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: 03/31/2013
Item 1 – Schedule of Investments
| Schedule of Investments March 31, 2013 (Unaudited) |
BlackRock Municipal 2018 Term Trust (BPK) (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Alabama — 0.6% | ||||||||
| Alabama 21st Century Authority, Refunding RB, Series A, 5.00%, 6/01/18 | $ | 500 | $ | 587,465 | ||||
| Courtland IDB Alabama, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17 | 1,000 | 1,043,660 | ||||||
| 1,631,125 | ||||||||
| Arizona — 2.2% | ||||||||
| Phoenix Civic Improvement Corp., RB, Junior Lien, Series A, 5.00%, 7/01/21 | 4,660 | 5,657,100 | ||||||
| California — 12.2% | ||||||||
| Agua Caliente Band of Cahuilla Indians, RB, 5.60%, 7/01/13 (a) | 395 | 394,198 | ||||||
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/19 | 2,570 | 3,135,451 | ||||||
| California Pollution Control Financing Authority, RB, Waste Management, Inc. Project, Series C, AMT, 5.13%, 11/01/23 (b) | 6,500 | 6,979,570 | ||||||
| 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 | 4,557,333 | ||||||
| California State Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/18 | 5,000 | 5,991,500 | ||||||
| Los Angeles Regional Airports Improvement Corp., Refunding RB, Facilities Lease, LAXFuel Corp., AMT: | ||||||||
| 5.00%, 1/01/17 | 450 | 516,047 | ||||||
| 5.00%, 1/01/18 | 930 | 1,084,975 | ||||||
| Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 | 3,750 | 4,582,538 | ||||||
| San Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (a) | 4,000 | 4,131,240 | ||||||
| 31,372,852 | ||||||||
| Colorado — 4.8% | ||||||||
| Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project: | ||||||||
| 4.00%, 12/01/17 | 515 | 562,766 | ||||||
| 4.00%, 12/01/18 | 540 | 594,605 | ||||||
| Colorado Housing & Finance Authority, RB, Disposal, Waste Management, Inc. Project, AMT, 5.70%, 7/01/18 | 5,000 | 5,728,650 | ||||||
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Colorado (concluded) | ||||||||
| Park Creek Metropolitan District Colorado, Refunding RB, Senior, Limited Tax, Property Tax, 5.25%, 12/01/20 | $ | 5,010 | $ | 5,399,528 | ||||
| 12,285,549 | ||||||||
| Florida — 5.5% | ||||||||
| Broward County Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 5.00%, 10/01/18 | 3,930 | 4,666,050 | ||||||
| Broward County School Board Florida, COP, Series A (AGM), 5.25%, 7/01/22 | 1,250 | 1,446,437 | ||||||
| County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/18 | 3,000 | 3,553,140 | ||||||
| Pine Island Community Development District, RB, 5.30%, 11/01/10 (c)(d) | 400 | 160,188 | ||||||
| Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13 (c)(d) | 2,270 | 1,702,500 | ||||||
| Village Center Community Development District, RB, Sub-Series B, 5.88%, 1/01/15 | 2,480 | 2,533,965 | ||||||
| 14,062,280 | ||||||||
| Guam — 0.3% | ||||||||
| Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19 | 620 | 739,028 | ||||||
| Hawaii — 0.2% | ||||||||
| Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, 5.00%, 11/15/18 | 370 | 416,531 | ||||||
| Illinois — 13.4% | ||||||||
| City of Chicago Illinois, RB, General Airport, Third Lien, Series A (AMBAC): | ||||||||
| 5.00%, 1/01/19 | 5,000 | 5,519,650 | ||||||
| 5.00%, 1/01/20 | 3,000 | 3,311,790 | ||||||
| Illinois Finance Authority, Refunding RB, Central DuPage Health, Series B, 5.00%, 11/01/18 | 2,290 | 2,743,878 | ||||||
| Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC): | ||||||||
| 5.35%, 6/15/19 | 1,885 | 2,039,061 | ||||||
| 5.40%, 6/15/20 | 1,985 | 2,141,855 | ||||||
| 5.45%, 6/15/21 | 2,090 | 2,248,798 | ||||||
| Illinois State Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 1/01/19 | 2,250 | 2,475,990 | ||||||
| Railsplitter Tobacco Settlement Authority, RB, 5.00%, 6/01/18 | 10,000 | 11,651,700 | ||||||
