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: 04/30/2014

 

Date of reporting period: 01/31/2014

 

Item 1 – Schedule of Investments

 
 

Schedule of Investments January 31, 2014 (Unaudited)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
   
Alabama — 0.7%  
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20 $ 1,000 $ 1,141,010  
Courtland Alabama IDB, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17   1,165   1,189,663  
   
    2,330,673  
 
Alaska — 2.0%  
City of Valdez Alaska, Refunding RB, BP Pinelines Project:          
  Series B, 5.00%, 1/01/21   3,200   3,711,776  
  Series C, 5.00%, 1/01/21   2,500   2,899,825  
   
    6,611,601  
 
Arizona — 3.3%  
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A:          
  5.00%, 7/01/20   1,300   1,524,367  
  5.00%, 7/01/21   5,585   6,492,116  
Salt Verde Financial Corp., RB, Senior:          
  5.00%, 12/01/18   1,500   1,680,720  
  5.25%, 12/01/20   1,000   1,132,430  
   
    10,829,633  
 
California — 13.3%  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22   815   934,569  
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22   5,000   5,435,450  
County of Riverside Asset Leasing Corp. California, RB, Riverside County Hospital Project (NPFGC), 0.00%, 6/01/25 (a)   6,865   3,809,388  
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB (a):          
  0.00%, 1/15/21   12,500   8,296,875  
  0.00%, 1/15/22   10,000   6,248,100  
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport:          
  5.00%, 1/01/19   540   618,489  
  5.00%, 1/01/20   550   628,425  
             
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 $ 3,750 $ 4,434,675  
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22   1,000   1,207,860  
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20   10,000   11,970,700  
   
    43,584,531  
 
Colorado — 1.3%  
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:          
  4.00%, 12/01/19   555   596,109  
  4.00%, 12/01/20   580   613,303  
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 0.00%, 9/01/22 (a)   4,500   3,168,270  
   
    4,377,682  
 
District of Columbia — 1.6%  
Metropolitan Washington Airports Authority, Refunding RB, Series C-2, AMT (AGM), 5.00%, 10/01/24   5,000   5,109,150  
 
Florida — 6.6%  
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22   5,160   5,800,201  
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22   1,250   1,412,137  
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20   1,375   1,567,596  
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20   500   582,220  
Habitat Community Development District, Special Assessment Bonds, 5.80%, 5/01/25   1,720   1,742,033  
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/21   1,840   1,918,568  
Pine Island Community Development District, RB, 5.30%, 11/01/10 (b)(c)   250   97,598  

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20141
 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Florida (concluded)  
State of Florida Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 $ 5,000 $ 5,959,350  
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 1.00%, 12/31/49 (b)(c)   3,530   2,626,391  
   
    21,706,094  
 
Georgia — 2.4%  
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement - Life Communities, Inc. Obligated Group, 5.00%, 11/15/22   6,915   7,733,598  
 
Guam — 0.5%  
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20   250   268,695  
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20   1,190   1,360,587  
   
    1,629,282  
 
Hawaii — 0.9%  
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui:          
  5.00%, 11/15/19   1,275   1,420,643  
  5.00%, 11/15/20   1,440   1,587,053  
   
    3,007,696  
 
Illinois — 14.1%  
City of Chicago Illinois, O'Hare International Airport, GARB, Third Lien, Series A (AMBAC):          
  5.00%, 1/01/21   5,000   5,333,300  
  5.00%, 1/01/22   7,000   7,483,140  
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%, 12/01/20   1,000   1,199,670  
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22 (a)   13,455   9,747,071  
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20   10,000   11,609,700  
State of Illinois, GO, 5.00%, 7/01/20   5,255   5,928,008  
           
Municipal Bonds Par
(000)		   Value  
 
Illinois (concluded)  
State of Illinois, RB, Series B:          
  5.00%, 6/15/19 (d) $ 515 $ 612,103  
  5.00%, 6/15/20   1,485   1,700,444  
State of Illinois Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 7/01/15 (d)   2,250   2,401,380  
   
    46,014,816  
 
Indiana — 5.0%  
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24   3,515   2,065,449  
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19   2,465   2,649,505  
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21   600   698,862  
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17   10,000   11,039,900  
   
    16,453,716  
 
Iowa — 1.6%  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%, 12/01/19   5,320   5,256,160  
 
Kansas — 2.4%  
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20 (a)   6,440   4,932,525  
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20   2,500   2,905,450  
   
