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: 04/30/2019

Date of reporting period: 07/31/2018

 

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  

Municipal Bonds — 97.9%

 

Alabama — 0.4%  

Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 06/01/20

   $ 1,000     $ 1,051,970  

Tuscaloosa City Board of Education, RB, 5.00%, 08/01/20

     225       239,382  
   

 

 

  
      1,291,352  
Alaska — 2.0%  

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

    

Series B, 5.00%, 01/01/21

     3,200       3,425,856  

Series C, 5.00%, 01/01/21

     2,500       2,676,450  
   

 

 

  
      6,102,306  
Arizona — 3.2%  

City of Phoenix Arizona IDA, RB, Series A, 4.75%, 07/01/19(a)

     180       183,060  

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

    

5.00%, 07/01/19(b)

     5,585       5,762,212  

5.00%, 07/01/20

     1,300       1,379,924  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/18

     1,500       1,516,350  

5.25%, 12/01/20

     1,000       1,071,490  
   

 

 

  
      9,913,036  
California — 5.7%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20(b)

     815       872,669  

Los Angeles California Unified School District, GO, Series I, 5.00%, 07/01/20

     3,750       3,873,150  

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

    

5.00%, 01/01/19

     540       547,830  

5.00%, 01/01/20

     550       574,690  

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

     1,000       1,139,510  

State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 05/01/20

     10,000       10,619,000  
   

 

 

  
      17,626,849  
Colorado — 1.3%  

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

    

Series A, 5.00%, 12/01/20

     690       742,454  

Series B, 5.00%, 12/01/20

     1,335       1,436,487  

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

     493       494,977  
    
Security		   Par
(000)		     Value  
Colorado (continued)  

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

    

4.00%, 08/15/19

   $ 125     $ 127,757  

4.00%, 08/15/20

     150       155,742  

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

    

4.00%, 12/01/19

     555       571,195  

4.00%, 12/01/20

     580       605,868  
   

 

 

  
      4,134,480  
Florida — 3.8%  

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

     5,160       5,190,599  

County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39(c)

     2,500       2,460,575  

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

     1,375       1,466,424  

County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20

     500       530,250  

Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 05/01/13(d)(e)

     2,980       2,086,000  
   

 

 

  
      11,733,848  
Georgia — 2.4%  

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

     6,915       7,505,749  
   

 

 

  
Guam — 0.5%  

Guam Government Waterworks Authority, RB, 5.25%, 07/01/20

     250       264,340  

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

     1,190       1,265,208  
   

 

 

  
      1,529,548  
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       1,335,958  

5.00%, 11/15/20

     1,440       1,552,824  
   

 

 

  
      2,888,782  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
Illinois — 13.3%  

Chicago Transit Authority, Refunding RB, 5.00%, 06/01/20

   $ 1,000     $ 1,051,600  

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

     1,000       1,021,040  

City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM):

    

5.00%, 11/01/18(b)

     4,040       4,076,481  

5.00%, 11/01/20

     960       967,987  

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

     1,000       1,075,750  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 06/15/22(f)

     13,455       11,813,894  

Railsplitter Tobacco Settlement Authority, RB, 5.25%, 06/01/20

     10,000       10,569,900  

State of Illinois, GO, 5.00%, 07/01/20

     4,055       4,203,129  

State of Illinois, RB, Series B:

    

5.00%, 06/15/19(b)

     515       530,048  

5.00%, 06/15/20

     1,485       1,526,046  

State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/20

     4,145       4,327,670  
   

 

 

  
      41,163,545  
Indiana — 0.4%  

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

     600       644,556  

Northern Indiana Commuter Transportation District, RB, 5.00%, 07/01/20

     620       658,359  
   

 

 

  
      1,302,915  
Kansas — 1.8%  

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

     3,150       2,871,225  
    
Security		   Par
(000)		     Value  
Kansas (continued)  

Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C:

    

5.25%, 11/15/19(b)

   $ 55     $ 57,414  

5.25%, 11/15/20

     2,445       2,557,446  
   

 

 

  
      5,486,085  
Kentucky — 1.6%  

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

    

3.50%, 12/01/20

     2,115       2,169,313  

5.00%, 12/01/20

     1,430       1,514,399  

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

    

0.00%, 07/01/19

     255       248,962  

0.00%, 07/01/20

     1,000       947,460  
   

 

 

  
      4,880,134  
Louisiana — 0.1%  

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

     400       426,428  
   

 

