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: 12/31/2014

 

Date of reporting period: 03/31/2014

 

Item 1 – Schedule of Investments

 
 

Schedule of Investments March 31, 2014 (Unaudited) BlackRock New York Municipal 2018 Term Trust (BLH)
(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  

New York — 123.7%

Corporate — 1.7%  
Port Authority of New York & New Jersey, RB, Continental Airlines, Inc. and Eastern Air Lines, Inc. Project, LaGuardia Airport, AMT, 9.13%, 12/01/15 $ 920 $ 938,961  
 
County/City/Special District/School District — 50.2%  
City of New York New York, GO:          
  Series M, 5.00%, 4/01/15 (a)   1,060   1,110,308  
  Series M, 5.00%, 4/01/23   330   345,058  
  Sub-Series G-1, 5.00%, 4/01/18   5,000   5,713,600  
  Sub-Series H-2, 5.00%, 6/01/20   3,470   4,052,578  
City of New York New York Transitional Finance Authority, RB, Fiscal 2008, Series S-1, 5.00%, 1/15/23   1,400   1,543,570  
City of New York New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 2/01/20   2,000   2,356,140  
City of Rochester New York, GO, Refunding, Series I, 4.00%, 8/15/18   2,500   2,781,250  
New York State, GO, Series E:          
  5.00%, 12/15/18   1,000   1,177,370  
  5.00%, 12/15/20   2,000   2,393,000  
New York State Dormitory Authority, RB:          
  General Purpose, Series E, 5.00%, 8/15/19   1,500   1,763,460  
  State University Dormitory Facilities, Series A, 5.00%, 7/01/18   1,045   1,205,752  
New York State Dormitory Authority, Refunding RB, 3rd General Resolution, State University Educational Facilities, Series A, 4.00%, 5/15/18   1,000   1,114,240  
New York State Urban Development Corp., Refunding RB, Series D, 5.50%, 1/01/19   750   882,502  
Owego Apalachin Central School District, GO, Refunding (AGM), 4.00%, 6/15/18   1,015   1,117,972  
   
    27,556,800  
 
Municipal Bonds Par
(000)		   Value  

New York (continued)

Education — 16.3%  
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/25 (b)(c) $ 450 $ 67,509  
City of Troy New York, RB, Rensselaer Polytechnic, Series B, 5.00%, 9/01/18   1,000   1,147,290  
New York State Dormitory Authority, LRB, State University Dormitory Facilities, Series A, 5.00%, 7/01/21   250   291,382  
New York State Dormitory Authority, RB:          
  Mental Health Services, 5.00%, 8/15/18   1,020   1,174,173  
  Pratt Institute, Series C (AGC), 5.00%, 7/01/19   600   690,558  
  School Districts Financing Program, Series C, 4.00%, 10/01/18   535   589,297  
  University of Rochester, Series A, 5.00%, 7/01/21   1,155   1,301,985  
New York State Dormitory Authority, Refunding RB:          
  Mental Health Services, 5.00%, 8/15/18 (d)   5   5,823  
  Teachers College, Series A, 5.00%, 7/01/17   200   225,310  
  Teachers College, Series A, 5.00%, 7/01/18   250   287,228  
  Yeshiva University, 5.00%, 9/01/27   2,000   2,025,460  
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A:          
  5.00%, 6/01/18   600   670,662  
  5.00%, 6/01/19   400   450,136  
   
    8,926,813  
 
Health — 7.1%  
New York State Dormitory Authority, Refunding RB, Miriam Osborn Memorial Home, 2.50%, 7/01/18   1,890   1,913,625  

 

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUSTMARCH 31, 20141
 

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, Refunding RB, St. Luke's Hospital Newburgh New York Project, Series A (Radian), 5.38%, 12/01/21 $ 2,000 $ 2,008,640  
   
    3,922,265  
 
Housing — 7.7%  
New York Mortgage Agency, Refunding RB, AMT, 4.50%, 10/01/20   2,225   2,259,732  
New York State Dormitory Authority, Refunding RB, Series A:          
  North Shore Long Island Jewish, 5.00%, 5/01/18   615   696,211  
  North Shore Long Island Jewish, 4.00%, 5/01/19   250   274,603  
  North Shore Long Island Jewish, 5.00%, 5/01/19   650   745,270  
  State University Educational Facilities, 5.88%, 5/15/17   125   139,375  
New York State HFA, RB, Affordable Housing, Series E (SONYMA), 1.50%, 5/01/18   120   119,484  
   
