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: Donald C. Burke, Chief Executive Officer, BlackRock Municipal 2020 Term Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 12/31/2008
Date of reporting period: 01/01/2008 – 03/31/2008
Item 1 – Schedule of Investments
BlackRock Municipal 2020 Term Trust | ||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||||
State | (000) | Municipal Bonds | Value | ||||||
Alabama - 0.4% | $ | 1,165 | Courtland, Alabama, IDB, Solid Waste Disposal Revenue | ||||||
Refunding Bonds (International Paper Company Project), Series | |||||||||
A, 4.75%, 5/01/17 | $ | 1,085,745 | |||||||
Arizona - 0.9% | 1,500 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue | |||||||
Bonds, 5%, 12/01/18 | 1,479,555 | ||||||||
1,000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue | ||||||||
Bonds, 5.25%, 12/01/20 | 983,050 | ||||||||
2,462,605 | |||||||||
California - 25.0% | 12,000 | California State, Various Purpose, GO, 5%, 11/01/22 | 12,280,920 | ||||||
5,000 | California Statewide Communities Development Authority Revenue | ||||||||
Bonds (John Muir Health), Series A, 5%, 8/15/22 | 5,016,700 | ||||||||
12,500 | Foothill/Eastern Corridor Agency, California, Toll Road Revenue | ||||||||
Refunding Bonds, CABS, 5.953%, 1/15/21 (a) | 5,887,875 | ||||||||
10,000 | Foothill/Eastern Corridor Agency, California, Toll Road Revenue | ||||||||
Refunding Bonds, CABS, 5.844%, 1/15/22 (a) | 4,172,800 | ||||||||
3,000 | Golden State Tobacco Securitization Corporation of California, | ||||||||
Tobacco Settlement Revenue Bonds, Series A-1, 6.625%, | |||||||||
6/01/13 (b) | 3,460,080 | ||||||||
12,010 | Golden State Tobacco Securitization Corporation of California, Tobacco | ||||||||
Settlement Revenue Bonds, Series A-1, 6.75%, 6/01/13 (b) | 13,922,592 | ||||||||
975 | Golden State Tobacco Securitization Corporation of California, | ||||||||
Tobacco Settlement Revenue Bonds, Series A-3, 7.875%, | |||||||||
6/01/13 (b) | 1,179,048 | ||||||||
1,470 | Golden State Tobacco Securitization Corporation of California, | ||||||||
Tobacco Settlement Revenue Bonds, Series A-5, 7.875%, | |||||||||
6/01/13 (b) | 1,777,642 | ||||||||
20,000 | Golden State Tobacco Securitization Corporation of California, Tobacco | ||||||||
Settlement Revenue Bonds, Series B, 5.375%, 6/01/10 (b) | 21,091,800 | ||||||||
6,865 | Riverside County, California, Asset Leasing Corporation, | ||||||||
Leasehold Revenue Bonds (Riverside County Hospital Project), | |||||||||
5.69%, 6/01/25 (a)(c) | 2,700,279 | ||||||||
71,489,736 | |||||||||
Colorado - 1.7% | 4,500 | E-470 Public Highway Authority, Colorado Revenue Bonds, | |||||||
CABS, Senior Series B, 5.36%, 9/01/22 (a)(c) | 2,041,020 | ||||||||
3,000 | Park Creek Metropolitan District, Colorado, Senior Limited Tax | ||||||||
Supported Revenue Refunding Bonds, 5.25%, 12/01/25 | 2,790,660 | ||||||||
4,831,680 | |||||||||
District of | 4,215 | District of Columbia Tobacco Settlement Financing Corporation, | |||||||
Columbia - 5.1% | Asset-Backed Revenue Refunding Bonds, 6.50%, 5/15/33 | ||||||||
4,132,850 | |||||||||
Portfolio Abbreviations |
AMT | Alternative Minimum tax (subject to) | IDB | Industrial Development Board | |||
CABS | Capital Appreciation Bonds | PCR | Pollution Control Revenue Bonds | |||
EDA | Economic Development Authority | M/F | Multi-Family | |||
EDR | Economic Development Revenue | S/F | Single-Family | |||