| BLACKROCK MUNICIPAL 2018 TERM TRUST | MARCH 31, 2013 1 |
| Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK) (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Illinois (concluded) | ||||||||
| State of Illinois, RB, Build Illinois, Series B, 5.00%, 6/15/18 | $ | 2,000 | $ | 2,384,860 | ||||
| 34,517,582 | ||||||||
| Indiana — 3.0% | ||||||||
| City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24 | 3,185 | 1,952,342 | ||||||
| Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19 | 1,715 | 1,911,539 | ||||||
| Indiana State Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/19 | 875 | 1,046,526 | ||||||
| Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17 | 2,500 | 2,832,325 | ||||||
| 7,742,732 | ||||||||
| Kansas — 1.2% | ||||||||
| Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.00%, 11/15/18 | 2,500 | 2,992,500 | ||||||
| Kentucky — 3.4% | ||||||||
| Kenton County School District Finance Corp., Refunding RB, 2.50%, 6/01/18 | 3,210 | 3,415,761 | ||||||
| Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22 | 3,195 | 3,334,686 | ||||||
| Louisville Jefferson County Metropolitan Government, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 12/01/18 | 1,755 | 2,103,139 | ||||||
| 8,853,586 | ||||||||
| Louisiana — 0.4% | ||||||||
| Louisiana Public Facilities Authority, RB, Department of Public Safety, Fire Marshal's Headquarter Project (NPFGC), 5.88%, 6/15/14 | 925 | 935,138 | ||||||
| Maryland — 3.5% | ||||||||
| Maryland Health & Higher Educational Facilities Authority, Refunding RB: | ||||||||
| Charlestown Community, 5.00%, 1/01/19 | 1,685 | 1,894,159 | ||||||
| University of Maryland Medical System, 5.00%, 7/01/18 | 1,000 | 1,174,100 | ||||||
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Maryland (concluded) | ||||||||
| Maryland State Transportation Authority, Refunding RB, Baltimore/Washington Thurgood Marshall Airport Project, Series B, AMT, 5.00%, 3/01/19 | $ | 5,000 | $ | 5,843,850 | ||||
| 8,912,109 | ||||||||
| Massachusetts — 0.1% | ||||||||
| Massachusetts State Water Pollution Abatement, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23 | 135 | 135,637 | ||||||
| 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 | 3,392,550 | ||||||
| Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital (AGM), 5.00%, 5/15/18 | 2,025 | 2,374,454 | ||||||
| Michigan State Hospital Finance Authority, Refunding RB, Oakwood Obligation Group, Series A, 5.00%, 7/15/18 | 1,000 | 1,137,330 | ||||||
| Michigan State Housing Development Authority, Refunding RB, Series B, 4.15%, 4/01/18 | 1,000 | 1,079,420 | ||||||
| 7,983,754 | ||||||||
| Mississippi — 4.8% | ||||||||
| County of Lowndes Mississippi, Refunding RB, Weyerhaeuser Co. Project, Series A, 6.80%, 4/01/22 | 9,000 | 10,781,100 | ||||||
| Mississippi Development Bank, Special Obligation, Refunding, Mississippi Highway Refunding Project, 5.00%, 1/01/18 | 1,320 | 1,549,284 | ||||||
| 12,330,384 | ||||||||
| Multi-State—9.3% | ||||||||
| Centerline Equity Issuer Trust (Freddie Mac), 6.80%, 10/31/52 (a)(e) | 14,000 | 15,106,980 | ||||||
| MuniMae TE Bond Subsidiary LLC (a)(e)(f): | ||||||||
| Series B-2, 5.20% | 6,000 | 5,819,640 | ||||||
| Series D, 5.90% | 4,000 | 3,159,720 | ||||||
| 24,086,340 | ||||||||
| Nebraska — 1.7% | ||||||||
| Central Plains Energy Project, RB, Gas Project (Project No. 3), 5.00%, 9/01/17 | 2,330 | 2,611,767 | ||||||
| BLACKROCK MUNICIPAL 2018 TERM TRUST | MARCH 31, 2013 2 |
| Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK) (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Nebraska (concluded) | ||||||||
| Public Power Generation Agency, RB, Whelan Energy Center, Series 2-A (AGC), 5.00%, 1/01/18 | $ | 1,500 | $ | 1,688,775 | ||||
| 4,300,542 | ||||||||
| Nevada — 4.4% | ||||||||
