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: 04/30/2018

Date of reporting period: 07/31/2017

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2017 (Unaudited)

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par
(000)		     Value  
Alabama — 0.4%  

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

    $ 1,000     $ 1,098,170  

Tuscaloosa City Board of Education, RB, 5.00%, 8/01/20

      225       249,932  
    

 

 

  
               1,348,102  
Alaska — 2.0%  

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

     

Series B, 5.00%, 1/01/21

      3,200       3,552,416  

Series C, 5.00%, 1/01/21

      2,500       2,775,325  
    

 

 

  
               6,327,741  
Arizona — 3.3%  

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

      340       348,755  

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

     

5.00%, 7/01/19 (b)

      5,585       6,012,476  

5.00%, 7/01/20

      1,300       1,438,008  

Salt Verde Financial Corp., RB, Senior:

     

5.00%, 12/01/18

      1,500       1,565,970  

5.25%, 12/01/20

      1,000       1,101,550  
    

 

 

  
               10,466,759  
California — 7.6%  

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

      815       912,539  

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

      6,865       5,660,536  

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

     

5.00%, 1/01/19

      540       569,673  

5.00%, 1/01/20

      550       599,495  

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

      3,750       4,042,987  

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

      1,000       1,198,960  
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     $ 11,101,400  
    

 

 

  
               24,085,590  
Colorado — 2.7%  

Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding:

     

Series A, 5.00%, 12/01/20

      690       777,099  

Series B, 5.00%, 12/01/20

      1,335       1,503,517  

Centerra Metropolitan District No. 1, Tax Allocation Bonds, 2.70%, 12/01/19

      705       711,042  

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

     

4.00%, 8/15/19

      125       130,187  

4.00%, 8/15/20

      150       158,472  

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

     

4.00%, 12/01/19

      555       582,589  

4.00%, 12/01/20

      580       617,758  

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

      4,500       4,062,960  
    

 

 

  
               8,543,624  
Florida — 3.4%  

City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/18 (b)

      5,160       5,404,584  

County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18 (b)

      1,250       1,299,750  

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

      1,375       1,531,847  

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

      500       552,170  
 

 

     
                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017    1

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds    Par
(000)		     Value  
Florida (continued)  

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

    $ 2,980     $ 2,084,480  
    

 

 

  
               10,872,831  
Georgia — 2.5%  

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

      6,915       7,754,412  
Guam — 0.5%  

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

      250       274,097  

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

      1,190       1,313,451  
    

 

 

  
               1,587,548  
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       1,370,829  

5.00%, 11/15/20

      1,440       1,588,421  
    

 

 

  
               2,959,250  
Illinois — 11.7%  

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

      1,000       1,090,690  

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

      1,000       1,021,170  

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

      1,000       1,125,690  

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

      13,455       11,666,023  

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

      10,000       11,073,900  

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

      4,055       4,317,156  

State of Illinois, RB, Series B:

     

5.00%, 6/15/19 (b)

      515       553,244  

5.00%, 6/15/20

      1,485       1,584,688  
Municipal Bonds    Par
(000)		     Value  
Illinois (continued)  

State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 2/15/20

    $ 4,145     $ 4,413,886  
    

 

 

  
               36,846,447  
Indiana — 0.4%  

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

      600       673,308  

Northern Indiana Commuter Transportation District, RB, 5.00%, 7/01/20

      620       683,004  
    

 

 

  
               1,356,312  
Iowa — 0.9%  

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

      2,650       2,706,498  
Kansas — 2.0%  

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

      4,240       3,734,592  

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

      2,500       2,737,425  
    

 

 

  
               6,472,017  
Kentucky — 1.6%  

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

     

3.50%, 12/01/20

      2,115       2,215,949  

5.00%, 12/01/20

      1,430       1,567,065  

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

     

0.00%, 7/01/19

      255       243,696  

0.00%, 7/01/20

      1,000       930,900  
    

 

 

  
               4,957,610  
Louisiana — 0.1%  

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

      400       443,368  
 

 

     
                
2    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds    Par
(000)		     Value  
Maryland — 1.7%  

City of Baltimore Maryland, Refunding, Tax Allocation Bonds:

     

5.00%, 6/15/19

    $ 250     $ 265,200  

5.00%, 6/15/20

      275       298,785  

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

     

4.00%, 7/01/19

      285       298,686  

5.00%, 7/01/20

      500       547,950  

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

      985       1,042,366  

Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 6/01/20

      640       687,872  

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

     

Charlestown Community, 5.50%, 1/01/21 (f)

      1,335       1,529,002  

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

      670       719,681  
    

 

 

  
               5,389,542  
Massachusetts — 0.3%  

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

      1,000       1,078,290  
Michigan — 4.4%  

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

      1,500       1,539,090  

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

      1,235       1,296,861  

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

      1,000       1,065,430  

Michigan Finance Authority, Refunding RB, Student Loan, Series 25-A, AMT:

     

5.00%, 11/01/19

      1,940       2,067,788  

5.00%, 11/01/20

      1,800       1,959,930  

Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 7/01/20

      1,000       1,100,410  
Municipal Bonds   Par
(000)		      Value  
Michigan (continued)  

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

     

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

   $ 325      $ 361,510  

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

     1,205        1,300,135  

State of Michigan Trunk Line, Refunding RB:

     

5.00%, 11/01/20

     1,000        1,087,660  

5.00%, 11/01/21

     2,000        2,174,860  
    

 

 

  
               13,953,674  
Mississippi — 0.4%  

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

     1,035        1,122,147  
Missouri — 1.2%  

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

     3,000        3,325,710  

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

     500        557,480  
    

 

 

  
               3,883,190  
Multi-State — 1.7%  

Centerline Equity Issuer Trust (a):

     

Series A-4-2, 6.00%, 10/31/52

     2,500        2,675,275  

Series B-3-2, 6.30%, 10/31/52

     2,500        2,688,175  
    

 

 

  
               5,363,450  
Nebraska — 1.2%  

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

     3,500        3,812,410  
Nevada — 0.9%  

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

     

5.00%, 7/01/19

     500        536,185  

5.00%, 7/01/20

     1,000        1,103,730  

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

     1,195        1,251,141  
    

 

 

  
               2,891,056  
New Jersey — 8.5%  

County of Atlantic New Jersey, GO, Refunding, 3.00%, 10/01/20

     2,740        2,857,080  
 

 

     
                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017    3

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds    Par
(000)		     Value  
New Jersey (continued)  

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

    $ 1,500     $ 1,681,125  

New Jersey EDA, RB, AMT:

     

Continental Airlines, Inc. Project, 4.88%, 9/15/19

      1,005       1,057,632  

Private Activity Bond, The Goethals Bridge Replacement Project, 5.00%, 7/01/20

      250       271,105  

New Jersey EDA, Refunding RB:

     

Cigarette Tax, 5.00%, 6/15/20

      2,500       2,676,025  

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

      2,000       2,123,220  

School Facilities, Series K (AGC), 5.25%, 12/15/20

      3,150       3,484,813  

New Jersey Educational Facilities Authority, Refunding RB:

     

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

      1,060       1,133,999  

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

      650       715,852  

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

      2,500       2,677,525  

New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT:

     

5.00%, 12/01/19

      2,565       2,751,142  

5.00%, 12/01/20

      2,900       3,175,993  

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

      2,000       2,121,300  
    

 

 

  
               26,726,811  
New York — 3.6%  

Brooklyn Arena Local Development Corp., Refunding RB, Barclays Center Project, Series A, 5.00%, 7/15/20

      330       361,291  

Build NYC Resource Corp., Refunding RB, Pratt Paper NY, Inc. Project, AMT, 3.75%, 1/01/20 (a)

      520       531,726  

Chautauqua Tobacco Asset Securitization Corp., Refunding RB:

     

5.00%, 6/01/19

      400       423,172  

5.00%, 6/01/20

      450       487,498  
Municipal Bonds   Par
(000)		      Value  
New York (continued)  

New York State Energy Research & Development Authority, Refunding RB, Electric & Gas Corp. Project, Series B, 2.00%, 2/01/29 (g)

   $ 3,000      $ 3,013,320  

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

     875        955,937  

New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 8/01/20

     3,500        3,768,625  

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20

     1,525        1,671,522  

TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 6/01/20

     230        248,789  
    

 

