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
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2018
Date of reporting period:
07/31/2017
Item 1 Schedule of Investments
|
|
|
Schedule of Investments July 31, 2017 (Unaudited) |
|
BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Alabama 0.4% |
|
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 6/01/20 |
|
$ |
1,000 |
|
|
$ |
1,098,170 |
|
Tuscaloosa City Board of Education, RB, 5.00%, 8/01/20 |
|
|
225 |
|
|
|
249,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,348,102 |
|
Alaska 2.0% |
|
City of Valdez Alaska, Refunding RB, BP Pipelines Project: |
|
|
|
|
|
|
|
|
Series B, 5.00%, 1/01/21 |
|
|
3,200 |
|
|
|
3,552,416 |
|
Series C, 5.00%, 1/01/21 |
|
|
2,500 |
|
|
|
2,775,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,327,741 |
|
Arizona 3.3% |
|
City of Phoenix Arizona IDA, RB, Series A, 4.75%, 7/01/19 (a) |
|
|
340 |
|
|
|
348,755 |
|
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A: |
|
|
|
|
|
|
|
|
5.00%, 7/01/19 (b) |
|
|
5,585 |
|
|
|
6,012,476 |
|
5.00%, 7/01/20 |
|
|
1,300 |
|
|
|
1,438,008 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/18 |
|
|
1,500 |
|
|
|
1,565,970 |
|
5.25%, 12/01/20 |
|
|
1,000 |
|
|
|
1,101,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,466,759 |
|
California 7.6% |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22 |
|
|
815 |
|
|
|
912,539 |
|
County of Riverside California Asset Leasing Corp., RB, Riverside County Hospital Project (NPFGC), 0.00%, 6/01/25
(c) |
|
|
6,865 |
|
|
|
5,660,536 |
|
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport,
AMT: |
|
|
|
|
|
|
|
|
5.00%, 1/01/19 |
|
|
540 |
|
|
|
569,673 |
|
5.00%, 1/01/20 |
|
|
550 |
|
|
|
599,495 |
|
Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 |
|
|
3,750 |
|
|
|
4,042,987 |
|
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22 |
|
|
1,000 |
|
|
|
1,198,960 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
California (continued) |
|
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20 |
|
$ |
10,000 |
|
|
$ |
11,101,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,085,590 |
|
Colorado 2.7% |
|
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 12/01/20 |
|
|
690 |
|
|
|
777,099 |
|
Series B, 5.00%, 12/01/20 |
|
|
1,335 |
|
|
|
1,503,517 |
|
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 2.70%, 12/01/19 |
|
|
705 |
|
|
|
711,042 |
|
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project: |
|
|
|
|
|
|
|
|
4.00%, 8/15/19 |
|
|
125 |
|
|
|
130,187 |
|
4.00%, 8/15/20 |
|
|
150 |
|
|
|
158,472 |
|
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project: |
|
|
|
|
|
|
|
|
4.00%, 12/01/19 |
|
|
555 |
|
|
|
582,589 |
|
4.00%, 12/01/20 |
|
|
580 |
|
|
|
617,758 |
|
E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 0.00%, 9/01/22
(c) |
|
|
4,500 |
|
|
|
4,062,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,543,624 |
|
Florida 3.4% |
|
City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/18 (b) |
|
|
5,160 |
|
|
|
5,404,584 |
|
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18 (b) |
|
|
1,250 |
|
|
|
1,299,750 |
|
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 |
|
|
1,375 |
|
|
|
1,531,847 |
|
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20 |
|
|
500 |
|
|
|
552,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JULY 31, 2017 |
|
1 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Florida (continued) |
|
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 5/01/13 (d)(e) |
|
$ |
2,980 |
|
|
$ |
