<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
ANNUAL REPORT TO SHAREHOLDERS
REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------
November 30, 1998
Dear Shareholders:
Over the past twelve months, U.S. Treasury securities have experienced a
strong rally, as investors sought a safe haven from global market turmoil and
the Federal Reserve continued to cut interest rates. Other segments of the fixed
income market have lagged behind Treasuries, but still produced positive returns
since our last report. We anticipate that the Federal Reserve will remain
prepared to combat any signs of a credit crunch through interest rate cuts, and
given the unstable economic situation in Brazil, the Fed likely will retain a
loosening bias.
Despite previous worries of a second half slowdown in 1998, the U.S.
economy continues to expand rapidly. Third quarter GDP registered a 3.3%
annualized growth rate, supported by strong consumer spending. This momentum,
however, may not continue as briskly into the new year, based on weaker
corporate profits and a loosening of the labor markets. Already, major
corporations have warned of slower profit growth and announced major layoffs.
This report contains detailed market and portfolio strategy by your Trust's
managers in addition to the Trust's audited financial statements and a detailed
portfolio list of the portfolio's holdings. We thank you for your continued
investment in the Trust and look forward to serving your investment needs in the
future.
Sincerely,
/s/ LAURENCE D. FINK /s/ RALPH L. SCHLOSSTEIN
- -------------------- ------------------------
Laurence D. Fink Ralph L. Schlosstein
Chairman President
1
<PAGE>
November 30, 1998
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, 1998. 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 table below summarizes the changes in the Trust's stock price and net
asset value over the past year:
------------------------------------------------
<TABLE>
<CAPTION>
10/31/98 10/31/97 Change High Low
<S> <C> <C> <C> <C> <C>
Stock Price $ 15.125 $ 14.25 6.14% $ 15.313 $ 14.125
Net Asset Value (NAV) $ 15.58 $ 14.91 4.49% $ 15.81 $ 14.83
</TABLE>
The Fixed Income Markets
The first half of the Trust's fiscal year was characterized by the positive
momentum and bull market trend that brought Treasury yields towards historic
lows. The low Treasury yields were due to budget surplus projections as well as
the Fed's decision to move from a tightening to a neutral policy. The positive
economic momentum throughout the first half of the fiscal year was strengthened
by unseasonably warm weather that led to increased consumer spending and job
gains, and a less than expected impact on trade from the Asian financial crisis.
GDP growth measured at a very strong 5% for the first quarter of 1998;
however, signs of a slowdown became evident when economic data for April and May
began to lag.
The second half of the trust's fiscal year witnessed virtually unparalleled
market turbulence. During the second quarter of 1998, GDP growth faltered to a
1.8% rate due to slower output and an increasing trade deficit created by a
strong U.S. dollar. Although consumers continued their spending domestically,
demand for U.S. goods abroad faltered, as the strong dollar and weakness
overseas, especially Asia, drove prices for U.S. goods higher relative to
foreign goods.
In the Trust's final quarter, U.S. GDP growth rebounded to a 3.3% pace;
however, the instability in global financial markets began to rattle investor
confidence. The devaluation of the Russian ruble and the fear of a possible
devaluation of the Brazilian currency caused a flight-to-quality to U.S.
Treasuries. Spread sectors widened dramatically as a result of the sell-off. In
addition, the global financial markets witnessed a credit crunch where even
higher-grade securities were affected. This dramatic shift of investor sentiment
culminated in the near collapse of a prominent hedge fund.
The Treasury market rally pushed Treasury yields to historic levels below
the 5% barrier. In response to the financial fragility in the third quarter
1998, the Fed eased interest rates on September 29, 1998 by 25bps and again on
October 15, in an unusual between-meetings move. On November 17, the Fed eased
interest rates again by 25bps.
2
<PAGE>
The municipal bond market, represented by the Lehman Municipal Bond Index,
posted a total return of 8.03% for the 12 month period ended October 31, 1998, a
taxable equivalent return of 11.52% for an individual in the 39.6% Federal Tax
income bracket, outperforming the domestic taxable investment grade market
(measured by the Lehman Aggregate Index), which returned 9.33%. Currently,
municipal securities are at their most attractive valuation versus treasuries in
over a decade. The overwhelming factor that has driven municipals to this
relationship has been enormous new issuance supply. In the first three quarters
of 1998, new issue volume totaled $214 billion, a 37% increase over the same
period last year. However, the rapid decline in Treasury interest rates has
actually begun to reduce the pace of new issue volume, as savings associated
with refunding deals become increasingly negligible due to a technical factor
called "negative arbitrage ". This reduction in supply when coupled with
attractive valuations versus Treasuries sets the municipal market up with the
opportunity for significant total return performance going forward.
