N-Q 1 d527287dnq.htm BLACKROCK MUNICIPAL 2020 TERM TRUST BLACKROCK MUNICIPAL 2020 TERM TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21181

Name of Fund: BlackRock Municipal 2020 Term Trust (BKK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal

2020 Term Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2018

Date of reporting period: 01/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited)

January 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  

Municipal Bonds — 98.1%

 

Alabama — 0.4%        

Alabama 21st Century Authority Tobacco
Settlement, Refunding RB, Series A,

    

5.00%, 06/01/20

   $ 1,000     $ 1,076,020  

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

     225       242,905  
   

 

 

  
      1,318,925  
Alaska — 2.0%        

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

    

Series B, 5.00%, 01/01/21

     3,200       3,470,368  

Series C, 5.00%, 01/01/21

     2,500       2,711,225  
   

 

 

  
      6,181,593  
Arizona — 3.3%        

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

     340       347,793  

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

    

5.00%, 07/01/19(b)

     5,585       5,861,401  

5.00%, 07/01/20

     1,300       1,401,335  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/18

     1,500       1,540,995  

5.25%, 12/01/20

     1,000       1,087,530  
   

 

 

  
      10,239,054  
California — 5.8%        

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/22

     815       883,387  

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

    

5.00%, 01/01/19

     540       556,535  

5.00%, 01/01/20

     550       582,637  

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

     3,750       3,940,462  

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

     1,000       1,158,020  

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

     10,000       10,781,900  
   

 

 

  
      17,902,941  
Colorado — 1.3%        

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

    

Series A, 5.00%, 12/01/20

     690       755,260  

Series B, 5.00%, 12/01/20

     1,335       1,461,264  
    
Security		   Par
(000)		     Value  
Colorado (continued)        

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

   $ 493     $ 496,978  

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

    

4.00%, 08/15/19

     125       129,514  

4.00%, 08/15/20

     150       157,953  

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

    

4.00%, 12/01/19

     555       574,231  

4.00%, 12/01/20

     580       607,672  
   

 

 

  
      4,182,872  
Florida — 4.2%        

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

     5,160       5,280,847  

County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 07/01/18(b)

     1,250       1,270,400  

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

     2,500       2,486,425  

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

     1,375       1,484,808  

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

     500       538,360  

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

     2,980       2,086,000  
   

 

 

  
      13,146,840  
Georgia — 2.4%        

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

     6,915       7,613,761  
Guam — 0.5%        

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

     250       267,155  

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

     1,190       1,277,989  
   

 

 

  
      1,545,144  
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       1,352,864  

 

 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Hawaii (continued)  

State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui (continued):

    

5.00%, 11/15/20

   $ 1,440     $ 1,568,333  
   

 

 

  
      2,921,197  
Illinois — 11.6%  

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

     1,000       1,065,590  

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

     1,000       1,038,230  

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

     1,000       1,092,450  

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

     13,455       11,636,960  

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

     10,000       10,731,400  

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

     4,055       4,222,188  

State of Illinois, RB, Series B:

    

5.00%, 06/15/19(b)

     515       539,045  

5.00%, 06/15/20

     1,485       1,549,999  

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

     4,145       4,359,545  
   

 

 

  
      36,235,407  
Indiana — 0.4%  

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

     600       653,544  

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

     620       665,130  
   

 

 

  
      1,318,674  
Iowa — 0.9%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, 5.25%, 12/01/50(g)

     2,650       2,650,000  
   

 

 

  
Kansas — 1.8%  

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

     3,150       2,826,684  
Security   Par
(000)		     Value  
Kansas (continued)  

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

   $ 2,500     $ 2,657,700  
   

 

 

  
      5,484,384  
Kentucky — 1.6%  

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

    

3.50%, 12/01/20

     2,115       2,185,302  

5.00%, 12/01/20

     1,430       1,535,992  

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

    

0.00%, 07/01/19

     255       246,060  

0.00%, 07/01/20

     1,000       937,090  
   

 

 

  
      4,904,444  
Louisiana — 0.1%  

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

     400       432,280  
   

 

 

  
Maryland — 1.7%  

City of Baltimore Maryland, Refunding, Tax Allocation Bonds:

    

5.00%, 06/15/19

     250       261,430  

5.00%, 06/15/20

     275       295,317  

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       294,562  

5.00%, 07/01/20

     500       537,005  

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20(f)

     985       1,047,065  

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

     640       672,429  

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

    

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

     1,335       1,476,990  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  
Maryland (continued)        

Maryland Health & Higher Educational Facilities Authority, Refunding RB (continued):

    

University of Maryland, Medical System, 5.00%, 07/01/19

   $ 670     $ 701,517  
   

 

 

  
      5,286,315  
Massachusetts — 0.3%        

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

     1,000       1,051,980  
   

 

 

