--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISOR
--------------------------------------------------------------------------------
November 30, 2000
Dear Shareholder:
The continued trend of economic growth boosted by strong consumer
confidence, a tight labor market and inflation concerns caused the Federal
Reserve to aggressively tighten during the first part of the year. As a result,
the Fed raised the discount rate to 6.50% during the period in an attempt to
achieve its objective of engineering a "soft landing" for the explosive U.S.
economy. The third quarter of 2000 saw a sharp decline in market expectations
for further Fed tightenings amidst evidence of significant deceleration in
growth, peaking inflation pressures and a sharp reversal in the stock market
wealth effect globally.
The reduction in Fed tightening fears and the potential for a slower pace
of Treasury buybacks due to a more expansionary fiscal policy enabled high
quality spread product to outperform Treasuries in the third quarter of 2000.
Looking forward we believe that both consumers and corporations face
significant headwinds that suggest a likely GDP growth rate close to the Fed
target of 3.5%-4.0%. The risk, however, is even slower growth. While consumer
confidence is still high, a sharp reversal of the wealth effect year-to-date,
higher oil prices that have acted as a tax on the consumer and muted employment
growth should lead personal consumption growth to decline to 3.0%. We believe
that the Fed may eventually be required to ease interest rates to ensure a soft
landing. Monetary conditions are restrictive globally; in the absence of a
fiscal stimulus the Fed may have to ease policy moderately. The end scenario is
likely to be favorable to financial assets and the performance of spread assets
versus Treasuries.
This annual 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 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, 2000
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, 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
that are exempt from Florida State taxes.
The table below summarizes the performance of the Trust's stock price and
NAV over the past year:
------------------------------------------------------
10/31/00 10/31/99 CHANGE HIGH LOW
--------------------------------------------------------------------------------
STOCK PRICE $ 13.125 $ 12.8125 2.44% $ 13.50 $ 12.1875
--------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $ 14.65 $ 14.29 2.52% $ 14.76 $ 13.82
--------------------------------------------------------------------------------
THE FIXED INCOME MARKETS
The rapid expansion of U.S. GDP witnessed throughout much of the period
finally slowed dramatically in the third quarter. After expanding at nearly a
6.0% annualized rate in the first half of the year, growth in the third quarter
slowed to 3.0%. Higher oil prices and declines in global equity markets led to
declines in consumer spending, residential investment and manufacturing
activity. According to the minutes of the October 3, 2000 FOMC meeting, "Recent
data have indicated that the expansion of aggregate demand has moderated to a
pace closer to the enhanced rate of growth of the economy's potential to
produce. The more rapid advances in productivity also continue to help contain
costs and hold down underlying price pressures." The Federal Reserve raised the
discount rate by 0.25% at their meetings in November 1999, February, and March
2000 and raised the discount rate by 0.50% in May 2000 to bring the current
discount rate to 6.50%.
Treasury yields were inverted for much of the period as yields rose on the
short-end of the yield curve in response to the Fed's increases in the discount
rate, and yields on the long-end of the curve fell below the short-end in
reaction to the announcement that the Treasury would buy back $30 billion of
Treasuries with maturities ranging from 10 to 30 years. In the second half of
the period, concerns over rising inflation from a surge in oil prices, weaker
stock markets and signs of slower growth all caused the bond market to price in
a neutral Federal Reserve. This shift in market sentiment caused significant
yield curve disinversion during the third quarter of 2000. As the slower growth
scenario plays out, the curve is likely to steepen further. For the annual
period, the 10 year Treasury fell from 6.02% on October 31, 1999 to 5.75% on
October 31, 2000.
