UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21181
Name of Fund: BlackRock Municipal 2020 Term Trust (BKK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal 2020 Term Trust, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2013
Date of reporting period: 07/31/2012
Item 1 – Schedule of Investments
| Schedule of Investments July 31, 2012 (Unaudited) |
BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Alabama — 0.7% |
||||||||||||||||||||||||||||||||||||||||||
|
Alabama State 21st Century Authority Tobacco Settlement, RB, Series A, 5.00%, 6/01/20 |
$ |
1,000 |
$ |
1,199,960 |
||||||||||||||||||||||||||||||||||||||
|
Courtland IDB Alabama, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17 |
1,165 |
1,225,498 |
||||||||||||||||||||||||||||||||||||||||
|
2,425,458 |
||||||||||||||||||||||||||||||||||||||||||
|
Alaska — 2.0% |
||||||||||||||||||||||||||||||||||||||||||
|
City of Valdez Alaska, Refunding RB, BP Pipelines Project: |
||||||||||||||||||||||||||||||||||||||||||
|
Series B, 5.00%, 1/01/21 |
3,200 |
3,798,432 |
||||||||||||||||||||||||||||||||||||||||
|
Series C, 5.00%, 1/01/21 |
2,500 |
2,967,525 |
||||||||||||||||||||||||||||||||||||||||
|
6,765,957 |
||||||||||||||||||||||||||||||||||||||||||
|
Arizona — 3.3% |
||||||||||||||||||||||||||||||||||||||||||
|
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A: |
||||||||||||||||||||||||||||||||||||||||||
|
5.00%, 7/01/20 |
1,300 |
1,555,294 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 7/01/21 |
5,585 |
6,916,185 |
||||||||||||||||||||||||||||||||||||||||
|
Salt Verde Financial Corp., RB, Senior: |
||||||||||||||||||||||||||||||||||||||||||
|
5.00%, 12/01/18 |
1,500 |
1,610,175 |
||||||||||||||||||||||||||||||||||||||||
|
5.25%, 12/01/20 |
1,000 |
1,081,240 |
||||||||||||||||||||||||||||||||||||||||
|
11,162,894 |
||||||||||||||||||||||||||||||||||||||||||
|
California — 20.1% |
||||||||||||||||||||||||||||||||||||||||||
|
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series B, 5.00%, 8/15/22 |
815 |
963,126 |
||||||||||||||||||||||||||||||||||||||||
|
California State Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20 |
10,000 |
12,526,600 |
||||||||||||||||||||||||||||||||||||||||
|
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22 |
5,000 |
5,443,600 |
||||||||||||||||||||||||||||||||||||||||
|
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB (a): |
||||||||||||||||||||||||||||||||||||||||||
|
5.97%, 1/15/21 |
12,500 |
7,598,750 |
||||||||||||||||||||||||||||||||||||||||
|
6.00%, 1/15/22 |
10,000 |
5,718,800 |
||||||||||||||||||||||||||||||||||||||||
|
Golden State Tobacco Securitization Corp. California, RB (b): |
||||||||||||||||||||||||||||||||||||||||||
|
ARS, Asset-Backed, Series A-3, 7.88%, 6/01/13 |
975 |
1,036,883 |
||||||||||||||||||||||||||||||||||||||||
|
Series 2003-A-1, 6.63%, 6/01/13 |
1,500 |
1,580,070 |
||||||||||||||||||||||||||||||||||||||||
|
Series 2003-A-1, 6.75%, 6/01/13 |
11,010 |
11,609,164 |
||||||||||||||||||||||||||||||||||||||||
|
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 |
3,750 |
4,607,813 |
||||||||||||||||||||||||||||||||||||||||
|
Riverside County Asset Leasing Corp. California, RB, Riverside County Hospital Project (NPFGC), 5.28%, 6/01/25 (a) |
6,865 |
3,517,969 |
||||||||||||||||||||||||||||||||||||||||
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
California (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
San Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (c) |
$ |
4,000 |
$ |
4,136,680 |
||||||||||||||||||||||||||||||||||||||
|
State of California, GO, Various Purpose: |
||||||||||||||||||||||||||||||||||||||||||
|
5.25%, 10/01/22 |
1,000 |
1,252,130 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 11/01/22 |
7,050 |
7,414,908 |
||||||||||||||||||||||||||||||||||||||||
|
67,406,493 |
||||||||||||||||||||||||||||||||||||||||||
|
Colorado — 1.2% |
||||||||||||||||||||||||||||||||||||||||||
|