  
Michigan — 4.4%        

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

     1,500       1,515,795  

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

     1,235       1,287,352  

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

     1,000       1,041,180  

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

    

5.00%, 11/01/19

     1,940       2,034,594  

5.00%, 11/01/20

     1,800       1,928,106  

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

     1,000       1,072,300  

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

    

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

     325       351,770  

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

     1,205       1,270,359  

State of Michigan Trunk Line, Refunding RB:

    

5.00%, 11/01/20

     1,000       1,058,680  

5.00%, 11/01/21

     2,000       2,116,660  
   

 

 

  
      13,676,796  
Mississippi — 0.4%        

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

     1,035       1,099,480  
   

 

 

  
Missouri — 1.2%        

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

     3,000       3,240,960  
    
Security		   Par
(000)		     Value  
Missouri (continued)        

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

   $ 500     $ 541,640  
   

 

 

  
      3,782,600  
Multi-State — 1.7%        

Centerline Equity Issuer Trust(a):

    

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

     2,500       2,625,525  

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

     2,500       2,634,500  
   

 

 

  
      5,260,025  
Nebraska — 1.2%        

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

     3,500       3,764,565  
   

 

 

  
Nevada — 2.2%        

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

    

5.00%, 07/01/19

     500       524,600  

5.00%, 07/01/20

     1,000       1,077,710  

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

     1,160       1,218,557  

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

     3,695       4,005,121  
   

 

 

  
      6,825,988  
New Jersey — 8.4%        

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

     2,740       2,817,158  

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

     1,500       1,631,730  

New Jersey Economic Development Authority, Refunding RB, Provident Group Montclair (AGM), 4.00%, 06/01/20

     105       110,075  

New Jersey EDA, RB, AMT:

    

Continental Airlines, Inc. Project, 4.88%, 09/15/19

     690       710,976  

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

     250       267,830  

New Jersey EDA, Refunding RB:

    

Cigarette Tax, 5.00%, 06/15/20

     2,500       2,665,475  

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

     2,000       2,133,220  

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

     3,150       3,400,141  

 

 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 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     $ 1,108,802  

5.00%, 07/01/20

     650       697,470  

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

     2,500       2,598,450  

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

    

5.00%, 12/01/19

     2,565       2,697,816  

5.00%, 12/01/20

     2,900       3,111,642  

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

     2,000       2,114,760  
   

 

 

  
      26,065,545  
New York — 4.4%  

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

     330       353,988  

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

     415       422,802  

Chautauqua Tobacco Asset Securitization Corp., Refunding RB:

    

5.00%, 06/01/19

     400       417,608  

5.00%, 06/01/20

     450       482,819  

Metropolitan Transportation Authority, Refunding RB, Transportation Sub-Series E-2 VRDN, 0.94%, 11/15/50(g)

     2,500       2,500,000  

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

     3,000       2,998,650  

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

     875       928,961  

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

     3,500       3,730,685  

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

     1,525       1,608,829  
Security   Par
(000)		     Value  
New York (continued)  

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

   $ 230     $ 246,337  
   

 

 

  
      13,690,679  
North Carolina — 2.2%  

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

     1,400       1,445,850  

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

     5,000       5,316,150  
   

 

 

  
      6,762,000  
Ohio — 1.0%  

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

    

5.00%, 06/30/19

     945       990,861  

5.00%, 12/31/19

     830       883,942  

5.00%, 06/30/20

     1,000       1,078,110  
   

 

 

  
      2,952,913  
Oklahoma — 0.4%  

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

     1,100       1,199,352  
   

 

 

  
Pennsylvania — 9.0%  

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

    

4.00%, 12/01/19

     840       856,632  

4.00%, 12/01/20

     870       891,750  

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

     1,450       1,555,545  

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

     1,000       1,077,680  

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

     1,000       1,031,260  

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

     1,300       1,350,219  

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

     1,400       1,467,382  

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

     3,830       4,138,889  

 

 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 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     $ 2,278,160  

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

    

4.00%, 10/01/19

     1,165       1,185,446  

4.00%, 10/01/20

     1,210       1,242,246  

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

    

Drexel University,
5.00%, 05/01/20(f)

     1,480       1,587,877  

Drexel University, 5.00%, 05/01/20

     95       101,576  

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

     230       235,633  

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

     450       466,461  

Widener University, 5.00%, 07/15/20

     600       639,894  

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

    

2.30%, 10/01/19

     460       462,995  

2.55%, 04/01/20

     850       858,398  

2.65%, 10/01/20

     865       877,248  

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

     1,500       1,611,015  

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

     1,000       1,046,050  

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

     995       1,068,073  

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

     350       380,027  

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

    

4.00%, 07/01/19

     360       368,611  

4.00%, 07/01/20

     465       481,345  

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

    

