|
|
|
Report of Independent Registered Public Accounting
Firm
|
To the Shareholders and Board of Trustees/Directors of
BlackRock California Investment Quality Municipal Trust Inc.,
BlackRock California
Municipal Income Trust,
BlackRock Florida Municipal 2020 Term Trust,
BlackRock
Investment Quality Municipal Income Trust,
BlackRock Municipal Income
Investment Trust,
BlackRock New Jersey Investment Quality Municipal Trust Inc.,
BlackRock New Jersey Municipal Income Trust,
BlackRock New York Investment
Quality Municipal Trust Inc., and BlackRock New York Municipal Income Trust
(collectively, the Trusts):
We have audited the
accompanying statements of assets and liabilities, including the schedules of investments,
of BlackRock California Investment Quality Municipal Trust Inc., BlackRock
California Municipal Income Trust, BlackRock Investment Quality Municipal
Income Trust (formerly BlackRock Florida Investment Quality Municipal Trust),
BlackRock Municipal Income Investment Trust (formerly BlackRock Florida
Municipal Income Trust), BlackRock New Jersey Investment Quality Municipal
Trust Inc., BlackRock New Jersey Municipal Income Trust, BlackRock New York
Investment Quality Municipal Trust Inc., and BlackRock New York Municipal
Income Trust as of July 31, 2009, and the related statements of operations for
the year then ended, the statements of changes in net assets for the year then
ended, for the period November 1, 2007 to July 31, 2008, and for the year ended
October 31, 2007, the financial highlights for the respective periods
presented, and the statement of cash flows for BlackRock California Municipal
Income Trust for the year then ended. We have also audited the accompanying
statement of assets and liabilities, including the schedule of investments, of
BlackRock Florida Municipal 2020 Term Trust as of July 31, 2009, and the
related statement of operations for the year then ended, the statements of
changes in net assets for the year then ended, for the period January 1, 2008
to July 31, 2008, and for the year ended December 31, 2007, and the financial
highlights for the respective periods presented. These financial statements and
financial highlights are the responsibility of the Trusts management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. The Trusts are not
required to have, nor were we engaged to perform, an audit of their internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trusts internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of July 31, 2009, by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial
statements and financial highlights referred to above present fairly, in all
material respects, the financial position of BlackRock California Investment
Quality Municipal Trust Inc., BlackRock California Municipal Income Trust,
BlackRock Investment Quality Municipal Income Trust, BlackRock Municipal Income
Investment Trust, BlackRock New Jersey Investment Quality Municipal Trust Inc.,
BlackRock New Jersey Municipal Income Trust, BlackRock New York Investment
Quality Municipal Trust Inc., and BlackRock New York Municipal Income Trust as
of July 31, 2009, the results of their operations for the year then ended, the
statements of changes in net assets for the year then ended, for the period
November 1, 2007 to July 31, 2008, and for the year ended October 31, 2007, the
financial highlights for the respective periods presented, and the statement of
cash flows for BlackRock California Municipal Income Trust for the year then
ended, in conformity with accounting principles generally accepted in the
United States of America. Additionally, in our opinion, the financial
statements and financial highlights referred to above present fairly, in all
material respects, the financial position of BlackRock Florida Municipal 2020
Term Trust as of July 31, 2009, the results of its operations for the year then
ended, the statements of changes in net assets for the year then ended, for the
period January 1, 2008 to July 31, 2008, and for the year ended December 31,
2007, and the financial highlights for the respective periods presented, in
conformity with accounting principles generally accepted in the United States
of America.
Deloitte & Touche LLP
Princeton, New Jersey
September 28, 2009
|
|
Important
Tax Information (Unaudited)
|
|
The following table
summarizes the taxable per share distributions paid by BlackRock New York
Investment Quality Municipal Trust Inc. during the taxable year ended July 31,
2009.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Record
Date
|
|
Payable
Date
|
|
Long-Term
Capital Gains
|
|
|
Common Shares
|
|
|
|
12/15/08
|
|
|
|
|
12/31/08
|
|
|
|
$
|
0.005106
|
|
|
Preferred Shares Series
F7
|
|
|
|
12/12/08
|
|
|
|
|
12/15/08
|
|
|
|
$
|
7.180000
|
|
|
|
All of the net investment
income distributions paid by BlackRock California Investment Quality Municipal
Trust Inc., BlackRock California Municipal Income Trust, BlackRock Florida
Municipal 2020 Term Trust, BlackRock Investment Quality Municipal Income Trust,
BlackRock Municipal Income Investment Trust, BlackRock New Jersey Investment
Quality Municipal Trust Inc., BlackRock New Jersey Municipal Income Trust,
BlackRock New York Investment Quality Municipal Trust Inc. and BlackRock New
York Municipal Income Trust during the taxable year ended July 31, 2009 qualify
as tax-exempt interest dividends for federal income tax purposes.
|
|
|
|
|
|
ANNUAL REPORT
|
JULY 31, 2009
|
65
|
|
|
|
D
isclosure of Investment Advisory
Agreements and Sub-Advisory Agreements
|
The Board of Directors or the
Board of Trustees, as the case may be (each, a Board and, collectively, the
Boards, the members of which are referred to as Board Members) of each of
BlackRock California Investment Quality Municipal Trust, Inc. (RAA),
BlackRock California Municipal Income Trust (BFZ), BlackRock Florida
Municipal 2020 Term Trust (BFO), BlackRock Investment Quality Municipal
Income Trust (RFA), BlackRock Municipal Income Investment Trust (BBF),
BlackRock New Jersey Investment Quality Municipal Trust, Inc. (RNJ),
BlackRock New Jersey Municipal Income Trust (BNJ), BlackRock New York
Investment Quality Municipal Trust, Inc. (RNY), BlackRock New York Municipal
Income Trust (BNY and, together with RAA, BFZ, BFO, RFA, BBF, RNJ, BNJ and
RNY, each a Fund and, collectively, the Funds) met on April 14, 2009 and
May 28 29, 2009 to consider the approval of its respective Funds investment
advisory agreement (each, an Advisory Agreement) with BlackRock Advisors, LLC
(the Manager), the Funds investment advisor. Each Board also considered the
approval of the sub-advisory agreement (each, a Sub-Advisory Agreement)
between its respective Fund, the Manager and BlackRock Financial Management,
Inc. (the Sub-Advisor). The Manager and the Sub-Advisor are referred to
herein as BlackRock. The Advisory Agreements and the Sub-Advisory Agreements
are referred to herein as the Agreements. Unless otherwise indicated,
references to actions taken by the Board or the Boards shall mean each
Board acting independently with respect to its respective Fund.
Activities and Composition of the Boards
Each Board consists of twelve
individuals, ten of whom are not interested persons as defined in the
Investment Company Act of 1940, as amended (the 1940 Act) (the Independent
Board Members). The Board Members of each Fund are responsible for the
oversight of the operations of such Fund and perform the various duties imposed
on the directors of investment companies by the 1940 Act. The Independent Board
Members have retained independent legal counsel to assist them in connection
with their duties. The Chairman of each Board is an Independent Board Member.
Each Board has established five standing committees: an Audit Committee, a
Governance and Nominating Committee, a Compliance Committee, a Performance
Oversight Committee and an Executive Committee, each of which is composed of
Independent Board Members (except for the Executive Committee, which has one
interested Board Member) and is chaired by an Independent Board Member. In
addition, each Board has established an Ad Hoc Committee on Auction Market
Preferred Shares.
The Agreements
Pursuant to the 1940 Act,
each Board is required to consider the continuation of the Agreements on an
annual basis. In connection with this process, each Board assessed, among other
things, the nature, scope and quality of the services provided to its
respective Fund by the personnel of BlackRock and its affiliates, including
investment management, administrative services, shareholder services, oversight
of fund accounting and custody, marketing services and assistance in meeting
legal and regulatory requirements.
Throughout the year, the
Boards, acting directly and through their committees, considers at each of
their meetings factors that are relevant to their annual consideration of the
renewal of the Agreements, including the services and support provided by
BlackRock to the Funds and their shareholders. Among the matters the Boards
considered were: (a) investment performance for one-, three- and five-year
periods, as applicable, against peer funds, and applicable benchmarks, if any,
as well as senior management and portfolio managers analysis of the reasons
for any underperformance against its peers; (b) fees, including advisory fees,
administration fees with respect to RNJ, RAA, RFA and RNY, and other amounts
paid to BlackRock and its affiliates by the Funds for services such as call
center and fund accounting; (c) the Funds operating expenses; (d) the
resources devoted to, and compliance reports relating to, the Funds investment
objectives, policies and restrictions; (e) the Funds compliance with their
Code of Ethics and compliance policies and procedures; (f) the nature, cost and
character of non-investment management services provided by BlackRock and its
affiliates; (g) BlackRocks and other service providers internal controls; (h)
BlackRocks implementation of the proxy voting policies approved by the Boards;
(i) execution quality of portfolio transactions; (j) BlackRocks implementation
of the Funds valuation and liquidity procedures; and (k) periodic updates on
BlackRocks business.
