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: 01/31/2012

 

Item 1 – Schedule of Investments

 

 

 
 

 

Schedule of Investments January 31, 2012 (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

 

$

1,195,873

 

Alaska — 2.1%

 

 

 

 

 

 

 

City of Valdez Alaska, Refunding RB, BP
Pipelines Project:

 

 

 

 

 

 

 

Series B, 5.00%, 1/01/21

 

 

3,200

 

 

3,763,072

 

Series C, 5.00%, 1/01/21

 

 

2,500

 

 

2,939,900

 

 

 

 

 

 

 

6,702,972

 

Arizona — 3.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 7/01/20

 

 

1,300

 

 

1,553,448

 

5.00%, 7/01/21

 

 

5,585

 

 

6,851,008

 

Salt Verde Financial Corp., RB, Senior:

 

 

 

 

 

 

 

5.00%, 12/01/18

 

 

1,500

 

 

1,548,135

 

5.25%, 12/01/20

 

 

1,000

 

 

1,050,440

 

 

 

 

 

 

 

11,003,031

 

California — 20.2%

 

 

 

 

 

 

 

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

 

 

815

 

 

972,099

 

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

 

 

10,000

 

 

12,659,200

 

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

 

 

5,000

 

 

5,461,300

 

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

 

 

 

 

 

 

 

5.96%, 1/15/21

 

 

12,500

 

 

7,375,125

 

5.87%, 1/15/22

 

 

10,000

 

 

5,535,300

 

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

 

 

 

 

 

 

 

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

 

 

975

 

 

1,070,911

 

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

 

 

1,500

 

 

1,623,405

 

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

 

 

11,010

 

 

11,934,069

 

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

 

 

3,750

 

 

4,591,275

 

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

 

 

6,865

 

 

3,392,477

 

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

 

 

4,000

 

 

4,097,240

 

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

 

 

7,050

 

 

7,478,640

 

 

 

 

 

 

 

66,191,041

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado — 1.7%

 

 

 

 

 

 

 

E-470 Public Highway Authority
Colorado, RB, CAB, Senior Series B
(NPFGC), 5.55%, 9/01/22 (a)

 

$

4,500

 

$

2,594,925

 

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

 

 

3,000

 

 

3,123,960

 

 

 

 

 

 

 

5,718,885

 

District of Columbia — 3.1%

 

 

 

 

 

 

 

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

 

 

4,215

 

 

4,567,205

 

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

 

 

5,000

 

 

5,441,950

 

 

 

 

 

 

 

10,009,155

 

Florida — 7.4%

 

 

 

 

 

 

 

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

 

 

3,715

 

 

3,737,104

 

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

 

 

1,250

 

 

1,412,638

 

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

 

 

5,160

 

 

6,005,982

 

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

 

 

1,910

 

 

1,908,052

 

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

 

 

2,170

 

 

2,293,516

 

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

 

 

3,525

 

 

3,344,555

 

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

 

 

250

 

 

100,023

 

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

 

 

3,530

 

 

3,145,442

 

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

 

 

2,130

 

 

2,183,143

 

 

 

 

 

 

 

24,130,455

 

Georgia — 0.7%

 

 

 

 

 

 

 

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

 

 

2,350

 

 

2,376,437

 

Illinois — 16.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 1/01/21

 

 

5,000

 

 

5,510,650

 

5.00%, 1/01/22

 

 

7,000

 

 

7,657,160

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JANUARY 31, 2012

1


 

 
 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

$

5,000

 

$

5,287,350

 

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

 

 

3,250

 

 

1,950,065

 

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

 

 

1,075

 

 

161,293

 

Northwestern University,
5.00%, 12/01/21

 

 

4,800

 

 

5,148,480

 

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

 

 

2,250

 

 

2,497,005

 

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

 

 

1,000

 

 

1,281,790

 

Metropolitan Pier & Exposition Authority
Illinois, Refunding RB, CAB,
McCormick, Series A (NPFGC), 5.45%,
6/15/22 (a)

 

 

13,455

 

 

9,273,186

 

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

 

 

10,000

 

 

11,457,200

 

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

 

 

2,000

 

 

2,392,660

 

 

 

 

 

 

 

52,616,839

 

Indiana — 4.5%

 

 

 

 

 

 

 

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

 

 

4,000

 

 

2,415,480

 

Indiana Municipal Power Agency,
Series A, 5.00%, 1/01/21

 

 

600

 

 

730,458

 

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

 

 

10,000

 

 

11,413,900

 

 

 

 

 

 

 

14,559,838

 

Kansas — 2.2%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

3,053,800

 

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

 

 

6,440

 

 

4,283,759

 

 

 

 

 

 

 

7,337,559

 

Kentucky — 0.6%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,056,620

 

Louisiana — 0.6%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,031,660

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Maryland — 2.9%

 

 

 

 

 

 

 

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

 

$

1,250

 

$

1,297,200

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Charlestown Community,
5.50%, 1/01/21

