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: 04/30/2016

Date of reporting period: 07/31/2015

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2015 (Unaudited)

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 0.3%

     

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

    $ 1,000      $ 1,144,190   

Alaska — 2.0%

     

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

     

Series B, 5.00%, 1/01/21

      3,200        3,667,424   

Series C, 5.00%, 1/01/21

      2,500        2,865,175   
    

 

 

  
               6,532,599   

Arizona — 3.4%

     

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

      570        581,816   

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

     

5.00%, 7/01/20

      1,300        1,505,855   

5.00%, 7/01/21

      5,585        6,367,905   

Salt Verde Financial Corp., RB, Senior:

     

5.00%, 12/01/18

      1,500        1,648,950   

5.25%, 12/01/20

      1,000        1,144,540   
    

 

 

  
               11,249,066   

California — 9.0%

     

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

      815        945,335   

California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.00%, 8/15/22

      5,000        5,215,350   

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

      6,865        4,879,367   

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

     

5.00%, 1/01/19

      540        604,438   

5.00%, 1/01/20

      550        626,401   

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

      3,750        4,283,400   

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

      1,000        1,219,880   
Municipal Bonds   

Par  

(000)

     Value  

California (concluded)

     

State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20

    $ 10,000      $ 11,751,100   
    

 

 

  
               29,525,271   

Colorado — 1.6%

     

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

     

4.00%, 8/15/19

      125        135,591   

4.00%, 8/15/20

      150        163,340   

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

     

4.00%, 12/01/19

      555        597,014   

4.00%, 12/01/20

      580        625,721   

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

      4,500        3,745,755   
    

 

 

  
               5,267,421   

Florida — 3.7%

     

City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/22

      5,160        5,714,132   

County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22

      1,250        1,384,838   

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

      1,375        1,579,201   

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

      500        581,360   

Pine Island Community Development District, RB, 5.30%, 11/01/10 (c)(d)

      250        140,248   

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

      3,530        2,631,297   
    

 

 

  
               12,031,076   

Georgia — 2.4%

     

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

      6,915        7,698,953   

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015    1

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Guam — 0.5%

     

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

    $ 250      $ 285,600   

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

      1,190        1,381,495   
    

 

 

  
               1,667,095   

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        1,408,480   

5.00%, 11/15/20

      1,440        1,606,118   
    

 

 

  
               3,014,598   

Illinois — 14.1%

     

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

      1,000        1,067,610   

City of Chicago Illinois, O’Hare International Airport, GARB, 3rd Lien, Series A (AMBAC):

     

5.00%, 1/01/21

      5,000        5,090,550   

5.00%, 1/01/22

      7,000        7,125,860   

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/20

      1,000        1,154,310   

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

      1,000        1,186,830   

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

      13,455        10,882,404   

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

      10,000        11,482,900   

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

      5,255        5,699,520   

State of Illinois, RB, Series B:

     

5.00%, 6/15/19 (e)

      515        588,743   

5.00%, 6/15/20

      1,485        1,680,174   
    

 

 

  
               45,958,901   

Indiana — 5.1%

     

City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24

      3,250        2,882,457   
Municipal Bonds   

Par  

(000)

     Value  

Indiana (concluded)

     

Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series B, AMT, 5.00%, 1/01/19

    $ 2,465      $ 2,592,761   

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

      600        696,978   

Indianapolis Airport Authority, Refunding RB, Special Facilities, FedEx Corp. Project, AMT, 5.10%, 1/15/17

      10,000        10,594,200   
    

 

 

  
               16,766,396   

Iowa — 1.7%

     

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

      5,320        5,620,473   

Kansas — 2.5%

     

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

      6,440        5,182,075   

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

      2,500        2,906,350   
    

 

 

  
               8,088,425   

Kentucky — 2.2%

     

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

     

3.50%, 12/01/20

      2,115        2,275,232   

5.00%, 12/01/20

      1,430        1,665,221   

Kentucky Housing Corp., RB, S/F Housing, Series C, AMT, 4.63%, 7/01/22

      2,000        2,029,500   

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

     