Board Considerations in Approving the Agreements
The Approval Process:
Prior to the April 14, 2009 meeting, each
Board requested and received materials specifically relating to the Agreements.
Each Board is engaged in an ongoing process with BlackRock to continuously
review the nature and scope of the information provided to better assist their
deliberations. The materials provided in connection with the April meeting
included: (a) information independently compiled and prepared by Lipper, Inc.
(Lipper) on Fund fees and expenses, and the investment performance of each
Fund as compared with a peer group of funds as determined by Lipper and a
customized peer group selected by BlackRock, as applicable (collectively,
Peers); (b) information on the profitability of the Agreements to BlackRock
and a discussion of fall-out benefits to BlackRock and its affiliates and
significant shareholders; (c) a general analysis provided by BlackRock
concerning investment advisory fees charged to other clients, such as
institutional and open-end funds, under similar investment mandates, as well as
the performance of such other clients; (d) the impact of economies of scale;
(e) a summary of aggregate amounts paid by each Fund to BlackRock; and (f) an
internal comparison of management fees classified by Lipper, if applicable.
At an in-person meeting held
on April 14, 2009, each Board reviewed materials relating to its consideration
of the Agreements. As a result of the discussions that occurred during the
April 14, 2009 meeting, the Boards presented BlackRock with questions and requests
for additional information and BlackRock responded to these requests with
additional written information in advance of the May 28 29, 2009 Board
meeting.
At an in-person meeting held
on May 28 29, 2009, each Funds Board, including the Independent Board
Members, unanimously approved the continuation of the Advisory Agreement
between the Manager and such Fund and the Sub-Advisory Agreement between such
Fund, the Manager and the Sub-Advisor, each for a one-year term ending June 30,
2010. The Boards considered all factors they believed relevant with respect to
the Funds, including, among other factors: (a) the nature, extent and quality
of the
|
|
|
|
|
|
66
|
ANNUAL REPORT
|
JULY 31, 2009
|
|
|
|
Disclosure of Investment Advisory Agreements and
Sub-Advisory Agreements (continued)
|
services provided by
BlackRock; (b) the investment performance of the Funds and BlackRock portfolio
management; (c) the advisory fee and the cost of the services and profits to be
realized by BlackRock and certain affiliates from the relationship with the
Funds; (d) economies of scale; and (e) other factors.
Each Board also considered
other matters it deemed important to the approval process, such as services
related to the valuation and pricing of its respective Funds portfolio holdings,
direct and indirect benefits to BlackRock and its affiliates from their
relationship with such Fund and advice from independent legal counsel with
respect to the review process and materials submitted for the Boards review.
The Boards noted the willingness of BlackRock personnel to engage in open,
candid discussions with the Boards. The Boards did not identify any particular
information as controlling, and each Board Member may have attributed different
weights to the various items considered.
A. Nature, Extent and Quality of the Services:
Each Board, including its Independent Board
Members, reviewed the nature, extent and quality of services provided by
BlackRock, including the investment advisory services and the resulting
performance of its respective Fund. Throughout the year, each Board compared
its respective Funds performance to the performance of a comparable group of
closed-end funds, and the performance of at least one relevant benchmark, if
any. The Boards met with BlackRocks senior management personnel responsible
for investment operations, including the senior investment officers. Each Board
also reviewed the materials provided by its respective Funds portfolio
management team discussing such Funds performance and such Funds investment
objective, strategies and outlook.
Each Board considered, among
other factors, the number, education and experience of BlackRocks investment
personnel generally and its respective Funds portfolio management team,
investments by portfolio managers in the funds they manage, BlackRocks
portfolio trading capabilities, BlackRocks use of technology, BlackRocks
commitment to compliance and BlackRocks approach to training and retaining
portfolio managers and other research, advisory and management personnel. Each
Board also reviewed a general description of BlackRocks compensation structure
with respect to its respective Funds portfolio management team and BlackRocks
ability to attract and retain high-quality talent.
In addition to advisory
services, each Board considered the quality of the administrative and
non-investment advisory services provided to its respective Fund. BlackRock and
its affiliates provide the Funds with certain administrative and other services
(in addition to any such services provided to the Funds by third parties) and
officers and other personnel as are necessary for the operations of the Funds.
In addition to investment advisory services, BlackRock and its affiliates
provide the Funds with other services, including: (i) preparing disclosure
documents, such as the prospectus and the statement of additional information
in connection with the initial public offering and periodic shareholder
reports; (ii) preparing communications with analysts to support secondary
market trading of the Funds; (iii) assisting with daily accounting and pricing;
(iv) preparing periodic filings with regulators and stock exchanges; (v)
overseeing and coordinating the activities of other service providers; (vi)
organizing Board meetings and preparing the materials for such Board meetings;
(vii) providing legal and compliance support; and (viii) performing other
administrative functions necessary for the operation of the Funds, such as tax
reporting, fulfilling regulatory filing requirements, and call center services.
The Boards reviewed the structure and duties of BlackRocks fund
administration, accounting, legal and compliance departments and considered
BlackRocks policies and procedures for assuring compliance with applicable
laws and regulations.
B. The Investment Performance of the Funds and BlackRock:
Each Board, including its Independent Board
Members, also reviewed and considered the performance history of its respective
Fund. In preparation for the April 14, 2009 meeting, the Boards were provided
with reports, independently prepared by Lipper, which included a comprehensive
analysis of each Funds performance. The Boards also reviewed a narrative and
statistical analysis of the Lipper data that was prepared by BlackRock, which
analyzed various factors that affect Lippers rankings. In connection with its
review, each Board received and reviewed information regarding the investment
performance of its respective Fund as compared to a representative group of
similar funds as determined by Lipper and to all funds in such Funds
applicable Lipper category and customized peer group selected by BlackRock, as
applicable. Each Board was provided with a description of the methodology used
by Lipper to select peer funds. Each Board regularly reviews the performance of
its respective Fund throughout the year.
The Board of RAA noted that
RAA performed below the median of its customized Lipper peer group composite in
the one-, three- and five-year periods reported. The Board of RAA and BlackRock
reviewed the reasons for RAAs underperformance during these periods compared
with its Peers. The Board of RAA was informed that, among other things,
although RAAs non-competitive yield distribution continues to hinder
performance, progress has been made with respect to RAAs duration management
and credit selection components.
The Board of BFO noted that
BFO performed below the median of its Lipper performance universe composite in
the one- and three-year periods reported and BFO performed above the median of
its Lipper performance universe composite in the five-year period reported. The
Board of BFO and BlackRock reviewed the reasons for BFOs underperformance
during these periods compared with its Peers. The Board of BFO was informed
that, among other things, performance was heavily influenced by BFOs sector
allocation with volatile market movement last year.
The Board of RFA noted that
RFA performed below the median of its customized Lipper peer group composite in
the one-, three- and five-year periods reported. The Board of RFA and BlackRock
reviewed the reasons for RFAs underperformance during these periods compared
with its Peers. The Board of RFA was informed that, among other things,
overweight positions in the hospital and housing sectors and poor performance
of some insured and AMT bonds held by RFA negatively impacted RFAs
performance.
The Board of RNJ noted that
RNJ performed below the median of its Lipper performance universe composite in
the three- and five-year periods reported and RNJ performed above the median of
its Lipper performance universe
|
|
|
|
ANNUAL REPORT
|
JULY 31, 2009
|
67
|
|
|
|
Disclosure of Investment Advisory Agreements and
Sub-Advisory Agreements (continued)
|
composite in the one-year
period reported. The Board of RNJ and BlackRock reviewed the reasons for RNJs
underperformance during these periods compared with its Peers. The Board of RNJ
was informed that, among other things, RNJs overweight positions in the
hospital and housing sectors and poor performance of some insured and AMT bonds
held by RNJ negatively impacted RNJs performance.
For RAA, BFO, RFA and RNJ,
the Board of each respective Fund and BlackRock discussed BlackRocks
commitment to providing the resources necessary to assist the portfolio
managers and to improve each such Funds performance.
The Boards of BFZ, BBF, RNY
and BNY noted that, in general, BFZ, BBF, RNY and BNY performed better than
their respective Peers in that the performance of each of BFZ, BBF, RNY and BNY
were at or above the median of their respective customized Lipper peer group
composite in each of the one-, three- and five-year periods reported.
