UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-10501

 

Name of Fund: BlackRock Municipal 2018 Term Trust (BPK)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Municipal 2018 Term Trust, 55 East 52nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 12/31/2010

 

Date of reporting period: 03/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

 

BlackRock Municipal 2018 Term Trust (BPK)

Schedule of Investments March 31, 2010 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 3.0%

 

 

 

 

 

 

 

Courtland IDB Alabama, Refunding RB,
International Paper Co. Projects,
Series A, 4.75%, 5/01/17

 

$

1,000

 

$

984,030

 

Huntsville Health Care Authority
Alabama, Refunding RB, Series A,
5.63%, 6/01/22

 

 

5,845

 

 

5,995,041

 

 

 

 

 

 

 

 

 

 

 

 

6,979,071

 

Arizona — 2.6%

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp., RB,
Junior Lien, Series A, 5.00%, 7/01/21

 

 

4,660

 

 

5,128,703

 

Salt Verde Financial Corp., RB, Senior,
5.25%, 12/01/20

 

 

1,000

 

 

994,280

 

 

 

 

 

 

 

 

 

 

 

 

6,122,983

 

California — 10.5%

 

 

 

 

 

 

 

Agua Caliente Band of Cahuilla Indians,
RB, 5.60%, 7/01/13

 

 

1,430

 

 

1,408,650

 

California Pollution Control Financing
Authority, RB, Waste Management Inc.
Project, Series C, AMT, 5.13%,
11/01/23

 

 

6,500

 

 

6,471,400

 

California Pollution Control Financing
Authority, Refunding RB, Republic
Services Inc. Project, Series C, AMT,
5.25%, 6/01/23

 

 

4,055

 

 

4,100,092

 

City of Lincoln California, Special Tax
Bonds, Community Facilities District
No. 2003-1, 5.90%, 9/01/13 (a)

 

 

1,100

 

 

1,281,742

 

Clovis Unified School District California,
GO, CAB, Election 2004, Series A
(NPFGC), 5.13%, 8/01/21 (b)(c)

 

 

5,425

 

 

3,536,991

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
7/01/20

 

 

3,750

 

 

4,061,475

 

San Manuel Entertainment Authority,
Series 04-C, 4.50%, 12/01/16 (d)

 

 

4,000

 

 

3,583,120

 

 

 

 

 

 

 

 

 

 

 

 

24,443,470

 

Colorado — 4.4%

 

 

 

 

 

 

 

Colorado Housing & Finance Authority,
RB, Disposal, Waste Management Inc.
Project, AMT, 5.70%, 7/01/18

 

 

5,000

 

 

5,226,950

 

Park Creek Metropolitan District
Colorado, Refunding RB, Senior,
Limited Tax, Property Tax, 5.25%,
12/01/20

 

 

5,010

 

 

4,969,269

 

 

 

 

 

 

 

 

 

 

 

 

10,196,219

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 4.7%

 

 

 

 

 

 

 

Broward County School Board Florida,
COP, Series A (AGM), 5.25%, 7/01/22

 

$

1,250

 

$

1,327,650

 

Miami Beach Health Facilities Authority,
RB, Mount Sinai Medical Center of
Florida, 6.75%, 11/15/21

 

 

1,975

 

 

1,984,105

 

Pine Island Community Development
District, RB, 5.30%, 11/01/10 (e)(f)

 

 

400

 

 

393,380

 

Stevens Plantation Community
Development District, Special
Assessment Bonds, Series B, 6.38%,
5/01/13

 

 

2,270

 

 

1,909,501

 

Village Center Community Development
District, RB, Sub-Series B, 5.88%,
1/01/15

 

 

4,305

 

 

4,282,571

 

Westchester Community Development
District No. 1, Special Assessment
Bonds, Community Infrastructure,
6.00%, 5/01/23

 

 

1,290

 

 

1,045,158

 

 

 

 

 

 

 

 

 

 

 

 

10,942,365

 

Illinois — 15.3%

 

 

 

 

 

 

 

City of Chicago Illinois, RB, General
Airport, Third Lien, Series A (AMBAC):

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

5,000

 

 

5,293,750

 

5.00%, 1/01/20

 

 

3,000

 

 

3,133,740

 

City of Chicago Illinois, Refunding RB,
General Airport, Third Lien, Series A,
AMT (NPFGC), 5.75%, 1/01/18

 

 

5,000

 

 

5,155,550

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Educational Advancement Fund,
University Center Project, 6.00%,
5/01/12 (a)