2,084,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,872,831 |
|
Georgia 2.5% |
|
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement
Life Communities, Inc. Obligated Group, 5.00%, 11/15/22 |
|
|
6,915 |
|
|
|
7,754,412 |
|
Guam 0.5% |
|
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20 |
|
|
250 |
|
|
|
274,097 |
|
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 |
|
|
1,190 |
|
|
|
1,313,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,587,548 |
|
Hawaii 0.9% |
|
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui: |
|
|
|
|
|
|
|
|
5.00%, 11/15/19 |
|
|
1,275 |
|
|
|
1,370,829 |
|
5.00%, 11/15/20 |
|
|
1,440 |
|
|
|
1,588,421 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,959,250 |
|
Illinois 11.7% |
|
Chicago Transit Authority, Refunding RB, 5.00%, 6/01/20 |
|
|
1,000 |
|
|
|
1,090,690 |
|
City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20 |
|
|
1,000 |
|
|
|
1,021,170 |
|
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM), 5.25%,
12/01/20 |
|
|
1,000 |
|
|
|
1,125,690 |
|
Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22
(c) |
|
|
13,455 |
|
|
|
11,666,023 |
|
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 6/01/20 |
|
|
10,000 |
|
|
|
11,073,900 |
|
State of Illinois, GO, 5.00%, 7/01/20 |
|
|
4,055 |
|
|
|
4,317,156 |
|
State of Illinois, RB, Series B: |
|
|
|
|
|
|
|
|
5.00%, 6/15/19 (b) |
|
|
515 |
|
|
|
553,244 |
|
5.00%, 6/15/20 |
|
|
1,485 |
|
|
|
1,584,688 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Illinois (continued) |
|
State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 2/15/20 |
|
$ |
4,145 |
|
|
$ |
4,413,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,846,447 |
|
Indiana 0.4% |
|
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21 |
|
|
600 |
|
|
|
673,308 |
|
Northern Indiana Commuter Transportation District, RB, 5.00%, 7/01/20 |
|
|
620 |
|
|
|
683,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,356,312 |
|
Iowa 0.9% |
|
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project,
5.00%, 12/01/19 |
|
|
2,650 |
|
|
|
2,706,498 |
|
Kansas 2.0% |
|
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20
(c) |
|
|
4,240 |
|
|
|
3,734,592 |
|
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.25%, 11/15/20 |
|
|
2,500 |
|
|
|
2,737,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,472,017 |
|
Kentucky 1.6% |
|
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A: |
|
|
|
|
|
|
|
|
3.50%, 12/01/20 |
|
|
2,115 |
|
|
|
2,215,949 |
|
5.00%, 12/01/20 |
|
|
1,430 |
|
|
|
1,567,065 |
|
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project (c): |
|
|
|
|
|
|
|
|
0.00%, 7/01/19 |
|
|
255 |
|
|
|
243,696 |
|
0.00%, 7/01/20 |
|
|
1,000 |
|
|
|
930,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,957,610 |
|
Louisiana 0.1% |
|
City of New Orleans Louisiana, Refunding RB, 5.00%, 12/01/20 |
|
|
400 |
|
|
|
443,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JULY 31, 2017 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Maryland 1.7% |
|
City of Baltimore Maryland, Refunding, Tax Allocation Bonds: |
|
|
|
|
|
|
|
|
5.00%, 6/15/19 |
|
$ |
250 |
|
|
$ |
265,200 |
|
5.00%, 6/15/20 |
|
|
275 |
|
|
|
298,785 |
|
County of Anne Arundel Maryland Consolidated Special Taxing District, Refunding, Special Tax Bonds, The Villages of
Dorchester & Farmington Village Project: |
|
|
|
|
|
|
|
|
4.00%, 7/01/19 |
|
|
285 |
|
|
|
298,686 |
|
5.00%, 7/01/20 |
|
|
500 |
|
|
|
547,950 |
|
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20 |
|
|
985 |
|
|
|
1,042,366 |
|
Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 6/01/20 |
