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: 03/31/2012
Item 1 – Schedule of Investments
|
|
|
|
|
|
|
Schedule of Investments March 31, 2012 (Unaudited) |
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama — 3.0% |
|
|
|
|
|
|
|
|
Alabama 21st Century Authority, RB, |
|
$ |
500 |
|
$ |
577,905 |
|
|
Courtland IDB Alabama, Refunding RB, |
|
|
1,000 |
|
|
1,045,240 |
|
|
Huntsville Health Care Authority |
|
|
5,845 |
|
|
5,923,557 |
|
|
|
|
|
|
|
|
7,546,702 |
|
|
Arizona — 2.2% |
|
|
|
|
|
|
|
|
Phoenix Civic Improvement Corp., RB, |
|
|
4,660 |
|
|
5,582,820 |
|
|
California — 15.2% |
|
|
|
|
|
|
|
|
Agua Caliente Band of Cahuilla Indians, |
|
|
755 |
|
|
746,378 |
|
|
California Health Facilities Financing |
|
|
2,570 |
|
|
3,070,482 |
|
|
California Pollution Control Financing |
|
|
6,500 |
|
|
6,919,315 |
|
|
California Pollution Control Financing |
|
|
4,055 |
|
|
4,541,600 |
|
|
California State Department of Water |
|
|
5,000 |
|
|
6,055,350 |
|
|
Clovis Unified School District California, |
|
|
5,425 |
|
|
4,387,306 |
|
|
Los Angeles Unified School District |
|
|
3,750 |
|
|
4,452,975 |
|
|
San Manuel Entertainment Authority, |
|
|
4,000 |
|
|
4,090,480 |
|
|
State of California, Refunding RB, |
|
|
3,380 |
|
|
4,006,550 |
|
|
|
|
|
|
|
|
38,270,436 |
|
|
Colorado — 4.4% |
|
|
|
|
|
|
|
|
Colorado Housing & Finance Authority, |
|
|
5,000 |
|
|
5,661,550 |
|
|
Park Creek Metropolitan District |
|
|
5,010 |
|
|
5,443,966 |
|
|
|
|
|
|
|
|
11,105,516 |
|
|
Florida — 2.7% |
|
|
|
|
|
|
|
|
Broward County School Board Florida, |
|
|
1,250 |
|
|
1,385,513 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Florida (concluded) |
|
|
|
|
|
|
|
|
Pine Island Community Development |
|
$ |
400 |
|
$ |
160,048 |
|
|
Stevens Plantation Community |
|
|
2,270 |
|
|
2,052,647 |
|
|
Village Center Community Development |
|
|
3,080 |
|
|
3,135,717 |
|
|
|
|
|
|
|
|
6,733,925 |
|
|
Illinois — 16.4% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, RB, General |
|
|
|
|
|
|
|
|
5.00%, 1/01/19 |
|
|
5,000 |
|
|
5,497,700 |
|
|
5.00%, 1/01/20 |
|
|
3,000 |
|
|
3,279,360 |
|
|
City of Chicago Illinois, Refunding RB, |
|
|
5,000 |
|
|
5,015,300 |
|
|
Illinois Finance Authority, RB, MJH |
|
|
2,750 |
|
|
2,282,390 |
|
|
Illinois Finance Authority, Refunding RB, |
|
|
2,290 |
|
|
2,682,323 |
|
|
Illinois Sports Facilities Authority, RB, |
|
|
|
|
|
|
|
|
5.35%, 6/15/19 |
|
|
1,885 |
|
|
2,062,077 |
|
|
5.40%, 6/15/20 |
|
|
1,985 |
|
|
2,162,677 |
|
|
5.45%, 6/15/21 |
|
|
2,090 |
|
|
2,270,451 |
|
|
Illinois State Toll Highway Authority, RB, |
|
|
2,250 |
|
|
2,495,250 |
|
|
Railsplitter Tobacco Settlement |
|
|
10,000 |
|
|
11,244,200 |
|
|
State of Illinois, RB, Build Illinois,
Series |
|
|
2,000 |
|
|
2,361,020 |
|
|
|
|
|
|
|
|
41,352,748 |
|
|
Indiana — 2.3% |
|
|
|
|
|
|
|
|
City of Vincennes Indiana, Refunding |
|
|
3,385 |
|
|
2,043,287 |
|
|
Indiana State Municipal Power Agency, |
