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: 12/31/2012

 

Date of reporting period: 09/30/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments September 30, 2012 (Unaudited)

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.6%

 

 

 

 

 

 

 

Alabama 21st Century Authority,
Refunding RB, Series A, 5.00%,
6/01/18

 

$

500

 

$

598,470

 

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

 

 

1,000

 

 

1,050,260

 

 

 

 

 

 

 

1,648,730

 

Arizona — 2.2%

 

 

 

 

 

 

 

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

 

 

4,660

 

 

5,695,079

 

California — 15.6%

 

 

 

 

 

 

 

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

 

 

395

 

 

393,416

 

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

 

 

2,570

 

 

3,104,123

 

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

 

 

6,500

 

 

7,058,545

 

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

 

 

4,055

 

 

4,609,684

 

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

 

 

5,000

 

 

6,126,800

 

Clovis Unified School District California,
GO, CAB, Election of 2004, Series A
(NPFGC), 1.92%, 8/01/21 (c)(d)

 

 

5,425

 

 

4,582,389

 

Los Angeles Regional Airports
Improvement Corp., Refunding RB,
Facilities Lease, LAXFuel Corp.,
AMT (e):

 

 

 

 

 

 

 

5.00%, 1/01/17

 

 

450

 

 

509,949

 

5.00%, 1/01/18

 

 

930

 

 

1,069,574

 

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

 

 

3,750

 

 

4,597,275

 

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

 

 

4,000

 

 

4,170,480

 

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

 

 

3,380

 

 

4,089,462

 

 

 

 

 

 

 

40,311,697

 

Colorado — 4.8%

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Evangelical Lutheran
Good Samaritan Society Project:

 

 

 

 

 

 

 

4.00%, 12/01/17

 

 

515

 

 

560,006

 

4.00%, 12/01/18

 

 

540

 

 

591,462

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado (concluded)

 

 

 

 

 

 

 

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

 

$

5,000

 

$

5,785,500

 

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

 

 

5,010

 

 

5,453,635

 

 

 

 

 

 

 

12,390,603

 

Florida — 4.4%

 

 

 

 

 

 

 

Broward County Florida Airport System
Revenue, Refunding RB, Series P-1,
AMT, 5.00%, 10/01/18

 

 

3,930

 

 

4,593,738

 

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

 

 

1,250

 

 

1,462,500

 

Pine Island Community Development
District, RB, 5.30%, 11/01/10 (f)(g)

 

 

400

 

 

160,108

 

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

 

 

2,270

 

 

1,844,511

 

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

 

 

3,080

 

 

3,163,191

 

 

 

 

 

 

 

11,224,048

 

Hawaii — 0.2%

 

 

 

 

 

 

 

Hawaii State Department of Budget &
Finance, Refunding RB, Special
Purpose, Senior Living Revenue,
5.00%, 11/15/18

 

 

370

 

 

416,468

 

Illinois — 13.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

5,000

 

 

5,566,200

 

5.00%, 1/01/20

 

 

3,000

 

 

3,339,720

 

Illinois Finance Authority, Refunding RB,
Central DuPage Health, Series B,
5.00%, 11/01/18

 

 

2,290

 

 

2,714,818

 

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

 

 

 

 

 

 

 

5.35%, 6/15/19

 

 

1,885

 

 

2,069,579

 

5.40%, 6/15/20

 

 

1,985

 

 

2,169,585

 

5.45%, 6/15/21

 

 

2,090

 

 

2,275,508

 

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

 

 

2,250

 

 

2,514,173

 

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

 

 

10,000

 

 

11,536,900

 

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

 

 

2,000

 

 

2,408,100

 

 

 

 

 

 

 

34,594,583

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2012

1


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Indiana — 2.3%

 

 

 

 

 

 

 

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

 

$

3,385

 

$

2,073,955

 

Indiana State Municipal Power Agency,
Refunding RB, Series A, 5.00%,
1/01/19

 

 

875

 

 

1,050,324

 

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

 

 

2,500

 

 

2,834,975

 

 

 

 

 

 

 

5,959,254

 

Kansas — 1.2%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

3,019,600

 

Kentucky — 3.4%

 

 

 

 

 

 

 

Kenton County School District Finance
Corp., Refunding RB, 2.50%, 6/01/18

 

 

3,210

 

 

3,360,806

 

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

 

 

3,195

 

 

3,362,993

 

