UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-10501

 

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

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal 2018 Term Trust, 55 East 52nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 12/31/2011

 

Date of reporting period: 09/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments September 30, 2011 (Unaudited)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 2.8%

 

 

 

 

 

 

 

Courtland IDB Alabama, Refunding RB,
International Paper Co. Projects,
Series A, 4.75%, 5/01/17

 

$

1,000

 

$

1,018,190

 

Huntsville Health Care Authority
Alabama, Refunding RB, Series A,
5.63%, 6/01/22

 

 

5,845

 

 

5,969,732

 

 

 

 

 

 

 

6,987,922

 

Arizona — 2.7%

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp., RB,
Junior Lien, Series A, 5.00%, 7/01/21

 

 

4,660

 

 

5,517,720

 

Salt Verde Financial Corp., RB, Senior,
5.25%, 12/01/20

 

 

1,000

 

 

1,014,460

 

 

 

 

 

 

 

6,532,180

 

California — 15.2%

 

 

 

 

 

 

 

Agua Caliente Band of Cahuilla Indians,
RB, 5.60%, 7/01/13 (a)

 

 

755

 

 

741,267

 

California Health Facilities Financing
Authority, RB, Sutter Health, Series B,
5.00%, 8/15/19

 

 

2,570

 

 

2,943,370

 

California Pollution Control Financing
Authority, RB, Waste Management,
Inc. Project, Series C, AMT, 5.13%,
11/01/23

 

 

6,500

 

 

6,684,405

 

California Pollution Control Financing
Authority, Refunding RB, Republic
Services, Inc. Project, Series C,
Mandatory Put Bonds, AMT, 5.25%,
6/01/23

 

 

4,055

 

 

4,383,536

 

California State Department of Water
Resources, Refunding RB, Series L,
5.00%, 5/01/18

 

 

5,000

 

 

5,930,400

 

Clovis Unified School District California,
GO, CAB, Election of 2004, Series A
(NPFGC), 5.13%, 8/01/21 (b)(c)

 

 

5,425

 

 

4,297,793

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
7/01/20

 

 

3,750

 

 

4,392,450

 

San Manuel Entertainment Authority,
Series 04-C, 4.50%, 12/01/16 (a)

 

 

4,000

 

 

4,037,520

 

State of California, Refunding RB,
5.00%, 9/01/18

 

 

3,380

 

 

3,918,434

 

 

 

 

 

 

 

37,329,175

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado — 4.4%

 

 

 

 

 

 

 

Colorado Housing & Finance Authority,
RB, Disposal, Waste Management,
Inc. Project, AMT, 5.70%, 7/01/18

 

$

5,000

 

$

5,575,950

 

Park Creek Metropolitan District
Colorado, Refunding RB, Senior,
Limited Tax, Property Tax, 5.25%,
12/01/20

 

 

5,010

 

 

5,219,869

 

 

 

 

 

 

 

10,795,819

 

Florida — 2.9%

 

 

 

 

 

 

 

Broward County School Board Florida,
COP, Series A (AGM), 5.25%, 7/01/22

 

 

1,250

 

 

1,367,500

 

Pine Island Community Development
District, RB, 5.30%, 11/01/10 (d)(e)

 

 

400

 

 

202,840

 

Stevens Plantation Community
Development District, Special
Assessment Bonds, Series B, 6.38%,
5/01/13

 

 

2,270

 

 

1,952,654

 

Village Center Community Development
District, RB, Sub-Series B, 5.88%,
1/01/15

 

 

3,690

 

 

3,720,738

 

 

 

 

 

 

 

7,243,732

 

Illinois — 18.4%

 

 

 

 

 

 

 

City of Chicago Illinois, RB, General
Airport, Third Lien, Series A (AMBAC):

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

5,000

 

 

5,400,400

 

5.00%, 1/01/20

 

 

3,000

 

 

3,211,740

 

City of Chicago Illinois, Refunding RB,
General Airport, Third Lien, Series A,
AMT (NPFGC), 5.75%, 1/01/18

 

 

5,000

 

 

5,045,500

 

Illinois Finance Authority, RB, MJH
Education Assistance IV LLC, Sub-
Series A, 5.50%, 6/01/19 (d)(e)

 

 

2,750

 

 

1,508,265

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,290

 

 

2,639,225

 

Elmhurst Memorial
Healthcare, 5.50%,
1/01/22

 

 

5,000

 

 

5,041,050

 

Illinois Sports Facilities Authority, RB,
State Tax Supported (AMBAC):

 

 

 

 

 

 

 

5.35%, 6/15/19

 

 

1,885

 

 

2,057,270

 

5.40%, 6/15/20

 

 

1,985

 

 

2,154,837

 

5.45%, 6/15/21

 

 

2,090

 

 

2,261,359

 

 

Portfolio Abbreviations

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

 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

FHLMC

Federal Home Loan Mortgage Corp.

