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: John M. Perlowski, 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: 12/31/2012
Date of reporting period: 09/30/2012
Item 1 – Schedule of Investments
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Schedule of Investments September 30, 2012 (Unaudited) |
BlackRock New York Municipal 2018 Term Trust (BLH) |
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Municipal Bonds |
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Par |
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Value |
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New York — 146.1% |
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Corporate — 3.0% |
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Port Authority of New York & New |
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$ |
1,695 |
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$ |
1,737,375 |
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County/City/Special District/School District — 47.2% |
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City of New York New York, GO: |
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Series M, 5.00%, 4/01/23 |
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1,390 |
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1,531,683 |
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Sub-Series G-1, 5.00%, |
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5,000 |
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6,067,850 |
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Sub-Series H-2, 5.00%, |
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3,470 |
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4,320,254 |
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City of New York New York, GO, |
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70 |
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70,955 |
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City of Rochester New York, Refunding, |
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2,500 |
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2,898,675 |
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New York City Transitional Finance |
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1,400 |
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1,643,138 |
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New York City Transitional Finance |
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2,000 |
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2,485,640 |
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New York State, Series E, GO: |
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5.00%, 12/15/18 |
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1,000 |
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1,244,910 |
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5.00%, 12/15/20 |
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2,000 |
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2,557,340 |
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New York State Dormitory |
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1,045 |
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1,276,373 |
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New York State Dormitory Authority, |
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1,000 |
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1,162,400 |
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New York State Urban Development |
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750 |
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935,152 |
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Owego Apalachin Central School |
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1,015 |
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1,156,755 |
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27,351,125 |
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Education — 25.2% |
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Albany Industrial Development Agency, |
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450 |
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67,500 |
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City of Troy New York, RB, Rensselaer |
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1,000 |
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1,202,730 |
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New York State Dormitory Authority, |
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250 |
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305,760 |
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Municipal Bonds |
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Par |
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Value |
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New York (continued) |
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Education (concluded) |
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New York State Dormitory Authority, RB: |
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Mental Health Services, |
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$ |
1,020 |
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$ |
1,241,075 |
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Pratt Institute, Series C (AGC), |
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600 |
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731,046 |
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School District Financing |
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535 |
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609,590 |
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University of Rochester, Series |
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1,155 |
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1,395,321 |
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New York State Dormitory Authority, |
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Brooklyn Law School, Series A |
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1,000 |
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1,038,960 |
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Teachers College, Series A, |
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225 |
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251,959 |
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Teachers College, Series A, |
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200 |
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237,906 |
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Teachers College, Series A, |
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250 |
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303,170 |
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Mental Health Services, |
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5 |
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6,162 |
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Yeshiva University, 5.00%, |
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2,000 |
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2,286,020 |
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Westchester County Industrial |
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3,710 |
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3,789,246 |
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Yonkers Industrial Development Agency |
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5.00%, 6/01/18 |
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600 |
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685,140 |
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5.00%, 6/01/19 |
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400 |
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459,924 |
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14,611,509 |
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Health — 11.8% |
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East Rochester Housing Authority New |
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1,120 |
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1,133,541 |
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New York State Dormitory Authority, RB: |
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North Shore Long Island |
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615 |
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727,988 |
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North Shore Long Island |
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250 |
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283,710 |
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North Shore Long Island |
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650 |
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777,849 |
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New York State Dormitory Authority, |
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1,890 |
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1,899,091 |
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BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST |
SEPTEMBER 30, 2012 |
1 |
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Schedule of Investments (continued) |
BlackRock New York Municipal 2018 Term Trust (BLH) |
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Municipal Bonds |
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Par |
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Value |
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New York (continued) |
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Health (concluded) |
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Orange County Industrial Development |
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$ |
2,000 |
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$ |
2,018,080 |
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6,840,259 |
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Housing — 0.2% |
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New York State Dormitory |
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125 |
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145,911 |
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State — 19.8% |
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Monroe County Industrial Development |
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1,000 |
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1,196,560 |
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New York State Dormitory Authority, RB: |
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Series A, 5.00%, 3/15/18 |
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2,000 |
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2,430,520 |
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Series E, 5.00%, 8/15/19 |
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1,500 |
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1,867,260 |
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New York State Dormitory Authority, |
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550 |
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626,065 |
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New York State Thruway Authority, |
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4.00%, 3/15/18 |
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2,000 |
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2,316,180 |
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5.00%, 3/15/18 |
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2,000 |
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2,430,520 |
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New York State Urban Development |
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500 |
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610,860 |
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11,477,965 |
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Transportation — 31.9% |
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Metropolitan Transportation Authority, |
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4.00%, 11/15/16 |
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1,000 |
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1,124,010 |
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5.00%, 11/15/17 |