0.00%, 7/01/19

      255        224,839   

0.00%, 7/01/20

      1,000        848,690   
    

 

 

  
               7,043,482   

Louisiana — 0.1%

     

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

      400        459,528   

 

                
2    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Maryland — 1.6%

     

City of Baltimore Maryland, Refunding, Tax Allocation Bonds:

     

5.00%, 6/15/19

    $ 250      $ 278,965   

5.00%, 6/15/20

      275        310,668   

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

     

4.00%, 7/01/19

      285        310,864   

5.00%, 7/01/20

      500        571,295   

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

      1,250        1,364,812   

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

     

Charlestown Community, 5.50%, 1/01/21

      1,335        1,488,658   

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

      670        758,869   
    

 

 

  
               5,084,131   

Massachusetts — 0.3%

     

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

      1,000        1,110,540   

Michigan — 4.1%

     

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

      1,500        1,529,685   

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

      1,435        1,542,065   

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

      1,000        1,092,220   

Michigan Finance Authority, Refunding RB, AMT:

     

5.00%, 11/01/19

      1,940        2,156,912   

5.00%, 11/01/20

      1,800        2,018,268   

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

     

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

      325        377,052   

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

      1,205        1,338,321   
Municipal Bonds    Par  
(000)		     Value  

Michigan (concluded)

     

State of Michigan Trunk Line, Refunding RB:

     

5.00%, 11/01/20

    $ 1,000      $ 1,141,480   

5.00%, 11/01/21

      2,000        2,282,920   
    

 

 

  
               13,478,923   

Missouri — 1.2%

     

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

      3,000        3,468,960   

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

      500        579,615   
    

 

 

  
               4,048,575   

Multi-State — 1.7%

     

Centerline Equity Issuer Trust (a)(f):

     

Series A-4-2, 6.00%, 5/15/19

      2,500        2,831,200   

Series B-3-2, 6.30%, 5/15/19

      2,500        2,855,175   
    

 

 

  
               5,686,375   

Nebraska — 1.2%

     

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

      3,500        3,881,640   

Nevada — 2.6%

     

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

     

5.00%, 7/01/19

      500        570,005   

5.00%, 7/01/20

      1,000        1,157,840   

County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/20

      5,000        5,170,450   

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

      1,360        1,458,641   
    

 

 

  
               8,356,936   

New Jersey — 4.4%

     

New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 7/01/20

      250        283,883   

New Jersey EDA, Refunding RB:

     

Cigarette Tax, 5.00%, 6/15/20

      2,500        2,769,425   

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

      2,000        2,168,120   

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015    3

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

New Jersey (concluded)

     

New Jersey Educational Facilities Authority, Refunding RB:

     

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

    $ 1,060      $ 1,193,274   

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

      650        742,514   

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

      2,500        2,919,450   

New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/20

      2,110        2,257,721   

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

      2,000        2,174,820   
    

 

 

  
               14,509,207   

New Mexico — 0.3%

     

City of Farmington New Mexico, Refunding RB, 1.88%, 4/01/29 (h)

      1,000        1,000,220   

New York — 7.9%

     

Build NYC Resource Corp., Refunding RB, AMT, 3.75%, 1/01/20 (a)

      900        924,777   

Chautauqua Tobacco Asset Securitization Corp., Refunding RB:

     

5.00%, 6/01/19

      400        445,060   

5.00%, 6/01/20

      450        506,408   

City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (h):

     

7.63%, 8/01/25

      3,885        4,148,908   

7.75%, 8/01/31

      5,000        5,327,800   

New York State Energy Research & Development Authority, Refunding RB:

     

2.00%, 2/01/29 (h)

      3,000        2,995,920   

Brooklyn Union Gas/Keyspan, Series A, AMT (NPFGC), 4.70%, 2/01/24

      8,500        8,661,840   

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

      875        1,005,795   
Municipal Bonds    Par  
(000)		     Value  

New York (concluded)

