VAN KAMPEN MERRITT FLORIDA QUALITY MUNICIPAL TRUST, N-30D, 1995-10-27

VAN KAMPEN MERRITT FLORIDA QUALITY MUNICIPAL TRUST
N-30D, 1995-10-27

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<TABLE>
<CAPTION>
Table of Contents
<S> <C>
Letter to Shareholders................. 1
Performance Results.................... 3
Portfolio of Investments............... 4
Statement of Assets and Liabilities.... 8
Statement of Operations................ 9
Statement of Changes in Net Assets..... 10
Financial Highlights................... 11
Notes to Financial Statements.......... 12
Independent Auditors' Report........... 15
Dividend Reinvestment Plan............. 16
</TABLE>

Letter to Shareholders
October 12, 1995

Dear Shareholder:
The first eight months of 1995 have been very positive for most investors.
Both the fixed income and stock markets have made considerable gains for the
period ended August 31, 1995.
This year serves as a reminder of just how quickly markets can move and how
difficult it can be to predict the timing of those movements. Moreover, this
year reinforces the importance of maintaining a long-term perspective and
reaffirms the principle that it is time---not timing---that leads to
investment success.

[PHOTO]
Dennis J. McDonnell and Don G. Powell

Economic Overview
Due in large part to the Federal Reserve Board's efforts to tighten monetary
supply in 1994, the economy has slowed significantly this year. Evidence of
this guided slowdown was reflected in gross domestic product for the second
quarter, which grew at an annual rate of 1.3 percent, substantially lower
than its first quarter rate of 2.7 percent and fourth quarter 1994 rate of
5.1 percent. While other key economic data, including unemployment rates
and housing starts, have shown mixed signs during recent months, the general
trends for the year continue to support a "soft landing" scenario.
Comfortable with the economy's rate of growth and level of inflation, the Fed
reversed its trend of raising interest rates and lowered short-term rates by
0.25 percent on July 6. Financial markets, perceiving the Fed's monetary
initiatives had taken hold without driving the economy into a recession,
rallied through much of the year. With slowing growth, interest rates declined
and the value of many fixed-income investments rose (bond yields and prices
move in the opposite direction). For example, the yield on 30-year Treasury
securities fell from 7.88 percent at the end of December to 6.66 percent at
the end of August, while its price rose more than 14 percent. Likewise, the
yield on the Bond Buyer's Municipal Bond Index fell from 7.28 percent at the
end of December to 6.30 percent at the end of August. Although municipal bond
yields have declined, they are still offering competitive yields, particularly
to those investors in higher tax brackets.

Performance Summary
The Trust produced a tax-exempt distribution rate of 6.72 percent<F3>, based
on the closing stock price of $15.625 per common share on August 31, 1995.
Since income from the Trust is exempt from federal income tax, it is also
important to compare the Trust's distribution rate to an equivalent taxable
rate. For example, for Florida residents in the marginal tax bracket

(Continued on page two)

of 36 percent, the Trust's distribution rate represents a yield equivalent to a
taxable investment earning 10.50 percent<F4>. Additionally, for the one-year
period ended August 31, 1995, the Trust generated a total return at market price
of 7.58 percent<F1>, which includes reinvestment of dividends and capital gains.
One element influencing the performance of the municipal market this year has
been the ongoing debate over tax reform. While there has been varied speculation
about the impact of reform, no one is certain about what will happen.
Consequently, the municipal market may continue to experience short-term market
fluctuations as various proposals come to the forefront. We will keep a close
watch over any new developments and evaluate the potential impact they may have
on your investment in the Trust.

Outlook
We believe the Fed will move cautiously before it continues to lower
short-term rates, waiting for further signs that the economy has settled into a
slow growth pattern. We anticipate the economy will grow at an annual rate
between 2 and 3 percent in the second half of the year, and that inflation will
run at an annualized rate between 3.1 and 3.3 percent. Based upon a generally
modest growth and low inflation outlook, we believe fixed-income
markets---including municipal bonds---will continue to make positive gains.
As interest rates continue to fall in response to further easing by the Fed,
we believe yields on short-term municipal bonds will continue to move
significantly lower than long-term municipal bonds. Lower short-term rates
typically translate into lower leveraging costs for the Trust, which provides
increased opportunities for higher earnings over time. We believe the Trust's
portfolio is well positioned to take advantage of a declining and sustained
short-term interest rate environment.
Once again, it is important to remember that financial markets will inevitably
experience highs and lows, but by maintaining a long-term investment
perspective, you may ride the ups and downs of the markets more easily as you
pursue your investment goals.
Thank you for your continued confidence in your investment with Van Kampen
American Capital and for the privilege of working with you in seeking to reach
your financial goals.

Sincerely,

Don G. Powell Dennis J. McDonnell
Chairman President
Van Kampen American Capital Van Kampen American Capital
Investment Advisory Corp. Investment Advisory Corp.

