UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: 12/31/2013
Date of reporting period: 12/31/2013
Item 1 – Report to Stockholders
ANNUAL REPORT |
Not FDIC Insured May Lose Value No Bank Guarantee |
Table of Contents
Page | ||||||
Dear Shareholder |
3 | |||||
Annual Report: |
||||||
Municipal Market Overview |
4 | |||||
The
Benefits and Risks of Leveraging |
5 | |||||
Trust Summaries |
6 | |||||
Financial Statements: |
||||||
Schedules of Investments |
12 | |||||
Statements of Assets and Liabilities |
22 | |||||
Statements of Operations |
23 | |||||
Statements of Changes in Net Assets |
24 | |||||
Financial Highlights |
25 | |||||
Notes to Financial Statements |
28 | |||||
Report of Independent Registered Public Accounting Firm |
35 | |||||
Automatic Dividend Reinvestment Plan |
36 | |||||
Officers and Trustees |
37 | |||||
Additional Information |
40 |
2 | ANNUAL REPORT | DECEMBER 31, 2013 |
Dear Shareholder |
While monetary policy was the main driving force behind the rally in risk assets, it was also the main culprit for the bouts of volatility during the year. |
President, BlackRock Advisors, LLC
6-month | 12-month | |||||||||
US
large cap equities (S&P 500® Index) |
16.31 | % | 32.39 | % | ||||||
US
small cap equities (Russell 2000® Index) |
19.82 | 38.82 | ||||||||
International equities (MSCI Europe, Australasia, Far East Index) |
17.94 | 22.78 | ||||||||
Emerging market equities (MSCI Emerging Markets Index) |
7.70 | (2.60 | ) | |||||||
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index) |
0.03 | 0.07 | ||||||||
US
Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) |
(3.10 | ) | (7.83 | ) | ||||||
US
investment grade bonds (Barclays US Aggregate Bond Index) |
0.43 | (2.02 | ) | |||||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) |
0.00 | (2.55 | ) | |||||||
US
high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index) |
5.94 | 7.44 |
THIS PAGE NOT PART OF YOUR FUND
REPORT |
3 |
Municipal Market Overview |
For the Reporting Period Ended December 31, 2013
S&P Municipal Bond Index Total Returns as of December 31, 2013 6 months: 0.00% 12 months: (2.55)% |
4 | ANNUAL REPORT | DECEMBER 31, 2013 |
The Benefits and Risks of Leveraging |
|
|
Percent of Economic Leverage |
||||
BJZ |
21 | % | ||||
BPK
|
23 | % | ||||
BLH |
23 | % |
ANNUAL REPORT | DECEMBER 31, 2013 | 5 |
Trust Summary as of December 31, 2013 | BlackRock California
Municipal 2018 Term Trust |
Trust Overview
Performance
|
For the 12 months ended December 31, 2013, the Trust returned 1.21% based on market price and 1.07% based on NAV. The Trusts peer group of closed-end funds in the Lipper California Municipal Debt Funds category posted an average return of (11.17)% based on market price and (5.70)% based on NAV for the same period. All returns reflect reinvestment of dividends. The Trusts premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion pertains to performance based on NAV. |
|
During the period, the Trust benefited from income generated on its fully invested portfolio of tax-exempt municipal bonds and its exposure to pre-refunded bonds. The Trust is scheduled to mature on or about December 31, 2018 and thus holds securities that will mature close to that date. The Trusts shorter maturity profile was an advantage in comparison to its Lipper category peers that typically hold longer-dated issues as rate increases were significantly larger further out on the yield curve, driving prices lower on longer-dated issues. |
|
The Trusts duration (sensitivity to interest rate movements) and exposure to zero-coupon bonds were detractors from performance in the rising interest rate environment. The Trusts exposure to Puerto Rico debt also detracted from results as credit spreads on Puerto Rico bonds widened materially during the period due to investors lack of confidence and a weak local economy. However, it is important to note that the Trust held only a small exposure to non-escrowed Puerto Rico securities and these positions were eliminated during the period. Therefore, the impact of the deterioration in Puerto Rico bond prices on Trust performance was minimal. |
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Trust Information
Symbol on New York Stock Exchange (NYSE) |
BJZ |
|||||
Initial Offering Date |
October 26, 2001 |
|||||
Termination Date (on or about) |
December 31, 2018 |
|||||
Yield on Closing Market Price as of December 31, 2013 ($15.77)1 |
3.90% |
|||||
Tax
Equivalent Yield2 |
7.95% |
|||||
Current Monthly Distribution per Common Share3 |
$0.0513 |
|||||
Current Annualized Distribution per Common Share3 |
$0.6156 |
|||||
Economic Leverage as of December 31, 20134 |
21% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.93%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
6 | ANNUAL REPORT | DECEMBER 31, 2013 |
BlackRock California
Municipal 2018 Term Trust |
Market Price and Net Asset Value Per Share Summary
|
12/31/13 |
|
12/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 15.77 | $ | 16.21 | (2.71 | )% | $ | 16.49 | $ | 14.97 | ||||||||||||
Net Asset Value |
$ | 15.36 | $ | 15.81 | (2.85 | )% | $ | 15.92 | $ | 15.06 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Long-Term Investments
Sector Allocation |
|
12/31/13 |
|
12/31/12 |
||||||
County/City/Special District/School District |
22 | % | 25 | % | ||||||
Transportation |
21 | 17 | ||||||||
Utilities |
20 | 18 | ||||||||
State |
11 | 12 | ||||||||
Health |
9 | 13 | ||||||||
Corporate |
8 | 8 | ||||||||
Education |
7 | 5 | ||||||||
Housing |
2 | 2 |
Credit Quality
Allocation1 |
|
12/31/13 |
|
12/31/12 |
||||||
AAA/Aaa |
2 | % | 2 | % | ||||||
AA/Aa |
62 | 47 | ||||||||
A |
31 | 27 | ||||||||
BBB/Baa |
5 | 19 | ||||||||
Not Rated |
| 5 | 2 |
1 | Using the higher of Standard & Poors (S&P) or Moodys Investors Service (Moodys) ratings. |
2 | The investment advisor has deemed certain of these securities to be of investment grade quality. As of December 31, 2012, the market value of these securities was $3,063,184, representing 2% of the Trusts long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2014 |
28 | % | ||||||
2015 |
| |||||||
2016 |
| |||||||
2017 |
3 | |||||||
2018 |
33 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | DECEMBER 31, 2013 | 7 |
Trust Summary as of December 31, 2013 | BlackRock Municipal 2018
Term Trust |
Trust Overview
Performance
|
For the 12 months ended December 31, 2013, the Trust returned 0.88% based on market price and 1.55% based on NAV. The Trusts peer group of closed-end funds in the Lipper Intermediate Municipal Debt Funds category posted an average return of (7.05)% based on market price and (3.21)% based on NAV for the same period. All returns reflect reinvestment of dividends. The Trusts premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion pertains to performance based on NAV. |
|
During the period, the Trust benefited from income generated on its fully invested portfolio of tax-exempt municipal bonds and its exposure to pre-refunded bonds. The Trust is scheduled to mature on or about December 31, 2018 and thus holds securities that will mature close to that date. The Trusts shorter maturity profile was an advantage in comparison to its Lipper category peers that typically hold longer-dated issues as rate increases were significantly larger further out on the yield curve, driving prices lower on longer-dated issues. |
|
The Trusts duration (sensitivity to interest rate movements) and exposure to zero-coupon bonds were detractors from performance in the rising interest rate environment. The Trusts exposure to Puerto Rico debt also detracted from results as credit spreads on Puerto Rico bonds widened materially during the period due to investors lack of confidence and a weak local economy. However, it is important to note that the Trust held only a small exposure to Puerto Rico securities and these positions were eliminated during the period. Therefore, the impact of the deterioration in Puerto Rico bond prices on Trust performance was minimal. |
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Trust Information
Symbol on NYSE |
BPK |
|||||
Initial Offering Date |
October 26, 2001 |
|||||
Termination Date (on or about) |
December 31, 2018 |
|||||
Yield on Closing Market Price as of December 31, 2013 ($15.94)1 |
4.59% |
|||||
Tax
Equivalent Yield2 |
8.11% |
|||||
Current Monthly Distribution per Common Share3 |
$0.061 |
|||||
Current Annualized Distribution per Common Share3 |
$0.732 |
|||||
Economic Leverage as of December 31, 20134 |
23% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
8 | ANNUAL REPORT | DECEMBER 31, 2013 |
BlackRock Municipal 2018
Term Trust |
Market Price and Net Asset Value Per Share Summary
|
12/31/13 |
|
12/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 15.94 | $ | 16.56 | (3.74 | )% | $ | 17.39 | $ | 15.58 | ||||||||||||
Net Asset Value |
$ | 15.57 | $ | 16.07 | (3.11 | )% | $ | 16.30 | $ | 15.39 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Long-Term Investments
Sector Allocation |
|
12/31/13 |
|
12/31/12 |
||||||
County/City/Special District/School District |
17 | % | 17 | % | ||||||
Corporate |
16 | 18 | ||||||||
Transportation |
15 | 13 | ||||||||
State |
14 | 13 | ||||||||
Utilities |
12 | 11 | ||||||||
Housing |
10 | 10 | ||||||||
Health |
9 | 11 | ||||||||
Tobacco |
4 | 5 | ||||||||
Education |
3 | 2 |
Credit Quality
Allocation1 |
|
12/31/13 |
|
12/31/12 |
||||||
AAA/Aaa |
15 | % | 13 | % | ||||||
AA/Aa |
18 | 26 | ||||||||
A |
37 | 28 | ||||||||
BBB/Baa |
19 | 23 | ||||||||
BB/Ba |
3 | 3 | ||||||||
B |
1 | 2 | ||||||||
Not Rated2 |
7 | 5 |
1 | Using the higher of S&Ps or Moodys ratings. |
2 | The investment advisor has deemed certain of these securities to be of investment grade quality. As of December 31, 2013 and December 31, 2012, the market value of these securities was $3,110,215, representing less than 1%, and $5,352,592, representing 1%, respectively, of the Trusts long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2014 |
3 | % | ||||||
2015 |
10 | |||||||
2016 |
7 | |||||||
2017 |
6 | |||||||
2018 |
45 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | DECEMBER 31, 2013 | 9 |
Trust Summary as of December 31, 2013 | BlackRock New York
Municipal 2018 Term Trust |
Trust Overview
Performance
|
For the 12 months ended December 31, 2013, the Trust returned (1.55)% based on market price and (0.36)% based on NAV. The Trusts peer group of closed-end funds in the Lipper New York Municipal Debt Funds category posted an average return of (13.67)% based on market price and (6.92)% based on NAV for the same period. All returns reflect reinvestment of dividends. The Trusts premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion pertains to performance based on NAV. |
|
During the period, the Trusts duration (sensitivity to interest rate movements) and exposure to zero-coupon bonds were detractors from performance in the rising interest rate environment. The Trusts exposure to Puerto Rico debt also detracted from results as credit spreads on Puerto Rico bonds widened materially during the period due to investors lack of confidence and a weak local economy. However, it is important to note that the Trust held only a small exposure to Puerto Rico securities and these positions were eliminated during the period. Therefore, the impact of the deterioration in Puerto Rico bond prices on Trust performance was minimal. |
|
The Trust benefited from income generated on its fully invested portfolio of tax-exempt municipal bonds and its exposure to pre-refunded bonds. The Trust is scheduled to mature on or about December 31, 2018 and thus holds securities that will mature close to that date. The Trusts shorter maturity profile was an advantage in comparison to its Lipper category peers that typically hold longer-dated issues as rate increases were significantly larger further out on the yield curve, driving prices lower on longer-dated issues. |
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
Trust Information
Symbol on NYSE |
BLH |
|||||
Initial Offering Date |
October 26, 2001 |
|||||
Termination Date (on or about) |
December 31, 2018 |
|||||
Yield on Closing Market Price as of December 31, 2013 ($15.23)1 |
3.57% |
|||||
Tax
Equivalent Yield2 |
7.24% |
|||||
Current Monthly Distribution per Common Share3 |
$0.0453 |
|||||
Current Annualized Distribution per Common Share3 |
$0.5436 |
|||||
Economic Leverage as of December 31, 20134 |
23% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal and state tax rate of 50.67%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 5. |
10 | ANNUAL REPORT | DECEMBER 31, 2013 |
BlackRock New York
