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 _____________________________________________________ |
|
BlackRock Municipal 2020 Term Trust | |
(Exact name of registrant as specified in charter) | |
100 Bellevue Parkway, Wilmington, DE | 19809 |
(Address of principal executive offices) | (Zip code) |
Robert S. Kapito, President
BlackRock Municipal 2020 Term Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)
Registrant's telephone number, including area code: | 888-825-2257 ____________________________________________ |
Date of fiscal year end: | December 31, 2004 ____________________________________________ |
Date of reporting period: | September 30, 2004 ____________________________________________ |
Item 1. Schedule of Investments
The registrant's schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER
30, 2004
BlackRock Municipal 2020 Term Trust (BKK)
Rating1 | ||||||||
LONG-TERM INVESTMENTS158.8% | ||||||||
California22.3% | ||||||||
A | $12,000 | California, GO, 5.00%, 11/01/22 | 11/13 @ 100 | $ 12,445,560 |
||||
BBB | 12,500 | Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., Zero Coupon, 1/15/21 | 01/10 @ 53.346 | 4,801,750 |
||||
Golden St. Tobacco Sec. Corp., | ||||||||
BBB | 3,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 @ 100 | 2,830,320 |
||||
BBB | 12,010 | Ser. A-1, 6.75%, 6/01/39 | 06/13 @ 100 | 11,588,929 |
||||
BBB | 975 | Ser. A-3, 7.875%, 6/01/42 | 06/13 @ 100 | 1,034,826 |
||||
BBB | 1,470 | Ser. A-5, 7.875%, 6/01/42 | 06/13 @ 100 | 1,560,199 |
||||
A- | 20,000 | Ser. B, 5.375%, 6/01/28 | 06/10 @ 100 | 20,415,200 |
||||
B- | 3,035 | Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, | ||||||
7.50%, 12/01/24 | 12/12 @ 102 | 2,763,641 |
||||||
BBB+ | 5,000 | Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc. Proj., Ser. C, | ||||||
5.25%, 6/01/23 | No Opt. Call | 5,278,100 |
||||||
AAA | 6,865 | Riverside Cnty., Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA | No Opt. Call | 2,298,265 |
||||
65,016,790 |
||||||||
Colorado0.6% | ||||||||
AAA | 4,500 | E-470 Pub. Hwy. Auth., Cap. Apprec., Ser. B, Zero Coupon, 9/01/22, MBIA | No Opt. Call | 1,869,255 |
||||
Connecticut0.9% | ||||||||
BBB- | 2,500 | Mohegan Tribe Indians Gaming Auth., Pub. Impvt., 5.125%, 1/01/23 | 01/14 @ 100 | 2,525,100 |
||||
District of Columbia5.2% | ||||||||
Friendship Pub., Charter Sch. Inc., ACA, | ||||||||
A | 3,320 | 5.00%, 6/01/23 | 06/14 @ 100 | 3,318,141 |
||||
A | 2,680 | 5.75%, 6/01/18 | 06/14 @ 100 | 2,905,870 |
||||
AAA | 5,000 | 3 | Met. Washington Arpts. Auth., Arpt. Sys. Rev., Ser. C-2, 5.00%, 10/01/24, FSA | 10/14 @ 100 | 5,096,200 |
|||
BBB | 4,215 | Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 | No Opt. Call | 3,877,463 |
||||
15,197,674 |
||||||||
Florida18.1% | ||||||||
NR | 4,860 | Bellago Edl. Facs. Benefit Dist., Ser. A, 5.85%, 5/01/22 | 05/14 @ 100 | 4,933,094 |
||||
Baa1 | 1,500 | Cap. Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.75%, 6/01/23 | 06/13 @ 102 | 1,467,990 |
||||
NR | 3,000 | CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. B, 5.875%, 5/01/14 | No Opt. Call | 3,043,950 |
||||
Concorde Estates Cmnty. Dev. Dist., | ||||||||
NR | 2,350 | Ser. A, 5.85%, 5/01/35 | 05/14 @ 101 | 2,301,355 |
||||
NR | 2,300 | Ser. B, 5.00%, 5/01/11 | No Opt. Call | 2,276,402 |
||||
NR | 4,445 | Grand Hampton Cmnty. Dev. District, Cap. Impvt., 6.10%, 5/01/24 | 05/13 @ 101 | 4,497,940 |
||||
NR | 4,140 | Habitat Cmnty. Dev. Dist., 5.80%, 5/01/25 | 05/14 @ 101 | 4,075,623 |
