UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: Anne F. Ackerley, Chief Executive Officer, BlackRock
Municipal 2020 Term Trust, 40 East 52nd Street, New York, NY 10022.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2010
Date of reporting period: 07/31/2009
Item 1 – Schedule of Investments
| BlackRock Municipal 2020 Term Trust | ||||||
| Schedule of Investments July 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
| Par | ||||||
| State | Municipal Bonds | (000) | Value | |||
| Alabama - 0.4% | Courtland Industrial Development Board, Alabama, Refunding RB, | |||||
| International Paper Co. Projects, Series A, 4.75%, 5/01/17 | $ 1,165 | $ 1,026,691 | ||||
| Arizona - 3.3% | Phoenix Civic Improvement Corp., RB, Junior Lien, Series A, 5.00%, | 5,585 | 6,136,686 | |||
| Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/18 | 1,500 | 1,358,415 | ||||
| Salt Verde Financial Corp., RB, Senior, 5.25%, 12/01/20 | 1,000 | 908,210 | ||||
| 8,403,311 | ||||||
| California - 22.1% | California Statewide Communities Development Authority, RB, John Muir | |||||
| Health, Series A, 5.00%, 8/15/22 | 5,000 | 4,837,100 | ||||
| Foothill Eastern Transportation Corridor Agency, California, Refunding | ||||||
| RB, CAB, 5.95%, 1/15/21 (a) | 12,500 | 4,774,750 | ||||
| Foothill Eastern Transportation Corridor Agency, California, Refunding | ||||||
| RB, CAB, 5.86%, 1/15/22 (a) | 10,000 | 3,491,100 | ||||
| Golden State Tobacco Securitization Corp., California, RB, Enhanced, | ||||||
| Asset Backed, Series B, 5.38%, 6/01/10 (b) | 8,500 | 8,832,860 | ||||
| Golden State Tobacco Securitization Corp., California, RB, Series 2003-A- | ||||||
| 1, 6.63%, 6/01/13 (b) | 3,000 | 3,546,840 | ||||
| Golden State Tobacco Securitization Corp., California, RB, Series 2003-A- | ||||||
| 1, 6.75%, 6/01/13 (b) | 12,010 | 14,254,669 | ||||
| Golden State Tobacco Securitization Corp., California, RB, Series A-3, | ||||||
| 7.88%, 6/01/13 (b) | 975 | 1,195,525 | ||||
| Golden State Tobacco Securitization Corp., California, RB, Series A-5, | ||||||
| 7.88%, 6/01/13 (b) | 1,470 | 1,802,485 | ||||
| Los Angeles Unified School District, California, GO, Series I, | ||||||
| 5.00%, 7/01/20 | 3,750 | 3,956,887 | ||||
| Riverside County Asset Leasing Corp., California, RB, Riverside County | ||||||
| Hospital Project (MBIA), 5.74%, 6/01/25 (a) | 6,865 | 2,574,993 | ||||
| State of California, GO, Various Purpose, 5.00%, 11/01/22 | 7,050 | 7,127,409 | ||||
| 56,394,618 | ||||||
| Colorado - 1.8% | E-470 Public Highway Authority, Colorado, RB, CAB, Senior, Series B | |||||
| (MBIA), 5.50%, 9/01/22 (a) | 4,500 | 1,830,870 | ||||
| Park Creek Metropolitan District, Colorado, Refunding RB, Senior, Limited | ||||||
| Tax Property Tax, 5.25%, 12/01/25 | 3,000 | 2,661,660 | ||||
| 4,492,530 | ||||||
| Portfolio Abbreviations | ||||||
| The 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. | GO | General Obligation Bonds | |||
| AGC | Assured Guaranty Corp. | IDA | Industrial Development Authority | |||
| AMBAC | American Municipal Bond Assurance Corp. | ISD | Independent School District | |||
| AMT | Alternative Minimum Tax (subject to) | MBIA | Municipal Bond Investors Assurance | |||
