--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
SEMI-ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISOR
--------------------------------------------------------------------------------
May 31, 2000
Dear Shareholder:
The Federal Reserve continued to aggressively tighten in an attempt to
achieve its objective of a soft-landing for the explosive U.S. economy. As a
result, the Federal Reserve tightened short-term rates by 0.75% during the
period and raised rates by another 0.50% at the May FOMC meeting to 6.50%. In
the first four months of the new millennium we have been witness to
unprecedented volatility in both the Treasury yield curve and the spread
sectors. The Treasury curve inverted sharply as expectations of continued Fed
tightening in the wake of an insatiable U.S. economy, while anticipation of a
significant buyback at the long end of the maturity spectrum led to lower
yields on long Treasuries. The yield curve inversion along with the premium
placed on the dwindling outstanding Treasuries caused a dramatic
underperformance of spread sectors relative to the performance of the Treasury
sectors, especially in the 10- to 30-year part of the curve.
At this juncture, the general implication for spread product is negative,
but the potential for spread widening is more limited. Most of the negatives
for high quality spread product in terms of relative supply differentials
between Treasuries and non-Treasuries as well as equity market volatility have
been priced into the market. Given current market conditions, we maintain a
significant overweight in high quality spread product. Treasuries are fully
valued even considering the strong technicals in the market. While near-term
volatility is virtually guaranteed by an active Federal Reserve, a successful
soft landing of the economy would ultimately result in a healthier U.S.
economy.
This report contains a summary of market conditions during the semi-annual
period and a review of portfolio strategy by your Trust's managers in addition
to the Trust's unaudited financial statements and a detailed 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>
May 31, 1999
Dear Shareholder:
We are pleased to present the unaudited semi-annual report for The
BlackRock Florida Investment Quality Municipal Trust ("the Trust") for the six
months ended April 30, 2000. 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 six months:
--------------------------------------------------------
4/30/00 10/31/99 CHANGE HIGH LOW
--------------------------------------------------------------------------------
STOCK PRICE $12.3125 $12.8125 (3.90%) $12.8125 $12.1875
--------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.24 $14.29 (0.35%) $14.50 $13.98
--------------------------------------------------------------------------------
THE FIXED INCOME MARKETS
The dynamic expansion of the U.S. economy continues undaunted by Federal
Reserve Chairman Greenspan's attempt to brake the economy, short of stalling it
into a recession. The labor markets remain tight, growth remains strong with 5%+
annualized growth rates and inflation pressures continue to be offset by
increased productivity. However, the Fed remains cautious, in their February
minutes it was noted that: "Other members acknowledged that the Committee might
need to move more aggressively at a later meeting should imbalances continue to
build and inflation expectations clearly begin to pick up." At the Federal
Reserve meeting in November, February and March the Fed raised the discount rate
by 0.25% at each meeting and a 0.50% increase was made in May to bring the
current discount rate to 6.50%.
The Treasury Yield curve experienced a complex set of dynamics, which has
inverted the curve and may continue to invert the curve for the foreseeable
future. The yields on the short-end of the curve increased sharply during the
period in response to three Federal Reserve increases to the discount rate and
perceived future Fed actions in the coming months. The long-end of the curve is
reacting to the "official" announcement that the Treasury will buy back $30
billion of Treasuries with maturities ranging 10 to 30 years. With a decreasing
supply of available Treasuries, a balanced budget, and an unchanged demand for
longer maturity Treasuries, we would anticipate this condition to continue. This
condition is further augmented by Treasury auction activity, as they reduce the
available bonds on the long end of the curve they continue to add supply in the
1-10 year range through periodic auctions. For the semi-annual period, the yield
of the 10-year Treasury security rose from 6.02% on October 31, 1999 to 6.22% on
April 30, 2000.
Municipal bonds outperformed the taxable domestic bond market during the
past six months, returning 2.63% (as measured by the LEHMAN MUNICIPAL INDEX)
versus the LEHMAN AGGREGATE INDEX'S 1.42% on a pre-tax basis. Overall, the tone
in the market during the period was extremely positive as the result of
continued strong demand from individual/retail investors coupled with a slowdown
in new issuance. During 1999, households increased their holdings of individual
municipal bonds by over $40 billion while mutual funds saw net outflows.