Municipal 2018 Term Trust |
Market Price and Net Asset Value Per Share Summary
|
12/31/13 |
|
12/31/12 |
|
Change |
|
High |
|
Low |
|||||||||||||
Market Price |
$ | 15.23 | $ | 16.05 | (5.11 | )% | $ | 16.94 | $ | 14.90 | ||||||||||||
Net Asset Value |
$ | 15.05 | $ | 15.67 | (3.96 | )% | $ | 15.84 | $ | 14.82 |
Market Price and Net Asset Value History For the Past Five Years
Overview of the Trusts Long-Term Investments
Sector Allocation |
|
12/31/13 |
|
12/31/12 |
||||||
County/City/Special District/School District |
39 | % | 35 | % | ||||||
Transportation |
20 | 16 | ||||||||
Education |
13 | 17 | ||||||||
Housing |
9 | 3 | ||||||||
State |
7 | 13 | ||||||||
Utilities |
6 | 8 | ||||||||
Health |
5 | 6 | ||||||||
Corporate |
1 | 2 |
Credit Quality
Allocation1 |
|
12/31/13 |
|
12/31/12 |
||||||
AAA/Aaa |
15 | % | 18 | % | ||||||
AA/Aa |
51 | 47 | ||||||||
A |
21 | 18 | ||||||||
BBB/Baa |
11 | 6 | ||||||||
Not Rated |
2 | 11 | 2 |
1 | Using the higher of S&Ps or Moodys ratings. |
2 | The investment advisor has deemed certain of these securities to be of investment grade quality. As of December 31, 2012, the market value of these securities was $2,008,600, representing 2% of the Trusts long-term investments. |
Call/Maturity
Schedule3 |
||||||||
Calendar Year Ended December 31, |
||||||||
2014 |
4 | % | ||||||
2015 |
8 | |||||||
2016 |
2 | |||||||
2017 |
2 | |||||||
2018 |
54 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
ANNUAL REPORT | DECEMBER 31, 2013 | 11 |
Schedule of Investments December 31, 2013 | BlackRock California
Municipal 2018 Term Trust (BJZ) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | |||||||||
California 114.9% |
|||||||||||
Corporate 8.8% |
|||||||||||
California Pollution Control Financing Authority, RB, Mandatory Put Bonds, AMT (a): |
|||||||||||
Republic Services, Inc. Project, Series B, 5.25%, 6/01/23 |
$ | 2,020 | $ | 2,148,654 | |||||||
Waste Management, Inc. Project, Series A, 5.13%, 7/01/31 |
4,000 | 4,054,160 | |||||||||
California Pollution Control Financing Authority, Refunding RB: |
|||||||||||
Mandatory Put Bonds, Republic Services, Inc. Project, Series C, AMT, 5.25%, 6/01/23 (a) |
2,030 | 2,159,291 | |||||||||
San Diego Gas & Electric, Series A, 5.90%, 6/01/14 |
345 | 353,038 | |||||||||
8,715,143 | |||||||||||
County/City/Special District/School District 25.5% |
|||||||||||
City & County of San Francisco California, GO, Refunding, Series R-1, 5.00%, 6/15/18 |
1,700 | 1,991,873 | |||||||||
City of Vista California, COP, Refunding, Community Projects (NPFGC): |
|||||||||||
5.00%, 5/01/19 |
1,000 | 1,085,480 | |||||||||
4.75%, 5/01/21 |
1,115 | 1,173,058 | |||||||||
County of San Bernardino California, Special Tax Bonds, Community Facilities District No. 2002-1: |
|||||||||||
5.35%, 9/01/17 |
105 | 106,533 | |||||||||
5.50%, 9/01/18 |
245 | 248,459 | |||||||||
Fontana Public Finance Authority California, Refunding, Tax Allocation Bonds, North Fontana Redevelopment Project, Series A (AGM), 5.25%,
9/01/18 |
3,395 | 3,398,633 | |||||||||
Irvine Unified School District California, Refunding, Special Tax Bonds, Community Facilities District No. 86-1 (AGM), 5.25%,
9/01/18 |
5,000 | 5,680,450 | |||||||||
Lathrop Financing Authority, RB, Water Supply Project, 5.80%, 6/01/21 |
470 | 472,688 | |||||||||
Lodi Unified School District, GO, Refunding (AGM), 4.00%, 8/01/18 |
1,000 | 1,107,730 | |||||||||
Los
Angeles Community College District California, GO, Election of 2001, Series E-1, 4.00%, 8/01/18 |
200 | 225,644 | |||||||||
Los
Angeles Unified School District California, GO: |
|||||||||||
Election of 2004, Series H (AGM), 5.00%, 7/01/18 |
600 | 682,344 | |||||||||
Series I, 5.00%, 7/01/20 |
2,000 | 2,338,880 | |||||||||
Municipal Bonds |
Par (000) |
Value | |||||||||
California (continued) |
|||||||||||
County/City/Special District/School District (concluded) |
|||||||||||
Los
Banos Unified School District, GO, Election of 2008 (AGM), 5.00%, 8/01/18 |
$ | 475 | $ | 541,733 | |||||||
San
Marcos Unified School District, GO, CAB (b): |
|||||||||||
0.00%, 8/01/17 |
385 | 363,367 | |||||||||
0.00%, 8/01/18 |
500 | 454,890 | |||||||||
Santa Clara Unified School District, GO, Election of 2004, Series A, 5.00%, 7/01/18 |
1,690 | 1,978,601 | |||||||||
Stockton East Water District, COP, Refunding, Series B (NPFGC), 0.00%, 4/01/19 (b) |
4,590 | 3,379,250 | |||||||||
25,229,613 | |||||||||||
Education 7.8% |
|||||||||||
California State Public Works Board, Refunding RB, Trustees of the California State University, Series A, 5.00%, 10/01/17 |
2,415 | 2,423,622 | |||||||||
University of California, Refunding RB: |
|||||||||||
General, Series AB, 5.00%, 5/15/19 |
2,500 | 2,956,900 | |||||||||
Series S, 5.00%, 5/15/18 |
2,000 | 2,339,660 | |||||||||
7,720,182 | |||||||||||
Health 11.1% |
|||||||||||
ABAG Finance Authority for Nonprofit Corps., RB, San Diego Hospital Association, Series C, 5.38%, 3/01/21 |
2,100 | 2,113,083 | |||||||||
California Health Facilities Financing Authority, RB: |
|||||||||||
Scripps Health, Series A, 5.00%, 10/01/18 |
750 | 873,818 | |||||||||
Sutter Health, Series B, 5.00%, 8/15/19 |
1,430 | 1,682,023 | |||||||||
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series D, 5.00%, 8/15/18 |
515 | 600,536 | |||||||||
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series E-1, 5.00%, 4/01/44 (a) |
4,700 | 5,317,627 | |||||||||
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services, 5.00%, 5/15/18 |
300 | 333,912 | |||||||||
10,920,999 | |||||||||||
Housing 2.5% |
|||||||||||
California HFA, RB, Series A (Fannie Mae): |
|||||||||||
3.20%, 8/01/18 |
805 | 847,955 | |||||||||
3.50%, 2/01/19 |
1,580 | 1,662,966 | |||||||||
2,510,921 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been
abbreviated according to the following list: |
AGC AGM AMBAC AMT ARB CAB COP EDA Fannie Mae GO HDA |
Assured Guarantee Corp. Assured Guaranty Municipal Corp. American Municipal Bond Assurance Corp. Alternative Minimum Tax (subject to) Airport Revenue Bonds Capital Appreciation Bonds Certificates of Participation Economic Development Authority Federal National Mortgage Association General Obligation Bonds Housing Development Authority |
HFA LRB IDA IDB ISD NPFGC PSF-GTD Radian RB S/F SONYMA |
Housing Finance Agency Lease Revenue Bonds Industrial Development Authority Industrial Development Board Independent School District National Public Finance Guarantee Corp. Permanent School Fund Guaranteed Radian Guaranty, Inc. Revenue Bonds Single-Family State of New York Mortgage Agency |
12 | ANNUAL REPORT | DECEMBER 31, 2013 |
Schedule of Investments (continued) | BlackRock California
Municipal 2018 Term Trust (BJZ) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | |||||||||
California (continued) |
|||||||||||
State 11.7% |
|||||||||||
California State Public Works Board, Refunding RB, California Community Colleges, Series A, 5.00%, 12/01/17 |
$ | 2,020 | $ | 2,027,211 | |||||||
State of California, GO, Refunding: |
|||||||||||
5.00%, 9/01/18 |
3,400 | 3,965,386 | |||||||||
5.00%, 11/01/20 |
20 | 20,078 | |||||||||
Series A, 5.00%, 7/01/18 |
720 | 842,954 | |||||||||
Various Purpose, 5.25%, 10/01/22 |
4,000 | 4,692,120 | |||||||||
Veterans, Series BZ, AMT (NPFGC), 5.35%, 12/01/21 |
10 | 10,012 | |||||||||
11,557,761 | |||||||||||
Transportation 24.3% |
|||||||||||
City of Long Beach California, RB, Series A, 5.00%, 5/15/18 |
500 | 583,515 | |||||||||
Foothill-Eastern Transportation Corridor Agency California, Refunding RB, CAB, 0.00%, 2/01/14 (b)(c) |
20,000 | 13,268,800 | |||||||||
Los
Angeles Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 4.50%, 5/15/19 |
3,420 | 3,923,150 | |||||||||
Port of Oakland California, Refunding RB, Series O, AMT: |
|||||||||||
5.00%, 5/01/18 |
2,500 | 2,826,875 | |||||||||
5.00%, 5/01/19 |
3,000 | 3,391,500 | |||||||||
23,993,840 | |||||||||||
Utilities 23.2% |
|||||||||||
California State Department of Water Resources, Refunding RB: |
|||||||||||
Power Supply, Series H, 5.00%, 5/01/22 |
3,500 | 4,011,840 | |||||||||
Series L, 5.00%, 5/01/19 |
2,000 | 2,362,040 | |||||||||
Series N, 5.00%, 5/01/19 |
3,500 | 4,133,570 | |||||||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series D, 3.00%, 11/01/18 |
2,000 | 2,164,540 | |||||||||
Contra Costa Water Authority, Refunding RB, California Water Treatment, Series A, 3.00%, 10/01/18 |
900 | 972,171 | |||||||||
County of Los Angeles California Sanitation Districts Financing Authority, Refunding RB, Series A, 3.00%, 10/01/18 |
3,000 | 3,247,800 | |||||||||
Cucamonga Valley Water District, Refunding RB, Series A (AGM): |
|||||||||||
4.00%, 9/01/18 |
325 | 363,181 | |||||||||
3.00%, 9/01/19 |
375 | 397,797 | |||||||||
4.00%, 9/01/19 |
325 | 362,898 | |||||||||
Los
Angeles Department of Water & Power, RB, Series B, 5.00%, 7/01/18 |
600 | 702,750 | |||||||||
Los
Angeles Department of Water & Power, Refunding RB, Power System, Series A, 5.00%, 7/01/19 |
2,500 | 2,970,450 | |||||||||
Municipal Bonds |
Par (000) |
Value | |||||||||
California (concluded) |
|||||||||||
Utilities (concluded) |
|||||||||||
Sacramento Municipal Utility District, Refunding RB, Series X, 5.00%, 8/15/18 |
$ | 400 | $ | 467,660 | |||||||
Southern California Public Power Authority, Refunding RB, Canyon Power, Series A, 4.00%, 7/01/18 |
685 | 763,042 | |||||||||
22,919,739 | |||||||||||
Total Municipal Bonds in California |
113,568,198 | ||||||||||
Guam 0.3% |
|||||||||||
Utility 0.3% |
|||||||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19 |
240 | 271,524 | |||||||||
Puerto Rico 0.6% |
|||||||||||
State 0.0% |
|||||||||||
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series C, 5.75%, 7/01/19
(d) |
5 | 6,106 | |||||||||
Transportation 0.6% |
|||||||||||
Puerto Rico Highway & Transportation Authority, Refunding RB, Series Z (AGM), 6.00%, 7/01/18
(d) |
535 | 635,494 | |||||||||
Total Municipal Bonds in Puerto Rico |
641,600 | ||||||||||
US Virgin Islands 0.9% |
|||||||||||
State 0.9% |
|||||||||||
Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund Loan Note, Series A (c): |
|||||||||||
5.25%, 10/01/14 |
360 | 373,601 | |||||||||
5.25%, 10/01/14 |
455 | 472,190 | |||||||||
Total Municipal Bonds in US Virgin Islands |
845,791 | ||||||||||
Total Long-Term Investments (Cost $111,180,197) 116.7% |
115,327,113 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF California Municipal Money Fund, 0.00% (e)(f) |
9,303,179 |
9,303,179 | |||||||||
Total Short-Term Securities (Cost $9,303,179) 9.4% |
9,303,179 | ||||||||||
Total Investments (Cost $120,483,376) 126.1% |
124,630,292 | ||||||||||
Other Assets Less Liabilities 1.1% |
1,061,735 | ||||||||||
Preferred Shares, at Redemption Value (27.2%) |
(26,850,072 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 98,841,955 |
ANNUAL REPORT | DECEMBER 31, 2013 | 13 |
Schedule of Investments (concluded) | BlackRock California
Municipal 2018 Term Trust (BJZ) |
Notes to Schedule of Investments
(a) | Variable rate security. Rate shown is as of report date. |
|||
(b) | Zero-coupon bond. |
|||
(c) | 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. |
|||
(d) | Security is collateralized by municipal or US Treasury obligations. |
|||
(e) | Investments in issuers considered to be an affiliate of the Trust during the year ended December 31, 2013, for purposes of Section
2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate |
Shares Held at December 31, 2012 |
Net Activity |
Shares Held at December 31, 2013 |
Income |
BIF California Municipal Money Fund | 6,482,117 | 2,821,062 | 9,303,179 | $10,730 |
(f) | Represents the current yield as of report date. |
|||
| 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 statement 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 Trusts 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 Trusts 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 Trusts policy
regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
||||
The following table summarizes the Trusts investments categorized in the disclosure hierarchy as of December 31,
2013: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 115,327,113 | | $ | 115,327,113 | ||||||||||||
Short-Term Securities |
$ | 9,303,179 | | | 9,303,179 | |||||||||||||
Total |
$ | 9,303,179 | $ | 115,327,113 | | $ | 124,630,292 |
1 | See above Schedule of Investments for values in each sector. |
The carrying amount for certain of the Trusts assets approximates fair value for financial statement purposes. As of December 31, 2013, cash of $423 is categorized as Level 1 within the disclosure hierarchy.
There were no transfers between levels during the year ended December 31, 2013.
