BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC
N-30D, 1999-07-01
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- --------------------------------------------------------------------------------
        THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
                      SEMI-ANNUAL REPORT TO SHAREHOLDERS
                          REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------


                                                                    May 31, 1999




Dear Shareholder:

     Since  the  Trust's  last  report,  interest  rates  rose  sharply  as U.S.
economic  growth  remained  strong,  labor  markets  tightened and international
markets  began  to  recover. In light of these factors, on May 18 members of the
Federal  Reserve's Federal Open Market Committee announced that they had adopted
a  bias  towards  higher  interest  rates, citing a concern that inflation might
start to accelerate.

     BlackRock  has  adopted  a  cautious view of the bond market, as we believe
that  there  is  a real possibility that the Federal Reserve will raise interest
rates  in  the  near  future. Additionally, because the Treasury yield curve has
already  priced  in  Federal Reserve action, we believe that interest rates will
trade in a relatively narrow range until the economy shows signs of slowing.

     This  report  contains  comments  from  your Trust's managers regarding the
markets  and  portfolio  in  addition  to the Trust's financial statements and a
detailed  portfolio  listing.  We thank you for your continued investment in the
Trust.


Sincerely,


/s/ Laurence D. Fink         /s/ Ralph L. Schlosstein
- --------------------         ------------------------
Laurence D. Fink             Ralph L. Schlosstein
Chairman                     President


                                       1

<PAGE>

                                                                   May 31, 1999


Dear Shareholder:

     We  are  pleased  to  present  the  semi-annual  report  for  The BlackRock
California  Investment  Quality  Municipal  Trust Inc. (the "Trust") for the six
months  ended  April  30, 1999. We would like to take this opportunity to review
the  Trust's stock price and net asset value (NAV) performance, summarize market
developments and discuss recent portfolio management activity.

     The  Trust  is  a  non-diversified,  actively  managed closed-end bond fund
whose  shares  are traded on the American Stock Exchange under the symbol "RAA".
The  Trust's  investment  objective  is  to  provide high current income that is
exempt  from  regular  federal  and  California income taxes consistent with the
preservation  of capital. The Trust seeks to achieve this objective by investing
in  investment  grade  (rated  "AAA"  to  "BBB"  by  a major rating agency or of
equivalent  quality)  municipal  debt  securities issued by local municipalities
throughout California.

     The  table  below summarizes the changes in the Trust's stock price and net
asset value over the past year:



                     ----------------------------------------------------------
                        4/30/99   10/31/98    CHANGE      HIGH       LOW
- --------------------------------------------------------------------------------
 STOCK PRICE            $16.563   $16.125      2.72%     $16.75    $16.063
- --------------------------------------------------------------------------------
 NET ASSET VALUE (NAV)  $15.37     $15.49     (0.77%)    $15.52    $15.29
- --------------------------------------------------------------------------------

THE FIXED INCOME MARKETS

     The  past  six  months have witnessed continued rapid expansion of the U.S.
economy.  GDP  growth  for  the  first quarter of 1999 is estimated at an annual
rate  above 4%, far exceeding the historical non-inflationary level of 2%. While
BlackRock  believes  that  growth  may  slow down in the second half of 1999, we
anticipate  GDP  to  remain  above  3% for the year. Despite the strong economic
growth,  inflation  has  stayed  surprisingly  subdued.  A significant factor in
maintaining  low  inflation  in  the  U.S.  economy  stems  from the increase in
industrial  productivity. Higher productivity has allowed manufacturers to avoid
price increases despite tight labor markets.

     The  Treasury  market  briefly  rallied early in the fourth quarter of 1998
before  dramatically reversing in 1999. For the semi-annual period, the yield of
the  10-year  Treasury  security rose from 4.61% on October 31, 1998 to 5.35% on
April  30,  1999.  The  weakened  performance  of  the  Treasury  market  can be
attributed  to investors leaving the safe haven of Treasuries to purchase credit
sensitive  or  higher  yielding  securities in reaction to inflationary concerns
voiced by the Federal Reserve.

     Municipal  bonds  outperformed  the taxable domestic bond market during the
past  six  months,  returning  1.55% (as measured by the LEHMAN MUNICIPAL INDEX)
versus  the  LEHMAN  AGGREGATE INDEX'S 0.68% on a pre-tax basis. The main forces
behind  municipal  bond outperformance were the strongest mutual fund inflows in
five  years  and  the reduction of municipal bond supply (due to higher interest
rates)  after the second highest year of issuance ($284 billion issued in 1998.)
We  believe  that  municipals currently offer attractive value versus Treasuries
and   our   outlook  for  municipal  securities  is  favorable.  Despite  recent
outperformance  we  still  feel  that  the  attractive taxable equivalent yields
offered by municipal securities are compelling.

     California's  economy  continues  to  grow at a more moderate pace. In 1998
the  impact  of  the  Asian  recession  was  felt  in specific industry sectors,
overall,  however,  the  economy  continued to expand. Aerospace and electronics
manufacturing  employment  peaked  in  March  and  then  by November lost almost
15,000  jobs.  Demand  for computer services and software, however, continues to
be  strong  with  annual  growth estimated between 10 and 12% for 1999. Gains in
computer  services  fully  offset  the  1998  drop  in technology manufacturing.
Unemployment  for  April  1999  was 5.6%, down from 5.9% a year ago. This is the
lowest  rate  for  the State since July 1990. Residential construction continues
to boom jumping 37.2% for the same period.


                                       2

<PAGE>

     Good  economic  news  has  had  a  positive  impact upon the State's fiscal
picture.  Unaudited  results  for  the fiscal year ending June 30, 1998 indicate
the  General Fund operations produced a surplus of $2.1 billion. Some concern is
developing  that  revenues  are  not  meeting budget in the current fiscal year.
California's  improved  liquidity  position  should, however, allow the State to
weather the current volatility in the revenue stream.


THE TRUST'S PORTFOLIO AND INVESTMENT STRATEGY

     The  Trust's portfolio is actively managed to diversify exposure to various
sectors,  issuers,  revenue  sources  and security types. BlackRock's investment
strategy  emphasizes  a  relative  value  approach,  which  allows  the Trust to
capitalize  upon  changing  market  conditions  by  rotating  municipal sectors,
credits and coupons.

     Additionally,   the  Trust  employs  leverage  to  enhance  its  income  by
borrowing  at  short-term  municipal  rates and investing the proceeds in longer
maturity  issues  that  have  higher  yields.  The degree to which the Trust can
benefit  from  its  use  of  leverage may affect its ability to pay high monthly
income.  At  the  end of the semi-annual period, the Trust's leverage amount was
33%  of  total  assets.  During the past six months, the Trust's borrowing costs
have remained favorable.