<TABLE>
Performance Results for the Period Ended August 31, 1995
Van Kampen Merritt Florida Quality Municipal Trust
(NYSE Ticker Symbol VFM)
<CAPTION>
<S> <C>
Total Returns
One-year total return based on market price<F1>........................................ 7.58%
One-year total return based on NAV<F2>................................................. 9.47%

Distribution Rates
Distribution rate as a % of initial offer common stock price<F3>....................... 7.00%
Taxable-equivalent distribution rate as a % of initial offer common stock price<F4>.... 10.94%
Distribution rate as a % of closing common stock price<F3>............................. 6.72%
Taxable-equivalent distribution rate as a % of closing common stock price<F4>.......... 10.50%

Share Valuations
Net asset value........................................................................ $ 16.62
Closing common stock price............................................................. $ 15.625
One-year high common stock price (06/06/95)............................................ $ 16.500
One-year low common stock price (11/08/94)............................................. $ 13.000
Preferred share rate<F5>............................................................... 3.74%

<FN>
<F1>Total return based on market price assumes an investment at the market price at
the beginning of the period indicated, reinvestment of all distributions for the
period in accordance with the Trust's dividend reinvestment plan, and sale of
all shares at the closing stock price at the end of the period indicated.

<F2>Total return based on net asset value (NAV) assumes an investment at the
beginning of the period indicated, reinvestment of all distributions for the
period, and sale of all shares at the end of the period, all at NAV.

<F3>Distribution rate represents the monthly annualized distributions of the Trust
at the end of the period and not the earnings of the Trust.

<F4>The taxable-equivalent distribution rate is calculated assuming a 36% federal
tax bracket.

<F5>See "Notes to Financial Statements" footnote #5, for more information
concerning Preferred Share reset periods.

A portion of the interest income may be taxable for those investors subject to
the federal alternative minimum tax (AMT).

Past performance does not guarantee future results. Investment return, stock
price and net asset value will fluctuate with market conditions. Trust shares,
when sold, may be worth more or less than their original cost.
</TABLE>

Portfolio of Investments
August 31, 1995

$ 1,000 Bay Cnty, FL Sch Brd Ctfs Partn (AMBAC Insd) .......... 6.750% 07/01/12 $ 1,095,130
1,450 Cape Canaveral, FL Hosp Dist Rev Ctfs (AMBAC Insd) .... 6.875 01/01/21 1,550,123
1,135 Cape Coral, FL Wtr & Swr Rev (Prerefunded @ 10/01/01)
(MBIA Insd) ........................................... * 10/01/13 383,755
3,205 Cape Coral, FL Wtr & Swr Rev (Prerefunded @ 10/01/01)
(MBIA Insd) ........................................... * 10/01/14 1,010,633
4,005 Cape Coral, FL Wtr & Swr Rev (Prerefunded @ 10/01/01)
(MBIA Insd) ........................................... * 10/01/15 1,177,750
4,005 Cape Coral, FL Wtr & Swr Rev (Prerefunded @ 10/01/01)
(MBIA Insd) ........................................... * 10/01/16 1,098,411
2,000 Cape Coral, FL Wtr & Swr Rev (Prerefunded @ 10/01/01)
(MBIA Insd) ........................................... * 10/01/17 511,540
1,960 Cape Coral, FL Wtr & Swr Rev (Prerefunded @ 10/01/01)
(MBIA Insd) ........................................... * 10/01/18 467,538
1,000 Charlotte Cnty, FL Util Rev (Prerefunded @ 10/01/01)
(FGIC Insd) ........................................... 6.875 10/01/21 1,139,220
1,000 Clay Cnty, FL Hsg Fin Auth Rev Single Family Mtg (GNMA
Collateralized) ....................................... 6.500 09/01/21 1,017,000
1,075 Coral Springs, FL Impt Dist Wtr & Swr Rfdg (MBIA Insd). 5.500 06/01/14 1,039,514
4,000 Dade Cnty, FL Aviation Rev (MBIA Insd) ................ 5.750 10/01/12 4,010,120
1,280 Dade Cnty, FL Hlth Fac Auth Hosp Rev North Shore Med
Cent Proj Rfdg (AMBAC Insd) ........................... 6.000 08/15/10 1,315,046
4,000 Dade Cnty, FL Hlth Fac Auth Hosp Rev South Miami Hosp
Proj Ser A (AMBAC Insd) ............................... 6.750 10/01/20 4,228,960
130 Dade Cnty, FL Hsg Fin Auth Single Family Mtg Rev Ser E
Rfdg (FNMA/GNMA Collateralized) ....................... 7.000 03/01/24 136,639
1,000 Dade Cnty, FL Wtr & Swr Sys Rev Rfdg (FGIC Insd) ...... 5.000 10/01/13 913,160
1,000 Daytona Beach, FL Wtr & Swr Rev Rfdg (AMBAC Insd) ..... 5.750 11/15/10 1,017,770
2,000 Dunedin, FL Hosp Rev Mease Hlth Care (Prerefunded @
11/15/01) (MBIA Insd) ................................. 6.750 11/15/21 2,282,000
3,000 Emerald Coast, FL Hsg Corp Hsg Rev Ser A 1991 ......... 9.500 01/01/22 3,000,000
1,000 Escambia Cnty, FL Hlth Fac Auth Hlth Fac Rev Baptist
Hosp & Baptist Manor .................................. 6.750 10/01/14 1,004,990
</TABLE>

