0001287695-15-000489.txt : 20151224
0001287695-15-000489.hdr.sgml : 20151224
20151224115312
ACCESSION NUMBER: 0001287695-15-000489
CONFORMED SUBMISSION TYPE: NSAR-A
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20151031
FILED AS OF DATE: 20151224
DATE AS OF CHANGE: 20151224
EFFECTIVENESS DATE: 20151224
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL 2020 TERM TRUST
CENTRAL INDEX KEY: 0001181250
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: NSAR-A
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-21181
FILM NUMBER: 151307484
BUSINESS ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
CITY: WILMINGTON
STATE: DE
ZIP: 19809
BUSINESS PHONE: 800-441-7762
MAIL ADDRESS:
STREET 1: 100 BELLEVUE PARKWAY
CITY: WILMINGTON
STATE: DE
ZIP: 19809
FORMER COMPANY:
FORMER CONFORMED NAME: BLACKROCK MUNICIPAL 2022 TERM TRUST
DATE OF NAME CHANGE: 20020819
NSAR-A
1
answer.fil
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PAGE 2
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022 C000004 1068
022 D000004 1294
022 A000005 NATIONAL FINANCIAL SERVICES LLC
022 B000005 04-3523567
022 C000005 1127
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022 B000006 13-5033225
022 C000006 1124
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PAGE 3
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SIGNATURE NEAL J. ANDREWS
TITLE CFO
EX-99.77O RULE 10F-3
2
chiag77o.txt
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Municipal 2018 Term Trust (BPK)
BlackRock Municipal 2020 Term Trust (BKK)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of Offering Commencement: 08-06-2015
Security Type: BND/MUNI
Issuer CHICAGO TRANSIT AUTHORITY-CAPITAL GRANT RECEIPTS
REVENUE REFUNDING BONDS
5307 SERIES 2015 AND 5337 SERIES 2015
Selling Underwriter RBC CAPITAL MARKETS, LLC.
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) RBC Capital Markets, Citigroup Global Markets Inc,
Loop Capital Markets, Siebert Brandford Shank & Co.,
Barclays Capital Inc., Cabrera Capital Markets, LLC,
Estrada Hinojosa & Company, PNC Capital Markets LLC
TRANSACTION DETAILS
Date of Purchase 08-06-2015
Purchase Price/Share $108.974
(PER SHARE / % OF PAR) $112.407 Total Commission, Spread or Profit 0.440
1. Aggregate Principal Amount Purchased (a+b).................... $ 2,000,000
a. US Registered Funds (Appendix attached with individual
Fund/Client purchase) $ 2,000,000
b. Other BlackRock Clients N/A
2. Aggregate Principal Amount of Offering........................ $176,920,000
FUND RATIO.......................................................
[Divide Sum of #1 by #2].........................................
Must be less than 0.25........................................... 0.01130
Page 1 of 2
Rule 10f-3 Report - Definitions
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_]U.S. Registered Public Offering [Issuer must have 3 years of continuous operations]
[_]Eligible Rule 144A Offering [Issuer must have 3 years of continuous operations]
[X]Eligible Municipal Securities
[_]Eligible Foreign Offering [Issuer must have 3 years of continuous operations]
[_]Government Securities Offering [Issuer must have 3 years of continuous operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X]The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent offering
of the securities; and
[_]If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X]YES The securities were offered pursuant to an
[_]NO underwriting or similar agreement under which the
underwriters were committed to purchase all of
the securities being offered, except those
purchased by others pursuant to a rights
offering, if the underwriters purchased any of
the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X]YES No affiliated underwriter was a direct or indirect participant in, or
[_]NO benefited directly or indirectly from, the transaction.
Completed by: Dipankar Banerjee Date:08-16-15
------------------------------
Global Syndicate Team Member
Approved by: Steven DeLaura Date:08-16-15
------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions
DEFINITIONS
TERM DEFINITION
Fund Ratio................ Number appearing at the bottom of page 1 of 2 of
the Rule 10f-3 Report form. It is the sum of the
Funds' participation in the offering by the Funds
and other accounts managed by BlackRock divided by
the total amount of the offering.
