Edgar Filing: BLACKROCK MUNICIPAL 2018 TERM TRUST

Variable rate security. Rate shown is as of report date.

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.

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

Security is collateralized by Municipal or US Treasury obligations.

Investments in issuers considered to be an affiliate of the Trust during the year ended December 31, 2012, for purposes of Section 2 (a) (3) of the 1940 Act, were as follows:

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2012

Date of reporting period: 12/31/2012

Item 1 – Report to Stockholders

DECEMBER 31, 2012

ANNUAL REPORT

BlackRock California Municipal 2018 Term Trust (BJZ)

BlackRock Municipal 2018 Term Trust (BPK)

BlackRock New York Municipal 2018 Term Trust (BLH)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents

Page
Dear Shareholder					3
Annual Report:
The Benefits and Risks of Leveraging					4
Municipal Market Overview					5
Trust Summaries					6
Financial Statements:
Schedules of Investments					12
Statements of Assets and Liabilities					23
Statements of Operations					24
Statements of Changes in Net Assets					25
Financial Highlights					26
Notes to Financial Statements					29
Report of Independent Registered Public Accounting Firm					36
Automatic Dividend Reinvestment Plan					37
Officers and Trustees					38
Additional Information					41

ANNUAL REPORT

DECEMBER 31, 2012


Dear Shareholder

Financial markets substantially improved in 2012 as compared to the prior year, due largely to central bank intervention and considerable relief from the global turmoil seen in 2011. Although 2012 brought its share of headwinds, the strongest returns came from higher-risk asset classes as investors reached for yield in an environment of extremely low interest rates.

The year opened with investor confidence on the rise as global liquidity had been restored and financial news headlines became less daunting. Equity markets moved higher through the first two months of 2012, while climbing US Treasury yields pressured higher-quality fixed income assets. However, markets reversed course in the spring when Europe’s debt crisis boiled over once again. Political instability in Greece and severe deficit and liquidity problems in Spain raised the prospect of a euro collapse. Government borrowing costs in peripheral European countries soared while the region’s finance leaders deliberated over the fiscal integration of the currency bloc. Alongside the drama in Europe, investors were discouraged by gloomy economic reports from various parts of the world. A slowdown in China, a key powerhouse for global growth, emerged as a particular concern. In the United States, disappointing jobs reports signaled that the recovery was losing steam. Risk assets sold off as investors retreated to safe-haven assets.

As the outlook for the global economy worsened, investors grew increasingly optimistic that the world’s largest central banks soon would intervene to stimulate growth. This theme, along with increased cooperation among finance ministers in Europe, fueled a powerful risk-asset rebound in June. In July, the European Central Bank (“ECB”) president stated that the bank would do “whatever it takes” to preserve the euro currency bloc. This assurance along with expectations for policy stimulus from central banks in Europe and the United States drove most asset classes higher through the summer. Early in September, the ECB announced its decision to support the eurozone’s troubled peripheral countries with unlimited purchases of short term sovereign debt. Days later, the US Federal Reserve announced an aggressive stimulus package involving open-ended monthly purchases of agency mortgage-backed securities.

Going into the fall, US stocks slid on lackluster corporate earnings reports and market volatility rose leading up to the US Presidential election. Global trade slowed as many European countries fell into recession and growth continued to decelerate in China, where a once-a-decade leadership change compounded uncertainty. In the United States, automatic tax increases and spending cuts that had been scheduled to take effect at the beginning of 2013 (known as the “fiscal cliff”) threatened to push the nation into recession unless politicians could agree upon alternate measures to reduce the deficit before the end of 2012. Worries that bipartisan gridlock would preclude a budget deal prior to the deadline drove high levels of volatility in financial markets around the world in the months leading up to the last day of the year. Ultimately, the United States averted the worst of the fiscal cliff with a last-minute tax deal. Relief from US fiscal worries, however, was only partial as decisions relating to spending cuts and the debt ceiling remained pending as financial markets closed for the year.

All major asset classes generated positive returns for the 6- and 12-month periods ended December 31, 2012. Riskier assets outperformed higher quality investments as investors sought meaningful returns in a low interest rate environment. International and emerging market equities were the strongest performers. US Treasury yields were volatile, but declined overall, resulting in moderate gains for higher quality fixed income sectors. Tax-exempt municipal bonds benefited from a favorable supply-and-demand environment. Near-zero short term interest rates continued to keep yields on money market securities near their all-time lows.

The New Year brings a host of unknowns, but we believe new opportunities abound. BlackRock was built to provide the global market insight, breadth of capabilities, unbiased investment advice and deep risk management expertise these times require. With access to every asset class, geography and investment style, and extensive market intelligence, we help investors of all sizes build dynamic, diverse portfolios to achieve better, more consistent returns over time. We encourage you to visit www.blackrock.com/newworld for more information.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

“Although 2012 brought its share of headwinds, the strongest returns came from higher-risk asset classes as investors reached for yield in an environment of extremely low interest rates.”

