, the Trust expressly reserves the right, in its sole discretion, at any time and from time to time, to extend the period during which the Offer is open for any reason, including the failure to satisfy any of the conditions specified in Section 4, and thereby delay acceptance for payment of, and payment for, any Shares, by giving oral or written notice of such extension to the Depositary and by making a public announcement thereto. There can be no assurance that the Trust will exercise its right to extend the Offer. During any such extension, all Shares previously tendered and not properly withdrawn will remain subject to the Offer, subject to the rights of a tendering shareholder to withdraw such shareholder's Shares. See Section 6, "Withdrawal Rights."

Subject to the applicable rules and regulations of the Commission, the Trust also expressly reserves the right, in its sole discretion, at any time and from time to time, to: (a) terminate the Offer and not accept for payment (or pay for) any Shares if any of the conditions referred to in Section 4 has not been satisfied or upon the occurrence and during the continuance of any of the events specified in Section 5; and (b) waive any condition or amend the Offer in any respect, in each case by giving oral or written notice of termination, waiver or amendment to the Depositary and by making a public announcement thereof. The Trust acknowledges that Rule 14e-1(c) under the Exchange Act requires the Trust to pay the consideration offered or return the Shares

------

##### [**Table of Contents**](#toc)
tendered for purchase promptly after the termination or withdrawal of the Offer, and that the Trust may not delay acceptance or payment for any Shares upon the occurrence of any of the conditions specified in Section 6 without extending the period during which the Offer is open.

Any extension, termination or amendment will be followed as promptly as practicable by a public announcement thereof, such announcement, in the case of an extension, to be made no later than 9:00 a.m., Eastern time, on the next business day after the previously scheduled expiration date. Without limiting the manner in which the Trust may choose to make any public announcement, except as provided by applicable law (including Rules 13e-4(c), 13e-4(e) and 14e-1 under the Exchange Act, which require that material changes be promptly disseminated to holders of Shares), the Trust will have no obligation to publish, advertise or otherwise communicate any such public announcement other than by issuing a press release and filing such release with the Commission.

If the Trust makes a material change in the terms of the Offer or the information concerning the Offer, or waives a material condition of the Offer, the Trust will disseminate additional Offer materials and extend the Offer to the extent required by Rules 13e-4(e) and 13e-4(f) under the Exchange Act. The minimum period during which the Offer must remain open following material changes in the terms of the Offer or information concerning the Offer, other than a change in price or a change in percentage of securities sought, will depend upon the facts and circumstances, including the materiality of the changes. With respect to a change in price or, subject to certain limitations, a change in the percentage of securities sought, a minimum ten business day period from the date of such change is generally required to allow for adequate dissemination of such change to shareholders. Accordingly, if, for example, prior to the Expiration Date, the Trust decreased the number of Shares being sought, increased the consideration offered pursuant to the Offer or added a dealer's soliciting fee, and if the Offer were scheduled to expire at any time earlier than the tenth business day from the date that notice of such increase, decrease or addition is first published, sent or given to shareholders, the Offer would be extended until at least the expiration of such ten business day period. For purposes of the Offer, a "business day" means any day other than a Saturday, Sunday or a U.S. federal holiday and consists of the time period from 12:01 a.m. through midnight Eastern time.

**16. Fees and Expenses.** 

The Trust will not pay to any broker or dealer, commercial bank, trust company or other person any solicitation fee for any Shares purchased pursuant to the Offer. The Trust will reimburse these firms for customary handling and mailing expenses incurred in forwarding the Offer. No broker, dealer, commercial bank or trust company has been authorized to act as the agent of the Trust or the Depositary for purposes of the Offer.

The Trust has retained Georgeson LLC to act as the **Information Agent** and Computershare to act as the Depositary. The Trust will pay the **Information Agent** and the Depositary reasonable and customary compensation for their services and will also reimburse them for certain out-of-pocket expenses and indemnify them against certain liabilities.

**17. Miscellaneous.** 

The Offer is not being made to, nor will the Trust accept tenders from, or on behalf of, owners of Shares in any jurisdiction in which the making of the Offer or its acceptance would not comply with the securities or "blue sky" laws of that jurisdiction. The Trust is not aware of any jurisdiction in which the making of the Offer or the acceptance of tenders of, purchase of, or payment for, Shares in accordance with the Offer would not be in compliance with the laws of such jurisdiction. The Trust, however, reserves the right to exclude shareholders in any jurisdiction in which it is asserted that the Offer cannot lawfully be made or tendered Shares cannot lawfully be accepted, purchased or paid for. So long as the Trust makes a good-faith effort to comply with any state law deemed applicable to the Offer, the Trust believes that the exclusion of shareholders residing in any such jurisdiction is permitted under Rule 13e-4(f)(9) promulgated under the Exchange Act. In any jurisdiction where

------

##### [**Table of Contents**](#toc)
the securities, blue sky or other laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on the Trust's behalf by one or more brokers or dealers licensed under the laws of such jurisdiction.

**FINANCIAL STATEMENTS** 

The audited annual financial statements of the Trust dated December 31, 2021 and the schedule of investments of the Trust dated December 31, 2021, both filed with the SEC on EDGAR on Form N-CSR on March 4, 2022, are incorporated by reference. The unaudited semi-annual financial statements of the Trust dated June 30, 2022 and the schedule of investments of the Trust dated June 30, 2022, both filed with the SEC on EDGAR on Form N-CSR on September 1, 2022, are incorporated by reference. The Trust will prepare and transmit to shareholders the audited annual financial statements of the Trust and the schedule of investments of the Trust within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

------

##### [**Table of Contents**](#toc)
The Letter of Transmittal and Share certificates and any other required documentation should be sent or delivered by each shareholder or the shareholder's broker, dealer, commercial bank, trust company or other nominee to the Depositary at one of the addresses set forth below.