|
|
875 |
|
|
1,026,734 |
|
|
Indianapolis Airport Authority, Refunding |
|
|
2,500 |
|
|
2,819,175 |
|
|
|
|
|
|
|
|
5,889,196 |
|
|
Kansas — 1.2% |
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, |
|
|
2,500 |
|
|
2,977,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2018 TERM TRUST |
MARCH 31, 2012 |
1 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Kentucky — 3.4% |
|
|
|
|
|
|
|
|
Kenton County School District Finance |
|
$ |
3,210 |
|
$ |
3,265,597 |
|
|
Kentucky Housing Corp., RB, Series C, |
|
|
3,195 |
|
|
3,286,058 |
|
|
Louisville Jefferson County Metropolitan |
|
|
1,755 |
|
|
2,083,852 |
|
|
|
|
|
|
|
|
8,635,507 |
|
|
Louisiana — 0.5% |
|
|
|
|
|
|
|
|
Louisiana Public Facilities Authority, RB, |
|
|
1,350 |
|
|
1,363,230 |
|
|
Maryland — 1.2% |
|
|
|
|
|
|
|
|
Maryland Health & Higher Educational |
|
|
|
|
|
|
|
|
Charlestown Community, |
|
|
1,685 |
|
|
1,828,360 |
|
|
University of Maryland Medical |
|
|
1,000 |
|
|
1,139,500 |
|
|
|
|
|
|
|
|
2,967,860 |
|
|
Massachusetts — 0.1% |
|
|
|
|
|
|
|
|
Massachusetts State Water Pollution |
|
|
135 |
|
|
135,602 |
|
|
Michigan — 2.1% |
|
|
|
|
|
|
|
|
Kalamazoo Hospital Finance Authority, |
|
|
2,025 |
|
|
2,347,198 |
|
|
Michigan State Hospital Finance |
|
|
1,000 |
|
|
1,089,580 |
|
|
Michigan State Housing Development |
|
|
1,000 |
|
|
1,070,010 |
|
|
Pontiac Tax Increment Finance Authority |
|
|
640 |
|
|
652,006 |
|
|
|
|
|
|
|
|
5,158,794 |
|
|
Minnesota — 1.3% |
|
|
|
|
|
|
|
|
Tobacco Securitization Authority, |
|
|
3,000 |
|
|
3,392,070 |
|
|
Mississippi — 4.0% |
|
|
|
|
|
|
|
|
County of Lowndes Mississippi, |
|
|
9,000 |
|
|
10,022,130 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Multi-State — 8.9% |
|
|
|
|
|
|
|
|
Centerline Equity Issuer Trust (FHLMC), |
|
$ |
14,000 |
|
$ |
15,372,420 |
|
|
MuniMae TE Bond Subsidiary LLC (a)(i): |
|
|
|
|
|
|
|
|
5.20%, 6/29/49 |
|
|
6,000 |
|
|
4,679,820 |
|
|
Series D, 5.90%, 11/29/49 |
|
|
4,000 |
|
|
2,239,880 |
|
|
|
|
|
|
|
|
22,292,120 |
|
|
Nebraska — 0.7% |
|
|
|
|
|
|
|
|
Public Power Generation Agency, RB, |
|
|
1,500 |
|
|
1,719,885 |
|
|
Nevada — 2.9% |
|
|
|
|
|
|
|
|
City of Henderson Nevada, Special |
|
|
1,000 |
|
|
592,340 |
|
|
City of Las Vegas Nevada, Special |
|
|
1,015 |
|
|
1,019,953 |
|
|
Director of the State of Nevada |
|
|
5,120 |
|
|
5,764,967 |
|
|
|
|
|
|
|
|
7,377,260 |
|
|
New Hampshire — 3.9% |
|
|
|
|
|
|
|
|
New Hampshire Business Finance |
|
|
|
|
|
|
|
|
Series B, AMT, 4.75%, |
|
|
2,650 |
|
|
2,782,314 |
|
|
Series C, 5.45%, 5/01/21 |
|
|
7,000 |
|
|
7,101,220 |
|
|
|
|
|
|
|
|
9,883,534 |
|
|
New Jersey — 17.3% |
|
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
Cigarette Tax, 5.50%, |
|
|
7,000 |
|
|
7,064,330 |
|
|
Continental Airlines, Inc. |
|
|
4,250 |
|
|
4,260,710 |
|
|
New Jersey EDA, Refunding RB, School |
|
|
4,000 |
|
|
4,697,200 |
|
|
New Jersey EDA, Special Assessment |
|
|
8,410 |
|
|
8,693,165 |