Rob Kapito
President, BlackRock Advisors, LLC

Total Returns as of December 31, 2012

	6-month			12-month
US large cap equities (S&P 500^® Index)		5.95	%		16.00	%
US small cap equities (Russell 2000^® Index)		7.20			16.35
International equities (MSCI Europe, Australasia, Far East Index)		13.95			17.32
Emerging market equities (MSCI Emerging Markets Index)		13.75			18.22
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index)		0.07			0.11
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		0.71			4.18
US investment grade bonds (Barclays US Aggregate Bond Index)		1.80			4.21
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.15			7.42
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		7.97			15.78

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND


The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the yield and net asset value (“NAV”) of their common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.

To obtain leverage, the Trusts issue Auction Market Preferred Shares (“Preferred Shares”), which pay dividends at prevailing short-term interest rates, and the Trusts invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s shareholders will benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV. However, in order to benefit shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. If the yield curve becomes negatively sloped, meaning short-term interest rates exceed long-term interest rates, income to shareholders will be lower than if the Trusts had not used leverage.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from Preferred Shares issuance earn income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“Preferred Shareholders”) are significantly lower than the income earned on the Trust’s long-term investments, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Trust pays higher short-term interest rates whereas the Trust’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Trusts’ Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.

The Trusts may also leverage their assets through the use of tender option bond trusts (”TOBs”), as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Trust’s NAV per share.

The use of leverage may enhance opportunities for increased income to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, each Trust’s net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Trust to incur losses. The use of leverage may limit each Trust’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by rating agencies that rate the Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Trusts are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets (each Trust’s total assets less the sum of its accrued liabilities). In addition, each Trust voluntarily limits its economic leverage to 50% of its total managed assets. As of December 31, 2012, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:


	Percent of Economic Leverage
BJZ		35	%
BPK		35	%
BLH		36	%

ANNUAL REPORT

DECEMBER 31, 2012


Municipal Market Overview

For the 12-Month Period Ended December 31, 2012

Municipal bonds delivered exceptional performance during the reporting period, with the S&P Municipal Bond Index gaining 7.42% for the 12 months ended December 31, 2012. Market conditions were favorable in 2012 even though supply picked up considerably from that seen in 2011. As the fiscal situation for municipalities continued to improve, the rate of new issuance came back in line with historical averages. Total new issuance for 2012 was $373 billion as compared to $288 billion in 2011. It is important to note that refunding activity has accounted for a large portion of supply in 2012 as issuers refinanced their debt at lower interest rates. Refunding issues are easily absorbed by the market because when seasoned bonds are refinanced, issuers re-enter the market via cheaper and predominantly shorter-maturity financing. Investors, in turn, support these new issues with the proceeds from bond maturities or coupon payments.

Increased supply was met with strong demand in 2012 as investors were starved for yield in a low-rate environment. Investors poured into municipal bond mutual funds, particularly those with long-duration and high-yield investment mandates as they tend to provide higher levels of income. For the year, flows into municipal funds have totaled $50.374 billion (according to the Investment Company Institute). Following an extensive period of significant outflows from late 2010 through mid-2011, these robust 2012 inflows are telling of the complete turnaround in confidence. Municipal market supply-and-demand technicals typically strengthen considerably upon the conclusion of tax season as net negative supply takes hold (i.e., more bonds are being called and maturing than being issued) and this theme remained intact for 2012.

In the spring, a resurgence of concerns about Europe’s financial crisis and weakening US economic data drove municipal bond yields lower and prices higher. In addition to income and capital preservation, investors were drawn to the asset class for its relatively low volatility. As global sentiment improved over the summer, municipal bonds outperformed the more volatile US Treasury market. The months of October and November, typically a period of waning demand and weaker performance, were positive for the municipal market in 2012 as supply-and-demand technicals continued to be strong going into the fourth quarter. Additionally, the perception of higher taxes given the outcome of the US Presidential election provided further support to municipal bond prices in November. December, however, was more volatile than the historical norm due to a partial unwinding of November’s rally coupled with seasonal year-end selling pressure amid heightened uncertainty around the fiscal cliff (i.e., automatic tax increases and spending cuts that had been scheduled to take effect at the beginning of 2013 unless politicians could agree upon alternate measures to reduce the deficit before the end of 2012).

Overall, the municipal yield curve moved lower during the period from December 30, 2011 to December 31, 2012. As measured by Thomson Municipal Market Data, yields declined by 72 basis points (“bps”) to 2.83% on AAA-rated 30-year municipal bonds and by 11 bps to 1.72% on 10-year bonds, while yields on 5-year issues fell 4 bps to 0.81%. While the entire municipal curve flattened over the 12-month time period, the spread between 2- and 30-year maturities tightened by 67 bps, and in the 2- to 10-year range, the spread tightened by 6 bps.