*The Depositary for the Offer is:* 

**Computershare Inc. and its wholly owned subsidiary, Computershare Trust Company, N.A.** 

---

| | |
|:---|:---|
| *By First Class Mail:* | *By Registered, Certified or Express Mail or*<br> *Overnight Courier:* |
| <br> Computershare Trust Company, N.A.<br> Attn: Voluntary Corporate Actions<br> P.O. Box 43011<br> Providence, RI 02940-3011 | <br> Computershare Trust Company, N.A.<br> Attn: Voluntary Corporate Actions<br> 150 Royall Street<br> Canton, MA 02021 |

---

Any questions or requests for assistance or additional copies of the Offer to Purchase, the Letter of Transmittal and other documents may be directed to the **Information Agent** at its telephone number and location listed below.

*The* ***Information Agent*** *for the Offer is:*![LOGO](g425828g33e29.jpg)

1290 Avenue of the Americas, 9<sup>th</sup> Floor

New York, NY 10104

**(888) 658-3624 (Toll Free)** 

**BLACKROCK MULTI-SECTOR OPPORTUNITIES TRUST** 

January 9, 2023

OTP_XMSOX_0123

## Ex-99.(A)(1)(Ii)

**Exhibit (a)(1)(ii)** 

<br>Letter of Transmittal

Regarding Common Shares of Beneficial Interest of

BlackRock Multi-Sector Opportunities Trust

Tendered Pursuant to the Offer to Purchase Dated January 9, 2023

ALL TENDER REQUESTS MUST BE RECEIVED IN PROPER FORM ON OR

BEFORE 5:00 P.M., EASTERN TIME, ON FEBRUARY 8, 2023.

*The Depositary Agent for the Offer is:*

Computershare Trust Company

---

| | |
|:---|:---|
| *By Mail:* | *By Overnight Courier:* |
| Computershare Trust Company, N.A. | Computershare Trust Company, N.A. |
| Voluntary Corporate Actions | Voluntary Corporate Actions |
| P.O. Box 43011 | 150 Royall Street, Suite V |
| Providence, RI 02940-3011 | Canton, MA 02021 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> DESCRIPTION OF SHARES TENDERED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> DESCRIPTION OF SHARES TENDERED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> DESCRIPTION OF SHARES TENDERED | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> DESCRIPTION OF SHARES TENDERED |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Name(s) and Address(es) of<br> Registered Shareholder(s)<br> (Please fill in, if blank, exactly as name(s)<br> appear(s) on Share Certificate(s) or Direct<br> Registration System statement) | Share Certificate(s) and<br> Share(s) Tendered<br> (Attach additional list, if necessary) | Share Certificate(s) and<br> Share(s) Tendered<br> (Attach additional list, if necessary) | Share Certificate(s) and<br> Share(s) Tendered<br> (Attach additional list, if necessary) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Certificate <br> Number(s)\* | Total Number of<br> Shares Evidenced <br> By ShareCertificate(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of <br> SharesTendered\*\* |
|  | Total Shares |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;\* Need not be completed if Shares are delivered by Direct Registration.<br> &nbsp;&nbsp;&nbsp;&nbsp;\*\* Unless otherwise indicated, it will be assumed that all Shares evidenced by each Share Certificate (as defined below) or book-entry, if applicable, delivered to the Depositary Agent are being tendered hereby. See Instruction 4. | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;\* Need not be completed if Shares are delivered by Direct Registration.<br> &nbsp;&nbsp;&nbsp;&nbsp;\*\* Unless otherwise indicated, it will be assumed that all Shares evidenced by each Share Certificate (as defined below) or book-entry, if applicable, delivered to the Depositary Agent are being tendered hereby. See Instruction 4. | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;\* Need not be completed if Shares are delivered by Direct Registration.<br> &nbsp;&nbsp;&nbsp;&nbsp;\*\* Unless otherwise indicated, it will be assumed that all Shares evidenced by each Share Certificate (as defined below) or book-entry, if applicable, delivered to the Depositary Agent are being tendered hereby. See Instruction 4. | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;\* Need not be completed if Shares are delivered by Direct Registration.<br> &nbsp;&nbsp;&nbsp;&nbsp;\*\* Unless otherwise indicated, it will be assumed that all Shares evidenced by each Share Certificate (as defined below) or book-entry, if applicable, delivered to the Depositary Agent are being tendered hereby. See Instruction 4. |

---

This Letter of Transmittal is to be completed by shareholders of BlackRock Multi-Sector Opportunities Trust (the "Purchaser") if certificates representing Shares (as defined below) are to be forwarded herewith.

DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE VALID DELIVERY.

THE INSTRUCTIONS ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.

NOTE: SIGNATURES MUST BE PROVIDED BELOW

Voluntary Corporate Action — COY: XMSO

------

Ladies and Gentlemen:

The undersigned hereby tenders the above-described common shares of beneficial interest ("Shares") of BlackRock Multi-Sector Opportunities Trust for purchase by the Purchaser at a price equal to the net asset value ("NAV") per Share as determined as of the close of the regular trading session of the New York Stock Exchange ("NYSE") on the day the Offer (as defined below) expires, upon the terms and subject to the conditions set forth in the Offer to Purchase dated January 9, 2023 and in this Letter of Transmittal (which, together with any amendments or supplements thereto, collectively constitute the "Offer").

Upon the terms and subject to the conditions of the Offer (and if the Offer is extended or amended, the terms of any such extension or amendment), and subject to, and effective upon, acceptance for payment of Shares tendered herewith, in accordance with the terms of the Offer, the undersigned hereby sells, assigns and transfers to or upon the order of the Purchaser all right, title and interest in and to all Shares that are being tendered hereby and all dividends, distributions (including, without limitation, distributions of additional Shares) and rights declared, paid or distributed in respect of such Shares that are declared, paid or distributed in respect of a record date on or after the Expiration Date (as defined in Section 1 of the Offer to Purchase) (collectively, "Distributions") and irrevocably appoints Computershare Trust Company (the "Depositary Agent") the true and lawful agent of the undersigned with respect to such Shares (and all Distributions), with full power of substitution (such power of attorney being deemed to be an irrevocable power coupled with an interest), to (i) deliver certificates representing such Shares (and all Distributions) ("Share Certificates"), if applicable, together with all accompanying evidences of transfer and authenticity, to or upon the order of the Purchaser, (ii) present such Shares (and all Distributions) for transfer on the books of the Purchaser and (iii) receive all benefits and otherwise exercise all rights of beneficial ownership of such Shares (and all Distributions), all in accordance with the terms of the Offer.

