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Download closed-end fund “at the market” equity shelf offerings
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NOVEMBER 2016 CLOSED-END FUND “AT THE MARKET” EQUITY SHELF OFFERINGS From time-to-time, each of the following BlackRock closed-end funds may seek to raise additional equity capital through an “at the market” equity shelf offering (“ATM Offering”): Why BlackRock }BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE: FRA); and } A comprehensive set of innovative }BlackRock Health Sciences Trust (NYSE: BME). In an ATM Offering, these funds may, subject to market conditions, raise additional equity capital by issuing new common shares from time to time in varying amounts at a net price at or above the fund’s net asset value (“NAV”) per common share. Because the fund is selling newly-issued shares at the prevailing market price as part of normal trading volume on the fund’s stock exchange, such ATM Offering is referred to as an issuance of shares “at the market”. Such ATM Offerings may allow these funds to pursue additional investment opportunities without the need to sell existing portfolio investments and — assuming all else being equal — will increase the asset size of the fund and thus cause the fund’s fixed expenses to be spread over a larger asset base. In no event will a fund issue shares at a price below the fund’s NAV per common share plus any sales commission charged in connection with the ATM Offering. Such an ATM Offering would also entail potential risks to existing common shareholders. Although the issuance of additional common shares may facilitate a more active market in a fund’s common shares by increasing the number of common shares outstanding, the issuance of additional common shares may also have an adverse effect on prices in the secondary market for the fund’s common shares by increasing the supply of common shares available for sale. The issuance of additional common shares will dilute the voting power of already outstanding common shares. If a fund is unable to invest the proceeds of any such ATM Offering in a timely manner in assets with a yield at least equal to that of the current portfolio, the fund’s earnings per share may decrease. BlackRock helps people around the world, as well as the world’s largest institutions and governments, pursue their investing goals. We offer: solutions, including mutual funds, separately managed accounts, alternatives and iShares® ETFs }Global market and investment insights } Sophisticated risk and portfolio analytics We work only for our clients, who have entrusted us with managing $5.1 trillion, earning BlackRock the distinction of being trusted to manage more money than any other investment firm in the world.* * AUM as of 9/30/16. All investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectus for each fund contains this and other important information about the applicable fund. Investors can obtain a prospectus for any of the funds by calling 800-882-0052. All investors are urged to carefully read the prospectus in its entirety before investing. There is no assurance any fund will achieve its objectives. The information contained herein is not complete and may be changed. This sales literature is not an offer to sell a fund’s securities and is not soliciting an offer to buy a fund’s securities in any jurisdiction where the offer or sale is not permitted. FOR MORE INFORMATION: blackrock.com ©2016 BlackRock, Inc. All Rights Reserved. BLACKROCK and iSHARES are registered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. Not FDIC Insured • May Lose Value • No Bank Guarantee 5059a-CEF-1116 / 0063-0514