The fundamental picture for municipalities continues to improve. Austerity has been the general theme across the country as states set their budgets, although a small number of states continue to rely on a “kick-the-can” approach to close their budget gaps, using aggressive revenue projections and accounting gimmicks. It has been over two years since the fiscal problems plaguing state and local governments first became highly publicized and the prophecy of widespread defaults across the municipal market has not materialized. Throughout 2012, total outstanding municipal bonds entering into debt service cash-payment default for the first time had an aggregate par value of $2.69 billion. This amount represents only 0.72% of total issuance for the year and 0.072% of total municipal bonds outstanding, as compared with 2011 when first-time defaults totaled 0.84% of issuance and 0.065% of outstanding. (Data provided by Bank of America Merrill Lynch.) BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market is fundamentally sound. We continue to recognize that careful credit research and security selection remain imperative amid uncertainty in this economic environment.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

ANNUAL REPORT

DECEMBER 31, 2012


Trust Summary as of December 31, 2012	BlackRock California Municipal 2018 Term Trust

Trust Overview

BlackRock California Municipal 2018 Term Trust’s (BJZ) (the “Trust”) investment objectives seek to provide current income exempt from regular federal and California income taxes and to return $15 per common share to holders of common shares on or about December 31, 2018. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its total assets in municipal bonds that at the time of investment are investment grade quality.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the 12 months ended December 31, 2012, the Trust returned 3.92% based on market price and 6.16% based on NAV. The Trust’s peer group of closed-end funds in the Lipper California Municipal Debt Funds category posted an average return of 15.22% based on market price and 16.26% based on NAV for the same period. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s exposure to health care and industrial development revenue bonds contributed positively to performance as those sectors outperformed the broader municipal market during the period. The Trust’s lower quality holdings also had a positive impact as credit spreads narrowed. The Trust is scheduled to mature on or about December 31, 2018 and thus holds securities that will mature close to that date. The Trust’s shorter maturity profile was a disadvantage in comparison to its Lipper category peers that typically hold longer-dated issues as interest rates near the stated maturity date of the Trust remained essentially unchanged over the period, while interest rate declines were significantly greater further out on the yield curve, driving prices higher on longer-dated issues.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

Symbol on New York Stock Exchange (“NYSE”)				BJZ
Initial Offering Date				October 26, 2001
Termination Date (on or about)				December 31, 2018
Yield on Closing Market Price as of December 31, 2012 ($16.21)¹				4.26%
Tax Equivalent Yield²				6.55%
Current Monthly Distribution per Common Share³				$0.0575
Current Annualized Distribution per Common Share³				$0.6900
Economic Leverage as of December 31, 2012⁴				35%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum federal tax rate of 35%.

The distribution rate is not constant and is subject to change.

⁴

Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 4.

ANNUAL REPORT

DECEMBER 31, 2012


	BlackRock California Municipal 2018 Term Trust

Market Price and Net Asset Value

The table below summarizes the changes in the Trust’s market price and NAV per share:

	12/31/12		12/31/11		Change			High		Low
Market Price	$	16.21	$	16.34		(0.80	)%	$	17.13	$	15.24
Net Asset Value	$	15.81	$	15.60		1.35	%	$	16.07	$	15.34

The following charts show the sector, credit quality allocation and call/maturity structure of the Trust’s long-term investments:

Sector Allocation

	12/31/12			12/31/11
County/City/Special District/School District		25	%		30	%
Utilities		18			20
Transportation		17			16
Health		13			11
State		12			8
Corporate		8			8
Education		5			5
Housing		2			2

Credit Quality Allocation¹

	12/31/12			12/31/11
AAA/Aaa		2	%		7	%
AA/Aa		47			47
A		27			21
BBB/Baa		19			20
Not Rated²		5			5

Using the higher of Standard & Poor’s (”S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings.

The investment advisor has deemed certain of these securities to be of investment grade quality. As of December 31, 2012 and December 31, 2011, the market value of these securities was $3,063,184 and $3,070,733, each representing 2%, respectively, of the Trust’s long-term investments.

Call/Maturity Structure³

Calendar Year Ended December 31,

2013	24	%
2014	5
2015	3
2016	—
2017	2

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

ANNUAL REPORT

DECEMBER 31, 2012


Trust Summary as of December 31, 2012	BlackRock Municipal 2018 Term Trust

Trust Overview

BlackRock Municipal 2018 Term Trust’s (BPK) (the “Trust”) investment objectives seek to provide current income exempt from regular federal income tax and to return $15 per common share (the initial offering price per common share) to holders of common shares on or about December 31, 2018. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the 12 months ended December 31, 2012, the Trust returned 5.46% based on market price and 8.42% based on NAV. The Trust’s peer group of closed-end funds in the Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 12.93% based on market price and 15.42% based on NAV for the same period. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s exposure to tobacco and industrial development revenue bonds contributed positively to performance as those sectors outperformed the broader municipal market during the period. The Trust’s lower quality holdings also had a positive impact as credit spreads narrowed. The Trust is scheduled to mature on or about December 31, 2018 and thus holds securities that will mature close to that date. The Trust’s shorter maturity profile was a disadvantage in comparison to its Lipper category peers that typically hold longer-dated issues as interest rates near the stated maturity date of the Trust were flat-to-slightly lower over the period, while interest rate declines were significantly greater further out on the yield curve, driving prices higher on longer-dated issues.