|
|
New Jersey Educational Facilities |
|
|
2,500 |
|
|
2,986,700 |
|
|
New Jersey Health Care Facilities |
|
|
|
|
|
|
|
|
AHS Hospital Corp., 5.00%, |
|
|
850 |
|
|
966,994 |
|
|
AtlantiCare Regional Medical |
|
|
1,500 |
|
|
1,642,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2018 TERM TRUST |
MARCH 31, 2012 |
2 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New Jersey (concluded) |
|
|
|
|
|
|
|
|
New Jersey Health Care Facilities |
|
|
|
|
|
|
|
|
Barnabas Health, Series A, |
|
$ |
2,000 |
|
$ |
2,170,580 |
|
|
New Jersey State Housing & Mortgage |
|
|
2,500 |
|
|
2,574,350 |
|
|
New Jersey State Turnpike Authority, RB, |
|
|
1,350 |
|
|
1,583,428 |
|
|
New Jersey Transportation Trust Fund |
|
|
2,000 |
|
|
2,343,120 |
|
|
Newark Housing Authority, RB, South |
|
|
4,000 |
|
|
4,501,600 |
|
|
|
|
|
|
|
|
43,484,617 |
|
|
New York — 11.5% |
|
|
|
|
|
|
|
|
City of New York New York, GO: |
|
|
|
|
|
|
|
|
Sub-Series F-1, 5.00%, |
|
|
7,500 |
|
|
8,499,750 |
|
|
Sub-Series G-1, 5.00%, |
|
|
3,000 |
|
|
3,563,640 |
|
|
Metropolitan Transportation Authority, |
|
|
1,000 |
|
|
1,198,160 |
|
|
New York State Dormitory Authority, RB, |
|
|
8,000 |
|
|
9,586,160 |
|
|
Port Authority of New York & New
Jersey, |
|
|
1,200 |
|
|
1,265,964 |
|
|
Tobacco Settlement Financing Corp. |
|
|
4,500 |
|
|
4,751,640 |
|
|
|
|
|
|
|
|
28,865,314 |
|
|
North Carolina — 4.6% |
|
|
|
|
|
|
|
|
North Carolina Eastern Municipal Power |
|
|
3,865 |
|
|
4,289,647 |
|
|
North Carolina HFA, Refunding RB, |
|
|
3,105 |
|
|
3,197,374 |
|
|
Wake County Industrial Facilities & |
|
|
4,000 |
|
|
4,055,040 |
|
|
|
|
|
|
|
|
11,542,061 |
|
|
Ohio — 4.1% |
|
|
|
|
|
|
|
|
State of Ohio, GO, Refunding, Higher |
|
|
8,500 |
|
|
10,221,505 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Pennsylvania — 4.6% |
|
|
|
|
|
|
|
|
Commonwealth of Pennsylvania, GO, |
|
$ |
4,690 |
|
$ |
5,687,985 |
|
|
Cumberland County Municipal Authority, |
|
|
2,375 |
|
|
2,640,929 |
|
|
Pennsylvania Economic Development |
|
|
1,000 |
|
|
1,015,130 |
|
|
Pennsylvania Higher Educational |
|
|
1,000 |
|
|
1,149,690 |
|
|
Pennsylvania Turnpike Commission, RB, |
|
|
1,000 |
|
|
1,141,480 |
|
|
|
|
|
|
|
|
11,635,214 |
|
|
Puerto Rico — 2.9% |
|
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, |
|
|
2,665 |
|
|
2,888,194 |
|
|
Puerto Rico Commonwealth Aqueduct & |
|
|
2,515 |
|
|
2,737,854 |
|
|
Puerto Rico Sales Tax Financing Corp., |
|
|
1,320 |
|
|
1,552,096 |
|
|
|
|
|
|
|
|
7,178,144 |
|
|
South Carolina — 2.1% |
|
|
|
|
|
|
|
|
South Carolina Jobs-EDA, Refunding RB, |
|
|
5,000 |
|
|
5,175,350 |
|
|
Tennessee — 3.3% |
|
|
|
|
|
|
|
|
Knox County Health Educational & |
|
|
12,000 |
|
|
8,405,640 |
|
|
Texas — 13.0% |
|
|
|
|
|
|
|
|
Alliance Airport Authority Texas, |
|
|
2,000 |
|
|
2,115,120 |
|
|
Birdville ISD Texas, GO, Refunding, CAB |
|
|
|
|
|
|
|
|
5.41%, 2/15/18 |
|
|
1,615 |
|
|
1,470,651 |
|
|
5.44%, 2/15/19 |
|
|
