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UNITED STATES |
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SECURITIES AND EXCHANGE COMMISSION |
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Washington, D.C. 20549 |
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FORM N-Q |
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED |
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: Anne F. Ackerley, Chief Executive Officer, BlackRock Municipal 2018 Term Trust, 40 East 52nd Street, New York, NY 10022.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 12/31/2009
Date of reporting period: 09/30/2009
Item 1 – Schedule of Investments
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BlackRock Municipal 2018 Term Trust (BPK) |
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Schedule of Investments September 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Alabama - 3.1% |
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Courtland Industrial Development Board, Alabama, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17 |
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$ |
1,000 |
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$ |
996,180 |
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Huntsville Health Care Authority, Alabama, RB, Series A, 5.63%, 6/01/22 |
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5,845 |
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6,072,137 |
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7,068,317 |
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Arizona - 2.8% |
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Phoenix Civic Improvement Corp., RB, Junior Lien, Series A, 5.00%, 7/01/21 |
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4,660 |
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5,451,408 |
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Salt Verde Financial Corp., RB, Senior, 5.25%, 12/01/20 |
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1,000 |
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1,003,620 |
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6,455,028 |
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California - 9.0% |
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Agua Caliente Band of Cahuilla Indians, RB, 5.60%, 7/01/13 |
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1,430 |
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1,376,890 |
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California Pollution Control Financing Authority, RB, Waste Management Inc. Project, Series C, AMT, 5.13%, 11/01/23 |
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6,500 |
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6,299,995 |
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California Pollution Control Financing Authority, Refunding RB, Republic Services Inc. Project, Series C, AMT, 5.25%, 6/01/23 |
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4,055 |
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4,078,762 |
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City of Lincoln California, Special Tax, Community Facilities District No. 2003-1, 5.90%, 9/01/13 (a) |
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1,100 |
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1,307,834 |
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Clovis Unified School District, California, GO, CAB, Election of 2004, Series A (MBIA), 5.13%, 8/01/21 (b)(c) |
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5,425 |
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3,574,912 |
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Los Angeles Unified School District, California, GO, Series I, 5.00%, 7/01/20 |
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3,750 |
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4,245,975 |
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20,884,368 |
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Colorado - 4.4% |
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Colorado Housing & Finance Authority, Colorado, RB, Disposal, Waste Management Inc. Project, AMT, 5.70%, 7/01/18 |
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5,000 |
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5,180,650 |
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Park Creek Metropolitan District, Colorado, Refunding RB, Senior, Limited Tax Property Tax, 5.25%, 12/01/20 |
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5,010 |
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5,036,052 |
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10,216,702 |
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Connecticut - 0.9% |
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Mashantucket Western Pequot Tribe, RB, Sub-Series B, 5.75%, 9/01/18 (d) |
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3,750 |
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2,176,125 |
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Florida - 5.0% |
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Broward County School Board, Florida, COP, Series A (FSA), 5.25%, 7/01/22 |
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1,250 |
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1,368,212 |
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Miami Beach Health Facilities Authority, Refunding RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/21 |
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2,015 |
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2,053,023 |
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Pine Island Community Development District, RB, 5.30%, 11/01/10 |
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400 |
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386,992 |
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Portfolio Abbreviations |
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To simplify the listings of the Trust’s holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list.