| City of Las Vegas Nevada, Special Assessment Bonds, Summerlin Area, 5.35%, 6/01/17 | 1,005 | 1,023,703 | ||||||
| Clark County Nevada, Special Assessment Bonds, Refunding, Improvement District No. 142, Mountain's Edge, 4.00%, 8/01/18 | 4,300 | 4,434,891 | ||||||
| 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 | 5,883,904 | ||||||
| 11,342,498 | ||||||||
| 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 | 2,727,618 | ||||||
| Series C, 5.45%, 5/01/21 | 7,000 | 7,033,320 | ||||||
| 9,760,938 | ||||||||
| New Jersey — 14.1% | ||||||||
| New Jersey EDA, ARB, Continental Airlines, Inc. Project, AMT, 7.20%, 11/15/30 (b) | 4,250 | 4,265,683 | ||||||
| New Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 6/15/18 | 5,000 | 5,770,100 | ||||||
| New Jersey EDA, Special Assessment Bonds, Refunding, Kapkowski Road Landfill Project, 5.50%, 4/01/16 | 7,255 | 7,530,327 | ||||||
| New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 | 2,500 | 3,016,850 | ||||||
| New Jersey Health Care Facilities Financing Authority, Refunding RB: | ||||||||
| AHS Hospital Corp., 5.00%, 7/01/18 | 850 | 987,717 | ||||||
| AtlantiCare Regional Medical Center, 5.00%, 7/01/20 | 1,500 | 1,669,140 | ||||||
| Barnabas Health, Series A, 5.00%, 7/01/18 | 2,000 | 2,329,500 | ||||||
| New Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22 | 2,275 | 2,392,299 | ||||||
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| New Jersey (concluded) | ||||||||
| New Jersey State Turnpike Authority, Refunding RB, Series G, 5.00%, 1/01/18 | $ | 1,350 | $ | 1,592,028 | ||||
| New Jersey Transportation Trust Fund Authority, RB, Series B, 5.00%, 6/15/18 | 2,000 | 2,373,720 | ||||||
| Newark Housing Authority, RB, South Ward Police Facility (AGC), 4.50%, 12/01/18 | 4,000 | 4,548,360 | ||||||
| 36,475,724 | ||||||||
| New York — 9.7% | ||||||||
| City of New York, New York, GO, Sub-Series F-1, 5.00%, 9/01/18 | 7,500 | 8,315,700 | ||||||
| Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 11/15/18 | 1,000 | 1,206,890 | ||||||
| New York State Dormitory Authority, RB, Series A, 5.00%, 3/15/18 | 8,000 | 9,535,600 | ||||||
| Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 5.00%, 12/01/20 | 1,200 | 1,373,124 | ||||||
| Tobacco Settlement Financing Corp. New York, RB, Asset-Backed, Series B-1C, 5.50%, 6/01/20 | 4,500 | 4,540,770 | ||||||
| 24,972,084 | ||||||||
| North Carolina — 4.4% | ||||||||
| North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 4.00%, 1/01/18 | 3,865 | 4,367,836 | ||||||
| North Carolina HFA, Refunding RB, Series 28-A, AMT, 4.65%, 7/01/23 (b) | 2,860 | 2,986,012 | ||||||
| Wake County Industrial Facilities & Pollution Control Financing Authority North Carolina, Refunding RB, Carolina Power & Light Co. Project, 5.38%, 2/01/17 | 4,000 | 4,031,120 | ||||||
| 11,384,968 | ||||||||
| Ohio — 1.4% | ||||||||
| State of Ohio, GO, Refunding, Higher Education, Series B, 5.00%, 8/01/18 | 3,000 | 3,608,430 | ||||||
| Oklahoma — 0.6% | ||||||||
| Canadian County Educational Facilities Authority, RB, Mustang Public Schools Project, 4.00%, 9/01/18 | 1,000 | 1,116,500 | ||||||
| Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project, Series A: | ||||||||
| 2.00%, 4/01/13 | 175 | 174,996 | ||||||
| 2.25%, 4/01/14 | 175 | 174,533 | ||||||
| 2.50%, 4/01/15 | 175 | 174,050 | ||||||
| 1,640,079 |
| BLACKROCK MUNICIPAL 2018 TERM TRUST | MARCH 31, 2013 3 |
| Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK) (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Pennsylvania — 3.8% | ||||||||
| Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran, 5.75%, 1/01/19 | $ | 2,375 | $ | 2,815,871 | ||||
| Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 3.00%, 11/01/18 | 1,000 | 1,039,190 | ||||||
| Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, Inc., Student Housing Project: | ||||||||
| 4.00%, 10/01/17 | 275 | 295,034 | ||||||
| 4.00%, 10/01/18 | 560 | 602,678 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, Drexel University, Series A, 5.00%, 5/01/18 | 1,000 | 1,175,070 | ||||||
| Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/18 | 1,500 | 1,771,125 | ||||||
| Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22 | 1,000 | 1,151,210 | ||||||
| State Public School Building Authority, RB, Community College of Allegheny County Project (AGM), 5.00%, 7/15/18 | 900 | 1,060,011 | ||||||
| 9,910,189 | ||||||||
| Puerto Rico — 1.6% | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.00%, 7/01/19 | 2,515 | 2,558,736 | ||||||
| Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22 | 1,320 | 1,539,991 | ||||||
| 4,098,727 | ||||||||
| South Carolina — 2.0% | ||||||||
| South Carolina Jobs EDA, Refunding RB, Palmetto Health Alliance, Series A, 6.13%, 8/01/23 | 5,000 | 5,098,650 | ||||||
| Texas — 15.3% | ||||||||
| Alliance Airport Authority Texas, Refunding RB, FedEx Corp. Project, AMT, 4.85%, 4/01/21 | 2,000 | 2,146,080 | ||||||
| Birdville ISD Texas, GO, Refunding, CAB (PSF-GTD) (g): | ||||||||
| 1.10%, 2/15/18 | 1,615 | 1,530,293 | ||||||
| 1.42%, 2/15/19 | 1,815 | 1,670,381 | ||||||
| 1.65%, 2/15/20 | 2,625 | 2,345,017 | ||||||
| 1.88%, 2/15/21 | 2,500 | 2,158,075 | ||||||
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: | ||||||||
| 5.75%, 1/01/18 | 750 | 858,495 | ||||||
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Texas (concluded) | ||||||||
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien (concluded): | ||||||||
| 5.75%, 1/01/19 | $ | 750 | $ | 873,158 | ||||
| City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21 | 2,500 | 2,884,750 | ||||||
| City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 7/01/18 | 1,000 | 1,182,700 | ||||||
| Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, AMT, 5.00%, 11/01/18 | 5,000 | 5,557,350 | ||||||
| Lower Colorado River Authority, Refunding RB, LCRA Transmission, Series B, 5.00%, 5/15/18 | 5,000 | 5,959,350 | ||||||
| North Texas Tollway Authority, Refunding RB, Series C: | ||||||||
| 5.00%, 1/01/19 | 2,215 | 2,611,618 | ||||||
| 5.25%, 1/01/20 | 4,000 | 4,729,920 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/18 | 4,360 | 4,892,356 | ||||||
| 39,399,543 | ||||||||
| US Virgin Islands — 0.4% | ||||||||
| Virgin Islands Public Finance Authority, Refunding RB, Senior Lien, Series B, 5.00%, 10/01/18 | 1,000 | 1,128,070 | ||||||
| Virginia — 1.8% | ||||||||
| City of Norfolk Virginia, Refunding RB, Water Revenue, 5.00%, 11/01/18 | 1,230 | 1,491,153 | ||||||
| Hanover County EDA, Refunding RB, Residential Care Facility, Covenant Woods, Series A, 3.00%, 7/01/14 | 415 | 419,142 | ||||||
| Virginia HDA, Refunding RB, Sub-Series E-2, AMT, 4.38%, 10/01/19 | 2,750 | 2,846,965 | ||||||
| 4,757,260 | ||||||||
| Washington — 0.2% | ||||||||
| Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B, 5.00%, 10/01/18 | 500 | 596,655 | ||||||
| Wisconsin — 1.9% | ||||||||
| City of Franklin Wisconsin, RB, Waste Management, Inc. Project, AMT, 4.95%, 4/01/16 | 1,990 | 2,178,393 | ||||||
| State of Wisconsin, Refunding RB, Series A, 5.00%, 5/01/18 | 1,000 | 1,187,900 |
| BLACKROCK MUNICIPAL 2018 TERM TRUST | MARCH 31, 2013 4 |
| Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK) (Percentages shown are based on Net Assets) |
| Par (000) | Value | |||||||
| Municipal Bonds | ||||||||
| Wisconsin (concluded) | ||||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/19 | $ | 1,265 | $ | 1,526,552 | ||||
| 4,892,845 | ||||||||
| Total Municipal Bonds – 135.1% | 348,021,429 | |||||||
| ||||||||
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (h) | ||||||||