Colorado Health Facilities Authority, RB, Evangelical Lutheran Good Samaritan Society Project: |
||||||||||||||||||||||||||||||||||||||||||
|
4.00%, 12/01/19 |
555 |
596,725 |
||||||||||||||||||||||||||||||||||||||||
|
4.00%, 12/01/20 |
580 |
621,934 |
||||||||||||||||||||||||||||||||||||||||
|
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 4.39%, 9/01/22 (a) |
4,500 |
2,904,345 |
||||||||||||||||||||||||||||||||||||||||
|
4,123,004 |
||||||||||||||||||||||||||||||||||||||||||
|
District of Columbia — 3.0% |
||||||||||||||||||||||||||||||||||||||||||
|
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33 |
4,215 |
4,599,450 |
||||||||||||||||||||||||||||||||||||||||
|
Metropolitan Washington Airports Authority, Refunding RB, Series C-2, AMT (AGM), 5.00%, 10/01/24 |
5,000 |
5,346,650 |
||||||||||||||||||||||||||||||||||||||||
|
9,946,100 |
||||||||||||||||||||||||||||||||||||||||||
|
Florida — 7.9% |
||||||||||||||||||||||||||||||||||||||||||
|
Bellalago Educational Facilities Benefit District, Special Assessment Bonds, Series A, 5.85%, 5/01/22 |
1,870 |
1,876,321 |
||||||||||||||||||||||||||||||||||||||||
|
Broward County Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 4.00%, 10/01/19 |
1,750 |
1,926,032 |
||||||||||||||||||||||||||||||||||||||||
|
Broward County School Board Florida, COP, Series A (AGM), 5.25%, 7/01/22 |
1,250 |
1,455,875 |
||||||||||||||||||||||||||||||||||||||||
|
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22 |
5,160 |
5,962,999 |
||||||||||||||||||||||||||||||||||||||||
|
Florida State Board of Education, GO, Refunding, Series B, 5.00%, 6/01/20 |
5,000 |
6,266,900 |
||||||||||||||||||||||||||||||||||||||||
|
Habitat Community Development District, Special Assessment Bonds, 5.80%, 5/01/25 |
1,820 |
1,842,368 |
||||||||||||||||||||||||||||||||||||||||
|
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21 |
2,170 |
2,371,593 |
||||||||||||||||||||||||||||||||||||||||
|
Pine Island Community Development District, RB, 5.30%, 11/01/10 (d)(e) |
250 |
100,050 |
||||||||||||||||||||||||||||||||||||||||
|
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13 |
3,530 |
2,715,523 |
||||||||||||||||||||||||||||||||||||||||
| BLACKROCK MUNICIPAL 2020 TERM TRUST | JULY 31, 2012 | 1 |
| Schedule of Investments (continued) |
BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Florida (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
Village Community Development District No. 5 Florida, Special Assessment Bonds, Series A, 6.00%, 5/01/22 |
$ |
1,975 |
$ |
2,019,971 |
||||||||||||||||||||||||||||||||||||||
|
26,537,632 |
||||||||||||||||||||||||||||||||||||||||||
|
Georgia — 2.3% |
||||||||||||||||||||||||||||||||||||||||||
|
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement - Life Communities, Inc. Obligated Group, 5.00%, 11/15/22 |
6,915 |
7,786,705 |
||||||||||||||||||||||||||||||||||||||||
|
Hawaii — 0.9% |
||||||||||||||||||||||||||||||||||||||||||
|
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose Senior Living - Kahala Nui (f): |
||||||||||||||||||||||||||||||||||||||||||
|
5.00%, 11/15/19 |
1,275 |
1,420,108 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 11/15/20 |
1,440 |
1,599,969 |
||||||||||||||||||||||||||||||||||||||||
|
3,020,077 |
||||||||||||||||||||||||||||||||||||||||||
|
Illinois — 13.6% |
||||||||||||||||||||||||||||||||||||||||||
|
City of Chicago Illinois, RB, General Airport, Third Lien, Series A (AMBAC): |
||||||||||||||||||||||||||||||||||||||||||
|
5.00%, 1/01/21 |
5,000 |
5,547,150 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 1/01/22 |
7,000 |
7,746,340 |
||||||||||||||||||||||||||||||||||||||||
|
Illinois Finance Authority, RB: |
||||||||||||||||||||||||||||||||||||||||||
|
MJH Education Assistance IV LLC, Sub-Series B, 5.00%, 6/01/24 (d)(e) |
1,075 |
107,468 |
||||||||||||||||||||||||||||||||||||||||
|
Northwestern University, 5.00%, 12/01/21 |
4,800 |
5,071,152 |
||||||||||||||||||||||||||||||||||||||||
|
