Schedule of Investments (unaudited) March 31, 2020 | BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds — 87.4% |
| |||||||
Alabama — 0.4% |
| |||||||
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 06/01/20 | $ | 1,000 | $ | 1,005,470 | ||||
Tuscaloosa City Board of Education, RB, 5.00%, 08/01/20 | 225 | 227,743 | ||||||
|
| |||||||
1,233,213 | ||||||||
Alaska — 1.9% | ||||||||
City of Valdez Alaska, Refunding RB, BP Pipelines Project: | ||||||||
Series B, 5.00%, 01/01/21 | 3,200 | 3,234,272 | ||||||
Series C, 5.00%, 01/01/21 | 2,500 | 2,529,575 | ||||||
|
| |||||||
5,763,847 | ||||||||
Arizona — 1.2% | ||||||||
Arizona Health Facilities Authority, Refunding RB, Series F, VRDN, 4.30%, 01/01/29(a) | 1,365 | 1,365,000 | ||||||
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A, 5.00%, 07/01/20 | 1,300 | 1,311,375 | ||||||
Salt Verde Financial Corp., RB, Senior, 5.25%, 12/01/20 | 1,000 | 1,017,290 | ||||||
|
| |||||||
3,693,665 | ||||||||
California — 3.9% | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20(b) | 815 | 827,201 | ||||||
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22 | 1,000 | 1,101,660 | ||||||
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 05/01/20 | 10,000 | 10,012,700 | ||||||
|
| |||||||
11,941,561 | ||||||||
Colorado — 0.9% | ||||||||
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding: | ||||||||
Series A, 5.00%, 12/01/20 | 690 | 705,201 | ||||||
Series B, 5.00%, 12/01/20 | 1,335 | 1,364,410 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project, 4.00%, 08/15/20 | 150 | 151,354 |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 4.00%, 12/01/20(c) | $ | 580 | $ | 590,075 | ||||
|
| |||||||
2,811,040 | ||||||||
Florida — 1.8% | ||||||||
County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39(a) | 2,500 | 2,506,850 | ||||||
County of Miami-Dade Florida, Refunding RB, | 1,375 | 1,398,182 | ||||||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20 | 500 | 502,470 | ||||||
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 05/01/13(d)(e)(f) | 2,597 | 1,246,679 | ||||||
|
| |||||||
5,654,181 | ||||||||
Georgia — 1.9% | ||||||||
Gainesville & Hall County Development Authority, Refunding RB, Acts Retirement — Life Communities, Inc. Obligated Group, 5.00%, 11/15/22 | 5,525 | 5,725,944 | ||||||
|
| |||||||
Guam — 0.5% | ||||||||
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20 | 250 | 250,690 | ||||||
Guam Power Authority, Refunding RB, | 1,190 | 1,199,139 | ||||||
|
| |||||||
1,449,829 | ||||||||
Hawaii — 0.5% | ||||||||
State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui, 5.00%, 11/15/20 | 1,440 | 1,472,112 | ||||||
|
| |||||||
Illinois — 10.3% | ||||||||
Chicago Transit Authority, Refunding RB, 5.00%, 06/01/20 | 1,000 | 1,005,580 | ||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20 | 960 | 961,680 | ||||||
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM), 5.25%, 12/01/20 | 1,000 | 1,026,670 |
1
Schedule of Investments (unaudited) (continued) March 31, 2020 | BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 06/15/22(g) | $ | 13,455 | $ | 12,713,495 | ||||
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 06/01/20 | 10,000 | 10,050,300 | ||||||
State of Illinois, GO, 5.00%, 07/01/20 | 4,055 | 4,071,788 | ||||||
State of Illinois, RB, Series B, 5.00%, 06/15/20 | 1,485 | 1,486,975 | ||||||
|
| |||||||
31,316,488 | ||||||||
Indiana — 0.4% | ||||||||
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/21 | 600 | 617,238 | ||||||
Northern Indiana Commuter Transportation District, RB, 5.00%, 07/01/20 | 620 | 625,958 | ||||||
|
| |||||||
1,243,196 | ||||||||
Kansas — 0.3% | ||||||||
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20(g) | 1,035 | 1,024,681 | ||||||
|
| |||||||