| CAB | Capital Appreciation Bonds | (National Public Finance Guaranty Corp.) | ||||
| COP | Certificates of Participation | RB | Revenue Bonds | |||
| EDA | Economic Development Authority | S/F | Single-Family | |||
| FGIC | Financial Guaranty Insurance Co. | TAN | Tax Anticipation Notes | |||
| FNMA | Federal National Mortgage Association | VRDN | Variable Rate Demand Notes | |||
| FSA | Financial Security Assurance Inc. | |||||
| 1 | ||||||
| BlackRock Municipal 2020 Term Trust | ||||
| Schedule of Investments July 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
| Par | ||||
| State | Municipal Bonds | (000) | Value | |
| District of | District of Columbia, RB, Friendship Public Charter School Inc. (ACA), | |||
| Columbia - 5.1% | 5.75%, 6/01/18 | $ 2,680 | $ 2,281,672 | |
| District of Columbia, RB, Friendship Public Charter School Inc. (ACA), | ||||
| 5.00%, 6/01/23 | 3,320 | 2,376,190 | ||
| District of Columbia Tobacco Settlement Financing Corp., RB, Asset | ||||
| Backed Bonds, 6.50%, 5/15/33 | 4,215 | 3,565,890 | ||
| Metropolitan Washington Airports Authority, Refunding RB, Series C-2 | ||||
| (FSA), AMT, 5.00%, 10/01/24 | 5,000 | 4,911,050 | ||
| 13,134,802 | ||||
| Florida - 12.7% | Bellalago Educational Facilities Benefit District, Special Assessment, | |||
| Series A, 5.85%, 5/01/22 | 4,110 | 3,589,427 | ||
| Broward County School Board, Florida, COP, Series A (FSA), | ||||
| 5.25%, 7/01/22 | 1,250 | 1,294,950 | ||
| City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22 | 5,160 | 5,322,385 | ||
| Grand Hampton Community Development District, Special Assessment, | ||||
| Capital Improvement, 6.10%, 5/01/24 | 3,870 | 3,152,734 | ||
| Habitat Community Development District, Special Assessment, | ||||
| 5.80%, 5/01/25 | 3,635 | 2,791,026 | ||
| Miami Beach Health Facilities Authority, Refunding RB, Mount Sinai | ||||
| Medical Center Florida, 6.75%, 11/15/21 | 4,715 | 3,981,346 | ||
| Middle Village Community Development District, Special Assessment, | 3,955 | 3,070,978 | ||
| Pine Island Community Development District, RB, 5.30%, 11/01/10 | 250 | 239,675 | ||
| Stevens Plantation Community Development District, Special Assessment, | ||||
| Series B, 6.38%, 5/01/13 | 3,530 | 2,795,584 | ||
| Village Community Development District No. 5, Florida, Special | ||||
| Assessment, Series A, 6.00%, 5/01/22 | 2,615 | 2,537,727 | ||
| Westchester Community Development District No. 1, Special Assessment, | ||||
| Community Infrastructure, 6.00%, 5/01/23 | 5,145 | 3,684,386 | ||
| 32,460,218 | ||||
| Georgia - 0.7% | Richmond County Development Authority, RB, Series A, Environmental, | |||
| AMT, 5.75%, 11/01/27 | 2,350 | 1,908,388 | ||
| Illinois - 13.8% | Centerpoint Intermodal Center Program Trust, TAN, 144A, | |||
| 8.00%, 6/15/23 (c) | 2,155 | 1,121,246 | ||
| City of Chicago Illinois, RB, General Airport Third Lien, Series A (AMBAC), | ||||
| 5.00%, 1/01/21 | 5,000 | 5,082,050 | ||
| City of Chicago Illinois, RB, General Airport Third Lien, Series A (AMBAC), | ||||
| 5.00%, 1/01/22 | 7,000 | 7,068,530 | ||
| Illinois Educational Facilities Authority, RB, Northwestern University, | ||||