New York State's economic rebound continues as non-farm payroll employment
grows: this strength is fueled by expansion in the service sector. The State
benefits from its broad and diverse economic base. Fiscally the State is in the
best position it has been in for more than a decade. New York State ended FY1998
with a $1.56 billion General Fund operating surplus thus eliminating the
accumulated deficit and providing a surplus of $567 million.
New York City closed fiscal 1998 with a surplus in excess of $2.0 billion.
Lower Medicaid and public assistance spending, higher than planned tax receipts,
lower liabilities for the Board of Education and reduced debt service costs due
to the decline in interest rates are responsible for the surplus. Conservative
revenue projections for the 1999 budget alleviate short-term concerns arising
from volatility in the financial markets. The city's improved cash position is
reflected in its reduced need for short-term borrowing. Like the state, the city
has made substantial strides, but continues to face formidable budgetary hurdles
in both its operating and capital plans.
THE TRUST'S PORTFOLIO AND INVESTMENT STRATEGY
The Trust's portfolio is 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 net 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. Over the past twelve months, the Federal Reserve
loosened monetary policy by lowering short term rates by 25bps in September,
October and again in November to 4.75%. Typically, short term municipal rates
(which determine the Trust's borrowing costs) are approximately 65% of Treasury
rates. Accordingly the Trust's cost of leverage decreased as a result of the
Fed's Action.
The main portfolio management theme in the Trust over the past year has
been to take advantage of narrowing credit spreads between higher and lower
rated bonds. Historically, lower rated bonds yield significantly more than
higher rated bonds to compensate the investor for taking on a higher probability
of default. Over the past year, this yield advantage has narrowed to levels that
we believe do not pay investors enough to purchase lower credits. The Trust's
holdings currently emphasize high credit non-callable and callable premiums in
the 10- to 15-year maturity range. Prevailing municipal market conditions do not
reward investors for extending beyond this maturity range.
3
<PAGE>
The following charts compare the Trust's current and October 31, 1997 asset
composition and credit quality allocations:
SECTOR BREAKDOWN
Sector October 31, 1998 October 31, 1997
Industrial 19% 19%
City, State & County 17% 16%
Lease Revenue 15% 14%
University 9% 6%
Housing 7% 7%
Transportation 7% 7%
Power 4% 4%
Resource Recovery 4% 4%
Water & Sewer 4% 4%
School 4% 4%
Special Tax 4% 4%
Hospital 3% 4%
Sales Tax Revenue 3% 3%
Waste & Pollution Control -- 4%
Standard & Poor's/Moody's/Fitch's October 31, 1998 October 31, 1997
Credit Rating
AAA/Aaa 38% 34%
A/A 51% 48%
BBB/Baa 11% 18%
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 10/31/98: $ 15.125
Net Asset Value as of 10/31/98: $ 15.58
Yield on Closing Stock Price as of 10/31/98 ($15.125)1: 5.40%
Current Monthly Distribution per Share2: $ 0.068125
Current Annualized Distribution per Share2: $ 0.817500
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.
5
<PAGE>
- --------------------------------------------------------------------------------
The BlackRock New York Investment Quality Municipal Trust Inc.
