- - --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
SEMI-ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISER
- - --------------------------------------------------------------------------------
May 31, 1995
Dear Shareholder:
The fixed income markets experienced both extremely bearish and bullish
sentiment during the semi-annual period between November 1, 1994 and April 30,
1995. Closed-end bond funds responded to the broader markets with similar
volatility and hit all-time low stock prices during the fourth quarter of 1994.
These low levels of stock valuation were further eroded by an unusually high
degree of tax-related selling; however, closed-end bond funds have staged a
resounding rebound during the first five months of 1995. The U.S. economy
appears to have responded to the Fed's vigilance toward inflation with low
absolute levels of inflation and moderate rates of growth. This scenario is
suggestive of a "soft landing" for the economy, which has sparked a significant
Treasury market rally and resulted in overall strength in most fixed income
markets.
BlackRock Financial Management, Inc., your Trust's investment adviser, is
pleased to report that its acquisition by PNC Bank, N.A. ("PNC") was officially
completed on February 28, 1995. PNC is a commercial bank whose principal office
is in Pittsburgh, Pennsylvania and is wholly-owned by PNC Bank Corp., a bank
holding company. The merger was structured to assure continuity of performance
and service through stability of our organization. BlackRock retains its name
and continues to operate out of its New York office. All members of BlackRock's
management team have signed long-term employment contracts and will continue to
be responsible for managing BlackRock's business so that shareholders will
notice no changes in the management of the Trust.
You will note several enhancements to the Trust's semi-annual report
designed to improve the report's usefulness to you. The letter to shareholders
which reviews the markets and Trust's investment strategy over the semi-annual
period is provided by the Trust's portfolio managers. In addition, we have
included an investment summary section which provides a synopsis of the Trust's
investment objectives and guidelines and reviews its investment strategy. We
appreciate your investment in The BlackRock Florida Investment Quality Municipal
Trust and look forward to continuing to serve your financial needs.
Sincerely,
Laurence D. Fink Ralph L. Schlosstein
Chairman President
1
<PAGE>
May 31, 1995
Dear Shareholder:
Characterized by large swings in interest rates across the yield curve, the
semi-annual period between November 1, 1994 and April 30, 1995 provided a
challenging investment environment for fixed income products including The
BlackRock Florida Investment Quality Municipal Trust ("RFA" or the "Trust"). At
the beginning of the fiscal period, RFA was trading at a stock price of $10.375,
while at the end of this fiscal period (April 30, 1995) the Trust closed at
$12.25. During this same period, the net asset value (NAV) increased from $11.69
to $13.10. As we write this letter, the Trust's shares are trading at a price of
$12.00 per share, which is a 13.61% discount to its net asset value of $13.89
per share. The current annual dividend per share is $0.7872, which is equivalent
to a yield of 6.56% on the current stock price. According to Lipper Analytical
Services, Inc., 94% of municipal closed-end bond funds are trading at a discount
to their net asset values. The significant fixed income market rally of 1995 has
resulted in the Trust's NAV increasing more rapidly than its market price, which
is reflected in the current discount. BlackRock feels that as investors adapt to
the more positive tone in the marketplace, the discount on RFA should narrow.
A review of the fixed income markets over the past year as well as the
trading activity in the Trust's portfolio that has taken place since our last
annual report appears below. This information should provide you with a greater
understanding of the active management strategies you have hired BlackRock to
provide to the Trust.
The Fixed Income Markets
The fourth quarter of 1994 echoed the underperformance that pervaded the
fixed income markets throughout 1994. The market experienced periods of
illiquidity during November as mutual funds sold securities to meet redemptions
and dealers were reluctant to add to their already large inventories. From a
yield curve perspective, the municipal curve remained rather steep compared to
the taxable curve. However, during the first quarter of 1995, the long end of
the municipal bond market witnessed a dramatic rally which resulted in a
flattening of the municipal yield curve. This rally was a result of a
significant amount of cash which needed to be reinvested in the municipal market
due to approximately $35 billion in cash flow from principal and interest
payments as well as crossover accounts returning to the market aggressively.
Ratios of long-term municipal yields to long-term Treasury yields ended the
quarter at 78.7%, the richest levels we have experienced since August of 1992.
Interestingly, the municipal yield curve flattened as the Treasury yield
curve steepened. The divergent trend between the shape of the municipal yield
curve and the Treasury curve was primarily the delayed response of the municipal
yield curve to the rapid Treasury curve flattening in late 1994. This recent
strong performance is likely to continue to some extent because of favorable
technical conditions. Individual investor demand for municipal bonds is expected
to remain high through the summer as approximately $60 billion in coupon and
redemption payments will flow into municipal investor hands during June and July
and will need to be reinvested. In addition, municipal bond supply, which
declined 46% in the first quarter of 1995 from the same quarter last year, is
expected to continue to diminish. These trends should allow municipal closed-end
bond funds like RFA to perform well in the near term.
Recently proposals for tax simplification, particularly the creation of a
"flat tax" have begun to receive attention. Some versions of this proposal would
eliminate the taxation of all investment income, which would offset the current
tax benefits of municipal bonds. This could result in an underperformance of the
municipal market if the flat tax becomes a pivotal 1996 Presidential campaign
issue. While actual tax reform is still at best two years away, we will continue
to actively follow the situation because investor concerns about tax reform
could cause dislocations in the municipal market, creating possible buying
opportunities for the Trust.
2
<PAGE>
The economy in Florida has experienced strong growth over the fiscal period
as the state continues to diversify its fiscal base from tourism and into the
service sector. This is most likely due in part to the recent focus on providing
a national base for the service processing industry. New issue supply was very
limited during the period which helped to increase demand for existing issues.
The Closed-End Bond Fund Industry
During the final months of 1994, investor demand for closed-end bond funds
dropped to an all-time low level. Closed-end bond funds fell victim to a lack of
demand stemming from fears of rising inflation coupled with rising interest
rates and historically high levels of year-end tax swapping. As a result, the
prices of most closed-end bond funds, including RFA, dropped to historically low
levels. Investors who endured the market slump and opted to "hold" or acquire
more shares of the Trust during these tumultuous markets benefitted from a
substantial increase in both net asset value and share price during the first
quarter of 1995 as the market environment for fixed income securities improved
considerably.