|
|
640 |
|
|
|
687,872 |
|
Maryland Health & Higher Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Charlestown Community, 5.50%, 1/01/21 (f) |
|
|
1,335 |
|
|
|
1,529,002 |
|
University of Maryland, Medical System, 5.00%, 7/01/19 |
|
|
670 |
|
|
|
719,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,389,542 |
|
Massachusetts 0.3% |
|
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT,
5.00%, 1/01/20 |
|
|
1,000 |
|
|
|
1,078,290 |
|
Michigan 4.4% |
|
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20 |
|
|
1,500 |
|
|
|
1,539,090 |
|
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20 |
|
|
1,235 |
|
|
|
1,296,861 |
|
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20 |
|
|
1,000 |
|
|
|
1,065,430 |
|
Michigan Finance Authority, Refunding RB, Student Loan, Series 25-A, AMT: |
|
|
|
|
|
|
|
|
5.00%, 11/01/19 |
|
|
1,940 |
|
|
|
2,067,788 |
|
5.00%, 11/01/20 |
|
|
1,800 |
|
|
|
1,959,930 |
|
Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 7/01/20 |
|
|
1,000 |
|
|
|
1,100,410 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Michigan (continued) |
|
State of Michigan Building Authority, Refunding RB, Facilities Program: |
|
|
|
|
|
|
|
|
Series 1-A, 5.00%, 10/15/20 |
|
$ |
325 |
|
|
$ |
361,510 |
|
Series 2-A, 4.00%, 10/15/20 |
|
|
1,205 |
|
|
|
1,300,135 |
|
State of Michigan Trunk Line, Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 11/01/20 |
|
|
1,000 |
|
|
|
1,087,660 |
|
5.00%, 11/01/21 |
|
|
2,000 |
|
|
|
2,174,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,953,674 |
|
Mississippi 0.4% |
|
Mississippi Development Bank, Refunding RB, Series A (AGM), 5.00%, 3/01/20 |
|
|
1,035 |
|
|
|
1,122,147 |
|
Missouri 1.2% |
|
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20 |
|
|
3,000 |
|
|
|
3,325,710 |
|
State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%,
11/15/20 |
|
|
500 |
|
|
|
557,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,883,190 |
|
Multi-State 1.7% |
|
Centerline Equity Issuer Trust (a): |
|
|
|
|
|
|
|
|
Series A-4-2, 6.00%, 10/31/52 |
|
|
2,500 |
|
|
|
2,675,275 |
|
Series B-3-2, 6.30%, 10/31/52 |
|
|
2,500 |
|
|
|
2,688,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,363,450 |
|
Nebraska 1.2% |
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%,
9/01/20 |
|
|
3,500 |
|
|
|
3,812,410 |
|
Nevada 0.9% |
|
County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B: |
|
|
|
|
|
|
|
|
5.00%, 7/01/19 |
|
|
500 |
|
|
|
536,185 |
|
5.00%, 7/01/20 |
|
|
1,000 |
|
|
|
1,103,730 |
|
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%,
8/01/20 |
|
|
1,195 |
|
|
|
1,251,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,891,056 |
|
New Jersey 8.5% |
|
County of Atlantic New Jersey, GO, Refunding, 3.00%, 10/01/20 |
|
|
2,740 |
|
|
|
2,857,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JULY 31, 2017 |
|
3 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
New Jersey (continued) |
|
Garden State Preservation Trust, Refunding RB, Series C (AGM), 5.25%, 11/01/20 |
|
$ |
1,500 |
|
|
$ |
1,681,125 |
|
New Jersey EDA, RB, AMT: |
|
|
|
|
|
|
|
|
Continental Airlines, Inc. Project, 4.88%, 9/15/19 |
|
|
1,005 |
|
|
|
1,057,632 |
|
Private Activity Bond, The Goethals Bridge Replacement Project, 5.00%, 7/01/20 |
|
|
250 |
|
|
|
271,105 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
|
Cigarette Tax, 5.00%, 6/15/20 |
|
|
2,500 |
|
|
|
2,676,025 |
|
School Facilities, Series GG, 5.00%, 9/01/22 |
|
|
2,000 |
|
|
|
2,123,220 |
|
School Facilities, Series K (AGC), 5.25%, 12/15/20 |
|
|
3,150 |
|
|
|
