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, 2007
Date of reporting period:   March 31, 2007

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, 2007

BlackRock Municipal 2018 Term Trust (BPK)

 

(Percentages shown are based on Net Assets)

Principal                
Amount       Option Call        
(000)
 
 
 Description Provisions1
 
 Value  
      LONG-TERM INVESTMENTS—146.4%          
      Alabama—2.5%          
$     5,845     Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.625%, 6/01/22 06/12 @ 101   $ 6,247,077  
      California—7.1%          
1,750     Agua Caliente Band of Cahuilla Indians, Casino Parimutuel Betting RB, 5.60%, 7/01/13 No Opt. Call     1,821,347  
1,120     City of Lincoln, Pub. Impvts. ST, 5.90%, 9/01/24 09/13 @ 102     1,168,978  
5,425     Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon,          
         8/01/21, FGIC No Opt. Call     2,935,522  
      Poll. Ctrl. Fing. Auth.,          
6,500        Rec. Recovery Impvts. RB, Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23,          
         AMT 11/15 @ 101     6,733,545  
5,000        Rec. Recovery RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT No Opt. Call     5,301,600  
              17,960,992  
      Colorado—4.3%          
5,000     Hsg. & Fin. Auth., Rec. Recovery Misc. RB, Wst. Mgmt., Inc. Proj., 5.70%, 7/01/18, AMT No Opt. Call     5,491,450  
5,010     Pk. Creek Met. Dist., Misc. RB, Sr. Ltd. Ppty. Misc. Tax Proj., 5.25%, 12/01/20 12/15 @ 101     5,288,857  
              10,780,307  
      Connecticut—1.5%          
3,750 2   Mashantucket Western Pequot Tribe, Recreational RB, Ser. B, 5.75%, 9/01/18 09/07 @ 102     3,841,950  
      Florida—7.6%          
2,000     CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14 No Opt. Call     2,082,660  
90     Live Oak Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, Ser. B, 5.30%, 5/01/08 No Opt. Call     90,081  
4,515     Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med.          
         Ctr. Proj., 6.75%, 11/15/21 11/14 @ 100     5,120,642  
1,350     Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10 No Opt. Call     1,360,436  
3,380     Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13 No Opt. Call     3,430,193  
5,410     Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. B, 5.875%, 1/01/15 No Opt. Call     5,640,087  
1,400     Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23 05/13 @ 101     1,490,552  
              19,214,651  
      Illinois—24.6%          
1,825 2   Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 No Opt. Call     1,886,357  
      Chicago O'Hare Intl. Arpt., Port, Arpt. & Marina RB,          
5,000        Ser. A, 5.00%, 1/01/19, AMBAC 01/16 @ 100     5,335,450  
8,000        Ser. A, 5.00%, 1/01/20, AMBAC 01/16 @ 100     8,518,480  
5,000        Ser. A, 5.75%, 1/01/18, MBIA, AMT 01/12 @ 100     5,361,550  
5,980 3   Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Student Hsg. Edl. Adv. Fund, Univ. Ctr. Proj.,          
         6.00%, 5/01/12 N/A     6,664,710  
      Fin. Auth.,          
12,500 3      Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Oblig.          
         Proj., 5.50%, 11/15/09 N/A     13,183,750  
2,750        Univ. & Coll. Impvts. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19 06/14 @ 100     2,935,845  
5,000     Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj., 5.50%,          
         1/01/22 01/13 @ 100     5,297,350  
13,375 3   Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty.          
         Tax GO, Ser. B, Zero Coupon, 1/01/12, FSA N/A     7,392,605  
      Sports Facs. Auth., Recreational Fac. Impvts. Misc. Tax RB,          
1,885        Zero Coupon, 6/15/19, AMBAC 06/15 @ 101     1,746,189  
1,985        Zero Coupon, 6/15/20, AMBAC 06/15 @ 101     1,838,884  
2,090        Zero Coupon, 6/15/21, AMBAC 06/15 @ 101     1,935,883  
              62,097,053  
      Indiana—10.5%          
13,970 3   Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Sisters of St. Francis          
         Hlth. Proj., 5.75%, 11/01/11 N/A     15,266,835  
2,500     Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%, 1/15/17,          
         AMT No Opt. Call     2,648,875  
4,000     Petersburg, Indl. RB, Indianapolis Pwr. & Lt. Co. Proj., 5.75%, 8/01/21 08/11 @ 102     4,203,160  
4,215     Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 01/09 @ 102     4,252,851  
              26,371,721  

