UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-07664

 

Name of Fund: BlackRock California Investment Quality Municipal Trust, Inc. (RAA)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock California Investment Quality Municipal Trust, Inc., 55 East 52 nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2010

 

Date of reporting period: 04/30/2010

 

Item 1 – Schedule of Investments

 


 

 


 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock California Investment Quality Municipal

 

Trust, Inc. (RAA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California — 132.5%

 

 

 

 

 

 

 









County/City/Special District/School District — 41.3 %

 

 

 

 

 

 

 

Butte-Glenn Community College District,
GO, Election 2002, Series C, 5.50%,
8/01/30

 

$

500

 

$

544,175

 

County of Kern California, COP, Capital
Improvements Projects, Series A
(AGC), 6.00%, 8/01/35

 

 

500

 

 

554,490

 

Los Alamitos Unified School District
California, GO, School Facilities
Improvement District No. 1, 5.50%,
8/01/33

 

 

500

 

 

534,690

 

Los Angeles Municipal Improvement
Corp., RB, Real Property, Series E,
5.75%, 9/01/34

 

 

410

 

 

435,830

 

Marysville Joint Unified School District
California, GO, Election of 2006
(AGM), 5.50%, 8/01/32

 

 

95

 

 

100,598

 

Modesto Irrigation District, COP, Capital
Improvements, Series A, 5.50%,
10/01/26

 

 

65

 

 

70,225

 

Rio Hondo Community College District
California, GO, Election of 2009,
Series B, 5.50%, 8/01/30

 

 

500

 

 

536,680

 

San Diego Regional Building Authority
California, RB, County Operations
Center & Annex, Series A, 5.38%,
2/01/36

 

 

500

 

 

528,365

 

San Francisco Bay Area Rapid Transit
District, GO, Election of 2004,
Series B, 5.00%, 8/01/35

 

 

150

 

 

157,809

 

San Jose Unified School District Santa
Clara County California, GO, Election
of 2002, Series D, 5.00%, 8/01/32

 

 

250

 

 

256,095

 

Santa Ana Unified School District, GO,
Election of 2008, Series A, 5.13%,
8/01/33

 

 

150

 

 

155,034

 

Santa Cruz County Redevelopment
Agency California, Tax Allocation
Bonds, Live Oak/Soquel Community
Improvement, Series A, 7.00%,
9/01/36

 

 

100

 

 

110,906

 

Snowline Joint Unified School District,
COP, Refunding, Refining Project
(AGC), 5.75%, 9/01/38

 

 

250

 

 

276,403

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (continued)

 

 

 

 

 

 

 









County/City/Special District/School District (concluded)

 

 

 

 

 

 

 

Vacaville Unified School District
California, GO, Election of 2001
(NPFGC), 5.00%, 8/01/30

 

$

500

 

$

502,715

 

West Contra Costa Unified School
District, GO, Election of 2005,
Series B (BHAC), 5.63%, 8/01/35

 

 

335

 

 

361,676

 

Westminster Redevelopment Agency
California, Tax Allocation Bonds,
Subordinate, Commercial
Redevelopment Project No. 1 (AGC),
6.25%, 11/01/39

 

 

500

 

 

569,835

 

 

 

 

 

 




 

 

 

 

 

 

5,695,526

 









Education — 9.2%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, Stanford University,
Series Q, 5.25%, 12/01/32

 

 

500

 

 

518,400

 

University of California, RB:

 

 

 

 

 

 

 

Limited Project, Series D (NPFGC),
5.00%, 5/15/37

 

 

500

 

 

505,905

 

Series O, 5.75%, 5/15/29

 

 

210

 

 

237,991

 

 

 

 

 

 




 

 

 

 

 

 

1,262,296

 









Health — 20.3%

 

 

 

 

 

 

 

ABAG Finance Authority for Nonprofit
Corps, Refunding RB, Sharp
Healthcare:

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

250

 

 

263,390

 

6.25%, 8/01/39

 

 

250

 

 

272,708

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series A,
6.00%, 7/01/29

 

 

510

 

 

549,826

 

Catholic Healthcare West, Series A,
6.00%, 7/01/39

 

 

350

 

 

375,196

 

Providence Health & Services,
Series C, 6.50%, 10/01/38

 

 

250

 

 

282,465

 

St. Joseph Health System, Series A,
5.75%, 7/01/39

 

 

535

 

 

556,202

 

California Statewide Communities
Development Authority, Refunding RB,
Catholic Healthcare West:

 

 

 

 

 

 

 

Series E, 5.50%, 7/01/31

 

 

250

 

 

256,830

 

Series K (AGC), 5.50%, 7/01/41

 

 

240

 

 

245,686

 

 

 

 

 

 




 

 

 

 

 

 

2,802,303

 










 


Portfolio Abbreviations


To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BHAC

Berkshire Hathaway Assurance Corp.

