- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------
November 30, 1996
Dear Trust Shareholder:
Interest rate volatility in the domestic fixed income markets was once
again a major factor over the past twelve months. Significant swings in the pace
of U.S. economic growth influenced the bond market's performance, as every
release of economic data led to market participant speculation regarding the
direction of Federal Reserve monetary policy.
Despite strong growth and rising wage pressures, the Fed's decision not
to raise interest rates at their two most recent policy meetings has markedly
increased the stakes in the bond market. The rationale behind the Fed's decision
not to raise interest rates appears to focus on the benign inflation data
released during the third quarter. Should economic growth slow and inflation
remain benign, the Fed will be proven correct in their inaction and the market
would be expected to rally significantly. On the other hand, signs of a stronger
economy could result in weaker bond prices as the likelihood of a Fed tightening
would increase.
BlackRock maintains a positive view on the bond market. On balance, the
outlook for moderate inflation remains intact, suggesting that further declines
in interest rates are likely. In addition to this favorable fundamental
backdrop, foreign demand for U.S. bonds has increased due to the renewed
attractiveness of the U.S. bond market on a global basis.
This annual report is designed to help you stay informed about your
investment and represents our ongoing commitment to improving our communication
with you. We hope you find this report useful now and in the future. We
appreciate your confidence and look forward to helping you reach 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, 1996
Dear Shareholder:
We are pleased to present the annual report for The BlackRock New York
Investment Quality Municipal Trust Inc. ("the Trust") for the fiscal year ended
October 31, 1996. 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 "RNY".
The Trust's investment objective is to provide high current income that is
exempt from regular federal and New York state income taxes 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 New York.
The Trust has exhibited superior performance on a reinvested net asset
value total return basis for the 1- and 2-year periods ended October 31, 1996.
The Trust was the second best performing fund in its Lipper peer group of New
York Closed-End Funds for the 1-year period, finishing #2 of 21 funds and the
top performer in the 2-year period, finishing #1 of 21 funds according to Lipper
Analytical Services Inc. The table below summarizes the changes in the Trust's
stock price and net asset value over the past year:
<TABLE>
<CAPTION>
10/31/96 10/31/95 Change High Low
<S> <C> <C> <C> <C> <C>
Stock Price $12.625 $12.75 (0.98%) $13.25 $11.625
Net Asset Value (NAV) $14.00 $13.82 1.30% $14.47 $12.98
</TABLE>
THE FIXED INCOME MARKETS
Significant swings in the pace of U.S. economic growth influenced the
performance of the fixed income markets over the past year. Throughout the
fourth quarter of 1995 and through the first six weeks of 1996, weak
inflationary data and sluggish retail demand spurred two reductions of short
term interest rates totaling 50 basis points (0.50%) by the Federal Reserve to
5.25%. In response to these reductions, as well as the sharp decline in interest
rates throughout 1995, economic growth began to pick up in mid-February and
accelerated throughout the second quarter of 1996. Economic growth as measured
by Gross Domestic Product (GDP) was measured at an annualized 4.7% for the
second quarter of 1996, which led investors to believe that the Federal Reserve
would be forced to raise interest rates for the first time in over a year to
curb the pace of the economy. However, the pace of economic growth has slowed
during the past few months. Softer economic data and continued moderation in the
broad inflation measures during the third quarter of 1996 allowed the Fed to
leave short term interest rates unchanged at their August and September policy
meetings.
After lagging the performance of their taxable counterparts during the
fourth quarter of 1995, year-to-date municipal bond performance as measured by
the Lehman Municipal Bond Index has outpaced that of taxable bonds (represented
by the Lehman Aggregate Index) returning 2.99% versus 2.84% for taxables. This
strong performance is the result of the relative scarcity of new municipal bond
issuance combined with increased retail demand due to the end of "flat tax"
reform concerns. In particular, the third quarter of 1996 witnessed
approximately $60 billion in cash (in the form of calls, maturities and interest
payments) returned to investors and recycled back into the municipal bond
market. As the quarter progressed,
2
<PAGE>
however, retail demand moderated in response to a strengthening stock market and
declining interest rate levels. Within the municipal market, longer maturity
municipals outperformed shorter maturities for the year ended October 31, as the
yield of the 30-year AAA General Obligation (G.O.) bond fell four basis points
(0.04%) to 5.54% while yields of shorter maturities rose.
Despite the overall weakening of retail demand for municipals, the New
York municipal bond market outperformed the national averages for the year due
to improving fundamentals. The strong performance can be attributed to improved
state and city revenues, which were buoyed by Wall Street profits, the New York
Yankees World Series run and the New York City Marathon. There has been healthy
new issuance for New York bonds, including a $900 million New York City General
Obligation refunding deal. Supply is expected to pick up even more, as New York
historically has a strong new issuance calendar in the fourth quarter. Further,
should yield levels continue to fall, increased supply due to refunding may
occur by year-end.
Looking ahead to the fourth quarter and into 1997, the potential for
weakening supply and demand technicals has led us to take a cautious stance on
the municipal market. The recent decline in interest rates may spur new
issuance, which historically is heaviest in the fourth quarter as issuers
complete year-end business. Additionally, although the likelihood of radical tax
reform has diminished since the first half of 1996, we continue to monitor the
possibility of tax cuts over the next year and their potential impact on the
municipal bond market. We view any potential fourth quarter weakness as a
opportunity to add at attractive levels.
