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 six months ended June 30, 2013, for purposes of Section 2(a)(3) of 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: 12/31/2013

Date of reporting period: 06/30/2013

Item 1 – Report to Stockholders

JUNE 30, 2013

SEMI-ANNUAL REPORT (UNAUDITED)

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
Semi-Annual Report:
Municipal Market Overview					4
The Benefits and Risks of Leveraging					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
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements					35
Officers and Trustees					39
Additional Information					40

SEMI-ANNUAL REPORT

JUNE 30, 2013


Dear Shareholder

One year ago, risk assets (such as equities) were on the rise as weakening global economic data spurred increasing optimism that the world’s largest central banks would intervene to stimulate growth. This theme, along with the European Central Bank’s (“ECB’s”) firm commitment to preserve the euro currency bloc, drove most asset classes higher through the summer of 2012. The much-anticipated monetary stimulus ultimately came in September when the ECB and the US Federal Reserve announced their plans for increasing global liquidity.

Although financial markets worldwide were buoyed by these aggressive policy actions, risk assets weakened later in the fall of 2012. Global trade slowed as many European countries fell into recession and growth continued to decelerate in China. In the United States, stocks slid on lackluster corporate earnings, and volatility rose in advance of the US Presidential election. In the post-election environment, investors became increasingly concerned about the “fiscal cliff” of tax increases and spending cuts that had been scheduled to take effect at the beginning of 2013. High levels of global market volatility persisted through year-end due to fears that bipartisan gridlock would preclude a timely resolution, putting the US economy at high risk for recession. As 2013 began, the worst of the fiscal cliff was averted with a last-minute tax deal.

Investors shook off the nerve-wracking finale to 2012 and the New Year started with a powerful relief rally. Money that had been pulled to the sidelines amid year-end tax-rate uncertainty poured back into the markets in January. Key indicators signaling modest but broad-based improvements in the world’s major economies underpinned the rally. Underlying this aura of comfort was the absence of negative headlines from Europe. Global equities surged, while rising US Treasury yields pressured high quality fixed income assets. (Bond prices move inversely with yields.)

However, February brought a slowdown in global economic momentum and investors toned down their risk appetite. In the months that followed, US equities outperformed international markets, as the US economic recovery showed greater stability compared to most other regions. Slow, but positive growth in the United States was sufficient to support corporate earnings, while uncomfortably high unemployment reinforced investors’ expectations that the US Federal Reserve would keep interest rates low. US equities moved higher through the spring, with major indices notching a string of all-time highs until finally peaking in late May. Markets abruptly reversed course on May 22 when the US Federal Reserve hinted at a gradual pull-back on monetary policy accommodation. Volatility picked up considerably after this announcement and risk assets broadly slid through the remainder of the period.

Volatility has been higher in financial markets outside the United States in 2013. International equities weakened in the middle of the first quarter when political instability in Italy and a severe banking crisis in Cyprus reminded investors that the eurozone was still vulnerable to a number of macro risks. A poor outlook for European economies already mired in recession further dampened sentiment. Emerging markets significantly lagged the rest of the world as growth in these economies (particularly China and Brazil) fell short of expectations.

Despite recent weakness, most risk asset classes generated positive returns for the 6- and 12-month periods ended June 30, 2013, while high quality fixed income assets posted modestly negative results. US equities were particularly strong. International equities also performed well, although rising uncertainty in Europe resulted in less impressive gains for the last six months. Emerging markets were especially hurt by slowing growth and concerns about a shrinking global money supply. US Treasury yields remained low from a historical perspective, but were highly volatile and rose sharply in the final two months of the period amid concerns about monetary policy tightening. In this volatile rate environment, US Treasury and investment grade corporate bond prices declined. Returns on high yield and tax-exempt municipal bonds, which had benefited from supportive market conditions during most of the period, were also weighed down by the recent spike in rates. Short-term interest rates, however, remained near zero, keeping yields on money market securities near historical lows.

Market conditions remain volatile, and investors still face a number of uncertainties in the current environment. At BlackRock, we believe investors need to think globally and extend their scope across a broader array of asset classes in a portfolio that moves freely as market conditions change over time. We encourage you to talk with your financial advisor and visit www.blackrock.com for further insight about investing in today’s world.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

“	Despite recent weakness, most risk asset classes generated positive returns for the 6- and 12-month periods ended June 30, 2013, while high quality fixed income assets posted modestly negative results.”

Rob Kapito
President, BlackRock Advisors, LLC

Total Returns as of June 30, 2013

	6-month			12-month
US large cap equities (S&P 500^®Index)		13.82	%		20.60	%
US small cap equities (Russell 2000^®Index)		15.86			24.21
International equities (MSCI Europe, Australasia, Far East Index)		4.10			18.62
Emerging market equities (MSCI Emerging Markets Index)		(9.57	)		2.87
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index)		0.04			0.11
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		(4.88	)		(4.21	)
US investment grade bonds (Barclays US Aggregate Bond Index)		(2.44	)		(0.69	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		(2.55	)		0.51
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index)		1.42			9.49

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 REPORT


Municipal Market Overview

For the Reporting Period Ended June 30, 2013

Municipal Market Conditions

During the majority of the period, municipal bond supply was met with strong demand as investors were starved for yield in the low-rate, low-return environment. Investors poured into municipal bond mutual funds, favoring long-duration and high-yield funds as they tend to provide higher levels of income. For the 12 months ended June 30, 2013, municipal bond fund inflows exceeded $13.6 billion (according to the Investment Company Institute).

Market conditions turned less favorable in the final two months of the period when signals from the US Federal Reserve suggesting a retrenchment of its bond-buying stimulus program led to rising interest rates and waning demand. (Bond prices fall as rates rise.) High levels of interest rate volatility resulted in a sharp curtailment of tax-exempt issuance in May and June. However, from a historical perspective, total new issuance for the 12 months ended June 30, 2013 remained relatively strong at $356 billion (down only slightly from the $366 billion issued in the prior 12-month period). A significant portion of new supply during this period (roughly 60%) was attributable to refinancing activity as issuers took advantage of lower interest rates to reduce their borrowing costs. Total new supply was also supported by recent activity in the taxable market, where taxable-municipal issuance was up 89% year-over-year.

A Closer Look at Yields

From June 30, 2012 to June 30, 2013, muni yields increased by 67 basis points (“bps”) from 3.16% to 3.83% on AAA-rated 30-year municipal bonds, while increasing 70 bps from 1.86% to 2.56% on 10-year bonds and raising another 61 bps from 0.79% to 1.40% on 5-year issues (as measured by Thomson Municipal Market Data). Overall, the municipal yield curve remained relatively steep over the 12-month period as the spread between 2- and 30-year maturities widened by 49 bps and the spread between 2- and 10-year maturities widened by 52 bps.