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1,000 |
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1,186,060 |
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5.00%, 11/15/18 |
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1,965 |
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2,373,406 |
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Metropolitan Transportation Authority, |
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5.00%, 11/15/18 |
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1,000 |
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1,222,950 |
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(NPFGC), 5.13%, 11/15/12 (d) |
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5,000 |
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5,032,150 |
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New York State Thruway Authority, RB: |
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Series I, 5.00%, 1/01/18 |
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1,300 |
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1,537,146 |
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Transportation, Series A, |
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1,750 |
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2,128,857 |
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Port Authority of New York & New |
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300 |
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342,150 |
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Triborough Bridge & Tunnel Authority, |
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3,000 |
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3,515,880 |
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18,462,609 |
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Municipal Bonds |
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Par |
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Value |
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New York (concluded) |
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Utilities — 7.0% |
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Long Island Power Authority, Refunding |
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$ |
1,000 |
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$ |
1,221,140 |
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New York City Municipal Water Finance |
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2,000 |
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2,501,900 |
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Upper Mohawk Valley Regional Water |
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300 |
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338,667 |
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4,061,707 |
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Total Municipal Bonds in New York |
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84,688,460 |
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Puerto Rico — 6.7% |
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State — 2.8% |
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Puerto Rico Sales Tax Financing Corp., |
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1,365 |
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1,639,365 |
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Utilities — 3.9% |
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Puerto Rico Commonwealth Aqueduct & |
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570 |
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616,951 |
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Puerto Rico Electric Power Authority, RB, |
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1,500 |
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1,633,530 |
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2,250,481 |
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Total Municipal Bonds in Puerto Rico |
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3,889,846 |
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Total
Long-Term Investments |
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88,578,306 |
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BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST |
SEPTEMBER 30, 2012 |
2 |
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Schedule of Investments (continued) |
BlackRock New York Municipal 2018 Term Trust (BLH) |
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Short-Term Securities |
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Shares |
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Value |
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BIF New York Municipal Money |
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108,597 |
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$ |
108,597 |
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Total
Short-Term Securities |
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108,597 |
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Total Investments (Cost - $84,886,487*) – 153.0% |
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88,686,903 |
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Other Assets Less Liabilities – 1.2% |
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694,162 |
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Preferred Shares, at Redemption Value – (54.2)% |
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(31,400,000 |
) |
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Net Assets Applicable to Common Shares – 100.0% |
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$ |
57,981,065 |
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* |
As of September 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
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Tax cost |
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$ |
84,865,735 |
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Gross unrealized appreciation |
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$ |
4,179,279 |
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Gross unrealized depreciation |
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(358,111 |
) |
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Net unrealized appreciation |
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$ |
3,821,168 |
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(a) |
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
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(b) |
Non-income producing security. |
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(c) |
Security is collateralized by Municipal or US Treasury obligations. |
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(d) |
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. |
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(e) |
Investments in issuers considered to be an affiliate of the Trust during the period ended September 30, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
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Affiliate |
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Shares |
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Net |
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Shares |
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Income |
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BIF New York Municipal Money Fund |
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198,909 |
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(90,312 |
) |
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108,597 |
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$ |
54 |
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(f) |
Represents the current yield as of report date. |
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Portfolio Abbreviations |
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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:
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AGC |
Assured Guaranty Corp. |
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AGM |
Assured Guaranty Municipal 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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FHA |
Federal Housing Administration |
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GO |
General Obligation Bonds |
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LRB |
Lease Revenue Bonds |
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NPFGC |
National Public Finance Guarantee Corp. |
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Radian |
Radian Financial Guaranty |
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RB |
Revenue Bonds |
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• |
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: |
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• |
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access |
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• |
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) |
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• |
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.
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BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST |
SEPTEMBER 30, 2012 |
3 |
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Schedule of Investments (concluded) |
BlackRock New York Municipal 2018 Term Trust (BLH) |
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 semi-annual report.
The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of September 30, 2012:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Investments: |
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Long-Term Investments1 |
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— |
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$ |
88,578,306 |
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— |
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$ |
88,578,306 |
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Short-Term Securities |
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$ |
108,597 |
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— |
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— |
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|
108,597 |
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Total |
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$ |
108,597 |
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$ |
88,578,306 |
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— |
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$ |
88,686,903 |
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1 |
See above Schedule of Investments for values in each sector or political subdivision |
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of September 30, 2012, bank overdraft of $29,816 is categorized as Level 2 within the disclosure hierarchy.
There were no transfers between levels during the period ended September 30, 2012.
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BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST |
SEPTEMBER 30, 2012 |
4 |
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Item 2 – |
Controls and Procedures |
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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. |
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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. |
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Item 3 – |
Exhibits |
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Certifications – Attached hereto |
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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. |
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BlackRock New York Municipal 2018 Term Trust |
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| By: | /s/ John M. Perlowski | ||
| John M. Perlowski | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock New York Municipal 2018 Term Trust | |||
| Date: November 26, 2012 | |||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
| By: | /s/ John M. Perlowski | ||
| John M. Perlowski | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock New York Municipal 2018 Term Trust | |||
| Date: November 26, 2012 | |||
| By: | /s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock New York Municipal 2018 Term Trust | |||
| Date: November 26, 2012 | |||