UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:__811-10501______

_______BlackRock Municipal 2018 Term Trust_______
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE
19809
(Address of principal executive offices)
(Zip code)

Robert S. Kapito, President

BlackRock Municipal 2018 Term Trust

      40 East 52nd Street, New York, NY 10022      
(Name and address of agent for service)


Registrant’s telephone number, including area code:_888-825-2257__________________

Date of fiscal year end:___December 31, 2006
Date of reporting period:__September 30, 2006

Item 1. Schedule of Investments.

The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:


PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 2006 (unaudited)

BlackRock Municipal 2018 Term Trust (BPK)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          LONG-TERM INVESTMENTS—151.8%        
            Alabama—2.5%        
    A2   $ 5,845   Huntsville Hlth. Care Auth. RB, Ser. A, 5.625%, 6/01/22   06/12 @ 101   $  6,269,815  
            California—7.1%        
    A   1,750   Agua Caliente Band of Cahuilla Indians RB, 5.60%, 7/01/13   No Opt. Call   1,819,353  
    AAA   5,425   Clovis Unified Sch. Dist. Cap. Apprec. Election 2004 GO, Ser. A, Zero Coupon, 8/01/21, FGIC   No Opt. Call   2,849,752  
    NR   1,120   Lincoln Cmny. Facs. Dist. 1 ST, 5.90%, 9/01/24   09/13 @ 102   1,202,936  
    BBB+   5,000   Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT   No Opt. Call   5,375,850  
    BBB   6,500   Poll. Ctrl. Sld. Wst. Mgmt., Inc. RB, Ser. C, 5.125%, 11/01/23, AMT   11/15 @ 101   6,838,130  
                    18,086,021  
            Colorado—4.2%        
    BBB   5,000   Hsg. & Fin. Auth. Sld. Wst. RB, Wst. Mgmt., Inc. Proj., 5.70%, 7/01/18, AMT   No Opt. Call   5,503,850  
    Baa2   5,010   Park Creek Met. Dist. Sr. Ltd. Ppty. Tax RB, 5.25%, 12/01/20   12/15 @ 101   5,271,372  
                    10,775,222  
            Connecticut—1.5%        
    Baa3   3,750 3      Mashantucket Western Pequot Tribe Spec. RB, Ser. B, 5.75%, 9/01/18   09/07 @ 102   3,878,813  
            Florida—10.7%        
    NR   670   Baywinds Cmnty. Dev. Dist. SA, Ser. B, 4.90%, 5/01/12   No Opt. Call   676,445  
    Baa2   1,585   Cap. Trust Agcy. Multi-Fam. Hsg. RB, American Oppty. Proj., Ser. A, 5.75%, 6/01/23   06/13 @ 102   1,562,509  
    NR   2,000   CFM Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. B, 5.875%, 5/01/14   No Opt. Call   2,048,200  
            Live Oak Cmnty. Dev. Dist. SA,        
    NR   1,800       No. 1, Ser. B, 5.00%, 11/01/09   No Opt. Call   1,801,350  
    NR4   90       No. 2, Ser. B, 5.30%, 5/01/08   No Opt. Call   90,422  
