--------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
SEMI-ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISOR
--------------------------------------------------------------------------------
May 31, 2000
Dear Shareholder:
The Federal Reserve continued to aggressively tighten in an attempt to
achieve its objective of a soft-landing for the explosive U.S. economy. As a
result, the Federal Reserve tightened short-term rates by 0.75% during the
period and raised rates by another 0.50% at the May FOMC meeting to 6.50%. In
the first four months of the new millennium we have been witness to
unprecedented volatility in both the Treasury yield curve and the spread
sectors. The Treasury curve inverted sharply as expectations of continued Fed
tightening in the wake of an insatiable U.S. economy, while anticipation of a
significant buyback at the long end of the maturity spectrum led to lower
yields on long Treasuries. The yield curve inversion along with the premium
placed on the dwindling outstanding Treasuries caused a dramatic
underperformance of spread sectors relative to the performance of the Treasury
sectors, especially in the 10- to 30-year part of the curve.
At this juncture, the general implication for spread product is negative,
but the potential for spread widening is more limited. Most of the negatives
for high quality spread product in terms of relative supply differentials
between Treasuries and non-Treasuries as well as equity market volatility have
been priced into the market. Given current market conditions, we maintain a
significant overweight in high quality spread product. Treasuries are fully
valued even considering the strong technicals in the market. While near-term
volatility is virtually guaranteed by an active Federal Reserve, a successful
soft landing of the economy would ultimately result in a healthier U.S.
economy.
This report contains a summary of market conditions during the semi-annual
period and a review of portfolio strategy by your Trust's managers in addition
to the Trust's unaudited financial statements and a detailed list of the
portfolio's holdings. Continued thanks for your confidence in BlackRock. We
appreciate the opportunity to help you achieve your long-term investment goals.
Sincerely,
/s/ Laurence D. Fink /s/ Ralph L. Schlosstein
Laurence D. Fink Ralph L. Schlosstein
Chairman President
1
<PAGE>
May 31, 2000
Dear Shareholder:
We are pleased to present the unaudited semi-annual report for The
BlackRock California Investment Quality Municipal Trust Inc. ("the Trust") for
the six months ended April 30, 2000. 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 NAV
over the past six months:
--------------------------------------------------------
4/30/00 10/31/99 CHANGE HIGH LOW
--------------------------------------------------------------------------------
STOCK PRICE $13.75 $15.50 (11.29%) $15.50 $13.75
--------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.16 $14.34 (1.26%) $14.45 $14.00
--------------------------------------------------------------------------------
THE FIXED INCOME MARKETS
The dynamic expansion of the U.S. economy continues undaunted by Federal
Reserve Chairman Greenspan's attempt to brake the economy, short of stalling it
into a recession. The labor markets remain tight, growth remains strong with
5%+ annualized growth rates and inflation pressures continue to be offset by
increased productivity. However, the Fed remains cautious, in their February
minutes it was noted that: "Other members acknowledged that the Committee might
need to move more aggressively at a later meeting should imbalances continue to
build and inflation expectations clearly begin to pick up." At the Federal
Reserve meeting in November, February and March the Fed raised the discount
rate by 0.25% at each meeting and a 0.50% increase was made in May to bring the
current discount rate to 6.50%.
The Treasury Yield curve experienced a complex set of dynamics, which has
inverted the curve and may continue to invert the curve for the foreseeable
future. The yields on the short-end of the curve increased sharply during the
period in response to three Federal Reserves increases to the discount rate and
perceived future Fed actions in the coming months. The long-end of the curve is
reacting to the "official" announcement that the Treasury will buy back $30
billion of Treasuries with maturities ranging 10 to 30 years. With a decreasing
supply of available Treasuries, a balanced budget, and an unchanged demand for
longer maturity Treasuries, we would anticipate this condition to continue.
This condition is further augmented by Treasury auction activity, as they
reduce the available bonds on the long end of the curve they continue to add
supply in the 1-10 year range through periodic auctions. For the semi-annual
period, the yield of the 10-year Treasury security rose from 6.02% on October
31, 1999 to 6.22% on April 30, 2000.