    7,837,975  
 
Kentucky — 2.1%  
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A:          
  3.50%, 12/01/20   2,115   2,246,807  
  5.00%, 12/01/20   1,430   1,677,576  

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20142
 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Kentucky (concluded)  
Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22 $ 2,000 $ 2,047,480  
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project (a):          
  0.00%, 7/01/19   255   210,859  
  0.00%, 7/01/20   1,000   777,070  
   
    6,959,792  
 
Louisiana — 0.6%  
Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27   2,000   2,000,220  
 
Maryland — 2.1%  
Anne Arundel County Consolidated, Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester and Farmington Village Project:          
  4.00%, 7/01/19   285   313,811  
  5.00%, 7/01/20   500   575,600  
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20   1,250   1,322,900  
Maryland Health & Higher Educational Facilities Authority, Refunding RB:          
  Charlestown Community, 5.50%, 1/01/21   1,335   1,473,560  
  University of Maryland, Medical System, 5.00%, 7/01/19   670   779,042  
Maryland State and Local Facilities Loan, GO, 1st Series B, 5.00%, 3/15/20   2,000   2,397,000  
   
    6,861,913  
 
Massachusetts — 1.4%  
Massachusetts Development Finance Agency, RB, Waste Management, Inc. Project, AMT, 5.45%, 6/01/14   4,500   4,572,225  
State of Massachusetts Water Pollution Abatement Trust, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23   140   140,662  
   
    4,712,887  
       
 
Municipal Bonds Par
(000)		   Value  
 
Michigan — 2.4%  
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20 $ 1,585 $ 1,754,674  
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20   1,000   1,075,550  
State of Michigan, Refunding RB:          
  5.00%, 11/01/20   1,000   1,150,100  
  5.00%, 11/01/21   2,000   2,263,260  
State of Michigan Building Authority, Refunding RB, Facilities Program:          
  Series 1-A, 5.00%, 10/15/20   325   377,972  
  Series 2-A, 4.00%, 10/15/20   1,205   1,325,512  
   
    7,947,068  
 
Minnesota — 4.1%  
Minnesota Higher Education Facilities Authority, RB, University of St. Thomas, Series 5-Y, 5.00%, 10/01/24   1,250   1,288,412  
State of Michigan Trunk Highway, GO, Series B, 5.00%, 10/01/20   10,000   12,020,600  
   
    13,309,012  
 
Missouri — 4.6%  
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20   3,000   3,419,910  
Missouri Development Finance Board, RB, Branson Landing Project, Series A, 5.50%, 6/01/14 (d)   5,000   5,089,050  
State of Missouri Health & Educational Facilities Authority, Refunding RB, Series A:          
  BJC Health System, 5.00%, 5/15/20   5,500   5,813,280  
  Coxhealth, 5.00%, 11/15/20   500   582,085  
   
    14,904,325  
 
Multi-State — 3.4%  
Centerline Equity Issuer Trust (e)(f):          
  Series A-4-1, 5.75%, 5/15/15   1,000   1,055,120  
  Series A-4-2, 6.00%, 5/15/19   2,500   2,895,725  
  Series B-3-1, 6.00%, 5/15/15   4,000   4,221,360  
  Series B-3-2, 6.30%, 5/15/19   2,500   2,928,275  
   
    11,100,480  
 

 

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20143
 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Nebraska — 1.2%  
Central Plains Energy Project, RB, Gas Project No. 3, 5.00%, 9/01/20 $ 3,500 $ 3,908,625  
 
Nevada — 2.7%  
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B:          
  5.00%, 7/01/19   500   578,025  
  5.00%, 7/01/20   1,000   1,153,770  
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20   5,000   5,373,600  
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20   1,510   1,570,249  
   
    8,675,644  
 
New Jersey — 4.2%  
Middlesex County Improvement Authority, RB, George Street Student Housing Project, Series A, 5.00%, 8/15/14 (d)   1,000   1,025,800  
New Jersey EDA, RB, Private Activity Bonds, The Goethals Bridge Replacement Project, AMT, 5.00%, 7/01/20   250   277,748  
New Jersey EDA, Refunding RB:          
  Cigarette Tax, 5.00%, 6/15/20   2,500   2,848,875  
  School Facilities, Series GG, 5.00%, 9/01/22   2,000   2,259,840  
New Jersey Educational Facilities Authority, Refunding RB:          
  Seton Hall University, Series D, 5.00%, 7/01/19   1,060   1,227,777  
  Seton Hall University, Series D, 5.00%, 7/01/20   650   751,205  
  University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g)   2,500   3,095,675  
New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/20   2,110   2,298,317  
   
