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 52nd 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: 10/31/2009

Item 1 – Schedule of Investments

 

 

BlackRock California Investment Quality Municipal Trust, Inc. (RAA)

 

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California - 131.7%

 

 

 

 

 

 

 

 

 

Corporate - 7.2%

 

California Pollution Control Financing Authority, RB, Waste
Management Inc. Project, Series A-2, AMT, 5.40%, 4/01/25

 

$

500

 

$

494,820

 

 

 

Los Angeles Regional Airports Improvement Corp., California,
Refunding RB, Facilities Sublease, Los Angeles International,
Series B, AMT, 7.50%, 12/01/24

 

 

500

 

 

476,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

970,990

 

County/City/Special
District/School District - 40.7%

 

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

 

 

500

 

 

535,820

 

 

 

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

 

 

500

 

 

548,275

 

 

 

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

 

 

500

 

 

530,080

 

 

 

Los Angeles Community College District, California, GO, Election
of 2003, Series F-1, 5.00%, 8/01/33

 

 

335

 

 

343,328

 

 

 

Los Angeles Unified School District, California, GO, Election of
2004, Series F (FGIC), 5.00%, 7/01/30

 

 

250

 

 

255,095

 

 

 

Los Angeles Unified School District, California, GO, Series D,
5.30%, 1/01/34

 

 

500

 

 

517,560

 

 

 

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

 

 

500

 

 

515,205

 

 

 

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

 

 

250

 

 

257,485

 

 

 

Santa Ana Unified School District, GO (MBIA), 5.38%, 8/01/27

 

 

500

 

 

508,275

 

 

 

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

 

 

100

 

 

106,117

 

 

 

Snowline Joint Unified School District, COP, Refinancing
Program (AGC), 5.75%, 9/01/38

 

 

250

 

 

273,145

 

 

 

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

 

 

500

 

 

496,135

 

 

 

Westminster Redevelopment Agency, California, TAN,
Subordinated, Commercial Redevelopment Project No. 1 (AGC),
6.25%, 11/01/39

 

 

500

 

 

570,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,456,680

 

 

 

 

 

 

 

Portfolio Abbreviations

 

 

To simplify the listings of 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.

 

AMBAC

American Municipal Bond Assurance Corp.

 

AMT

Alternative Minimum Tax (subject to)

 

COP

Certificates of Participation

 

FGIC

Financial Guaranty Insurance Co.

 

FSA

Financial Security Assurance Inc.

 

GO

General Obligations Bonds

 

MBIA

Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.)

 

RB

Revenue Bonds

 

TAN

Tax Anticipation Notes

1


 

 

BlackRock California Investment Quality Municipal Trust, Inc. (RAA)

 

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Education - 11.4%

 

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

 

$

500

 

$

518,730

 

 

 

California Infrastructure & Economic Development Bank,
Refunding RB, Salvation Army Western (AMBAC),
5.00%, 9/01/27

 

 

500

 

 

511,000

 

 

 

University of California, RB, Limited Project, Series D (MBIA),
5.00%, 5/15/37

 

 

500

 

 

499,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,529,720

 

Health - 22.6%

 

ABAG Finance Authority for Nonprofit Corp., RB, California
Revenue Sharp Healthcare, 6.38%, 8/01/34

 

 

250

 

 

262,312

 

 

 

ABAG Finance Authority for Nonprofit Corp., RB, Sharp
Healthcare, 6.25%, 8/01/39

 

 

250

 

 

268,670

 

 

 

California Health Facilities Financing Authority, California, RB,
Catholic Healthcare West, Series A, 6.00%, 7/01/39

 

 

350

 

 

365,894

 

 

 

California Health Facilities Financing Authority, California, RB,
Providence Health & Services, Series C, 6.50%, 10/01/38

 

 

250

 

 

277,466

 

 

 

California Health Facilities Financing Authority, RB, Cedars-Sinai
Medical Center, 5.00%, 8/15/39

 

 

150

 

 

139,473

 

 

 

California Health Facilities Financing Authority, RB, Saint Joseph
Health System, Series A, (FGIC), 5.75%, 7/01/39

 

 

450

 

 

466,511

 

 

 

California Statewide Communities Development Authority, RB,
Catholic Healthcare West, Series E, 5.50%, 7/01/31

 

 

250

 

 

252,470

 

 

 

California Statewide Communities Development Authority, RB,
Kaiser, Series C, 5.25%, 8/01/31

 

 

750

 

 

732,825

 

 

 

California Statewide Communities Development Authority,
Series C, 5.75%, 7/01/47

 

