BLACKROCK MUNICIPAL 2018 TERM TRUST

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: 12/31/2018

Date of reporting period: 03/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) 

March 31, 2018

   

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 98.2%

    
Alabama — 2.8%            

Alabama 21st Century Authority, Refunding RB, Series A, 5.00%, 06/01/18

   $ 500     $ 503,000  

Alabama Federal Aid Highway Finance Authority, RB, GAN, Garvee, 5.00%, 09/01/18

     6,000       6,083,160  

Tuscaloosa City Board of Education, RB, Warrants, 4.00%, 08/01/18

     125       125,999  
   

 

 

  
      6,712,159  
California — 4.6%            

County of San Diego Regional Transportation Commission, Refunding RB, VRDN, Series C, 1.55%, 04/01/38(a)

     10,000       10,000,000  

Oakland Unified School District/Alameda County, GO, Refunding, 5.00%, 08/01/18

     1,000       1,011,640  
   

 

 

  
      11,011,640  
Colorado — 2.1%            

Adams & Arapahoe JT School District 28J Aurora, GO, Refunding Series A, 5.00%, 12/01/18

     2,150       2,198,697  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School, 4.00%, 08/15/18

     175       176,713  

Denver Urban Renewal Authority, Refunding, Tax Allocation Bonds, Series A-1, 5.00%, 12/01/18

     1,675       1,710,812  

Park Creek Metropolitan District Colorado, Refunding RB, Senior Limited Property Tax, 4.00%, 12/01/18

     1,000       1,014,510  
   

 

 

  
      5,100,732  
Connecticut — 2.8%            

Connecticut State Health & Educational Facility Authority, RB, Fairfield University, Series N, 5.00%, 07/01/18

     1,500       1,512,225  

State of Connecticut, GO, BAN, Series A, 5.00%, 09/14/18

     5,000       5,075,400  
   

 

 

  
      6,587,625  
Delaware — 0.3%            

Delaware State Economic Development Authority, RB, State University Project, 5.00%, 10/01/18

     735       746,415  
   

 

 

  
Florida — 10.9%            

City of Miami Beach Florida, RB, 5.00%, 09/01/18

     875       886,795  
Security   Par
(000)		     Value  
Florida (continued)            

County of Broward Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 5.00%, 10/01/18

   $ 3,930     $ 3,994,177  

County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 07/01/18(b)

     1,250       1,261,262  

County of Indian River Florida School Board, COP, Refunding, Series A, 5.00%, 07/01/18

     600       605,178  

County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/18

     2,000       2,032,160  

County of Palm Beach Solid Waste Authority, Refunding RB, 5.00%, 10/01/18

     6,000       6,098,280  

Miami Beach Health Facilities Authority, Refunding RB, Mount Sinai Medical Center, 4.00%, 11/15/18

     250       252,768  

Miami-Dade County School Board Foundation, Inc., COP, Refunding Series A, 5.00%, 05/01/18

     1,500       1,504,065  

Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 05/01/13(c)(d)

     1,920       1,344,000  

Sunshine State Governmental Financing Commission, RB, VRDN, Miami-Dade Country Program, Series B, 1.66%, 09/01/35(a)

     8,000       8,000,000  
   

 

 

  
      25,978,685  
Hawaii — 0.2%            

Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose Senior Living Revenue, 5.00%, 11/15/18

     370       378,584  
   

 

 

  
Illinois — 5.2%            

Chicago Transit Authority, Refunding RB, 5.00%, 06/01/18

     1,000       1,004,960  

Fox Valley Park District, GO, Series A, 5.00%, 12/15/18

     1,725       1,765,744  

Illinois Finance Authority, Refunding RB:

    

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

     2,290       2,334,976  

University Medical Center Rush, Series A, 5.00%, 11/15/18

     1,000       1,019,520  

Railsplitter Tobacco Settlement Authority, RB, 5.00%, 06/01/18

     1,290       1,296,631  

State of Illinois, GO:

    

(AGM), 5.00%, 04/01/18

     465       465,000  

Refunding, 5.00%, 08/01/18

     2,500       2,520,475  
 

 

 

    
 1
  

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

State of Illinois, RB, Build Illinois, Series B:

    

5.00%, 06/15/18(e)

   $ 355     $ 357,375  

Unrefunded Balance, 5.00%, 06/15/18

     1,645       1,655,528  
   

 

 

