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: 12/31/2013

 

Date of reporting period: 09/30/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments September 30, 2013 (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 $ 563,620  
Courtland Alabama IDB, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17   1,000   1,027,860  
    1,591,480  
Arizona  — 2.2%  
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A, 5.00%, 7/01/21   4,660   5,390,921  
California  — 12.0%  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/19   2,570   3,007,825  
California Pollution Control Financing Authority, RB, Waste Management, Inc. Project, Series C, AMT, 5.13%, 11/01/23 (a)   6,500   6,594,120  
California Pollution Control Financing Authority, Refunding RB, Mandatory Put Bonds, Republic Services, Inc. Project, Series C, AMT, 5.25%, 6/01/23 (a)   4,055   4,345,784  
California State Department of Water Resources, Refunding RB, Power Supply, Series L, 5.00%, 5/01/18   5,000   5,813,950  
Los Angeles Regional Airports Improvement Corp., Refunding RB, Facilities Lease, LAXFuel Corp., AMT:          
  5.00%, 1/01/17   450   500,112  
  5.00%, 1/01/18   930   1,045,199  
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20   3,750   4,420,913  
San Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (b)   4,000   4,087,680  
    29,815,583  
Colorado  — 4.8%  
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:          
  4.00%, 12/01/17   515   549,938  
             
Municipal Bonds Par
(000)		   Value  
Colorado (concluded)  
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project  (concluded):          
  4.00%, 12/01/18 $ 540 $ 575,203  
Colorado Housing & Finance Authority, RB, Disposal, Waste Management, Inc. Project, AMT, 5.70%, 7/01/18   5,000   5,498,200  
Park Creek Metropolitan District Colorado, Refunding RB, Senior Limited Property Tax, 5.25%, 12/01/20   5,010   5,288,355  
    11,911,696  
Florida  — 5.0%  
Broward County Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 5.00%, 10/01/18   3,930   4,460,078  
Broward County School Board Florida, COP, Series A (AGM), 5.25%, 7/01/22   1,250   1,407,475  
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/18   2,000   2,254,560  
Pine Island Community Development District, RB, 5.30%, 11/01/10 (c)(d)   400   156,156  
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 12/31/49 (c)(d)   2,270   1,688,925  
Village Center Community Development District, RB, Sub-Series B, 5.88%, 1/01/15   2,480   2,488,556  
    12,455,750  
Guam  — 0.3%  
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19   620   710,272  
Hawaii  — 0.2%  
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose Senior Living Revenue, 5.00%, 11/15/18   370   407,466  
               

 

BLACKROCK MUNICIPAL 2018 TERM TRUSTSEPTEMBER 30, 20131
 
Schedule of Investments (continued) BlackRock Municipal 2018 Term Trust (BPK)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Illinois  — 13.5%  
City of Chicago Illinois, RB, General Airport, Third Lien, Series A, (AMBAC):          
  5.00%, 1/01/19 $ 5,000 $ 5,375,700  
  5.00%, 1/01/20   3,000   3,225,420  
Illinois Finance Authority, Refunding RB, Central DuPage Health, Series B, 5.00%, 11/01/18   2,290   2,604,554  
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC):          
  5.35%, 6/15/19   1,885   1,989,976  
  5.40%, 6/15/20   1,985   2,089,312  
  5.45%, 6/15/21   2,090   2,191,678  
Illinois State Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 7/01/15 (e)   2,250   2,433,060  
Railsplitter Tobacco Settlement Authority, RB, 5.00%, 6/01/18   10,000   11,240,400  
State of Illinois, RB, Series B Build Illinois:          
  Unrefunded Balance, 5.00%, 6/15/18   1,645   1,879,495  
  5.00%, 6/15/18 (f)   355   413,738  
    33,443,333  
Indiana  — 3.0%  
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24   3,185   1,865,359  
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19   1,715   1,811,195  
Indiana State Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/19   875   1,011,386  
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17   2,500   2,761,475  
    7,449,415  
Iowa  — 1.5%  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%, 12/01/19   3,720   3,614,054  
Municipal Bonds Par
(000)		   Value  
Kansas  — 1.2%  
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.00%, 11/15/18 $ 2,500 $ 2,880,850  
Kentucky  — 3.5%  
Kenton County School District Finance Corp., Refunding RB, 2.50%, 6/01/18   3,210   3,308,065  
Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22   3,195   3,262,319  
Louisville Jefferson County Metropolitan Government, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 12/01/18   1,755   2,024,182  
    8,594,566  
Louisiana  — 0.2%  
Louisiana Public Facilities Authority, RB, Department of Public Safety, Fire Marshal's Headquarter Project (NPFGC), 5.88%, 6/15/14   475   480,216  
Maryland  — 3.5%  
Maryland Health & Higher Educational Facilities Authority, Refunding RB:          
  Charlestown Community, 5.00%, 1/01/19   1,685   1,817,812  
  University of Maryland Medical System, 5.00%, 7/01/18   1,000   1,138,290  
Maryland State Transportation Authority, Refunding RB, Baltimore/Washington Thurgood Marshall Airport Project, Series B, AMT, 5.00%, 3/01/19   5,000   5,669,800  
    8,625,902  
Massachusetts  — 0.1%  
Massachusetts State Water Pollution Abatement Trust, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23   135   135,639  
Michigan  — 3.0%  
Detroit Water and Sewerage Department, Refunding RB, Sewage Disposal System, Senior Lien, Series A (AGM), 5.00%, 7/01/18   3,000   3,014,880  
               