||||
BB | 5,475 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 | 11/14 @ 100 | 5,692,905 |
||||
NR | 4,690 | Middle Vlg. Cmnty. Dev. Dist., Ser. A, 5.80%, 5/01/22 | 05/13 @ 100 | 4,706,321 |
||||
NR | 7,805 | Stevens Plantation Cmnty. Dist., Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 | No Opt. Call | 7,981,627 |
||||
NR | 4,000 | Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 4,110,120 |
||||
NR | 6,000 | Westchester Cmnty. Dev. Dist. No. 1, Spl. Assmt., 6.00%, 5/01/23 | 05/13 @ 101 | 6,076,260 |
||||
NR | 1,555 | World Commerce Cmnty. Dev. Dist., Spl. Assmt., Ser. A-1, 6.25%, 5/01/22 | 05/14 @ 101 | 1,565,870 |
||||
52,729,457 |
||||||||
Georgia6.0% | ||||||||
BB+ | 3,500 | Effingham Cnty. Dev. Auth., Sld. Wst. Disp. Rev., Fort James Proj., 5.625%, 7/01/18 | 07/08 @ 102 | 3,479,315 |
||||
BBB | 2,500 | Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn., 5.50%, 9/01/24 | 09/14 @ 101 | 2,525,975 |
||||
BBB | 2,350 | Richmond Cnty. Dev. Auth., Env. Impvt., 5.75%, 11/01/27 | 11/13 @ 100 | 2,358,483 |
||||
AA | 8,620 | Savannah Hosp. Auth., St. Joseph/Chandler Hlth. Sys., 5.25%, 7/01/23, RAA | 01/14 @ 100 | 9,039,708 |
||||
17,403,481 |
||||||||
1
BlackRock Municipal 2020 Term Trust (BKK) (continued)
Rating1 | ||||||||
Illinois12.3% | ||||||||
NR | $ 2,155 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | $ 2,147,134 | ||||
Illinois Dev. Fin. Auth., | ||||||||
A- | 5,000 | Depaul Univ., Ser. C, 5.25%, 10/01/24 | 10/14 @ 100 | 5,215,000 | ||||
AAA | 14,000 | Gas Sply. Rev., Ser. E, 4.875%, 11/01/38, AMBAC | 11/13 @ 101 | 14,323,680 | ||||
AA+ | 4,800 | Illinois Edl. Fac. Auth., Northwestern Univ., 5.00%, 12/01/21 | 12/13 @ 100 | 5,071,872 | ||||
AAA | 8,265 | Lake Cnty. Cmnty. Con. Sch. Dist., No. 73 Hawthorn, Zero Coupon, 12/01/22, MBIA | No Opt. Call | 3,367,326 | ||||
AAA | 13,455 | Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj., | ||||||
Ser. A, Zero Coupon, 6/15/22, MBIA | No Opt. Call | 5,706,266 | ||||||
35,831,278 | ||||||||
Indiana4.4% | ||||||||
BBB | 10,000 | Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | 10,404,200 | ||||
NR | 2,710 | Vincennes Econ. Dev., Southwest Indiana Regl., 6.25%, 1/01/24 | 01/09 @ 102 | 2,538,701 | ||||
12,942,901 | ||||||||
Kansas1.0% | ||||||||
AAA | 6,440 | Wyandotte Cnty., Unified Govt. Spl. Oblig., Intl. Speedway, Zero Coupon, 12/01/20, MBIA | No Opt. Call | 3,022,807 | ||||
Kentucky2.9% | ||||||||
CC | 6,635 | Kenton Cnty. Arpt. Brd., Delta Airlines, 7.125%, 2/01/21 | 11/04 @ 100 | 4,326,020 | ||||
BBB | 3,750 | Maysville Sld. Wst. Disp., Inland Container Corp. Proj., 6.90%, 9/01/22 | 09/13 @ 102 | 3,998,325 | ||||
8,324,345 | ||||||||
Louisiana0.7% | ||||||||
BBB | 2,000 | De Soto Parish, Env. Impvt. Rev., Ser. A, 5.85%, 11/01/27 | 11/13 @ 100 | 2,022,660 | ||||
Maryland5.8% | ||||||||
Frederick Cnty., Urbana Cmnty. Dev. Auth., | ||||||||
NR4 | 3,000 | 6.625%, 7/01/25 | 07/07 @ 102 | 3,133,860 | ||||
NR4 | 5,171 | Ser. A, 5.80%, 7/01/20 | 07/07 @ 102 | 5,174,516 | ||||
BBB | 8,500 | Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.375%, 8/15/24 | 08/14 @ 100 | 8,602,425 | ||||
16,910,801 | ||||||||
Massachusetts1.6% | ||||||||
BBB | 4,500 | Massachusetts Dev. Fin. Agcy., Sld. Wst. Disp. Rev., Wst. Mgmt. Inc. Proj., 5.45%, 6/01/14 | No Opt. Call | 4,798,440 | ||||
Michigan1.8% | ||||||||
BB+ | 5,000 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 @ 101 | 5,204,050 | ||||
Minnesota2.9% | ||||||||