3,484,813 |
|
New Jersey Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Seton Hall University, Series D, 5.00%, 7/01/19 |
|
|
1,060 |
|
|
|
1,133,999 |
|
Seton Hall University, Series D, 5.00%, 7/01/20 |
|
|
650 |
|
|
|
715,852 |
|
University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (f) |
|
|
2,500 |
|
|
|
2,677,525 |
|
New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT: |
|
|
|
|
|
|
|
|
5.00%, 12/01/19 |
|
|
2,565 |
|
|
|
2,751,142 |
|
5.00%, 12/01/20 |
|
|
2,900 |
|
|
|
3,175,993 |
|
New Jersey Transportation Trust Fund Authority, RB, 5.00%, 6/15/20 |
|
|
2,000 |
|
|
|
2,121,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,726,811 |
|
New York 3.6% |
|
Brooklyn Arena Local Development Corp., Refunding RB, Barclays Center Project, Series A, 5.00%, 7/15/20 |
|
|
330 |
|
|
|
361,291 |
|
Build NYC Resource Corp., Refunding RB, Pratt Paper NY, Inc. Project, AMT, 3.75%, 1/01/20 (a) |
|
|
520 |
|
|
|
531,726 |
|
Chautauqua Tobacco Asset Securitization Corp., Refunding RB: |
|
|
|
|
|
|
|
|
5.00%, 6/01/19 |
|
|
400 |
|
|
|
423,172 |
|
5.00%, 6/01/20 |
|
|
450 |
|
|
|
487,498 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
New York (continued) |
|
New York State Energy Research & Development Authority, Refunding RB, Electric & Gas Corp. Project, Series B,
2.00%, 2/01/29 (g) |
|
$ |
3,000 |
|
|
$ |
3,013,320 |
|
New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20 |
|
|
875 |
|
|
|
955,937 |
|
New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 8/01/20 |
|
|
3,500 |
|
|
|
3,768,625 |
|
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%,
12/01/20 |
|
|
1,525 |
|
|
|
1,671,522 |
|
TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 6/01/20 |
|
|
230 |
|
|
|
248,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,461,880 |
|
North Carolina 2.2% |
|
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/19 (b) |
|
|
1,400 |
|
|
|
1,479,996 |
|
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20 |
|
|
5,000 |
|
|
|
5,448,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,928,696 |
|
Ohio 1.0% |
|
State of Ohio, RB, Portsmouth Bypass Project, AMT: |
|
|
|
|
|
|
|
|
5.00%, 6/30/19 |
|
|
945 |
|
|
|
1,006,340 |
|
5.00%, 12/31/19 |
|
|
830 |
|
|
|
896,624 |
|
5.00%, 6/30/20 |
|
|
1,000 |
|
|
|
1,094,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,997,374 |
|
Oklahoma 0.4% |
|
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School,
4.00%, 9/01/22 |
|
|
1,100 |
|
|
|
1,224,388 |
|
Pennsylvania 8.0% |
|
Chester County Health & Education Facilities Authority, Refunding RB, Simpson Senior Services, Series A: |
|
|
|
|
|
|
|
|
4.00%, 12/01/19 |
|
|
840 |
|
|
|
860,916 |
|
4.00%, 12/01/20 |
|
|
870 |
|
|
|
892,524 |
|
Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran Social Project, 4.00%, 1/01/20 |
|
|
1,000 |
|
|
|
1,052,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JULY 31, 2017 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Pennsylvania (continued) |
|
Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 5/01/19 |
|
$ |
1,300 |
|
|
$ |
1,357,850 |
|
Montgomery County IDA, Refunding RB, Albert Einstein Healthcare, Series A, 5.00%, 1/15/20 |
|
|
1,400 |
|
|
|
1,501,402 |
|
Pennsylvania Economic Development Financing Authority, RB, Rapid Bridge, AMT, 5.00%, 12/31/20 |
|
|
3,830 |
|
|
|
4,228,933 |
|
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT,
4.00%, 11/01/20 |
|
|
2,175 |
|
|
|
2,333,405 |
|
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services: |
|
|
|
|
|
|
|
|
4.00%, 10/01/19 |
|
|
1,165 |
|
|
|
1,200,602 |
|