Trust Information

Symbol on NYSE				BPK
Initial Offering Date				October 26, 2001
Termination Date (on or about)				December 31, 2018
Yield on Closing Market Price as of December 31, 2012 ($16.56)¹				5.49%
Tax Equivalent Yield²				8.45%
Current Monthly Distribution per Common Share³				$0.0758
Current Annualized Distribution per Common Share³				$0.9096
Economic Leverage as of December 31, 2012⁴				35%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum federal tax rate of 35%.

The distribution rate is not constant and is subject to change.

⁴

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 4.

ANNUAL REPORT

DECEMBER 31, 2012


	BlackRock Municipal 2018 Term Trust

Market Price and Net Asset Value

The table below summarizes the changes in the Trust’s market price and NAV per share:

	12/31/12		12/31/11		Change			High		Low
Market Price	$	16.56	$	16.59		(0.18	)%	$	17.47	$	15.81
Net Asset Value	$	16.07	$	15.66		2.62	%	$	16.40	$	15.64

The following charts show the sector, credit quality allocation and call/maturity structure of the Trust’s long-term investments:

Sector Allocation

	12/31/12			12/31/11
Corporate		18	%		18	%
County/City/Special District/School District		17			16
Transportation		13			10
State		13			15
Health		11			14
Utilities		11			10
Housing		10			10
Tobacco		5			5
Education		2			2

Credit Quality Allocation¹

	12/31/12			12/31/11
AAA/Aaa		13	%		12	%
AA/Aa		26			23
A		28			31
BBB/Baa		23			21
BB/Ba		3			3
B		2			3
CCC/Caa		—			1
Not Rated²		5			6

Using the higher of S&P’s or Moody’s ratings.

The investment advisor has deemed certain of these securities to be of investment grade quality. As of December 31, 2012 and December 31, 2011, the market value of these securities was $5,352,592, representing 1%, and $6,391,505, representing 2%, respectively, of the Trust’s long-term investments.

Call/Maturity Structure³

Calendar Year Ended December 31,

2013	11	%
2014	2
2015	10
2016	7
2017	5

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

ANNUAL REPORT

DECEMBER 31, 2012


Trust Summary as of December 31, 2012	BlackRock New York Municipal 2018 Term Trust

Trust Overview

BlackRock New York Municipal 2018 Term Trust’s (BLH) (the “Trust”) investment objectives seek to provide current income exempt from regular federal income tax and New York State and New York City personal income taxes and to return $15 per common share (the initial offering price per common share) to holders of common shares on or about December 31, 2018. The Trust seeks to achieve its investment objectives by investing at least 80% of its total assets in municipal bonds that at the time of investment are investment grade quality.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the 12 months ended December 31, 2012, the Trust returned 0.99% based on market price and 5.34% based on NAV. The Trust’s peer group of closed-end funds in the Lipper New York Municipal Debt Funds category posted an average return of 10.53% based on market price and 11.02% based on NAV for the same period. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s exposure to health care and industrial development revenue bonds contributed positively to performance as those sectors outperformed the broader municipal market during the period. The Trust’s lower quality holdings also had a positive impact as credit spreads narrowed. The Trust is scheduled to mature on or about December 31, 2018 and thus holds securities that will mature close to that date. The Trust’s shorter maturity profile was a disadvantage in comparison to its Lipper category peers that typically hold longer-dated issues as interest rates near the stated maturity date of the Trust were flat-to-slightly lower over the period, while interest rate declines were significantly greater further out on the yield curve, driving prices higher on longer-dated issues.

Trust Information

Symbol on NYSE				BLH
Initial Offering Date				October 26, 2001
Termination Date (on or about)				December 31, 2018
Yield on Closing Market Price as of December 31, 2012 ($16.05)¹				4.49%
Tax Equivalent Yield²				6.91%
Current Monthly Distribution per Common Share³				$0.0600
Current Annualized Distribution per Common Share³				$0.7200
Economic Leverage as of December 31, 2012⁴				36%

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

Tax equivalent yield assumes the maximum federal tax rate of 35%.

The distribution rate is not constant and is subject to change.

⁴

ANNUAL REPORT

DECEMBER 31, 2012


	BlackRock New York Municipal 2018 Term Trust

Market Price and Net Asset Value

The table below summarizes the changes in the Trust’s market price and NAV per share:

	12/31/12		12/31/11		Change			High		Low
Market Price	$	16.05	$	16.71		(3.95	)%	$	17.40	$	15.76
Net Asset Value	$	15.67	$	15.64		0.19	%	$	16.05	$	15.45

The following charts show the sector, credit quality allocation and call/maturity structure of the Trust’s long-term investments:

Sector Allocation

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

Municipal Bonds	Par (000)		Value
California — 140.8%
Corporate — 11.9%
California Pollution Control Financing Authority, RB, Mandatory Put Bonds, AMT (a):
Republic Services Inc. Project, Series B, 5.25%, 6/01/23	$	2,020	$	2,287,953
Waste Management Inc. Project, Series A, 5.13%, 7/01/31		4,000		4,237,200
California Pollution Control Financing Authority, Refunding RB:
Mandatory Put Bonds, Republic Services Inc. Project, Series C, AMT, 5.25%, 6/01/23 (a)		2,030		2,290,632
San Diego Gas & Electric, Series A, 5.90%, 6/01/14		3,100		3,337,801
				12,153,586
County/City/Special District/School District — 36.5%
City & County of San Francisco, GO, Refunding, Series R-1, 5.00%, 6/15/18		2,500		3,027,500
City of Vista California, COP, Refunding, Community Projects (NPFGC):
5.00%, 5/01/19		1,000		1,108,420
4.75%, 5/01/21		1,115		1,201,245
County of San Bernardino California, Special Tax Bonds, Community Facilities District No. 2002-1:
5.35%, 9/01/17		105		107,513
5.50%, 9/01/18		245		250,792
Fontana Public Finance Authority California, Tax Allocation Bonds, Refunding, North Fontana Redevelopment Project, Series A (AGM), 5.25%, 9/01/18		3,395		3,403,895
Irvine Unified School District California, Refunding, Special Tax Bonds, Community Facilities District No. 86-1 (AGM), 5.25%, 9/01/18		5,000		5,836,150
Lathrop Financing Authority, RB, Water Supply Project:
5.80%, 6/01/21		995		1,002,552
5.85%, 6/01/22		1,040		1,047,374
5.90%, 6/01/23		1,000		1,006,790
Lodi Unified School District, GO, Refunding (AGM), 4.00%, 8/01/18		1,000		1,129,740
Los Angeles Community College District California, GO, Election of 2001, Series E-1, 4.00%, 8/01/18		200		230,494
Municipal Bonds	Par (000)		Value
California (continued)
County/City/Special District/School District (concluded)
Los Angeles Unified School District California, GO:
Election of 2004, Series H (AGM), 5.00%, 7/01/18	$	600	$	702,942
Series I, 5.00%, 7/01/20		2,000		2,406,600
Los Banos Unified School District, GO, Election of 2008 (AGM), 5.00%, 8/01/18		475		561,369
Palm Springs Unified School District, GO, Refunding, 5.00%, 8/01/18		2,745		3,328,011
San Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (b)		4,000		4,150,640
San Marcos Unified School District, GO, CAB (c):
1.70%, 8/01/17		385		356,329
1.99%, 8/01/18		500		447,670
Santa Clara Unified School District, GO, Election of 2004, Series A, 5.00%, 7/01/18		2,190		2,653,097
Stockton East Water District, COP, Refunding, Series B (NPFGC), 5.92%, 4/01/19 (c)		4,590		3,187,984
				37,147,107
Education — 7.8%
California State Public Works Board, Refunding RB, Trustees of the California State University, Series A, 5.00%, 10/01/17		2,415		2,423,573
University of California, Refunding RB:
General, Series AB, 5.00%, 5/15/19		2,500		3,076,100
Series S, 5.00%, 5/15/18		2,000		2,413,420
				7,913,093
Health — 18.8%
ABAG Finance Authority for Nonprofit Corps, RB, San Diego Hospital Association, Series C, 5.38%, 3/01/21		2,100		2,192,673
California Health Facilities Financing Authority, RB:
Health Facility, Adventist Health System, Series A, 5.00%, 3/01/18		1,075		1,082,267
Health Facility, Adventist Health System, Series A, 5.00%, 3/01/19		1,000		1,006,110
Health Facility, Adventist Health System, Series A, 5.00%, 3/01/20		2,060		2,071,783
Health Facility, Adventist Health System, Series A, 5.00%, 3/01/24		1,355		1,362,751
Scripps Health, Series A, 5.00%, 10/01/18		750		897,390
Sutter Health, Series B, 5.00%, 8/15/19		1,430		1,748,575

Municipal Bonds	Par (000)		Value
California (continued)
Health (concluded)
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series D, 5.00%, 8/15/18	$	515	$	619,185
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services, 5.00%, 5/15/18		300		343,014
California Statewide Communities Development Authority, RB, Kaiser Permanente:
Series A, 5.00%, 4/01/19		2,000		2,362,740
Series E-1, 5.00%, 4/01/44 (a)		4,700		5,451,248
				19,137,736
Housing — 3.1%
California HFA, RB, Series A (Fannie Mae):
3.20%, 8/01/18		985		1,059,111
3.50%, 2/01/19		1,925		2,090,916
				3,150,027
State — 13.6%
California State Public Works Board, LRB, Various Capital Projects, Series A, 5.00%, 4/01/18		1,500		1,743,315
California State Public Works Board, Refunding RB, California Community Colleges, Series A, 5.00%, 12/01/17		2,020		2,027,171
State of California, GO, Refunding:
5.00%, 9/01/18		3,400		4,093,940
5.00%, 11/01/20		30		30,109
Series A, 5.00%, 7/01/18		720		872,258
Various Purpose, 5.25%, 10/01/22		4,000		5,064,200
Veterans, Series BZ, AMT (NPFGC), 5.35%, 12/01/21		10		10,018
				13,841,011
Transportation — 23.2%
City of Long Beach California, RB, Series A, 5.00%, 5/15/18		500		602,775
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB, 5.96%, 1/15/21 (c)		20,000		12,475,200
Los Angeles Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 4.50%, 5/15/19		3,420		4,080,470
Port of Oakland, Refunding RB, Series O, AMT:
5.00%, 5/01/18		2,500		2,909,675
5.00%, 5/01/19		3,000		3,536,160
				23,604,280
Utilities — 25.9%
California State Department of Water Resources, Refunding RB:
Series H, Power Supply, 5.00%, 5/01/22		3,500		4,137,770
Series L, 5.00%, 5/01/19		2,000		2,472,720
Series M, 4.00%, 5/01/18		1,000		1,157,320
Series N, 5.00%, 5/01/19		3,500		4,327,260
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series D, 3.00%, 11/01/18		2,000		2,214,100
Contra Costa Water Authority, Refunding RB, California Water Treatment, Series A, 3.00%, 10/01/18		900		995,283