 

 

1,980

 

 

2,203,423

 

MJH Education Assistance IV LLC,
Sub-Series A, 5.50%, 6/01/19 (e)(f)

 

 

2,750

 

 

1,512,500

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Central DuPage Health, Series B,
5.00%, 11/01/18

 

 

2,290

 

 

2,434,385

 

Elmhurst Memorial Healthcare,
5.50%, 1/01/22

 

 

5,000

 

 

4,885,450

 

Illinois Sports Facilities Authority, RB,
State Tax Supported (AMBAC) (g):

 

 

 

 

 

 

 

5.42%, 6/15/19

 

 

1,885

 

 

1,986,017

 

5.48%, 6/15/20

 

 

1,985

 

 

2,083,793

 

5.52%, 6/15/21

 

 

2,090

 

 

2,191,114

 

Illinois State Toll Highway Authority, RB,
Senior Priority, Series A (AGM), 5.00%,
1/01/19

 

 

2,250

 

 

2,437,065

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

IDA

Industrial Development Authority

IDB

Industrial Development Board

ISD

Independent School District

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

PSF-GTD

Permanent School Fund Guaranteed

RB

Revenue Bonds

S/F

Single-Family

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2010

1


 

 

 

 

BlackRock Municipal 2018 Term Trust (BPK)

Schedule of Investments (continued)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

State of Illinois, RB, Build Illinois,
Series B, 5.00%, 6/15/18

 

$

2,000

 

$

2,186,900

 

 

 

 

 

 

 

 

 

 

 

 

35,503,687

 

Indiana — 8.9%

 

 

 

 

 

 

 

City of Vincennes Indiana, Refunding
RB, Southwest Indiana Regional Youth
Village, 6.25%, 1/01/24

 

 

3,750

 

 

3,115,725

 

Indiana Health Facility Financing
Authority, RB, Health System, Sisters
of St. Francis, 5.75%, 11/01/11 (a)

 

 

10,000

 

 

10,867,600

 

Indianapolis Airport Authority, Refunding
RB, Special Facilities, FedEx Corp.
Project, AMT, 5.10%, 1/15/17

 

 

2,500

 

 

2,563,225

 

Petersburg Indiana, Refunding RB,
Indiana Power & Light, 5.75%,
8/01/21

 

 

4,000

 

 

4,084,200

 

 

 

 

 

 

 

 

 

 

 

 

20,630,750

 

Kansas — 1.2%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB, Adventist Health,
5.00%, 11/15/18

 

 

2,500

 

 

2,686,350

 

Kentucky — 1.4%

 

 

 

 

 

 

 

Kentucky Housing Corp., RB, Series C,
AMT, 4.63%, 7/01/22

 

 

3,195

 

 

3,184,425

 

Louisiana — 0.9%

 

 

 

 

 

 

 

Louisiana Public Facilities Authority, RB,
Department of Public Safety Fire
Marshal’s Headquarter Project
(NPFGC), 5.88%, 6/15/14

 

 

2,130

 

 

2,144,612

 

Maryland — 2.3%

 

 

 

 

 

 

 

County of Frederick Maryland, Special
Tax Bonds, Urbana Community
Development Authority, Series A,
5.80%, 7/01/20

 

 

4,452

 

 

4,374,090

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB,
University of Maryland Medical
System, 5.00%, 7/01/18

 

 

1,000

 

 

1,058,090

 

 

 

 

 

 

 

 

 

 

 

 

5,432,180

 

Massachusetts — 0.1%

 

 

 

 

 

 

 

Massachusetts State Water Pollution
Abatement, Refunding RB, MWRA
Program, Sub-Series A, 6.00%,
8/01/23

 

 

135

 

 

136,883

 

Michigan — 2.1%

 

 

 

 

 

 

 

Michigan State Hospital Finance
Authority, Refunding RB, Hospital:

 

 

 

 

 

 

 

Oakwood Obligation Group,
Series A, 5.00%, 7/15/18

 

 

1,000

 

 

1,016,410

 

Sparrow Obligated, 4.50%,
11/15/26

 

 

3,500

 

 

3,179,610

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Pontiac Tax Increment Finance Authority
Michigan, Tax Allocation Bonds,
Refunding, Tax Increment
Development (ACA), 5.38%,
6/01/12 (a)

 

$

640

 

$

704,512

 

 

 

 

 

 

 

 

 

 

 

 

4,900,532

 