4.00%, 10/01/20 |
|
|
1,210 |
|
|
|
1,257,396 |
|
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
Drexel University, 5.00%, 5/01/20 |
|
|
1,575 |
|
|
|
1,725,617 |
|
University Properties, Inc., 4.00%, 7/01/19 |
|
|
230 |
|
|
|
237,944 |
|
University Properties, Inc., 4.00%, 7/01/20 |
|
|
450 |
|
|
|
470,678 |
|
Widener University, 5.00%, 7/15/20 |
|
|
600 |
|
|
|
649,122 |
|
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 115A, AMT: |
|
|
|
|
|
|
|
|
2.30%, 10/01/19 |
|
|
460 |
|
|
|
467,319 |
|
2.55%, 4/01/20 |
|
|
850 |
|
|
|
869,312 |
|
2.65%, 10/01/20 |
|
|
865 |
|
|
|
889,678 |
|
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20 |
|
|
1,500 |
|
|
|
1,651,965 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/19
(b) |
|
|
1,000 |
|
|
|
1,073,360 |
|
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/20 |
|
|
995 |
|
|
|
1,090,988 |
|
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20 |
|
|
350 |
|
|
|
391,979 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Pennsylvania (continued) |
|
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project: |
|
|
|
|
|
|
|
|
4.00%, 7/01/19 |
|
$ |
360 |
|
|
$ |
371,542 |
|
4.00%, 7/01/20 |
|
|
465 |
|
|
|
485,297 |
|
Westmoreland County Municipal Authority, Refunding RB, (BAM), 3.00%, 8/15/20 |
|
|
110 |
|
|
|
115,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,175,400 |
|
Rhode Island 1.8% |
|
Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation,
5.00%, 5/15/20 |
|
|
1,500 |
|
|
|
1,623,255 |
|
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20 |
|
|
3,850 |
|
|
|
4,213,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,836,849 |
|
South Carolina 0.7% |
|
South Carolina State Ports Authority, RB, 5.00%, 7/01/20 |
|
|
2,000 |
|
|
|
2,199,620 |
|
Tennessee 0.2% |
|
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Lipscomb
Revenue Project, Series A: |
|
|
|
|
|
|
|
|
4.00%, 10/01/19 |
|
|
240 |
|
|
|
250,747 |
|
5.00%, 10/01/20 |
|
|
325 |
|
|
|
354,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
605,196 |
|
Texas 15.8% |
|
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: |
|
|
|
|
|
|
|
|
5.75%, 1/01/19 (f) |
|
|
605 |
|
|
|
645,499 |
|
5.75%, 1/01/19 |
|
|
195 |
|
|
|
207,254 |
|
5.00%, 1/01/20 |
|
|
620 |
|
|
|
672,539 |
|
5.75%, 1/01/20 |
|
|
1,140 |
|
|
|
1,256,850 |
|
Central Texas Turnpike System, RB, CAB (AMBAC) (c): |
|
|
|
|
|
|
|
|
0.00%, 8/15/21 (f) |
|
|
1,825 |
|
|
|
1,725,720 |
|
0.00%, 8/15/24 (f) |
|
|
1,295 |
|
|
|
1,135,417 |
|
Series A, 0.00%, 8/15/21 |
|
|
6,165 |
|
|
|
5,769,145 |
|
Series A, 0.00%, 8/15/24 |
|
|
7,155 |
|
|
|
6,100,925 |
|
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 8/15/42 (g) |
|
|
1,000 |
|
|
|
1,091,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JULY 31, 2017 |
|
5 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Texas (continued) |
|
City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21 |
|
$ |
2,500 |
|
|
$ |
2,683,950 |
|
City of Houston Texas Airport System, Refunding RB: |
|
|
|
|
|
|
|
|
Subordinate Lien, Series B, 5.00%, 7/01/20 |
|
|
250 |
|
|
|
275,178 |
|
United Airlines, Inc. Terminal E Project, AMT, 4.50%, 7/01/20 |
|
|
5,000 |
|
|
|
5,289,650 |
|
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%,
11/01/20 |
|
|
3,715 |
|
|
|
4,038,205 |
|
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 5/15/20 |
|
|
5,000 |
|
|
|
5,513,050 |
|
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A: |
|
|
|
|
|
|
|
|
4.00%, 4/01/19 |
|
|
345 |
|
|
|
355,902 |
|
4.00%, 4/01/20 |
|
|
415 |
|
|
|
434,015 |
|
4.00%, 4/01/20 |
|