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 at about 35% of total assets to
enhance its income by borrowing at short term municipal rates and investing the
proceeds in longer maturity issues which 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. The Federal Reserve's decision not to increase short
interest rates at their August and September policy meetings has benefited the
Trust, as short term municipal rates (which determine the Trust's borrowing
costs) fell.
The Trust has generally favored callable premium coupon bonds throughout
the past twelve months, as they characteristically outperform par bonds in a
rising interest rate environment. Though interest rates have fallen recently,
the generally upward trend in rates since the beginning of 1996 proved a
favorable environment to hold these defensively structured bonds. The Trust
maintained its focus in the intermediate portion of the municipal yield curve,
with nearly half of the Trust's holdings having an average life between 8 and 12
years. Additionally, the Trust's credit quality bias emphasizes a barbell
strategy, as the majority of the holdings carry either a "AAA" or "BBB" credit
rating. Limited municipal bond supply
3
<PAGE>
has resulted in the narrowing of yields spreads between higher- and
lower-quality municipal bonds. Should credit spreads tighten significantly from
current levels, thereby reducing the yield advantage of owning a lower rated
bond, we would seek to reallocate some of the Trust's "BBB" issues into higher
rated bonds at tighter spreads.
The following charts compare the Trust's current and October 31, 1995
asset composition and credit quality allocations:
SECTOR BREAKDOWN
SECTOR OCTOBER 31, 1996 OCTOBER 31, 1995
University 23% 25%
Lease Revenue 18% 15%
City & State 10% 15%
Transportation 7% 16%
Water and Sewer 7% 5%
Housing 7% 3%
Miscellaneous Revenue 7% 2%
Power 7% 4%
Sales Tax Revenue 3% 4%
Hospital 4% 7%
Industrial 4% --
Resource Recovery 3% 4%
STANDARD & POOR'S/MOODY'S/FITCH'S
CREDIT RATING OCTOBER 31, 1996 OCTOBER 31, 1995
AAA/Aaa 37% 46%
A/A 29% 18%
BBB/Baa 34% 36%
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 New
York Investment Quality Municipal Trust Inc. 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 yours,
/s/ Robert Kapito /s/Kevin Klingert
- ------------------------------------ ---------------------------------
Robert Kapito Kevin Klingert
Vice Chairman and Portfolio Manager Managing Director and Portfolio Manager
BlackRock Financial Management, Inc. BlackRock Financial Management, Inc.
4
<PAGE>
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
Symbol on American Stock Exchange: RNY
Initial Offering Date: May 28, 1993
Closing Stock Price as of 10/31/96: $12.63
Net Asset Value as of 10/31/96: $14.00
Yield on Closing Stock Price as of 10/31/96 ($12.63)1: 6.23%
Current Monthly Distribution per Share2: $0.0656
Current Annualized Distribution per Share2: $0.7872
1 Yield on Closing Stock Price is calculated by dividing the current annualized
distribution per share by the closing stock price per share.
2 The distribution is not constant and is subject to change.
<TABLE>
<CAPTION>
5
<PAGE>
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THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 1996
- -----------------------------------------------------------------------------------------------------------------------------------
OPTION
PRINCIPAL CALL
RATING* AMOUNT PROVISIONS+ VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--157.2%
New York--151.7%
<S> <C> <C> <C>
AAA $1,000 Battery Park City Auth. Rev., Ser. A, 5.50%, 11/01/26, AMBAC 11/06 at 102 $ 972,960
AAA 1,000 Metropolitan Trans. Auth. Rev., Commuter Facs.,
Ser. M, 6.00%, 7/01/14, AMBAC 7/03 at 101.5 1,031,340
New York City, G.O.,
Baa1 1,000 Ser. D, 6.60%, 2/01/04 No Opt. Call 1,054,440
Baa1 1,000 Ser. I, 5.875%, 3/15/18 3/06 at 101.5 955,900
New York City Ind. Dev. Agcy. Spec. Fac., Rev.,
Term. One Group Assoc. Proj.,
A 1,000 6.00%, 1/01/08 1/04 at 102 1,028,450
A 1,000 6.00%, 1/01/15 1/04 at 102 1,000,040
A 1,000 6.10%, 1/01/09 1/04 at 102 1,028,320
New York City Mun. Wtr. Fin. Auth., Rev.,
A 1,000 Ser. A, 6.00%, 6/15/25 6/05 at 101 1,012,770
A 1,000 Ser. B, 6.50%, 6/15/02++ No Opt. Call 1,098,420
AAA 1,000 New York City Trust Cultural Res. Rev., Museum Of Modern Art,
Ser. A, 5.50%, 1/01/21, AMBAC 1/07 at 102 975,160
A 1,000 New York St., G.O., Ser. B, 5.70%, 8/15/12 8/05 at 102 1,002,190
New York St. Dorm. Auth. Rev.,
AAA 1,505 City Univ. Sys., 6.125%, 7/01/10, AMBAC 7/04 at 102 1,585,849
AAA 1,000 City Univ. Sys., 6.20%, 7/01/14, AMBAC 7/04 at 102 1,050,550
