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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:   811-10499      

BlackRock California Municipal 2018 Term Trust
(Exact name of registrant as specified in charter) 


100 Bellevue Parkway, Wilmington, DE   19809 
(Address of principal executive offices)  (Zip code) 


Robert S. Kapito, President
BlackRock California Municipal 2018 Term Trust 
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

Registrant’s telephone number, including area code:  888-825-2257               

Date of fiscal year end:       December 31, 2007
Date of reporting period:    March 31, 2007

 

 

 PORTFOLIO OF INVESTMENTS (unaudited)
 MARCH 31, 2007

 

BlackRock California Municipal 2018 Term Trust (BJZ)

 

(Percentages shown are based on Net Assets)

Principal
 
Amount
Option Call
 
(000)
   
Description
Provisions1
   
Value
 
     
LONG-TERM INVESTMENTS—148.0%
       
     
California—116.7%
       
$ 2,100    
ABAG Fin. Auth. for Nonprofit Corps., Hlth., Hosp. & Nursing Home RB, San Diego
       
     
   Hosp. Assoc. Proj., Ser. C, 5.375%, 3/01/21
03/14 @ 100
 
$
2,229,276  
     
California GO,
       
5,000    
   5.00%, 11/01/20
11/11 @ 100
    5,198,500  
6,500    
   Ser. BZ, 5.35%, 12/01/21, MBIA, AMT
06/07 @ 101
    6,544,395  
5,000    
City of Long Beach, Port, Arpt. & Marina RB, Ser. A, 5.25%, 5/15/18, FGIC, AMT
05/10 @ 101
    5,198,900  
7,500    
Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon,
       
     
   8/01/21, FGIC
No Opt. Call
    4,058,325  
     
Cnty. of San Bernardino, Pub. Impvts. ST, Cmnty. Facs. Dist. No. 2002-1 Proj.,
       
105    
   5.35%, 9/01/17
09/12 @ 102
    109,657  
245    
   5.50%, 9/01/18
09/12 @ 102
    257,618  
500    
   5.60%, 9/01/19
09/12 @ 102
    528,470  
355    
   5.70%, 9/01/20
09/12 @ 102
    376,687  
6,500 2  
Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 5.125%, 5/01/12
N/A
    7,017,270  
3,395    
Fontana Pub. Fin. Auth., Incrmt. TA, Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA
09/11 @ 101
    3,633,635  
20,000    
Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, Cap. Apprec. Proj., Zero Coupon,
       
     
   1/15/21
01/10 @ 53.346
    9,348,000  
     
Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nusing Home RB, Adventist Hlth. Sys. Proj.,
       
1,075    
   Ser. A, 5.00%, 3/01/18
03/13 @ 100
    1,116,194  
1,000    
   Ser. A, 5.00%, 3/01/19
03/13 @ 100
    1,035,150  
2,060    
   Ser. A, 5.00%, 3/01/20
03/13 @ 100
    2,130,225  
1,355    
   Ser. A, 5.00%, 3/01/24
03/13 @ 100
    1,397,628  
     
Infrastructure & Econ. Dev. Bank, Hlth., Hosp. & Nursing Home Impvts. RB,
       
1,985    
   J. David Gladstone Proj., 5.50%, 10/01/20
10/11 @ 101
    2,108,844  
6,500    
   Kaiser Asst. Corp. Proj., Ser. A, 5.55%, 8/01/31
08/11 @ 102
    6,874,400  
     
Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB, Wtr. Sply. Proj.,
       
995    
   5.80%, 6/01/21
06/13 @ 100
    1,050,780  
1,040    
   5.85%, 6/01/22
06/13 @ 100
    1,099,914  
1,000    
   5.90%, 6/01/23
06/13 @ 100
    1,059,160  
     
Los Angeles Cnty. Pub. Wks. Fin. Auth., Recreational Fac. Impvts. Misc. RB, Regl. Pk. Proj.,
       
3,220 2  
   Ser. A, 5.00%, 10/01/07
N/A
    3,274,386  
1,780    
   Ser. A, 5.00%, 10/01/19
10/07 @ 101
    1,810,064  
10,025    
Los Angeles Habor Dept., Port, Arpt. & Marina RB, Ser. B, 5.50%, 8/01/21, AMBAC,
       
     
   AMT
08/11 @ 100
    10,597,127  
     
Poll. Ctrl. Fing. Auth.,
       
3,100    
   Indl. RB, San Diego Gas & Elec. Co. Proj., Ser. A, 5.90%, 6/01/14
No Opt. Call
    3,407,024  
2,500    
   Rec. Recovery Impvts. RB, Republic Svcs., Inc. Proj., Ser. B, 5.25%, 6/01/23, AMT
No Opt. Call
    2,650,800  
2,500    
   Rec. Recovery RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT
No Opt. Call
    2,650,800  
4,000    
   Sld. Wst. Disp. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.125%, 7/01/31, AMT
05/14 @ 100
    4,173,680  
     