    4,234,675  
 
State — 8.4%  
Monroe County Industrial Development Agency, RB, Rochester Schools Modernization Project, Series A, 5.00%, 5/01/18   1,000   1,145,540  
New York State Dormitory Authority, RB, Series A, 5.00%, 3/15/18   2,000   2,297,720  
New York State Dormitory Authority, Refunding LRB, Municipal Health Facilities, 4.00%, 5/15/18   550   605,589  
New York State Urban Development Corp., RB, State Personal Income Tax, Series A-1, 5.00%, 12/15/22   500   575,540  
   
    4,624,389  
 
Transportation — 25.4%  
Metropolitan Transportation Authority, Refunding RB:          
  Series A, 5.00%, 11/15/18   1,000   1,162,160  
Municipal Bonds Par
(000)		   Value  

New York (concluded)

Transportation (concluded)  
Metropolitan Transportation Authority, Refunding RB (concluded):          
  Series C, 4.00%, 11/15/16 $ 1,000 $ 1,088,600  
  Series C, 5.00%, 11/15/17   1,000   1,143,860  
  Series C, 5.00%, 11/15/18   1,965   2,284,607  
New York State Thruway Authority, RB, Transportation, Series A, 5.00%, 3/15/20   1,750   2,026,115  
New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/18   1,300   1,483,157  
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 5.00%, 12/01/20   300   331,416  
Port Authority of New York & New Jersey, Refunding RB, 178th Series, AMT, 5.00%, 12/01/18   900   1,038,132  
Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 4.00%, 11/15/18   3,000   3,369,750  
   
    13,927,797  
 
Utilities — 6.9%  
Long Island Power Authority, Refunding RB, Series A, 5.25%, 4/01/21   1,000   1,105,370  
New York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2012, Series FF, 5.00%, 6/15/20   2,000   2,369,900  
Upper Mohawk Valley Regional Water Finance Authority, Refunding RB, Water System, 4.00%, 4/01/18   300   327,732  
   
    3,803,002  
 
Total Municipal Bonds in New York   67,934,702  
 
 

Guam — 0.3%

Utilities — 0.3%  
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19   140   158,493  
 
Total Long-Term Investments
(Cost — $66,505,464) — 124.0%		   68,093,195  
 

 

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUSTMARCH 31, 20142
 

Schedule of Investments (continued) BlackRock New York Municipal 2018 Term Trust (BLH)
(Percentages shown are based on Net Assets)
             
Short-Term Securities
Shares		   Value  
 
   
BIF New York Municipal Money Fund, 0.00% (e)(f)   600,072 $ 600,072  
 
Total Short-Term Securities
(Cost — $600,072) — 1.1%		   600,072  
 
Total Investments
(Cost — $67,105,536*) — 125.1%		   68,693,267  
Other Assets Less Liabilities — 4.8%   2,652,588  
Preferred Shares, at Redemption Value — (29.9%)   (16,425,265)  
   
Net Assets Applicable to Common Shares — 100.0% $ 54,920,590  
 
     
* As of March 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

  
Tax cost $ 67,105,765  
 
Gross unrealized appreciation $ 1,986,387  
Gross unrealized depreciation   (398,885 )
 
Net unrealized appreciation $ 1,587,502  
 
         
 

Notes to Schedule of Investments

(a) U.S. 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) Non-income producing security.
(c) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(d) Security is collateralized by municipal or U.S. Treasury obligations.
(e) Investments in issuers considered to be an affiliate of the Trust during the period ended March 31, 2014, 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, 2013		   Net
Activity		   Shares
Held at
March 31, 2014		   Income  
 
  BIF New York Municipal Money Fund   545,734   54,338   600,072   —  
                     
 
                                           
(f) Represents the current yield as of report date.

Portfolio Abbreviations

   
AGC Assured Guarantee Corp.
AGM Assured Guaranty Municipal Corp.
AMT Alternative Minimum Tax (subject to)
GO General Obligation Bonds
HFA Housing Finance Agency
LRB Lease Revenue Bonds
Radian Radian Guaranty, Inc.
RB Revenue Bonds
SONYMA State of New York Mortgage Agency
     
For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUSTMARCH 31, 20143
 

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. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

  • Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
 
  • Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
 
  • Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust's own assumptions used in determining the fair value of investments)
 
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of investments, please refer to the Trust's most recent financial statements as contained in its annual report.

The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of March 31, 2014:

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments1   — $ 68,093,195   — $ 68,093,195  
  Short-Term Securities $ 600,072   —   —   600,072  
 
Total $ 600,072 $ 68,093,195   — $ 68,693,267  
 
   
                                 
1 See above Schedule of Investments for values in each sector.

There were no transfers between levels during the period ended March 31, 2014.

 

BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUSTMARCH 31, 20144
 

 

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/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock New York Municipal 2018 Term Trust

 

Date: May 23, 2014

 

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: May 23, 2014

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock New York Municipal 2018 Term Trust

 

Date: May 23, 2014