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: 04/30/2012

 

Date of reporting period: 07/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments July 31, 2011 (Unaudited)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.4%

 

 

 

 

 

 

 

Courtland IDB Alabama, Refunding RB,
International Paper Co. Projects,
Series A, 4.75%, 5/01/17

 

$

1,165

 

$

1,174,530

 

Alaska — 1.1%

 

 

 

 

 

 

 

City of Valdez AK, RB, Refunding BP
Pipelines Project Series B, 5.00%,
1/01/21

 

 

3,200

 

 

3,504,320

 

Arizona — 3.7%

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp., RB,
Junior Lien, Series A:

 

 

 

 

 

 

 

5.00%, 7/01/20

 

 

1,300

 

 

1,449,357

 

5.00%, 7/01/21

 

 

5,585

 

 

6,365,169

 

Pima County IDA, Refunding RB, Tucson
Electric Power Co., San Juan, Series A,
4.95%, 10/01/20

 

 

1,015

 

 

1,008,950

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/18

 

 

1,500

 

 

1,540,770

 

5.25%, 12/01/20

 

 

1,000

 

 

1,009,700

 

 

 

 

 

 

 

11,373,946

 

California — 21.9%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB, Sutter
Health, Series B, 5.00%, 8/15/22

 

 

815

 

 

884,251

 

California State Department of Water
Resources, Refunding RB, Series L,
5.00%, 5/01/20

 

 

10,000

 

 

11,762,800

 

California Statewide Communities
Development Authority, RB, John Muir
Health, Series A, 5.00%, 8/15/22

 

 

5,000

 

 

5,155,500

 

Foothill Eastern Transportation Corridor
Agency California, Refunding RB,
CAB (a):

 

 

 

 

 

 

 

5.96%, 1/15/21

 

 

12,500

 

 

7,089,375

 

5.87%, 1/15/22

 

 

10,000

 

 

5,180,900

 

Golden State Tobacco Securitization
Corp. California, RB (b):

 

 

 

 

 

 

 

ARS, Asset-Backed, Series A-
3, 7.88%, 6/01/13

 

 

975

 

 

1,106,020

 

ARS, Asset-Backed, Series A-
5, 7.88%, 6/01/13

 

 

1,470

 

 

1,667,539

 

Series 2003-A-1, 6.63%,
6/01/13

 

 

3,000

 

 

3,339,600

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Golden State Tobacco Securitization
Corp. California, RB (b) (concluded)

 

 

 

 

 

 

 

Series 2003-A-1, 6.75%,
6/01/13

 

$

12,010

 

$

13,397,035

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
7/01/20

 

 

3,750

 

 

4,296,600

 

Riverside County Asset Leasing Corp.
California, RB, Riverside County
Hospital Project (NPFGC), 5.76%,
6/01/25 (a)

 

 

6,865

 

 

2,707,281

 

San Manuel Entertainment Authority,
Series 04-C, 4.50%, 12/01/16 (c)

 

 

4,000

 

 

4,007,560

 

State of California, GO, Various Purpose,
5.00%, 11/01/22

 

 

7,050

 

 

7,351,810

 

 

 

 

 

 

 

67,946,271

 

Colorado — 1.7%

 

 

 

 

 

 

 

E-470 Public Highway Authority
Colorado, RB, CAB, Senior Series B
(NPFGC), 5.54%, 9/01/22 (a)

 

 

4,500

 

 

2,265,165

 

Park Creek Metropolitan District
Colorado, Refunding RB, Senior,
Limited Tax, Property Tax, 5.25%,
12/01/25

 

 

3,000

 

 

2,943,510

 

 

 

 

 

 

 

5,208,675

 

District Of Columbia — 5.4%

 

 

 

 

 

 

 

District of Columbia, Refunding RB:

 

 

 

 

 

 

 

Friendship Public Charter
School, Inc. (ACA), 5.75%, 6/01/18

 

 

2,680

 

 

2,684,610

 

Friendship Public Charter
School, Inc. (ACA), 5.00%, 6/01/23

 

 

3,320

 

 

2,925,352

 

Howard University, Series A,
5.25%, 10/01/20

 

 

1,535

 

 

1,613,561

 

District of Columbia Tobacco Settlement
Financing Corp., Refunding RB,
Asset-Backed, 6.50%, 5/15/33

 

 

4,215

 

 

4,303,599

 

Metropolitan Washington Airports
Authority, Refunding RB, Series C-2,
AMT (AGM), 5.00%, 10/01/24

 

 

5,000

 

 

5,125,950

 

 

 

 

 

 

 

16,653,072

 

 

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:

 

 

ACA

American Capital Access Corp.