4 See Notes to Financial Statements

Portfolio of Investments (Continued)
August 31, 1995

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Par
Amount
(000) Description Coupon Maturity Market Value
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Florida (Continued)
$ 1,000 Escambia Cnty, FL Pollutn Ctl Rev Champion Intl Corp
Proj ................................................... 6.900% 08/01/22 $ 1,049,190
6,955 Florida Hsg Fin Agy Home Ownership Mtg ................. 8.595 11/01/18 7,372,300
2,250 Florida St Brd Edl Cap Outlay Pub Edl Ser A ............ 6.750 06/01/21 2,400,953
975 Florida St Brd Edl Cap Outlay Pub Edl Ser A Rfdg ....... 7.250 06/01/23 1,086,881
1,025 Florida St Brd Edl Cap Outlay Pub Edl Ser A Rfdg
(Prerefunded @ 06/01/00) ............................... 7.250 06/01/23 1,168,408
1,650 Florida St Muni Pwr Agy Rev Pwr Supply Rfdg
(Prerefunded @ 10/01/01) (AMBAC Insd) .................. 6.250 10/01/19 1,837,556
1,000 Florida St Tpk Auth Tpk Rev Ser A Rfdg (FGIC Insd) ..... 5.250 07/01/22 914,140
2,000 Halifax Hosp Med Cent FL Hosp Rev Ser A Rfdg (MBIA
Insd) .................................................. 7.000 10/01/13 2,225,920
4,670 Hernando Cnty, FL Sch Brd Ctfs Partn (FSA Insd) ........ 6.500 07/01/12 4,963,510
1,000 Hillsborough Cnty, FL Cap Impt Pgm Rev (FGIC Insd) ..... 6.625 08/01/12 1,077,120
1,000 Hillsborough Cnty, FL Indl Dev Auth Pollutn Ctl Rev
Tampa Elec Co Proj Ser 92 Rfdg ......................... 8.000 05/01/22 1,191,050
2,000 Hollywood, FL Wtr & Swr Rev (Prerefunded @ 10/01/01)
(FGIC Insd) ............................................ 6.875 10/01/21 2,278,440
7,950 Jacksonville, FL Elec Auth Rev Bulk Pwr Supply Scherer
(Prerefunded @ 10/01/00) ............................... 6.750 10/01/16 8,918,787
4,000 Jacksonville, FL Elec Auth Rev Saint Johns River Pwr
Park Sys Rfdg .......................................... 6.500 10/01/14 4,152,880
3,350 Jacksonville, FL Excise Tax Rev Ser B (AMBAC Insd) ..... 6.500 10/01/16 3,529,828
1,665 Jacksonville, FL Gtd Entitlement Rev Ser A Rfdg (AMBAC
Insd) .................................................. 5.500 10/01/12 1,637,761
2,000 Jacksonville, FL Hosp Rev Univ Med Cent Inc Proj
(Connie Lee Insd) ...................................... 6.500 02/01/11 2,130,400
5,000 Kissimmee, FL Util Auth Elec Sys Rev Rfdg & Impt
(Prerefunded @ 10/01/01) (FGIC Insd) ................... 6.500 10/01/17 5,628,700
1,105 Lake City, FL Util Rev Ser A (Prerefunded @ 07/01/99)
(MBIA Insd) ............................................ 6.875 07/01/16 1,229,080
1,000 Martin Cnty, FL Indl Dev Auth Indl Dev Rev Indiantown
Cogeneration Proj A Rfdg ............................... 7.875 12/15/25 1,110,100
</TABLE>