Municipal bonds outperformed the taxable domestic bond market during the
past six months, returning 2.63% (as measured by the LEHMAN MUNICIPAL INDEX)
versus the LEHMAN AGGREGATE INDEX'S 1.42% on a pre-tax basis. Overall, the tone
in the market during the period was extremely positive as the result of
continued strong demand from individual/retail investors coupled with a
slowdown in new issuance. During 1999, households increased their holdings of
individual municipal bonds by over $40 billion while mutual funds saw net
outflows. Offsetting the large amount of mutual fund outflows during the first
quarter of 2000 was a 43% decline in overall new municipal bond issuance led by
a 90% drop in refunding volume. Refunding volume was down due to the relatively
higher interest rates experienced during the first quarter 2000 when compared
to the first quarter 1999, while new money issuance has declined because the
strong economy has led to full coffers at most municipalities. Currently,
municipal bonds across the entire maturity spectrum are at their most
attractive relationships to their Treasury market counterparts.
2
<PAGE>
California's dynamic economic expansion continues. In the second half of
1999 non-farm payroll grew 4% significantly exceeding the national rate (2.1%).
This expansion is projected to continue at a 3.5% annual rate in 2000. The
State accounts for approximately 40% of the nation's non-farm employment
growth. Unemployment dropped to 4.6% in February 2000, the state's lowest rate
since February 1959, and only 0.5% above the national level. Trade values from
California's customs districts continue to expand with both exports and imports
growing at the ports of Los Angeles, San Francisco and San Diego.
The State's year-to-date revenues are $2.5 billion over projections. This
is primarily attributed to the increase in personal income tax receipts, which
may be a reflection of employees exercising their stock options. Furthermore,
sales tax receipts continue to show steady growth with an 8.2% increase in 1999
and projections for a 7.1% increase in 2000. The State's fiscal 2000 budget
uses conservative assumptions, which provides some flexibility. The improved
liquidity position should enable California to weather potential future
volatility in its economically sensitive 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
34% of total assets.
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 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, 1999
asset composition and credit quality allocations:
--------------------------------------------------------------------------------
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2000 OCTOBER 31, 1999
--------------------------------------------------------------------------------
Transportation 22% 20%
--------------------------------------------------------------------------------
Lease 16% 17%
--------------------------------------------------------------------------------
University 15% 15%
--------------------------------------------------------------------------------
District 10% 10%
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Power 9% 9%
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Housing 9% 9%
--------------------------------------------------------------------------------
City, County & State 5% 5%
--------------------------------------------------------------------------------
Water & Sewer 5% 5%
--------------------------------------------------------------------------------
Student Loans 5% 5%
--------------------------------------------------------------------------------
Industrial 2% 5%
--------------------------------------------------------------------------------
School 2% -
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CREDIT RATING* APRIL 30, 2000 OCTOBER 31, 1999
--------------------------------------------------------------------------------
AAA/Aaa 71% 46%
--------------------------------------------------------------------------------
AA/Aa 19% 24%
--------------------------------------------------------------------------------
A/A 5% 20%
--------------------------------------------------------------------------------
BBB/Baa 5% 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 S. Kapito /s/ Kevin M. Klingert
Robert S. Kapito Kevin M. Klingert
Vice Chairman and Portfolio Manager Managing Director and Portfolio Manager
BlackRock Advisors, Inc. BlackRock Advisors, 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 04/30/00: $13.75
--------------------------------------------------------------------------------
Net Asset Value as of 04/30/00: $14.16
--------------------------------------------------------------------------------
Yield on Closing Stock Price as of 04/30/00 ($13.75)(1): 5.73%
--------------------------------------------------------------------------------
Current Monthly Distribution per Share(2): $ 0.065625
--------------------------------------------------------------------------------
Current Annualized Distribution per Share(2): $ 0.7875
--------------------------------------------------------------------------------
(1) Yield on Closing Stock Price is calculated by dividing the current
annualized distribution per share by the closing stock price per share.
(2) Distribution is not constant and is subject to change.