During the same time period, US Treasury rates rose by 75 bps on 30-year and 84 bps on 10-year bonds, while moving up 68 bps in 5-years. Accordingly, tax-exempt municipal bonds moderately outperformed Treasuries across the yield curve. This outperformance was driven largely by a supply/demand imbalance within the municipal market while evidence of a recovering domestic economy coupled with the removal of certain political and tax policy uncertainties pushed interest rates higher. Additionally, as higher US tax rates began to appear imminent late in 2012, municipal bonds benefited from the increased appeal of tax-exempt investing. The municipal market has become an attractive avenue for investors seeking yield in the low-rate, low-return environment as the asset class is known for its lower volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers Continue to Improve

Following an extended period of nation-wide austerity and de-leveraging as states sought to balance their budgets, 13 consecutive quarters of positive revenue growth coupled with the elimination of more than 750,000 jobs in recent years have put state and local governments in a better financial position. Many local municipalities, however, continue to face increased health care and pension costs passed down from the state level. BlackRock maintains the view that municipal bond defaults will be minimal and remain in the periphery, and that the overall market is fundamentally sound. We continue to recognize that careful credit research, appropriate structure and security selection remain imperative amid uncertainty in this fragile 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.

SEMI-ANNUAL REPORT

JUNE 30, 2013


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 3 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 June 30, 2013, 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	31%
BPK	26%
BLH	32%

SEMI-ANNUAL REPORT

JUNE 30, 2013


Trust Summary as of June 30, 2013	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 six months ended June 30, 2013, the Trust returned (3.57)% based on market price and (1.32)% based on net asset value (“NAV”). The Trust’s peer group of closed-end funds in the Lipper California Municipal Debt Funds category posted an average return of (7.59)% based on market price and (5.41)% 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 following discussion pertains to performance based on NAV.

•

The Trust’s performance was negative given the broad decline across the municipal market during the period. Interest rates moved higher with increasing volatility in response to comments from the US Federal Reserve alluding to tapering its bond-buying stimulus program. (Bond prices fall as interest rates rise.) The Trust’s longer duration holdings and exposure to zero-coupon bonds were the greatest detractors from performance as these securities are more sensitive to interest rate movements. Higher-rated bonds declined more than lower-quality issues, which were supported by investors seeking higher yields. The Trust’s positions in high-quality bonds in the education, utilities and transportation sectors were particularly negative for the period.

•

There were no positive contributors to performance on an absolute basis as all areas of the municipal market posted losses for the period. However, the Trust benefited from the accrual of income generated on its fully invested portfolio of tax-exempt municipal bonds. 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 an advantage in comparison to its Lipper category peers that typically hold longer-dated issues as rate increases were significantly larger further out on the yield curve, driving prices lower 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 June 30, 2013 ($15.32)¹				4.02%
Tax Equivalent Yield²				8.19%
Current Monthly Distribution per Common Share³				$0.0513
Current Annualized Distribution per Common Share³				$0.6156
Economic Leverage as of June 30, 2013⁴				31%

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 marginal federal and state tax rate of 50.93%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

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 5.

SEMI-ANNUAL REPORT

JUNE 30, 2013


	BlackRock California Municipal 2018 Term Trust

Market Price and Net Asset Value Per Share Summary

	6/30/13		12/31/12		Change			High		Low
Market Price	$	15.32	$	16.21		(5.49	)%	$	16.49	$	15.17
Net Asset Value	$	15.29	$	15.81		(3.29	)%	$	15.92	$	15.06

Market Price and Net Asset Value History For the Past Five Years

Overview of the Trust’s Long-Term Investments

Sector Allocation	6/30/13		12/31/12
County/City/Special District/School District	25	%	25	%
Utilities	19		18
Transportation	18		17
State	11		12
Health	10		13
Corporate	9		8
Education	6		5
Housing	2		2

Credit Quality Allocation¹	6/30/13		12/31/12
AAA/Aaa	3	%	2	%
AA/Aa	48		47
A	27		27
BBB/Baa	17		19
BB/Ba	1		—
Not Rated²	4		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 June 30, 2013 and December 31, 2012, the market value of these securities was $1,007,654, representing 1%, and $3,063,184, representing 2%, respectively, of the Trust’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,

2013	25	%
2014	5
2015	—
2016	—
2017	3

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

SEMI-ANNUAL REPORT

JUNE 30, 2013


Trust Summary as of June 30, 2013	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 six months ended June 30, 2013, the Trust returned (0.45)% based on market price and (0.40)% 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 (8.70)% based on market price and (6.15)% 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 following discussion pertains to performance based on NAV.

•

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 June 30, 2013 ($16.10)¹				4.55%
Tax Equivalent Yield²				8.04%
Current Monthly Distribution per Common Share³				$0.0610
Current Annualized Distribution per Common Share³				$0.7320
Economic Leverage as of June 30, 2013⁴				26%

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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

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 5.

SEMI-ANNUAL REPORT

JUNE 30, 2013


	BlackRock Municipal 2018 Term Trust

Market Price and Net Asset Value Per Share Summary

	6/30/13		12/31/12		Change			High		Low
Market Price	$	16.10	$	16.56		(2.78	)%	$	17.39	$	15.61
Net Asset Value	$	15.63	$	16.07		(2.74	)%	$	16.30	$	15.45

Market Price and Net Asset Value History For the Past Five Years

Overview of the Trust’s Long-Term Investments

Sector Allocation	6/30/13		12/31/12
County/City/Special District/School District	21	%	17	%
Corporate	16		18
Transportation	13		13
Utilities	12		11
State	11		13
Housing	11		10
Health	9		11
Tobacco	5		5
Education	2		2

Credit Quality Allocation¹	6/30/13		12/31/12
AAA/Aaa	14	%	13	%
AA/Aa	22		26
A	27		28
BBB/Baa	25		23
BB/Ba	6		3
B	1		2
Not Rated²	5		5

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 June 30, 2013 and December 31, 2012, the market value of these securities was $5,237,231, representing 2%, and $5,352,592, representing 1%, respectively, of the Trust’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,

2013	7	%
2014	7
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.

SEMI-ANNUAL REPORT

JUNE 30, 2013


Trust Summary as of June 30, 2013	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 six months ended June 30, 2013, the Trust returned (4.74)% based on market price and (1.84)% 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 (8.79)% based on market price and (5.98)% based on NAV for the same period. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion pertains to performance based on NAV.

•

The Trust’s performance was negative given the broad decline across the municipal market during the period. Interest rates moved higher with increasing volatility in response to comments from the US Federal Reserve alluding to tapering its bond-buying stimulus program. (Bond prices fall as interest rates rise.) The Trust’s holdings that exhibit a greater degree of duration (sensitivity to interest rate movements) were the largest detractors from performance. Higher-rated bonds declined more than lower-quality issues, which were supported by investors seeking higher yields. The Trust’s positions in high-quality bonds in the education, utilities and transportation sectors were particularly negative for the period.

