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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-10501

Name of Fund: BlackRock Municipal 2018 Term Trust (BPK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Municipal 2018 Term Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 12/31/2007

Date of reporting period: 07/01/2007 – 09/30/2007

Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER 30, 2007
 BlackRock Municipal 2018 Term Trust (BPK) 
(Percentages shown are based on Net Assets)

Principal
           
Amount
               
(000)
  Description      
Value
 
  LONG-TERM INVESTMENTS—153.7%        
 
  Alabama—2.9%        
$
1,000
  Courtland Indl. Dev. Brd., Indl. RB, Intl.        
 
     Paper Co. Proj., Ser. A, 4.75%, 5/01/17   $ 999,200  
 
5,845
  Huntsville Hlth. Care Auth., Hlth., Hosp. &        
 
     Nursing Home RB, Ser. A, 5.625%,        
 
     6/01/22     6,122,988  
 
        7,122,188  
 
  California—7.2%        
 
1,750
1 Agua Caliente Band of Cahuilla Indians,        
 
     Casino Parimutuel Betting RB, 5.60%,        
 
     7/01/13     1,800,505  
 
1,100
2 City of Lincoln, Pub. Impvts. ST, 5.90%,        
 
     9/01/13     1,248,522  
 
5,425
  Clovis Unified Sch. Dist., Sch. Impvts. Ad        
 
     Valorem Ppty. Tax GO, Ser. A, Zero        
 
     Coupon, 8/01/21, FGIC     2,938,071  
 
  Poll. Ctrl. Fing. Auth.,        
 
6,500
3    Rec. Recovery Impvts. RB, Chemical        
 
     Wst. Mgmt., Inc. Proj., Ser. C, 5.125%,        
 
     11/01/23, AMT     6,432,985  
 
5,000
3    Rec. Recovery RB, Republic Svcs., Inc.        
 
     Proj., Ser. C, 5.25%, 6/01/23, AMT     5,143,000  
 
        17,563,083  
 
  Colorado—4.3%        
 
5,000
  Hsg. & Fin. Auth., Rec. Recovery Misc. RB,        
 
     Wst. Mgmt., Inc. Proj., 5.70%, 7/01/18,        
 
     AMT     5,330,100  
 
5,010
  Pk. Creek Met. Dist., Misc. RB, Sr. Ltd.        
 
     Ppty. Misc. Tax Proj., 5.25%, 12/01/20     5,214,007  
 
        10,544,107  
 
  Connecticut—1.5%        
 
3,750
1 Mashantucket Western Pequot Tribe,        
 
     Recreational RB, Ser. B, 5.75%, 9/01/18     3,797,400  
 
  Florida—7.4%        
 
2,000
  CFM Cmnty. Dev. Dist., Pub. Impvts. SA,        
 
     Ser. B, 5.875%, 5/01/14     1,975,740  
 
90
  Live Oak Cmnty. Dev. Dist. No. 1, Pub.        
 
     Impvts. SA, Ser. B, 5.30%, 5/01/08     90,128  
 
4,515
  Miami Beach Hlth. Facs. Auth., Hlth., Hosp.        
 
     & Nursing Home Impvts. RB, Mt. Sinai        
 
     Med. Ctr. Proj., 6.75%, 11/15/21     4,983,702  
 
1,170
  Pine Island Cmnty. Dev. Dist., Pub. Impvts.        
 
     Misc. RB, 5.30%, 11/01/10     1,170,164  
 
2,870
  Stevens Plantation Cmnty. Dev. Dist., Pub.        
 
     Impvts. SA, Ser. B, 6.375%, 5/01/13     2,903,808  
 
5,410
  Vlg. Ctr. Cmnty. Dev. Dist., Recreational        
 
     Fac. Impvts. RB, Ser. B, 5.875%, 1/01/15     5,436,022  
 
1,400
  Westchester Cmnty. Dev. Dist. No. 1, Pub.        
 