Louisville Jefferson County Metropolitan
Government, Refunding RB, Catholic
Health Initiatives, 5.00%, 12/01/18

 

 

1,755

 

 

2,110,580

 

 

 

 

 

 

 

8,834,379

 

Louisiana — 0.4%

 

 

 

 

 

 

 

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

 

 

925

 

 

934,675

 

Maryland — 3.5%

 

 

 

 

 

 

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Charlestown Community,
5.00%, 1/01/19

 

 

1,685

 

 

1,864,773

 

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

 

 

1,000

 

 

1,155,320

 

Maryland State Transportation Authority,
Refunding RB, Baltimore/Washington
Thurgood Marshall Airport Project,
Series B, AMT, 5.00%, 3/01/19

 

 

5,000

 

 

5,889,850

 

 

 

 

 

 

 

8,909,943

 

Massachusetts — 0.1%

 

 

 

 

 

 

 

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

 

 

135

 

 

135,620

 

Michigan — 3.1%

 

 

 

 

 

 

 

Detroit Water and Sewerage
Department, Refunding RB, Sewage
Disposal System, Senior Lien, Series A
(AGM), 5.00%, 7/01/18

 

 

3,000

 

 

3,391,260

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

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

 

$

2,025

 

$

2,386,159

 

Michigan State Hospital Finance
Authority, Refunding RB, Oakwood
Obligation Group, Series A, 5.00%,
7/15/18

 

 

1,000

 

 

1,133,470

 

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

 

 

1,000

 

 

1,098,200

 

 

 

 

 

 

 

8,009,089

 

Minnesota — 1.3%

 

 

 

 

 

 

 

Tobacco Securitization Authority,
Refunding RB, Tobacco Settlement,
Series B, 5.00%, 3/01/18

 

 

3,000

 

 

3,473,940

 

Mississippi — 4.8%

 

 

 

 

 

 

 

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

 

 

9,000

 

 

10,609,920

 

Mississippi Development Bank, Special
Obligation, Refunding, Mississippi
Highway Refunding Project, 5.00%,
1/01/18

 

 

1,420

 

 

1,692,555

 

 

 

 

 

 

 

12,302,475

 

Multi-State — 8.7%

 

 

 

 

 

 

 

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

 

 

14,000

 

 

15,345,260

 

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

 

 

 

 

 

 

 

5.20%, 6/29/49

 

 

6,000

 

 

4,800,060

 

Series D, 5.90%, 11/29/49

 

 

4,000

 

 

2,400,040

 

 

 

 

 

 

 

22,545,360

 

Nebraska — 1.7%

 

 

 

 

 

 

 

Central Plains Energy Project, RB, Gas
Project (Project NO. 3), 5.00%,
9/01/17

 

 

2,330

 

 

2,620,621

 

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

 

 

1,500

 

 

1,731,180

 

 

 

 

 

 

 

4,351,801

 

Nevada — 4.7%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

617,520

 

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

 

 

1,010

 

 

1,030,574

 

Clark County Nevada, Special
Assessment Bonds, Refunding,
Improvement District No. 142
(Mountain’s Edge), 4.00%, 8/01/18

 

 

4,385

 

 

4,527,162

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2012

2


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Nevada (concluded)

 

 

 

 

 

 

 

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

 

$

5,120

 

$

5,976,166

 

 

 

 

 

 

 

12,151,422

 

New Hampshire — 3.8%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

 

2,650

 

 

2,780,433

 

Series C, 5.45%, 5/01/21

 

 

7,000

 

 

7,100,590

 

 

 

 

 

 

 

9,881,023

 

New Jersey — 16.6%

 

 

 

 

 

 

 

New Jersey EDA, RB, Continental
Airlines, Inc. Project, AMT, 7.20%,
11/15/30

 

 

4,250

 

 

4,266,362

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

Cigarette Tax Revenue, 5.00%,
6/15/18

 

 

5,000

 

 

5,743,500

 

School Facilities, Series GG,
5.00%, 9/01/20

 

 

4,000

 

 

4,892,800

 

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

 

 

8,410

 

 

8,800,897

 

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

 

 

2,500

 

 

3,051,100

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

850

 

 

980,535

 

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

 

 

1,500

 

 

1,668,630

 

Barnabas Health, Series A,
5.00%, 7/01/18

 

 

2,000

 

 

2,217,840

 

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

 

 

2,410

 

 