 

  
               11,461,880  
North Carolina — 2.2%  

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

     1,400        1,479,996  

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

     5,000        5,448,700  
    

 

 

  
               6,928,696  
Ohio — 1.0%  

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

     

5.00%, 6/30/19

     945        1,006,340  

5.00%, 12/31/19

     830        896,624  

5.00%, 6/30/20

     1,000        1,094,410  
    

 

 

  
               2,997,374  
Oklahoma — 0.4%  

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

     1,100        1,224,388  
Pennsylvania — 8.0%  

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

     

4.00%, 12/01/19

     840        860,916  

4.00%, 12/01/20

     870        892,524  

Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran Social Project, 4.00%, 1/01/20

     1,000        1,052,520  
 

 

     
                
4    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds    Par
(000)		     Value  
Pennsylvania (continued)  

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

    $ 1,300     $ 1,357,850  

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

      1,400       1,501,402  

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

      3,830       4,228,933  

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

      2,175       2,333,405  

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

     

4.00%, 10/01/19

      1,165       1,200,602  

4.00%, 10/01/20

      1,210       1,257,396  

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

     

Drexel University, 5.00%, 5/01/20

      1,575       1,725,617  

University Properties, Inc., 4.00%, 7/01/19

      230       237,944  

University Properties, Inc., 4.00%, 7/01/20

      450       470,678  

Widener University, 5.00%, 7/15/20

      600       649,122  

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

     

2.30%, 10/01/19

      460       467,319  

2.55%, 4/01/20

      850       869,312  

2.65%, 10/01/20

      865       889,678  

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

      1,500       1,651,965  

Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/19 (b)

      1,000       1,073,360  

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

      995       1,090,988  

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

      350       391,979  
Municipal Bonds    Par
(000)		     Value  
Pennsylvania (continued)  

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

     

4.00%, 7/01/19

    $ 360     $ 371,542  

4.00%, 7/01/20

      465       485,297  

Westmoreland County Municipal Authority, Refunding RB, (BAM), 3.00%, 8/15/20

      110       115,051  
    

 

 

  
               25,175,400  
Rhode Island — 1.8%  

Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation, 5.00%, 5/15/20

      1,500       1,623,255  

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

      3,850       4,213,594  
    

 

 

  
               5,836,849  
South Carolina — 0.7%  

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

      2,000       2,199,620  
Tennessee — 0.2%  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Lipscomb Revenue Project, Series A:

     

4.00%, 10/01/19

      240       250,747  

5.00%, 10/01/20

      325       354,449  
    

 

 

  
               605,196  
Texas — 15.8%  

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

     

5.75%, 1/01/19 (f)

      605       645,499  

5.75%, 1/01/19

      195       207,254  

5.00%, 1/01/20

      620       672,539  

5.75%, 1/01/20

      1,140       1,256,850  

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

     

0.00%, 8/15/21 (f)

      1,825       1,725,720  

0.00%, 8/15/24 (f)

      1,295       1,135,417  

Series A, 0.00%, 8/15/21

      6,165       5,769,145  

Series A, 0.00%, 8/15/24

      7,155       6,100,925  

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

      1,000       1,091,550  
 

 

     
                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017    5

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds    Par
(000)		     Value  
Texas (continued)  

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

    $ 2,500     $ 2,683,950  

City of Houston Texas Airport System, Refunding RB:

     

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

      250       275,178  

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

      5,000       5,289,650  

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

      3,715       4,038,205  

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

      5,000       5,513,050  

New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:

     

4.00%, 4/01/19

      345       355,902  

4.00%, 4/01/20

      415       434,015  

4.00%, 4/01/20

      585       610,875  

4.00%, 4/01/20

      180       187,961  

North Texas Tollway Authority, Refunding RB, Series C:

     

5.25%, 1/01/20

      1,000       1,060,210  

5.38%, 1/01/21

      5,000       5,309,850  

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

      5,000       5,562,800  
    

 

 

  
               49,926,545  
Virginia — 1.5%  

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

      2,000       2,246,240  

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

      1,500       1,659,240  

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

     