  
      12,420,209  
Iowa — 0.3%  

University of Iowa, Refunding RB, Series S, 5.00%, 11/01/18

     655       668,015  
   

 

 

  
Kansas — 1.1%  

Kansas Development Finance Authority, Refunding RB:

    

Prerefunded Adventist Health System, 5.00%, 11/15/18(e)

     55       56,083  

Unrefunded Adventist Health System, 5.00%, 11/15/18

     2,445       2,494,707  
   

 

 

  
      2,550,790  
Kentucky — 2.1%  

County of Kenton Kentucky School District Finance Corp., Refunding RB, 2.50%, 06/01/18

     3,210       3,214,012  

County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 12/01/18

     1,755       1,788,082  
   

 

 

  
      5,002,094  
Maryland — 0.6%  

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

    

Meritas Medical Center, 5.00%, 07/01/18

     400       402,884  

University of Maryland Medical System, 5.00%, 07/01/18

     1,000       1,008,100  
   

 

 

  
      1,410,984  
Michigan — 3.0%  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital (AGM), 5.00%, 05/15/18

     2,025       2,032,249  

Michigan State Building Authority, Refunding RB, Facilities Program Series, 6.00%, 10/15/18(b)

     1,455       1,488,378  

Michigan State Finance Authority, Refunding RB, AMT, 5.00%, 11/01/18

     2,100       2,135,007  

Michigan State Housing Development Authority, Refunding RB, Series B, 4.15%, 04/01/18

     1,000       1,000,000  
Security   Par
(000)		     Value  
Michigan (continued)  

Saginaw Valley State University, RB, Series A, 5.00%, 07/01/18

   $ 600     $ 604,860  
   

 

 

  
      7,260,494  
Missouri — 0.7%  

City of Kansas City Missouri, Refunding ARB, AMT, Series A, 5.00%, 09/01/18

     1,750       1,773,520  
   

 

 

  
Nevada — 3.5%  

County of Clark Nevada, Refunding, Special Assessment Bonds, Improvement District No. 142, Mountain’s Edge, 4.00%, 08/01/18

     3,250       3,264,268  

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

     5,120       5,152,102  
   

 

 

  
      8,416,370  
New Hampshire — 2.0%  

New Hampshire State Turnpike System, RB, Series A, 5.00%, 10/01/18

     4,740       4,819,300  
   

 

 

  
New Jersey — 10.5%  

County of Atlantic New Jersey, Refunding, 3.00%, 10/01/18

     1,855       1,866,278  

New Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 06/15/18

     5,000       5,031,300  

New Jersey Educational Facilities Authority, RB, Seton Hall University, Series D, 5.00%, 07/01/18

     320       322,538  

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

     2,500       2,574,725  

New Jersey Health Care Facilities Financing Authority, Refunding RB:

    

AHS Hospital Corp., 5.00%, 07/01/18

     850       856,868  

Barnabas Health, Series A, 5.00%, 07/01/18(e)

     2,000       2,016,060  

Princeton HealthCare System, 5.00%, 07/01/18

     1,620       1,631,648  

New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT, 5.00%, 12/01/18

     2,000       2,039,020  

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

     1,445       1,446,546  

 

 

 

 

2   

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB:

    

Series B, 5.00%, 06/15/18

   $ 2,000     $ 2,011,680  

Transportation Program, Series AA, 5.00%, 06/15/18

     2,000       2,011,680  

Transportation System, Series A, 5.75%, 06/15/18

     1,320       1,329,662  

Transportation System, Series A (AMBAC), 5.75%, 06/15/18

     2,070       2,086,208  
   

 

 

  
      25,224,213  
New York — 12.1%  

Metropolitan Transportation Authority, Refunding RB:

    

Series A, 5.00%, 11/15/18

     1,000       1,021,080  

Series F, 4.00%, 11/15/18

     200       203,080  

VRDN, Transportation, Sub Series E-2, 1.69%, 11/15/50(a)

     9,800       9,800,000  

New York City Municipal Water Finance Authority, RB, VRDN Water and Sewer System Revenue bonds, Sub-Series B-1B, 1.62%, 06/15/24(a)

     7,600       7,600,000  

New York State Housing Finance Agency, RB, M/F Housing, 625 West 57th Street, Series A, 1.55%, 05/01/49(a)