 

  
Maryland — 1.6%  

City of Baltimore Maryland, Refunding, Tax Allocation Bonds:

    

5.00%, 06/15/19

     250       257,483  

5.00%, 06/15/20

     275       291,676  

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

    

4.00%, 07/01/19

     285       291,179  

5.00%, 07/01/20

     500       530,250  

Maryland Economic Development Corp., RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20(g)

     730       764,054  

Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 06/01/20

     640       665,350  

Maryland Health & Higher Educational Facilities Authority, Refunding RB: Charlestown Community, 5.50%, 01/01/21(g)

     1,335       1,447,180  

University of Maryland, Medical System,

5.00%, 07/01/19

     670       690,388  
   

 

 

  
      4,937,560  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
Massachusetts — 0.3%  

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

   $ 1,000     $ 1,041,310  
   

 

 

  
Michigan — 4.3%  

City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 09/01/20

     1,500       1,512,480  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 05/15/20

     885       921,595  

Lansing Board of Water & Light Utilities, RB,
Series A, 3.50%, 07/01/20

     1,000       1,032,980  

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

    

5.00%, 11/01/19

     1,940       2,012,013  

5.00%, 11/01/20

     1,800       1,907,820  

Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 07/01/20

     1,000       1,059,140  

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

    

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

     325       347,425  

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

     1,205       1,262,237  

State of Michigan Trunk Line Revenue, Refunding RB:

    

5.00%, 11/01/20

     1,000       1,042,560  

5.00%, 11/01/21

     2,000       2,084,600  
   

 

 

  
      13,182,850  
Mississippi — 0.4%  

Mississippi Development Bank, Refunding RB, Series A (AGM), 5.00%, 03/01/20

     1,035       1,084,380  
   

 

 

  
Missouri — 1.2%  

City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 09/01/20

     3,000       3,193,230  
    
Security		   Par
(000)		     Value  
Missouri (continued)  

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

   $ 500     $ 534,270  
   

 

 

  
      3,727,500  
Multi-State — 1.7%  

Centerline Equity Issuer Trust(a):

    

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

     2,500       2,576,150  

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

     2,500       2,581,675  
   

 

 

  
      5,157,825  
Nebraska — 1.2%  

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/20

     3,500       3,712,135  
   

 

 

  
Nevada — 2.2%  

County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 08/01/20

     1,115       1,167,416  

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

    

5.00%, 07/01/19

     500       515,125  

5.00%, 07/01/20

     1,000       1,060,120  

Washoe County School District, GO, School Improvement, Series C, 5.00%, 10/01/20

     3,695       3,944,745  
   

 

 

  
      6,687,406  
New Jersey — 8.4%  

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

     2,740       2,809,432  

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

     1,500       1,607,250  

New Jersey EDA, RB, AMT:
Continental Airlines, Inc. Project, 4.88%, 09/15/19

     690       702,551  

Private Activity Bond, The Goethals Bridge Replacement Project, 5.00%, 07/01/20

     250       263,382  

New Jersey EDA, Refunding RB:

    

Cigarette Tax, 5.00%, 06/15/20

     2,500       2,624,625  

Provident Group Montclair (AGM), 4.00%, 06/01/20

     105       108,966  

School Facilities, Series GG, 5.00%, 09/01/22

     2,000       2,114,900  

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

     3,150       3,381,903  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Educational Facilities Authority, Refunding RB:

    

Seton Hall University, Series D, 5.00%, 07/01/19

   $ 1,060     $ 1,091,567  

Seton Hall University, Series D, 5.00%, 07/01/20

     650       687,687  

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

     2,500       2,540,525  

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

    

5.00%, 12/01/19

     2,565       2,668,575  

5.00%, 12/01/20

     2,900       3,086,818  

New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/20

     2,000       2,105,360  
   

 

 

  
      25,793,541  
New York — 4.3%  

Brooklyn Arena Local Development Corp., Refunding RB, Barclays Center Project, Series A, 5.00%, 07/15/20

     330       348,995  

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

     305       309,721  

Chautauqua Tobacco Asset Securitization Corp., Refunding RB:

    

5.00%, 06/01/19

     400       411,168  

5.00%, 06/01/20

     450       476,811  

Metropolitan Transportation Authority, Refunding RB, VRDN, Trasportation, Sub Series E-2, 1.57%, 11/15/50(c)

