N-Q 1 d116911dnq.htm BLACKROCK MUNICIPAL 2020 TERM TRUST BLACKROCK MUNICIPAL 2020 TERM TRUST

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: 04/30/2016

Date of reporting period: 01/31/2016


Item 1 – Schedule of Investments


Schedule of Investments January 31, 2016 (Unaudited)

  

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

    Value  

Alabama — 0.3%

    

Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20

   $ 1,000      $ 1,147,490   

Alaska — 2.0%

    

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

    

Series B, 5.00%, 1/01/21

     3,200        3,683,488   

Series C, 5.00%, 1/01/21

     2,500        2,877,725   
    

 

 

 
               6,561,213   

Arizona — 3.4%

    

City of Phoenix Arizona IDA, RB, Series A, 4.75%, 7/01/19 (a)

     570        580,790   

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

    

5.00%, 7/01/20

     1,300        1,513,044   

5.00%, 7/01/21

     5,585        6,377,567   

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/18

     1,500        1,646,670   

5.25%, 12/01/20

     1,000        1,157,660   
    

 

 

 
               11,275,731   

California — 9.1%

    

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

     815        970,379   

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

     5,000        5,130,850   

County of Riverside California Asset Leasing Corp., RB, Riverside County Hospital Project (NPFGC), 0.00%, 6/01/25 (b)

     6,865        5,331,771   

Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT:

    

5.00%, 1/01/19

     540        601,058   

5.00%, 1/01/20

     550        629,838   

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

     3,750        4,282,275   

State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22

     1,000        1,249,110   
Municipal Bonds   

Par  

(000)

    Value  

California (continued)

    

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

   $ 10,000      $ 11,710,900   
    

 

 

 
               29,906,181   

Colorado — 1.7%

    

Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project:

    

4.00%, 8/15/19

     125        135,444   

4.00%, 8/15/20

     150        164,769   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project:

    

4.00%, 12/01/19

     555        596,803   

4.00%, 12/01/20

     580        630,390   

E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 0.00%, 9/01/22 (b)

     4,500        3,914,505   
    

 

 

 
               5,441,911   

Florida — 3.6%

    

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

     5,160        5,676,929   

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

     1,250        1,372,075   

County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20

     1,375        1,596,732   

County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20

     500        582,060   

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

     250        140,233   

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

     3,530        2,470,788   
    

 

 

 
               11,838,817   

Georgia — 2.4%

    

Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement — Life Communities, Inc. Obligated Group, 5.00%, 11/15/22

     6,915        7,884,068   
 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016    1


Schedule of Investments (continued)

  

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

    Value  

Guam — 0.5%

    

Guam Government Waterworks Authority, RB, 5.25%, 7/01/20

   $ 250      $ 286,043   

Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20

     1,190        1,388,789   
    

 

 

 
               1,674,832   

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        1,403,749   

5.00%, 11/15/20

     1,440        1,612,901   
    

 

 

 
               3,016,650   

Illinois — 10.3%

    

Chicago Transit Authority, Refunding RB, 5.00%, 6/01/20

     1,000        1,126,270   

City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20

     1,000        1,070,400   

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/20

     1,000        1,165,980   

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

     1,000        1,192,680   

Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22 (b)

     13,455        11,072,658   

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

     10,000        11,540,500   

State of Illinois, GO, 5.00%, 7/01/20

     4,055        4,525,461   

State of Illinois, RB, Series B:

    

5.00%, 6/15/19 (e)

     515        584,030   

5.00%, 6/15/20

     1,485        1,677,946   
    

 

 

 
               33,955,925   

Indiana — 5.0%

    

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

     2,970        2,797,414   

Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19

     2,465        2,555,835   
Municipal Bonds   

Par  

(000)

    Value  

Indiana (continued)

    

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

   $ 600      $ 705,510   

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

     10,000        10,404,200   
    

 

 

 
               16,462,959   

Iowa — 1.7%

    

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.00%, 12/01/19

     5,320        5,567,061   

Kansas — 2.2%

    

County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20 (b)

     5,340        4,422,802   

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

     2,500        2,895,625   
    

 

 

 
               7,318,427   

Kentucky — 2.2%

    

County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A:

    

3.50%, 12/01/20

     2,115        2,292,956   

5.00%, 12/01/20

     1,430        1,666,965   

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

     2,000        2,019,920   

Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project (b):

    

0.00%, 7/01/19

     255        231,775   

0.00%, 7/01/20

     1,000        880,450   
    

 

 

 
               7,092,066   

Louisiana — 0.1%

    

City of New Orleans Louisiana, Refunding RB, 5.00%, 12/01/20

     400        464,116   

Maryland — 1.6%

    