Reflecting the current strength of the fixed income markets, the majority of
domestic closed-end bond funds registered positive gains for the one year period
ended April 30, 1995 with an average total return* of 6.46%. According to Lipper
Analytical Services, Inc., RFA ranked #1 out of 12 Closed-End Florida Municipal
Bond Funds for the one year period ended April 30, 1995 with a total return* of
10.77% versus its category's average of 7.99%.
- - -----------
*Total return was calculated based on net asset values and assumes the
reinvestment of dividends and distributions.
The Trust's Portfolio and Investment Strategy
BlackRock continues to actively manage the Trust's portfolio to selectively
modify the Trust's allocation to certain sectors, issuers, revenue sources and
types of bonds. Due to the 1993 change in tax treatment of market discounts on
individual bonds, we have been favoring premiums and discount securities over
those selling near par value since we believe that the market is not fully
valuing the effects of the tax change on par bonds. The following table
illustrates the sector reallocations during the fiscal period:
Sector Breakdown (October 31, 1994 to April 30, 1995)
-----------------------------------------------------------------
Sector April 30, 1995 October 31, 1994
-----------------------------------------------------------------
Utility 20% 12%
-----------------------------------------------------------------
Power 17% 24%
-----------------------------------------------------------------
Lease Revenue 15% 13%
-----------------------------------------------------------------
Transportation 12% 12%
-----------------------------------------------------------------
Hospital 9% 8%
-----------------------------------------------------------------
Water & Sewer 8% 4%
-----------------------------------------------------------------
City & State 7% 8%
-----------------------------------------------------------------
Housing 4% 4%
-----------------------------------------------------------------
Sales Tax 4% 9%
-----------------------------------------------------------------
Miscellaneous Revenue 4% 6%
-----------------------------------------------------------------
3
<PAGE>
The Trust's portfolio consists of investment grade municipal securities
(securities rated at least "BBB") with an average maturity of 22 years. We
continue to closely monitor the credit quality of the Trust's assets and subject
the credits to rigorous credit analysis. Currently, the breakdown by credit
quality is as follows:
-------------------------------------------------------------------------
Standard & Poor's/Moody's
Credit Rating April 30, 1995 October 31, 1994
-------------------------------------------------------------------------
AAA/Aaa 46% 37%
-------------------------------------------------------------------------
AA/Aa 28% 36%
-------------------------------------------------------------------------
A/A 26% 27%
-------------------------------------------------------------------------
We thank you for your investment in The BlackRock Florida Investment Quality
Municipal Trust. Please feel free to contact us at (800) 227-7BFM (7236) if you
have specific questions which were not addressed in this semi-annual report.
Sincerely,
Robert Kapito Kevin Klingert
Vice Chairman and Senior Portfolio Manager Principal and Municipal Portfolio
BlackRock Financial Management, Inc. Manager
BlackRock Financial Management, Inc.
4
<PAGE>
- - --------------------------------------------------------------------------------
The BlackRock Florida Investment Quality Municipal Trust
- - --------------------------------------------------------------------------------
Symbol on American Stock Exchange: RFA
- - --------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
- - --------------------------------------------------------------------------------
Closing Stock Price as of 4/30/95: $12.25
- - --------------------------------------------------------------------------------
Net Asset Value as of 4/30/95: $13.10
- - --------------------------------------------------------------------------------
Yield on Closing Stock Price as of 4/30/95 ($12.25)1: %6.43%
- - --------------------------------------------------------------------------------
Current Monthly Distribution per Share2: $0.0656
- - --------------------------------------------------------------------------------
Current Annualized Distribution per Share2: $0.7872
- - --------------------------------------------------------------------------------
1Yield on Closing Stock Price is calculated by dividing the current annualized
distribution per share by the closing stock price per share.
2The distribution is not constant and is subject to change.
5
<PAGE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------------------------------------
The BlackRock Florida Investment Quality Municipal Trust
Portfolio of Investments
April 30, 1995
(Unaudited)
- - ------------------------------------------------------------------------------------------------------------------------------------
Principal
Amount Value
Rating* (000) Description (Note 1)
- - ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS-148.7%
Florida-129.7%
<S> <C> <C> <C>
AAA $1,000 Boynton Beach Util. Sys. Rev., 6.25%, 11/01/20, FGIC ............................................... $ 1,007,810
A1* 1,000 Brevard Cnty. Hlth. Facs., Holmes Regl. Med. Ctr., 5.75%, 10/01/13 ................................. 918,040
AA 1,000 Broward Cnty., G.O., Ser. C, 5.50%, 1/01/12 ........................................................ 954,750
AAA 1,000 Dade Cnty. Pub. Facs. Rev., Jackson Mem. Hosp., 5.625%, 6/01/13, MBIA .............................. 957,810
AAA 1,000 Dade Cnty. Sch. Brd., C.O.P., Ser. A, 6.00%, 5/01/14, MBIA ......................................... 994,380
AA 975 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge., Ser. A, 6.25%, 7/01/11 .................................. 986,603
AA 500 Florida St. Brd. of Ed., Ser. C, 5.30%, 6/01/14 .................................................... 457,320
AAA 500 Florida St. Dept. of Corrections, C.O.P., Okeechobee Correctional Fac., 6.25%, 3/01/15, AMBAC ...... 508,310
Florida St. Mun. Pwr. Agcy. Rev., St. Lucie Proj., FGIC,
AAA 1,000 5.50%, 10/01/12 ................................................................................... 954,660
AAA 1,000 5.70%, 10/01/16 ................................................................................... 961,690
AA 1,000 Gainesville Utils. Sys. Rev., Ser. B, 5.50%, 10/01/13 .............................................. 938,280
AAA 1,000 Jacksonville Cap. Impvt. Rev., C.O.P., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC .................... 941,950
AA 1,000 Jacksonville Elec. Auth. Rev., Johns Rvr., Issue 2, Ser. 8, 5.50%, 10/01/13 ........................ 938,280
AAA 1,000 Lee Cnty. Tourist Dev. Tax Rev., 5.75%, 10/01/16, FGIC ............................................. 967,680
A- 2,000 Orlando & Orange Cnty. Expwy. Rev., 5.95%, 7/01/23 ................................................. 1,918,160
Orlando Utils. Comn. Wtr. & Elec. Rev.,
AA- 1,000 Ser. D, 5.50%, 10/01/20 ........................................................................... 913,320
AA- 1,000 Ser. A, 6.00%, 10/01/20 ........................................................................... 975,760
AAA 1,000 Port St. Lucie Util. Rev., 6.00%, 9/01/24, FGIC .................................................... 982,960
AAA 1,000 Reedy Creek Impvt. Dist. Util. Rev., Ser. 1, 5.00%, 10/01/19, MBIA ................................. 860,050
AAA 1,000 Seminole Cnty. Sch. Brd., C.O.P., Ser. A, 6.125%, 7/01/14, MBIA .................................... 1,001,080