     2,300       2,300,000  

New York State Energy Research & Development Authority, Refunding RB, Electric & Gas Corp. Project, Series B, 2.00%, 02/01/29(c)

     3,000       2,997,900  

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

     875       916,291  

New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 08/01/20

     3,500       3,677,135  

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

     1,525       1,586,214  
    
Security		   Par
(000)		     Value  
New York (continued)  

TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20

   $ 230     $ 241,486  
   

 

 

  
      13,265,721  
North Carolina — 2.2%  

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

     1,400       1,421,112  

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

     5,000       5,231,650  
   

 

 

  
      6,652,762  
Ohio — 0.9%  

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

    

5.00%, 06/30/19

     945       968,634  

5.00%, 12/31/19

     830       861,341  

5.00%, 06/30/20

     1,000       1,049,990  
   

 

 

  
      2,879,965  
Oklahoma — 0.4%  

County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 09/01/22

     1,100       1,183,545  
   

 

 

  
Pennsylvania — 9.1%  

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

    

4.00%, 12/01/19

     840       849,534  

4.00%, 12/01/20

     870       883,128  

City of Philadelphia PA Airport Revenue, Refunding RB, AMT, Series B, 5.00%, 07/01/20

     1,450       1,536,884  

Commonwealth of Pennsylvania, GO, Refunding First Series, 5.00%, 08/15/20

     1,000       1,062,030  

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

     1,000       1,025,190  

Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 05/01/19

     1,300       1,327,768  

Montgomery County IDA, Refunding RB, Albert Einstein Healthcare, Series A, 5.00%, 01/15/20

     1,400       1,448,804  

Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement Project:

    

5.00%, 12/31/20

     3,830       4,060,260  

AMT, 5.00%, 06/30/20

     295       309,352  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
Pennsylvania (continued)  

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

   $ 2,175     $ 2,258,389  

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

    

4.00%, 10/01/19

     1,165       1,177,163  

4.00%, 10/01/20

     1,210       1,233,026  

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

    

Drexel University, 5.00%, 05/01/20(g)

     1,480       1,563,428  

Drexel University, 5.00%, 05/01/20

     95       100,119  

University Properties, Inc., 4.00%, 07/01/19

     230       233,135  

University Properties, Inc., 4.00%, 07/01/20

     450       461,002  

Widener University, 5.00%, 07/15/20

     600       632,640  

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

    

2.30%, 10/01/19

     460       461,840  

2.55%, 04/01/20

     850       856,630  

2.65%, 10/01/20

     865       874,082  

Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 07/01/20

     1,500       1,590,750  

Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 06/01/19(b)

     1,000       1,028,760  

State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 07/15/20

     995       1,055,426  

Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 09/15/20

     350       374,392  

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

    

4.00%, 07/01/19

     360       365,234  

4.00%, 07/01/20

     465       476,983  

Westmoreland County Municipal Authority, Refunding RB, (BAM):

    

5.00%, 08/15/19

     335       346,410  

3.00%, 08/15/20

     110       112,450  

5.00%, 08/15/20

     355       377,021  
   

 

 

  
      28,081,830  
    
Security		   Par
(000)		     Value  
Rhode Island — 3.0%  

Rhode Island Commerce Corp., Refunding RB,
Rhode Island Department of Transportation,
Series A, 5.00%, 06/15/20

   $ 3,465     $ 3,675,776  

Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/20

     1,500       1,575,015  

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

     3,850       4,089,855  
   

 

 

  
      9,340,646  
South Carolina — 0.7%  

South Carolina State Ports Authority, RB,
5.00%, 07/01/20(g)

     2,000       2,124,120  
   

 

 

  
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       245,518  

5.00%, 10/01/20

     325       344,048  
   

 

 

  
      589,566  
Texas — 13.6%  

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

    

5.75%, 01/01/19(g)

     605       615,739  

5.75%, 01/01/19

     195       198,001  

5.00%, 01/01/20

     620       644,025  

5.75%, 01/01/20

     1,140       1,196,008  

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

    

0.00%, 08/15/21(g)

     1,825       1,717,489  

Series A, 0.00%, 08/15/21

     6,165       5,756,631  

Central Texas Turnpike System, Refunding RB,
Series A, 5.00%, 08/15/42(c)

     1,000       1,050,850  

City of Houston Texas Airport System Revenue, Refunding RB:

    