Municipal bonds outperformed the taxable domestic bond market for the year
ending October 31, 2000, returning 8.51% (as measured by the Lehman Municipal
Index) versus the Lehman Aggregate Index's 7.30% on a pre-tax basis. Overall,
the tone in the market for the period was extremely positive as the result of
continued strong demand from individual/retail investors, a slowdown in new
issuance and reduced selling by mutual funds and institutional accounts. Retail
investors, who continue to purchase municipal bonds in an effort to increase
their asset allocation to fixed income and reduce equity exposure, have had a
large impact on the new issuance market. In some instances, individual
investors have purchased 50% of a new issue before institutions are able to buy
bonds. In many cases, new issues have been structured to appeal to individual
investors' tastes rather than institutions. Despite reduced selling by mutual
funds, there has still been a large outflow from mutual funds. However, high
retail demand has offset any adverse effects that may result from the mutual
fund outflows.
2
<PAGE>
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 2.6%
above budget, through October, enabling the State to project another year-end
surplus. The new $2.5 billion educational constitution fund is being financed
by bonds whose debt service is paid from lottery revenues; to date, the lottery
revenues are at projected levels. 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 lowest
average in 30 years. 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. 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 annual period, the Trust's leverage amount was
approximately 34% of total assets.
As municipal credit spreads remained tight during the reporting period, we
continue to emphasize higher rated securities over the lower rated investment
grade sector. While some opportunities for higher yields have emerged, given
current market conditions and the state of the yield curve, we have maintained
our bias towards premium coupon securities over discounted priced securities.
Premium coupon securities 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 OCTOBER 31, 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%
---------------------------------------------------------------
Hospital 4% 4%
---------------------------------------------------------------
University 4% 4%
---------------------------------------------------------------
Water & Sewer 4% 4%
---------------------------------------------------------------
Housing 3% 3%
---------------------------------------------------------------
3
<PAGE>
-----------------------------------------------------------
CREDIT RATING* OCTOBER 31, 2000 OCTOBER 31, 1999
-----------------------------------------------------------
AAA/Aaa 67% 52%
-----------------------------------------------------------
AA/Aa 8% 17%
-----------------------------------------------------------
A/A 21% 18%
-----------------------------------------------------------
BBB/Baa 4% 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 10/31/00: $ 13.125
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/00: $ 14.65
--------------------------------------------------------------------------------
Yield on Closing Stock Price as of 10/31/00 ($13.125)(1): 6.06%
--------------------------------------------------------------------------------
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 OCTOBER 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS+ VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LONG-TERM INVESTMENTS--147.0%
FLORIDA--121.9%
Boynton Beach Util. Sys. Rev., FGIC,
AAA $ 170 6.25%, 11/01/20 ............................................................... ETM $ 184,815
AAA 830 6.25%, 11/01/20 ............................................................... 11/02 at 102 856,245
A1 1,000 Brevard Cnty. Hlth. Fac., Holmes Regl. Med. Ctr., 5.75%, 10/01/13 .............. 10/03 at 102 1,002,950
AAA 1,000 Brevard Cnty. Sch. Brd., C.O.P., Ser. B, 5.50%, 7/01/21, AMBAC ................. 7/06 at 102 992,570
AAA 1,000 Collier Cnty. Sch. Brd., C.O.P., 5.00%, 2/15/16, FSA ........................... 2/06 at 101 959,410
AAA 1,000 Dade Cnty. Aviation Rev., Miami Int'l Arpt., Ser. C, 5.75%,
10/01/25, MBIA ................................................................. 10/05 at 102 1,011,760
AAA 1,000++ Dade Cnty. Sch. Brd., C.O.P., Ser. A, 6.00%, 5/01/04, MBIA ..................... N/A 1,057,230
AAA 1,000++ Dade Cnty. Spl. Oblig., Ser. B, Zero Coupon, 10/01/08, AMBAC ................... N/A 491,690
AAA 1,000 First Florida Gov. Fin. Comn. Rev., Gainsville, Hollywood & St. Petersburg,
5.75%, 7/01/16, AMBAC .......................................................... 7/06 at 101 1,025,340
AAA 630 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge., Ser. A, 6.25%, 7/01/11, GNMA ........ 7/04 at 102 659,831
Florida St. Brd. of Ed.,
AA+ 1,000 Pub. Ed., Ser. B, 5.875%, 6/01/24 ............................................. 6/05 at 101 1,015,060