Offsetting the large amount of mutual fund outflows during the first quarter of
2000 was a 43% decline in overall new municipal bond issuance led by a 90% drop
in refunding volume. Refunding volume was down due to the relatively higher
interest rates experienced during the first quarter 2000 when compared to the
2
<PAGE>
first quarter 1999, while new money issuance has declined because the strong
economy has led to full coffers at most municipalities. Currently, municipal
bonds across the entire maturity spectrum are at their most attractive
relationships to their Treasury market counterparts.
The State of Florida's strong and stable financial position reflects
prudent financial management combined with a solid and diversifying economy. The
FY 1999 unreserved General Fund balance was $3.5 billion or 20.5% of revenues;
this provides strong bondholder security. FY 2000 revenues are 2.1% above
budget, to date, enabling the State to project another year-end surplus. The
State's policy is to maintain a moderate debt burden while continuing to use
bonds to meet capital needs.
In the last decade Florida's population increased 20% (versus 8% for the
nation) to over 15 million residents. Although economists anticipate slower
growth in the millennium, the population expansion is expected to exceed that of
the nation. Unemployment is expected to average 3.9% in 2000, the same as last
year. Trade and services are the major employment sectors while manufacturing
jobs account for only 7.5% of Florida's employment, approximately one half the
national proportion. The construction industry has declined in importance as the
State's economy diversifies. 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
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 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. At the
end of the semi-annual period, the Trust's leverage amount was 34% of total
assets.
As municipal credit spreads remained tight during the reporting period, we
continued to emphasize higher rated securities over the lower rated investment
grade sector. We believe that credit spreads will return to more historical
levels in the near future and as such the Trust should be rewarded for its
higher credit quality bias. The Trust has continued its bias towards premium
coupon securities over discount priced securities, as premium coupons offer
better price performance during periods of rising interest rates and similar
performance to discounts when interest rates fall.
The following charts compare the Trust's current and October 31, 1999 asset
composition and credit quality allocations:
--------------------------------------------------------------------------------
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2000 OCTOBER 31, 1999
--------------------------------------------------------------------------------
Power 17% 17%
--------------------------------------------------------------------------------
Transportation 17% 17%
--------------------------------------------------------------------------------
Lease Revenue 15% 15%
--------------------------------------------------------------------------------
School 12% 12%
--------------------------------------------------------------------------------
City, County & State 9% 9%
--------------------------------------------------------------------------------
Special Tax 9% 9%
--------------------------------------------------------------------------------
Sales Tax 6% 6%
--------------------------------------------------------------------------------
Water & Sewer 4% 4%
--------------------------------------------------------------------------------
Hospital 4% 4%
--------------------------------------------------------------------------------
University 4% 4%
--------------------------------------------------------------------------------
Housing 3% 3%
--------------------------------------------------------------------------------
3
<PAGE>
--------------------------------------------------------------------------------
CREDIT RATING* APRIL 30, 2000 OCTOBER 31, 1999
--------------------------------------------------------------------------------
AAA/Aaa 62% 52%
--------------------------------------------------------------------------------
AA/Aa 13% 17%
--------------------------------------------------------------------------------
A/A 16% 18%
--------------------------------------------------------------------------------
BBB/Baa 9% 13%
--------------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
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 S. Kapito /s/ Kevin M. Klingert
Robert S. Kapito Kevin M. Klingert
Vice Chairman and Portfolio Manager Managing Director and Portfolio Manager
BlackRock Advisors, Inc. BlackRock Advisors, Inc.
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RFA
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Stock Price as of 4/30/00: $12.3125
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/00: $14.24
--------------------------------------------------------------------------------
Yield on Closing Stock Price as of 4/30/00 ($12.3125)(1): 6.46%
--------------------------------------------------------------------------------
Current Monthly Distribution per Share(2): $ 0.0663
--------------------------------------------------------------------------------
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) Distribution is not constant and is subject to change.