By executing this Letter of Transmittal, the undersigned hereby irrevocably appoints the Purchaser as the attorney and proxy of the undersigned, each with full power of substitution, to vote in such manner as each such attorney and proxy or his substitute shall, in its sole discretion, deem proper and otherwise act (by written consent or otherwise) with respect to all Shares tendered hereby which have been accepted for payment by the Purchaser prior to the time of such vote or other action and all Shares and other securities issued in Distributions in respect of such Shares, which the undersigned is entitled to vote at any meeting of shareholders of the Purchaser (whether annual or special and whether or not an adjourned or postponed meeting) or consent in lieu of any such meeting or otherwise. This proxy and power of attorney is coupled with an interest in Shares tendered hereby, is irrevocable and is granted in consideration of, and is effective upon, the acceptance for payment of such Shares by the Purchaser in accordance with the other terms of the Offer. Such acceptance for payment shall revoke all other proxies and powers of attorney granted by the undersigned at any time with respect to such Shares (and all Shares and other securities issued as Distributions in respect of such Shares), and no subsequent proxies, powers of attorney, consents or revocations may be given by the undersigned with respect thereto (and if given will not be deemed effective). The undersigned understands that, in order for Shares (and Distributions) to be deemed validly tendered, immediately upon the Purchaser's acceptance of such Shares for payment, the Purchaser must be able to exercise full voting and other rights with respect to such Shares (and any and all Distributions), including, without limitation, voting at any meeting of the Purchaser's shareholders. The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer Shares tendered hereby and all Distributions, that when such Shares are accepted for payment by the Purchaser, the Purchaser will acquire good, marketable and unencumbered title thereto and to all Distributions, free and clear of all liens, restrictions, charges and encumbrances, and that none of such Shares and Distributions will be subject to any adverse claim. The undersigned, upon request, shall execute and deliver all additional documents deemed by the Depositary Agent or the Purchaser to be necessary or desirable to complete the sale, assignment and transfer of Shares tendered hereby and all Distributions. In addition, the undersigned shall remit and transfer promptly to the Depositary Agent for the account of the Purchaser all Distributions in

Voluntary Corporate Action — COY: XMSO

------

respect of Shares tendered hereby, accompanied by appropriate documentation of transfer, and pending such remittance and transfer or appropriate assurance thereof, the Purchaser shall be entitled to all rights and privileges as owner of each such Distribution and may withhold the entire purchase price of Shares tendered hereby, or deduct from such purchase price, the amount or value of such Distribution as determined by the Purchaser in its sole discretion.

No authority herein conferred or agreed to be conferred shall be affected by, and all such authority shall survive, the death or incapacity of the undersigned. All obligations of the undersigned hereunder shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in the Offer to Purchase, this tender is irrevocable.

The undersigned understands that the valid tender of Shares pursuant to any one of the procedures described in the Offer to Purchase and in the instructions hereto will constitute the undersigned's acceptance of the terms and conditions of the Offer. The Purchaser's acceptance of such Shares for payment will constitute a binding agreement between the undersigned and the Purchaser upon the terms and subject to the conditions of the Offer (and, if the Offer is extended or amended, the terms or conditions of any such extension or amendment).

Unless otherwise indicated below in the box entitled "Special Payment Instructions," the undersigned is requesting that the check for the purchase price of all Shares purchased from the undersigned pursuant to the Offer and, if applicable, a Direct Registration System ("DRS") statement, evidencing Shares held for the undersigned in an electronic book-entry account maintained by the Depositary Agent, representing the number of Shares not tendered or not accepted for payment, be issued in the name(s) of the registered shareholder(s) appearing above under "Description of Shares Tendered". Similarly, unless otherwise indicated below in the box entitled "Special Delivery Instructions," the undersigned is requesting that the check for the purchase price of all Shares purchased from the undersigned pursuant to the Offer and, if applicable, a DRS statement, evidencing Shares held for the undersigned in an electronic book-entry account maintained by the Depositary Agent, representing the number of Shares not tendered or not accepted for payment, be mailed to the address of the registered shareholder(s) appearing above under "Description of Shares Tendered."

In the event that the boxes below entitled "Special Payment Instructions" and "Special Delivery Instructions" are both completed, the undersigned is requesting that the check for the purchase price of all Shares purchased from the undersigned pursuant to the Offer and, if applicable, a DRS statement, evidencing Shares held for the undersigned in an electronic book-entry account maintained by the Depositary Agent, representing the number of Shares not tendered or not accepted for payment be issued and mailed to the person(s) so indicated. The undersigned recognizes that the Purchaser has no obligation, pursuant to the Special Payment Instructions or the Special Delivery Instructions, to make any payment or to transfer any Shares from the name of the registered shareholder(s) thereof if the Purchaser does not accept for payment any Shares tendered by the undersigned pursuant to the Offer. If Shares are held in book-entry form only, the Shares purchased will be debited from the book-entry account of the undersigned.

Voluntary Corporate Action — COY: XMSO

------

SPECIAL PAYMENT INSTRUCTIONS

(See Instructions 1, 5, 6 and 7)

To be completed ONLY if the check for the purchase price of Shares purchased and, if applicable, a DRS statement, evidencing Shares held for you in an electronic book-entry account maintained by the Depositary Agent representing the number of Shares not tendered or not accepted for payment, are to be issued in the name of someone other than the undersigned.