The Board of BNJ noted that,
in general, BNJ performed better than its Peers in that BNJs performance was
at or above the median of its Lipper performance universe composite in each of
the one-, three- and five-year periods reported.
C. Consideration of the Advisory Fees and the Cost of the
Services and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Funds
: Each Board, including its Independent Board Members, reviewed its
respective Funds contractual advisory fee rates compared with the other funds
in its respective Lipper category. Each Board also compared its respective
Funds total expenses, as well as actual management fees, to those of other
comparable funds. Each Board considered the services provided and the fees
charged by BlackRock to other types of clients with similar investment
mandates, including separately managed institutional accounts.
The Boards received and
reviewed statements relating to BlackRocks financial condition and
profitability with respect to the services it provided the Funds. The Boards
were also provided with a profitability analysis that detailed the revenues
earned and the expenses incurred by BlackRock for services provided to the
Funds. The Boards reviewed BlackRocks profitability with respect to the Funds
and other funds the Boards currently oversee for the year ended December 31,
2008 compared to available aggregate profitability data provided for the year
ended December 31, 2007. The Boards reviewed BlackRocks profitability with
respect to other fund complexes managed by the Manager and/or its affiliates.
The Boards reviewed BlackRocks assumptions and methodology of allocating
expenses in the profitability analysis, noting the inherent limitations in
allocating costs among various advisory products. The Boards recognized that
profitability may be affected by numerous factors including, among other
things, fee waivers by the Manager, the types of funds managed, expense
allocations and business mix, and therefore comparability of profitability is
somewhat limited.
The Boards noted that, in
general, individual fund or product line profitability of other advisors is not
publicly available. Nevertheless, to the extent such information is available,
the Boards considered BlackRocks overall operating margin compared to the
operating margin for leading investment management firms whose operations
include advising closed-end funds, among other product types. The comparison
indicated that operating margins for BlackRock with respect to its registered
funds are consistent with margins earned by similarly situated publicly traded
competitors. In addition, the Boards considered, among other things, certain
third-party data comparing BlackRocks operating margin with that of other
publicly-traded asset management firms, which concluded that larger asset bases
do not, in themselves, translate to higher profit margins.
In addition, the Boards
considered the cost of the services provided to the Funds by BlackRock, and
BlackRocks and its affiliates profits relating to the management and
distribution of the Funds and the other funds advised by BlackRock and its
affiliates. As part of their analysis, the Boards reviewed BlackRocks
methodology in allocating its costs to the management of the Funds. The Boards
also considered whether BlackRock has the financial resources necessary to
attract and retain high-quality investment management personnel to perform its
obligations under the Agreements and to continue to provide the high quality of
services that is expected by the Boards.
Each Board noted that its
respective Fund paid contractual management fees, which do not take into
account any expense reimbursement or fee waivers, lower than or equal to the
median contractual management fees paid by such Funds Peers.
D. Economies of Scale:
Each Board, including its Independent Board
Members, considered the extent to which economies of scale might be realized as
the assets of its respective Fund increase and whether there should be changes
in the advisory fee rate or structure in order to enable such Fund to
participate in these economies of scale, for example through the use of
breakpoints in the advisory fee based upon the assets of such Fund. The Boards
considered that the funds in the BlackRock fund complex share some common
resources and, as a result, an increase in the overall size of the complex
could permit each fund to incur lower expenses than it would otherwise as a
stand-alone entity. The Boards also considered BlackRocks overall operations
and its efforts to expand the scale of, and improve the quality of, its
operations.
The Boards noted that most
closed-end fund complexes do not have fund level breakpoints because closed-end
funds generally do not experience substantial growth after the initial public
offering and each fund is managed independently consistent with its own
investment objectives. The Boards noted that only one closed-end fund in the
Fund Complex has breakpoints in its fee structure. Information provided by
Lipper also revealed that only one closed-end fund complex used a complex-level
breakpoint structure.
E. Other Factors:
The Boards also took into account other ancillary or fallout benefits
that BlackRock or its affiliates and significant shareholders may derive from
their relationship with the Funds, both tangible and intangible, such as
BlackRocks ability to leverage its investment professionals who manage other
portfolios, an increase in BlackRocks profile in the investment advisory
community, and the engagement of BlackRocks affiliates as service providers to
the Funds, including for administrative and distribution services. The Boards
also noted that BlackRock may use third-party research obtained by soft dollars
generated by certain mutual fund transactions to assist itself in managing all
or a number of its other client accounts.
|
|
|
|
|
|
68
|
ANNUAL REPORT
|
JULY 31, 2009
|
|
|
|
Disclosure of Investment Advisory Agreements and
Sub-Advisory Agreements (concluded)
|
In connection with their
consideration of the Agreements, the Boards also received information regarding
BlackRocks brokerage and soft dollar practices. The Boards received reports
from BlackRock, which included information on brokerage commissions and trade
execution practices throughout the year.
Conclusion
Each Board, including its
Independent Board Members, unanimously approved the continuation of the
Advisory Agreement between its respective Fund and the Manager for a one-year
term ending June 30, 2010 and the Sub-Advisory Agreement between such Fund, the
Manager and Sub-Advisor for a one-year term ending June 30, 2010. Based upon
its evaluation of all these factors in their totality, each Board, including
its Independent Board Members, was satisfied that the terms of the Agreements
were fair and reasonable and in the best interest of its respective Fund and
its shareholders. In arriving at a decision to approve the Agreements, each
Board did not identify any single factor or group of factors as all-important
or controlling, but considered all factors together, and different Board
Members may have attributed different weights to the various factors
considered. The Independent Board Members were also assisted by the advice of
independent legal counsel in making this determination. The contractual fee
arrangements for each Fund reflects the results of several years of review by
such Funds Board Members and predecessor Board Members, and discussions
between such Board Members (and predecessor Board Members) and BlackRock.
Certain aspects of the arrangements may be the subject of more attention in
some years than in others, and the Board Members conclusions may be based in
part on their consideration of these arrangements in prior years.
|
|
|
|
ANNUAL REPORT
|
JULY 31, 2009
|
69
|
|
|
|
A
utomatic Dividend Reinvestment
Plan
|
Pursuant to each Trusts
Dividend Reinvestment Plan (the Plan), common shareholders are automatically
enrolled to have all distributions of dividends and capital gains reinvested by
Computershare Trust Company, N.A. (the Plan Agent) in the respective Trusts
shares pursuant to the Plan. Shareholders who elect not to participate in the
Plan will receive all distributions in cash paid by check and 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 Plan Agent, which serves as agent for
the shareholders in administering the Plan.
At present, after Florida
2020 declares a dividend or determines to make a capital gain distribution, the
Plan Agent will acquire shares for the participants account, by the purchase
of outstanding shares on the open market, on the Trusts primary exchange or
elsewhere (open market purchases).
After the Investment Quality
Trusts and Income Trusts declare a dividend or determine to make a capital gain
distribution, the Plan Agent will acquire shares for the participants
accounts, depending upon the circumstances described below, either (i) through
receipt of unissued but authorized shares from the Trust (newly issued
shares) or (ii) by open market purchases. If, on the dividend payment date,
the net asset value per share (NAV) is equal to or less than the market price
per share plus estimated brokerage commissions (such condition being referred
to herein as market premium), the Plan Agent will invest the dividend amount
in newly issued shares on behalf of the participants. The number of newly
issued shares to be credited to each participants account will be determined
by dividing the dollar amount of the dividend by the NAV on the date the shares
are issued. However, if the NAV is less than 95% of the market price on the
payment date, the dollar amount of the dividend will be divided by 95% of the
market price on the payment date. If, on the dividend payment date, the NAV is
greater than the market value per share plus estimated brokerage commissions
(such condition being referred to herein as market discount), the Plan Agent
will invest the dividend amount in shares acquired on behalf of the
participants in open market purchases.
Participation in the Plan is
completely voluntary and may be terminated or resumed at any time without
penalty by notice if received and processed by the Plan Agent prior to the
dividend record date; otherwise such termination or resumption will be
effective with respect to any subsequently declared dividend or other
distribution.
The Plan Agents fees for the
handling of the reinvestment of dividends and distributions will be paid by
each Trust. However, each participant will pay a pro rata share of brokerage
commissions incurred with respect to the Plan Agents 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 income tax that may be payable on such dividends or distributions.