Municipal Bonds	Par (000)		Value
California (concluded)
Utilities (concluded)
Cucamonga Valley Water District, Refunding RB, Series A (AGM):
4.00%, 9/01/18	$	325	$	372,525
3.00%, 9/01/19		375		410,632
4.00%, 9/01/19		325		377,101
Los Angeles County Sanitation Districts Financing Authority, Refunding RB, Series A, 3.00%, 10/01/18		3,000		3,323,790
Los Angeles Department of Water & Power, RB, Series B, 5.00%, 7/01/18		600		725,634
Los Angeles Department of Water & Power, Refunding RB, Power System, Series A, 5.00%, 7/01/19		2,500		3,088,875
Metropolitan Water District of Southern California, Refunding RB, Series B, 4.00%, 7/01/18		1,250		1,456,775
Sacramento Municipal Utility District, Refunding RB, Series X, 5.00%, 8/15/18		400		478,736
Southern California Public Power Authority, Refunding RB, Canyon Power, Series A, 4.00%, 7/01/18		685		780,921
				26,319,442
Total Municipal Bonds in California				143,266,282

Guam — 0.3%
Utilities — 0.3%
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19		240		282,259

Puerto Rico — 4.9%
State — 2.7%
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities:
Series C, 5.75%, 7/01/19 (d)		5		6,468
Series C, 5.75%, 7/01/19		1,000		1,082,960
Series M, 6.00%, 7/01/20		1,000		1,095,930
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22		485		558,710
				2,744,068
Transportation — 1.2%
Puerto Rico Highway & Transportation Authority, Refunding RB, Series Z (AGM):
6.00%, 7/01/18 (d)		535		658,681
6.00%, 7/01/18		465		532,588
				1,191,269
Utilities — 1.0%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.00%, 7/01/19		1,015		1,044,212
Total Municipal Bonds in Puerto Rico				4,979,549

Municipal Bonds	Par (000)		Value
US Virgin Islands — 0.8%
State — 0.8%
Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund Loan Note, Series A:
5.25%, 10/01/17	$	360	$	381,164
5.25%, 10/01/19		455		477,796
Total Municipal Bonds in US Virgin Islands				858,960
Total Long-Term Investments (Cost — $142,143,074) — 146.8%				149,387,050

Short-Term Securities	Shares		Value
BIF California Municipal Money Fund, 0.19% (e)(f)		6,482,117	$	6,482,117
Total Short-Term Securities (Cost — $6,482,117) — 6.4%				6,482,117
Total Investments (Cost—$148,625,191) — 153.2%				155,869,167
Other Assets Less Liabilities — 1.4%				1,386,980
Preferred Shares, at Redemption Value — (54.6)%				(55,526,944	)
Net Assets Applicable to Common Shares — 100.0%			$	101,729,203


Schedule of Investments December 31, 2012	BlackRock California Municipal 2018 Term Trust (BJZ) (Percentages shown are based on Net Assets)


Schedule of Investments (continued)	BlackRock California Municipal 2018 Term Trust (BJZ) (Percentages shown are based on Net Assets)


Schedule of Investments (concluded)	BlackRock California Municipal 2018 Term Trust (BJZ) (Percentages shown are based on Net Assets)

Affiliate				Shares Held at December 31, 2011				Net Activity				Shares Held at December 31, 2012				Income
BIF California Municipal Money Fund					406,702				6,075,415				6,482,117			$	36

(f)				Represents the current yield as of report date.
•				Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

•				Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and 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 the 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
				Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure 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 investment and is not necessarily an indication of the risks 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 Note 1 of the Notes to Financial Statements.
				The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of December 31, 2012:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—	$	149,387,050		—	$	149,387,050
Short-Term Securities	$	6,482,117		—		—		6,482,117
Total	$	6,482,117	$	149,387,050		—	$	155,869,167

	Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of December 31, 2012, bank overdraft of $(5,166) is categorized as Level 2 within the disclosure hierarchy.
	There were no transfers between levels during the year ended December 31, 2012.