     As  municipal credit spreads remained tight during the reporting period, we
continued  to  emphasize higher rated securities over the lower rated investment
grade  sector.  We  believe  that  credit spreads will return to more historical
levels  in  the  near  future  and  as such the Trust should be rewarded for its
higher  credit  quality  bias.  The Trust has continued its bias towards premium
coupon  securities  over  discount  priced  securities, as premium coupons offer
better  price  performance  during  periods of rising interest rates and similar
performance to discounts when interest rates fall.

     The  following  charts  compare  the  Trust's  current and October 31, 1998
asset composition and credit quality allocations:

                               SECTOR BREAKDOWN

- --------------------------------------------------------------------------------
   SECTOR                APRIL 30, 1999   OCTOBER 31, 1998
- --------------------------------------------------------------------------------
  Transportation               20%               20%
- --------------------------------------------------------------------------------
  Lease                        17%               12%
- --------------------------------------------------------------------------------
  University                   15%               20%
- --------------------------------------------------------------------------------
  District                     10%               10%
- --------------------------------------------------------------------------------
  Housing                       9%                9%
- --------------------------------------------------------------------------------
  Power                         9%                9%
- --------------------------------------------------------------------------------
  Industrial                    5%                6%
- --------------------------------------------------------------------------------
  City, County & State          5%                5%
- --------------------------------------------------------------------------------
  Water & Sewer                 5%                5%
- --------------------------------------------------------------------------------
  Student Loans                 5%                4%
- --------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
    CREDIT RATING*        APRIL 30, 1999   OCTOBER 31, 1998
- --------------------------------------------------------------------------------
      AAA/Aaa                  61%               49%
- --------------------------------------------------------------------------------
       AA/Aa                   19%               20%
- --------------------------------------------------------------------------------
        A/A                    10%               21%
- --------------------------------------------------------------------------------
      BBB/Baa                  10%               10%
- --------------------------------------------------------------------------------


- ----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.


                                       3


<PAGE>


     We  look  forward  to  continuing  to  manage the Trust to benefit from the
opportunities  available  to investors in the investment grade municipal market.
We  thank  you  for  your  investment  and  continued  interest in The BlackRock
California  Investment Quality Municipal Trust Inc. Please feel free to call our
marketing  center  at  (800)  227-7BFM (7236) if you have any specific questions
which were not addressed in this report.


Sincerely,


/s/ Robert Kapito                       /s/ Kevin Klingert
- -----------------                      --------------------
Robert Kapito                          Kevin Klingert
Vice Chairman and Portfolio Manager    Managing Director and Portfolio Manager
BlackRock Financial Management, Inc.   BlackRock Financial Management, Inc.


- --------------------------------------------------------------------------------
         THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
- --------------------------------------------------------------------------------
  Symbol on American Stock Exchange:                               RAA
- --------------------------------------------------------------------------------
  Initial Offering Date:                                     May 28, 1993
- --------------------------------------------------------------------------------
  Closing Stock Price as of 4/30/99:                         $16.563
- --------------------------------------------------------------------------------
  Net Asset Value as of 4/30/99:                             $15.37
- --------------------------------------------------------------------------------
  Yield on Closing Stock Price as of 4/30/99 ($16.563)1:       5.30%
- --------------------------------------------------------------------------------
  Current Monthly Distribution per Share2:                    $0.073125
- --------------------------------------------------------------------------------
  Current Annualized Distribution per Share2:                 $0.877500
- --------------------------------------------------------------------------------

1 Yield  on Closing Stock Price is calculated by dividing the current annualized
  distribution per share by the closing stock price per share.
2 The distribution is not constant and is subject to change.


                                       4


<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
            PRINCIPAL
              AMOUNT                                                                                       OPTION CALL     VALUE
 RATING*      (000)                   DESCRIPTION                                                          PROVISIONS+    (NOTE)
- -----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>       <C>                                                                               <C>           <C>
                        LONG-TERM INVESTMENTS-145.5%
                        California Educational Fac. Auth. Rev.,
 AAA          $  760++   Santa Clara Univ., 5.00%, 9/01/06 ...........................................         N/A       $  820,169
 AAA             240     Santa Clara Univ., 5.00%, 9/01/15, MBIA .....................................     9/07 at 101      243,257
 AAA           1,000     Student Loan Prog., Ser. A, 6.00%, 3/01/16, MBIA ............................     3/07 at 102    1,061,170
                        California St. G.O.,
 A+              960++   5.75%, 3/01/05 ..............................................................        N/A         1,060,368
 A+               40     5.75%, 3/01/19 ...............................................................    3/05 at 101       42,877
                        California St. Hsg. Fin. Agcy. Rev., Home Mtge.,
 Aa2             870     Ser. B-1, 6.45%, 2/01/11 .....................................................    8/04 at 102      914,944
 Aa2           1,000     Ser. G, 7.20%, 8/01/14 .......................................................    8/04 at 102    1,075,610
                        California St. Pub. Wks. Brd. Lease Rev.,
 AAA           1,000++   Dept. of Corrections., Ser. A, 6.875%, 11/01/04 ..............................       N/A         1,171,130
 A             1,000     St. Univ. Proj., Ser. A, 6.10%, 10/01/06 .....................................   10/04 at 102    1,114,990
 BBB-          1,000++   St. Univ. Proj., Ser. A, 6.40%, 12/01/02, AMBAC ..............................       N/A         1,113,860
 AAA           1,385    Foothill / Eastern. Trans. Agcy., Ser. A, Zero Coupon, 1/01/04 ................   No Opt. Call    1,129,246
                        Los Angeles Cnty.,
 AAA           1,000     Met. Trans. Auth., Sales Tax Rev., 6.00%, 7/01/26, MBIA .......................   7/06 at 101    1,132,190
 AAA           1,000     Special Tax, Ser. A, 5.50%, 9/01/14, FSA .....................................    9/07 at 102    1,077,950
 AA            1,150    Los Angeles Harbor Dept. Rev., Ser. B, 6.00%, 8/01/13 .........................    8/06 at 101    1,269,129
 AA            1,000++  Los Angeles Pub. Wks. Fin. Auth. Rev., Regl. Park & Open Space,
                         Dist. A, 6.00%, 10/01/04 ......................................................       N/A        1,123,920
 BBB-          1,000    Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 ................    7/06 at 102    1,115,490
 AAA           1,000    San Diego Ind. Dev. Rev., Ser. A, 5.90%, 6/01/18, AMBAC .......................    6/03 at 102    1,081,370
                        San Francisco City & Cnty.,
 AAA           1,000     Arpt. Comn. Rev., Intl. Arpt., Ser. 6, 6.125%, 5/01/09, AMBAC ................    5/04 at 102    1,103,690
 Aaa           1,000     Sewer Rev., Ser. A, 5.95%, 10/01/25, FGIC ....................................   10/03 at 102    1,083,390
 AAA           1,000    Southern California Pub. Pwr. Auth. Transmission Proj. Rev.,
                         5.50%, 7/01/20, MBIA ..........................................................   7/02 at 100    1,022,550
                        Univ. of California Rev.,
 AAA           1,000++   Ser. D, 6.10%, 9/01/02, MBIA .................................................       N/A         1,098,310
 Aaa           1,135++   Ser. B, 6.30%, 9/01/03 .......................................................       N/A         1,275,547
 AAA             370    West Basin Municipal Water Dist. Rev. C.O.P.,
                         Ser. A, 5.50%, 8/01/22, AMBAC ................................................    8/07 at 101      386,635
                                                                                                                        -----------
                        Total long-term investments (cost $20,180,065) .................................                 22,517,792
                                                                                                                        -----------
                        SHORT-TERM INVESTMENT**-0.7%
 A-1+            100    Irvine Ranch Water Dist., Cons. Dist., 2.85%, 5/03/99, FRDD (cost $100,000) ...       N/A           100,000
                                                                                                                        -----------
                        TOTAL INVESTMENTS-146.2% (COST $20,280,065)....................................                  22,617,792
                        Other assets in excess of liabilities 2.3% ....................................                     356,378
                        Liquidation value of preferred stock (48.5)% ..................................                  (7,500,000)
                                                                                                                        -----------
                       NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS-100% .............................                  $15,474,170
                                                                                                                        ===========
</TABLE>