     Impvts. SA, 6.00%, 5/01/23     1,415,064  
 
        17,974,628  
 
  Illinois—25.2%        
 
1,825
 1,3 Centerpoint Intermodal Ctr. Prog. Trust TA,        
 
     Ser. A, 8.00%, 6/15/23     1,826,588  
 
  Chicago O'Hare Intl. Arpt., Port, Arpt. &        
 
  Marina RB,        
 
5,000
     Ser. A, 5.00%, 1/01/19, AMBAC     5,283,550  
 
8,000
     Ser. A, 5.00%, 1/01/20, AMBAC     8,413,680  
 
5,000
     Ser. A, 5.75%, 1/01/18, MBIA, AMT     5,271,050  
 
5,980
2 Edl. Facs. Auth., Univ. & Coll. Impvts. RB,        
 
     Edl. Adv. Fund Univ. Ctr. Proj., 6.00%,        
 
     5/01/12     6,630,265  
Principal
                 
Amount
           
(000)
  Description    
Value
 
 
  Illinois— (cont'd)        
 
  Fin. Auth.,        
$
12,500
2    Cash Flow Mgmt. Hlth., Hosp. & Nursing        
 
     Home RB, Adventist Hlth. Sys./Sunbelt        
 
     Oblig. Proj., 5.50%, 11/15/09   $ 13,106,125  
 
2,750
     Univ. & Coll. Impvts. RB, MJH Ed. Asst.        
 
     Living Proj., Ser. A, 5.50%, 6/01/19     2,680,480  
 
5,000
  Hlth. Facs. Auth., Hlth., Hosp. & Nursing        
 
     Home RB, Elmhurst Mem. Hosp. Proj.,        
 
     5.50%, 1/01/22     5,191,150  
 
13,375
2 Kane & DuPage Cntys. Cmnty. Unit Sch.        
 
     Dist. No. 303, Sch. Impvts. Ad Valorem        
 
     Ppty. Tax GO, Ser. B, Zero Coupon,        
 
     1/01/12, FSA     7,546,345  
 
  Sports Facs. Auth., Recreational Fac.        
 
  Impvts. Misc. Tax RB,        
 
1,9854
     5.39%, 6/15/20, AMBAC     1,872,173  
 
1,8854
     5.43%, 6/15/19, AMBAC     1,781,928  
 
2,0904
     5.43%, 6/15/21, AMBAC     1,968,425  
 
        61,571,759  
 
  Indiana—10.7%        
 
13,970
2 Hlth. Fac. Fing. Auth., Hlth., Hosp. &        
 
     Nursing Home Impvts. RB, Sisters of        
 
     Saint Francis Hlth. Proj., 5.75%, 11/01/11     15,234,564  
 
2,500
  Indianapolis Arpt. Auth., Port, Arpt. &        
 
     Marina RB, FedEx Corp. Proj., 5.10%,        
 
     1/15/17, AMT     2,556,300  
 
4,000
  Petersburg, Indl. RB, Indianapolis Pwr. &        
 
     Lt. Co. Proj., 5.75%, 8/01/21     4,085,640  
 
4,215
  Vincennes, Econ. Dev. RB, Southwest        
 
     Indiana Regl. Youth Proj., 6.25%, 1/01/24     4,180,142  
 
        26,056,646  
 
  Kentucky—1.3%        
 
3,195
  Hsg. Corp., St. Sngl. Hsg. Local or Gtd.        
 
     Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT     3,106,499  
 
  Louisiana—1.2%        
 
2,825
  Pub. Facs. Auth., Pub. Impvts. Misc. RB,        
 
     Dept. of Pub. Safety Proj., 5.875%,        
 
     6/15/14, MBIA     2,968,821  
 
  Maryland—2.0%        
 
4,949
  Frederick Cnty., Pub. Impvts. ST, Urbana        
 
     Cmnty. Dev. Auth. Proj., Ser. A, 5.80%,        
 
     7/01/20     4,982,109  
 
  Massachusetts—0.9%        
 
2,000
2 Bay Transp. Auth., Trans. Impvts. Sales Tax        
 
     RB, Ser. C, 5.00%, 7/01/18     2,173,340  
 
  Michigan—3.8%        
 
  Hosp. Fin. Auth., Hlth., Hosp. & Nursing        
 
  Home RB,        
 
3,500
     Edward W. Sparrow Hosp. Proj., 4.50%,        
 
     11/15/26     3,273,585  
 
2,950
2    Henry Ford Hlth. Sys. Proj., Ser. A,        
 
     6.00%, 11/15/09     3,123,018  
 
1,000
     Oakwood Healthcare Sys. Proj., 5.00%,        
 
     7/15/18     1,044,030  
 
  Pontiac Tax Incr. Fin. Auth. TA RB,        
 
700
     Dev. Area 2 Proj., 5.625%, 6/01/22, ACA     720,636  
 
1,000
     Dev. Area 3 Proj., 5.375%, 6/01/17, ACA     1,032,210  
 
        9,193,479  
 
  Mississippi—4.3%        
 
9,000
  Lowndes Cnty., Indl. RB, Weyerhaeuser Co.        
 
     Proj., Ser. A, 6.80%, 4/01/22     10,404,270  


1

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

Principal
                 
Amount
           
(000)
  Description    
Value
 
 
  Multi-State—10.7%        
$
14,000
 1,5 Charter Mac Equity Issuer Trust, Ser. A-3,        
 
     6.80%, 10/01/52   $ 15,855,560  
 
  Munimae TE Bond Subsidiary LLC,        
 
6,000
1    Ser. B2, 5.20%, 6/30/49     6,085,860  
 
4,000
1    Ser. D, 5.90%, 11/29/49     4,156,120  
 
        26,097,540  
 
  Nevada—2.9%        
 
1,000
  City of Henderson, Pub. Impvts. SA, Local        
 
     Impvt. No. T-18 Proj., 5.15%, 9/01/21     966,780  
 
5,000
3 Director of the St. of Nevada Dept. of Bus.        
 
     & Ind., Rec. Recovery Impvts. RB,        
 
     Republic Svcs., Inc. Proj., 5.625%,        
 
     12/01/26, AMT     5,128,750  
 
1,085
  Las Vegas Spl. Dist. No. 809, Pub. Impvts.        
 
     RB, Summerlin Area Proj., 5.35%,        
 
     6/01/17     1,099,973  
 
        7,195,503  
 
  New Hampshire—6.4%        
 
  Bus. Fin. Auth.,        
 
6,000
     Indl. RB, Pub. Svc. Co. Proj., Ser. B,        
 
     4.75%, 5/01/21, MBIA, AMT     6,042,060  
 
7,000
     Rec. Recovery RB, Pub. Svc. Co. Proj.,        
 
     Ser. C, 5.45%, 5/01/21, MBIA     7,482,440  
 
2,025
  Hlth. & Ed. Facs. Auth., Hlth., Hosp. &        
 
     Nursing Home RB, Exeter        
 
     Hosp./Healthcare, Inc. Proj., 6.00%,        
 
     10/01/24     2,166,041  
 
        15,690,541  
 
  New Jersey—13.3%        
 
  Econ. Dev. Auth.,        
 
8,500
     Econ. Impvts. Misc. RB, Cigarette Tax        
 
     Proj., 5.50%, 6/15/24     8,704,510  
 
4,065
3    Port, Arpt. & Marina Impvts. RB, Contl.        
 
     Airlines, Inc. Proj., 7.00%, 11/15/30,        
 
     AMT     4,228,738  
 
6,750
3    Port, Arpt. & Marina Impvts. RB, Contl.        
 
     Airlines, Inc. Proj., 7.20%, 11/15/30,        
 
     AMT     7,059,960  
 
8,410
     SA, Kapkowski Rd. Landfill Proj., 5.50%,        
 
     4/01/16     8,625,212  
 
1,500
  Hlth. Care Facs. Fing. Auth., Hlth., Hosp. &        
 
     Nursing Home RB, Atlanticare Regl.        
 
     Med. Ctr. Proj., 5.00%, 7/01/20     1,553,805  
 
2,500
  Hsg. & Mtg. Fin. Agcy., St. Sngl. Fam. Hsg.        
 
     Local or Gtd. Hsg. RB, Ser. T, 4.55%,        
 
     10/01/22, AMT     2,403,650  
 
        32,575,875  
 
  New York—8.1%        
 
7,500
  City of New York, Pub. Impvts. Ad        
 
     Valorem Ppty. Tax GO, 5.00%, 9/01/18     7,952,550  
 
3,460
3 New York City Indl. Dev. Agcy., Port, Arpt.        
     
