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 _____________________________________________________ |
|
| BlackRock Municipal 2018 Term Trust | |
| (Exact name of registrant as specified in charter) | |
| 100 Bellevue Parkway, Wilmington, DE | 19809 |
| (Address of principal executive offices) | (Zip code) |
Robert S. Kapito, President
BlackRock Municipal 2018 Term Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)
| Registrant's telephone number, including area code: | 888-825-2257 ____________________________________________ |
| Date of fiscal year end: | December 31, 2004 ____________________________________________ |
| Date of reporting period: | September 30, 2004 ____________________________________________ |
Item 1. Schedule of Investments
The registrant's schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER
30, 2004
BlackRock Municipal 2018 Term Trust (BPK)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| LONG-TERM INVESTMENTS—149.1% | ||||||||||
| Alabama—4.9% | ||||||||||
| Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., | ||||||||||
| Baa2 | $ 5,000 | 6.15%, 6/01/19 | 06/05 @ 102 | $ 5,187,250 | ||||||
| BBB | 1,000 | Proj. A, 5.90%, 2/01/17 | 11/04 @ 102 | 1,023,310 | ||||||
| A2 | 5,845 | Huntsville Hlth. Care Auth., Ser. A, 5.625%, 6/01/22, GO | 06/12 @ 101 | 6,025,084 | ||||||
| 12,235,644 | ||||||||||
| California—4.6% | ||||||||||
| A | 1,750 | Agua Caliente Band of Cahuilla Indians, 5.60%, 7/01/13 | No Opt. Call | 1,757,245 | ||||||
| NR | 1,235 | Lincoln, Spec. Tax Rev., Cmnty. Facs. Dist. 1, 5.90%, 9/01/24 | 09/13 @ 102 | 1,247,782 | ||||||
| B- | 3,460 | Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, | ||||||||
| 7.50%, 12/01/24 | 12/12 @ 102 | 3,150,642 | ||||||||
| BBB+ | 5,000 | Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc. Proj., Ser. C, 5.25%, 6/01/23 | No Opt. Call | 5,278,100 | ||||||
| 11,433,769 | ||||||||||
| Colorado—2.1% | ||||||||||
| BBB | 5,000 | Colorado Hsg. & Fin. Auth., Sld. Wst. Rev., Wst. Mgmt. Proj., 5.70%, 7/01/18 | No Opt. Call | 5,160,700 | ||||||
| Connecticut—2.9% | ||||||||||
| Baa3 | 3,750 | 3 | Mashantucket Western Pequot Tribe, Spec. Rev., Ser. B, 5.75%, 9/01/18 | 09/07 @ 102 | 3,945,225 | |||||
| BBB- | 3,150 | Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 6.00%, 1/01/16 | 01/11 @ 101 | 3,337,079 | ||||||
| 7,282,304 | ||||||||||
| Florida—12.3% | ||||||||||
| Baa1 | 1,585 | Cap. Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.75%, 6/01/23 | 06/13 @ 102 | 1,551,176 | ||||||
| NR | 2,000 | CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. B, 5.875%, 5/01/14 | No Opt. Call | 2,029,300 | ||||||
| NR | 4,725 | Live Oak Cmnty. Dev. Dist., No. 1, Spl. Assmt., Ser. B, 5.30%, 5/01/08 | No Opt. Call | 4,793,796 | ||||||
| BB | 4,515 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 | 11/14 @ 100 | 4,694,697 | ||||||
| NR | 5,025 | Stevens Plantation Cmnty. Dist., Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 | No Opt. Call | 5,138,716 | ||||||
| NR | 940 | Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13 | No Opt. Call | 974,216 | ||||||
| NR | 3,940 | Vlg. Cmnty. Dev. Dist., Assmt. Rev., Ser. B, 5.40%, 5/01/07 | No Opt. Call | 4,003,079 | ||||||
| NR4 | 5,500 | Vlg. Ctr. Cmnty. Dev. Dist., Ser. B, 5.875%, 1/01/15 | No Opt. Call | 5,660,765 | ||||||