COP

Certificates of Participation

GO

General Obligation Bonds

LRB

Lease Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds


 

 

 




BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST, INC.

APRIL 30, 2010

1




 

 


 

 

Schedule of Investments (continued)

BlackRock California Investment Quality Municipal

 

Trust, Inc. (RAA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (continued)

 

 

 

 

 

 

 









State — 11.6%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of Education, Riverside
Campus Project, Series B, 6.50%,
4/01/34

 

$

340

 

$

366,180

 

Various Capital Projects,
Sub-Series I-1, 6.38%, 11/01/34

 

 

250

 

 

267,838

 

California State University, Refunding
RB, Systemwide, Series C (NPFGC),
5.00%, 11/01/38

 

 

400

 

 

402,868

 

State of California, GO, Various Purpose,
6.50%, 4/01/33

 

 

490

 

 

555,547

 

 

 

 

 

 




 

 

 

 

 

 

1,592,433

 









Transportation — 10.3%

 

 

 

 

 

 

 

County of Orange California, RB,
Series B, 5.75%, 7/01/34

 

 

500

 

 

543,165

 

County of Sacramento California, RB,
Senior Series B:

 

 

 

 

 

 

 

5.75%, 7/01/39

 

 

250

 

 

268,848

 

(AGC), 5.50%, 7/01/34

 

 

105

 

 

110,928

 

Port of Oakland, RB, Series K, AMT
(NPFGC), 5.75%, 11/01/29

 

 

495

 

 

494,970

 

 

 

 

 

 




 

 

 

 

 

 

1,417,911

 









Utilities — 39.8%

 

 

 

 

 

 

 

California Infrastructure & Economic
Development Bank, RB, California
Independent System Operator,
Series A, 6.25%, 2/01/39

 

 

400

 

 

422,784

 

California State Department of Water
Resources, Refunding RB, Central
Valley Project, Series AE, 5.00%,
12/01/28

 

 

25

 

 

26,927

 

Chino Basin Regional Financing
Authority California, RB, Inland Empire
Utilities Agency, Series A (AMBAC),
5.00%, 11/01/33

 

 

200

 

 

200,994

 

City of Bakersfield California, RB,
Series A (AGM), 5.00%, 9/15/32

 

 

350

 

 

357,119

 

City of Los Angeles California, Refunding
RB, Series A, 5.75%, 6/01/34

 

 

35

 

 

38,838

 

Contra Costa Water District, Refunding
RB, Series O (AMBAC), 5.00%,
10/01/24

 

 

600

 

 

639,162

 

East Bay Municipal Utility District, RB,
Sub-Series A:

 

 

 

 

 

 

 

(AGM), 5.00%, 6/01/32

 

 

235

 

 

247,441

 

(NPFGC), 5.00%, 6/01/35

 

 

250

 

 

258,602

 

Eastern Municipal Water District
California, COP:

 

 

 

 

 

 

 

Series A (NPFGC), 5.00%, 7/01/32

 

 

100

 

 

102,499

 

Series H, 5.00%, 7/01/35

 

 

300

 

 

308,487

 

Los Angeles Department of Water &
Power, RB, Power System, Sub-Series
A-1 (AGM), 5.00%, 7/01/35

 

 

500

 

 

512,310

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (concluded)

 

 

 

 

 

 

 









Utilities (concluded)

 

 

 

 

 

 

 

Metropolitan Water District of Southern
California, RB, Series A:

 

 

 

 

 

 

 

5.00%, 1/01/27

 

$

40

 

$

43,732

 

5.00%, 7/01/37

 

 

575

 

 

600,656

 

San Diego County Water Authority, COP,
Series A (AGM), 5.00%, 5/01/31

 

 

405

 

 

414,161

 

Sacramento Area Flood Control Agency,
Special Assessment Bonds,
Consolidated Capital Assessment
District (BHAC), 5.50%, 10/01/28

 

 

75

 

 

83,085

 

Sacramento Municipal Utility District,
Refunding RB, Series U (AGM), 5.00%,
8/15/27

 

 

155

 

 

164,489

 