- --------
 *   Rating: using the higher of Standard & Poor's, Moody's or Fitch's rating.
**   For  purposes of  amortized  cost  valuation,  the  maturity  date of this
     instrument  is  considered to be the earlier of the next date on which the
     security  can be  redeemed  at par,  or the next date on which the rate of
     interest is adjusted.
 +   Option  call  provisions:  date  (month/year)  and prices of the  earliest
     optional call on redemption. There may be other call provisions at varying
     prices at later dates.
++   This bond is prerefunded. See Glossary for definitions.

<TABLE>
<S>        <C>                                              <C>    <C>
- ----------------------------------------------------------------------------------------------------------
         THE FOLLOWING ABBREVIATIONS ARE USED IN PORTFOLIO DESCRIPTIONS:
  AMBAC    -American Municipal Bond Assurance Corporation   FSA    -Financial Security Assurance
  C.O.P.   -Certificate of Participation                    G.O.   -General Obligation Bond
  FGIC     -Financial Guaranty Insurance Company            MBIA   -Municipal Bond Insurance Association
  FRDD     -Floating Rate Daily Demand
- ----------------------------------------------------------------------------------------------------------
</TABLE>

                       See Notes to Financial Statements.


                                       5
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------

<TABLE>
<S>                                                       <C>
ASSETS
Investments, at value (cost $20,280,065) (Note 1) .....    $22,617,792
Cash ..................................................         77,251
Interest receivable ...................................        305,066
                                                           -----------
                                                            23,000,109
                                                           -----------
LIABILITIES
Investment advisory fee payable (Note 2) ..............          6,624
Administration fee payable (Note 2) ...................          1,893
Dividends payable-preferred stock .....................          1,438
Other accrued expenses ................................         15,984
                                                           -----------
                                                                25,939
                                                           -----------
NET INVESTMENT ASSETS .................................    $22,974,170
                                                           ===========
Net investment assets were comprised of:
 Common stock:
  Par value (Note 4) ..................................    $    10,071
  Paid-in capital in excess of par ....................     13,897,103
 Preferred stock (Note 4) .............................      7,500,000
                                                           -----------
                                                            21,407,174
 Undistributed net investment income ..................         47,974
 Accumulated net realized loss ........................       (818,705)
 Net unrealized appreciation ..........................      2,337,727
                                                           -----------
Net investment assets, April 30, 1999 .................    $22,974,170
                                                           ===========
Net assets applicable to common shareholders ..........    $15,474,170
                                                           ===========
Net asset value per share:
  ($15,474,170 o 1,007,093 shares of common
  stock issued and outstanding) .......................    $     15.37
                                                           ===========
</TABLE>



- --------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S>                                         <C>
NET INVESTMENT INCOME
Income
   Interest and discount earned .........   $631,539
                                            --------

Expenses

   Investment advisory ..................     40,076

   Reports to shareholders ..............     15,000

   Administration .......................     11,450

   Auction agent ........................      9,500

   Directors ............................      7,000

   Transfer agent .......................      6,000

   Legal ................................      5,000

   Audit ................................      3,500

   Custodian ............................      1,500

   Miscellaneous ........................      8,465
                                            --------
   Total expenses .......................    107,491
                                            --------
Net investment income ...................    524,048
                                            --------

UNREALIZED LOSS
ON INVESTMENTS (NOTE 3)

Net change in unrealized appreciation on
 investments ............................    (92,566)
                                            --------

NET INCREASE IN NET INVESTMENT ASSETS
RESULTING FROM OPERATIONS ...............   $431,482
                                            ========
</TABLE>

See Notes to Financial Statements.


                                       6

<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS (UNAUDITED)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                              SIX MONTHS ENDED      YEAR ENDED
                                                                                  APRIL 30,         OCTOBER 31,
                                                                                    1999               1998
                                                                              ----------------     ------------
INCREASE (DECREASE) IN INVESTMENT ASSETS
<S>                                                                             <C>                <C>
Operations:

 Net investment income ...................................................      $   524,048         $ 1,058,329

 Net change in unrealized appreciation (depreciation) on investments .....          (92,566)            791,797
                                                                                -----------         -----------
 Net increase in net investment assets resulting from operations .........          431,482           1,850,126

Dividends and distributions:

 To common shareholders from net investment income .......................         (441,816)           (883,641)

 To preferred shareholders from net investment income ....................         (110,695)           (244,760)
                                                                                -----------         -----------
 Total dividends and distributions .......................................         (552,511)         (1,128,401)
                                                                                -----------         -----------
  Total increase (decrease) ..............................................         (121,029)            721,725

NET INVESTMENT ASSETS

Beginning of period ......................................................       23,095,199          22,373,474
                                                                                -----------         -----------
End of period ............................................................      $22,974,170         $23,095,199
                                                                                ===========         ===========
</TABLE>


                       See Notes to Financial Statements.