4
<PAGE>
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THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
PORTFOLIO OF INVESTMENTS APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT OPTION CALL VALUE
RATING* (000) DESCRIPTION PROVISIONS+ (NOTE 1)
========= ============= ========================================================================= ================ =============
<S> <C> <C> <C> <C>
LONG-TERM INVESTMENTS-150.2%
California Educational Fac. Auth. Rev.,
AAA $ 760++ Santa Clara Univ., 5.00%, 9/01/06, MBIA ............................... N/A $ 776,903
AAA 240 Santa Clara Univ., 5.00%, 9/01/15, MBIA ............................... No Opt. Call 226,886
AAA 1,000 Student Loan Prog., Ser. A, 6.00%, 3/01/16, MBIA ...................... 3/07 at 102 1,002,050
California St. G.O.,
AA 960++ 5.75%, 3/01/05 ........................................................ N/A 1,003,497
AA 40 5.75%, 3/01/19 ........................................................ 3/05 at 101 39,969
California St. Hsg. Fin. Agcy. Rev., Home Mtge.,
AA 770 Ser. B-1, 6.45%, 2/01/11 .............................................. 8/04 at 102 792,677
Aa2 1,000 Ser. G, 7.20%, 8/01/14 ................................................ 8/04 at 102 1,047,970
California St. Pub. Wks. Brd. Lease Rev.,
Aaa 1,000++ Dept. of Corrections, Ser. A, 6.875%, 11/01/04 ........................ N/A 1,100,430
A1 1,000 St. Univ. Proj., Ser. A, 6.10%, 10/01/06 .............................. 10/04 at 102 1,061,120
AAA 1,000++ St. Univ. Proj., Ser. A, 6.40%, 12/01/02, AMBAC ....................... N/A 1,060,520
AAA 1,385 Foothill / Eastern Trans. Agcy., Ser. A, Zero Coupon, 1/01/04 ........... No Opt. Call 1,155,921
Los Angeles Cnty.,
AAA 1,000++ Met. Trans. Auth., Sales Tax Rev., 6.00%, 7/01/26, MBIA ............... N/A 1,067,430
AAA 1,000 Special Tax, Ser. A, 5.50%, 9/01/14, FSA .............................. 9/07 at 102 1,006,650
AA 1,150 Los Angeles Harbor Dept. Rev., Ser. B, 6.00%, 8/01/13 ................... 8/06 at 101 1,193,482
AAA 1,000++ Los Angeles Pub. Wks. Fin. Auth. Rev., Regl. Park & Open Space,
Dist. A, 6.00%, 10/01/04 .............................................. N/A 1,064,610
BBB- 1,000 Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 .......... 7/06 at 102 1,040,350
AAA 500 San Diego Ind. Dev. Rev., Ser. A, 5.90%, 6/01/18, AMBAC ................. 6/03 at 102 503,920
San Francisco City & Cnty.,
AAA 150 Arpt. Comn. Rev., Intl. Arpt., Ser. 12-A, 5.90%, 5/01/26 .............. 5/06 at 101 147,075
AAA 1,000 Arpt. Comn. Rev., Intl. Arpt., Ser. 6, 6.125%, 5/01/09, AMBAC ......... 5/04 at 102 1,052,170
AAA 1,000 Sewer Rev., Ser. A, 5.95%, 10/01/25, FGIC ............................. 10/03 at 102 1,003,730
AAA 1,000 Southern California Pub. Pwr. Auth. Transmission Proj. Rev.,
5.50%, 7/01/20, MBIA .................................................. 7/02 at 100 966,730
AAA 500 Temecula Valley Uni. Schl. Dist., Ser. G, 5.75%, 9/01/25, FGIC .......... 8/07 at 102 493,420
Univ. of California Rev.,
AAA 1,135++ Ser. B, 6.30%, 9/01/03 ................................................ N/A 1,209,342
AAA 1,000++ Ser. D, 6.10%, 9/01/02, MBIA .......................................... N/A 1,050,220
AAA 370 West Basin Municipal Water Dist. Rev., C.O.P., Ser. A, 5.50%,
8/01/22, AMBAC ........................................................ 8/07 at 101 355,281
-----------
TOTAL LONG-TERM INVESTMENTS (COST $20,302,193)........................... 21,422,353
-----------
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL VALUE
RATING* (000) DESCRIPTION PROVISIONS+ (NOTE 1)
========= ========== ======================================================================== ================ ===============
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENT**-0.7%
A-1+ $100 Irvine California Impvt., 5.90%, 5/01/00, FRDD (cost $100,000).......... N/A $ 100,000
------------
TOTAL INVESTMENTS-150.9% (COST $20,402,193)............................. 21,522,353
Other assets in excess of liabilities-1.7% ............................. 241,649
Liquidation value of preferred stock-(52.6%) ........................... (7,500,000)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS-100% ...................... $ 14,264,002
============
</TABLE>
--------
* 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.