4
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
PORTFOLIO OF INVESTMENTS APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPA
AMOUNT OPTION CALL VALUE
RATING* (000) DESCRIPTION PROVISIONS+ (NOTE 1)
======== ============================================================================================= =============== =============
<S> <C> <C> <C> <C>
LONG-TERM INVESTMENTS-148.2%
FLORIDA-123.0%
Boynton Beach Util. Sys. Rev., FGIC,
AAA $ 170 6.25%, 11/01/20 ................................................................. ETM $ 179,100
AAA 830 6.25%, 11/01/20 ................................................................. 11/02 at 102 851,464
A1 1,000 Brevard Cnty. Hlth. Fac., Holmes Regl. Med. Ctr., 5.75%, 10/01/13 ................ 10/03 at 102 979,480
AAA 1,000 Brevard Cnty. Sch. Brd., C.O.P., Ser. B, 5.50%, 7/01/21, AMBAC ................... 7/06 at 102 955,330
AAA 1,000 Collier Cnty. Sch. Brd., C.O.P., 5.00%, 2/15/16, FSA ............................. 2/06 at 101 927,420
AAA 1,000 Dade Cnty. Aviation Rev., Miami Int'l Arpt., Ser. C, 5.75%,
10/01/25, MBIA .................................................................. 10/05 at 102 984,240
AAA 1,000++ Dade Cnty. Sch. Brd., C.O.P., Ser. A, 6.00%, 5/01/04, MBIA ....................... N/A 1,046,230
AAA 1,000++ Dade Cnty. Spl. Oblig., Ser. B, Zero Coupon, 10/01/08, AMBAC ..................... N/A 458,850
AAA 1,000 First Florida Gov. Fin. Comn. Rev., Gainsville, Hollywood &
St. Petersburg, 5.75%, 7/01/16, AMBAC ........................................... 7/06 at 101 1,008,000
AAA 665 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge., Ser. A, 6.25%, 7/01/11, GNMA .......... 7/04 at 102 682,403
Florida St. Brd. of Ed.,
AA+ 1,000 Pub. Ed., Ser. B, 5.875%, 6/01/24 ............................................... 6/05 at 101 998,950
AA+ 1,000++ Ser. C, 5.85%, 6/01/03 .......................................................... N/A 1,035,990
AAA 500 Florida St. Dept. of Corrections, C.O.P., Okeechobee Correctional Fac.,
6.25%, 3/01/15, AMBAC ........................................................... 3/05 at 102 519,280
AA+ 1,000++ Florida St. Dept. of Trans., 5.80%, 7/01/05 ...................................... N/A 1,044,130
AAA 1,000 Florida St. Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Environ. Pres.,
Ser. A, 5.75%, 7/01/11, AMBAC ................................................... 7/05 at 101 1,029,470
AAA 1,000 Jacksonville Cap. Impvt. Rev., Gator Bowl Proj., 5.50%,
10/01/14, AMBAC ................................................................. 10/04 at 101 1,000,300
AAA 1,000 Lee Cnty. Trans. Fac. Rev., 5.75%, 10/01/22, MBIA ................................ 10/05 at 102 988,750
A- 1,000 Orlando & Orange Cnty. Expwy., 5.95%, 7/01/23 .................................... 7/01 at 102 977,750
AA- 1,000 Orlando Utils. Comn. Wtr. & Elec. Rev., Ser. D, 5.50%, 10/01/20 .................. 10/99 at 100 967,720
AAA 1,000++ Seminole Cnty. Sch. Brd., C.O.P., Ser. A, 6.125%, 7/01/04, MBIA .................. N/A 1,060,330
AAA 1,000++ Sunrise Util. Sys. Rev., Ser. A, 5.75%, 10/01/06, AMBAC .......................... N/A 1,046,260
Baa2 1,000 Volusia Cnty. Ed. Fac. Auth. Rev., 6.125%, 10/15/16 .............................. 10/06 at 102 1,003,610
------------
19,745,057
------------
PUERTO RICO-25.2%
Puerto Rico Elec. Pwr. Auth. Rev.,
AAA 1,000++ Ser. T, 6.375%, 7/01/04 ......................................................... N/A 1,073,540
BBB+ 1,000 Ser. U, 6.00%, 7/01/14 .......................................................... 7/04 at 102 1,025,020
Puerto Rico Pub. Bldg. Auth., Gtd. Pub. Ed. & Hlth. Fac., Ser. M,
A 1,000 5.50%, 7/01/21 .................................................................. 7/03 at 101.5 942,610
A 1,000 5.75%, 7/01/15 .................................................................. 7/03 at 101.5 1,002,640
------------
4,043,810
------------
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL VALUE
RATING* (000) DESCRIPTION PROVISIONS\^ (NOTE 1)
========= ========== ===================================================================== ============== ==============
<S> <C> <C> <C> <C>
Total Long-Term Investments (cost $22,801,927)....................... $ 23,788,867
------------
SHORT-TERM INVESTMENTS**-3.1%
A1+ 500 Long Island Pwr. Auth., 5.90%, 5/01/00 FRDD (cost $500,000).......... N/A 500,000
------------
TOTAL INVESTMENTS-151.3% (COST $23,301,927).......................... 24,288,867
Other assets in excess of liabilities-1.6% .......................... 263,107
Liquidation value of preferred stock-(52.9)% ........................ (8,500,000)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS-100% ................... $ 16,051,974
============
</TABLE>
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** For purposes of amortized cost valuation, the maturity date of this
instrument 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 price 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 Assurance Corporation
C.O.P. - Certificate of Participation
ETM - Escrowed to Maturity
MBIA - Municipal Bond Insurance Association
FRDD - Floating Rate Daily Demand
GNMA - Government National Mortgage Association
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance
--------------------------------------------------------------------------------
See Notes to Financial Statements.