                                       7

<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                          SIX MONTHS ENDED
                                                                             APRIL 30,
                                                                                1999
PER SHARE OPERATING PERFORMANCE:                                              -------
<S>                                                                           <C>
Net asset value, beginning of period ...............................          $ 15.49
                                                                              -------
 Net investment income .............................................              .52
 Net realized and unrealized gain (loss) on investments ............             (.09)
                                                                              -------
Net increase (decrease) from investment operations .................              .43
                                                                              -------
Dividends and Distributions:
 Dividends from net investment income to:
   Common shareholders .............................................             (.44)
   Preferred shareholders ..........................................             (.11)
Distributions from capital gains to:
   Common shareholders .............................................                -
   Preferred shareholders ..........................................                -
Distributions in excess of net realized gains
 on investments to:
  Common shareholders ..............................................                -
  Preferred shareholders ...........................................                -
                                                                              -------
 Total dividends and distributions .................................             (.55)
                                                                              -------
Capital charge with respect to issuance of
 common and preferred stock ........................................                -
                                                                              -------
Net asset value, end of period* ....................................          $ 15.37
                                                                              =======
Per share market value, end of period* .............................          $16.563
                                                                              =======
TOTAL INVESTMENT RETURN+: ..........................................             5.49%
RATIOS TO AVERAGE NET ASSETS OF COMMON
 SHAREHOLDERS++:
Expenses ...........................................................             1.40%+++
Net investment income before preferred stock dividends .............             6.82%+++
Preferred stock dividends ..........................................             1.44%+++
Net investment income available to common shareholders .............             5.38%+++
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) ...........          $15,504
Portfolio turnover rate ............................................                4%
Net assets of common shareholders, end of period (in thousands).....          $15,474
Asset coverage per share of preferred stock, end of period## .......          $76,585
Preferred stock outstanding (in thousands) .........................          $ 7,500
</TABLE>


<TABLE>
<CAPTION>
                                                                                     YEAR ENDED OCTOBER 31,
                                                                           -------------------------------------------
                                                                           1998         1997        1996          1995
PER SHARE OPERATING PERFORMANCE:                                           ----         ----        ----          ----
<S>                                                                       <C>          <C>         <C>           <C>
Net asset value, beginning of period ...............................      $14.77       $14.20      $13.85        $ 11.74
                                                                          ------       ------      ------        -------
 Net investment income .............................................        1.05         1.07        1.08           1.05
 Net realized and unrealized gain (loss) on investments ............         .79          .61         .33           2.12
                                                                          ------       ------      ------        -------
Net increase (decrease) from investment operations .................        1.84         1.68        1.41           3.17
                                                                          ------       ------      ------        -------
Dividends and Distributions:
 Dividends from net investment income to:
   Common shareholders .............................................        (.88)        (.87)       (.80)          (.79)
   Preferred shareholders ..........................................        (.24)        (.24)       (.25)          (.27)
Distributions from capital gains to:
   Common shareholders .............................................           -            -           -              -
   Preferred shareholders ..........................................           -            -           -              -
Distributions in excess of net realized gains
 on investments to:
  Common shareholders ..............................................           -           **        (.01)             -
  Preferred shareholders ...........................................           -           **          **              -
                                                                          ------       ------      ------        -------
 Total dividends and distributions .................................       (1.12)       (1.11)      (1.06)         (1.06)
                                                                          ------       ------      ------        -------
Capital charge with respect to issuance of
 common and preferred stock ........................................           -            -           -              -
                                                                          ------       ------      ------        -------
Net asset value, end of period* ....................................     $ 15.49      $ 14.77     $ 14.20        $ 13.85
                                                                         =======      =======     =======        =======
Per share market value, end of period* .............................      16.125      $ 15.00     $ 13.50        $12.625
                                                                         =======      =======     =======        =======
TOTAL INVESTMENT RETURN+: ..........................................       13.70%       17.98%      13.80%         26.86%
RATIOS TO AVERAGE NET ASSETS OF COMMON
 SHAREHOLDERS++:
Expenses ...........................................................        1.36%        1.32%       1.42%          1.52%
Net investment income before preferred stock dividends .............        6.93%        7.48%       7.78%          8.24%
Preferred stock dividends ..........................................        1.60%        1.70%       1.82%          2.09%
Net investment income available to common shareholders .............        5.33%        5.78%       5.96%          6.15%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) ...........     $15,265      $14,445     $13,996        $12,892
Portfolio turnover rate ............................................           0%          28%         72%           149%
Net assets of common shareholders, end of period (in thousands).....     $15,595      $14,873     $14,296        $13,946
Asset coverage per share of preferred stock, end of period## .......     $76,990      $74,583     $72,654        $71,485
Preferred stock outstanding (in thousands) .........................     $ 7,500      $ 7,500     $ 7,500        $ 7,500
</TABLE>


<TABLE>
<CAPTION>
                                                                          1994
PER SHARE OPERATING PERFORMANCE:                                          ----
<S>                                                                    <C>
Net asset value, beginning of period ...............................   $  14.73
                                                                       --------
 Net investment income .............................................       1.04
 Net realized and unrealized gain (loss) on investments ............      (3.01)
                                                                       --------
Net increase (decrease) from investment operations .................      (1.97)
                                                                       --------
Dividends and Distributions:
 Dividends from net investment income to:
   Common shareholders .............................................       (.79)
   Preferred shareholders ..........................................       (.18)
Distributions from capital gains to:
   Common shareholders .............................................       (.03)
   Preferred shareholders ..........................................       (.01)
Distributions in excess of net realized gains
 on investments to:
  Common shareholders ..............................................          -
  Preferred shareholders ...........................................          -
                                                                       --------
 Total dividends and distributions .................................      (1.01)
                                                                       --------
Capital charge with respect to issuance of
 common and preferred stock ........................................       (.01)
                                                                       --------
Net asset value, end of period* ....................................   $  11.74
                                                                       ========
Per share market value, end of period* .............................   $ 10.625
                                                                       ========
TOTAL INVESTMENT RETURN+: ..........................................     (18.85%)
RATIOS TO AVERAGE NET ASSETS OF COMMON
 SHAREHOLDERS++:
Expenses ...........................................................        1.25%
Net investment income before preferred stock dividends .............        7.81%
Preferred stock dividends ..........................................        1.36%
Net investment income available to common shareholders .............        6.45%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) ...........   $ 13,362
Portfolio turnover rate ............................................         184%
Net assets of common shareholders, end of period (in thousands).....   $ 11,826
Asset coverage per share of preferred stock, end of period## .......   $128,837
Preferred stock outstanding (in thousands) .........................   $  7,500
</TABLE>

- ----------
  * Net asset value and market value are  published  in THE WALL STREET  JOURNAL
    each Monday.
 ** Actual   amount  paid  for  the  year  ended  October  31,  1997  to  common
    shareholders  was  $0.00056  per share  and to  preferred  shareholders  was
    $0.00018 per common share. Actual amount paid to preferred  shareholders for
    the year ended October 31, 1996 was $0.0048 per common share.
 ## A stock split occurred on July 24, 1995 (Note 4).
  + Total investment return is calculated assuming a purchase of common stock at
    the current  market value on the first day and a sale at the current  market
    price on the last day of each period reported.  Dividends and  distributions
    are assumed for  purposes of this  calculation  to be  reinvested  at prices
    obtained under the Trust's dividend reinvestment plan. This calculation does
    not reflect brokerage  commissions.  Total investment returns for periods of
    less than one year are not annualized.
 ++ Ratios are calculated on the basis of income,  expenses and preferred  stock
    dividends applicable to both the common and preferred shares relative to the
    average net assets of common shareholders.
+++ Annualized.