Mississippi — 4.1%

 

 

 

 

 

 

 

County of Lowndes Mississippi,
Refunding RB, Weyerhaeuser Co.
Project, Series A, 6.80%, 4/01/22

 

 

9,000

 

 

9,522,720

 

Multi-State — 9.3%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust, 6.80%,
10/31/52 (d)(h)

 

 

14,000

 

 

15,078,000

 

MuniMae TE Bond Subsidiary
LLC (d)(h)(i):

 

 

 

 

 

 

 

5.20%, 1/01/00

 

 

6,000

 

 

4,259,580

 

Series D, 5.90%, 1/01/00

 

 

4,000

 

 

2,217,560

 

 

 

 

 

 

 

 

 

 

 

 

21,555,140

 

Nevada — 2.9%

 

 

 

 

 

 

 

City of Henderson Nevada, Special
Assessment Bonds, District No. T-18,
5.15%, 9/01/21

 

 

1,000

 

 

453,490

 

City of Las Vegas Nevada, Special
Assessment Bonds, Summerlin Area,
5.35%, 6/01/17

 

 

1,040

 

 

933,088

 

Director of the State of Nevada
Department of Business & Industry,
RB, Republic Services Inc. Project,
AMT, 5.63%, 12/01/26

 

 

5,120

 

 

5,309,491

 

 

 

 

 

 

 

 

 

 

 

 

6,696,069

 

New Hampshire — 6.5%

 

 

 

 

 

 

 

New Hampshire Business Finance
Authority, Refunding RB Public
Service Co. of New Hampshire Project,
(NPFGC):

 

 

 

 

 

 

 

Series B, AMT, 4.75%, 5/01/21

 

 

6,000

 

 

5,903,340

 

Series C, 5.45%, 5/01/21

 

 

7,000

 

 

7,170,940

 

New Hampshire Health & Education
Facilities Authority, RB, Exeter Project,
6.00%, 10/01/24

 

 

2,025

 

 

2,071,838

 

 

 

 

 

 

 

 

 

 

 

 

15,146,118

 

New Jersey — 15.9%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.50%, 6/15/24

 

 

7,000

 

 

6,797,980

 

Continental Airlines Inc. Project,
AMT, 7.00%, 11/15/30

 

 

4,065

 

 

4,046,992

 

Continental Airlines Inc. Project,
AMT, 7.20%, 11/15/30

 

 

6,750

 

 

6,765,525

 

New Jersey EDA, Special Assessment
Bonds, Refunding, Kapkowski Road
Landfill Project, 5.50%, 4/01/16

 

 

8,410

 

 

8,418,494

 

 

 

 

2

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2010


 

 

 

 

BlackRock Municipal 2018 Term Trust (BPK)

Schedule of Investments (continued)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey Educational Facilities
Authority, Refunding RB, University of
Medicine & Dentistry, Series B,
6.25%, 12/01/18

 

$

2,500

 

$

2,709,900

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB,
AtlantiCare Regional Medical Center,
5.00%, 7/01/20

 

 

1,500

 

 

1,552,425

 

New Jersey State Housing & Mortgage
Finance Agency, Refunding RB, S/F
Housing, Series T, AMT, 4.55%,
10/01/22

 

 

2,500

 

 

2,476,975

 

Newark Housing Authority, RB, South
Ward Police Facility (AGC), 4.50%,
12/01/18

 

 

4,000

 

 

4,198,000

 

 

 

 

 

 

 

 

 

 

 

 

36,966,291

 

New York — 7.1%

 

 

 

 

 

 

 

City of New York New York, GO,
Sub-Series F-1, 5.00%, 9/01/18

 

 

7,500

 

 

8,193,750

 

New York City Industrial Development
Agency, RB, American Airlines Inc.,
JFK International Airport, AMT, 7.63%,
8/01/25

 

 

3,460

 

 

3,492,282

 

Tobacco Settlement Financing Corp.
New York, RB, Asset-Backed,
Series B-1C, 5.50%, 6/01/20

 

 

4,500

 

 

4,806,765

 

 

 

 

 

 

 

 

 

 

 

 

16,492,797

 

North Carolina — 4.9%

 

 

 

 

 

 

 

North Carolina Eastern Municipal Power
Agency, Refunding RB, Series B,
4.00%, 1/01/18

 

 

3,865

 

 

3,918,878

 

North Carolina HFA, Refunding RB,
Series 28-A, AMT, 4.65%, 7/01/23

 