Each Trust reserves the right
to amend or terminate the Plan. There is no direct service charge to
participants in the Plan, however, each Trust reserves the right to amend the
Plan to include a service charge payable by the participants. Participants that
request a sale of shares through the Plan Agent are subject to a $2.50 sales
fee and a $0.15 per share sold brokerage commission. All correspondence
concerning the Plan should be directed to the Plan Agent at P.O. Box 43078,
Providence, RI 02940-3078 or by calling (800) 699-1BFM. All overnight
correspondence should be directed to the Plan Agent at 250 Royall Street,
Canton, MA 02021.
|
|
|
|
|
|
70
|
ANNUAL REPORT
|
JULY 31, 2009
|
|
|
|
|
|
|
|
|
|
|
|
Name, Address
and Year of Birth
|
|
Position(s)
Held with
Trusts
|
|
Length of
Time Served
as a Trustee
2
|
|
Principal Occupation(s) During Past
Five Years
|
|
Number of
BlackRock-
Advised Funds
and Portfolios
Overseen
|
|
Public Directorships
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interested
Trustees
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richard E. Cavanagh
40 East 52nd
Street
New York, NY 10022
1946
|
|
Chairman of
the Board
and Trustee
|
|
Since 1994
|
|
Trustee, Aircraft Finance Trust since 1999; Director,
The Guardian Life Insurance Company of America since 1998; Trustee,
Educational Testing Service from 1997 to 2009 and Chairman from 2005 to 2009;
Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996;
Adjunct Lecturer, Harvard University since 2007; President and Chief
Executive Officer of The Conference Board, Inc. (global business research
organization) from 1995 to 2007.
|
|
104 Funds
101 Portfolios
|
|
Arch Chemical (chemical and allied products)
|
|
|
|
|
|
|
|
|
|
|
|
Karen P. Robards
40 East 52nd
Street
New York, NY 10022
1950
|
|
Vice Chair
of the Board,
Chair of
the Audit
Committee
and Trustee
|
|
Since 2007
|
|
Partner of Robards & Company, LLC (financial
advisory firm) since 1987; Co-founder and Director of the Cooke Center for
Learning and Development, (a not-for-profit organization) since 1987;
Director of Enable Medical Corp. from 1996 to 2005.
|
|
104 Funds
101 Portfolios
|
|
AtriCure, Inc. (medical devices); Care Investment
Trust, Inc. (health care real estate investment trust)
|
|
|
|
|
|
|
|
|
|
|
|
G. Nicholas Beckwith, III
40 East 52nd
Street
New York, NY 10022
1945
|
|
Trustee
|
|
Since 2007
|
|
Chairman and Chief Executive Officer, Arch Street
Management, LLC (Beckwith Family Foundation) and various Beckwith property
companies since 2005; Chairman of the Board of Directors, University of
Pittsburgh Medical Center since 2002; Board of Directors, Shady Side Hospital
Foundation since 1977; Board of Directors, Beckwith Institute for Innovation
In Patient Care since 1991; Member, Advisory Council on Biology and Medicine,
Brown University since 2002; Trustee, Claude Worthington Benedum Foundation
(charitable foundation) since 1989; Board of Trustees, Chatham University
since 1981; Board of Trustees, University of Pittsburgh since 2002; Emeritus
Trustee, Shady Side Academy since 1977; Chairman and Manager, Penn West
Industrial Trucks LLC (sales, rental and servicing of material handling
equipment) from 2005 to 2007; Chairman, President and Chief Executive
Officer, Beckwith Machinery Company (sales, rental and servicing of
construction and equipment) from 1985 to 2005; Member of the Board of
Directors, National Retail Properties (REIT) from 2006 to 2007.
|
|
104 Funds
101 Portfolios
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
Kent Dixon
40 East 52nd
Street
New York, NY 10022
1937
|
|
Trustee and
Member of
the Audit
Committee
|
|
Since 1988
|
|
Consultant/Investor since 1988.
|
|
104 Funds
101 Portfolios
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
Frank J. Fabozzi
40 East 52nd
Street
New York, NY 10022
1948
|
|
Trustee and
Member of
the Audit
Committee
|
|
Since 1988
|
|
Consultant/Editor of The Journal of Portfolio
Management since 2006; Professor in the Practice of Finance and Becton
Fellow, Yale University, School of Management, since 2006; Adjunct Professor
of Finance and Becton Fellow, Yale University from 1994 to 2006.
|
|
104 Funds
101 Portfolios
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
Kathleen F. Feldstein
40 East 52nd
Street
New York, NY 10022
1941
|
|
Trustee
|
|
Since 2005
|
|
President of Economics Studies, Inc. (private
economic consulting firm) since 1987; Chair, Board of Trustees, McLean
Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of
the Board of Partners Community Healthcare, Inc. since 2005; Member of the
Corporation of Partners HealthCare since 1995; Trustee, Museum of Fine Arts,
Boston since 1992; Member of the Visiting Committee to the Harvard University
Art Museum since 2003.
|
|
104 Funds
101 Portfolios
|
|
The McClatchy Company (publishing)
|
|
|
|
|
|
|
|
|
|
|
|
James T. Flynn
40 East 52nd
Street
New York, NY 10022
1939
|
|
Trustee
|
|
Since 2007
|
|
Chief Financial Officer of JPMorgan & Co., Inc.
from 1990 to 1995.
|
|
104 Funds
101 Portfolios
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
Jerrold B. Harris
40 East 52nd
Street
New York, NY 10022
1942
|
|
Trustee
|
|
Since 2007
|
|
Trustee, Ursinus College since 2000; Director,
Troemner LLC (scientific equipment) since 2000.
|
|
104 Funds
101 Portfolios
|
|
BlackRock Kelso Capital Corp.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNUAL REPORT
|
JULY 31, 2009
|
71
|
|
|
|
Officers and Trustees (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Name, Address
and Year of Birth
|
|
Position(s)
Held with
Trusts
|
|
Length of
Time Served
as a Trustee
2
|
|
Principal Occupation(s) During Past
Five Years
|
|
Number of
BlackRock-
Advised Funds
and Portfolios
Overseen
|
|
Public Directorships
|
|
|
|
|
|
|
|
|
|
|
|
Non-Interested
Trustees
1
(concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R. Glenn Hubbard
40 East 52nd
Street
New York, NY 10022
1958
|
|
Trustee
|
|
Since 2004
|
|
Dean, Columbia Business School since 2004; Columbia
faculty member since 1988; Co-Director, Columbia Business Schools
Entrepreneurship Program from 1997 to 2004; Visiting Professor, John F.
Kennedy School of Government at Harvard University and the Harvard Business
School since 1985 and at the University of Chicago since 1994; Chairman, U.S.
Council of Economic Advisers under the President of the United States from
2001 to 2003.
|
|
104 Funds
101 Portfolios
|
|
ADP (data and information services); KKR Financial
Corporation (finance); Metropolitan Life Insurance Company (insurance)
|
|
|
|
|
|
|
|
|
|
|
|
W. Carl Kester
40 East 52nd
Street
New York, NY 10022
1951
|
|
Trustee and
Member of
the Audit
Committee
|
|
Since 2007
|
|
George Fisher Baker Jr. Professor of Business
Administration, Harvard Business School; Deputy Dean for Academic Affairs
since 2006; Unit Head, Finance, Harvard Business School from 2005 to 2006;
Senior Associate Dean and Chairman of the MBA Program of Harvard Business
School from 1999 to 2005; Member of the faculty of Harvard Business School
since 1981; Independent Consultant since 1978.
|
|
104 Funds
101 Portfolios
|
|
None
|
|
|
|
|
|
1
|
Trustees serve until their resignation, removal or
death, or until December 31 of the year in which they turn 72.
|
|
|
|
|
|
|
2
|
Date shown is the earliest date a person has served
for any of the Trusts covered by this annual report. Following the
combination of Merrill Lynch Investment Managers, L.P. (MLIM) and
BlackRock, Inc. (BlackRock) in September 2006, the various legacy MLIM and
legacy BlackRock Fund boards were realigned and consolidated into three new
Fund boards in 2007. As a result, although the chart shows trustees as
joining the Trusts board in 2007, each trustee first became a member of the
board of directors of other legacy MLIM or legacy BlackRock Funds as follows:
G. Nicholas Beckwith, III, 1999; Richard E. Cavanagh, 1994; Kent Dixon, 1988;
Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996;
Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995 and
Karen P. Robards, 1998.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interested
Trustees
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richard S. Davis
40 East 52nd
Street
New York, NY 10022
1945
|
|
Trustee
|
|
Since 2007
|
|
Managing Director, BlackRock, Inc. since 2005; Chief
Executive Officer, State Street Research & Management Company from 2000
to 2005; Chairman of the Board of Trustees, State Street Research Mutual
Funds from 2000 to 2005; Chairman, SSR Realty from 2000 to 2004.
|
|
173 Funds
283 Portfolios
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
Henry Gabbay
40 East 52nd
Street
New York, NY 10022
1947
|
|
Trustee
|
|
Since 2007
|
|
Consultant, BlackRock, Inc. from 2007 to 2008;
Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative
Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock
Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007;
Treasurer of certain closed-end Funds in the BlackRock fund complex from 1989
to 2006.
|
|
173 Funds
283 Portfolios.
|
|
None
|
|
|
|
|
|
|
3
|
Mr. Davis is an interested person, as defined in
the Investment Company Act of 1940, of the Trusts based on his position with
BlackRock, Inc. and its affiliates. Mr. Gabbay is an interested person of
the Trusts based on his former positions with BlackRock, Inc. and its
affiliates as well as his ownership of BlackRock, Inc. and PNC securities.
