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: 04/30/2017

Date of reporting period: 07/31/2016

Item 1 – Schedule of Investments

 

Schedule of Investments July 31, 2016 (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      $ 1,140,920   

Alaska — 2.0%

     

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

     

Series B, 5.00%, 1/01/21

      3,200        3,670,048   

Series C, 5.00%, 1/01/21

      2,500        2,867,225   
    

 

 

  
               6,537,273   

Arizona — 3.3%

     

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

      470        492,165   

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

     

5.00%, 7/01/20

      1,300        1,502,228   

5.00%, 7/01/21

      5,585        6,287,984   

Salt Verde Financial Corp., RB, Senior:

     

5.00%, 12/01/18

      1,500        1,621,740   

5.25%, 12/01/20

      1,000        1,146,140   
    

 

 

  
               11,050,257   

California — 10.3%

     

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

      815        962,971   

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

      5,000        5,010,200   

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

      6,865        5,696,371   

Golden Empire Schools Financing Authority, Refunding RB, Kern High School District Projects, 0.94%, 5/01/17 (c)

      4,000        3,998,880   

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

     

5.00%, 1/01/19

      540        594,572   

5.00%, 1/01/20

      550        625,625   

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

      3,750        4,222,013   
Municipal Bonds   

Par  

(000)

     Value  

California (continued)

     

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

    $ 1,000      $ 1,245,450   

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

      10,000        11,591,000   
    

 

 

  
               33,947,082   

Colorado — 1.7%

     

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

     

4.00%, 8/15/19

      125        135,179   

4.00%, 8/15/20

      150        165,066   

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

     

4.00%, 12/01/19

      555        596,531   

4.00%, 12/01/20

      580        633,905   

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

      4,500        4,032,405   
    

 

 

  
               5,563,086   

Florida — 3.5%

     

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

      5,160        5,646,278   

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

      1,250        1,360,163   

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

      1,375        1,592,456   

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

      500        577,780   

Pine Island Community Development District, RB, 5.30%, 11/01/10 (e)(f)

      250        140,173   
 

 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016    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 (e)(f)

    $ 2,980      $ 2,085,106   
    

 

 

  
               11,401,956   

Georgia — 2.4%

     

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

      6,915        7,991,181   

Guam — 0.5%

     

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

      250        285,578   

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

      1,190        1,357,028   
    

 

 

  
               1,642,606   

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        1,399,644   

5.00%, 11/15/20

      1,440        1,617,998   
    

 

 

  
               3,017,642   

Illinois — 11.4%

     

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

      1,000        1,125,080   

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

      1,000        1,068,930   

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

      1,000        1,176,430   

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

      13,455        11,470,388   

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

      10,000        11,514,200   

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

      4,055        4,452,106   

State of Illinois, RB, Series B:

     

5.00%, 6/15/19 (d)

      515        577,248   

5.00%, 6/15/20

      1,485        1,656,384   
Municipal Bonds  

Par  

(000)

     Value  

Illinois (continued)

    

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

   $ 4,145      $ 4,572,225   
   

 

 

  
              37,612,991   

Indiana — 3.5%

    

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

     2,465        2,507,718   

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

     600        704,418   

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

     7,000        7,141,190   

Northern Indiana Commuter Transportation District, RB:

    

5.00%, 1/01/20

     370        419,532   

5.00%, 7/01/20

     620        713,341   
   

 

 

  
              11,486,199   

Iowa — 1.5%

    

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

     4,925        5,115,795   

Kansas — 2.2%

    

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

     5,340        4,524,956   

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

     2,500        2,870,025   
   

 

 

  
              7,394,981   

Kentucky — 1.5%

    

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

    

3.50%, 12/01/20

     2,115        2,301,776   

5.00%, 12/01/20

     1,430        1,646,273   

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

    

0.00%, 7/01/19

     255        236,459   
 

 

 

                
2    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

     Value  

Kentucky (continued)

     

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

     

0.00%, 7/01/20

    $ 1,000      $ 900,320   
    

 