 

3,140

 

 

3,117,110

 

Wake County Industrial Facilities &
Pollution Control Financing Authority
North Carolina, Refunding RB,
Carolina Power & Light Co. Project,
5.38%, 2/01/17

 

 

4,000

 

 

4,238,680

 

 

 

 

 

 

 

 

 

 

 

 

11,274,668

 

Ohio — 2.5%

 

 

 

 

 

 

 

American Municipal Power-Ohio Inc., RB,
Prairie State Energy Campus Project,
Series A, 5.25%, 2/15/23

 

 

5,000

 

 

5,372,500

 

Pinnacle Community Infrastructure
Financing Authority, RB, Facilities,
Series A, 6.00%, 12/01/22

 

 

438

 

 

380,937

 

 

 

 

 

 

 

 

 

 

 

 

5,753,437

 

Oklahoma — 1.2%

 

 

 

 

 

 

 

Tulsa Airports Improvement Trust, RB,
Series A, AMT, 7.75%, 6/01/35

 

 

2,700

 

 

2,701,026

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania — 7.0%

 

 

 

 

 

 

 

Cumberland County Municipal Authority,
RB, Diakon Lutheran, 5.75%,
1/01/19

 

$

2,375

 

$

2,432,143

 

Montgomery County IDA Pennsylvania,
MRB, Whitemarsh Continuing Care,
6.00%, 2/01/21

 

 

2,000

 

 

1,720,000

 

Pennsylvania Turnpike Commission, RB,
Sub-Series A (AGC), 5.00%, 6/01/22

 

 

1,000

 

 

1,070,980

 

Philadelphia Authority for Industrial
Development, RB, Series B (AGM),
5.50%, 10/01/11 (a)

 

 

5,000

 

 

5,403,050

 

West Cornwall Township Municipal
Authority Pennsylvania, RB,
Elizabethtown College Project (a):

 

 

 

 

 

 

 

5.90%, 12/15/11

 

 

2,500

 

 

2,715,575

 

6.00%, 12/15/11

 

 

2,650

 

 

2,882,988

 

 

 

 

 

 

 

 

 

 

 

 

16,224,736

 

Puerto Rico — 1.2%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Public Improvement, Series B, 5.25%,
7/01/17

 

 

2,665

 

 

2,747,748

 

South Carolina — 2.2%

 

 

 

 

 

 

 

South Carolina Jobs, EDA, Refunding
RB, Palmetto Health Alliance,
Series A, 6.13%, 8/01/23

 

 

5,000

 

 

5,157,950

 

Tennessee — 3.3%

 

 

 

 

 

 

 

Knox County Health Educational &
Housing Facilities Board Tennessee,
Refunding RB, CAB, Series A (AGM),
5.63%, 1/01/19 (c)

 

 

12,000

 

 

7,613,520

 

Texas — 16.7%

 

 

 

 

 

 

 

Alliance Airport Authority Texas,
Refunding RB, FedEx Corp. Project,
AMT, 4.85%, 4/01/21

 

 

2,000

 

 

1,978,340

 

Birdville ISD Texas, GO, Refunding, CAB
(PSF-GTD) (c):

 

 

 

 

 

 

 

5.40%, 2/15/18

 

 

1,615

 

 

1,238,059

 

5.46%, 2/15/19

 

 

1,815

 

 

1,320,086

 

5.51%, 2/15/20

 

 

2,625

 

 

1,812,694

 

5.54%, 2/15/21

 

 

2,500

 

 

1,633,650

 

Brazos River Authority, Refunding RB,
TXU Electric Co. Project, Series C,
AMT, 5.75%, 5/01/36

 

 

10,010

 

 

9,634,625

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/18

 

 

750

 

 

778,875

 

5.75%, 1/01/19

 

 

750

 

 

773,317

 

City of Dallas Texas, Refunding RB
(AGC), 5.00%, 8/15/21

 

 

2,500

 

 

2,639,825

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2010

3


 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2018 Term Trust (BPK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Dallas-Fort Worth International Airport
Facilities Improvement Corp.,
Refunding RB, Joint Series A, AMT
(NPFGC):

 

 

 

 

 

 

 

5.88%, 11/01/17

 

$

5,000

 

$

5,184,300

 

5.88%, 11/01/18

 

 

5,000

 

 

5,167,900

 

North Texas Tollway Authority, RB,
Series C:

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

2,215

 

 

2,315,428

 