| NR | 1,500 | Westchester Cmnty. Dev. Dist. No. 1, Spl. Assmt., 6.00%, 5/01/23 | 05/13 @ 101 | 1,519,065 | ||||||
| 30,364,810 | ||||||||||
| Georgia—1.4% | ||||||||||
| BB+ | 3,500 | Effingham Cnty. Dev. Auth., Sld. Wst. Disp. Rev., Fort James Proj., 5.625%, 7/01/18 | 07/08 @ 102 | 3,479,315 | ||||||
| Illinois—19.6% | ||||||||||
| NR | 1,825 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 1,818,339 | ||||||
| AAA | 5,000 | Chicago O’Hare Intl. Arpt., Ser. A, 5.75%, 1/01/18, MBIA | 01/12 @ 100 | 5,522,100 | ||||||
| Illinois Dev. Fin. Auth., | ||||||||||
| A | 12,500 | 5 | Adventist Hlth. Sys. Sunbelt Oblig., 5.50%, 11/15/20 | 11/09 @ 101 | 13,037,750 | |||||
| A2 | 5,000 | PCR, Ser. C, 5.95%, 8/15/26 | 12/06 @ 101 | 5,151,850 | ||||||
| Baa2 | 5,980 | Illinois Edl. Facs. Auth., Student Hsg., Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22 | 05/12 @ 101 | 6,115,088 | ||||||
| A2 | 5,000 | Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care, 5.50%, 1/01/22 | 01/13 @ 100 | 5,187,850 | ||||||
| Illinois Sports Facs. Auth., Dedicated St. Tax Supported Rev., AMBAC, | ||||||||||
| AAA | 1,885 | Zero Coupon, 6/15/19 | 06/15 @ 101 | 1,552,505 | ||||||
| AAA | 1,985 | Zero Coupon, 6/15/20 | 06/15 @ 101 | 1,621,507 | ||||||
| AAA | 2,090 | Zero Coupon, 6/15/21 | 06/15 @ 101 | 1,693,339 | ||||||
| Kane & Du Page Cntys. Sch. Dist., GO, Ser. B, FSA, | ||||||||||
| AAA | 4,625 | Zero Coupon, 1/01/18 | 01/12 @ 72.424 | 2,527,192 | ||||||
| AAA | 4,100 | Zero Coupon, 1/01/19 | 01/12 @ 67.935 | 2,110,803 | ||||||
| AAA | 2,950 | Zero Coupon, 1/01/21 | 01/12 @ 60.037 | 1,340,362 | ||||||
| AAA | 1,700 | Zero Coupon, 1/01/22 | 01/12 @ 56.453 | 724,727 | ||||||
| 48,403,412 | ||||||||||
| Indiana—9.6% | ||||||||||
| AA | 13,970 | Indiana Hlth. Fac. Fin. Auth., Sisters of St. Francis, 5.75%, 11/01/21 | 11/11 @ 101 | 14,831,530 | ||||||
| BBB | 2,500 | Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | 2,601,050 | ||||||
| Baa2 | 4,000 | Petersburg, PCR, Pwr. & Lt. Conv., 5.75%, 8/01/21 | 08/11 @ 102 | 4,139,800 | ||||||
| NR | 2,290 | Vincennes Econ. Dev., Southwest Indiana Regl., 6.25%, 1/01/24 | 01/09 @ 102 | 2,145,249 | ||||||
| 23,717,629 | ||||||||||
1
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| Louisiana—1.6% | ||||||||||
| NR4 | $ 3,730 | Louisiana Pub. Facs. Auth., Dept. of Pub. Safety, 5.875%, 6/15/14 | 06/10 @ 100 | $ 3,846,227 | ||||||
| Maryland—2.1% | ||||||||||
| NR4 | 5,170 | Frederick Cnty., Urbana Cmnty. Dev. Auth., Ser. A, 5.80%, 7/01/20 | 07/07 @ 102 | 5,173,516 | ||||||
| Michigan—11.4% | ||||||||||
| Dickinson Cnty. Econ. Dev. Corp., PCR, | ||||||||||
| BBB | 5,000 | Champion Intl. Corp. Proj., 5.85%, 10/01/18 | 11/04 @ 101.5 | 5,091,400 | ||||||
| BBB | 6,000 | Intl. Paper Co. Projs., Ser. A, 4.80%, 11/01/18 | 11/14 @ 100 | 6,020,880 | ||||||
| A1 | 5,450 | Michigan Hosp. Fin. Auth., Henry Ford Hlth. Sys., Ser. A, 6.00%, 11/15/19 | 11/09 @ 101 | 5,786,592 | ||||||
| BB+ | 9,000 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 @ 101 | 9,367,290 | ||||||
| Pontiac Tax Increment Fin. Auth., ACA, | ||||||||||
| A | 700 | Dev. Area 2, 5.625%, 6/01/22 | 06/12 @ 101 | 734,524 | ||||||
| A | 1,000 | Dev. Area 3, 5.375%, 6/01/17 | 06/12 @ 101 | 1,052,050 | ||||||
| 28,052,736 | ||||||||||
| Minnesota—3.1% | ||||||||||
