BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST, N-30D, 1999-12-29

BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
N-30D, 1999-12-29

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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------

November 30, 1999

Dear Shareholder:

After easing monetary policy three times during the fourth quarter of 1998,
the Federal Reserve reversed its trend by raising the Fed funds target rate 75
basis points (to 5.50%) over the course of 1999 in response to robust GDP, low
unemployment and rising equity prices. U.S. Treasury yields rose significantly
during the past twelve months, with the yield of the 30-year Treasury rising
above 6.00% for the first time since May 1998.

Despite the rise in Treasury yields, continued strong economic growth may
spur the Federal Reserve to proactively fight perceived inflation through
continued monetary policy tightening in 2000. Until the inflation picture
becomes clearer, we expect interest rates to remain largely range-bound.
Accordingly, we will continue to seek the most attractive relative value
opportunities and utilize our proprietary risk management systems to help the
Trust to achieve its investment objectives.

This report contains a summary of market conditions during the annual
period and a review of portfolio strategy by your Trust's managers in addition
to the Trust's audited financial statements and a detailed portfolio list of the
portfolio's holdings. Continued thanks for your confidence in BlackRock. We
appreciate the opportunity to help you achieve your long-term investment goals.

Sincerely,

/s/ Laurence D. Fink /s/ Ralph L. Schlosstein
- -------------------- ------------------------
Laurence D. Fink Ralph L. Schlosstein
Chairman President

1
<PAGE>

November 30, 1999

Dear Shareholder:

We are pleased to present the annual report for The BlackRock Florida
Investment Quality Municipal Trust ("the Trust") for the fiscal year ended
October 31, 1999. We would like to take this opportunity to review the Trust's
stock price and net asset value (NAV) performance, summarize market developments
and discuss recent portfolio management activity.

The Trust is a non-diversified, actively managed closed-end bond fund whose
shares are traded on the American Stock Exchange under the symbol "RFA". The
Trust's investment objective is to provide high current income that is exempt
from both regular federal income tax and Florida intangible personal property
tax consistent with the preservation of capital. The Trust seeks to achieve this
objective by investing in investment grade (rated "AAA" to "BBB" by a major
rating agency or of equivalent quality) municipal debt securities issued by
local municipalities throughout Florida.

The table below summarizes the performance of the Trust's stock price and
NAV over the past twelve months:

---------------------------------------------------------
10/31/99 10/31/98 CHANGE HIGH LOW
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STOCK PRICE $12.8125 $15.125 (15.29%) $15.875 $12.8125
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NET ASSET VALUE (NAV) $14.29 $15.69 (8.92%) $15.85 $14.22
- --------------------------------------------------------------------------------

THE FIXED INCOME MARKETS

The U.S. economy sustained its growth during the past twelve months, as
U.S. exports and manufacturing continued to rebound. Additionally, consumer
strength remains an important contributor to economic growth as low unemployment
and rising incomes fuel domestic demand. After lowering interest rates three
times in the second half of 1998, and despite inflation concerns as measured by
CPI and PPI remaining relatively benign, the Federal Reserve adopted a
tightening bias and raised its target for the Federal funds rate from 4.75% to
5.50% between June and November 1999. In a statement accompanying the latest
tightening on November 16, it was indicated that the Fed believes that growth
"continues in excess of the economy's growth potential"; nevertheless, the Fed
reversed their tightening stance by adopting a neutral bias.

After a brief rally in late 1998, Treasury yields rose dramatically during
1999. Over the period, the yield of the 30-year Treasury increased by 100 basis
points, closing at 6.16% on October 31. Bond prices, which move inversely to
their yields, were punished by the constant threat of inflation in response to
the strong economic data and the market's uncertainty over the Fed's policy
throughout the year. Recently, a weaker dollar, higher commodity prices and
strong gains in the U.S. and European equity markets have depressed overall
demand for fixed income securities.