Trustees serve until their resignation, removal or death, or until December
31 of the year in which they turn 72.
|
|
|
|
|
|
|
72
|
ANNUAL REPORT
|
JULY 31, 2009
|
|
|
|
Officers and Trustees (concluded)
|
|
|
|
|
|
|
|
Name, Address
and Year of Birth
|
|
Position(s)
Held with
Trusts
|
|
Length of
Time
Served
|
|
Principal Occupation(s) During Past
Five Years
|
|
|
|
|
|
|
|
Trusts
Officers
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Donald C. Burke
40 East 52nd
Street
New York, NY 10022
1960
|
|
President
and Chief
Executive
Officer
|
|
Since 2007
|
|
Managing Director of BlackRock, Inc. since 2006;
Managing Director of Merrill Lynch Investment Managers, L.P. (MLIM) and
Fund Asset Management, L.P. (FAM) in 2006, First Vice President thereof
from 1997 to 2005, Treasurer thereof from 1999 to 2006 and Vice President
thereof from 1990 to 1997.
|
|
|
|
|
|
|
|
Anne F. Ackerley
40 East 52nd
Street
New York, NY 10022
1962
|
|
Vice
President
|
|
Since 2003
|
|
Managing Director of BlackRock, Inc. since 2000; Vice
President of BlackRock-advised funds from 2007 to 2009; Chief Operating
Officer of BlackRocks Account Management Group (AMG) since 2009; Chief
Operating Officer of BlackRocks U.S. Retail Group since 2006 to 2009; Head
of BlackRocks Mutual Fund Group from 2000 to 2006.
|
|
|
|
|
|
|
|
Neal J. Andrews
40 East 52nd
Street
New York, NY 10022
1966
|
|
Chief
Financial
Officer
|
|
Since 2007
|
|
Managing Director of BlackRock, Inc. since 2006;
Formerly Senior Vice President and Line of Business Head of Fund Accounting
and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992
to 2006.
|
|
|
|
|
|
|
|
Jay M. Fife
40 East 52nd
Street
New York, NY 10022
1970
|
|
Treasurer
|
|
Since 2007
|
|
Managing Director of BlackRock, Inc. since 2007 and
Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM- advised Funds
from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
|
|
|
|
|
|
|
|
Brian P. Kindelan
40 East 52nd
Street
New York, NY 10022
1959
|
|
Chief
Compliance
Officer
|
|
Since 2007
|
|
Chief Compliance Officer of the BlackRock-advised
Funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc.
since 2005; Formerly Director and Senior Counsel of BlackRock Advisors, LLC
from 2001 to 2004.
|
|
|
|
|
|
|
|
Howard B. Surloff
40 East 52nd
Street
New York, NY 10022
1965
|
|
Secretary
|
|
Since 2007
|
|
Managing Director of BlackRock, Inc. and General
Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly General Counsel
(U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.
|
|
|
|
|
|
1
Officers of the Trusts serve at the pleasure of the Board of Trustees.
|
|
|
|
|
|
Investment
Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809
|
|
|
Custodian
State Street Bank and
Trust Company
Boston, MA 02101
|
|
|
Sub-Advisor
BlackRock Financial
Management, Inc.
New York, NY 10022
|
|
|
Transfer
Agent
Common Shares:
Computershare Trust Company, N.A.
Providence, RI 02940
|
|
|
Auction
Agent:
BNY Mellon Shareowner Services
2
Jersey City, NJ 07310
Deutsche Bank Trust Company Americas
3
New York, NY 10005
|
|
|
Accounting
Agent
State Street Bank and
Trust Company
Princeton, NJ 08540
|
|
|
Independent
Registered
Public Accounting Firm
Deloitte & Touche
LLP
Princeton, NJ 08540
|
|
|
Legal
Counsel
Skadden, Arps, Slate, Meagher
& Flom
LLP
New York, NY 10036
|
|
|
Address of
the Trusts
BlackRock Closed-End Funds
c/o BlackRock Advisors,
LLC
100 Bellevue Parkway
Wilmington, DE 19809
|
|
|
2
|
For the Income Trusts and Florida Municipal 2020 Term
Trust
|
3
|
For the Investment Quality Trusts
|
|
|
|
Effective July 31, 2009,
Donald C. Burke, President and Chief Executive Officer of the Trusts retired.
The Trusts Boards of Trustees wish Mr. Burke well in his retirement.
|
|
Effective August 1, 2009,
Anne F. Ackerley became President and Chief Executive Officer of the Trusts,
and Brendan Kyne became Vice President of the Trusts.
|
|
|
|
|
|
|
ANNUAL REPORT
|
JULY 31, 2009
|
73
|
|
|
|
Additional Information
|
|
|
General Information
|
|
The Trusts do not make
available copies of their Statements of Additional Information because the
Trusts shares are not continuously offered, which means that the Statement of
Additional Information of each Trust has not been updated after completion of
the respective Trusts offerings and the information contained in each Trusts
Statement of Additional Information may have become outdated.
Other than the revisions
discussed in Board Approvals on page 75, there were no material changes in the
Trusts investment objectives or policies or to the Trusts charters or by-laws
that were not approved by the shareholders or in the principal risk factors
associated with investment in the Trusts. There have been no changes in the
persons who are primarily responsible for the day-to-day management of the
Trusts portfolio.
Quarterly performance,
semi-annual and annual reports and other information regarding the Trusts may
be found on BlackRocks website, which can be accessed at
http://www.blackrock.com. This reference to BlackRocks website is intended to
allow investors public access to information regarding the Trusts and does not,
and is not intended to, incorporate BlackRocks website into this report.
Electronic Delivery
Electronic copies of most
financial reports are available on the Trusts websites or shareholders can
sign up for e-mail notifications of quarterly statements, annual and
semi-annual reports by enrolling in the Trusts electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors,
Banks or Brokerages:
Please contact your financial
advisor to enroll. Please note that not all investment advisors, banks or
brokerages may offer this service.
Householding
The Trusts will mail only one
copy of shareholder documents, including annual and semi-annual reports and
proxy statements, to shareholders with multiple accounts at the same
address. This practice is commonly called householding and it is intended to
reduce expenses and eliminate duplicate mailings of shareholder documents.
Mailings of your shareholder documents may be householded indefinitely unless
you instruct us otherwise. If you do not want the mailing of these documents to
be combined with those for other members of your household, please contact the
Trusts at (800) 441-7762.
Availability of Quarterly Schedule of Investments
Each Trust files its complete
schedule of portfolio holdings with the SEC for the first and third quarters of
each fiscal year on Form N-Q. The Trusts Forms N-Q are available on the SECs
website at http://www.sec.gov and may also be reviewed and copied at the SECs
Public Reference Room in Washington, DC. Information on the operation of the
Public Reference Room may be obtained by calling (202) 551-8090. Each Trusts
Forms N-Q may also be obtained upon request and without charge by calling (800)
441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies
and procedures that the Trusts use to determine how to vote proxies relating to
portfolio securities is available (1) without charge, upon request, by calling
toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the SECs
website at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the
Trusts voted proxies relating to securities held in the Trusts portfolios
during the most recent 12-month period ended June 30 is available upon request
and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and
(2) on the SECs website at http://www.sec.gov.