14 | ANNUAL REPORT | DECEMBER 31, 2013 |
Schedule of Investments December 31, 2013 | BlackRock Municipal 2018
Term Trust (BPK) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value |
||||||
Alabama 0.6% |
||||||||||
Alabama 21st Century Authority, Refunding RB, Series A, 5.00%, 6/01/18 |
$ | 500 | $ | 563,095 | ||||||
Courtland Alabama IDB, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17 |
1,000 | 1,021,250 | ||||||||
1,584,345 | ||||||||||
Arizona 2.2% |
||||||||||
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A, 5.00%, 7/01/21 |
4,660 | 5,363,147 | ||||||||
California 10.4% |
||||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/19 |
2,570 | 3,022,937 | ||||||||
California Pollution Control Financing Authority, RB, Waste Management, Inc. Project, Series C, AMT, 5.13%, 11/01/23 (a) |
6,500 | 6,695,130 | ||||||||
California Pollution Control Financing Authority, Refunding RB, Mandatory Put Bonds, Republic Services, Inc. Project, Series C, AMT, 5.25%,
6/01/23 (a) |
4,055 | 4,313,263 | ||||||||
California State Department of Water Resources, Refunding RB, Power Supply, Series L, 5.00%, 5/01/18 |
5,000 | 5,839,200 | ||||||||
Los
Angeles Regional Airports Improvement Corp., Refunding RB, Facilities Lease, LAXFuel Corp., AMT: |
||||||||||
5.00%, 1/01/17 |
450 | 498,132 | ||||||||
5.00%, 1/01/18 |
930 | 1,045,506 | ||||||||
Los
Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 |
3,750 | 4,385,400 | ||||||||
25,799,568 | ||||||||||
Colorado 4.8% |
||||||||||
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project: |
||||||||||
4.00%, 12/01/17 |
515 | 550,396 | ||||||||
4.00%, 12/01/18 |
540 | 575,219 | ||||||||
Colorado Housing & Finance Authority, RB, Disposal, Waste Management, Inc. Project, AMT, 5.70%, 7/01/18 |
5,000 | 5,478,300 | ||||||||
Park Creek Metropolitan District Colorado, Refunding RB, Senior Limited Property Tax, 5.25%, 12/01/20 |
5,010 | 5,265,059 | ||||||||
11,868,974 | ||||||||||
Florida 4.0% |
||||||||||
County of Broward Airport System Revenue Florida, Refunding RB, Series P-1, AMT, 5.00%, 10/01/18 |
3,930 | 4,436,774 | ||||||||
County of Broward School Board Florida, COP, Series A (AGM), 5.25%, 7/01/22 |
1,250 | 1,406,100 | ||||||||
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/18 |
2,000 | 2,263,220 | ||||||||
Pine Island Community Development District, RB, 5.30%, 11/01/10 |
400 | 156,236 | ||||||||
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 1.00%, 12/31/49 |
2,270 | 1,689,379 | ||||||||
9,951,709 | ||||||||||
Municipal Bonds |
|
Par (000) |
|
Value |
||||||
Guam 0.3% |
||||||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19 |
$ | 620 | $ | 701,437 | ||||||
Hawaii 0.2% |
||||||||||
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose Senior Living Revenue, 5.00%,
11/15/18 |
370 | 406,871 | ||||||||
Illinois 13.5% |
||||||||||
City of Chicago Illinois, RB, General Airport, Third Lien, Series A (AMBAC): |
||||||||||
5.00%, 1/01/19 |
5,000 | 5,351,750 | ||||||||
5.00%, 1/01/20 |
3,000 | 3,211,050 | ||||||||
Illinois Finance Authority, Refunding RB, Central DuPage Health, Series B, 5.00%, 11/01/18 |
2,290 | 2,621,523 | ||||||||
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC): |
||||||||||
5.35%, 6/15/19 |
1,885 | 1,983,152 | ||||||||
5.40%, 6/15/20 |
1,985 | 2,078,255 | ||||||||
5.45%, 6/15/21 |
2,090 | 2,179,034 | ||||||||
Railsplitter Tobacco Settlement Authority, RB, 5.00%, 6/01/18 |
10,000 | 11,293,500 | ||||||||
State of Illinois, RB, Build Illinois, Series B: |
||||||||||
5.00%, 6/15/18 (b) |
355 | 414,388 | ||||||||
Unrefunded Balance, 5.00%, 6/15/18 |
1,645 | 1,883,443 | ||||||||
State of Illinois Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 7/01/15 (c) |
2,250 | 2,408,513 | ||||||||
33,424,608 | ||||||||||
Indiana 3.0% |
||||||||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24 |
2,975 | 1,740,464 | ||||||||
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19 |
1,715 | 1,826,406 | ||||||||
Indiana State Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/19 |
875 | 1,014,213 | ||||||||
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17 |
2,500 | 2,753,825 | ||||||||
7,334,908 | ||||||||||
Iowa 1.4% |
||||||||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%,
12/01/19 |
3,720 | 3,570,754 | ||||||||
Kansas 1.2% |
||||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.00%, 11/15/18 |
2,500 | 2,893,675 | ||||||||
Kentucky 3.5% |
||||||||||
County of Kenton Kentucky School District Finance Corp., Refunding RB, 2.50%, 6/01/18 |
3,210 | 3,328,256 | ||||||||
County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Catholic Health Initiatives, Series A, 5.00%,
12/01/18 |
1,755 | 2,017,460 | ||||||||
Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22 |
3,195 | 3,243,245 | ||||||||
8,588,961 | ||||||||||
Louisiana 0.2% |
||||||||||
Louisiana Public Facilities Authority, RB, Department of Public Safety, Fire Marshals Headquarter
Project (NPFGC), 5.88%, 6/15/14 |
475 | 486,576 |
ANNUAL REPORT | DECEMBER 31, 2013 | 15 |
Schedule of Investments (continued) | BlackRock Municipal 2018
Term Trust (BPK) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
Maryland 3.5% |
||||||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB: |
||||||||||
Charlestown Community, 5.00%, 1/01/19 |
$ | 1,685 | $ | 1,815,234 | ||||||
University of Maryland Medical System, 5.00%, 7/01/18 |
1,000 | 1,135,410 | ||||||||
Maryland State Transportation Authority, Refunding RB, Baltimore/Washington Thurgood Marshall Airport Project, Series B, AMT, 5.00%,
3/01/19 |
5,000 | 5,673,350 | ||||||||
8,623,994 | ||||||||||
Massachusetts 0.1% |
||||||||||
State of Massachusetts Water Pollution Abatement Trust, Refunding RB, MWRA Program, Sub-Series A, 6.00%,
8/01/23 |
135 | 135,630 | ||||||||
Michigan 3.0% |
||||||||||
Detroit Water and Sewerage Department, Refunding RB, Sewage Disposal System, Senior Lien, Series A (AGM), 5.00%, 7/01/18 |
3,000 | 3,004,800 | ||||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital (AGM), 5.00%, 5/15/18 |
2,025 | 2,296,391 | ||||||||
Michigan State Hospital Finance Authority, Refunding RB, Oakwood Obligation Group, Series A, 5.00%, 7/15/18 |
1,000 | 1,091,970 | ||||||||
Michigan State Housing Development Authority, Refunding RB, Series B, 4.15%, 4/01/18 |
1,000 | 1,076,820 | ||||||||
7,469,981 | ||||||||||
Mississippi 4.1% |
||||||||||
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co.
Project, Series A, 6.80%, 4/01/22 |
9,000 | 10,180,710 | ||||||||
Missouri 0.8% |
||||||||||
City of Kansas City Missouri, Refunding ARB, AMT, Series A, 5.00%, 9/01/18 |
1,750 | 1,978,795 | ||||||||
Multi-State 5.9% |
||||||||||
Centerline Equity Issuer Trust, 6.80%, 10/31/52 (d)(e) |
14,000 | 14,632,940 | ||||||||
Nebraska 1.7% |
||||||||||
Central Plains Energy Project Nebraska, RB, Gas Project (Project No. 3), 5.00%, 9/01/17 |
2,330 | 2,569,874 | ||||||||
Public Power Generation Agency, RB, Whelan Energy Center, Series 2-A (AGC), 5.00%, 1/01/18 |
1,500 | 1,652,055 | ||||||||
4,221,929 | ||||||||||
Nevada 4.3% |
||||||||||
City of Las Vegas Nevada, Special Assessment Bonds, Summerlin Area, 5.35%, 6/01/17 |
985 | 1,009,812 | ||||||||
County of Clark Nevada, Refunding, Special Assessment Bonds, Improvement District No. 142, Mountains Edge, 4.00%, 8/01/18 |
4,235 | 4,224,370 | ||||||||
Director of the State of Nevada Department of Business & Industry, RB, Mandatory Put Bonds, Republic Services, Inc. Project, AMT, 5.63%,
12/01/26 (a) |
5,120 | 5,540,813 | ||||||||
10,774,995 | ||||||||||
Municipal Bonds |
|
Par (000) |
|
Value | ||||||
New Jersey 14.0% |
||||||||||
New
Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 7.20%, 11/15/30 (a) |
$ | 4,250 | $ | 4,249,447 | ||||||
New
Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 6/15/18 |
5,000 | 5,558,250 | ||||||||
New
Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.50%, 4/01/16 |
5,440 | 5,635,514 | ||||||||
New
Jersey Educational Facilities Authority, RB, Seton Hall University, Series D, 5.00%, 7/01/18 |
320 | 365,264 | ||||||||
New
Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (b) |
2,500 | 3,086,350 | ||||||||
New
Jersey Health Care Facilities Financing Authority, Refunding RB: |
||||||||||
AHS Hospital Corp., 5.00%, 7/01/18 |
850 | 968,651 | ||||||||
AtlantiCare Regional Medical Center, 5.00%, 7/01/20 |
1,500 | 1,617,615 | ||||||||
Barnabas Health, Series A, 5.00%, 7/01/18 |
2,000 | 2,232,320 | ||||||||
New
Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.55%, 10/01/22 |
2,185 | 2,221,337 | ||||||||
New
Jersey State Turnpike Authority, Refunding RB, Series G, 5.00%, 1/01/18 |
1,350 | 1,544,643 | ||||||||
New
Jersey Transportation Trust Fund Authority, RB, Series B, 5.00%, 6/15/18 |
2,000 | 2,299,280 | ||||||||
Newark Housing Authority, RB, South Ward Police Facility (AGC), 4.50%, 12/01/18 |
4,450 | 4,952,138 | ||||||||
34,730,809 | ||||||||||
New York 8.0% |
||||||||||
City of New York, GO, Sub-Series F-1: |
||||||||||
5.00%, 9/01/15 (c) |
7,365 | 7,937,850 | ||||||||
Unrefunded Balance, 5.00%, 9/01/18 |
135 | 145,092 | ||||||||
Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 11/15/18 |
1,000 | 1,165,250 | ||||||||
New
York State Dormitory Authority, RB, General Purpose, Series A, 5.00%, 3/15/18 |
8,000 | 9,244,240 | ||||||||
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20 |
1,200 | 1,290,600 | ||||||||
19,783,032 | ||||||||||
North Carolina 2.8% |
||||||||||
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 4.00%, 1/01/18 |
3,865 | 4,265,684 | ||||||||
North Carolina HFA, Refunding RB, Series 28-A, AMT, 4.65%, 7/01/23 |
2,645 | 2,679,729 | ||||||||
6,945,413 | ||||||||||
Ohio 1.4% |
||||||||||
State of Ohio, GO, Refunding, Higher Education, Series B, 5.00%, 8/01/18 |
3,000 | 3,504,630 | ||||||||
Oklahoma 0.6% |
||||||||||
County of Canadian Educational Facilities Authority, RB, Mustang Public Schools Project, 4.00%, 9/01/18 |
1,000 | 1,092,670 | ||||||||
County of Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A: |
||||||||||
2.25%, 4/01/14 |
175 | 174,454 | ||||||||
2.50%, 4/01/15 |
175 | 172,326 | ||||||||
1,439,450 |
16 | ANNUAL REPORT | DECEMBER 31, 2013 |
Schedule of Investments (continued) | BlackRock Municipal 2018
Term Trust (BPK) (Percentages shown are based on Net Assets) |
Municipal Bonds |
|
Par (000) |
|
Value | |||||||
Pennsylvania 4.5% |
|||||||||||
County of Cumberland Municipal Authority Pennsylvania, Refunding RB, Diakon Lutheran, 5.75%, 1/01/19 |
$ | 2,375 | $ | 2,703,344 | |||||||
Lancaster Industrial Development Authority, Refunding RB, Garden Spot Village Project: |
|||||||||||
5.00%, 5/01/16 |
300 | 321,216 | |||||||||
5.00%, 5/01/17 |
1,175 | 1,261,727 | |||||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 3.00%, 11/01/18 |
1,000 | 1,021,960 | |||||||||
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, Inc., Student Housing
Project: |
|||||||||||
4.00%, 10/01/17 |
275 | 286,660 | |||||||||
4.00%, 10/01/18 |
560 | 580,322 | |||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Drexel University, Series A, 5.00%, 5/01/18 |
1,000 | 1,143,000 | |||||||||
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/18 |
1,500 | 1,717,770 | |||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22 |
1,000 | 1,089,680 | |||||||||
State Public School Building Authority, RB, Community College of Allegheny County Project (AGM), 5.00%, 7/15/18 |
900 | 1,031,256 | |||||||||
11,156,935 | |||||||||||
Texas 15.5% |
|||||||||||
Alliance Airport Authority Texas, Refunding RB, FedEx Corp. Project, AMT, 4.85%, 4/01/21 |
2,000 | 2,078,220 | |||||||||
Birdville ISD Texas, GO, Refunding, CAB (PSF-GTD) (f): |
|||||||||||
0.00%, 2/15/18 |
1,615 | 1,523,349 | |||||||||
0.00%, 2/15/19 |
1,815 | 1,645,152 | |||||||||
0.00%, 2/15/20 |
2,625 | 2,282,963 | |||||||||
0.00%, 2/15/21 |
2,500 | 2,073,525 | |||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: |
|||||||||||
5.75%, 1/01/18 |
750 | 821,565 | |||||||||
5.75%, 1/01/19 |
750 | 819,960 | |||||||||
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21 |
2,500 | 2,754,050 | |||||||||
City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 7/01/18 |
1,000 | 1,148,930 | |||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, AMT, 5.00%,
11/01/18 |
5,000 | 5,358,200 | |||||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission, Series B, 5.00%, 5/15/18 |
5,000 | 5,741,050 | |||||||||
New
Hope Cultural Education Facilities Corp., RB, CHF-Stephenville LLC Tarleton State University Project, Series A: |
|||||||||||
4.00%, 4/01/17 |
160 | 167,238 | |||||||||
4.00%, 4/01/18 |
280 | 291,085 | |||||||||
North Texas Tollway Authority, Refunding RB, Series C: |
|||||||||||
5.00%, 1/01/19 |
2,215 | 2,491,499 | |||||||||
5.25%, 1/01/20 |
4,000 | 4,468,120 | |||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/18 |