The  information above represents the unaudited operating performance data for a
share  of  common  stock  outstanding, total investment return, ratio to average
net  assets  and  other  supplemental  data  for  the  periods  indicated.  This
information  has  been  determined  based upon financial information provided in
the financial statements and market value data for the Trust's common stock.


                       See Notes to Financial Statements.

                                       8

<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT
QUALITY MUNICIPAL TRUST INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

NOTE 1. ORGANIZATION &                     The  BlackRock  California Investment
ACCOUNTING                                 Quality  Municipal  Trust  Inc.  (the
POLICIES                                   "Trust")  was organized   in Maryland
                                          on April 12, 1993 as a non-diversified
closed-end management investment company. The Trust's investment objective is to
manage a portfolio  of high  quality  securities  while  providing  high current
income exempt from regular federal and California  state income taxes consistent
with the preservation of capital. The ability of issuers of debt securities held
by the Trust to meet their obligations may be affected by economic  developments
in the state, a specific  industry or region. No assurance can be given that the
Trust's investment objective will be achieved.

      The  following is a summary of significant accounting policies followed by
the Trust.

SECURITIES  VALUATION: Municipal  securities  (including commitments to purchase
such  securities  on  a  "when-issued"  basis) are valued on the basis of prices
provided   by   a  pricing  service  which  uses  information  with  respect  to
transactions  in  bonds,  quotations  from  bond dealers, market transactions in
comparable   securities   and   various   relationships  between  securities  in
determining  values.  Any  securities  or  other  assets  for which such current
market  quotations  are  not  readily  available  are  valued  at  fair value as
determined  in  good faith under procedures established by and under the general
supervision and responsibility of the Trust's Board of Directors.

      Short-term  securities  which  mature  in  more than 60 days are valued at
current  market  quotations.  Short-term  securities  which mature in 60 days or
less  are  valued  at  amortized  cost,  if  their term to maturity from date of
purchase  is  60  days  or  less,  or, by amortizing their value on the 61st day
prior  to  maturity,  if  their  original term to maturity from date of purchase
exceeded 60 days.

SECURITIES  TRANSACTIONS  AND  INVESTMENT  INCOME:  Securities  transactions are
recorded  on  the  trade  date.  Realized  and  unrealized  gains and losses are
calculated  on  the  identified  cost  basis. Interest income is recorded on the
accrual  basis  and  the  Trust  accretes  original issue discounts or amortizes
premium on securities purchased using the interest method.

FEDERAL  INCOME  TAXES: For federal income tax purposes, the Trust is treated as
a  separate  taxpaying entity. It is the intent of the Trust to continue to meet
the   requirements   of  the  Internal  Revenue  Code  applicable  to  regulated
investment  companies  and  to distribute all of its net income to shareholders.
For  this  reason  and  because  substantially  all  of the Trust's gross income
consists of tax-exempt interest, no federal income tax provision is required.

DIVIDENDS   AND   DISTRIBUTIONS: The  Trust  declares  and  pays  dividends  and
distributions  to  common  shareholders  monthly from net investment income, net
realized   short-term  capital  gains  and  other  sources,  if  necessary.  Net
long-term  capital  gains,  if  any,  in  excess  of  loss  carryforwards may be
distributed   annually.   Dividends   and  distributions  are  recorded  on  the
ex-dividend  date.  Dividends  and  distributions  to preferred shareholders are
accrued and determined as described in Note 4.

ESTIMATES: The  preparation of financial statements in conformity with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect  the  reported  amounts  of assets and liabilities and
disclosure  of  contingent  assets  and liabilities at the date of the financial
statements  and  the  reported  amounts  of  revenues  and  expenses  during the
reporting period. Actual results could differ from those estimates.

NOTE 2. AGREEMENTS                                The  Trust  has  an Investment
                                                  Advisory    Agreement     with
BlackRock Financial Management,  Inc., (the "Adviser"), a wholly-owned corporate
subsidiary  of BlackRock  Advisors,  Inc.,  which is an indirect  majority-owned
subsidiary of PNC Bank,  N.A., and an  Administration  Agreement with Prudential
Investments Fund Management LLC ("PIFM"), an indirect,  wholly-owned  subsidiary
of The Prudential Insurance Company of America.

      The  investment  fee  paid  to  the Adviser is computed weekly and payable
monthly  at an annual rate of 0.35% of the Trust's average weekly net investment
assets.  The administration fee paid to PIFM is also computed weekly and payable
monthly  at an annual rate of 0.10% of the Trust's average weekly net investment
assets.

      Pursuant  to  the  agreements, the Adviser provides continuous supervision
of  the  investment portfolio and pays the compensation of officers of the Trust
who  are  affiliated  persons  of  the  Adviser. PIFM pays occupancy and certain
clerical  and accounting costs of the Trust. The Trust bears all other costs and
expenses.

                                       9

<PAGE>


NOTE 3. PORTFOLIO                                  Purchase and sales of invest-
SECURITIES                                         ment  securities,  other than
                                                   short-term  investments,  for
the  six  months  ended  April  30,  1999  aggregated   $931,127  and  $971,127,
respectively.

      The  federal income tax basis of the Trust's investments at April 30, 1999
was  substantially  the  same as the basis for financial reporting purposes and,
accordingly, net and gross unrealized appreciation was $2,337,727.

      For   federal   income   tax  purposes,  the  Trust  had  a  capital  loss
carryforward  at October 31, 1998 of approximately $816,000 which will expire in
2002.  Accordingly,  no  capital  gain  distribution  is  expected to be paid to
shareholders until net gains have been realized in excess of such amount.



NOTE 4. CAPITAL                                     There are 200 million shares
                                                    of  $.01  par  value  common
stock  authorized.  Of the 1,007,093  shares  outstanding at April 30, 1999, the
Adviser  owned  7,093  shares.  As of April 30,  1999  there  were 300 shares of
Preferred Stock Series W7 outstanding.