     

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

    $ 1,525      $ 1,732,964   
    

 

 

  
               25,749,472   

North Carolina — 2.3%

     

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

      1,550        1,753,267   

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

      5,000        5,745,100   
    

 

 

  
               7,498,367   

Ohio — 2.6%

     

Ohio State Water Development Authority, Refunding RB, Series B, 4.00%, 12/01/33 (h)

      5,300        5,482,850   

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

     

5.00%, 6/30/19

      945        1,055,452   

5.00%, 12/31/19

      830        935,866   

5.00%, 6/30/20

      1,000        1,130,330   
    

 

 

  
               8,604,498   

Oklahoma — 0.9%

     

County of Canadian Oklahoma Educational Facilities Authority, RB, Mustang Public Schools Project, 4.50%, 9/01/20

      1,500        1,671,375   

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

      1,100        1,218,019   
    

 

 

  
               2,889,394   

Pennsylvania — 8.5%

     

County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series B, 3.50%, 12/01/35 (h)

      3,405        3,425,089   

Cumberland County Municipal Authority, Refunding RB, 4.00%, 1/01/20

      1,000        1,071,860   

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

      1,300        1,389,141   

Montgomery County Industrial Development Authority, Refunding RB, Series A, 5.00%, 1/15/20

      1,400        1,556,254   

 

                
4    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (continued)

  

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

    $ 3,830      $ 4,364,208   

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

      2,175        2,346,695   

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

     

4.00%, 10/01/19

      1,165        1,213,056   

4.00%, 10/01/20

      1,210        1,260,989   

Pennsylvania Higher Educational Facilities Authority, Refunding RB:

     

Drexel University, Series A, 5.00%, 5/01/20

      1,575        1,809,392   

University of the Sciences in Philadelphia, 5.00%, 11/01/19

      1,030        1,167,083   

Widener University, Series A, 5.00%, 7/15/20

      600        679,446   

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

     

2.30%, 10/01/19

      460        466,040   

2.55%, 4/01/20

      850        862,648   

2.65%, 10/01/20

      865        879,757   

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

      1,500        1,729,860   

Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/22

      1,000        1,123,470   

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

      995        1,143,593   

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

      350        411,495   

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

     

4.00%, 7/01/19

      360        384,185   
Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (concluded)

     

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

     

4.00%, 7/01/20

    $ 465      $ 492,872   
    

 

 

  
               27,777,133   

Rhode Island — 1.3%

     

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

      3,850        4,335,793   

South Carolina — 0.7%

     

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

      2,000        2,300,880   

Texas — 15.8%

     

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

     

5.75%, 1/01/19

      800        906,664   

5.75%, 1/01/20

      1,140        1,315,138   

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

      2,500        2,838,500   

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

     

0.00%, 8/15/21 (g)

      1,825        1,626,404   

0.00%, 8/15/24 (g)

      1,295        1,037,088   

Series A, 0.00%, 8/15/21

      6,165        5,368,359   

Series A, 0.00%, 8/15/24

      7,155        5,317,381   

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

      2,500        2,796,300   

City of Houston Texas Airport System, Refunding RB:

     

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

      250        287,355   

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

      5,000        5,270,150   

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

      3,715        4,201,368   

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

      5,000        5,779,950   

New Hope Cultural Education Facilities Corp., RB:

     

4.00%, 4/01/20

      180        189,059   

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015    5

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (concluded)

  

New Hope Cultural Education Facilities Corp., RB (concluded):

     

4.00%, 4/01/20

    $ 585      $ 614,443   

Stephenville LLC Tarleton State University Project, Series A, 4.00%, 4/01/19

      345        362,271   

Stephenville LLC Tarleton State University Project, Series A, 4.00%, 4/01/20

      415        436,447   

North Texas Tollway Authority, Refunding RB:

     

Series A, 5.00%, 1/01/20

      600        684,168   

Series C, 5.25%, 1/01/20

      1,000        1,126,570   

Series C, 5.38%, 1/01/21

      5,000        5,605,600   

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

      5,000        5,763,100   
    

 

