BLACKROCK MUNICIPAL 2020 TERM TRUST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number: 811-21181
Name of Fund: BlackRock Municipal 2020 Term Trust (BKK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal
2020 Term Trust, 55 East 52nd
Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2017
Date of reporting period:
01/31/2017
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments January 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 |
|
|
$ |
1,104,080 |
|
| Tuscaloosa City Board of Education, RB, 5.00%, 8/01/20 |
|
|
225 |
|
|
|
250,990 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
1,355,070 |
|
| Alaska — 2.0% |
|
| City of Valdez Alaska, Refunding RB, BP Pipelines Project: |
|
|
|
|
|
|
|
|
| Series B, 5.00%, 1/01/21 |
|
|
3,200 |
|
|
|
3,535,680 |
|
| Series C, 5.00%, 1/01/21 |
|
|
2,500 |
|
|
|
2,762,250 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
6,297,930 |
|
| Arizona — 3.4% |
|
| City of Phoenix Arizona IDA, RB, Series A,
4.75%, 7/01/19 (a) |
|
|
470 |
|
|
|
483,268 |
|
| Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/19 (b) |
|
|
5,585 |
|
|
|
6,087,594 |
|
| 5.00%, 7/01/20 |
|
|
1,300 |
|
|
|
1,445,002 |
|
| Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/18 |
|
|
1,500 |
|
|
|
1,582,800 |
|
| 5.25%, 12/01/20 |
|
|
1,000 |
|
|
|
1,105,290 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
10,703,954 |
|
| California — 8.9% |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22 |
|
|
815 |
|
|
|
918,587 |
|
| County of Riverside California Asset Leasing Corp., RB, Riverside County Hospital Project (NPFGC),
0.00%, 6/01/25
(c) |
|
|
6,865 |
|
|
|
5,369,254 |
|
| Golden Empire Schools Financing Authority, Refunding RB, Kern High School District Projects, 1.16%, 5/01/17 (d) |
|
|
4,000 |
|
|
|
4,000,000 |
|
| Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport,
AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 1/01/19 |
|
|
540 |
|
|
|
575,359 |
|
| 5.00%, 1/01/20 |
|
|
550 |
|
|
|
601,260 |
|
| Los Angeles Unified School District California, GO, Series I, 5.00%, 7/01/20 |
|
|
3,750 |
|
|
|
4,077,150 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22 |
|
$ |
1,000 |
|
|
$ |
1,185,190 |
|
| State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 5/01/20 |
|
|
10,000 |
|
|
|
11,167,900 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
27,894,700 |
|
| Colorado — 2.4% |
|
| Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 12/01/20 |
|
|
690 |
|
|
|
779,251 |
|
| Series B, 5.00%, 12/01/20 |
|
|
1,335 |
|
|
|
1,507,682 |
|
| Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project: |
|
|
|
|
|
|
|
|
| 4.00%, 8/15/19 |
|
|
125 |
|
|
|
130,543 |
|
| 4.00%, 8/15/20 |
|
|
150 |
|
|
|
157,914 |
|
| Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project: |
|
|
|
|
|
|
|
|
| 4.00%, 12/01/19 |
|
|
555 |
|
|
|
583,266 |
|
| 4.00%, 12/01/20 |
|
|
580 |
|
|
|
614,539 |
|
| E-470 Public Highway Authority Colorado, RB, CAB, Senior Series B (NPFGC), 0.00%, 9/01/22 (c) |
|
|
4,500 |
|
|
|
3,863,520 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
7,636,715 |
|
| Florida — 3.5% |
|
| City of Jacksonville Florida, RB, Better Jacksonville, 5.00%, 10/01/18 (b) |
|
|
5,160 |
|
|
|
5,491,788 |
|
| County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/18 (b) |
|
|
1,250 |
|
|
|
1,323,800 |
|
| County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 |
|
|
1,375 |
|
|
|
1,526,786 |
|
| County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A,
5.00%, 7/01/20 |
|
|
500 |
|
|
|
554,890 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 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 (e)(f) |
|
$ |
2,980 |
|
|
$ |
2,084,540 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
10,981,804 |
|