1


BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

Principal                
Amount       Option Call        
(000)
 
 
 Description Provisions1
 
 Value  
      Kentucky—1.3%          
$     3,195     Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT 07/16 @ 100   $ 3,204,329  
      Louisiana—1.3%          
3,145     Pub. Facs. Auth., Pub. Impvts. Misc. RB, Dept. of Pub. Safety Proj., 5.875%, 6/15/14,          
         MBIA 06/10 @ 100     3,323,699  
      Maryland—2.1%          
5,170     Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20 07/07 @ 102     5,288,445  
      Michigan—3.0%          
5,450 3   Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A,          
         6.00%, 11/15/09 N/A     5,815,695  
      Pontiac Tax Incr. Fin. Auth.,          
700        Tax Incr./Alloc. RB, Dev. Area 2 Proj., 5.625%, 6/01/22, ACA 06/12 @ 101     746,144  
1,000        Tax Incr./Alloc. RB, Dev. Area 3 Proj., 5.375%, 6/01/17, ACA 06/12 @ 101     1,057,130  
              7,618,969  
      Mississippi—4.4%          
9,000     Lowndes Cnty., Indl. RB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 No Opt. Call     10,971,270  
      Multi-State—10.5%          
14,000 2   Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52 No Opt. Call     16,060,800  
      Munimae TE Bond Subsidiary LLC,          
6,000 2,4      Ser. B2, 5.20% 09/14 @ 100     6,189,840  
4,000 2,4      Ser. D, 5.90% 09/15 @ 101     4,225,680  
              26,476,320  
      Nevada—3.0%          
5,000     Director of the St. of Nevada Dept. of Bus. & Ind., Rec. Recovery Impvts. RB, Republic          
         Svcs., Inc. Proj., 5.625%, 12/01/26, AMT No Opt. Call     5,538,500  
1,000     Henderson Local Impvt. Dists. No. T-18, Pub. Impvts. SA, 5.15%, 9/01/21 09/07 @ 103     1,021,210  
1,090     Las Vegas Spl. Dist. 809, Pub. Impvts. RB, Summerlin Area Proj., 5.35%, 6/01/17 06/07 @ 103     1,123,975  
              7,683,685  
      New Hampshire—6.3%          
      Bus. Fin. Auth.,          
6,000        Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT 06/13 @ 102     6,118,320  
7,000        Rec. Recovery RB, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA 05/12 @ 101     7,555,450  
2,025     Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Exeter Hosp./Healthcare, Inc.          
         Proj., 6.00%, 10/01/24 10/11 @ 101     2,216,079  
              15,889,849  
      New Jersey—12.7%          
      Econ. Dev. Auth.,          
8,500        Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24 06/12 @ 100     8,942,510  
4,065        Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT 11/10 @ 101     4,354,022  
6,750        Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.20%, 11/15/30, AMT 11/10 @ 101     7,274,070  
8,410        SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16 No Opt. Call     8,860,103  
2,500     Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates          
         LLC Proj., Ser. B, 6.125%, 1/01/25 01/15 @ 100     2,585,975  
              32,016,680  
      New York—8.0%          
7,500     City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 9/01/18 09/15 @ 100     7,976,250  
3,460     New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines,          
         Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT 08/16 @ 101     4,170,338  
7,500     Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C, 5.50%,          
         6/01/20 06/13 @ 100     8,130,525  
              20,277,113  
      North Carolina—1.7%          
4,000     Wake Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. RB, Carolina Pwr. & Lt. Co. Proj.,          
         5.375%, 2/01/17 02/12 @ 101     4,239,680  
      Ohio—0.2%          
500     Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22 12/14 @ 101     527,945  
      Oklahoma—1.3%          
2,700     Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A,          
         7.75%, 6/01/35, AMT No Opt. Call     3,197,205  

2


BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

(Percentages shown are based on Net Assets)

Principal                
Amount       Option Call        
(000)
 
