FORM N-Q
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Investment Company Act file number: |
811-10501 |
| BlackRock Municipal 2018 Term Trust | |
| (Exact name of registrant as specified in charter) | |
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| Registrant's telephone number, including area code: | 888-825-2257 | |
| Date of fiscal year end: December 31, 2005 | ||
| Date of reporting period: | September 30, 2005 | |
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER
30, 2005
BlackRock Municipal 2018 Term Trust (BPK)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—147.3% | |||||||||||||
| Alabama—2.5% | |||||||||||||
| A2 | $ 5,845 | Huntsville Hlth. Care Auth., GO, Ser. A, 5.625%, 6/01/22 | 06/12 @ 101 | $ 6,245,266 | |||||||||
| California—5.7% | |||||||||||||
| A | 1,750 | Agua Caliente Band of Cahuilla Indians, 5.60%, 7/01/13 | No Opt. Call | 1,791,965 | |||||||||
| AAA | 5,425 | Clovis Unified Sch. Dist. Cap. Apprec. Election 2004, Ser. A, Zero Coupon, 8/01/21, FGIC | No Opt. Call | 2,629,497 | |||||||||
| NR | 1,235 | Lincoln Spec. Tax Rev. Cmny. Facs. Dist. 1, 5.90%, 9/01/24 | 09/13 @ 102 | 1,318,943 | |||||||||
| B- | 3,460 | Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, | |||||||||||
| 7.50%, 12/01/24 | 12/12 @ 102 | 3,423,774 | |||||||||||
| BBB+ | 5,000 | Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23 | No Opt. Call | 5,304,500 | |||||||||
| 14,468,679 | |||||||||||||
| Colorado—2.1% | |||||||||||||
| BBB | 5,000 | Hsg. & Fin. Auth. Sld. Wst. Rev., Wst. Mgmt. Proj., 5.70%, 7/01/18 | No Opt. Call | 5,338,300 | |||||||||
| Connecticut—1.6% | |||||||||||||
| Baa3 | 3,750 | 3 | Mashantucket Western Pequot Tribe Spec. Rev., Ser. B, 5.75%, 9/01/18 | 09/07 @ 102 | 3,929,438 | ||||||||
| Florida—12.3% | |||||||||||||
| Baa1 | 1,585 | Cap. Trust Agcy. Multi-Fam. Hsg. American Oppty. Proj., Ser. A, 5.75%, 6/01/23 | 06/13 @ 102 | 1,564,125 | |||||||||
| NR | 2,000 | CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14 | No Opt. Call | 2,060,800 | |||||||||
| NR | 1,860 | Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 1, Ser. B, 5.00%, 11/01/09 | No Opt. Call | 1,863,980 | |||||||||
| NR4 | 2,615 | Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 2, Ser. B, 5.30%, 5/01/08 | No Opt. Call | 2,632,364 | |||||||||
| BB+ | 4,515 | Miami Beach Hlth. Facs. Auth. Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 5,065,424 | |||||||||
| NR | 1,595 | Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10 | No Opt. Call | 1,593,756 | |||||||||
| NR | 4,945 | Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 | No Opt. Call | 5,093,943 | |||||||||
| NR | 840 | Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13 | No Opt. Call | 881,916 | |||||||||
| NR | 5,410 | Vlg. Ctr. Cmnty. Dev. Dist., Ser. B, 5.875%, 1/01/15 | No Opt. Call | 5,614,877 | |||||||||
| NR | 3,130 | Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. Rev., Ser. A, 5.40%, 5/01/20 | 05/13 @ 100 | 3,131,690 | |||||||||
| NR | 1,500 | Westchester Cmnty. Dev. Dist. No. 1 Spl. Assmt., 6.00%, 5/01/23 | 05/13 @ 101 | 1,565,880 | |||||||||
| 31,068,755 | |||||||||||||
| Illinois—20.8% | |||||||||||||
| NR | 1,825 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 1,854,821 | |||||||||
| AAA | 5,000 | Chicago O’Hare Intl. Arpt., Ser. A, 5.75%, 1/01/18, MBIA | 01/12 @ 100 | 5,484,350 | |||||||||
| Dev. Fin. Auth., | |||||||||||||
| A+ | 12,500 | 5 | Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.50%, 11/15/20 | 11/09 @ 101 | 13,159,250 | ||||||||
| A2 | 5,000 | PCR, Ser. C, 5.95%, 8/15/26 | 12/06 @ 101 | 5,126,750 | |||||||||
