<PAGE>
Pursuant to Rule 434 under the Securities Act of 1933, as amended, this Term
Sheet, taken together with the Preliminary Prospectus dated July 1, 1999
(the "Preliminary Prospectus"), shall be deemed to constitute the final
prospectus of Nuveen Florida Investment Quality Municipal Fund (the
"Fund") for purposes of Section 10(a) of such Act with respect to
the shares of Municipal Auction Rate Cumulative Preferred Shares,
Series T, offered hereby. Capitalized terms used in this Term
Sheet which are not defined herein have the meaning given to
them in the Preliminary Prospectus.
USED IN RELIANCE ON RULE 434 UNDER THE SECURITIES ACT OF 1933, AS AMENDED
SUPPLEMENT TO PRELIMINARY PROSPECTUS DATED JULY 1, 1999
---------------
$22,000,000
Nuveen Florida Investment Quality Municipal Fund
Municipal Auction Rate Cumulative Preferred Shares ("MuniPreferred(R)")
880 Shares Series T
Liquidation Preference $25,000 Per Share
---------------
(R)Registered trademark of John Nuveen & Co. Incorporated.
The Fund is offering 880 shares of Series T Municipal Auction Rate
Cumulative Preferred Shares ("MuniPreferred") by way of the Preliminary
Prospectus. A Preliminary Statement of Additional Information dated July 1,
1999 containing additional information regarding the Fund has been filed with
the Commission and is hereby incorporated by reference in its entirety into
the Preliminary Prospectus and this Term Sheet, taken together. No changes
have been made to such Preliminary Statement of Additional Information, which,
accordingly, shall serve as the Statement of Additional Information relating
to the shares of Series T MuniPreferred and the Fund (the "Statement of
Additional Information"). A copy of the Statement of Additional Information,
the table of contents of which appears on page B-28 of the Preliminary
Prospectus, may be obtained without charge by calling the Fund at
(800) 257-8787. In addition, the Commission maintains a web site
(http://www.sec.gov) that contains the Statement of Additional Information,
material incorporated by reference, and other information filed electronically
with the Commission.
The information contained in the table on the cover page of the Preliminary
Prospectus is supplemented and restated as follows:
<TABLE>
<CAPTION>
Per Share Total
------------ ------------
<S> <C> <C>
Public Offering Price................................ $ 25,000 $ 22,000,000
------------ ------------
Sales Load........................................... $ 225 $ 198,000
------------ ------------
Proceeds to Fund (before expenses)................... $ 24,775 $ 21,802,000
============ ============
</TABLE>
The public offering price per share will be increased by the amount of
dividends, if any, that have accumulated from the date the New MuniPreferred
shares are first issued.
---------------
The underwriters are offering the shares of the New MuniPreferred subject to
various conditions. It is expected that the shares of New MuniPreferred will
be delivered to the underwriters through the facilities of The Depository
Trust Company on or about July 14, 1999.
---------------
Salomon Smith Barney
A.G. Edwards & Sons, Inc.
Deutsche Banc Alex. Brown
Goldman, Sachs & Co.
John Nuveen & Co. Incorporated
PaineWebber Incorporated
Prudential Securities
Raymond James & Associates,
Inc.
---------------
The date of this Term Sheet is July 13, 1999.
<PAGE>
The information appearing in the fourth sentence of the last paragraph on
the front cover page and in the first sentence of the second paragraph on page
A-2 of the Prospectus is supplemented and restated as follows:
The dividend rate for the initial rate period will be 3.15%.
The information appearing in the first sentence of the first paragraph on
page A-2 of the Prospectus is supplemented and restated as follows:
The first auction date for New MuniPreferred will be July 20, 1999, the
business day before the dividend payment date for the initial rate period
for New MuniPreferred.
The information appearing in the second and third sentences of the third
paragraph on page A-2 of the Prospectus is supplemented and restated as
follows:
Dividends on New MuniPreferred shares will accumulate at the initial
rate beginning on July 14, 1999. Dividends will be paid on shares of New
MuniPreferred on Wednesday, July 21, 1999 and normally thereafter on each
Wednesday.
The information appearing in the first sentence of the last paragraph on
page A-4 of the Prospectus is supplemented and restated as follows:
The Fund will use the net proceeds of the offering, about $21,672,384
after payment of the sales load and offering costs, to buy municipal bonds
(see "Investment Objectives and Policies--Portfolio Investments."
The information appearing in the table on page A-9 of the Prospectus is
supplemented and restated as follows:
<TABLE>
<CAPTION>
Name Number of Shares
---- ----------------
<S> <C>
Salomon Smith Barney Inc. ............................... 110
A.G. Edwards & Sons, Inc. ............................... 110
Deutsche Bank Securities Inc............................. 110
Goldman, Sachs & Co. .................................... 110
John Nuveen & Co. Incorporated........................... 110
PaineWebber Incorporated................................. 110
Prudential Securities Incorporated....................... 110
Raymond James & Associates, Inc.......................... 110
------
Total................................................ 880
======
</TABLE>
The information appearing in the second paragraph below the table on page
A-9 of the Prospectus is supplemented and restated as follows:
The underwriters, for whom Salomon Smith Barney Inc. is acting as
representative, propose to offer some of the shares directly to the public
at the public offering price set forth on the cover page of this Prospectus
and some of the shares to certain dealers at the public offering price less
a concession not in excess of $137.50 per share. The sales load the Fund
will pay of $225 per share is equal to .90% of the initial public offering
price. The underwriters may allow, and such dealers may reallow, a
concession not in excess of $25 per share on sales to certain other
dealers. After the initial public offering, the underwriters may change the
public offering price and the concession. Investors must pay for any New
MuniPreferred shares purchased in the initial public offering on or before
July 14, 1999.