•

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 June 30, 2013 ($15.00)¹				3.62%
Tax Equivalent Yield²				7.34%
Current Monthly Distribution per Common Share³				$0.0453
Current Annualized Distribution per Common Share³				$0.5436
Economic Leverage as of June 30, 2013⁴				32%

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 marginal federal and state tax rate of 50.67%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

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

⁴

SEMI-ANNUAL REPORT

JUNE 30, 2013


	BlackRock New York Municipal 2018 Term Trust

Market Price and Net Asset Value Per Share Summary

	6/30/13		12/31/12		Change			High		Low
Market Price	$	15.00	$	16.05		(6.54	)%	$	16.94	$	14.92
Net Asset Value	$	15.09	$	15.67		(3.70	)%	$	15.84	$	14.82

Market Price and Net Asset Value History For the Past Five Years

Overview of the Trust’s Long-Term Investments

Sector Allocation	6/30/13		12/31/12
County/City/Special District/School District	36	%	35	%
Education	18		17
Transportation	16		16
Housing	8		3
State	8		13
Utilities	7		8
Health	5		6
Corporate	2		2

Credit Quality Allocation¹	6/30/13		12/31/12
AAA/Aaa	17	%	18	%
AA/Aa	47		47
A	19		18
BBB/Baa	3		6
BB/Ba	1		—
Not Rated²	13		11

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 June 30, 2013 and December 31, 2012, the market value of these securities was $2,008,400, representing 3%, and $2,008,600, representing 2%, respectively, of the Trust’s long-term investments.


Call/Maturity Schedule³
Calendar Year Ended December 31,

2013	10	%
2014	—
2015	8
2016	1
2017	2

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

SEMI-ANNUAL REPORT

JUNE 30, 2013


Schedule of Investments June 30, 2013 (Unaudited)	BlackRock California Municipal 2018 Term Trust (BJZ) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
California — 134.3%
Corporate — 12.0%
California Pollution Control Financing Authority, RB, Mandatory Put Bonds, AMT (a):
Republic Services, Inc. Project, Series B, 5.25%, 6/01/23	$	2,020	$	2,199,982
Waste Management, Inc. Project, Series A, 5.13%, 7/01/31		4,000		4,106,440
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		2,210,873
San Diego Gas & Electric, Series A, 5.90%, 6/01/14		3,100		3,254,411
				11,771,706
County/City/Special District/School District — 35.0%
City & County of San Francisco California, GO, Refunding, Series R-1, 5.00%, 6/15/18		2,500		2,908,325
City of Vista California, COP, Refunding, Community Projects (NPFGC):
5.00%, 5/01/19		1,000		1,088,980
4.75%, 5/01/21		1,115		1,183,762
County of San Bernardino California, Special Tax Bonds, Community Facilities District No. 2002-1:
5.35%, 9/01/17		105		106,470
5.50%, 9/01/18		245		248,357
Fontana Public Finance Authority California, Tax Allocation Bonds, Refunding, North Fontana Redevelopment Project, Series A (AGM), 5.25%, 9/01/18		3,395		3,402,164
Irvine Unified School District California, Refunding, Special Tax Bonds, Community Facilities District No. 86-1 (AGM), 5.25%, 9/01/18		5,000		5,663,350
Lathrop Financing Authority, RB, Water Supply Project, 5.80%, 6/01/21		995		1,001,487
Lodi Unified School District, GO, Refunding (AGM), 4.00%, 8/01/18		1,000		1,100,520
Los Angeles Community College District California, GO, Election of 2001, Series E-1, 4.00%, 8/01/18		200		223,354
Los Angeles Unified School District California, GO:
Election of 2004, Series H (AGM), 5.00%, 7/01/18		600		684,294
Series I, 5.00%, 7/01/20		2,000		2,356,720

Municipal Bonds	Par (000)		Value
California (continued)
County/City/Special District/School District (concluded)
Los Banos Unified School District, GO, Election of 2008 (AGM), 5.00%, 8/01/18	$	475	$	542,502
Palm Springs Unified School District, GO, Refunding, 5.00%, 8/01/18		2,745		3,205,090
San Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (b)		4,000		4,101,520
San Marcos Unified School District, GO, CAB (c):
2.06%, 8/01/17		385		354,034
2.50%, 8/01/18		500		440,570
Santa Clara Unified School District, GO, Election of 2004, Series A, 5.00%, 7/01/18		2,190		2,560,241
Stockton East Water District, COP, Refunding, Series B (NPFGC), 5.92%, 4/01/19 (c)		4,590		3,280,565
				34,452,305
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		2,423,090
University of California, Refunding RB:
General, Series AB, 5.00%, 5/15/19		2,500		2,948,500
Series S, 5.00%, 5/15/18		2,000		2,327,940
				7,699,530
Health — 13.4%
ABAG Finance Authority for Nonprofit Corps, RB, San Diego Hospital Association, Series C, 5.38%, 3/01/21		2,100		2,148,258
California Health Facilities Financing Authority, RB:
Scripps Health, Series A, 5.00%, 10/01/18		750		867,428
Sutter Health, Series B, 5.00%, 8/15/19		1,430		1,664,720
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series D, 5.00%, 8/15/18		515		598,301
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services, 5.00%, 5/15/18		300		335,745
California Statewide Communities Development Authority, RB, Kaiser Permanente:
Series A, 5.00%, 4/01/19		2,000		2,267,980
Series E-1, 5.00%, 4/01/44 (a)		4,700		5,309,355
				13,191,787

Portfolio Abbreviations

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:

AGC
AGM
AMBAC
AMT
CAB
COP
EDA
Fannie Mae
Freddie Mac
GO
HDA

Assured Guarantee Corp.
Assured Guaranty Municipal Corp.
American Municipal Bond Assurance Corp.
Alternative Minimum Tax (subject to)
Capital Appreciation Bonds
Certificates of Participation
Economic Development Authority
Federal National Mortgage Association
Federal Home Loan Mortgage Corp.
General Obligation Bonds
Housing Development Authority

HFA
IDA
IDB
ISD
LRB
NPFGC
PSF-GTD
Radian
RB
S/F
SONYMA

Housing Finance Agency
Industrial Development Authority
Industrial Development Board
Independent School District
Lease Revenue Bonds
National Public Finance Guarantee Corp.
Permanent School Fund Guaranteed
Radian Guaranty, Inc.
Revenue Bonds
Single-Family
State of New York Mortgage Agency

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


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

Municipal Bonds	Par (000)		Value
California (continued)
Housing — 2.9%
California HFA, RB, Series A (Fannie Mae):
3.20%, 8/01/18	$	915	$	959,817
3.50%, 2/01/19		1,780		1,868,252
				2,828,069
State — 13.6%
California State Public Works Board, LRB, Various Capital Projects, Series A, 5.00%, 4/01/18		1,500		1,720,905
California State Public Works Board, Refunding RB, California Community Colleges, Series A, 5.00%, 12/01/17		2,020		2,026,767
State of California, GO, Refunding:
5.00%, 9/01/18		3,400		3,956,512
5.00%, 11/01/20		20		20,074
Series A, 5.00%, 7/01/18		720		835,884
Various Purpose, 5.25%, 10/01/22		4,000		4,803,240
Veterans, Series BZ, AMT (NPFGC), 5.35%, 12/01/21		10		10,013
				13,373,395
Transportation — 23.9%
City of Long Beach California, RB, Series A, 5.00%, 5/15/18		500		580,710
Foothill-Eastern Transportation Corridor Agency California, Refunding RB, CAB, 5.94%, 1/15/21 (c)		20,000		12,858,200
Los Angeles Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 4.50%, 5/15/19		3,420		3,911,181
Port of Oakland, Refunding RB, Series O, AMT:
5.00%, 5/01/18		2,500		2,816,200
5.00%, 5/01/19		3,000		3,389,070
				23,555,361
Utilities — 25.7%
California State Department of Water Resources, Refunding RB:
Series H, Power Supply, 5.00%, 5/01/22		3,500		3,968,895
Series L, 5.00%, 5/01/19		2,000		2,355,020
Series M, 4.00%, 5/01/18		1,000		1,117,840
Series N, 5.00%, 5/01/19		3,500		4,121,285
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series D, 3.00%, 11/01/18		2,000		2,139,400
Contra Costa Water Authority, Refunding RB, California Water Treatment, Series A, 3.00%, 10/01/18		900		963,405
Cucamonga Valley Water District, Refunding RB, Series A (AGM):
4.00%, 9/01/18		325		361,361
3.00%, 9/01/19		375		394,886
4.00%, 9/01/19		325		361,771