Municipals underperformed the taxable market during the period, posting a
- -1.78% total return as measured by the LEHMAN MUNICIPAL BOND INDEX versus the
LEHMAN AGGREGATE'S 0.53%. For much of the period, intermediate maturity
securities outperformed longer maturity municipal securities. As interest rates
rose to their highest level in four years during the third quarter of 1999,
retail demand for municipal securities has increased dramatically. This rise in
municipal interest rates is directly related to the increase of alternative
taxable investment spreads over Treasuries. Currently municipals are
substantially cheaper than their long-term average valuations as compared to
Treasuries. Unlike the taxable market, which has witnessed a surge of supply by
issuers trying to avoid potential year end market dislocations due to Y2K, the
volume of new municipal issuance is down significantly from 1998's pace,
creating a positive technical environment. We believe that the current market
environment offers some of the most attractive investment opportunities in
municipals in the last few years.

2
<PAGE>

The State of Florida's strong and stable financial position reflects
prudent financial management combined with a solid and diversifying economy.
Florida's population is expected to increase 20% (versus 8% for the nation) in
this decade to over 15 million residents. The non-farm unemployment rate has
remained below national levels since 1995 and is estimated to match the national
average of 4.2% in 1999. Trade and services is the major employment sector while
manufacturing jobs account for only 7.5% of Florida's employment, which is
approximately half the national proportion. Reflecting the diversifying Florida
economy, the construction industry has declined in importance; however through
March 1999 it has still grown nearly 6% year-over-year. In summary, Florida's
stable economy combined with rapid population growth continues to fuel one of
the country's strongest job markets.

THE TRUST'S PORTFOLIO AND INVESTMENT STRATEGY

In seeking to achieve its investment objectives, the Trust's portfolio is
actively managed to diversify exposure to various sectors, issuers, revenue
sources and security types. BlackRock's investment strategy emphasizes a
relative value approach, which allows the Trust to capitalize upon changing
market conditions by rotating municipal sectors, credits and coupons.

Additionally, the Trust employs leverage via auction rate preferred stock
to enhance its income by borrowing at short-term municipal rates and investing
the proceeds in longer maturity issues that have higher yields. The degree to
which the Trust can benefit from its use of leverage may affect its ability to
pay high monthly income. While the amount of preferred shares outstanding has
remained constant, the percentage of leverage utilized by the Trust fluctuates
modestly as the net asset value moves. Over the period, the Trust's borrowing
costs continue to be profitable.

The following charts compare the Trust's current and October 31, 1998 asset
composition and credit quality allocations:

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SECTOR BREAKDOWN
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SECTOR OCTOBER 31, 1999 OCTOBER 31, 1998
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Lease Revenue 19% 19%
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Power 19% 17%
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Transportation 16% 17%
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City, County & State 13% 13%
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School 12% 12%
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Sales Tax 6% 6%
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Water & Sewer 4% 5%
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Hospital 4% 4%
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University 4% 4%
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Housing 3% 3%
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- --------------------------------------------------------------------------------
CREDIT RATING* OCTOBER 31, 1999 OCTOBER 31, 1998
- --------------------------------------------------------------------------------
AAA/Aaa 52% 54%
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AA/Aa 17% 17%
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A/A 18% 16%
- --------------------------------------------------------------------------------
BBB/Baa 13% 13%
- --------------------------------------------------------------------------------

- ----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.

3
<PAGE>

During the period, the Trust sought to take advantage of tight municipal
credit spreads to improve its overall credit profile. Specifically, the Trust
emphasized higher rated securities over lower rated securities. Additionally,
the Trust maintained a defensive coupon structure, which was achieved by adding
premium coupons, which positively contributed to the Trust's total returns as
interest rates rose during the period.

We look forward to continuing to manage the Trust to benefit from the
opportunities available to investors in the investment grade municipal market.
We thank you for your investment and continued interest in The BlackRock Florida
Investment Quality Municipal Trust. Please feel free to call our marketing
center at (800) 227-7BFM (7236) if you have any specific questions which were
not addressed in this report.

Sincerely,

/s/ Robert Kapito /s/ Kevin Klingert
- ------------------------------------ ------------------------------------
Robert Kapito Kevin Klingert
Vice Chairman and Portfolio Manager Managing Director and Portfolio Manager
BlackRock Financial Management, Inc. BlackRock Financial Management, Inc.