| BBB | 5,980 | Edl. Facs. Auth., Student Hsg. Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22 | 05/12 @ 101 | 6,345,139 | |||||||||
| Baa2 | 2,750 | Fin. Auth. Student Hsg. MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19 | 06/14 @ 100 | 2,904,797 | |||||||||
| A | 5,000 | Hlth. Facs. Auth. Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22 | 01/13 @ 100 | 5,277,150 | |||||||||
| Kane & Du Page Cntys. Sch. Dist., GO, Ser. B, FSA, | |||||||||||||
| AAA | 4,625 | 6 | Zero Coupon, 1/01/12 | N/A | 2,643,650 | ||||||||
| AAA | 4,100 | 6 | Zero Coupon, 1/01/12 | N/A | 2,198,297 | ||||||||
| AAA | 2,950 | 6 | Zero Coupon, 1/01/12 | N/A | 1,407,681 | ||||||||
| AAA | 1,70 | 6 | Zero Coupon, 1/01/12 | N/A | 757,452 | ||||||||
| Sports Facs. Auth. Ded. St. Tax Supported Rev., AMBAC, | |||||||||||||
| AAA | 1,885 | Zero Coupon, 6/15/19 | 06/15 @ 101 | 1,620,761 | |||||||||
| AAA | 1,985 | Zero Coupon, 6/15/20 | 06/15 @ 101 | 1,699,398 | |||||||||
| AAA | 2,090 | Zero Coupon, 6/15/21 | 06/15 @ 101 | 1,785,048 | |||||||||
| 52,264,544 | |||||||||||||
| Indiana—10.5% | |||||||||||||
| AA | 13,970 | Hlth. Fac. Fin. Auth., Sisters of St. Francis Proj., 5.75%, 11/01/21 | 11/11 @ 101 | 15,103,247 | |||||||||
| BBB | 2,500 | Indianapolis Arpt. Auth. FedEx Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | 2,588,800 | |||||||||
| BBB | 4,000 | Petersburg, PCR, Pwr. & Lt. Conv., 5.75%, 8/01/21 | 08/11 @ 102 | 4,199,600 | |||||||||
| NR | 4,480 | Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 @ 102 | 4,480,134 | |||||||||
| 26,371,781 | |||||||||||||
1
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Louisiana—1.5% | |||||||||||||
| AAA | $ 3,445 | Pub. Facs. Auth. Dept. of Pub. Safety, 5.875%, 6/15/14, MBIA | 06/10 @ 100 | $ 3,720,256 | |||||||||
| Maryland—2.1% | |||||||||||||
| NR | 5,170 | Frederick Cnty. Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20 | 07/07 @ 102 | 5,217,823 | |||||||||
| Michigan—6.8% | |||||||||||||
| A1 | 5,450 | Hosp. Fin. Auth., Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/19 | 11/09 @ 101 | 5,847,577 | |||||||||
| BB+ | 9,000 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 @ 101 | 9,407,160 | |||||||||
| A | 700 | Pontiac Tax Increment Fin. Auth. Dev. Area 2, 5.625%, 6/01/22, ACA | 06/12 @ 101 | 738,878 | |||||||||
| A | 1,000 | Pontiac Tax Increment Fin. Auth. Dev. Area 3, 5.375%, 6/01/17, ACA | 06/12 @ 101 | 1,048,810 | |||||||||
| 17,042,425 | |||||||||||||
| Mississippi—4.4% | |||||||||||||
| BBB | 9,000 | Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 | No Opt. Call | 11,011,230 | |||||||||
| Multi-State—8.7% | |||||||||||||
| A3 | 14,000 | 3 | Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52 | 10/14 @ 100 | 15,841,140 | ||||||||
| Baa2 | 6,000 | 3 | Munimae TE Bond Subsidiary LLC, Ser. B2, 5.20%, 6/30/49 | 09/14 @ 100 | 6,025,620 | ||||||||
| 21,866,760 | |||||||||||||
| Nevada—2.6% | |||||||||||||
| BBB+ | 5,000 | Dept. of Bus. & Ind. Republic Svc., Inc. Proj., 5.625%, 12/01/26 | No Opt. Call | 5,372,750 | |||||||||
| NR | 1,100 | Las Vegas Spec. Imp. Dist. 809, Summerlin Area Proj., 5.35%, 6/01/17 | 06/05 @ 103 | 1,109,196 | |||||||||
| 6,481,946 | |||||||||||||
| New Hampshire—3.9% | |||||||||||||
| AAA | 7,000 | Bus. Fin. Auth., PCR, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA | 05/12 @ 101 | 7,669,270 | |||||||||
| A+ | 2,025 | Hlth. & Ed. Facs. Auth. Exeter Hosp. Proj., 6.00%, 10/01/24 | 10/11 @ 101 | 2,203,970 | |||||||||
| 9,873,240 | |||||||||||||
| New Jersey—11.8% | |||||||||||||
| Econ. Dev. Auth., | |||||||||||||
| BBB | 8,500 | Cigarette Tax, 5.50%, 6/15/24 | 06/12 @ 100 | 8,915,225 | |||||||||