Issue Check and DRS Statement to:

Name: <br> (Please Print)

---

| |
|:---|
| Address: |
| (Zip Code) |
| <br> (Tax Identification or Social Security Number)<br> (Also Complete Enclosed Form W-9) |

---

SPECIAL DELIVERY INSTRUCTIONS

(See Instructions 1, 5, 6 and 7)

To be completed ONLY if the check for the purchase price of Shares purchased and, if applicable, a DRS statement, evidencing Shares held for you in an electronic book-entry account maintained by the Depositary Agent representing the number of Shares not tendered or not accepted for payment, are to be mailed to someone other than the undersigned, or to the undersigned at an address other than that shown under "Description of Shares Tendered."

Mail Check and DRS Statement to:

Name:

---

| | |
|:---|:---|
|  | (Please Print) |
| Address: |  |
| (Zip Code) | (Zip Code) |
| <br> (Tax Identification or Social Security Number)<br> (Also Complete Enclosed Form W-9) | <br> (Tax Identification or Social Security Number)<br> (Also Complete Enclosed Form W-9) |

---

Voluntary Corporate Action — COY: XMSO

------

IMPORTANT

SHAREHOLDERS,

SIGN HERE:

(Please Also Complete Enclosed Form W-9)

Signature(s) of Shareholder(s)

Dated: , 2023.

(Must be signed by registered shareholder(s) exactly as name(s) appear(s) on Share Certificates, Direct Registration System statement or on a security position listing by person(s) authorized to become registered shareholder(s) by certificates and documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, please provide the following information and see Instruction 5.)

 <br> Name(s):

Please Print

Capacity (full title):

 <br> Address: <br>

Include Zip Code

Daytime Area Code and Telephone No.:

Taxpayer Identification or

Social Security No.:

(Also Complete Enclosed Form W-9)

GUARANTEE OF SIGNATURE(S)

(See Instructions 1 and 5)

FOR USE BY FINANCIAL INSTITUTIONS ONLY.

FINANCIAL INSTITUTIONS: PLACE MEDALLION

GUARANTEE IN SPACE BELOW

Voluntary Corporate Action — COY: XMSO

------

INSTRUCTIONS

*Forming Part of the Terms and Conditions of the Offer* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. Guarantee of Signatures.* All signatures on this Letter of Transmittal must be guaranteed by a firm which is a member of the Securities Transfer Agents Medallion Program, or by any other "eligible guarantor institution," as such term is defined in Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (each of the foregoing being an "Eligible Institution") unless (i) this Letter of Transmittal is signed by the registered shareholder(s) of Shares tendered hereby and such shareholder(s) has (have) not completed the box entitled "Special Payment Instructions" or "Special Delivery Instructions" in this Letter of Transmittal or (ii) such Shares are tendered for the account of an Eligible Institution. See Instruction 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. Delivery of Letter of Transmittal and Shares.* This Letter of Transmittal is to be used only if Shares being tendered are to be forwarded herewith or if Shares being tendered are held in book-entry form on the books of the Depositary Agent. Share Certificates evidencing all physically tendered Shares, as well as a properly completed and duly executed Letter of Transmittal and any other documents required by this Letter of Transmittal, must be received by the Depositary Agent at one of its addresses set forth below prior to the Expiration Date (as defined in Section 1 of the Offer to Purchase). If Share Certificates are forwarded to the Depositary Agent in multiple deliveries, a properly completed and duly executed Letter of Transmittal must accompany each such delivery. If Shares are held in book-entry form, please indicate the number of Shares being tendered in the box titled "Number of Shares Tendered" on this Letter of Transmittal.

The method of delivery of this Letter of Transmittal, Shares and all other required documents is at the option and risk of the tendering shareholder, and the delivery will be deemed made only when actually received by the Depositary Agent. If delivery is by mail, registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely delivery.

No alternative, conditional or contingent tenders will be accepted and no fractional Shares will be purchased. By execution of this Letter of Transmittal, all tendering shareholders waive any right to receive any notice of the acceptance of their Shares for payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Inadequate Space.* If the space provided under "Description of Shares Tendered" is inadequate, the Share Certificate numbers (if applicable), the number of Shares evidenced by such Share Certificates (if applicable) and the number of Shares tendered should be listed on a separate signed schedule and attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4. Partial Tenders.* If fewer than all Shares evidenced by any Share Certificate delivered to the Depositary Agent herewith are to be tendered hereby, fill in the number of Shares that are to be tendered in the box entitled "Number of Shares Tendered." In such cases, a DRS statement evidencing the remainder of Shares that were evidenced by the Share Certificates delivered to the Depositary Agent herewith will be sent to the person(s) signing this Letter of Transmittal, unless otherwise provided in the box entitled "Special Delivery Instructions," as soon as practicable after the Expiration Date or the termination of the Offer. All Shares evidenced by Share Certificates delivered to the Depositary Agent will be deemed to have been tendered unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5. Signatures on Letter of Transmittal; Share Powers and Endorsements.* If this Letter of Transmittal is signed by the registered shareholder(s) of Shares tendered hereby, the signature(s) must correspond with the name(s) as written on the face of the Share Certificates or DRS statement, evidencing such Shares without alteration, enlargement or any other change whatsoever.

If any Shares tendered hereby are held of record by two or more persons, all such persons must sign this Letter of Transmittal.

If any Shares tendered hereby are registered in different names, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations of such Shares.

Voluntary Corporate Action — COY: XMSO

------

If this Letter of Transmittal is signed by the registered shareholder(s) of Shares tendered hereby, no endorsements of Share Certificates or separate share powers are required, unless payment is to be made to, or DRS statements evidencing Shares not tendered or not accepted for payment are to be issued in the name of, a person other than the registered shareholder(s). If this Letter of Transmittal is signed by a person other than the registered shareholder(s) of the Shares tendered, the Share(s) tendered hereby must be endorsed or accompanied by appropriate share powers, in either case signed exactly as the name(s) of the registered shareholder(s) appear(s) on the Share Certificate(s) or DRS statement. Signatures on such Share Certificate(s) and share powers must be guaranteed by an Eligible Institution.