AAA 1,000 St. Univ. Edl. Facs., 5.25%, 5/15/15, AMBAC No Opt. Call 972,170
Baa1 1,000 St. Univ. Edl. Facs., Ser. B, 6.00%, 5/15/07 5/04 at 102 1,023,730
Baa1 1,000 St. Univ. Edl. Facs., Ser. B, 6.25%, 5/15/14 5/04 at 102 1,021,240
Baa1 1,000 St. Univ. Edl. Facs., Ser. A, 6.25%, 5/15/17 5/03 at 102 1,014,640
New York St. Energy Res. & Dev. Auth. Rev.,
A1 1,185 Con. Ed. Co. Proj. B, 6.375%, 12/01/27 12/01at 101 1,205,903
AAA 1,000 5.60%, 6/01/25, MBIA 7/03 at 102 960,170
Baa1 1,000 New York St. Hsg. Fin. Agcy., Service Contract, Oblig. Rev.,
Ser. A, 5.50%, 9/15/22 3/03 at 102 913,790
A 1,000 New York St. Local Gov't. Asst. Corp., Corp. Rev. Rfdg. Bonds,
Ser. B, 5.50%, 4/01/21 4/03 at 102 967,410
AAA 1,000 New York St. Med. Care Facs., Fin. Agcy. Rev.,
St. Lukes Roosevelt Hosp., 5.625%, 8/15/18, FHA 8/03 at 102 990,570
New York St. Urban Dev. Corp. Rev.,
Baa1 1,000 Correctional Facs., 5.625%, 1/01/07 1/03 at 102 997,030
AAA 1,000 Correctional Facs., 5.50% 1/01/16, AMBAC 1/04 at 102 980,100
Baa1 900 Youth Facs., 5.875%, 4/01/09 4/04 at 102 909,684
AAA 1,000 Port Authority of N.Y. & N.J., 5.70%, 10/15/20, MBIA 10/02 at 101 1,004,410
Baa 1,000 Ulster Cnty. Res. Rec. Agcy., Solid Waste Sys. Rev., 5.90%, 3/01/07 3/03 at 102 990,540
---------
27,747,776
---------
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
OPTION
PRINCIPAL CALL
RATING* AMOUNT PROVISIONS+ VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Puerto Rico--5.5%
Baa1 $1,000 Puerto Rico Electric Pwr. Auth. Rev., Ser. T, 6.00%, 7/01/16 7/04 at 102 $ 1,016,230
---------
Total long-term investments (cost $27,964,337) 28,764,006
---------
Total Investments--157.2% (cost $27,964,337) 28,764,006
Liabilities in excess of other assets--(3.7)% (669,993)
Liquidation value of preferred stock--(53.5)% (9,800,000)
---------
Net Assets Applicable to Common Shareholders--100% $18,294,013
</TABLE>
- -------------
* Rating: Using the higher of Standard & Poor's, Moody's or Fitch's rating.
+ Option call provisions: Date (month/year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
++ This bond is prerefunded. See Glossary for definition.
================================================================================
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
FHA -- Federal Housing Administration
G.O. -- General Obligation Bond
MBIA -- Municipal Bond Insurance Association
================================================================================
See Notes to Financial Statements.
7
<PAGE>
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THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1996
- -------------------------------------------------------------------------------
Assets
Investments, at value (cost $27,964,337) (Note 1) $28,764,006
Receivable for investments sold 988,353
Interest receivable 486,586
Deferred organization expenses and other assets 6,019
-----------
30,244,964
-----------
Liabilities
Payable for investments purchased 1,987,263
Bank overdraft 67,737
Dividends payable--common stock 8,352
Advisory fee payable (Note 2) 8,317
Dividends payable--preferred stock 3,221
Administrative fee payable (Note 2) 2,376
Other accrued expenses 73,685
-----------
2,150,951
-----------
Net Investment Assets $28,094,013
===========
Net investment assets were comprised of:
Common stock:
Par value (Note 4) $ 13,071
Paid-in capital in excess of par 18,082,239
Preferred stock (Note 4) 9,800,000
-----------
27,895,310
Undistributed net investment income 162,259
Accumulated net realized loss (763,225)
Net unrealized appreciation 799,669
-----------
Net investment assets, October 31, 1996 $28,094,013
===========
Net assets applicable to common shareholders $18,294,013
===========
Net asset value per common share:
($18,294,013 / 1,307,093 shares of
common stock issued and outstanding) $14.00
======
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 1996
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME
Income
Interest and discount earned $1,612,166
----------
Expenses
Investment advisory 98,285
Auction Agent 28,600
Administration 28,081
Reports to shareholders 15,000
Directors 12,000
Audit 10,000
Transfer agent 7,000
Legal 5,000
Custodian 2,500
Miscellaneous 39,256
--------
Total expenses 245,722
--------
Net investment income 1,366,444
--------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (NOTE 3)
Net realized gain on investments 105,852
Net change in unrealized appreciation on
investments 127,872
--------
Net gain on investments 233,724
--------
Net Increase In Net Investment Assets
Resulting from Operations $ 1,600,168
===========
See Notes to Financial Statements.