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ACA |
American Capital Access Corp. |
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AGC |
Assured Guaranty Corp. |
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AMBAC |
American Municipal Bond Assurance Corp. |
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AMT |
Alternative Minimum Tax (subject to) |
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CAB |
Capital Appreciation Bonds |
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COP |
Certificates of Participation |
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EDA |
Economic Development Authority |
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FNMA |
Federal National Mortgage Association |
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FSA |
Financial Security Assurance Inc. |
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GO |
General Obligations Bonds |
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HDA |
Housing Development Authority |
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HFA |
Housing Finance Agency |
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IDA |
Industrial Development Authority |
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ISD |
Independent School District |
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MBIA |
Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.) |
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RB |
Revenue Bonds |
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S/F |
Single-Family |
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TAN |
Tax Anticipation Notes |
1
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BlackRock Municipal 2018 Term Trust (BPK) |
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Schedule of Investments September 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Stevens Plantation Community Development District, Special Assessment, Series B, 6.38%, 5/01/13 |
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$ |
2,270 |
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$ |
1,835,545 |
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Village Center Community Development District Recreational Revenue, RB, Sub-Series B, 5.88%, 1/01/15 |
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4,890 |
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4,976,651 |
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Westchester Community Development District No. 1, Special Assessment, Community Infrastructure, 6.00%, 5/01/23 |
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1,290 |
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994,938 |
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11,615,361 |
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Illinois - 16.0% |
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CenterPoint Intermodal Center Program Trust, Tax Allocation Bonds, Class A, 10.00%, 6/15/23 (d) |
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1,825 |
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990,683 |
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City of Chicago Illinois, RB, General Airport Third Lien, Series A (AMBAC), 5.00%, 1/01/19 |
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5,000 |
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5,446,950 |
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City of Chicago Illinois, RB, General Airport Third Lien, Series A (AMBAC), 5.00%, 1/01/20 |
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3,000 |
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3,240,090 |
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City of Chicago Illinois, Refunding RB, General Airport Third Lien, Series A, AMT (MBIA), 5.75%, 1/01/18 |
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5,000 |
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5,159,150 |
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Illinois Educational Facilities Authority, RB, Educational Advancement Fund, University Center Project, 6.00%, 5/01/12 (a) |
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1,980 |
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2,254,131 |
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Illinois Finance Authority, RB, Adventist Health System, Sunbelt Obligated, 5.50%, 11/15/09 (a) |
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5,000 |
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5,082,100 |
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Illinois Finance Authority, RB, MJH Education Assistance IV, Senior Series A, 5.50%, 6/01/19 (e)(f) |
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2,750 |
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1,072,637 |
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Illinois Health Facilities Authority, Refunding RB, Elmhurst Memorial Healthcare, 5.50%, 1/01/22 |
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5,000 |
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5,017,250 |
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Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.42%, 6/15/19 (g) |
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1,885 |
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1,985,640 |
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Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.47%, 6/15/20 (g) |
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1,985 |
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2,084,171 |
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Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.52%, 6/15/21 (g) |
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2,090 |
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2,186,474 |
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Illinois State Toll Highway Authority, RB, Senior Priority, Series A (FSA), 5.00%, 1/01/19 |
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2,250 |
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2,498,602 |
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37,017,878 |
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Indiana - 12.2% |
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City of Lawrence Indiana, Refunding RB, Housing, Pinnacle Apartments Project, AMT (FNMA), 5.15%, 6/01/24 |
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2,895 |
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2,897,548 |
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Indiana Health Facility Financing Authority, Indiana, RB, Health System, Sisters Saint Francis, 5.75%, 11/01/11 (a) |
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13,970 |
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15,443,416 |
