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, 2004 ____________________________________________ |
| Date of reporting period: | March 31, 2005 ____________________________________________ |
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 (unaudited)
MARCH 31, 2005
BlackRock Municipal 2018 Term Trust (BPK)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | ||||||||||
| LONG-TERM INVESTMENTS—151.3% | |||||||||||||
| Alabama—4.5% | |||||||||||||
| Baa2 | $5,000 | Courtland Ind. Dev. Brd. PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 | 06/05 @ 102 | $ 5,120,900 | |||||||||
| A2 | 5,845 | Huntsville Hlth. Care Auth., GO, Ser. A, 5.625%, 6/01/22 | 06/12 @ 101 | 6,142,686 | |||||||||
| 11,263,586 | |||||||||||||
| California—5.6% | |||||||||||||
| A | 1,750 | Agua Caliente Band of Cahuilla Indians, 5.60%, 7/01/13 | No Opt. Call | 1,737,312 | |||||||||
| AAA | 5,425 | Clovis Unified Sch. Dist., Cap. Apprec. Election 2004, Ser. A, Zero Coupon, 8/01/21, FGIC | No Opt. Call | 2,392,154 | |||||||||
| NR | 1,235 | Lincoln Spec. Tax Rev. Cmnty. Facs. Dist. 1, 5.90%, 9/01/24 | 09/13 @ 102 | 1,240,632 | |||||||||
| B- | 3,460 | Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., | |||||||||||
| Ser. C, 7.50%, 12/01/24 | 12/12 @ 102 | 3,491,036 | |||||||||||
| BBB+ | 5,000 | Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23 | No Opt. Call | 5,284,250 | |||||||||
| 14,145,384 | |||||||||||||
| Colorado—2.1% | |||||||||||||
| A2 | 5,000 | Hsg. & Fin. Auth. Sld. Wst. Rev., Wst. Mgmt. Proj., 5.70%, 7/01/18 | No Opt. Call | 5,248,650 | |||||||||
| Connecticut—1.6% | |||||||||||||
| Baa3 | 3,750 | Mashantucket Western Pequot Tribe Spec. Rev., Ser. B, 5.75%, 9/01/18 | 09/07 @ 102 | 3,940,537 | |||||||||
| Florida—12.9% | |||||||||||||
| Baa1 | 1,585 | Cap. Trust Agcy. Multi-Fam. Hsg., American Oppty. Proj., Ser. A, 5.75%, 6/01/23 | 06/13 @ 102 | 1,526,133 | |||||||||
| NR | 2,000 | CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14 | No Opt. Call | 2,037,880 | |||||||||
| NR | 3,215 | Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 1, Ser. B, 5.30%, 5/01/08 | No Opt. Call | 3,237,473 | |||||||||
| NR | 1,860 | Live Oak Cmnty. Dev. Dist. Spl. Assmt. No. 2, Ser. B, 5.00%, 11/01/09 | No Opt. Call | 1,860,409 | |||||||||
| BB | 4,515 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 4,923,878 | |||||||||
| NR | 1,595 | Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10 | No Opt. Call | 1,584,872 | |||||||||
| NR | 5,025 | Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 | No Opt. Call | 5,120,073 | |||||||||
| NR | 940 | Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13 | No Opt. Call | 970,061 | |||||||||
| NR4 | 920 | Vlg. Cmnty. Dev. Dist. Assmt. Rev., Ser. B, 5.40%, 5/01/07 | No Opt. Call | 928,381 | |||||||||
| NR4 | 5,410 | Vlg. Ctr. Cmnty. Dev. Dist., Ser. B, 5.875%, 1/01/15 | No Opt. Call | 5,557,639 | |||||||||
| NR | 3,130 | Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. Rev., Ser. A, 5.40%, 5/01/20 | 05/13 @ 100 | 3,090,249 | |||||||||
| NR | 1,500 | Westchester Cmnty. Dev. Dist. No. 1 Spl. Assmt., 6.00%, 5/01/23 | 05/13 @ 101 | 1,544,865 | |||||||||
| 32,381,913 | |||||||||||||
| Illinois—20.5% | |||||||||||||
| NR | 1,825 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 1,828,796 | |||||||||
| AAA | 5,000 | Chicago O’Hare Intl. Arpt., Ser. A, 5.75%, 1/01/18, MBIA | 01/12 @ 100 | 5,465,750 | |||||||||