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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
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Symbol on American Stock Exchange: RFA
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Initial Offering Date: May 28, 1993
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Closing Stock Price as of 10/31/99: $ 12.8125
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Net Asset Value as of 10/31/99: $ 14.29
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Yield on Closing Stock Price as of 10/31/99 ($12.8125)(1): 6.21%
- --------------------------------------------------------------------------------
Current Monthly Distribution per Share(2): $ 0.0663
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Current Annualized Distribution per Share(2): $ 0.7956
- --------------------------------------------------------------------------------

1 Yield on Closing Stock Price is calculated by dividing the current annualized
distribution per share by the closing stock price per share.

2 The distribution is not constant and is subject to change.

4
<PAGE>

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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS OCTOBER 31, 1999
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
===================================================================================================================================
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS+ VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LONG-TERM INVESTMENTS-148.1%
FLORIDA-122.8%
Boynton Beach Util. Sys. Rev., FGIC,
AAA $ 170 6.25%, 11/01/20 ............................................................. ETM $ 176,897
AAA 830 6.25%, 11/01/20 ............................................................. 11/02 at 102 849,646
A1 1,000 Brevard Cnty. Hlth. Fac., Holmes Regl. Med. Ctr., 5.75%, 10/01/13 ............. 10/03 at 102 994,900
AAA 1,000 Brevard Cnty. Sch. Brd., C.O.P., Ser. B, 5.50%, 7/01/21, AMBAC ................ 7/06 at 102 952,450
AAA 1,000 Collier Cnty. Sch. Brd., C.O.P., 5.00%, 2/15/16, FSA .......................... 2/06 at 101 902,390
AAA 1,000 Dade Cnty. Aviation Rev., Miami Int'l Arpt., Ser. C, 5.75%,
10/01/25, MBIA .............................................................. 10/05 at 102 975,010
AAA 1,000++ Dade Cnty. Sch. Brd., C.O.P., Ser. A, 6.00%, 5/01/04, MBIA .................... N/A 1,064,830
AAA 1,000++ Dade Cnty. Spl. Oblig., Ser. B, Zero Coupon, 10/01/08, AMBAC .................. N/A 451,440
AAA 1,000 First Florida Gov. Fin. Comn. Rev., Gainsville, Hollywood & St. Petersburg,
5.75%, 7/01/16, AMBAC ....................................................... 7/06 at 101 995,480
AAA 705 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge., Ser. A, 6.25%, 7/01/11, GNMA ....... 7/04 at 102 723,231
AA+ 1,000++ Florida St. Brd. of Ed., Ser. C, 5.85%, 6/01/03 ............................... N/A 1,054,000
AA+ 1,000 Florida St. Brd. of Ed., Pub. Ed., Ser. B, 5.875%, 6/01/24 .................... 6/05 at 101 989,070
AAA 500 Florida St. Dept. of Corrections, C.O.P., Okeechobee Correctional Fac.,
6.25%, 3/01/15, AMBAC ....................................................... 3/05 at 102 523,845
AA+ 1,000++ Florida St. Dept. of Trans., 5.80%, 7/01/05 ................................... N/A 1,062,250
AAA 1,000 Florida St. Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Environ.
Preservation Ser. A, 5.75%, 7/01/11, AMBAC .................................. 7/05 at 101 1,028,730
AAA 1,000 Jacksonville Cap. Impvt. Rev., Gator Bowl Proj., 5.50%,
10/01/14, AMBAC ............................................................. 10/04 at 101 985,690
AAA 1,000 Lee Cnty. Trans. Fac. Rev., 5.75%, 10/01/22, MBIA ............................. 10/05 at 102 979,970
A- 1,000 Orlando & Orange Cnty. Expwy., 5.95%, 7/01/23 ................................. 7/01 at 102 977,550
AA- 1,000 Orlando Utils. Comn. Wtr. & Elec. Rev., Ser. D, 5.50%, 10/01/20 ............... 10/99 at 100 953,300
AAA 1,000++ Seminole Cnty. Sch. Brd., C.O.P., Ser. A, 6.125%, 7/01/04, MBIA ............... N/A 1,079,870
AAA 1,000++ Sunrise Florida Util. Sys. Rev., Ser. A, 5.75%, 10/01/06 AMBAC ................ N/A 1,063,080
Baa2 1,000 Volusia Cnty. Ed. Fac. Auth. Rev., 6.125%, 10/15/16 ........................... 10/06 at 102 994,020
-----------
19,777,649
-----------
</TABLE>
See Notes to Financial Statements.

