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: John M. Perlowski, 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: 12/31/2011

 

Date of reporting period: 03/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments March 31, 2011 (Unaudited)

BlackRock Municipal 2018 Term Trust (BPK)

 

(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

 

$

995,270

 

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

 

 

5,845

 

 

5,929,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,924,964

 

Arizona — 2.6%

 

 

 

 

 

 

 

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

 

 

4,660

 

 

5,078,421

 

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

 

 

1,000

 

 

986,300

 

 

 

 

 

 

 

 

 

 

 

 

6,064,721

 

California — 14.2%

 

 

 

 

 

 

 

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

 

 

1,110

 

 

1,080,940

 

California Health Facilities Financing
Authority, RB, Sutter Health, Series B,
5.00%, 8/15/19

 

 

2,570

 

 

2,703,357

 

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

 

 

6,500

 

 

6,431,425

 

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

 

 

4,055

 

 

4,241,774

 

California State Department of Water
Resources, Refunding RB, Series L,
5.00%, 5/01/18

 

 

5,000

 

 

5,612,400

 

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

 

 

1,100

 

 

1,253,659

 

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

 

 

5,425

 

 

3,787,355

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

3,750

 

$

4,039,763

 

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

 

 

4,000

 

 

3,580,600

 

 

 

 

 

 

 

 

 

 

 

 

32,731,273

 

Colorado — 4.5%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,291,200

 

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

 

 

5,010

 

 

4,990,862

 

 

 

 

 

 

 

 

 

 

 

 

10,282,062

 

Florida — 4.0%

 

 

 

 

 

 

 

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

 

 

1,250

 

 

1,296,400

 

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

 

 

1,860

 

 

1,867,477

 

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

 

 

400

 

 

319,520

 

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

 

 

2,270

 

 

1,999,711

 

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

 

 

3,690

 

 

3,646,606

 

 

 

 

 

 

 

 

 

 

 

 

9,129,714

 

Illinois — 18.6%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

5,000

 

 

5,131,300

 

5.00%, 1/01/20

 

 

3,000

 

 

3,049,200

 

 

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

ACA Financial Guaranty 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

FHLMC

Federal Home Loan Mortgage Corp.

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

TE

Tax Exempt

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2018 Term Trust (BPK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

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

 

$

5,000

 

$

5,047,400

 

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

 

 

2,750

 

 

1,508,155

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,290

 

 

2,485,680

 

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

 

 

5,000

 

 

4,857,450

 

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

 

 

 

 

 

 

 

5.35%, 6/15/19

 

 

1,885

 

 

1,963,548

 

5.40%, 6/15/20

 

 

1,985

 

 

2,051,220

 

5.45%, 6/15/21

 

 

2,090

 

 

2,153,118

 

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

 

 

2,250

 

 

2,332,552

 

Railsplitter Tobacco Settlement
Authority, RB, 5.00%, 6/01/18

 

 

10,000

 

 

10,131,500

 

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

 

 

2,000

 

 

2,143,940

 

 

 

 

 

 

 

 

 

 

 

 

42,855,063

 

Indiana — 8.7%

 

 

 

 

 

 

 

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

 

 

3,575

 

 

3,024,414

 

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

 

 

10,000

 

 

10,406,700

 

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

 

 

2,500

 

 

2,686,125

 

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

 

 

4,000

 

 

3,968,920

 

 

 

 

 

 

 

 

 

 

 

 

20,086,159

 

Kansas — 1.2%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,797,300

 

Kentucky — 1.4%

 

 

 

 

 

 

 

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

 

 

3,195

 

 

3,157,555

 

Louisiana — 0.8%

 

 

 

 

 

 

 

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

 

 

1,750

 

 

1,763,300

 

Maryland — 1.2%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Charlestown Community, 5.00%,
1/01/19

 

 

1,685

 

 

1,670,998

 

University of Maryland Medical
System, 5.00%, 7/01/18

 

 

1,000

 

 

1,048,220

 

 

 

 

 

 

 

 

 

 

 

 

2,719,218

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

Value

 

Massachusetts — 0.1%

 

 

 

 

 

 

 

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

 

$

135

 

$

135,477

 

Michigan — 3.0%

 

 

 

 

 

 

 

Kalamazoo Hospital Finance Authority,
RB, Bronson Methodist Hospital
(AGM), 5.00%, 5/15/18

 

 

2,025

 

 

2,142,126

 

Michigan State Hospital Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,025,950

 

Sparrow Obligated, 4.50%,
11/15/26

 

 

3,500

 

 

3,004,435

 