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

IDA

Industrial Development Authority

IDB

Industrial Development Board

ISD

Independent School District

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

PSF-GTD

Permanent School Fund Guaranteed

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2011

1


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Illinois State Toll Highway Authority, RB,
Senior Priority, Series A (AGM), 5.00%,
1/01/19

 

$

2,250

 

$

2,445,997

 

Railsplitter Tobacco Settlement
Authority, RB, 5.00%, 6/01/18

 

 

10,000

 

 

11,072,900

 

State of Illinois, RB, Build Illinois,
Series B, 5.00%, 6/15/18

 

 

2,000

 

 

2,332,620

 

 

 

 

 

 

 

45,171,163

 

Indiana — 7.0%

 

 

 

 

 

 

 

City of Vincennes Indiana, Refunding
RB, Southwest Indiana Regional Youth
Village, 6.25%, 1/01/24

 

 

3,575

 

 

3,181,000

 

Indiana Health Facility Financing
Authority, RB, Health System, Sisters
of St. Francis, 5.75%, 11/01/21 (f)

 

 

10,000

 

 

10,148,000

 

Indiana State Municipal Power Agency,
Series A, 5.00%, 1/01/19 (g)

 

 

875

 

 

1,012,331

 

Indianapolis Airport Authority, Refunding
RB, Special Facilities, FexEx Corp.
Project, AMT, 5.10%, 1/15/17

 

 

2,500

 

 

2,799,150

 

 

 

 

 

 

 

17,140,481

 

Kansas — 1.2%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB, Adventist Health,
5.00%, 11/15/18

 

 

2,500

 

 

2,929,200

 

Kentucky — 1.3%

 

 

 

 

 

 

 

Kentucky Housing Corp., RB, Series C,
AMT, 4.63%, 7/01/22

 

 

3,195

 

 

3,245,864

 

Louisiana — 0.5%

 

 

 

 

 

 

 

Louisiana Public Facilities Authority, RB,
Department of Public Safety Fire
Marshal’s Headquarter Project
(NPFGC), 5.88%, 6/15/14

 

 

1,350

 

 

1,362,393

 

Maryland — 1.2%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Charlestown Community,
5.00%, 1/01/19

 

 

1,685

 

 

1,798,822

 

University of Maryland Medical
System, 5.00%, 7/01/18

 

 

1,000

 

 

1,123,010

 

 

 

 

 

 

 

2,921,832

 

Massachusetts — 0.1%

 

 

 

 

 

 

 

Massachusetts State Water Pollution
Abatement, Refunding RB, MWRA
Program, Sub-Series A, 6.00%,
8/01/23

 

 

135

 

 

135,564

 

Michigan — 3.4%

 

 

 

 

 

 

 

Kalamazoo Hospital Finance Authority,
RB, Bronson Methodist Hospital
(AGM), 5.00%, 5/15/18

 

 

2,025

 

 

2,293,657

 

Michigan State Hospital Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

Oakwood Obligation Group,
Series A, 5.00%, 7/15/18

 

 

1,000

 

 

1,075,200

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Michigan State Hospital Finance
Authority, Refunding RB (concluded):

 

 

 

 

 

 

 

Sparrow Obligated, 4.50%,
11/15/26

 

$

3,500

 

$

3,420,935

 

Michigan State Housing Development
Authority, RB, Series B, 4.15%,
4/01/18

 

 

1,000

 

 

1,032,690

 

Pontiac Tax Increment Finance Authority
Michigan, Tax Allocation Bonds,
Refunding, Tax Increment
Development (ACA), 5.38%,
6/01/17 (f)

 

 

640

 

 

668,000

 

 

 

 

 

 

 

8,490,482

 

Mississippi — 3.9%

 

 

 

 

 

 

 

County of Lowndes Mississippi,
Refunding RB, Weyerhaeuser Co.
Project, Series A, 6.80%, 4/01/22

 

 

9,000

 

 

9,615,060

 

Multi-State — 8.9%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (FHLMC),
6.80%, 10/31/52 (a)(h)

 

 

14,000

 

 

15,203,580

 

MuniMae TE Bond Subsidiary LLC (a)(h):