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.

FGIC

Financial Guaranty Insurance Co.

GO

General Obligation Bonds

IDA

Industrial Development Authority

IDB

Industrial Development Board

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

TE

Tax Exempt

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 7.6%

 

 

 

 

 

 

 

Bellalago Educational Facilities Benefit
District, Special Assessment Bonds,
Series A, 5.85%, 5/01/22

 

$

3,715

 

$

3,563,020

 

Broward County School Board Florida,
COP, Series A (AGM), 5.25%, 7/01/22

 

 

1,250

 

 

1,335,825

 

City of Jacksonville Florida, RB, Better
Jacksonville, 5.00%, 10/01/22

 

 

5,160

 

 

5,684,101

 

Habitat Community Development
District, Special Assessment Bonds,
5.80%, 5/01/25

 

 

1,910

 

 

1,816,047

 

Miami Beach Health Facilities Authority,
RB, Mount Sinai Medical Center of
Florida, 6.75%, 11/15/21

 

 

2,325

 

 

2,390,821

 

Middle Village Community Development
District, Special Assessment Bonds,
Series A, 5.80%, 5/01/22

 

 

3,525

 

 

3,364,577

 

Pine Island Community Development
District, RB, 5.30%, 11/01/10 (d)(e)

 

 

250

 

 

126,675

 

Stevens Plantation Community
Development District, Special
Assessment Bonds, Series B, 6.38%,
5/01/13

 

 

3,530

 

 

3,186,884

 

Village Community Development District
No. 5 Florida, Special Assessment
Bonds, Series A, 6.00%, 5/01/22

 

 

2,185

 

 

2,215,153

 

 

 

 

 

 

 

23,683,103

 

Georgia — 0.8%

 

 

 

 

 

 

 

Richmond County Development
Authority, RB, Environment, Series A,
AMT, 5.75%, 11/01/27

 

 

2,350

 

 

2,355,899

 

Illinois — 15.9%

 

 

 

 

 

 

 

City of Chicago Illinois, RB, General
Airport, Third Lien, Series A (AMBAC):

 

 

 

 

 

 

 

5.00%, 1/01/21

 

 

5,000

 

 

5,283,700

 

5.00%, 1/01/22

 

 

7,000

 

 

7,306,880

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Depaul University, Series C,
5.25%, 10/01/24

 

 

5,000

 

 

5,155,600

 

MJH Education Assistance IV
LLC, Sub-Series A, 5.50%,
6/01/19 (d)(e)

 

 

3,250

 

 

1,782,690

 

MJH Education Assistance IV
LLC, Sub-Series B, 5.00%,
6/01/24 (d)(e)

 

 

1,075

 

 

215,043

 

Northwestern University,
5.00%, 12/01/21

 

 

4,800

 

 

5,187,264

 

Illinois State Toll Highway Authority, RB,
Senior Priority, Series A (AGM), 5.00%,
1/01/19

 

 

2,250

 

 

2,422,193

 

Lake Cook-Dane & McHenry Counties
Community Unit School District 220
Illinois, GO, Refunding (AGM), 5.25%,
12/01/20

 

 

1,000

 

 

1,200,160

 

Metropolitan Pier & Exposition Authority
Illinois, Refunding RB, CAB,
McCormick, Series A (NPFGC), 5.44%,
6/15/22 (a)

 

 

13,455

 

 

7,903,063

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Railsplitter Tobacco Settlement
Authority, RB, 5.25%, 6/01/20

 

$

10,000

 

$

10,586,200

 

State of Illinois, RB, Build Illinois,
Series B, 5.00%, 6/15/20

 

 

2,000

 

 

2,240,720

 

 

 

 

 

 

 

49,283,513

 

Indiana — 4.7%

 

 

 

 

 

 

 

City of Vincennes Indiana, Refunding
RB, Southwest Indiana Regional Youth
Village, 6.25%, 1/01/24

 

 

4,220

 

 

3,680,937

 

Indianapolis Airport Authority, Refunding
RB, Special Facilities, FedEx Corp.
Project, AMT, 5.10%, 1/15/17