    BB+   4,515   Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21   11/14 @ 100   5,105,562  
    NR   1,595   Pine Islands Cmnty. Dev. Dist. Util. Sys. RB, 5.30%, 11/01/10   No Opt. Call   1,589,210  
    NR   3,920   Stevens Plantation Cmnty. Dist. SA, Ser. B, 6.375%, 5/01/13   No Opt. Call   4,037,561  
    NR4   5,410   Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. B, 5.875%, 1/01/15   No Opt. Call   5,647,445  
    NR   3,130   Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. A, 5.40%, 5/01/20   05/13 @ 100   3,189,720  
    NR   1,450   Westchester Cmnty. Dev. Dist. No. 1 SA, 6.00%, 5/01/23   05/13 @ 101   1,538,697  
                    27,287,121  
            Illinois—24.4%        
    NR   1,825 3 Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23   No Opt. Call   1,871,081  
            Chicago O’Hare Intl. Arpt. RB,        
    AAA   5,000       Ser. A, 5.00%, 1/01/19, AMBAC   01/16 @ 100   5,339,000  
    AAA   8,000       Ser. A, 5.00%, 1/01/20, AMBAC   01/16 @ 100   8,523,360  
    AAA   5,000       Ser. A, 5.75%, 1/01/18, MBIA, AMT   01/12 @ 100   5,412,200  
    A2   12,500 5 Dev. Fin. Auth. Adventist Hlth. Sys. RB, Sunbelt Oblig. Proj., 5.50%, 11/15/09   N/A   13,278,375  
    BBB   5,980 5 Edl. Facs. Auth. Student Hsg. Edl. Adv. Fund RB, Univ. Ctr. Proj., 6.00%, 5/01/12   N/A   6,718,889  
    Baa2   2,750   Fin. Auth. Student Hsg. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19   06/14 @ 100   2,934,140  
    A   5,000   Hlth. Facs. Auth. RB, Elmhurst Mem. Hosp. Proj., 5.50%, 1/01/22   01/13 @ 100   5,308,200  
            Kane & Du Page Cntys. Sch. Dist. GO,        
    AAA   4,625 5     Ser. B, Zero Coupon, 1/01/18, FSA   N/A   2,744,197  
    AAA   4,100 5     Ser. B, Zero Coupon, 1/01/19, FSA   N/A   2,281,855  
    AAA   2,950 5     Ser. B, Zero Coupon, 1/01/21, FSA   N/A   1,461,194  
    AAA   1,700 5     Ser. B, Zero Coupon, 1/01/22, FSA   N/A   786,250  
            Sports Facs. Auth. RB,        
    AAA   1,885       Zero Coupon, 6/15/19, AMBAC   06/15 @ 101   1,726,434  
    AAA   1,985       Zero Coupon, 6/15/20, AMBAC   06/15 @ 101   1,816,017  
    AAA   2,090       Zero Coupon, 6/15/21, AMBAC   06/15 @ 101   1,911,514  
                    62,112,706  
            Indiana—10.5%        
    AA   13,970 5 Hlth. Fac. Fin. Auth. RB, Sisters of St. Francis Proj., 5.75%, 11/01/11   N/A   15,495,384  
    BBB   2,500   Indianapolis Arpt. Auth. RB, FedEx Corp. Proj., 5.10%, 1/15/17, AMT   No Opt. Call   2,647,550  
    BBB+   4,000   Petersburg PCRB, Pwr. & Lt. Conv. Proj., 5.75%, 8/01/21   08/11 @ 102   4,277,960  
    NR   4,350   Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24   01/09 @ 102   4,344,998  
                    26,765,892  