Municipal Bonds	Par (000)		Value
California (concluded)
Utilities (concluded)
Los Angeles County Sanitation Districts Financing Authority, Refunding RB, Series A, 3.00%, 10/01/18	$	3,000	$	3,211,350
Los Angeles Department of Water & Power, RB, Series B, 5.00%, 7/01/18		600		699,870
Los Angeles Department of Water & Power, Refunding RB, Power System, Series A, 5.00%, 7/01/19		2,500		2,945,950
Metropolitan Water District of Southern California, Refunding RB, Series B, 4.00%, 7/01/18		1,250		1,405,087
Sacramento Municipal Utility District, Refunding RB, Series X, 5.00%, 8/15/18		400		465,860
Southern California Public Power Authority, Refunding RB, Canyon Power, Series A, 4.00%, 7/01/18		685		759,487
				25,271,467
Total Municipal Bonds in California				132,143,620

Guam — 0.3%
Utility — 0.3%
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19		240		269,119

Puerto Rico — 3.7%
State — 1.6%
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities:
Series C, 5.75%, 7/01/19 (d)		5		6,167
Series M, 6.00%, 7/01/20		1,000		1,034,330
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22		485		542,361
				1,582,858
Transportation — 1.2%
Puerto Rico Highway & Transportation Authority, Refunding RB, Series Z (AGM):
6.00%, 7/01/18 (d)		535		639,052
6.00%, 7/01/18		465		521,051
				1,160,103
Utility — 0.9%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.00%, 7/01/19		890		868,168
Total Municipal Bonds in Puerto Rico				3,611,129

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


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

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	$	372,719
5.25%, 10/01/19		455		470,042
Total Municipal Bonds in US Virgin Islands				842,761
Total Long-Term Investments (Cost — $132,905,900) — 139.1%				136,866,629

Short-Term Securities	Shares		Value
BIF California Municipal Money Fund, 0.00% (e)(f)		2,733,052	$	2,733,052
Total Short-Term Securities (Cost — $2,733,052) — 2.8%				2,733,052
Total Investments (Cost — $135,638,952) — 141.9%				139,599,681
Other Assets Less Liabilities — 2.1%				2,071,726
Preferred Shares, at Redemption Value — (44.0%)				(43,300,932	)
Net Assets Applicable to Common Shares — 100.0%			$	98,370,475

Notes to Schedule of Investments

Affiliate				Shares Held at December 31, 2012				Net Activity				Shares Held at June 30, 2013				Income
BIF California Municipal Money Fund					6,482,117				(3,749,065	)			2,733,052			$	10,737

(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 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 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 fair value hierarchy classification 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, please refer to Note 2 of the Notes to Financial Statements.
				The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of June 30, 2013:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—	$	136,866,629		—	$	136,866,629
Short-Term Securities	$	2,733,052		—		—		2,733,052
Total	$	2,733,052	$	136,866,629		—	$	139,599,681

See above Schedule of Investments for values in each sector.

				Certain of the Trust’s assets are held at carrying amount, which approximates fair value for financial statement purposes. As of June 30, 2013, cash of $1,089 is categorized as Level 1 within the disclosure hierarchy,
				There were no transfers between levels during the six months ended June 30, 2013.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


Schedule of Investments June 30, 2013 (Unaudited)	BlackRock Municipal 2018 Term Trust (BPK) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
Alabama — 0.6%
Alabama 21st Century Authority, Refunding RB, Series A, 5.00%, 6/01/18	$	500	$	572,760
Courtland IDB, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17		1,000		1,014,620
				1,587,380
Arizona — 2.2%
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A, 5.00%, 7/01/21		4,660		5,434,585
California — 12.2%
Agua Caliente Band of Cahuilla Indians, RB, 5.60%, 7/01/13 (a)		395		394,949
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/19		2,570		2,991,840
California Pollution Control Financing Authority, RB, Waste Management, Inc. Project, Series C, AMT, 5.13%, 11/01/23 (b)		6,500		6,589,115
California Pollution Control Financing Authority, Refunding RB, Mandatory Put Bonds, Republic Services, Inc. Project, Series C, AMT, 5.25%, 6/01/23 (b)		4,055		4,416,300
California State Department of Water Resources, Refunding RB, Power Supply, Series L, 5.00%, 5/01/18		5,000		5,816,900
Los Angeles Regional Airports Improvement Corp., Refunding RB, Facilities Lease, LAXFuel Corp., AMT:
5.00%, 1/01/17		450		501,831
5.00%, 1/01/18		930		1,045,859
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20		3,750		4,418,850
San Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (a)		4,000		4,101,520
				30,277,164
Colorado — 4.8%
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:
4.00%, 12/01/17		515		547,291
4.00%, 12/01/18		540		572,972
Colorado Housing & Finance Authority, RB, Disposal, Waste Management, Inc. Project, AMT, 5.70%, 7/01/18		5,000		5,608,600
Park Creek Metropolitan District Colorado, Refunding RB, Senior Limited Property Tax, 5.25%, 12/01/20		5,010		5,314,508
				12,043,371
Florida — 5.0%
Broward County Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 5.00%, 10/01/18		3,930		4,468,214
Broward County School Board, COP, Series A (AGM), 5.25%, 7/01/22		1,250		1,407,713
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/18		2,000		2,267,540
Pine Island Community Development District, RB, 5.30%, 11/01/10 (c)(d)		400		156,356
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 12/31/49 (c)(d)		2,270		1,690,060