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Indianapolis Airport Authority, Refunding RB, Special Facilities, Federal Express Corp. Project, AMT, 5.10%, 1/15/17 |
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2,500 |
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2,519,475 |
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Petersburg Indiana, Refunding RB, Indiana Power & Light, 5.75%, 8/01/21 |
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4,000 |
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4,114,080 |
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Vincennes Indiana, RB, Refunding & Improvement, Southwest Indiana Regional, 6.25%, 1/01/24 |
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3,915 |
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3,106,670 |
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28,081,189 |
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Kansas - 1.2% |
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Kansas Development Finance Authority, RB, Adventist Health, 5.00%, 11/15/18 |
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2,500 |
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2,733,425 |
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Kentucky - 1.4% |
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Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22 |
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3,195 |
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3,204,904 |
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2
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BlackRock Municipal 2018 Term Trust (BPK) |
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Schedule of Investments September 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Louisiana - 0.9% |
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Louisiana Public Facilities Authority, RB, Department Public Safety Fire, Term Bond 1 (MBIA), 5.88%, 6/15/14 |
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$ |
2,130 |
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$ |
2,177,116 |
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Maryland - 1.8% |
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County of Frederick Maryland, Special Tax, Urbana Community Development Authority, Series A, 5.80%, 7/01/20 |
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4,452 |
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4,118,946 |
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Massachusetts - 0.1% |
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Massachusetts State Water Pollution Abatement, RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23 |
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135 |
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136,824 |
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Michigan - 2.2% |
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Michigan State Hospital Finance Authority, Michigan, Refunding RB, Hospital, Oakwood Obligation Group, Series A, 5.00%, 7/15/18 |
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1,000 |
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1,006,340 |
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Michigan State Hospital Finance Authority, Michigan, Refunding RB, Hospital, Sparrow Obligated, 4.50%, 11/15/26 |
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3,500 |
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3,261,860 |
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Pontiac Tax Increment Finance Authority, Michigan, TAN, Tax Increment Development (ACA), 5.38%, 6/01/12 (a) |
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640 |
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715,584 |
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4,983,784 |
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Mississippi - 4.3% |
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County of Lowndes Mississippi, Refunding RB, Weyerhaeuser Co. Project, Series A, 6.80%, 4/01/22 |
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9,000 |
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9,907,200 |
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Multi-State - 10.7% |
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Charter Mac Equity Issuer
Trust, 6.80%, 10/31/52 |
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14,000 |
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15,040,060 |
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MuniMae TE Bond Subsidiary LLC, 5.20% (d)(h)(i) |
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6,000 |
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4,108,140 |
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MuniMae TE Bond Subsidiary LLC Series D, 5.90% (d)(h)(i) |
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4,000 |
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2,093,640 |
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San Manuel Entertainment Authority Series 04-C, 4.50%, 12/01/16 (d) |
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4,000 |
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3,566,680 |
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24,808,520 |
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Nevada - 2.9% |
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City of Henderson Nevada, Special Assessment, No. T-18, 5.15%, 9/01/21 |
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1,000 |
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450,610 |
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Director of the State of Nevada Department of Business & Industry, RB, Republic Services Inc. Project, AMT, 5.63%, 12/01/26 |
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5,000 |
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5,205,900 |
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Las Vegas Special District No. 809, Special Assessment, Summerlin Area, 5.35%, 6/01/17 |
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1,050 |
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939,781 |
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6,596,291 |
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New Hampshire - 6.5% |
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New Hampshire Business Finance Authority, RB, Public Service Co. New Hampshire Project, Series C (MBIA), 5.45%, 5/01/21 |
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7,000 |
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7,205,310 |
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New Hampshire Business Finance Authority, Refunding RB, Public Service Co. New Hampshire Project, Series B, AMT (MBIA), 4.75%, 5/01/21 |