Municipal Bonds Transferred to Tender Option Bond Trusts (g) — 2.3%	Par (000)		Value
Illinois — 2.3%
City of Chicago Illinois, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20	$	5,000	$	5,835,750
Total Long-Term Investments (Cost — $342,149,013) — 141.5%				361,761,526

(a)				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.
(b)				Variable rate security. Rate shown is as of report date.
(c)				Non-income producing security.
(d)				Issuer filed for bankruptcy and/or is in default of interest payments.
(e)				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.
(f)				Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(g)				Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.
(h)				Investments in issuers considered to be an affiliate of the Trust during the year ended December 31, 2012, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Schedule of Investments (concluded)	BlackRock Municipal 2018 Term Trust (BPK)

December 31, 2012	BlackRock California Municipal 2018 Term Trust (BJZ)			BlackRock Municipal 2018 Term Trust (BPK)			BlackRock New York Municipal 2018 Term Trust (BLH)
Assets
Investments at value — unaffiliated¹	$	149,387,050		$	361,761,526		$	87,004,066
Investments at value — affiliated²		6,482,117			26,827,828			577,963
Interest receivable		1,524,475			4,238,825			845,576
Investments sold receivable		15,213			800,000			—
Prepaid expenses		6,722			16,881			3,888
Total assets		157,415,577			393,645,060			88,431,493
Accrued Liabilities
Bank overdraft		5,166			2,179			455
Investment advisory fees payable		52,751			133,353			30,029
Income dividends payable — Common Shares		17,616			60,497			5,591
Officer’s and Trustees’ fees payable		9,584			40,719			7,036
Interest expense and fees payable		—			1,179			—
Other accrued expenses payable		74,313			92,362			66,477
Total accrued liabilities		159,430			330,289			109,588
Other Liabilities
TOB trust certificates		—			3,750,000			—
Total liabilities		159,430			4,080,289			109,588
Preferred Shares at Redemption Value
$25,000 per share liquidation preference, plus unpaid dividends³		55,526,944			133,853,515			31,401,099
Net Assets Applicable to Common Shareholders	$	101,729,203		$	255,711,256		$	56,920,806
Net Assets Applicable to Common Shareholders Consist of
Paid-in capital⁴	$	91,946,843		$	231,732,309		$	52,539,382
Undistributed net investment income		4,001,719			12,424,145			2,011,007
Accumulated net realized loss		(1,463,335	)		(8,057,711	)		(595,639	)
Net unrealized appreciation/depreciation		7,243,976			19,612,513			2,966,056
Net Assets Applicable to Common Shareholders	$	101,729,203		$	255,711,256		$	56,920,806
Net asset value per Common Share	$	15.81		$	16.07		$	15.67

¹ Investments at cost — unaffiliated	$	142,143,074		$	342,149,013		$	84,038,010

² Investments at cost — affiliated	$	6,482,117		$	26,827,828		$	577,963

³ Preferred Shares outstanding, unlimited number of shares authorized, par value $0.001 per share		2,221			5,354			1,256

⁴ Common Shares outstanding, unlimited number of shares authorized, par value $0.001 per share		6,433,028			15,908,028			3,633,028

Year Ended December 31, 2012	BlackRock California Municipal 2018 Term Trust (BJZ)			BlackRock Municipal 2018 Term Trust (BPK)			BlackRock New York Municipal 2018 Term Trust (BLH)
Investment Income
Interest	$	5,502,490		$	16,006,247		$	2,902,890
Income — affiliated		73			1,909			86
Total income		5,502,563			16,008,156			2,902,976
Expenses
Investment advisory		627,170			1,570,614			355,178
Commissions for Preferred Shares		82,580			195,119			45,995
Professional		80,947			130,375			45,283
Accounting services		43,001			57,552			23,577
Transfer agent		28,846			47,151			26,212
Printing		17,437			19,172			11,467
Officer and Trustees		12,989			39,288			7,812
Custodian		12,803			24,147			8,716
Registration		9,188			9,188			9,188
Miscellaneous		25,783			39,468			20,456
Total expenses excluding interest expense and fees		940,744			2,132,074			553,884
Interest expense and fees¹		—			20,736			—
Total expenses		940,744			2,152,810			553,884
Less fees waived by Manager		(8,858	)		(3,412	)		(7,751	)
Total expenses after fees waived		931,886			2,149,398			546,133
Net investment income		4,570,677			13,858,758			2,356,843
Realized and Unrealized Gain (Loss)
Net realized gain from investments		2,234,212			5,294,463			619,851
Net change in unrealized appreciation/depreciation on investments		(372,381	)		2,762,824			248,956
Total realized and unrealized gain		1,861,831			8,057,287			868,807
Dividends to Preferred Shareholders From²
Net investment income		(143,300	)		(345,256	)		(80,614	)
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	6,289,208		$	21,570,789		$	3,145,036