GO | General Obligation Bonds | VRDN | Variable Rate Demand Notes | |||
IDA | Industrial Development Authority |
1
BlackRock Municipal 2020 Term Trust | ||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||||
State | (000) | Municipal Bonds | Value | ||||||
$ | 2,680 | District of Columbia, Revenue Refunding Bonds (Friendship Public | |||||||
Charter School, Inc.), 5.75%, 6/01/18 (d) | $ | 2,717,198 | |||||||
3,320 | District of Columbia, Revenue Refunding Bonds (Friendship | ||||||||
Public Charter School, Inc.), 5%, 6/01/23 (d) | 2,992,117 | ||||||||
5,000 | Metropolitan Washington Airports Authority, D.C., Airport | ||||||||
System Revenue Refunding Bonds, AMT, Series C-2, 5%, | |||||||||
10/01/24 (e) | 4,783,400 | ||||||||
14,625,565 | |||||||||
Florida - 12.9% | 4,315 | Bellalago, Florida, Educational Facilities Benefits District, | |||||||
Capital Improvement Special Assessment Bonds, Series A, | |||||||||
5.85%, 5/01/22 | 4,050,922 | ||||||||
3,000 | CFM Community Development District, Florida, Capital | ||||||||
Improvement Revenue Bonds, Series B, 5.875%, 5/01/14 | 2,712,090 | ||||||||
4,180 | Grand Hampton Community Development District, Florida, | ||||||||
Capital Improvement Special Assessment Bonds, | |||||||||
6.10%, 5/01/24 | 4,204,996 | ||||||||
3,905 | Habitat, Florida, Community Development, Special Assessment | ||||||||
Bonds, 5.80%, 5/01/25 | 3,557,728 | ||||||||
5,475 | Miami Beach, Florida, Health Facilities Authority, Hospital | ||||||||
Revenue Refunding Bonds (Mount Sinai Medical Center of | |||||||||
Florida), 6.75%, 11/15/21 | 5,567,746 | ||||||||
4,155 | Middle Village Community Development District, Florida, | ||||||||
Special Assessment Bonds, Series A, 5.80%, 5/01/22 | 3,907,279 | ||||||||
400 | Orange County, Florida, Health Facilities Authority, Hospital | ||||||||
Revenue Bonds (Orlando Regional Healthcare), VRDN, Series A- | |||||||||
10, 1.25%, 10/01/41 (e)(f) | 400,000 | ||||||||
615 | Pine Island Community Development District, Florida, Utilities | ||||||||
System Revenue Bonds, 5.30%, 11/01/10 | 597,386 | ||||||||
3,840 | Stevens Plantation Community Development District, Florida, Special | ||||||||
Assessment Revenue Bonds, Series B, 6.375%, 5/01/13 | 3,767,002 | ||||||||
2,950 | Village Community Development District Number 5, Florida, | ||||||||
Special Assessment Bonds, Series A, 6%, 5/01/22 | 2,984,220 | ||||||||
5,600 | Westchester Community Development District Number 1, | ||||||||
Florida, Special Assessment Bonds (Community Infrastructure), | |||||||||
6%, 5/01/23 | 5,044,480 | ||||||||
36,793,849 | |||||||||
Georgia - 0.7% | 2,350 | Richmond County, Georgia, Development Authority, Environmental | |||||||
Improvement Revenue Bonds (International Paper Co. Projects), AMT, | |||||||||
Series A, 5.75%, 11/01/27 | 2,103,603 | ||||||||
Illinois - 12.5% | 2,155 | Centerpoint Intermodal Center Program Trust, Illinois, Tax | |||||||
Allocation Bonds, Class A, 8%, 6/15/23 (g) | 2,013,567 | ||||||||
5,000 | Chicago, Illinois, O'Hare International Airport, General Airport Revenue | ||||||||
Bonds, Third Lien, Series A, 5%, 1/01/21 (h) | 5,079,900 | ||||||||
7,000 | Chicago, Illinois, O'Hare International Airport, General Revenue | ||||||||
Bonds, Third Lien, Series A, 5%, 1/01/22 (h) | 7,075,670 | ||||||||
5,000 | Illinois Development Finance Authority Revenue Bonds (Depaul | ||||||||