Illinois State Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 1/01/19 |
2,250 |
2,511,495 |
||||||||||||||||||||||||||||||||||||||||
|
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%, 12/01/20 |
1,000 |
1,274,900 |
||||||||||||||||||||||||||||||||||||||||
|
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 3.65%, 6/15/22 (a) |
13,455 |
9,413,656 |
||||||||||||||||||||||||||||||||||||||||
|
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20 |
10,000 |
11,726,800 |
||||||||||||||||||||||||||||||||||||||||
|
State of Illinois, RB, Build Illinois, Series B, 5.00%, 6/15/20 |
2,000 |
2,397,620 |
||||||||||||||||||||||||||||||||||||||||
|
45,796,581 |
||||||||||||||||||||||||||||||||||||||||||
|
Indiana — 4.3% |
||||||||||||||||||||||||||||||||||||||||||
|
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24 |
4,000 |
2,444,720 |
||||||||||||||||||||||||||||||||||||||||
|
Indiana Municipal Power Agency, Series A, 5.00%, 1/01/21 |
600 |
732,552 |
||||||||||||||||||||||||||||||||||||||||
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Indiana (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17 |
$ |
10,000 |
$ |
11,359,900 |
||||||||||||||||||||||||||||||||||||||
|
14,537,172 |
||||||||||||||||||||||||||||||||||||||||||
|
Kansas — 2.2% |
||||||||||||||||||||||||||||||||||||||||||
|
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20 |
2,500 |
3,041,650 |
||||||||||||||||||||||||||||||||||||||||
|
Wyandotte County-Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 4.56%, 12/01/20 (a) |
6,440 |
4,421,640 |
||||||||||||||||||||||||||||||||||||||||
|
7,463,290 |
||||||||||||||||||||||||||||||||||||||||||
|
Kentucky — 1.8% |
||||||||||||||||||||||||||||||||||||||||||
|
Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22 |
2,000 |
2,106,340 |
||||||||||||||||||||||||||||||||||||||||
|
Louisville & Jefferson County, RB, Metro Government Catholic Health Initiatives, Series A: |
||||||||||||||||||||||||||||||||||||||||||
|
3.50%, 12/01/20 |
2,115 |
2,323,603 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 12/01/20 |
1,430 |
1,735,977 |
||||||||||||||||||||||||||||||||||||||||
|
6,165,920 |
||||||||||||||||||||||||||||||||||||||||||
|
Louisiana — 0.6% |
||||||||||||||||||||||||||||||||||||||||||
|
Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27 |
2,000 |
2,098,840 |
||||||||||||||||||||||||||||||||||||||||
|
Maryland — 4.9% |
||||||||||||||||||||||||||||||||||||||||||
|
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20 |
1,250 |
1,377,887 |
||||||||||||||||||||||||||||||||||||||||
|
Maryland Health & Higher Educational Facilities Authority, Refunding RB: |
||||||||||||||||||||||||||||||||||||||||||
|
Charlestown Community, 5.50%, 1/01/21 |
1,335 |
1,532,353 |
||||||||||||||||||||||||||||||||||||||||
|
University of Maryland Medical System, 5.00%, 7/01/19 |
670 |
775,083 |
||||||||||||||||||||||||||||||||||||||||
|
Maryland State and Local Facilities Loan, GO, Series B, 5.00%, 3/15/20 |
10,000 |
12,684,900 |
||||||||||||||||||||||||||||||||||||||||
|
16,370,223 |
||||||||||||||||||||||||||||||||||||||||||
|
Massachusetts — 1.5% |
||||||||||||||||||||||||||||||||||||||||||
|
Massachusetts Development Finance Agency, RB, Waste Management, Inc. Project, AMT, 5.45%, 6/01/14 |
4,500 |
4,854,690 |
||||||||||||||||||||||||||||||||||||||||
|
Massachusetts State Water Pollution Abatement, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23 |
140 |
140,633 |
||||||||||||||||||||||||||||||||||||||||
|
4,995,323 |
||||||||||||||||||||||||||||||||||||||||||
|
Michigan — 2.5% |
||||||||||||||||||||||||||||||||||||||||||
|
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20 |
1,720 |
1,960,232 |
||||||||||||||||||||||||||||||||||||||||
| BLACKROCK MUNICIPAL 2020 TERM TRUST | JULY 31, 2012 | 2 |
| Schedule of Investments (continued) |
BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Michigan (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20 |
$ |
1,000 |
$ |
1,114,350 |
