FORM N-Q
Investment Company Act file number:__811-10503______
_______BlackRock New York Municipal 2018 Term Trust_______
(Exact name of registrant as specified in charter)
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100
Bellevue Parkway, Wilmington, DE
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19809
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Registrant's telephone number, including area code:_888-825-2257
Date of fiscal year end:___December 31, 2006
Item 1. Schedule of Investments.
The
Registrant’s unaudited 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
March 31, 2006 (unaudited)
BlackRock New York Municipal 2018 Term Trust (BLH)
| Principal | ||||||||
| Amount | Option Call | |||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||
| LONG-TERM INVESTMENTS—150.3% | ||||||||
| Multi-State—7.2% | ||||||||
| A3 | $ 4,000 | 3 | Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 | 06/09 @ 100 | $ 4,257,920 | |||
| New York—135.0% | ||||||||
| NR | 450 | Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/25 | 05/15 @ 102 | 429,714 | ||||
| Dorm. Auth. RB, | ||||||||
| AA | 1,000 | Brooklyn Law Sch. Proj., Ser. A, 5.50%, 7/01/18, RAA | 07/13 @ 100 | 1,074,540 | ||||
| AA- | 1,800 | 4 | City Univ. Proj., Ser. A, 5.125%, 7/01/11 | N/A | 1,923,696 | |||
| AAA | 3,455 | 4 | Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/08 | N/A | 3,607,746 | |||
| AA- | 295 | Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/18 | 02/08 @ 102 | 303,316 | ||||
| AAA | 110 | Mental Hlth. Svcs. Proj., Ser. A, 5.50%, 8/15/20, MBIA | 08/11 @ 100 | 118,490 | ||||
| AAA | 1,030 | 4 | Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA | N/A | 1,118,312 | |||
| AAA | 1,480 | 4 | Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA | N/A | 1,606,895 | |||
| AA- | 1,170 | 4 | Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/09 | N/A | 1,230,009 | |||
| AA- | 2,060 | Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/19 | 07/09 @ 101 | 2,128,557 | ||||
| AAA | 1,000 | Willow Towers, Inc. Proj., 5.25%, 2/01/22 | 08/12 @ 101 | 1,060,820 | ||||
| Aaa | 1,320 | East Rochester Hsg. Auth. RB, 5.20%, 12/20/24 | 12/11 @ 101 | 1,372,153 | ||||
| BBB | 2,450 | Jefferson Cnty. Ind. Dev. Agcy. Sld. Wst. Disp. RB, 5.20%, 12/01/20 | 12/13 @ 100 | 2,449,829 | ||||
| AAA | 1,900 | Long Island Pwr. Auth. Elec. Sys. RB, Zero Coupon, 6/01/18, FSA | No Opt. Call | 1,123,413 | ||||
| AAA | 5,000 | Met. Transp. Auth. RB, Ser. A, 5.125%, 11/15/21, FGIC | 11/12 @ 100 | 5,317,750 | ||||
| A- | 4,000 | New York City Ind. Dev. Agcy. Civic Fac. RB, YMCA of Greater New York Proj., | ||||||
| 5.25%, 8/01/21 | 02/11 @ 100 | 4,128,480 | ||||||
| B- | 1,000 | New York City Indl. Dev. Agcy. RB, 7.50%, 8/01/16 | No Opt. Call | 1,097,990 | ||||
| New York City Transl. Fin. Auth. RB, | ||||||||
| AAA | 1,090 | 4 | 5.00%, 5/01/09 | N/A | 1,144,402 | |||
| AAA | 805 | 5.00%, 5/01/19 | 05/09 @ 101 | 835,397 | ||||
| AAA | 3,000 | Ser. B, 5.00%, 5/01/18 | 11/11 @ 101 | 3,161,160 | ||||
| New York City GO, | ||||||||
| A+ | 4,000 | Ser. B, 5.375%, 12/01/20 | 12/11 @ 100 | 4,252,800 | ||||
| A+ | 5,000 | Ser. G, 5.75%, 8/01/18 | 08/12 @ 100 | 5,466,700 | ||||
| AA- | 3,500 | New York Urban Dev. Corp. RB, Correctional Facs. Proj., 5.00%, 1/01/19 | 01/08 @ 102 | 3,592,085 | ||||
