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: 04/30/2015
Date of reporting period: 07/31/2014
Item 1 – Schedule of Investments
Schedule of Investments July 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 | $ | 1,160,690 | |
Courtland Alabama IDB, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17 | 1,165 | 1,175,194 | |||
2,335,884 | |||||
Alaska — 2.0% | |||||
City of Valdez Alaska, Refunding RB, BP Pipelines Project: | |||||
Series B, 5.00%, 1/01/21 | 3,200 | 3,764,832 | |||
Series C, 5.00%, 1/01/21 | 2,500 | 2,941,275 | |||
6,706,107 | |||||
Arizona — 3.5% | |||||
City of Phoenix Arizona IDA, RB, Series A, 4.75%, 7/01/19 (a) | 640 | 659,194 | |||
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A: | |||||
5.00%, 7/01/20 | 1,300 | 1,530,100 | |||
5.00%, 7/01/21 | 5,585 | 6,521,660 | |||
Salt Verde Financial Corp., RB, Senior: | |||||
5.00%, 12/01/18 | 1,500 | 1,675,935 | |||
5.25%, 12/01/20 | 1,000 | 1,150,640 | |||
11,537,529 | |||||
California — 9.0% | |||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22 | 815 | 942,898 | |||
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22 | 5,000 | 5,407,050 | |||
County of Riverside California Asset Leasing Corp., RB, Riverside County Hospital Project (NPFGC), 0.00%, 6/01/25 (b) | 6,865 | 4,600,580 | |||
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT: | |||||
5.00%, 1/01/19 | 540 | 622,220 | |||
5.00%, 1/01/20 | 550 | 639,513 | |||
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 | 3,750 | 4,427,400 |
Municipal Bonds | Par (000) |
Value | |||
California (concluded) | |||||
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22 | $ | 1,000 | $ | 1,236,720 | |
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20 | 10,000 | 11,986,200 | |||
29,862,581 | |||||
Colorado — 1.5% | |||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project: | |||||
4.00%, 8/15/19 | 125 | 136,600 | |||
4.00%, 8/15/20 | 150 | 163,300 | |||
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project: | |||||
4.00%, 12/01/19 | 555 | 596,159 | |||
4.00%, 12/01/20 | 580 | 622,642 | |||
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 0.00%, 9/01/22 (b) | 4,500 | 3,503,700 | |||
5,022,401 | |||||
District of Columbia — 1.5% | |||||
Metropolitan Washington Airports Authority, Refunding RB, Series C-2, AMT (AGM), 5.00%, 10/01/24 | 5,000 | 5,031,700 | |||
Florida — 6.6% | |||||
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22 | 5,160 | 5,847,725 | |||
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22 | 1,250 | 1,420,700 | |||
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 | 1,375 | 1,604,240 | |||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20 | 500 | 587,730 | |||
Habitat Community Development District, Special Assessment Bonds, 5.80%, 5/01/25 | 1,615 | 1,633,540 | |||
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center Florida, 6.75%, 11/15/21 | 1,840 | 1,871,133 |
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 1 | |||
Schedule of Investments (continued) | BlackRock Municipal 2020 Term Trust (BKK) |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Florida (concluded) | |||||
Pine Island Community Development District, RB, 5.30%, 11/01/10 (c)(d) | $ | 250 | $ | 140,175 | |
State of Florida Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 | 5,000 | 5,948,750 | |||
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 12/31/49 | 3,530 | 2,630,273 | |||
21,684,266 | |||||
Georgia — 2.4% | |||||
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement - Life Communities, Inc. Obligated Group, 5.00%, 11/15/22 | 6,915 | 7,770,593 | |||
Guam — 0.5% | |||||
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20 | 250 | 286,188 | |||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 | 1,190 | 1,380,935 | |||
1,667,123 | |||||
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 | 1,414,765 | |||