5
<PAGE>

SHORT-TERM INVESTMENTS**-3.1%
A1+ 500 Long Island Pwr. Auth., 3.50%, 11/01/99 FRDD (cost $500,000).......... N/A 500,000
-----------

TOTAL INVESTMENTS-151.2% (COST $23,321,809)........................... 24,355,989
Other assets in excess of liabilities-1.6% ........................... 254,072
Liquidation value of preferred stock-(52.8)% ......................... (8,500,000)
-----------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS-100% .................... $16,110,061
===========
</TABLE>

- ----------

* 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 earlier 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.
+ Option call provisions: date (month/year) and prices of the earliest option
call on redemption. There may be other call provisions at varying prices at
later dates.
++ This bond is prerefunded. See Glossary for definitions.

- --------------------------------------------------------------------------------
THE FOLLOWING ABBREVIATIONS ARE USED IN PORTFOLIO DESCRIPTIONS:
AMBAC - American Municipal Bond FRDD - Floating Rate Daily Demand
Assurance Corporation GNMA - Government National Mortgage
C.O.P. - Certificate of Participation Association
ETM - Escrowed to Maturity FGIC - Financial Guaranty Insurance
MBIA - Municipal Bond Insurance Company
Association FSA - Financial Security Assurance
- --------------------------------------------------------------------------------

See Notes to Financial Statements.

6
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY
MUNICIPAL TRUST
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1999
- --------------------------------------------------------------------------------

ASSETS
Investments, at value (cost $23,321,809) (Note 1) ........... $24,355,989
Interest receivable ......................................... 367,991
-----------
24,723,980
-----------
LIABILITIES
Due to custodian ............................................ 55,222
Investment advisory fee payable (Note 2) .................... 7,142
Dividends payable-preferred stock ........................... 2,375
Administration fee payable (Note 2) ......................... 2,109
Other accrued expenses ...................................... 47,071
-----------
113,919
-----------
NET INVESTMENT ASSETS ....................................... $24,610,061
===========
Net investment assets were comprised of:
Common shares of beneficial interest:
Par value (Note 4) ........................................ $ 11,271
Paid-in capital in excess of par .......................... 15,585,445
Preferred shares of beneficial interest (Note 4) ........... 8,500,000
-----------
24,096,716
Undistributed net investment income ........................ 176,924
Accumulated net realized loss .............................. (697,759)
Net unrealized appreciation ................................ 1,034,180
-----------
Net investment assets, October 31, 1999 ..................... $24,610,061
===========
Net assets applicable to common shareholders ................ $16,110,061
===========
Net asset value per common share:
($16,110,061 - 1,127,093 common shares of
beneficial interest issued and outstanding) ............... $ 14.29
===========

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY
MUNICIPAL TRUST
STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 1999
- --------------------------------------------------------------------------------

NET INVESTMENT INCOME
Income
Interest and discount earned .............................. $ 1,401,972
-----------

Expenses
Investment advisory ....................................... 91,520
Administration ............................................ 26,148
Auction agent ............................................. 21,000
Reports to shareholders ................................... 18,000
Directors ................................................. 14,000
Transfer agent ............................................ 9,000
Audit ..................................................... 7,000
Legal ..................................................... 6,000
Custodian ................................................. 4,000
Miscellaneous ............................................. 15,316
-----------
Total expenses ............................................ 211,984
-----------
Net investment income ....................................... 1,189,988
-----------

UNREALIZED LOSS
ON INVESTMENTS (NOTE 3)
Net change in unrealized appreciation
on investments ............................................. (1,592,926)
-----------

NET DECREASE IN NET INVESTMENT ASSETS
RESULTING FROM OPERATIONS ................................... $ (402,938)
===========

See Notes to Financial Statements.