 

 

10,000

 

 

10,976,500

 

 

 

 

 

 

 

14,657,437

 

Kansas — 2.2%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB, Adventist Health,
5.25%, 11/15/20

 

 

2,500

 

 

2,864,750

 

Wyandotte County-Kansas City Unified
Government, RB, Kansas International
Speedway (NPFGC), 5.20%,
12/01/20 (a)

 

 

6,440

 

 

3,980,049

 

 

 

 

 

 

 

6,844,799

 

Kentucky — 0.7%

 

 

 

 

 

 

 

Kentucky Housing Corp., RB, Series C,
AMT, 4.63%, 7/01/22

 

 

2,000

 

 

2,015,260

 

Louisiana — 0.6%

 

 

 

 

 

 

 

Parish of DeSoto Louisiana, RB,
Series A, AMT, 5.85%, 11/01/27

 

 

2,000

 

 

2,015,300

 

Maryland — 2.9%

 

 

 

 

 

 

 

Maryland EDC, RB, Transportation
Facilities Project, Series A, 5.13%,
6/01/20

 

 

1,250

 

 

1,262,475

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Charlestown Community,
5.50%, 1/01/21

 

 

1,335

 

 

1,438,676

 

MedStar Health, 5.38%,
8/15/24

 

 

5,500

 

 

5,623,585

 

University of Maryland Medical
System, 5.00%, 7/01/19

 

 

670

 

 

742,414

 

 

 

 

 

 

 

9,067,150

 

Massachusetts — 1.6%

 

 

 

 

 

 

 

Massachusetts Development Finance
Agency, RB, Waste Management, Inc.
Project, AMT, 5.45%, 6/01/14

 

 

4,500

 

 

4,874,355

 

Massachusetts State Water Pollution
Abatement, Refunding RB, MWRA
Program, Sub-Series A, 6.00%,
8/01/23

 

 

140

 

 

140,561

 

 

 

 

 

 

 

5,014,916

 

Michigan — 3.0%

 

 

 

 

 

 

 

Kalamazoo Hospital Finance Authority,
Refunding RB, Bronson Methodist
Hospital, 5.00%, 5/15/20

 

 

1,735

 

 

1,889,050

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2011

2


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Lansing Board of Water & Light, RB,
Series A, 3.50%, 7/01/20

 

$

1,000

 

$

1,025,450

 

Michigan State Building Authority, RB,
Refunding Facilities Program Series A:

 

 

 

 

 

 

 

4.00%, 10/15/20

 

 

1,205

 

 

1,223,991

 

5.00%, 10/15/20

 

 

325

 

 

355,186

 

Michigan State Hospital Finance
Authority, Refunding RB, Hospital,
Sparrow Obligated, 4.50%, 11/15/26

 

 

1,500

 

 

1,393,050

 

State of Michigan, Refunding RB:

 

 

 

 

 

 

 

5.00%, 11/01/20

 

 

1,000

 

 

1,130,410

 

5.00%, 11/01/21

 

 

2,000

 

 

2,235,880

 

 

 

 

 

 

 

9,253,017

 

Minnesota — 0.4%

 

 

 

 

 

 

 

Minnesota Higher Education Facilities
Authority, RB, University of St.
Thomas, Series 5-Y, 5.00%,
10/01/24

 

 

1,250

 

 

1,291,338

 

Mississippi — 1.0%

 

 

 

 

 

 

 

County of Warren Mississippi, RB,
Series A, AMT, 5.85%, 11/01/27

 

 

3,000

 

 

3,013,800

 

Missouri — 3.6%

 

 

 

 

 

 

 

Missouri Development Finance Board,
RB, Branson Landing Project,
Series A, 5.50%, 12/01/24

 

 

5,000

 

 

5,171,950

 

Missouri State Health & Educational
Facilities Authority, Refunding RB, BJC
Health System, Series A, 5.00%,
5/15/20

 

 

5,500

 

 

5,844,795

 

 

 

 

 

 

 

11,016,745

 

Multi-State — 6.1%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (c)(f):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

 

1,000

 

 

1,075,740

 

6.00%, 5/15/15

 

 

4,000

 

 

4,348,920

 

6.00%, 5/15/19

 

 

2,500

 

 

2,728,850

 

6.30%, 5/15/19

 