These amounts and sources of
distributions reported are only estimates and are not being provided for tax
reporting purposes. The actual amounts and sources of the amounts for tax
reporting purposes will depend upon each Trusts investment experience during
the year and may be subject to changes based on the tax regulations. The Trusts
will send you a Form 1099-DIV each calendar year that will tell you how to
report these distributions for federal income tax purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Fiscal Year-to-Date
Cumulative Distributions by Character
|
|
Percentage
of Fiscal Year-to-Date
Cumulative Distributions by Character
|
|
|
|
|
|
|
|
|
Net
Investment
Income
|
|
Net
Realized
Capital
Gains
|
|
|
Return
of
Capital
|
|
Total
Per
Common
Share
|
|
|
Net
Investment
Income
|
|
|
Net
Realized
Capital
Gains
|
|
|
Return
of
Capital
|
|
|
Total
Per
Common
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California Investment
Quality
|
|
$
|
0.568000
|
|
|
|
|
|
|
|
|
$0.568000
|
|
|
100%
|
|
|
0%
|
|
|
0%
|
|
|
100%
|
|
New York Investment Quality
|
|
$
|
0.718400
|
|
$
|
0.005106
|
|
|
|
|
|
$0.723506
|
|
|
99%
|
|
|
1%
|
|
|
0%
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain Trusts are listed for
trading on the New York Stock Exchange (NYSE) and have filed with the NYSE
their annual chief executive officer certification regarding compliance with
the NYSEs listing standards. The Funds filed with the SEC the certification of
its chief executive officer and chief financial officer required by section 302
of the Sarbanes-Oxley Act.
|
|
|
|
|
|
74
|
ANNUAL REPORT
|
JULY 31, 2009
|
|
|
|
Additional Information (concluded)
|
|
|
Board
Approvals
|
|
On September 12, 2008, the
Board of Trustees of BlackRock Florida Investment Quality Municipal Trust and
BlackRock Florida Municipal Income Trust voted unanimously to change a
non-fundamental investment policy of the Trusts, and to rename the Trusts
BlackRock Investment Quality Municipal Income Trust and BlackRock Municipal
Income Investment Trust, respectively. The Trusts previous non-fundamental
investment policy required BlackRock Florida Investment Quality Municipal Trust
to invest at least 80% of its assets, and BlackRock Florida Municipal Income
Trust to invest at least 80% of its total assets, in Florida municipal bonds
rated investment grade at the time of investment. Due to the repeal of the
Florida Intangible Personal Property Tax as of January 2007, the Board has
approved an amended policy allowing the Trusts flexibility to invest in
municipal obligations regardless of geographic location. The Trusts new
investment policy, under normal market conditions, is to invest at least 80% of
their assets or total assets, as the case may be, in municipal bonds rated
investment grade at the time of investment. The approved changes will not alter
the Trusts investment objectives.
Under current market
conditions, the Manager anticipates that it will gradually reposition the
Trusts portfolios over time and that during such period the Trusts may
continue to hold a substantial portion of its assets in Florida municipal
bonds. At this time, it is uncertain how long the repositioning may take, and
the Trusts will continue to be subject to risks associated with investing a
substantial portion of its assets in Florida municipal bonds until the
repositioning is complete.
The Manager and the Board
believe the amended policy will allow the Manager to better manage the Trusts
portfolios in the best interests of the Trusts shareholders and to better meet
the Trusts investment objectives.
Effective September 12, 2008,
following approval by the Trusts Board, the Board ratified the amendment of
the terms of the Trusts Preferred Shares in order to allow the Trusts to enter
into TOB transactions, the proceeds of which were used to redeem a portion of
the Trusts Preferred Shares. Accordingly, the definition of Inverse Floaters
was amended to incorporate the Trusts permissible ratio of floating rate
instruments into inverse floating rate instruments. Additionally, conforming
changes and certain formula modifications concerning inverse floaters were made
to the definitions of Moodys Discount Factor and S&P Discount Factor, as
applicable, to integrate the Trusts investments in TOBs into applicable
calculations.
|
|
BlackRock
Privacy Principles
|
|
BlackRock is committed to
maintaining the privacy of its current and former fund investors and individual
clients (collectively, Clients) and to safeguarding their non-public personal
information. The following information is provided to help you understand what
personal information BlackRock collects, how we protect that information and
why in certain cases we share such information with select parties.
If you are located in a
jurisdiction where specific laws, rules or regulations require BlackRock to
provide you with additional or different privacy-related rights beyond what is
set forth below, then BlackRock will comply with those specific laws, rules or
regulations.
BlackRock obtains or verifies
personal non-public information from and about you from different sources,
including the following: (i) information we receive from you or, if applicable,
your financial intermediary, on applications, forms or other documents; (ii)
information about your transactions with us, our affiliates, or others; (iii)
information we receive from a consumer reporting agency; and (iv) from visits
to our websites.
BlackRock does not sell or
disclose to non-affiliated third parties any non-public personal information
about its Clients, except as permitted by law or as is necessary to respond to
regulatory requests or to service Client accounts. These non-affiliated third
parties are required to protect the confidentiality and security of this
information and to use it only for its intended purpose.
We may share information with
our affiliates to service your account or to provide you with information about
other BlackRock products or services that may be of interest to you. In
addition, BlackRock restricts access to non-public personal information about
its Clients to those BlackRock employees with a legitimate business need for
the information. BlackRock maintains physical, electronic and procedural
safeguards that are designed to protect the non-public personal information of
its Clients, including procedures relating to the proper storage and disposal
of such information.
|
|
|
|
ANNUAL REPORT
|
JULY 31, 2009
|
75
|
This report is transmitted to
shareholders only. It is not a prospectus. Past performance results shown in
this report should not be considered a representation of future performance.
The Trusts have leveraged their Common Shares, which creates risks for Common
Shareholders, including the likelihood of greater volatility of net asset value
and market price of the Common Shares, and the risk that fluctuations in
short-term dividend rates of the Preferred Shares, currently set at the maximum
reset rate as a result of failed auctions, may affect the yield to Common
Shareholders. Statements and other information herein are as dated and are
subject to change.
#CEF-SAR-BK9-07/09
|
|
Item 2
|
Code of Ethics The
registrant (or the Fund) has adopted a code of ethics, as of the end of the
period covered by this report, applicable to the registrants principal
executive officer, principal financial officer and principal accounting
officer, or persons performing similar functions. During the period covered
by this report, there have been no amendments to or waivers granted under the
code of ethics. A copy of the code of ethics is available without charge at
www.blackrock.com.
|
|
|
Item 3
|
Audit Committee Financial
Expert The registrants board of directors or trustees, as applicable (the
board of directors) has determined that (i) the registrant has the
following audit committee financial experts serving on its audit committee
and (ii) each audit committee financial expert is independent:
Kent Dixon
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
Robert S. Salomon, Jr. (retired effective December 31, 2008)
|
|
|
|
The registrants board of
directors has determined that W. Carl Kester and Karen P. Robards qualify as
financial experts pursuant to Item 3(c)(4) of Form N-CSR.
|
|
|
|
Prof. Kester has a
thorough understanding of generally accepted accounting principles, financial
statements and internal control over financial reporting as well as audit
committee functions. Prof. Kester has been involved in providing valuation
and other financial consulting services to corporate clients since 1978.
Prof. Kesters financial consulting services present a breadth and level of
complexity of accounting issues that are generally comparable to the breadth
and complexity of issues that can reasonably be expected to be raised by the
registrants financial statements.
|
|
|
|
Ms. Robards has a thorough
understanding of generally accepted accounting principles, financial
statements and internal control over financial reporting as well as audit
committee functions. Ms. Robards has been President of Robards & Company,
a financial advisory firm, since 1987. Ms. Robards was formerly an investment
banker for more than 10 years where she was responsible for evaluating and
assessing the performance of companies based on their financial results. Ms.
Robards has over 30 years of experience analyzing financial statements. She
also is a member of the audit committee of one publicly held company and a
non-profit organization.
|
|
|
|
Under applicable
securities laws, a person determined to be an audit committee financial
expert will not be deemed an expert for any purpose, including without
limitation for the purposes of Section 11 of the Securities Act of 1933, as a
result of being designated or identified as an audit committee financial
expert. The designation or identification as an audit committee financial
expert does not impose on such person any duties, obligations, or liabilities
greater than the duties, obligations, and liabilities imposed on such person
as a member of the audit committee and board of directors in the absence of
such designation or identification.
|
|
|
Item 4
|
Principal Accountant Fees
and Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Audit Fees
|
|
(b)
Audit-Related Fees
1
|
|
(c) Tax
Fees
2
|
|
(d) All
Other Fees
3
|
|
|
|
|
|
|
|
|
|
|
|
Entity
Name
|
|
Current
Fiscal Year
End
|
|
Previous
Fiscal Year
End
|
|
Current
Fiscal Year
End
|
|
Previous
Fiscal Year
End
|
|
Current
Fiscal Year
End
|
|
Previous
Fiscal Year
End
|
|
Current
Fiscal Year
End
|
|
Previous
Fiscal Year
End
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock California
Investment Quality Municipal Trust, Inc.