Eligible Foreign Offering. The securities are sold in a public offering
conducted under the laws of a country other than
the United States and
(a)the offering is subject to regulation in
such country by a "foreign financial
regulatory authority," as defined in Section
2(a)(50) of the Investment Company Act of
1940;
(b)the securities were offered at a fixed price
to all purchasers in the offering (except
for any rights to purchase securities that
are required by law to be granted to
existing security holders of the issuer);
(c)financial statements, prepared and audited
as required or permitted by the appropriate
foreign financial regulatory authority in
such country, for the two years prior to the
offering, were made available to the public
and prospective purchasers in connection
with the offering; and
(d)if the issuer is a "domestic issuer," i.e.,
other than a foreign government, a national
of any foreign country, or a corporation or
other organization incorporated or organized
under the laws of any foreign country, it
(1) has a class of securities registered
pursuant to section 12(b) or 12(g) of the
Securities Exchange Act of 1934 or is
required to file reports pursuant to section
15(d) of that act, and (2) has filed all the
material required to be filed pursuant to
section 13(a) or 15(d) of that act for a
period of at least 12 months immediately
preceding the sale of securities (or for
such shorter period that the issuer was
required to file such material)
Rule 10f-3 Report - Definitions
TERM DEFINITION
Eligible Municipal Securities.. The securities:
(a)are direct obligations of, or obligations
guaranteed as to principal or interest by, a
State or any political subdivision thereof,
or any agency or instrumentality of a State
or any political subdivision thereof, or any
municipal corporate instrumentality of one
or more States, or any security which is an
industrial development bond (as defined in
section 103(c)(2) of Title 26) the interest
on which is excludable from gross income
under certain provisions of the Internal
Revenue Code;
(b)are sufficiently liquid that they can be
sold at or near their carrying value within
a reasonably short period of time; and
(c)either
(1)are subject to no greater than moderate
credit risk; or
(2)if the issuer of the municipal
securities, or the entity supplying the
revenues or other payments from which
the issue is to be paid, has been in
continuous operation for less than three
years, including the operation of any
predecessors, the securities are subject
to a minimal or low amount of credit
risk.
Also, purchases of municipal securities may not
be designated as group sales or otherwise
allocated to the account of any prohibited
seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering.... The securities are sold in an offering where
(a)the securities are offered or sold in
transactions exempt from registration under
Section 4(2) of the Securities Act of 1933,
Rule 144A thereunder, or Rules 501-508
thereunder;
(b)the securities were sold to persons that the
seller and any person acting on behalf of
the seller reasonably believe to include
qualified institutional buyers, as defined
in Rule 144A ("QIBs"); and
(c)the seller and any person acting on behalf
of the seller reasonably believe that the
securities are eligible for resale to other
QIBs pursuant to Rule 144A.
Government Securities Offering. The security is issued or guaranteed as to
principal or interest by the United States, or
by a person controlled or supervised by and
acting as an instrumentality of the Government
of the United States pursuant to authority
granted by the Congress of the United States;
or any certificate of deposit for any of the
foregoing.
Rule 10f-3 Report - Definitions
TERM DEFINITION
U.S. Registered Public Offering.. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.
EX-99.77O RULE 10F-3
3
cumber77o.txt
PARTICIPATING FUNDS
.. U.S. Registered Funds (Name of Fund, Aladdin Ticker):
BlackRock Municipal 2018 Term Trust (BPK)
BlackRock Municipal 2020 Term Trust (BKK)
BlackRock Municipal Target Term Trust (BTT2)
BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municip
(BR-PAMUNI)
BlackRock MuniYield Pennsylvania Quality Fund, Inc. (MPA)
THE OFFERING
KEY CHARACTERISTICS (COMPLETE ALL FIELDS)
Date of Offering Commencement: 05/07/15
Security Type: BND/MUNI
Issuer CUMBERLAND COUNTY MUNICIPAL AUTHORITY-REVENUE BONDS,
SERIES 2015
Selling Underwriter WELLS FARGO SECURITIES LLC
Affiliated Underwriter(s) [X] PNC Capital Markets LLC
[_] Other:
List of Underwriter(s) Wells Fargo Securities, PNC Capital Markets LLC, M&T
Securities, Inc.
TRANSACTION DETAILS
Date of Purchase 05/07/2015
Purchase Price/Share $105.303
(PER SHARE / % OF PAR) $106.757
$108.383
$107.804
$105.122 Total Commission, Spread or Profit 0.644
1. Aggregate Principal Amount Purchased (a+b)........................................ $ 15,355,000
a.US Registered Funds (Appendix attached with individual Fund/Client purchase) $ 15,355,000
b.Other BlackRock Clients N/A
2. Aggregate Principal Amount of Offering............................................ $147,545,000
Page 1 of 2
Rule 10f-3 Report - Definitions
FUND RATIO
[Divide Sum of #1 by #2].
Must be less than 0.25... 0.10407
Rule 10f-3 Report - Definitions
LEGAL REQUIREMENTS
OFFERING TYPE (CHECK ONE)
The securities fall into one of the following transaction types (see
Definitions):
[_]U.S. Registered Public Offering [Issuer must have 3 years of continuous operations]
[_]Eligible Rule 144A Offering [Issuer must have 3 years of continuous operations]
[X]Eligible Municipal Securities
[_]Eligible Foreign Offering [Issuer must have 3 years of continuous operations]
[_]Government Securities Offering [Issuer must have 3 years of continuous operations]
TIMING AND PRICE (CHECK ONE OR BOTH)
[X]The securities were purchased before the end of the first day on which any
sales were made, at a price that was not more than the price paid by each
other purchaser of securities in that offering or in any concurrent offering
of the securities; and
[_]If the securities are offered for subscription upon exercise of rights, the
securities were purchased on or before the fourth day before the day on
which the rights offering terminated.