     4,000       4,000,000  

New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 08/01/18

     1,500       1,513,380  

Town of Oyster Bay New York, GO, BAN, Series A, 3.50%, 06/01/18

     500       501,150  

Town of Oyster Bay New York, GO, Refunding, BAN, Series C, 2.50%, 06/01/18

     3,855       3,857,583  

TSASC, Inc., Refunding RB, Series A, 3.00%, 06/01/18

     500       500,965  
   

 

 

  
      28,997,238  
North Carolina — 2.1%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, VRDN Educational Facility, 1.65%, 06/01/38(f)

     5,000       5,000,000  
   

 

 

  
Ohio — 3.7%  

Country of Franklin Ohio, Refunding RB, Ohio Health Corporation, Series D, 1.60%, 11/15/33(a)

     1,900       1,900,000  

County of Franklin Ohio Nationwide Children’s Hospital, RB, VRDN, National Hospital Project, Series B, 1.62%, 11/01/45(a)

     4,500       4,500,000  
Security   Par
(000)		     Value  
Ohio (continued)  

County of Hamilton Convention Facilities Authority, Refunding RB, 5.00%, 12/01/18

   $ 2,415     $ 2,466,633  
   

 

 

  
      8,866,633  
Oklahoma — 0.2%  

Norman Regional Hospital Authority, Refunding RB, 4.00%, 09/01/18

     420       423,570  
   

 

 

  
Pennsylvania — 9.8%  

Altoona City Authority, Refunding RB, 5.25%, 11/01/18

     2,500       2,550,475  

Chester County Health & Education Facilities Authority, Refunding RB, 4.00%, 12/01/18

     805       810,522  

City of Philadelphia PA Airport Revenue, Refunding ARB, AMT, Series B, 5.00%, 07/01/18

     1,785       1,799,691  

County of Westmoreland Municipal Authority, Refunding RB, (BAM), 4.00%, 08/15/18

     250       252,263  

Northampton County General Purpose Authority, RB, Series A, 5.38%, 08/15/18(b)

     4,000       4,055,040  

Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project, 1.55%, 12/01/33(a)

     5,000       4,989,750  

Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 3.00%, 11/01/18

     1,000       1,007,030  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Unrefunded Drexel University, 5.00%, 05/01/18

     55       55,142  

Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, Inc., Student Housing Project, 4.00%, 10/01/18

     285       285,960  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:

    

Prerefunded Drexel University, 5.00%, 05/01/18(e)

     945       947,542  

University Propertise, Inc. Student Housing Project at East, 4.00%, 07/01/18

     315       316,477  

Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, 1.55%, 10/01/18

     1,065       1,063,296  

 

 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Pennsylvania (continued)  

Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 07/01/18

   $ 1,500      $ 1,512,270  

Philadelphia Gas Works Co., Refunding RB, 4.00%, 08/01/18

     1,790        1,803,998  

State Public School Building Authority, RB, Community College of Allegheny County Project (AGM), 5.00%, 07/15/18

     900        908,406  

West Chester Area School District, GO, Refunding, Series AA, 5.00%, 05/15/18

     1,000        1,004,030  
    

 

 

  
       23,361,892  
Rhode Island — 1.1%  

Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing Revenue, Lifespan Obligated Group Issue, 5.00%, 05/15/18

     1,040        1,043,557  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 4.00%, 06/01/18

     1,500        1,505,925  
    

 

 

  
       2,549,482  
Tennessee — 0.5%  

Metropolitan Gov’t Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 4.00%, 10/01/18

     260        262,764  

Tennessee Energy Acquisition Corp., RB, Series A, 5.25%, 09/01/18

     1,040        1,054,560  
    

 

 

  
       1,317,324  
Texas — 10.7%  

City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 07/01/18

     1,000        1,008,580  

Houston ISD Public Facilities Authority, RB, 5.00%, 09/15/18

     5,000        5,077,900  

Lower Colorado River Authority, Refunding RB, LCRA Transmission, Series B, 5.00%, 05/15/18

     5,000        5,020,350  

New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:

     

4.00%, 04/01/18

     280        280,000  

4.00%, 04/01/18

     405        405,000  

State of Texas, RB, 4.00%, 08/30/18

     8,000        8,080,560  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/18

     1,195        1,214,168  
Security   Par
(000)		      Value  
Texas (continued)  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/18

   $ 4,360      $ 4,455,266  
    

 

 