University), Series C, 5.25%, 10/01/24 | 5,030,050 | ||||||||
4,800 | Illinois Educational Facilities Authority Revenue Bonds | ||||||||
(Northwestern University), 5%, 12/01/21 | 4,943,040 |
2
BlackRock Municipal 2020 Term Trust | ||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||||
State | (000) | Municipal Bonds | Value | ||||||
$ | 900 | Illinois State Finance Authority, Revenue Refunding Bonds | |||||||
(Central DuPage Health System), VRDN, Series B, | |||||||||
1.27%, 11/01/38 (f) | $ | 900,000 | |||||||
3,250 | Illinois State Financing Authority, Student Housing Revenue | ||||||||
Bonds (MJH Education Assistance IV LLC), Senior Series A, | |||||||||
5.50%, 6/01/19 (l) | 2,524,015 | ||||||||
1,075 | Illinois State Financing Authority, Student Housing Revenue | ||||||||
Bonds (MJH Education Assistance IV LLC), Sub-Series B, 5%, | |||||||||
6/01/24 (l) | 519,182 | ||||||||
1,000 | Lake, Cook, Kane and McHenry Counties, Illinois, Community | ||||||||
Unit School District Number 220, GO, Refunding, 5.25%, | |||||||||
12/01/20 (e) | 1,103,410 | ||||||||
13,455 | Metropolitan Pier and Exposition Authority, Illinois, Dedicated | ||||||||
State Tax Revenue Refunding Bonds (McCormick), Series A, | |||||||||
5.26%, 6/15/22 (a)(c) | 6,534,017 | ||||||||
35,722,851 | |||||||||
Indiana - 5.5% | 10,000 | Indianapolis, Indiana, Airport Authority, Special Facilities, | |||||||
Revenue Refunding Bonds (Federal Express Corporation | |||||||||
Project), AMT, 5.10%, 1/15/17 | 9,457,200 | ||||||||
2,000 | Lawrence, Indiana, M/F Housing, Revenue Refunding Bonds (Pinnacle | ||||||||
Apartments Project), AMT, 5.40%, 6/01/24 (i) | 2,000,720 | ||||||||
4,805 | Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24 | 4,407,627 | |||||||
15,865,547 | |||||||||
Kansas - 1.2% | 6,440 | Unified Government of Wyandotte County and Kansas City, Kansas, | |||||||
Sales Tax Special Obligation Revenue Bonds (Kansas International | |||||||||
Speedway Corporation Project), 5.20%, 12/01/20 (a)(c) | 3,460,470 | ||||||||
Kentucky - 0.7% | 2,000 | Kentucky Housing Corporation, Housing Revenue Bonds, AMT, | |||||||
Series C, 4.625%, 7/01/22 | 1,873,620 | ||||||||
Louisiana - 0.6% | 2,000 | De Soto Parish, Louisiana, Environmental Improvement Revenue | |||||||
Bonds (International Paper Co. Project), AMT, Series A, 5.85%, | |||||||||
11/01/27 | 1,802,660 | ||||||||
Maryland - 5.7% | 3,000 | Frederick County, Maryland, Special Obligation Tax Bonds | |||||||
(Urbana Community Development Authority), 6.625%, 7/01/25 | 3,004,050 | ||||||||
4,950 | Frederick County, Maryland, Special Obligation Tax Bonds | ||||||||
(Urbana Community Development Authority), Series A, 5.80%, | |||||||||
7/01/20 | 4,830,952 | ||||||||
8,500 | Maryland State Health and Higher Educational Facilities | ||||||||
Authority, Revenue Refunding Bonds (MedStar Health, Inc.), | |||||||||
5.375%, 8/15/24 | 8,349,720 | ||||||||
16,184,722 | |||||||||
Massachusetts - 1.6% | 4,500 | Massachusetts State Development Finance Agency, Solid Waste | |||||||
Disposal Revenue Bonds (Waste Management, Inc. Project), | |||||||||
AMT, 5.45%, 6/01/14 | 4,649,355 | ||||||||
Michigan - 0.8% | 1,060 | Macomb County, Michigan, Hospital Finance Authority, Hospital | |||||||
Revenue Refunding Bonds (Mount Clemens General Hospital), | |||||||||
VRDN, Series A-1, 1.40%, 10/01/20 (f) | 1,060,000 | ||||||||
1,500 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding | ||||||||