2,552,841

 

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

 

 

1,350

 

 

1,607,593

 

New Jersey Transportation Trust Fund
Authority, RB, Series B, 5.00%,
6/15/18

 

 

2,000

 

 

2,399,560

 

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

 

 

4,000

 

 

4,618,280

 

 

 

 

 

 

 

42,799,938

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York — 9.8%

 

 

 

 

 

 

 

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

 

$

7,500

 

$

8,433,600

 

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

 

 

1,000

 

 

1,222,950

 

New York State Dormitory Authority, RB,
Series A, 5.00%, 3/15/18

 

 

8,000

 

 

9,722,080

 

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

 

 

1,200

 

 

1,368,600

 

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

 

 

4,500

 

 

4,656,690

 

 

 

 

 

 

 

25,403,920

 

North Carolina — 4.5%

 

 

 

 

 

 

 

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

 

 

3,865

 

 

4,383,142

 

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

 

 

3,005

 

 

3,162,372

 

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

 

 

4,000

 

 

4,050,640

 

 

 

 

 

 

 

11,596,154

 

Ohio — 4.0%

 

 

 

 

 

 

 

State of Ohio, GO, Refunding, Higher
Education, Series B, 5.00%, 8/01/18

 

 

8,500

 

 

10,423,635

 

Oklahoma — 0.4%

 

 

 

 

 

 

 

Canadian County Educational Facilities
Authority, RB, Mustang Public Schools
Project, 4.00%, 9/01/18

 

 

1,000

 

 

1,128,500

 

Pennsylvania — 5.7%

 

 

 

 

 

 

 

Commonwealth of Pennsylvania, GO,
Refunding, First Series, 5.00%,
7/01/18

 

 

4,690

 

 

5,752,004

 

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

 

 

2,375

 

 

2,793,926

 

Pennsylvania Economic Development
Financing Authority, Refunding RB,
Amtrak Project, Series A, AMT, 3.00%,
11/01/18

 

 

1,000

 

 

1,048,750

 

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

 

 

1,000

 

 

1,173,000

 

Pennsylvania IDA, Refunding RB,
Economic Development, 5.00%,
7/01/18

 

 

1,500

 

 

1,791,330

 

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

 

 

1,000

 

 

1,169,710

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2012

3


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

State Public School Building Authority,
RB, Community College of Allegheny
County Project (AGM), 5.00%,
7/15/18

 

$

900

 

$

1,077,885

 

 

 

 

 

 

 

14,806,605

 

Puerto Rico — 1.7%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Aqueduct &
Sewer Authority, Refunding RB, Senior
Lien, Series A, 5.00%, 7/01/19

 

 

2,515

 

 

2,722,160

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, Sales Tax Revenue,
Series C, 5.00%, 8/01/22

 

 

1,320

 

 

1,585,320

 

 

 

 

 

 

 

4,307,480

 

South Carolina — 2.0%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,235,050

 

Tennessee — 3.3%

 

 

 

 

 

 

 

Knox County Health Educational &
Housing Facilities Board Tennessee,
Refunding RB, CAB, Series A (AGM),
5.51%, 1/01/19 (c)

 

 

12,000

 

 

8,541,840

 

Texas — 15.1%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,142,500

 

Birdville ISD Texas, GO, Refunding, CAB (c):

 

 

 

 

 

 

 

1.24%, 2/15/18

 

 

1,615

 

 

1,511,301

 

1.52%, 2/15/19

 

 

1,815

 

 

1,648,129

 

1.75%, 2/15/20

 

 

2,625

 

 

2,308,897

 

1.95%, 2/15/21

 

 

2,500

 

 

2,124,350

 

Central Texas Regional Mobility
Authority, Refunding RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/18

 

 

750

 

 

828,465

 

5.75%, 1/01/19

 

 

750

 

 

838,253

 

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

 

 

2,500

 

 

2,923,625

 

City of Frisco Texas, GO, Refunding,
2.00%, 2/15/18

 

 

1,550

 

 

1,632,041

 

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

 

 

1,000

 

 

1,191,780

 

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

 

 

 

 

 

 

 

5.88%, 11/01/17

 

 

1,425

 

 

1,431,840

 

5.88%, 11/01/18

 

 

1,425

 

 

1,431,840

 

Love Field Airport Modernization Corp.,
RB, Southwest Airlines Co.-Love Field
Modernization Program Project, AMT,
5.00%, 11/01/18