1

BlackRock Municipal 2018 Term Trust (BPK) (continued)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          Louisiana—1.3%        
    AAA   $ 3,145   Pub. Facs. Auth. Dept. of Pub. Safety RB, 5.875%, 6/15/14, MBIA   06/10 @ 100   $  3,380,277  
            Maryland—2.1%        
    NR   5,170   Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20   07/07 @ 102   5,257,063  
            Michigan—3.0%        
    A1   5,450 5      Hosp. Fin. Auth. RB, Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/09   N/A   5,877,225  
            Pontiac Tax Increment Fin. Auth. Dev. RB,        
    A   700       Area 2, 5.625%, 6/01/22, ACA   06/12 @ 101   749,056  
    A   1,000       Area 3, 5.375%, 6/01/17, ACA   06/12 @ 101   1,062,840  
                    7,689,121  
            Mississippi—4.3%        
    BBB   9,000   Lowndes Cnty. Sld. Wst. Disp. PCRB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22   No Opt. Call   10,984,860  
            Multi-State—10.3%        
    A3   14,000 3 Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52   10/14 @ 100   15,955,940  
            Munimae TE Bond Subsidiary, LLC,        
    Baa1   6,000 3     Ser. B2, 5.20%, 6/30/49   09/14 @ 100   6,205,920  
    Baa3   4,000 3     Ser. D, 5.90%, 9/15/49   09/15 @ 101   4,089,480  
                    26,251,340  
            Nevada—3.0%        
    BBB+   5,000   Dept. of Bus. & Ind. Republic Svcs. RB, 5.625%, 12/01/26, AMT   No Opt. Call   5,467,600  
    NR   1,000   Henderson Local Impvt. Dist. No. T18 SA, 5.15%, 9/01/21   03/07 @ 103   1,013,820  
    NR   1,100   Las Vegas Spec. Imp. Dist. 809 RB, Summerlin Area Proj., 5.35%, 6/01/17   12/06 @ 103   1,130,888  
                    7,612,308  
            New Hampshire—6.3%        
            Bus. Fin. Auth. PCRB, Pub. Svc. Co. Proj.,        
    Aaa   6,000       Ser. B, 4.75%, 5/01/21, MBIA, AMT   06/13 @ 102   6,159,000  
    AAA   7,000       Ser. C, 5.45%, 5/01/21, MBIA   05/12 @ 101   7,654,080  
    A+   2,025   Hlth. & Ed. Facs. Auth. RB, Exeter Hosp. Proj., 6.00%, 10/01/24   10/11 @ 101   2,227,095  
                    16,040,175  
            New Jersey—12.6%        
            Econ. Dev. Auth.,        
    BBB   8,500       RB, Cigarette Tax Proj., 5.50%, 6/15/24   06/12 @ 100   8,942,340  
    B   4,065       RB, Continental Airlines, Inc. Proj., 7.00%, 11/15/30, AMT   11/10 @ 101   4,265,933  
    B   6,750       RB, Continental Airlines, Inc. Proj., 7.20%, 11/15/30, AMT   11/10 @ 101   7,132,455  
    Baa3   8,410       SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16   No Opt. Call   9,044,198  
    NR   2,500   Middlesex Cnty. Impvt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25   01/15 @ 100   2,580,725  
                    31,965,651  
            New York—8.0%        
    AA-   7,500   City of New York GO, 5.00%, 9/01/18   09/15 @ 100   8,039,700  
    B   3,460   New York City Indl. Dev. Agcy. RB, American Airlines, Inc., JFK Intl. Arpt. Proj.,        
                7.625%, 8/01/25, AMT   08/16 @ 101   4,064,116  
    AA-   7,500   Tobacco Settlement Fin. Corp. SA, Ser. B1, 5.50%, 6/01/20   06/13 @ 100   8,156,100  
                    20,259,916  
            North Carolina—1.7%        
    A-   4,000   Wake Cnty. Ind. Facs. PCRB, Pwr. & Lt. Co. Proj., 5.375%, 2/01/17   02/12 @ 101   4,254,000  
            Ohio—0.2%        
    NR   500   Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. RB, Ser. A, 6.00%, 12/01/22   12/14 @ 101   524,215  
            Oklahoma—1.2%        
    B   2,700   Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35, AMT   No Opt. Call   3,095,658  
            Pennsylvania—7.3%        
    NR   2,000   Montgomery Cnty. Indl. Dev. Auth. RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21   02/15 @ 100   2,119,880  
            Philadelphia Auth. for Ind. Dev. RB,        
    AAA   5,000       Ser. B, 5.50%, 10/01/18, FSA   10/11 @ 101   5,426,950  
    AAA   5,000       Ser. B, 5.50%, 10/01/19, FSA   10/11 @ 101   5,424,600  
            West Cornwall Twnshp. Mun. Auth. Coll. RB, Elizabethtown Coll. Proj.,        
    BBB+   2,500 5     5.90%, 12/15/11   N/A   2,762,700  
    BBB+   2,650 5     6.00%, 12/15/11   N/A   2,940,890  
                    18,675,020  
            Puerto Rico—1.2%        
    BBB   2,665   Comnwlth. Pub. Impvt. GO, Ser. B, 5.25%, 7/01/17   07/16 @ 100   2,917,909  

2

BlackRock Municipal 2018 Term Trust (BPK) (continued)

