FORM N-Q
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Investment Company Act file number: |
811-21181 |
| BlackRock Municipal 2020 Term Trust | |
| (Exact name of registrant as specified in charter) | |
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| Registrant's telephone number, including area code: | 888-825-2257 | |
| Date of fiscal year end: December 31, 2005 | ||
| Date of reporting period: | September 30, 2005 | |
Item 1. Schedule of Investments.
The Registrant’s unaudited 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
SEPTEMBER
30, 2005
BlackRock Municipal 2020 Term Trust (BKK)
| Principal | Option Call | |||||||||
| Rating1 | Amount | Provisions2 | ||||||||
| (unaudited) | ||||||||||
| LONG-TERM INVESTMENTS—151.6% | ||||||||||
| California—25.9% | ||||||||||
| A | $12,000 | California, GO, 5.00%, 11/01/22 | 11/13 @ 100 | $ 12,592,440 | ||||||
| Foothill/Eastern Trans. Corridor Agcy., | ||||||||||
| BBB | 10,000 | Cap. Apprec., Zero Coupon, 1/15/22 | 01/10 @ 50.177 | 3,897,400 | ||||||
| BBB | 12,500 | Toll Rd. Rev., Zero Coupon, 1/15/21 | 01/10 @ 53.346 | 5,178,125 | ||||||
| Golden St. Tobacco Sec. Corp., | ||||||||||
| BBB | 3,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 @ 100 | 3,411,270 | ||||||
| BBB | 12,010 | Ser. A-1, 6.75%, 6/01/39 | 06/13 @ 100 | 13,794,806 | ||||||
| BBB | 975 | Ser. A-3, 7.875%, 6/01/42 | 06/13 @ 100 | 1,222,942 | ||||||
| BBB | 1,470 | Ser. A-5, 7.875%, 6/01/42 | 06/13 @ 100 | 1,843,821 | ||||||
| AAA | 20,000 | 3 | Ser. B, 5.375%, 6/01/10 | N/A | 21,839,600 | |||||
| B- | 3,035 | Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., | ||||||||
| Ser. C, 7.50%, 12/01/24 | 12/12 @ 102 | 3,003,224 | ||||||||
| BBB+ | 7,000 | Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., | ||||||||
| Ser. C, 5.25%, 6/01/23 | No Opt. Call | 7,426,300 | ||||||||
| AAA | 6,865 | Riverside Cnty., Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA | No Opt. Call | 2,605,611 | ||||||
| BBB+ | 3,355 | Statewide Cmnty., Daughters of Charity Hlth. Proj., 5.25%, 7/01/25 | 07/15 @ 100 | 3,479,034 | ||||||
| 80,294,573 | ||||||||||
| Colorado—0.7% | ||||||||||
| AAA | 4,500 | E-470 Pub. Hwy. Auth. Cap. Apprec., Ser. B, Zero Coupon, 9/01/22, MBIA | No Opt. Call | 2,034,900 | ||||||
| District of Columbia—5.3% | ||||||||||
| Friendship Pub. Charter Sch., Inc. Proj., | ||||||||||
| A | 3,320 | 5.00%, 6/01/23, ACA | 06/14 @ 100 | 3,361,666 | ||||||
| A | 2,680 | 5.75%, 6/01/18, ACA | 06/14 @ 100 | 2,897,831 | ||||||
| AAA | 5,000 | 4 | Met. Washington Arpts. Auth. Arpt. Sys. Rev., Ser. C-2, 5.00%, 10/01/24, FSA | 10/14 @ 100 | 5,183,150 | |||||
| BBB | 4,215 | Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 | No Opt. Call | 4,938,631 | ||||||
| 16,381,278 | ||||||||||
| Florida—16.1% | ||||||||||
| NR | 4,860 | Bellago Edl. Facs. Benefit Dist., Ser. A, 5.85%, 5/01/22 | 05/14 @ 100 | 4,989,422 | ||||||
