Shareholders of BlackRock California Investment Quality Municipal Trust have approved a plan of liquidation and dissolution for the fund, which was previously approved by the fund’s board of directors.
In accordance with the plan, the fund’s investment adviser will begin the orderly liquidation of the fund’s assets, determine and pay, or set aside in cash or cash equivalents. Such distributions will be paid in cash.
The company said that the amount will be at least equal to all known or reasonably ascertainable liabilities and obligations of the fund, including liabilities associated with the fund’s financial leverage, redeem the fund’s auction rate municipal preferred shares and make one or more liquidating distributions to the fund’s common shareholders.
The liquidation is anticipated to be completed in the fourth quarter of 2010.