      Principal            
        Amount       Option Call    
    Rating1   (000)   Description   Provisions2   Value  
          South Carolina—2.1%        
    BBB+   $ 5,000   Jobs Econ. Dev. Auth. Hosp. Fac. RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23   08/13 @ 100   $ 5,429,750  
            Tennessee—2.5%        
    AAA   12,000   Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. RB, Corenant Hlth. Proj.,        
                Ser. A, Zero Coupon, 1/01/19, FSA   01/13 @ 71.667   6,372,840  
            Texas—11.1%        
    BBB   2,000   Alliance Arpt. Auth., Inc. Spl. Fac. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT   04/16 @ 100   2,027,340  
            Birdville Indpt. Sch. Dist. GO,        
    AAA   1,615       Zero Coupon, 2/15/18, PSF   No Opt. Call   998,086  
    AAA   1,815       Zero Coupon, 2/15/19, PSF   No Opt. Call   1,064,824  
    AAA   2,625       Zero Coupon, 2/15/20, PSF   No Opt. Call   1,463,490  
    AAA   2,500   Zero Coupon, 2/15/21, PSF   No Opt. Call   1,328,575  
    BBB   10,010   Brazos River Auth. PCRB, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36, AMT   No Opt. Call   10,597,888  
            Dallas Ft. Worth Intl. Arpt. Fac. Impvt. RB,        
    AAA   5,000       Ser. A, 5.875%, 11/01/17, FGIC, AMT   11/11 @ 100   5,443,350  
    AAA   5,000       Ser. A, 5.875%, 11/01/18, FGIC, AMT   11/11 @ 100   5,438,550  
                    28,362,103  
            Trust Territories—1.6%        
    A   4,000 3      San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16   12/13 @ 102   4,028,680  
            Washington—4.6%        
            Energy Northwest Wind Proj. RB,        
    A-   5,000 5     Ser. A, 6.00%, 1/01/07   N/A   5,177,800  
    A-   6,175 5     Ser. B, 5.875%, 1/01/07   N/A   6,392,730  
                    11,570,530  
            Wisconsin—6.5%        
            Hlth. & Edl. Facs. Auth. RB,        
    AA-   4,560 5     Foredert & Cmnty. Proj., 5.375%, 10/01/11   N/A   4,973,683  
    AA-   440       Foredert & Cmnty. Proj., 5.375%, 10/01/21   10/11 @ 101   465,617  
    A   10,000       Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22   02/12 @ 101   11,130,700  
                    16,570,000  
            Total Long-Term Investments (cost $360,197,768)       386,417,006  
            SHORT-TERM INVESTMENT—0.9%        
            Tennessee—0.9%        
    VMIG1   2,200 6 Montgomery Cnty. Pub. Bldg. Auth. RB, 3.85%, 10/02/06, FRDD (cost $2,200,000)   N/A   2,200,000  
            Total Investments —152.7% (cost $362,397,7687)       $ 388,617,006  
            Other assets in excess of liabilities —1.4%       3,632,673  
            Preferred shares at redemption value, including dividends payable —(54.1)%       (137,633,457)  
            Net Assets Applicable to Common Shareholders —100%       $ 254,616,222  

1   Using the highest of Standard & Poor’s, Moody’s Investors Services or Fitch’s ratings.  
2   Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.  
3   Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of September 30, 2006, the Trust held 14.2% of its net assets, with a current market value of $36,029,914, in securities restricted as to resale.  
4   Security is deemed to be of investment grade quality by the investment advisor.  
5   This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.  
6   For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of September 30, 2006.  
7   Cost for Federal income tax purposes is $362,294,932. The net unrealized appreciation on a tax basis is $26,322,074, consisting of $26,347,357 gross unrealized appreciation and $25,283 gross unrealized depreciation.  

KEY TO ABBREVIATIONS
ACA — American Capital Access   PCRB — Pollution Control Revenue Bond
AMBAC — American Municipal Bond Assurance Corp.   PSF — Public School Fund Guaranteed
FGIC — Financial Guaranty Insurance Co.   RB — Revenue Bond
FRDD — Floating Rate Daily Demand   SA — Special Assesment
FSA — Financial Security Assurance   ST — Special Tax
GO — General Obligation   TA — Tax Allocation
MBIA — Municipal Bond Insurance Assoc.      

3

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)___BlackRock Municipal 2018 Term Trust___

By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: November 29, 2006

By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006