      The  Trust  may classify or reclassify any unissued shares of common stock
into  one  or  more  series  of  preferred  stock.  On  July  29, 1993 the Trust
reclassified  150  shares  of common stock and issued a series of Auction Market
Preferred  Stock  ("Preferred  Stock")  Series  W7.  The  Preferred  Stock had a
liquidation  value  of  $50,000  per  share  plus  any  accumulated  but  unpaid
dividends.  On May 16, 1995 shareholders approved a proposal to split each share
of  Preferred  Stock  into  two  shares  and  simultaneously reduce each share's
liquidation  preference  from $50,000 to $25,000 plus any accumulated but unpaid
dividends. The stock split occurred on July 24, 1995.

      Dividends  on  Series  W7  are cumulative at a rate which is reset every 7
days  based  on  the  results of an auction. Dividend rates ranged from 2.60% to
3.375% during the six months ended April 30, 1999.

      The  Trust may not declare dividends or make other distributions on shares
of  common stock or purchase any such shares if, at the time of the declaration,
distribution,  or  purchase,  asset  coverage  with  respect  to the outstanding
Preferred Stock would be less than 200%.

      The  Preferred Stock is redeemable at the option of the Trust, in whole or
in  part, on any dividend payment date at $25,000 per share plus any accumulated
or  unpaid  dividends  whether  or  not  declared.  The  Preferred Stock is also
subject  to  mandatory  redemption  at $25,000 per share plus any accumulated or
unpaid  dividends,  whether  or not declared if certain requirements relating to
the  composition  of the assets and liabilities of the Trust as set forth in the
Articles of Incorporation are not satisfied.

      The  holders of Preferred Stock have voting rights equal to the holders of
common  stock (one vote per share) and will vote together with holders of shares
of  common stock as a single class. However, holders of Preferred Stock are also
entitled  to  elect  two  of  the Trust's directors. In addition, the Investment
Company  Act  of  1940  requires  that  along with approval by stockholders that
might  otherwise  be  required, the approval of the holders of a majority of any
outstanding  preferred shares, voting separately as a class would be required to
(a)  adopt  any plan of reorganization that would adversely affect the preferred
shares  and (b) take any action requiring a vote of security holders, including,
among other things, changes in the Trust's subclassification as a closed-end
investment company or changes in its fundamental investment restrictions.

NOTE 5. DIVIDENDS                                   Subsequent   to   April  30,
                                                    1999, the Board of Directors
of the Trust  declared a dividend  from  undistributed  earnings of $.073125 per
common share payable May 28, 1999 to shareholders of record on May 14, 1999.

      For  the  period  May  1,  1999  to  May  31,  1999, dividends declared on
Preferred  Stock  totalled  $20,118  in  aggregate for the outstanding Preferred
Stock.

                                       10

<PAGE>

- --------------------------------------------------------------------------------
        THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
                           DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------

     Pursuant   to   the   Trust's  Dividend  Reinvestment  Plan  (the  "Plan"),
shareholders  are  automatically enrolled to have all distributions of dividends
and  capital  gains reinvested by State Street Bank and Trust Company (the "Plan
Agent")  in  Trust  shares  pursuant  to the Plan. Shareholders who elect not to
participate  in the Plan will receive all distributions in cash paid by check in
United  States  dollars mailed directly to the shareholders of record (or if the
shares  are  held  in  street or other nominee name, then to the nominee) by the
transfer agent, as dividend disbursing agent.

     The  Plan  Agent  serves as agent for the shareholders in administering the
Plan.  After  the Trust declares a dividend or determines to make a capital gain
distribution,  the  Plan  Agent will, as agent for the participants, receive the
cash  payment  and use it to buy Trust shares in the open market on the American
Stock  Exchange or elsewhere, for the participants' accounts. The Trust will not
issue any new shares in connection with the Plan.

     Participants  in the Plan may withdraw from the Plan upon written notice to
the  Plan  Agent and will receive certificates for whole Trust shares and a cash
payment will be made for any fraction of a Trust share.

     The  Plan  Agent's  fees  for the handling of the reinvestment of dividends
and  distributions will be paid by the Trust. However, each participant will pay
a  pro  rata  share  of  brokerage commissions incurred with respect to the Plan
Agent's  open  market purchases in connection with the reinvestment of dividends
and  distributions.  The  automatic  reinvestment of dividends and distributions
will  not  relieve participants of any federal, state or local income taxes that
may be payable on such dividends or distributions.

     The  Trust  reserves the right to amend or terminate the Plan as applied to
any  dividend  or  distribution  paid subsequent to written notice of the change
sent  to  all  shareholders of the Trust at least 90 days before the record date
for  the dividend or distribution. The Plan also may be amended or terminated by
the  Plan Agent upon at least 90 days' written notice to all shareholders of the
Trust.  All  correspondence  concerning  the Plan should be directed to the Plan
Agent at (800) 699-1BFM. The addresses are on the front of this report.

                                       11

<PAGE>

- --------------------------------------------------------------------------------
        THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
                             ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------

     YEAR  2000  READINESS  DISCLOSURE. The Trust is currently in the process of
evaluating  its  information technology infrastructure for Year 2000 compliance.
Substantially  all  of  the  Trust's  information  systems  are  supplied by the
Adviser.  The  Adviser  has  advised  the  Trust that it is currently evaluating
whether  such systems are year 2000 compliant and that it expects to incur costs
of   up  to  approximately  five  hundred  thousand  dollars  to  complete  such
evaluation  and  to make any modifications to its systems as may be necessary to
achieve  Year  2000  compliance.  The  Adviser has advised the Trust that it has
fully  tested its systems for Year 2000 compliance. The Trust may be required to
bear  a portion of such cost incurred by the Adviser in this regard. The Adviser
has  advised  the  Trust  that it does not anticipate any material disruption in
the  operations  of  the  Trust  as  a  result  of any failure by the Adviser to
achieve  Year 2000 compliance. There can be no assurance that the costs will not
exceed  the  amount  referred  to  above or that the Trust will not experience a
disruption in operations.

     The  Adviser  has advised the Trust that it is in the process of evaluating
the  Year 2000 compliance of various suppliers of the Adviser and the Trust. The
Adviser  has  advised  the Trust that it has communicated with such suppliers to
determine  their Year 2000 compliance status and the extent to which the Adviser
or  the  Trust  could be affected by any supplier's Year 2000 compliance issues.
To  date,  the  Adviser  has  received  responses  from  all such suppliers with
respect  to  their  Year 2000 compliance, and there can be no assurance that the
systems  of  such  suppliers,  who  are beyond the Trust's control, will be Year
2000  compliant.  In  the event that any of the Trust's significant suppliers do
not  successfully  and timely achieve Year 2000 compliance, the Trust's business
or  operations  could  be  adversely affected. The Adviser has advised the Trust
that  it  is  in  the  process  of  preparing  a  contingency plan for Year 2000
compliance  by  its  suppliers.  There can be no assurance that such contingency
plan will be successful in preventing a disruption of the Trust's operations.