 

BLACKROCK MUNICIPAL 2018 TERM TRUSTSEPTEMBER 30, 20132
 
Schedule of Investments (continued) BlackRock Municipal 2018 Term Trust (BPK)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Michigan (concluded)  
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital (AGM), 5.00%, 5/15/18 $ 2,025 $ 2,291,490  
Michigan State Hospital Finance Authority, Refunding RB, Oakwood Obligation Group, Series A, 5.00%, 7/15/18   1,000   1,095,260  
Michigan State Housing Development Authority, Refunding RB, Series B, 4.15%, 4/01/18   1,000   1,054,390  
    7,456,020  
Mississippi  — 4.0%  
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project, Series A, 6.80%, 4/01/22   9,000   9,976,230  
Missouri  — 0.8%  
City of Kansas City MO Airport Revenue, Refunding RB, AMT, Series A, 5.00%, 9/01/18   1,750   1,976,643  
Multi-State  — 6.0%  
Centerline Equity Issuer Trust, 6.80%, 10/31/52 (b)(g)   14,000   14,785,960  
Nebraska  — 1.7%  
Central Plains Energy Project Nebraska, RB, Gas Project (Project No. 3), 5.00%, 9/01/17   2,330   2,604,427  
Public Power Generation Agency, RB, Whelan Energy Center, Series 2-A (AGC), 5.00%, 1/01/18   1,500   1,652,445  
    4,256,872  
Nevada  — 4.3%  
City of Las Vegas Nevada, Special Assessment Bonds, Summerlin Area, 5.35%, 6/01/17   1,000   1,014,010  
Clark County Nevada, Refunding, Special Assessment Bonds, Improvement District No. 142, Mountain's Edge, 4.00%, 8/01/18   4,235   4,157,584  
           
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 (a) $ 5,120 $ 5,586,995  
    10,758,589  
New Hampshire  — 1.1%  
New Hampshire Business Finance Authority, Refunding RB, Public Service Co. of New Hampshire Project, Series B, AMT (NPFGC), 4.75%, 5/01/21   2,650   2,709,466  
New Jersey  — 14.5%  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 7.20%, 11/15/30 (a)   4,250   4,249,787  
New Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 6/15/18   5,000   5,542,900  
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.50%, 4/01/16   6,660   6,790,736  
New Jersey Educational Facilities Authority, RB, Seton Hall University, Series D, 5.00%, 7/01/18   320   365,430  
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (f)   2,500   3,088,225  
New Jersey Health Care Facilities Financing Authority, Refunding RB:          
  AHS Hospital Corp., 5.00%, 7/01/18   850   969,621  
  AtlantiCare Regional Medical Center, 5.00%, 7/01/20   1,500   1,630,110  
  Barnabas Health, Series A, 5.00%, 7/01/18   2,000   2,234,140  
New Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22   2,185   2,242,597  
New Jersey State Turnpike Authority, Refunding RB, Series G, 5.00%, 1/01/18   1,350   1,545,737  
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.00%, 6/15/18   2,000   2,288,980  
               