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

 

 

640

 

 

681,011

 

 

 

 

 

 

 

 

 

 

 

 

6,853,522

 

Mississippi — 4.0%

 

 

 

 

 

 

 

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

 

 

9,000

 

 

9,274,770

 

Multi-State — 9.4%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (FHLMC),
6.80%, 10/31/52 (a)(g)

 

 

14,000

 

 

15,077,580

 

MuniMae TE Bond Subsidiary LLC (a)(g):

 

 

 

 

 

 

 

5.20%, 6/29/49

 

 

6,000

 

 

4,319,820

 

Series D, 5.90%, 11/29/49

 

 

4,000

 

 

2,239,880

 

 

 

 

 

 

 

 

 

 

 

 

21,637,280

 

Nebraska — 0.7%

 

 

 

 

 

 

 

Public Power Generation Agency, RB,
Whelan Energy Center, Series 2-A
(AGC), 5.00%, 1/01/18

 

 

1,500

 

 

1,640,700

 

Nevada — 3.0%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

549,140

 

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

 

 

1,025

 

 

963,807

 

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

 

 

5,120

 

 

5,392,333

 

 

 

 

 

 

 

 

 

 

 

 

6,905,280

 

New Hampshire — 6.4%

 

 

 

 

 

 

 

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

 

 

5,633,760

 

Series C, 5.45%, 5/01/21

 

 

7,000

 

 

7,069,440

 

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

 

 

2,025

 

 

2,055,841

 

 

 

 

 

 

 

 

 

 

 

 

14,759,041

 

 

 

 

2

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2018 Term Trust (BPK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey — 17.4%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.50%, 6/15/24

 

$

7,000

 

$

6,402,480

 

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

 

 

4,065

 

 

3,934,270

 

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

 

 

6,750

 

 

6,720,435

 

New Jersey EDA, Refunding RB, School
Facilities, Series GG, 5.00%, 9/01/20

 

 

4,000

 

 

4,109,600

 

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

 

 

8,410

 

 

8,090,420

 

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

 

 

2,500

 

 

2,722,675

 

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

 

 

1,500

 

 

1,555,245

 

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

 

 

2,500

 

 

2,453,925

 

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

 

 

4,000

 

 

4,167,240

 

 

 

 

 

 

 

 

 

 

 

 

40,156,290

 

New York — 7.4%

 

 

 

 

 

 

 

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

 

 

7,500

 

 

8,038,650

 

Metropolitan Transportation Authority,
Refunding RB, Series A, 5.00%,
11/15/18

 

 

1,000

 

 

1,119,710

 

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

 

 

2,000

 

 

2,007,680

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
5.00%, 12/01/20

 

 

1,200

 

 

1,162,284

 

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

 

 

4,500

 

 

4,776,660

 

 

 

 

 

 

 

 

 

 

 

 

17,104,984

 

North Carolina — 7.2%

 

 

 

 

 

 

 

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

 

 

3,865

 

 

3,984,815

 

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

 

 

3,140

 

 

3,079,461

 

North Carolina Municipal Power Agency
No. 1, Refunding RB, Series B, 5.00%,
1/01/21

 

 

5,000

 

 

5,384,900

 

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

 

 

4,000

 

 

4,171,360

 

 

 

 

 

 

 

 

 

 

 

 

16,620,536

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Ohio — 2.4%

 

 

 

 

 

 

 

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

 

$

5,000

 

$

5,143,050

 

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

 

 

415

 

 

351,069

 

 

 

 

 

 

 

 

 

 

 

 

5,494,119

 

Oklahoma — 1.2%

 

 

 

 

 

 

 

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

 

 

2,700

 

 

2,770,227

 

Pennsylvania — 6.0%

 

 

 

 

 

 

 

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

 

 

2,375

 

 

2,460,310

 

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

 

 

2,000

 

 

1,783,440

 

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

 

 

1,000

 

 

1,051,870

 

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

 

 

3,000

 

 

3,105,360

 

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

 

 

 

 

 

 

 

5.90%, 12/15/11

 

 

2,500

 

 

2,596,525

 

6.00%, 12/15/11

 

 

2,650

 

 

2,754,171

 

 

 

 

 

 

 

 

 

 

 

 

13,751,676

 

Puerto Rico — 1.2%

 

 

 

 

 

 

 

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

 

 

2,665

 

 

2,729,173

 

South Carolina — 2.2%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,044,250

 

Tennessee — 3.5%

 

 

 

 

 

 

 

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

 

 

12,000

 

 

8,013,120

 