6
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY
MUNICIPAL TRUST
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $23,301,927) (Note 1) ............. $24,288,867
Cash .......................................................... 26,308
Interest receivable ........................................... 367,359
-----------
24,682,534
-----------
LIABILITIES
Dividends payable-common stock ................................ 74,726
Investment advisory fee payable (Note 2) ...................... 7,135
Dividends payable-preferred stock ............................. 3,207
Administration fee payable (Note 2) ........................... 2,039
Other accrued expenses ........................................ 43,453
-----------
130,560
-----------
NET INVESTMENT ASSETS ......................................... $24,551,974
===========
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 .......................... 166,077
Accumulated net realized loss ................................ (697,759)
Net unrealized appreciation .................................. 986,940
-----------
Net investment assets, April 30, 2000 ......................... $24,551,974
===========
Net assets applicable to common shareholders .................. $16,051,974
===========
Net asset value per common share:
($16,051,974 - 1,127,093 common shares of
beneficial interest issued and outstanding) ................. $ 14.24
===========
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY
MUNICIPAL TRUST
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NET INVESTMENT INCOME
Income
Interest and discount earned ................................. $702,609
--------
Expenses
Investment advisory .......................................... 42,989
Administration ............................................... 12,283
Auction agent ................................................ 11,000
Reports to shareholders ...................................... 9,000
Trustees ..................................................... 7,000
Legal ........................................................ 5,000
Transfer agent ............................................... 5,000
Independent accountants ...................................... 3,500
Custodian .................................................... 2,000
Miscellaneous ................................................ 1,470
--------
Total expenses ............................................... 99,242
--------
Net investment income .......................................... 603,367
--------
UNREALIZED LOSS
ON INVESTMENTS (NOTE 3)
Net change in unrealized appreciation
on investments ................................................ (47,240)
--------
NET INCREASE IN NET INVESTMENT ASSETS
RESULTING FROM OPERATIONS ...................................... $556,127
========
See Notes to Financial Statements.
7
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS (UNAUDITED)
--------------------------------------------------------------------------------
SIX MONTH ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
2000 1999
----------- -----------
INCREASE (DECREASE) IN NET INVESTMENT ASSETS
OPERATIONS:
Net investment income ......................... $ 603,367 $ 1,189,988
Net change in unrealized appreciation
on investments ............................... (47,240) (1,592,926)
----------- -----------
Net increase (decrease) in net investment
assets resulting from operations ............. 556,127 (402,938)
DIVIDENDS:
To common shareholders from net
investment income ............................ (448,312) (896,614)
To preferred shareholders from net
investment income ............................ (165,902) (274,669)
----------- -----------
Total dividends ............................... (614,214) (1,171,283)
----------- -----------
Total decrease ............................... (58,087) (1,574,221)
NET INVESTMENT ASSETS
Beginning of period ............................ 24,610,061 26,184,282
----------- -----------
End of period (including undistributed
net investment income of $166,077 and
$176,924, respectively) ....................... $24,551,974 $24,610,061
=========== ===========
See Notes to Financial Statements.