5.00%, 11/15/20 | 1,440 | 1,607,285 | |||
3,022,050 | |||||
Illinois — 14.4% | |||||
City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20 | 1,000 | 1,138,390 | |||
City of Chicago Illinois, O'Hare International Airport, GARB, 3rd Lien, Series A (AMBAC): | |||||
5.00%, 1/01/21 | 5,000 | 5,295,950 | |||
5.00%, 1/01/22 | 7,000 | 7,409,150 | |||
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%, 12/01/20 | 1,000 | 1,197,540 |
Municipal Bonds | Par (000) |
Value | |||
Illinois (concluded) | |||||
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22 (b) | $ | 13,455 | $ | 10,371,921 | |
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20 | 10,000 | 11,688,700 | |||
State of Illinois, GO, 5.00%, 7/01/20 | 5,255 | 5,816,392 | |||
State of Illinois, RB, Series B: | |||||
5.00%, 6/15/19 (e) | 515 | 604,085 | |||
5.00%, 6/15/20 | 1,485 | 1,718,249 | |||
State of Illinois Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 7/01/15 (e) | 2,250 | 2,349,495 | |||
47,589,872 | |||||
Indiana — 5.0% | |||||
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24 | 3,515 | 2,154,273 | |||
Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19 | 2,465 | 2,657,689 | |||
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21 | 600 | 703,932 | |||
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17 | 10,000 | 10,990,400 | |||
16,506,294 | |||||
Iowa — 1.7% | |||||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%, 12/01/19 | 5,320 | 5,592,544 | |||
Kansas — 2.4% | |||||
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20 (b) | 6,440 | 5,026,613 |
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 2 | |||
Schedule of Investments (continued) | BlackRock Municipal 2020 Term Trust (BKK) |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Kansas (concluded) | |||||
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20 | $ | 2,500 | $ | 2,895,250 | |
7,921,863 | |||||
Kentucky — 2.1% | |||||
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A: | |||||
3.50%, 12/01/20 | 2,115 | 2,258,883 | |||
5.00%, 12/01/20 | 1,430 | 1,674,902 | |||
Kentucky Housing Corp., RB, S/F Housing, Series C, AMT, 4.63%, 7/01/22 | 2,000 | 2,054,420 | |||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project (b): | |||||
0.00%, 7/01/19 | 255 | 217,515 | |||
0.00%, 7/01/20 | 1,000 | 813,950 | |||
7,019,670 | |||||
Louisiana — 0.7% | |||||
City of New Orleans, Refunding RB, 5.00%, 12/01/20 | 400 | 459,712 | |||
Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27 | 2,000 | 2,005,920 | |||
2,465,632 | |||||
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 | 313,951 | |||
5.00%, 7/01/20 | 500 | 578,775 | |||
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20 | 1,250 | 1,362,825 | |||
Maryland Health & Higher Educational Facilities Authority, Refunding RB: | |||||
Charlestown Community, 5.50%, 1/01/21 | 1,335 | 1,490,474 | |||
University of Maryland, Medical System, 5.00%, 7/01/19 | 670 | 768,061 |
Municipal Bonds | Par (000) |
Value | |||
Maryland (concluded) | |||||
Maryland State and Local Facilities Loan, GO, 1st Series B, 5.00%, 3/15/20 | $ | 2,000 | $ | 2,384,060 | |
6,898,146 | |||||
Massachusetts — 0.4% | |||||
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/20 | 1,000 | 1,126,970 | |||
State of Massachusetts Water Pollution Abatement Trust, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23 | 140 | 140,669 | |||
1,267,639 | |||||
Michigan — 2.9% | |||||
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20 | 1,500 | 1,499,115 | |||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20 | 1,535 | 1,690,894 | |||
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20 | 1,000 | 1,094,430 | |||
State of Michigan Building Authority, Refunding RB, Facilities Program: | |||||
Series 1-A, 5.00%, 10/15/20 | 325 | 380,429 | |||
Series 2-A, 4.00%, 10/15/20 | 1,205 | 1,340,659 | |||
State of Michigan Trunk Line, Refunding RB: | |||||