 

 

 

 

 

 

 

5.20%, 6/29/49

 

 

6,000

 

 

4,320,060

 

Series D, 5.90%, 11/29/49

 

 

4,000

 

 

2,280,040

 

 

 

 

 

 

 

21,803,680

 

Nebraska — 0.7%

 

 

 

 

 

 

 

Public Power Generation Agency, RB,
Whelan Energy Center, Series 2-A
(AGC), 5.00%, 1/01/18

 

 

1,500

 

 

1,712,025

 

Nevada — 3.0%

 

 

 

 

 

 

 

City of Henderson Nevada, Special
Assessment Bonds, District No. T-18,
5.15%, 9/01/21

 

 

1,000

 

 

575,420

 

City of Las Vegas Nevada, Special
Assessment Bonds, Summerlin Area,
5.35%, 6/01/17

 

 

1,020

 

 

999,447

 

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

 

 

5,120

 

 

5,704,755

 

 

 

 

 

 

 

7,279,622

 

New Hampshire — 6.3%

 

 

 

 

 

 

 

New Hampshire Business Finance
Authority, Refunding RB, Public
Service Co. of New Hampshire Project
(NPFGC):

 

 

 

 

 

 

 

Series B, AMT, 4.75%,
5/01/21

 

 

6,000

 

 

6,126,840

 

Series C, 5.45%, 5/01/21

 

 

7,000

 

 

7,206,430

 

New Hampshire Health & Education
Facilities Authority, RB, Exeter Project,
6.00%, 10/01/24

 

 

2,025

 

 

2,048,652

 

 

 

 

 

 

 

15,381,922

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2011

2


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey — 18.2%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax 5.50%, 6/15/24

 

$

7,000

 

$

6,974,030

 

Continental Airlines, Inc.
Project, AMT, 7.00%,
11/15/30

 

 

4,065

 

 

4,026,139

 

Continental Airlines, Inc.
Project, AMT, 7.20%,
11/15/30

 

 

6,750

 

 

6,755,332

 

New Jersey EDA, Refunding RB, School
Facilities, Series GG, 5.00%, 9/01/20

 

 

4,000

 

 

4,521,600

 

New Jersey EDA, Special Assessment
Bonds, Refunding, Kapkowski Road
Landfill Project, 5.50%, 4/01/16

 

 

8,410

 

 

8,288,391

 

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

 

 

2,500

 

 

2,972,050

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB:

 

 

 

 

 

 

 

AHS Hospital Corp., 5.00%,
7/01/18

 

 

850

 

 

951,805

 

AtlantiCare Regional Medical
Center, 5.00%, 7/01/20

 

 

1,500

 

 

1,631,730

 

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

 

 

2,500

 

 

2,536,450

 

New Jersey State Turnpike Authority, RB,
Series G, 5.00%, 1/01/18

 

 

1,350

 

 

1,561,113

 

Newark Housing Authority, RB, South
Ward Police Facility (AGC), 4.50%,
12/01/18

 

 

4,000

 

 

4,444,560

 

 

 

 

 

 

 

44,663,200

 

New York — 6.4%

 

 

 

 

 

 

 

City of New York New York, GO, Sub-
Series F-1, 5.00%, 9/01/18

 

 

7,500

 

 

8,475,000

 

Metropolitan Transportation Authority,
Refunding RB, Series A, 5.00%,
11/15/18

 

 

1,000

 

 

1,191,390

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
5.00%, 12/01/20

 

 

1,200

 

 

1,212,672

 

Tobacco Settlement Financing Corp.
New York, RB, Asset-Backed, Series B-
1C, 5.50%, 6/01/20

 

 

4,500

 

 

4,831,245

 

 

 

 

 

 

 

15,710,307

 

North Carolina — 7.0%

 

 

 

 

 

 

 

North Carolina Eastern Municipal Power
Agency, Refunding RB, Series B,
4.00%, 1/01/18

 

 

3,865

 

 

4,231,363

 

North Carolina HFA, Refunding RB,
Series 28-A, AMT, 4.65%, 7/01/23

 

 

3,105

 

 

3,154,556

 

North Carolina Municipal Power Agency
No. 1, Refunding RB, Series B, 5.00%,
1/01/21

 

 

5,000

 

 

5,737,850

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

North Carolina (concluded)

 

 

 

 

 

 

 

Wake County Industrial Facilities &
Pollution Control Financing Authority
North Carolina, Refunding RB,
Carolina Power & Light Co. Project,
5.38%, 2/01/17