Municipal Bonds	Par (000)		Value
Florida (concluded)
Village Center Community Development District, RB, Sub-Series B, 5.88%, 1/01/15	$	2,480	$	2,499,046
				12,488,929
Guam — 0.3%
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19		620		695,225
Hawaii — 0.2%
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose Senior Living Revenue, 5.00%, 11/15/18		370		407,041
Illinois — 13.5%
City of Chicago Illinois, RB, General Airport, Third Lien, Series A (AMBAC):
5.00%, 1/01/19		5,000		5,380,450
5.00%, 1/01/20		3,000		3,228,270
Illinois Finance Authority, Refunding RB, Central DuPage Health, Series B, 5.00%, 11/01/18		2,290		2,616,348
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC):
5.35%, 6/15/19		1,885		2,002,680
5.40%, 6/15/20		1,985		2,103,584
5.45%, 6/15/21		2,090		2,206,079
Illinois State Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 1/01/19		2,250		2,422,890
Railsplitter Tobacco Settlement Authority, RB, 5.00%, 6/01/18		10,000		11,262,800
State of Illinois, RB, Build Illinois, Series B, 5.00%, 6/15/18		2,000		2,314,420
				33,537,521
Indiana — 3.0%
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24		3,185		1,889,883
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19		1,715		1,870,208
Indiana State Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/19		875		1,012,751
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17		2,500		2,772,375
				7,545,217
Iowa — 1.5%
Iowa Finance Authority, RB, Iowa Fertilizer Co. Project, 5.00%, 12/01/19		3,720		3,699,689
Kansas — 1.2%
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.00%, 11/15/18		2,500		2,886,975
Kentucky — 3.5%
Kenton County School District Finance Corp., Refunding RB, 2.50%, 6/01/18		3,210		3,298,404
Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22		3,195		3,289,412
Louisville Jefferson County Metropolitan Government, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 12/01/18		1,755		2,028,271
				8,616,087

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


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

Municipal Bonds	Par (000)		Value
Louisiana — 0.2%
Louisiana Public Facilities Authority, RB, Department of Public Safety, Fire Marshal’s Headquarter Project (NPFGC), 5.88%, 6/15/14	$	475	$	486,367
Maryland — 3.5%
Maryland Health & Higher Educational Facilities Authority, Refunding RB:
Charlestown Community, 5.00%, 1/01/19		1,685		1,827,315
University of Maryland Medical System, 5.00%, 7/01/18		1,000		1,134,400
Maryland State Transportation Authority, Refunding RB, Baltimore/Washington Thurgood Marshall Airport Project, Series B, AMT, 5.00%, 3/01/19		5,000		5,648,600
				8,610,315
Massachusetts — 0.1%
Massachusetts Water Pollution Abatement Trust, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23		135		135,613
Michigan — 3.0%
Detroit Water and Sewerage Department, Refunding RB, Sewage Disposal System, Senior Lien, Series A (AGM), 5.00%, 7/01/18		3,000		3,076,050
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital (AGM), 5.00%, 5/15/18		2,025		2,290,741
Michigan State Hospital Finance Authority, Refunding RB, Oakwood Obligation Group, Series A, 5.00%, 7/15/18		1,000		1,096,880
Michigan State Housing Development Authority, Refunding RB, Series B, 4.15%, 4/01/18		1,000		1,058,130
				7,521,801
Mississippi — 4.1%
County of Lowndes Mississippi, Refunding RB, Weyerhaeuser Co. Project, Series A, 6.80%, 4/01/22		9,000		10,242,810
Multi-State — 8.3%
Centerline Equity Issuer Trust (Freddie Mac), 6.80%, 10/31/52 (a)(e)		14,000		14,946,960
MuniMae TE Bond Subsidiary LLC, 5.20%, 6/29/49 (a)(e)		6,000		5,759,940
				20,706,900
Nebraska — 1.7%
Central Plains Energy Project Nebraska, RB, Gas Project (Project No. 3), 5.00%, 9/01/17		2,330		2,521,806
Public Power Generation Agency, RB, Whelan Energy Center, Series 2-A (AGC), 5.00%, 1/01/18		1,500		1,638,405
				4,160,211
Nevada — 4.4%
City of Las Vegas Nevada, Special Assessment Bonds, Summerlin Area, 5.35%, 6/01/17		1,000		1,017,220
Clark County Nevada, Special Assessment Bonds, Refunding, Improvement District No. 142, Mountain’s Edge, 4.00%, 8/01/18		4,300		4,266,073
Director of the State of Nevada Department of Business & Industry, RB, Mandatory Put Bonds, Republic Services, Inc. Project, AMT, 5.63%, 12/01/26 (b)		5,120		5,686,374
				10,969,667

Municipal Bonds	Par (000)		Value
New Hampshire — 1.1%
New Hampshire Business Finance Authority, Refunding RB, Public Service Co. of New Hampshire Project, Series B, AMT (NPFGC), 4.75%, 5/01/21	$	2,650	$	2,710,287
New Jersey — 14.3%
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 7.20%, 11/15/30 (b)		4,250		4,253,612
New Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 6/15/18		5,000		5,529,350
New Jersey EDA, Special Assessment Bonds, Refunding, Kapkowski Road Landfill Project, 5.50%, 4/01/16		6,660		6,868,791
New Jersey Educational Facilities Authority, RB, Seton Hall University, Series D, 5.00%, 7/01/18 (f)		320		367,187
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g)		2,500		3,099,375
New Jersey Health Care Facilities Financing Authority, Refunding RB:
AHS Hospital Corp., 5.00%, 7/01/18		850		956,072
AtlantiCare Regional Medical Center, 5.00%, 7/01/20		1,500		1,640,985
Barnabas Health, Series A, 5.00%, 7/01/18		2,000		2,231,540
New Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22		2,275		2,354,284
New Jersey State Turnpike Authority, Refunding RB, Series G, 5.00%, 1/01/18		1,350		1,543,819
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.00%, 6/15/18		2,000		2,296,480
Newark Housing Authority, RB, South Ward Police Facility (AGC), 4.50%, 12/01/18		4,000		4,426,760
				35,568,255
New York — 9.8%
City of New York, New York, GO, Sub-Series F-1, 5.00%, 9/01/18		7,500		8,131,350
Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 11/15/18		1,000		1,162,630
New York State Dormitory Authority, RB, General Purpose, Series A, 5.00%, 3/15/18		8,000		9,217,520
Port Authority of New York & New Jersey, RB, LLC Project, JFK International Air Terminal Special Project, 5.00%, 12/01/20		1,200		1,311,840
Tobacco Settlement Financing Corp. New York, RB, Asset-Backed, Series B-1C, 5.50%, 6/01/20		4,500		4,518,765
				24,342,105
North Carolina — 2.9%
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 4.00%, 1/01/18		3,865		4,259,810
North Carolina HFA, Refunding RB, Series 28-A, AMT, 4.65%, 7/01/23 (b)		2,795		2,874,182
				7,133,992
Ohio — 1.4%
State of Ohio, GO, Refunding, Higher Education, Series B, 5.00%, 8/01/18		3,000		3,500,160
Oklahoma — 0.6%
Canadian County Educational Facilities Authority, RB, Mustang Public Schools Project, 4.00%, 9/01/18		1,000		1,086,360