|
585 |
|
|
|
610,875 |
|
4.00%, 4/01/20 |
|
|
180 |
|
|
|
187,961 |
|
North Texas Tollway Authority, Refunding RB, Series C: |
|
|
|
|
|
|
|
|
5.25%, 1/01/20 |
|
|
1,000 |
|
|
|
1,060,210 |
|
5.38%, 1/01/21 |
|
|
5,000 |
|
|
|
5,309,850 |
|
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements,
5.00%, 12/15/20 |
|
|
5,000 |
|
|
|
5,562,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,926,545 |
|
Virginia 1.5% |
|
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20 |
|
|
2,000 |
|
|
|
2,246,240 |
|
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20 |
|
|
1,500 |
|
|
|
1,659,240 |
|
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A (a): |
|
|
|
|
|
|
|
|
5.00%, 7/01/19 |
|
|
425 |
|
|
|
445,731 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Virginia (continued) |
|
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A (a) (continued): |
|
|
|
|
|
|
|
|
5.00%, 7/01/20 |
|
$ |
335 |
|
|
$ |
357,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,709,132 |
|
Washington 2.5% |
|
County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20 |
|
|
2,625 |
|
|
|
2,950,841 |
|
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B: |
|
|
|
|
|
|
|
|
5.00%, 10/01/20 |
|
|
250 |
|
|
|
279,138 |
|
5.00%, 10/01/42 (g) |
|
|
4,000 |
|
|
|
4,560,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,790,699 |
|
Wisconsin 0.9% |
|
State of Wisconsin, Refunding RB, General, Series A, 5.25%, 5/01/20 |
|
|
1,000 |
|
|
|
1,074,500 |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Froedtert & Community Health, Inc., Series C, 5.00%, 4/01/19 (b) |
|
|
1,515 |
|
|
|
1,615,687 |
|
ThedaCare, Inc., 5.00%, 12/15/20 |
|
|
250 |
|
|
|
279,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,970,022 |
|
Total Municipal Bonds 98.9% |
|
|
|
312,774,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (h) 1.7% |
|
Illinois 1.7% |
|
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM),
5.00%, 11/01/20 |
|
|
5,000 |
|
|
|
5,236,600 |
|
Total Long-Term Investments (Cost $301,760,682) 100.6% |
|
|
|
318,011,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JULY 31, 2017 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
|
|
|
|
|
|
|
|
Short-Term Securities 2.2% |
|
Shares |
|
|
Value |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.64% (i)(j) |
|
|
6,977,271 |
|
|
$ |
6,980,061 |
|
Total Short-Term Securities (Cost $6,979,427) 2.2% |
|
|
|
6,980,061 |
|
Total Investments (Cost $308,740,109*) 102.8% |
|
|
|
324,991,141 |
|
Other Assets Less Liabilities 1.1% |
|
|
|
3,627,380 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (1.2)% |
|
|
|
(3,759,518 |
) |
AMPS Shares, at Liquidation Value (2.7)% |
|
|
|
(8,625,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
316,234,003 |
|
|
|
|
|
|
|
|
|
|
* |
|
As of July 31, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: |
|
|
|
|
|
|
|
Tax cost |
|
$ |
304,783,541 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
17,311,160 |
|
Gross unrealized depreciation |
|
|
(853,560 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
16,457,600 |
|
|
|
|
|
|
|
Notes to Schedule of Investments |
(a) |
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors. |
(b) |
|
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium
to par. |
(d) |
|
Non-income producing security. |
(e) |
|
Issuer filed for bankruptcy and/or is in default. |
(f) |
|
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(g) |
|
Variable rate security. Rate shown is the rate in effect as of period end. |
(h) |
|
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.