Portfolio of Investments October 31, 1998
<TABLE>
<CAPTION>
===================================================================================================================================
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS+ VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
============ ========= =============================================================================================== =============
<S> <C> <C> <C> <C>
LONG-TERM INVESTMENTS-145.9%
$1,000 New York-140.6%
AAA 1,000 Battery Park City Auth. Rev., Ser. A, 5.50%, 11/01/26, AMBAC .................. 11/06 at 102 $ 1,045,700
AAA 1,000 Metropolitan Trans. Auth. Rev., Commuter Fac.,
Ser. M, 6.00%, 7/01/14, AMBAC ................................................ 7/01 at 101.5 1,083,830
AAA 1,000 Nassau Cnty., G.O., Ser. U, 5.25%, 11/01/14, AMBAC ............................ 11/06 at 102 1,035,740
1,000 New York City, G.O.,
A3 Ser. I, 5.875%, 3/15/18 ...................................................... 3/06 at 101.5 1,070,770
A3 1,000 Ser. D, 6.60%, 2/01/04 ....................................................... No Opt. Call 1,115,010
1,000 New York City Ind. Dev. Agcy. Spec. Fac. Rev., Term. One Group Assoc. Proj.,
A3 1,000 6.00%, 1/01/08 ............................................................... 1/04 at 102 1,073,830
A3 1,000 6.00%, 1/01/15 ............................................................... 1/04 at 102 1,060,080
A3 1,000 6.10%, 1/01/09 ............................................................... 1/04 at 102 1,074,070
A2 New York City Mun. Wtr. Fin. Auth. Rev., Ser. A, 6.00%, 6/15/05 ............... No Opt. Call 1,125,970
AAA 1,505 New York City Trust Cultural Res. Rev., Museum Of Modern Art, Ser. A, 5.50%,
1,000 1/01/21, AMBAC ............................................................... 1/07 at 102 1,048,690
1,000 New York St. Dorm. Auth. Rev.,
AAA 1,000 City Univ. Sys., 6.125%, 7/01/04 AMBAC++ ..................................... N/A 1,697,655
AAA 1,000 City Univ. Sys., 6.20%, 7/01/04, AMBAC++ ..................................... N/A 1,131,790
AAA 1,000 St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC ................................... No Opt. Call 1,053,200
A3 1,185 St. Univ. Edl. Fac., Ser. B, 6.00%, 5/15/04++ ................................ N/A 1,119,700
A3 St. Univ. Edl. Fac., Ser. B, 6.25%, 5/15/04++ ................................ N/A 1,132,030
A3 1,000 St. Univ. Edl. Fac., Ser. A, 6.25%, 5/15/03++ ................................ N/A 1,117,940
A1 1,000 New York St. Energy Res. & Dev. Auth. Fac. Rev.,
1,000 Con. Ed. Co. Proj., 6.375%, 12/01/27 ......................................... 12/01at 101 1,245,874
1,000 New York St. G.O.,
A+ 1,000 Ser. A, 5.50%, 7/15/24 ....................................................... 7/06 at 101 1,048,240
A3 900 Ser. B, 5.70%, 8/15/12 ....................................................... 8/05 at 102 1,073,710
A- 1,000 New York St. Hsg. Fin. Agcy. Rev., Service Contract Oblig. Rev.,
1,000 Ser. A, 5.50%, 9/15/22 ....................................................... 3/03 at 102 1,028,400
A+ 1,000 New York St. Local Gov't. Asst. Corp., Rev.,
Ser. B, 5.50%, 4/01/21 ....................................................... 4/03 at 102 1,044,780
AAA New York St. Med. Care Fac., Fin. Agcy. Rev., St. Lukes Roosevelt Hosp.,
5.625%, 8/15/18, FHA ......................................................... 8/03 at 102 1,043,590
A- New York St. Urban Dev. Corp. Rev., Youth Fac., 5.875%, 4/01/09 ............... 4/04 at 102 989,613
AAA Port Authority of NY & NJ, 5.70%, 10/15/20, MBIA .............................. 10/02 at 101 1,058,380
A- Ulster Cnty. Res. Rec. Agcy., Solid Waste Sys. Rev., 5.90%, 3/01/07 ........... 3/03 at 102 1,069,230
A1 Westchester Cnty. Ind. Dev. Agcy., Res. Rec. Rev., 5.50%, 7/01/09 ............. 7/07 at 101 1,034,290
-----------
28,622,112
-----------
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
<TABLE>
<CAPTION>
============================================================================================================================
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS+ VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
============= ========== ================================================================== ================ ===============
<S> <C> <C> <C> <C>
Puerto Rico-5.3%
Baa1 $1,000 Puerto Rico Electric Pwr. Auth., Ser. T, 6.00%, 7/01/16 .......... 7/04 at 102 $ 1,082,670
------------
TOTAL INVESTMENTS-145.9% (COST $26,989,160) ...................... 29,704,782
Other assets in excess of liabilities--2.2% ...................... 453,927
Liquidation value of preferred stock-(48.1)% ..................... (9,800,000)
------------
Net Assets Applicable to Common Shareholders-100% ................ $ 20,358,709
============
</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.