||||||||||||||||||||||||||||||||||||||
|
Michigan State Building Authority, RB, Refunding Facilities Program, Series A: |
||||||||||||||||||||||||||||||||||||||||||
|
4.00%, 10/15/20 |
1,205 |
1,370,194 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 10/15/20 |
325 |
393,864 |
||||||||||||||||||||||||||||||||||||||||
|
State of Michigan, Refunding RB: |
||||||||||||||||||||||||||||||||||||||||||
|
5.00%, 11/01/20 |
1,000 |
1,220,970 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 11/01/21 |
2,000 |
2,417,700 |
||||||||||||||||||||||||||||||||||||||||
|
8,477,310 |
||||||||||||||||||||||||||||||||||||||||||
|
Minnesota — 7.2% |
||||||||||||||||||||||||||||||||||||||||||
|
Minnesota Higher Education Facilities Authority, RB, University of St. Thomas, Series 5-Y, 5.00%, 10/01/24 |
1,250 |
1,316,550 |
||||||||||||||||||||||||||||||||||||||||
|
Minnesota State Trunk Highway, GO, Series B, 5.00%, 10/01/20 |
16,000 |
20,411,680 |
||||||||||||||||||||||||||||||||||||||||
|
Tobacco Securitization Authority, Refunding RB, Tobacco Settlement, Series B, 5.00%, 3/01/20 |
2,000 |
2,351,260 |
||||||||||||||||||||||||||||||||||||||||
|
24,079,490 |
||||||||||||||||||||||||||||||||||||||||||
|
Mississippi — 0.8% |
||||||||||||||||||||||||||||||||||||||||||
|
Mississippi Development Bank, SO, Refunding, Tunica County, Mississippi Highway Project, 5.00%, 1/01/20 |
2,275 |
2,753,683 |
||||||||||||||||||||||||||||||||||||||||
|
Missouri — 3.4% |
||||||||||||||||||||||||||||||||||||||||||
|
Missouri Development Finance Board, RB, Branson Landing Project, Series A, 5.50%, 12/01/24 |
5,000 |
5,196,600 |
||||||||||||||||||||||||||||||||||||||||
|
Missouri State Health & Educational Facilities Authority, Refunding RB, BJC Health System, Series A, 5.00%, 5/15/20 |
5,500 |
6,120,235 |
||||||||||||||||||||||||||||||||||||||||
|
11,316,835 |
||||||||||||||||||||||||||||||||||||||||||
|
Multi-State — 5.8% |
||||||||||||||||||||||||||||||||||||||||||
|
Centerline Equity Issuer Trust (c)(g): |
||||||||||||||||||||||||||||||||||||||||||
|
5.75%, 5/15/15 |
1,000 |
1,094,840 |
||||||||||||||||||||||||||||||||||||||||
|
6.00%, 5/15/15 |
4,000 |
4,403,160 |
||||||||||||||||||||||||||||||||||||||||
|
6.00%, 5/15/19 |
2,500 |
2,964,625 |
||||||||||||||||||||||||||||||||||||||||
|
6.30%, 5/15/19 |
2,500 |
3,005,300 |
||||||||||||||||||||||||||||||||||||||||
|
MuniMae TE Bond Subsidiary LLC (c)(g)(h): |
||||||||||||||||||||||||||||||||||||||||||
|
5.40% |
5,000 |
3,349,950 |
||||||||||||||||||||||||||||||||||||||||
|
5.80% |
5,000 |
3,449,950 |
||||||||||||||||||||||||||||||||||||||||
|
Series D, 5.90% |
2,000 |
1,139,980 |
||||||||||||||||||||||||||||||||||||||||
|
19,407,805 |
||||||||||||||||||||||||||||||||||||||||||
|
Nebraska — 1.2% |
||||||||||||||||||||||||||||||||||||||||||
|
Central Plains Energy Project No. 3, RB, Gas Project, 5.00%, 9/01/20 |
3,500 |
3,934,910 |
||||||||||||||||||||||||||||||||||||||||
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Nevada — 3.2% |
||||||||||||||||||||||||||||||||||||||||||
|
City of Henderson Nevada, Special Assessment Bonds, District No. T-18, 5.15%, 9/01/21 |
$ |
1,755 |
$ |
1,073,691 |
||||||||||||||||||||||||||||||||||||||
|
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20 |
5,000 |
5,418,650 |
||||||||||||||||||||||||||||||||||||||||
|
County of Clark Nevada, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20 (f) |
1,560 |
1,689,886 |
||||||||||||||||||||||||||||||||||||||||
|
County of Clark Nevada Airport System Revenue, Refunding RB, Las Vegas McCarran International Airport: |
||||||||||||||||||||||||||||||||||||||||||
|
Series B, 5.00%, 7/01/19 |
1,000 |
1,198,230 |
||||||||||||||||||||||||||||||||||||||||
|
Series B, 5.00%, 7/01/20 |
1,000 |
1,201,190 |
||||||||||||||||||||||||||||||||||||||||
|
10,581,647 |
||||||||||||||||||||||||||||||||||||||||||
|
New Hampshire — 2.7% |
||||||||||||||||||||||||||||||||||||||||||
|