| B | 4,065 | Continental Airlines, Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 3,488,908 | |||||||||
| B | 6,750 | Continental Airlines, Inc. Proj., 7.20%, 11/15/30 | 11/10 @ 101 | 5,934,533 | |||||||||
| Baa3 | 8,410 | Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16 | No Opt. Call | 8,959,425 | |||||||||
| NR | 2,500 | Middlesex Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25 | 01/15 @ 100 | 2,497,825 | |||||||||
| 29,795,916 | |||||||||||||
| New Mexico—0.9% | |||||||||||||
| NR | 2,175 | Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 | No Opt. Call | 2,244,448 | |||||||||
| North Carolina—1.7% | |||||||||||||
| A- | 4,000 | Wake Cnty. Ind. Facs., PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17 | 02/12 @ 101 | 4,266,160 | |||||||||
| Ohio—0.2% | |||||||||||||
| NR | 500 | Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 522,320 | |||||||||
| Oklahoma—1.1% | |||||||||||||
| B- | 2,700 | Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 2,710,368 | |||||||||
| Pennsylvania—7.4% | |||||||||||||
| NR | 2,000 | Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21 | 02/15 @ 100 | 2,101,280 | |||||||||
| Philadelphia Auth. for Ind. Dev., Ser. B, FSA, | |||||||||||||
| AAA | 5,000 | 5.50%, 10/01/18 | 10/11 @ 101 | 5,440,900 | |||||||||
| AAA | 5,000 | 5.50%, 10/01/19 | 10/11 @ 101 | 5,429,750 | |||||||||
| West Cornwall Twnshp., Mun. Auth. Coll., Elizabethtown Coll. Proj., | |||||||||||||
| BBB+ | 2,500 | 5.90%, 12/15/18 | 12/11 @ 100 | 2,716,725 | |||||||||
| BBB+ | 2,650 | 6.00%, 12/15/22 | 12/11 @ 100 | 2,898,543 | |||||||||
| 18,587,198 | |||||||||||||
| South Carolina—3.5% | |||||||||||||
| BBB+ | 5,000 | Jobs Econ. Dev. Auth. Hosp. Fac. Rev., Palmetto Hlth. Alliance Proj., Ser. A, | |||||||||||
| 6.125%, 8/01/23 | 08/13 @ 100 | 5,430,800 | |||||||||||
| NR | 3,211 | Lancaster Cnty., Assmt. Rev., Edgewater Imp. Dist. Proj., Ser. B, 6.125%, 11/01/14 | No Opt. Call | 3,266,550 | |||||||||
| 8,697,350 | |||||||||||||
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BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Tennesee—2.4% | |||||||||||||
| AAA | $12,000 | Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. Rev., Ser. A, Zero Coupon, | |||||||||||
| 1/01/19, FSA | 01/13 @ 71.667 | $ 6,027,840 | |||||||||||
| Texas—20.1% | |||||||||||||
| Affordable Hsg. Corp., Multi-Fam. Hsg. Rev. Arborstone/Baybrook Oaks Proj., Ser. A, | |||||||||||||
| B2 | 12,695 | 7 | 5.55%, 11/01/18 | 11/11 @ 102 | 10,243,088 | ||||||||
| B2 | 9,800 | 7 | 5.75%, 11/01/22 | 11/11 @ 102 | 7,776,104 | ||||||||
| BBB | 2,000 | Alliance Arpt. Auth., Inc. Spec. Facs., Fed. Express Corp. Proj., 6.375%, 4/01/21 | 04/06 @ 102 | 2,069,420 | |||||||||
| Birdville Indpt. Sch. Dist., GO, | |||||||||||||
| AAA | 1,615 | Zero Coupon, 2/15/18 | No Opt. Call | 930,563 | |||||||||
| AAA | 1,815 | Zero Coupon, 2/15/19 | No Opt. Call | 993,676 | |||||||||
| AAA | 2,625 | Zero Coupon, 2/15/20 | No Opt. Call | 1,364,186 | |||||||||
| AAA | 2,500 | Zero Coupon, 2/15/21 | No Opt. Call | 1,232,050 | |||||||||
| BBB | 10,010 | Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36 | No Opt. Call | 10,654,444 | |||||||||
| NR | 4,305 | Dallas Cnty. Flood Ctrl., 6.75%, 4/01/16 | 04/13 @ 100 | 4,431,739 | |||||||||
| Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Ser. A, FGIC, | |||||||||||||
| AAA | 5,000 | 5.875%, 11/01/17, FGIC | 11/11 @ 100 | 5,492,350 | |||||||||
| AAA | 5,000 | 5.875%, 11/01/18, FGIC | 11/11 @ 100 | 5,478,250 | |||||||||
| 50,665,870 | |||||||||||||
| Trust Territories—1.6% | |||||||||||||
| A- | 4,000 | 3 | San Manuel Entertainment Auth., 2004 Gaming Proj., Ser.C, 4.50%, 12/01/16 | 12/13 @ 102 | 3,982,840 | ||||||||