|
|
$17,700
|
|
$16,800
|
|
$3,500
|
|
$3,500
|
|
$6,100
|
|
$6,100
|
|
$1,028
|
|
$1,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The nature of the
services include assurance and related services reasonably related to the
performance of the audit of financial statements not included in Audit Fees.
|
|
2 The nature of the
services include tax compliance, tax advice and tax planning.
|
|
3 The nature of the
services include a review of compliance procedures and attestation thereto.
|
|
|
|
(e)(1) Audit Committee
Pre-Approval Policies and Procedures:
|
|
|
|
The
registrants audit committee (the Committee) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related
and tax compliance services provided to the registrant on an annual basis
require specific pre-approval by the Committee. The Committee also must
approve other non-audit services provided to the registrant and those
non-audit services provided to the registrants affiliated service providers
that relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee believes
are a) consistent with the SECs auditor independence rules and b) routine
and recurring services that will not impair the independence of the
independent accountants may be approved by the Committee without
consideration on a specific case-by-case basis (general pre-approval). The
term of any general pre-approval is 12 months from the date of the
pre-approval, unless the Committee provides for a different period. Tax or
other non-audit services provided to the registrant which have a direct
impact on the operation or financial reporting of the registrant will only be
deemed pre-approved provided that any individual project does not exceed
$10,000 attributable to the registrant or $50,000 for all of the registrants
the Committee oversees. For this purpose, multiple projects will be
aggregated to determine if they exceed the previously mentioned cost levels.
|
|
|
|
Any
proposed services exceeding the pre-approved cost levels will require
specific pre-approval by the Committee, as will any other services not
subject to general pre-approval (e.g., unanticipated but permissible
services). The Committee is informed of each service approved subject to
general pre-approval at the next regularly scheduled in-person board meeting.
At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to one or more of its members
the authority to approve the provision of and fees for any specific
engagement of permitted non-audit services, including services exceeding
pre-approved cost levels.
|
|
|
|
(e)(2) None of the
services described in each of Items 4(b) through (d) were approved by the
audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation
S-X.
|
|
|
|
(f) Not Applicable
|
|
|
|
(g)
Affiliates Aggregate
Non-Audit Fees:
|
|
|
|
|
|
|
|
|
Entity
Name
|
|
Current
Fiscal Year
End
|
|
Previous
Fiscal Year
End
|
|
|
|
|
|
|
|
|
|
|
BlackRock California
Investment Quality Municipal Trust, Inc.
|
|
$418,128
|
|
$415,649
|
|
|
|
|
(h) The registrants audit
committee has considered and determined that the provision of non-audit
services that were rendered to the registrants investment adviser (not
including any non-affiliated sub-adviser whose role is primarily portfolio
management and is subcontracted with or overseen by the registrants
investment adviser), and any entity controlling, controlled by, or under
common control with the investment adviser that provides ongoing services to
the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountants independence.
|
|
|
|
Regulation S-X Rule
2-01(c)(7)(ii) $407,500, 0%
|
|
|
Item 5
|
Audit Committee of Listed
Registrants The following individuals are members of the registrants
separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)(58)(A)):
|
|
|
|
Kent Dixon
Frank J. Fabozzi
James T. Flynn
W. Carl Kester
Karen P. Robards
Robert S. Salomon, Jr. (retired effective December 31, 2008)
|
|
|
Item 6
|
Investments
|
|
|
(a) The registrants
Schedule of Investments is included as part of the Report to Stockholders
filed under Item 1 of this form.
|
|
|
(b) Not Applicable due to
no such divestments during the semi-annual period covered since the previous
Form N-CSR filing.
|
|
|
Item 7
|
Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment Companies The
board of directors has delegated the voting of proxies for the Fund
securities to the Funds investment adviser (Investment Adviser) pursuant
to the Investment Advisers proxy voting guidelines. Under these guidelines,
the Investment Adviser will vote proxies related to Fund securities in the
best interests of the Fund and its stockholders. From time to time, a vote
may present a conflict between the interests of the Funds stockholders, on
the one hand, and those of the Investment Adviser, or any affiliated person
of the Fund or the Investment Adviser, on the other. In such event, provided
that the Investment Advisers Equity Investment Policy Oversight Committee,
or a sub-committee thereof (the Oversight Committee) is aware of the real
or potential conflict or material non-routine matter and if the Oversight
Committee does not reasonably believe it is able to follow its general voting
guidelines (or if the particular proxy matter is not addressed in the
guidelines) and vote impartially, the Oversight Committee may retain an
independent fiduciary to advise the Oversight Committee on how to vote or to
cast votes on behalf of the Investment Advisers clients. If the Investment
Adviser determines not to retain an independent fiduciary, or does not desire
to follow the advice of such independent fiduciary, the Oversight Committee
shall
|
|
|
|
|
determine how to vote the
proxy after consulting with the Investment Advisers Portfolio Management
Group and/or the Investment Advisers Legal and Compliance Department and
concluding that the vote cast is in its clients best interest
notwithstanding the conflict. A copy of the Funds Proxy Voting Policy and
Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund
voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 is available without charge, (i) at
www.blackrock.com and (ii) on the SECs website at
http://www.sec.gov
.
|
|
|
Item 8
|
Portfolio Managers of
Closed-End Management Investment Companies as of July 31, 2009.
|
|
|
|
(a)(1)
|
The registrant (or Fund)
is managed by a team of investment professionals comprised of Theodore R.
Jaeckel, Jr., CFA, Managing Director at BlackRock and Walter OConnor,
Managing Director at BlackRock. Each is a member of BlackRocks municipal
tax-exempt management group. Each is jointly responsible for the day-to-day
management of the registrants portfolio, which includes setting the
registrants overall investment strategy, overseeing the management of the
registrant and/or selection of its investments. Messrs. Jaeckel and OConnor
have been members of the registrants portfolio management team since 2006
and 2006, respectively.
|
|
|
|
|
|
|
|
Portfolio
Manager
|
Biography
|
|
|
|
|
Theodore R. Jaeckel, Jr.
|
Managing Director at
BlackRock, Inc. since 2006; Managing Director of MLIM from 2005 to 2006;
Director of MLIM from 1997 to 2005.
|
|
|
|
|
Walter OConnor
|
Managing Director of
BlackRock, Inc. since 2006; Managing Director of MLIM from 2003 to 2006;
Director of MLIM from 1998 to 2003.
|
|
|
|
|
|
|
|
(a)(2) As of July 31,
2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii)
Number of Other Accounts Managed
and Assets by Account Type
|
|
(iii)
Number of Other Accounts and
Assets for Which Advisory Fee is
Performance-Based
|
|
|
|
|
|
|
|
(i)
Name of
Portfolio Manager
|
|
Other
Registered
Investment
Companies
|
|
Other
Pooled
Investment
Vehicles
|
|
Other
Accounts
|
|
Other
Registered
Investment
Companies
|
|
Other
Pooled
Investment
Vehicles
|
|
Other
Accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walter OConnor
|
|
76
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
|
|
$17.9
Billion
|
|
$0
|
|
$0
|
|
$0
|
|
$0
|
|
$0
|
|
Theodore R. Jaeckel, Jr.
|
|
76
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
|
|
$17.9
Billion
|
|
$0
|
|
$0
|
|
$0
|
|
$0
|
|
$0
|
|
|
|
|
(iv) Potential Material
Conflicts of Interest
|
|
|
|
BlackRock and its
affiliates (collectively, herein BlackRock) has built a professional
working environment, firm-wide compliance culture and compliance procedures
and systems designed to protect against potential incentives that may favor
one account over another. BlackRock has adopted policies and procedures that
address the allocation of investment opportunities, execution of portfolio
transactions, personal trading by employees and other potential conflicts of
interest that are designed to ensure that all client accounts are treated
equitably over time. Nevertheless, BlackRock furnishes investment management
and advisory services to numerous clients in addition to the Fund,
|
|
|
|
and BlackRock may,
consistent with applicable law, make investment recommendations to other
clients or accounts (including accounts which are hedge funds or have
performance or higher fees paid to BlackRock, or in which portfolio managers
have a personal interest in the receipt of such fees), which may be the same
as or different from those made to the Fund. In addition, BlackRock, its
affiliates and significant shareholders and any officer, director,
stockholder or employee may or may not have an interest in the securities
whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any
of its affiliates or significant shareholders, or any officer, director,
stockholder, employee or any member of their families may take different
actions than those recommended to the Fund by BlackRock with respect to the
same securities. Moreover, BlackRock may refrain from rendering any advice or
services concerning securities of companies of which any of BlackRocks (or
its affiliates or significant shareholders) officers, directors or
employees are directors or officers, or companies as to which BlackRock or
any of its affiliates or significant shareholders or the officers, directors
and employees of any of them has any substantial economic interest or
possesses material non-public information. Each portfolio manager also may
manage accounts whose investment strategies may at times be opposed to the
strategy utilized for a fund. In this connection, it should be noted that a
portfolio manager may currently manage certain accounts that are subject to
performance fees. In addition, a portfolio manager may assist in managing
certain hedge funds and may be entitled to receive a portion of any incentive
fees earned on such funds and a portion of such incentive fees may be
voluntarily or involuntarily deferred. Additional portfolio managers may in
the future manage other such accounts or funds and may be entitled to receive
incentive fees.