Bonds (Sparrow Obligated Group), 4.50%, 11/15/26 | 1,352,400 | ||||||||
2,412,400 |
3
BlackRock Municipal 2020 Term Trust | ||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||||
State | (000) | Municipal Bonds | Value | ||||||
Minnesota - 0.4% | $ | 1,250 | Minnesota State, Higher Education Facilities Authority Revenue Bonds | ||||||
(University of St. Thomas), Series Five Y, 5%, 10/01/24 | $ | 1,243,062 | |||||||
Mississippi - 0.9% | 3,000 | Warren County, Mississippi, Environmental Improvement | |||||||
Revenue Bonds (International Paper Company Project), AMT, | |||||||||
Series A, 5.85%, 11/01/27 | 2,703,990 | ||||||||
Missouri - 3.7% | 5,000 | Missouri State Development Finance Board, Infrastructure | |||||||
Facilities Revenue Bonds (Branson Landing Project), Series A, | |||||||||
5.50%, 12/01/24 | 4,871,900 | ||||||||
15 | Missouri State Health and Educational Facilities Authority, Educational | ||||||||
Facilities Revenue Refunding Bonds (The Washington University), VRDN, | |||||||||
Series A, 1.28%, 9/01/30 (f) | 15,000 | ||||||||
5,500 | Missouri State Health and Educational Facilities Authority | ||||||||
Health Facilities Revenue Refunding Bonds (BJC Health | |||||||||
System), Series A, 5%, 5/15/20 | 5,580,630 | ||||||||
10,467,530 | |||||||||
Nevada - 2.2% | 5,000 | Clark County, Nevada, EDR, Revenue Refunding Bonds (Alexander | |||||||
Dawson School of Nevada Project), 5%, 5/15/20 | 5,042,900 | ||||||||
1,765 | Henderson, Nevada, Local Improvement Districts, Special | ||||||||
Assessment, Series NO T-18, 5.15%, 9/01/21 | 1,364,822 | ||||||||
6,407,722 | |||||||||
New Hampshire - | 5,000 | New Hampshire Health and Education Facilities Authority, Revenue | |||||||
5.2% | Refunding Bonds (Elliot Hospital), Series B, 5.60%, 10/01/22 | 5,109,000 | |||||||
10,000 | New Hampshire State Business Finance Authority, PCR, | ||||||||
Refunding (Public Service Company Project), AMT, Series B, | |||||||||
4.75%, 5/01/21 (c) | 9,610,200 | ||||||||
14,719,200 | |||||||||
New Jersey - | 1,000 | Middlesex County, New Jersey, Improvement Authority Revenue Bonds | |||||||
12.4% | (George Street Student Housing Project), Series A, | ||||||||
5%, 8/15/23 | 969,690 | ||||||||
11,500 | New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 | 11,046,210 | |||||||
7,500 | New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation | ||||||||
Improvement District Project), AMT, Series B, 6.50%, 4/01/31 | 7,562,625 | ||||||||
1,000 | New Jersey EDA, First Mortgage Revenue Refunding Bonds (The | ||||||||
Winchester Gardens at Ward Homestead Project), Series A, | |||||||||
4.80%, 11/01/13 | 1,012,660 | ||||||||
5,000 | New Jersey EDA, Special Facility Revenue Bonds (Continental | ||||||||
Airlines Inc. Project), AMT, 7%, 11/15/30 | 4,770,850 | ||||||||
1,500 | New Jersey EDA, Special Facility Revenue Bonds (Continental | ||||||||
Airlines Inc. Project), AMT, 9%, 6/01/33 | 1,610,220 | ||||||||
2,110 | New Jersey Health Care Facilities Financing Authority, Revenue | ||||||||
Refunding Bonds (AtlantiCare Regional Medical Center), 5%, | |||||||||
7/01/20 | 2,117,596 | ||||||||
4,000 | New Jersey Health Care Facilities Financing Authority, Revenue | ||||||||
Refunding Bonds (Capital Health System Inc.), Series A, 5.75%, | |||||||||
7/01/23 | 4,053,760 | ||||||||
2,500 | New Jersey State Housing and Mortgage Finance Agency, S/F Housing | ||||||||