 

$

4,000

 

$

4,099,280

 

 

 

 

 

 

 

17,223,049

 

Ohio — 2.4%

 

 

 

 

 

 

 

American Municipal Power-Ohio, Inc.,
RB, Prairie State Energy Campus
Project, Series A, 5.25%, 2/15/23

 

 

5,000

 

 

5,553,200

 

Pinnacle Community Infrastructure
Financing Authority, RB, Facilities,
Series A, 6.00%, 12/01/22

 

 

415

 

 

376,878

 

 

 

 

 

 

 

5,930,078

 

Oklahoma — 1.1%

 

 

 

 

 

 

 

Tulsa Airports Improvement Trust, RB,
Series A, Mandatory Put Bonds, AMT,
7.75%, 6/01/35

 

 

2,700

 

 

2,756,268

 

Pennsylvania — 6.1%

 

 

 

 

 

 

 

Cumberland County Municipal Authority,
RB, Diakon Lutheran, 5.75%,
1/01/19

 

 

2,375

 

 

2,587,444

 

Montgomery County IDA Pennsylvania,
MRB, Whitemarsh Continuing Care,
6.00%, 2/01/21

 

 

2,000

 

 

1,852,740

 

Pennsylvania Higher Educational
Facilities Authority, RB, Drexel
University, Series A, 5.00%, 5/01/18

 

 

1,000

 

 

1,140,950

 

Pennsylvania Turnpike Commission, RB,
Sub-Series A (AGC), 5.00%, 6/01/22

 

 

1,000

 

 

1,116,690

 

Philadelphia Authority for Industrial
Development, RB, Series B (AGM),
5.50%, 10/01/11 (f)

 

 

3,000

 

 

3,030,450

 

West Cornwall Township Municipal
Authority Pennsylvania, RB,
Elizabethtown College Project(f):

 

 

 

 

 

 

 

5.90%, 12/15/11

 

 

2,500

 

 

2,529,500

 

6.00%, 12/15/11

 

 

2,650

 

 

2,681,826

 

 

 

 

 

 

 

14,939,600

 

Puerto Rico — 1.2%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Public Improvement, Series B, 5.25%,
7/01/17

 

 

2,665

 

 

2,875,295

 

South Carolina — 2.1%

 

 

 

 

 

 

 

South Carolina Jobs-EDA, Refunding RB,
Palmetto Health Alliance, Series A,
6.13%, 8/01/23

 

 

5,000

 

 

5,140,850

 

Tennessee — 3.3%

 

 

 

 

 

 

 

Knox County Health Educational &
Housing Facilities Board Tennessee,
Refunding RB, CAB, Series A (AGM),
5.63%, 1/01/19 (c)

 

 

12,000

 

 

8,211,960

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2011

3


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas — 14.3%

 

 

 

 

 

 

 

Alliance Airport Authority Texas,
Refunding RB, FedEx Corp. Project,
AMT, 4.85%, 4/01/21

 

$

2,000

 

$

2,089,860

 

Birdville ISD Texas, GO, Refunding, CAB
(PSF-GTD) (c):

 

 

 

 

 

 

 

5.40%, 2/15/18

 

 

1,615

 

 

1,418,002

 

5.46%, 2/15/19

 

 

1,815

 

 

1,527,849

 

5.51%, 2/15/20

 

 

2,625

 

 

2,113,282

 

5.54%, 2/15/21

 

 

2,500

 

 

1,922,575

 

Brazos River Authority, Refunding RB,
TXU Electric Co. Project, Series C,
Mandatory Put Bonds, AMT, 5.75%,
5/01/36

 

 

3,510

 

 

3,469,881

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/18

 

 

750

 

 

810,293

 

5.75%, 1/01/19

 

 

750

 

 

808,853

 

City of Dallas Texas, Refunding RB
(AGC), 5.00%, 8/15/21

 

 

2,500

 

 

2,759,325

 

City of Houston Texas, RB, Refunding
Sub Lien Series B, 5.00%, 7/01/18

 

 

1,000

 

 

1,157,440

 

Dallas-Fort Worth International Airport
Facilities Improvement Corp.,
Refunding RB, Joint Series A, AMT
(NPFGC):

 

 

 

 

 

 

 

5.88%, 11/01/17

 

 

5,000

 

 

5,018,900

 

5.88%, 11/01/18

 

 

5,000

 

 

5,018,900

 

North Texas Tollway Authority, RB,
Series C:

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

2,215

 

 

2,497,102

 