--------------------------------------------------------------------------------
THE FOLLOWING ABBREVIATIONS ARE USED IN PORTFOLIO DESCRIPTIONS:
AMBAC - American Municipal Bond Assurance Corporation
C.O.P. - Certificate of Participation
FGIC - Financial Guaranty Insurance Company
FRDD - Floating Rate Daily Demand
FSA - Financial Security Assurance
G.O. - General Obligation
MBIA - Municipal Bond Insurance Association
--------------------------------------------------------------------------------
See Notes to Financial Statements.
6
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $20,402,193) (Note 1) ............. $21,522,353
Cash .......................................................... 41,922
Interest receivable ........................................... 308,850
-----------
21,873,125
-----------
LIABILITIES
Dividends payable-common stock ................................ 66,090
Advisory fee payable (Note 2) ................................. 5,606
Dividends payable-preferred stock ............................. 3,124
Administration fee payable (Note 2) ........................... 1,808
Other accrued expenses ........................................ 32,495
-----------
109,123
-----------
NET INVESTMENT ASSETS ......................................... $21,764,002
===========
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 .......................... 12,973
Accumulated net realized loss ................................ (776,305)
Net unrealized appreciation .................................. 1,120,160
-----------
Net investment assets, April 30, 2000 ......................... $21,764,002
===========
Net assets applicable to common shareholders .................. $14,264,002
===========
Net asset value per share:
($14,264,002 \d 1,007,093 shares of common
stock issued and outstanding) ............................... $14.16
======
--------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NET INVESTMENT INCOME
Income
Interest and discount earned ............................... $ 633,018
-----------
Expenses
Investment advisory ........................................ 37,504
Administration ............................................. 10,922
Reports to shareholders .................................... 10,000
Auction agent .............................................. 9,000
Transfer agent ............................................. 7,500
Directors .................................................. 6,000
Legal ...................................................... 4,500
Independent accountants .................................... 4,000
Custodian .................................................. 2,000
Miscellaneous .............................................. 9,156
-----------
Total expenses ............................................. 100,582
-----------
Net investment income ......................................... 532,436
-----------
UNREALIZED LOSS ON INVESTMENTS
Net change in unrealized appreciation on
investments .................................................. (163,399)
-----------
NET INCREASE IN NET INVESTMENT ASSETS
RESULTING FROM OPERATIONS ..................................... $ 369,037
===========
See Notes to Financial Statements.
7
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS (UNAUDITED)
--------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
2000 1999
----------- -----------
INCREASE (DECREASE) IN INVESTMENT ASSETS
OPERATIONS:
Net investment income ........................... $ 532,436 $ 1,054,501
Net realized gain on investments ................ -- 42,400
Net change in unrealized appreciation
on investments ................................. (163,399) (1,146,734)
----------- -----------
Net increase (decrease) in net investment
assets resulting from operations ............... 369,037 (49,833)
DIVIDENDS:
To common shareholders from net
investment income .............................. (426,714) (883,630)
To preferred shareholders from net
investment income .............................. (117,178) (222,879)
----------- -----------
Total dividends ................................. (543,892) (1,106,509)
----------- -----------
Total decrease ................................. (174,855) (1,156,342)
NET INVESTMENT ASSETS
Beginning of period .............................. 21,938,857 23,095,199
----------- -----------
End of period (net of undistributed net
investment income of $12,973 and
$24,429, respectively) .......................... $21,764,002 $21,938,857
=========== ===========
See Notes to Financial Statements.
