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 
 
Name of Fund: BlackRock California Municipal 2018 Term Trust (BJZ) 
 
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock California
          Municipal 2018 Term Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O.
          Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2007

Date of reporting period: 07/01/2007 – 09/30/2007

Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER 30, 2007
 BlackRock California Municipal 2018 Term Trust (BJZ) 
(Percentages shown are based on Net Assets)

Principal
                 
Amount
           
(000)
  Description    
Value
 
      LONG-TERM INVESTMENTS—149.1%        
      California—117.8%        
$ 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   $ 2,154,327  
  5,000   City of Long Beach, Port, Arpt. & Marina        
         RB, Ser. A, 5.25%, 5/15/18, FGIC, AMT     5,156,350  
  7,500   Clovis Unified Sch. Dist., Sch. Impvts. Ad        
         Valorem Ppty. Tax GO, Ser. A, Zero        
         Coupon, 8/01/21, FGIC     4,061,850  
      Cnty. of San Bernardino, Pub. Impvts. ST,        
      Cmnty. Facs. Dist. No. 2002-1 Proj.,        
  105      5.35%, 9/01/17     108,078  
  245      5.50%, 9/01/18     253,533  
  500      5.60%, 9/01/19     520,265  
  355      5.70%, 9/01/20     367,198  
  2,980   Cnty. of San Diego, Lease Abatement COP,        
         5.25%, 11/01/19, AMBAC     3,142,201  
  6,500 1 Dept. of Wtr. Recs., Cash Flow Mgmt.        
         Elec., Pwr. & Lt. RB, Ser. A, 5.125%,        
         5/01/12     7,005,375  
  3,395   Fontana Pub. Fin. Auth., Tax Incr. TA,        
         Fontana Redev. Proj., Ser. A, 5.25%,        
         9/01/18, FSA     3,604,675  
  20,000   Foothill Eastn. Transp. Corridor Agcy.,        
     
   Hwy. Tolls RB, Cap. Apprec. Proj., Zero
       
         Coupon, 1/15/21     9,518,200  
      GO,        
  4,740 1    5.00%, 11/01/11     5,018,001  
  260      5.00%, 11/01/20     268,822  
  6,500      Ser. BZ, 5.35%, 12/01/21, MBIA, AMT     6,529,770  
      Hlth. Facs. Fing. Auth., Hlth., Hosp. &        
      Nursing Home RB, Adventist Hlth. Sys.        
      Proj.,        
  1,075      Ser. A, 5.00%, 3/01/18     1,105,788  
  1,000      Ser. A, 5.00%, 3/01/19     1,025,250  
  2,060      Ser. A, 5.00%, 3/01/20     2,104,043  
  1,355      Ser. A, 5.00%, 3/01/24     1,371,626  
      Infrastructure & Econ. Dev. Bank, Hlth.,        
      Hosp. & Nursing Home Impvts. RB,        
  1,985      J. David Gladstone Proj., 5.50%, 10/01/20     2,076,628  
  6,500      Kaiser Asst. Corp. Proj., Ser. A, 5.55%,        
         8/01/31     6,729,905  
      Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr.        
      RB, Wtr. Sply. Proj.,        
  995      5.80%, 6/01/21     1,005,915  
  1,040      5.85%, 6/01/22     1,051,388  
  1,000      5.90%, 6/01/23     1,010,930  
  5,000 1 Los Angeles Cnty. Pub. Wks. Fing. Auth.,        
     
   Recreational Fac. Impvts. Misc. RB, Regl.
       
         Pk. Proj., Ser. A, 5.00%, 10/01/07     5,050,550  
  10,025   Los Angeles Harbor Dept., Port, Arpt. &        
         Marina RB, Ser. B, 5.50%, 8/01/21,        
         AMBAC, AMT     10,453,468  
      Poll. Ctrl. Fing. Auth.,        
  3,100      Indl. RB, San Diego Gas & Elec. Co.        
         Proj., Ser. A, 5.90%, 6/01/14     3,362,477  
  2,500 2    Rec. Recovery Impvts. RB, Republic        
         Svcs., Inc. Proj., Ser. B, 5.25%, 6/01/23,        
         AMT     2,571,500  
  2,500 2    Rec. Recovery RB, Republic Svcs., Inc.        
         Proj., Ser. C, 5.25%, 6/01/23, AMT     2,571,500  
  4,000 2    Sld. Wst. Disp. RB, Wst. Mgmt., Inc.        
         Proj., Ser. A, 5.125%, 7/01/31, AMT     4,155,760  
Principal
                 