5 See Notes to Financial Statements

Portfolio of Investments (Continued)
August 31, 1995

$ 500 Miami Beach, FL Redev Agy Tax Increment Rev City Cent
Historic Convention Vlg ................................ 5.875% 12/01/22 $ 459,680
4,000 Miami, FL Hlth Fac Auth Hlth Fac Rev Mercy Hosp Proj
(Prerefunded @ 08/01/01) (AMBAC Insd) .................. 6.750 08/01/20 4,544,400
5,000 Miramar, FL Wastewater Impt Assmt Rev (FGIC Insd) ...... 6.750 10/01/25 5,401,600
5,000 Orange Cnty, FL Hlth Fac Auth Rev (Inverse Fltg) (MBIA
Insd) <F2>.............................................. 8.606 10/29/21 5,250,000
2,000 Orange Cnty, FL Hlth Fac Auth Rev Hosp Adventist
Hlth/Sunbelt Ser A (AMBAC Insd) ........................ 6.875 11/15/15 2,150,460
1,000 Orange Cnty, FL Hsg Fin Auth Single Family Mtg Rev
(GNMA Collateralized) .................................. 6.550 10/01/21 1,021,090
1,000 Orange County, FL Hsg Fin Auth Multifamily Rev Mtg
Hands Inc Project Ser A ................................ 8.000 10/01/25 1,006,040
7,500 Palm Beach Cnty, FL Arpt Sys Rev Rfdg (MBIA Insd) ...... 7.750 10/01/10 8,728,275
3,250 Polk Cnty, FL Indl Dev Auth Indl Dev Rev IMC Fertilizer
Inc Ser A .............................................. 7.525 01/01/15 3,395,275
3,500 Reedy Creek, FL Impt Dist FL Ser A ..................... 6.000 06/01/16 3,511,130
5,000 Reedy Creek, FL Impt Dist FL Util Rev (AMBAC Insd) ..... 7.250 10/01/08 5,521,650
14,000 Reedy Creek, FL Impt Dist FL Util Rev Ser 1991-1
(Prerefunded @ 10/01/01) (MBIA Insd) ................... 6.500 10/01/16 15,652,980
1,000 Saint Lucie Cnty, FL Sales Tax Rev (Prerefunded @
10/01/02) (FGIC Insd) .................................. 6.500 10/01/22 1,134,700
1,490 Sarasota Cnty, FL Hlth Fac Auth Rev Hlthcare
Kobernick/Meadow Park .................................. 10.000 07/01/22 1,645,079
1,250 Tarpon Springs, FL Hlth Fac Auth Hosp Rev Helen Ellis
Mem Hosp Proj .......................................... 7.500 05/01/11 1,290,900
1,250 Tarpon Springs, FL Hlth Fac Auth Hosp Rev Helen Ellis
Mem Hosp Proj .......................................... 7.625 05/01/21 1,287,350
4,000 Volusia Cnty, FL Hlth Fac Auth Rev Hosp Fac Mem Hlth
Rfdg & Impt (AMBAC Insd) ............................... 5.750 11/15/20 3,906,000
------------
150,208,912
------------
</TABLE>

6 See Notes to Financial Statements

Portfolio of Investments (Continued)
August 31, 1995

Other Assets in Excess of Liabilities 1.7%....................................... 2,611,351
-------------
Net Assets 100%.................................................................. $ 157,223,995
-------------
-------------
*Zero coupon bond

<FN>
<F1> At August 31, 1995, cost for federal income tax purposes is $142,456,187;
the aggregate gross unrealized appreciation is $12,347,717 and the
aggregate gross unrealized depreciation is $491,260, resulting in net
unrealized appreciation of $11,856,457.

<F2> An Inverse Floating security is one where the coupon is inversely indexed
to a short-term floating interest rate multiplied by a specific factor. As
the floating rate rises, the coupon is reduced. Conversely, as the
floating rate declines, the coupon is increased. The price of these
securities may be more volatile than the price of a comparable fixed rate
security. These instruments are typically used by the Trust to enhance the
yield of the portfolio.
</TABLE>

The following table summarizes the portfolio composition at August 31, 1995,
based upon quality ratings issued by Standard & Poor's. For securities not rated
by Standard & Poor's, the Moody's rating is used.

<TABLE>
<CAPTION>
Portfolio Composition by Credit Quality
<S> <C>
AAA........... 73.7%
AA............ 11.5
A............. 4.9
BBB........... 4.0
BB............ 2.2
Non-Rated..... 3.7
------
100.0%
------
------
</TABLE>

7 See Notes to Financial Statements

<TABLE>
Statement of Assets and Liabilities
August 31, 1995
<CAPTION>
<S> <C>
Assets:
Investments, at Market Value (Cost $142,456,187) (Note 1)..................................... $ 154,312,644
Short-Term Investments (Note 1)............................................................... 300,000
Cash.......................................................................................... 65,717
Receivables:
Interest.................................................................................... 2,899,000
Investments Sold............................................................................ 10,000
Unamortized Organizational Expenses (Note 1).................................................. 6,437
---------------
Total Assets.............................................................................. 157,593,798
---------------
Liabilities:
Payables:
Income Distributions - Common and Preferred Shares.......................................... 100,145
Investment Advisory Fee (Note 2)............................................................ 92,660
Administrative Fee (Note 2)................................................................. 26,474
Accrued Expenses.............................................................................. 150,524
---------------
Total Liabilities......................................................................... 369,803
---------------
Net Assets.................................................................................... $ 157,223,995
---------------
---------------
Net Assets Consist of:
Preferred Shares ($.01 par value, authorized 100,000,000 shares, 1,000 issued with liquidation
preference of $50,000 per share) (Note 5)................................................... $ 50,000,000
---------------