New Hampshire Business Finance Authority, Refunding RB, Public Service Co. of New Hampshire Project, Series B, AMT (NPFGC), 4.75%, 5/01/21 |
4,350 |
4,587,945 |
||||||||||||||||||||||||||||||||||||||||
|
New Hampshire Health & Education Facilities Authority, Refunding RB, Elliot Hospital, Series B, 5.60%, 10/01/22 |
4,225 |
4,533,256 |
||||||||||||||||||||||||||||||||||||||||
|
9,121,201 |
||||||||||||||||||||||||||||||||||||||||||
|
New Jersey — 5.4% |
||||||||||||||||||||||||||||||||||||||||||
|
Middlesex County Improvement Authority, RB, George Street Student Housing Project, Series A, 5.00%, 8/15/23 |
1,000 |
1,031,310 |
||||||||||||||||||||||||||||||||||||||||
|
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 9.00%, 6/01/33 (i) |
1,500 |
1,583,745 |
||||||||||||||||||||||||||||||||||||||||
|
New Jersey EDA, Refunding RB: |
||||||||||||||||||||||||||||||||||||||||||
|
Cigarette Tax, 5.00%, 6/15/20 |
2,500 |
2,876,550 |
||||||||||||||||||||||||||||||||||||||||
|
First Mortgage, Winchester, Series A, 4.80%, 11/01/13 |
520 |
530,265 |
||||||||||||||||||||||||||||||||||||||||
|
School Facilities, Series GG, 5.00%, 9/01/22 |
2,000 |
2,400,640 |
||||||||||||||||||||||||||||||||||||||||
|
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 |
2,500 |
3,040,825 |
||||||||||||||||||||||||||||||||||||||||
|
New Jersey Health Care Facilities Financing Authority, Refunding RB: |
||||||||||||||||||||||||||||||||||||||||||
|
AtlantiCare Regional Medical Center, 5.00%, 7/01/20 |
2,110 |
2,348,451 |
||||||||||||||||||||||||||||||||||||||||
| BLACKROCK MUNICIPAL 2020 TERM TRUST | JULY 31, 2012 | 3 |
| Schedule of Investments (continued) |
BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
New Jersey (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
New Jersey Health Care Facilities Financing Authority, Refunding RB (concluded): |
||||||||||||||||||||||||||||||||||||||||||
|
Capital Health System Obligation Group, Series A, 5.75%, 7/01/13 (b) |
$ |
4,000 |
$ |
4,195,600 |
||||||||||||||||||||||||||||||||||||||
|
18,007,386 |
||||||||||||||||||||||||||||||||||||||||||
|
New York — 8.0% |
||||||||||||||||||||||||||||||||||||||||||
|
City of New York New York, GO, 5.00%, 4/01/18 |
365 |
440,205 |
||||||||||||||||||||||||||||||||||||||||
|
New York City Industrial Development Agency, RB, American Airlines Inc., JFK International Airport, AMT (d)(e)(i): |
||||||||||||||||||||||||||||||||||||||||||
|
7.63%, 8/01/25 |
3,885 |
4,095,839 |
||||||||||||||||||||||||||||||||||||||||
|
7.75%, 8/01/31 |
5,000 |
5,325,000 |
||||||||||||||||||||||||||||||||||||||||
|
New York State Energy Research & Development Authority, Refunding RB, Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%, 2/01/24 |
8,500 |
8,994,955 |
||||||||||||||||||||||||||||||||||||||||
|
New York State Thruway Authority, RB, General Revenue, Series I, 5.00%, 1/01/20 |
875 |
1,053,754 |
||||||||||||||||||||||||||||||||||||||||
|
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 5.00%, 12/01/20 |
1,525 |
1,688,449 |
||||||||||||||||||||||||||||||||||||||||
|
Tobacco Settlement Financing Corp. New York, RB, Asset-Backed, Series B-1C, 5.50%, 6/01/20 |
5,000 |
5,211,100 |
||||||||||||||||||||||||||||||||||||||||
|
26,809,302 |
||||||||||||||||||||||||||||||||||||||||||
|
North Carolina — 2.4% |
||||||||||||||||||||||||||||||||||||||||||
|
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/21 |
1,550 |
1,821,545 |
||||||||||||||||||||||||||||||||||||||||
|
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20 |
5,000 |
6,063,600 |
||||||||||||||||||||||||||||||||||||||||
|
7,885,145 |
||||||||||||||||||||||||||||||||||||||||||
|
Ohio — 4.1% |
||||||||||||||||||||||||||||||||||||||||||
|
Cuyahoga County, RB, Cleveland Clinic Health System, Series A (b): |
||||||||||||||||||||||||||||||||||||||||||
|
6.00%, 7/01/13 |
1,530 |
1,610,493 |
||||||||||||||||||||||||||||||||||||||||
|
6.00%, 7/01/13 |
1,470 |
1,547,337 |
||||||||||||||||||||||||||||||||||||||||
|
6.00%, 7/01/13 |
5,100 |
5,368,311 |