| A | 12,500 | 5 | Dev. Fin. Auth., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.50%, 11/15/20 | 11/09 @ 101 | 13,111,125 | ||||||||
| A2 | 5,000 | Dev. Fin. Auth. PCR, Ser. C, 5.95%, 8/15/26 | 12/06 @ 101 | 5,137,100 | |||||||||
| BBB | 5,980 | Edl. Facs. Auth. Student Hsg. Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22 | 05/12 @ 101 | 6,152,882 | |||||||||
| Baa2 | 2,750 | Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19 | 06/14 @ 100 | 2,874,493 | |||||||||
| A | 5,000 | Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22 | 01/13 @ 100 | 5,220,350 | |||||||||
| Kane & Du Page Cntys. Sch. Dist., GO, Ser. B, FSA, | |||||||||||||
| AAA | 4,625 | 6 | Zero Coupon, 01/01/2012 | N/A | 2,575,200 | ||||||||
| AAA | 4,100 | 6 | Zero Coupon, 01/01/2012 | N/A | 2,141,348 | ||||||||
| AAA | 2,950 | 6 | Zero Coupon, 01/01/2012 | N/A | 1,371,219 | ||||||||
| AAA | 1,700 | 6 | Zero Coupon, 01/01/2012 | N/A | 737,834 | ||||||||
| Sports Facs. Auth. Ded. St. Tax Supported Rev., AMBAC, | |||||||||||||
| AAA | 1,885 | Zero Coupon, 6/15/19 | 06/15 @ 101 | 1,557,406 | |||||||||
| AAA | 1,985 | Zero Coupon, 6/15/20 | 06/15 @ 101 | 1,632,444 | |||||||||
| AAA | 2,090 | Zero Coupon, 6/15/21 | 06/15 @ 101 | 1,714,322 | |||||||||
| 51,520,269 | |||||||||||||
| Indiana—10.4% | |||||||||||||
| AA | 13,970 | Hlth. Fac. Fin. Auth., Sisters of St. Francis Proj., 5.75%, 11/01/21 | 11/11 @ 101 | 15,000,008 | |||||||||
| BBB | 2,500 | Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | 2,582,625 | |||||||||
| BBB | 4,000 | Petersburg PCR Pwr. & Lt. Conv., 5.75%, 8/01/21 | 08/11 @ 102 | 4,171,360 | |||||||||
| NR | 4,480 | Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 @ 102 | 4,347,885 | |||||||||
| 26,101,878 | |||||||||||||
| Louisiana—1.5% | |||||||||||||
| NR4 | 3,730 | Pub. Facs. Auth. Dept. of Pub. Safety, 5.875%, 6/15/14 | 06/10 @ 100 | 3,826,346 | |||||||||
1
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Maryland—2.1% | |||||||||||||
| NR4 | $5,170 | Frederick Cnty. Urbana Cmnty. Dev. Auth., Ser. A, 5.80%, 7/01/20 | 07/07 @ 102 | $ 5,183,494 | |||||||||
| Michigan—6.7% | |||||||||||||
| A1 | 5,450 | Hosp. Fin. Auth., Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/19 | 11/09 @ 101 | 5,777,381 | |||||||||
| BB+ | 9,000 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 @ 101 | 9,293,400 | |||||||||
| A | 700 | Pontiac Tax Increment Fin. Auth. Dev. Area 2, 5.625%, 6/01/22, ACA | 06/12 @ 101 | 733,250 | |||||||||
| A | 1,000 | Pontiac Tax Increment Fin. Auth. Dev. Area 3, 5.375%, 6/01/17, ACA | 06/12 @ 101 | 1,041,790 | |||||||||
| 16,845,821 | |||||||||||||
| Mississippi—4.3% | |||||||||||||
| BBB | 9,000 | Lowndes Cnty. Sld. Wst. Disp. PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 | No Opt. Call | 10,793,610 | |||||||||
| Missouri—1.1% | |||||||||||||
| AA | 2,590 | Hlth. & Edu. Fac., BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20 | 05/15 @ 100 | 2,696,294 | |||||||||
| Multi-State—8.4% | |||||||||||||
| A3 | 14,000 | 3 | Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52 | 10/14 @ 100 | 15,482,460 | ||||||||
| Baa2 | 6,000 | 3 | MuniMae TE Bond Subsidiary LLC, Ser. B2, Zero Coupon, 6/30/49 | 09/14 @ 100 | 5,766,720 | ||||||||
| 21,249,180 | |||||||||||||
| Nevada—2.5% | |||||||||||||
| BBB+ | 5,000 | Dept. of Bus. & Ind., Republic Svc., Inc. Proj., 5.625%, 12/01/26 | No Opt. Call | 5,313,150 | |||||||||
| NR | 1,100 | Las Vegas Spec. Imp. Dist. 809, Summerlin Area Proj., 5.35%, 6/01/17 | 06/05 @ 103 | 1,094,247 | |||||||||