7
<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
------------------------------
1999 1998
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET INVESTMENT ASSETS

OPERATIONS:
Net investment income ..................................................... $ 1,189,988 $ 1,178,528
Net change in unrealized appreciation on investments ...................... (1,592,926) 912,460
------------ ------------
Net increase (decrease) in net investment assets resulting from operations (402,938) 2,090,988

DIVIDENDS:
To common shareholders from net investment income ......................... (896,614) (839,826)
To preferred shareholders from net investment income ...................... (274,669) (311,954)
------------ ------------
Total dividends ........................................................... (1,171,283) (1,151,780)
------------ ------------
Total increase (decrease) ................................................ (1,574,221) 939,208

NET INVESTMENT ASSETS
Beginning of year .......................................................... 26,184,282 25,245,074
------------ ------------
End of year ................................................................ $ 24,610,061 $ 26,184,282
============ ============
</TABLE>
See Notes to Financial Statements.

8
<PAGE>

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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-----------------------------------------------------------
1999 1998 1997 1996 1995
-------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year ................................ $ 15.69 $ 14.86 $ 14.15 $ 14.01 $ 11.69
-------- ------- -------- ------- -------
Net investment income ............................................ 1.05 1.05 1.06 1.03 1.05
Net realized and unrealized gain (loss) on investments ........... (1.41) .81 .65 .13 2.36
-------- ------- -------- ------- -------
Net increase (decrease) from investment operations ............... (.36) 1.86 1.71 1.16 3.41
-------- ------- -------- ------- -------
Dividends and distributions:
Dividends from net investment income to:
Common shareholders ............................................ (.80) (.75) (.72) (.73) (.79)
Preferred shareholders ......................................... (.24) (.28) (.28) (.28) (.30)
Distributions in excess of net realized gain on investments to:
Common shareholders ............................................ -- -- ** (.01) --
Preferred shareholders ......................................... -- -- ** ** --
-------- ------- -------- ------- -------
Total dividends and distributions ................................. (1.04) (1.03) (1.00) (1.02) (1.09)
-------- ------- -------- ------- -------
Net asset value, end of year* ..................................... $ 14.29 $ 15.69 $ 14.86 $ 14.15 $ 14.01
======== ======= ======== ======= =======
Per share market value, end of year* .............................. $12.8125 $15.125 $13.3125 $ 12.25 $12.625
======== ======= ======== ======= =======
TOTAL INVESTMENT RETURN+: ......................................... (10.60)% 19.70% 14.95% 2.92% 29.29%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS:
Expenses++ ........................................................ 1.27% 1.31% 1.26% 1.46% 1.44%
Net investment income before preferred stock dividends++ .......... 7.11% 6.81% 7.43% 7.41% 7.96%
Preferred stock dividends ......................................... 1.64% 1.80% 1.92% 1.97% 2.28%
Net investment income available to common shareholders ............ 5.47% 5.01% 5.51% 5.44% 5.68%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) .......... $ 16,736 $17,299 $ 16,150 $15,699 $14,759
Portfolio turnover rate ........................................... 0% 0% 5% 73% 112%
Net assets of common shareholders, end of year (in thousands) ..... $ 16,110 $17,684 $ 16,745 $15,951 $15,788
Asset coverage per share of preferred stock, end of year .......... $ 72,390 $77,017 $ 74,253 $71,915 $71,437
Preferred stock outstanding (in thousands) ........................ $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500
</TABLE>

- ----------
* Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL each Monday.
** Actual amount paid to common shareholders for the year ended October 31, 1997
was $0.004325, and the actual amount paid to preferred shareholders was
$0.000185 per common share. Actual amount paid to preferred shareholders for
the year ended October 31, 1996 was $0.0030 per common share.
+ 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
price on the last day of each year 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 commissions.
++ Ratios are 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.

The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for the years 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.

See Notes to Financial Statements.