8
<PAGE>
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THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, -----------------------------------------------------------
2000 1999 1998 1997 1996 1995
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period .............. $ 14.34 $ 15.49 $ 14.77 $ 14.20 $ 13.85 $ 11.74
------- ------- ------- ------- ------- -------
Net investment income ............................ .53 1.05 1.05 1.07 1.08 1.05
Net realized and unrealized gain (loss)
on investments ................................. (.17) (1.10) .79 .61 .33 2.12
------- ------- ------- ------- ------- -------
Net increase (decrease) from investment
operations ..................................... .36 (0.05) 1.84 1.68 1.41 3.17
------- ------- ------- ------- ------- -------
Dividends and Distributions:
Dividends from net investment income to:
Common shareholders ............................ (.42) (.88) (.88) (.87) (.80) (.79)
Preferred shareholders ......................... (.12) (.22) (.24) (.24) (.25) (.27)
Distributions in excess of net realized
gains on investments to:
Common shareholders ............................ -- -- -- ** (.01) --
Preferred shareholders ......................... -- -- -- ** ** --
------- ------- ------- ------- ------- -------
Total dividends and distributions ................. (.54) (1.10) (1.12) (1.11) (1.06) (1.06)
------- ------- ------- ------- ------- -------
Net asset value, end of period* ................... 14.16 $ 14.34 $ 15.49 $ 14.77 $ 14.20 $ 13.85
======= ======= ======= ======= ======= =======
Per share market value, end of period* ............ $ 13.75 $ 15.50 $16.125 $ 15.00 $ 13.50 $12.625
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN+: ......................... (8.73)% 1.52% 13.70% 17.98% 13.80% 26.86%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS:
Expenses++ ........................................ 1.38%+++ 1.34% 1.36% 1.32% 1.42% 1.52%
Net investment income before preferred
stock dividends++ ............................... 7.46%+++ 6.95% 6.93% 7.48% 7.78% 8.24%
Preferred stock dividends ......................... 1.64%+++ 1.47% 1.60% 1.70% 1.82% 2.09%
Net investment income available to common
shareholders .................................... 5.82%+++ 5.48% 5.33% 5.78% 5.96% 6.15%
SUPPLEMENTAL DATA:
Average net assets of common shareholders
(in thousands) .................................. $14,343 $15,170 $15,265 $14,445 $13,996 $12,892
Portfolio turnover ................................ 0% 4% 0% 28% 72% 149%
Net assets of common shareholders, end
of period (in thousands) ........................ $14,264 $14,439 $15,595 $14,873 $14,296 $13,946
Asset coverage per share of preferred
stock, end of period ............................ $72,557 $73,138 $76,990 $74,583 $72,654 $71,485
Preferred stock outstanding (in thousands) ........ $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
</TABLE>
----------
* Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on 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.
+ Total investment return is calculated assuming a purchase of common stock at
the current market price on the first day and a sale at the current market
price on the last day of the period reported. Dividends and distributions,
if any, 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 return
for periods less than one full year is not annualized.
++ Ratios are calculated on the basis of income and expenses 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.
9
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK CALIFORNIA INVESTMENT
QUALITY MUNICIPAL TRUST INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
NOTE 1. ORGANIZATION & ACCOUNTING POLICIES
The BlackRock California Investment Quality Municipal Trust Inc. (the "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 investment 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 dealers or pricing services approved by the Trust's Board of
Directors. In determining the value of a particular security, pricing services
may use certain information with respect to transactions in such securities,
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 60 days or less are valued at
amortized cost, if their term to maturity from date of purchase is 60 days or
less. Short-term securities with a term to maturity greater than 60 days from
the date of purchase are valued at current market quotations until maturity or
disposition.
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 discount or amortizes
premium on securities purchased using the interest method.
FEDERAL INCOME TAXES: It is the Trust's intention to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute sufficient 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.
DEFERRED COMPENSATION PLAN: Under a deferred compensation plan approved by the
Board of Directors on February 24, 2000, non-interested Directors may elect to
defer receipt of all or a portion of their annual compensation.
Deferred amounts earn a return as though equivalent dollar amounts had been
invested in common shares of other BlackRock funds selected by the Directors.
This has the same economic effect as if the Directors had invested the deferred
amounts in such other BlackRock funds.
The deferred compensation plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of the Trust. The
Trust may, however, elect to invest in common shares of those funds selected by
the Directors in order to match its deferred compensation obligations.
NOTE 2. AGREEMENTS
The Trust has an Investment Advisory Agreement with BlackRock Advisors, Inc.,
(the "Advisor"), a wholly-owned subsidiary of BlackRock Advisors, Inc., which is
a wholly-owned subsidiary of BlackRock, Inc., which in turn is an indirect
majority-owned subsidiary of PNC Financial Services Group, Inc. The Trust has an
Administration Agreement with Prudential Investments Fund Management LLC
("PIFM"), a wholly-owned subsidiary of The Prudential Insurance Company of
America.
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The investment advisory fee paid to the Advisor 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 Advisor provides continuous supervision of
the investment portfolio and pays the compensation of officers of the Trust who
are affiliated persons of the Advisor. PIFM pays occupancy and certain clerical
and accounting costs of the Trust. The Trust bears all other costs and expenses.