     The  Trust  is  designating  this  disclosure  as  its  Year 2000 readiness
disclosure  for  all  purposes  under  the  Year  2000 Information and Readiness
Disclosure  Act  and  the  foregoing  information  shall  constitute a Year 2000
statement for purposes of that Act.

     ANNUAL  MEETING  OF TRUST SHAREHOLDERS. There have been no material changes
in  the Trust's investment objectives or policies that have not been approved by
the  shareholders  or to its charter or by-laws or in the principal risk factors
associated  with  investment  in  the  Trust.  There have been no changes in the
persons  who  are  primarily  responsible  for  the day-to-day management of the
Trust's portfolio.

     The  Annual  Meeting of Trust Shareholders was held May 19, 1999 to vote on
the following matters:

     (1) To elect three Directors as follows:

         DIRECTOR                           CLASS       TERM      EXPIRING
         --------                           -----       ----      --------
         Frank J. Fabozzi ..............      II      3 years       2002
         Walter F. Mondale .............      II      3 years       2002
         Ralph L. Schlosstein ..........      II      3 years       2002

         Directors whose term of office continues beyond this meeting are Andrew
         F. Brimmer,  Richard E. Cavanagh,  Kent Dixon,  Laurence D. Fink, James
         Grosfeld, and James Clayburn La Force, Jr.

     (2) To ratify the selection of Deloitte & Touche LLP as independent  public
         accountants of the Trust for the fiscal year ending October 31, 1999.

         Shareholders  elected the three Directors and ratified the selection of
         Deloitte & Touche LLP. The results of the voting was as follows:

<TABLE>
<CAPTION>
                                                             VOTES FOR*     VOTES AGAINST*     ABSTENTIONS*
                                                             ----------     --------------     ------------
<S>                                                           <C>               <C>               <C>
         Frank J. Fabozzi ...............................         269             -                 -
         Walter F. Mondale ..............................     639,350             -                9,048
         Ralph L. Schlosstein ...........................     641,834             -                6,564
         Ratification of Deloitte & Touche LLP ..........     635,906           2,376             10,116
</TABLE>

- ----------
* The votes represent common and preferred shareholders voting as a single class
  except for the election of Frank J.  Fabozzi who was elected by the  preferred
  shareholders.

                                       12

<PAGE>

- --------------------------------------------------------------------------------
        THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
                               INVESTMENT SUMMARY
- --------------------------------------------------------------------------------

THE TRUST'S INVESTMENT OBJECTIVE

The   BlackRock  California  Investment  Quality  Municipal  Trust's  investment
objective  is  to  provide  high  current income exempt from regular Federal and
California income tax consistent with the preservation of capital.

WHO MANAGES THE TRUST?

BlackRock   Financial   Management,  Inc.  ("BlackRock")  is  an  SEC-registered
investment  adviser.  BlackRock  and  its  affiliates currently manage over $141
billion  on  behalf  of  taxable  and  tax-exempt  clients worldwide. Strategies
include  fixed  income,  equity  and  cash and may incorporate both domestic and
international   securities.   Domestic   fixed  income  strategies  utilize  the
government,  mortgage,  corporate  and municipal bond sectors. BlackRock manages
twenty-one  closed-end  funds that are traded on either the New York or American
stock  exchanges,  and  a  $25  billion family of equity and bond funds. Current
accounts number over 450, domiciled in the United States and overseas.

WHAT CAN THE TRUST INVEST IN?

Under  normal  conditions, the Trust expects to continue to manage its assets so
that  at least 80% of its investments are rated at least investment grade ("BBB"
by  Standard & Poor's or Baa" by Moody's Investor Services) and up to 20% of its
assets  may instead be deemed to be of equivalent credit quality by the Adviser.
The  Trust  intends  to invest substantially all of the assets in a portfolio of
investment   grade   California   Municipal   Obligations,  which  include  debt
obligations  issued  by  or on behalf of California, its political subdivisions,
agencies  and  instrumentalities  and  by  other  qualifying  issuers  that  pay
interest  which,  in  the  opinion  of the bond counsel of the issuer, is exempt
from   regular   Federal   and   California  income  tax.  California  Municipal
Obligations  are  issued to obtain funds for various public functions, including
the   construction   of   public  facilities,  the  refinancing  of  outstanding
obligations,  the  obtaining  of  funds  for  general operating expenses and for
loans to other public institutions and facilities.

WHAT IS THE ADVISER'S INVESTMENT STRATEGY?

The  Adviser  will manage the assets of the Trust in accordance with the Trust's
investment  objective and policies to seek to achieve its objective by investing
in  investment  grade  California  Municipal  Obligations  or  other  qualifying
issuers.  The  Adviser  actively  manages  the  assets  in  relation  to  market
conditions   and  interest  rate  changes.  Depending  on  yield  and  portfolio
allocation  considerations,  the  Adviser  may choose to invest a portion of the
Trust's  assets  in  securities  which  pay  interest  that  is  subject  to AMT
(alternative  minimum  tax).  The  Trust  intends  to  emphasize  investments in
California  Municipal  Obligations  with  long-term  maturities  and  expects to
maintain  an average portfolio maturity of 15-20 years, but the average maturity
may   be  shortened  or  lengthened  from  time  to  time  depending  on  market
conditions.

Under  current market conditions the use of leverage increases the income earned
by  the  Trust.  The  Trust  employs  leverage primarily through the issuance of
preferred   stock.  Preferred  stockholders  will  receive  dividends  based  on
short-term  rates  in  exchange  for  allowing  the  Trust  to borrow additional
assets.  These  assets  will  be  invested in longer-term assets which typically
offer  higher  interest  rates  and  the  difference  between  the  cost  of the
dividends  paid  to  preferred  stockholders  and  the  interest  earned  on the
longer-term   securities   will   provide   higher   income  levels  for  common
stockholders  in  most  interest  rate  environments. The Trust issued preferred
stock  to  leverage  the  portfolio  at  approximately  35% of total assets. See
"Leverage Considerations in the Trust" below.

HOW  ARE  THE  TRUST'S  SHARES  PURCHASED AND SOLD? DOES THE TRUST PAY DIVIDENDS
REGULARLY?

The  Trust's  shares  are  traded  on the American Stock Exchange which provides
investors  with  liquidity on a daily basis. Orders to buy or sell shares of the
Trust  must  be  placed  through  a  registered broker or financial advisor. The
Trust  pays  monthly dividends which are typically paid on the last business day
of  the  month.  For  shares  held  in  the shareholder's name, dividends may be
reinvested  in additional shares of the fund through the Trust's transfer agent,
State  Street  Bank  and  Trust  Company. Investors who wish to hold shares in a
brokerage  account  should  check  with  their  financial  advisor  to determine
whether their brokerage firm offers dividend reinvestment services.