If this Letter of Transmittal or any Share Certificate or share power is signed by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, such person should so indicate when signing, and proper evidence satisfactory to the Purchaser, in its sole discretion, of such person's authority so to act must be submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6. Share Transfer Taxes.* Share transfer taxes may be applicable under certain circumstances. You should consult your own tax advisor for a complete description of the tax consequences to you of any sale or transfer of Shares pursuant to the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7. Special Payment and Delivery Instructions.* If a check for the purchase price of any Shares tendered hereby is to be issued in the name of, and/or DRS statements evidencing Shares not tendered or not accepted for payment are to be issued in the name of and/or returned to, a person other than the person(s) signing this Letter of Transmittal or if such check or any such DRS statements are to be sent to a person other than the signer of this Letter of Transmittal or to the person(s) signing this Letter of Transmittal but at an address other than that shown in the box entitled "Description of Shares Tendered," the boxes entitled "Special Payment Instructions" and "Special Delivery Instructions" herein, as appropriate, must be completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8. Questions and Requests for Assistance or Additional Copies.* Questions and requests for assistance may be directed to Georgeson LLC (the "Information Agent") at the telephone number set forth below. Additional copies of the Offer to Purchase, this Letter of Transmittal, and the Guidelines for Certification of Taxpayer Identification Number on Form W-9 may be obtained from the Information Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9. Important Tax Information.* Under Federal income tax law, a shareholder whose tendered Shares are accepted for payment is required by law to provide the Depositary Agent (as payer) with the shareholder's correct taxpayer identification number, which is accomplished by completing and signing the enclosed Form W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10. Mutilated, Lost, Stolen or Destroyed Certificates.* If any certificate representing Shares has been mutilated, lost, stolen or destroyed, the shareholder should promptly call the Depositary at (781) 575-2879 or (800) 699-1236. The shareholder will then be instructed by the Depositary as to the steps that must be taken to replace the certificate. This Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost or destroyed certificates have been followed.

Voluntary Corporate Action — COY: XMSO

------

This Letter of Transmittal and, if applicable, Share Certificates and any other required documents should be sent or delivered by each shareholder or such shareholder's broker, dealer, commercial bank, trust company or other nominee to the Depositary Agent at one of its addresses set forth below:

*The Depositary Agent for the Offer is:*![LOGO](g425828g35s48.jpg)

---

| | |
|:---|:---|
| *By Mail:*<br>| *By Overnight Courier:*<br>|
| Computershare Trust Company, N.A. | Computershare Trust Company, N.A. |
| Voluntary Corporate Actions | Voluntary Corporate Actions |
| P.O. Box 43011 | 150 Royall Street, Suite V |
| Providence, RI 02940-3011 | Canton, MA 02021 |

---

------

Questions or requests for assistance may be directed to the

Information Agent at its telephone number listed below.

Additional copies of the Offer to Purchase and this Letter of Transmittal may be obtained from the Information Agent.

A shareholder may also contact brokers, dealers, commercial banks or trust companies for assistance concerning the Offer.

*The Information Agent for the Offer is:*![LOGO](g425828g33e29.jpg)

1290 Avenue of the Americas, 9<sup>th</sup> Floor

New York, NY 10104

**(888) 658-3624 (Toll Free)** 

LOT — XMSO — 2023

Voluntary Corporate Action — COY: XMSO

------

---

| | | |
|:---|:---|:---|
| Form **W-9**<br> (Rev. October 2018)<br> Department of the Treasury<br> Internal Revenue Service | **Request for Taxpayer**<br>**Identification Number and Certification**<br>◆ **Go to *www.irs.gov/FormW9* for instructions and the latest information.** | &nbsp;&nbsp;&nbsp; **Give Form to the requester. Do not send to the IRS.** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See **Specific Instructions** on<br>page 3. | **1** Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | **1** Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | **1** Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | **1** Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | **1** Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | **1** Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | **1** Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See **Specific Instructions** on<br>page 3. | **2** Business name/disregarded entity name, if different from above | **2** Business name/disregarded entity name, if different from above | **2** Business name/disregarded entity name, if different from above | **2** Business name/disregarded entity name, if different from above | **2** Business name/disregarded entity name, if different from above | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See **Specific Instructions** on<br>page 3. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **3** Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only **one** of the following seven boxes. | **4** Exemptions (codes apply only to certain entities, not individuals; see instructions on page 3): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See **Specific Instructions** on<br>page 3. | ☐ Individual/sole proprietor or single-member LLC | ☐ C Corporation | ☐ | S Corporation | ☐ | Partnership | ☐ | Trust/estate | <br> Exempt payee code (if any)<u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See **Specific Instructions** on<br>page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ☐ Limited liability company. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) <sup>►</sup><u> </u> <br>**Note:** Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is **not** disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions) <sup>►</sup> | <br> Exemption from FATCA reporting code (if any)<u> </u><br>*(Applies to accounts maintained outside the U.S.)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See **Specific Instructions** on<br>page 3. | <br> **5** Address (number, street, and apt. or suite no.) See instructions. | <br> **5** Address (number, street, and apt. or suite no.) See instructions. | <br> **5** Address (number, street, and apt. or suite no.) See instructions. | <br> **5** Address (number, street, and apt. or suite no.) See instructions. | <br> **5** Address (number, street, and apt. or suite no.) See instructions. |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See **Specific Instructions** on<br>page 3. | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) |
|  | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) |  |  |  |  |

---

---

| | |
|:---|:---|
| **Part I** | **Taxpayer Identification Number (TIN)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. Also see *What Name and Number To Give the Requester* for guidelines on whose number to enter. | | | | |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. Also see *What Name and Number To Give the Requester* for guidelines on whose number to enter. | &nbsp;&nbsp;&nbsp;&nbsp; **Social security number** | &nbsp;&nbsp;&nbsp;&nbsp; **Social security number** | &nbsp;&nbsp;&nbsp;&nbsp; **Social security number** | &nbsp;&nbsp;&nbsp;&nbsp; **Social security number** |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. Also see *What Name and Number To Give the Requester* for guidelines on whose number to enter. | | | – | – |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. Also see *What Name and Number To Give the Requester* for guidelines on whose number to enter. | **or** | **or** | **or** | **or** |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. Also see *What Name and Number To Give the Requester* for guidelines on whose number to enter. | &nbsp;&nbsp;&nbsp;&nbsp; **Employer identification number** | &nbsp;&nbsp;&nbsp;&nbsp; **Employer identification number** | &nbsp;&nbsp;&nbsp;&nbsp; **Employer identification number** | &nbsp;&nbsp;&nbsp;&nbsp; **Employer identification number** |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. Also see *What Name and Number To Give the Requester* for guidelines on whose number to enter. | | – | | |