------------
19,138,893
------------
Puerto Rico-19.0%
A 1,000 Puerto Rico Comnwlth. Hwy. & Trans. Auth. Rev., Ser. X, 5.25%, 7/01/21 ............................. 866,100
A- 1,000 Puerto Rico Elec. Pwr. Auth. Rev., Ser. T, 6.375%, 7/01/24 ......................................... 1,002,640
A 1,000 Puerto Rico Pub. Bldg. Auth. Gtd. Pub. Ed. & Hlth. Facs., Ser. M, 5.75%, 7/01/15 ................... 940,820
------------
2,809,560
------------
Total long-term investments (cost $21,607,750) ..................................................... 21,948,453
------------
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
- - ------------------------------------------------------------------------------------------------------------------------------------
Principal
Amount Value
Rating* (000) Description (Note 1)
- - ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS**-6.8%
Florida-1.4%
Jacksonville Hlth. Facs Auth. Hosp. Rev., Baptist Med. Ctr. Proj., 4.45%, 5/01/95,
A1+ $ 200 MBIA, FRDD ....................................................................................... $ 200,000
------------
New York-5.4%
A1+ 800 New York City Mun. Wtr. Fin. Auth. Rev., 4.15%, 5/04/95, FRDD ...................................... 800,000
------------
Total short-term investments (cost $1,000,000) ................................................... 1,000,000
------------
Total Investments-155.5% (cost $22,607,750) ........................................................ 22,948,453
Other assets in excess of liabilities-2.1% ......................................................... 311,107
Liquidation value of preferred stock-(57.6)% ....................................................... (8,500,000)
------------
Net Assets Applicable to Common Shareholders-100% .................................................. $14,759,560
============
<FN>
___________
**Rating: using the higher of Standard & Poor's, Moody's or Fitch's rating.
**For purposes of amortized cost valuation, the maturity date of these
instruments is considered to be the later of the next date on which the
security can be redeemed at par or the next date on which the rate of
interest is adjusted.
</FN>
</TABLE>
___________________________________________________
Key to Abbreviations
AMBAC-American Municipal Bond Assurance Corporation
C.O.P.-Certificate of Participation
FGIC-Financial Guaranty Insurance Company
FRDD-Floating Rate Daily Demand
MBIA-Municipal Bond Insurance Association
___________________________________________________
See Notes to Financial Statements.
7
<PAGE>
(Left column)
____________________________________________________________________
The BlackRock Florida Investment
Quality Municipal Trust
Statement of Assets and Liabilities
April 30, 1995
(Unaudited)
____________________________________________________________________
Assets
Investments, at value (cost $22,607,750) (Note 1) ..... $22,948,453
Cash .................................................. 21,274
Interest receivable ................................... 317,402
Deferred organization expenses and other assets ....... 10,764
-----------
...................................................... 23,297,893
-----------
Liabilities
Advisory fee payable (Note 2) ......................... 6,370
Dividends payable-common stock ........................ 4,254
Dividends payable-preferred stock ..................... 3,179
Administration fee payable (Note 2) ................... 1,820
Other accrued expenses ................................ 22,710
-----------
...................................................... 38,333
-----------
Net Investment Assets ................................. $23,259,560
===========
Net investment assets were comprised of:
Common stock:
Par value (Note 4) ................................ $ 11,271
Paid-in capital in excess of par .................. 15,585,445
Preferred stock (Note 4) ............................ 8,500,000
-----------
...................................................... 24,096,716
Undistributed net investment income ................. 56,158
Accumulated net realized loss ....................... (1,234,017)
Net unrealized appreciation ......................... 340,703
-----------
Net investment assets, April 30, 1995 ............... $23,259,560
===========
Net assets applicable to common shareholders ........ $14,759,560
===========
Net asset value per share:
($14,759,560 / 1,127,093 shares of
common stock issued and outstanding) ................ $13.10
======
(RIGHT COLUMN)
____________________________________________________________________
The BlackRock Florida Investment
Quality Municipal Trust
Statement of Operations
Six Months Ended April 30, 1995
(Unaudited)
____________________________________________________________________
Net Investment Income
Income
Interest and discount earned ........................ $ 693,935
-----------
Expenses
Investment advisory ................................. 40,301
Shareholder reports ................................. 13,000
Administration ...................................... 10,747
Transfer agent ...................................... 4,000
Audit ............................................... 3,500
Directors ........................................... 2,500
Legal ............................................... 2,500
Custodian ........................................... 1,800
Miscellaneous ....................................... 15,990
-----------
Total expenses ...................................... 94,338
-----------
Net investment income ................................. 599,597
-----------
Realized and Unrealized Gain (Loss)
on Investments (Note 3)
Net realized loss on investments ...................... (289,975)
Net change in unrealized appreciation on
investments ......................................... 1,887,788
-----------
Net gain on investments ............................... 1,597,813
-----------
Net Increase In Net Investment
Assets Resulting from Operations ...................... $2,197,410
===========
See Notes to Financial Statements.
8
<PAGE>
________________________________________________________________________________
The BlackRock Florida Investment Quality Municipal Trust
Statements of Changes in Net Investment Assets
(Unaudited)
________________________________________________________________________________
For the For the
Six Months Year
Ended Ended
April 30, 1995 October 31, 1994
-------------- ----------------
Increase (Decrease) in Net Investment Assets
Operations:
Net investment income ....................... $ 599,597 $ 1,102,007
Net realized loss on investments ............ (289,975) (944,016)
Net change in unrealized appreciation
(depreciation) on investments .............. 1,887,788 (2,461,351)
----------- -----------
Net increase (decrease) in net investment
assets resulting from operations ........... 2,197,410 (2,303,360)
Dividends and distributions:
To common shareholders from net
investment income .......................... (443,604) (887,219)
To preferred shareholders from net
investment income .......................... (168,652) (222,367)
To common shareholders from capital gains ... - (43,393)
To preferred shareholders from capital gains - (9,938)
Capital stock transactions:
Capital charge with respect to initial
public offering of shares .................. - (3,500)
----------- -----------
Total increase (decrease) ............... 1,585,154 (3,469,777)
Net Investment Assets
Beginning of period .......................... 21,674,406 25,144,183
----------- -----------
End of period ................................ $23,259,560 $21,674,406
=========== ===========
See Notes to Financial Statements.