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


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

Municipal Bonds	Par (000)		Value
Oklahoma (concluded)
Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project:
2.50%, 4/01/15	$	175	$	172,534
Series A, 2.25%, 4/01/14		175		173,941
				1,432,835
Pennsylvania — 3.9%
Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran, 5.75%, 1/01/19		2,375		2,738,185
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 3.00%, 11/01/18		1,000		1,006,930
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, Inc., Student Housing Project:
4.00%, 10/01/17		275		283,462
4.00%, 10/01/18		560		572,236
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Drexel University, Series A, 5.00%, 5/01/18		1,000		1,144,090
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/18		1,500		1,721,970
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22		1,000		1,107,250
State Public School Building Authority, RB, Community College of Allegheny County Project (AGM), 5.00%, 7/15/18		900		1,032,831
				9,606,954
Puerto Rico — 1.4%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.00%, 7/01/19		2,210		2,155,789
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22		1,320		1,476,116
				3,631,905
South Carolina — 2.0%
South Carolina Jobs EDA, Refunding RB, Palmetto Health Alliance, Series A, 6.13%, 8/01/23		5,000		5,021,900
Texas — 15.3%
Alliance Airport Authority Texas, Refunding RB, FedEx Corp. Project, AMT, 4.85%, 4/01/21		2,000		2,097,340
Birdville ISD Texas, GO, Refunding, CAB (PSF-GTD) (h):
1.76%, 2/15/18		1,615		1,489,062
2.07%, 2/15/19		1,815		1,616,875
2.32%, 2/15/20		2,625		2,252,381
2.61%, 2/15/21		2,500		2,051,600
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:
5.75%, 1/01/18		750		846,825
5.75%, 1/01/19		750		854,408
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21		2,500		2,790,325
City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 7/01/18		1,000		1,149,010
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, AMT, 5.00%, 11/01/18		5,000		5,374,900
Lower Colorado River Authority, Refunding RB, LCRA Transmission, Series B, 5.00%, 5/15/18		5,000		5,780,400

Municipal Bonds	Par (000)		Value
Texas (concluded)
North Texas Tollway Authority, Refunding RB, Series C:
5.00%, 1/01/19	$	2,215	$	2,491,011
5.25%, 1/01/20		4,000		4,501,360
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/18		4,360		4,803,063
				38,098,560
US Virgin Islands — 0.4%
Virgin Islands Public Finance Authority, Refunding RB, Senior Lien, Series B, 5.00%, 10/01/18		1,000		1,103,360
Virginia — 1.9%
City of Norfolk Virginia, Refunding RB, Water Revenue, 5.00%, 11/01/18		1,230		1,442,446
Hanover County EDA, Refunding RB, Residential Care Facility, Covenant Woods, Series A, 3.00%, 7/01/14		415		416,025
Virginia HDA, Refunding RB, Sub-Series E-2, AMT, 4.38%, 10/01/19		2,750		2,817,760
				4,676,231
Washington — 0.2%
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B, 5.00%, 10/01/18		500		576,120
Wisconsin — 1.9%
City of Franklin Wisconsin, RB, Waste Management, Inc. Project, AMT, 4.95%, 4/01/16		1,990		2,122,932
State of Wisconsin, Refunding RB, Series A, 5.00%, 5/01/18		1,000		1,155,450
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/19		1,265		1,451,157
				4,729,539
Total Municipal Bonds — 130.4%				324,185,071


Municipal Bonds Transferred to Tender Option Bond Trusts (i)
Illinois — 2.3%
City of Chicago Illinois, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20	5,000	5,622,950
Total Long-Term Investments (Cost — $316,187,637) — 132.7%		329,808,021


Short-Term Securities		Shares
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)	6,092,288			6,092,288
Total Short-Term Securities (Cost — $6,092,288) — 2.4%				6,092,288
Total Investments (Cost — $322,279,925) — 135.1%				335,900,309
Other Assets Less Liabilities — 0.9%				2,400,557
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.5%)				(3,751,040	)
Preferred Shares, at Redemption Value — (34.5%)				(85,851,022	)
Net Assets Applicable to Common Shares — 100.0%			$	248,698,804

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


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

Notes to Schedule of Investments

Counterparty				Value				Unrealized Appreciation
Citigroup, Inc.				$	367,187				$3,082

Affiliate				Shares Held at December 31, 2012				Net Activity				Shares Held at June 30, 2013				Income
FFI Institutional Tax-Exempt Fund					26,827,828				(20,735,540	)			6,092,288			$	599

(k)				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 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 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 fair value hierarchy classification 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, please refer to Note 2 of the Notes to Financial Statements.
				The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of June 30, 2013:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—	$	329,808,021		—	$	329,808,021
Short-Term Securities	$	6,092,288		—		—		6,092,288
Total	$	6,092,288	$	329,808,021		—	$	335,900,309

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

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


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

Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of June 30, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	2,156		—			—	$	2,156
Liabilities:
TOB trust certificates		—	$	(3,750,000	)		—		(3,750,000	)
Total	$	2,156	$	(3,750,000	)		—	$	(3,747,844	)

There were no transfers between levels during the six months ended June 30, 2013.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

JUNE 30, 2013


Schedule of Investments June 30, 2013 (Unaudited)	BlackRock New York Municipal 2018 Term Trust (BLH) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)		Value
New York — 135.5%
Corporate — 2.5%
Port Authority of New York & New Jersey, RB, Continental Airlines, Inc. and Eastern Air Lines, Inc. Project, LaGuardia, AMT, 9.13%, 12/01/15	$	1,325	$	1,357,860
County/City/Special District/School District — 50.5%
City of New York, New York, GO:
Series M, 5.00%, 4/01/15 (a)		1,055		1,138,588
Series M, 5.00%, 4/01/23		335		357,321
Sub-Series G-1, 5.00%, 4/01/18		5,000		5,767,850
Sub-Series H-2, 5.00%, 6/01/20		3,470		4,089,846
City of Rochester New York, GO, Refunding, Series I, 4.00%, 8/15/18		2,500		2,779,975
New York City Transitional Finance Authority, RB, Fiscal 2008, Series S-1, 5.00%, 1/15/23		1,400		1,546,020
New York City Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 2/01/20		2,000		2,346,060
New York State, Series E, GO:
5.00%, 12/15/18		1,000		1,179,770
5.00%, 12/15/20		2,000		2,405,540
New York State Dormitory Authority, RB:
Series E, 5.00%, 8/15/19		1,500		1,764,480
State University Dormitory Facilities, Series A, 5.00%, 7/01/18		1,045		1,212,378
New York State Dormitory Authority, Refunding RB, Third General Resolution, State University Educational Facilites, Series A, 4.00%, 5/15/18		1,000		1,108,390
New York State Urban Development Corp., Refunding RB, Series D, 5.50%, 1/01/19		750		884,985
Owego Apalachin Central School District, GO, Refunding (AGM), 4.00%, 6/15/18		1,015		1,115,292
				27,696,495
Education — 25.2%
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/25 (b)(c)		450		67,388
City of Troy New York, Refunding RB, Rensselaer Polytechnic, Series B, 5.00%, 9/01/18		1,000		1,150,650
New York State Dormitory Authority, LRB, State University Dormitory Facilities, Series A, 5.00%, 7/01/21		1,155		1,313,801
New York State Dormitory Authority, RB:
Mental Health Services, 5.00%, 8/15/18		1,020		1,178,692
Pratt Institute, Series C (AGC), 5.00%, 7/01/19		600		690,984
School District Financing Program, Series C, 4.00%, 10/01/18		535		589,688
University of Rochester, Series A, 5.00%, 7/01/21		250		287,962
New York State Dormitory Authority, Refunding RB:
Brooklyn Law School, Series A (Radian), 5.50%, 7/01/13 (a)		1,000		1,000,430
Mental Health Services, 5.00%, 8/15/18 (d)		5		5,881
State University Dormitory Facilities, Series A, 5.00%, 7/01/18		250		286,995
Teachers College, Series A, 5.00%, 7/01/17		200		228,016
Yeshiva University, 5.00%, 9/01/27		2,000		2,160,200
Westchester County Industrial Development Agency, RB, New York, Purchase College Foundation Housing, Series A (AMBAC), 5.13%, 12/01/22		3,710		3,729,477

