FORM N-Q
Investment Company Act file number:__811-10501______
_______BlackRock Municipal 2018 Term Trust_______
(Exact name of registrant as specified in charter)
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100
Bellevue Parkway, Wilmington, DE
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19809
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Registrant's telephone number, including area code:_888-825-2257
Date of fiscal year end:___December 31, 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
MARCH 31,
2006 (unaudited)
BlackRock Municipal 2018 Term Trust (BPK)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—152.1% | |||||||||||||
| Alabama—2.5% | |||||||||||||
| A2 | $ 5,845 | Huntsville Hlth. Care Auth. RB, Ser. A, 5.625%, 6/01/22 | 06/12 @ 101 | $ 6,173,547 | |||||||||
| California—9.6% | |||||||||||||
| A | 1,750 | Agua Caliente Band of Cahuilla Indians RB, 5.60%, 7/01/13 | No Opt. Call | 1,805,072 | |||||||||
| AAA | 5,425 | Clovis Unified Sch. Dist., Cap. Apprec. Election 2004 GO, Ser. A, Zero Coupon, 8/01/21, FGIC | No Opt. Call | 2,702,518 | |||||||||
| NR | 1,235 | Lincoln ST, Cmny. Facs. Dist. 1, 5.90%, 9/01/24 | 09/13 @ 102 | 1,305,877 | |||||||||
| BBB+ | 5,000 | Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23 | No Opt. Call | 5,248,900 | |||||||||
| Poll. Ctrl. Sld. Wst. Mgmt. RB, | |||||||||||||
| BBB | 6,000 | Ser. A, 5.125%, 7/01/31 | 03/06 @ 100 | 6,226,560 | |||||||||
| BBB | 6,500 | Ser. C, 5.125%, 11/01/23 | 11/15 @ 101 | 6,685,640 | |||||||||
| 23,974,567 | |||||||||||||
| Colorado—4.2% | |||||||||||||
| BBB | 5,000 | Hsg. & Fin. Auth. Sld. Wst. RB, Wst. Mgmt. Proj., 5.70%, 7/01/18 | No Opt. Call | 5,369,250 | |||||||||
| Baa2 | 5,010 | Park Creek Met. Dist. Sr. Ltd. Ppty. Tax RB, 5.25%, 12/01/20 | 12/15 @ 101 | 5,178,486 | |||||||||
| 10,547,736 | |||||||||||||
| Connecticut—1.6% | |||||||||||||
| Baa3 | 3,750 | 3 | Mashantucket Western Pequot Tribe Spec. RB, Ser. B, 5.75%, 9/01/18 | 09/07 @ 102 | 3,892,838 | ||||||||
| Florida—11.1% | |||||||||||||
| NR | 670 | Baywinds Cmnty. Dev. Dist., Ser. B, 4.90%, 5/01/12 | No Opt. Call | 670,000 | |||||||||
| Baa2 | 1,585 | 4 | Cap. Trust Agcy. Multi-Fam. Hsg. RB, American Oppty. Proj., Ser. A, 5.75%, 6/01/23 | N/A | 1,525,658 | ||||||||
| NR | 2,000 | CFM Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. B, 5.875%, 5/01/14 | No Opt. Call | 2,039,340 | |||||||||
| Live Oak Cmnty. Dev. Dist. SA, | |||||||||||||
| NR | 1,860 | No. 1, Ser. B, 5.00%, 11/01/09 | No Opt. Call | 1,851,407 | |||||||||
| NR5 | 90 | No. 2, Ser. B, 5.30%, 5/01/08 | No Opt. Call | 89,891 | |||||||||
| BB+ | 4,515 | Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 5,040,726 | |||||||||
| NR | 1,595 | Pine Islands Cmnty. Dev. Dist. Util. Sys. RB, 5.30%, 11/01/10 | No Opt. Call | 1,579,465 | |||||||||
| NR | 3,920 | Stevens Plantation Cmnty. Dist. SA, Ser. B, 6.375%, 5/01/13 | No Opt. Call | 3,988,482 | |||||||||
| NR | 840 | Sumter Landing Cmnty. Dev. Dist. SA, 6.25%, 5/01/13 | No Opt. Call | 841,672 | |||||||||
| NR5 | 5,410 | Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. B, 5.875%, 1/01/15 | No Opt. Call | 5,552,229 | |||||||||
| NR | 3,130 | Vlg. of Westport Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. A, 5.40%, 5/01/20 | 05/13 @ 100 | 3,100,734 | |||||||||