5.00%, 11/01/20 | 1,000 | 1,165,390 | |||
5.00%, 11/01/21 | 2,000 | 2,342,940 | |||
9,513,857 | |||||
Minnesota — 1.1% | |||||
Minnesota Higher Education Facilities Authority, RB, University of St. Thomas, Series 5-Y, 5.00%, 10/01/24 | 1,250 | 1,259,650 | |||
State of Minnesota Trunk Highway, GO, Series B, 5.00%, 10/01/20 | 2,000 | 2,400,020 | |||
3,659,670 | |||||
Missouri — 3.0% | |||||
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20 | 3,000 | 3,519,210 |
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 3 | |||
Schedule of Investments (continued) | BlackRock Municipal 2020 Term Trust (BKK) |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Missouri (concluded) | |||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, Series A: | |||||
BJC Health System, 5.00%, 5/15/20 | $ | 5,500 | $ | 5,702,180 | |
Coxhealth, 5.00%, 11/15/20 | 500 | 582,715 | |||
9,804,105 | |||||
Multi-State — 3.3% | |||||
Centerline Equity Issuer Trust (a)(f): | |||||
Series A-4-1, 5.75%, 10/31/52 | 1,000 | 1,034,550 | |||
Series A-4-2, 6.00%, 10/31/52 | 2,500 | 2,885,275 | |||
Series B-3-1, 6.00%, 10/31/52 | 4,000 | 4,138,800 | |||
Series B-3-2, 6.30%, 10/31/52 | 2,500 | 2,915,075 | |||
10,973,700 | |||||
Nebraska — 1.2% | |||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/20 | 3,500 | 3,888,570 | |||
Nevada — 2.6% | |||||
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B: | |||||
5.00%, 7/01/19 | 500 | 583,155 | |||
5.00%, 7/01/20 | 1,000 | 1,176,390 | |||
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20 | 5,000 | 5,342,300 | |||
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20 | 1,425 | 1,531,006 | |||
8,632,851 | |||||
New Jersey — 4.2% | |||||
Middlesex County Improvement Authority, RB, George Street Student Housing Project, Series A, 5.00%, 8/15/14 | 1,000 | 1,001,890 | |||
New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 7/01/20 | 250 | 287,957 | |||
New Jersey EDA, Refunding RB: | |||||
Cigarette Tax, 5.00%, 6/15/20 | 2,500 | 2,868,050 |
Municipal Bonds | Par (000) |
Value | |||
New Jersey (concluded) | |||||
New Jersey EDA, Refunding RB (concluded): | |||||
School Facilities, Series GG, 5.00%, 9/01/22 | $ | 2,000 | $ | 2,252,980 | |
New Jersey Educational Facilities Authority, Refunding RB: | |||||
Seton Hall University, Series D, 5.00%, 7/01/19 | 1,060 | 1,223,770 | |||
Seton Hall University, Series D, 5.00%, 7/01/20 | 650 | 755,937 | |||
University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g) | 2,500 | 3,050,400 | |||
New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/20 | 2,110 | 2,295,026 | |||
13,736,010 | |||||
New York — 7.2% | |||||
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 | 4,265,108 | |||
7.75%, 8/01/31 | 5,000 | 5,519,450 | |||
New York Mortgage Agency, Refunding RB, S/F Housing, 35th Series, AMT, 4.50%, 10/01/20 | 2,165 | 2,192,690 | |||
New York State Energy Research & Development Authority, Refunding RB, Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%, 2/01/24 | 8,500 | 8,928,485 | |||
New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20 | 875 | 1,023,803 | |||
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20 | 1,525 | 1,761,955 | |||
23,691,491 | |||||
North Carolina — 2.3% | |||||
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/21 | 1,550 | 1,744,912 |
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 4 | |||
Schedule of Investments (continued) | BlackRock Municipal 2020 Term Trust (BKK) |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
North Carolina (concluded) | |||||
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20 | $ | 5,000 | $ | 5,850,300 | |
7,595,212 | |||||
Ohio — 1.7% | |||||
Ohio State Water Development Authority, Refunding RB, Series B, 4.00%, 12/01/33 (h) | 5,300 | 5,593,143 | |||
Oklahoma — 0.9% | |||||
County of Canadian Oklahoma Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20 | 1,500 | 1,684,470 | |||