BLACKROCK MUNICIPAL 2018 TERM TRUSTSEPTEMBER 30, 20133
 
Schedule of Investments (continued) BlackRock Municipal 2018 Term Trust (BPK)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
New Jersey (concluded)  
Newark Housing Authority, RB, South Ward Police Facility (AGC), 4.50%, 12/01/18 $ 4,450 $ 4,932,780  
    35,881,043  
New York  — 9.8%  
City of New York, GO, Sub-Series F-1:          
  5.00%, 9/01/15 (e)   7,365   8,017,539  
  Unrefunded Balance, 5.00%, 9/01/18   135   146,218  
Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 11/15/18   1,000   1,163,850  
New York State Dormitory Authority, RB, General Purpose, Series A, 5.00%, 3/15/18   8,000   9,253,920  
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20   1,200   1,282,572  
Tobacco Settlement Financing Corp. New York, RB, Asset-Backed, Series B-1C, 5.50%, 6/01/20   4,500   4,519,575  
    24,383,674  
North Carolina  — 2.8%  
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 4.00%, 1/01/18   3,865   4,256,563  
North Carolina HFA, Refunding RB, Series 28-A, AMT, 4.65%, 7/01/23 (a)   2,645   2,694,806  
    6,951,369  
Ohio  — 1.4%  
State of Ohio, GO, Refunding, Higher Education, Series B, 5.00%, 8/01/18   3,000   3,496,920  
Oklahoma  — 0.6%  
County of Canadian Educational Facilities Authority, RB, Mustang Public Schools Project, 4.00%, 9/01/18   1,000   1,088,660  
County of Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A:          
  2.25%, 4/01/14   175   174,013  
  2.50%, 4/01/15   175   172,058  
    1,434,731  
Municipal Bonds Par
(000)		   Value  
Pennsylvania  — 3.9%  
County of Cumberland Municipal Authority, Refunding RB, Diakon Lutheran, 5.75%, 1/01/19 $ 2,375 $ 2,716,169  
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 3.00%, 11/01/18   1,000   1,014,290  
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, Inc., Student Housing Project:          
  4.00%, 10/01/17   275   285,722  
  4.00%, 10/01/18   560   577,942  
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Drexel University, Series A, 5.00%, 5/01/18   1,000   1,142,190  
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/18   1,500   1,716,255  
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22   1,000   1,095,340  
State Public School Building Authority, RB, Community College of Allegheny County Project (AGM), 5.00%, 7/15/18   900   1,030,257  
    9,578,165  
Texas  — 15.5%  
Alliance Airport Authority Texas, Refunding RB, FedEx Corp. Project, AMT, 4.85%, 4/01/21   2,000   2,092,560  
Birdville ISD Texas, GO, Refunding, CAB, (PSF-GTD) (h):          
  1.68%, 2/15/18   1,615   1,500,723  
  2.04%, 2/15/19   1,815   1,627,765  
  2.30%, 2/15/20   2,625   2,268,394  
  2.61%, 2/15/21   2,500   2,064,675  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:          
  5.75%, 1/01/18   750   822,622  
  5.75%, 1/01/19   750   823,117  
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21   2,500   2,782,825  
City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 7/01/18   1,000   1,148,350  
               

 