 

2,500

 

 

2,738,175

 

MuniMae TE Bond Subsidiary
LLC (c)(f)(g):

 

 

 

 

 

 

 

5.40%

 

 

5,000

 

 

3,400,350

 

5.80%

 

 

5,000

 

 

3,400,350

 

Series D, 5.90%

 

 

2,000

 

 

1,140,140

 

 

 

 

 

 

 

18,832,525

 

Nevada — 2.0%

 

 

 

 

 

 

 

City of Henderson Nevada, Special
Assessment Bonds, District No. T-18,
5.15%, 9/01/21

 

 

1,755

 

 

986,994

 

County of Clark Nevada, Refunding RB,
Alexander Dawson School Nevada
Project, 5.00%, 5/15/20

 

 

5,000

 

 

5,289,650

 

 

 

 

 

 

 

6,276,644

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Hampshire — 4.8%

 

 

 

 

 

 

 

New Hampshire Business Finance
Authority, Refunding RB, Public
Service Co. of New Hampshire Project,
Series B, AMT (NPFGC), 4.75%,
5/01/21

 

$

10,000

 

$

10,109,300

 

New Hampshire Health & Education
Facilities Authority, Refunding RB,
Elliot Hospital, Series B, 5.60%,
10/01/22

 

 

4,500

 

 

4,676,445

 

 

 

 

 

 

 

14,785,745

 

New Jersey — 12.5%

 

 

 

 

 

 

 

Middlesex County Improvement
Authority, RB, Street Student Housing
Project, Series A, 5.00%, 8/15/23

 

 

1,000

 

 

1,012,920

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.50%,
6/15/24

 

 

10,000

 

 

9,836,400

 

Continental Airlines, Inc.
Project, AMT, 7.00%,
11/15/30 (h)

 

 

5,000

 

 

5,002,550

 

Continental Airlines, Inc.
Project, AMT, 9.00%
6/01/33 (h)

 

 

1,500

 

 

1,551,330

 

Kapkowski Road Landfill
Project, Series 1998B, AMT,
6.50%, 4/01/31

 

 

7,500

 

 

7,338,075

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

First Mortgage, Winchester,
Series A, 4.80%, 11/01/13

 

 

765

 

 

784,729

 

School Facilities, Series GG,
5.00%, 9/01/22

 

 

2,000

 

 

2,147,540

 

New Jersey Educational Facilities
Authority, Refunding RB, University of
Medicine & Dentistry, Series B,
6.25%, 12/01/18

 

 

2,500

 

 

2,927,150

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB:

 

 

 

 

 

 

 

AtlantiCare Regional Medical
Center, 5.00%, 7/01/20

 

 

2,110

 

 

2,266,225

 

Capital Health System
Obligation Group, Series A,
5.75%, 7/01/13 (b)

 

 

4,000

 

 

4,368,040

 

Newark Housing Authority, RB, South
Ward Police Facility (AGC), 5.00%,
12/01/21

 

 

1,250

 

 

1,358,150

 

 

 

 

 

 

 

38,593,109

 

New York — 8.0%

 

 

 

 

 

 

 

New York City Industrial Development
Agency, RB, American Airlines, Inc.,
JFK International Airport, AMT (h):

 

 

 

 

 

 

 

7.63%, 8/01/25

 

 

3,885

 

 

3,998,637

 

7.75%, 8/01/31

 

 

5,000

 

 

5,158,450

 

New York State Energy Research &
Development Authority, Refunding RB,
Brooklyn Union Gas/Keyspan,
Series A, AMT (FGIC), 4.70%, 2/01/24

 

 

8,500

 

 

8,632,685

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
5.00%, 12/01/20

 

$

1,525

 

$

1,524,893

 

Tobacco Settlement Financing Corp.
New York, RB, Asset-Backed,
Series B-1C, 5.50%, 6/01/20

 

 

5,000

 

 

5,346,200

 

 

 

 

 

 

 

24,660,865

 

North Carolina — 2.4%

 

 

 

 

 

 

 

North Carolina Eastern Municipal Power
Agency, Refunding RB, Series B,
5.00%, 1/01/21

 

 

1,550

 

 

1,696,537

 

North Carolina Municipal Power Agency
No. 1, Refunding RB, Series B, 5.00%,
1/01/20

 

 

5,000

 

 

5,687,400

 

 