8
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Year Ended October 31,
-------------------------------
Increase in Net Investment Assets 1996 1995
---------- ----------
Operations:
<S> <C> <C>
Net investment income ................................................................. $ 1,366,444 $ 1,379,855
Net realized gain (loss) on investments ............................................... 105,852 (187,318)
Net change in unrealized appreciation on investments .................................. 127,872 3,180,852
------------ ------------
Net increase in net investment assets resulting from operations ....................... 1,600,168 4,373,389
Dividends and distributions:
To common shareholders from net investment income ..................................... (1,021,101) (1,028,896)
To preferred shareholders from net investment income .................................. (341,348) (361,560)
To common shareholders in excess of net realized gains on investments ................. (7,843) --
To preferred shareholders in excess of net realized gains on investments .............. (3,548) --
------------ ------------
Total increase ..................................................................... 226,328 2,982,933
Net Investment Assets
Beginning of year ........................................................................ 27,867,685 24,884,752
------------ ------------
End of year .............................................................................. $ 28,094,013 $ 27,867,685
============ ============
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
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THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the
Period
June 4, 1993*
Year Ended October 31, Through
------------------------------ October 31,
PER SHARE OPERATING PERFORMANCE: 1996 1995 1994 1993
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............................ $ 13.82 $ 11.54 $ 14.52 $ 14.10
------- ------- ------- --------
Net investment income ........................................ 1.05 1.06 1.03 .32
Net realized and unrealized gain (loss) on investments ....... .18 2.29 (3.03) .60
------- ------- ------- --------
Net increase (decrease) from investment operations .............. 1.23 3.35 (2.00) .92
------- ------- ------- --------
Dividends and Distributions:
Dividends from net investment income to:
Common shareholders ....................................... (.78) (.79) (.79) (.20)
Preferred shareholders .................................... (.26) (.28) (.19) (.04)
Distributions in excess of net realized gain on investments to:
Common shareholders ....................................... (.01) -- -- --
Preferred shareholders .................................... --*** -- -- --
------- ------- ------- --------
Total dividends and distributions ............................... (1.05) (1.07) (.98) (.24)
------- ------- ------- --------
Capital charge with respect to issuance of common and preferred stock -- -- -- (.26)
------- ------- ------- --------
Net asset value, end of period** ................................ $ 14.00 $ 13 $ 11.54 $ 14.52#
======= ======= ======= ========
Per share market value, end of period** ......................... $12.625 $ 12 $ 10.50 $ 13.75
======= ======= ======= ========
TOTAL INVESTMENT RETURN+: ....................................... 5.43% 29.94% (18.56%) (1.13%)
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS++:
Expenses ........................................................ 1.37% 1.37% 1.29% .99%+++
Net investment income ........................................... 7.63% 8.34% 7.76% 5.51%+++
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) ........ $17,904 $16, $17,274 $ 18,773
Portfolio turnover rate ......................................... 79% 129% 71% 5%
Net assets of common shareholders, end of period (in thousands) . $18,294 $18, $15,085 $ 18,980
Asset coverage per share of preferred stock, end of period## .... $71,668 $71,091 $126,963 $146,835
Preferred stock outstanding (in thousands) ...................... $ 9,800 $ 9, $ 9,800 $ 9,800
</TABLE>
- ----------
* Commencement of investment operations.
** Net asset value and market value are published in The Wall Street Journal
each Monday. *** Actual amount paid to preferred shareholders was $0.0034
per common share.
# Net asset value immediately after the closing of the first public offering
was $14.01.
## A stock split occurred on July 24, 1995 (Note 4).
+ Total investment return is calculated assuming a purchase of common stock
at the current market value on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment
plan. This calculation does not reflect brokerage commissions. Total
investment returns for periods of less than one year are 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. Ratios do not reflect the effect of dividend payments
to preferred shareholders.
+++ Annualized.
The information above represents the audited operating performance for a
share of common stock outstanding, total investment return, ratios to
average net assets and other supplemental data for the period indicated.
This information has been determined based upon financial information
provided in the financial statements and market value data for the Trust's
common shares.
See Notes to Financial Statements.
10
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. ACCOUNTING The BlackRock New York
POLICIES Investment Quality Municipal
Trust Inc. (the "Trust") was organized
in Maryland on April 12, 1993 as a non-diversified, closed-end management
investment company. The Trust had no transactions until May 27, 1993 when it
sold 7,093 shares of common stock for $100,012 to BlackRock Financial
Management, Inc., (the "Adviser"). Investment operations commenced on June 4,
1993.
The Trust's investment objective is to provide high current income exempt
from regular federal and New York state income tax consistent with the
preservation of capital. The ability of issuers of debt securities held by the
Trust to meet their obligations may be affected by economic developments in the
state, a specific industry or region. No assurance can be given that the Trust's
investment objective will be achieved.
The following is a summary of significant accounting policies followed by
the Trust.
SECURITIES VALUATION: Municipal securities (including commitments to purchase
such securities on a "when-issued" basis) are valued on the basis of prices
provided by a pricing service which uses information with respect to
transactions in bonds, quotations from bond dealers, market transactions in
comparable securities and various relationships between securities in
determining values. Any securities or other assets for which such current market
quotations are not readily available are valued at fair value as determined in
good faith under procedures established by and under the general supervision and
responsibility of the Trust's Board of Directors.
Short-term securities which mature in more than 60 days are valued at
current market quotations. Short-term securities which mature in 60 days or less
are valued at amortized cost, if their term to maturity from date of purchase is
60 days or less, or by amortizing their value on the 61st day prior to maturity,
if their original term to maturity from date of purchase exceeded 60 days.
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. The Trust accretes original issue discounts or amortizes premium
on securities purchased using the interest method.
FEDERAL INCOME TAXES: For federal income tax purposes, the Trust is treated as a
separate taxpaying entity. It is the intent of the Trust to continue to meet the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute all of its net income to shareholders. For this
reason and because substantially all of the Trust's gross income consists of
tax-exempt interest, no federal income tax provision is required.