9
<PAGE>

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THE BLACKROCK FLORIDA INVESTMENT
QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

NOTE 1. ORGANIZATION & The BlackRock Florida Investment Quality Municipal
ACCOUNTING Trust (the "Trust") was organized in Massachusetts
POLICIES on April 15, 1993 as a non-diversified closed-end
management investment company. The Trust's
investment objective is to manage a portfolio of investment quality securities
while providing 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 dealers or pricing services approved by the Trust's Board of
Directors. In determining the value of a particular security, pricing services
may use certain information with respect to transactions in such securities,
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 60 days or less are valued at
amortized cost, if their term to maturity from date of purchase is 60 days or
less. Short-term securities with a term to maturity greater than 60 days from
date of purchase are valued at current market quotation until maturity or
disposition.

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 original issue discount or amortizes
premium on securities purchased using the interest method.

FEDERAL INCOME TAXES: For federal income tax purposes, the Trust is treated as a
separate taxpaying entity. It is the intent of the Trust to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its net income to shareholders. For this
reason and because substantially all of the Trust's gross income consists of
tax-exempt interest, 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.

ESTIMATES: The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

NOTE 2. AGREEMENTS The Trust has an Investment Advisory Agreement with
BlackRock Financial Management, Inc. (the
"Adviser"), a wholly-owned subsidiary of BlackRock Advisors, Inc., which is a
wholly-owned subsidiary of BlackRock, Inc., which in turn is an indirect
majority-owned subsidiary of PNC Bank Corp. The Trust has an Administration
Agreement with Prudential Investments Fund Management LLC ("PIFM"), a
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 PIFM 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. PIFM pays occupancy and certain clerical
and accounting costs of the Trust. The Trust bears all other costs and expenses.

10
<PAGE>

NOTE 3. PORTFOLIO There were no purchases or sales of investment securities,
SECURITIES other than short-term investments, for the year ended
October 31, 1999.

The federal income tax basis of the Trust's investments at October 31,
1999 was substantially the same as for financial reporting purposes and,
accordingly, net and gross unrealized appreciation was $1,034,180.

For federal income tax purposes, the Trust had a capital loss carryforward
at October 31, 1999 of approximately $699,000 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 of
beneficial interest authorized. Of the 1,127,093 common
shares outstanding at October 31, 1999, the Adviser owned 7,093 shares. As of
October 31, 1999 there were 340 shares of Preferred Stock Series R7 outstanding.

The Trust may classify or reclassify any unissued shares of beneficial
interest 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 had a
liquidation value of $50,000 per share plus any accumulated but unpaid
dividends. 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. The stock split occurred on July 24, 1995.

Dividends on Series R7 are cumulative at a rate which is reset every 7
days based on the results of an auction. Dividend rates ranged from 3.00% to
4.00% during the year ended October 31, 1999.

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 $25,000 per share plus any accumulated
or unpaid dividends whether or not declared. The Preferred Stock is also subject
to mandatory redemption at $25,000 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 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 restriction.

NOTE 5. DIVIDENDS Subsequent to October 31, 1999, the Board of Directors of
the Trust declared dividends from undistributed earnings of
0.0663 per common share payable December 1, 1999 to shareholders of record on
November 15, 1999.

For the period November 1, 1999 through November 30, 1999 dividends
declared on Preferred Stock totaled $25,767 in aggregate for the outstanding
Preferred Stock.

11
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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------

To The Shareholders and Board of Directors of
The BlackRock Florida Investment Quality Municipal Trust:

We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of The BlackRock Florida Investment
Quality Municipal Trust as of October 31, 1999 and the related statements of
operations for the year then ended and of changes in net investment assets for
each of the two years in the period then ended and the financial highlights for
each of the five years in the period then ended. 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 at October
31, 1999, by correspondence with the custodian and brokers. 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, such financial statements and financial highlights present
fairly, in all material respects, the financial position of The BlackRock
Florida Investment Quality Municipal Trust at October 31, 1999, and the results
of its operations, the changes in its net investment assets and its financial
highlights for the respective stated periods in conformity with generally
accepted accounting principles.