 

 

1,335

 

 

1,531,339

 

MedStar Health, 5.38%,
8/15/24

 

 

5,500

 

 

5,843,970

 

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

 

 

670

 

 

777,079

 

 

 

 

 

 

 

9,449,588

 

Massachusetts — 1.5%

 

 

 

 

 

 

 

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

 

 

4,500

 

 

4,871,385

 

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

 

 

140

 

 

140,623

 

 

 

 

 

 

 

5,012,008

 

Michigan — 3.1%

 

 

 

 

 

 

 

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

 

 

1,735

 

 

1,967,195

 

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

 

 

1,000

 

 

1,107,890

 

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

 

 

 

 

 

 

 

4.00%, 10/15/20

 

 

1,205

 

 

1,364,024

 

5.00%, 10/15/20

 

 

325

 

 

393,377

 

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

 

 

1,500

 

 

1,544,820

 

State of Michigan, Refunding RB:

 

 

 

 

 

 

 

5.00%, 11/01/20

 

 

1,000

 

 

1,223,840

 

5.00%, 11/01/21

 

 

2,000

 

 

2,422,640

 

 

 

 

 

 

 

10,023,786

 

Minnesota — 1.1%

 

 

 

 

 

 

 

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

 

 

1,250

 

 

1,327,100

 

Tobacco Securitization Authority,
Refunding RB, Tobacco Settlement,
Series B, 5.00%, 3/01/20

 

 

2,000

 

 

2,296,320

 

 

 

 

 

 

 

3,623,420

 

Mississippi — 0.9%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,045,720

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JANUARY 31, 2012

2


 

 
 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Missouri — 3.4%

 

 

 

 

 

 

 

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

 

$

5,000

 

$

5,247,150

 

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

 

 

5,500

 

 

5,996,650

 

 

 

 

 

 

 

11,243,800

 

Multi-State — 5.8%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (c)(f):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

 

1,000

 

 

1,073,680

 

6.00%, 5/15/15

 

 

4,000

 

 

4,335,000

 

6.00%, 5/15/19

 

 

2,500

 

 

2,807,300

 

6.30%, 5/15/19

 

 

2,500

 

 

2,815,675

 

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

 

 

 

 

 

 

 

5.40%

 

 

5,000

 

 

3,300,200

 

5.80%

 

 

5,000

 

 

3,400,200

 

Series D, 5.90%

 

 

2,000

 

 

1,120,080

 

 

 

 

 

 

 

18,852,135

 

Nevada — 2.0%

 

 

 

 

 

 

 

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

 

 

1,755

 

 

1,033,695

 

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

 

 

5,000

 

 

5,468,750

 

 

 

 

 

 

 

6,502,445

 

New Hampshire — 4.5%

 

 

 

 

 

 

 

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

 

 

10,318,300

 

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

 

 

4,225

 

 

4,509,554

 

 

 

 

 

 

 

14,827,854

 

New Jersey — 12.1%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,038,100

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax, 5.50%,
6/15/24

 

 

10,000

 

 

10,072,600

 

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

 

 

5,000

 

 

5,000,200

 

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

 

 

1,500

 

 

1,537,890

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

New Jersey EDA, RB (concluded):

 

 

 

 

 

 

 

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

 

$

7,500

 

$

7,958,250

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

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

 

 

520

 

 

531,289

 

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

 

 

2,000

 

 

2,374,160

 

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

 

 

2,500

 

 

3,048,925

 

New Jersey Health Care Facilities
Financing Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,110

 

 

2,351,848

 

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

 

 

4,000

 

 

4,281,880

 

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

 

 

1,250

 

 

1,474,625

 

 

 

 

 

 

 

39,669,767

 

New York — 7.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.63%, 8/01/25

 

 

3,885

 

 

3,499,647

 

7.75%, 8/01/31

 

 

5,000

 

 

4,504,400

 

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

 

 

8,500

 

 

9,005,665

 

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

 

 

1,525

 

 

1,589,355

 

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

 

 

5,000

 

 

5,315,150

 

 

 

 

 

 

 

23,914,217

 

North Carolina — 2.4%

 

 

 

 

 

 

 

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

 

 

1,550

 

 

1,803,254

 

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

 

 

5,000

 

 

6,068,650

 

 

 

 

 

 

 

7,871,904

 

Ohio — 6.3%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,745,950

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JANUARY 31, 2012

3


 

 
 

 

Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Ohio (concluded)

 

 

 

 

 

 

 

Cuyahoga County, RB, Cleveland
Clinic Health System, Series A,
6.00%, 7/01/13 (b)

 

$

13,000

 

$

14,044,810

 

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

 

 

862

 

 

820,408

 

 

 

 

 

 

 

20,611,168

 

Oklahoma — 0.6%

 

 

 

 

 

 

 

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

 

 

2,520

 

 

1,931,706

 

Pennsylvania — 7.4%

 

 

 

 

 

 

 

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

 

