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 811-10503

 

Name of Fund: BlackRock New York Municipal 2018 Term Trust (BLH)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock New York 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: 12/31/2010

 

Date of reporting period: 09/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments September 30, 2010 (Unaudited)

BlackRock New York Municipal 2018 Term Trust (BLH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

New York — 144.8%

 

 

 

 

 

 

 

 

Corporate — 9.8%

 

 

 

 

 

 

 

Jefferson County Industrial
Development Agency New York,
Refunding RB, Solid Waste, Series A,
AMT, 5.20%, 12/01/20

 

$

2,450

 

$

2,465,460

 

New York City Industrial Development
Agency, RB, American Airlines Inc.,
JFK International Airport, AMT, 7.50%,
8/01/16

 

 

1,000

 

 

1,048,290

 

Port Authority of New York & New
Jersey, RB, Continental Airlines Inc.
and Eastern Air Lines Inc. Project,
LaGuardia, AMT, 9.13%, 12/01/15

 

 

2,195

 

 

2,199,258

 

 

 

 

 

 

 

 

 

 

 

 

 

5,713,008

 

 

County/City/Special District/School District — 39.4%

 

 

 

 

 

 

 

City of New York New York, GO:

 

 

 

 

 

 

 

Series B, 5.38%, 12/01/11 (a)

 

 

4,000

 

 

4,236,160

 

Series M, 5.00%, 4/01/23

 

 

1,390

 

 

1,528,583

 

City of New York New York, GO,
Refunding, Series G:

 

 

 

 

 

 

 

5.75%, 8/01/12 (a)

 

 

2,420

 

 

2,658,007

 

5.75%, 8/01/18

 

 

2,580

 

 

2,790,580

 

County of Nassau New York, GO,
Refunding, General Improvement,
Series C (AGC), 5.25%, 10/01/22

 

 

2,500

 

 

2,961,925

 

New York City Transitional Finance
Authority, RB, Fiscal 2008, Series S-1,
5.00%, 1/15/23

 

 

1,400

 

 

1,554,882

 

New York City Transitional Finance
Authority, Refunding RB, Future Tax
Secured, Series B, 5.00%,
11/01/11 (a)

 

 

3,000

 

 

3,182,430

 

New York State Dormitory Authority,
Series A, RB:

 

 

 

 

 

 

 

City University System, Consolidated
4th General, 5.13%, 7/01/11 (a)

 

 

1,800

 

 

1,865,952

 

State University Dormitory Facilities,
5.00%, 7/01/18

 

 

1,045

 

 

1,226,840

 

New York State Urban Development
Corp., Refunding RB, Series D, 5.50%,
1/01/19

 

 

750

 

 

905,010

 

 

 

 

 

 

 

 

 

 

 

 

 

22,910,369

 

 

Education — 35.3%

 

 

 

 

 

 

 

Albany Industrial Development Agency,
RB, New Covenant Charter School
Project, Series A, 7.00%,
5/01/25 (b)(c)

 

 

450

 

 

179,996

 

City of Troy New York, RB, Rensselaer
Polytechnic-B, 5.00%, 9/01/18

 

 

1,000

 

 

1,138,510

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

 

Value

 

 

New York (continued)

 

 

 

 

 

 

 

 

Education (concluded)

 

 

 

 

 

 

 

New York City Industrial Development
Agency, RB, YMCA of Greater New
York Project, 5.25%, 8/01/21

 

$

4,000

 

$

4,018,000

 

New York State Dormitory Authority,
LRB, State University Dormitory
Facilities, Series A:

 

 

 

 

 

 

 

3.00%, 7/01/12

 

 

500

 

 

520,085

 

5.00%, 7/01/21

 

 

250

 

 

290,387

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Pratt Institute, Series C (AGC),
5.00%, 7/01/19

 

 

600

 

 

702,324

 

University of Rochester, Series A,
5.00%, 7/01/21

 