/s/ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP

New York, New York
December 13, 1999

12
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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
TAX INFORMATION
- --------------------------------------------------------------------------------

We are required by the Internal Revenue Code to advise you within 60 days
of the Trust's fiscal year end (October 31, 1999) as to the federal tax status
of dividends you received during such fiscal year. Accordingly, during the year
the Trust paid Federal tax-exempt dividends of $0.80 per share to common
shareholders and $807.85 per share to preferred shareholders.

- --------------------------------------------------------------------------------
DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------

Pursuant to the Trust's Dividend Reinvestment Plan (the "Plan"),
shareholders are automatically enrolled to have all distributions of dividends
and capital gains reinvested by State Street Bank and Trust Company (the "Plan
Agent") in Trust shares pursuant to the Plan. 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
transfer 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 under 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 income tax that may be payable on
such dividends or distributions.

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 or terminated by
the Plan Agent upon at least 90 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 address is on the front of this report.

13
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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
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.

YEAR 2000 READINESS DISCLOSURE. The Trust has evaluated its information
technology infrastructure for Year 2000 compliance. Substantially all of the
Trust's information systems are supplied by the Adviser. The Adviser advised the
Trust that it has evaluated whether such systems are year 2000 compliant and
that it expects to incur costs of up to approximately one million dollars to
complete such evaluation and to make any modifications to its systems as may be
necessary to achieve Year 2000 compliance. The Adviser advised the Trust that it
has fully tested its systems for Year 2000 compliance. The Trust may be required
to bear a portion of such cost incurred by the Adviser in this regard. The
Adviser advised the Trust that it does not anticipate any material disruption in
the operations of the Trust as a result of any failure by the Adviser to achieve
Year 2000 compliance. There can be no assurance that the costs will not exceed
the amount referred to above or that the Trust will not experience a disruption
in operations.

The Adviser has advised the Trust that it is continuing to evaluate the
Year 2000 compliance of various suppliers of the Adviser and the Trust. The
Adviser advised the Trust that it has communicated with such suppliers to
determine their Year 2000 compliance status and the extent to which the Adviser
or the Trust could be affected by any supplier's Year 2000 compliance issues. To
date, the Adviser received responses from substantially all such suppliers with
respect to their Year 2000 compliance. However, there can be no assurance that
the systems of such suppliers, who are beyond the Trust's control, will be Year
2000 compliant. In the event that any of the Trust's significant suppliers do
not successfully and timely achieve Year 2000 compliance, the Trust's business
or operations could be adversely affected. The Adviser advised the Trust that it
has prepared a contingency plan for Year 2000 compliance by its suppliers. There
can be no assurance that such contingency plan will be successful in preventing
a disruption of the Trust's operations.

The Trust is designating this disclosure as its Year 2000 readiness
disclosure for all purposes under the Year 2000 Information and Readiness
Disclosure Act and the foregoing information shall constitute a Year 2000
Readiness Statement for purposes of that Act.

14
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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") is an SEC-registered
investment adviser. As of September 30, 1999, BlackRock and its affiliates
managed over $148 billion on behalf of taxable and tax-exempt clients worldwide.
Strategies include fixed income, equity and cash and may incorporate both
domestic and international securities. Domestic fixed income strategies utilize
the government, mortgage, corporate and municipal bond sectors. BlackRock
manages twenty-three closed-end funds that are traded on either the New York or
American stock exchanges, and a $24 billion family of open-end equity and bond
funds. BlackRock manages over 487 accounts, domiciled in the United States and
overseas.

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 at least investment grade ("BBB"
by Standard & Poor's or "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 or other qualifying issuers.
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 first 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, State Street
Bank and Trust Company. 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.

15
<PAGE>

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 Trust in a declining rate environment, but can cause net
assets to decline faster in a rapidly rising interest 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.

16
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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 a fund.

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 outstanding 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 WALL
STREET JOURNAL on 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.

PREREFUNDED BONDS: These securities are collateralized by U.S.
Government securities which are held in escrow and
are used to pay principal and interest on the tax
exempt issue and retire the bond in full at the date
indicated, typically at a premium to par.