	BlackRock California Municipal 2018 Term Trust (BJZ)						BlackRock Municipal 2018 Term Trust (BPK)
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	2012			2011			2012			2011
Operations
Net investment income	$	4,570,677		$	5,542,805		$	13,858,758		$	16,570,675
Net realized gain (loss)		2,234,212			(509,142	)		5,294,463			518,667
Net change in unrealized appreciation/depreciation		(372,381	)		8,769,591			2,762,824			15,323,597
Dividends to Preferred Shareholders from net investment income¹		(143,300	)		(160,199	)		(345,256	)		(379,331	)
Net increase in net assets applicable to Common Shareholders resulting from operations		6,289,208			13,643,055			21,570,789			32,033,608
Dividends to Common Shareholders From¹
Net investment income		(4,905,184	)		(5,558,136	)		(14,928,093	)		(14,889,914	)
Net Assets Applicable to Common Shareholders
Total increase in net assets applicable to Common Shareholders		1,384,024			8,084,919			6,642,696			17,143,694
Beginning of year		100,345,179			92,260,260			249,068,560			231,924,866
End of year	$	101,729,203		$	100,345,179		$	255,711,256		$	249,068,560
Undistributed net investment income	$	4,001,719		$	5,389,726		$	12,424,145		$	16,574,360

	BlackRock New York Municipal 2018 Term Trust (BLH)
	Year Ended December 31,
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	2012			2011
Operations
Net investment income	$	2,356,843		$	3,618,066
Net realized gain		619,851			140,620
Net change in unrealized appreciation/depreciation		248,956			1,555,170
Dividends to Preferred Shareholders from net investment income¹		(80,614	)		(89,502	)
Net increase in net assets applicable to Common Shareholders resulting from operations		3,145,036			5,224,354
Dividends to Common Shareholders From¹
Net investment income		(3,032,489	)		(3,574,900	)
Net Assets Applicable to Common Shareholders
Total increase in net assets applicable to Common Shareholders		112,547			1,649,454
Beginning of year		56,808,259			55,158,805
End of year	$	56,920,806		$	56,808,259
Undistributed net investment income	$	2,011,007		$	3,301,567

				Underlying Municipal Bonds Transferred to TOBs				Liability for TOB Trust Certificates				Interest Rate
BPK				$	5,835,750			$	3,750,000				0.16	%

				Average TOB Trust Certificates Outstanding				Daily Weighted Average Interest Rate
BPK				$	3,750,000				0.55	%

	Purchases		Sales
BJZ	$	22,129,735	$	28,449,342
BPK	$	88,766,910	$	113,202,973
BLH	$	41,180,357	$	44,388,897

	BJZ			BPK			BLH
Paid-in capital	$	910,200		$	2,735,500		$	534,300
Undistributed net investment income	$	(910,200	)	$	(2,735,624	)	$	(534,300	)
Accumulated net realized loss		—		$	124			—

Expires December 31,	BJZ		BPK		BLH
2013	$	332,071		—		—
2014		—	$	6,871,194		—
2015		470,704		889,102	$	304,150
2017		660,560		202,544		—
2018		—		—		291,488
Total	$	1,463,335	$	7,962,840	$	595,638

	Series		Preferred Shares		Effective Yield			Reset Frequency Days
BJZ		M7		2,221		0.21	%		7
BPK		W7		2,677		0.21	%		7
		R7		2,677		0.21	%		7
BLH		T7		1,256		0.21	%		7

	Series		Dividends Declared
BJZ		M7	$	8,691
BPK		W7	$	10,469
		R7	$	8,888
BLH		T7	$	5,004

	Series		Redemption Date		Shares Redeemed		Aggregate Principal
BJZ		M7		1/22/13		261	$	6,525,000
BPK		W7		1/24/13		714	$	17,850,000
		R7		1/25/13		714	$	17,850,000
BLH		T7		1/23/13		223	$	5,575,000

				¹ Officers of the Trusts serve at the pleasure of the Board.

				² Ms. Ackerley was President and Chief Executive Officer from 2009 to 2011.

Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809	Custodian and Accounting Agent State Street Bank and Trust Company Boston, MA 02110	Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116	Address of the Trusts 100 Bellevue Parkway Wilmington, DE 19809

Sub-Advisor BlackRock Financial Management, Inc. New York, NY 10055	Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021	Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP New York, NY 10036


	Frank J. Fabozzi¹						James T. Flynn						Karen P. Robards
	Votes For		Votes Withheld		Abstain		Votes For		Votes Withheld		Abstain		Votes For		Votes Withheld		Abstain
BJZ		1,290		281		0		5,807,752		177,650		0		5,807,752		177,650		0
BPK		3,676		903		0		15,073,773		237,308		0		15,145,176		165,905		0
BLH		840		382		0		3,259,117		183,061		0		3,259,117		183,061		0

	(a) Audit Fees		(b) Audit-Related Fees¹		(c) Tax Fees²		(d) All Other Fees³
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Municipal 2018 Term Trust	$29,800	$29,200	$3,500	$3,500	$12,600	$12,100	$0	$0

Portfolio Manager	Biography
Phillip Soccio, CFA	Director of BlackRock since 2009; Vice President of BlackRock from 2005 to 2008.
Theodore R. Jaeckel, Jr., CFA	Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; Director of MLIM from 1997 to 2005.
Walter O’Connor	Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003.