 

1,155

 

 

1,319,195

 

New York State Dormitory Authority,
Refunding RB:

 

 

 

 

 

 

 

Brooklyn Law School, Series A
(Radian), 5.50%, 7/01/18

 

 

1,000

 

 

1,056,030

 

Yeshiva University, 5.00%, 9/01/27

 

 

2,000

 

 

2,223,240

 

Niagara County Industrial Development
Agency, Refunding RB, Niagara
University Project, Series A (Radian),
5.35%, 11/01/23

 

 

4,180

 

 

4,269,870

 

Westchester County Industrial
Development Agency New York, RB,
Purchase College Foundation
Housing, Series A (AMBAC), 5.13%,
12/01/22

 

 

3,710

 

 

3,787,984

 

Yonkers Industrial Development Agency
New York, RB, Sarah Lawrence
College Project, Series A:

 

 

 

 

 

 

 

5.00%, 6/01/18

 

 

500

 

 

554,655

 

5.00%, 6/01/19

 

 

400

 

 

441,680

 

 

 

 

 

 

 

 

 

 

 

 

 

20,501,956

 

 

Health — 18.2%

 

 

 

 

 

 

 

East Rochester Housing Authority New
York, Refunding RB, Genesee Valley
Nursing Center (FHA), 5.20%,
12/20/24

 

 

1,240

 

 

1,276,307

 

New York State Dormitory Authority,
Refunding RB, Mental Health Services
Facilities, Series A, 5.00%, 8/15/18

 

 

1,025

 

 

1,188,447

 

Oneida Health Care Corp. New York,
Refunding RB, Residential Health
Care Project (Radian), 5.30%,
2/01/21

 

 

4,130

 

 

4,173,035

 

 

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.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

FHA

Federal Housing Administration

GO

General Obligation Bonds

LRB

Lease Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2010

1


 

 

 

Schedule of Investments (continued)

BlackRock New York Municipal 2018 Term Trust (BLH)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

New York (continued)

 

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

Orange County Industrial Development
Agency New York, Refunding RB, St.
Luke’s Hospital Newburgh New York
Project, Series A (Radian), 5.38%,
12/01/21

 

$

3,875

 

$

3,918,516

 

 

 

 

 

 

 

 

 

 

 

 

 

10,556,305

 

 

Housing — 1.8%

 

 

 

 

 

 

 

New York State Dormitory Authority, RB,
Willow Towers Inc. Project
(Ginnie Mae), 5.25%, 2/01/22

 

 

1,000

 

 

1,071,140

 

 

State — 6.9%

 

 

 

 

 

 

 

New York State Dormitory Authority, RB,
Mental Health Services:

 

 

 

 

 

 

 

Series 2007-B (NPFGC), 5.50%,
8/15/20 (a)

 

 

30

 

 

31,367

 

Series 2008-A, 5.00%, 2/15/18

 

 

120

 

 

120,334

 

Series B (NPFGC), 5.50%,
8/15/11 (a)

 

 

80

 

 

83,669

 

Series B (NPFGC), 5.50%,
8/15/11 (a)

 

 

1,480

 

 

1,547,873

 

Series B (NPFGC), 5.50%,
8/15/11 (a)

 

 

1,030

 

 

1,076,020

 

New York State Dormitory Authority,
Refunding LRB, Municipal Health
Facilities, 4.00%, 5/15/18

 

 

550

 

 

596,040

 

New York State Urban Development
Corp., RB, State Personal Income Tax,
Series A-1, 5.00%, 12/15/22

 

 

500

 

 

576,620

 

 

 

 

 

 

 

 

 

 

 

 

 

4,031,923

 

 

Tobacco — 11.7%

 

 

 

 

 

 

 

Rockland Tobacco Asset Securitization
Corp., RB, Asset-Backed, 5.63%,
8/15/35

 

 

4,000

 

 

3,532,880

 