8
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, ------------------------------------------------------------
2000 1999 1998 1997 1996 1995
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ............ $ 14.29 $ 15.69 $ 14.86 $ 14.15 $ 14.01 $ 11.69
------- ------- ------- ------- ------- -------
Net investment income .......................... .54 1.05 1.05 1.06 1.03 1.05
Net realized and unrealized gain (loss)
on investments ................................ (.04) (1.41) .81 .65 .13 2.36
------- ------- ------- ------- ------- -------
Net increase (decrease) from investment
operations .................................... .50 (.36) 1.86 1.71 1.16 3.41
------- ------- ------- ------- ------- -------
Dividends and distributions:
Dividends from net investment income to:
Common shareholders .......................... (.40) (.80) (.75) (.72) (.73) (.79)
Preferred shareholders ....................... (.15) (.24) (.28) (.28) (.28) (.30)
Distributions in excess of net realized
gain on investments to:
Common shareholders .......................... -- -- -- ** (.01) --
Preferred shareholders ....................... -- -- -- ** ** --
------- ------- ------- ------- ------- -------
Total dividends and distributions ............... (.55) (1.04) (1.03) (1.00) (1.02) (1.09)
------- ------- ------- ------- ------- -------
Net asset value, end of period* ................. $ 14.24 $ 14.29 $ 15.69 $ 14.86 $ 14.15 $ 14.01
======= ======= ======= ======= ======= =======
Per share market value, end of period* .......... $ 12.3125 $ 12.8125 $ 15.125 $ 13.3125 $ 12.25 $ 12.625
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN\^: ...................... (.81)% (10.60)% 19.70% 14.95% 2.92% 29.29%
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS:
Expenses++ ...................................... 1.21%+++ 1.27% 1.31% 1.26% 1.46% 1.44%
Net investment income before preferred
stock dividends++ ............................... 7.55%+++ 7.11% 6.81% 7.43% 7.41% 7.96%
Preferred stock dividends ....................... 2.08%+++ 1.64% 1.80% 1.92% 1.97% 2.28%
Net investment income available to
common shareholders ............................ 5.47%+++ 5.47% 5.01% 5.51% 5.44% 5.68%
SUPPLEMENTAL DATA:
Average net assets of common shareholders
(in thousands) ................................. $16,065 $16,736 $17,299 $16,150 $15,699 $14,759
Portfolio turnover .............................. 0% 0% 0% 5% 73% 112%
Net assets of common shareholders, end
of period (in thousands) ....................... $16,052 $16,110 $17,684 $16,745 $15,951 $15,788
Asset coverage per share of preferred
stock, end of period ........................... $72,221 $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 $ 8,500
</TABLE>
----------
* Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on 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 price on the first day and a sale at the current market
price on the last day of the period reported. Dividends and distributions,
if any, 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. Total investment return
for periods less than one full year is not annualized.
++ 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.
+++ Annualized.
The information above represents the unaudited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for the periods 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>
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT
QUALITY MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
NOTE 1. ORGANIZATION & 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'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
Trustees. 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
Trustees.
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
the date of purchase are valued at current market quotations 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: 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. 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.
DEFERRED COMPENSATION PLAN: Under a deferred compensation plan approved by the
Board of Trustees on February 24, 2000, non-interested Trustees may elect to
defer receipt of all or a portion of their annual compensation.
Deferred amounts earn a return as though equivalent dollar amounts had been
invested in common shares of other BlackRock funds selected by the Trustees.
This has the same economic effect as if the Trustees had invested the deferred
amounts in such other BlackRock funds.
The deferred compensation plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of the Trust. The
Trust may, however, elect to invest in common shares of those funds selected by
the Trustees in order to match its deferred compensation obligations.
NOTE 2. AGREEMENTS
The Trust has an Investment Advisory Agreement with BlackRock Advisors, Inc.
(the "Advisor"), which is a wholly-owned subsidiary of BlackRock, Inc., which in
turn is an indirect majority-owned subsidiary of PNC Financial Services Group,
Inc. The Trust has an Administration Agreement with Prudential Investments Fund
Management LLC ("PIFM"), a wholly-owned subsidiary of The Prudential Insurance
Company of America.
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The investment advisory fee paid to the Advisor 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 Advisor provides continuous supervision of
the investment portfolio and pays the compensation of officers of the Trust who
are affiliated persons of the Advisor. PIFM pays occupancy and certain clerical
and accounting costs of the Trust. The Trust bears all other costs and expenses.
NOTE 3. PORTFOLIO SECURITIES
Purchases and sales of investment securities, other than short-term investments,
for the six months ended April 30, 2000 aggregated $0 and $40,000, respectively.
The federal income tax basis of the Trust's investments at April 30, 2000
was substantially the same as for financial reporting purposes and, accordingly,
net and gross unrealized appreciation was $986,940.
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. The Trust may classify or reclassify any unissued shares of
beneficial interest into one or more series of preferred shares. Of the
1,127,093 common shares outstanding at April 30, 2000, the Advisor owned 7,093
shares. As of April 30, 2000 there were 340 shares of Preferred Stock Series R7
("Preferred Shares") outstanding.
Dividends on Preferred Shares are cumulative at a rate which is reset every
7 days based on the results of an auction. Dividend rates ranged from 3.40% to
5.00% during the six months ended April 30, 2000.