DIVIDENDS AND DISTRIBUTIONS: The Trust declares and pays dividends and
distributions to common shareholders monthly from net investment income, net
realized short-term capital gains and other sources, if necessary. Net long-term
capital gains, if any, in excess of loss carryforwards may be distributed
annually. Dividends and distributions are recorded on the ex-dividend date.
Dividends and distributions to preferred shareholders are accrued and determined
as described in Note 4.
DEFERRED ORGANIZATION EXPENSES: A total of $19,000 was incurred in connection
with the organization of the Trust. These costs have been deferred and are being
amortized ratably over a period of sixty months from the date the Trust
commenced investment operations.
RECLASSIFICATION OF CAPITAL ACCOUNTS: Effective January 1, 1994, the Trust began
accounting and reporting for permanent differences between financial and tax
reporting in accordance with the American Institute of Certified Public
Accountants' Statement of Position, 93-2: Determination, Disclosure and
Financial Statement Presentation of Income, Capital Gain and Return of Capital
Distributions by Investment Companies. The effect of adopting the statement for
the year ended October 31, 1996 was to increase accumulated net realized loss
and increase undistributed net investment income by $1,721. Net investment
income, net realized gains and net assets were not affected by this change.
ESTIMATES: The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
NOTE 2. AGREEMENTS The Trust has an Investment Advisory
Agreement with BlackRock Financial
Management, Inc., (The "Adviser"), a wholly-owned corporate subsidiary of PNC
Asset Management Group, Inc., the holding company for PNC's asset management
businesses and an Administration Agreement with Prudential Mutual Fund
Management, LLC. ("PMF"), an indirect, wholly-owned subsidiary of The Prudential
Insurance Company of America.
11
<PAGE>
The investment fee paid to the Adviser is computed weekly and payable
monthly at an annual rate of 0.35% of the Trust's average weekly net investment
assets. The administration fee paid to PMF is also computed weekly and payable
monthly at an annual rate of 0.10% of the Trust's average weekly net investment
assets.
Pursuant to the agreements, the Adviser provides continuous supervision of
the investment portfolio and pays the compensation of officers of the Trust who
are affiliated persons of the Adviser. PMF pays occupancy and certain clerical
and accounting costs of the Trust. The Trust bears all other costs and expenses.
NOTE 3. PORTFOLIO
SECURITIES Purchases and sales of investment
securities, other than short-term investments, for the year ended October 31,
1996 aggregated $22,980,860 and $21,296,434, respectively.
The federal income tax basis of the Trust's investments at April 30, 1996
was substantially the same as the basis for financial reporting and,
accordingly, net unrealized appreciation for federal income tax purposes was
$799,669 (gross unrealized appreciation $836,454; gross unrealized depreciation
$36,785).
For federal income tax purposes, the Trust had a capital loss carryforward
at October 31, 1996 of approximately $772,000 of which $573,000 will expire in
2002 and $199,000 will expire in 2003. Accordingly, no capital gains
distribution is expected to be paid to shareholders until net gains have been
realized in excess of such amount.
NOTE 4. CAPITAL There are 200 million shares of $.01 par
value common stock authorized. Of the 1,307,093 shares outstanding at April 30,
1996, the Adviser owned 7,093 shares. As of April 30, 1996 there were 392 shares
of Preferred Stock Series F7 outstanding.
Offering costs ($111,638) incurred in connection with the underwriting of
the Trust's common stock have been charged to paid-in capital in excess of par
of the common stock.
The Trust may classify or reclassify any unissued shares of common stock
into one or more series of preferred stock. On July 29, 1993 the Trust
reclassified 196 shares of common stock and issued a series of Auction Market
Preferred Stock ("Preferred Stock") Series F7. The Preferred Stock had a
liquidation value of $50,000 per share plus any accumulated but unpaid
dividends. On May 16, 1995 shareholders approved a proposal to split each share
of preferred stock into two shares and simultaneously reduce each share's
liquidation preference from $50,000 to $25,000 plus any accumulated but unpaid
dividends. The stock split occurred on July 24, 1995.
Underwriting discounts ($147,000) and offering costs ($76,063) incurred in
connection with the Preferred Stock offering have been charged to paid-in
capital in excess of par of the common stock.
Dividends on Series F7 are cumulative at a rate established at the initial
public offering and are typically reset every 7 days based on the results of an
auction. Dividend rates ranged from 3.00% to 4.45% during the period ended
October 31, 1996.
The Trust may not declare dividends or make other distributions on shares of
common stock or purchase any such shares if, at the time of the declaration,
distribution, or purchase, asset coverage with respect to the outstanding
Preferred Stock would be less than 200%.
The Preferred Stock is redeemable at the option of the Trust, in whole or in
part, on any dividend payment date at $25,000 per share plus any accumulated or
unpaid dividends whether or not declared. The Preferred Stock is also subject to
mandatory redemption at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared if certain require-ments relating to the
composition of the assets and liabilities of the Trust as set forth in the
Articles of Incorporation are not satisfied.
The holders of Preferred Stock have voting rights equal to the holders of
common stock (one vote per share) and will vote together with holders of shares
of common stock as a single class. However, holders of Preferred Stock are also
entitled to elect two of the Trust's directors. In addition, the Investment
Company Act of 1940 requires that along with approval by stockholders that might
otherwise be required, the approval of the holders of a majority of any
outstanding preferred shares, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the preferred
shares and (b) take any action requiring a vote of security holders, including,
among other things, changes in the Trust's subclassification as a closed-end
investment company or changes in its fundamental investment restrictions.