<TABLE>
The following abbreviations are used in portfolio descriptions:
<S> <C> <C> <C>
AMBAC - American Municipal Bond Assurance Corporation G.O. - General Obligation Bond
FHA - Federal Housing Administration MBIA - Municipal Bond Insurance Association
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments, at value (cost $26,989,160) (Note 1) ..... $29,704,782
Cash .................................................. 28,567
Interest receivable ................................... 498,295
-----------
30,231,644
-----------
LIABILITIES
Investment advisory fee payable (Note 2) .............. 9,223
Dividends payable-preferred stock ..................... 4,832
Administrative fee payable (Note 2) ................... 2,635
Other accrued expenses ................................ 56,245
-----------
72,935
-----------
NET INVESTMENT ASSETS ................................. $30,158,709
===========
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 .................. 195,123
Accumulated net realized loss ........................ (647,346)
Net unrealized appreciation .......................... 2,715,622
-----------
Net investment assets, October 31, 1998 ............... $30,158,709
===========
Net assets applicable to common shareholders .......... $20,358,709
===========
Net asset value per common share:
($20,358,709 [div] 1,307,093 shares of
common stock issued and outstanding) ................ $ 15.58
===========
</TABLE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
NET INVESTMENT INCOME
Income
Interest and discount earned ......... $1,631,567
----------
Expenses
Investment advisory .................. 103,847
Administration ....................... 29,670
Auction agent ........................ 24,500
Reports to shareholders .............. 15,000
Directors ............................ 14,000
Audit ................................ 10,000
Transfer agent ....................... 8,000
Legal ................................ 7,500
Custodian ............................ 4,500
Miscellaneous ........................ 11,830
----------
Total expenses ....................... 228,847
----------
Net investment income .................. 1,402,720
----------
UNREALIZED GAIN
ON INVESTMENTS (NOTE 3)
Net change in unrealized appreciation on
investments ........................... 850,599
----------
NET INCREASE IN NET INVESTMENT ASSETS
RESULTING FROM OPERATIONS ............. $2,253,319
==========
</TABLE>
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>
YEAR ENDED OCTOBER 31,
---------------------------------
1998 1997
--------------- ---------------
<S> <C> <C>
INCREASE IN NET INVESTMENT ASSETS
Operations:
Net investment income ........................................................ $ 1,402,720 $ 1,400,108
Net realized gain on investments ............................................. - 125,125
Net change in unrealized appreciation on investments ......................... 850,599 1,065,354
------------ ------------
Net increase in net investment assets resulting from operations .............. 2,253,319 2,590,587
Dividends and distributions:
To common shareholders from net investment income ............................ (1,068,445) (1,056,088)
To preferred shareholders from net investment income ......................... (319,756) (327,219)
To common shareholders in excess of net realized gains on investments ........ -- (5,773)
To preferred shareholders in excess of net realized gains on investments ..... -- (1,929)
------------ ------------
Total dividends and distributions ............................................ (1,388,201) (1,391,009)
------------ ------------
Total increase .............................................................. 865,118 1,199,578
NET INVESTMENT ASSETS
Beginning of year ............................................................. 29,293,591 28,094,013
------------ ------------
End of year ................................................................... $ 30,158,709 $ 29,293,591
============ ============
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
---------------------------------------------------------------
1998 1997 1996 1995 1994
PER SHARE OPERATING PERFORMANCE: ----------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year ........................... $ 14.91 $ 14.00 $ 13.82 $ 11.54 $ 14.52
------- ------- ------- ------- --------
Net investment income ........................................ 1.06 1.07 1.05 1.06 1.03
Net realized and unrealized gain (loss) on investments ....... .67 .90 .18 2.29 (3.03)
------- ------- ------- ------- --------
Net increase (decrease) from investment operations ........... 1.73 1.97 1.23 3.35 (2.00)
------- ------- ------- ------- --------
Dividends and Distributions:
Dividends from net investment income to:
Common shareholders ....................................... (.82) (.81) (.78) (.79) (.79)
Preferred shareholders ..................................... (.24) (.25) (.26) (.28) (.19)
Distributions in excess of net realized gain on investments to:
Common shareholders ....................................... -- ** (.01) -- --
Preferred shareholders ..................................... -- ** ** -- --
------- -------- -------- ------- --------
Total dividends and distributions ............................ (1.06) (1.06) (1.05) ( 1.07) (.98)
------- ------- -------- ------- --------
Net asset value, end of year* ................................ $ 15.58 $ 14.91 $ 14.00 $ 13.82 $ 11.54
======= ======= ======== ======= ========
Per share market value, end of year* ......................... $ 15.13 $ 14.25 $ 12.625 $ 12.75 $ 10.50
======= ======= ======== ======= ========
TOTAL INVESTMENT RETURN+: .................................... 11.85% 19.89% 5.43% 29.94% (18.56%)
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS++:
Expenses ..................................................... 1.15% 1.24% 1.37% 1.37% 1.29%
Net investment income before preferred stock dividends ....... 7.02% 7.52% 7.63% 8.34% 7.76%
Preferred stock dividends .................................... 1.60% 1.76% 1.91% 2.19% 1.46%
Net investment income available to common shareholders ....... 5.42% 5.76% 5.72% 6.15% 6.30%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (in thousands) ..... $19,980 $18,608 $ 17,904 $16,545 $ 17,274
Portfolio turnover rate ...................................... 0% 14% 79% 129% 71%
Net assets of common shareholders, end of year
(in thousands) ............................................. $20,359 $19,494 $ 18,294 $18,068 $ 15,085
Asset coverage per share of preferred stock, end of year## ... $76,935 $74,739 $ 71,668 $71,091 $126,963
Preferred stock outstanding (in thousands) ................... $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800
</TABLE>
- ----------
* Net asset value and market value are published in The Wall Street Journal
each Monday.