The Trust may not declare dividends or make other distributions on shares of
common shares or purchase any such shares if, at the time of the declaration,
distribution, or purchase, asset coverage with respect to the outstanding
Preferred Shares would be less than 200%.
The Preferred Shares are 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 Shares are 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 Shares have voting rights equal to the holders of
common shares (one vote per share) and will vote together with holders of common
shares as a single class. However, holders of Preferred Shares are also entitled
to elect two of the Trustees. In addition, the Investment Company Act of 1940
requires that along with approval by shareholders 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 April 30, 2000, the Trustees declared a dividend from
undistributed earnings of 0.0663 per common share payable June 1, 2000 to
shareholders of record on May 15, 2000.
For the period May 1, 2000 to May 31, 2000 dividends declared on Preferred
Shares totaled $34,720 in aggregate for the outstanding Preferred Shares.
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THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
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 state or local income taxes 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.
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ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
ANNUAL MEETING OF TRUST SHAREHOLDERS. 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.
The Annual Meeting of Trust Shareholders was held May 18, 2000 to vote on
the following matters:
(1) To elect three Trustees as follows:
TRUSTEE CLASS TERM EXPIRING
------- ----- ---- --------
Andrew F. Brimmer ................... III 3 years 2003
Kent Dixon .......................... III 3 years 2003
Laurence D. Fink .................... III 3 years 2003
Trustees whose term of office continues beyond this meeting are Richard E.
Cavanagh, Frank J. Fabozzi, James Clayburn La Force, Jr., Walter F. Mondale,
and Ralph L. Schlosstein.
(2) To ratify the selection of Deloitte & Touche LLP as independent public
accountants of the Trust for the fiscal year ending October 31, 2000.
Shareholders elected the three Trustees and ratified the selection of
Deloitte & Touche LLP. The results of the voting was as follows:
VOTES VOTES
FOR AGAINST ABSTENTIONS
--- ------- -----------
Andrew F. Brimmer ....................... 935,295 -- 25,626
Kent Dixon .............................. 935,881 -- 25,040
Laurence D. Fink ........................ 935,295 -- 25,626
Ratification of Deloitte & Touche LLP ... 942,022 618 18,281
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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 Advisors, Inc. (the "Advisor") is an SEC-registered investment
advisor. As of March 31, 2000, the Advisor and its affiliates (together,
"BlackRock") managed $173 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-two closed-end funds that are traded on either the New
York or American stock exchanges, and a $29 billion family of open-end funds.
BlackRock manages over 590 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
Advisor. 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 ADVISOR'S INVESTMENT STRATEGY?
The Advisor 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 Advisor actively manages the assets in relation to market conditions and
interest rate changes. Depending on yield and portfolio allocation
considerations, the Advisor 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 shareholders 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. 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.
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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 the Advisor
consider that reduction to be in the best interests of the Trust. The Advisor'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 the issuance of 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
Trustees and may have the effect of depriving shareholders of an opportunity to
sell their shares at a premium above the prevailing market price.
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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.
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BLACKROCK ADVISORS, 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.
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BLACKROCK ADVISORS, INC.
AN OVERVIEW
--------------------------------------------------------------------------------
BlackRock Advisors, Inc. (the "Advisor") is an SEC-registered investment
advisor. As of March 31, 2000, the Advisor and its affiliates (together,
"BlackRock") managed $173 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 $29 billion family of open-end funds. BlackRock manages over
590 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
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---------
BlackRock
---------
TRUSTEES
Laurence D. Fink, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
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 M. Klingert, VICE PRESIDENT
Richard M. Shea, VICE PRESIDENT/TAX
Henry Gabbay, TREASURER
James Kong, ASSISTANT TREASURER
Karen H. Sabath, SECRETARY
INVESTMENT ADVISOR
BlackRock Advisors, Inc.
400 Bellevue Parkway
Wilmington, DE 19809
(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 ACCOUNTANTS
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434
LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom, LLP
Four Times Square
New York, NY 10036
LEGAL COUNSEL - INDEPENDENT DIRECTORS
Debevoise & Plimpton
875 Third Avenue
New York, NY 10022
The accompanying financial statements as of April 30, 2000 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 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
---------
BlackRock
THE ---------
FLORIDA
INVESTMENT QUALITY
MUNICIPAL TRUST
---------------------
SEMI-ANNUAL REPORT
APRIL 30, 2000