||||||||||||||||||||||||||||||||||||||||
|
6.00%, 7/01/13 |
4,900 |
5,157,789 |
||||||||||||||||||||||||||||||||||||||||
|
13,683,930 |
||||||||||||||||||||||||||||||||||||||||||
|
Oklahoma — 0.9% |
||||||||||||||||||||||||||||||||||||||||||
|
Canadian County Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20 |
1,500 |
1,724,940 |
||||||||||||||||||||||||||||||||||||||||
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Oklahoma (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
Tulsa County Industrial Authority, RB, Broken Arrow Public School, 4.00%, 9/01/22 |
$ |
1,100 |
$ |
1,219,328 |
||||||||||||||||||||||||||||||||||||||
|
2,944,268 |
||||||||||||||||||||||||||||||||||||||||||
|
Pennsylvania — 6.3% |
||||||||||||||||||||||||||||||||||||||||||
|
Lancaster County Hospital Authority, RB, General Hospital Project, 5.75%, 9/15/13 (b) |
7,500 |
7,938,525 |
||||||||||||||||||||||||||||||||||||||||
|
Pennsylvania Economic Development Financing Authority, RB, Refunding Amtrak Project Series A, AMT, 4.00%, 11/01/20 |
2,175 |
2,362,333 |
||||||||||||||||||||||||||||||||||||||||
|
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Drexel University, Series A, 5.00%, 5/01/20 |
1,575 |
1,874,502 |
||||||||||||||||||||||||||||||||||||||||
|
Pennsylvania IDA, Refunding RB, 5.00%, 7/01/20 |
1,500 |
1,817,550 |
||||||||||||||||||||||||||||||||||||||||
|
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22 |
1,000 |
1,168,900 |
||||||||||||||||||||||||||||||||||||||||
|
Pennsylvania Turnpike Commission, Refunding RB, Series A, 5.00%, 12/01/20 |
4,000 |
4,892,400 |
||||||||||||||||||||||||||||||||||||||||
|
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20 |
995 |
1,186,975 |
||||||||||||||||||||||||||||||||||||||||
|
21,241,185 |
||||||||||||||||||||||||||||||||||||||||||
|
Puerto Rico — 3.2% |
||||||||||||||||||||||||||||||||||||||||||
|
Puerto Rico Electric Power Authority, RB, Series NN, 5.13%, 7/01/13 (b) |
9,000 |
9,402,300 |
||||||||||||||||||||||||||||||||||||||||
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22 |
1,100 |
1,320,704 |
||||||||||||||||||||||||||||||||||||||||
|
10,723,004 |
||||||||||||||||||||||||||||||||||||||||||
|
South Carolina — 0.7% |
||||||||||||||||||||||||||||||||||||||||||
|
South Carolina State Ports Authority, RB, 5.00%, 7/01/20 |
2,000 |
2,438,080 |
||||||||||||||||||||||||||||||||||||||||
|
Texas — 10.8% |
||||||||||||||||||||||||||||||||||||||||||
|
Central Texas Regional Mobility Authority, RB, Senior Lien: |
||||||||||||||||||||||||||||||||||||||||||
|
5.75%, 1/01/19 |
800 |
890,472 |
||||||||||||||||||||||||||||||||||||||||
|
5.75%, 1/01/20 |
1,140 |
1,334,644 |
||||||||||||||||||||||||||||||||||||||||
|
City of Dallas Texas, Refunding RB (AGC), 5.00%, 8/15/21 |
2,500 |
2,892,700 |
||||||||||||||||||||||||||||||||||||||||
|
City of Frisco TX, GO, Refunding, 3.00%, 2/15/20 |
2,250 |
2,478,240 |
||||||||||||||||||||||||||||||||||||||||
|
City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 7/01/20 |
250 |
300,297 |
||||||||||||||||||||||||||||||||||||||||
| BLACKROCK MUNICIPAL 2020 TERM TRUST | JULY 31, 2012 | 4 |
| Schedule of Investments (continued) |
BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Texas (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20 |
$ |
3,715 |
$ |
4,098,536 |
||||||||||||||||||||||||||||||||||||||
|
Lower Colorado River Authority, 5.00%, 5/15/20 |
5,000 |
6,108,650 |
||||||||||||||||||||||||||||||||||||||||
|
North Texas Tollway Authority, RB, Series C: |
||||||||||||||||||||||||||||||||||||||||||
|
5.25%, 1/01/20 |
1,000 |
1,186,840 |
||||||||||||||||||||||||||||||||||||||||
|
5.38%, 1/01/21 |
5,000 |
5,915,500 |
||||||||||||||||||||||||||||||||||||||||
|
Texas State Turnpike Authority, RB, CAB, First Tier, Series A (AMBAC) (a): |
||||||||||||||||||||||||||||||||||||||||||
|
3.57%, 8/15/21 |
7,990 |
5,801,779 |
||||||||||||||||||||||||||||||||||||||||
|
4.16%, 8/15/24 |
8,450 |
5,150,444 |
||||||||||||||||||||||||||||||||||||||||