| Georgia — 2.5% |
|
|
|
|
|
|
|
|
| Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement -
Life Communities, Inc. Obligated Group, 5.00%, 11/15/22 |
|
|
6,915 |
|
|
|
7,690,102 |
|
| 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 |
|
|
|
1,364,225 |
|
| 5.00%, 11/15/20 |
|
|
1,440 |
|
|
|
1,565,107 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,929,332 |
|
| Illinois — 11.5% |
|
|
|
|
|
|
|
|
| Chicago Transit Authority, Refunding RB, 5.00%, 6/01/20 |
|
|
1,000 |
|
|
|
1,086,400 |
|
| City of Chicago Illinois Motor Fuel Tax, Refunding RB, 5.00%, 1/01/20 |
|
|
1,000 |
|
|
|
1,050,570 |
|
| Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding (AGM), 5.25%,
12/01/20 |
|
|
1,000 |
|
|
|
1,129,510 |
|
| Metropolitan Pier & Exposition Authority Illinois, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 6/15/22
(c) |
|
|
13,455 |
|
|
|
11,026,373 |
|
| Railsplitter Tobacco Settlement Authority, RB,
5.25%, 6/01/20 |
|
|
10,000 |
|
|
|
11,104,700 |
|
| State of Illinois, GO, 5.00%, 7/01/20 |
|
|
4,055 |
|
|
|
4,269,185 |
|
| State of Illinois, RB, Series B: |
|
|
|
|
|
|
|
|
| 5.00%, 6/15/19 (b) |
|
|
515 |
|
|
|
559,717 |
|
| 5.00%, 6/15/20 |
|
|
1,485 |
|
|
|
1,602,894 |
|
| State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C,
5.00%, 2/15/20 |
|
|
4,145 |
|
|
|
4,444,228 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
36,273,577 |
|
| Indiana — 0.6% |
|
|
|
|
|
|
|
|
| Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/21 |
|
|
600 |
|
|
|
673,014 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Indiana (continued) |
|
|
|
|
|
|
|
|
| Northern Indiana Commuter Transportation District, RB: |
|
|
|
|
|
|
|
|
| 5.00%, 1/01/20 |
|
$ |
370 |
|
|
$ |
404,706 |
|
| 5.00%, 7/01/20 |
|
|
620 |
|
|
|
686,538 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,764,258 |
|
| Iowa — 0.9% |
|
|
|
|
|
|
|
|
| Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co.
Project,
5.00%, 12/01/19 |
|
|
2,650 |
|
|
|
2,660,998 |
|
| Kansas — 2.0% |
|
|
|
|
|
|
|
|
| County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20
(c) |
|
|
4,240 |
|
|
|
3,657,339 |
|
| Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.25%, 11/15/20 |
|
|
2,500 |
|
|
|
2,763,750 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,421,089 |
|
| Kentucky — 1.6% |
|
|
|
|
|
|
|
|
| County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A: |
|
|
|
|
|
|
|
|
| 3.50%, 12/01/20 |
|
|
2,115 |
|
|
|
2,214,955 |
|
| 5.00%, 12/01/20 |
|
|
1,430 |
|
|
|
1,576,003 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project (c): |
|
|
|
|
|
|
|
|
| 0.00%, 7/01/19 |
|
|
255 |
|
|
|
236,956 |
|
| 0.00%, 7/01/20 |
|
|
1,000 |
|
|
|
897,360 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
4,925,274 |
|
| Louisiana — 0.1% |
|
|
|
|
|
|
|
|
| City of New Orleans Louisiana, Refunding RB,
5.00%, 12/01/20 |
|
|
400 |
|
|
|
443,820 |
|
| Maryland — 1.8% |
|
|
|
|
|
|
|
|
| City of Baltimore Maryland, Refunding, Tax Allocation Bonds: |
|
|
|
|
|
|
|
|
| 5.00%, 6/15/19 |
|
|
250 |
|
|
|
267,580 |
|
| 5.00%, 6/15/20 |
|
|
275 |
|
|
|
299,613 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust
(BKK) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Maryland (continued) |
|
|
|
|
|
|
|
|
| County of Anne Arundel Maryland Consolidated, Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester and
Farmington Village Project: |
|
|
|
|
|
|
|
|
| 4.00%, 7/01/19 |
|
$ |
285 |
|
|
$ |
300,313 |
|
| 5.00%, 7/01/20 |
|
|
500 |
|
|
|
549,990 |
|
| Maryland EDC, RB, Transportation Facilities Project, Series A,
5.13%, 6/01/20 |
|
|
1,155 |
|
|
|
1,220,974 |
|
| Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 6/01/20 |
|
|
640 |
|
|
|
689,472 |
|