Amount
           
(000)
  Description    
Value
 
      California— (cont'd)        
      Pub. Wks. Brd., Lease Abatement RB,        
$ 2,020      California Cmnty. Coll. Proj., Ser. A,        
         5.00%, 12/01/17   $ 2,061,248  
  2,415      California St. Univ. Proj., Ser. A, 5.00%,        
         10/01/17     2,457,263  
  5,000   Riverside Unified Sch. Dist., Sch. Impvts.        
         Ad Valorem Ppty. Tax GO, Ser. A,        
         5.25%, 2/01/23, FGIC     5,302,600  
  2,135 1 Santa Clara Valley Transp. Auth., Trans.        
         Impvts. Sales Tax RB, Ser. A, 5.00%,        
         6/01/11, MBIA     2,248,198  
  5,000   Statewide Cmntys. Dev. Auth., Hlth., Hosp.        
         & Nursing Home RB, Daughters of        
         Charity Proj., Ser. A, 5.25%, 7/01/24     5,047,150  
  4,590   Stockton-East Wtr. Dist., Lease COP, Ser.        
         B, Zero Coupon, 4/01/19, FGIC     2,530,237  
            113,002,069  
      Multi-State—9.7%        
 
4,000
 3,4 Charter Mac Equity Issuer Trust, Ser. A,        
         6.625%, 6/30/09     4,150,800  
  5,000 3 MuniMae TE Bd. Subsidiary LLC, Ser. A,        
         6.875%, 6/30/49     5,207,350  
            9,358,150  
      Puerto Rico—14.5%        
  1,035   Comnwlth., Pub. Impvts. Ad Valorem Ppty.        
         Tax GO, Ser. B, 5.25%, 7/01/17     1,106,840  
  4,410   Pub. Bldgs. Auth., Lease RB, Gov't. Facs.        
         Proj., Ser. C, 5.75%, 7/01/19     4,979,772  
  7,500 1 Pub. Fin. Corp., Cash Flow Mgmt. Misc.        
         RB, Ser. E, 5.70%, 2/01/10     7,862,325  
            13,948,937  
      Trust Territories—4.0%        
  4,000 3 San Manuel Entertainment Auth. RB, 2004        
         Gaming Proj., Ser. C, 4.50%, 12/01/16     3,836,960  
      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     377,838  
  455      Ser. A, 5.25%, 10/01/19     473,373  
  460      Ser. A, 5.25%, 10/01/21     475,042  
  315      Ser. A, 5.25%, 10/01/22     324,485  
  960      Ser. A, 5.25%, 10/01/23     986,025  
  300      Ser. A, 5.25%, 10/01/24     307,416  
            2,944,179  
      Total Long-Term Investments        
      (cost $139,321,454)     143,090,295  
Shares
           
(000)
           
      MONEY MARKET FUND—7.3%        
 
7,002
 5,6 CMA California Mun. Money Fund, 3.25%        
         (cost $7,002,285)     7,002,285  
Total Investments —156.4% (cost $146,323,7397)   $ 150,092,580  
Other assets in excess of liabilities —1.5%     1,398,463  
Preferred shares at redemption value, including dividends        
payable —(57.9)%     (55,556,031
)
Net Assets Applicable to Common Shareholders —100%   $ 95,935,012  
 
 

 
1     

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.
 
2

Variable rate security. Rate shown is interest rate as of September 30, 2007.
 
 

1

 BlackRock California Municipal 2018 Term Trust (BJZ) (continued) 
(Percentages shown are based on Net Assets)

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 September 30, 2007, the Trust held 13.7% of its net assets, with a current market value of $13,195,110, in securities restricted as to resale.
 
4

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt multi-family housing revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to their respective stated maturity, and is subject to mandatory redemption at maturity.
 
5

Represents an investment in an affiliate.
 
6

Represents current yield as of September 30, 2007.
 
4

Cost for federal income tax purposes is $145,514,576. The net unrealized appreciation on a tax basis is $4,578,004, consisting of $4,998,988 gross unrealized appreciation and $420,984 gross unrealized depreciation.
 
KEY TO ABBREVIATIONS
AMBAC
   — American Municipal Bond Assurance Corp.
AMT
   — Subject to Alternative Minimum Tax
COP
   — Certificate of Participation
FGIC
   — Financial Guaranty Insurance Co.
FSA
   — Financial Security Assurance
GO
   — General Obligation
MBIA
   — Municipal Bond Insurance Assoc.
RB
   — Revenue Bond
ST
   — Special Tax
TA
   — Tax Allocation


 

 

2

Item 2 –   Controls and Procedures
     
2(a) –
  The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities and Exchange Act of 1934, as amended. 
     
2(b) –
  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. 
     
Item 3 –
 
Exhibits
     
  Certifications – Attached hereto 
     
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  
     
  BlackRock California Municipal 2018 Term Trust 
     

  By: /s/ Donald C. Burke  
    Donald C. Burke,
President & Chief Executive Officer of
BlackRock California Municipal 2018 Term Trust 		 
       
  Date: November 20, 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/ Donald C. Burke  
    Donald C. Burke,
President & Chief Executive Officer (principal executive officer) of
BlackRock California Municipal 2018 Term Trust 		 
       
  Date: November 20, 2007  
       
  By: /s/ Neal J. Andrews  
    Neal J. Andrews,
 
    Chief Financial Officer (principal financial officer) of
BlackRock California Municipal 2018 Term Trust 		 
       
  Date: November 20, 2007