 

  
               5,084,828   

Louisiana — 0.1%

     

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

      400        461,864   

Maryland — 1.8%

     

City of Baltimore Maryland, Refunding, Tax Allocation Bonds:

     

5.00%, 6/15/19

      250        275,857   

5.00%, 6/15/20

      275        310,445   

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

     

4.00%, 7/01/19

      285        308,701   

5.00%, 7/01/20

      500        570,720   

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

      1,155        1,269,726   

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

      640        712,166   

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

     

Charlestown Community, 5.50%, 1/01/21

      1,335        1,586,581   

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

      670        745,958   
    

 

 

  
               5,780,154   

Massachusetts — 0.3%

     

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

      1,000        1,109,950   

Michigan — 5.6%

     

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

      1,500        1,567,545   
Municipal Bonds   

Par  

(000)

     Value  

Michigan (continued)

     

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

    $ 1,335      $ 1,438,369   

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

      1,000        1,096,320   

Michigan Finance Authority, Refunding RB, AMT:

     

5.00%, 11/01/19

      1,940        2,139,025   

5.00%, 11/01/20

      1,800        2,020,734   

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

      1,000        1,148,060   

State of Michigan, Refunding RB, 5.00%, 3/15/20 (g)

      3,350        3,828,882   

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

     

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

      325        378,635   

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

      1,205        1,349,202   

State of Michigan Trunk Line, Refunding RB:

     

5.00%, 11/01/20

      1,000        1,135,840   

5.00%, 11/01/21

      2,000        2,264,640   
    

 

 

  
               18,367,252   

Mississippi — 0.4%

     

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

      1,035        1,167,428   

Missouri — 1.3%

     

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

      3,000        3,459,960   

County of Saint Louis Missouri IDA, Refunding RB, Nazareth Living Centre, Series B, 3.85%, 8/15/20

      400        401,260   

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

      500        579,915   
    

 

 

  
               4,441,135   

Multi-State — 1.7%

     

Centerline Equity Issuer Trust (a)(i):

     

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

      2,500        2,788,775   
 

 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016    3

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

     Value  

Multi-State (continued)

     

Centerline Equity Issuer Trust (a)(i) (continued):

     

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

    $ 2,500      $ 2,808,900   
    

 

 

  
               5,597,675   

Nebraska — 1.2%

     

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

      3,500        3,945,725   

Nevada — 2.5%

     

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

     

5.00%, 7/01/19

      500        560,225   

5.00%, 7/01/20

      1,000        1,153,050   

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

      5,000        5,064,650   

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

      1,280        1,389,030   
    

 

 

  
               8,166,955   

New Jersey — 9.1%

     

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

      2,740        2,934,869   

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

      1,500        1,750,575   

New Jersey EDA, RB, AMT:

     

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

      1,300        1,383,421   

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

      250        283,820   

New Jersey EDA, Refunding RB:

     

(AGC), 5.25%, 12/15/20

      3,150        3,580,699   

Cigarette Tax, 5.00%, 6/15/20

      2,500        2,765,175   

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

      2,000        2,210,880   

New Jersey Educational Facilities Authority, Refunding RB:

     

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

      1,060        1,177,586   

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

      650        741,670   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (continued)

     

New Jersey Educational Facilities Authority, Refunding RB (continued):

     

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

    $ 2,500      $ 2,819,100   

New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/17 (d)

      2,110        2,196,848   

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

     

5.00%, 12/01/19

      2,565        2,840,455   

5.00%, 12/01/20

      2,900        3,263,805   

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

      2,000        2,203,060   
    

 

 

  
               30,151,963   

New York — 6.2%

     

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

      720        755,057   

Chautauqua Tobacco Asset Securitization Corp., Refunding RB:

     

5.00%, 6/01/19

      400        441,396   

5.00%, 6/01/20

      450        507,492   

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

     

7.63%, 8/01/25

      3,885        3,924,782   

7.75%, 8/01/31

      5,000        5,051,250   

New York State Energy Research & Development Authority, Refunding RB, 2.00%, 2/01/29 (c)