| 5.00%, 12/01/21 | 4,800 | 5,080,032 | ||
| Illinois Finance Authority, RB, Depaul University, Series C, | ||||
| 5.25%, 10/01/24 | 5,000 | 5,033,300 | ||
| Illinois Finance Authority, RB, MJH Education Assistance IV, Senior Series | ||||
| A, 5.50%, 6/01/19 (d)(e) | 3,250 | 1,299,838 | ||
| Illinois Finance Authority, RB, MJH Education Assistance IV, | ||||
| Sub-Series B, 5.00%, 6/01/24 (d)(e) | 1,075 | 106,103 | ||
| Illinois State Toll Highway Authority, RB, Senior Priority, Series A (FSA), | ||||
| 5.00%, 1/01/19 | 2,250 | 2,438,910 | ||
2
| BlackRock Municipal 2020 Term Trust | ||||
| Schedule of Investments July 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
| Par | ||||
| State | Municipal Bonds | (000) | Value | |
| Lake Cook-Dane & McHenry Counties Community Unit School District 220, | ||||
| Illinois, GO, Refunding (FSA), 5.25%, 12/01/20 | $ 1,000 | $ 1,162,210 | ||
| Metropolitan Pier & Exposition Authority, Illinois, Refunding RB, CAB, | ||||
| McCormick, Series A (MBIA), 5.40%, 6/15/22 | 13,455 | 6,923,405 | ||
| 35,315,624 | ||||
| Indiana - 5.7% | City of Lawrence Indiana, Refunding RB, Housing, Pinnacle Apartments | |||
| Project (FNMA), AMT, 5.15%, 6/01/24 | 2,000 | 2,001,300 | ||
| Indianapolis Airport Authority, Refunding RB, Special Facilities, Federal | ||||
| Express Corp. Project, AMT, 5.10%, 1/15/17 | 10,000 | 9,061,700 | ||
| Vincennes Indiana, Refunding RB & Improvement, Southwest Indiana | ||||
| Regional, 6.25%, 1/01/24 | 4,620 | 3,441,669 | ||
| 14,504,669 | ||||
| Kansas - 2.4% | Kansas Development Finance Authority, RB, Adventist Health, | |||
| 5.25%, 11/15/20 | 2,500 | 2,613,050 | ||
| Wyandotte County-Kansas City Unified Government, RB, Zero Coupon, | ||||
| Kansas International Speedway (MBIA), 5.20%, 12/01/20 | 6,440 | 3,449,393 | ||
| 6,062,443 | ||||
| Kentucky - 0.7% | Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22 | 2,000 | 1,914,500 | |
| Louisiana - 0.6% | Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27 | 2,000 | 1,652,120 | |
| Maryland - 4.6% | County of Frederick Maryland, Special Tax, Urbana Community | |||
| Development Authority, 6.63%, 7/01/25 | 3,000 | 2,555,520 | ||
| County of Frederick Maryland, Special Tax, Urbana Community | ||||
| Development Authority, Series A, 5.80%, 7/01/20 | 4,453 | 3,774,096 | ||
| Maryland Health & Higher Educational Facilities Authority, Refunding RB, | ||||
| MedStar Health, 5.38%, 8/15/24 | 5,500 | 5,446,760 | ||
| 11,776,376 | ||||
| Massachusetts - 2.1% | Massachusetts Development Finance Agency, RB, Waste Management Inc. | |||
| Project, Remarketed, AMT, 5.45%, 6/01/14 | 4,500 | 4,391,550 | ||
| Massachusetts State Water Pollution Abatement, RB, MWRA Program, Sub- | ||||
| Series A, 6.00%, 8/01/23 | 1,000 | 1,012,760 | ||
| 5,404,310 | ||||
| Michigan - 0.5% | Michigan State Hospital Finance Authority, Michigan, Refunding RB, | |||
| Hospital, Sparrow Obligated, 4.50%, 11/15/26 | 1,500 | 1,238,655 | ||
| Minnesota - 0.5% | Minnesota Higher Education Facilities Authority, Minnesota, RB, | |||
| University Saint Thomas, Series Five, Y, 5.00%, 10/01/24 | 1,250 | 1,283,088 | ||
