BlackRock Municipal 2018 Term Trust, BlackRock New York Municipal 2018 Term Trust & BlackRock California Municipal 2018 Term ...

Announcement of Distributions and Changes to Non-Fundamental Investment Policies in Anticipation of the Termination Date

Each of BlackRock Municipal 2018 Term Trust (NYSE:BPK), BlackRock New York Municipal 2018 Term Trust (NYSE:BLH), and BlackRock California Municipal 2018 Term Trust (NYSE:BJZ) (each, a “Fund” and collectively, the “Funds”) is scheduled to distribute substantially all of its assets on or about December 31, 2018, when each Fund will terminate. In recognition that the Funds are approaching their final year of operation and in order that each Fund may begin to make such changes to the composition of its investment portfolio as are designed to preserve capital and facilitate the eventual distribution of Fund assets to shareholders on or about December 31, 2018, the Board of each Fund has approved changes to certain non-fundamental investment policies.

First, the Board of each Fund has approved eliminating the requirement for each Fund to be fully invested (at least 95% of net assets) in applicable tax-exempt bonds as described below. In connection with the elimination of this 95% requirement, the Board approval also provides that each Fund may invest in high-grade short term taxable securities subject to an after-tax yield assessment, and also subject to the Fund’s investment policy of investing at least 80% of its total assets in applicable tax-exempt bonds.

Fund

Applicable Tax-Exempt Bonds

        
      
      
        
          BPK
        
        
           
        
        
           
        
        
           
        
        
          Municipal bonds that pay interest that is exempt from regular 
          Federal income tax
        
      
      
        
          BLH
        
        
           
        
        
           
        
        
           
        
        
          Municipal bonds that pay interest that is exempt from regular 
          Federal income tax and New York State and New York City personal 
          income taxes
        
      
      
        
          BJZ
        
        
           
        
        
           
        
        
           
        
        
          Municipal bonds that pay interest that is exempt from regular 
          Federal and California income taxes
        
      
    
    

Second, the Board of each Fund has modified the Fund’s non-fundamental policy to invest no more than 10% of its total assets in securities of other open- or closed-end management investment companies that invest primarily in municipal bonds of the types in which the Fund may invest directly. The modified policy excludes from the 10% limit any investments in registered money market funds that invest primarily in municipal bonds of the respective type in which the Fund may invest directly, including BlackRock money market funds. With respect to BLH and BJZ, such investments may include registered money market funds that invest primarily in federally exempt municipal bonds (but not necessarily state tax exempt municipal bonds).

These actions do not require the Funds to begin the process of liquidating their assets or to make distributions to their shareholders, or restrict the Funds’ ability to continue to engage in any business otherwise permitted by their investment objectives, policies, and restrictions (including by making new investments and reinvestments and engaging in new business).

The Funds also announced today a decrease in their monthly distribution rates effective with their January distributions.

    
      
        
          Declaration - 12/1/2017
        
        
           
        
        
           
        
        
           
        
        
          Ex-Date- 1/12/2018
        
        
           
        
        
           
        
        
           
        
        
          Record- 1/16/2018
        
        
           
        
        
           
        
        
           
        
        
          Payable- 2/1/2018
        
      
    
    
      
        
          

Fund

Ticker

Distribution

Change From Prior

Distribution

        
      
      
        
          BlackRock Municipal 2018 Term Trust
        
        
        
        
        
        
        
        
          BPK
        
        
        
        
        
        
        
        
          $0.0050
        
        
        
        
        
        
        
        
          ($0.0170)
        
      
      
        
          BlackRock California Municipal 2018 Trust
        
        
        
        
        
        
        
        
          BJZ
        
        
        
        
        
        
        
        
          $0.0025
        
        
        
        
        
        
        
        
          ($0.0228)
        
      
      
        
          BlackRock New York Municipal 2018 Trust
        
        
        
        
        
        
        
        
          BLH
        
        
        
        
        
        
        
        
          $0.0025
        
        
        
        
        
        
        
        
          ($0.0141)
        
      
    
    

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of September 30, 2017, the firm manages approximately $5.977 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.

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