| Maryland Health & Higher Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Charlestown Community, 5.50%, 1/01/21 (g) |
|
|
1,335 |
|
|
|
1,531,886 |
|
| University of Maryland, Medical System, 5.00%, 7/01/19 |
|
|
670 |
|
|
|
725,442 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
5,585,270 |
|
| Massachusetts — 0.3% |
|
| Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%,
1/01/20 |
|
|
1,000 |
|
|
|
1,075,730 |
|
| Michigan — 4.5% |
|
| City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 9/01/20 |
|
|
1,500 |
|
|
|
1,522,935 |
|
| Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 5/15/20 |
|
|
1,335 |
|
|
|
1,405,702 |
|
| Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 7/01/20 |
|
|
1,000 |
|
|
|
1,064,980 |
|
| Michigan Finance Authority, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 11/01/19 |
|
|
1,940 |
|
|
|
2,077,468 |
|
| 5.00%, 11/01/20 |
|
|
1,800 |
|
|
|
1,953,306 |
|
| Saginaw Valley State University, Refunding RB, Series A, 5.00%, 7/01/20 |
|
|
1,000 |
|
|
|
1,105,560 |
|
| State of Michigan Building Authority, Refunding RB, Facilities Program: Series 1-A,
5.00%, 10/15/20 |
|
|
325 |
|
|
|
362,898 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Michigan (continued) |
|
|
|
|
|
|
|
|
| State of Michigan Building Authority, Refunding RB, Facilities Program (continued): |
|
|
|
|
|
|
|
|
| Series 2-A, 4.00%, 10/15/20 |
|
$ |
1,205 |
|
|
$ |
1,299,496 |
|
| State of Michigan Trunk Line, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.00%, 11/01/20 |
|
|
1,000 |
|
|
|
1,094,440 |
|
| 5.00%, 11/01/21 |
|
|
2,000 |
|
|
|
2,181,980 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
14,068,765 |
|
| Mississippi — 0.4% |
|
|
|
|
|
|
|
|
| Mississippi Development Bank, Refunding RB, (AGM), 5.00%, 3/01/20 |
|
|
1,035 |
|
|
|
1,127,601 |
|
| Missouri — 1.4% |
|
|
|
|
|
|
|
|
| City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 9/01/20 |
|
|
3,000 |
|
|
|
3,320,970 |
|
| County of Saint Louis Missouri IDA, Refunding RB, Nazareth Living Centre, Series B, 3.85%, 8/15/20 |
|
|
400 |
|
|
|
391,780 |
|
| State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%,
11/15/20 |
|
|
500 |
|
|
|
557,560 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
4,270,310 |
|
| Multi-State — 1.7% |
|
| Centerline Equity Issuer Trust (a)(h): |
|
|
|
|
|
|
|
|
| Series A-4-2, 6.00%, 10/31/52 |
|
|
2,500 |
|
|
|
2,710,125 |
|
| Series B-3-2, 6.30%, 10/31/52 |
|
|
2,500 |
|
|
|
2,726,550 |
|
| |
|
|
|
5,436,675 |
|
| Nebraska — 1.2% |
|
| Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%,
9/01/20 |
|
|
3,500 |
|
|
|
3,828,265 |
|
| Nevada — 0.9% |
|
| County of Clark Nevada, Refunding ARB, Las Vegas McCarran International Airport, Series B: |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/19 |
|
|
500 |
|
|
|
542,120 |
|
| 5.00%, 7/01/20 |
|
|
1,000 |
|
|
|
1,109,430 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
3 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust
(BKK) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Nevada (continued) |
|
|
|
|
|
|
|
|
| County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142,
5.00%,
8/01/20 |
|
$ |
1,245 |
|
|
$ |
1,296,804 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,948,354 |
|
| New Jersey — 9.2% |
|
| County of Atlantic New Jersey, GO, Refunding,
3.00%, 10/01/20 |
|
|
2,740 |
|
|
|
2,841,270 |
|
| Garden State Preservation Trust, Refunding RB, Series C (AGM), 5.25%, 11/01/20 |
|
|
1,500 |
|
|
|
1,682,715 |
|
| New Jersey EDA, RB, AMT: |
|
|
|
|
|
|
|
|
| Continental Airlines, Inc. Project, 4.88%, 9/15/19 |
|
|
1,005 |
|
|
|
1,045,180 |
|
| Private Activity Bond, The Goethals Bridge Replacement Project, 5.00%, 7/01/20 |
|
|
250 |
|
|
|
271,710 |
|
| New Jersey EDA, Refunding RB: (AGC), 5.25%, 12/15/20 |
|
|
3,150 |
|
|
|
3,474,797 |