| Mississippi - 1.0% | County of Warren Mississippi, RB, Series A, AMT, 5.85%, 11/01/27 | 3,000 | 2,478,180 | |
| Missouri - 4.0% | Missouri Development Finance Board, Missouri, RB, Branson Landing | |||
| Project, Series A, 5.50%, 12/01/24 | 5,000 | 4,722,500 | ||
| Missouri State Health & Educational Facilities Authority, Missouri, RB, BJC | ||||
| Health System, Series A, 5.00%, 5.00/15/20 | 5,500 | 5,560,170 | ||
| 10,282,670 | ||||
| Multi-State - 8.2% | Charter Mac Equity Issuer Trust, 5.75%, 4/30/15 (c)(f) | 1,000 | 1,018,290 | |
| Charter Mac Equity Issuer Trust, 6.00%, 4/30/15 (c)(f) | 4,000 | 4,117,360 | ||
| Charter Mac Equity Issuer Trust, 6.00%, 4/30/19 (c)(f) | 2,500 | 2,560,325 | ||
| Charter Mac Equity Issuer Trust, 6.30%, 5/15/19 (c)(f) | 2,500 | 2,572,625 | ||
| MuniMae TE Bond Subsidiary LLC, 5.40%, 6/29/49 (c)(f)(g) | 5,000 | 3,100,300 | ||
| MuniMae TE Bond Subsidiary LLC, 5.80%, 6/29/49 (c)(f)(g) | 5,000 | 3,035,450 | ||
3
| BlackRock Municipal 2020 Term Trust | ||||
| Schedule of Investments July 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
| Par | ||||
| State | Municipal Bonds | (000) | Value | |
| MuniMae TE Bond Subsidiary LLC Series D, 5.90%, 11/29/49 (c)(f)(g) | $ 2,000 | $ 1,015,640 | ||
| San Manuel Entertainment Authority Series 04-C, 4.50%, 12/01/16 (c) | 4,000 | 3,430,160 | ||
| 20,850,150 | ||||
| Nevada - 2.3% | City of Henderson Nevada, Special Assessment, No. T-18, 5.15%, 9/01/21 | 1,765 | 715,919 | |
| County of Clark Nevada, Refunding RB, Alexander Dawson School, Nevada | ||||
| Project, 5.00%, 5/15/20 | 5,000 | 5,077,250 | ||
| 5,793,169 | ||||
| New | New Hampshire Business Finance Authority, New Hampshire, RB, Public | |||
| Hampshire - 5.4% | Service Co. New Hampshire Project, Series B (MBIA), AMT, | |||
| 4.75%, 5/01/21 | 10,000 | 8,817,000 | ||
| New Hampshire Health & Education Facilities Authority, RB, Elliot | ||||
| Hospital, Series B, 5.60%, 10/01/22 | 5,000 | 4,999,550 | ||
| 13,816,550 | ||||
| New Jersey - 13.3% | Middlesex County Improvement Authority, RB, Street Student Housing | |||
| Project, Series A, 5.00%, 8/15/23 | 1,000 | 932,960 | ||
| New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 | 10,000 | 8,552,200 | ||
| New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, | ||||
| 7.00%, 11/15/30 | 5,000 | 3,726,800 | ||
| New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, | ||||
| 9.00%, 6/01/33 | 1,500 | 1,378,815 | ||
| New Jersey EDA, RB, Kapkowski Road Landfill, Series B, AMT, | ||||
| 6.50%, 4/01/31 | 7,500 | 5,616,825 | ||
| New Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A, | ||||
| 4.80%, 11/01/13 | 1,000 | 991,710 | ||
| New Jersey Educational Facilities Authority, Refunding RB, University | ||||
| Medical & Dentistry, Series B, 6.25%, 12/01/18 | 2,500 | 2,556,450 | ||
| New Jersey Health Care Facilities Financing Authority, RB, AtlantiCare | ||||
| Regional Medical Center, 5.00%, 7/01/20 | 2,110 | 2,147,178 | ||
| New Jersey Health Care Facilities Financing Authority, RB, Capital Health | ||||
| System Obligation Group, Series A, 5.75%, 7/01/13 (b) | 4,000 | 4,604,680 | ||
| New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, | ||||
| Series T, AMT, 4.55%, 10/01/22 | 2,500 | 2,385,775 | ||
