N-Q 1 e52582nq.htm FORM N-Q

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: 04/30/2013

 

Date of reporting period: 01/31/2013

 

Item 1 – Schedule of Investments

 
 

Schedule of Investments January 31, 2013 (Unaudited)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    Par
(000)		   Value  
Municipal Bonds  
Alabama — 0.7%  
Alabama State 21st Century Authority Tobacco Settlement, RB, Series A, 5.00%, 6/01/20 $ 1,000 $ 1,171,940  
Courtland IDB Alabama, Refunding RB, International Paper Co. Projects, Series A, 4.75%, 5/01/17   1,165   1,216,411  
                  2,388,351  
Alaska — 2.0%  
City of Valdez Alaska, Refunding RB, BP Pipelines Project:  
  Series B, 5.00%, 1/01/21   3,200   3,881,344  
  Series C, 5.00%, 1/01/21   2,500       3,032,300  
  6,913,644  
Arizona — 3.3%  
Phoenix Civic Improvement Corp., RB, Junior Lien, Series A:  
  5.00%, 7/01/20   1,300   1,574,534  
  5.00%, 7/01/21   5,585   6,774,996  
Salt Verde Financial Corp., RB, Senior:  
  5.00%, 12/01/18   1,500   1,700,325  
  5.25%, 12/01/20   1,000       1,161,630  
  11,211,485  
California — 20.3%  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22   815   976,044  
California State Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20   10,000   12,406,500  
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22   5,000   5,603,150  
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB (a):  
  5.96%, 1/15/21   12,500   7,835,625  
  5.98%, 1/15/22   10,000   5,899,000  
Golden State Tobacco Securitization Corp. California, RB (b):  
  ARS, Asset-Backed, Series A-3, 7.88%, 6/01/13   975   999,824  
  Series 2003-A-1, 6.63%, 6/01/13   1,500   1,532,130  
  Series 2003-A-1, 6.75%, 6/01/13   11,010   11,250,458  
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp. (Los Angeles International Airport):  
  5.00%, 1/01/19   540   630,947  
  5.00%, 1/01/20   550   649,847  
    Par
(000)		   Value  
Municipal Bonds  
California (concluded)  
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 $ 3,750 $ 4,542,375  
Riverside County Asset Leasing Corp. California, RB, Riverside County Hospital Project (NPFGC), 5.03%, 6/01/25 (a)   6,865   3,719,182  
San Manuel Entertainment Authority, Series 04-C, 4.50%, 12/01/16 (c)   4,000   4,145,320  
State of California, GO, Various Purpose, 5.00%, 11/01/22   7,050   7,285,259  
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22   1,000   1,283,840  
  68,759,501  
Colorado — 1.3%  
Colorado Health Facilities Authority, RB, Evangelical Lutheran Good Samaritan Society Project:  
  4.00%, 12/01/19   555   604,611  
  4.00%, 12/01/20   580   630,849  
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 3.60%, 9/01/22 (a)   4,500   3,196,800  
  4,432,260  
District of Columbia — 1.6%  
Metropolitan Washington Airports Authority, Refunding RB, Series C-2, AMT (AGM), 5.00%, 10/01/24   5,000   5,295,400  
Florida — 7.8%  
Broward County Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 4.00%, 10/01/19   1,750   1,954,872  
Broward County School Board Florida, COP, Series A (AGM), 5.25%, 7/01/22   1,250   1,450,100  
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22   5,160   6,078,841  
Miami-Dade County Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20   1,375   1,630,819  
Florida State Board of Education, GO, Refunding, Series B, 5.00%, 6/01/20   5,000   6,217,950  
Habitat Community Development District, Special Assessment Bonds, 5.80%, 5/01/25   1,820   1,884,210  
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21   2,005   2,183,305  
Pine Island Community Development District, RB, 5.30%, 11/01/10 (d)(e)   250   100,107  
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13   3,530   2,982,073  
                     
BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20131
 
Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

  Par
(000)		   Value  
Municipal Bonds  
Florida (concluded)  
Village Community Development District No. 5 Florida, Special Assessment Bonds, Series A, 6.00%, 5/01/13 (b) $ 1,920 $ 1,959,994  
  26,442,271  
Georgia — 2.3%  
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement - Life Communities, Inc. Obligated Group, 5.00%, 11/15/22   6,915   7,736,156  
Guam — 0.4%  
Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/20   1,190   1,399,976  
Hawaii — 0.9%  
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose Senior Living - Kahala Nui:  
  5.00%, 11/15/19   1,275   1,414,651  
  5.00%, 11/15/20   1,440       1,598,299  
  3,012,950  
Illinois — 13.7%  
City of Chicago Illinois, O'Hare International Airport, GARB, Third Lien, Series A (AMBAC):  
  5.00%, 1/01/21   5,000   5,496,000  
  5.00%, 1/01/22   7,000   7,743,120  
Illinois Finance Authority, RB, Northwestern University, 5.00%, 12/01/21   4,800   4,979,376  
Illinois State Toll Highway Authority, RB, Senior Priority, Series A (AGM), 5.00%, 1/01/19   2,250   2,470,297  
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%, 12/01/20   1,000   1,267,020  
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 2.98%, 6/15/22 (a)   13,455   10,193,508  
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20   10,000   11,908,600  
State of Illinois, RB, Build Illinois, Series B, 5.00%, 6/15/20   2,000   2,411,160  
  46,469,081  
Indiana — 4.2%  
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24   3,765   2,315,362  
Indiana Municipal Power Agency, Series A, 5.00%, 1/01/21   600   730,194  
  Par
(000)		   Value  
Municipal Bonds  
Indiana (concluded)  
Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17 $ 10,000 $ 11,200,800  
  14,246,356  
Kansas — 2.2%  
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20   2,500   3,014,725  
Wyandotte County-Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 4.57%, 12/01/20 (a)   6,440   4,521,588  
  7,536,313  
Kentucky — 1.8%  
Kentucky Housing Corp., RB, Series C, AMT, 4.63%, 7/01/22   2,000   2,093,480  
Louisville & Jefferson County, RB, Metro Government Catholic Health Initiatives, Series A:  
  3.50%, 12/01/20   2,115   2,335,045  
  5.00%, 12/01/20   1,430       1,737,850  
  6,166,375  
Louisiana — 0.6%  
Parish of DeSoto Louisiana, RB, Series A, AMT, 5.85%, 11/01/27   2,000   2,062,600  
           
Maryland — 4.8%  
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20   1,250   1,454,912  
Maryland Health & Higher Educational Facilities Authority, Refunding RB:  
  Charlestown Community, 5.50%, 1/01/21   1,335   1,534,102  
  University of Maryland Medical System, 5.00%, 7/01/19   670   783,210  
Maryland State and Local Facilities Loan, GO, Series B, 5.00%, 3/15/20   10,000   12,530,600  
  16,302,824  
Massachusetts — 1.4%  
Massachusetts Development Finance Agency, RB, Waste Management, Inc. Project, AMT, 5.45%, 6/01/14   4,500   4,770,990  
Massachusetts State Water Pollution Abatement, Refunding RB, MWRA Program, Sub-Series A, 6.00%, 8/01/23   140   140,645  
  4,911,635  
Michigan — 2.5%  
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20   1,720   1,956,672  
                     
BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20132
 
Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

  Par
(000)		   Value  
Municipal Bonds  
Michigan (concluded)  
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20 $ 1,000 $ 1,107,270  
Michigan State Building Authority, RB, Refunding Facilities Program, Series A:  
  4.00%, 10/15/20   1,205   1,365,241  
  5.00%, 10/15/20   325   391,466  
State of Michigan, Refunding RB:  
  5.00%, 11/01/20   1,000   1,211,920  
  5.00%, 11/01/21   2,000       2,397,980  
  8,430,549  
Minnesota — 6.0%  
Minnesota Higher Education Facilities Authority, RB, University of St. Thomas, Series 5-Y, 5.00%, 10/01/24   1,250   1,335,887  
Minnesota State Trunk Highway, GO, Series B, 5.00%, 10/01/20   15,000   18,949,650  
  20,285,537  
Missouri — 3.4%  
Missouri Development Finance Board, RB, Branson Landing Project, Series A, 5.50%, 6/01/14 (b)   5,000   5,341,000  
Missouri State Health & Educational Facilities Authority, Refunding RB, BJC Health System, Series A, 5.00%, 5/15/20   5,500   6,028,495  
  11,369,495  
Multi-State — 5.8%  
Centerline Equity Issuer Trust (c)(f):  
  5.75%, 5/15/15   1,000   1,087,420  
  6.00%, 5/15/15   4,000   4,369,360  
  6.00%, 5/15/19   2,500   2,971,575  
  6.30%, 5/15/19   2,500   3,009,800  
MuniMae TE Bond Subsidiary LLC (c)(f)(g):  
  5.40%   5,000   3,349,750  
  5.80%   5,000   3,549,750  
  Series D, 5.90%   2,000       1,199,900  
  19,537,555  
Nebraska — 1.2%  
Central Plains Energy Project No. 3, RB, Gas Project, 5.00%, 9/01/20   3,500   4,028,990  
Nevada — 3.1%  
City of Henderson Nevada, Special Assessment Bonds, District No. T-18, 5.15%, 9/01/21   1,755   1,090,960  
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20   5,000   5,528,850  
  Par
(000)		   Value  
Municipal Bonds  
Nevada (concluded)  
County of Clark Nevada, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20 $ 1,530 $ 1,665,084  
County of Clark Nevada Airport System Revenue, Refunding ARB, Las Vegas McCarran International Airport, Series B:  
  5.00%, 7/01/19   1,000   1,188,080  
  5.00%, 7/01/20   1,000       1,194,020  
  10,666,994  
New Hampshire — 2.6%  
New Hampshire Business Finance Authority, Refunding RB, Public Service Co. of New Hampshire Project, Series B, AMT (NPFGC), 4.75%, 5/01/21   4,350   4,506,644  
New Hampshire Health & Education Facilities Authority, Refunding RB, Elliot Hospital, Series B, 5.60%, 10/01/22   3,935   4,215,290  
  8,721,934  
New Jersey — 5.2%  
Middlesex County Improvement Authority, RB, George Street Student Housing Project, Series A, 5.00%, 8/15/23   1,000   1,023,850  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 9.00%, 6/01/33 (h)   1,500   1,539,555  
New Jersey EDA, Refunding RB:  
  Cigarette Tax, 5.00%, 6/15/20   2,500   2,926,050  
  First Mortgage, Winchester, Series A, 4.80%, 11/01/13   265   268,124  
  School Facilities, Series GG, 5.00%, 9/01/22   2,000   2,381,580  
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 6.25%, 12/01/18   2,500   3,028,200  
New Jersey Health Care Facilities Financing Authority, Refunding RB:  
  AtlantiCare Regional Medical Center, 5.00%, 7/01/20   2,110   2,332,964  
  Capital Health System Obligation Group, Series A, 5.75%, 7/01/13 (b)   4,000       4,091,560  
  17,591,883  
                     
BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20133
 
Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

  Par
(000)		   Value  
Municipal Bonds  
New York — 8.0%  
New York City Industrial Development Agency, RB, American Airlines, Inc., JFK International Airport, AMT (d)(e)(h):  
  7.63%, 8/01/25 $ 3,885     $ 4,467,284  
  7.75%, 8/01/31   5,000   5,749,500  
New York State Energy Research & Development Authority, Refunding RB, Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%, 2/01/24   8,500   8,960,870  
New York State Thruway Authority, RB, General Revenue, Series I, 5.00%, 1/01/20   875   1,062,661  
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, 5.00%, 12/01/20   1,525   1,754,833  
Tobacco Settlement Financing Corp. New York, RB, Asset-Backed, Series B-1C, 5.50%, 6/01/20   5,000   5,083,800  
  27,078,948  
North Carolina — 2.3%  
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/21   1,550   1,824,319  
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20   5,000   6,065,100  
  7,889,419  
Ohio — 3.9%  
Cuyahoga County, RB, Cleveland Clinic Health System, Series A (b):  
  6.00%, 7/01/13   1,530   1,566,613  
  6.00%, 7/01/13   1,470   1,505,177  
  6.00%, 7/01/13   5,100   5,222,043  
  6.00%, 7/01/13   4,900       5,017,257  
  13,311,090  
Oklahoma — 1.1%  
Canadian County Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20   1,500   1,720,545  
Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project, Series A:  
  2.00%, 4/01/13   225   224,913  
  2.25%, 4/01/14   225   224,379  
  2.50%, 4/01/15   225   223,913  
Tulsa County Industrial Authority Education Facilities, RB, Broken Arrow Public School, 4.00%, 9/01/22   1,100   1,216,391  
  3,610,141  
  Par
(000)		   Value  
Municipal Bonds  
Pennsylvania — 5.5%  
Lancaster County Hospital Authority, RB, General Hospital Project, 5.75%, 9/15/13 (b) $ 7,500 $ 7,755,900  
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project Series A, AMT, 4.00%, 11/01/20   2,175   2,375,122  
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services:  
  4.00%, 10/01/19   1,165   1,247,249  
  4.00%, 10/01/20   1,210   1,287,162  
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Drexel University, Series A, 5.00%, 5/01/20   1,575   1,881,101  
Pennsylvania IDA, Refunding RB, 5.00%, 7/01/20   1,500   1,806,435  
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22   1,000   1,158,890  
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20   995   1,180,786  
  18,692,645  
Puerto Rico — 3.1%  
Puerto Rico Electric Power Authority, RB, Series NN, 5.13%, 7/01/13 (b)   9,000   9,182,610  
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22   1,100   1,310,892  
  10,493,502  
South Carolina — 0.7%  
South Carolina State Ports Authority, RB, 5.00%, 7/01/20   2,000   2,420,820  
Texas — 12.6%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:  
  5.75%, 1/01/19   800   938,792  
  5.75%, 1/01/20   1,140   1,352,473  
City of Dallas Texas, Refunding RB (AGC), 5.00%, 8/15/21   2,500   2,898,550  
City of Frisco Texas, GO, Refunding, 3.00%, 2/15/20   2,250   2,462,355  
City of Houston Texas, Refunding RB, Sub Lien, Series B, 5.00%, 7/01/20   250   302,220  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20   3,715   4,130,151  
Lower Colorado River Authority, 5.00%, 5/15/20   5,000   6,060,850  
                     
BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20134
 
Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

  Par
(000)		   Value  
Municipal Bonds  
Texas (concluded)  
North Texas Tollway Authority, Refunding RB, Series C:  
  5.25%, 1/01/20 $ 1,000     $ 1,178,650  
  5.38%, 1/01/21   5,000   5,870,050  
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/20   5,000   5,704,650  
Texas State Turnpike Authority, RB, CAB, First Tier, Series A (AMBAC) (a):  
  2.83%, 8/15/21   7,990   6,288,050  
  3.57%, 8/15/24   8,450       5,617,983  
  42,804,774  
US Virgin Islands — 0.3%  
Virgin Islands Public Finance Authority, RB, Senior Lien, Matching Fund Loan Note, Series A, 5.25%, 10/01/17   1,000   1,057,220   
Virginia — 5.2%  
Charles City County EDA, RB, Waste Management, Inc. Project, Mandatory Put Bonds, AMT, 5.13%, 8/01/27 (h)   10,000   10,562,600   
Hanover County Economic Development Authority, Refunding RB, Covenant Woods, Series A, 3.00%, 7/01/15   465   472,054   
Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20   2,000   2,502,840   
Roanoke EDA, RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20   1,500   1,779,165   
Russell County IDA, Refunding RB, Appalachian Power, Series K, 4.63%, 11/01/21   2,000   2,200,200   
  17,516,859  
Washington — 1.5%  
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:  
  5.00%, 10/01/20   250   302,563  
  5.00%, 10/01/42 (h)   4,000       4,889,120  
  5,191,683  
Wisconsin — 2.7%  
State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20   1,000   1,207,650   
Wisconsin Health & Educational Facilities Authority, Refunding RB:  
  Froedtert & Community Health, Inc., 5.00%, 4/01/20   1,515   1,791,397  
  Par
(000)		   Value  
Municipal Bonds  
Wisconsin (concluded)  
Wisconsin Health & Educational Facilities Authority, Refunding RB (concluded):  
  Wheaton Franciscan Services, Series A, 5.50%, 8/15/17 $ 2,880     $ 2,954,045  
  Wheaton Franciscan Services, Series A, 5.50%, 8/15/18   3,190       3,270,611  
  9,223,703  
Total Municipal Bonds – 146.0%   495,210,919  

 

 

   
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (i)  
Illinois — 1.7%  
City of Chicago Illinois, Refunding RB, Second Lien (AGM), 5.00%, 11/01/20   5,000   5,826,450   
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 1.7%   5,826,450  
Total Long-Term Investments
(Cost – $471,068,616) – 147.7%		   501,037,369  
       

 

 

   
   
Shares		      
Short-Term Securities  
FFI Institutional Tax-Exempt Fund, 0.01% (j)(k)   341,155   341,155   
Total Short-Term Securities
(Cost – $341,155) – 0.1%		   341,155  
Total Investments (Cost - $471,409,771*) – 147.8% 501,378,524  
Other Assets Less Liabilities – 0.8%   2,897,631  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (1.1)%   (3,751,796)  
AMPS, at Redemption Value – (47.5)%   (161,250,000)  
Net Assets Applicable to Common Shares – 100.0% $ 339,274,359  
 
                       

 

*   As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:  
  Tax cost $ 467,125,600   
  Gross unrealized appreciation $ 36,721,526   
  Gross unrealized depreciation   (6,218,602)  
Net unrealized appreciation $ 30,502,924   
BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20135
 
Schedule of Investments (continued)

BlackRock Municipal 2020 Term Trust (BKK)


Notes to Schedule of Investments

 

(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, as amended. 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 principal and/or 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 issuers considered to be an affiliate of the Trust during the period ended January 31, 2013, 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, 2012		   Net
Activity		   Shares
Held at
January 31, 2013		   Income  
  FFI Institutional Tax-Exempt Fund   3,696,013   (3,354,858)   341,155 $ 1,114  

 

(k) 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)
ARB Airport Revenue Bonds
ARS Auction Rate Securities
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

 

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20136
 
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 and 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety 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 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 Trust's investments categorized in the disclosure hierarchy as of January 31, 2013:

 

  Level 1   Level 2   Level 3   Total
Assets:
     Investments:                
  Long-Term Investments1   — $ 501,037,369   — $ 501,037,369
  Short-Term Securities $ 341,155   —   —   341,155
Total $ 341,155 $ 501,037,369   — $ 501,378,524
                                     

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

 

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.

As of January 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

  Level 1   Level 2   Level 3   Total
Assets:
     Cash $ 169,500   —   — $ 169,500
Liabilities:
  TOB trust certificates   — $ (3,750,000)   —   (3,750,000)
Total $ 169,500 $ (3,750,000)   — $ (3,580,500)
                               

 

There were no transfers between levels during the period ended January 31, 2013.

 

BLACKROCK MUNICIPAL 2020 TERM TRUSTJANUARY 31, 20137
 

 

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 26, 2013
     
  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 26, 2013
     
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal 2020 Term Trust
      
  Date: March 26, 2013