BLACKROCK MUNICIPAL 2018 TERM TRUSTSEPTEMBER 30, 20134
 
Schedule of Investments (continued) BlackRock Municipal 2018 Term Trust (BPK)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Texas (concluded)  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, AMT, 5.00%, 11/01/18 $ 5,000 $ 5,336,900  
Lower Colorado River Authority, Refunding RB, LCRA Transmission, Series B, 5.00%, 5/15/18   5,000   5,745,100  
New Hope Cultural Education Facilities Corp., RB, CHF-Stephenville LLC, Tarleton State University Project:          
  4.00%, 4/01/17   160   166,798  
  4.00%, 4/01/18   280   289,562  
North Texas Tollway Authority, Refunding RB, Series C:          
  5.00%, 1/01/19   2,215   2,491,720  
  5.25%, 1/01/20   4,000   4,494,160  
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/18   4,360   4,818,149  
    38,473,420  
US Virgin Islands  — 0.5%  
Virgin Islands Public Finance Authority, Refunding RB, Senior Lien, Series B, 5.00%, 10/01/18   1,000   1,104,620  
Virginia  — 1.9%  
City of Norfolk Virginia, Refunding RB, Water Revenue, 5.00%, 11/01/18   1,230   1,439,567  
Hanover County EDA, Refunding RB, Residential Care Facility, Covenant Woods, Series A, 3.00%, 7/01/14   415   412,058  
Virginia HDA, Refunding RB, Sub-Series E-2, AMT, 4.38%, 10/01/19   2,750   2,799,940  
    4,651,565  
Washington  — 0.2%  
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B, 5.00%, 10/01/18   500   577,580  
Municipal Bonds Par
(000)		   Value  
Wisconsin  — 1.9%  
City of Franklin Wisconsin, RB, Waste Management, Inc. Project, AMT, 4.95%, 4/01/16 $ 1,990 $ 2,097,659  
State of Wisconsin, Refunding RB, Series A, 5.00%, 5/01/18   1,000   1,154,270  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/19   1,265   1,448,362  
    4,700,291  
Total Municipal Bonds — 125.5%   310,660,301  
 
 
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (i) — 2.2%		  
Illinois  — 2.2%  
City of Chicago IL Waterworks Revenue, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20   5,000   5,523,250  
Total Long-Term Investments
(Cost — $303,006,135) — 127.7%		   316,183,551  
  
Short-Term Securities
Shares		      
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)   7,513,903   7,513,903  
Total Short-Term Securities
(Cost — $7,513,903) — 3.0%		   7,513,903  
Total Investments
(Cost — $310,520,038*) — 130.7%		   323,697,454  
Other Assets Less Liabilities — 1.3%   3,364,658  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.5%)   (3,752,766)  
Preferred Shares, at Redemption Value — (30.5%)   (75,650,000)  
Net Assets Applicable to Common Shares — 100.0% $ 247,659,346  
* As of September 30, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

  
Tax cost $ 306,690,337  
Gross unrealized appreciation $ 16,158,503  
Gross unrealized depreciation   (2,901,386)  
Net unrealized appreciation $ 13,257,117  
               

 

BLACKROCK MUNICIPAL 2018 TERM TRUSTSEPTEMBER 30, 20135
 
Schedule of Investments (continued) BlackRock Municipal 2018 Term Trust (BPK)
   

 

Notes to Schedule of Investments

 

(a) Variable rate security. Rate shown is as of report date.
(b) 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.
(c) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(d) Non-income producing security.
(e) 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.
(f) Security is collateralized by municipal or US Treasury obligations.
(g) 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.
(h) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(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, 2013, 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, 2012		   Net Activity     Shares
Held at
September 30, 2013		   Income
  FFI Institutional Tax-Exempt Fund            26,827,828   (19,313,925)     7,513,903   $    1,190

 

(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 Guarantee Corp.
AGM Assured Guaranty Municipal Corp.
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax (subject to)
ARB Airport Revenue Bonds
CAB Capital Appreciation Bonds
COP Certificates of Participation
EDA Economic Development Authority
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.
PSF-GTD Permanent School Fund Guaranteed
RB Revenue Bonds
S/F Single-Family

 

BLACKROCK MUNICIPAL 2018 TERM TRUSTSEPTEMBER 30, 20136
 
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 or 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 fair value hierarchy classification 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, 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, 2013:

 

      Level 1   Level 2   Level 3   Total
Assets:  
Investments:
  Long-Term Investments 1   — $ 316,183,551   — $ 316,183,551
  Short-Term Securities $ 7,513,903   —   —   7,513,903
Total $ 7,513,903 $ 316,183,551   — $ 323,697,454

 

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, 2013, TOB trust certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy,

There were no transfers between levels during the period ended September 30, 2013.

 

 

BLACKROCK MUNICIPAL 2018 TERM TRUSTSEPTEMBER 30, 20137
 

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 25, 2013

 

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 25, 2013

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Municipal 2018 Term Trust

Date: November 25, 2013