1,815 |
|
|
1,598,833 |
|
|
5.44%, 2/15/20 |
|
|
2,625 |
|
|
2,227,496 |
|
|
5.54%, 2/15/21 |
|
|
2,500 |
|
|
2,038,975 |
|
|
Central Texas Regional Mobility |
|
|
|
|
|
|
|
|
5.75%, 1/01/18 |
|
|
750 |
|
|
818,415 |
|
|
5.75%, 1/01/19 |
|
|
750 |
|
|
821,370 |
|
|
City of Dallas Texas, Refunding RB |
|
|
2,500 |
|
|
2,820,050 |
|
|
City of Frisco Texas, GO, Refunding, |
|
|
1,550 |
|
|
1,593,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2018 TERM TRUST |
MARCH 31, 2012 |
3 |
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Texas (concluded) |
|
|
|
|
|
|
|
|
City of Houston Texas, Refunding RB, |
|
$ |
1,000 |
|
$ |
1,165,880 |
|
|
Dallas-Fort Worth International Airport |
|
|
|
|
|
|
|
|
5.88%, 11/01/17 |
|
|
1,425 |
|
|
1,430,244 |
|
|
5.88%, 11/01/18 |
|
|
1,425 |
|
|
1,430,244 |
|
|
Lower Colorado River Authority, |
|
|
5,000 |
|
|
5,910,500 |
|
|
North Texas Tollway Authority, RB, |
|
|
|
|
|
|
|
|
5.00%, 1/01/19 |
|
|
2,215 |
|
|
2,539,254 |
|
|
5.25%, 1/01/20 |
|
|
4,000 |
|
|
4,617,600 |
|
|
|
|
|
|
|
|
32,598,048 |
|
|
US Virgin Islands — 0.4% |
|
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority, |
|
|
1,000 |
|
|
1,100,910 |
|
|
Virginia — 1.7% |
|
|
|
|
|
|
|
|
City of Norfolk Virginia, Refunding RB, |
|
|
1,230 |
|
|
1,497,796 |
|
|
Virginia HDA, RB, Sub-Series E-2, AMT, |
|
|
2,750 |
|
|
2,815,422 |
|
|
|
|
|
|
|
|
4,313,218 |
|
|
Washington — 0.2% |
|
|
|
|
|
|
|
|
Washington Health Care Facilities |
|
|
500 |
|
|
589,470 |
|
|
Wisconsin — 2.1% |
|
|
|
|
|
|
|
|
City of Franklin Wisconsin, RB, Waste |
|
|
1,990 |
|
|
2,187,528 |
|
|
State of Wisconsin, Refunding RB, |
|
|
1,000 |
|
|
1,196,220 |
|
|
Wisconsin Health & Educational |
|
|
|
|
|
|
|
|
5.00%, 4/01/19 |
|
|
1,265 |
|
|
1,492,371 |
|
|
5.38%, 10/01/21 |
|
|
440 |
|
|
445,271 |
|
|
|
|
|
|
|
|
5,321,390 |
|
|
Total Municipal Bonds – 144.2% |
|
|
|
|
|
362,838,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (j) |
|
|
|
|
|
|
|
|
Illinois — 2.3% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, Refunding RB, |
|
|
5,000 |
|
|
5,809,300 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (j) |
|
|
|
|
Value |
|
|
|
Total Municipal Bonds Transferred to Tender Option |
|
|
|
|
$ |
5,809,300 |
|
|
Total Long-Term Investments |
|
|
|
|
|
368,647,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, |
|
|
21,124,254 |
|
$ |
21,124,254 |
|
|
Total Short-Term Securities |
|
|
|
|
|
21,124,254 |
|
|
Total Investments (Cost - $372,854,876*) – 154.9% |
|
|
|
|
|
389,771,620 |
|
|
Liabilities in Excess of Other Assets – (0.2)% |
|
|
|
|
|
(502,752 |
) |
|
Liability for TOB Trust Certificates,
Including Interest |
|
|
|
|
|
(3,752,164 |
) |
|
Preferred Shares, at Redemption Value – (53.2)% |
|
|
|
|
|
(133,853,517 |
) |
|
Net Assets Applicable to Common Shares – 100.0% |
|
|
|
|
$ |
251,663,187 |
|
|
|
|
|
|
|
|
* |
As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
|
|
Aggregate Cost |
|
$ |