|
| Cigarette Tax, 5.00%, 6/15/20 |
|
|
2,500 |
|
|
|
2,671,625 |
|
| School Facilities, Series GG, 5.00%, 9/01/22 |
|
|
2,000 |
|
|
|
2,079,940 |
|
| New Jersey Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Seton Hall University, Series D, 5.00%, 7/01/19 |
|
|
1,060 |
|
|
|
1,141,673 |
|
| Seton Hall University, Series D, 5.00%, 7/01/20 |
|
|
650 |
|
|
|
717,022 |
|
| University of Medicine & Dentistry, Series B, 6.25%, 12/01/18 (g) |
|
|
2,500 |
|
|
|
2,730,350 |
|
| New Jersey Health Care Facilities Financing Authority, Refunding RB, AtlantiCare Regional Medical Center, 5.00%, 7/01/17
(b) |
|
|
2,110 |
|
|
|
2,146,334 |
|
| New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/19 |
|
|
2,565 |
|
|
|
2,747,115 |
|
| 5.00%, 12/01/20 |
|
|
2,900 |
|
|
|
3,138,641 |
|
| New Jersey Transportation Trust Fund Authority, RB, 5.00%, 6/15/20 |
|
$ |
2,000 |
|
|
$ |
2,111,380 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
28,799,752 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| New York —
3.6% |
|
| Brooklyn Arena Local Development Corp., Refunding RB, Barclays Center Project, Series A, 5.00%, 7/15/20 |
|
|
330 |
|
|
|
362,083 |
|
| Build NYC Resource Corp., Refunding RB, AMT,
3.75%, 1/01/20 (a) |
|
|
625 |
|
|
|
636,006 |
|
| Chautauqua Tobacco Asset Securitization Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| 5.00%, 6/01/19 |
|
|
400 |
|
|
|
429,528 |
|
| 5.00%, 6/01/20 |
|
|
450 |
|
|
|
492,732 |
|
| New York State Energy Research & Development Authority, Refunding RB, 2.00%, 2/01/29 (d) |
|
|
3,000 |
|
|
|
2,975,970 |
|
| New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/20 |
|
|
875 |
|
|
|
961,013 |
|
| New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 8/01/20 |
|
|
3,500 |
|
|
|
3,662,120 |
|
| Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project,
5.00%,
12/01/20 |
|
|
1,525 |
|
|
|
1,672,269 |
|
| TSASC, Inc., Refunding RB, Series A, 5.00%, 6/01/20 |
|
|
230 |
|
|
|
251,981 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
11,443,702 |
|
| North Carolina — 2.2% |
|
| North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/19 (b) |
|
|
1,400 |
|
|
|
1,502,424 |
|
| North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 1/01/20 |
|
|
5,000 |
|
|
|
5,490,000 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,992,424 |
|
| Ohio — 1.7% |
|
| Ohio State Water Development Authority, Refunding RB, Series B, 4.00%, 12/01/33 (d) |
|
|
5,300 |
|
|
|
2,197,168 |
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 6/30/19 |
|
|
945 |
|
|
|
1,012,946 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust
(BKK) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Ohio (continued) |
|
|
|
|
|
|
|
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT (continued): |
|
|
|
|
|
|
|
|
| 5.00%, 12/31/19 |
|
$ |
830 |
|
|
$ |
899,454 |
|
| 5.00%, 6/30/20 |
|
|
1,000 |
|
|
|
1,093,050 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
5,202,618 |
|
| Oklahoma — 0.4% |
|
| County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%,
9/01/22 |
|
|
1,100 |
|
|
|
1,203,873 |
|
| Pennsylvania — 8.4% |
|
| Chester County Health & Education Facilities Authority, Refunding RB, Simpson Senior Services: |
|
|
|
|
|
|
|
|
| 4.00%, 12/01/19 |
|
|
840 |
|
|
|
859,614 |
|
| 4.00%, 12/01/20 |
|
|
870 |
|
|
|
885,521 |
|
| County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series B,
3.50%, 12/01/35
(d) |
|
|
3,405 |
|
|
|
1,406,367 |
|
| Cumberland County Municipal Authority, Refunding RB,
4.00%, 1/01/20 |
|
|
1,000 |
|
|
|
1,058,420 |
|
| Lancaster IDA, Refunding RB, Garden Spot Village Project, 5.00%, 5/01/19 |
|
|
1,300 |
|
|
|
1,362,959 |
|
| Montgomery County IDA, Refunding RB, Series A,
5.00%, 1/15/20 |
|
|
1,400 |
|
|
|
1,508,416 |
|
| Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/20 |
|
|
3,830 |
|
|
|
4,164,167 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT,
4.00%,
11/01/20 |
|
|
2,175 |
|
|
|
2,298,975 |
|
| Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services: |
|
|
|
|
|
|
|
|
| 4.00%, 10/01/19 |
|
|
1,165 |
|
|
|
1,203,375 |
|
| 4.00%, 10/01/20 |
|
|
1,210 |
|
|
|
1,255,085 |
|
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| Drexel University, 5.00%, 5/01/20 |
|
|
1,575 |
|
|
|
1,735,477 |
|
| University Properties, Inc., 4.00%, 7/01/19 |
|
|
230 |
|
|
|
239,028 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Pennsylvania
(continued) |
|
|
|
|
|
|
|
|
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A (continued): |
|
|
|
|
|
|
|
|
| University Properties, Inc., 4.00%, 7/01/20 |
|
$ |
450 |
|
|
$ |
470,763 |
|
| Widener University, 5.00%, 7/15/20 |
|
|
600 |
|
|
|
658,752 |
|
| Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 115A, AMT: |
|
|
|
|
|
|
|
|
| 2.30%, 10/01/19 |
|
|
460 |
|
|
|
465,594 |
|
| 2.55%, 4/01/20 |
|
|
850 |
|
|
|
863,345 |
|
| 2.65%, 10/01/20 |
|
|
865 |
|
|
|
881,374 |
|
| Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/20 |
|
|
1,500 |
|
|
|
1,660,455 |
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A (AGC), 5.00%, 6/01/19 (b) |
|
|
1,000 |
|
|
|
1,086,310 |
|
| State Public School Building Authority, RB, Community College Allegheny County Project (AGM),
5.00%, 7/15/20 |
|
|
995 |
|
|
|
1,094,689 |
|
| Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/20 |
|
|
350 |
|
|
|
393,907 |
|
| Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project: |
|
|
|
|
|
|
|
|
| 4.00%, 7/01/19 |
|
|
360 |
|
|
|
373,010 |
|
| 4.00%, 7/01/20 |
|
|
465 |
|
|
|
485,214 |
|
| Westmoreland County Municipal Authority, Refunding RB, (BAM), 3.00%, 8/15/20 |
|
|
110 |
|
|
|
114,123 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
26,524,940 |
|
| Rhode Island — 1.9% |
|
| Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation, 5.00%,
5/15/20 |
|
|
1,500 |
|
|
|
1,627,935 |
|
| Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20 |
|
|
3,850 |
|
|
|
4,194,691 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
5,822,626 |
|
| South Carolina — 0.7% |
|
| South Carolina State Ports Authority, RB, 5.00%, 7/01/20 |
|
|
2,000 |
|
|
|
2,210,420 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
5 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust
(BKK) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| 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 |
|
|
$ |
251,186 |
|
| 5.00%, 10/01/20 |
|
|
325 |
|
|
|
354,179 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
605,365 |
|
| Texas — 15.6% |
|
| Central Texas Regional Mobility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.75%, 1/01/19 (g) |
|
|
605 |
|
|
|
656,879 |
|
| 5.00%, 1/01/20 |
|
|
620 |
|
|
|
674,455 |
|
| Senior Lien, 5.75%, 1/01/19 |
|
|
195 |
|
|
|
209,752 |
|
| Senior Lien, 5.75%, 1/01/20 |
|
|
1,140 |
|
|
|
1,262,903 |
|
| Central Texas Turnpike System, RB, CAB (AMBAC) (c): |
|
|
|
|
|
|
|
|
| 0.00%, 8/15/21 (g) |
|
|
1,825 |
|
|
|
1,673,416 |
|
| 0.00%, 8/15/24 (g) |
|
|
1,295 |
|
|
|
1,076,028 |
|
| Series A, 0.00%, 8/15/21 |
|
|
6,165 |
|
|
|
5,577,845 |
|
| Series A, 0.00%, 8/15/24 |
|
|
7,155 |
|
|
|
5,716,416 |
|
| Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 8/15/42 (d) |
|
|
1,000 |
|
|
|
1,096,590 |
|
| City of Dallas Texas, Refunding RB, Civic Center Convention Complex (AGC), 5.00%, 8/15/21 |
|
|
2,500 |
|
|
|
2,694,925 |
|
| City of Houston Texas Airport System, Refunding RB: |
|
|
|
|
|
|
|
|
| Subordinate Lien, Series B, 5.00%, 7/01/20 |
|
|
250 |
|
|
|
276,565 |
|
| United Airlines, Inc. Terminal E Project, AMT, 4.50%, 7/01/20 |
|
|