---

---

| | |
|:---|:---|
| **Part II** | **Certification** |

---

<br> Under penalties of perjury, I certify that:<br>1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and<br>2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and<br>3. I am a U.S. citizen or other U.S. person (defined below); and<br>4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.<br>**Certification instructions.** You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later.<br>

---

| | | |
|:---|:---|:---|
| **Sign<br>Here** | **Signature of<br>U.S. person** <sup>►</sup> | **Date** <sup>►</sup> |

---

**General Instructions** 

Section references are to the Internal Revenue Code unless otherwise noted.

**Future developments**. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to *www.irs.gov/FormW9*.

**Purpose of Form** 

An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.

• Form 1099-INT (interest earned or paid)

• Form 1099-DIV (dividends, including those from stocks or mutual funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)

• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)

• Form 1099-S (proceeds from real estate transactions)

• Form 1099-K (merchant card and third party network transactions)

• Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition)

• Form 1099-C (canceled debt)

• Form 1099-A (acquisition or abandonment of secured property)

Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.

*If you do not return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See* What is backup withholding*, later*

By signing the filled-out form, you:

&nbsp;&nbsp;&nbsp;&nbsp;1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued),

---

| | |
|:---|:---|
| Cat. No. 10231X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form **W-9** (Rev. 10-2018) |

---

------

---

| | |
|:---|:---|
| Form W-9 (Rev. 10-2018)  | Page **2**  |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;2. Certify that you are not subject to backup withholding, or

&nbsp;&nbsp;&nbsp;&nbsp;3. Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person, your allocable share of any partnership income from a U.S. trade or business is not subject to the withholding tax on foreign partners' share of effectively connected income, and

&nbsp;&nbsp;&nbsp;&nbsp;4. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting, is correct. See *What is FATCA reporting*, later, for further information.

**Note:** If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester's form if it is substantially similar to this Form W-9.

**Definition of a U.S. person**. For federal tax purposes, you are considered a U.S. person if you are:

• An individual who is a U.S. citizen or U.S. resident alien;

• A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States;

• An estate (other than a foreign estate); or

• A domestic trust (as defined in Regulations section 301.7701-7).

**Special rules for partnerships.** Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax under section 1446 on any foreign partners' share of effectively connected taxable income from such business. Further, in certain cases where a Form W-9 has not been received, the rules under section 1446 require a partnership to presume that a partner is a foreign person, and pay the section 1446 withholding tax. Therefore, if you are a U.S. person that is a partner in a partnership conducting a trade or business in the United States, provide Form W-9 to the partnership to establish your U.S. status and avoid section 1446 withholding on your share of partnership income.

In the cases below, the following person must give Form W-9 to the partnership for purposes of establishing its U.S. status and avoiding withholding on its allocable share of net income from the partnership conducting a trade or business in the United States.

• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the entity;

• In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the trust; and

• In the case of a U.S. trust (other than a grantor trust), the U.S. trust (other than a grantor trust) and not the beneficiaries of the trust.

**Foreign person.** If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person, do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities).

**Nonresident alien who becomes a resident alien.** Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a "saving clause." Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.

If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.

&nbsp;&nbsp;&nbsp;&nbsp;1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.

&nbsp;&nbsp;&nbsp;&nbsp;2. The treaty article addressing the income.

&nbsp;&nbsp;&nbsp;&nbsp;3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;4. The type and amount of income that qualifies for the exemption from tax.

&nbsp;&nbsp;&nbsp;&nbsp;5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.

***Example*.** Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first protocol) and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.

If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.

**Backup Withholding** 

**What is backup withholding?** Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called "backup withholding." Payments that may be subject to backup withholding include interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.

You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.

**Payments you receive will be subject to backup withholding if:** 

&nbsp;&nbsp;&nbsp;&nbsp;1. You do not furnish your TIN to the requester,

&nbsp;&nbsp;&nbsp;&nbsp;2. You do not certify your TIN when required (see the instructions for Part II for details),

&nbsp;&nbsp;&nbsp;&nbsp;3. The IRS tells the requester that you furnished an incorrect TIN,

&nbsp;&nbsp;&nbsp;&nbsp;4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only), or

&nbsp;&nbsp;&nbsp;&nbsp;5. You do not certify to the requester that you are not subject to backup withholding under 4 above (for reportable interest and dividend accounts opened after 1983 only).

Certain payees and payments are exempt from backup withholding. See *Exempt payee code*, later, and the separate Instructions for the Requester of Form W-9 for more information.

Also see *Special rules for partnerships*, earlier.

**What is FATCA Reporting?** 

The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons. Certain payees are exempt from FATCA reporting. See *Exemption from FATCA reporting code*, later, and the Instructions for the Requester of Form W-9 for more information.

**Updating Your Information** 

You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you no longer are tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account; for example, if the grantor of a grantor trust dies.

**Penalties** 

**Failure to furnish TIN.** If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.

**Civil penalty for false information with respect to withholding.** If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.

**Criminal penalty for falsifying information.** Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.

**Misuse of TINs.** If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.

**Specific Instructions** 

**Line 1** 

You must enter one of the following on this line; **do not** leave this line blank. The name should match the name on your tax return.

If this Form W-9 is for a joint account (other than an account maintained by a foreign financial institution (FFI)), list first, and then circle, the name of the person or entity whose number you entered in Part I of Form W-9. If you are providing Form W-9 to an FFI to document a joint account, each holder of the account that is a U.S. person must provide a Form W-9.

&nbsp;&nbsp;&nbsp;&nbsp;a. **Individual.** Generally, enter the name shown on your tax return. If you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.