      3,000        3,084,510   

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

      875        999,127   

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

      3,500        3,858,785   
 

 

 

                
4    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

     

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

    $ 1,525      $ 1,742,511   
    

 

 

  
               20,364,910   

North Carolina — 2.2%

     

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

      1,400        1,546,832   

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

      5,000        5,702,050   
    

 

 

  
               7,248,882   

Ohio — 2.6%

     

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

      5,300        5,399,322   

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

     

5.00%, 6/30/19

      945        1,045,425   

5.00%, 12/31/19

      830        931,194   

5.00%, 6/30/20

      1,000        1,131,930   
    

 

 

  
               8,507,871   

Oklahoma — 0.4%

     

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

      1,100        1,255,760   

Pennsylvania — 8.9%

     

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

     

4.00%, 12/01/19

      840        882,580   

4.00%, 12/01/20

      870        913,439   

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

      3,405        3,419,471   

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

      1,000        1,090,780   

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

      1,300        1,391,364   

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

      1,400        1,551,536   
Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (continued)

     

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

    $ 3,830      $ 4,379,911   

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

      2,175        2,376,644   

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

     

4.00%, 10/01/19

      1,165        1,232,197   

4.00%, 10/01/20

      1,210        1,293,345   

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

     

Drexel University, 5.00%, 5/01/20

      1,575        1,800,981   

University Properties, Inc., 4.00%, 7/01/19 (g)

      230        246,006   

University Properties, Inc., 4.00%, 7/01/20 (g)

      450        488,160   

Widener University, 5.00%, 7/15/20

      600        682,260   

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

     

2.30%, 10/01/19

      460        473,736   

2.55%, 4/01/20

      850        881,297   

2.65%, 10/01/20

      865        902,748   

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

      1,500        1,725,195   

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

      1,000        1,121,150   

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

      995        1,136,111   

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

      350        410,179   

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

     

4.00%, 7/01/19

      360        381,280   

4.00%, 7/01/20

      465        498,819   
 

 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016    5

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (continued)

     

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

    $ 110      $ 117,611   
    

 

 

  
               29,396,800   

Rhode Island — 1.8%

     

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

      1,500        1,699,365   

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

      3,850        4,346,689   
    

 

 

  
               6,046,054   

South Carolina — 0.7%

     

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

      2,000        2,295,280   

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        261,125   

5.00%, 10/01/20

      325        371,254   
    

 

 

  
               632,379   

Texas — 15.5%

     

Central Texas Regional Mobility Authority, Refunding RB:

  

5.75%, 1/01/19 (h)

      605        677,473   

5.00%, 1/01/20

      620        701,660   

Senior Lien, 5.75%, 1/01/19

      195        217,708   

Senior Lien, 5.75%, 1/01/20

      1,140        1,320,473   

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

  

0.00%, 8/15/21 (h)

      1,825        1,722,672   

0.00%, 8/15/24 (h)

      1,295        1,143,640   

Series A, 0.00%, 8/15/21

      6,165        5,704,536   

Series A, 0.00%, 8/15/24

      7,155        5,982,439   

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

      1,000        1,140,940   

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

      2,500        2,790,050   

City of Houston Texas Airport System, Refunding RB:

     

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

      250        287,223   
Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

     

City of Houston Texas Airport System, Refunding RB (continued):

     

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

    $ 5,000      $ 5,431,750   

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

      3,715        4,207,981   

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

      5,000        5,760,100   

New Hope Cultural Education Facilities Corp., RB:

     

4.00%, 4/01/20

      585        632,689   

4.00%, 4/01/20

      180        193,343   

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

      345        365,172   

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

      415        445,764   

North Texas Tollway Authority, Refunding RB, Series C:

     

5.25%, 1/01/20

      1,000        1,102,720   

5.38%, 1/01/21

      5,000        5,523,450   

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

      5,000        5,727,300   
    

 

 

  
               51,079,083   

Virginia — 1.5%

     