| AA | 4,180 | Niagra Cnty. Ind. Dev. Agcy. Civic Fac. RB, Niagara Univ. Proj., Ser. A, 5.35%, | ||||||
| 11/01/23, RAA | 11/11 @ 101 | 4,445,346 | ||||||
| AA | 4,130 | Oneida Hlth. Care Corp. RB, Residential Hlth. Care Proj., 5.30%, 2/01/21, RAA | 02/11 @ 101 | 4,332,329 | ||||
| AA | 3,875 | Orange Cnty. Ind. Dev. Agcy. Civic Fac. RB, St. Luke’s Hosp. Newburg Proj., Ser. A, | ||||||
| 5.375%, 12/01/21, RAA | 12/11 @ 101 | 4,112,382 | ||||||
| Port Auth. of NY & NJ RB, | ||||||||
| AAA | 3,885 | Ser. 126, 5.00%, 11/15/18, FGIC | 05/12 @ 101 | 4,018,255 | ||||
| Caa2 | 2,600 | Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15 | 05/06 @ 100 | 2,613,026 | ||||
| BBB | 4,000 | Rockland Tobacco Asset Sec. Corp. Tobacco Settlement RB, 5.625%, 8/15/35 | 08/12 @ 100 | 4,066,280 | ||||
| AAA | 3,000 | 4 | TSASC, Inc., Tobacco Settlement RB, Ser. 1, 5.75%, 7/15/12 | N/A | 3,315,000 | |||
| AAA | 3,710 | Westchester Cnty. Ind. Dev. Agcy. Civic Fac. RB, Ser. A, 5.125%, 12/01/22, AMBAC | 12/11 @ 102 | 3,947,477 | ||||
| 79,394,349 | ||||||||
| Puerto Rico—8.1% | ||||||||
| BBB | 2,000 | Children’s Trust Fund Tobacco Settlement RB, 5.625%, 5/15/43 | 05/12 @ 100 | 2,058,260 | ||||
| Aaa | 2,500 | 4 | Pub. Fin. Corp. RB, Ser. E, 5.70%, 2/01/10 | N/A | 2,679,300 | |||
| 4,737,560 | ||||||||
| Total Long-Term Investments (cost $83,156,233) | 88,389,829 | |||||||
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BlackRock New York Municipal 2018 Term Trust (BLH) (continued)
| Shares | ||||
| (000) | Description | Value | ||
| MONEY MARKET FUND—0.4% | ||||
| 250 | AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $250,000) | $ 250,000 | ||
| Total Investments —150.7% (cost $83,406,2335) | 88,639,829 | |||
| Other assets in excess of liabilities —2.7% | 1,574,153 | |||
| Preferred shares at redemption value, including dividends payable —(53.4)% | (31,408,130) | |||
| Net Assets Applicable to Common Shareholders —100% | $ 58,805,852 | |||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s ratings. | ||||||||||
| 2 | Date (month/year) and price of the earliest optional 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 March 31, 2006, the Trust held 7.2% of its net assets, with a current market value of $4,257,920, in securities restricted as to resale. | ||||||||||
| 4 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||||||||||
| 5 | Cost for Federal income tax purposes is $83,408,889. The net unrealized appreciation on a tax basis is $5,230,940, consisting of $5,239,857 gross unrealized appreciation and $8,917 gross unrealized depreciation. | ||||||||||
KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corp. | MBIA | — | Municipal Bond Insurance Assoc. | ||
| FGIC | — | Financial Guaranty Insurance Co. | RAA | — | Radian Asset Assurance | ||
| FSA | — | Financial Security Assurance | RB | — | Revenue Bond | ||
| GO | — | General Obligation |
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Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are 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 New York Municipal 2018 Term Trust___
By:___/s/ Henry Gabbay____________________________________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___________________________________