Municipal Bonds	Par (000)		Value
New York (continued)
Education (concluded)
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A:
5.00%, 6/01/18	$	600	$	669,246
5.00%, 6/01/19		400		448,704
				13,808,114
Health — 7.1%
New York State Dormitory Authority, Refunding RB, Miriam Osborn Memorial Home, 2.50%, 7/01/18		1,890		1,893,137
Orange County Industrial Development Agency, Refunding RB, St. Luke’s Hospital Newburgh New York Project, Series A (Radian), 5.38%, 12/01/21		2,000		2,008,400
				3,901,537
Housing — 11.4%
New York Mortgage Agency, Refunding RB, AMT, 4.50%, 10/01/20		4,110		4,265,070
New York State Dormitory Authority, Refunding RB, Series A:
North Shore Long Island Jewish, 5.00%, 5/01/18		615		701,161
North Shore Long Island Jewish, 4.00%, 5/01/19		250		272,868
North Shore Long Island Jewish, 5.00%, 5/01/19		650		744,776
State University Educational Facilities, 5.88%, 5/15/17		125		142,689
New York State HFA, RB, Affordable Housing, Series E (SONYMA), 1.50%, 5/01/18		120		117,282
				6,243,846
State — 8.4%
Monroe County Industrial Development Agency, RB, Rochester Schools Modernization Project, Series A, 5.00%, 5/01/18		1,000		1,145,090
New York State Dormitory Authority, RB, Series A, 5.00%, 3/15/18		2,000		2,304,380
New York State Dormitory Authority, Refunding LRB, Municipal Health Facilities, 4.00%, 5/15/18		550		604,637
New York State Urban Development Corp., RB, State Personal Income Tax, Series A-1, 5.00%, 12/15/22		500		573,570
				4,627,677
Transportation — 23.4%
Metropolitan Transportation Authority, RB:
Series A, 5.00%, 11/15/18		1,000		1,162,630
Series C, 4.00%, 11/15/16		1,000		1,088,790
Series C, 5.00%, 11/15/17		1,000		1,143,000
Series C, 5.00%, 11/15/18		1,965		2,267,276
New York State Thruway Authority, RB:
Refunding, Series I, 5.00%, 1/01/18		1,300		1,485,419
Transportation, Series A, 5.00%, 3/15/20		1,750		2,017,085
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 5.00%, 12/01/20		300		327,960
Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 4.00%, 11/15/18		3,000		3,347,400
				12,839,560

Municipal Bonds	Par (000)		Value
New York (concluded)
Utilities — 7.0%
Long Island Power Authority, Refunding RB, Series A, 5.25%, 4/01/21	$	1,000	$	1,140,390
New York City Municipal Water Finance Authority, Refunding RB, Series FF, 5.00%, 6/15/20		2,000		2,374,560
Upper Mohawk Valley Regional Water Finance Authority, Refunding RB, Series 2012, 4.00%, 4/01/18		300		326,289
				3,841,239
Total Municipal Bonds in New York				74,316,328

Guam — 0.3%
Utility — 0.3%
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19		140		156,986

Puerto Rico — 5.5%
State — 2.8%
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22		1,365		1,526,439

Municipal Bonds	Par (000)		Value
Puerto Rico (concluded)
Utilities — 2.7%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.00%, 7/01/19	$	500	$	487,735
Puerto Rico Electric Power Authority, RB, Series WW, 5.50%, 7/01/21		1,000		1,015,290
				1,503,025
Total Municipal Bonds in Puerto Rico				3,029,464
Total Long-Term Investments (Cost — $76,426,186) — 141.3%				77,502,778


Short-Term Securities	Shares
BIF New York Municipal Money Fund, 0.00% (e)(f)	2,070,734		2,070,734
Total Short-Term Securities (Cost — $2,070,734) — 3.8%			2,070,734
Total Investments (Cost — $78,496,920) — 145.1%			79,573,512
Other Assets Less Liabilities — 2.0%			1,082,077
Preferred Shares, at Redemption Value — (47.1%)			(25,825,463	)
Net Assets Applicable to Common Shares — 100.0%		$	54,830,126

June 30, 2013 (Unaudited)	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	$	136,866,629		$	329,808,021		$	77,502,778
Investments at value — affiliated²		2,733,052			6,092,288			2,070,734
Cash		1,089			2,156			648
Interest receivable		1,419,708			3,980,605			832,159
Investments sold receivable		1,098,263			—			501,080
Prepaid expenses		4,488			11,273			1,925
Total assets		142,123,229			339,894,343			80,909,324

Accrued Liabilities
Income dividends payable — Common Shares		330,014			970,390			164,576
Investments purchased payable		—			364,106			—
Investment advisory fees payable		46,836			112,295			26,668
Officer’s and Trustees’ fees payable		10,601			42,959			7,728
Interest expense and fees payable		—			1,040			—
Other accrued expenses payable		64,371			103,727			54,763
Total accrued liabilities		451,822			1,594,517			253,735

Other Liabilities
TOB trust certificates		—			3,750,000			—
Total liabilities		451,822			5,344,517			253,735

Preferred Shares at Redemption Value
$25,000 per share liquidation preference, plus unpaid dividends³		43,300,932			85,851,022			25,825,463
Net Assets Applicable to Common Shareholders	$	98,370,475		$	248,698,804		$	54,830,126

Net Assets Applicable to Common Shareholders Consist of
Paid-in capital⁴	$	91,946,843		$	231,732,309		$	52,539,382
Undistributed net investment income		3,938,589			12,059,639			1,767,813
Accumulated net realized loss		(1,475,686	)		(8,713,528	)		(553,661	)
Net unrealized appreciation/depreciation		3,960,729			13,620,384			1,076,592
Net Assets Applicable to Common Shareholders	$	98,370,475		$	248,698,804		$	54,830,126
Net asset value per Common Share	$	15.29		$	15.63		$	15.09

¹ Investments at cost — unaffiliated	$	132,905,900		$	316,187,637		$	76,426,186

² Investments at cost — affiliated	$	2,733,052		$	6,092,288		$	2,070,734

³ Preferred Shares outstanding, unlimited number of shares authorized, par value $0.001 per share		1,732			3,434			1,033