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6,000 |
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5,807,520 |
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New Hampshire Health & Education Facilities Authority, RB, Exeter Project, 6.00%, 10/01/24 |
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2,025 |
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2,091,258 |
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15,104,088 |
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New Jersey - 15.7% |
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New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 |
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7,000 |
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6,922,930 |
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New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, 7.00%, 11/15/30 |
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4,065 |
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4,066,911 |
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New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, 7.20%, 11/15/30 |
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6,750 |
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6,779,363 |
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New Jersey EDA, Special Assessment, Refunding RB, Kapkowski Road Landfill Project, 5.50%, 4/01/16 |
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8,410 |
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7,445,709 |
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New Jersey Educational Facilities Authority, Refunding RB, University Medical & Dentistry, Series B, 6.25%, 12/01/18 |
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2,500 |
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2,744,750 |
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3
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BlackRock Municipal 2018 Term Trust (BPK) |
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Schedule of Investments September 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/20 |
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$ |
1,500 |
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$ |
1,589,820 |
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New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22 |
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2,500 |
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2,497,575 |
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Newark Housing Authority, RB, South Ward Police Facility (AGC), 4.50%, 12/01/18 |
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4,000 |
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4,288,560 |
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36,335,618 |
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New York - 7.2% |
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City of New York New York, GO, Sub-Series F-1, 5.00%, 9/01/18 |
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7,500.00 |
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8,333,625 |
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New York City Industrial
Development Agency, RB, American Airlines, |
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3,460 |
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3,504,842 |
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Tobacco Settlement Financing Corp., New York, RB, Series B-1C, 5.50%, 6/01/20 |
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4,500 |
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4,846,860 |
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16,685,327 |
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North Carolina - 4.9% |
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North Carolina Eastern Municipal Power Agency, North Carolina, RB, Series B, 4.00%, 1/01/18 (j) |
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3,865 |
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3,913,660 |
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North Carolina HFA, North Carolina, RB, Series 28, Series A, AMT, 4.65%, 7/01/23 |
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3,140 |
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3,130,329 |
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Wake County Industrial Facilities & Pollution Control Financing Authority, North Carolina, Refunding RB, Carolina Power & Light Co. Project, 5.38%, 2/01/17 |
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4,000 |
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4,169,600 |
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11,213,589 |
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Ohio - 2.6% |
|
American Municipal Power-Ohio Inc., RB, Prairie State Energy Campus Project, Series A, 5.25%, 2/15/23 |
|
|
5,000 |
|
|
5,511,900 |
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Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.00%, 12/01/22 |
|
|
460 |
|
|
384,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,896,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 1.1% |
|
Tulsa Municipal Airport
Trust Trustees, Oklahoma, Refunding RB, |
|
|
2,700 |
|
|
2,619,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 6.1% |
|
Montgomery County IDA, Pennsylvania, RB, Mortgage, Whitemarsh Continuing Care, 6.00%, 2/01/21 |
|
|
2,000 |
|
|
1,580,480 |
|
|
|
|
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22 |
|
|
1,000 |
|
|
1,135,720 |
|
|
|
|
Philadelphia Authority for Industrial Development, RB, Series B (FSA), 5.50%, 10/01/11 (a) |
|
|
5,000 |
|
|
5,512,000 |
|
|
|
|
West Cornwall Township Municipal Authority, Pennsylvania, RB, Elizabethtown College Project, 5.90%, 12/15/11 (a) |
|
|
2,500 |
|
|
2,776,700 |
|
|
|
|
West Cornwall Township Municipal Authority, Pennsylvania, RB, Elizabethtown College Project, 6.00%, 12/15/11 (a) |
|
|
2,650 |
|
|
2,949,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,953,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 1.2% |
|
Commonwealth of Puerto Rico, GO, Public Improvement, Series B, 5.25%, 7/01/17 |
|
|
2,665 |
|
|
2,791,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina - 2.2% |
|
South Carolina Jobs EDA, Refunding RB, Palmetto Health Alliance, Series A, 6.13%, 8/01/23 |
|
|
5,000 |
|
|
5,176,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee - 3.3% |
|
Knox County Health
Educational & Housing Facilities Board, Tennessee, RB, CAB, Refunding & Improvement, Series A (FSA), |
|
|
12,000 |
|
|
7,514,880 |
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
|
|
|
Schedule of Investments September 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
Texas - 15.9% |