| 6,407,397 | |||||||||||||
| New Hampshire—3.9% | |||||||||||||
| AAA | 7,000 | Bus. Fin. Auth. PCR, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA | 05/12 @ 101 | 7,654,430 | |||||||||
| A+ | 2,025 | Hlth. & Ed. Facs. Auth., Exeter Hosp. Proj., 6.00%, 10/01/24 | 10/11 @ 101 | 2,186,919 | |||||||||
| 9,841,349 | |||||||||||||
| New Jersey—11.6% | |||||||||||||
| Econ. Dev. Auth., | |||||||||||||
| B | 4,065 | Continental Airlines, Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 3,440,535 | |||||||||
| B | 6,750 | Continental Airlines, Inc. Proj., 7.20%, 11/15/30 | 11/10 @ 101 | 5,822,347 | |||||||||
| Baa3 | 8,410 | Kapkowski Road Landfill Proj., 5.50%, 4/01/16 | No Opt. Call | 8,647,835 | |||||||||
| BBB | 8,500 | Cigarette Tax, 5.50%, 6/15/24 | 06/12 @ 100 | 8,742,845 | |||||||||
| NR | 2,500 | Middlesex Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25 | 01/15 @ 100 | 2,412,925 | |||||||||
| 29,066,487 | |||||||||||||
| New Mexico—0.9% | |||||||||||||
| NR | 2,315 | Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 | No Opt. Call | 2,369,796 | |||||||||
| North Carolina—1.7% | |||||||||||||
| A- | 4,000 | Wake Cnty. Ind. Facs. PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17 | 02/12 @ 101 | 4,278,880 | |||||||||
| Ohio—0.2% | |||||||||||||
| NR | 500 | Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 510,040 | |||||||||
| Oklahoma—1.1% | |||||||||||||
| B- | 2,700 | Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 2,698,272 | |||||||||
| Pennsylvania—7.4% | |||||||||||||
| NR | 2,000 | Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21 | 02/15 @ 100 | 2,042,480 | |||||||||
| Philadelphia Auth. for Ind. Dev., Ser. B, FSA, | |||||||||||||
| AAA | 5,000 | 5.50%, 10/01/18 | 10/11 @ 101 | 5,439,650 | |||||||||
| AAA | 5,000 | 5.50%, 10/01/19 | 10/11 @ 101 | 5,427,750 | |||||||||
| West Cornwall Twnshp. Mun. Auth. Coll., Elizabethtown Coll. Proj., | |||||||||||||
| BBB+ | 2,500 | 5.90%, 12/15/18 | 12/11 @ 100 | 2,706,200 | |||||||||
| BBB+ | 2,650 | 6.00%, 12/15/22 | 12/11 @ 100 | 2,875,780 | |||||||||
| 18,491,860 | |||||||||||||
| South Carolina—3.5% | |||||||||||||
| BBB+ | 5,000 | Jobs Econ. Dev. Auth. Hosp. Fac. Rev., Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23 | 08/13 @ 100 | 5,350,600 | |||||||||
| NR | 3,497 | Lancaster Cnty. Assmt. Rev., Edgewater Imp. Dist. Proj., Ser. B, 6.125%, 11/01/14 | No Opt. Call | 3,540,153 | |||||||||
| 8,890,753 | |||||||||||||
| Tennessee—2.3% | |||||||||||||
| AAA | 12,000 | Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/19, | |||||||||||
| FSA | 01/13 @ 71.667 | 5,828,640 | |||||||||||
| Texas—21.7% | |||||||||||||
| Affordable Hsg. Corp. Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks Proj., Ser. A, | |||||||||||||
| Baa3 | 12,695 | 5.55%, 11/01/18 | 11/11 @ 102 | 12,610,832 | |||||||||
| Baa3 | 9,800 | 5.75%, 11/01/22 | 11/11 @ 102 | 9,566,760 | |||||||||
| BBB | 2,000 | Alliance Arpt. Auth. Inc. Spec. Facs., Fed. Express Corp. Proj., 6.375%, 4/01/21 | 04/06 @ 102 | 2,101,700 |
|||||||||
2
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Texas—(continued) | |||||||||||||
| Birdville Indpt. Sch. Dist., GO, | |||||||||||||
| AAA | $1,615 | Zero Coupon, 2/15/18 | No Opt. Call | $ 880,789 | |||||||||
| AAA | 1,815 | Zero Coupon, 2/15/19 | No Opt. Call | 937,919 | |||||||||
| AAA | 2,625 | Zero Coupon, 2/15/20 | No Opt. Call | 1,284,045 | |||||||||