 

 

 

 

 

7,383,937

 

Ohio — 6.5%

 

 

 

 

 

 

 

American Municipal Power-Ohio, Inc.,
RB, Prairie State Energy Campus
Project, Series A, 5.25%, 2/15/23

 

 

5,000

 

 

5,383,500

 

County of Cuyahoga Ohio, Refunding RB,
Series A:

 

 

 

 

 

 

 

6.00%, 1/01/19

 

 

3,000

 

 

3,206,010

 

6.00%, 1/01/20

 

 

10,000

 

 

10,648,800

 

Pinnacle Community Infrastructure
Financing Authority, RB, Facilities,
Series A, 6.00%, 12/01/22

 

 

916

 

 

813,472

 

 

 

 

 

 

 

20,051,782

 

Oklahoma — 1.1%

 

 

 

 

 

 

 

Tulsa Airports Improvement Trust, RB,
Series A, Mandatory Put Bonds, AMT,
7.75%, 6/01/35 (h)

 

 

3,350

 

 

3,461,890

 

Pennsylvania — 7.6%

 

 

 

 

 

 

 

Lancaster County Hospital Authority, RB,
General Hospital Project, 5.75%,
9/15/13 (b)

 

 

7,500

 

 

8,289,525

 

Montgomery County IDA Pennsylvania,
MRB, Whitemarsh Continuing Care,
6.00%, 2/01/21

 

 

1,275

 

 

1,165,235

 

Pennsylvania Higher Educational
Facilities Authority, RB, LaSalle
University, 5.50%, 5/01/26

 

 

6,680

 

 

6,765,170

 

Pennsylvania Higher Educational
Facilities Authority, Refunding RB,
Drexel University, Series A, 5.00%,
5/01/20

 

 

1,575

 

 

1,739,257

 

Pennsylvania Turnpike Commission, RB,
Sub-Series A (AGC), 5.00%, 6/01/22

 

 

1,000

 

 

1,086,790

 

Pennsylvania Turnpike Commission,
Refunding RB, Series A, 5.00%,
12/01/20

 

 

4,000

 

 

4,591,040

 

 

 

 

 

 

 

23,637,017

 

Puerto Rico — 4.3%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Public Improvement, Series B, 5.25%,
7/01/17

 

 

3,300

 

 

3,580,071

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

Puerto Rico Electric Power Authority, RB,
Series NN, 5.13%, 7/01/13 (b)

 

$

9,000

 

$

9,829,890

 

 

 

 

 

 

 

13,409,961

 

South Carolina — 0.7%

 

 

 

 

 

 

 

South Carolina State Ports Authority, RB,
5.00%, 7/01/20

 

 

2,000

 

 

2,217,640

 

Texas — 7.6%

 

 

 

 

 

 

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/19

 

 

800

 

 

879,408

 

5.75%, 1/01/20

 

 

1,140

 

 

1,238,097

 

City of Dallas Texas, Refunding RB
(AGC), 5.00%, 8/15/21

 

 

2,500

 

 

2,695,800

 

City of Houston TX, RB, Refunding, Sub
Lien, Series B, 5.00%, 7/01/20

 

 

250

 

 

279,128

 

North Texas Tollway Authority, RB,
Series C:

 

 

 

 

 

 

 

5.25%, 1/01/20

 

 

1,000

 

 

1,112,110

 

5.38%, 1/01/21

 

 

5,000

 

 

5,535,650

 

Port Corpus Christi Industrial
Development Corp. Texas, Refunding
RB, Valero, Series C, 5.40%, 4/01/18

 

 

2,985

 

 

2,985,149

 

Texas State Turnpike Authority, RB, CAB,
First Tier, Series A (AMBAC) (a):

 

 

 

 

 

 

 

5.39%, 8/15/21

 

 

7,990

 

 

4,784,092

 

5.54%, 8/15/24

 

 

8,450

 

 

4,056,845

 

 

 

 

 

 

 

23,566,279

 

U.S. Virgin Islands — 0.5%

 

 

 

 

 

 

 

Virgin Islands Public Finance Authority,
RB, Senior Lien, Matching Fund Loan
Note, Series A, 5.25%, 10/01/17

 

 

1,000

 

 

1,064,440

 

Virgin Islands Public Finance Authority,
Refunding RB, Senior Secured,
Hovensa Coker Project, AMT, 6.50%,
7/01/21