| NR | 1,450 | Westchester Cmnty. Dev. Dist. No. 1 SA, 6.00%, 5/01/23 | 05/13 @ 101 | 1,500,895 | |||||||||
| 27,780,499 | |||||||||||||
| Illinois—24.4% | |||||||||||||
| NR | 1,825 | 3 | Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 1,830,274 | ||||||||
| Chicago O’Hare Intl. Arpt. RB, | |||||||||||||
| AAA | 5,000 | Ser. A, 5.00%, 1/01/19, AMBAC | 01/16 @ 100 | 5,251,400 | |||||||||
| AAA | 8,000 | Ser. A, 5.00%, 1/01/20, AMBAC | 01/16 @ 100 | 8,382,800 | |||||||||
| AAA | 5,000 | Ser. A, 5.75%, 1/01/18, MBIA | 01/12 @ 100 | 5,359,600 | |||||||||
| A2 | 12,500 | 4 | Dev. Fin. Auth. Adventist Hlth. Sys. RB, Sunbelt Oblig. Proj., 5.50%, 11/15/09 | N/A | 13,319,250 | ||||||||
| BBB | 5,980 | Edl. Facs. Auth. Student Hsg. Edl. Adv. Fund RB, Univ. Ctr. Proj., 6.00%, 5/01/22 | 05/12 @ 101 | 6,400,095 | |||||||||
| Baa2 | 2,750 | Fin. Auth. Student Hsg. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19 | 06/14 @ 100 | 2,867,810 | |||||||||
| A | 5,000 | Hlth. Facs. Auth. RB, Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22 | 01/13 @ 100 | 5,219,550 | |||||||||
| AAA | 13,375 | 4 | Kane & Du Page Cntys. Sch. Dist. GO, Ser. B, Zero Coupon, 1/01/12, FSA | N/A | 7,009,855 | ||||||||
| Sports Facs. Auth. RB, | |||||||||||||
| AAA | 1,885 | Zero coupon, 6/15/19, AMBAC | 06/15 @ 101 | 1,649,922 | |||||||||
| AAA | 1,985 | Zero coupon, 6/15/20, AMBAC | 06/15 @ 101 | 1,736,954 | |||||||||
| AAA | 2,090 | Zero coupon, 6/15/21, AMBAC | 06/15 @ 101 | 1,828,311 | |||||||||
| 60,855,821 | |||||||||||||
| Indiana—10.4% | |||||||||||||
| AA | 13,970 | Hlth. Fac. Fin. Auth. RB, Sisters of St. Francis Proj., 5.75%, 11/01/21 | 11/11 @ 101 | 14,937,842 | |||||||||
| BBB | 2,500 | Indianapolis Arpt. Auth. RB, FedEx Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | 2,579,350 | |||||||||
| BBB+ | 4,000 | Petersburg PCRB, Pwr. & Lt. Conv. Proj., 5.75%, 8/01/21 | 08/11 @ 102 | 4,232,360 | |||||||||
| NR | 4,350 | Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 @ 102 | 4,288,143 | |||||||||
| 26,037,695 | |||||||||||||
1
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Louisiana—1.5% | |||||||||||||
| AAA | $ 3,445 | Pub. Facs. Auth. Dept. of Pub. Safety RB, 5.875%, 6/15/14, MBIA | 06/10 @ 100 | $ 3,650,977 | |||||||||
| Maryland—2.1% | |||||||||||||
| NR | 5,170 | Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20 | 07/07 @ 102 | 5,234,780 | |||||||||
| Michigan—3.0% | |||||||||||||
| A1 | 5,450 | Hosp. Fin. Auth. RB, Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/19 | 11/09 @ 101 | 5,778,853 | |||||||||
| A | 700 | Pontiac Tax Increment Fin. Auth. Dev. Area 2 RB, 5.625%, 6/01/22, ACA | 06/12 @ 101 | 740,656 | |||||||||
| A | 1,000 | Pontiac Tax Increment Fin. Auth. Dev. Area 3 RB, 5.375%, 6/01/17, ACA | 06/12 @ 101 | 1,047,360 | |||||||||
| 7,566,869 | |||||||||||||
| 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 | 10,702,710 | |||||||||
| Multi-State—10.3% | |||||||||||||
| A3 | 14,000 | 3 | Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52 161239AF5 | 10/14 @ 100 | 15,707,720 | ||||||||
| Munimae TE Bond Subsidiary LLC, | |||||||||||||
| Baa1 | 6,000 | 3 | Ser. B2, 5.20%, 6/30/49 | 09/14 @ 100 | 6,078,000 | ||||||||
| Baa3 | 4,000 | 3 | Ser. D, 5.90%, 11/29/49 | 09/15 @ 101 | 3,999,960 | ||||||||
| 25,785,680 | |||||||||||||
| Nevada—2.6% | |||||||||||||