| A | 7,500 | Cohasset, PCR, Allete Inc. Proj., 4.95%, 7/01/22 | 07/14 @ 100 | 7,611,825 | ||||||
| Mississippi—4.3% | ||||||||||
| BBB | 9,000 | Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 | No Opt. Call | 10,675,620 | ||||||
| Nevada—2.6% | ||||||||||
| NR | 1,100 | Las Vegas, Spec. Imp. Dist. 809, Summerlin Area, 5.35%, 6/01/17 | 12/04 @ 103 | 1,091,178 | ||||||
| BBB+ | 5,000 | Nevada Dept. of Bus. & Ind., Republic Svc. Inc. Proj., 5.625%, 12/01/26 | No Opt. Call | 5,305,050 | ||||||
| 6,396,228 | ||||||||||
| New Hampshire—4.0% | ||||||||||
| AAA | 7,000 | New Hampshire Bus. Fin. Auth., PCR, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA | 05/12 @ 101 | 7,710,010 | ||||||
| A+ | 2,025 | New Hampshire Hlth. & Ed. Facs. Auth., Exeter Hosp. Proj., 6.00%, 10/01/24 | 10/11 @ 101 | 2,182,342 | ||||||
| 9,892,352 | ||||||||||
| New Jersey—6.9% | ||||||||||
| New Jersey Econ. Dev. Auth., | ||||||||||
| B | 4,065 | Continental Airlines Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 3,142,611 | ||||||
| B | 6,750 | Continental Airlines Inc. Proj., 7.20%, 11/15/30 | 11/10 @ 101 | 5,349,915 | ||||||
| Baa3 | 8,410 | Kapkowski Road Landfill Proj., 5.50%, 4/01/16 | No Opt. Call | 8,649,180 | ||||||
| 17,141,706 | ||||||||||
| New Mexico—1.0% | ||||||||||
| NR | 2,315 | Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 | No Opt. Call | 2,375,213 | ||||||
| North Carolina—1.8% | ||||||||||
| A3 | 4,000 | Wake Cnty. Ind. Facs., PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17 | 02/12 @ 101 | 4,338,960 | ||||||
| Ohio—0.2% | ||||||||||
| NR | 500 | Pinnacle Cmnty. Infrastructure Fin. Auth., Facs. Rev., Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 507,945 | ||||||
| Pennsylvania—6.8% | ||||||||||
| Philadelphia Auth. for Ind. Dev., Ser. B, FSA, | ||||||||||
| AAA | 5,000 | 5.50%, 10/01/18 | 10/11 @ 101 | 5,565,900 | ||||||
| AAA | 5,000 | 5.50%, 10/01/19 | 10/11 @ 101 | 5,559,350 | ||||||
| West Cornwall Twnshp., Mun. Auth. Coll., Elizabethtown Coll. Proj., | ||||||||||
| BBB+ | 2,500 | 5.90%, 12/15/18 | 12/11 @ 100 | 2,743,600 | ||||||
| BBB+ | 2,650 | 6.00%, 12/15/22 | 12/11 @ 100 | 2,879,993 | ||||||
| 16,748,843 | ||||||||||
| South Carolina—3.6% | ||||||||||
| NR | 3,497 | Lancaster Cnty., Assmt. Rev., Edgewater Impvt. Dist., Ser. B, 6.125%, 11/01/14 | No Opt. Call | 3,592,678 | ||||||
| BBB | 5,000 | South Carolina Jobs Econ. Dev. Auth., Hosp. Fac. Rev., Palmetto Hlth. Alliance, Ser. A, | ||||||||
| 6.125%, 8/01/23 | 08/13 @ 100 | 5,234,350 | ||||||||
| 8,827,028 | ||||||||||
| Tennessee—2.3% | ||||||||||
| AAA | 12,000 | Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, | ||||||||
| Zero Coupon, 1/01/19, FSA | 01/13 @ 71.667 | 5,714,880 | ||||||||
2
BlackRock Municipal 2018 Term Trust (BPK) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| Texas—22.3% | ||||||||||
| BBB | $ 2,000 | Alliance Arpt. Auth. Inc. Spec. Facs., Fed. Express Corp. Proj., 6.375%, 4/01/21 | 04/06 @ 102 | $ 2,101,820 | ||||||
| Birdville Indpt. Sch. Dist., GO, | ||||||||||
| AAA | 1,615 | Zero Coupon, 2/15/18 | No Opt. Call | 877,559 | ||||||
| AAA | 1,815 | Zero Coupon, 2/15/19 | No Opt. Call | 929,116 | ||||||
| AAA | 2,625 | Zero Coupon, 2/15/20 | No Opt. Call | 1,261,575 | ||||||
| AAA | 2,500 | Zero Coupon, 2/15/21 | No Opt. Call | 1,129,175 | ||||||