|
36,158,102 |
||||||||||||||||||||||||||||||||||||||||||
|
US Virgin Islands — 0.3% |
||||||||||||||||||||||||||||||||||||||||||
|
Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund Loan Note, Series A, 5.25%, 10/01/17 |
1,000 |
1,076,220 |
||||||||||||||||||||||||||||||||||||||||
|
Virginia — 7.4% |
||||||||||||||||||||||||||||||||||||||||||
|
Charles City County EDA, RB, Waste Management Inc. Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27 |
10,000 |
10,750,000 |
||||||||||||||||||||||||||||||||||||||||
|
Mecklenburg County IDA Virginia, Refunding RB, Exempt Facility, UAE LP Project, AMT, 6.50%, 10/15/17 |
7,500 |
7,521,375 |
||||||||||||||||||||||||||||||||||||||||
|
Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20 |
2,000 |
2,527,960 |
||||||||||||||||||||||||||||||||||||||||
|
Roanoke EDA, RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20 |
1,500 |
1,795,170 |
||||||||||||||||||||||||||||||||||||||||
|
Russell County IDA, Refunding RB, Appalachian Power, Series K, 4.63%, 11/01/21 |
2,000 |
2,211,780 |
||||||||||||||||||||||||||||||||||||||||
|
24,806,285 |
||||||||||||||||||||||||||||||||||||||||||
|
Washington — 1.5% |
||||||||||||||||||||||||||||||||||||||||||
|
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B: |
||||||||||||||||||||||||||||||||||||||||||
|
5.00%, 10/01/20 |
250 |
301,580 |
||||||||||||||||||||||||||||||||||||||||
|
5.00%, 10/01/42 (i) |
4,000 |
4,872,400 |
||||||||||||||||||||||||||||||||||||||||
|
5,173,980 |
||||||||||||||||||||||||||||||||||||||||||
|
Wisconsin — 2.8% |
||||||||||||||||||||||||||||||||||||||||||
|
State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20 |
1,000 |
1,219,750 |
||||||||||||||||||||||||||||||||||||||||
|
Wisconsin Health & Educational Facilities Authority, Refunding RB: |
||||||||||||||||||||||||||||||||||||||||||
|
Froedtert & Community Health, Inc., 5.00%, 4/01/20 |
1,515 |
1,795,548 |
||||||||||||||||||||||||||||||||||||||||
|
Wheaton Franciscan Services, Series A, 5.50%, 8/15/17 |
2,880 |
2,986,330 |
||||||||||||||||||||||||||||||||||||||||
|
Par (000) |
Value |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds |
||||||||||||||||||||||||||||||||||||||||||
|
Wisconsin (concluded) |
||||||||||||||||||||||||||||||||||||||||||
|
Wisconsin Health & Educational Facilities Authority, Refunding RB (concluded): |
||||||||||||||||||||||||||||||||||||||||||
|
Wheaton Franciscan Services, Series A, 5.50%, 8/15/18 |
$ |
3,190 |
$ |
3,296,067 |
||||||||||||||||||||||||||||||||||||||
|
9,297,695 |
||||||||||||||||||||||||||||||||||||||||||
|
Total Municipal Bonds – 150.9% |
506,519,132 |
|||||||||||||||||||||||||||||||||||||||||
|
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (j) |
||||||||||||||||||||||||||||||||||||||||||
|
Illinois — 1.7% |
||||||||||||||||||||||||||||||||||||||||||
|
City of Chicago Illinois, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20 |
5,000 |
5,895,650 |
||||||||||||||||||||||||||||||||||||||||
|
Total Long-Term Investments (Cost – $483,850,627) – 152.6% |
512,414,782 |
|||||||||||||||||||||||||||||||||||||||||
| Shares | ||||||||||||||||||||||||||||||||||||||||||
|
Short-Term Securities |
||||||||||||||||||||||||||||||||||||||||||
|
FFI Institutional Tax-Exempt Fund, 0.01% (k)(l) |
2,583,270 |
2,583,270 |
||||||||||||||||||||||||||||||||||||||||
|
Total Short-Term Securities (Cost – $2,583,270) – 0.8% |
2,583,270 |
|||||||||||||||||||||||||||||||||||||||||
|
Total Investments (Cost - $486,433,897*) – 153.4% |
514,998,052 |
|||||||||||||||||||||||||||||||||||||||||
|
Liabilities in Excess of Other Assets – (0.5)% |
(1,779,151) |
|||||||||||||||||||||||||||||||||||||||||
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (1.1)% |
(3,751,970) |
|||||||||||||||||||||||||||||||||||||||||
|
AMPS, at Redemption Value – (51.8)% |
(173,853,558) |
|||||||||||||||||||||||||||||||||||||||||
|
Net Assets Applicable to Common Shares – 100.0% |
$ |
335,613,373 |