 

 

500

 

 

493,830

 

 

 

 

 

 

 

1,558,270

 

Virginia — 7.7%

 

 

 

 

 

 

 

Celebrate North Community
Development Authority, Special
Assessment Bonds, Celebrate Virginia
North Project, Series B, 6.60%,
3/01/25

 

 

4,778

 

 

3,632,140

 

Charles City County EDA, RB, Waste
Management Inc. Project, Mandatory
Put Bonds, AMT, 5.13%, 8/01/27 (h)

 

 

10,000

 

 

10,722,000

 

Mecklenburg County IDA Virginia,
Refunding RB, Exempt Facility, UAE LP
Project, AMT, 6.50%, 10/15/17

 

 

7,500

 

 

7,512,825

 

Russell County IDA, Refunding RB,
Appalachian Power, Series K, 4.63%,
11/01/21

 

 

2,000

 

 

2,098,200

 

 

 

 

 

 

 

23,965,165

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2011

4

 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington — 0.1%

 

 

 

 

 

 

 

Washington Health Care Facilities
Authority, RB, Providence Health &
Services, Series B, 5.00%, 10/01/20

 

$

250

 

$

284,875

 

Wisconsin — 2.9%

 

 

 

 

 

 

 

State of Wisconsin, Refunding RB,
Series A, 5.25%, 5/01/20

 

 

1,000

 

 

1,163,400

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Froedtert & Community
Health, Inc., 5.00%, 4/01/20

 

 

1,515

 

 

1,676,347

 

Wheaton Franciscan Services,
Series A, 5.50%, 8/15/17

 

 

2,880

 

 

2,978,122

 

Wheaton Franciscan Services,
Series A, 5.50%, 8/15/18

 

 

3,190

 

 

3,278,618

 

 

 

 

 

 

 

9,096,487

 

Total Municipal Bonds –154.0%

 

 

 

 

 

477,155,282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (i)

 

 

 

 

 

 

 

Illinois — 1.8%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
Second Lien (AGM), 5.00%, 11/01/20

 

 

5,000

 

 

5,554,800

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 1.8%

 

 

 

 

 

5,554,800

 

Total Long-Term Investments
(Cost – $474,739,253) – 155.8%

 

 

 

 

 

482,710,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (j)(k)

 

 

888,998

 

 

888,998

 

Total Short-Term Securities
(Cost – $888,998) – 0.3%

 

 

 

 

 

888,998

 

Total Investments
(Cost – $475,628,251*) – 156.1%

 

 

 

 

 

483,599,080

 

Other Assets Less Liabilities – 1.2%

 

 

 

 

 

3,763,777

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (1.2)%

 

 

 

 

 

(3,751,635

)

AMPS at Redemption Value - (56.1)%

 

 

 

 

 

(173,853,017

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

309,758,205

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

471,326,873

 

 

Gross unrealized appreciation

 

$

20,371,725

 

 

Gross unrealized depreciation

 

 

(11,849,518

)

 

Net unrealized appreciation

 

$

8,522,207

 

 

 

(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.

 

 

(c)

Security exempt from registration under Rule 144A of the Securities Act of 1933. 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 interest payments.

 

 

(e)

Non-income producing security.

 

 

(f)

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.

 

 

(g)

Security is perpetual in nature and has no stated maturity date.

 

 

(h)

Variable rate security. Rate shown is as of report date.

 

 

(i)

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.

 

 

(j)

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, 2011

 

Net
Activity

 

Shares
Held at
July 31, 2011

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

3,220,721

 

 

(2,331,723

)

 

888,998

 

$

764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(k)

Represents the current yield as of report date.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2011

5


 

 

 

 

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 are categorized in three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — 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)

 

 

 

The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust’s perceived risk of 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 inputs used as of July 31, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

482,710,082

 

 

—

 

$

482,710,082

 

Short-Term Securities

 

$

888,998

 

 

—

 

 

 

 

 

888,998

 

Total

 

$

888,998

 

$

482,710,082

 

 

—

 

$

483,599,080

 

 

 

1

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

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2011

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 26, 2011 

 

 

 

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 26, 2011 

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews 

 

 

Chief Financial Officer (principal financial officer) of 

 

 

BlackRock Municipal 2020 Term Trust 

 

 

 

 

Date: September 26, 2011