  
       25,541,824  
Virginia — 1.6%  

City of Norfolk Virginia, Refunding RB, Water Revenue, 5.00%, 11/01/18

     1,230        1,254,366  

Virginia College Building Authority, Refunding RB, Series A, 5.00%, 07/01/18(g)

     785        790,000  

Virginia Port Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/18

     1,790        1,804,374  
    

 

 

  
       3,848,740  
Washington — 3.3%  

Energy Northwest, Refunding RB, Wind Project Revenue, 5.00%, 07/01/18

     2,865        2,888,092  

State of Washington, GO, Series 2010C, 5.00%, 08/01/18

     4,480        4,531,251  

Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B, 5.00%, 10/01/18

     500        508,365  
    

 

 

  
       7,927,708  
Wisconsin — 0.4%  

State of Wisconsin, Refunding RB, Series A(e):

     

5.00%, 05/01/18

     800        802,184  

5.00%, 05/01/18

     200        200,546  
    

 

 

  
       1,002,730  
    

 

 

  

Total Municipal Bonds — 98.2%
(Cost — $235,399,522)

 

      234,898,970  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

   
Illinois — 2.1%         

City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20

     5,000        5,095,375  
    

 

 

  

Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 2.1%
(Cost — $ 5,029,012)

 

      5,095,375  
    

 

 

  

Total Long-Term Investments — 100.3%
(Cost — $240,428,665)

 

      239,994,345  
    

 

 

  

 

 

 

 

4   

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

 

Security   Shares     Value  

Short-Term Securities — 0.0%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.58%(i)(j)

     51,693     $ 51,693  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost — $ 51,698)

 

   $ 51,693  
   

 

 

  
     Value  

Total Investments — 100.3%
(Cost — $240,480,364)

   $ 240,046,038  

Other Assets Less Liabilities — 1.3%

     3,075,483  

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

     (3,762,797 ) 
 

 

 

  

Net Assets Applicable to Common Shares — 100.0%

   $ 239,358,724  
 

 

 

  
 

 

  (a)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.  
  (b)  U.S. 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)  Non-income producing security.  
  (d)  Issuer filed for bankruptcy and/or is in default.  
  (e)  Security is collateralized by municipal bonds or U.S. Treasury obligations.  
  (f)  Variable rate security. Rate shown is the rate in effect as of period end.  
  (g)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.  
  (h) Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.  
  (i)  Annualized 7-day yield as of period end.  
  (j)  During the period ended March 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:  

 

Affiliate    Shares
Investment
Value Held at
12/31/17		      Net
Activity		      Shares
Investment
Value Held at
03/31/18		      Value at
03/31/18		      Income     

Net

Realized
Gain (Loss) (a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      224,376        (172,683 )       51,693      $ 51,693      $ 4,688      $ 8      $ (5 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)  Includes net capital gain distributions, if applicable.  

Portfolio Abbreviations

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

AMT — Alternative Minimum Tax (subject to)

ARB — Airport Revenue Bonds

BAM — Build America Mutual Assurance Co.

BAN — Bond Anticipation Notes

COP — Certificates of Participation

EDA — Economic Development Authority

GAN — Grant Anticipation Notes

GO — General Obligation Bonds

IDA — Industrial Development Authority

ISD — Independent School District

M/F — Multi-Family

RB — Revenue Bonds

S/F — Single-Family

VRDN — Variable Rate Demand Notes

 

 

   5

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Municipal 2018 Term Trust (BPK)

 

Fair Value Hierarchy as of Period End

 

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

•  Level 1 — Unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

•  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 Trust’s own assumptions used in determining the fair value of investments)

 

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in these securities. For information about the Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its annual report.

 

As of March 31, 2018, the following table summarizes the Trust’s investments categorized in the disclosure hierarchy:

 

 

 

   

   

   

 

 

 

     Level 1      Level 2      Level 3      Total  

Assets:

          

Investments:

          

Long-Term Investments(a)

   $ —      $ 239,994,345      $ —      $ 239,994,345  

Short-Term Securities

    51,693        —        —        51,693  
 

 

 

     

 

 

     

 

 

     

 

 

  

Total

   $ 51,693      $ 239,994,345      $ —      $ 240,046,038  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

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

The Trust may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2018, there were no transfers between levels.

 

 

6   

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 (principal executive officer) of
  BlackRock Municipal 2018 Term Trust
Date: May 21, 2018

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 21, 2018
By:   /s/ Neal J. Andrews                    
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Municipal 2018 Term Trust
Date: May 21, 2018