NOTE 5. DIVIDENDS Subsequent to October 31,
1996, the Board of Directors of the
Trust declared a dividend from undistributed earnings of $0.0656 per common
share payable November 29, 1996 to shareholders of record on November 15, 1996.
For the period November 1, 1996 to November 30, 1996, dividends declared on
Preferred Stock totalled $25,934 in aggregate for the outstanding Preferred
Stock.
12
<PAGE>
NOTE 6. QUARTERLY DATA
(Unaudited)
<TABLE>
NET INCREASE/
NET REALIZED AND DECREASE IN
UNREALIZED NET INVESTMENT DIVIDENDS AND DISTRIBUTIONS
NET INVESTMENT GAINS (LOSSES) ON ASSETS RESULTING COMMON SHARES PREFERRED SHARES*
INCOME INVESTMENTS FROM OPERATIONS
PER PER PER PER PER
QUARTERLY TOTAL COMMON COMMON COMMON COMMON COMMON
PERIOD INCOME AMOUNT SHARE AMOUNT SHARE AMOUNT SHARE AMOUNT SHARE AMOUNT SHARE
--------------------- -------- ------------------- ------------------ ------------------ ---------------- -----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
November 1, 1994
to January 31, 1995 $402,575 $350,972 $.27 $556,509 $.43 $907,481 $.70 $257,236 $.20 $89,958 $.07
February 1, 1995
to April 30, 1995 403,641 345,919 .26 1,120,841 .86 1,466,760 1.12 257,214 .19 87,502 .07
May 1, 1995
to July 31, 1995 401,858 344,406 .26 389,190 .30 733,596 .56 257,224 .20 94,217 .07
August 1, 1995
to October 31, 1995 398,642 338,558 .27 926,994 .70 1,265,552 .97 257,222 .20 89,883 .07
November 1, 1995
to January 31, 1996 401,043 338,136 .26 719,828 .55 1,057,964 .81 257,227 .19 93,166 .07
February 1, 1996
to April 30, 1996 402,749 340,955 .26 (1,370,025) (1.05) (1,029,070) (.79) 257,216 .20 82,650 .06
May 1, 1996
to July 31, 1996 403,046 339,825 .26 305,674 .23 645,499 .49 257,252 .20 87,070 .07
August 1, 1996
to October 31, 1996 405,328 347,528 .27 578,247 .45 925,775 .72 257,249 .20 82,010 .06
</TABLE>
PERIOD
SHARE PRICE OF END
COMMON STOCK NET ASSET
HIGH LOW VALUE
------- ------- --------
$111/4 $9 1/2 $11.97
121/4 10 7/8 12.83
123/8 11 3/8 13.12
123/4 11 1/2 13.82
133/4 12 1/8 14.37
131/4 12 1/4 13.32
125/8 11 5/8 13.54
127/8 12 1/8 14.00
* For the year ended October 31, 1996, the average annualized rate paid to
preferred shareholders was 3.52%.
13
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
REPORT OF INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
The Shareholders and Board of Directors of
The BlackRock New York Investment Quality Municipal Trust Inc.:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of The BlackRock New York Investment Quality
Municipal Trust Inc. as of October 31, 1996 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
the each of the three years in the period then ended and for the period June 4,
1993 (commencement of investment operations) to October 31, 1993. These
financial statements and the financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at October
31, 1996 by correspondence with the custodian and brokers; where replies were
not received from brokers, we performed other auditing procedures. 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 New
York Investment Quality Municipal Trust Inc. at October 31, 1996, and the
results of its operations, the changes in its net investment assets and its
financial highlights for the respective stated periods in conformity with
generally accepted accounting principles.
/s/ Deloitte & Touche LLP
- -------------------------------------
DELOITTE & TOUCHE LLP
New York, New York
December 6, 1996
14
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY TRUST INC.
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, 1996) as to the federal tax status
of dividends you received during such fiscal year. The dividend paid December
29, 1995 to common shareholders of record on December 15, 1995 included $0.006
per share of taxable ordinary income. The dividend paid December 13, 1995 to
preferred shareholders of record on December 12, 1995 included $9.05 per share
of taxable ordinary income. All other dividends paid to both common and
preferred shareholders consisted of federal tax-exempt interest.
- --------------------------------------------------------------------------------
DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------
Pursuant to the Trust's Dividend Reinvestment Plan (the "Plan"),
shareholders will automatically have all distributions of dividends and capital
gains reinvested by State Street Bank and Trust Company (the "Plan Agent") in
Trust shares pursuant to the Plan unless an election is made to receive such
amounts in cash. The Plan Agent will affect purchases of shares under the Plan
in the open market. Shareholders who elect not to participate in the Plan will
receive all distributions in cash paid by check in United States dollars mailed
directly to the shareholders of record (or if the shares are held in street or
other nominee name, then to the nominee) by the 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 in connection with the Plan. Participants in the Plan may
withdraw from the Plan upon written notice to the Plan Agent and will receive
certificates for whole Trust shares and a cash payment for any fraction of a
Trust share.