| Baa1 | 1,500 | Cap. Trust Agcy. Multi-Fam. Hsg., American Oppty. Proj., Ser. A, 5.75%, 6/01/23 | 06/13 @ 102 | 1,480,245 | ||||||
| NR | 3,000 | CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14 | No Opt. Call | 3,091,200 | ||||||
| NR | 4,445 | Grand Hampton Cmnty. Dev. Dist. Cap. Impvt., 6.10%, 5/01/24 | 05/13 @ 101 | 4,549,857 | ||||||
| NR | 4,140 | Habitat Cmnty. Dev. Dist., 5.80%, 5/01/25 | 05/14 @ 101 | 4,156,643 | ||||||
| BB+ | 5,475 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 6,142,457 | ||||||
| NR | 4,690 | Middle Vlg. Cmnty. Dev. Dist., Ser. A, 5.80%, 5/01/22 | 05/13 @ 100 | 4,843,457 | ||||||
| NR | 1,000 | Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10 | No Opt. Call | 999,220 | ||||||
| NR | 7,680 | Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 | No Opt. Call | 7,911,322 | ||||||
| NR | 3,854 | Vlg. Cmnty. Dev. Dist. Spl. Assmt. Rev. No. 5, Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 4,030,821 | ||||||
| NR | 6,000 | Westchester Cmnty. Dev. Dist. No. 1 Spl. Assmt., 6.00%, 5/01/23 | 05/13 @ 101 | 6,263,520 | ||||||
| NR | 1,555 | World Commerce Cmnty. Dev. Dist. Spec. Assmt., Ser. A-1, 6.25%, 5/01/22 | 05/14 @ 101 | 1,594,979 | ||||||
| 50,053,143 | ||||||||||
| Georgia—1.6% | ||||||||||
| BBB | 2,500 | Milledgeville Baldwin Cnty. Dev.
Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/24 |
09/14 @ 101 | 2,595,450 | ||||||
| BBB | 2,350 | Richmond Cnty. Dev. Auth. Env. Impvt., 5.75%, 11/01/27 | 11/13 @ 100 | 2,464,210 | ||||||
| 5,059,660 | ||||||||||
| Illinois—9.7% | ||||||||||
| NR | 2,155 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 2,190,213 | ||||||
| A- | 5,000 | Dev. Fin. Auth. Depaul Univ. Proj., Ser. C, 5.25%, 10/01/24 | 10/14 @ 100 | 5,328,000 | ||||||
| AA+ | 4,800 | Edl. Fac. Auth., Northwestern Univ. Proj., 5.00%, 12/01/21 | 12/13 @ 100 | 5,083,008 | ||||||
| Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj., | ||||||||||
| Baa2 | 2,725 | Ser. A, 5.00%, 6/01/24 | 06/14 @ 100 | 2,730,504 | ||||||
| Baa2 | 3,250 | Ser. A, 5.50%, 6/01/19 | 06/14 @ 100 | 3,432,942 | ||||||
| Baa3 | 1,075 | Ser. B, 5.00%, 6/01/24 | 06/14 @ 100 | 1,064,003 | ||||||
| AAA | 8,265 | Lake Cnty. Cmnty. Con. Sch. Dist., No. 73 Hawthorn Proj., | ||||||||
| Zero Coupon, 12/01/22, MBIA | No Opt. Call | 3,756,277 | ||||||||
| AAA | 13,455 | Met. Pier & Expo. Auth. Ded. St. Tax Rev., McCormick Place Expansion Proj., | ||||||||
| Ser. A, Zero Coupon, 6/15/22, MBIA | No Opt. Call | 6,348,742 | ||||||||
| 29,933,689 | ||||||||||
1
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | Option Call | ||||||||||||
| Rating1 | Amount | Provisions2 | |||||||||||
| (unaudited) | Value | ||||||||||||
| Indiana—5.0% | |||||||||||||
| BBB | $ 10,000 | Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | $ 10,355,200 | |||||||||
| NR | 5,290 | Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 @ 102 | 5,290,159 | |||||||||
| 15,645,359 | |||||||||||||
| Kansas—1.0% | |||||||||||||