4,360 | 4,774,723 | |||||||||
38,439,629 | |||||||||||
Municipal Bonds |
|
Par (000) |
|
Value | |||||||
US Virgin Islands 0.4% |
|||||||||||
Virgin Islands Public Finance Authority, Refunding RB, Senior Lien, Series B, 5.00%,
10/01/18 |
$ | 1,000 | $ | 1,110,790 | |||||||
Virginia 1.9% |
|||||||||||
City of Norfolk Virginia, Refunding RB, Water Revenue, 5.00%, 11/01/18 |
1,230 | 1,441,191 | |||||||||
Hanover County EDA, Refunding RB, Residential Care Facility, Covenant Woods, Series A, 3.00%, 7/01/14 |
415 | 413,186 | |||||||||
Virginia HDA, Refunding RB, Sub-Series E-2, AMT, 4.38%, 10/01/19 |
2,750 | 2,797,355 | |||||||||
4,651,732 | |||||||||||
Washington 0.2% |
|||||||||||
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B,
5.00%, 10/01/18 |
500 | 578,925 | |||||||||
Wisconsin 1.9% |
|||||||||||
City of Franklin Wisconsin, RB, Waste Management, Inc. Project, AMT, 4.95%, 4/01/16 |
1,990 | 2,087,928 | |||||||||
State of Wisconsin, Refunding RB, Series A, 5.00%, 5/01/18 |
1,000 | 1,156,490 | |||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/19 |
1,265 | 1,457,659 | |||||||||
4,702,077 | |||||||||||
Total Municipal Bonds 119.9% |
297,037,929 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (g) 2.2% |
|||||||||||
Illinois 2.2% |
|||||||||||
City of Chicago Illinois Waterworks, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20 |
5,000 | 5,467,250 | |||||||||
Total Long-Term Investments (Cost $289,122,564) 122.1% |
302,505,179 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.03% (h)(i) |
10,765,381 | 10,765,381 | |||||||||
Total Short-Term Securities (Cost $10,765,381) 4.4% |
10,765,381 | ||||||||||
Total Investments (Cost $299,887,945) 126.5% |
313,270,560 | ||||||||||
Other Assets Less Liabilities 3.0% |
7,411,036 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (1.5%) |
(3,751,247 | ) | |||||||||
Preferred Shares, at Redemption Value (28.0%) |
(69,251,216 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 247,679,133 |
ANNUAL REPORT | DECEMBER 31, 2013 | 17 |
Schedule of Investments (concluded) | BlackRock Municipal 2018
Term Trust (BPK) |
Notes to Schedule of Investments
(a) | Variable rate security. Rate shown is as of report date. |
|||
(b) | Security is collateralized by municipal or US Treasury obligations. |
|||
(c) | 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. |
|||
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold
in transactions exempt from registration to qualified institutional investors. |
|||
(e) | Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by
various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated
maturity. |
|||
(f) | Zero-coupon bond. |
|||
(g) | Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral
in a financing transaction. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|||
(h) | Investments in issuers considered to be an affiliate of the Trust during the year ended December 31, 2013, for purposes of Section
2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate |
Shares Held at December 31, 2012 |
Net Activity |
Shares Held at December 31, 2013 |
Income |
FFI Institutional Tax-Exempt Fund | 26,827,828 | (16,062,447) | 10,765,381 | $1,684 |
(i) | Represents the current yield as of report date. |
|||
| 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 statement 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 Trusts 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 Trusts 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 Trusts policy
regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
||||
The following table summarizes the Trusts investments categorized in the disclosure hierarchy as of December 31,
2013: |
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 302,505,179 | | $ | 302,505,179 | ||||||||||||
Short-Term Securities |
$ | 10,765,381 | | | 10,765,381 | |||||||||||||
Total |
$ | 10,765,381 | $ | 302,505,179 | | $ | 313,270,560 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
The carrying amount for certain of the Trusts liabilities approximates fair value for financial statement purposes. As of December 31, 2013, TOB trust certificates of $(3,750,000) are categorized as Level 2 within the disclosure hierarchy.
There were no transfers between levels during the year ended December 31, 2013.
18 | ANNUAL REPORT | DECEMBER 31, 2013 |
Schedule of Investments December 31, 2013 | BlackRock New York
Municipal 2018 Term Trust (BLH) (Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | |||||||||
New York 127.6% |
|||||||||||
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 | $ | 939,357 | |||||||
County/City/Special District/School District 50.3% |
|||||||||||
City of New York New York, GO: |
|||||||||||
Series M, 5.00%, 4/01/15 (a) |
1,060 | 1,122,593 | |||||||||
Series M, 5.00%, 4/01/23 |
330 | 348,064 | |||||||||
Sub-Series G-1, 5.00%, 4/01/18 |
5,000 | 5,733,450 | |||||||||
Sub-Series H-2, 5.00%, 6/01/20 |
3,470 | 4,009,307 | |||||||||
City of New York New York Transitional Finance Authority, RB, Fiscal 2008, Series S-1, 5.00%, 1/15/23 |
1,400 | 1,532,664 | |||||||||
City of New York New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 2/01/20 |
2,000 | 2,329,840 | |||||||||
City of Rochester New York, GO, Refunding, Series I, 4.00%, 8/15/18 |
2,500 | 2,781,975 | |||||||||
New
York State, GO, Series E: |
|||||||||||
5.00%, 12/15/18 |
1,000 | 1,182,310 | |||||||||
5.00%, 12/15/20 |
2,000 | 2,374,820 | |||||||||
New
York State Dormitory Authority, RB: |
|||||||||||
General Purpose, Series E, 5.00%, 8/15/19 |
1,500 | 1,761,060 | |||||||||
State University Dormitory Facilities, Series A, 5.00%, 7/01/18 |
1,045 | 1,206,536 | |||||||||
New
York State Dormitory Authority, Refunding RB, 3rd General Resolution, State University Educational Facilities, Series A, 4.00%,
5/15/18 |
1,000 | 1,109,170 | |||||||||
New
York State Urban Development Corp., Refunding RB, Series D, 5.50%, 1/01/19 |
750 | 884,873 | |||||||||
Owego Apalachin Central School District, GO, Refunding (AGM), 4.00%, 6/15/18 |
1,015 | 1,117,738 | |||||||||
27,494,400 | |||||||||||
Education 16.4% |
|||||||||||
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/25 (b)(c) |
450 | 67,496 | |||||||||
City of Troy New York, RB, Rensselaer Polytechnic, Series B, 5.00%, 9/01/18 |
1,000 | 1,148,840 | |||||||||
New
York State Dormitory Authority, LRB, State University Dormitory Facilities, Series A, 5.00%, 7/01/21 |
250 | 289,157 | |||||||||
New
York State Dormitory Authority, RB: |
|||||||||||
Mental Health Services, 5.00%, 8/15/18 |
1,020 | 1,176,519 | |||||||||
Pratt Institute, Series C (AGC), 5.00%, 7/01/19 |
600 | 688,590 | |||||||||
School Districts Financing Program, Series C, 4.00%, 10/01/18 |
535 | 588,842 | |||||||||
University of Rochester, Series A, 5.00%, 7/01/21 |
1,155 | 1,294,362 | |||||||||
New
York State Dormitory Authority, Refunding RB: |
|||||||||||
Mental Health Services, 5.00%, 8/15/18 (d) |
5 | 5,869 | |||||||||
Teachers College, Series A, 5.00%, 7/01/17 |
200 | 227,078 | |||||||||
Teachers College, Series A, 5.00%, 7/01/18 |
250 | 288,055 | |||||||||
Yeshiva University, 5.00%, 9/01/27 |
2,000 | 2,059,160 | |||||||||
Municipal Bonds |
Par (000) |
Value | |||||||||
New York (continued) |
|||||||||||
Education (concluded) |
|||||||||||
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A: |
|||||||||||
5.00%, 6/01/18 |
$ | 600 | $ | 672,654 | |||||||
5.00%, 6/01/19 |
400 | 449,816 | |||||||||
8,956,438 | |||||||||||
Health 7.2% |
|||||||||||
New
York State Dormitory Authority, Refunding RB, Miriam Osborn Memorial Home, 2.50%, 7/01/18 |
1,890 | 1,912,548 | |||||||||
Orange County Industrial Development Agency, Refunding RB, St. Lukes Hospital Newburgh New York Project, Series A (Radian), 5.38%,
12/01/21 |
2,000 | 2,008,560 | |||||||||
3,921,108 | |||||||||||
Housing 11.2% |
|||||||||||
New
York Mortgage Agency, Refunding RB, AMT, 4.50%, 10/01/20 |
4,110 | 4,174,404 | |||||||||
New
York State Dormitory Authority, Refunding RB, Series A: |
|||||||||||
North Shore Long Island Jewish, 5.00%, 5/01/18 |
615 | 700,356 | |||||||||
North Shore Long Island Jewish, 4.00%, 5/01/19 |
250 | 271,955 | |||||||||
North Shore Long Island Jewish, 5.00%, 5/01/19 |
650 | 739,583 | |||||||||
State University Educational Facilities, 5.88%, 5/15/17 |
125 | 140,501 | |||||||||
New
York State HFA, RB, Affordable Housing, Series E (SONYMA), 1.50%, 5/01/18 |
120 | 118,973 | |||||||||
6,145,772 | |||||||||||
State 8.5% |
|||||||||||
Monroe County Industrial Development Agency, RB, Rochester Schools Modernization Project, Series A, 5.00%, 5/01/18 |
1,000 | 1,149,340 | |||||||||
New
York State Dormitory Authority, RB, Series A, 5.00%, 3/15/18 |
2,000 | 2,311,060 | |||||||||
New
York State Dormitory Authority, Refunding LRB, Municipal Health Facilities, 4.00%, 5/15/18 |
550 | 605,864 | |||||||||
New
York State Urban Development Corp., RB, State Personal Income Tax, Series A-1, 5.00%, 12/15/22 |
500 | 568,910 | |||||||||
4,635,174 | |||||||||||
Transportation 25.4% |
|||||||||||
Metropolitan Transportation Authority, Refunding RB: |
|||||||||||
Series A, 5.00%, 11/15/18 |
1,000 | 1,165,250 | |||||||||
Series C, 4.00%, 11/15/16 |
1,000 | 1,093,600 | |||||||||
Series C, 5.00%, 11/15/17 |
1,000 | 1,147,240 | |||||||||
Series C, 5.00%, 11/15/18 |
1,965 | 2,274,684 | |||||||||
New
York State Thruway Authority, RB, Transportation, Series A, 5.00%, 3/15/20 |
1,750 | 2,012,552 | |||||||||
New
York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/18 |
1,300 | 1,486,888 | |||||||||
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 5.00%, 12/01/20 |
300 | 322,650 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, 178th Series, AMT, 5.00%, 12/01/18 |
900 | 1,040,256 |
ANNUAL REPORT | DECEMBER 31, 2013 | 19 |
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 (concluded) |
|||||||||||
Transportation (concluded) |
|||||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series B, 4.00%, 11/15/18 |
$ | 3,000 | $ | 3,361,980 | |||||||
13,905,100 | |||||||||||
Utilities 6.9% |
|||||||||||
Long Island Power Authority, Refunding RB, Series A, 5.25%, 4/01/21 |
1,000 | 1,098,650 | |||||||||
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 | 2,345,060 | |||||||||
Upper Mohawk Valley Regional Water Finance Authority, Refunding RB, Water System, 4.00%, 4/01/18 |
300 | 328,047 | |||||||||
3,771,757 | |||||||||||
Total Municipal Bonds in New York |
69,769,106 | ||||||||||
Municipal Bonds |
Par (000) |
Value | |||||||||
Guam 0.3% |
|||||||||||
Utility 0.3% |
|||||||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/19 |
$ | 140 | $ | 158,389 | |||||||
Total Long-Term Investments ($68,726,125) 127.9% |
69,927,495 | ||||||||||
Short-Term Securities |
Shares | ||||||||||
BIF New York Municipal Money Fund, 0.00% (e)(f) |
545,734 |
545,734 | |||||||||
Total Short-Term Securities (Cost $545,734) 1.0% |
545,734 | ||||||||||
Total Investments (Cost $69,271,859) 128.9% |
70,473,229 | ||||||||||
Other Assets Less Liabilities 1.1% |
619,079 | ||||||||||
Preferred Shares, at Redemption Value (30.0%) |
(16,425,356 | ) | |||||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 54,666,952 | |||||||||
Notes to Schedule of Investments
(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) | 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 US Treasury obligations. |
|||
(e) | Investments in issuers considered to be an affiliate of the Trust during the year ended December 31, 2013, for purposes of Section
2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate |
Shares Held at December 31, 2012 |
Net Activity |
Shares Held at December 31, 2013 |
Income |
BIF New York Municipal Money Fund | 577,963 | (32,229) | 545,734 | $6 |
(f) | Represents the current yield as of report date. |
|||
| 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 statement 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 Trusts 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 Trusts 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 Trusts policy
regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements. |
20 | ANNUAL REPORT | DECEMBER 31, 2013 |
Schedule of Investments (concluded) | BlackRock New York
Municipal 2018 Term Trust (BLH) |
The following table summarizes the Trusts investments categorized in the disclosure hierarchy as of December 31, 2013:
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Long-Term Investments1 |
| $ | 69,927,495 | | $ | 69,927,495 | ||||||||||||
Short-Term Securities |
$ | 545,734 | | | 545,734 | |||||||||||||
Total |
$ | 545,734 | $ | 69,927,495 | | $ | 70,473,229 |
1 | See above Schedule of Investments for values in each sector. |
There were no transfers between levels during the year ended December 31, 2013.