Revenue Bonds, AMT, Series T, 4.55%, 10/01/22 | 2,325,100 | ||||||||
35,468,711 |
4
BlackRock Municipal 2020 Term Trust | ||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||||
State | (000) | Municipal Bonds | Value | ||||||
New York - 8.3% | $ | 5,635 | New York City, New York, City IDA, Special Facility Revenue | ||||||
Bonds (American Airlines, Inc. - JFK International Airport), | |||||||||
AMT, 7.625%, 8/01/25 | $ | 5,724,597 | |||||||
5,000 | New York City, New York, City IDA, Special Facility Revenue | ||||||||
Bonds (Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31 | 5,142,250 | ||||||||
8,500 | New York State Energy Research and Development Authority, Gas | ||||||||
Facilities Revenue Refunding Bonds (Brooklyn Union Gas | |||||||||
Company/Keyspan), AMT, Series A, 4.70%, 2/01/24 (j) | 7,823,825 | ||||||||
5,000 | Tobacco Settlement Financing Corporation of New York | ||||||||
Revenue Bonds, Series B-1C, 5.50%, 6/01/20 | 5,174,300 | ||||||||
23,864,972 | |||||||||
Ohio - 5.4% | 3,000 | Cuyahoga County, Ohio, Revenue Refunding Bonds, | |||||||
Series A, 6%, 1/01/19 | 3,299,250 | ||||||||
10,000 | Cuyahoga County, Ohio, Revenue Refunding Bonds, | ||||||||
Series A, 6%, 1/01/20 | 10,997,499 | ||||||||
1,060 | Pinnacle Community Infrastructure Financing Authority, Ohio, | ||||||||
Revenue Bonds, Series A, 6%, 12/01/22 | 1,017,992 | ||||||||
15,314,741 | |||||||||
Oklahoma - 1.2% | 3,350 | Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding | |||||||
Bonds, Series A, 7.75%, 6/01/35 | 3,445,710 | ||||||||
Pennsylvania - 5.7% | 7,500 | Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds | |||||||
(Lancaster General Hospital Project), 5.75%, 9/15/13 (b) | 8,396,925 | ||||||||
1,275 | Montgomery County, Pennsylvania, IDA, Revenue Bonds | ||||||||
(Whitemarsh Continuing Care Project), 6%, 2/01/21 | 1,205,117 | ||||||||
6,680 | Pennsylvania State Higher Educational Facilities Authority Revenue | ||||||||
Bonds (LaSalle University), 5.50%, 5/01/26 | 6,649,406 | ||||||||
16,251,448 | |||||||||
Rhode Island - | 4,500 | Rhode Island State Health and Educational Building | |||||||
1.6% | Corporation, Hospital Financing Revenue Bonds (South County | ||||||||
Hospital), Series A, 5.875%, 9/15/08 (b) | 4,580,730 | ||||||||
Tennessee - 3.4% | 10,000 | Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, | |||||||
Series A, 5.25%, 9/01/20 | 9,669,300 | ||||||||
Texas - 7.1% | 1,100 | Brazos River Authority, Texas, PCR, Refunding (TXU Energy | |||||||
Company LLC Project), AMT, Series A, 6.75%, 4/01/38 | 1,064,481 | ||||||||
200 | Harris County, Texas, Health Facilities Development | ||||||||
Corporation, Revenue Bonds (YMCA of the Greater Houston | |||||||||
Area), VRDN, 1.30%, 7/01/37 (f) | 200,000 | ||||||||
2,000 | North Texas Tollway Authority, System Revenue Refunding | ||||||||
Bonds, First Tier, Series A, 6%, 1/01/24 | 2,097,580 | ||||||||
3,500 | Port Corpus Christi, Texas, Industrial Development Corporation Revenue | ||||||||
Refunding Bonds, Series C, 5.40%, 4/01/18 | 3,397,485 | ||||||||
7,990 | Texas State Turnpike Authority, Central Texas Turnpike System First | ||||||||
Tier Revenue Bonds, CABS, Series A, 5.37%, 8/15/21 (a)(h) | 3,949,058 | ||||||||
8,450 | Texas State Turnpike Authority, Central Texas Turnpike System First | ||||||||
Tier Revenue Bonds, CABS, Series A, 5.51%, 8/15/24 (a)(h) | 3,404,674 | ||||||||