    13,785,237  
       
 
Municipal Bonds Par
(000)		   Value  
 
New York — 7.8%  
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (h):          
  7.63%, 8/01/25 $ 3,885 $ 4,263,088  
  7.75%, 8/01/31   5,000   5,486,550  
New York Mortgage Agency, Refunding RB, 35th Series, AMT, 4.50%, 10/01/20   4,000   4,076,320  
New York State Energy Research & Development Authority, Refunding RB, Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%, 2/01/24   8,500   8,863,970  
New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20   875   1,025,570  
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20   1,525   1,667,740  
   
    25,383,238  
 
North Carolina — 2.3%  
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/21   1,550   1,744,246  
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20   5,000   5,878,750  
   
    7,622,996  
 
Oklahoma — 1.0%  
Canadian County Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20   1,500   1,668,465  
County of Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A:          
  2.25%, 4/01/14   225   224,604  
  2.50%, 4/01/15   225   222,293  
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 9/01/22   1,100   1,179,794  
   
    3,295,156  
 
Pennsylvania — 4.9%  
East Hempfield Township IDA, RB, Student Services, Inc., Student Housing Project:          
  4.00%, 7/01/19   360   371,855  

 

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20144
 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Pennsylvania (concluded)  
East Hempfield Township IDA, RB, Student Services, Inc., Student Housing Project (concluded):          
  4.00%, 7/01/20 $ 465 $ 473,956  
Lancaster Industrial Development Authority, Refunding RB, Garden Spot Village Project, 5.00%, 5/01/19   1,300   1,404,598  
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20   2,175   2,307,762  
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services:          
  4.00%, 10/01/19   1,165   1,201,919  
  4.00%, 10/01/20   1,210   1,233,377  
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:          
  Drexel University, 5.00%, 5/01/20   1,575   1,820,905  
  Widener University, 5.00%, 7/15/20   600   667,062  
Pennsylvania Housing Finance Agency, Refunding RB, S/F Mortgage, Series 115A, AMT:          
  2.30%, 10/01/19   460   460,722  
  2.55%, 4/01/20   850   841,483  
  2.65%, 10/01/20   865   859,083  
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20   1,500   1,743,255  
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22   1,000   1,104,920  
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20   995   1,142,509  
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20   350   416,948  
   
    16,050,354  
 
Rhode Island — 1.3%  
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20   3,850   4,164,199  
           
 
Municipal Bonds Par
(000)		   Value  
 
South Carolina — 0.7%  
South Carolina State Ports Authority, RB, 5.00%, 7/01/20 $ 2,000 $ 2,328,220  
 
Texas — 13.0%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:          
  5.75%, 1/01/19   800   884,248  
  5.75%, 1/01/20   1,140   1,256,440  
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21   2,500   2,790,650  
City of Frisco Texas, GO, Refunding, 3.00%, 2/15/20   2,250   2,414,070  
City of Houston Texas, Refunding RB, Subordinate Lien, Series B, 5.00%, 7/01/20   250   290,705  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20   3,715   3,996,337  
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 5/15/20   5,000   5,765,950  
New Hope Cultural Education Facilities Corp., RB, Tarleton State University Project, Series A:          
  4.00%, 4/01/19   345   354,884  
  4.00%, 4/01/20   415   420,648  
North Texas Tollway Authority, Refunding RB, Series C:          
  5.25%, 1/01/20   1,000   1,127,950  
  5.38%, 1/01/21   5,000   5,708,300  
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/20   5,000   5,530,600  
Texas State Turnpike Authority, RB, CAB, 1st Tier, Series A (AMBAC) (a):          
  0.00%, 8/15/21   7,990   6,194,168  
  0.00%, 8/15/24   8,450   5,576,746  
   
    42,311,696  
 
US Virgin Islands — 0.3%  
Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund Loan Note, Series A, 5.25%,
10/01/14 (d)		   1,000   1,033,830  
 

 

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20145
 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Virginia — 5.2%  
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20 $ 2,000 $ 2,393,000  
County of Charles City Virginia EDA, RB, Waste Management, Inc. Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27 (h)   10,000   10,102,100  
County of Hanover Virginia EDC, Refunding RB, Covenant Woods, Series A, 3.00%, 7/01/15   465   460,350  
County of Russell Virginia IDA, Refunding RB, Appalachian Power, Series K, 4.63%, 11/01/21   2,000   2,139,980  
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20   1,500   1,735,470  
   