Common Shares ($.01 par value with an unlimited number of shares authorized,
6,451,214 shares issued and outstanding) (Note 3)........................................... 64,512
Paid in Surplus............................................................................... 95,409,336
Net Unrealized Appreciation on Investments.................................................... 11,856,457
Accumulated Undistributed Net Investment Income............................................... 1,385,113
Accumulated Net Realized Loss on Investments.................................................. (1,491,423)
---------------
Net Assets Applicable to Common Shares.................................................... 107,223,995
---------------
Net Assets.................................................................................... $ 157,223,995
---------------
---------------
Net Asset Value Per Common Share ($107,223,995 divided
by 6,451,214 shares outstanding)............................................................ $ 16.62
---------------
---------------
</TABLE>

8 See Notes to Financial Statements

<TABLE>
Statement of Operations
For the Year Ended August 31, 1995
<CAPTION>
<S> <C>
Investment Income:
Interest........................................................ $ 9,947,899
---------------
Expenses:
Investment Advisory Fee (Note 2)................................ 1,072,844
Administrative Fee (Note 2)..................................... 306,527
Preferred Share Maintenance (Note 5)............................ 148,681
Trustees Fees and Expenses (Note 2)............................. 26,720
Legal (Note 2).................................................. 24,175
Amortization of Organizational Expenses (Note 1)................ 5,993
Other........................................................... 193,853
---------------
Total Expenses.............................................. 1,778,793
---------------
Net Investment Income........................................... $ 8,169,106
---------------
---------------
Realized and Unrealized Gain/Loss on Investments:
Realized Gain/Loss on Investments:
Proceeds from Sales........................................... $ 24,293,141
Cost of Securities Sold....................................... (25,063,537)
---------------
Net Realized Loss on Investments ............................... (770,396)
---------------
Unrealized Appreciation/Depreciation on Investments:
Beginning of the Period....................................... 7,884,088
End of the Period............................................. 11,856,457
---------------
Net Unrealized Appreciation on Investments During the Period.... 3,972,369
---------------
Net Realized and Unrealized Gain on Investments................. $ 3,201,973
---------------
---------------
Net Increase in Net Assets from Operations...................... $ 11,371,079
---------------
---------------
</TABLE>

9 See Notes to Financial Statements

<TABLE>
Statement of Changes in Net Assets
For the Years Ended August 31, 1995 and 1994
<CAPTION>
- ------------------------------------------------------------------------------------------------------
Year Ended Year Ended
August 31, 1995 August 31, 1994
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
From Investment Activities:
Operations:
Net Investment Income.............................................. $ 8,169,106 $ 8,223,511
Net Realized Loss on Investments................................... (770,396) (199,313)
Net Unrealized Appreciation/Depreciation on Investments
During the Period................................................ 3,972,369 (6,896,743)
--------------- ----------------
Change in Net Assets from Operations .............................. 11,371,079 1,127,455
--------------- ----------------
Distributions from Net Investment Income:
Common Shares.................................................... (6,773,573) (6,766,644)
Preferred Shares................................................. (1,891,823) (1,304,633)
--------------- ----------------

(8,665,396) (8,071,277)
--------------- ----------------
Distributions from and in Excess of Net Realized
Gain on Investments (Note 1):
Common Shares.................................................... (439,987) (186,778)
Preferred Shares................................................. (81,740) (28,129)
--------------- ----------------

(521,727) (214,907)
--------------- ----------------
Total Distributions................................................ (9,187,123) (8,286,184)
--------------- ----------------
Net Change in Net Assets from Investment Activities................ 2,183,956 (7,158,729)
From Capital Transactions (Note 3):
Value of Common Shares Issued Through Dividend Reinvestment........ -0- 324,192
--------------- ----------------
Total Increase/Decrease in Net Assets.............................. 2,183,956 (6,834,537)
Net Assets:
Beginning of the Period............................................ 155,040,039 161,874,576
--------------- ----------------
End of the Period (Including undistributed net investment income of
$1,385,113 and $1,856,205, respectively)......................... $ 157,223,995 $ 155,040,039
--------------- ----------------
--------------- ----------------
</TABLE>