**Note: ITIN applicant:** Enter your individual name as it was entered on your Form W-7 application, line 1a. This should also be the same as the name you entered on the Form 1040/1040A/1040EZ you filed with your application.

&nbsp;&nbsp;&nbsp;&nbsp;b. **Sole proprietor or single-member LLC.** Enter your individual name as shown on your 1040/1040A/1040EZ on line 1. You may enter your business, trade, or "doing business as" (DBA) name on line 2.

&nbsp;&nbsp;&nbsp;&nbsp;c. **Partnership, LLC that is not a single-member LLC, C corporation, or S corporation.** Enter the entity's name as shown on the entity's tax return on line 1 and any business, trade, or DBA name on line 2.

&nbsp;&nbsp;&nbsp;&nbsp;d. **Other entities.** Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. You may enter any business, trade, or DBA name on line 2.

&nbsp;&nbsp;&nbsp;&nbsp;e. **Disregarded entity.** For U.S. federal tax purposes, an entity that is disregarded as an entity separate from its owner is treated as a "disregarded entity." See Regulations section 301.7701-2(c)(2)(iii). Enter the owner's name on line 1. The name of the entity entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner's name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity's name on line 2, "Business name/disregarded entity name." If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.

**Line 2** 

If you have a business name, trade name, DBA name, or disregarded entity name, you may enter it on line 2.

------

---

| | |
|:---|:---|
| Form W-9 (Rev. 10-2018)  | Page **3**  |

---

------

**Line 3** 

Check the appropriate box on line 3 for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box on line 3.

---

| | |
|:---|:---|
| **IF the entity/person on line 1 is a(n) . . .** | **THEN check the box for . . .** |
| ● Corporation | Corporation |
| ● Individual<br>● Sole proprietorship, or<br>● Single-member limited liability company (LLC) owned by an individual and disregarded for U.S. federal tax purposes. | Individual/sole proprietor or single-member LLC |
| ● LLC treated as a partnership for U.S. federal tax purposes,<br>● LLC that has filed Form 8832 or 2553 to be taxed as a corporation, or<br>● LLC that is disregarded as an entity separate from its owner but the owner is another LLC that is not disregarded for U.S. federal tax purposes. | Limited liability company and enter the appropriate tax classification.<br> (P= Partnership; C= C corporation; or S= S corporation) |
| ● Partnership | Partnership |
| ● Trust/estate | Trust/estate |

---

**Line 4, Exemptions** 

If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space on line 4 any code(s) that may apply to you.

**Exempt payee code.** 

• Generally, individuals (including sole proprietors) are not exempt from backup withholding.

• Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends.

• Corporations are not exempt from backup withholding for payments made in settlement of payment card or third party network transactions.

• Corporations are not exempt from backup withholding with respect to attorneys' fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.

The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space in line 4.

1 — An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2)

2 — The United States or any of its agencies or instrumentalities

3 — A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities

4 — A foreign government or any of its political subdivisions, agencies, or instrumentalities

5 — A corporation

6 — A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or possession

7 — A futures commission merchant registered with the Commodity Futures Trading Commission

8 — A real estate investment trust

9 — An entity registered at all times during the tax year under the Investment Company Act of 1940

10 — A common trust fund operated by a bank under section 584(a)

11 — A financial institution

12 — A middleman known in the investment community as a nominee or custodian

13 — A trust exempt from tax under section 664 or described in section 4947

The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.

---

| | |
|:---|:---|
| **IF the payment is for . . .** | **THEN the payment is exempt for . . .** |
| Interest and dividend payments | All exempt payees except for 7 |
| Broker transactions | Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities acquired prior to 2012. |
| Barter exchange transactions and patronage dividends | Exempt payees 1 through 4 |
| Payments over $600 required to be reported and direct sales over $5,000<sup>1</sup> | Generally, exempt payees 1 through 5<sup>2</sup> |
| Payments made in settlement of payment card or third party network transactions | Exempt payees 1 through 4 |

---

<sup>1</sup> See Form 1099-MISC, Miscellaneous Income, and its instructions. 

<sup>2</sup> However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys' fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency. 

**Exemption from FATCA reporting code.** The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with "Not Applicable" (or any similar indication) written or printed on the line for a FATCA exemption code.

A — An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37)

B — The United States or any of its agencies or instrumentalities

C — A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities

D — A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section 1.1472-1(c)(1)(i)

E — A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i)

F — A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state

G — A real estate investment trust

H — A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940

I — A common trust fund as defined in section 584(a)

J — A bank as defined in section 581

K — A broker

L — A trust exempt from tax under section 664 or described in section 4947(a)(1)

M — A tax exempt trust under a section 403(b) plan or section 457(g) plan

**Note:** You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.

**Line 5** 

Enter your address (number, street, and apartment or suite number). This is where the requester of this Form W-9 will mail your information returns. If this address differs from the one the requester already has on file, write NEW at the top. If a new address is provided, there is still a chance the old address will be used until the payor changes your address in their records.

**Line 6** 

Enter your city, state, and ZIP code.

**Part I. Taxpayer Identification Number (TIN)** 

**Enter your TIN in the appropriate box.** If you are a resident alien and you do not have and are not eligible to get an SSN, your TIN is your IRS individual taxpayer identification number (ITIN). Enter it in the social security number box. If you do not have an ITIN, see *How to get a TIN* below.

If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN.

If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner's SSN (or EIN, if the owner has one). Do not enter the disregarded entity's EIN. If the LLC is classified as a corporation or partnership, enter the entity's EIN.

**Note:** See *What Name and Number To Give the Requester*, later, for further clarification of name and TIN combinations.

**How to get a TIN.** If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local SSA office or get this form online at *www.SSA.gov*. You may also get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at *www.irs.gov/Businesses* and clicking on Employer Identification Number (EIN) under Starting a Business. Go to *www.irs.gov/Forms* to view, download, or print Form W-7 and/or Form SS-4. Or, you can go to *www.irs.gov/OrderForms* to place an order and have Form W-7 and/or SS-4 mailed to you within 10 business days.