||||||||||||||||||||||||||||||||||||||||
| * | As of July 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
| Tax cost | $ | 482,149,726 | ||
| Gross unrealized appreciation | $ | 36,791,267 | ||
| Gross unrealized depreciation | (7,692,941) | Net unrealized appreciation | $ | 29,098,326 |
| (a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
| (b) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
| BLACKROCK MUNICIPAL 2020 TERM TRUST | JULY 31, 2012 | 5 |
| Schedule of Investments (concluded) |
BlackRock Municipal 2020 Term Trust (BKK) |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
| (e) | Non-income producing security. |
| (f) | When-issued security. Unsettled when-issued transactions were as follows: |
| Counterparty | Value | Unrealized Appreciation | ||||||||||||
| Pershing LLC | $ | 3,020,077 | $ | 28,027 | ||||||||||
| Stifel, Nicolaus & Co. | $ | 1,689,886 | $ | 6,256 | ||||||||||
| (g) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity. |
| (h) | Security is perpetual in nature and has no stated maturity date. |
| (i) | Variable rate security. Rate shown is as of report date. |
| (j) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
| (k) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliate | Shares Held at April 30, 2012 |
Net Activity |
Shares Held at July 31, 2012 |
Income | |||||||||||||||
| FFI Institutional Tax-Exempt Fund | 3,693,013 | (1,109,743) | 2,583,270 | $217 | |||||||||||||||
| (l) | Represents the current yield as of report date. | ||
|
Portfolio Abbreviations |
|||
| To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | |||
| AGC | Assured Guaranty Corp. | ||
| AGM | Assured Guaranty Municipal Corp. | ||
| AMBAC | American Municipal Bond Assurance Corp. | ||
| AMT | Alternative Minimum Tax (subject to) | ||
| ARS | Auction Rate Securities | ||
| CAB | Capital Appreciation Bonds | ||
| COP | Certificates of Participation | ||
| EDA | Economic Development Authority | ||
| EDC | Economic Development Corp. | ||
| GO | General Obligation Bonds | ||
| IDA | Industrial Development Authority | ||
| IDB | Industrial Development Board | ||
| NPFGC | National Public Finance Guarantee Corp. | ||
| RB | Revenue Bonds | ||
| SO | Special Obligation | ||
| • | Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
| • | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.
The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2012:
| Level 1 | Level 2 | Level 3 | Total | |
| Assets: | ||||
| Investments: | ||||
| Long-Term Investments1 | — | $512,414,782 | — | $512,414,782 |
| Short-Term Securities | $2,583,270 | — | — | 2,583,270 |
| Total | $2,583,270 | 512,414,782 | — | $514,998,052 |
| 1 | See above Schedule of Investments for values in each state or political subdivision. |
| Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | Level 2 | Level 3 | Total | |
| Assets: | ||||
| Cash | $169,473 | — | — | $169,473 |
| Liabilities: | ||||
| TOB trust certificates | — | $(3,750,000) | — | (3,750,000) |
| Total | $169,473 | $(3,750,000) | — | $(3,580,527) |
| There were no transfers between levels during the period ended July 31, 2012. |
| BLACKROCK MUNICIPAL 2020 TERM TRUST | JULY 31, 2012 | 6 |
Item 2 – Controls and Procedures
2(a) – The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) – There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3 – Exhibits
Certifications – Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Municipal 2020 Term Trust
| By: | /s/ John M. Perlowski | |
| John M. Perlowski | ||
| Chief Executive Officer (principal executive officer) of | ||
| BlackRock Municipal 2020 Term Trust |
Date: September 25, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ John M. Perlowski | |
| John M. Perlowski | ||
| Chief Executive Officer (principal executive officer) of | ||
| BlackRock Municipal 2020 Term Trust |
Date: September 25, 2012
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock Municipal 2020 Term Trust |
Date: September 25, 2012