5,000 |
|
|
|
5,120,700 |
|
| Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project,
5.00%, 11/01/20 |
|
|
3,715 |
|
|
|
4,043,257 |
|
| Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 5/15/20 |
|
|
5,000 |
|
|
|
5,542,950 |
|
| New Hope Cultural Education Facilities Corp., RB: |
|
|
|
|
|
|
|
|
| 4.00%, 4/01/20 |
|
|
585 |
|
|
|
607,914 |
|
| 4.00%, 4/01/20 |
|
|
180 |
|
|
|
187,609 |
|
| Stephenville LLC Tarleton State University Project, Series A, 4.00%, 4/01/19 |
|
|
345 |
|
|
|
357,837 |
|
| Stephenville LLC Tarleton State University Project, Series A, 4.00%, 4/01/20 |
|
|
415 |
|
|
|
434,605 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Texas
(continued) |
|
| North Texas Tollway Authority, Refunding RB, Series C: |
|
|
|
|
|
|
|
|
| 5.25%, 1/01/20 |
|
$ |
1,000 |
|
|
$ |
1,068,810 |
|
| 5.38%, 1/01/21 |
|
|
5,000 |
|
|
|
5,354,800 |
|
| Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/20 |
|
|
5,000 |
|
|
|
5,491,450 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
49,125,706 |
|
| Virginia — 1.5% |
|
| City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20 |
|
|
2,000 |
|
|
|
2,256,060 |
|
| Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 7/01/20 |
|
|
1,500 |
|
|
|
1,664,145 |
|
| Virginia College Building Authority, Refunding RB, Marymount University Project, Series A (a): |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/19 |
|
|
425 |
|
|
|
445,778 |
|
| 5.00%, 7/01/20 |
|
|
335 |
|
|
|
355,140 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
4,721,123 |
|
| Washington — 2.5% |
|
| County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20 |
|
|
2,625 |
|
|
|
2,959,294 |
|
| Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/20 |
|
|
250 |
|
|
|
279,812 |
|
| 5.00%, 10/01/42 (d) |
|
|
4,000 |
|
|
|
4,531,960 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
7,771,066 |
|
| Wisconsin — 1.0% |
|
| State of Wisconsin, Refunding RB, Series A, 5.25%, 5/01/20 |
|
|
1,000 |
|
|
|
1,089,550 |
|
| Wisconsin Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Froedtert & Community Health, Inc., 5.00%, 4/01/20 |
|
|
1,515 |
|
|
|
1,634,003 |
|
| ThedaCare, Inc., 5.00%, 12/15/20 |
|
|
250 |
|
|
|
279,660 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,003,213 |
|
| Guam — 0.5% |
|
| Guam Government Waterworks Authority, RB, 5.25%, 7/01/20 |
|
|
250 |
|
|
|
275,220 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust
(BKK) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Guam (continued) |
|
|
|
|
|
|
|
|
| Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 |
|
$ |
1,190 |
|
|
$ |
1,308,036 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,583,256 |
|
| Total Municipal Bonds – 102.3% |
|
|
|
321,329,677 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (i) — 1.7% |
|
|
|
|
|
|
| Illinois — 1.7% |
|
|
|
|
|
|
|
|
| City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM),
5.00%, 11/01/20 |
|
|
5,000 |
|
|
|
5,252,700 |
|
| Total Long-Term Investments
(Cost — $317,943,042) — 104.0% |
|
|
|
326,582,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities — 3.6% |
|
Shares |
|
|
Value |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.50% (j)(k) |
|
|
11,524,047 |
|
|
$ |
11,525,200 |
|
| Total Short-Term Securities
(Cost — $11,524,753) — 3.6% |
|
|
|
11,525,200 |
|
| Total Investments
(Cost — $329,467,795*) — 107.6% |
|
|
|
338,107,577 |
|
| Other Assets Less Liabilities — 0.5% |
|
|
|
1,319,273 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.2)% |
|
|
|
(3,757,798 |
) |
| AMPS Shares, at Liquidation Value — (6.9)% |
|
|
|
(21,525,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
314,144,052 |
|
|
|
|
|
|
|
|
|
|
| * |
|
As of January 31, 2017, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