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

Six Months Ended June 30, 2013 (Unaudited)	BlackRock California Municipal 2018 Term Trust (BJZ)			BlackRock Municipal 2018 Term Trust (BPK)			BlackRock New York Municipal 2018 Term Trust (BLH)
Investment Income
Interest	$	2,453,755		$	6,986,119		$	1,138,802
Income — affiliated		10,737			599			11
Total income		2,464,492			6,986,718			1,138,813

Expenses
Investment advisory		295,091			714,252			165,553
Remarketing fees for Preferred Shares		40,362			92,110			22,377
Professional		28,753			38,913			25,376
Accounting services		14,789			24,839			11,046
Transfer agent		11,383			17,346			10,332
Officer and Trustees		5,851			14,422			3,397
Custodian		5,617			12,008			3,926
Registration		4,526			4,526			4,526
Printing		3,681			5,499			2,990
Miscellaneous		11,137			14,913			11,421
Total expenses excluding interest expense and fees		421,190			938,828			260,944
Interest expense and fees¹		—			19,858			—
Total expenses		421,190			958,686			260,944
Less fees waived by Manager		(1,123	)		(1,827	)		(290	)
Total expenses after fees waived		420,067			956,859			260,654
Net investment income		2,044,425			6,029,859			878,159

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(12,351	)		(655,817	)		41,978
Net change in unrealized appreciation/depreciation on investments		(3,283,247	)		(5,992,129	)		(1,889,464	)
Total realized and unrealized loss		(3,295,598	)		(6,647,946	)		(1,847,486	)

Dividends to Preferred Shareholders From
Net investment income		(47,699	)		(101,149	)		(27,085	)
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations	$	(1,298,872	)	$	(719,236	)	$	(996,412	)

	BlackRock California Municipal 2018 Term Trust (BJZ)						BlackRock Municipal 2018 Term Trust (BPK)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012			Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012
Operations
Net investment income	$	2,044,425		$	4,570,677		$	6,029,859		$	13,858,758
Net realized gain (loss)		(12,351	)		2,234,212			(655,817	)		5,294,463
Net change in unrealized appreciation/depreciation		(3,283,247	)		(372,381	)		(5,992,129	)		2,762,824
Dividends to Preferred Shareholders from net investment income		(47,699	)		(143,300	)		(101,149	)		(345,256	)
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		(1,298,872	)		6,289,208			(719,236	)		21,570,789

Dividends to Common Shareholders From
Net investment income		(2,059,856	)		(4,905,184	) ¹		(6,293,216	)		(14,928,093	)¹

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		(3,358,728	)		1,384,024			(7,012,452	)		6,642,696
Beginning of period		101,729,203			100,345,179			255,711,256			249,068,560
End of period	$	98,370,475		$	101,729,203		$	248,698,804		$	255,711,256
Undistributed net investment income	$	3,938,589		$	4,001,719		$	12,059,639		$	12,424,145

	BlackRock New York Municipal 2018 Term Trust (BLH)
Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31, 2012
Operations
Net investment income	$	878,159		$	2,356,843
Net realized gain		41,978			619,851
Net change in unrealized appreciation/depreciation		(1,889,464	)		248,956
Dividends to Preferred Shareholders from net investment income		(27,085	)		(80,614	)
Net increase in net assets applicable to Common Shareholders resulting from operations		(996,412	)		3,145,036

Dividends to Common Shareholders From
Net investment income		(1,094,268	)		(3,032,489	)¹

Net Assets Applicable to Common Shareholders
Total increase (decrease) in net assets applicable to Common Shareholders		(2,090,680	)		112,547
Beginning of period		56,920,806			56,808,259
End of period	$	54,830,126		$	56,920,806
Undistributed net investment income	$	1,767,813		$	2,011,007

	Six Months Ended June 30, 2013 (Unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2013 (Unaudited)			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	15.81		$	15.60		$	14.34		$	14.36		$	11.94		$	14.82
Net investment income¹		0.32			0.71			0.86			0.98			1.03			1.05
Net realized and unrealized gain (loss)		(0.51	)		0.28			1.28			(0.11	)		2.25			(2.90	)
Dividends to Preferred Shareholders from net investment income		(0.01	)		(0.02	)		(0.02	)		(0.03	)		(0.05	)		(0.29	)
Net increase (decrease) from investment operations		(0.20	)		0.97			2.12			0.84			3.23			(2.14	)
Dividends to Common Shareholders from net investment income		(0.32	)		(0.76	)²		(0.86	)²		(0.86	)²		(0.81	)²		(0.74	)²
Net asset value, end of period	$	15.29		$	15.81		$	15.60		$	14.34		$	14.36		$	11.94
Market price, end of period	$	15.32		$	16.21		$	16.34		$	15.38		$	15.09		$	11.60

Total Investment Return³
Based on net asset value		(1.32)%	⁴		6.16%			14.86%			5.56%			27.09%			(15.18)%
Based on market price		(3.57)%	⁴		3.92%			12.17%			7.73%			37.46%			(20.70)%

Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses⁵		0.84%	⁶		0.93%			0.93%			0.92%			0.96%			0.97%
Total expenses after fees waived⁵		0.83%	^6,7		0.92%			0.91%			0.91%			0.95%			0.96%
Net investment income⁵		4.06%	⁶		4.51%			5.82%			6.64%			7.56%			7.43%
Dividends to Preferred Shareholders		0.10%	⁶		0.14%			0.17%			0.24%			0.38%			2.07%
Net investment income to Common Shareholders		3.96%	⁶		4.37%			5.65%			6.40%			7.18%			5.36%

Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	98,370		$	101,729		$	100,345		$	92,260		$	92,410		$	76,795
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	43,300		$	55,525		$	55,525		$	55,525		$	55,525		$	55,525
Portfolio turnover		—			15%			28%			7%			5%			1%
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	81,796		$	70,803		$	70,180		$	66,542		$	66,609		$	59,580

				Underlying Municipal Bonds Transferred to TOBs				Liability for Trust Certificates				Interest Rate
BPK				$	5,622,950			$	3,750,000				0.17	%

				Average Trust Certificates Outstanding				Daily Weighted Average Interest Rate
BPK				$	3,750,000				1.14%

	Purchases		Sales
BJZ		—	$	8,909,076
BPK	$	6,007,401	$	29,725,203
BLH	$	4,286,401	$	6,345,052

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		1,732		0.13	%		7
BPK		W7		1,717		0.13	%		7
		R7		1,717		0.12	%		7
BLH		T7		1,033		0.13	%		7

	Series		Redemption Date		Shares Redeemed		Aggregate Principal
BJZ		M7		1/22/13		261	$	6,525,000
		M7		4/09/13		228	$	5,700,000
BPK		R7		1/25/13		714	$	17,850,000
		R7		2/01/13		40	$	1,000,000
		R7		5/24/13		206	$	5,150,000
		W7		1/24/13		714	$	17,850,000
		W7		1/31/13		40	$	1,000,000
		W7		5/23/13		206	$	5,150,000
BLH		T7		1/23/13		223	$	5,575,000

	Series		Dividends Declared
BJZ		M7	$	3,306
BPK		R7	$	3,357
		W7	$	4,206
BLH		T7	$	2,055

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

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