City of Baltimore Maryland, Refunding, Tax Allocation Bonds:

    

5.00%, 6/15/19

     250        277,628   

5.00%, 6/15/20

     275        312,070   
 

 

                
2    BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016   


Schedule of Investments (continued)

  

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

    Value  

Maryland (continued)

    

County of Anne Arundel Consolidated, Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester and Farmington Village Project:

    

4.00%, 7/01/19

   $ 285      $ 309,875   

5.00%, 7/01/20

     500        573,560   

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

     1,250        1,368,987   

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

    

Charlestown Community, 5.50%, 1/01/21

     1,335        1,545,503   

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

     670        752,470   
    

 

 

 
               5,140,093   

Massachusetts — 0.3%

    

Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/20

     1,000        1,115,020   

Michigan — 4.1%

    

City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20

     1,500        1,546,530   

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

     1,435        1,545,825   

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

     1,000        1,098,310   

Michigan Finance Authority, Refunding RB, AMT:

    

5.00%, 11/01/19

     1,940        2,150,451   

5.00%, 11/01/20

     1,800        2,032,074   

State of Michigan Building Authority, Refunding RB, Facilities Program:

    

Series 1-A, 5.00%, 10/15/20

     325        379,174   

Series 2-A, 4.00%, 10/15/20

     1,205        1,351,034   

State of Michigan Trunk Line, Refunding RB:

    

5.00%, 11/01/20

     1,000        1,147,790   
Municipal Bonds   

Par  

(000)

    Value  

Michigan (continued)

    

State of Michigan Trunk Line, Refunding RB (continued):

    

5.00%, 11/01/21

   $ 2,000      $ 2,291,460   
    

 

 

 
               13,542,648   

Mississippi — 0.4%

    

Mississippi Development Bank, Refunding RB (AGM), 5.00%, 3/01/20

     1,035        1,173,152   

Missouri — 1.3%

    

City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20

     3,000        3,470,100   

Saint Louis County IDA, Refunding RB, Nazareth Living Centre, Series B, 3.85%, 8/15/20

     400        400,848   

State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/20

     500        580,215   
    

 

 

 
               4,451,163   

Multi-State — 1.7%

    

Centerline Equity Issuer Trust (a)(f):

    

Series A-4-2, 6.00%, 5/15/19

     2,500        2,813,075   

Series B-3-2, 6.30%, 5/15/19

     2,500        2,834,100   
    

 

 

 
               5,647,175   

Nebraska — 1.2%

    

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/20

     3,500        3,997,770   

Nevada — 2.5%

    

County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B:

    

5.00%, 7/01/19

     500        565,310   

5.00%, 7/01/20

     1,000        1,160,600   

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

     5,000        5,066,550   

County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 8/01/20

     1,325        1,429,529   
    

 

 

 
               8,221,989   

New Jersey — 6.2%

    

Garden State Preservation Trust, Refunding RB, Series C (AGM), 5.25%, 11/01/20

     2,155        2,518,742   
 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016    3


Schedule of Investments (continued)

  

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

    Value  

New Jersey (continued)

    

New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 7/01/20

   $ 250      $ 283,858   

New Jersey EDA, Refunding RB:

    

(AGC), 5.25%, 12/15/20

     3,150        3,605,553   

Cigarette Tax, 5.00%, 6/15/20

     2,500        2,752,100   

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

     2,000        2,181,820   

New Jersey Educational Facilities Authority, Refunding RB:

    

Seton Hall University, Series D,
5.00%, 7/01/19

     1,060        1,187,444   

Seton Hall University, Series D,
5.00%, 7/01/20

     650        747,285   

University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g)

     2,500        2,868,675   

New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/17 (e)

     2,110        2,240,651   

New Jersey Transportation Trust Fund Authority, RB, 5.00%, 6/15/20

     2,000        2,196,000   
    

 

 

 
               20,582,128   

New York — 7.7%

    

Build NYC Resource Corp., Refunding RB, AMT, 3.75%, 1/01/20 (a)

     815        849,906   

Chautauqua Tobacco Asset Securitization Corp., Refunding RB:

    

5.00%, 6/01/19

     400        443,060   

5.00%, 6/01/20

     450        506,763   

City of New York New York IDA, ARB, American Airlines, Inc., JFK International Airport Project, AMT (h):

    

7.63%, 8/01/25

     3,885        4,048,442   

7.75%, 8/01/31

     5,000        5,213,500   

New York State Energy Research & Development Authority, Refunding RB, 2.00%, 2/01/29 (h)

     3,000        3,059,100   

New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20

     875        1,006,364   

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

     1,525        1,736,091   
Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

    