| Tax cost |
|
$ |
325,524,875 |
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
15,326,621 |
|
| Gross unrealized depreciation |
|
|
(6,493,919 |
) |
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
8,832,702 |
|
|
|
|
|
|
|
| Notes to Schedule of Investments |
| * |
|
Cost for federal income tax purposes. |
| (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) |
|
Variable rate security. Rate as of period end. |
| (e) |
|
Issuer filed for bankruptcy and/or is in default. |
| (f) |
|
Non-income producing security. |
| (g) |
|
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (h) |
|
Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or
their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity. |
| (i) |
|
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.
|
| (j) |
|
During the period ended January 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,
2016 |
|
|
Net
Activity |
|
|
Shares Held
at January 31,
2017 |
|
|
Value at
January 31,
2017 |
|
|
Income |
|
|
Net
Realized Gain |
|
|
Change in
Unrealized
Appreciation |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
5,473,974 |
|
|
|
6,050,073 |
|
|
|
11,524,047 |
|
|
$ |
11,525,200 |
|
|
$ |
17,992 |
|
|
$ |
729 |
|
|
$ |
447 |
|
| (k) |
|
Current yield as of period end. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
7 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal 2020 Term Trust
(BKK) |
|
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMBAC |
|
American Municipal Bond Assurance Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
| ARB |
|
Airport Revenue Bonds |
| BAM |
|
Build America Mutual Assurance Co. |
| CAB |
|
Capital Appreciation Bonds |
| COP |
|
Certificates of Participation |
| EDA |
|
Economic Development Authority |
| EDC |
|
Economic Development Corp. |
| GO |
|
General Obligation Bonds |
| IDA |
|
Industrial Development Authority |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 8 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock Municipal 2020 Term Trust
(BKK) |
|
| Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments. For information about the Trust’s
policy regarding valuation of investments, refer to the Notes to Financial Statements.
| |
• |
|
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 Private Companies. 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 semi-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 1 |
|
|
— |
|
|
$ |
326,582,377 |
|
|
|
— |
|
|
$ |
326,582,377 |
|
| Short-Term Securities |
|
$ |
11,525,200 |
|
|
|
— |
|
|
|
— |
|
|
|
11,525,200 |
|
|
|
|
|
|
| Total |
|
$ |
11,525,200 |
|
|
$ |
326,582,377 |
|
|
|
— |
|
|
$ |
338,107,577 |
|
|
|
|
|
|
| |
1 |
|
See above Schedule of Investments for values in each state or political subdivision. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of
period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOB Trust Certificates |
|
|
— |
|
|
$ |
(3,750,000 |
) |
|
|
— |
|
|
$ |
(3,750,000 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(21,525,000 |
) |
|
|
— |
|
|
|
(21,525,000 |
) |
|
|
|
|
|
| Total |
|
|
— |
|
|
$ |
(25,275,000 |
) |
|
|
— |
|
|
$ |
(25,275,000 |
) |
|
|
|
|
|
During the period ended January 31, 2017, there were no transfers between levels.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 9 |
|
BLACKROCK MUNICIPAL 2020 TERM TRUST |
|
JANUARY 31, 2017 |
|
|
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. |
|
|
|
|
|
|
|
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 23, 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.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Municipal 2020 Term Trust
Date: March 23, 2017
By: /s/
Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal 2020 Term Trust
Date: March 23, 2017