San Diego County Water Authority,
Refunding RB, Series A, 5.00%,
5/01/27

 

 

40

 

 

42,745

 

San Diego Public Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Senior Series A, 5.25%, 5/15/39

 

 

250

 

 

263,227

 

Series A, 5.00%, 8/01/29

 

 

100

 

 

104,249

 

Series A, 5.25%, 8/01/38

 

 

500

 

 

523,120

 

Series B, 5.13%, 8/01/29

 

 

50

 

 

53,001

 

Southern California Public Power
Authority, RB:

 

 

 

 

 

 

 

Southern Transmission Project,
Series B, 6.00%, 7/01/27

 

 

25

 

 

27,991

 

Transmission Project, (NPFGC),
5.50%, 7/01/20

 

 

40

 

 

40,151

 

 

 

 

 

 




 

 

 

 

 

 

5,475,770

 









Total Municipal Bonds – 132.5%

 

 

 

 

 

18,246,239

 









 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

 

 

 

 

 

 









California — 15.8%

 

 

 

 

 

 

 

County/City/Special District/School District — 11.5 %

 

 

 

 

 

 

 

Los Angeles Community College District
California, GO, Election of 2008,
Series A, 6.00%, 8/01/33

 

 

480

 

 

537,992

 

San Diego Community College District
California, GO, Election of 2002,
5.25%, 8/01/33

 

 

508

 

 

534,001

 

Santa Clara County Financing Authority,
Refunding LRB, Series L, 5.25%,
5/15/36

 

 

495

 

 

517,479

 

 

 

 

 

 




 

 

 

 

 

 

1,589,472

 









Education - 2.4%

 

 

 

 

 

 

 

University of California, RB, Series O,
5.75%, 5/15/34

 

 

300

 

 

336,837

 










 

 

 




2

BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST, INC.

APRIL 30, 2010




 

 


 

 

Schedule of Investments (concluded)

BlackRock California Investment Quality Municipal

 

Trust, Inc. (RAA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

Par
(000)

 

Value

 









California (concluded)

 

 

 

 

 

 

 









Utilities — 1.9%

 

 

 

 

 

 

 

Eastern Municipal Water District, COP,
Series H, 5.00%, 7/01/33

 

$

250

 

$

256,964

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 15.8%

 

 

 

 

 

2,183,273

 









Total Long-Term Investments
(Cost – $19,479,775) – 148.3%

 

 

 

 

 

20,429,512

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









CMA California Municipal Money Fund,
0.04% (b)(c)

 

 

441,806

 

 

441,806

 









Total Short-Term Securities
(Cost – $441,806) – 3.2%

 

 

 

 

 

441,806

 









Total Investments
(Cost – $19,921,581*) – 151.5%

 

 

 

 

 

20,871,318

 

Other Assets Less Liabilities – 0.4%

 

 

 

 

 

60,941

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (8.9)%

 

 

 

 

 

(1,233,879

)

Preferred Shares, at Redemption Value – (43.0)%

 

 

 

 

 

(5,925,306

)

 

 

 

 

 




Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

13,773,074

 

 

 

 

 

 





 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

18,713,599

 

 

 




Gross unrealized appreciation

 

$

962,431

 

Gross unrealized depreciation

 

 

(37,596

)

 

 




Net unrealized appreciation

 

$

924,835

 

 

 





 

 

(a)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(b)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 















Affiliate

 

Shares
Held at
July 31,
2009

 

Net
Activity

 

Shares
Held at
April 30,
2010

 

Income

 











CMA
California
Municipal
Money
Fund

 

 

1,637,526

 

 

(1,195,720

)

 

441,806

 

$

143

 
















 

 

 

(c)

Represents the current yield as of report date.

 

 

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

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

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

 





Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments 1

 

 

 

$

20,429,512

 

 

 

$

20,429,512

 

Short-Term
Securities

 

$

441,806

 

 

 

 

 

 

441,806

 















Total

 

$

441,806

 

$

20,429,512

 

 

 

$

20,871,318

 

 

 














 

 

1

See above Schedule of Investments for values in each sector.


 

 

 




BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST, INC.

APRIL 30, 2010

3


Item 2 –

Controls and Procedures

 

 

2(a) –

The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's 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.

 

 

2(b) –

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

 

Item 3 –

Exhibits

 

 

 

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: June 28, 2010
   
  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: June 28, 2010
   
 

By:

/s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Investment Quality Municipal Trust, Inc.
   
  Date: June 28, 2010

 


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