Kentucky — 1.5% | ||||||||
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, | ||||||||
3.50%, 12/01/20 | 2,115 | 2,148,290 | ||||||
5.00%, 12/01/20 | 1,430 | 1,466,651 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project, 0.00%, 07/01/20(g) | 1,000 | 993,450 | ||||||
|
| |||||||
4,608,391 | ||||||||
Louisiana — 1.8% | ||||||||
Louisiana Public Facilities Authority, RB, VRDN, Air Products & Chemicals Project, 4.97%, 08/01/50(a) | 5,500 | 5,500,000 | ||||||
|
| |||||||
Maryland — 1.0% | ||||||||
City of Baltimore Maryland, Refunding, Tax Allocation Bonds, 5.00%, 06/15/20 | 275 | 276,799 | ||||||
County of Anne Arundel Maryland Consolidated Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester & Farmington Village Project, 5.00%, 07/01/20 | 500 | 504,515 |
Security | Par (000) | Value | ||||||
Maryland (continued) | ||||||||
Maryland Economic Development Corp., RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20(c) | $ | 395 | $ | 397,994 | ||||
Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 06/01/20 | 640 | 642,778 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community, 5.50%, 01/01/21(c) | 1,335 | 1,376,892 | ||||||
|
| |||||||
3,198,978 | ||||||||
Massachusetts — 3.0% | ||||||||
Massachusetts Bay Transportation Authority, Refunding RB, VRDN, General Transportation System, SeriesA-1, 3.71%, 03/01/30(a) | 9,040 | 9,040,000 | ||||||
|
| |||||||
Michigan — 3.8% | ||||||||
City of Detroit Michigan, GO, Unlimited Tax, 5.00%, 04/01/20 | 1,000 | 1,000,000 | ||||||
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 09/01/20 | 1,500 | 1,504,845 | ||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, | 565 | 567,463 | ||||||
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 07/01/20 | 1,000 | 1,005,510 | ||||||
Michigan Finance Authority, Refunding RB, Student Loan, Series25-A, AMT, 5.00%, 11/01/20 | 1,800 | 1,836,288 | ||||||
Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 07/01/20 | 1,000 | 1,009,140 | ||||||
State of Michigan Building Authority, Refunding RB, Facilities Program: | ||||||||
Series1-A, 5.00%, 10/15/20 | 325 | 331,204 | ||||||
Series2-A, 4.00%, 10/15/20 | 1,205 | 1,221,581 | ||||||
State of Michigan Trunk Line Revenue, Refunding RB: | ||||||||
5.00%, 11/01/20 | 1,000 | 1,003,730 | ||||||
5.00%, 11/01/21 | 2,000 | 2,004,800 | ||||||
|
| |||||||
11,484,561 |
2
Schedule of Investments (unaudited) (continued) March 31, 2020 | BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Minnesota — 2.5% | ||||||||
Minnesota Housing Finance Agency, Refunding RB, VRDN, S/F, Residential Housing Finance (Ginnie Mae, Fannie Mae & Freddie Mac), 4.50%, 01/01/42(a) | $ | 7,500 | $ | 7,500,000 | ||||
|
| |||||||
Missouri — 1.2% | ||||||||
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 09/01/20 | 3,000 | 3,042,300 | ||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/20 | 500 | 509,950 | ||||||
|
| |||||||
3,552,250 | ||||||||
Nebraska — 1.2% | ||||||||
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/20 | 3,500 | 3,530,065 | ||||||
|
| |||||||
Nevada — 2.4% | ||||||||
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 08/01/20 | 980 | 991,789 | ||||||
County of Clark Nevada Department of Aviation, Refunding ARB, Las Vegas McCarran International Airport, Series B, 5.00%, 07/01/20 | 1,000 | 1,008,020 | ||||||
Nevada Housing Division, RB, S/F Housing, VRDN, Series C (Ginnie Mae, Fannie Mae & Freddie Mac), 1.20%, 10/01/51(a) | 1,500 | 1,498,410 | ||||||
Washoe County School District, GO, School Improvement, Series C, 5.00%, 10/01/20 | 3,695 | 3,762,360 | ||||||
|
| |||||||
7,260,579 | ||||||||
New Jersey — 5.9% | ||||||||
County of Atlantic New Jersey, GO, Refunding, (BAM), 3.00%, 10/01/20 | 2,740 | 2,763,756 | ||||||