10 See Notes to Financial Statements

<TABLE>
Financial Highlights
The following schedule presents financial highlights for one common share
of the Trust outstanding throughout the periods indicated.
<CAPTION>
- -----------------------------------------------------------------------------------------------
September 27, 1991
(Commencement
of Investment
Year Ended August 31 Operations) to
-----------------------------------
1995 1994 1993 August 31, 1992
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of the Period <F1>........... $ 16.282 $ 17.392 $ 16.013 $ 14.786
---------- ----------- ---------- ----------
Net Investment Income.................. 1.266 1.275 1.346 1.049
Net Realized and Unrealized
Gain/Loss on Investments............. .497 (1.100) 1.309 1.116
---------- ----------- ---------- ----------
Total from Investment Operations......... 1.763 .175 2.655 2.165
---------- ----------- ---------- ----------
Less:
Distributions from Net
Investment Income:
Paid to Common Shareholders.......... 1.050 1.050 1.007 .743
Common Share Equivalent
of Distributions Paid
to Preferred Shareholders.......... .293 .202 .185 .195
Distributions from and in Excess
of Net Realized Gain on
Investments (Note 1):
Paid to Common Shareholders.......... .068 .029 .068 -0-
Common Share Equivalent
of Distributions Paid
to Preferred Shareholders.......... .013 .004 .016 -0-
---------- ----------- ---------- ----------
Total Distributions...................... 1.424 1.285 1.276 .938
---------- ----------- ---------- ----------
Net Asset Value, End of the Period....... $ 16.621 $ 16.282 $ 17.392 $ 16.013
---------- ----------- ---------- ----------
---------- ----------- ---------- ----------
Market Price Per Share
at End of the Period................... $ 15.625 $ 15.625 $ 17.125 $ 15.625
Total Investment Return at Market
Price (Non-Annualized) <F2>............ 7.58% (2.62%) 17.05% 9.33%
Total Return at Net Asset
Value (Non-Annualized) <F3>............ 9.47% (.23%) 15.91% 11.96%
Net Assets at End of the Period
(In millions).......................... $ 157.2 $ 155.0 $ 161.9 $ 152.9
Ratio of Expenses to Average
Net Assets Applicable to
Common Shares (Annualized)............. 1.72% 1.66% 1.63% 1.60%
Ratio of Expenses to
Average Net Assets (Annualized)........ 1.16% 1.14% 1.11% 1.12%
Ratio of Net Investment
Income to Average Net Assets
Applicable to Common Shares
(Annualized) <F4>...................... 6.06% 6.33% 7.04% 6.24%
Portfolio Turnover....................... 16.64% 18.72% 13.28% 36.60%

<FN>
<F1> Net asset value at September 27, 1991, is adjusted for common and
preferred share offering costs of $.214 per common share.

<F2> Total investment return at market price reflects the change in market
value of the common shares for the period indicated with reinvestment of
dividends in accordance with the Trust's dividend reinvestment plan.

<F3> Total return at net asset value (NAV) reflects the change in value of the
Trust's assets with reinvestment of dividends based on NAV.

<F4> Net investment income is adjusted for common share equivalent of
distributions paid to preferred shareholders.
</TABLE>

11 See Notes to Financial Statements

Notes to Financial Statements
August 31, 1995
- --------------------------------------------------------------------------------

1. Significant Accounting Policies
Van Kampen Merritt Florida Quality Municipal Trust (the "Trust") is registered
as a nondiversified closed-end management investment company under the
Investment Company Act of 1940, as amended. The Trust commenced investment
operations on September 27, 1991.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements.

A. Security Valuation - Investments are stated at value using market quotations
or, if such valuations are not available, estimates obtained from yield data
relating to instruments or securities with similar characteristics in accordance
with procedures established in good faith by the Board of Trustees. Short-term
securities with remaining maturities of less than 60 days are valued at
amortized cost.

B. Security Transactions - Security transactions are recorded on a trade date
basis.Realized gains and losses are determined on an identified cost basis. The
Trust may purchase and sell securities on a "when issued" or "delayed delivery"
basis, with settlement to occur at a later date. The value of the security so
purchased is subject to market fluctuations during this
period. The Trust will maintain, in a segregated account with its custodian,
assets having an aggregate value at least equal to the amount of the when issued
or delayed delivery purchase commitments until payment is made. At August 31,
1995, there were no when issued or delayed delivery purchase commitments.

C. Investment Income - Interest income is recorded on an accrual basis. Bond
premium and original issue discount are amortized over the expected life of each
applicable security.

D. Organizational Expenses - The Trust has reimbursed Van Kampen American
Capital Distributors, Inc. or its affiliates (collectively "VKAC") for costs
incurred in connection with the Trust's organization and initial registration in
the amount of $30,000. These costs are being amortized on a straight line basis
over the 60 month period ending September 26, 1996.
Van Kampen American Capital Investment Advisory Corp. (the "Adviser") has agreed
that in the event any of the initial shares of the Trust originally purchased by
VKAC are redeemed during the amortization period, the Trust will be reimbursed
for any unamortized organizational expenses in the same proportion as the number
of shares redeemed bears to the number of initial shares held at the time of
redemption.