ANNUAL REPORT | DECEMBER 31, 2013 | 21 |
Statements of Assets and Liabilities |
December 31, 2013 | BlackRock California Municipal 2018 Term Trust (BJZ) |
BlackRock Municipal 2018 Term Trust (BPK) |
BlackRock New York Municipal 2018 Term Trust (BLH) |
||||||||||||
Assets |
|||||||||||||||
Investments at value unaffiliated1 |
$ | 115,327,113 | $ | 302,505,179 | $ | 69,927,495 | |||||||||
Investments at value affiliated2 |
9,303,179 | 10,765,381 | 545,734 | ||||||||||||
Cash |
423 | | | ||||||||||||
Interest receivable |
1,132,466 | 3,624,338 | 707,797 | ||||||||||||
Investments sold receivable |
45,638 | 1,430,000 | | ||||||||||||
Prepaid expenses |
10,091 | 19,261 | 7,858 | ||||||||||||
Prepaid redemption of Preferred Shares |
| 2,625,000 | | ||||||||||||
Total assets |
125,818,910 | 320,969,159 | 71,188,884 | ||||||||||||
Accrued Liabilities |
|||||||||||||||
Investment advisory fees payable |
44,947 | 108,920 | 24,174 | ||||||||||||
Officers and Trustees fees payable |
13,213 | 47,382 | 9,358 | ||||||||||||
Income dividends payable Common Shares |
10,851 | 51,926 | 4,684 | ||||||||||||
Interest expense and fees payable |
| 1,247 | | ||||||||||||
Other accrued expenses payable |
57,872 | 79,335 | 58,360 | ||||||||||||
Total accrued liabilities |
126,883 | 288,810 | 96,576 | ||||||||||||
Other Liabilities |
|||||||||||||||
TOB trust certificates |
| 3,750,000 | | ||||||||||||
Total liabilities |
126,883 | 4,038,810 | 96,576 | ||||||||||||
Preferred Shares at Redemption Value |
|||||||||||||||
$25,000 per share liquidation preference, plus unpaid dividends3 |
26,850,072 | 69,251,216 | 16,425,356 | ||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 98,841,955 | $ | 247,679,133 | $ | 54,666,952 | |||||||||
Net Assets Applicable to Common Shareholders Consist
of |
|||||||||||||||
Paid-in capital4 |
$ | 92,305,843 | $ | 232,793,378 | $ | 52,684,382 | |||||||||
Undistributed net investment income |
3,456,626 | 10,485,817 | 1,360,947 | ||||||||||||
Accumulated net realized loss |
(1,067,430 | ) | (8,982,677 | ) | (579,747 | ) | |||||||||
Net unrealized appreciation/depreciation |
4,146,916 | 13,382,615 | 1,201,370 | ||||||||||||
Net Assets Applicable to Common Shareholders |
$ | 98,841,955 | $ | 247,679,133 | $ | 54,666,952 | |||||||||
Net asset value per Common Share |
$ | 15.36 | $ | 15.57 | $ | 15.05 | |||||||||
1 Investments at cost unaffiliated |
$ | 111,180,197 | $ | 289,122,564 | $ | 68,726,125 | |||||||||
2 Investments at cost affiliated |
$ | 9,303,179 | $ | 10,765,381 | $ | 545,734 | |||||||||
3 Preferred Shares outstanding, unlimited number of shares authorized, par value $0.001 per share
|
1,074 | 2,770 | 657 | ||||||||||||
4 Common Shares outstanding, unlimited number of shares authorized, par value $0.001 per share
|
6,433,028 | 15,908,028 | 3,633,028 |
22 | ANNUAL REPORT | DECEMBER 31, 2013 |
Statements of Operations |
Year Ended December 31, 2013 | BlackRock California Municipal 2018 Term Trust (BJZ) |
BlackRock Municipal 2018 Term Trust (BPK) |
BlackRock New York Municipal 2018 Term Trust (BLH) |
||||||||||||
Investment Income |
|||||||||||||||
Interest |
$ | 4,731,920 | $ | 13,355,363 | $ | 2,113,110 | |||||||||
Income affiliated |
10,730 | 1,684 | 6 | ||||||||||||
Total income |
4,742,650 | 13,357,047 | 2,113,116 | ||||||||||||
Expenses |
|||||||||||||||
Investment advisory |
569,739 | 1,374,980 | 316,731 | ||||||||||||
Remarketing fees for Preferred Shares |
64,175 | 126,896 | 34,160 | ||||||||||||
Professional |
63,290 | 113,810 | 45,885 | ||||||||||||
Transfer agent |
25,371 | 41,135 | 24,382 | ||||||||||||
Accounting services |
17,592 | 30,780 | 11,999 | ||||||||||||
Officer and Trustees |
13,293 | 30,997 | 7,714 | ||||||||||||
Custodian |
10,694 | 21,744 | 7,582 | ||||||||||||
Registration |
9,132 | 9,132 | 9,132 | ||||||||||||
Printing |
6,439 | 10,027 | 6,624 | ||||||||||||
Miscellaneous |
41,681 | 60,061 | 35,268 | ||||||||||||
Total expenses excluding interest expense and fees |
821,406 | 1,819,562 | 499,477 | ||||||||||||
Interest expense and fees1 |
| 21,148 | | ||||||||||||
Total expenses |
821,406 | 1,840,710 | 499,477 | ||||||||||||
Less fees waived by Manager |
(2,196 | ) | (2,605 | ) | (1,007 | ) | |||||||||
Total expenses after fees waived |
819,210 | 1,838,105 | 498,470 | ||||||||||||
Net investment income |
3,923,440 | 11,518,942 | 1,614,646 | ||||||||||||
Realized and Unrealized Gain (Loss) |
|||||||||||||||
Net realized gain (loss) from investments |
395,311 | (925,536 | ) | 15,795 | |||||||||||
Net change in unrealized appreciation/depreciation on investments |
(3,097,060 | ) | (6,229,898 | ) | (1,764,686 | ) | |||||||||
Total realized and unrealized loss |
(2,701,749 | ) | (7,155,434 | ) | (1,748,891 | ) | |||||||||
Dividends to Preferred Shareholders From |
|||||||||||||||
Net investment income |
(68,997 | ) | (142,790 | ) | (37,883 | ) | |||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations |
$ | 1,152,694 | $ | 4,220,718 | $ | (172,128 | ) |
1 | Related to TOBs. |
ANNUAL REPORT | DECEMBER 31, 2013 | 23 |
Statements of Changes in Net Assets |
BlackRock California Municipal 2018 Term Trust (BJZ) |
|
BlackRock Municipal 2018 Term Trust (BPK) |
|
|||||||||||||
Year Ended December 31, |
|
Year Ended December 31, |
|
|||||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Operations |
||||||||||||||||
Net investment income |
$ | 3,923,440 | $ | 4,570,677 | $ | 11,518,942 | $ | 13,858,758 | ||||||||
Net realized gain (loss) |
395,311 | 2,234,212 | (925,536 | ) | 5,294,463 | |||||||||||
Net change in unrealized appreciation/depreciation |
(3,097,060 | ) | (372,381 | ) | (6,229,898 | ) | 2,762,824 | |||||||||
Dividends to Preferred Shareholders from net investment income |
(68,997 | ) | (143,300 | ) | (142,790 | ) | (345,256 | ) | ||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations |
1,152,694 | 6,289,208 | 4,220,718 | 21,570,789 | ||||||||||||
Dividends to Common Shareholders From1 |
||||||||||||||||
Net investment income |
(4,039,942 | ) | (4,905,184 | ) | (12,252,841 | ) | (14,928,093 | ) | ||||||||
Net Assets Applicable to Common Shareholders |
||||||||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(2,887,248 | ) | 1,384,024 | (8,032,123 | ) | 6,642,696 | ||||||||||
Beginning of year |
101,729,203 | 100,345,179 | 255,711,256 | 249,068,560 | ||||||||||||
End of year |
$ | 98,841,955 | $ | 101,729,203 | $ | 247,679,133 | $ | 255,711,256 | ||||||||
Undistributed net investment income, end of year |
$ | 3,456,626 | $ | 4,001,719 | $ | 10,485,817 | $ | 12,424,145 |
BlackRock New York Municipal 2018 Term Trust (BLH) |
|||||||||||
Year Ended December 31, |
|||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: | 2013 | 2012 | |||||||||
Operations |
|||||||||||
Net investment income |
$ | 1,614,646 | $ | 2,356,843 | |||||||
Net realized gain |
15,795 | 619,851 | |||||||||
Net change in unrealized appreciation/depreciation |
(1,764,686 | ) | 248,956 | ||||||||
Dividends to Preferred Shareholders from net investment income |
(37,883 | ) | (80,614 | ) | |||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
(172,128 | ) | 3,145,036 | ||||||||
Dividends to Shareholders From1 |
|||||||||||
Net investment income |
(2,081,726 | ) | (3,032,489 | ) | |||||||
Net Assets |
|||||||||||
Total increase (decrease) in net assets applicable to Common Shareholders |
(2,253,854 | ) | 112,547 | ||||||||
Beginning of year |
56,920,806 | 56,808,259 | |||||||||
End of year |
$ | 54,666,952 | $ | 56,920,806 | |||||||
Undistributed net investment income, end of year |
$ | 1,360,947 | $ | 2,011,007 |
1 | Determined in accordance with federal income tax regulations. |
24 | ANNUAL REPORT | DECEMBER 31, 2013 |
Financial Highlights | BlackRock California
Municipal 2018 Term Trust (BJZ) |
Year Ended December 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 15.81 | $ | 15.60 | $ | 14.34 | $ | 14.36 | $ | 11.94 | |||||||||||||
Net investment income1 |
0.61 | 0.71 | 0.86 | 0.98 | 1.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.42 | ) | 0.28 | 1.28 | (0.11 | ) | 2.25 | ||||||||||||||||
Dividends to Preferred Shareholders from net investment income |
(0.01 | ) | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.05 | ) | |||||||||||||
Net increase (decrease) from investment operations |
0.18 | 0.97 | 2.12 | 0.84 | 3.23 | ||||||||||||||||||
Dividends to Common Shareholders from net investment income2 |
(0.63 | ) | (0.76 | ) | (0.86 | ) | (0.86 | ) | (0.81 | ) | |||||||||||||
Net asset value, end of year |
$ | 15.36 | $ | 15.81 | $ | 15.60 | $ | 14.34 | $ | 14.36 | |||||||||||||
Market price, end of year |
$ | 15.77 | $ | 16.21 | $ | 16.34 | $ | 15.38 | $ | 15.09 | |||||||||||||
Total Investment Return3 |
|||||||||||||||||||||||
Based on net asset value |
1.07% | 6.16% | 14.86% | 5.56% | 27.09% | ||||||||||||||||||
Based on market price |
1.21% | 3.92% | 12.17% | 7.73% | 37.46% | ||||||||||||||||||
Ratio to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses4 |
0.82% | 0.93% | 0.93% | 0.92% | 0.96% | ||||||||||||||||||
Total expenses after fees waived4 |
0.82% | 5 | 0.92% | 0.91% | 0.91% | 0.95% | |||||||||||||||||
Net investment income4 |
3.92% | 4.51% | 5.82% | 6.64% | 7.56% | ||||||||||||||||||
Dividends to Preferred Shareholders |
0.07% | 0.14% | 0.17% | 0.24% | 0.38% | ||||||||||||||||||
Net investment income to Common Shareholders |
3.85% | 4.37% | 5.65% | 6.40% | 7.18% | ||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of year (000) |
$ | 98,842 | $ | 101,729 | $ | 100,345 | $ | 92,260 | $ | 92,410 | |||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of year (000) |
$ | 26,850 | $ | 55,525 | $ | 55,525 | $ | 55,525 | $ | 55,525 | |||||||||||||
Portfolio turnover |
| 15% | 28% | 7% | 5% | ||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of year |
$ | 117,032 | $ | 70,803 | $ | 70,180 | $ | 66,542 | $ | 66,609 |
1 | Based on average Common Shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Do not reflect the effect of dividends to Preferred Shareholders. |
5 | For the year ended December 31, 2013, the total expense ratio after fees waived and excluding remarketing fees was 0.75%. |
ANNUAL REPORT | DECEMBER 31, 2013 | 25 |
Financial Highlights | BlackRock Municipal 2018
Term Trust (BPK) |
Year Ended December 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 16.07 | $ | 15.66 | $ | 14.58 | $ | 14.32 | $ | 11.63 | |||||||||||||
Net investment income1 |
0.72 | 0.87 | 1.04 | 1.07 | 1.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.44 | ) | 0.50 | 1.00 | 0.16 | 2.54 | |||||||||||||||||
Dividends to Preferred Shareholders from net investment income |
(0.01 | ) | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.05 | ) | |||||||||||||
Net increase (decrease) from investment operations |
0.27 | 1.35 | 2.02 | 1.20 | 3.61 | ||||||||||||||||||
Dividends to Common Shareholders from net investment income2 |
(0.77 | ) | (0.94 | ) | (0.94 | ) | (0.94 | ) | (0.92 | ) | |||||||||||||
Net asset value, end of year |
$ | 15.57 | $ | 16.07 | $ | 15.66 | $ | 14.58 | $ | 14.32 | |||||||||||||
Market price, end of year |
$ | 15.94 | $ | 16.56 | $ | 16.59 | $ | 15.75 | $ | 15.15 | |||||||||||||
Total Investment Return3 |
|||||||||||||||||||||||
Based on net asset value |
1.55% | 8.42% | 13.86% | 7.94% | 30.92% | ||||||||||||||||||
Based on market price |
0.88% | 5.46% | 11.66% | 10.22% | 24.20% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses4 |
0.73% | 0.86% | 0.85% | 0.88% | 0.92% | ||||||||||||||||||
Total expenses after fees waived4 |
0.73% | 0.86% | 0.85% | 0.88% | 0.91% | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense and fees4,5 |
0.72% | 6 | 0.85% | 0.84% | 0.87% | 0.90% | |||||||||||||||||
Net investment income4 |
4.56% | 5.51% | 6.94% | 7.23% | 8.36% | ||||||||||||||||||