9
<PAGE>
_______________________________________________________________________________
The BlackRock Florida Investment Quality Municipal Trust
Financial Highlights
(Unaudited)
_______________________________________________________________________________
<TABLE>
<CAPTION>
For the For the For the Period
Six Months Year June 4, 1993*
Ended Ended Through
PER SHARE OPERATING PERFORMANCE: April 30, 1995 October 31, 1994 October 31, 1993
-------------- ---------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period ............................ $ 11.69 $ 14.77 $ 14.10
Net investment income .......................................... .53 .98 .31
Net realized and unrealized gain (loss) on investments ......... 1.42 (3.02) .86
Net increase (decrease) from investment operations .............. 1.95 (2.04) 1.17
Dividends from net investment income to:
Common shareholders ............................................ (.39) (.79) (.20)
Preferred shareholders ......................................... (.15) (.20) (.05)
Total dividends ................................................ (.54) (.99) (.25)
Distributions from capital gains to:
Common shareholders ............................................ - (.04) -
Preferred shareholders ......................................... - (.01) -
Total distributions ............................................ - (.05) -
Capital charge with respect to issuance of common
and preferred stock ........................................... - - (.25)
Net asset value, end of period** ................................ $ 13.10 $ 11.69 $ 14.77#
Per share market value, end of period** ......................... $ 12.25 $ 10.375 $ 14.00
TOTAL INVESTMENT RETURN(D): ..................................... 21.49% (20.98%) .63%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS(D)(D):
Expenses ........................................................ 1.37%(D)(D)(D) 1.50% 1.12%(D)(D)(D)
Net investment income ........................................... 8.70%(D)(D)(D) 7.34% 5.40%(D)(D)(D)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) ..... $ 13,892 $ 15,015 $ 15,791
Portfolio turnover rate ....................................... 39% 206% 13%
Net assets of common shareholders, end of period (in thousands) . $ 14,760 $ 13,174 $ 16,644
Asset coverage per share of preferred stock, end of period ...... $136,821 $127,494 $147,907
Preferred stock outstanding (in thousands) ...................... $ 8,500 $ 8,500 $ 8,500
<FN>
______________
*Commencement of investment operations.
**Net asset value and market value are published in The Wall Street
Journal each Monday.
#Net asset value immediately after the closing of the first public
offering was $14.01.
(D)Total investment return is calculated assuming a purchase of common
stock at the current market value on the first day and a sale at the
current market value on the last day of each period reported. Dividends
and distributions are assumed for purposes of this calculation
to be reinvested at prices obtained under the Trust's dividend
reinvestment plan. This calculation does not reflect brokerage commis-
sions. Total investment returns for periods of less than one year are
not annualized.
(D)(D)Ratios calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets
of common shareholders. Ratios do not reflect the effect of dividend
payments to preferred shareholders.
(D)(D)(D)Annualized.
The information above represents the unaudited operating performance
for a share of common stock outstanding, total investment return,
ratios to average net assets and other supplemental data for the period
indicated. This information has been determined based upon financial
information provided in the financial statements and market value data
for the Trust's common shares.
</FN>
</TABLE>
See Notes to Financial Statements.
10
<PAGE>
(LEFT COLUMN)
___________________________________________________
The BlackRock Florida Investment
Quality Municipal Trust
Notes to Financial Statements
(Unaudited)
___________________________________________________
Note 1. Accounting Policies
The BlackRock Florida Investment Quality Municipal Trust (the "Trust") was
organized in Massachusetts on April 15, 1993 as a non-diversified closed-end
management investment company. The Trust had no transactions until May 27, 1993
when it sold 7,093 shares of common stock for $100,012 to BlackRock Financial
Management, Inc., (the "Adviser"). Investment operations commenced on June 4,
1993.
The Trust's investment objective is to provide high current income exempt from
regular federal income tax and Florida intangible personal property tax
consistent with the preservation of capital. The ability of issuers of debt
securities held by the Trust to meet their obligations may be affected by
economic developments in the state, a specific industry or region. No assurance
can be given that the Trust's investment objective will be achieved.
The following is a summary of significant accounting policies followed by the
Trust.
Securities Valuation: Municipal securities (including commitments to purchase
such securities on a "when-issued" basis) are valued on the basis of prices
provided by a pricing service which uses information with respect to
transactions in bonds, quotations from bond dealers, market transactions in
comparable securities and various relationships between securities in
determining values. Any securities or other assets for which such current market
quotations are not readily available are valued at fair value as determined in
good faith under procedures established by and under the general supervision and
responsibility of the Trust's Board of Directors.
Short-term securities which mature in more than 60 days are valued at current
market quotations. Short-term securities which mature in 60 days or less are
valued at amortized cost, if their term to maturity from date of purchase is 60
days or less, or by amortizing their value on the 61st day prior to maturity, if
their original term to maturity from date of purchase exceeded 60 days.
Option Selling/Purchasing: When the Trust sells or purchases an option, an
amount equal to the premium received or paid by the Trust is recorded as a
liability or an asset and is subsequently adjusted to the current market value
of the option written or purchased. Premiums received or paid from writing
(RIGHT COLUMN)
or purchasing options which expire unexercised are treated by the Trust on the
expiration date as realized gains or losses. The difference between the premium
and the amount paid or received on effecting a closing purchase or sale
transaction, including brokerage commissions, is also treated as a realized gain
or loss. If an option is exercised, the premium paid or received is added to the
proceeds from the sale or cost of the purchase in determining whether the Trust
has realized a gain or a loss on investment transactions. The Trust, as writer
of an option, may have no control over whether the underlying securities may be
sold (call) or purchased (put) and as a result bears the market risk of an
unfavorable change in the price of the security underlying the written option.
Financial Futures Contracts: A futures contract is an agreement between two
parties to buy and sell a financial instrument for a set price on a future date.