Notes to Financial Statements (Continued)
August 31, 1995
- --------------------------------------------------------------------------------

E. Federal Income Taxes - It is the Trust's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
The Trust intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of the loss and offset such losses against any future realized capital
gains. At August 31, 1995, the Trust had an accumulated capital loss
carry forward for tax purposes of $912,716, which will expire on August 31,
2003. Net realized gains or losses may differ for financial and tax reporting
purposes primarily as a result of post October 31 losses which may not be
recognized for tax purposes until the first day of the following fiscal year.

F. Distribution of Income and Gains - The Trust declares and pays monthly
dividends from net investment income to common shareholders. Net realized gains,
if any, are distributed annually on a pro rata basis to common and preferred
shareholders. Distributions from net realized gains for book purposes may
include short-term capital gains, which are included as ordinary income for tax
purposes. Permanent book and tax basis differences related to expense
recognition totaling $25,198 were reclassified from paid in surplus to
accumulated undistributed net investment income.

2. Investment Advisory Agreement and Other Transactions with Affiliates
Under the terms of the Trust's Investment Advisory Agreement, the Adviser will
provide investment advice and facilities to the Trust for an annual fee payable
monthly of .70% of the average net assets of the Trust. In addition, the
Trust will pay a monthly administrative fee to VKAC, the Trust's Administrator,
at an annual rate of .20% of the average net assets of the Trust.
The administrative services provided by the Administrator include record
keeping and reporting responsibilities with respect to the Trust's portfolio
and preferred shares and providing certain services to shareholders.
Certain legal expenses are paid to Skadden, Arps, Slate, Meagher & Flom,
counsel to the Trust, of which a trustee of the Trust is an affiliated person.
For the year ended August 31, 1995, the Trust recognized expenses of
approximately $16,500 representing VKAC's cost of providing accounting and legal
services to the Trust.
Certain officers and trustees of the Trust are also officers and directors of
VKAC. The Trust does not compensate its officers or trustees who are officers of
VKAC.

Notes to Financial Statements (Continued)
August 31, 1995
- --------------------------------------------------------------------------------

The Trust has implemented deferred compensation and retirement plans for its
trustees. Under the deferred compensation plan, trustees may elect to defer all
or a portion of their compensation to a later date. The retirement plan covers
those trustees who are not officers of VKAC. The Trust's liability under the
deferred compensation and retirement plans at August 31, 1995, was approximately
$22,800.
At August 31, 1995, VKAC owned 6,700 common shares of the Trust.

3. Capital Transactions
At August 31, 1995 and 1994, paid in surplus related to common shares aggregated
$95,409,336 and $95,434,534, respectively.
Transactions in common shares were as follows:

<TABLE>
<CAPTION>
Year Ended Year Ended
August 31, 1995 August 31, 1994
- -----------------------------------------------------------
<S> <C> <C>
Beginning Shares......... 6,451,214 6,432,420
Shares Issued Through
Dividend Reinvestment.. -0- 18,794
--------------- ---------------
Ending Shares............ 6,451,214 6,451,214
--------------- ---------------
--------------- ---------------
</TABLE>

4. Investment Transactions

Aggregate purchases and cost of sales of investment securities, excluding
short-term notes, for the year ended August 31, 1995, were $26,971,215 and
$25,063,537, respectively.

5. Preferred Shares
The Trust has outstanding 1,000 Auction Preferred Shares ("APS"). Dividends are
cumulative and the dividend rate is currently reset every 28 days through an
auction process. The rate in effect on August 31, 1995 was 3.74%. During the
year ended August 31, 1995, the rates ranged from 3.13% to 5.65%.
The Trust pays annual fees equivalent to .25% of the preferred share
liquidation value for the remarketing efforts associated with the preferred
auctions. These fees are included as a component of Preferred Share Maintenance
expense.
The APS are redeemable at the option of the Trust in whole or in part at the
liquidation value of $50,000 per share plus accumulated and unpaid dividends.
The Trust is subject to certain asset coverage tests, and the APS are subject to
mandatory redemption if the tests are not met.

Independent Auditors' Report

The Board of Trustees and Shareholders of
Van Kampen Merritt Florida Quality Municipal Trust:

We have audited the accompanying statement of assets and liabilities of Van
Kampen Merritt Florida Quality Municipal Trust (the "Trust"), including the
portfolio of investments, as of August 31, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the periods presented. These financial statements and financial
highlights are the responsibility of the Trust's 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 generally accepted auditing
standards. 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. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
August 31, 1995, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
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 Van
Kampen Merritt Florida Quality Municipal Trust as of August 31, 1995, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial highlights
for each of the periods presented, in conformity with generally accepted
accounting principles.

KPMG Peat Marwick LLP
Chicago, Illinois
October 3, 1995

Dividend Reinvestment Plan

The Trust offers a dividend reinvestment plan (the "Plan") pursuant to which
Common Shareholders may elect to have dividends and capital gains distributions
reinvested in Common Shares of the Trust. The Trust declares dividends out of
net investment income, and will distribute annually net realized capital gains,
if any. Common Shareholders may join or withdraw from the Plan at
any time.
If you decide to participate in the Plan, State Street Bank and Trust Company,
as your Plan Agent, will automatically invest your dividends and capital gains
distributions in Common Shares of the Trust for your account.