 

7,500

 

 

8,122,425

 

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

 

 

1,275

 

 

1,228,718

 

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

 

 

6,680

 

 

6,843,259

 

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

 

 

1,575

 

 

1,865,934

 

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

 

 

1,000

 

 

1,165,140

 

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

 

 

4,000

 

 

4,876,280

 

 

 

 

 

 

 

24,101,756

 

Puerto Rico — 4.5%

 

 

 

 

 

 

 

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

 

 

3,300

 

 

3,655,311

 

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

 

 

9,000

 

 

9,621,360

 

Puerto Rico Sales Tax Financing Corp.,
RB, Series C, 5.00%, 8/01/22

 

 

1,100

 

 

1,325,995

 

 

 

 

 

 

 

14,602,666

 

South Carolina — 0.7%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,381,520

 

Texas — 8.8%

 

 

 

 

 

 

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/19

 

 

800

 

 

877,760

 

5.75%, 1/01/20

 

 

1,140

 

 

1,264,157

 

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

 

 

2,500

 

 

2,880,050

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

250

 

$

300,215

 

Lower Colorado River Authority, 5.00%,
5/15/20

 

 

5,000

 

 

6,097,250

 

North Texas Tollway Authority, RB,
Series C:

 

 

 

 

 

 

 

5.25%, 1/01/20

 

 

1,000

 

 

1,175,040

 

5.38%, 1/01/21

 

 

5,000

 

 

5,876,500

 

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

 

 

 

 

 

 

 

5.39%, 8/15/21

 

 

7,990

 

 

5,511,103

 

5.54%, 8/15/24

 

 

8,450

 

 

4,962,009

 

 

 

 

 

 

 

28,944,084

 

US 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

 

 

1,064,960

 

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

 

 

500

 

 

500,110

 

 

 

 

 

 

 

1,565,070

 

Virginia — 6.8%

 

 

 

 

 

 

 

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

 

 

10,000

 

 

10,771,100

 

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

 

 

7,500

 

 

7,545,750

 

Roanoke EDA, RB, Carilion Clinic
Obligation Group, 5.00%, 7/01/20 (i)

 

 

1,500

 

 

1,790,550

 

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

 

 

2,000

 

 

2,219,580

 

 

 

 

 

 

 

22,326,980

 

Washington — 0.1%

 

 

 

 

 

 

 

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

 

 

250

 

 

303,568

 

Wisconsin — 2.8%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,230,200

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,515

 

 

1,783,034

 

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

 

 

2,880

 

 

2,979,533

 

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

 

 

3,190

 

 

3,290,421

 

 

 

 

 

 

 

9,283,188

 

Total Municipal Bonds – 148.5%

 

 

 

 

 

486,018,715

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JANUARY 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 Transferred to Tender Option Bond (TOB) Trusts (j)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Illinois — 1.8%

 

 

 

 

 

 

 

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

 

$

5,000

 

$

5,795,350

 

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

 

 

 

 

 

5,795,350

 

Total Long-Term Investments
(Cost – $467,661,203) – 150.3%

 

 

 

 

 

491,814,065

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

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

 

 

11,522,788

 

 

11,522,788

 

Total Short-Term Securities
(Cost – $11,522,788) – 3.5%

 

 

 

 

 

11,522,788

 

Total Investments (Cost - $479,183,991*) 153.8%

 

 

 

 

 

503,336,853

 

Other Assets Less Liabilities – 0.4%

 

 

 

 

 

1,603,516

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (1.1)%

 

 

 

 

 

(3,751,527

)

AMPS, at Liquidation Value – (53.1)%

 

 

 

 

 

(173,851,791

)

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

327,337,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*

As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

 

 

 

 

 

 

 

 

Tax cost

 

 

 

 

$

474,882,613

 

 

Gross unrealized appreciation

 

 

 

 

$

35,586,293

 

 

Gross unrealized depreciation

 

 

 

 

 

(10,882,053

)

 

Net unrealized appreciation

 

 

 

 

$

24,704,240

 

 

 

(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 pursuant to Rule 144A under 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)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Goldman Sachs & Co.

 

$

1,790,550

 

$

9,480

 

 

 

(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,
2011

 

Net
Activity

 

Shares
Held at
January 31,
2012

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

3,220,721

 

 

8,302,067

 

 

11,522,788

 

$

986

 

 

 

(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.

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

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JANUARY 31, 2012

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 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 in or out of an assigned level within the disclosure hierarchy. 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 semi-annual report.

The following table summarizes the inputs used as of January 31, 2012 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

491,814,065

 

 

—

 

$

491,814,065

 

Short-Term
Securities

 

$

11,522,788

 

 

—

 

 

—

 

 

11,522,788

 

Total

 

$

11,522,788

 

$

491,814,065

 

 

—

 

$

503,336,853

 

 

 

1

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


 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JANUARY 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: March 23, 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: March 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal 2020 Term Trust
     
  Date: March 23, 2012