Dividends to Preferred Shareholders |
0.06% | 0.14% | 0.16% | 0.23% | 0.36% | ||||||||||||||||||
Net investment income to Common Shareholders |
4.50% | 5.37% | 6.78% | 7.00% | 8.00% | ||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of year (000) |
$ | 247,679 | $ | 255,711 | $ | 249,069 | $ | 231,925 | $ | 227,780 | |||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of year (000) |
$ | 69,250 | $ | 133,850 | $ | 133,850 | $ | 133,850 | $ | 133,850 | |||||||||||||
Portfolio turnover |
3% | 23% | 13% | 6% | 11% | ||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of year |
$ | 114,415 | $ | 72,761 | $ | 71,521 | $ | 68,319 | $ | 67,546 |
1 | Based on average Common Shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Do not reflect the effect of dividends to Preferred Shareholders. |
5 | Interest expense and fees relate to TOBs. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
6 | For the year ended December 31, 2013, the total expense ratio after fees waived and excluding interest expense, fees and remarketing fees was 0.67%. |
26 | ANNUAL REPORT | DECEMBER 31, 2013 |
Financial Highlights | BlackRock New York
Municipal 2018 Term Trust (BLH) |
Year Ended December 31, |
|
||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance |
|||||||||||||||||||||||
Net asset value, beginning of year |
$ | 15.67 | $ | 15.64 | $ | 15.18 | $ | 15.57 | $ | 13.78 | |||||||||||||
Net investment income1 |
0.44 | 0.65 | 1.00 | 1.03 | 1.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) |
(0.48 | ) | 0.23 | 0.46 | (0.33 | ) | 1.67 | ||||||||||||||||
Dividends to Preferred Shareholders from net investment income |
(0.01 | ) | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.05 | ) | |||||||||||||
Net increase (decrease) from investment operations |
(0.05 | ) | 0.86 | 1.44 | 0.67 | 2.72 | |||||||||||||||||
Dividends to Common Shareholders from net investment income2 |
(0.57 | ) | (0.83 | ) | (0.98 | ) | (1.06 | ) | (0.93 | ) | |||||||||||||
Net asset value, end of year |
$ | 15.05 | $ | 15.67 | $ | 15.64 | $ | 15.18 | $ | 15.57 | |||||||||||||
Market price, end of year |
$ | 15.23 | $ | 16.05 | $ | 16.71 | $ | 15.92 | $ | 16.90 | |||||||||||||
Total Investment Return3 |
|||||||||||||||||||||||
Based on net asset value |
(0.36)% | 5.34% | 9.41% | 3.90% | 19.76% | ||||||||||||||||||
Based on market price |
(1.55)% | 0.99% | 11.46% | 0.39% | 28.22% | ||||||||||||||||||
Ratios to Average Net Assets Applicable to Common
Shareholders |
|||||||||||||||||||||||
Total expenses4 |
0.89% | 0.96% | 0.99% | 1.02% | 1.00% | ||||||||||||||||||
Total expenses after fees waived4 |
0.89% | 5 | 0.95% | 0.98% | 1.01% | 0.99% | |||||||||||||||||
Net investment income4 |
2.89% | 4.11% | 6.52% | 6.60% | 7.30% | ||||||||||||||||||
Dividends to Preferred Shareholders |
0.07% | 0.14% | 0.16% | 0.22% | 0.34% | ||||||||||||||||||
Net investment income to Common Shareholders |
2.82% | 3.97% | 6.36% | 6.38% | 6.96% | ||||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of year (000) |
$ | 54,667 | $ | 56,921 | $ | 56,808 | $ | 55,159 | $ | 56,580 | |||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of year (000) |
$ | 16,425 | $ | 31,400 | $ | 31,400 | $ | 31,400 | $ | 31,400 | |||||||||||||
Portfolio turnover |
7% | 48% | 16% | 6% | 14% | ||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of year |
$ | 108,207 | $ | 70,319 | $ | 70,230 | $ | 68,918 | $ | 70,050 |
1 | Based on average Common Shares outstanding. |
2 | Determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Do not reflect the effect of dividends to Preferred Shareholders. |
5 | For the year ended December 31, 2013, the total expense ratio after fees waived and excluding remarketing fees was 0.83%. |
ANNUAL REPORT | DECEMBER 31, 2013 | 27 |
Notes to Financial Statements | |
28 | ANNUAL REPORT | DECEMBER 31, 2013 |
Notes to Financial Statements (continued) | |
ANNUAL REPORT | DECEMBER 31, 2013 | 29 |
Notes to Financial Statements (continued) | |
Underlying Municipal Bonds Transferred to TOBs |
Liability for TOB Trust Certificates |
Interest Rate | |
BPK | $5,467,250 | $3,750,000 | 0.26% |
Average TOB Trust Certificates Outstanding |
Daily Weighted Average Interest Rate | |
BPK | $3,750,000 | 0.56% |
30 | ANNUAL REPORT | DECEMBER 31, 2013 |
Notes to Financial Statements (continued) | |
the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Trust. For such services, each Trust paid the Manager a monthly fee at an annual rate of 0.40% of
each Trusts average weekly managed assets. Average weekly managed assets are the average weekly value of each Trusts total assets minus the
sum of its accrued liabilities.
|
Purchases |
|
Sales |
|||||||
BJZ |
| $ | 30,860,049 | |||||||
BPK |
$ | 10,498,806 | $ | 58,811,483 | ||||||
BLH |
$ | 5,450,541 | $ | 14,597,867 |
|
BJZ |
|
BPK |
|
BLH |
|||||||||
Paid-in capital |
$ | 359,000 | $ | 1,061,069 | $ | 145,000 | ||||||||
Undistributed net investment income |
$ | (359,594 | ) | $ | (1,061,639 | ) | $ | (145,097 | ) | |||||
Accumulated net realized loss |
$ | 594 | $ | 570 | $ | 97 |
|
BJZ |
|
BPK |
|
BLH |
|||||||||
Tax-exempt income:1 |
||||||||||||||
12/31/13 |
$ | 4,108,939 | $ | 12,395,631 | $ | 2,119,609 | ||||||||
12/31/12 |
5,048,484 | 15,172,544 | 3,095,622 | |||||||||||
Ordinary income:2 |
||||||||||||||
12/31/13 |
| | | |||||||||||
12/31/12 |
| 100,805 | 17,481 | |||||||||||
Total |
||||||||||||||
12/31/13 |
$ | 4,108,939 | $ | 12,395,631 | $ | 2,119,609 | ||||||||
12/31/12 |
$ | 5,048,484 | $ | 15,273,349 | $ | 3,113,103 |
1 | The Trusts designate these amounts paid during the fiscal year ended December 31, 2013 as exempt-interest dividends. |
2 | Ordinary income consists primarily of taxable income recognized from market discount. Additionally, all ordinary income distributions are comprised of interest related dividends for non-US residents and are eligible for exemption from US withholding tax for nonresident aliens and foreign corporations. |
|
BJZ |
|
BPK |
|
BLH |
|||||||||
Undistributed tax-exempt income |
$ | 3,465,872 | $ | 10,695,101 | $ | 1,368,073 | ||||||||
Capital loss carryforwards |
(1,067,430 | ) | (8,873,288 | ) | (579,746 | ) | ||||||||
Net
unrealized gains3 |
4,137,670 | 13,063,942 | 1,194,243 | |||||||||||
Total |
$ | 6,536,112 | $ | 14,885,755 | $ | 1,982,570 |
3 | The differences between book-basis and tax-basis net unrealized gains were attributable primarily to amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default, the timing and recognition of partnership income, the treatment of residual interests in tender option bond trusts and the deferral of compensation to Trustees. |
Expires December 31, |
|
BJZ |
|
BPK |
|
BLH |
||||||||
2014 |
| $ | 6,871,194 | | ||||||||||
2015 |
$ | 406,870 | 889,102 | $ | 288,258 | |||||||||
2017 |
660,560 | 202,544 | | |||||||||||
2018 |
| | 291,488 | |||||||||||
No
expiration date |
| 910,448 | | |||||||||||
Total |
$ | 1,067,430 | $ | 8,873,288 | $ | 579,746 |
BJZ |
$ | 395,905 | ||||
BLH |
$ | 15,892 | ||||
ANNUAL REPORT | DECEMBER 31, 2013 | 31 |
Notes to Financial Statements (continued) | |
|
BJZ |
|
BPK |
|
BLH |
|||||||||
Tax
cost |
$ | 120,483,376 | $ | 296,345,426 | $ | 69,272,088 | ||||||||
Gross unrealized appreciation |
$ | 4,356,615 | $ | 16,255,415 | $ | 1,734,789 | ||||||||
Gross unrealized depreciation |
(209,699 | ) | (3,080,281 | ) | (533,648 | ) | ||||||||
Net
unrealized appreciation |
$ | 4,146,916 | $ | 13,175,134 | $ | 1,201,141 |
32 | ANNUAL REPORT | DECEMBER 31, 2013 |
Notes to Financial Statements (continued) | |
Series | Preferred Shares |
Effective Yield |
Reset Frequency Days |
Moodys Rating | |
BJZ | M-7 | 1,074 | 0.10% | 7 | Aa2 |
BPK | W-7 | 1,385 | 0.10% | 7 | Aa1 |
R-7 | 1,385 | 0.10% | 7 | Aa1 | |
BLH | T-7 | 657 | 0.10% | 7 | Aa2 |
Series | Low | High | Average | |
BJZ | M-7 | 0.08% | 0.38% | 0.16% |
BPK | R-7 | 0.08% | 0.38% | 0.16% |
W-7 | 0.08% | 0.38% | 0.16% | |
BLH | T-7 | 0.08% | 0.38% | 0.16% |
ANNUAL REPORT | DECEMBER 31, 2013 | 33 |
Notes to Financial Statements (concluded) | |
Series | Redemption Date |
Shares Redeemed | Aggregate Principal | ||||||||||||
BJZ | M-7 | 1/22/13 | 261 | $ | 6,525,000 | ||||||||||
M-7 | 4/09/13 | 228 | $ | 5,700,000 | |||||||||||
M-7 | 7/02/13 | 88 | $ | 2,200,000 | |||||||||||
M-7 | 8/06/13 | 56 | $ | 1,400,000 | |||||||||||
M-7 | 9/10/13 | 80 | $ | 2,000,000 | |||||||||||
M-7 | 10/29/13 | 124 | $ | 3,100,000 | |||||||||||
M-7 | 12/31/13 | 310 | $ | 7,750,000 | |||||||||||
BPK | W-7 | 1/24/13 | 714 | $ | 17,850,000 | ||||||||||
W-7 | 1/31/13 | 40 | $ | 1,000,000 | |||||||||||
W-7 | 5/23/13 | 206 | $ | 5,150,000 | |||||||||||
W-7 | 8/01/13 | 112 | $ | 2,800,000 | |||||||||||
W-7 | 9/12/13 | 92 | $ | 2,300,000 | |||||||||||
W-7 | 10/10/13 | 88 | $ | 2,200,000 | |||||||||||
W-7 | 11/29/13 | 40 | $ | 1,000,000 | |||||||||||
R-7 | 1/25/13 | 714 | $ | 17,850,000 | |||||||||||
R-7 | 2/01/13 | 40 | $ | 1,000,000 | |||||||||||
R-7 | 5/24/13 | 206 | $ | 5,150,000 | |||||||||||
R-7 | 8/02/13 | 112 | $ | 2,800,000 | |||||||||||
R-7 | 9/13/13 | 92 | $ | 2,300,000 | |||||||||||
R-7 | 10/11/13 | 88 | $ | 2,200,000 | |||||||||||
R-7 | 11/29/13 | 40 | $ | 1,000,000 | |||||||||||
BLH | T-7 | 1/23/13 | 223 | $ | 5,575,000 | ||||||||||
T-7 | 7/31/13 | 136 | $ | 3,400,000 | |||||||||||
T-7 | 9/11/13 | 104 | $ | 2,600,000 | |||||||||||
T-7 | 10/30/13 | 136 | $ | 3,400,000 |
|
Common Dividend Per Share |
|||||
BJZ |
$ | 0.0513 | ||||
BPK |
$ | 0.0610 | ||||
BLH |
$ | 0.0453 |
Series | Dividends Declared | |||
BJZ | M-7 | $1,496 | ||
BPK | R-7 | $2,912 | ||
W-7 | $2,724 | |||
BLH | T-7 | $1,406 |
Series | Redemption Date | Shares Redeemed | Aggregate Principal | |||||
BJZ | M-7 | 1/21/14 | 350 | $8,750,000 | ||||
BPK | R-7 | 1/03/14 | 105 | $2,625,000 | ||||
R-7 | 1/17/14 | 155 | $3,875,000 | |||||
W-7 | 1/02/14 | 105 | $2,625,000 | |||||
W-7 | 1/16/14 | 155 | $3,875,000 |
34 | ANNUAL REPORT | DECEMBER 31, 2013 |
Report of Independent Registered Public Accounting Firm |
BlackRock California Municipal 2018 Term Trust,
BlackRock Municipal
2018 Term Trust
and BlackRock New York Municipal 2018 Term Trust:
Boston, Massachusetts
February
24, 2014
ANNUAL REPORT | DECEMBER 31, 2013 | 35 |
Automatic Dividend Reinvestment Plan |
36 | ANNUAL REPORT | DECEMBER 31, 2013 |
Officers and Trustees |
Name, Address and Year of Birth |
Position(s) Held with Trusts |
Length of Time Served as a Trustee2 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock- Advised Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen |
Public Directorships |
|||||
Independent Trustees1 |
||||||||||
Richard E. Cavanagh 55 East 52nd Street New York, NY 10055 1946 |
Chairman of the Board and Trustee |
Since 2001 |
Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life Insurance Company of America
since 1998; Director, Arch Chemical (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and
Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer,
Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to
2007. |
82 RICs consisting of 82 Portfolios |
None |
|||||
Karen P. Robards 55 East 52nd Street New York, NY 10055 1950 |
Vice Chairperson of the Board, Chairperson of the Audit Committee and Trustee |
Since 2007 |
Partner of Robards & Company, LLC (financial advisory firm) since 1987; Co-founder and Director of the
Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Care Investment Trust, Inc. (health care real estate
investment trust) from 2007 to 2010; Investment Banker at Morgan Stanley from 1976 to 1987. |
82 RICs consisting of 82 Portfolios |
AtriCure, Inc. (medical devices); Greenhill & Co., Inc. |
|||||
Michael J. Castellano 55 East 52nd Street New York, NY 10055 1946 |
Trustee and Member of the Audit Committee |
Since 2011 |
Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from