Initial margin deposits are made upon entering into futures contracts and can be
either cash or securities. During the period the futures contract is open,
changes in the value of the contract are recognized as unrealized gains or
losses by "marking-to-market" on a daily basis to reflect the market value of
the contract at the end of each day's trading. Variation margin payments are
made or received, depending upon whether unrealized gains or losses are
incurred. When the contract is closed, the Trust records a realized gain or loss
equal to the difference between the proceeds from (or cost of) the closing
transaction and the Trust's basis in the contract.
Financial futures contracts, when used by the Trust, help in maintaining a
targeted duration. Duration is a measure of the price sensitivity of a security
or a portfolio to relative changes in interest rates. For instance, a duration
of "one" means that a portfolio's or a security's price would be expected to
change by approximately one percent with a one percent change in interest rates,
while a duration of "five" would imply that the price would move approximately
five percent in relation to a one percent change in interest rates. Futures
contracts can be sold to effectively shorten an otherwise longer duration
portfolio. In the same sense, futures contracts can be purchased to lengthen a
portfolio that is shorter than its duration target. Thus, by buying or selling
futures contracts, the Trust can effectively "hedge" more volatile positions so
that changes in interest rates do not change the duration of the portfolio
unexpectedly.
The Trust may invest in financial futures contracts primarily for the purpose
of hedging its existing portfolio securities or securities the Trust intends to
purchase against fluctuations in value caused by changes in prevailing market
interest rates. Should interest rates move unexpectedly, the Trust may not
11
<PAGE>
(LEFT COLUMN)
achieve the anticipated benefits of the financial futures contracts and may
realize a loss. The use of futures transactions involves the risk of imperfect
correlation in movements in the price of futures contracts, interest rates and
the underlying hedged assets. The Trust is also at risk of not being able to
enter into a closing transaction for the futures contract because of an illiquid
secondary market. In addition, since futures are used to shorten or lengthen a
portfolio's duration, there is a risk that the portfolio may have temporarily
performed better without the hedge or that the Trust may lose the opportunity to
realize appreciation in the market price of underlying positions.
Short Sales: The Trust may make short sales of securities as a method of hedging
potential price declines in similar securities owned. When the Trust makes a
short sale, it may borrow the security sold short and deliver it to the
broker-dealer through which it made the short sale as collateral for its
obligation to deliver the security upon conclusion of the sale. The Trust may
have to pay a fee to borrow the particular securities and may be obligated to
pay over any payments received on such borrowed securities. A gain, limited to
the price at which the Trust sold the security short, or a loss, unlimited as to
dollar amount, will be recognized upon the termination of a short sale if the
market price is greater or less than the proceeds originally received.
Securities Transactions and Investment Income:
Securities transactions are recorded on the trade date. Realized and unrealized
gains and losses are calculated on the identified cost basis. Interest income is
recorded on the accrual basis and the Trust accretes discounts or amortizes
premium on securities purchased using the interest method.
Federal Income Taxes: It is the Trust's intention to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute sufficient net income to shareholders. Therefore no
federal income tax provision is required.
Dividends and Distributions: The Trust declares and pays dividends and
distributions to common shareholders monthly from net investment income, net
realized short-term capital gains and other sources, if necessary. Net long-term
capital gains, if any, in excess of loss carryforwards may be distributed
annually. Dividends and distributions are recorded on the ex-dividend date.
Dividends and distributions to preferred shareholders are accrued and determined
as described in Note 4.
Deferred Organization Expenses: A total of $16,000 was incurred in connection
with the organization of the Trust. These costs have been deferred and are being
amortized ratably over a period of sixty months from the date the Trust
commenced investment operations.
(RINGHT COLUMN)
Note 2. Agreements
The Trust has an Investment Advisory Agreement with the Adviser and an
Administration Agreement with Prudential Mutual Fund Management, Inc. ("PMF"),
an indirect, wholly-owned subsidiary of The Prudential Insurance Company of
America.
The investment fee paid to the Adviser is computed weekly and payable monthly
at an annual rate of 0.35% of the Trust's average weekly net investment assets.
The administration fee paid to PMF is also computed weekly and payable monthly
at an annual rate of 0.10% of the Trust's average weekly net investment assets.
Pursuant to the agreements, the Adviser provides continuous supervision of the
investment portfolio and pays the compensation of officers of the Trust who are
affiliated persons of the Adviser. PMF pays occupancy and certain clerical and
accounting costs of the Trust. The Trust bears all other costs and expenses.
On February 28, 1995, the Adviser was acquired by PNC Bank, N.A. Following
acquisition, the Adviser has become a wholly-owned corporate subsidiary of PNC
Asset Management Group, Inc., the holding company for PNC's asset management
businesses.
Note 3. Portfolio Securities
Purchases and sales of investment securities, other than short-term investments,
for the period ended April 30, 1995 aggregated $8,481,910 and $9,358,760,
respectively.
The federal income tax basis of the Trust's investments at April 30, 1995 was
$22,651,185 and, accordingly, net unrealized appreciation for federal income tax
purposes was $297,268 (gross unrealized appreciation $569,027; gross unrealized
depreciation $271,759).
For federal income tax purposes, the Trust had a capital loss carryforward at
October 31, 1994 of approximately $944,000 which will expire in 2002.
Accordingly, no capital gain distribution is expected to be paid to shareholders
until net gains have been realized in excess of such amount.
Note 4. Capital
There are 200 million shares of $.01 par value common stock authorized. Of the
1,127,093 shares outstanding at April 30, 1995, the Adviser owned 7,093 shares.
12
<PAGE>
(LEFT COLUMN)
Offering costs ($92,138) incurred in connection with the Trust's underwriting
of common stock have been charged to paid-in capital in excess of par of the
common stock.
The Trust may classify or reclassify any unissued shares of common stock into
one or more series of preferred stock. On July 29, 1993 the Trust reclassified
170 shares of common stock and issued a series of Auction Market Preferred Stock
("Preferred Stock") Series R7. The Preferred Stock has a liquidation value of
$50,000 per share plus any accumulated but unpaid dividends.
The underwriting discounts ($127,500) and offering costs ($75,657) incurred in
connection with the Preferred Stock offering have been charged to paid-in
capital in excess of par of the common stock.
Dividends on Series R7 are cumulative at a rate which is resetevery 7 days
based on the results of an auction. Dividend rates ranged from 3.25% to 6.125%
during the six months ended April 30, 1995.
The Trust may not declare dividends or make other distributions on shares of
common stock or purchase any such shares if, at the time of the declaration,
distribution, or purchase, asset coverage with respect to the outstanding
Preferred Stock would be less than 200%.