| Newark Housing Authority, RB, South Ward Police Facility (AGC), | ||||
| 5.00%, 12/01/21 | 1,250 | 1,234,750 | ||
| 34,128,143 | ||||
| New York - 8.3% | New York City Industrial Development Agency, RB, American Airlines, JFK | |||
| International Airport, AMT, 7.63%, 8/01/25 | 5,635 | 4,427,983 | ||
| New York City Industrial Development Agency, RB, American Airlines, JFK | ||||
| International Airport, AMT, 7.75%, 8/01/31 | 5,000 | 3,829,000 | ||
| New York State Energy Research & Development Authority, RB, Brooklyn | ||||
| Union Gas, Keyspan, Series A (FGIC), AMT, 4.70%, 2/01/24 | 8,500 | 7,782,005 | ||
| Tobacco Settlement Financing Corp., New York, RB, Series B-1C, | ||||
| 5.50%, 6/01/20 | 5,000 | 5,210,900 | ||
| 21,249,888 | ||||
| Ohio - 7.8% | American Municipal Power-Ohio Inc, RB, Prairie State Energy Campus | |||
| Project, Series A, 5.25%, 2/15/23 | 5,000 | 5,245,250 | ||
| County of Cuyahoga Ohio, Refunding RB, Series A, 6.00%, 1/01/19 | 3,000 | 3,213,150 | ||
| County of Cuyahoga Ohio, Refunding RB, Series A, 6.00%, 1/01/20 | 10,000 | 10,665,700 | ||
| Pinnacle Community Infrastructure Financing Authority, RB, Facilities, | ||||
| Series A, 6.00%, 12/01/22 | 1,015 | 749,385 | ||
| 19,873,485 | ||||
4
| BlackRock Municipal 2020 Term Trust | ||||
| Schedule of Investments July 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
| Par | ||||
| State | Municipal Bonds | (000) | Value | |
| Oklahoma - 1.1% | Tulsa Municipal Airport Trust Trustees, Oklahoma, Refunding RB, Series A | |||
| Remarketed, AMT, 7.75%, 6/01/35 | $ 3,350 | $ 2,750,015 | ||
| Pennsylvania - 6.6% | Lancaster County Hospital Authority, RB, General Hospital Project, | |||
| 5.75%, 9/15/13 (b) | 7,500 | 8,755,350 | ||
| Montgomery County IDA, Pennsylvania, RB, Mortgage, Whitemarsh | ||||
| Continuing Care, 6.00%, 2/01/21 | 1,275 | 934,116 | ||
| Pennsylvania Higher Educational Facilities Authority, RB, La Salle | ||||
| University, 5.50%, 5/01/26 | 6,680 | 6,216,074 | ||
| Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), | ||||
| 5.00%, 6/01/22 | 1,000 | 1,072,600 | ||
| 16,978,140 | ||||
| Puerto Rico - 6.2% | Commonwealth of Puerto Rico, GO, Public Improvement, Series B, | |||
| 5.25%, 7/01/17 | 3,300 | 3,251,622 | ||
| Puerto Rico Electric Power Authority, RB, Series NN, 5.125%, 7/01/13 (b) | 10,900 | 12,518,432 | ||
| 15,770,054 | ||||
| Tennessee - 3.7% | Tennessee Energy Acquisition Corp., Tennessee, RB, Series A, | |||
| 5.25%, 9/01/20 | 10,000 | 9,437,300 | ||
| Texas - 7.9% | Brazos River Authority, Refunding RB, TXU Energy Co. LLC Project, Series | |||
| A, AMT, 6.75%, 4/01/38 | 1,100 | 742,698 | ||
| City of Dallas Texas, Refunding RB & Improvement (AGC), 5.00%, 8/15/21 | 2,500 | 2,597,375 | ||
| Port Corpus Christi Industrial Development Corp., Texas, Refunding RB, | ||||
| Valero, Series C, 5.40%, 4/01/18 | 3,500 | 3,262,980 | ||
| Texas State Turnpike Authority, RB, CAB, First Tier, Series A (AMBAC), | ||||
| 5.38%, 8/15/21 (a) | 7,990 | 3,841,272 | ||
| Texas State Turnpike Authority, RB, CAB, First Tier, Series A (AMBAC), | ||||
| 5.53%, 8/15/24 (a) | 8,450 | 3,287,895 | ||