 

250

 

 

257,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,023,391

 

State - 11.2%

 

California State Public Works Board, RB, Department Education,
Riverside Campus Project, Series B, 6.50%, 4/01/34

 

 

340

 

 

370,984

 

 

 

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

 

 

625

 

 

593,838

 

 

 

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

 

 

490

 

 

541,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,506,375

 

Transportation - 13.3%

 

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

 

 

500

 

 

537,940

 

 

 

County of Sacramento California, RB, Senior Series B, 5.75%,
7/01/39

 

 

250

 

 

267,670

 

 

 

Los Angeles Department of Airports, Refunding RB, Ontario
International, Series A, AMT (MBIA), 5.00%, 5/15/26

 

 

510

 

 

484,112

 

 

 

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

 

 

495

 

 

495,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,785,182

 

Utilities - 25.3%

 

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

 

 

400

 

 

424,688

 

 

 

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

 

 

500

 

 

483,055

 

2


 

 

BlackRock California Investment Quality Municipal Trust, Inc. (RAA)

 

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

 

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

 

$

600

 

$

633,894

 

 

 

Eastern Municipal Water District, California, COP, Series H,
5.00%, 7/01/35

 

 

285

 

 

287,776

 

 

 

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

 

 

500

 

 

509,350

 

 

 

San Diego Public Facilities Financing Authority, RB, Senior Series
A, 5.25%, 5/15/39

 

 

250

 

 

254,045

 

 

 

San Diego Public Facilities Financing Authority, Refunding RB,
Series A, 5.25%, 8/01/38

 

 

500

 

 

515,890

 

 

 

Southern California Public Power Authority, RB, Transmission
(MBIA), 5.50%, 7/01/20

 

 

40

 

 

40,138

 

 

 

Western Municipal Water District Facilities Authority, RB,
Series B, 5.00%, 10/01/39

 

 

250

 

 

253,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,401,949

 

 

 

Total Municipal Bonds - 131.7%

 

 

 

 

 

17,674,287

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (a)

 

 

 

 

 

 

 

California - 16.2%

 

 

 

 

 

 

 

 

 

County/City/Special
District/School District - 7.9%

 

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

 

 

480

 

 

542,148

 

 

 

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

 

 

495

 

 

517,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,059,716

 

Education - 6.4%

 

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

 

 

508

 

 

533,868

 

 

 

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

 

 

300

 

 

331,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

865,635

 

Utilities - 1.9%

 

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

 

 

250

 

 

253,209

 

 

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 16.2%

 

 

 

 

 

2,178,560

 

 

 

Total Long-Term Investments
(Cost - $19,254,143) - 147.9%

 

 

 

 

 

19,852,847

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

 

 

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

 

 

137,546

 

 

137,546

 

 

 

Total Short-Term Securities (Cost - $137,546) - 1.0%

 

 

 

 

 

137,546

 

 

 

Total Investments (Cost - $19,391,689*) - 148.9%

 

 

 

 

 

19,990,393

 

 

 

Other Assets Less Liabilities - 4.4%

 

 

 

 

 

592,141

 

 

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable - (9.2)%

 

 

 

 

 

(1,234,075

)

 

 

Preferred Shares, at Redemption Value - (44.1)%

 

 

 

 

 

(5,925,277

)

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shares - 100.0%

 

 

 

 

$

13,423,182

 

 

 

 

 

 

 

 

3


 

BlackRock California Investment Quality Municipal Trust, Inc. (RAA)

 

Schedule of Investments October 31, 2009 (Unaudited)

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

18,183,645

 

 

 

Gross unrealized appreciation

 

$

813,274

 

Gross unrealized depreciation

 

 

(239,409

)

 

 

Net unrealized appreciation

 

$

573,865

 

 

 

 

 

 

 

(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 Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

 

 

 

 

 

 

 

 

Affiliate

 

Net
Activity

 

Income

 

CMA California Municipal Money Fund

 

$

(1,499,980

)

$

45

 

 

 

 

 

 

 

(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 methodology 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 annual report.

 

 

 

 

 

 

 

The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

Valuation Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

Level 1 - Short-Term Securities

 

$

137,546

 

Level 2 - Long-Term Investments1

 

 

19,852,847

 

Level 3

 

 

—

 

 

 

$

19,990,393

 

 

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

4

 

 

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: December 18, 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: December 18, 2009

 

 

 

 

By:

/s/ Neal J. Andrews

 

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock California Investment Quality Municipal Trust, Inc.

 

 

 

 

Date: December 18, 2009