The Preferred Stock is redeemable at the option of the Trust, in whole or in
part, on any dividend payment date at $50,000 per share plus any accumulated or
unpaid dividends whether or not declared. The Preferred Stock is also subject to
mandatory redemption at $50,000 per share plus any accumulated or unpaid
dividends, whether or not declared if certain requirements relating to the
composition of the assets and liabilities of
(RIGHT COLUMN)
the Trust as set forth in the Articles of Incorporation are not satisfied.
The holders of Preferred Stock have voting rights equal to the holders of
common stock (one vote per share) and will vote together with holders of shares
of common stock as a single class. However, holders of Preferred Stock are also
entitled to elect two of the Trust's directors. In addition, the Investment
Company Act of 1940 requires that along with approval by stockholders that might
otherwise be required, the approval of the holders of a majority of any
outstanding preferred shares, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the preferred
shares and (b) take any action requiring a vote of security holders, including,
among other things, changes in the Trust's subclassification as a closed-end
investment company or changes in its fundamental investment restrictions.
On May 16, 1995 shareholders approved a proposal to split each share of the
Trust's Auction Rate Municipal Preferred Stock into two shares and
simultaneously reduce each share's liquidation preference from $50,000 to
$25,000.
Note 5. Dividends
Subsequent to April 30, 1995, the Board of Directors of the Trust declared
dividends from undistributed earnings of $0.0656 per common share payable May
31, 1995 and June 30, 1995 to shareholders of record on May 15, and June 15,
1995, respectively.
For the period May 1, 1995 to May 31, 1995, dividends declared on Preferred
Stock totalled $31,006 in aggregate for the outstanding Preferred Stock.
13
<PAGE>
<TABLE>
<CAPTION>
Note 6. Quarterly Data
- - ------------------------------------------------------------------------------------------------------------------------------------
Net realized and Net increase/decrease
unerealized in net investment Dividends and distributions
Net investment gains (losses) on assets resulting Common shares Preferred shares**
income investments from operations
Per Per Per Per Per Share price of Period end
Quarterly Total Common Common Common Common Common Common stock and asset
period Income Amount shares Amount shares Amount share Amount share Amount share High Low value
- - --------- ------ ------------ -------------- ---------------- -------------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
June 4,
1993* to
July 31,
1993 $ 90,199 $ 68,588 $.06 $ 46,058 $ .04 $ 114,646 $ .10 - $.20 $ 1,537 - $15 1/8 $14 5/8 $13.94
August 1,
1993 to
October
31, 1993 333,217 282,090 .25 921,513 .82 1,203,603 1.07 221,812 .20 50,933 $.05 15 1/8 14 14.77
November
1, 1993
to January
31, 1994 330,290 278,523 .25 280,267 .25 558,790 .50 265,205 .24 49,514 .05 14 5/8 12 7/8 14.98
February 1,
1994 to
April 30,
1994 334,707 280,925 .25(2,700,037) (2.39) (2,419,112) (2.14) 221,800 .19 48,841 .04 14 3/8 11 1/2 12.60
May 1, 1994
to July 31,
1994 328,452 267,797 .24 411,677 .37 679,474 .61 221,805 .20 64,736 .06 12 1/8 11 1/2 12.95
August 1,
1994 to
October
31, 1994 34,643 274,762 .24(1,397,274) (1.25) (1,122,512) (1.01) 221,802 .20 69,214 .06 12 7/8 10 11.69
November 1,
1994 to
January
31, 1995 346,479 305,422 .27 988,099 .88 1,293,521 1.15 221,812 .20 85,796 .08 11 1/4 9 7/8 12.56
February 1,
1995 to
April 30,
1995 347,456 294,175 .26 609,714 .54 903,889 .80 221,792 .19 82,856 .07 12 1/2 11 1/8 13.10
____________________________________________________________________________________________________________________________________
<FN>
*Commencement of investment operations.
**For the six months ended April 30, 1995, the average annualized rate paid to
preferred shareholders was 4.00%.
</FN>
</TABLE>
14
<PAGE>
- - --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
DIVIDEND REINVESTMENT PLAN
- - --------------------------------------------------------------------------------
Pursuant to the Trust's Dividend Reinvestment Plan (the "Plan"),
shareholders will automatically have all distributions of dividends and capital
gains reinvested by State Street Bank & Trust Company (the "Plan Agent") in
Trust shares pursuant to the Plan unless an election is made to receive such
amounts in cash. The Plan Agent will affect purchases of shares under the Plan
in the open market. Shareholders who elect not to participate in the Plan will
receive all distributions in cash paid by check in United States dollars mailed
directly to the shareholders of record (or if the shares are held in street or
other nominee name, then to the nominee) by the trasfer agent, as dividend
disbursing agent.
The Plan Agent serves as agent for the shareholders in administering the
Plan. After the Trust declares a dividend or determines to make a capital gain
distribution, the Plan Agent will, as agent for the participants, receive the
cash payment and use it to buy Trust shares in the open market, on the American
Stock Exchange or elsewhere, for the participants' accounts. The Trust will not
issue any new shares in connection with the Plan.
Participants in the Plan may withdraw from the Plan upon written notice to
the Plan Agent and will receive certificates for whole Trust shares and a cash
payment for any fraction of a Trust share.
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. The automatic reinvestment of dividends and distributions
will not relieve participants of any federal, state or local income taxes that
may be payable on such dividends or distributions.
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
change sent to all shareholders of the Trust
at least 90 days before the record date for the dividend or distribution. The
Plan also may be amended by the Plan Agent upon at least 90 days' written notice
to all shareholders of the Trust. The Plan may be terminated by the Plan Agent
or the Trust upon at least 30 days written notice to all shareholders of the
Trust. All correspondence concerning the Plan should be directed to the Plan
Agent at (800)699-1BFM. The addresses are on the front of this report.
- - --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- - --------------------------------------------------------------------------------
There have been no material changes in the Trust's investment objectives or
policies that have not been approved by the shareholders, or to its charter or
by-laws, or in the principal risk factors associated with investment in the
Trust. There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trust's portfolio.
At a Special Meeting of Trust Shareholders held on February 15, 1995 to
approve the Trusts' advisory agreement with BlackRock Financial Management, Inc.