| BBB+ | 5,000 | Dept. of Bus. & Ind. RB, Republic Svc. Inc. Proj., 5.625%, 12/01/26 | No Opt. Call | 5,380,050 | |||||||||
| NR | 1,100 | Las Vegas Spec. Imp. Dist. 809 RB, Summerlin Area Proj., 5.35%, 6/01/17 | 06/06 @ 103 | 1,111,242 | |||||||||
| 6,491,292 | |||||||||||||
| New Hampshire—3.9% | |||||||||||||
| AAA | 7,000 | Bus. Fin. Auth. PCRB, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA | 05/12 @ 101 | 7,585,410 | |||||||||
| A+ | 2,025 | Hlth. & Ed. Facs. Auth. RB, Exeter Hosp. Proj., 6.00%, 10/01/24 | 10/11 @ 101 | 2,212,940 | |||||||||
| 9,798,350 | |||||||||||||
| New Jersey—12.5% | |||||||||||||
| Econ. Dev. Auth., | |||||||||||||
| BBB | 8,500 | RB, Cigarette Tax Proj., 5.50%, 6/15/24 | 06/12 @ 100 | 8,869,070 | |||||||||
| B | 4,065 | RB, Continental Airlines, Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 4,073,089 | |||||||||
| B | 6,750 | RB, Continental Airlines, Inc. Proj., 7.20%, 11/15/30 | 11/10 @ 101 | 6,825,330 | |||||||||
| Baa3 | 8,410 | SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16 | No Opt. Call | 8,902,910 | |||||||||
| NR | 2,500 | Middlesex Cnty. Impvt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25 | 01/15 @ 100 | 2,432,050 | |||||||||
| 31,102,449 | |||||||||||||
| New York—7.9% | |||||||||||||
| A+ | 7,500 | City of New York GO, 5.00%, 9/01/18 | 09/15 @ 100 | 7,866,825 | |||||||||
| B- | 3,460 | New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt., 7.625%, 8/01/25 | 08/16 @ 101 | 3,802,125 | |||||||||
| AA- | 7,500 | Tobacco Settlement Fin. Corp. SA, Ser. B1, 5.50%, 6/01/20 | No Opt. Call | 8,091,975 | |||||||||
| 19,760,925 | |||||||||||||
| North Carolina—1.7% | |||||||||||||
| A- | 4,000 | Wake Cnty. Ind. Facs. PCRB, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17 | 02/12 @ 101 | 4,210,240 | |||||||||
| Ohio—0.2% | |||||||||||||
| NR | 500 | Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. RB, Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 516,105 | |||||||||
| Oklahoma—1.2% | |||||||||||||
| B- | 2,700 | Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 2,956,743 | |||||||||
| Pennsylvania—7.3% | |||||||||||||
| NR | 2,000 | Montgomery Cnty. Indl. Dev. Auth. RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21 | 02/15 @ 100 | 2,108,340 | |||||||||
| Philadelphia Auth. for Ind. Dev. RB, | |||||||||||||
| AAA | 5,000 | Ser. B, 5.50%, 10/01/18, FSA | 10/11 @ 101 | 5,340,250 | |||||||||
| AAA | 5,000 | Ser. B, 5.50%, 10/01/19, FSA | 10/11 @ 101 | 5,330,150 | |||||||||
| West Cornwall Twnshp. Mun. Auth. Coll. RB, Elizabethtown Coll. Proj., | |||||||||||||
| BBB+ | 2,500 | 4 | 5.90%, 12/15/18 | N/A | 2,675,200 | ||||||||
| BBB+ | 2,650 | 6.00%, 12/15/22 | 12/11 @ 100 | 2,859,933 | |||||||||
| 18,313,873 | |||||||||||||
| South Carolina—3.4% | |||||||||||||
| BBB+ | 5,000 | Jobs Econ. Dev. Auth. Hosp. Fac. RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23 | 08/13 @ 100 | 5,366,300 | |||||||||
| NR | 3,023 | Lancaster Cnty. RB, Edgewater Imp. Dist. Proj., Ser. B, 6.125%, 11/01/14 | No Opt. Call | 3,000,358 | |||||||||
| 8,366,658 | |||||||||||||
2
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Tennessee—2.5% | |||||||||||||
| AAA | $12,000 | Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. RB, Ser. A, Zero Coupon, 1/01/19, FSA | 01/13 @ 71.667 | $ 6,121,080 | |||||||||