| AAA | 2,500 | Zero Coupon, 2/15/21 | No Opt. Call | 1,156,475 | |||||||||
| BBB | 10,010 | Brazos River Auth. PCR, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36 | No Opt. Call | 10,669,159 | |||||||||
| NR | 4,305 | Dallas Cnty. Flood Ctrl., 6.75%, 4/01/16 | 04/13 @ 100 | 4,395,405 | |||||||||
| Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Ser. A, FGIC, | |||||||||||||
| AAA | 5,000 | 5.875%, 11/01/17 | 11/11 @ 100 | 5,497,550 | |||||||||
| AAA | 5,000 | 5.875%, 11/01/18 | 11/11 @ 100 | 5,488,500 | |||||||||
| 54,589,134 | |||||||||||||
| Trust Territories—1.6% | |||||||||||||
| A- | 4,000 | 3 | San Manuel Entertainment Auth., 2004 Gaming Proj., Ser.C, 4.50%, 12/01/16 | 12/13 @ 102 | 3,921,560 | ||||||||
| Washington—4.8% | |||||||||||||
| Energy Northwest Wind Proj., | |||||||||||||
| A- | 5,000 | 6 | Ser. A, 6.00%, 1/01/2007 | N/A | 5,412,400 | ||||||||
| A- | 6,175 | 6 | Ser. B, 5.875%, 1/01/2007 | N/A | 6,671,285 | ||||||||
| 12,083,685 | |||||||||||||
| Wisconsin—6.4% | |||||||||||||
| Hlth. & Edl. Facs. Auth., | |||||||||||||
| A+ | 5,000 | Froedert & Cmnty. Hlth. Oblig. Proj., 5.375%, 10/01/21 | 10/11 @ 101 | 5,153,650 | |||||||||
| A | 10,000 | Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22 | 02/12 @ 101 | 10,935,200 | |||||||||
| 16,088,850 | |||||||||||||
| Total Long-Term Investments (cost $363,844,972) | 380,263,665 | ||||||||||||
| SHORT-TERM INVESTMENTS—5.7% | |||||||||||||
| Ohio—2.4% | |||||||||||||
| VMIG1 | 6,000 | 7 | Hamilton Cnty. Hosp. Facs., 2.29%, 4/07/05, FRWD | N/A | 6,000,000 | ||||||||
| Money Market Fund—3.3% | |||||||||||||
| 8,400 | AIM Tax Free Investment Co. Cash Reserve Portfolio | N/A | 8,400,000 | ||||||||||
| Total Short-Term Investments (cost $14,400,000) | 14,400,000 | ||||||||||||
| Total Investments—157.0% (cost $378,244,9728) | $ 394,663,665 | ||||||||||||
| Liabilities in excess of other assets—(2.3)% | (5,644,372 | ) | |||||||||||
| Preferred shares at redemption value, including dividends payable—(54.7)% | (137,620,633 | ) | |||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 251,398,660 | ||||||||||||
| 1 | Using the higher 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 March 31, 2005, the Trust held 11.6% of it nets assets, with a current market value of $29,111,277, in securities restricted as to resale. |
| 4 | Security is deemed to be of investment grade quality by the investment advisor. |
| 5 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
| 6 | This bond is prefunded. 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. |
| 7 | 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. |
| 8 | Cost for Federal income tax purposes is $378,185,397. The net unrealized appreciation on a tax basis is $16,478,268 consisting of $17,349,040 gross unrealized appreciation and $870,772 gross unrealized depreciation. |
| |
|||||||
| ACA | — |
American Capital Access | FSA | — |
Financial Security Assurance | ||
| AMBAC | — |
American Municipal Bond Assurance Corp. | GO | — |
General Obligation | ||
| FGIC | — |
Financial Guaranty Insurance Co. | MBIA | — |
Municipal Bond Insurance Assoc. | ||
| FRWD | — |
Floating Rate Weekly Demand | PCR | — |
Pollution Control Revenue | ||
3
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: May 27, 2005
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: Principal Executive Officer
Date: May 27, 2005
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: May 27, 2005