AAA 1,000++ Ser. C, 5.85%, 6/01/03 ........................................................ N/A 1,042,880
AAA 500 Florida St. Dept. of Corrections, C.O.P., Okeechobee Correctional Fac.,
6.25%, 3/01/15, AMBAC ......................................................... 3/05 at 102 528,650
AAA 1,000++ Florida St. Dept. of Trans., 5.80%, 7/01/05 .................................... N/A 1,061,310
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 1,042,770
AAA 1,000 Jacksonville Cap. Impvt. Rev., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC ........ 10/04 at 101 1,016,850
AAA 1,000 Lee Cnty. Trans. Fac. Rev., 5.75%, 10/01/22, MBIA .............................. 10/05 at 102 1,008,900
A- 1,000 Orlando & Orange Cnty. Expwy., 5.95%, 7/01/23 .................................. 7/01 at 102 1,003,560
Aa2 1,000 Orlando Utils. Comn. Wtr. & Elec. Rev., Ser. D, 5.50%, 10/01/20 ................ 10/99 at 100 995,100
AAA 1,000++ Seminole Cnty. Sch. Brd., C.O.P., Ser. A, 6.125%, 7/01/04, MBIA ................ N/A 1,071,910
AAA 1,000++ Sunrise Florida Util. Sys. Rev., Ser. A, 5.75%, 10/01/06, AMBAC ................ N/A 1,068,670
Baa2 1,000 Volusia Cnty. Ed. Fac. Auth. Rev., 6.125%, 10/15/16 ............................ 10/06 at 102 1,026,860
------------
20,124,361
------------
PUERTO RICO--25.1%
Puerto Rico Elec. Pwr. Auth. Rev.,
AAA 1,000++ Ser. T, 6.375%, 7/01/04 ....................................................... N/A 1,090,560
A- 1,000 Ser. U, 6.00%, 7/01/14 ........................................................ 7/04 at 102 1,046,440
Puerto Rico Pub. Bldg. Auth., Gtd. Pub. Ed. & Hlth. Fac., Ser. M,
A 1,000 5.50%, 7/01/21 ................................................................ 7/03 at 101.5 980,510
A 1,000 5.75%, 7/01/15 ................................................................ 7/03 at 101.5 1,018,690
------------
4,136,200
------------
Total Long-Term Investments (cost $22,787,904).................................. 24,260,561
------------
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS+ VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENT**--2.4%
A1+ $ 400 Long Island Pwr. Auth., 4.60%, 11/01/00, FRDD (cost $400,000).......... N/A $ 400,000
------------
TOTAL INVESTMENTS--149.4% (COST $23,187,904)............................ 24,660,561
Other Assets in excess of liabilities--2.1% ............................ 348,245
Liquidation value of preferred stock--(51.5)% .......................... (8,500,000)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ..................... $ 16,508,806
============
</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.
<TABLE>
--------------------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS:
<S><C> <C> <C> <C>
AMBAC - American Municipal Bond Assurance Corporation FRDD - Floating Rate Daily Demand
C.O.P. - Certificate of Participation FSA - Financial Security Assurance
ETM - Escrowed to Maturity GNMA - Government National Mortgage Association
FGIC - Financial Guaranty Insurance Company MBIA - Municipal Bond Insurance Association
--------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY
MUNICIPAL TRUST
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2000
--------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $23,187,904) (Note 1).......... $24,660,561
Cash ...................................................... 95,975
Interest receivable ....................................... 364,919
Other assets .............................................. 1,509
-----------
25,122,964
-----------
LIABILITIES
Dividends payable-common stock ............................ 74,736
Dividends payable-preferred stock ......................... 4,833
Investment advisory fee payable (Note 2) .................. 7,668
Administration fee payable (Note 2) ....................... 2,191
Deferred trustees fees (Note 1) ........................... 1,509
Other accrued expenses .................................... 23,221
-----------
114,158
-----------
NET INVESTMENT ASSETS ..................................... $25,008,806
===========
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 ...................... 137,192
Accumulated net realized loss ............................ (697,759)
Net unrealized appreciation .............................. 1,472,657
-----------
Net investment assets, October 31, 2000 ................... $25,008,806
===========
Net assets applicable to common shareholders .............. $16,508,806
===========
Net asset value per common share:
($16,508,806 / 1,127,093 common shares of
beneficial interest issued and outstanding) ............. $14.65
======
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY
MUNICIPAL TRUST
STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 2000
--------------------------------------------------------------------------------
NET INVESTMENT INCOME
Income
Interest and discount earned ......... $1,406,556
----------
Expenses
Investment advisory .................. 87,048