County of Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A, 2.50%, 4/01/15 | 225 | 217,453 | |||
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 9/01/22 | 1,100 | 1,225,455 | |||
3,127,378 | |||||
Pennsylvania — 6.0% | |||||
County of Beaver Pennsylvania IDA, Refunding RB, FirstEnergy Nuclear Generation Project, Series B, 3.50%, 12/01/35 (h) | 3,405 | 3,446,166 | |||
Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 5/01/19 | 1,300 | 1,394,029 | |||
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20 | 2,175 | 2,340,148 | |||
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services: | |||||
4.00%, 10/01/19 | 1,165 | 1,208,454 | |||
4.00%, 10/01/20 | 1,210 | 1,247,994 | |||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A: | |||||
Drexel University, 5.00%, 5/01/20 | 1,575 | 1,826,417 | |||
Widener University, 5.00%, 7/15/20 | 600 | 680,832 |
Municipal Bonds | Par (000) |
Value | |||
Pennsylvania (concluded) | |||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Mortgage, Series 115A, AMT: | |||||
2.30%, 10/01/19 | $ | 460 | $ | 466,905 | |
2.55%, 4/01/20 | 850 | 852,559 | |||
2.65%, 10/01/20 | 865 | 877,430 | |||
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20 | 1,500 | 1,748,100 | |||
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22 | 1,000 | 1,115,420 | |||
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20 | 995 | 1,160,090 | |||
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20 | 350 | 416,241 | |||
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project: | |||||
4.00%, 7/01/19 | 360 | 380,218 | |||
4.00%, 7/01/20 | 465 | 488,483 | |||
19,649,486 | |||||
Rhode Island — 1.3% | |||||
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20 | 3,850 | 4,317,043 | |||
South Carolina — 0.7% | |||||
South Carolina State Ports Authority, RB, 5.00%, 7/01/20 | 2,000 | 2,335,060 | |||
Texas — 15.0% | |||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: | |||||
5.75%, 1/01/19 | 800 | 919,800 | |||
5.75%, 1/01/20 | 1,140 | 1,328,146 | |||
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21 | 2,500 | 2,801,950 | |||
City of Frisco Texas, GO, Refunding, 3.00%, 2/15/20 | 2,250 | 2,416,680 | |||
City of Houston Texas Airport System, Refunding RB: | |||||
Subordinate Lien, Series B, 5.00%, 7/01/20 | 250 | 291,577 | |||
United Airlines, Inc. Terminal E Project, 4.50%, 7/01/20 | 5,000 | 5,139,700 |
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 5 | |||
Schedule of Investments (continued) | BlackRock Municipal 2020 Term Trust (BKK) |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Texas (concluded) | |||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20 | $ | 3,715 | $ | 4,175,957 | |
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 5/15/20 | 5,000 | 5,823,350 | |||
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A: | |||||
4.00%, 4/01/19 | 345 | 362,830 | |||
4.00%, 4/01/20 | 585 | 623,113 | |||
4.00%, 4/01/20 | 415 | 435,580 | |||
North Texas Tollway Authority, Refunding RB, Series C: |
|||||
5.25%, 1/01/20 | 1,000 | 1,133,540 | |||
5.38%, 1/01/21 | 5,000 | 5,721,250 | |||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/20 | 5,000 | 5,706,650 | |||
Texas State Turnpike Authority, RB, CAB, 1st Tier, Series A (AMBAC) (b): | |||||
0.00%, 8/15/21 | 7,990 | 6,697,937 | |||
0.00%, 8/15/24 | 8,450 | 5,928,097 | |||
49,506,157 | |||||
U.S. Virgin Islands — 0.3% | |||||
Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund Loan Note, Series A, 5.25%, 10/01/14 (e) | 1,000 | 1,008,430 | |||
Virginia — 2.1% | |||||
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20 | 2,000 | 2,386,600 | |||
County of Hanover Virginia EDC, Refunding RB, Covenant Woods, Series A, 3.00%, 7/01/15 | 465 | 469,706 | |||
County of Russell Virginia IDA, Refunding RB, Appalachian Power, Series K, 4.63%, 11/01/21 | 2,000 | 2,193,520 |
Municipal Bonds | Par (000) |