Series B-2, AMT, 5.00%, 07/15/20

     3,000       3,154,950  

Subordinate Lien, Series B, 5.00%, 07/01/20

     250       265,370  

United Airlines, Inc. Terminal E Project, AMT, 4.50%, 07/01/20

     5,000       5,206,650  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
Texas (continued)  

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

   $ 3,715     $ 3,957,775  

Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 05/15/20

     5,000       5,284,400  

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

    

4.00%, 04/01/19

     345       349,154  

4.00%, 04/01/20

     415       426,031  

4.00%, 04/01/20

     585       600,549  

4.00%, 04/01/20

     180       184,874  

North Texas Tollway Authority, Refunding RB, Series C:

    

5.25%, 01/01/19(b)

     815       828,130  

5.38%, 01/01/19(b)

     4,060       4,127,477  

5.25%, 01/01/20

     185       187,810  

5.38%, 01/01/21

     940       954,288  

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

     5,000       5,330,950  
   

 

 

  
      42,037,151  
Virginia — 1.5%  

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

     2,000       2,146,700  

Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 07/01/20

     1,500       1,590,750  

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

    

5.00%, 07/01/19

     425       433,950  

5.00%, 07/01/20

     335       348,571  
   

 

 

  
      4,519,971  
    
Security		   Par
(000)		     Value  
Washington — 2.4%  

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

   $ 2,625     $ 2,822,689  

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

    

5.00%, 10/01/20

     250       266,787  

5.00%, 10/01/42(c)

     4,000       4,369,880  
   

 

 

  
      7,459,356  
Wisconsin — 0.9%  

State of Wisconsin, Refunding RB, General, Series A, 5.25%, 05/01/20

     1,000       1,027,360  

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

Froedtert & Community Health, Inc.,
Series C, 5.00%, 04/01/19(b)

     1,515       1,550,890  

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

     250       267,025  
   

 

 

  
      2,845,275  
   

 

 

  

Total Long-Term Investments — 97.9%
(Cost — $296,374,721)

 

     302,289,472  
   

 

 

  
     Shares         
Short-Term Securities — 1.6%  

BlackRock Liquidity Funds, MuniCash, Institutional Class,

0.85%(h)(i)

     4,771,165       4,772,119  
   

 

 

  

Total Short-Term Securities — 1.6%
(Cost — $4,771,560)

 

     4,772,119  
   

 

 

  

Total Investments — 99.5%
(Cost — $301,146,281)

 

     307,061,591  

Other Assets Less Liabilities — 0.5%

 

     1,596,799  
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $ 308,658,390  
   

 

 

  
 

 

(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) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

 

 

6   

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

 

(f) 

Zero-coupon bond.

(g) 

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

(h) 

Annualized 7-day yield as of period end.

(i) 

During the period ended July 31, 2018, 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, and/or related parties of the Fund were as follows:

 

Affiliated   

Shares

Held at

04/30/18

     

Net

Activity

     

Shares
Held at

07/31/18

      Value at
07/31/18		      Income     

Net

Realized

Gain (Loss)(a)

     

Change in
Unrealized

Appreciation
(Depreciation)

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      —        4,771,165        4,771,165      $ 4,772,119      $ 6,927      $ 15      $ 559  
              

 

 

     

 

 

     

 

 

  

 

(a)

Includes net capital gain distributions, if applicable.

 

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
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
VRDN    Variable Rate Demand Notes
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

July 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

 

Fair Value Hierarchy as of Period End

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 each 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 each 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or Trusts. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each 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 semi-annual report.

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(a)

   $ —        $ 302,289,472        $ —        $ 302,289,472  

Short-Term Securities

     4,772,119          —          —          4,772,119  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 4,772,119        $ 302,289,472        $ —        $ 307,061,591  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

(a) 

See above Schedule of Investments for values in each state or political subdivision.

During the period ended July 31, 2018, there were no transfers between levels.

 

 

8   

Item 2 –

Controls and Procedures

 

2(a) –

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3 –

Exhibits

 

  

Certifications – Attached hereto

                Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 

BlackRock Municipal 2020 Term Trust

  By:    /s/ John M. Perlowski                    
     John M. Perlowski
    

Chief Executive Officer (principal executive officer) of

BlackRock Municipal 2020 Term Trust

  Date: September 20, 2018
  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 20, 2018
  By:    /s/ Neal J. Andrews                        
     Neal J. Andrews
    

Chief Financial Officer (principal financial officer) of

BlackRock Municipal 2020 Term Trust

  Date: September 20, 2018