Schedule of Investments (continued)

BlackRock California Municipal 2018 Term Trust (BJZ)

(Percentages shown are based on Net Assets)

Value

Total Long-Term Investments
(Cost – $138,693,287) – 146.0%

$

145,576,661

Short-Term Securities

Shares

BIF California Municipal Money Fund,
0.00% (g)(h)

10,269,924

10,269,924

Total Short-Term Securities
(Cost – $10,269,924) – 10.3%

10,269,924

Total Investments (Cost - $148,963,212*) – 156.3%

155,846,585

Liabilities in Excess of Other Assets – (0.6)%

(618,530

)

Preferred Shares, at Redemption Value – (55.7)%

(55,527,227

)

Net Assets Applicable to Common Shares – 100.0%

$

99,700,828

*

As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost

$

148,963,212

Gross unrealized appreciation

6,985,675

Gross unrealized depreciation

(102,302

)

Net unrealized appreciation

$

6,883,373

(a)

Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

(b)

Security is collateralized by Municipal or US Treasury obligations.

(c)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(d)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e)

When-issued security. Unsettled when-issued transactions were as follows:

Counterparty

Value

Unrealized
Appreciation

Goldman Sachs & Co.

$

1,720,245

$

19,845

(f)

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.

(g)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares
Held at
December 31,
2011

Net
Activity

Shares
Held at
March 31,
2012

Income

BIF California
Municipal
Money Fund

406,702

9,863,222

10,269,924

—

(h)

Represents the current yield as of report date.

Portfolio Abbreviations

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

Fannie Mae

Federal National Mortgage Association

GO

General Obligation Bonds

HFA

Housing Finance Agency

LRB

Lease Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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 Trust’s own assumptions used in determining the fair value of investments)

BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST

MARCH 31, 2012

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