17
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BLACKROCK FINANCIAL MANAGEMENT, INC.
SUMMARY OF CLOSED-END FUNDS
- --------------------------------------------------------------------------------

TAXABLE TRUSTS
- --------------------------------------------------------------------------------

STOCK MATURITY
SYMBOL DATE
PERPETUAL TRUSTS ------ --------
The BlackRock Income Trust Inc. BKT N/A
The BlackRock North American Government Income Trust Inc. BNA N/A
The BlackRock High Yield Trust BHY N/A

TERM TRUSTS
The BlackRock Target Term Trust Inc. BTT 12/00
The BlackRock 2001 Term Trust Inc. BTM 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
- --------------------------------------------------------------------------------

STOCK MATURITY
SYMBOL DATE
PERPETUAL TRUSTS ------ --------
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
The BlackRock Pennsylvania Strategic Municipal Trust BPS N/A
The BlackRock Strategic Municipal Trust BSD 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 (7236) OR CONSULT WITH YOUR FINANCIAL ADVISOR.

18
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BLACKROCK FINANCIAL MANAGEMENT, INC.
AN OVERVIEW
- --------------------------------------------------------------------------------

BlackRock Financial Management, Inc. ("BlackRock") is an SEC-registered
investment adviser. As of September 30, 1999, BlackRock and its affiliates
managed over $148 billion on behalf of taxable and tax-exempt clients worldwide.
Strategies include fixed income, equity and cash and may incorporate both
domestic and international securities. BlackRock manages twenty-three closed-end
funds that are traded on either the New York or American stock exchanges, and a
$24 billion family of open-end equity and bond funds. BlackRock manages over 487
accounts, domiciled in the United States and overseas.

BlackRock's fixed income product was introduced in 1988 by a team of highly
seasoned fixed income professionals. These professionals had extensive
experience creating, analyzing and trading a variety of fixed income
instruments, including the most complex structured securities. In fact, several
individuals at BlackRock were responsible for developing many of the major
innovations in the mortgage-backed and asset-backed securities markets,
including the creation of the first CMO, the floating rate CMO, the
senior/subordinated pass-through and the multi-class asset-backed security.

BlackRock is unique among asset management and advisory firms in the
emphasis it places on the development of proprietary analytical capabilities.
Over one quarter of the firm's professionals are dedicated to the design,
maintenance and use of these systems, which are not otherwise available to
investors. BlackRock's proprietary analytical tools are used for evaluating, and
designing fixed income investment strategies for client portfolios. Securities
purchased include mortgages, corporate bonds, municipal bonds and a variety of
hedging instruments.

BlackRock has developed investment products that respond to investors'
needs and has been responsible for several major innovations in closed-end
funds. In fact, BlackRock introduced the first closed-end mortgage fund, the
first taxable and tax-exempt closed-end funds to offer a finite term, the first
closed-end fund to achieve a AAA rating by Standard & Poor's, and the first
closed-end fund to invest primarily in North American Government securities.
Currently, BlackRock's closed-end funds have dividend reinvestment plans, which
are designed to provide ongoing demand for the stock in the secondary market.
BlackRock manages a wide range of investment vehicles, each having specific
investment objectives and policies.

In view of our continued desire to provide a high level of service to all
our shareholders, BlackRock maintains a toll-free number for your questions. The
number is (800) 227-7BFM (7236). We encourage you to call us with any questions
that you may have about your BlackRock funds and we thank you for the continued
trust that you place in our abilities.

IF YOU WOULD LIKE FURTHER INFORMATION
PLEASE DO NOT HESITATE TO CALL BLACKROCK AT (800) 227-7BFM

19
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[BlackRock logo]

DIRECTORS
Laurence D. Fink, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Walter F. Mondale
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 Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077

CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
(800) 699-1BFM

AUCTION AGENT
Deutsche Bank
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, LLP
919 Third Avenue
New York, NY 10022

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 Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
(800) 227-7BFM

[Recycle logo] Printed on recycled paper 09247C-10-7
09247C-20-6

The [BlackRock logo]
Florida
Investment Quality
Municipal Trust
- --------------------
Annual Report
October 31, 1999