| AAA | 6,440 | Wyandotte Cnty. Unified Gov’t. Spl. Oblig., Intl. Speedway Proj., Zero Coupon, | |||||||||||
| 12/01/20, MBIA | No Opt. Call | 3,203,964 | |||||||||||
| Kentucky—1.3% | |||||||||||||
| BBB | 3,750 | Maysville Sld. Wst. Disp. ,Inland Container Corp. Proj., 6.90%, 9/01/22 | 09/13 @ 102 | 4,178,550 | |||||||||
| Louisiana—0.7% | |||||||||||||
| BBB | 2,000 | De Soto Parish Env. Impvt. Rev., Ser. A, 5.85%, 11/01/27 | 11/13 @ 100 | 2,092,760 | |||||||||
| Maryland—5.6% | |||||||||||||
| Frederick Cnty., Urbana Cmnty. Dev. Auth. Proj., | |||||||||||||
| NR | 3,000 | 6.625%, 7/01/25 | 07/07 @ 102 | 3,119,220 | |||||||||
| NR | 5,171 | 5.80%, 7/01/20 | 07/07 @ 102 | 5,218,832 | |||||||||
| Baa1 | 8,500 | Hlth. & Higher Edl. Facs. Auth. Medstar Hlth. Proj., 5.375%, 8/15/24 | 08/14 @ 100 | 8,942,850 | |||||||||
| 17,280,902 | |||||||||||||
| Massachusetts—3.3% | |||||||||||||
| AAA | 5,000 | Bay Transp. Auth. Sales Tax Rev., Ser. A, 5.00%, 7/01/24 | No Opt. Call | 5,494,450 | |||||||||
| BBB | 4,500 | Dev. Fin. Agcy. Sld. Wst. Disp. Rev., Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14 | No Opt. Call | 4,798,800 | |||||||||
| 10,293,250 | |||||||||||||
| Michigan—1.7% | |||||||||||||
| BB+ | 5,000 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 @ 101 | 5,226,200 | |||||||||
| Minnesota—0.4% | |||||||||||||
| A2 | 1,250 | Higher Ed. Facs. Auth., Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24 | 10/14 @ 100 | 1,304,237 | |||||||||
| Mississippi—1.0% | |||||||||||||
| BBB | 3,000 | Warren Cnty. Env. Impvt., Intl. Paper Proj., Ser. A, 5.85%, 11/01/27 | 11/13 @ 100 | 3,093,180 | |||||||||
| Missouri—3.6% | |||||||||||||
| BBB+ | 5,000 | Dev. Fin. Brd., Branson Landing Proj., Ser. A, 5.50%, 12/01/24 | 06/14 @ 100 | 5,263,250 | |||||||||
| AA | 5,500 | Hlth. & Edu. Fac., BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20 | 05/15 @ 100 | 5,804,700 | |||||||||
| 11,067,950 | |||||||||||||
| Multi-State—6.7% | |||||||||||||
| Charter Mac Equity Issuer Trust, | |||||||||||||
| A3 | 1,000 | 5 | Ser. A, 5.75%, 10/31/99 | No Opt. Call | 1,062,780 | ||||||||
| A3 | 2,500 | 5 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 2,640,400 | ||||||||
| Baa1 | 4,000 | 5 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 4,198,680 | ||||||||
| NR | 2,500 | 5 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 2,674,500 | ||||||||
| Munimae TE Bond Subsidiary, LLC, | |||||||||||||
| Baa2 | 5,000 | 5 | Ser. C1, 5.80%, 6/30/49 | 09/14 @ 100 | 5,071,000 | ||||||||
| Baa2 | 5,000 | 5 | Ser. C2, 5.80%, 6/30/49 | 09/14 @ 100 | 4,995,200 | ||||||||
| 20,642,560 | |||||||||||||
| New Hampshire—1.7% | |||||||||||||
| BBB+ | 5,000 | Hlth., Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22 | 10/13 @ 100 | 5,283,200 | |||||||||
| New Jersey—12.8% | |||||||||||||
| Econ. Dev. Auth., | |||||||||||||
| BBB | 11,500 | Cigarette Tax, 5.50%, 6/15/24 | 06/12 @ 100 | 12,061,775 | |||||||||