Administration ....................... 24,871
Auction agent ........................ 21,000
Trustees ............................. 12,000
Reports to shareholders .............. 10,000
Transfer agent ....................... 10,000
Independent accountants .............. 7,000
Legal ................................ 5,000
Custodian ............................ 4,000
Miscellaneous ........................ 15,705
----------
Total expenses ....................... 196,624
----------
Net investment income .................. 1,209,932
----------
UNREALIZED GAIN
ON INVESTMENTS
Net change in unrealized appreciation
on investments ........................ 438,477
----------
NET INCREASE IN NET INVESTMENT ASSETS
RESULTING FROM OPERATIONS .............. $1,648,409
==========
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,
---------------------------------
2000 1999
--------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET INVESTMENT ASSETS
OPERATIONS:
Net investment income ..................................................... $ 1,209,932 $ 1,189,988
Net change in unrealized appreciation on investments ...................... 438,477 (1,592,926)
------------ ------------
Net increase (decrease) in net investment assets resulting from operations 1,648,409 (402,938)
DIVIDENDS:
To common shareholders from net investment income ......................... (896,622) (896,614)
To preferred shareholders from net investment income ...................... (353,042) (274,669)
------------ ------------
Total dividends ........................................................... (1,249,664) (1,171,283)
------------ ------------
Total increase (decrease) ................................................ 398,745 (1,574,221)
NET INVESTMENT ASSETS
Beginning of year .......................................................... 24,610,061 26,184,282
------------ ------------
End of year (including undistributed net investment income
of $137,192 and $176,924, respectively).................................... $ 25,008,806 $ 24,610,061
============ ============
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
--------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
-------------------------------------------------------------
2000 1999 1998 1997 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year ............................... $ 14.29 $ 15.69 $ 14.86 $ 14.15 $ 14.01
-------- --------- -------- -------- --------
Net investment income ........................................... 1.07 1.05 1.05 1.06 1.03
Net realized and unrealized gain (loss) on investments .......... .40 (1.41) .81 .65 .13
-------- --------- -------- -------- --------
Net increase (decrease) from investment operations .............. 1.47 (.36) 1.86 1.71 1.16
-------- --------- -------- -------- --------
Dividends and distributions:
Dividends from net investment income to:
Common shareholders ........................................... (.80) (.80) (.75) (.72) (.73)
Preferred shareholders ........................................ (.31) (.24) (.28) (.28) (.28)
Distributions in excess of net realized gain on investments to:
Common shareholders ........................................... -- -- -- ** (.01)
Preferred shareholders ........................................ -- -- -- ** **
-------- --------- -------- -------- --------
Total dividends and distributions ................................ ( 1.11) (1.04) (1.03) (1.00) (1.02)
-------- --------- -------- -------- --------
Net asset value, end of year* .................................... $ 14.65 $ 14.29 $ 15.69 $ 14.86 $ 14.15
======== ========= ======== ======== ========
Per share market value, end of year* ............................. $ 13.125 $ 12.8125 $ 15.125 $ 13.3125 $ 12.25
======== ========= ======== ======== ========
TOTAL INVESTMENT RETURN+: ........................................ 9.00% (10.60)% 19.70% 14.95% 2.92%
======== ========= ======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS:
Expenses++ ....................................................... 1.22% 1.27% 1.31% 1.26% 1.46%
Net investment income before preferred stock dividends++ ......... 7.48% 7.11% 6.81% 7.43% 7.41%
Preferred stock dividends ........................................ 2.18% 1.64% 1.80% 1.92% 1.97%
Net investment income available to common shareholders ........... 5.30% 5.47% 5.01% 5.51% 5.44%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) ......... $ 16,167 $ 16,736 $ 17,299 $ 16,150 $ 15,699
Portfolio turnover ............................................... 0% 0% 0% 5% 73%
Net assets of common shareholders, end of year
(in thousands) .................................................. $ 16,509 $ 16,110 $ 17,684 $ 16,745 $ 15,951
Asset coverage per share of preferred stock, end of year ......... $ 73,570 $ 72,390 $ 77,017 $ 74,253 $ 71,915
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 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 year 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.