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. The automatic reinvestment of dividends and distributions
will not relieve participants of any federal, state or local income taxes that
may be payable on such dividends or distributions. Experience under the Plan may
indicate that changes are desirable. Accordingly, the Trust reserves the right
to amend or terminate the Plan as applied to any dividend or distribution paid
subsequent to written notice of the change sent to all shareholders of the Trust
at least 90 days before the record date for the dividend or distribution. The
Plan also may be amended by the Plan Agent upon at least 90 days' written notice
to all shareholders of the Trust. The Plan may be terminated by the Plan Agent
or the Trust upon at least 30 days written notice to all shareholders of the
Trust. All correspondence concerning the Plan should be directed to the Plan
Agent at (800) 699-1BFM. The addresses are on the front of this report.
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
There have been no material changes in the Trust's investment objectives or
policies that have not been approved by the shareholders, or to its charter or
by-laws, or in the principal risk factors associated with investment in the
Trust. There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trust's portfolio.
15
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
INVESTMENT SUMMARY
- --------------------------------------------------------------------------------
THE TRUST'S INVESTMENT OBJECTIVE
The BlackRock New York Investment Quality Municipal Trust's investment objective
is to provide high current income exempt from regular Federal, State and City
income tax consistent with the preservation of capital.
WHO MANAGES THE TRUST?
BlackRock Financial Management, Inc. ("BlackRock" or the Adviser) is the
investment adviser for the Trust. BlackRock is a registered investment adviser
specializing in fixed income securities. Currently, BlackRock manages over $43
billion of assets across the government, mortgage, corporate and municipal
sectors. These assets are managed on behalf of institutional and individual
investors in 21 closed-end funds traded on either the New York or American Stock
Exchanges, several open-end funds and over 100 separate accounts for various
clients in the U.S. and overseas. BlackRock is a subsidiary of PNC Asset
Management Group which is a division of PNC Bank, N.A., one of the nation's
largest banking organizations.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to continue to manage its assets so
that at least 80% of its investments are rated investment grade ("BBB" by
Standard & Poor's and "Baa" by Moody's Investor Services) and up to 20% of its
assets may instead be deemed to be of equivalent credit quality by the Adviser.
The Trust intends to invest substantially all of the assets in a portfolio of
investment grade New York Municipal Obligations, which include debt obligations
issued by or on behalf of the State, its political subdivisions (including the
City), 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
regular Federal, State and City income tax. New York Municipal Obligations may
be issued to obtain funds for various public purposes, including the
construction of such public facilities as airports, bridges, highways, housing,
hospitals, mass transportation, schools, streets, water and sewer works. Other
public purposes for which New York Municipal Obligations may be issued include
the refinancing of outstanding obligations and the obtaining of funds for
general operating expenses and for loans to other public institutions and
facilities.
WHAT IS THE ADVISER'S INVESTMENT STRATEGY?
The Adviser will manage the assets of the Trust in accordance with the Trust's
investment objective and policies to seek to achieve its objective by investing
in investment grade New York Municipal Obligations. The Adviser actively manages
the assets in relation to market conditions and interest rate changes. Depending
on yield and portfolio allocation considerations, the Adviser may choose to
invest a portion of the Trust's assets in securities which pay interest that is
subject to AMT (alternative minimum tax). The Trust intends to emphasize
investments in New York Municipal Obligations with long-term maturities and
expects to maintain an average portfolio maturity of 15-20 years, but the
average maturity may be shortened or lengthened from time to time depending on
market conditions. Under current market conditions the use of leverage increases
the income earned by the Trust. The Trust employs leverage primarily through the
issuance of preferred stock. Preferred stockholders will receive dividends based
on short-term rates in exchange for allowing the Trust to borrow additional
assets. These assets will be invested in longer-term assets which typically
offer higher interest rates and the difference between the cost of the dividends
paid to preferred stockholders and the interest earned on the longer-term
securities will provide higher income levels for common stockholders in most
interest rate environments. The Trust issued preferred stock to leverage the
portfolio at approximately 35% of total assets. See "Leverage Considerations in
the Trust" below.
HOW ARE THE TRUST'S SHARES PURCHASED AND SOLD? DOES THE TRUST PAY DIVIDENDS
REGULARLY?
The Trust's shares are traded on the American Stock Exchange which provides
investors with liquidity on a daily basis. Orders to buy or sell shares of the
Trust must be placed through a registered broker or financial advisor. The Trust
pays monthly dividends which are typically paid on the last business day of the
month. For shares held in the shareholder's name, dividends may be reinvested in
additional shares of the fund through the Trust's transfer agent, 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.
16
<PAGE>
LEVERAGE CONSIDERATIONS IN THE TRUST
Leverage increases the duration (or price sensitivity of the net assets with
respect to changes in interest rates) of the Trust, which can improve the
performance of the Trust in a declining rate environment, but can cause net
assets to decline faster in a rapidly rising interest rate environment. The
Trust may reduce, or unwind, the amount of leverage employed should BlackRock
consider that reduction to be in the best interests of the Trust. BlackRock's
portfolio managers continuously monitor and regularly review the Trust's use of
leverage and maintain the ability to unwind the leverage if that course is
chosen.
SPECIAL CONSIDERATIONS AND RISK FACTORS RELEVANT TO THE TRUST
The Trust is intended to be a long-term investment and is not a short-term
trading vehicle.
INVESTMENT OBJECTIVE. Although the objective of the Trust is to provide high
current income exempt from regular Federal, State and City income tax consistent
with the preservation of capital, there can be no assurance that this objective
will be achieved.
DIVIDEND CONSIDERATIONS. The income and dividends paid by the Trust are likely
to vary over time as fixed income market conditions change. Future dividends may
be higher or lower than the dividend the Trust is currently paying.