   & Marina Impvts. RB, American Airlines,
       
 
     Inc./JFK Intl. Arpt. Proj., 7.625%,        
 
     8/01/25, AMT     3,921,460  
 
7,500
  Tobacco Settlement Fing. Auth., Hsg.        
     
   Tobacco Settlement Funded RB, Ser. B1-
       
 
     C, 5.50%, 6/01/20     8,014,650  
 
        19,888,660  
 
  North Carolina—3.0%        
 
3,140
3 Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser.        
 
     28A, 4.65%, 7/01/23, AMT     3,050,918  
Principal
                 
Amount
           
(000)
  Description    
Value
 
 
  North Carolina—(cont’d)        
$
4,000
  Wake Cnty. Indl. Facs. & Poll. Ctrl. Fing.        
     
   Auth., Indl. RB, Carolina Pwr. & Lt. Co.
       
 
     Proj., 5.375%, 2/01/17   $ 4,204,920  
 
        7,255,838  
 
  Ohio—0.2%        
 
500
  Pinnacle Cmnty. Infrastructure Fing. Auth.,        
 
     Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22     513,920  
 
  Oklahoma—1.2%        
 
2,700
3 Tulsa Mun. Arpt. Trust, Port, Arpt. &        
 
     Marina Impvts. RB, AMR Corp. Proj.,        
 
     Ser. A, 7.75%, 6/01/35, AMT     3,000,942  
 
  Pennsylvania—7.5%        
 
2,000
  Montgomery Cnty. Indl. Dev. Auth., Hlth.,        
     
   Hosp. & Nursing Home RB, Whitemarsh
       
 
     Continuing Care Proj., 6.00%, 2/01/21     2,048,660  
 
  Philadelphia Auth. for Indl. Dev., Indl.        
 
  Impvts. RB,        
 
5,000
     Ser. B, 5.50%, 10/01/18, FSA     5,364,000  
 
5,000
     Ser. B, 5.50%, 10/01/19, FSA     5,364,000  
 
  West Cornwall Twnshp. Mun. Auth., Univ.        
 
  & Coll. Impvts. RB, Elizabethtown Coll.        
 
  Proj.,        
 
2,500
2    5.90%, 12/15/11     2,722,800  
 
2,650
2    6.00%, 12/15/11     2,896,450  
 
        18,395,910  
 
  Puerto Rico—1.2%        
 
2,665
  Comnwlth., Pub. Impvts. Ad Valorem Ppty.        
 
     Tax GO, Ser. B, 5.25%, 7/01/17     2,849,978  
 
  South Carolina—2.2%        
 
5,000
  Jobs-Econ. Dev. Auth., Hlth., Hosp. &        
 
     Nursing Home RB, Palmetto Hlth.        
 
     Alliance Proj., Ser. A, 6.125%, 8/01/23     5,297,100  
 
  Tennessee—2.8%        
 
12,000
  Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd.,        
 
     Hlth., Hosp. & Nursing Home RB,        
 
     Covenant Hlth. Proj., Ser. A, Zero        
 
     Coupon, 1/01/19, FSA     6,791,760  
 
  Texas—11.3%        
 
2,000
  Alliance Arpt. Auth., Indl. RB, FedEx Corp.        
 
     Proj., 4.85%, 4/01/21, AMT     1,958,480  
 
  Birdville Indpt. Sch. Dist., Ad Valorem        
 
  Ppty. Tax GO,        
 
1,615
     Zero Coupon, 2/15/18, PSF     1,037,266  
 
1,815
     Zero Coupon, 2/15/19, PSF     1,106,025  
 
2,625
     Zero Coupon, 2/15/20, PSF     1,517,828  
 
2,500
     Zero Coupon, 2/15/21, PSF     1,371,100  
 
10,010
3 Brazos River Auth., Rec. Recovery RB,        
 
     TXU Energy Co. LLC Proj., Ser. C,        
 
     5.75%, 5/01/36, AMT     9,967,357  
 
  Dallas-Ft. Worth Intl. Arpt. Facs. Impvt.        
 