Garden State Preservation Trust, Refunding RB, Series C (AGM), 5.25%, 11/01/20 | 1,500 | 1,534,680 | ||||||
New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 07/01/20 | 250 | 252,478 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey EDA, Refunding RB: | ||||||||
Cigarette Tax, 5.00%, 06/15/20 | $ | 2,500 | $ | 2,507,725 | ||||
Provident Group Montclair (AGM), 4.00%, 06/01/20 | 105 | 105,436 | ||||||
School Facilities, Series GG, 5.00%, 09/01/22 | 2,000 | 2,027,200 | ||||||
School Facilities, Series K (AGC), 5.25%, 12/15/20 | 3,150 | 3,191,013 | ||||||
New Jersey Educational Facilities Authority, Refunding RB, Seton Hall University, Series D, 5.00%, 07/01/20 | 650 | 655,791 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT, 5.00%, 12/01/20 | 2,900 | 2,966,787 | ||||||
New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/20 | 2,000 | 2,006,180 | ||||||
|
| |||||||
18,011,046 | ||||||||
New York — 7.5% | ||||||||
Battery Park City Authority, Refunding RB, VRDN, 4.25%, 11/01/38(a) | 10,000 | 10,000,000 | ||||||
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/20 | 450 | 450,509 | ||||||
City of New York New York, GO, Fiscal 2017, Sub SeriesA-4, 4.50%, 08/01/44(a) | 1,300 | 1,300,000 | ||||||
City of New York New York, GO, VRDN, SeriesA-4 (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 4.50%, 08/01/38(a) | 1,000 | 1,000,000 | ||||||
County of Suffolk New York, GO, Transportation, Series I, 2.50%, 07/23/20 | 3,000 | 3,011,790 | ||||||
New York State Energy Research & Development Authority, Refunding RB, Electric & Gas Corp. Project, Series B, 2.00%, 02/01/29(a) | 3,000 | 3,001,470 | ||||||
New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 08/01/20 | 3,500 | 3,504,410 | ||||||
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20 | 535 | 547,278 | ||||||
TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20 | 230 | 231,042 | ||||||
|
| |||||||
23,046,499 |
3
Schedule of Investments (unaudited) (continued) March 31, 2020 | BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Ohio — 0.3% | ||||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/20 | $ | 1,000 | $ | 1,008,680 | ||||
|
| |||||||
Oklahoma — 0.4% | ||||||||
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 09/01/22 | 1,100 | 1,167,023 | ||||||
|
| |||||||
Pennsylvania — 6.4% | ||||||||
Chester County Health & Education Facilities Authority, Refunding RB, Simpson Senior Services, Series A, 4.00%, 12/01/20 | 870 | 870,992 | ||||||
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, AMT, Series B, 5.00%, 07/01/20 | 1,450 | 1,460,744 | ||||||
Commonwealth of Pennsylvania, GO, Refunding, First Series, 5.00%, 08/15/20 | 1,000 | 1,013,920 | ||||||
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement Project: | ||||||||
5.00%, 12/31/20 | 3,830 | 3,927,129 | ||||||
AMT, 5.00%, 06/30/20 | 295 | 297,460 | ||||||
Pennsylvania Economic Development Financing Authority, RB,Republic Services, Inc. Project, SeriesB-1, AMT, 1.20%, 04/01/49(a) | 1,500 | 1,490,424 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20 | 2,175 | 2,205,646 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 4.00%, 10/01/20(c) | 610 | 618,430 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A: | ||||||||
Drexel University, 5.00%, 05/01/20(c) | 1,480 | 1,484,588 | ||||||
Drexel University, 5.00%, 05/01/20 | 95 | 95,227 | ||||||
University Properties, Inc., 4.00%, 07/01/20 | 450 | 452,344 | ||||||
Widener University, 5.00%, 07/15/20 | 600 | 606,060 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 115A, AMT: | ||||||||
2.55%, 04/01/20 | $ | 425 | $ | 425,000 | ||||
2.65%, 10/01/20 | 865 | 869,636 | ||||||
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 07/01/20 | 1,500 | 1,513,350 | ||||||