Shareholders approved the agreement. The result of the voting is as follows:
Votes For 924,094 Votes Against 7,578 Votes Withheld 32,537
The Annual Meeting of Trust Shareholders was held May 16, 1995 to vote on
the following matters:
(1) To elect the following three Directors to serve as follows:
Director Class Term Expiring
-------- ----- ---- --------
James Grosfeld................... I 3 years 1998
James Clayburn La Force, Jr. .... I 3 years 1998
Kent Dixon....................... III 2 years 1997
and to elect Richard E. Cavanagh as a Class I Director to represent the
preferred shareholders for a three year term expiring in 1998.
Directors whose term of office continues beyond this meeting are Andrew
F. Brimmer, Frank J. Fabozzi, Laurence D. Fink and Ralph L. Schlosstein.
(2) To consider and act on a proposal to split each share of the Trust's
Auction Rate Preferred Stock (Preferred) into two shares and
simultaneously reduce each share's liquidation preference, as provided
in the Trust's Articles Supplementary, from $50,000 to $25,000.
(3) To ratify the selection of Deloitte & Touche LLP as independent public
accountants of the Trust for the fiscal year ending October 31, 1995.
Shareholders elected the four Directors, approved the proposal to split each
Preferred share into two shares and ratified the selection of Deloitte &
Touche LLP. The results of the voting was as follows:
Votes* For Votes* Against Votes* Withheld
--------- -------------- ----------------
James Grosfeld 710,129 - 13,939
James Clayburn La Force, Jr. 710,129 - 13,939
Kent Dixon 711,158 - 12,910
Richard E. Cavanagh 168 - -
Preferred share split 683,665 11,929 28,474
Deloitte & Touche LLP 705,660 7,010 11,396
______________
*The votes represent common and preferred shareholders voting as a single class
except for the election of Richard E. Cavanagh who was elected by the preferred
shareholders.
15
<PAGE>
________________________________________________________________________________
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
INVESTMENT SUMMARY
________________________________________________________________________________
The Trust's Investment Objective
The BlackRock Florida Investment Quality Municipal Trust's investment objective
is to provide high current income exempt from regular Federal income tax and to
provide an exemption from Florida intangible personal property taxes consistent
with the preservation of capital.
Who Manages the Trust?
BlackRock Financial Management, Inc. ("BlackRock" or the "Adviser") is the
investment adviser for the Trust. BlackRock is a registered investment adviser
specializing in fixed income securities. Currently, BlackRock manages over $27
billion of assets across the government, mortgage, corporate and municipal
sectors. These assets are managed on behalf of institutional and individual
investors in 21 closed-end funds, several open-end funds and over 75 separate
accounts for various clients in the U.S. and overseas. BlackRock is a subsidiary
of PNC Asset Management Group which is a division of PNC Bank, N.A., the
nation's twelfth largest banking organization.
What Can the Trust Invest In?
Under normal conditions, the Trust expects to continue to manage its assets so
that at least 80% of its investments are rated investment grade ("BBB" by
Standard & Poor's and "Baa" by Moody's Investor Services) and up to 20% of its
assets may instead be deemed to be of equivalent credit quality by the Adviser.
The Trust intends to invest substantially all of the assets in a portfolio of
investment grade Florida Municipal Obligations, which include debt obligations
issued by the State of Florida, its political subdivisions, agencies and
instrumentalities and by other qualifying issuers that pay interest which, in
the opinion of the bond counsel of the issuer, is exempt from federal income
tax. Florida Municipal Obligations are issued to obtain funds for various public
functions, including the construction of public facilities, the refinancing of
outstanding obligations, the obtaining of funds for general operating expenses
and for loans to other public institutions and facilities.
What is the Adviser's Investment Strategy?
The Adviser will manage the assets of the Trust in accordance with the Trust's
investment objective and policies to seek to achieve its objective by investing
in investment grade Florida Municipal Obligations. The Adviser actively manages
the assets in relation to market conditions and interest rate changes. Depending
on yield and portfolio allocation considerations, the Adviser may choose to
invest a portion of the Trust's assets in securities which pay interest that is
subject to AMT (alternative minimum tax). The Trust intends to emphasize
investments in Florida Municipal Obligations with long-term maturities and
expects to maintain an average portfolio maturity of 15-20 years, but the
average maturity may be shortened or lengthened from time to time depending on
market conditions.
Under current market conditions the use of leverage increases the income earned
by the Trust. The Trust employs leverage primarily through the issuance of
preferred stock. Preferred stockholders will receive dividends based on
short-term rates in exchange for allowing the Trust to borrow additional assets.
These assets will be invested in longer-term assets which typically offer higher
interest rates and the difference between the cost of the dividends paid to
preferred stockholders and the interest earned on the longer-term securities
will provide higher income levels for common stockholders in most interest rate
environments. The Trust issued preferred stock to leverage the portfolio at
approximately 35% of total assets. See "Leverage Considerations in the Trust"
below.
How Are the Trust's Shares Purchased and Sold? Does the Trust Pay Dividends
Regularly?
The Trust's shares are traded on the American Stock Exchange which provides
investors with liquidity on a daily basis. Orders to buy or sell shares of the
Trust must be placed through a registered broker or financial advisor. The Trust
pays monthly dividends which are typically paid on the last business day of the
month. For shares held in the shareholder's name, dividends may be reinvested in
additional shares of the fund through the Trust's transfer agent, Boston
Financial Data Services. Investors who wish to hold shares in a brokerage
account should check with their financial advisor to determine whether their
brokerage firm offers dividend reinvestment services.
Leverage Considerations in the Trust
Leverage increases the duration (or price sensitivity of the net assets with
respect to changes in interest rates) of the Trust, which can improve the
performance of the fund in a declining rate environment, but can cause net
assets to decline faster in a rapidly rising interest
16
<PAGE>
rate environment. The Trust may reduce, or unwind, the amount of leverage
employed should BlackRock consider that reduction to be in the best interests of
the Trust. BlackRock's portfolio managers continuously monitor and regularly
review the Trust's use of leverage and maintain the ability to unwind the
leverage if that course is chosen.
Special Considerations and Risk Factors Relevant to the Trust
The Trust is intended to be a long-term investment and is not a short-term
trading vehicle.
Investment Objective. Although the objective of the Trust is to provide high
current income exempt from regular Federal income tax and to provide an
exemption from Florida intangible personal property taxes consistent with the
preservation of capital, there can be no assurance that this objective will be
achieved.