4,040 | Weatherford, Texas, Independent School District, GO, | ||||||||
Refunding, CABS, 6.876%, 2/15/11 (a)(b)(k) | 1,766,288 | ||||||||
4,040 | Weatherford, Texas, Independent School District, GO, | ||||||||
Refunding, CABS, 6.906%, 2/15/11 (a)(b)(k) | 1,870,560 | ||||||||
2,905 | Weatherford, Texas, Independent School District, GO, | ||||||||
Refunding, CABS, 6.906%, 2/15/23 (a)(k) | 1,283,894 |
5
BlackRock Municipal 2020 Term Trust | |||||||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||||
State | (000) | Municipal Bonds | Value | ||||||
$ | 2,905 | Weatherford, Texas, Independent School District, GO, | |||||||
Refunding, CABS, 6.876%, 2/15/24 (a)(k) | $ | 1,212,315 | |||||||
20,246,335 | |||||||||
Trust Territories - | 4,000 | San Manuel Entertainment Authority Series 04-C, 4.50%, 12/01/16 | 3,811,840 | ||||||
1.3% | |||||||||
U.S. Virgin | 1,000 | Virgin Islands Public Finance Authority, Senior Lien Revenue Bonds | |||||||
Islands - 0.4% | (Matching Fund Loan Note), Series A, 5.25%, 10/01/17 | 1,030,500 | |||||||
Virginia - 7.9% | 5,000 | Celebrate North Community Development Authority, Virginia, Special | |||||||
Assessment Revenue Bonds, Series B, 6.60%, 3/01/25 | 4,974,450 | ||||||||
10,000 | Charles City County, Virginia, EDA, Solid Waste Disposal Revenue Bonds | ||||||||
(Waste Management, Inc.), AMT, 5.125%, 8/01/27 | 10,000,700 | ||||||||
7,500 | Mecklenburg County, Virginia, IDA, Exempt Facility Revenue Refunding | ||||||||
Bonds (UAE LP Project), 6.50%, 10/15/17 | 7,821,825 | ||||||||
22,796,975 | |||||||||
Washington - 2.9% | 10,000 | Washington State, Compound Interest Bonds, GO, Series S-5, | |||||||
5.02%, 1/01/19 (a)(j) | 6,005,500 | ||||||||
4,630 | Washington State, GO, CABS, Series F, 5.33%, 12/01/21 (a)(c) | 2,348,151 | |||||||
8,353,651 | |||||||||
Wisconsin - 2.1% | 2,880 | Wisconsin State Health and Educational Facilities Authority, | |||||||
Revenue Refunding Bonds (Wheaton Franciscan Services, Inc.), | |||||||||
Series A, 5.50%, 8/15/17 | 2,877,696 | ||||||||
3,190 | Wisconsin State Health and Educational Facilities Authority, | ||||||||
Revenue Refunding Bonds (Wheaton Franciscan Services, Inc.), | |||||||||
Series A, 5.50%, 8/15/18 | 3,140,332 | ||||||||
6,018,028 | |||||||||
Puerto Rico - | 3,300 | Puerto Rico Commonwealth, Public Improvement, GO, Series B, | |||||||
5.4% | 5.25%, 7/01/17 | 3,431,835 | |||||||
10,900 | Puerto Rico Electric Power Authority, Power Revenue Bonds, | ||||||||
Series NN, 5.125%, 7/01/13 (b) | 12,000,137 | ||||||||
15,431,972 | |||||||||
Total Municipal Bonds (Cost - $437,872,558) - 152.8% | 437,190,825 | ||||||||
Corporate Bonds | |||||||||
Multi-State - 7.9% | 1,000 | Charter Mac Equity Issuer Trust, 5.75%, 4/30/15 (g) | 1,064,490 | ||||||
4,000 | Charter Mac Equity Issuer Trust, 6%, 4/30/15 (g) | 4,259,440 | |||||||
2,500 | Charter Mac Equity Issuer Trust, 6%, 4/30/19 (g) | 2,669,800 | |||||||
2,500 | Charter Mac Equity Issuer Trust, 6.30%, 4/30/19 (g) | 2,693,200 | |||||||
10,686,930 | |||||||||
5,000 | MuniMae TE Bond Subsidiary LLC, 5.40%, 6/29/49 (g) | 5,021,850 | |||||||
5,000 | MuniMae TE Bond Subsidiary LLC, 5.80%, 6/29/49 (g) | 4,884,800 | |||||||
2,000 | MuniMae TE Bond Subsidiary LLC Series D, | ||||||||
5.90%, 11/29/49 (g) | 1,942,980 | ||||||||
11,849,630 | |||||||||
Total Corporate Bonds (Cost - $22,000,000) - 7.9% | 22,536,560 | ||||||||