A | 7,000 | Cohasset, PCR, Allete Inc. Proj., 4.95%, 7/01/22 | 07/14 @ 100 | 7,104,370 | ||||
A2 | 1,250 | Higher Ed. Facs. Auth., Univ. of St. Thomas, Ser. 5, 5.00%, 10/01/24 | 10/14 @ 100 | 1,281,063 | ||||
8,385,433 | ||||||||
Mississippi1.0% | ||||||||
BBB | 3,000 | Warren Cnty. Env. Impvt, Intl. Paper, Ser. A, 5.85%, 11/01/27 | 11/13 @ 100 | 3,021,300 | ||||
Missouri1.8% | ||||||||
BBB+ | 5,000 | Missouri Dev. Fin. Brd., Branson Landing Proj., Ser. A, 5.50%, 12/01/24 | 06/14 @ 100 | 5,210,250 | ||||
New Hampshire1.8% | ||||||||
BBB+ | 5,000 | New Hampshire Hlth., Elliot Hosp., Ser. B, 5.60%, 10/01/22 | 10/13 @ 100 | 5,132,250 | ||||
New Jersey15.1% | ||||||||
Baa1 | 1,000 | Middlesex Cnty. Impvt. Auth., Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23 | 08/14 @ 100 | 997,520 | ||||
New Jersey Econ. Dev. Auth., | ||||||||
B | 10,000 | Continental Airlines Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 7,730,900 | ||||
B | 1,500 | Continental Airlines Inc. Proj., 9.00%, 6/01/33 | 06/13 @ 101 | 1,529,925 | ||||
BBB- | 1,000 | First Mtg. Winchester, Ser. A, 4.80%, 11/01/13 | No Opt. Call | 983,730 | ||||
Baa3 | 7,500 | Kapkowski Road Landfill Proj., 6.50%, 4/01/31 | No Opt. Call | 8,426,175 | ||||
Baa1 | 4,000 | New Jersey Hlth. Care Fac. Fin. Auth., Cap. Hlth. Sys. Oblig. Grp., Ser. A, 5.75%, 7/01/23 | 07/13 @ 100 | 4,181,880 | ||||
BBB | 20,325 | Tobacco Settlement Fin. Corp., 7.00%, 6/01/41 | 06/13 @ 100 | 20,032,930 | ||||
43,883,060 | ||||||||
New Mexico0.9% | ||||||||
NR | 2,685 | Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 | No Opt. Call | 2,754,837 | ||||
2
BlackRock Municipal 2020 Term Trust (BKK) (continued)
Rating1 | ||||||||
Ohio7.2% | ||||||||
Cuyahoga Cnty., Cleveland Clinic Hlth. Sys., | ||||||||
A1 | $ 3,000 | 6.00%, 1/01/19 | 07/13 @ 100 | $ 3,338,850 | ||||
A1 | 10,000 | 6.00%, 1/01/20 | 07/13 @ 100 | 11,114,100 | ||||
BBB- | 4,000 | Ohio Wtr. Dev. Auth., Collateral Wtr. Dev. Dayton Pwr., Ser. A, 6.40%, 8/15/27 | 11/04 @ 100 | 4,040,040 | ||||
NR | 1,100 | Pinnacle Cmnty. Infrastructure Fin. Auth., Facs. Rev., Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 1,117,479 | ||||
NR | 1,215 | Port of Greater Cincinnati Dev. Auth., Coop. Pub. Pkg. Infrastructure Proj., 6.30%, 2/15/24 | 02/14 @ 102 | 1,232,557 | ||||
20,843,026 | ||||||||
Pennsylvania6.0% | ||||||||
A- | 10,000 | Lancaster Cnty. Hosp. Auth., Gen. Hosp. Proj., 5.75%, 3/15/20 | 09/13 @ 100 | 10,619,100 | ||||
BBB+ | 6,680 | Pennsylvania Higher Edl. Fac., La Salle Univ., 5.50%, 5/01/26 | 05/13 @ 100 | 6,864,368 | ||||
17,483,468 | ||||||||
Rhode Island1.6% | ||||||||
BBB | 4,500 | Hlth. & Edl. Bldg. Corp., Hosp. Fin., Ser. A, 5.875%, 9/15/23 | 09/08 @ 100 | 4,524,120 | ||||
Texas8.6% | ||||||||
BBB | 1,100 | Brazos River Auth., PCR, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38 | No Opt. Call | 1,240,448 | ||||
BBB | 3,500 | Port Corpus Christi Indl. Dev. Corp., Valero Convertible, Ser. C, 5.40%, 4/01/18 | 04/08 @ 102 | 3,609,515 | ||||
Baa1 | 5,000 | Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks, Ser. A, | ||||||
5.85%, 11/01/31 | 11/11 @ 102 | 4,915,700 | ||||||
Texas Tpke. Auth., Central Texas Tpke. Sys., Ser. A, AMBAC, | ||||||||
AAA | 7,990 | Zero Coupon, 8/15/21 | No Opt. Call | 3,551,555 | ||||
AAA | 18,450 | Zero Coupon, 8/15/24 | No Opt. Call | 6,736,648 | ||||
Weatherford Indpt. Sch. Dist., | ||||||||
AAA | 6,945 | Zero Coupon, 2/15/23 | 02/11 @ 50.236 | 2,533,328 | ||||
AAA | 6,945 | Zero Coupon, 2/15/24 | 02/11 @ 47.435 | 2,373,801 | ||||