    16,830,900  
 
Washington — 1.5%  
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:          
  5.00%, 10/01/20   250   292,628  
  5.00%, 10/01/42 (h)   4,000   4,645,160  
   
    4,937,788  
 
Wisconsin — 0.9%  
State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20   1,000   1,176,100  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/20   1,515   1,728,418  
   
    2,904,518  
 
Total Municipal Bonds — 123.4%   403,510,705  
       
 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (i)

 Par
(000)		   Value  
 
Illinois — 1.7%  
City of Chicago Illinois Waterworks, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20 $ 5,000 $ 5,529,450  
 
Total Long-Term Investments
(Cost — $389,259,498) — 125.1%		   409,040,155  
       
 
Short-Term Securities
Shares		      
 
   
Money Market Funds — 0.8%  
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)   2,561,193   2,561,193  
 
  Par
(000)		      
 
   
New York — 0.1%  
City of New York New York Water & Sewer System, Refunding RB, VRDN, Sub-Series A-2 (Mizuho Corporate Bank), 0.04%, 2/03/14 (l) $ 300   300,000  
 
Total Short-Term Securities
(Cost — $2,861,193) — 0.9%		   2,861,193  
 
Total Investments
(Cost — $392,120,691*) — 126.0%		   411,901,348  
Other Assets Less Liabilities — 0.6%   2,069,922  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.1%)   (3,752,183)  
AMPS, at Redemption Value — (25.5%)   (83,325,000)  
   
Net Assets Applicable to Common Shares — 100.0% $ 326,894,087  
   

 

 
* As of January 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

  

 

Tax cost $ 388,414,784  
 
Gross unrealized appreciation $ 22,927,352  
Gross unrealized depreciation   (3,190,788)  
 
Net unrealized appreciation $ 19,736,564  
 
 

 

     

Notes to Schedule of Investments

(a) Zero-coupon bond.
(b) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(c) Non-income producing security.
(d) 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.
(e) 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.

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20146
 
Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

 

 

(f) 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.
(g) Security is collateralized by municipal or US Treasury obligations.
(h) Variable rate security. Rate shown is as of report date.
(i) Represent bonds transferred to a TOB. In exchange for which the Trust acquired residual interest certificates. These bonds serve as collateral in a financing transaction.
(j) Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
   
     

 

 
  Affiliate   Shares
Held at
April 30, 2013		   Net
Activity		   Shares
Held at
January 31, 2014		   Income  
 
  FFI Institutional Tax-Exempt Fund   1,959,251   601,942   2,561,193 $ 2,328  
 
                                           

 

(k) Represents the current yield as of report date.
(l) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

 

 

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 Guarantee Corp.
AGM Assured Guaranty Municipal Corp.
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax (subject to)
ARB Airport Revenue Bonds
CAB Capital Appreciation Bonds
COP Certificates of Participation
EDA Economic Development Authority
EDC Economic Development Corp.
GARB General Airport Revenue Bonds
GO General Obligation Bonds
IDA Industrial Development Authority
IDB Industrial Development Board
NPFGC National Public Finance Guarantee Corp.
RB Revenue Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
     

 

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20147
 
Schedule of Investments (concluded)

BlackRock Municipal 2020 Term Trust (BKK)

 

 
• 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 or liabilities that the Trust has the ability to access
 
  • 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)
 
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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, please refer to the Trust's most recent financial statements as contained in its semi-annual report.

The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of January 31, 2014:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments 1   — $ 409,040,155   — $ 409,040,155  
  Short-Term Securities $ 2,561,193   300,000   —   2,861,193  
 
Total $ 2,561,193 $ 409,340,155   — $ 411,901,348  
 
   
                                 

 

1 See above Schedule of Investments for values in each state or political subdivision.

 

 

The carrying amount for certain of the Trust’s assets and/or liabilities approximates fair value for financial reporting purposes. As of January 31, 2014, TOB Trust Certificates of $(3,750,000) is categorized as Level 2 within the disclosure hierarchy.


There were no transfers between levels during the period ended January 31, 2014.

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20148
 

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: March 25, 2014

 

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: March 25, 2014

 

  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal 2020 Term Trust

 

Date: March 25, 2014