Total Investments (Cost - $459,872,558*) - 160.7% | 459,727,385 | ||||||||
Other Assets Less Liabilities - 1.4% | 4,045,454 | ||||||||
Preferred Shares, at Redemption Value - (62.1%) | (177,707,173) | ||||||||
Net Assets Applicable to Common Shares - 100.0% | $ | 286,065,666 |
6
BlackRock Municipal 2020 Term Trust | ||
Schedule of Investments as of March 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
* | The cost and unrealized appreciation (depreciation) of investments as of | ||||
2008, as computed for federal income tax purposes, were as follows: | |||||
Aggregate cost | $ | 459,872,558 | |||
Gross unrealized appreciation | $ | 11,400,671 | |||
Gross unrealized depreciation | (11,504,166) | ||||
Net unrealized depreciation | $ | (103,495) | |||
(a) |
Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
||||
(b) |
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 premium to par. |
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(c) |
MBIA Insured. |
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(d) |
ACA Insured. |
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(e) |
FSA Insured. |
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(f) |
Variable rate security. Rate shown is as of report date. |
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(g) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
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(h) |
AMBAC Insured. |
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(i) |
FNMA Collateralized. |
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(j) |
FGIC Insured. |
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(k) |
PSF Guaranteed. |
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(l) |
Illiquid security. |
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7
BlackRock Municipal 2020 Term Trust
Effective January 1, 2008, the BlackRock Municipal 2020 Term Trust (the Trust) adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). |
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FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
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Level 1 price quotations in active markets/exchanges for identical securities |
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Level 2 other observable inputs (including, but not limited to: quoted prices for 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 marketcorroborated inputs) |
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Level 3 unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trusts own assumptions used in determining the fair value of investments) |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of March 31, 2008 in determining the fair valuation of the Trusts investments:
Valuation | Investments in | |||||
Inputs | Securities | |||||
Level 1 | $ | 0 | ||||
Level 2 | 459,727,385 | |||||
Level 3 | 0 | |||||
Total | $ | 459,727,385 |
8
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/
Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer of | |
BlackRock Municipal 2020 Term Trust |
Date: May 22, 2008
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/
Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer (principal executive officer) of | |
BlackRock Municipal 2020 Term Trust |
Date: May 22, 2008
By: | /s/
Neal J. Andrews |
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock Municipal 2020 Term Trust |
Date: May 22, 2008