Pub. Wks. Brd., Lease Abatement RB,
       
2,020    
   California Cmnty. Coll. Proj., Ser. A, 5.00%, 12/01/17
12/08 @ 101
    2,070,803  
2,415    
   California St. Univ. Proj., Ser. A, 5.00%, 10/01/17
10/08 @ 101
    2,468,009  
5,000    
Riverside Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty Tax GO, Ser. A, 5.25%,
       
     
   2/01/23, FGIC
02/12 @ 101
    5,358,950  
2,980    
San Diego Cnty., Lease Abatement COP, 5.25%, 11/01/19, AMBAC
11/11 @ 100
    3,167,919  
2,135 2  
Santa Clara Valley Transp. Auth., Trans. Impvts. Sales Tax RB, Ser. A, 5.00%, 6/01/11,
       
     
   MBIA
N/A
    2,253,044  
5,000    
Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity
       
     
   Proj., Ser. A, 5.25%, 7/01/24
07/15 @ 100
    5,241,700  
4,590    
Stockton-East Wtr. Dist., Lease COP, Ser. B, Zero Coupon, 4/01/19, FGIC
04/12 @ 66.427
    2,481,446  
     
    113,978,780  
     
Multi-State—9.7%
       
4,0003    
Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/09
No Opt. Call
    4,186,880  
5,0003    
MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49
06/09 @ 100
    5,262,950  
     
    9,449,830  

 

 

BlackRock California Municipal 2018 Term Trust (BJZ) (continued)

 

(Percentages shown are based on Net Assets)

Principal
Amount
Option Call
(000)
   
Description
Provisions1
   
Value
     
Puerto Rico—14.4%
 
   
$ 1,035    
Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17
07/16 @ 100
 
$
1,124,983  
4,410    
Pub. Bldgs. Auth., Lease RB, Gov’t. Facs. Proj., Ser. C, 5.75%, 7/01/19
No Opt. Call
 
5,045,481  
7,500 2  
Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10
N/A
 
7,914,450  
     
 
14,084,914  
     
Trust Territories—4.1%
 
   
4,000 3  
San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16
12/13 @ 102
 
3,996,680  
     
U.S. Virgin Islands—3.1%
 
   
     
Pub. Fin. Auth., Swr. Impvts. Swr. RB, Sen. Lien Matching Fund Loan,
 
   
360    
   Ser. A, 5.25%, 10/01/17
10/14 @ 100
 
385,355  
455    
   Ser. A, 5.25%, 10/01/19
10/14 @ 100
 
484,570  
460    
   Ser. A, 5.25%, 10/01/21
10/14 @ 100
 
489,592  
315    
   Ser. A, 5.25%, 10/01/22
10/14 @ 100
 
334,848  
960    
   Ser. A, 5.25%, 10/01/23
10/14 @ 100
 
1,021,123  
300    
   Ser. A, 5.25%, 10/01/24
10/14 @ 100
 
318,903  
     
 
3,034,391  
     
Total Long-Term Investments (cost $138,983,193)
 
144,544,595  
Shares
   
 
   
(000)
 
 
   
     
MONEY MARKET FUND—7.5%
 
   
7,317 4,5  
CMA California Mun. Money Fund, 3.03% (cost $7,316,692)
N/A
 
7,316,692  
     
Total Investments —155.5% (cost $146,299,8856)
 
$
151,861,287  
     
Other assets in excess of liabilities —1.4%
 
1,345,469  
     
Preferred shares at redemption value, including dividends payable —(56.9)%
 
(55,548,956 )
 
     
Net Assets Applicable to Common Shareholders—100%
 
$
97,657,800  

 

  _________________
1 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
3 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of March 31, 2007, the Trust held 13.8% of its net assets, with a current market value of $13,446,510, in securities restricted as to resale.
4 Represents an investment in an affiliate.
5 Represents current yield as of March 31, 2007.
6 Cost for federal income tax purposes is $145,491,542. The net unrealized appreciation on a tax basis is $6,369,745, consisting of $6,374,894 gross unrealized appreciation and $5,149 gross unrealized depreciation.
 

 

KEY TO ABBREVIATIONS

AMBAC
— American Municipal Bond Assurance Corp.
GO
 
— General Obligation
AMT
— Subject to Alternative Minimum Tax
MBIA
 
— Municipal Bond Insurance Assoc.
COP
— Certificate of Participation
RB
 
— Revenue Bond
FGIC
— Financial Guaranty Insurance Co.
ST
 
— Special Tax
FSA
— Financial Security Assurance
TA
 
— Tax Allocation
         
         
         
         
         

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)    BlackRock California Municipal 2018 Term Trust   

By:   /s/ Donald C. Burke
Name: Donald C. Burke 
Title: Treasurer and Principal Financial Officer 
Date: May 25, 2007 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:   /s/ Robert S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: May 25, 2007

 

By:   /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: May 25, 2007