5.25%, 1/01/20

 

 

4,000

 

 

4,235,480

 

 

 

 

 

 

 

 

 

 

 

 

 

38,712,579

 

U.S. Virgin Islands — 0.5%

 

 

 

 

 

 

 

Virgin Islands Public Finance Authority,
Refunding RB, Senior Lien, Series B,
5.00%, 10/01/18

 

 

1,000

 

 

1,033,210

 

Virginia — 1.2%

 

 

 

 

 

 

 

Virginia HDA, RB, Sub-Series E-2, AMT,
4.38%, 10/01/19

 

 

2,750

 

 

2,714,250

 

Wisconsin — 9.0%

 

 

 

 

 

 

 

City of Franklin Wisconsin, RB, Waste
Management Inc. Project, AMT,
4.95%, 4/01/16

 

 

1,990

 

 

2,036,307

 

State of Wisconsin, Refunding RB,
Series A, 5.00%, 5/01/18

 

 

1,000

 

 

1,104,860

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Froedtert & Community Health Inc.,

 

 

 

 

 

 

 

5.38%, 10/01/11 (a)

 

 

4,560

 

 

4,906,195

 

Froedtert & Community Health Inc.,

 

 

 

 

 

 

 

5.00%, 4/01/19

 

 

1,265

 

 

1,328,579

 

Froedtert & Community Health Inc.,

 

 

 

 

 

 

 

5.38%, 10/01/21

 

 

440

 

 

448,906

 

Wheaton Franciscan Services,

 

 

 

 

 

 

 

6.25%, 2/15/12 (a)

 

 

10,000

 

 

11,076,300

 

 

 

 

 

 

 

 

 

 

 

 

 

20,901,147

 

Total Municipal Bonds – 152.9%

 

 

 

 

 

354,516,933

 

Municipal Bonds Transferred to Tender
Option Bond Trust (j)

 

 

 

 

 

 

 

Illinois — 2.3%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
Second Lien (AGM), 5.00%, 11/01/20

 

 

5,000

 

 

5,442,300

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 2.3%

 

 

 

 

 

5,442,300

 

Total Long-Term Investments
(Cost – $356,512,671) – 155.2%

 

 

 

 

 

359,959,233

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.25% (k)(l)

 

 

5,355,503

 

$

5,355,503

 

Total Short-Term Securities
(Cost – $5,355,503) – 2.3%

 

 

 

 

 

5,355,503

 

Total Investments
(Cost – $361,868,174*) – 157.5%

 

 

 

 

 

365,314,736

 

Other Assets Less Liabilities – 1.8%

 

 

 

 

 

4,181,820

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (1.6)%

 

 

 

 

 

(3,753,971

)

Preferred Shares, at Redemption Value – (57.7)%

 

 

 

 

 

(133,860,495

)

 

 

 

 

 

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

231,882,090

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of March 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

358,125,435

 

 

 

Gross unrealized appreciation

 

$

12,870,054

 

Gross unrealized depreciation

 

 

(9,430,753

)

 

 

Net unrealized appreciation

 

$

3,439,301

 

 

 

 

 

(a)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(b)

Security is collateralized by Municipal or US Treasury obligations.

 

(c)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(e)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

(f)

Non-income producing security.

 

(g)

Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown reflects the current yield.

 

(h)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

 

(i)

Security is perpetual in nature and has no stated maturity date.

 

(j)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.


 

 

 

4

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock Municipal 2018 Term Trust (BPK)

 

 

(k)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

 

 

 

 

 

 

 

 

Affiliate

 

Net
Activity

 

Income

 

 

 

 

 

 

 

 

 

FFI Institutional Tax-Exempt Fund

 

$

(1,212,310

)

$

2,931

 

 

 

 

(l)

Represents the current yield as of report date.

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of March 31, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

359,959,233

 

 

—

 

$

359,959,233

 

Short-Term Securities

 

$

5,355,503

 

 

—

 

 

—

 

 

5,355,503

 

Total

 

$

5,355,503

 

$

359,959,233

 

 

—

 

$

365,314,736

 

 

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2010

5

Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(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) 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

 

 

 

Certifications – Attached hereto

 

 

 

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.

 

 

 

BlackRock Municipal 2018 Term Trust
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock Municipal 2018 Term Trust
   
  Date: May 27, 2010
   
  Pursuant 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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal 2018 Term Trust
   
  Date: May 27, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal 2018 Term Trust
     
  Date: May 27, 2010