24,960,995 | ||||||||
Virginia7.8% | ||||||||
NR | 5,000 | Celebrate North Cmnty. Dev. Auth., Spl. Assmt. Rev., Ser. B, 6.60%, 3/01/25 | 03/14 @ 102 | 5,063,150 | ||||
BBB | 10,000 | Charles City Cnty. Econ. Dev. Auth., Sld. Wst. Disp., 5.125%, 8/01/27 | No Opt. Call | 10,106,800 | ||||
Aa3 | 7,500 | Mecklenburg Cnty. Ind. Dev. Auth., Exempt FAC-UAE LP Proj., 6.50%, 10/15/17 | 10/12 @ 100 | 7,698,000 | ||||
22,867,950 | ||||||||
Washington2.5% | ||||||||
Washington, | ||||||||
AAA | 10,000 | Ser. S-5, Zero Coupon, 1/01/19, FGIC | No Opt. Call | 5,148,300 | ||||
AAA | 4,630 | Motor Vehicle, Ser. F, Zero Coupon, 12/01/21, MBIA | No Opt. Call | 2,018,912 | ||||
7,167,212 | ||||||||
Wisconsin2.2% | ||||||||
Hlth. & Ed. Fac. Auth., Wheaton Franciscan Svcs., | ||||||||
A | 2,880 | 5.50%, 8/15/17 | 08/13 @ 100 | 3,078,259 | ||||
A | 3,190 | 5.50%, 8/15/18 | 08/13 @ 100 | 3,383,282 | ||||
6,461,541 | ||||||||
Puerto Rico12.2% | ||||||||
Puerto Rico, Pub. Impvt., Ser. A, | ||||||||
A- | 5,000 | 5.25%, 7/01/22 | 07/13 @ 100 | 5,299,000 | ||||
A- | 11,000 | 5.25%, 7/01/23 | 07/13 @ 100 | 11,584,320 | ||||
A- | 7,000 | 5.25%, 7/01/24 | 07/13 @ 100 | 7,335,650 | ||||
A- | 10,900 | Puerto Rico Elec. Pwr. Auth., Ser. NN, 5.125%, 7/01/24 | 07/13 @ 100 | 11,405,433 | ||||
35,624,403 | ||||||||
Multi-State3.6% | ||||||||
Charter Mac Equity Issuer Trust, | ||||||||
A3 | 1,000 | Ser. A, 5.75%, 4/30/15 | No Opt. Call | 1,048,390 | ||||
A3 | 2,500 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 2,649,850 | ||||
Baa1 | 4,000 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 4,191,200 | ||||
Baa1 | 2,500 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 2,647,000 | ||||
10,536,440 | ||||||||
Total Long-Term Investments (cost $454,001,973) | 462,655,324 | |||||||
3
BlackRock Municipal 2020 Term Trust (BKK) (continued)
MONEY MARKET FUND0.0% | |||||||
100 | AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $100,000) | $ |
100,000 | ||||
Total Investments158.8% (cost $454,101,973) | $ |
462,755,324 | |||||
Other assets in excess of liabilities2.2% | 6,303,091 | ||||||
Preferred shares at redemption value, including dividends payable(61.0)% | (177,619,797) | ||||||
Net Assets Applicable to Common Shareholders100% | $ |
291,438,618 | |||||
1 | Using the higher of S&Ps, Moodys or Fitchs rating. | |||
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. | |||
3 | Entire or partial principal amount pledged as collateral for financial futures contracts. | |||
4 | Security is deemed to be of investment grade quality by the investment advisor. |
KEY TO ABBREVIATIONS | ||||||
ACA | | American Capital Access | GO | | General Obligation | |
AMBAC | | American Municipal Bond Assurance Corporation | MBIA | | Municipal Bond Insurance Association | |
FGIC | | Financial Guaranty Insurance Company | PCR | | Pollution Control Revenue | |
FSA | | Financial Security Assurance | RAA | | Radian Asset Assurance | |
4
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrants disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.
SIGNATURES
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.
(Registrant) BlackRock Municipal 2020 Term Trust
______________________________________________________________
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: November 23, 2004
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/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: November 23, 2004
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: November 23, 2004