NOTE 3. PORTFOLIO SECURITIES
Purchase and sales of invest ment securities, other than short-term investments,
for the period ended April 30, 2000 aggregated $642,250 and $45,000,
respectively.
The federal income tax basis of the Trust's investments at April 30, 2000
was substantially the same as the basis for financial reporting purposes and,
accordingly, net and gross unrealized appreciation was $1,120,160.
For federal income tax purposes, the Trust had a capital loss carryforward
at October 31, 1999 of approximately $773,000 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. The
Trust may classify or reclassify any unissued shares of common stock into one or
more series of preferred stock. Of the 1,007,093 common shares outstanding at
April 30, 2000, the Advisor owned 7,093 shares. As of April 30, 2000 there were
300 shares of Preferred Stock Series W7 outstanding.
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 2.5% to 4.38%
during the period ended April 30, 2000.
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 stock, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the preferred
stock 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, 2000, the Board of Directors of the Trust declared a
dividend from undistributed earnings of $0.065625 per common share payable June
1, 2000 to shareholders of record on May 15, 2000.
For the period May 1, 2000 to May 31, 2000, dividends declared on Preferred
Stock totalled $26,912 in aggregate for the outstanding Preferred Stock.
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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 under 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.
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THE BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST INC.
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
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 18, 2000 to vote on
the following matters:
(1) To elect three Directors as follows:
DIRECTOR CLASS TERM EXPIRING
-------- ----- ---- --------
Andrew F. Brimmer ................... III 3 years 2003
Kent Dixon .......................... III 3 years 2003
Laurence D. Fink .................... III 3 years 2003
Directors whose term of office continues beyond this meeting are Richard
E. Cavanagh, Frank J. Fabozzi, James Clayburn La Force, Jr., Walter F.
Mondale and Ralph L. Schlosstein.
(2) To ratify the selection of Deloitte & Touche LLP as independent public
accountants of the Trust for the fiscal year ending October 31, 2000.
Shareholders elected the three Directors and ratified the selection of
Deloitte & Touche LLP. The results of the voting was as follows:
VOTES VOTES
FOR AGAINST ABSTENTIONS
--- ------- -----------
Andrew F. Brimmer ....................... 661,081 -- 285,006
Kent Dixon .............................. 661,281 -- 284,806
Laurence D. Fink ........................ 661,281 -- 284,806
Ratification of Deloitte & Touche LLP ... 931,423 4,476 10,188
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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 Advisors, Inc. (the "Advisor") is an SEC-registered investment
advisor. As of March 31, 2000, the Advisor and its affiliates (together,
"BlackRock") managed $173 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-two closed-end funds that are traded on either the New
York or American stock exchanges, and a $29 billion family of open-end funds.
BlackRock manages over 590 accounts, 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
Advisor. 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 ADVISOR'S INVESTMENT STRATEGY?
The Advisor 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 Advisor actively manages the assets in relation to market
conditions and interest rate changes. Depending on yield and portfolio
allocation considerations, the Advisor 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. 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 first 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.
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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 the Advisor
consider that reduction to be in the best interests of the Trust. The Advisor'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 the issuance of 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.
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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 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.
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BLACKROCK ADVISORS, INC.
SUMMARY OF CLOSED-END FUNDS
--------------------------------------------------------------------------------
TAXABLE TRUSTS
--------------------------------------------------------------------------------
STOCK MATURITY
SYMBOL DATE
PERPETUAL TRUSTS ------ --------
The BlackRock Income Trust Inc. BKT N/A
The BlackRock North American Government Income Trust Inc. BNA N/A
The BlackRock High Yield Trust BHY N/A
TERM TRUSTS
The BlackRock Target Term Trust Inc. BTT 12/00
The BlackRock 2001 Term Trust Inc. BTM 06/01
The BlackRock Strategic Term Trust Inc. BGT 12/02
The BlackRock Investment Quality Term Trust Inc. BQT 12/04
The BlackRock Advantage Term Trust Inc. BAT 12/05
The BlackRock Broad Investment Grade 2009 Term Trust Inc. BCT 12/09
TAX-EXEMPT TRUSTS
--------------------------------------------------------------------------------
STOCK MATURITY
SYMBOL DATE
PERPETUAL TRUSTS ------ --------
The BlackRock Investment Quality Municipal Trust Inc. BKN N/A
The BlackRock California Investment Quality Municipal Trust Inc. RAA N/A
The BlackRock Florida Investment Quality Municipal Trust RFA N/A
The BlackRock New Jersey Investment Quality Municipal Trust Inc. RNJ N/A
The BlackRock New York Investment Quality Municipal Trust Inc. RNY N/A
The BlackRock Pennsylvania Strategic Municipal Trust BPS N/A
The BlackRock Strategic Municipal Trust BSD N/A
TERM TRUSTS
The BlackRock Municipal Target Term Trust Inc. BMN 12/06
The BlackRock Insured Municipal 2008 Term Trust Inc. BRM 12/08
The BlackRock California Insured Municipal 2008 Term Trust Inc. BFC 12/08
The BlackRock Florida Insured Municipal 2008 Term Trust BRF 12/08
The BlackRock New York Insured Municipal 2008 Term Trust Inc. BLN 12/08
The BlackRock Insured Municipal Term Trust Inc. BMT 12/10
IF YOU WOULD LIKE FURTHER INFORMATION PLEASE DO NOT HESITATE TO CALL
BLACKROCK AT (800) 227-7BFM (7236) OR CONSULT WITH YOUR FINANCIAL ADVISOR.