5.25%, 1/01/20

 

 

4,000

 

 

4,496,520

 

 

 

 

 

 

 

35,108,782

 

U.S. Virgin Islands — 0.4%

 

 

 

 

 

 

 

Virgin Islands Public Finance Authority,
Refunding RB, Senior Lien, Series B,
5.00%, 10/01/18

 

 

1,000

 

 

1,084,560

 

Virginia — 1.1%

 

 

 

 

 

 

 

Virginia HDA, RB, Sub-Series E-2, AMT,
4.38%, 10/01/19

 

 

2,750

 

 

2,781,158

 

Washington — 0.2%

 

 

 

 

 

 

 

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

 

 

500

 

 

588,095

 

Wisconsin — 4.0%

 

 

 

 

 

 

 

City of Franklin Wisconsin, RB, Waste
Management, Inc. Project, AMT,
4.95%, 4/01/16

 

 

1,990

 

 

2,206,790

 

State of Wisconsin, Refunding RB,
Series A, 5.00%, 5/01/18

 

 

1,000

 

 

1,188,590

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health, Inc.:

 

 

 

 

 

 

 

5.38%, 10/01/11 (f)

 

 

4,560

 

 

4,606,238

 

5.00%, 4/01/19

 

 

1,265

 

 

1,454,004

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin (concluded)

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health, Inc.:

 

 

 

 

 

 

 

5.38%, 10/01/21

 

$

440

 

$

445,122

 

 

 

 

 

 

 

9,900,744

 

Total Municipal Bonds – 151.7%

 

 

 

 

 

372,992,062

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (i)

 

 

 

 

 

 

 

Illinois — 2.3%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
Second Lien (AGM), 5.00%, 11/01/20

 

 

5,000

 

 

5,603,650

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 2.3%

 

 

 

 

 

5,603,650

 

Total Long-Term Investments
(Cost – $364,623,898) – 154.0%

 

 

 

 

 

378,595,712

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (j)(k)

 

 

1,612,791

 

 

1,612,791

 

Total Short-Term Securities
(Cost – $1,612,791) – 0.7%

 

 

 

 

 

1,612,791

 

Total Investments (Cost — $366,236,689*) - 154.7%

 

 

 

 

 

380,208,503

 

Other Assets Less Liabilities – 1.3%

 

 

 

 

 

3,237,231

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (1.5)%

 

 

 

 

 

(3,753,741

)

Preferred Shares, at Redemption Value – (54.5)%

 

 

 

 

 

(133,853,132

)

Net Assets – 100.0%

 

 

 

 

$

245,838,861

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of September 30, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate Cost

 

$

362,486,689

 

Gross unrealized appreciation

 

$

20,604,035

 

Gross unrealized depreciation

 

 

(6,632,221

)

Net unrealized appreciation

 

$

13,971,814

 

 

 

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(b)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(c)

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

 

 

(d)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(e)

Non-income producing security.

 

 

(f)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.


 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2011

4


 

 

 

 

 

 

Schedule of Investments (concluded)

BlackRock Municipal 2018 Term Trust (BPK)


 

 

(g)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Depreciation

 

 

Citigroup Global Markets

 

$

1,012,331

 

$

(7,971

)

 

 

(h)

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

 

 

(i)

Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(j)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
December 31,
2010

 

Net
Activity

 

Shares
Held at
September 30,
2011

 

Income

 

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

823,002

 

 

789,789

 

 

1,612,791

 

$

1,526

 

 

 

 

(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 are categorized in three broad levels for financial reporting purposes as follows:

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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 categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of September 30, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

378,595,712

 

 

—

 

$

378,595,712

 

Short Term
Securities

 

$

1,612,791

 

 

—

 

 

—

 

 

1,612,791

 

Total

 

$

1,612,791

 

$

378,595,712

 

 

—

 

$

380,208,503

 

 

 

1

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

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2011

5

Item 2 –

Controls and Procedures

 

 

2(a) –

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

 

 

2(b) –

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

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

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

 

 

 

BlackRock Municipal 2018 Term Trust

 

 

 

 By: /s/ John M. Perlowski

 

 

 

John M. Perlowski

 

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock Municipal 2018 Term Trust

 

 

 

Date: November 23, 2011

 

 

 

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

 

 

 

 By: /s/ John M. Perlowski

 

 

 

John M. Perlowski

 

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock Municipal 2018 Term Trust

 

 

 

Date: November 23, 2011

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock Municipal 2018 Term Trust

 

 

 

 

Date: November 23, 2011