|
|
|
|
As a fiduciary, BlackRock
owes a duty of loyalty to its clients and must treat each client fairly. When
BlackRock purchases or sells securities for more than one account, the trades
must be allocated in a manner consistent with its fiduciary duties. BlackRock
attempts to allocate investments in a fair and equitable manner among client
accounts, with no account receiving preferential treatment. To this end,
BlackRock has adopted a policy that is intended to ensure that investment
opportunities are allocated fairly and equitably among client accounts over
time. This policy also seeks to achieve reasonable efficiency in client
transactions and provide BlackRock with sufficient flexibility to allocate
investments in a manner that is consistent with the particular investment
discipline and client base.
|
|
|
|
(a)(3) As of July 31,
2009:
|
|
|
|
Portfolio
Manager Compensation Overview
|
|
|
|
BlackRocks financial
arrangements with its portfolio managers, its competitive compensation and
its career path emphasis at all levels reflect the value senior management
places on key resources. Compensation may include a variety of components and
may vary from year to year based on a number of factors. The principal
components of compensation include a base salary, a performance-based
discretionary bonus, participation in various benefits programs and one or
more of the incentive compensation programs established by BlackRock such as
its Long-Term Retention and Incentive Plan.
|
|
|
|
Base
compensation.
Generally,
portfolio managers receive base compensation based on their seniority and/or
their position with the firm. Senior portfolio managers who perform
additional
|
|
|
|
management functions
within the portfolio management group or within BlackRock may receive
additional compensation for serving in these other capacities.
|
|
|
|
Discretionary
Incentive Compensation
|
|
|
|
Discretionary incentive
compensation is a function of several components: the performance of
BlackRock, Inc., the performance of the portfolio managers group within
BlackRock, the investment performance, including risk-adjusted returns, of
the firms assets under management or supervision by that portfolio manager
relative to predetermined benchmarks, and the individuals seniority, role
within the portfolio management team, teamwork and contribution to the overall
performance of these portfolios and BlackRock. In most cases, including for
the portfolio managers of the Fund, these benchmarks are the same as the
benchmark or benchmarks against which the performance of the Fund or other
accounts managed by the portfolio managers are measured. BlackRocks Chief
Investment Officers determine the benchmarks against which the performance of
funds and other accounts managed by each portfolio manager is compared and
the period of time over which performance is evaluated. With respect to the
portfolio managers, such benchmarks for the Fund include a combination of
market-based indices (e.g. Barclays Capital Municipal Bond Index), certain
customized indices and certain fund industry peer groups.
|
|
|
|
BlackRocks Chief Investment
Officers make a subjective determination with respect to the portfolio
managers compensation based on the performance of the funds and other
accounts managed by each portfolio manager relative to the various benchmarks
noted above. Performance is measured on both a pre-tax and after-tax basis
over various time periods including 1, 3, 5 and 10-year periods, as
applicable.
|
|
|
|
Distribution
of Discretionary Incentive Compensation
|
|
|
|
Discretionary incentive
compensation is distributed to portfolio managers in a combination of cash
and BlackRock, Inc. restricted stock units which vest ratably over a number
of years. The BlackRock, Inc. restricted stock units, if properly vested,
will be settled in BlackRock, Inc. common stock. Typically, the cash bonus,
when combined with base salary, represents more than 60% of total
compensation for the portfolio managers. Paying a portion of annual bonuses
in stock puts compensation earned by a portfolio manager for a given year at
risk based on BlackRocks ability to sustain and improve its performance
over future periods.
|
|
|
|
Long-Term
Retention and Incentive Plan (LTIP)
The LTIP is a long-term incentive plan that
seeks to reward certain key employees. Beginning in 2006, awards are granted
under the LTIP in the form of BlackRock, Inc. restricted stock units that, if
properly vested and subject to the attainment of certain performance goals,
will be settled in BlackRock, Inc. common stock. Messrs. OConnor and Jaeckel
have each received awards under the LTIP.
|
|
|
|
Deferred
Compensation Program
A portion of the compensation paid to eligible BlackRock employees
may be voluntarily deferred into an account that tracks the performance of
certain of the firms investment products. Each participant in the deferred
compensation program is permitted to allocate his deferred amounts among the
various investment options. Messrs. OConnor and Jaeckel have each
participated in the deferred compensation program.
|
|
|
|
Other
compensation benefits.
In addition to base compensation and discretionary incentive
compensation, portfolio managers may be eligible to receive or participate in
one or more of the following:
|
|
|
|
Incentive
Savings Plans
BlackRock, Inc. has created a variety of incentive savings plans in which
BlackRock employees are eligible to participate, including a 401(k) plan, the
BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock
Purchase Plan (ESPP). The employer contribution components of the RSP include
a company match equal to 50% of the first 6% of eligible pay contributed to
the plan capped at $4,000 per year, and a company retirement contribution
equal to 3-5% of eligible compensation. The RSP offers a range of investment
options, including registered investment companies managed by the firm.
BlackRock contributions follow the investment direction set by participants
for their own contributions or, absent employee investment direction, are
invested into a balanced portfolio. The ESPP allows for investment in BlackRock
common stock at a 5% discount on the fair market value of the stock on the
purchase date. Annual participation in the ESPP is limited to the purchase of
1,000 shares or a dollar value of $25,000. Each portfolio manager is eligible
to participate in these plans.
|
|
|
|
(a)(4)
Beneficial Ownership of Securities
July 31, 2009
.
|
|
|
|
|
Portfolio
Manager
|
|
Dollar
Range of Equity Securities
Beneficially Owned
|
|
|
|
|
|
Walter OConnor
|
|
None
|
|
Theodore R. Jaeckel, Jr.
|
|
None
|
|
|
|
Item 9
|
Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated
Purchasers Not Applicable due to no such purchases during the period
covered by this report.
|
|
|
Item 10
|
Submission of Matters to a
Vote of Security Holders The registrants Nominating and Governance
Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to
recommend a nominee should send nominations that include biographical
information and set forth the qualifications of the proposed nominee to the
registrants Secretary. There have been no material changes to these
procedures.
|
|
|
Item 11
|
Controls and Procedures
|
|
|
11(a)
|
The registrants principal
executive and principal financial officers or persons performing similar
functions have concluded that the registrants disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the 1940 Act)) are effective as of a date within 90 days
of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b)
under the Securities Exchange Act of 1934, as amended.
|
|
|
11(b)
|
There were no changes in
the registrants internal control over financial reporting (as defined in
Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal
quarter of the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the registrants internal
control over financial reporting.
|
|
|
Item 12
|
Exhibits attached
hereto
|
|
|
12(a)(1)
|
Code of Ethics
See Item 2
|
|
|
12(a)(2)
|
Certifications
Attached hereto
|
|
|
12(a)(3)
|
Not Applicable
|
|
|
12(b)
|
Certifications
Attached hereto
|
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
|
|
|
BlackRock California
Investment Quality Municipal Trust, Inc.
|
|
|
By:
|
/s/ Anne F. Ackerley
|
|
|
|
|
Anne F. Ackerley
|
|
Chief Executive Officer of
|
|
BlackRock California
Investment Quality Municipal Trust, Inc.
|
|
|
Date: September 22, 2009
|
|
|
Pursuant to the requirements
of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.
|
|
|
By:
|
/s/ Anne F. Ackerley
|
|
|
|
|
Anne F. Ackerley
|
|
Chief Executive Officer
(principal executive officer) of
|
|
BlackRock California
Investment Quality Municipal Trust, Inc.
|
|
|
Date: September 22, 2009
|
|
|
By:
|
/s/ Neal J. Andrews
|
|
|
|
|
Neal J. Andrews
|
|
Chief Financial Officer
(principal financial officer) of
|
|
BlackRock California
Investment Quality Municipal Trust, Inc.
|
|
|
Date:
September 22, 2009
|
Blackrock California Investment Quality Municipal Trust (AMEX:RAA)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Blackrock California Investment Quality Municipal Trust (AMEX:RAA)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024