| Weatherford ISD, GO, CAB, Refunding, 5.75%, 2/15/11 (a)(b) | 4,040 | 1,990,670 | ||
| Weatherford ISD, GO, CAB, Refunding, 5.77%, 2/15/11 (a)(b) | 4,040 | 1,879,691 | ||
| Weatherford ISD, GO, CAB, Refunding, 5.75%, 2/15/23 (a) | 2,905 | 1,356,141 | ||
| Weatherford ISD, GO, CAB, Refunding, 5.77%, 2/15/24 (a) | 2,905 | 1,278,287 | ||
| 20,237,009 | ||||
| U.S. Virgin | Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund | |||
| Islands - 0.4% | Loan Note, Series A, 5.25%, 10/01/17 | 1,000 | 980,430 | |
| Virginia - 8.1% | Celebrate North Community Development Authority Special Assessment | |||
| Revenue, Celebrate Virginia North Project, Series B, 6.60%, 3/01/25 | 5,000 | 3,876,150 | ||
| Charles City County EDA, RB, Waste Management, Remarketed, AMT, | ||||
| 5.13%, 8/01/27 | 10,000 | 9,914,100 | ||
| Mecklenburg County IDA, Virginia, Refunding RB, Exempt Facilities, UAE | ||||
| LP Project, AMT, 6.50%, 10/15/17 | 7,500 | 7,019,325 | ||
| 20,809,575 | ||||
| Wisconsin - 2.7% | State of Wisconsin, RB, Series A, 5.25%, 5/01/20 | 1,000 | 1,096,910 | |
| Wisconsin Health & Educational Facilities Authority, RB, Wheaton | ||||
| Franciscan Services, Series A, 5.50%, 8/15/17 | 2,880 | 2,767,853 | ||
| Wisconsin Health & Educational Facilities Authority, RB, Wheaton | ||||
| Franciscan Services, Series A, 5.50%, 8/15/18 | 3,190 | 3,037,135 | ||
| 6,901,898 | ||||
5
| BlackRock Municipal 2020 Term Trust | ||||||
| Schedule of Investments July 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
| Par | ||||||
| State | Municipal Bonds | (000) | Value | |||
| Total Municipal Bonds - 164.0% | $ 419,308,999 | |||||
| Municipal Bonds Transferred to Tender Option Bond Trusts (h) | ||||||
| Illinois - 2.1% | City of Chicago, Illinois, Refunding RB, Second Lien (FSA), | |||||
| 5.00%, 11/01/20 | $ 5,000 | 5,408,450 | ||||
| Total Municipal Bonds Transferred to Tender Option Bond | ||||||
| Trusts - 2.1% | 5,408,450 | |||||
| Total Long-Term Investments (Cost - $459,590,180) - 166.1% | 424,717,449 | |||||
| Short-Term Securities | ||||||
| Pennsylvania - 0.0% | City of Philadelphia Pennsylvania, RB, VRDN, Refunding (FSA), | |||||
| 0.70%, 8/07/09 (i) | 90 | 90,000 | ||||
| Shares | ||||||
| Money Market | FFI Institutional Tax-Exempt Fund, 0.55% (j)(k) | 4,300,000 | 4,300,000 | |||
| Fund - 1.7% | ||||||
| Total Short-Term Securities | ||||||
| (Cost - $4,390,000) - 1.7% | 4,390,000 | |||||
| Total Investments (Cost - $463,980,180*) - 167.8% | 429,107,449 | |||||
| Other Assets Less Liabilities - 1.7% | 4,226,839 | |||||
| Liability for Trust Certificates, Including Interest | ||||||
| Expense and Fees Payable - (1.5)% | (3,755,541) | |||||
| Preferred Shares, at Redemption Value - (68.0)% | (173,864,368) | |||||
| Net Assets Applicable to Common Shares - 100.0% | $ 255,714,379 | |||||
| * | The cost and unrealized appreciation (depreciation) of investments as of July 31, 2009, as computed for federal | |||||
| income tax purposes, were as follows: | ||||||
| Aggregate cost | $ 459,801,374 | |||||
| Gross unrealized appreciation | $ 10,034,125 | |||||
| Gross unrealized depreciation | (44,478,050) | |||||
| Net unrealized depreciation | $ (34,443,925) | |||||