5.00%, 7/01/19

      425       445,731  
Municipal Bonds    Par
(000)		     Value  
Virginia (continued)  

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

     

5.00%, 7/01/20

    $ 335     $ 357,921  
    

 

 

  
               4,709,132  
Washington — 2.5%  

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

      2,625       2,950,841  

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

     

5.00%, 10/01/20

      250       279,138  

5.00%, 10/01/42 (g)

      4,000       4,560,720  
    

 

 

  
               7,790,699  
Wisconsin — 0.9%  

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

      1,000       1,074,500  

Wisconsin Health & Educational Facilities Authority, Refunding RB:

     

Froedtert & Community Health, Inc., Series C, 5.00%, 4/01/19 (b)

      1,515       1,615,687  

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

      250       279,835  
    

 

 

  
               2,970,022  
Total Municipal Bonds — 98.9%       312,774,480  
    
                  

Municipal Bonds Transferred to

Tender Option Bond Trusts (h) — 1.7%

  
Illinois — 1.7%  

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

      5,000       5,236,600  
Total Long-Term Investments
(Cost — $301,760,682) — 100.6%		       318,011,080  
 

 

     
                
6    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Short-Term Securities — 2.2%    Shares     Value  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.64% (i)(j)

      6,977,271     $ 6,980,061  
Total Short-Term Securities
(Cost — $6,979,427) — 2.2%		       6,980,061  

Total Investments (Cost — $308,740,109*) — 102.8%

 

     324,991,141  

Other Assets Less Liabilities — 1.1%

 

     3,627,380  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.2)%

 

     (3,759,518 ) 

AMPS Shares, at Liquidation Value — (2.7)%

 

     (8,625,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 316,234,003  
    

 

 

  

 

*   As of July 31, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

 

Tax cost

   $ 304,783,541  
 

 

 

  

Gross unrealized appreciation

   $ 17,311,160  

Gross unrealized depreciation

     (853,560 ) 
 

 

 

  

Net unrealized appreciation

   $ 16,457,600  
 

 

 

  
 
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.

 

(b)   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.

 

(c)   Zero-coupon bond.

 

(d)   Non-income producing security.

 

(e)   Issuer filed for bankruptcy and/or is in default.

 

(f)   Security is collateralized by municipal bonds or U.S. Treasury obligations.

 

(g)   Variable rate security. Rate shown is the rate in effect as of period end.

 

(h)   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.

 

(i)   During the period ended July 31, 2017, investments in issuers considered to be an affiliate 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,
2017		        Net
Activity		        Shares Held
at July 31,
2017		        Value at
July 31,
2017		        Income       

Net
Realized

Gain1

        Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

     10          6,977,261          6,977,271        $ 6,980,061        $ 2,571        $ 571        $ 634  

1   Includes net capital gain distributions.

    

 

(j)   Current yield as of period end.

 

     
                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017    7

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

 

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              
BAM    Build America Mutual Assurance Co.              
CAB    Capital Appreciation Bonds              
COP    Certificates of Participation              
COP    Colombian Peso              
EDA    Economic Development Authority              
EDC    Economic Development Corp.              
GO    General Obligation Bonds              
IDA    Industrial Development Authority              
NPFGC    National Public Finance Guarantee Corp.              
OTC    Over-the-Counter              
RB    Revenue Bonds              
S/F    Single-Family              

 

     
                
8    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017   

Schedule of Investments (concluded)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

 

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 as follows:

 

  •  

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)

 

  •  

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.

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 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

     —        $ 318,011,080          —     $ 318,011,080  

Short-Term Securities

  $ 6,980,061          —          —       6,980,061  
 

 

 

  

Total

   $ 6,980,061        $ 318,011,080          —     $ 324,991,141  
 

 

 

  
             

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 statement purposes. As of period end, TOB Trust Certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended July 31, 2017, there were no transfers between levels.

 

     
                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2017    9

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: September 25, 2017

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: September 25, 2017

 

By:    

   /s/ Neal J. Andrews
  Neal J. Andrews
 

Chief Financial Officer (principal financial officer) of

BlackRock Municipal 2020 Term Trust

Date: September 25, 2017