** Actual amount paid to preferred shareholders for the year ended October 31,
1996 was $.0034 per common share. Actual amount paid for the year ended
October 31, 1997 to common shareholders was $0.004417 per share and to
preferred shareholders was $0.001476 per common share.
## 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 year reported. Dividends and distributions are
assumed for purposes of this calculation to be reinvested at prices obtained
under the Trust's dividend reinvestment plan. This calculation does not
reflect brokerage commissions.
++ Ratios are calculated on the basis of income, expenses and preferred stock
dividends 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.
10
<PAGE>
- --------------------------------------------------------------------------------
THE BLACKROCK NEW YORK INVESTMENT
QUALITY MUNICIPAL TRUST INC.
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION & ACCOUNTING POLICIES
The BlackRock New York Investment Quality Accounting Municipal Trust Inc.
(the Policies "Trust") was organized in Maryland on October 31, 1993 as a
non-diversified, closed-end management investment company. The Trust's
investment objective is to manage a diversified portfolio of high quality
securities while providing 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 were deferred and have been
amortized ratably over a period of sixty months from the date the Trust
commenced investment operations.
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
BlackRock Advisors, Inc., which is an indirect majority-owned subsidiary of PNC
Bank, N.A., and an Administration Agreement with Prudential Investments Fund
Management, LLC ("PIFM"), an indirect, wholly-owned subsidiary of The Prudential
Insurance Company of America.
The investment fee paid to the Adviser is computed weekly and payable
monthly at an annual rate of 0.35% of the Trust's average weekly net investment
assets. The administration fee paid to PIFM is also computed weekly and payable
monthly at an annual rate of 0.10% of the Trust's average weekly net investment
assets.
Pursuant to the agreements, the Adviser provides continuous supervision of
the investment portfolio and pays the compensation of officers of the Trust who
are affiliated persons of the Adviser. PIFM pays occupancy and certain clerical
and accounting costs of the Trust. The Trust bears all other costs and expenses.
11
<PAGE>
NOTE 3. PORTFOLIO SECURITIES
There were no purchases or Note 3. Portfolio sales of investment
securities, other than short-term investments, for the year ended October 31,
1998.
The federal income tax basis of the Trust's investments at October 31, 1998
was substantially the same as the basis for financial reporting and,
accordingly, net and gross unrealized appreciation was $2,715,622.
For federal income tax purposes, the Trust had a capital loss carryforward
at October 31, 1998 of approximately $647,000 of which $448,000 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 Note 4. Capital of $.01 par value common stock
authorized. Of the 1,307,093 shares outstanding at October 31, 1998, the Adviser
owned 7,093 shares. As of October 31, 1998 there were 392 shares of Preferred
Stock Series F7 outstanding.
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.
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 3.875% during the year ended
October 31, 1998.
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, Note 5. Dividends 1998, the Board of Directors of
the Trust declared a dividend from undistributed earnings of $.068125 per common
share payable November 30, 1998 to shareholders of record on November 16, 1998.
For the period November 1, 1998 to November 30, 1998, dividends declared on
Preferred Stock totalled $24,528 in aggregate for the outstanding Preferred
Stock.
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<PAGE>
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THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
REPORT OF INDEPENDENT AUDITORS
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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, 1998 and the related statements
of operations for the year then ended and of changes in net investment assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended. These financial statements
and financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards.Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at October
31, 1998, by correspondence with the custodian and broker. 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, 1998, 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 11, 1998
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THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL 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, 1998) 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 $0.82 per share to common
shareholders and $815.70 per share to preferred shareholders.