|
Alliance Airport Authority, Texas, Refunding RB, FedEx Corp. Project, AMT, 4.85%, 4/01/21 |
|
$ |
2,000 |
|
$ |
1,942,660 |
|
|
|
|
Birdville ISD, Texas, GO, CAB, Refunding, 5.40%, 2/15/18 (c) |
|
|
1,615 |
|
|
1,250,882 |
|
|
|
|
Birdville ISD, Texas, GO, CAB, Refunding, 5.46%, 2/15/19 (c) |
|
|
1,815 |
|
|
1,340,087 |
|
|
|
|
Birdville ISD, Texas, GO, CAB, Refunding, 5.51%, 2/15/20 (c) |
|
|
2,625 |
|
|
1,848,315 |
|
|
|
|
Birdville ISD, Texas, GO, CAB, Refunding, 5.54%, 2/15/21 (c) |
|
|
2,500 |
|
|
1,672,175 |
|
|
|
|
Brazos River Authority, Refunding RB, TXU Electric Co. Project, Series C, AMT, 5.75%, 5/01/36 |
|
|
10,010 |
|
|
8,808,800 |
|
|
|
|
City of Dallas Texas, Refunding RB & Improvement (AGC), 5.00%, 8/15/21 |
|
|
2,500 |
|
|
2,755,175 |
|
|
|
|
Dallas-Fort Worth International Airport Facilities Improvement Corp., Refunding RB & Improvement, Series A, AMT (MBIA), 5.88%, 11/01/17 |
|
|
5,000 |
|
|
5,235,800 |
|
|
|
|
Dallas-Fort Worth International Airport Facilities Improvement Corp., Refunding RB & Improvement, Series A, AMT (MBIA), 5.88%, 11/01/18 |
|
|
5,000 |
|
|
5,219,400 |
|
|
|
|
North Texas Toll Highway Authority, RB, Dallas North Toll Highway System Revenue, Series C, 5.00%, 1/01/19 |
|
|
2,215 |
|
|
2,379,442 |
|
|
|
|
North Texas Toll Highway Authority, RB, Dallas North Toll Highway System Revenue, Series C, 5.25%, 1/01/20 |
|
|
4,000 |
|
|
4,354,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,806,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia - 1.2% |
|
Virginia HDA, RB, Sub-Series E-2, AMT, 4.38%, 10/01/19 |
|
|
2,750 |
|
|
2,698,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 8.6% |
|
City of Franklin Wisconsin, RB, Waste Management, AMT, 4.95%, 4/01/16 |
|
|
1,990 |
|
|
2,019,830 |
|
|
|
|
State of Wisconsin, RB, Series A, 5.00%, 5/01/18 |
|
|
1,000 |
|
|
1,166,020 |
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, Froedtert & Community, 5.38%, 10/01/11 (a) |
|
|
4,560 |
|
|
5,007,929 |
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, Froedtert & Community, 5.38%, 10/01/21 |
|
|
440 |
|
|
454,419 |
|
|
|
|
Wisconsin Health & Educational Facilities Authority, Refunding RB, Wheaton Franciscan Services, 6.25%, 2/15/12 (a) |
|
|
10,000 |
|
|
11,312,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,960,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 155.4% |
|
|
|
|
|
358,938,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (k) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois - 2.5% |
|
City of Chicago, Illinois, Refunding RB, Second Lien (FSA), 5.00%, 11/01/20 |
|
|
5,000 |
|
|
5,688,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
5,688,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
364,627,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional
Tax-Exempt Fund, 0.20% |
|
|
2,400,000 |
|
|
2,400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
2,400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
|
|
|
Schedule of Investments September 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments |
|
|
|
|
$ |
367,027,070 |
|
|
|
|
Other Assets Less Liabilities - 0.7% |
|
|
|
|
|
1,546,055 |
|
|
|
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable - (1.6)% |
|
|
|
|
|
(3,757,531 |
) |
|
|
|
Preferred Shares, at Redemption Value - (58.0)% |
|
|
|
|
|
(133,863,058 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100.0% |
|
|
|
|
$ |
230,952,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of September 30, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
360,834,694 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
16,993,513 |
|
|
Gross unrealized depreciation |
|
|
(14,551,137 |
) |
|
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
2,442,376 |
|
|
|
|
|
|
|
|
|
|
|
(a) |
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. |
|
|
|
|
(b) |
Security is collateralized by Municipal or US Treasury Obligations. |
|
|
|
|
(c) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(d) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
|
|
(e) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
|
|
(f) |
Non-income producing security. |
|
|
|
|
(g) |
Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield at report date. |
|
|
|
|
(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, and is subject to mandatory redemption to maturity. |
|
|
|
|
(i) |
Security is perpetual in nature and has no stated maturity date. |
|
|
|
|
(j) |
When-issued security: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Counterparty |
|
Market Value |
|
Unrealized Appreciation |
|
||
|
|
|
|
|
|
|
||
|
Citigroup Global Markets Inc. |
|
$ |
3,913,660 |
|
$ |
62,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(k) |
Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Trust may have acquired the residual interest certificates. These securities serve as a collateral in a financing transaction. |
|
|
|
|
(l) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net Activity |
|
Income |
|
||
|
|
|
|
|
|
|
||
|
FFI Institutional Tax-Exempt Fund |
|
|
(13,813,640 |
) |
$ |
24,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(m) |
Represents the current yield as of report date. |
||
|
|
|
|
|
|
• |
Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows: |
||
|
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
|
|
• |
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) |
6
|
|
|
BlackRock Municipal 2018 Term Trust (BPK) |
|
|
|
Schedule of Investments September 30, 2009 (Unaudited) |
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk 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 inputs used as of September 30, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Investments in Securities |
|
|
|
|
|
|
|
|
|
Level 1 - Short-Term Securities |
|
$ |
2,400,000 |
|
|
Level 2 - Long-Term Investments1 |
|
|
364,627,070 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
Total |
|
$ |
367,027,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 See above Schedule of Investments for values in each state or political classification. |
|
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 13(a)-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/ Anne F. Ackerley |
|
|
|
|
|
|
|
Anne F. Ackerley |
|
|
|
Chief Executive Officer of |
|
|
|
BlackRock Municipal 2018 Term Trust |
|
|
|
|
|
|
Date: November 20, 2009 |
|
|
|
|
|
|
|
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/ Anne F. Ackerley |
|
|
|
|
|
|
|
Anne F. Ackerley |
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
|
BlackRock Municipal 2018 Term Trust |
|
|
|
|
|
|
Date: November 20, 2009 |
|
|
|
|
|
|
|
By: |
/s/ Neal J. Andrews |
|
|
|
|
|
|
|
Neal J. Andrews |
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
|
BlackRock Municipal 2018 Term Trust |
|
|
|
|
|
|
Date: November 20, 2009 |
|