| B | 10,000 | Continental Airlines, Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 8,582,800 | |||||||||
| B | 1,500 | Continental Airlines, Inc. Proj., 9.00%, 6/01/33 | 06/13 @ 101 | 1,573,920 | |||||||||
| BBB- | 1,000 | First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13 | No Opt. Call | 1,012,170 | |||||||||
| Baa3 | 7,500 | Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31 | No Opt. Call | 8,552,400 | |||||||||
| Baa1 | 4,000 | Hlth. Care Fac. Fin. Auth., Cap. Hlth. Sys. Oblig. Grp. Proj., Ser. A, 5.75%, 7/01/23 | 07/13 @ 100 | 4,307,160 | |||||||||
| Middlesex Cnty. Impvt. Auth., | |||||||||||||
| NR | 2,500 | Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25 | 01/15 @ 100 | 2,497,825 | |||||||||
| Baa1 | 1,000 | Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23 | 08/14 @ 100 | 1,017,850 | |||||||||
| 39,605,900 | |||||||||||||
| New Mexico—0.8% | |||||||||||||
| NR | 2,520 | Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 | No Opt. Call | 2,600,464 | |||||||||
2
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | Option Call | |||||||||
| Rating1 | Amount | Provisions2 | ||||||||
| (000) | Description | (unaudited) | Value | |||||||
| Ohio—5.5% | ||||||||||
| Aa3 | $13,000 | Cuyahoga Cnty. Cleveland Clinic Hlth. Sys. Proj., 6.00%, 1/01/19-1/01/20 | 07/13 @ 100 | $ 14,705,020 | ||||||
| NR | 1,100 | Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 1,149,104 | ||||||
| NR | 1,215 | Port of Greater Cincinnati Dev. Auth.,
Coop. Pub. Pkg. Infrastructure Proj., 6.30%, 2/15/24 |
02/14 @ 102 | 1,290,816 | ||||||
| 17,144,940 | ||||||||||
| Oklahoma—1.1% | ||||||||||
| B- | 3,350 | Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 3,362,864 | ||||||
| Pennsylvania—6.2% | ||||||||||
| BBB+ | 6,680 | Higher Edl. Fac., La Salle Univ. Proj., 5.50%, 5/01/26 | 05/13 @ 100 | 7,095,630 | ||||||
| A | 10,000 | Lancaster Cnty. Hosp. Auth., Gen. Hosp. Proj., 5.75%, 3/15/20 | 09/13 @ 100 | 10,882,600 | ||||||
| NR | 1,275 | Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21 | 02/15 @ 100 | 1,339,566 | ||||||
| 19,317,796 | ||||||||||
| Puerto Rico—11.6% | ||||||||||
| A- | 10,900 | Elec. Pwr. Auth., Ser. NN, 5.125%, 7/01/24 | 07/13 @ 100 | 11,463,966 | ||||||
| BBB | 23,000 | Pub. Impvt., Ser. A, 5.25%, 7/01/22-7/01/24 | 07/13 @ 100 | 24,397,550 | ||||||
| 35,861,516 | ||||||||||
| Rhode Island—1.5% | ||||||||||
| BBB | 4,500 | Hlth. & Edl. Bldg. Corp. Hosp. Fin., Ser. A, 5.875%, 9/15/23 | 09/08 @ 100 | 4,620,015 | ||||||
| Texas—6.9% | ||||||||||
| B2 | 5,000 | 6 | Affordable Hsg. Corp. Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks Proj., | |||||||
| Ser. A, 5.85%, 11/01/31 | 11/11 @ 102 | 3,785,950 | ||||||||
| BBB | 1,100 | Brazos River Auth., PCR, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38 | No Opt. Call | 1,236,741 | ||||||
| BBB- | 3,500 | Port Corpus Christi Indl. Dev. Corp., Valero Proj., Ser. C, 5.40%, 4/01/18 | 04/08 @ 102 | 3,625,195 | ||||||
| AAA | 16,440 | Tpke. Auth., Central Texas Tpke.