| Illinois — 2.2% | ||||||||
| City of Chicago Illinois, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20 | 5,000 | 5,800,650 | ||||||
| Total Long-Term Investments (Cost – $331,777,365) – 137.3% | 353,822,079 | |||||||
| Shares | Value | |||||||
| Short-Term Securities | ||||||||
| FFI Institutional Tax-Exempt Fund, 0.01% (i)(j) | 857 | $ | 857 | |||||
| Total Short-Term Securities (Cost – $857) – 0.0% |
857 | |||||||
| Total Investments (Cost - $331,778,222*) – 137.3% | 353,822,936 | |||||||
| Other Assets Less Liabilities – 1.5% | 3,731,726 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (1.5)% | (3,751,815 | ) | ||||||
| Preferred Shares, at Redemption Value – (37.3)% | (96,150,000 | ) | ||||||
| Net Assets Applicable to Common Shares – 100.0% | $ | 257,652,847 | ||||||
| * | As of March 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: | |||||||
| Tax Cost | $ | 327,948,521 | ||||||
| Gross unrealized appreciation | $ | 25,284,181 | ||||||
| Gross unrealized depreciation | (3,159,766 | ) | ||||||
| Net unrealized appreciation | $ | 22,124,415 | ||||||
|
Notes to Schedule of Investments |
| (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 and maturity shown is the date the principal owed can be recovered through demand. | |
| (c) | Non-income producing security. | |
| (d) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |
| (e) | 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. | |
| (f) | Security is perpetual in nature and has no stated maturity date. | |
| (g) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. | |
| (h) | 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. | |
| (i) | Represents the current yield as of report date. | |
| (j) | Investments in issuers considered to be an affiliate of the Trust during the period ended March 31, 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 March 31, 2013 |
Income | |||||||||||||||||
| FFI Institutional Tax-Exempt Fund | 26,827,828 | (26,826,971) | 857 | $247 | |||||||||||||||||
| BLACKROCK MUNICIPAL 2018 TERM TRUST | MARCH 31, 2013 5 |
| Schedule of Investments (continued) |
BlackRock Municipal 2018 Term Trust (BPK)
|
|
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) |
| ARB | Airport Revenue Bonds |
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| EDA | Economic Development Authority |
| FHA | Federal Housing Administration |
| 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 |
| • | 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 annual report.
| BLACKROCK MUNICIPAL 2018 TERM TRUST | MARCH 31, 2013 6 |
| Schedule of Investments (concluded) |
BlackRock Municipal 2018 Term Trust (BPK)
|
The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of March 31, 2013:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||
| Assets: | ||||||||||||||
| Investments: | ||||||||||||||
| Long-Term Investments1 | — | $ | 353,822,079 | — | $ | 353,822,079 | ||||||||
| Short-Term Securities | $ | 857 | — | — | 857 | |||||||||
| Total | $ | 857 | $ | 353,822,079 | — | $ | 353,822,936 | |||||||
| 1 | See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of March 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | ||||||
| Assets: | |||||||||
| Cash | $ | 109,127 | — | — | $ | 109,127 | |||
| Liabilities: | |||||||||
| TOB trust certificates | — | $ | (3,750,000) | — | (3,750,000) | ||||
| Total | $ | 109,127 | $ | (3,750,000) | — | $ | (3,640,873) | ||
There were no transfers between levels during the period ended March 31, 2013.
| BLACKROCK MUNICIPAL 2018 TERM TRUST | MARCH 31, 2013 7 |
| 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 24, 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: May 24, 2013 | ||
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock Municipal 2018 Term Trust | ||
| Date: May 24, 2013 | ||