Value | ||||
Virginia (concluded) | ||||||
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20 | $ | 1,500 | $ | 1,734,960 | ||
6,784,786 | ||||||
Washington — 2.5% | ||||||
County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20 | 2,625 | 3,118,369 | ||||
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B: | ||||||
5.00%, 10/01/20 | 250 | 293,380 | ||||
5.00%, 10/01/42 (h) | 4,000 | 4,686,640 | ||||
8,098,389 | ||||||
Wisconsin — 0.9% | ||||||
State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20 | 1,000 | 1,177,480 | ||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.00%, 4/01/20 | 1,515 | 1,720,495 | ||||
2,897,975 | ||||||
Total Municipal Bonds — 116.6% | 384,715,207 | |||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (i) | ||||||
Illinois — 1.7% | ||||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20 | 5,000 | 5,661,000 | ||||
Total Long-Term Investments (Cost — $365,520,502) — 118.3% |
390,376,207 | |||||
Short-Term Securities | Shares | |||||
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k) | 231,644 | 231,644 | ||||
Total Short-Term Securities (Cost — $231,644) — 0.1% |
231,644 | |||||
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 6 | |||
Schedule of Investments (continued) | BlackRock Municipal 2020 Term Trust (BKK) |
(Percentages shown are based on Net Assets) |
Value | |||
Total Investments (Cost — $365,752,146*) — 118.4% |
$ | 390,607,851 | |
Other Assets Less Liabilities — 0.8% | 2,655,994 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.1%) | (3,752,420) | ||
AMPS Shares, at Redemption Value — (18.1%) | (59,700,000) | ||
Net Assets Applicable to Common Shares — 100.0% | $ | 329,811,425 | |
* | As of July 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
Tax cost | $ | 362,327,221 |
Gross unrealized appreciation | $ | 27,266,696 |
Gross unrealized depreciation | (2,736,066) | |
Net unrealized appreciation | $ | 24,530,630 |
Notes to Schedule of Investments | ||
(a) | 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. | |
(b) | Zero-coupon bond. | |
(c) | Non-income producing security. | |
(d) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |
(e) | U.S. 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. | |
(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 U.S. 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 received cash and 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 July 31, 2014, 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, 2014 |
Net Activity |
Shares Held at July 31, 2014 |
Income | |||||||||||||||||
FFI Institutional Tax-Exempt Fund | 2,353,008 | (2,121,364) | 231,644 | $ | 404 | ||||||||||||||||
(k) | Represents the current yield as of report date. |
Portfolio Abbreviations | ||
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 | |
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 7 | |||
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 annual report. The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2014: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments 1 | — | $ | 390,376,207 | — | $ | 390,376,207 | ||||||||||
Short-Term Securities | $ | 231,644 | — | — | 231,644 | |||||||||||
Total | $ | 231,644 | $ | 390,376,207 | — | $ | 390,607,851 | |||||||||
1 | See above Schedule of Investments for values in each state or political subdivision. |
The Trust may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of July 31, 2014, TOB trust certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy. |
There were no transfers between levels during the period ended July 31, 2014. |
BlackRock Municipal 2020 Term Trust | July 31, 2014 | 8 | |||
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, 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: September 25, 2014 | ||
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Municipal 2020 Term Trust | ||
Date: September 25, 2014 |