Sys. Proj., Ser. A, Zero Coupon, 8/15/21-8/15/24, AMBAC |
No Opt. Call | 7,402,531 | ||||||
| Weatherford Indpt. Sch. Dist., | ||||||||||
| AAA | 6,945 | Zero Coupon, 2/15/23 | 02/11 @ 50.236 | 2,784,667 | ||||||
| AAA | 6,945 | Zero Coupon, 2/15/24 | 02/11 @ 47.435 | 2,617,015 | ||||||
| 21,452,099 | ||||||||||
| Trust Territories—1.3% | ||||||||||
| A- | 4,000 | 5 | San Manuel Entertainment Auth., 2004 Gaming Proj., Ser.C, 4.50%, 12/01/16 | 12/13 @ 102 | 3,982,840 | |||||
| U.S. Virgin Islands—0.3% | ||||||||||
| BBB | 1,000 | Pub. Fin. Auth. Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17 | 10/14 @ 100 | 1,070,970 | ||||||
| Virginia—7.7% | ||||||||||
| NR | 5,000 | Celebrate North Cmnty. Dev. Auth. Spl. Assmt. Rev., Ser. B, 6.60%, 3/01/25 | 03/14 @ 102 | 5,169,850 | ||||||
| BBB | 10,000 | Charles City Cnty. Econ. Dev. Auth. Sld. Wst. Disp., 5.125%, 8/01/27 | 05/14 @ 100 | 10,222,000 | ||||||
| A3 | 7,500 | Mecklenburg Cnty. Ind. Dev. Auth., Exempt FAC-UAE LP Proj., 6.50%, 10/15/17 | 10/12 @ 100 | 8,342,550 | ||||||
| 23,734,400 | ||||||||||
| Washington—2.5% | ||||||||||
| AAA | 10,000 | Washington, Ser. S-5, Zero Coupon, 1/01/19, FGIC | No Opt. Call | 5,512,200 | ||||||
| AAA | 4,630 | Washington Mtr. Veh. Proj., Ser. F, Zero Coupon, 12/01/21, MBIA | No Opt. Call | 2,189,342 | ||||||
| 7,701,542 | ||||||||||
| Wisconsin—2.1% | ||||||||||
| Hlth. & Ed. Fac. Auth., Wheaton Franciscan Svcs. Proj., | ||||||||||
| A | 2,880 | 5.50%, 8/15/17 | 08/13 @ 100 | 3,102,336 | ||||||
| A | 3,190 | 5.50%, 8/15/18 | 08/13 @ 100 | 3,418,691 | ||||||
| 6,521,027 | ||||||||||
| Total Long-Term Investments (cost $446,739,338) | 470,045,728 | |||||||||
| SHORT-TERM INVESTMENTS—3.6% | ||||||||||
| Massachusetts—0.1% | ||||||||||
| A-1+ | 350 | 7 | Dev. Fin. Agcy., Boston Univ. Proj., Ser. R-4, 2.30%, 10/03/05, XLCA, FRDD | N/A | 350,000 | |||||
| New York—0.4% | ||||||||||
| A-1+ | 1,000 | 7 | Triborough Brdg. & Tunl. Auth., GO, 2.78%, 10/06/05, FRWD | N/A | 1,000,000 | |||||
| North Dakota—1.7% | ||||||||||
| VMIG1 | 5,250 | 7 | Grand Forks Hosp. Fac. Rev., United Hosp. Oblig. Grp. Proj., 2.38%, 10/03/05, FRDD | N/A | 5,250,000 | |||||
3
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Shares | |||||||||||||
| (000) | Description | Value | |||||||||||
| Money Market Fund—1.4% | |||||||||||||
| 4,400 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ 4,400,000 | |||||||||||
| Total Short-Term Investments (cost $446,739,338) | 11,000,000 | ||||||||||||
| Total Investments—155.2% (cost $457,739,3388) | $ 481,045,728 | ||||||||||||
| Other assets in excess of liabilities—2.1% | 6,620,648 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(57.3)% | (177,644,455) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 310,021,921 | ||||||||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. | ||
| 3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||
| 4 | Security, or a portion thereof, pledged as collateral with a value of $2,123,260 on 615 short U.S. Treasury Note futures contracts expiring December 2005 and 222 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on September 30, 2005 was $93,000,141, with an unrealized gain of $1,385,448. | ||
| 5 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of September 30, 2005, the Trust held 7.9% of its net assets, with a current market value of $24,625,400, in securities restricted as to resale. | ||
| 6 | Illiquid security representing 1.22% of net assets. | ||
| 7 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of September 30, 2005. | ||
| 8 | Cost for Federal tax purposes is $457,715,845. The net unrealized appreciation on a tax basis is $23,329,883, consisting of $25,248,464 gross unrealized appreciation and $1,918,581 unrealized depreciation. | ||
| KEY TO ABBREVIATIONS | |||||||||||
| ACA | — | American Capital Access | FSA | — | Financial Security Assurance | ||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | GO | — | General Obligation | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| FRDD | — | Floating Rate Daily Demand | PCR | — | Pollution Control Revenue | ||||||
| FRWD | — | Floating Rate Weekly Demand | XLCA | — | XL Capital Assurance | ||||||
See Notes to Financial Statements.
4
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.
Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are 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 GabbayPursuant 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