2004 to 2011; Director, Support Our Aging Religious (non-profit) since 2009; Director, National Advisory Board of Church Management at Villanova
University since 2010; Trustee, Domestic Church Media Foundation since 2012. |
82 RICs consisting of 82 Portfolios |
None |
|||||
Frank J. Fabozzi 55 East 52nd Street New York, NY 10055 1948 |
Trustee and Member of the Audit Committee |
Since 2001 |
Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC
Business School since 2011; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011; Adjunct
Professor of Finance and Becton Fellow, Yale University from 1994 to 2006. |
82 RICs consisting of 82 Portfolios |
None |
|||||
Kathleen F. Feldstein 55 East 52nd Street New York, NY 10055 1941 |
Trustee |
Since 2005 |
President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of
Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the Board of Partners Community Healthcare, Inc. from
2005 to 2009; Member of the Corporation of Partners Healthcare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the Visiting
Committee to the Harvard University Art Museum since 2003; Director, Catholic Charities of Boston since 2009. |
82 RICs consisting of 82 Portfolios |
The McClatchy Company (publishing) |
|||||
James T. Flynn 55 East 52nd Street New York, NY 10055 1939 |
Trustee and Member of the Audit Committee |
Since 2007 |
Chief Financial Officer of JPMorgan & Co., Inc. from 1990 to 1995. |
82 RICs consisting of 82 Portfolios |
None |
|||||
Jerrold B. Harris 55 East 52nd Street New York, NY 10055 1942 |
Trustee |
Since 2007 |
Trustee, Ursinus College since 2000; Director, Ducks Unlimited, Inc. (conservations) since 2013; Director,
Troemner LLC (scientific equipment) since 2000; Director of Delta Waterfowl Foundation from 2010 to 2012; President and Chief Executive Officer, VWR
Scientific Products Corporation from 1990 to 1999. |
82 RICs consisting of 82 Portfolios |
BlackRock Kelso Capital Corp. (business development company) |
|||||
R. Glenn Hubbard 55 East 52nd Street New York, NY 10055 1958 |
Trustee |
Since 2004 |
Dean, Columbia Business School since 2004; Faculty member, Columbia Business School since
1988. |
82 RICs consisting of 82 Portfolios |
ADP (data and information services); KKR Financial Corporation (finance); Metropolitan Life Insurance
Company (insurance) |
ANNUAL REPORT | DECEMBER 31, 2013 | 37 |
Officers and Trustees (continued) |
Name, Address and Year of Birth |
Position(s) Held with Trusts |
Length of Time Served as a Trustee2 |
Principal Occupation(s) During Past Five Years |
Number of BlackRock- Advised Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen |
Public Directorships | |||||||||
Independent Trustees1 (concluded) |
||||||||||||||
W. Carl Kester 55 East 52nd Street New York, NY 10055 1951 |
Trustee and Member of the Audit Committee |
Since 2007 |
George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy
Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from
1999 to 2005; Member of the faculty of Harvard Business School since 1981. |
82 RICs consisting of 82 Portfolios |
None |
|||||||||
1 Independent Trustees serve until their resignation, removal or death, or until December 31 of the year in which
they turn 74. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees upon finding of good cause thereof. In
2013, the Board of Trustees unanimously approved further extending the mandatory retirement age for James T. Flynn by one additional year, which the
Board believed would be in the best interest of shareholders. Mr. Flynn can serve until December 31 of the year in which he turns 75. Mr. Flynn turns
75 in 2014. |
||||||||||||||
2 Date shown is the earliest date a person has served for the Trusts covered by this annual report. Following the
combination of Merrill Lynch Investment Managers, L.P. (MLIM) and BlackRock, Inc. (BlackRock) in September 2006, the various
legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows
certain Trustees as joining the Trusts board in 2007, those Trustees first became members of the boards of other legacy MLIM or legacy BlackRock
funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R.
Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998. |
||||||||||||||
Interested Trustees3 |
||||||||||||||
Paul L. Audet 55 East 52nd Street New York, NY 10055 1953 |
Trustee |
Since 2011 |
Senior Managing Director of BlackRock and Head of U.S. Mutual Funds since 2011; Chair of the U.S. Mutual
Funds Committee reporting to the Global Executive Committee since 2011; Head of BlackRocks Real Estate business from 2008 to 2011; Member of
BlackRocks Global Operating and Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and
Investment Committee for the Private Equity Fund of Funds business since 2008; Head of BlackRocks Global Cash Management business from 2005 to
2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer of BlackRock from 1998 to 2005. |
144 RICs consisting of 278 Portfolios |
None |
|||||||||
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947 |
Trustee |
Since 2007 |
Consultant, BlackRock, from 2007 to 2008; Managing Director, BlackRock from 1989 to 2007; Chief
Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly
BlackRock Bond Allocation Target Shares) from 2005 to 2007; Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to
2006. |
144 RICs consisting of 278 Portfolios |
None |
|||||||||
3 Mr. Audet is an interested person, as defined in the 1940 Act, of the Trusts based on his position with
BlackRock and its affiliates as well as his ownership of BlackRock securities. Mr. Gabbay is an interested person of the Trusts based on
his former positions with BlackRock and its affiliates as well as his ownership of BlackRock and The PNC Financial Services Group, Inc. securities. Mr.
Audet and Mr. Gabbay are also Directors of two complexes of BlackRock registered open-end funds, the BlackRock Equity-Liquidity Complex and the
BlackRock Equity-Bond Complex. Interested Trustees of the BlackRock Closed-End Complex serve until their resignation, removal or death, or until
December 31 of the year in which they turn 72. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees upon
finding good cause thereof. |
38 | ANNUAL REPORT | DECEMBER 31, 2013 |
Officers and Trustees (concluded) |
Name, Address and Year of Birth |
Position(s) Held with Trusts |
Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Officers1 |
||||||
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964 |
President and Chief Executive Officer |
Since 2011 |
Managing Director of BlackRock since 2009; Global Head of BlackRock Fund Services since 2009; Managing
Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs
Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009;
Director of Family Resource Network (charitable foundation) since 2009. |
|||
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977 |
Vice President |
Since 2009 |
Managing Director of BlackRock since 2010; Director of BlackRock from 2008 to 2009; Head of Product
Development and Management for BlackRocks U.S. Retail Group since 2009; and Co-head thereof from 2007 to 2009; Vice President of BlackRock from
2005 to 2008. |
|||
Robert W. Crothers 55 East 52nd Street New York, NY 10055 1981 |
Vice President |
Since 2012 |
Director of BlackRock since 2011; Vice President of BlackRock from 2008 to 2010; Associate of BlackRock from
2006 to 2007. |
|||
Neal Andrews 55 East 52nd Street New York, NY 10055 1966 |
Chief Financial Officer |
Since 2007 |
Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund
Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006. |
|||
Jay Fife 55 East 52nd Street New York, NY 10055 1970 |
Treasurer |
Since 2007 |
Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM
and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006. |
|||
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959 |
Chief Compliance Officer and Anti-Money Laundering Officer |
Since 2007 |
Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of
BlackRock since 2005. |
|||
Janey Ahn 55 East 52nd Street New York, NY 10055 1975 |
Secretary |
Since 2012 |
Director of BlackRock since 2009; Vice President of BlackRock from 2008 to 2009; Assistant Secretary of the
Funds from 2008 to 2012. |
|||
1 Officers of the Trusts serve at the pleasure of the Board. |
Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809 |
Custodian and Accounting Agent State Street Bank and Trust Company Boston, MA 02110 |
Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP New York, NY 10036 |
Address of the Trusts 100 Bellevue Parkway Wilmington, DE 19809 |
|||||
Sub-Advisor BlackRock Financial Management, Inc. New York, NY 10055 |
Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021 |
Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 |
||||||
ANNUAL REPORT | DECEMBER 31, 2013 | 39 |
Additional Information |
Proxy Results
Richard E. Cavanagh |
Kathleen F. Feldstein |
Henry Gabbay |
|
||||||||||||||||||||||||||||||||||||
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
|
Votes For |
|
Votes Withheld |
|
Abstain |
||||||||||||||||||||||
BJZ |
5,368,813 | 134,967 | 0 | 5,353,416 | 150,364 | 0 | 5,368,813 | 134,967 | 0 | ||||||||||||||||||||||||||||||
BPK |
14,964,998 | 125,974 | 0 | 14,956,011 | 134,961 | 0 | 14,964,998 | 125,974 | 0 | ||||||||||||||||||||||||||||||
BLH |
2,916,718 | 258,599 | 0 | 2,916,718 | 258,599 | 0 | 2,916,718 | 258,599 | 0 | ||||||||||||||||||||||||||||||
Jerrold B. Harris |
|||||||||||||||||||||||||||||||||||||||
|
Votes For |
|
Votes Withheld |
|
Abstain |
||||||||||||||||||||||||||||||||||
BJZ |
5,368,813 | 134,967 | 0 | ||||||||||||||||||||||||||||||||||||
BPK |
14,962,796 | 128,176 | 0 | ||||||||||||||||||||||||||||||||||||
BLH |
2,916,718 | 258,599 | 0 |
Trust Certification
Dividend Policy
40 | ANNUAL REPORT | DECEMBER 31, 2013 |
Additional Information (continued) |
General Information
ANNUAL REPORT | DECEMBER 31, 2013 | 41 |
Additional Information (concluded) |
BlackRock Privacy Principles
42 | ANNUAL REPORT | DECEMBER 31, 2013 |
1 The nature of the services includes assurance and related
services reasonably related to the performance of the audit of financial statements not included in Audit Fees. 2 The nature of the
services includes tax compliance, tax advice and tax planning. 3 Aggregate fees borne by
BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all
of the registered closed-end funds and some of the registered open-end funds advised by BlackRock. (ii) Number of Other Accounts Managed and Assets by Account Type (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based (i) Name of Portfolio Manager Other Registered Investment Companies Other Pooled Investment Vehicles Other Accounts Other Registered Investment Companies Other Pooled Investment Vehicles Other Accounts 63 63 EX-99.
CERT CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, John M. Perlowski, Chief Executive
Officer (principal executive officer) of BlackRock New York Municipal 2018 Term Trust, certify that: 1.
I have reviewed this report on Form N-CSR of BlackRock New York Municipal 2018 Term Trust; 2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report; 3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared; b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles; c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and 5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions): a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting. Date: February 28, 2014 Chief Executive Officer (principal executive
officer) of EX-99.
CERT CERTIFICATION
PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Neal J. Andrews, Chief Financial
Officer (principal financial officer) of BlackRock New York Municipal 2018 Term Trust, certify that: 1.