 

 

5,000

 

 

5,530,850

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Lower Colorado River Authority,
Refunding RB, LCRA Transmission,
Series B, 5.00%, 5/15/18

 

$

5,000

 

$

6,003,000

 

North Texas Tollway Authority,
Refunding RB, Series C:

 

 

 

 

 

 

 

5.00%, 1/01/19

 

 

2,215

 

 

2,638,464

 

5.25%, 1/01/20

 

 

4,000

 

 

4,753,240

 

 

 

 

 

 

 

38,938,575

 

US Virgin Islands — 0.4%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,133,740

 

Virginia — 1.7%

 

 

 

 

 

 

 

City of Norfolk Virginia, Refunding RB,
Water Revenue, 5.00%, 11/01/18

 

 

1,230

 

 

1,519,481

 

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

 

 

2,750

 

 

2,859,642

 

 

 

 

 

 

 

4,379,123

 

Washington — 0.2%

 

 

 

 

 

 

 

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

 

 

500

 

 

598,915

 

Wisconsin — 2.1%

 

 

 

 

 

 

 

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

 

 

1,990

 

 

2,206,990

 

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

 

 

1,000

 

 

1,212,370

 

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

 

 

 

 

 

 

 

5.00%, 4/01/19

 

 

1,265

 

 

1,518,165

 

5.38%, 10/01/21

 

 

440

 

 

442,838

 

 

 

 

 

 

 

5,380,363

 

Total Municipal Bonds – 147.7%

 

 

 

 

 

381,463,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Illinois — 2.4%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

6,002,650

 

Total Long-Term Investments
(Cost – $363,375,293) – 150.1%

 

 

 

 

 

387,466,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2012

4


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Shares

 

Value

 

Short-Term Securities

 

 

 

 

 

 

 

FFI Institutional Tax-Exempt Fund (j)(k)

 

 

6,584,242

 

$

6,584,242

 

Total Short-Term Securities
(Cost – $6,584,242) – 2.5%

 

 

 

 

 

6,584,242

 

Total Investments (Cost - $369,959,535*) – 152.6%

 

 

 

 

 

394,050,519

 

Other Assets Less Liabilities – 0.7%

 

 

 

 

 

1,796,932

 

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

 

 

 

 

 

(3,752,884

)

Preferred Shares, at Redemption Value – (51.8)%

 

 

 

 

 

(133,850,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

258,244,567

 

 

 

 

*

As of September 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


 

 

 

 

 

Tax cost

 

$

366,072,932

 

Gross unrealized appreciation

 

$

29,241,142

 

Gross unrealized depreciation

 

 

(5,013,555

)

Net unrealized appreciation

 

$

24,227,587

 

 

 

(a)

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

 

 

(b)

Variable rate security. Rate shown is as of report date.

 

 

(c)

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

 

 

(d)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(e)

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


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Morgan Stanley

 

$

1,579,523

 

$

5,527

 

 

 

(f)

Non-income producing security.

 

 

(g)

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

 

 

(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 issuers considered to be an affiliate of the Trust during the period ended September 30, 2012, 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,
2011

 

Net
Activity

 

Shares
Held at
September 30,
2012

 

Income

 

FFI Institutional Tax-Exempt Fund

 

 

925,301

 

 

5,658,941

 

 

6,584,242

 

$

1,203

 

 

 

(k)

Represents the current yield as of report date.


 

 

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:

 

 

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

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2012

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock Municipal 2018 Term Trust (BPK)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access

 

 

 

 

•

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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with 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 Trust’s investments categorized in the disclosure hierarchy as of September 30, 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

387,466,277

 

 

—

 

$

387,466,277

 

Short-Term Securities

 

$

6,584,242

 

 

—

 

 

—

 

 

6,584,242

 

Total

 

$

6,584,242

 

$

387,466,277

 

 

—

 

$

394,050,519

 

 

 

1

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

Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of September 30, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank overdraft

 

 

—

 

$

(134,617

)

 

—

 

$

(134,617

)

TOB trust certificates

 

 

—

 

 

(3,750,000

)

 

—

 

 

(3,750,000

)

Total

 

 

—

 

$

(3,884,617

)

 

—

 

$

(3,884,617

)

There were no transfers between levels during the period ended September 30, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2012

6

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 26, 2012
   
  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 26, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal 2018 Term Trust
     
  Date: November 26, 2012