 

  
               51,526,315   

Virginia — 1.5%

     

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

      2,000        2,354,800   

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

      1,500        1,737,900   

Virginia College Building Authority, Refunding RB, Series A:

     

5.00%, 7/01/19

      425        459,939   

5.00%, 7/01/20

      335        364,450   
    

 

 

  
               4,917,089   

Washington — 2.5%

     

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

      2,625        3,087,866   

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

     

5.00%, 10/01/20

      250        290,938   

5.00%, 10/01/42 (h)

      4,000        4,712,520   
    

 

 

  
               8,091,324   

Wisconsin — 1.0%

     

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

      1,000        1,142,000   
Municipal Bonds   

Par  

(000)

     Value  

Wisconsin (concluded)

     

Wisconsin Health & Educational Facilities Authority, Refunding RB:

     

Froedtert & Community Health, Inc., 5.00%, 4/01/20

    $ 1,515      $ 1,719,434   

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

      250        291,313   
    

 

 

  
               3,152,747   
Total Municipal Bonds — 111.9%              366,067,033   
    
                  
Municipal Bonds Transferred to
Tender Option Bond Trusts (i) — 1.7%		  

Illinois — 1.7%

     

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

      5,000        5,525,800   
Total Long-Term Investments
(Cost — $349,325,930) — 113.6%		         371,592,833   
    
                  
Short-Term Securities               

FFI Institutional Tax-Exempt Fund, 0.01% (j)(k)

      4,024,186        4,024,186   
Total Short-Term Securities
(Cost — $4,024,186) — 1.2%		         4,024,186   
Total Investments (Cost — $353,350,116*) — 114.8%        375,617,019   
Other Assets Less Liabilities — 1.2%        3,901,609   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (1.1)%

   

     (3,752,939 ) 
AMPS Shares, at Liquidation Value — (14.9)%        (48,675,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 327,090,689   
    

 

 

  

 

*   As of July 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 349,268,521   
 

 

 

  

Gross unrealized appreciation

   $ 23,841,058   

Gross unrealized depreciation

     (1,242,560 ) 
 

 

 

  

Net unrealized appreciation

   $ 22,598,498   
 

 

 

  

 

                
6    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015   

Schedule of Investments (continued)    BlackRock Municipal 2020 Term Trust (BKK)

 

 

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)   Zero-coupon bond.

 

(c)   Issuer filed for bankruptcy and/or is in default of interest payments.

 

(d)   Non-income producing security.

 

(e)   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.

 

(f)   Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

 

(g)   Security is collateralized by Municipal or US Treasury obligations.

 

(h)   Variable rate security. Rate shown is as of report date.

 

(i)   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.

 

(j)   During the period ended July 31, 2015, 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,
2015		        Net
Activity		       

Shares Held
at July 31,

2015

        Income  

FFI Institutional Tax-Exempt Fund

        828,428           3,195,758           4,024,186           172   

 

(k)   Represents the current yield as of report date.

 

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
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015    7

Schedule of Investments (concluded)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

 

Fair Value Hierarchy as of July 31, 2015

 

•  

Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 and derivative financial instruments)

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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

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 and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments 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 and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

As of July 31, 2015, the following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments 1

     —         $ 371,592,833         —      $ 371,592,833   

Short-Term Securities

   $ 4,024,186           —         —        4,024,186   
 

 

 

  

Total

   $ 4,024,186         $ 371,592,833         —      $ 375,617,019   
 

 

 

  

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 reporting purposes. As of July 31, 2015, TOB Trust Certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended July 31, 2015, there were no transfers between levels.

 

                
8    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2015   

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 22, 2015

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 22, 2015
By:      /s/ Neal J. Andrews                            
     Neal J. Andrews
     Chief Financial Officer (principal financial officer) of
     BlackRock Municipal 2020 Term Trust
Date: September 22, 2015