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

      2,000        2,346,760   

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

      1,500        1,728,945   

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

     

5.00%, 7/01/19

      425        461,134   

5.00%, 7/01/20

      335        370,855   
    

 

 

  
               4,907,694   

Washington — 2.5%

     

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

      2,625        3,081,120   
 

 

 

                
6    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016   

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Washington (continued)

     

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

     

5.00%, 10/01/20

    $ 250      $ 291,400   

5.00%, 10/01/42 (c)

      4,000        4,745,600   
    

 

 

  
               8,118,120   

Wisconsin — 0.9%

     

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

      1,000        1,125,220   

Wisconsin Health & Educational Facilities Authority, Refunding RB:

     

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

      1,515        1,689,286   

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

      250        291,587   
    

 

 

  
               3,106,093   
Total Municipal Bonds — 112.4%              371,135,824   
    
                  
Municipal Bonds Transferred to
Tender Option Bond Trusts (j) — 1.6%		                 

Illinois — 1.6%

     

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

      5,000        5,395,250   
                 
Value		  
Total Long-Term Investments
(Cost — $351,618,102) — 114.0%		            $ 376,531,074   
Short-Term Securities    Shares         

BlackRock Liquidity Funds, MuniCash, 0.26% (k)(l)

      2,153,181        2,153,181   
    

 

 

  
Total Short-Term Securities
(Cost — $2,153,181) — 0.7%		         2,153,181   
Total Investments (Cost — $353,771,283*) — 114.7%        378,684,255   
Liabilities in Excess of Other Assets — (3.1)%        (10,110,800 ) 

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

   

     (3,755,957 ) 

AMPS Shares, at Liquidation Value — (10.5)%

  

     (34,575,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

  

   $ 330,242,498   
    

 

 

  

 

*     As of July 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

      

Tax cost

      $ 349,828,363   
    

 

 

  

Gross unrealized appreciation

      $ 25,937,606   

Gross unrealized depreciation

        (831,714 ) 
    

 

 

  

Net unrealized appreciation

      $ 25,105,892   
    

 

 

  
 

 

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)   Variable rate security. Rate as of period end.

 

(d)   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.

 

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

 

(f)   Non-income producing security.

 

(g)   When-issued security.

 

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

 

(i)   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.

 

(j)   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.

 

(k)   During the period ended July 31, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016    7

Schedule of Investments (continued)

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Affiliate      Shares Held
at April 30,
2016		        Net
Activity		        Shares Held
at July 31,
2016		        Value
at July 31,
2016		        Income  

BlackRock Liquidity Funds, MuniCash

        5,473,974           (3,320,793 )       $ 2,153,181         $ 2,153,181         $ 1,437   

 

(l)   Current yield as of period end.

 

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
EDA    Economic Development Authority
EDC    Economic Development Corp.
GO    General Obligation Bonds
IDA    Industrial Development Authority
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

 

                
8    BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016   

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 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

     —         $ 376,531,074           —         $ 376,531,074   

Short-Term Securities

   $ 2,153,181           —           —           2,153,181   
 

 

 

  

Total

   $ 2,153,181         $ 376,531,074           —         $ 378,684,255   
 

 

 

  

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 period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

  

     Level 1        Level 2        Level 3        Total  

Liabilities:

                 

Bank overdraft

     —         $ (868,103 )         —         $ (868,103 ) 

TOB Trust Certificates

     —           (3,750,000 )         —           (3,750,000 ) 

VRDP Shares at Liquidation Value

     —           (34,575,000 )         —           (34,575,000 ) 
 

 

 

  

Total

     —         $ (39,193,103 )         —         $ (39,193,103 ) 
 

 

 

  

During the period ended July 31, 2016, there were no transfers between levels.

 

 

                
   BLACKROCK MUNICIPAL 2020 TERM TRUST    JULY 31, 2016    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 21, 2016  

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 21, 2016  
By:  

/s/ Neal J. Andrews

  
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock Municipal 2020 Term Trust
Date:   September 21, 2016