  Corp., Port, Arpt. & Marina RB,        
 
5,000
     Ser. A, 5.875%, 11/01/17, FGIC, AMT     5,290,450  
 
5,000
     Ser. A, 5.875%, 11/01/18, FGIC, AMT     5,290,450  
 
        27,538,956  
 
  Trust Territories—1.6%        
 
4,000
1 San Manuel Entertainment Auth. RB, 2004        
 
     Gaming Proj., Ser. C, 4.50%, 12/01/16     3,836,960  
 
  Virginia—1.1%        
 
2,750
  Hsg. Dev. Auth., Local or Gtd. Hsg. RB,        
 
     Ser. E-2, 4.375%, 10/01/19, AMT     2,669,920  


2

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

Principal
                 
Amount
           
(000)
  Description     Value  
      Wisconsin—7.5%        
$ 1,990   Franklin, Rec. Recovery RB, Wst. Mgmt.,        
         Inc. Proj., 4.95%, 4/01/16, AMT  
$
2,008,427  
      Hlth. & Edl. Facs. Auth., Hlth., Hosp. &        
      Nursing Home RB,        
  4,560 2    Froedert & Cmnty. Proj., 5.375%,        
         10/01/11     4,895,571  
  440      Froedert & Cmnty. Proj., 5.375%,        
         10/01/21     467,971  
  10,000 2    Wheaton Franciscan Svcs. Proj., 6.25%,        
         2/15/12     11,081,500  
            18,453,469  
      Total Long-Term Investments        
      (cost $358,480,286)     375,511,201  
Shares
           
(000)
           
      MONEY MARKET FUND—0.7%        
 
1,600
 6,7 Merrill Lynch Institutional Tax-Exempt        
         Fund, 3.67% (cost $1,600,000)     1,600,000  
Total Investments—154.4% (cost $360,080,2867)  
$
377,111,201  
Other assets in excess of liabilities—2.0%     4,774,104  
Preferred shares at redemption value, including dividends        
payable—(56.4)%     (137,653,539
)
 
Net Assets Applicable to Common Shareholders—100%  
$
244,231,766  
 

 
1     

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, 2007, the Trust held 15.3% of its net assets, with a current market value of $37,358,993, in securities restricted as to resale.
 
2

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.
 
3

Variable rate security. Rate shown is interest rate as of September 30, 2007.
 
4

Represents a step up bond; the interest rate shown reflects the effective yield at the time of purchase.
 
5

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt multi-family housing revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to their respective stated maturity, and is subject to mandatory redemption at maturity.
 
6

Represents an investment in an affiliate.
 
7

Represents current yield as of September 30, 2007.
 
8

Cost for federal income tax purposes is $359,944,367. The net unrealized appreciation on a tax basis is $17,166,834, consisting of $18,226,609 gross unrealized appreciation and $1,059,775 gross unrealized depreciation.
 
KEY TO ABBREVIATIONS
ACA
   — American Capital Access
AMBAC
 — American Municipal Bond Assurance Corp.
AMT
 — Subject to Alternative Minimum Tax
FGIC
 — Financial Guaranty Insurance Co.
FSA
 — Financial Security Assurance
GO
 — General Obligation
MBIA
— Municipal Bond Insurance Assoc.
PSF
 — Public School Fund Guaranteed
RB
 — Revenue Bond
SA
 — Special Assessment
ST
 — Special Tax
TA
 — Tax Allocation


3

Item 2 –  Controls and Procedures

2(a) –      The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities and Exchange Act of 1934, as amended.

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

Item 3 –  Exhibits

Certifications – Attached hereto

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

BlackRock Municipal 2018 Term Trust

By:   /s/ Donald C. Burke  
  Donald C. Burke,
  President & Chief Executive Officer of
  BlackRock Municipal 2018 Term Trust

Date: November 20, 2007

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/ Donald C. Burke  
  Donald C. Burke,
  President & Chief Executive Officer (principal executive officer) of
  BlackRock Municipal 2018 Term Trust

Date: November 20, 2007

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

Date: November 20, 2007