Texas — 14.1%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,006,520

 

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

 

 

 

 

 

 

 

5.41%, 2/15/18

 

 

1,615

 

 

1,295,375

 

5.47%, 2/15/19

 

 

1,815

 

 

1,381,723

 

5.51%, 2/15/20

 

 

2,625

 

 

1,884,934

 

5.54%, 2/15/21

 

 

2,500

 

 

1,690,625

 

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

 

 

3,510

 

 

3,303,788

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/18

 

 

750

 

 

795,930

 

5.75%, 1/01/19

 

 

750

 

 

789,645

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2011

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)

 

 

 

 

 

 

 

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

 

$

2,500

 

$

2,572,200

 

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

 

 

 

 

 

 

 

5.88%, 11/01/17

 

 

5,000

 

 

5,118,750

 

5.88%, 11/01/18

 

 

5,000

 

 

5,118,750

 

North Texas Tollway Authority, RB,
Series C:

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

2,215

 

 

2,334,034

 

5.25%, 1/01/20

 

 

4,000

 

 

4,199,520

 

 

 

 

 

 

 

 

 

 

 

 

32,491,794

 

U.S. Virgin Islands — 0.4%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,060,920

 

Virginia — 1.2%

 

 

 

 

 

 

 

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

 

 

2,750

 

 

2,726,900

 

Wisconsin — 4.2%

 

 

 

 

 

 

 

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

 

 

1,990

 

 

2,091,470

 

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

 

 

1,000

 

 

1,123,150

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.:

 

 

 

 

 

 

 

5.38%, 10/01/11 (b)

 

 

4,560

 

 

4,717,320

 

5.00%, 4/01/19

 

 

1,265

 

 

1,377,977

 

5.38%, 10/01/21

 

 

440

 

 

446,099

 

 

 

 

 

 

 

 

 

 

 

 

9,756,016

 

Total Municipal Bonds – 155.2%

 

 

 

 

 

357,437,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (h)

 

 

 

 

 

 

 

Illinois — 2.3%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,200,650

 

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

 

 

 

 

 

5,200,650

 

Total Long-Term Investments
(Cost – $363,145,194) – 157.5%

 

 

 

 

 

362,638,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

Par
(000)

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.16% (i)(j)

 

$

985,822

 

$

985,822

 

Total Short-Term Securities
(Cost – $985,822) – 0.4%

 

 

 

 

 

985,822

 

Total Investments
(Cost – $364,131,016*) – 157.9%

 

 

 

 

 

363,623,876

 

Other Assets Less Liabilities – 1.8%

 

 

 

 

 

4,222,555

 

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

 

 

 

 

 

(3,754,840

)

Preferred Shares, at Redemption Value – (58.1)%

 

 

 

 

 

(133,855,781

)

 

 

 

 

 

Net Assets – 100.0%

 

 

 

 

$

230,235,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of March 31, 2011, as computed for federal income tax purposes, were as follows:

 

Aggregate cost

 

 

 

 

$

360,384,968

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

 

 

 

$

9,865,294

 

 

Gross unrealized depreciation

 

 

 

 

 

(10,376,386

)

 

 

 

 

 

 

 

Net unrealized depreciation

 

 

 

 

$

(511,092

)

 

 

 

 

 

 

 

 

 

(a)

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.

 

 

(b)

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.

 

 

(c)

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

 

 

(d)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(e)

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

 

 

(f)

Non-income producing security.

 

 

(g)

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.

 

 

(h)

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.

 

 

(i)

Represents the current yield as of report date.

 

 

(j)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
at
December 31,
2010

 

Net
Activity

 

Shares
at
March 31,
2011

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

823,002

 

 

162,820

 

 

985,822

 

$

782

 

 

 

 

4

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2011


 

 

 

Schedule of Investments (concluded)

BlackRock Municipal 2018 Term Trust (BPK)

 

(Percentages shown are based on Net Assets)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial reporting purposes 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 derivatives 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, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

362,638,054

 

 

—

 

$

362,638,054

 

Short-Term Securities

 

$

985,822

 

 

—

 

 

—

 

 

985,822

 

Total

 

$

985,822

 

$

362,638,054

 

 

—

 

$

363,623,876

 

 

 

 

 

1

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

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

MARCH 31, 2011

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 13a-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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer of
    BlackRock Municipal 2018 Term Trust

 

 
  Date: May 25, 2011

 

 
  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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal 2018 Term Trust

 

 
  Date: May 25, 2011

 

 
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal 2018 Term Trust

 

 

 

Date: May 25, 2011