17
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BLACKROCK ADVISORS, INC.
AN OVERVIEW
--------------------------------------------------------------------------------
BlackRock Advisors, Inc. (the "Advisor") is an SEC-registered investment
advisor. As of March 31, 2000, the Advisor and its affiliates (together,
"BlackRock") managed $173 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. BlackRock manages twenty-two
closed-end funds that are traded on either the New York or American stock
exchanges, and a $29 billion family of open-end funds. BlackRock manages over
590 accounts, domiciled in the United States and overseas.
BlackRock's fixed income product was introduced in 1988 by a team of highly
seasoned fixed income professionals. These professionals had extensive
experience creating, analyzing and trading a variety of fixed income
instruments, including the most complex structured securities. In fact, several
individuals at BlackRock were responsible for developing many of the major
innovations in the mortgage-backed and asset-backed securities markets,
including the creation of the first CMO, the floating rate CMO, the
senior/subordinated pass-through and the multi-class asset-backed security.
BlackRock is unique among asset management and advisory firms in the
emphasis it places on the development of proprietary analytical capabilities.
Over one quarter of the firm's professionals is dedicated to the design,
maintenance and use of these systems, which are not otherwise available to
investors. BlackRock's proprietary analytical tools are used for evaluating, and
designing fixed income investment strategies for client portfolios. Securities
purchased include mortgages, corporate bonds, municipal bonds and a variety of
hedging instruments.
BlackRock has developed investment products that respond to investors' needs
and has been responsible for several major innovations in closed-end funds. In
fact, BlackRock introduced the first closed-end mortgage fund, the first taxable
and tax-exempt closed-end funds to offer a finite term, the first closed-end
fund to achieve a AAA rating by Standard & Poor's, and the first closed-end fund
to invest primarily in North American Government securities. Currently,
BlackRock's closed-end funds have dividend reinvestment plans, which are
designed to provide ongoing demand for the stock in the secondary market.
BlackRock manages a wide range of investment vehicles, each having specific
investment objectives and policies.
In view of our continued desire to provide a high level of service to all
our shareholders, BlackRock maintains a toll-free number for your questions. The
number is (800) 227-7BFM (7236). We encourage you to call us with any questions
that you may have about your BlackRock funds and we thank you for the continued
trust that you place in our abilities.
IF YOU WOULD LIKE FURTHER INFORMATION
PLEASE DO NOT HESITATE TO CALL BLACKROCK AT (800) 227-7BFM
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---------
BlackRock
---------
DIRECTORS
Laurence D. Fink, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
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 ADVISOR
BlackRock Advisors, Inc.
400 Bellevue Parkway
Wilmington, DE 19809
(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
Deutsche Bank
4 Albany Street
New York, NY 10006
INDEPENDENT ACCOUNTANTS
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434
LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036
LEGAL COUNSEL - INDEPENDENT DIRECTORS
Debevoise & Plimpton
875 Third Avenue
New York, NY 10022
The accompanying financial statements as of April 30, 2000 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
[RECYCLE LOGO] Printed on recycled paper 09247U-10-7
09247F-10-0
---------
BlackRock
The ---------
California
Investment Quality
Municipal Trust Inc.
--------------------
Semi-annual Report
April 30, 2000
[GRAPHIC OMITTED]