| (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) | Non-income producing security. | |||||
| (e) | Issuer filed for bankruptcy and/or is in default of interest payments. | |||||
| (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, and is subject to mandatory redemption at maturity. | ||||||
| (g) | Security is perpetual in nature and has no stated maturity date. In certain instances, a final maturity date may be | |||||
| extended and/or the final payment may be deferred at the issuer's option for a specified time without default. | ||||||
| (h) | Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired | |||||
| residual interest certificates. These securities serve as collateral in a financing transaction. | ||||||
| (i) | Security may have a maturity of more than one year at the time of issuance, but has variable rate and demand | |||||
| features that qualify it as a short-term security. Rate shown is as of report date and maturity shown is the date the | ||||||
| principal owed can be recovered through demand. | ||||||
| 6 | ||||||
| BlackRock Municipal 2020 Term Trust | ||||
| Schedule of Investments July 31, 2009 (Unaudited) | ||||
| (j) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment | |||
| Company Act of 1940, were as follows: | ||||
| Net | ||||
| Affiliate | Activity | Income | ||
| FFI Institutional Tax-Exempt Fund | (1,998,959) $ | 3,804 | ||
| (k) | Represents current yield as of report date. | |||
| • Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value | ||||
| Measurements" clarifies the definition of fair value, establishes a framework for measuring fair values and requires | ||||
| additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value | ||||
| of investments, which are as follows: | ||||
| • Level 1 - price quotations in active markets/exchanges for identical securities | ||||
| • 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with | ||||
| investing in those securities. For information about the Trust's policy regarding valuation of investments and other | ||||
| significant accounting policies, please refer to the Trust's most recent financial statements as contained in its semi- | ||||
| annual report. | ||||
| The following table summarizes the inputs used as of July 31, 2009 in determining the fair valuation of the Trust's | ||||
| investments: | ||||
| Valuation | Investments in | |||
| Inputs | Securities | |||
| Assets | ||||
| Level 1 - Short-Term Securities | $ 4,300,000 | |||
| Level 2 | ||||
| Short-Term Securities | 90,000 | |||
| Long-Term Investments1 | 424,717,449 | |||
| Total Level 2 | 424,807,449 | |||
| Level 3 | - | |||
| Total | $ 429,107,449 | |||
| 1 See above Schedule of Investments for values in each state or political classification. | ||||
| 7 | ||||
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 13(a)-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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Municipal 2020 Term Trust
Date: September 22, 2009
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Municipal 2020 Term Trust
Date: September 22, 2009
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal 2020 Term Trust
Date: September 22, 2009