|
(i) |
|
During the period ended July 31, 2017, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares Held at April 30, 2017 |
|
|
Net Activity |
|
|
Shares Held at July 31, 2017 |
|
|
Value at July 31, 2017 |
|
|
Income |
|
|
Net Realized
Gain1 |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
10 |
|
|
|
6,977,261 |
|
|
|
6,977,271 |
|
|
$ |
6,980,061 |
|
|
$ |
2,571 |
|
|
$ |
571 |
|
|
$ |
634 |
|
1 Includes net capital gain
distributions. |
|
(j) |
|
Current yield as of period end. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JULY 31, 2017 |
|
7 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust (BKK) |
|
|
|
|
|
|
|
|
|
|
|
AGC |
|
Assured Guarantee Corp. |
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AGM |
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Assured Guaranty Municipal Corp. |
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AMBAC |
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American Municipal Bond Assurance Corp. |
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AMT |
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Alternative Minimum Tax (subject to) |
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ARB |
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Airport Revenue Bonds |
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BAM |
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Build America Mutual Assurance Co. |
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CAB |
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Capital Appreciation Bonds |
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COP |
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Certificates of Participation |
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COP |
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Colombian Peso |
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EDA |
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Economic Development Authority |
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EDC |
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Economic Development Corp. |
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GO |
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General Obligation Bonds |
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IDA |
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Industrial Development Authority |
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NPFGC |
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National Public Finance Guarantee Corp. |
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OTC |
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Over-the-Counter |
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RB |
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Revenue Bonds |
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S/F |
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Single-Family |
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8 |
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BLACKROCK MUNICIPAL 2020 TERM TRUST |
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JULY 31, 2017 |
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Schedule of Investments (concluded) |
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BlackRock Municipal 2020 Term Trust (BKK) |
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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:
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Level 1 Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
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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 marketcorroborated inputs) |
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Level 3 Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trusts 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 Trusts 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 Trusts policy regarding valuation of investments, refer to the Trusts most recent financial statements as contained in its annual report.
The following tables summarize the Trusts investments categorized in the disclosure hierarchy:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Investments: |
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Long-Term Investments1 |
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$ |
318,011,080 |
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$ |
318,011,080 |
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Short-Term Securities |
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$ |
6,980,061 |
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6,980,061 |
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Total |
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$ |
6,980,061 |
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$ |
318,011,080 |
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$ |
324,991,141 |
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1 See above Schedule of
Investments for values in each state or political subdivision. |
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The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for
financial statement purposes. As of period end, TOB Trust Certificates of $3,750,000 are categorized as Level 2 within the disclosure hierarchy.
During the period ended July 31, 2017, there were no transfers between levels.
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BLACKROCK MUNICIPAL 2020 TERM TRUST |
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JULY 31, 2017 |
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9 |
Item 2 Controls and Procedures
2(a) |
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
Item 3 Exhibits
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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
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By: |
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/s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of
BlackRock Municipal 2020 Term Trust |
Date: September 25, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: |
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/s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of
BlackRock Municipal 2020 Term Trust |
Date: September 25, 2017
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By: |
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/s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of
BlackRock Municipal 2020 Term Trust |
Date: September 25, 2017