++ 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>
--------------------------------------------------------------------------------
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 on
POLICIES 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. Short-term
securities are valued at amortized cost. 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.
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
accounting principles generally accepted in the United States of America
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.
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.
10
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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 There were no purchases or sales of investment
SECURITIES securities, other than short-term investments,
for the year ended October 31, 2000.
The federal income tax basis of the Trust's investments at October 31,
2000 was substantially the same as for financial reporting purposes and,
accordingly, net and gross unrealized appreciation was $1,472,657.
For federal income tax purposes, the Trust had a capital loss
carryforward at October 31, 2000 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 October 31,
2000, the Advisor owned 7,093 shares. As of October 31, 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 year ended October 31, 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 October 31, 2000, the Trustees declared a
dividend from undistributed earnings of $0.0663 per
common share payable December 1, 2000 to shareholders of record on November 15,
2000.
For the period November 1, 2000 to November 30, 2000 dividends declared
on Preferred Shares totaled $29,058 in aggregate for the outstanding Preferred
Shares.
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, 2000 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 auditing standards generally
accepted in the United States of America. 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, 2000, by
correspondence with the custodian. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, 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, 2000, 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 accounting
principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
-------------------------
New York, New York
December 8, 2000
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, 2000) 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 $0.8000 per share to common
shareholders and $1,038.36 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 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.
--------------------------------------------------------------------------------
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.
13
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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 September 30, 2000, the Advisor and its affiliates (together,
"BlackRock") managed $191 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 $28 billion family of open-end funds.
BlackRock managed 670 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.
15
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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.
16
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--------------------------------------------------------------------------------
BLACKROCK ADVISORS, INC.
SUMMARY OF CLOSED-END FUNDS
--------------------------------------------------------------------------------
TAXABLE TRUSTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK MATURITY
SYMBOL DATE
--------- ---------
<S> <C> <C>
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 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
</TABLE>
TAX-EXEMPT TRUSTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK MATURITY
SYMBOL DATE
--------- ---------
<S> <C> <C>
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
</TABLE>
IF YOU WOULD LIKE FURTHER INFORMATION PLEASE DO NOT HESITATE TO CALL BLACKROCK
AT (800) 227-7BFM (7236)
OR CONSULT WITH YOUR FINANCIAL ADVISOR.
17
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--------------------------------------------------------------------------------
BLACKROCK ADVISORS, INC.
AN OVERVIEW
--------------------------------------------------------------------------------
BlackRock Advisors, Inc. (the "Advisor") is an SEC-registered investment
advisor. As of September 30, 2000, the Advisor and its affiliates (together,
"BlackRock") managed $191 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-two
closed-end funds that are traded on either the New York or American stock
exchanges, and a $28 billion family of open-end funds. BlackRock managed 670
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
18
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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 BLACKROCK
Michael C. Huebsch, VICE PRESIDENT THE -----------
Robert S. Kapito, VICE PRESIDENT FLORIDA
Kevin M. Klingert, VICE PRESIDENT INVESTMENT QUALITY
Richard M. Shea, VICE PRESIDENT/TAX MUNICIPAL TRUST
Henry Gabbay, TREASURER ------------------------
James Kong, ASSISTANT TREASURER ANNUAL REPORT
Anne Ackerley, SECRETARY OCTOBER 31, 2000
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 [GRAPHIC OMITTED]
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
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
[GRAPHIC OMITTED]
Printed on recycled paper 09247C-10-7
09247C-20-6