 
 Description Provisions1
 
 Value  
      Pennsylvania—7.3%          
$     2,000     Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh          
         Continuing Care Proj., 6.00%, 2/01/21 02/15 @ 100   $ 2,105,680  
      Philadelphia Auth. for Indl. Dev., Indl. Impvts. RB,          
5,000        Ser. B, 5.50%, 10/01/18, FSA 10/11 @ 101     5,393,100  
5,000        Ser. B, 5.50%, 10/01/19, FSA 10/11 @ 101     5,393,100  
      West Cornwall Twnshp. Mun. Auth., Univ. & Coll. Impvts. RB, Elizabethtown Coll. Proj.,          
2,500 3      5.90%, 12/15/11 N/A     2,729,850  
2,650 3      6.00%, 12/15/11 N/A     2,904,983  
              18,526,713  
      Puerto Rico—1.1%          
2,665     Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17 07/16 @ 100     2,896,695  
      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 08/13 @ 100     5,537,600  
      Tennessee—2.7%          
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 01/13 @ 71.667     6,699,000  
      Texas—11.1%          
2,000     Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT 04/16 @ 100     2,038,000  
      Birdville Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO,          
1,615        Zero Coupon, 2/15/18, PSF No Opt. Call     1,025,396  
1,815        Zero Coupon, 2/15/19, PSF No Opt. Call     1,097,675  
2,625        Zero Coupon, 2/15/20, PSF No Opt. Call     1,514,074  
2,500        Zero Coupon, 2/15/21, PSF No Opt. Call     1,376,025  
10,010     Brazos River Auth., Rec. Recovery RB, TXU Energy Co. LLC Proj., Ser. C, 5.75%,          
         5/01/36, AMT No Opt. Call     10,300,190  
      Dallas-Ft. Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina RB,          
5,000        Ser. A, 5.875%, 11/01/17, FGIC, AMT 11/11 @ 100     5,376,050  
5,000        Ser. A, 5.875%, 11/01/18, FGIC, AMT 11/11 @ 100     5,376,050  
              28,103,460  
      Trust Territories—1.6%          
4,000 2   San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16 12/13 @ 102     3,996,680  
      Wisconsin—6.5%          
      Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,          
4,560 3      Froedert & Cmnty. Proj., 5.375%, 10/01/11 N/A     4,899,036  
440        Froedert & Cmnty. Proj., 5.375%, 10/01/21 10/11 @ 101     470,637  
10,000 3      Wheaton Franciscan Svcs. Proj., 6.25%, 2/15/12 N/A     11,144,700  
              16,514,373  
      Total Long-Term Investments (cost $344,602,093)       369,503,461  
      SHORT-TERM INVESTMENTS—5.0%          
      Kentucky—3.1%          
8,000 5   Pub. Energy Auth., Natural Gas Util. Impvts. RB, BP Corp. N.A., Inc. Proj., Ser. A, 3.81%,          
         4/02/07, FRDD N/A     8,000,000  
      Pennsylvania—0.7%          
1,700 5   Allegheny Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Longwood at          
         Oakmont, Inc. Proj., Ser. B, 3.81%, 4/02/07, RAA, FRDD N/A     1,700,000  
Shares                
(000)                
      Money Market Fund—1.2%          
2,900 6,7   Merrill Lynch Institutional Tax Exempt Fund, 3.46% N/A     2,900,000  
      Total Short-Term Investments (cost $12,600,000)       12,600,000  
      Total Investments —151.4% (cost $357,202,0938)     $ 382,103,461  
      Other assets in excess of liabilities —3.1%       7,863,474  
      Preferred shares at redemption value, including dividends payable —(54.5)%       (137,636,004 )
      Net Assets Applicable to Common Shareholders—100%     $ 252,330,931  

3


BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

___ ________ 
1 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
 
2 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,
  2007, the Trust held 14.3% of its net assets, with a current market value of $36,201,307, in securities restricted as to resale.
 
3 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.
   
4 The security is a perpetual bond and has no stated maturity date.
 
5 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 March 31, 2007.
 
6 Represents an investment in an affiliate.
 
7 Represents current yield as of March 31, 2007.
 
8 Cost for federal income tax purposes is $357,081,784. The net unrealized appreciation on a tax basis is $25,021,677, consisting of $25,030,481 gross unrealized
  appreciation and $8,804 gross unrealized depreciation.
 

KEY TO ABBREVIATIONS

ACA — American Capital Access   MBIA — Municipal Bond Insurance Assoc.
AMBAC — American Municipal Bond Assurance Corp.   PSF — Public School Fund Guaranteed
AMT — Subject to Alternative Minimum Tax   RAA — Radian Asset Assurance
FGIC — Financial Guaranty Insurance Co.   RB — Revenue Bond
FRDD — Floating Rate Daily Demand   SA — Special Assessment
FSA — Financial Security Assurance   ST — Special Tax
GO — General Obligation   TA — Tax Allocation

4

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: May 25, 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/ Robert S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: May 25, 2007

 

By:   /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: May 25, 2007