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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 effect 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 shares.
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.
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THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------
There have been no material changes in the Trust's investment objectives or
policies that have not been approved by the shareholders, or to its charter or
by-laws, or in the principal risk factors associated with investment in the
Trust. There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trust's portfolio.
YEAR 2000 READINESS DISCLOSURE. The Trust is currently in the process of
evaluating its information technology infrastructure for Year 2000 compliance.
Substantially all of the Trust's information systems are supplied by the
Adviser. The Adviser has advised the Trust that it is currently evaluating
whether such systems are year 2000 compliant and that it expects to incure costs
of up to approximately five hundred thousand dollars to complete such evaluation
and to make any modifications to its systems as may be necessary to achieve Year
2000 compliance. The Adviser has advised the Trust that it expects to have fully
tested its systems for Year 2000 compliance by December 31, 1998. The Trust may
be required to bear a portion of such cost incurred by the Adviser in this
regard. The Adviser has advised the Trust that it does not anticipate any
material disruption in the operations of the Trust as a result of any failure by
the Adviser to achieve Year 2000 compliance. There can be no assurance that the
costs will not exceed the amount referred to above or that the Trust will not
experience a disruption in operations.
The Adviser has advised the Trust that it is in the process of evaluating
the Year 2000 compliance of various suppliers of the Adviser and the Trust. The
Adviser has advised the Trust that it intends to communicate with such suppliers
to determine their Year 2000 compliance status and the extent to which the
Adviser or the Trust could be affected by any supplier's Year 2000 compliance
issues. To date, however, the Adviser has not received responses from all such
suppliers with respect to their Year 2000 compliance, and there can be no
assurance that the systems of such suppliers, who are beyond the Trust's
control, will be Year 2000 compliant. In the event that any of the Trust's
significant suppliers do not successfully and timely achieve Year 2000
compliance, the Trust's business or operations could be adversely affected. The
Adviser has advised the Trust that it is in the process of preparing a
contingency plan for Year 2000 compliance by its suppliers. There can be no
assurance that such contingency plan will be successful in preventing a
disruption of the Trust's operations.
The Trust is designating this disclosure as its Year 2000 readiness
disclosure for all purposes under the Year 2000 Information and Readiness
Disclosure Act and the foregoing information shall constitute a Year 2000
statement for purposes of that Act.
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THE BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST INC.
INVESTMENT SUMMARY
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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") is an SEC-registered
investment adviser. BlackRock and its affiliates currently manage over $122
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-one closed-end funds that are traded on either the New York or American
stock exchanges, and a $23 billion family of open-end equity and bond funds.
Current institutional clients number 410, 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 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
16
<PAGE>
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.
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
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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
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BLACKROCK FINANCIAL MANAGEMENT, INC.
SUMMARY OF CLOSED-END FUNDS
- --------------------------------------------------------------------------------
TAXABLE TRUSTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STOCK MATURITY
SYMBOL DATE
PERPETUAL TRUSTS ---------- ---------
<S> <C> <C>
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
</TABLE>
TAX-EXEMPT TRUSTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Stock Maturity
Symbol Date
Perpetual Trusts --------- ---------
<S> <C> <C>
Tax-Exempt 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
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.
</TABLE>
19
<PAGE>
BLACKROCK
DIRECTORS
Laurence D. Fink, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Walter F. Mondale
Ralph L. Schlosstein
OFFICERS
Ralph L. Schlosstein, President
Keith T. Anderson, Vice President
Michael C. Huebsch, Vice President
Robert S. Kapito, Vice President
Kevin Klingert, Vice President
Richard M. Shea, Vice President/Tax
Henry Gabbay, Treasurer
James Kong, Assistant Treasurer
Karen H. Sabath, Secretary
INVESTMENT ADVISER
BlackRock Financial Management, Inc.
345 Park Avenue
New York, NY 10154
(800) 227-7BFM
ADMINISTRATOR
Prudential Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
(800) 699-1BFM
AUCTION AGENT
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 Investments Fund Management LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
(800) 227-7BFM
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THE BLACKROCK
NEW YORK
INVESTMENT QUALITY
MUNICIPAL TRUST INC.
- ----------------------------------------------------------------------------
ANNUAL REPORT
OCTOBER 31, 1998
[GRAPHIC OMITTED]
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