| BBB | 10,010 | Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36 | No Opt. Call | 10,620,110 | ||||||
| NR | 4,305 | Dallas Cnty. Fld. Ctrl., 6.75%, 4/01/16 | 04/13 @ 100 | 4,397,945 | ||||||
| Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Ser. A, FGIC, | ||||||||||
| AAA | 5,000 | 5.875%, 11/01/17 | 11/11 @ 100 | 5,566,100 | ||||||
| AAA | 5,000 | 5.875%, 11/01/18 | 11/11 @ 100 | 5,569,400 | ||||||
| Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks, Ser. A, | ||||||||||
| Baa1 | 12,695 | 5.55%, 11/01/18 | 11/11 @ 102 | 12,766,346 | ||||||
| Baa1 | 9,800 | 5.75%, 11/01/22 | 11/11 @ 102 | 9,833,810 | ||||||
| 55,052,956 | ||||||||||
| Washington—4.8% | ||||||||||
| Energy Northwest Wind Proj., | ||||||||||
| A- | 5,000 | Ser. A, 6.00%, 7/01/23 | 01/07 @ 103 | 5,282,350 | ||||||
| A- | 6,175 | Ser. B, 5.875%, 7/01/20 | 01/07 @ 103 | 6,544,327 | ||||||
| 11,826,677 | ||||||||||
| Wisconsin—6.5% | ||||||||||
| Wisconsin Hlth. & Edl. Facs. Auth., | ||||||||||
| A+ | 5,000 | Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/21 | 10/11 @ 101 | 5,132,550 | ||||||
| A | 10,000 | Wheaton Franciscan Svcs., 6.25%, 8/15/22 | 02/12 @ 101 | 10,863,300 | ||||||
| 15,995,850 | ||||||||||
| Multi-State—6.4% | ||||||||||
| A3 | 14,000 | 3 | Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/31/52 | 10/14 @ 100 | 15,879,500 | |||||
| Total Long-Term Investments (cost $351,867,774) | 368,135,645 | |||||||||
| Shares | ||||||||||
| (000) | ||||||||||
| MONEY MARKET FUND—4.2% | ||||||||||
| 10,300 | AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $10,300,000) | N/A | 10,300,000 | |||||||
| Total Investments—153.3% (cost $362,167,774) | $378,435,645 | |||||||||
| Other assets in excess of liabilities—2.4% | 6,002,575 | |||||||||
| Preferred shares at redemption value, including dividends payable—(55.7)% | (137,620,727) | |||||||||
| Net Assets Applicable to Common Shareholders—100% | $246,817,493 | |||||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. | ||
| 3 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of September 30, 2004, the Trust held 8.0% of its net assets, with a current market value of $19,824,725, in securities restricted as to resale. | ||
| 4 | Security is deemed to be of investment grade quality by the investment advisor. | ||
| 5 | Entire or partial principal amount pledged as collateral for financial futures contracts. | ||
KEY TO ABBREVIATIONS |
|||||||
| ACA | — American Capital Access | ||||||
AMBAC |
— American Municipal Bond Assurance Corporation |
GO |
— General Obligation |
||||
| COP | — Certificate of Participation | MBIA |
— Municipal Bond Insurance Association |
||||
FGIC |
— Financial Guaranty Insurance Company |
PCR |
— Pollution Control Revenue |
||||
| FSA | — Financial Security Assurance | ||||||
3
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.
SIGNATURES
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.
(Registrant) BlackRock Municipal 2018 Term Trust
______________________________________________________________
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: November 23, 2004
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/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: November 23, 2004
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: November 23, 2004