                                       13

<PAGE>

LEVERAGE CONSIDERATIONS IN THE TRUST

Leverage  increases  the  duration  (or price sensitivity of the net assets with
respect  to  changes  in  interest  rates)  of  the Trust, which can improve the
performance  of  the  fund  in  a  declining rate environment, but can cause net
assets  to  decline  faster  in  a rapidly rising interest rate environment. The
Trust  may  reduce,  or unwind, the amount of leverage employed should BlackRock
consider  that  reduction  to be in the best interests of the Trust. BlackRock's
portfolio  managers continuously monitor and regularly review the Trust's use of
leverage  and  maintain  the  ability  to  unwind the leverage if that course is
chosen.

SPECIAL CONSIDERATIONS AND RISK FACTORS RELEVANT TO THE TRUST

THE  TRUST  IS  INTENDED  TO  BE  A LONG-TERM INVESTMENT AND IS NOT A SHORT-TERM
TRADING VEHICLE.

INVESTMENT  OBJECTIVE. Although  the  objective  of the Trust is to provide high
current  income exempt from regular Federal and California income tax consistent
with  the preservation of capital, there can be no assurance that this objective
will be achieved.

DIVIDEND  CONSIDERATIONS. The  income and dividends paid by the Trust are likely
to  vary  over  time  as fixed income market conditions change. Future dividends
may be higher or lower than the dividend the Trust is currently paying.

LEVERAGE. The  Trust  utilizes  leverage through preferred stock, which involves
special  risks.  The  Trust's  net  asset  value  and  market  value may be more
volatile due to its use of leverage.

MARKET  PRICE  OF  SHARES. The shares of closed-end investment companies such as
the  Trust  trade  on the American Stock Exchange (AMEX symbol: RAA) and as such
are  subject to supply and demand influences. As a result, shares may trade at a
discount or a premium to their net asset value.

INVESTMENT  GRADE  MUNICIPAL OBLIGATIONS. The value of municipal debt securities
generally  varies  inversely  with  changes in prevailing market interest rates.
Depending  on  the  amount  of  call protection that the securities in the Trust
have,  the Trust may be subject to certain reinvestment risks in environments of
declining interest rates.

ILLIQUID  SECURITIES. The  Trust  may  invest  in  securities that are illiquid,
although  under  current  market conditions the Trust expects to do so to only a
limited extent. These securities involve special risks.

ANTITAKEOVER  PROVISIONS. Certain  antitakeover provisions will make a change in
the  Trust's  business  or management more difficult without the approval of the
Trust's  Board of Directors and may have the effect of depriving shareholders of
an  opportunity  to  sell  their shares at a premium above the prevailing market
price.

                                       14

<PAGE>

- --------------------------------------------------------------------------------
        THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
                                    GLOSSARY
- --------------------------------------------------------------------------------

CLOSED-END FUND:         Investment  vehicle  which  initially  offers  a  fixed
                         number of shares  and trades on a stock  exchange.  The
                         fund invests in a portfolio of securities in accordance
                         with its stated investment objectives and policies.

DISCOUNT:                When a fund's net asset value is greater than its stock
                         price the fund is said to be trading at a discount.

DIVIDEND:                Income  generated  by  securities  in a  portfolio  and
                         distributed  to  shareholders  after the  deduction  of
                         expenses.  This Trust  declares  and pays  dividends to
                         common shareholders on a monthly basis.

DIVIDEND REINVESTMENT:   Shareholders  may have all dividends and  distributions
                         of  capital   gains   automatically   reinvested   into
                         additional shares of the Trust.

MARKET PRICE:            Price per share of a security  trading in the secondary
                         market.  For a  closed-end  fund,  this is the price at
                         which  one  share  of the  fund  trades  on  the  stock
                         exchange.  If you were to buy or sell shares, you would
                         pay or receive the market price.

NET ASSET VALUE (NAV):   Net  asset  value  is the  total  market  value  of all
                         securities  and other  assets  held by the Trust,  plus
                         income   accrued   on  its   investments,   minus   any
                         liabilities including accrued expenses,  divided by the
                         total  number  of   outstanding   shares.   It  is  the
                         underlying  value of a single share on a given day. Net
                         asset  value for the  Trust is  calculated  weekly  and
                         published in BARRON'S on  Saturday,  THE NEW YORK TIMES
                         and THE WALL STREET JOURNAL on Monday.

PREMIUM:                 When a fund's stock price is greater than its net asset
                         value, the fund is said to be trading at a premium.

PREREFUNDED BONDS:       These securities are collateralized by U.S.  Government
                         securities which are held in escrow and are used to pay
                         principal  and  interest  on the tax  exempt  issue and
                         retire  the  bond  in  full  at  the  date   indicated,
                         typically at a premium to par.

                                       15

<PAGE>

- ----------------
  Blackrock
- ----------------

DIRECTORS
Laurence D. Fink, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Walter F. Mondale
Ralph L. Schlosstein

OFFICERS
Ralph L. Schlosstein, PRESIDENT
Keith T. Anderson, VICE PRESIDENT
Michael C. Huebsch, VICE PRESIDENT
Robert S. Kapito, VICE PRESIDENT
Kevin Klingert, Vice President
Richard M. Shea, VICE PRESIDENT/TAX
Henry Gabbay, TREASURER
James Kong, ASSISTANT TREASURER
Karen H. Sabath, SECRETARY

INVESTMENT ADVISER
BlackRock Financial Management, Inc.
345 Park Avenue
New York, NY 10154
(800) 227-7BFM

ADMINISTRATOR
Prudential Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077

CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
(800) 699-1BFM

AUCTION AGENT
Bankers Trust Company
4 Albany Street
New York, NY 10006

INDEPENDENT AUDITORS
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022

     The  accompanying  financial  statements  as  of  April  30,  1999 were not
audited and accordingly, no opinion is expressed on them.

     This  report  is  for  shareholder  information.  This  is not a prospectus
intended for use in the purchase or sale of any securities.

                      THE BLACKROCK CALIFORNIA INVESTMENT
                          QUALITY MUNICIPAL TRUST INC.
                 c/o Prudential Investments Fund Management LLC
                              Gateway Center Three
                              100 Mulberry Street
                             Newark, NJ 07102-4077
                                 (800) 227-7BFM

[logo] Printed on recycled paper                                  09247U-10-7
                                                                  09247F-10-0
    --------------
      BLACKROCK
THE --------------
CALIFORNIA
INVESTMENT QUALITY
MUNICIPAL TRUST INC.
- --------------------
SEMI-ANNUAL REPORT
APRIL 30, 1999

                               [GRAPHIC OMITTED]





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