TSASC Inc. New York, RB, Tobacco
Settlement Asset-Backed, Series 1,
5.75%, 7/15/12 (a)

 

 

3,000

 

 

3,286,350

 

 

 

 

 

 

 

 

 

 

 

 

 

6,819,230

 

 

Transportation — 19.7%

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
Refunding RB, Series A (NPFGC),
5.13%, 11/15/21

 

 

5,000

 

 

5,345,400

 

New York State Thruway Authority, RB,
Transportation, Series A, 5.00%,
3/15/20

 

 

1,750

 

 

2,040,850

 

Port Authority of New York & New
Jersey, RB, Consolidated, 126th
Series, AMT (NPFGC), 5.00%,
11/15/18

 

 

3,885

 

 

4,054,969

 

 

 

 

 

 

 

 

 

 

 

 

 

11,441,219

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

New York (concluded)

 

 

 

 

 

 

 

 

Utilities — 2.0%

 

 

 

 

 

 

 

Long Island Power Authority, Refunding
RB, Series A, 5.25%, 4/01/21

 

$

1,000

 

$

1,141,560

 

 

Total Municipal Bonds in New York

 

 

 

 

 

84,186,710

 

 

Puerto Rico — 7.0%

 

 

 

 

 

 

 

 

Tobacco — 3.2%

 

 

 

 

 

 

 

Children’s Trust Fund, Refunding RB,
Asset-Backed, 5.63%, 5/15/43

 

 

2,000

 

 

1,852,780

 

 

Utilities — 3.8%

 

 

 

 

 

 

 

Puerto Rico Electric Power Authority, RB,
Series WW, 5.50%, 7/01/21

 

 

2,000

 

 

2,231,320

 

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

4,084,100

 

 

Total Long-Term Investments
(Cost – $84,297,140) – 151.8%

 

 

 

 

 

88,270,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

 

BIF New York Municipal Money Fund
0.00% (d)(e)

 

 

391,802

 

 

391,802

 

 

Total Short-Term Securities
(Cost – $391,802) – 0.7%

 

 

 

 

 

391,802

 

 

Total Investments
(Cost – $84,688,942*) – 152.5%

 

 

 

 

 

88,662,612

 

Other Assets Less Liabilities – 1.5%

 

 

 

 

 

884,073

 

Preferred Shares, at Redemption Value – (54.0)%

 

 

 

 

 

(31,400,734

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

58,145,951

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of September 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

84,696,880

 

 

 

 

 

 

 

 

 

Gross unrealized appreciation

 

 

 

 

$

4,667,098

 

 

Gross unrealized depreciation

 

 

 

 

 

(701,366

)

 

 

 

 

 

 

 

 

Net unrealized appreciation

 

 

 

 

$

3,965,732

 

 

 

 

 

 

 

 

 

 

(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)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

(c)

Non-income producing security.

 

(d)

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 Held at
December 31,
2009

 

Net Activity

 

Shares Held at
September 30,
2010

 

Income

 

 

 

 

BIF New York Municipal Money Fund

 

776,225

 

(384,423)

 

391,802

 

$

15

 

 

 

 

 

(e)

Represents the current yield as of report date.


 

 

 

2

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2010


 

 

 

Schedule of Investments (concluded)

BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

 

•

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 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)

 

 

 

The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

88,270,810

 

 

—

 

$

88,270,810

 

Short-Term Securities

 

$

391,802

 

 

—

 

 

—

 

 

391,802

 

 

 

 

Total

 

$

391,802

 

$

88,270,810

 

 

—

 

$

88,662,612

 

 

 

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST

SEPTEMBER 30, 2010

3

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 New York Municipal 2018 Term Trust
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock New York Municipal 2018 Term Trust
   
  Date: November 22, 2010
   
  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 New York Municipal 2018 Term Trust
   
  Date: November 22, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock New York Municipal 2018 Term Trust
     
  Date: November 22, 2010