5.00%, 08/15/19

     335       352,055  

3.00%, 08/15/20

     110       113,120  
    
Security		   Par
(000)		     Value  

Pennsylvania (continued)

    

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

    

5.00%, 08/15/20

   $ 355     $ 382,118  
   

 

 

  
      28,107,705  

Rhode Island — 3.0%

    

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

     3,465       3,713,475  

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

     1,500       1,588,260  

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

     3,850       4,117,845  
   

 

 

  
      9,419,580  

South Carolina — 0.7%

    

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

     2,000       2,145,580  
   

 

 

  

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       248,734  

5.00%, 10/01/20

     325       350,954  
   

 

 

  
      599,688  

Texas — 13.7%

    

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

    

5.75%, 01/01/19(f)

     605       628,353  

5.75%, 01/01/19

     195       201,965  

5.00%, 01/01/20

     620       654,627  

5.75%, 01/01/20

     1,140       1,219,640  

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

 

  

0.00%, 08/15/21(f)

     1,825       1,708,748  

Series A, 0.00%, 08/15/21

     6,165       5,720,010  

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

     1,000       1,062,540  

City of Houston Texas, Refunding RB, Series B-2, AMT, 5.00%, 07/15/20

     3,000       3,178,800  

 

 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

City of Houston Texas Airport System, Refunding RB:

    

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

   $ 250     $ 268,503  

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

     5,000       5,235,150  

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

     3,715       4,027,989  

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

     5,000       5,362,450  

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

    

4.00%, 04/01/19

     345       353,615  

4.00%, 04/01/20

     415       432,393  

4.00%, 04/01/20

     585       609,517  

4.00%, 04/01/20

     180       187,661  

North Texas Tollway Authority, Refunding RB, Series C:

    

5.25%, 01/01/19(b)

     815       842,400  

5.38%, 01/01/19(b)

     4,060       4,201,085  

5.25%, 01/01/20

     185       190,894  

5.38%, 01/01/21

     940       973,539  

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

     5,000       5,404,500  
      42,464,379  
Virginia — 1.5%  

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

     2,000       2,178,060  

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

     1,500       1,613,520  

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

    

5.00%, 07/01/19

     425       439,420  

5.00%, 07/01/20

     335       352,963  
      4,583,963  
Washington — 2.4%  

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

     2,625       2,861,827  
Security   Shares/Par
(000)		     Value  
Washington (continued)  

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

    

5.00%, 10/01/20

   $ 250     $ 270,848  

5.00%, 10/01/42(g)

     4,000       4,430,920  
      7,563,595  
Wisconsin — 0.9%  

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

     1,000       1,047,160  

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

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

     1,515       1,576,464  

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

     250       271,977  
      2,895,601  

Total Municipal Bonds — 98.1%
(Cost — $297,358,557)

 

     305,275,845  

Municipal Bonds Transferred to Tender Option
Bond Trusts(h)

 

Illinois — 1.7%  

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

     5,000       5,129,350  

Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 13.8%
(Cost — $5,036,840)

 

     5,129,350  

Total Long-Term Investments — 99.8%
(Cost — $302,395,397)

 

     310,405,195  

Short-Term Securities — 0.9%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59%(i)(j)

     2,887,554       2,887,843  
   

 

 

  

Total Short-Term Securities — 0.9%
(Cost — $2,887,825)

 

     2,887,843  
   

 

 

  

Total Investments — 100.7%
(Cost — $305,283,222)

 

     313,293,038  
Other Assets Less Liabilities — 0.5%     1,549,360  

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

 

     (3,762,628 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 311,079,770  
   

 

 

  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

    BlackRock Municipal 2020 Term Trust (BKK)

 

 

 

(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)  Non-income producing security.
(d)  Issuer filed for bankruptcy and/or is in default.
(e)  Zero-coupon bond.
(f)  Security is collateralized by municipal bonds or U.S. Treasury obligations.
(g)  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.
(h)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.
(i)  Annualized 7-day yield as of period end.
(j)  During the period ended January 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, were as follows:

 

Affiliated   

Shares

Held at

04/30/17

      Net
Activity		     

Shares

Held at

01/31/18

      Value at
01/31/18		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      10        2,887,544        2,887,554      $ 2,887,843      $ 28,061      $ 912      $ 18  

 

  (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
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
VRDN    Variable Rate Demand Notes

 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 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. 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. 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 funds. 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 the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its annual report.

 

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy:

 

 

 

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

    $ —        $ 310,405,195          —        $ 310,405,195  

Short-Term Securities

     2,887,843          —          —          2,887,843  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,887,843        $ 310,405,195          —        $ 313,293,038  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.

During the period ended January 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: March 21, 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: March 21, 2018

 

By:      /s/ Neal J. Andrews                        
       Neal J. Andrews
       Chief Financial Officer (principal financial officer) of
       BlackRock Municipal 2020 Term Trust
Date: March 21, 2018