368,968,273 |
|
|
Gross unrealized appreciation |
|
$ |
22,863,759 |
|
|
Gross unrealized depreciation |
|
|
(5,810,412 |
) |
|
Net unrealized appreciation |
|
$ |
17,053,347 |
|
|
|
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. 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) |
Non-income producing security. |
|
|
|
|
(f) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(g) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
Wells Fargo Bank N.A |
|
$ |
5,157,056 |
|
$ |
17,669 |
|
|
|
Morgan Stanley |
|
$ |
3,581,648 |
|
$ |
16,739 |
|
|
|
JPMorgan Securities |
|
$ |
10,221,505 |
|
$ |
90,695 |
|
|
|
|
|
(h) |
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. |
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2018 TERM TRUST |
MARCH 31, 2012 |
4 |
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
|
|
(i) |
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. |
|
|
|
|
(j) |
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. |
|
|
|
|
(k) |
Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional |
|
|
925,301 |
|
|
20,198,953 |
|
|
21,124,254 |
|
$ |
158 |
|
|
|
|
|
(l) |
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: |
|
|
|
|
|
ACA |
American Capital Access Corp. |
|
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 |
|
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 |
|
|
|
|
|
• |
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs 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 |
|
|
|
|
|
|
• |
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) |
|
|
|
|
|
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 annual report. |
||
|
|
|
|
|
The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Trust’s investments: |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
— |
|
$ |
368,647,366 |
|
|
— |
|
$ |
368,647,366 |
|
|
Short-Term |
|
$ |
21,124,254 |
|
|
— |
|
|
— |
|
|
21,124,254 |
|
|
Total |
|
$ |
21,124,254 |
|
$ |
368,647,366 |
|
|
— |
|
$ |
389,771,620 |
|
1 See above Schedule of Investments for values in each sector and state or political subdivision.
Certain of the Trust’s liabilities are held at carrying amount which approximates fair value. Such liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank |
|
$ |
(849 |
) |
|
|
|
|
|
|
$ |
(849 |
) |
|
TOB trust |
|
|
— |
|
$ |
(3,750,000 |
) |
|
— |
|
|
(3,750,000 |
) |
|
AMPS |
|
|
— |
|
|
— |
|
$ |
(133,850,000 |
) |
|
(133,850,000 |
) |
|
Total |
|
$ |
(849 |
) |
$ |
(3,750,000 |
) |
$ |
(133,850,000 |
) |
$ |
(137,600,849 |
) |
There were no transfers between levels during the period ended March 31, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2018 TERM TRUST |
MARCH 31, 2012 |
5 |
|
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: May 23, 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: May 23, 2012 | |||
| By: | /s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock Municipal 2018 Term Trust | |||
| Date: May 23, 2012 | |||