BlackRock California Municipal 2018 Term 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 and California income tax. The Trust will invest at least 80% of its total assets in municipal bonds that are of investment-grade quality, or determined by BlackRock to be of equivalent credit quality at the 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 Ratings (Fitch), or that are unrated but judged to be of comparable quality by BlackRock. The Trust�s investment advisor is BlackRock Advisors, LLC (formerly known as BlackRock Advisors, Inc.). The Trust invests in various sectors, including transportation, Utility, hospital, education, housing, power, and water treatment and sewer.