BlackRock California Municipal 2018 Term Trust (the Trust) is a non-diversified, closed-end management investment company. The Trust's investment objective is to provide monthly income that is exempt from regular federal income taxes and California income taxes. The Trust will invest at least 80% of its total assets in municipal bonds that are investment-grade quality, or determined by its investment advisor to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody's Investors Service (Moody's), Standard & Poor's (S&P) or Fitch or that are unrated but judged to be of comparable quality by its investment advisor. The Trust's investment advisor is BlackRock Advisors, LLC, an indirect, wholly owned subsidiary of BlackRock, Inc. Its sub-advisor is BlackRock Financial Management, Inc.