If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and write "Applied For" in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the requester.

**Note:** Entering "Applied For" means that you have already applied for a TIN or that you intend to apply for one soon.

**Caution:** A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.

**Part II. Certification** 

To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if item 1, 4, or 5 below indicates otherwise.

For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on line 1 must sign. Exempt payees, see *Exempt payee code*, earlier.

------

---

| | |
|:---|:---|
| Form W-9 (Rev. 10-2018)  | Page **4**  |

---

------

**Signature requirements.** Complete the certification as indicated in items 1 through 5 below.

&nbsp;&nbsp;&nbsp;&nbsp;**1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983.** You must give your correct TIN, but you do not have to sign the certification.

&nbsp;&nbsp;&nbsp;&nbsp;**2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983.** You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.

&nbsp;&nbsp;&nbsp;&nbsp;**3. Real estate transactions.** You must sign the certification. You may cross out item 2 of the certification.

&nbsp;&nbsp;&nbsp;&nbsp;**4. Other payments.** You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of the requester's trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).

&nbsp;&nbsp;&nbsp;&nbsp;**5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), ABLE accounts (under section 529A), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions.** You must give your correct TIN, but you do not have to sign the certification.

**What Name and Number To Give the Requester** 

---

| | | |
|:---|:---|:---|
| **For this type of account:** | **For this type of account:** | **Give name and SSN of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. | Individual | The individual |
| &nbsp;&nbsp;&nbsp;&nbsp;2. | Two or more individuals (joint account) other than an account maintained by an FFI | The actual owner of the account or, if combined funds, the first individual on the account<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;3. | Two or more U.S. persons (joint account maintained by an FFI) | Each holder of the account |
| &nbsp;&nbsp;&nbsp;&nbsp;4. | Custodial account of a minor (Uniform Gift to Minors Act) | The minor<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;5. | a. The usual revocable savings trust (grantor is also trustee) | The grantor-trustee<sup>1</sup> |
|  | b. So-called trust account that is not a legal or valid trust under state law | The actual owner<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;6. | Sole proprietorship or disregarded entity owned by an individual | The owner<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;7. | Grantor trust filing under Optional Form 1099 Filing Method 1 (see Regulations section 1.671-4(b)(2)(i)(A)) | The grantor\* |
| **For this type of account:** | **For this type of account:** | **Give name and EIN of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;8. | Disregarded entity not owned by an individual | The owner |
| &nbsp;&nbsp;&nbsp;&nbsp;9. | A valid trust, estate, or pension trust | Legal entity<sup>4</sup> |
| 10. | Corporation or LLC electing corporate status on Form 8832 or Form 2553 | The corporation |
| 11. | Association, club, religious, charitable, educational, or other tax-exempt organization | The organization |
| 12. | Partnership or multi-member LLC | The partnership |
| 13. | A broker or registered nominee | The broker or nominee |
| 14. | Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments | The public entity |
| 15. | Grantor trust filing under the Form 1041 Filing Method or the Optional Form 1099 Filing Method 2 (see Regulations section 1.671-4(b)(2)(i)(B)) | The trust |

---

<sup>1</sup> List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person's number must be furnished.

<sup>2</sup> Circle the minor's name and furnish the minor's SSN.

<sup>3</sup> You must show your individual name and you may also enter your business or DBA name on the "Business name/disregarded entity" name line. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN.

<sup>4</sup> List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.) Also see *Special rules for partnerships*, earlier. 

\***Note:** The grantor also must provide a Form W-9 to trustee of trust.

**Note:** If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed.

**Secure Your Tax Records From Identity Theft** 

Identity theft occurs when someone uses your personal information such as your name, SSN, or other identifying information, without your permission, to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.

To reduce your risk:

• Protect your SSN,

• Ensure your employer is protecting your SSN, and

• Be careful when choosing a tax preparer.

If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.

If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity or credit report, contact the IRS Identity Theft Hotline at 1-800-908-4490 or submit Form 14039.

For more information, see Pub. 5027, Identity Theft Information for Taxpayers.

Victims of identity theft who are experiencing economic harm or a systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059.

**Protect yourself from suspicious emails or phishing schemes.** Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.

The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.

If you receive an unsolicited email claiming to be from the IRS, forward this message to *phishing@irs.gov*. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 1-800-366-4484. You can forward suspicious emails to the Federal Trade Commission at *spam@uce.gov* or report them at *www.ftc.gov/complaint*. You can contact the FTC at *www.ftc.gov/idtheft* or 877-IDTHEFT (877-438-4338). If you have been the victim of identity theft, see *www.IdentityTheft.gov* and Pub. 5027.

Visit *www.irs.gov/IdentityTheft* to learn more about identity theft and how to reduce your risk.

------

**Privacy Act Notice** 

Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their laws. The information also may be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Under section 3406, payers must generally withhold a percentage of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to the payer. Certain penalties may also apply for providing false or fraudulent information.

## Ex-Filing

**EX-FILING FEES** 

**Calculation of Filing Fee Tables** 

**SC TO-I** 

(Form Type)

**BlackRock Multi-Sector Opportunities Trust** 

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Transaction Valuation** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Transaction**<br>**Valuation** |  | **Fee rate** | **Amount of<br>Filing Fee** |  |
|  Fees to Be Paid | $10753100.16 | (1) | 0.0001102% | $1184.99 | (2) |
|  Fees Previously Paid |  |  |  |  |  |
|  **Total Transaction Valuation** | $10753100.16 | (1) |  |  |  |
|  **Total Fees Due for Filing** |  |  |  | $1184.99 |  |
|  **Total Fees Previously Paid** |  |  |  |  |  |
|  **Total Fee Offsets** |  |  |  |  |  |
|  **Net Fee Due** |  |  |  | $1184.99 |  |

---

------

(1) Calculated as the aggregate maximum purchase price for Shares that could be purchased, based upon the net asset
value of the Trust as of January 3, 2023.

(2) Calculated at $110.20 per $1,000,000 of the Transaction Value.