How to Participate
If you wish to participate and your shares are held in your own name, call
1-800-341-2929 for more information and a Plan brochure. If your shares are held
in the name of a brokerage firm, bank, or other nominee, you should contact your
nominee to see if it would participate in the Plan on your behalf. If you wish
to participate in the Plan, but your brokerage firm, bank or nominee is unable
to participate on your behalf, you should request that your shares be
re-registered in your own name which will enable your participation in the Plan.

How the Plan Works
Participants in the Plan will receive the equivalent in Common Shares valued on
the valuation date, generally at the lower of market price or net asset value,
except as specified below. The valuation date will be the dividend or
distribution payment date or, if that date is not a trading day on the national
securities exchange or market system on which the Common Shares are listed for
trading, the next preceding trading day. If the market price per Common Share on
the valuation date equals or exceeds net asset value per Common Share on that
date, the Trust will issue new Common Shares to participants valued at the
higher of net asset value or 95% of the market price on the valuation date. In
the foregoing situation, the Trust will not issue Common Shares under the Plan
below net asset value. If net asset value per Common Share on the valuation date
exceeds the market price per Common Share on that date, or if the Board of
Trustees should declare a dividend or capital gains distribution payable to the
Common Shareholders only in cash, participants in the Plan will be deemed to
have elected to receive Common Shares from the Trust valued at the market price
on that date. Accordingly, in this circumstance, the Plan Agent will, as agent
for the participants, buy the Trust's Common Shares in the open market for the
participants' accounts on or shortly after the payment date. If, before the Plan
Agent has completed its purchases, the market price exceeds the net asset value
per share of the Common Shares, the average per share purchase price paid by the
Plan Agent may exceed the net asset value of the Trust's Common Shares,
resulting in the acquisition of fewer Common Shares than if the dividend or
distribution had been paid in Common Shares issued by the Trust. All
reinvestments are in full and fractional Common Shares and are carried to three
decimal places.
Experience under the Plan may indicate that changes are desirable.
Accordingly, the Trust reserves the right to amend or terminate the Plan as
applied to any dividend or distribution paid subsequent to written notice of the
changes sent to all Common Shareholders of the Trust at least 90 days before the
record date for the dividend or distribution. The Plan also may be amended or
terminated by the Plan Agent by at least 90 days written notice to all Common
Shareholders of the Trust.

Costs of the Plan
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. No other charges will be made to participants for reinvesting
dividends or capital gains distributions, except for certain brokerage
commissions, as described above.

Tax Implications
You will receive tax information annually for your personal records and to help
you prepare your federal income tax return. The automatic reinvestment of divi-
dends and capital gains distributions does not relieve you of any income tax
which may be payable on dividends or distributions.

Right to Withdraw
Plan participants may withdraw at any time by calling 1-800-341-2929 or by
writing State Street Bank and Trust Company, P.O. Box 8200, Boston, MA
02266-8200. If you withdraw, you will receive, without charge, a share
certificate issued in your name for all full Common Shares credited to your
account under the Plan and a cash payment will be made for any fractional Common
Share credited to your account under the Plan. You may again elect to
participate in the Plan at any time by calling 1-800-341-2929 or writing to the
Trust at:
One Parkview Plaza, Oakbrook Terrace, IL 60181
Attn: Closed-End Funds

Van Kampen Merritt Florida Quality Municipal Trust

Officers and Trustees

Don G. Powell*
Chairman and Trustee

Dennis J. McDonnell*
President and Trustee

David C. Arch
Trustee

Rod Dammeyer
Trustee

Howard J. Kerr
Trustee

Theodore A. Myers
Trustee

Hugo F. Sonnenschein
Trustee

Wayne W. Whalen*
Trustee

Peter W. Hegel*
Vice President

Ronald A. Nyberg*
Vice President and Secretary

Edward C. Wood, III*
Vice President and Treasurer

Scott E. Martin*
Assistant Secretary

Weston B. Wetherell*
Assistant Secretary

Nicholas Dalmaso*
Assistant Secretary

John L. Sullivan*
Controller

Steven M. Hill*
Assistant Treasurer

Investment Adviser

Van Kampen American Capital Investment Advisory Corp.
One Parkview Plaza
Oakbrook Terrace, Illinois 60181

Custodian and
Transfer Agent

State Street Bank
and Trust Company
225 Franklin Street
P.O. Box 1713
Boston, Massachusetts 02105

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom
333 West Wacker Drive
Chicago, Illinois 60606

Independent Auditors

KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601

*"Interested" persons of the Trust, as defined in the Investment Company Act of
1940.

SM denotes a service mark of
Van Kampen American Capital Distributors, Inc.