LEVERAGE. The Trust utilizes leverage through preferred stock, which involves
special risks. The Trust's net asset value and market value may be more volatile
due to its use of leverage.
MARKET PRICE OF SHARES. The shares of closed-end investment companies such as
the Trust trade on the American Stock Exchange (AMEX symbol: RNY) and as such
are subject to supply and demand influences. As a result, shares may trade at a
discount or a premium to their net asset value.
INVESTMENT GRADE MUNICIPAL OBLIGATIONS. The value of municipal debt securities
generally varies inversely with changes in prevailing market interest rates.
Depending on the amount of call protection that the securities in the Trust
have, the Trust may be subject to certain reinvestment risks in environments of
declining interest rates.
ILLIQUID SECURITIES. The Trust may invest in securities that are illiquid,
although under current market conditions the Trust expects to do so to only a
limited extent. These securities involve special risks.
ANTITAKEOVER PROVISIONS. Certain antitakeover provisions will make a change in
the Trust's business or management more difficult without the approval of the
Trust's Board of Directors and may have the effect of depriving shareholders of
an opportunity to sell their shares at a premium above the prevailing market
price.
17
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
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 elect to have all dividends and
distributions of capital gains automatically reinvested
into additional shares of the Trust.
MARKET PRICE: Price per share of a security trading in the secondary
market. For a closed-end fund, this is the price at
which one share of the fund trades on the stock
exchange. If you were to buy or sell shares, you would
pay or receive the market price.
NET ASSET VALUE (NAV): Net asset value is the total market value of all
securities and other assets held by the Trust, plus
income accrued on its investments, minus any liabilities
including accrued expenses, divided by the total number
of 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 New York Times or The Wall Street
Journal each Monday.
PREMIUM: When a fund's stock price is greater than its net asset
value, the fund is said to be trading at a premium.
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.
18
<PAGE>
- --------------------------------------------------------------------------------
BLACKROCK FINANCIAL MANAGEMENT, INC.
SUMMARY OF CLOSED-END FUNDS
- --------------------------------------------------------------------------------
TAXABLE TRUSTS
- --------------------------------------------------------------------------------
STOCK MATURITY
PERPETUAL TRUSTS SYMBOL DATE
- ---------------- ------ ----
The BlackRock Income Trust Inc. BKT N/A
The BlackRock North American Government Income Trust Inc. BNA N/A
TERM TRUSTS
The BlackRock 1998 Term Trust Inc. BBT 12/98
The BlackRock 1999 Term Trust Inc. BNN 12/99
The BlackRock Target Term Trust Inc. BTT 12/00
The BlackRock 2001 Term Trust Inc. BLK 06/01
The BlackRock Strategic Term Trust Inc. BGT 12/02
The BlackRock Investment Quality Term Trust Inc. BQT 12/04
The BlackRock Advantage Term Trust Inc. BAT 12/05
The BlackRock Broad Investment Grade 2009 Term Trust Inc. BCT 12/09
TAX-EXEMPT TRUSTS
- --------------------------------------------------------------------------------
STOCK MATURITY
PERPETUAL TRUSTS SYMBOL DATE
- ---------------- ------ ----
The BlackRock Investment Quality Municipal Trust Inc. BKN N/A
The BlackRock California Investment Quality
Municipal Trust Inc. RAA N/A
The BlackRock Florida Investment Quality Municipal Trust RFA N/A
The BlackRock New Jersey Investment Quality
Municipal Trust Inc. RNJ N/A
The BlackRock New York Investment Quality Municipal Trust Inc. RNY N/A
TERM TRUSTS
The BlackRock Municipal Target Term Trust Inc. BMN 12/06
The BlackRock Insured Municipal 2008 Term Trust Inc. BRM 12/08
The BlackRock California Insured Municipal 2008 Term
Trust Inc. BFC 12/08
The BlackRock Florida Insured Municipal 2008 Term Trust BRF 12/08
The BlackRock New York Insured Municipal 2008 Term Trust Inc. BLN 12/08
The BlackRock Insured Municipal Term Trust Inc. BMT 12/10
If you would like further information
please call BlackRock at (800) 227-7BFM
(7236) or consult with your financial advisor.
19
<PAGE>
DIRECTORS
Laurence D. Fink, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Ralph L. Schlosstein
OFFICERS
Ralph L. Schlosstein, President
Keith T. Anderson, Vice President
Michael C. Huebsch, Vice President
Robert S. Kapito, Vice President
Kevin Klingert, Vice President
Richard M. Shea, Vice President/Tax
Henry Gabbay, Treasurer
James Kong, Assistant Treasurer
Karen H. Sabath, Secretary
INVESTMENT ADVISER
BlackRock Financial Management, Inc.
345 Park Avenue
New York, NY 10154
(800) 227-7BFM
ADMINISTRATOR
Prudential Mutual Fund Management, LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 10702-4077
CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
(800) 699-1BFM
AUCTION AGENT
Bankers Trust Company
4 Albany Street
New York, NY 10006
INDEPENDENT AUDITORS
Deloitte & Touche LLP
Two World Financial Center
New York, NY 10281-1434
LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022
This report is for shareholder information. This is not a prospectus intended
for use in the purchase or sale of any securities.
THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
c/o Prudential Mutual Fund Management, LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 10702-4077
(800) 227-7BFM
THE
NEW YORK
INVESTMENT QUALITY
MUNICIPAL TRUST INC.
Printed on recycled paper 09247E-103