I have reviewed this report on Form N-CSR of BlackRock New York Municipal 2018 Term Trust; 2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report; 3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial
statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this report is being prepared; b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles; c)
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report based on such evaluation; and d)
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and 5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent functions): a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting. Date: February 28, 2014 Chief Financial Officer (principal financial
officer) of Exhibit 99.906CERT Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and Pursuant to 18 U.S.C. § 1350, the
undersigned officer of BlackRock New York Municipal 2018 Term Trust (the “Registrant”), hereby certifies, to the best
of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended December 31, 2013 (the “Report”)
fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: February 28, 2014 /s/ John M. Perlowski John M. Perlowski Chief Executive Officer (principal executive officer) of BlackRock New York Municipal 2018 Term Trust Pursuant to 18 U.S.C. § 1350, the
undersigned officer of BlackRock New York Municipal 2018 Term Trust (the “Registrant”), hereby certifies, to the best
of his knowledge, that the Registrant’s Report on Form N-CSR for the period ended December 31, 2013 (the “Report”)
fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: February 28, 2014 /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock New York Municipal 2018 Term Trust This certification is being furnished pursuant to Rule 30a-2(b)
under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR
with the Securities and Exchange Commission. Ex. 99.Proxy
Pol Proxy Voting Policy I. INTRODUCTION The Trustees/Directors (“Directors”) of the BlackRock-Advised
Funds other than the iShares Funds1 (the
“Funds”) have the responsibility for voting proxies relating to portfolio securities of the Funds, and have determined
that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock Advisors, LLC
and its affiliated U.S. registered investment advisers (“BlackRock”), the investment adviser to the Funds, as part
of BlackRock’s authority to manage, acquire and dispose of account assets. The Directors hereby direct BlackRock to vote
such proxies in accordance with this Policy, and any proxy voting guidelines that the Adviser determines are appropriate and in
the best interests of the Funds’ shareholders and which are consistent with the principles outlined in this Policy. Individual
series of the Funds may be specifically excluded from this Policy by the Directors by virtue of the adoption of alternative proxy
voting policy for such series. The Directors have authorized BlackRock to utilize unaffiliated third-parties as its agents to vote
portfolio proxies in accordance with this Policy and to maintain records of such portfolio proxy voting. Rule 206(4)-6 under the Investment Advisers Act of 1940 requires,
among other things, that an investment adviser that exercises voting authority over clients’ proxy voting adopt policies
and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of clients, discloses to its
clients information about those policies and procedures and also discloses to clients how they may obtain information on how the
adviser has voted their proxies. BlackRock has adopted guidelines and procedures that are consistent
with the principles of this Policy. BlackRock’s corporate governance committee structure (the “Committee”), oversees
the proxy voting function on behalf of BlackRock and its clients, including the Funds. The Committee is comprised of senior members
of BlackRock’s Portfolio Management and Administration Groups and is advised by BlackRock’s Legal and Compliance Department. BlackRock votes (or refrains from voting) proxies for each
Fund in a manner that BlackRock, in the exercise of its independent business judgment, concludes is in the best economic interests
of such Fund. In some cases, BlackRock may determine that it is in the best economic interests of a Fund to refrain from exercising
the Fund’s proxy voting rights (such as, for example, proxies on certain non-U.S. securities that might impose costly or
time-consuming in-person voting requirements). With regard to the relationship between securities lending and proxy voting, BlackRock’s
approach is also driven by our clients’ economic interests. The evaluation of the economic desirability of recalling loans
involves balancing the revenue producing value of loans against the likely economic value of casting votes. Based on our evaluation
of this relationship, BlackRock believes that the likely economic value of casting a vote generally is less than the securities
lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would
not be affected by BlackRock recalling loaned securities in order to ensure they are voted. Periodically, BlackRock analyzes the
process and benefits of voting proxies for securities on loan, and will consider whether any modification of its proxy voting policies
or procedures are necessary in light of any regulatory changes. BlackRock will normally vote on specific proxy issues in accordance
with BlackRock’s proxy voting guidelines. BlackRock’s proxy voting guidelines provide detailed guidance as to how to
vote proxies on certain important or commonly raised issues. BlackRock may, in the exercise of its business judgment, conclude
that the proxy voting guidelines do not cover the specific matter 1 The US iShares Funds have adopted a separate Proxy
Voting Policy. Page 1
of 3 upon which a proxy vote is requested, or that an exception
to the proxy voting guidelines would be in the best economic interests of a Fund. BlackRock votes (or refrains from voting) proxies
without regard to the relationship of the issuer of the proxy (or any shareholder of such issuer) to the Fund, the Fund’s
affiliates (if any), BlackRock or BlackRock’s affiliates. When voting proxies, BlackRock attempts to encourage companies
to follow practices that enhance shareholder value and increase transparency and allow the market to place a proper value on their
assets. II. PROXY VOTING POLICIES A. Boards of Directors The Funds generally support the board’s nominees in the
election of directors and generally support proposals that strengthen the independence of boards of directors. As a general matter,
the Funds believe that a company’s board of directors (rather than shareholders) is most likely to have access to important,
nonpublic information regarding a company’s business and prospects, and is therefore best-positioned to set corporate policy
and oversee management. The Funds therefore believe that the foundation of good corporate governance is the election of responsible,
qualified, independent corporate directors who are likely to diligently represent the interests of shareholders and oversee management
of the corporation in a manner that will seek to maximize shareholder value over time. In individual cases, consideration may be
given to a director nominee’s history of representing shareholder interests as a director of the company issuing the proxy
or other companies, or other factors to the extent deemed relevant by the Committee. B. Auditors These proposals concern those issues submitted to shareholders
related to the selection of auditors. As a general matter, the Funds believe that corporate auditors have a responsibility to represent
the interests of shareholders and provide an independent view on the propriety of financial reporting decisions of corporate management.
While the Funds anticipate that BlackRock will generally defer to a corporation’s choice of auditor, in individual cases,
consideration may be given to an auditors’ history of representing shareholder interests as auditor of the company issuing
the proxy or other companies, to the extent deemed relevant. C. Compensation and Benefits These proposals concern those issues submitted to shareholders
related to management compensation and employee benefits. As a general matter, the Funds favor disclosure of a company’s
compensation and benefit policies and oppose excessive compensation, but believe that compensation matters are normally best determined
by a corporation’s board of directors, rather than shareholders. Proposals to “micro-manage” a company’s
compensation practices or to set arbitrary restrictions on compensation or benefits should therefore generally not be supported. D. Capital Structure These proposals relate to various requests, principally from
management, for approval of amendments that would alter the capital structure of a company, such as an increase in authorized shares.
As a general matter, the Funds expect that BlackRock will support requests Page 2
of 3 that it believes enhance the rights of common shareholders
and oppose requests that appear to be unreasonably dilutive. E. Corporate Charter and By-Laws These proposals relate to various requests for approval of
amendments to a corporation’s charter or by-laws. As a general matter, the Funds generally vote against anti-takeover proposals
and proposals that would create additional barriers or costs to corporate transactions that are likely to deliver a premium to
shareholders. F. Environmental and Social Issues These are shareholder proposals addressing either corporate
social and environmental policies or requesting specific reporting on these issues. The Funds generally do not support proposals
on social issues that lack a demonstrable economic benefit to the issuer and the Fund investing in such issuer. BlackRock seeks
to make proxy voting decisions in the manner most likely to protect and promote the long-term economic value of the securities
held in client accounts. We intend to support economically advantageous corporate practices while leaving direct oversight of company
management and strategy to boards of directors. We seek to avoid micromanagement of companies, as we believe that a company’s
board of directors is best positioned to represent shareholders and oversee management on shareholders behalf. Issues of corporate
social and environmental responsibility are evaluated on a case-by-case basis within this framework. III. CONFLICTS MANAGEMENT BlackRock maintains policies and procedures that are designed
to prevent any relationship between the issuer of the proxy (or any shareholder of the issuer) and a Fund, a Fund’s affiliates
(if any), BlackRock or BlackRock’s affiliates, from having undue influence on BlackRock’s proxy voting activity. In
certain instances, BlackRock may determine to engage an independent fiduciary to vote proxies as a further safeguard against potential
conflicts of interest or as otherwise required by applicable law. The independent fiduciary may either vote such proxies or provide
BlackRock with instructions as to how to vote such proxies. In the latter case, BlackRock votes the proxy in accordance with the
independent fiduciary’s determination. IV. REPORTS TO THE BOARD BlackRock will report to the Directors on proxy votes it has
made on behalf of the Funds at least annually. ©2012 BlackRock Page 3
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Item 2 –
Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
Item 3 –
Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Michael Castellano
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.
Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.
Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors. 2
Item 4 –
Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees3
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock New York Municipal 2018 Term Trust
$28,763
$28,500
$3,500
$3,500
$8,100
$8,100
$0
$0
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$2,865,000
$2,970,000
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., 3
unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock New York Municipal 2018 Term Trust
$11,600
$11,600
Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,865,000 and $2,970,000, respectively, were billed by D&T to the Investment Adviser.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5 –
Audit Committee of Listed Registrants
(a)
The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Michael Castellano
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
(b)
Not Applicable
Item 6 –
Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.4
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.
Item 8 –
Portfolio Managers of Closed-End Management Investment Companies – as of December 31, 2013.
(a)(1) The registrant is managed by a team of investment professionals comprised of Phillip Soccio, CFA, Director at BlackRock, Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock and Walter O’Connor, Managing Director at BlackRock. Messrs. Soccio, Jaeckel and O’Connor are the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Soccio, Jaeckel and O’Connor have been members of the registrant’s portfolio management team since 2011, 2006 and 2006, respectively.
Portfolio Manager
Biography
Phillip Soccio, CFA
Director of BlackRock since 2009; Vice President of BlackRock from 2005 to 2008.
Theodore R. Jaeckel, Jr., CFA
Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; Director of MLIM from 1997 to 2005.
Walter O’Connor
Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003.
(a)(2) As of December 31, 2013: 5
Phillip Soccio, CFA
11
0
0
0
0
0
$3.32 Billion
$0
$0
$0
$0
$0
Theodore R. Jaeckel, Jr., CFA
0
0
0
0
0
$23.05 Billion
$0
$0
$0
$0
$0
Walter O’Connor
0
0
0
0
0
$23.05 Billion
$0
$0
$0
$0
$0
(iv) Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of incentive fees of other accounts. 6
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) As of December 31, 2013:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of December 31, 2013.
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.
Discretionary Incentive Compensation
Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:
Portfolio Manager
Applicable Benchmarks
Theodore R. Jaeckel, Jr., CFA
A combination of peer based fund classifications or subsets thereof (e.g., Lipper Intermediate Debt Funds classification, Lipper NJ Municipal Debt Funds classification, Lipper Closed-End General Bond Fund classification, subset of Lipper Closed-End High Quality/Insured Muni Debt Leveraged Fund classification, subset of Lipper Closed-End 7
Other Single State High Quality/Insured Muni Fund classification).
Walter O’Connor
A combination of market-based indices (e.g., Barclays Muni Bond Index, Standard & Poor's Municipal Bond Index), certain customized indices and certain fund industry peer groups.
Phillip Soccio, CFA
A combination of peer based fund classifications or subsets thereof (e.g. Lipper Closed-End General & Insured Muni Debt Fund classification, Lipper Closed-End Pennsylvania Municipal Debt Fund classifications, a subset of Lipper Closed-End Other States Municipal Debt Fund classification).
Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. For some portfolio managers, discretionary incentive compensation is also distributed in deferred cash awards that notionally track the returns of select BlackRock investment products they manage and that vest ratably over a number of years. The BlackRock, Inc. restricted stock units, upon vesting, will be settled in BlackRock, Inc. common stock. Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of discretionary incentive compensation in BlackRock stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. Providing a portion of discretionary incentive compensation in deferred cash awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results.
Long-Term Incentive Plan Awards — From time to time long-term incentive equity awards are granted to certain key employees to aid in retention, align their interests with long-term shareholder interests and motivate performance. Equity awards are generally granted in the form of BlackRock, Inc. restricted stock units that, once vested, settle in BlackRock, Inc. common stock. Messrs. Jaeckel and O’Connor have unvested long-term incentive awards.
Deferred Compensation Program — A portion of the compensation paid to eligible United States-based BlackRock employees may be voluntarily deferred at their election for defined periods of time into an account that tracks the performance of certain of the firm’s investment products. Any portfolio manager who is either a managing director or director at BlackRock is eligible to participate in the deferred compensation program.
Other Compensation Benefits. In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($255,000 for 2013). The RSP offers a range of investment options, 8
including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.
(a)(4) Beneficial Ownership of Securities – As of December 31, 2013.
Portfolio Manager
Dollar Range of Equity
Securities of the Fund
Beneficially Owned
Phillip Soccio, CFA
None
Theodore R. Jaeckel, Jr., CFA
None
Walter O’Connor
None
(b) Not Applicable
Item 9 –
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.
Item 10 –
Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 –
Controls and Procedures
(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.
(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –
Exhibits attached hereto
(a)(1) – Code of Ethics – See Item 2
(a)(2) – Certifications – Attached hereto 9
(a)(3) – Not Applicable
(b) – Certifications – Attached hereto 10
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: February 28, 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: February 28, 2014
By:
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock New York Municipal 2018 Term Trust
Date: February 28, 2014 11
/s/ John M. Perlowski
John M. Perlowski
BlackRock New York Municipal 2018 Term Trust
/s/ Neal J. Andrews
Neal J. Andrews
BlackRock New York Municipal 2018 Term Trust
Section 906 of the Sarbanes-Oxley Act of 2002
July 1, 2011
revised May 9, 2012
U.S. Registered Funds
U.S. Registered Funds
Proxy Voting Policy
July 1, 2011
revised May 9, 2012
U.S. Registered Funds
Proxy Voting Policy
July 1, 2011
revised May 9, 2012
U.S. Registered Funds
Proxy Voting Policy
July 1, 2011
revised May 9, 2012
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