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

   $ 8,500      $ 8,528,645   
    

 

 

 
               25,391,871   

North Carolina — 2.2%

    

North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/19 (e)

     1,400        1,569,064   

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

     5,000        5,734,050   
    

 

 

 
               7,303,114   

Ohio — 2.6%

    

Ohio State Water Development Authority, Refunding RB, Series B, 4.00%, 12/01/33 (h)

     5,300        5,503,255   

State of Ohio, RB, Portsmouth Bypass Project, AMT:

    

5.00%, 6/30/19

     945        1,051,832   

5.00%, 12/31/19

     830        934,763   

5.00%, 6/30/20

     1,000        1,139,010   
    

 

 

 
               8,628,860   

Oklahoma — 0.9%

    

County of Canadian Oklahoma Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20

     1,500        1,684,845   

County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 9/01/22

     1,100        1,246,047   
    

 

 

 
               2,930,892   

Pennsylvania — 8.7%

    

Chester County Health & Education Facilities Authority, Refunding RB, Simpson Senior Services:

    

4.00%, 12/01/19

     840        869,602   

4.00%, 12/01/20

     870        893,499   

County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series B, 3.50%, 12/01/35 (h)

     3,405        3,478,684   

Cumberland County Municipal Authority, Refunding RB, 4.00%, 1/01/20

     1,000        1,073,510   

Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 5/01/19

     1,300        1,388,764   
 

 

                
4    BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016   


Schedule of Investments (continued)

  

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

    Value  

Pennsylvania (continued)

    

Montgomery County IDA, Refunding RB, Series A,
5.00%, 1/15/20

   $ 1,400      $ 1,553,314   

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/20

     3,830        4,381,175   

Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT,
4.00%, 11/01/20

     2,175        2,375,796   

Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services:

    

4.00%, 10/01/19

     1,165        1,229,273   

4.00%, 10/01/20

     1,210        1,279,672   

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:

    

Drexel University, 5.00%, 5/01/20

     1,575        1,812,179   

Widener University, 5.00%, 7/15/20

     600        682,308   

Pennsylvania Housing Finance Agency, Refunding RB, S/F Mortgage, Series 115A, AMT:

    

2.30%, 10/01/19

     460        470,437   

2.55%, 4/01/20

     850        876,886   

2.65%, 10/01/20

     865        897,593   

Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20

     1,500        1,735,290   

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

     1,000        1,131,310   

State Public School Building Authority, RB, Community College Allegheny County Project (AGM),
5.00%, 7/15/20

     995        1,141,981   

Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20

     350        413,490   

Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project:

    

4.00%, 7/01/19

     360        379,174   
Municipal Bonds   

Par  

(000)

    Value  

Pennsylvania (continued)

    

Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project (continued):

    

4.00%, 7/01/20

   $ 465      $ 489,636   
    

 

 

 
               28,553,573   

Rhode Island — 1.3%

    

Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT,
5.00%, 12/01/20

     3,850        4,376,565   

South Carolina — 0.7%

    

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

     2,000        2,308,600   

Texas — 15.5%

    

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:

    

5.75%, 1/01/19

     800        898,552   

5.75%, 1/01/20

     1,140        1,309,541   

Central Texas Turnpike System, Refunding RB,
Series A, 5.00%, 8/15/42 (h)

     2,000        2,286,840   

Central Texas Turnpike System, RB,
CAB (AMBAC) (b):

    

0.00%, 8/15/21 (g)

     1,825        1,694,293   

0.00%, 8/15/24 (g)

     1,295        1,110,722   

Series A, 0.00%, 8/15/21

     6,165        5,598,128   

Series A, 0.00%, 8/15/24

     7,155        5,763,424   

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

     2,500        2,808,200   

City of Houston Texas Airport System, Refunding RB:

    

Subordinate Lien, Series B, 5.00%, 7/01/20

     250        288,868   

United Airlines, Inc. Terminal E Project, AMT, 4.50%, 7/01/20

     5,000        5,355,450   

Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20

     3,715        4,191,077   

Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B,
5.00%, 5/15/20

     5,000        5,792,100   

New Hope Cultural Education Facilities Corp., RB:

    

4.00%, 4/01/20

     180        190,922   

4.00%, 4/01/20

     585        620,498   
 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016   

5


Schedule of Investments (continued)

  

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

    Value  

Texas (continued)

    

New Hope Cultural Education Facilities Corp., RB (continued):

    

Stephenville LLC Tarleton State University Project, Series A, 4.00%, 4/01/19

   $ 345      $ 360,356   

Stephenville LLC Tarleton State University Project, Series A, 4.00%, 4/01/20

     415        436,642   

North Texas Tollway Authority, Refunding RB,
Series C:

    

5.25%, 1/01/20

     1,000        1,119,010   

5.38%, 1/01/21

     5,000        5,593,050   

Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/20

     5,000        5,764,050   
    

 

 

 
               51,181,723   

Virginia — 1.5%

    

City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20

     2,000        2,363,440   

Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20

     1,500        1,734,255   

Virginia College Building Authority, Refunding RB, Marymount University Project, Series A (a):

    

5.00%, 7/01/19

     425        458,184   

5.00%, 7/01/20

     335        366,031   
    

 

 

 
               4,921,910   

Washington — 2.5%

    

County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20

     2,625        3,102,697   

Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:

    

5.00%, 10/01/20

     250        292,195   

5.00%, 10/01/42 (h)

     4,000        4,764,440   
    

 

 

 
               8,159,332   

Wisconsin — 1.0%

    

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

     1,000        1,143,870   
Municipal Bonds   

Par  

(000)

    Value  

Wisconsin (continued)

    

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

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

   $ 1,515      $ 1,708,041   

ThedaCare, Inc., 5.00%, 12/15/20

     250        291,703   
    

 

 

 
               3,143,614   
Total Municipal Bonds - 109.3%              360,378,639   
    
                  

Municipal Bonds Transferred to

Tender Option Bond Trusts (i) — 1.6%

 

Illinois — 1.6%

    

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20

     5,000        5,423,900   

Total Long-Term Investments

(Cost — $341,182,090) — 110.9%

             365,802,539   
    
                  
Short-Term Securities    Shares         

BlackRock Liquidity Funds, MuniCash, 0.02% (j)(k)

     39,864        39,864   

Total Short-Term Securities

(Cost — $39,864) — 0.0%

  

  

    39,864   

Total Investments

(Cost — $341,221,954*) — 110.9%

  

  

    365,842,403   

Other Assets Less Liabilities 0.7%

  

    2,268,262   

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

       (3,752,451
AMPS Shares, at Liquidation Value (10.5)%        (34,575,000
    

 

 

 
Net Assets Applicable to Common Shares 100.0%      $ 329,783,214   
    

 

 

 

*  As of January 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

      

Tax cost

     $ 337,140,359   
    

 

 

 

Gross unrealized appreciation

     $ 25,982,806   

Gross unrealized depreciation

       (1,030,762
    

 

 

 

Net unrealized appreciation

     $ 24,952,044   
    

 

 

 
 
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.

 

 

                
6    BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016   


Schedule of Investments (continued)

  

BlackRock Municipal 2020 Term Trust (BKK)

 

 

(b)   Zero-coupon bond.

 

(c)   Issuer filed for bankruptcy and/or is in default of interest payments.

 

(d)   Non-income producing security.

 

(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 bonds or U.S. Treasury obligations.

 

(h)   Variable rate security. Rate as of period end.

 

(i)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

 

(j)   During the period ended January 31, 2016, investments in issuers considered to be affiliates of the Trust 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,

2015

       Net
Activity
      

Shares Held

at January 31,

2016

       Income  

FFI Institutional Tax-Exempt Fund

       828,428           (828,428                $ 230   

BlackRock Liquidity Funds: MuniCash

                 39,864           39,864             

 

(k)   Current yield as of period end.

 

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.
GO    General Obligation Bonds
IDA    Industrial Development Authority
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes:

 

   

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)

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016    7


Schedule of Investments (concluded)

  

BlackRock Municipal 2020 Term Trust (BKK)

 

 

   

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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments 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, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                
Investments:                 

Long-Term Investments1

            $ 365,802,539              $ 365,802,539   

Short-Term Securities

  $ 39,864                          39,864   
 

 

 

 

Total

  $ 39,864         $ 365,802,539              $ 365,842,403   
 

 

 

 

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

      

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

   

     Level 1        Level 2        Level 3      Total  

Assets:

                

Cash

  $ 131                        $ 131   

Liabilities:

                

TOB Trust Certificates

            $ (3,750,000             (3,750,000
 

 

 

 

Total

  $ 131         $ (3,750,000           $ (3,749,869
 

 

 

 

During the period ended January 31, 2016, there were no transfers between levels.

 

                
8    BLACKROCK MUNICIPAL 2020 TERM TRUST    JANUARY 31, 2016   


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 22, 2016

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 22, 2016  
By:     

/s/ Neal J. Andrews

 
     Neal J. Andrews  
     Chief Financial Officer (principal financial officer) of
     BlackRock Municipal 2020 Term Trust
Date: March 22, 2016