FIRM COMMITMENT OFFERING (CHECK ONE)
[X]YES The securities were offered pursuant to an underwriting or similar
[_]NO agreement under which the underwriters were committed to purchase all
of the securities being offered, except those purchased by others
pursuant to a rights offering, if the underwriters purchased any of
the securities.
NO BENEFIT TO AFFILIATED UNDERWRITER (CHECK ONE)
[X]YES No affiliated underwriter was a direct or indirect participant in, or
[_]NO benefited directly or indirectly from, the transaction.
Completed by: Steven DeLaura Date:05/14/15
------------------------------
Global Syndicate Team Member
Approved by: Eileen Rodriguez Date:05/14/15
------------------------------
Global Syndicate Team Member
Rule 10f-3 Report - Definitions
DEFINITIONS
TERM DEFINITION
Fund Ratio................ Number appearing at the bottom of page 1 of 2 of
the Rule 10f-3 Report form. It is the sum of the
Funds' participation in the offering by the Funds
and other accounts managed by BlackRock divided by
the total amount of the offering.
Eligible Foreign Offering. The securities are sold in a public offering
conducted under the laws of a country other than
the United States and
(a)the offering is subject to regulation in such
country by a "foreign financial regulatory
authority," as defined in Section 2(a)(50) of
the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to
all purchasers in the offering (except for any
rights to purchase securities that are required
by law to be granted to existing security
holders of the issuer);
(c)financial statements, prepared and audited as
required or permitted by the appropriate foreign
financial regulatory authority in such country,
for the two years prior to the offering, were
made available to the public and prospective
purchasers in connection with the offering; and
(d)if the issuer is a "domestic issuer," i.e.,
other than a foreign government, a national of
any foreign country, or a corporation or other
organization incorporated or organized under the
laws of any foreign country, it (1) has a class
of securities registered pursuant to section
12(b) or 12(g) of the Securities Exchange Act of
1934 or is required to file reports pursuant to
section 15(d) of that act, and (2) has filed all
the material required to be filed pursuant to
section 13(a) or 15(d) of that act for a period
of at least 12 months immediately preceding the
sale of securities (or for such shorter period
that the issuer was required to file such
material)
Rule 10f-3 Report - Definitions
TERM DEFINITION
Eligible Municipal Securities.. The securities:
(a)are direct obligations of, or obligations
guaranteed as to principal or interest
by, a State or any political subdivision
thereof, or any agency or instrumentality
of a State or any political subdivision
thereof, or any municipal corporate
instrumentality of one or more States, or
any security which is an industrial
development bond (as defined in section
103(c)(2) of Title 26) the interest on
which is excludable from gross income
under certain provisions of the Internal
Revenue Code;
(b)are sufficiently liquid that they can be
sold at or near their carrying value
within a reasonably short period of time;
and
(c)either
(1)are subject to no greater than
moderate credit risk; or
(2)if the issuer of the municipal
securities, or the entity supplying
the revenues or other payments from
which the issue is to be paid, has
been in continuous operation for less
than three years, including the
operation of any predecessors, the
securities are subject to a minimal
or low amount of credit risk.
Also, purchases of municipal securities may
not be designated as group sales or
otherwise allocated to the account of any
prohibited seller (i.e., an affiliated
underwriter).
Eligible Rule 144A Offering.... The securities are sold in an offering where
(a)the securities are offered or sold in
transactions exempt from registration
under Section 4(2) of the Securities Act
of 1933, Rule 144A thereunder, or Rules
501-508 thereunder;
(b)the securities were sold to persons that
the seller and any person acting on
behalf of the seller reasonably believe
to include qualified institutional
buyers, as defined in Rule 144A ("QIBs");
and
(c)the seller and any person acting on
behalf of the seller reasonably believe
that the securities are eligible for
resale to other QIBs pursuant to Rule
144A.
Government Securities Offering. The security is issued or guaranteed as to
principal or interest by the United States,
or by a person controlled or supervised by
and acting as an instrumentality of the
Government of the United States pursuant to
authority granted by the Congress of the
United States; or any certificate of deposit
for any of the foregoing.
Rule 10f-3 Report - Definitions
TERM DEFINITION
U.S. Registered Public Offering.. The securities offered are registered under
the Securities Act of 1933 that are being
offered to the public.