| Texas—11.2% | |||||||||||||
| BBB | 2,000 | Alliance Arpt. Auth. RB, FedEx Corp. Proj., 6.375%, 4/01/21 | 05/06 @ 102 | 2,058,520 | |||||||||
| Birdville Indpt. Sch. Dist. GO, | |||||||||||||
| AAA | 1,615 | Zero Coupon, 2/15/18 | No Opt. Call | 942,772 | |||||||||
| AAA | 1,815 | Zero Coupon, 2/15/19 | No Opt. Call | 1,008,704 | |||||||||
| AAA | 2,625 | Zero Coupon, 2/15/20 | No Opt. Call | 1,388,074 | |||||||||
| AAA | 2,500 | Zero Coupon, 2/15/21 | No Opt. Call | 1,255,275 | |||||||||
| BBB | 10,010 | Brazos River Auth. PCRB, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36 | No Opt. Call | 10,651,541 | |||||||||
| Dallas Ft. Worth Intl. Arpt. Fac. Impvt. RB, | |||||||||||||
| AAA | 5,000 | Ser. A, 5.875%, 11/01/17, FGIC | 11/11 @ 100 | 5,376,100 | |||||||||
| AAA | 5,000 | Ser. A, 5.875%, 11/01/18, FGIC | 11/11 @ 100 | 5,368,400 | |||||||||
| 28,049,386 | |||||||||||||
| 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 | 3,936,520 | ||||||||
| Washington—4.7% | |||||||||||||
| Energy Northwest Wind Proj. RB, | |||||||||||||
| A- | 5,000 | 4 | Ser. A, 6.00%, 1/01/07 | N/A | 5,228,700 | ||||||||
| A- | 6,175 | 4 | Ser. B, 5.875%, 1/01/07 | N/A | 6,451,887 | ||||||||
| 11,680,587 | |||||||||||||
| Wisconsin—6.4% | |||||||||||||
| Hlth. & Edl. Facs. Auth. RB, | |||||||||||||
| AA- | 5,000 | Froedert & Cmnty. Hlth. Oblig. Proj., 5.375%, 10/01/21 | 10/11 @ 101 | 5,175,550 | |||||||||
| A | 10,000 | Wheaton Franciscan Svcs. Proj., 6.25%, 8/15/22 | 02/12 @ 101 | 10,872,200 | |||||||||
| 16,047,750 | |||||||||||||
| Total Long-Term Investments (cost $360,382,042) | 379,555,677 | ||||||||||||
| MONEY MARKET FUND—0.6% | |||||||||||||
| NR | 1,600 | AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,600,000) | N/A | 1,600,000 | |||||||||
| Total Investments—152.7% (cost $361,982,0426) | $ 381,155,677 | ||||||||||||
| Other assets in excess of liabilities—2.4% | 6,052,767 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(55.1)% | (137,618,093) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 249,590,351 | ||||||||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service 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, 2006, the Trust held 14.2% of its net assets, with a current market value of $35,445,312, in securities restricted as to resale. | ||
| 4 | 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. | ||
| 5 | Security is deemed to be of investment grade quality by the investment advisor. | ||
| 6 | Cost for Federal income tax purposes is $361,895,763. The net unrealized appreciation on a tax basis is $19,259,914, consisting of $19,615,504 gross unrealized appreciation and $355,590 gross unrealized depreciation. |
KEY TO ABBREVIATIONS
| ACA | — | American Capital Access | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | PCRB | — | Pollution Control Revenue Bond | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | RB | — | Revenue Bond | ||||||
| FSA | — | Financial Security Assurance | SA | — | Special Assesment | ||||||
| GO | — | General Obligation | ST | — | Special Tax | ||||||
| TA | — | Tax Allocation | ax allocation> | ||||||||
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/ Henry Gabbay____________________________________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___________________________________