Dividend Considerations. The income and dividends paid by the Trust are likely
to vary over time as fixed income market conditions change. Future dividends may
be higher or lower than the dividend the Trust is currently paying.
Leverage. The Trust utilizes leverage through preferred stock, which involves
special risks. The Trust's net asset value and market value may be more volatile
due to its use of leverage.
Market Price of Shares. The shares of closed-end investment companies such as
the Trust trade on the American Stock Exchange (AMEX symbol: RFA) and as such
are subject to supply and demand influences. As a result, shares may trade at a
discount or a premium to their net asset value.
Investment Grade Municipal Obligations. The value of municipal debt securities
generally varies inversely with changes in prevailing market interest rates.
Depending on the amount of call protection that the securities in the Trust
have, the Trust may be subject to certain reinvestment risks in environments of
declining interest rates.
Illiquid Securities. The Trust may invest in securities that are illiquid,
although under current market conditions the Trust expects to do so to only a
limited extent. These securities involve special risks.
Antitakeover Provisions. Certain antitakeover provisions will make a change in
the Trust's business or management more difficult without the approval of the
Trust's Board of Directors and may have the effect of depriving shareholders of
an opportunity to sell their shares at a premium above the prevailing market
price.
17
<PAGE>
_______________________________________________________________________________
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
GLOSSARY
_______________________________________________________________________________
Closed-End Fund: Investment vehicle which initially offers a fixed
number of shares and trades on a stock exchange.
The fund invests in a portfolio of securities in
accordance with its stated investment objectives
and policies.
Discount: When a fund's net asset value is greater than its
stock price the fund is said to be trading at a
discount.
Dividend: Income generated by securities in a portfolio and
distributed to shareholders after the deduction
of expenses. This Trust declares and pays
dividends to common shareholders on a monthly
basis.
Dividend Reinvestment: Shareholders may have all dividends and
distributions of capital gains automatically
reinvested into additional shares of the Trust.
Market Price: Price per share of a security trading in the
secondary market. For a closed-end fund, this is
the price at which one share of the fund trades
on the stock exchange. If you were to buy or
sell shares, you would pay or receive the market
price.
Net Asset Value (NAV): Net asset value is the total market value
of all securities and other assets held by the
Trust, plus income accrued on its investments,
minus any liabilities including accrued
expenses, divided by the total number of out-
standing shares. It is the underlying value of a
single share on a given day. Net asset value for
the Trust is calculated weekly and published in
Barron's on Saturday and The New York Times or
The Wall Street Journal each Monday.
Premium: When a fund's stock price is greater than its
net asset value, the fund is said to be trading
at a premium.
18
<PAGE>
- - --------------------------------------------------------------------------------
BlackRock Financial Management, Inc.
Summary of Closed-End Funds
- - --------------------------------------------------------------------------------
Taxable Trusts
- - --------------------------------------------------------------------------------
Maturity
Perpetual Trusts Stock Symbol Date
------------ --------
The BlackRock Income Trust Inc. BKT N/A
The BlackRock North American Government Income Trust Inc. BNA N/A
Term Trusts
The BlackRock 1998 Term Trust Inc. BBT 12/98
The BlackRock 1999 Term Trust Inc. BNN 12/99
The BlackRock Target Term Trust Inc. BTT 12/00
The BlackRock 2001 Term Trust Inc. BLK 06/01
The BlackRock Strategic Term Trust Inc. BGT 12/02
The BlackRock Investment Quality Term Trust Inc. BQT 12/04
The BlackRock Advantage Term Trust Inc. BAT 12/05
The BlackRock Broad Investment Grade 2009 Term Trust Inc. BCT 12/09
Tax-Exempt Trusts
- - --------------------------------------------------------------------------------
Maturity
Perpetual Trusts Stock Symbol Date
------------ --------
The BlackRock Investment Quality Municipal Trust Inc. BKN N/A
The BlackRock California Investment Quality Municipal
Trust Inc. RAA N/A
The BlackRock Florida Investment Quality Municipal Trust RFA N/A
The BlackRock New Jersey Investment Quality Municipal
Trust Inc. RNJ N/A
The BlackRock New York Investment Quality Municipal
Trust Inc. RNY N/A
Term Trusts
The BlackRock Municipal Target Term Trust Inc. BMN 12/06
The BlackRock Insured Municipal 2008 Term Trust Inc. BRM 12/08
The BlackRock California Insured Municipal 2008 Term
Trust Inc. BFC 12/08
The BlackRock Florida Insured Municipal 2008 Term Trust BRF 12/08
The BlackRock New York Insured Municipal 2008 Term
Trust Inc. BLN 12/08
The BlackRock Insured Municipal Term Trust Inc. BMT 12/10
If you would like further information please do not hesitate to call BlackRock
at (800) 227-7BFM or consult with your financial advisor.
19
<PAGE>
BlackRock
Directors
Laurence D. Fink, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Ralph L. Schlosstein
Officers
Ralph L. Schlosstein, President
Keith T. Anderson, Vice President
Michael C. Huebsch, Vice President
Robert S. Kapito, Vice President
Kevin Klingert, Vice President
Richard M. Shea, Vice President/Tax
Henry Gabbay, Treasurer
James Kong, Assistant Treasurer
Karen H. Sabath, Secretary
Investment Adviser
BlackRock Financial Management, Inc.
345 Park Avenue
New York, NY 10154
(800) 227-7BFM
Administrator
Prudential Mutual Fund Management, Inc.
One Seaport Plaza
New York, NY 10292
Custodian and Transfer Agent
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
(800) 699-1BFM
Auction Agent
Bankers Trust Company
4 Albany Street
New York, NY 10006
Independent Auditors
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434
Legal Counsel
Skadden, Arps, Slate, Meagher & Flom
919 Third Avenue
New York, NY 10022
The accompanying financial statements as of
April 30, 1995 were not audited and, accordingly,
no opinion is expressed on them.
This report is for shareholder information.
This is not a prospectus intended for use in
the purchase or sale of any securities.
The BlackRock Florida Investment
Quality Municipal Trust
c/o Prudential Mutual Fund Management Inc.
32nd Floor
One Seaport Plaza
New York, NY 10292
(800) 227-7BFM
09247B-10-9
09247B-20-8
The BlackRock
Florida
Investment Quality
Municipal Trust
Semi-Annual Report
April 30, 1995