| Washington—4.7% | |||||||||||||
| Energy Northwest Wind Proj., | |||||||||||||
| A- | 5,000 | 6 | Ser. A, 6.00%, 1/01/07 | N/A | 5,329,850 | ||||||||
| A- | 6,175 | 6 | Ser. B, 5.875%, 1/01/07 | N/A | 6,573,040 | ||||||||
| 11,902,890 | |||||||||||||
| Wisconsin—6.4% | |||||||||||||
| Hlth. & Edl. Facs., | |||||||||||||
| AA- | 5,000 | Auth. Froedert & Cmnty. Hlth. Oblig. Proj., 5.375%, 10/01/21 | 10/11 @ 101 | 5,226,300 | |||||||||
| A | 10,000 | Auth. Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22 | 02/12 @ 101 | 11,010,100 | |||||||||
| 16,236,400 | |||||||||||||
| Total Long-Term Investments (cost $354,276,116) | 370,540,043 | ||||||||||||
| SHORT-TERM INVESTMENTS—5.0% | |||||||||||||
| Alaska—1.6% | |||||||||||||
| A-1+ | 4,000 | 8 | Vsldez Alaska Marine Term., Exxon Pipeline Co. Proj., Ser. A, 2.70%, 10/03/05, FRWD | N/A | 4,000,000 | ||||||||
| Kentucky—0.2% | |||||||||||||
| F1+ | 500 | 8 | Breckinridge Cnty. Lease Rev., 2.61%, 10/05/05, FRWD | N/A | 500,000 | ||||||||
| Massachusetts—1.3% | |||||||||||||
| A-1+ | 3,300 | 8 | Hlth. & Edl. Fac. Auth. Rev., Harvard Univ. Proj., Ser. GG-1, 2.61%, 10/06/05, FRWD | N/A | 3,300,000 | ||||||||
| Ohio—0.3% | |||||||||||||
| VMIG1 | 700 | 8 | Hamilton Cnty. Hosp. Facs., 2.75%, 10/06/05, FRWD | N/A | 700,000 | ||||||||
| Pennsylvania—0.4% | |||||||||||||
| A-1 | 1,000 | 8 | Higher Edl. Fac. Auth., 2.75%, 10/06/05, FRWD | N/A | 1,000,000 | ||||||||
3
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Shares | |||||||||||||
| (000) | Description | Value | |||||||||||
| Money Market Fund—1.2% | |||||||||||||
| 3,150 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ 3,150,000 | |||||||||||
| Total Short-Term Investments (cost $12,650,000) | 12,650,000 | ||||||||||||
| Total Investments—152.3% (cost $366,926,1169) | $ 383,190,043 | ||||||||||||
| Other assets in excess of liabilities—2.4% | 5,946,736 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(54.7)% | (137,615,923) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 251,520,856 | ||||||||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. | ||
| 3 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of September 30, 2005, the Trust held 11.8% of its net assets, with a current market value of $29,779,038, in securities restricted as to resale. | ||
| 4 | Security is deemed to be of investment grade quality by the investment advisor. | ||
| 5 | Security, or a portion thereof, pledged as collateral with a value of $1,610,277 on 489 short U.S. Treasury Note futures contracts expiring December 2005 and 176 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on September 30, 2005 was $73,887,297, with an unrealized gain of $1,097646. | ||
| 6 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||
| 7 | Illiquid securities representing 7.16% of net assets. | ||
| 8 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of September 30, 2005. | ||
| 9 | Cost for Federal tax purposes is $366,852,480. The net unrealized appreciation on a tax basis is $16,337,563, consisting of $20,851,406 gross unrealized appreciation and $4,513,843 unrealized depreciation. | ||
| KEY TO ABBREVIATIONS | |||||||||||
| ACA | — | American Capital Access | FSA | — | Financial Security Assurance | ||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | GO | — | General Obligation | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| FRWD | — | Floating Rate Weekly Demand | PCR | — | Pollution Control Revenue | ||||||
4
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) BlackRock Municipal 2018 Term Trust
By: /s/ Henry GabbayPursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Robert S. Kapito