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 07/15/20 | 995 | 1,003,438 | ||||||
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 09/15/20 | 350 | 356,458 | ||||||
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project, 4.00%, 07/01/20 | 465 | 467,423 | ||||||
Westmoreland County Municipal Authority, Refunding RB (BAM): | ||||||||
3.00%, 08/15/20 | 110 | 110,696 | ||||||
5.00%, 08/15/20 | 355 | 359,853 | ||||||
|
| |||||||
19,628,818 | ||||||||
Rhode Island — 2.9% | ||||||||
Rhode Island Commerce Corp., Refunding RB, Rhode Island Department of Transportation, | 3,465 | 3,491,992 | ||||||
Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/20 | 1,500 | 1,505,850 | ||||||
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20 | 3,850 | 3,937,010 | ||||||
|
| |||||||
8,934,852 | ||||||||
South Carolina — 0.7% | ||||||||
South Carolina State Ports Authority, RB, 5.00%, 07/01/20(c) | 2,000 | 2,019,080 | ||||||
|
| |||||||
Tennessee — 0.1% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Lipscomb Revenue Project, | 325 | 331,133 | ||||||
|
| |||||||
Texas — 13.8% | ||||||||
Central Texas Turnpike System, RB, CAB(g): | ||||||||
(AMBAC), 0.00%, 08/15/21(c) | 1,825 | 1,780,014 | ||||||
Series A (AMBAC), 0.00%, 08/15/21 | 6,165 | 6,071,908 |
4
Schedule of Investments (unaudited) (continued) March 31, 2020 | BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/42(a) | $ | 1,000 | $ | 1,000,000 | ||||
City of Houston Texas Airport System Revenue, Refunding RB: | ||||||||
SeriesB-2, AMT, 5.00%, 07/15/20 | 3,000 | 2,999,370 | ||||||
Subordinate Lien, Series B, 5.00%, 07/01/20 | 250 | 252,162 | ||||||
United Airlines, Inc. Terminal E Project, AMT, 4.50%, 07/01/20 | 5,000 | 4,993,550 | ||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20 | 3,715 | 3,782,762 | ||||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 05/15/20 | 5,000 | 5,022,100 | ||||||
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A: | ||||||||
4.00%, 04/01/20 | 180 | 180,000 | ||||||
4.00%, 04/01/20 | 415 | 415,000 | ||||||
4.00%, 04/01/20 | 585 | 585,000 | ||||||
State of Texas, GO, VRDN, 5.05%, 06/01/44(a) | 10,000 | 10,000,000 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/20 | 5,000 | 5,073,300 | ||||||
|
| |||||||
42,155,166 | ||||||||
Utah — 3.3% | ||||||||
County of Weber Utah, RB, VRDN, IHC Health Service, Inc., Series A, 0.75%, 02/15/31(a) | 10,000 | 10,000,000 | ||||||
|
| |||||||
Virginia — 1.3% | ||||||||
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20 | 2,000 | 2,043,020 | ||||||
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 07/01/20 | 1,500 | 1,513,215 |
Security | Par (000) | Value | ||||||
Virginia (continued) | ||||||||
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A, 5.00%, 07/01/20(h) | $ | 335 | $ | 336,380 | ||||
|
| |||||||
3,892,615 | ||||||||
Washington — 2.3% | ||||||||
County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20 | 2,625 | 2,692,909 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B: | ||||||||
5.00%, 10/01/20 | 250 | 253,187 | ||||||
5.00%, 10/01/42(a) | 4,000 | 4,150,520 | ||||||
|
| |||||||
7,096,616 | ||||||||
Wisconsin — 0.1% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, ThedaCare, Inc., 5.00%, 12/15/20 | 250 | 256,270 | ||||||
|
| |||||||
Total Long-Term Investments — 87.4% |
| 266,552,379 | ||||||
|
| |||||||
Short-Term Securities — 11.6% |
| |||||||
Commercial Paper — 9.7% | ||||||||
City of Garland Texas, 1.12%, 05/06/20 | 2,695 | 2,692,816 | ||||||
City of Memphis Tennessee, 1.07%, 05/20/20 | 12,800 | 12,788,230 | ||||||
City of New Braunfels, 1.10%, 05/13/20 | 3,000 | 2,997,279 | ||||||
North East Independent School District, 1.06%, 07/14/20 | 3,000 | 2,993,785 | ||||||
University of Texas: | ||||||||
1.08%, 05/05/20 | 5,000 | 4,996,592 | ||||||
1.02%, 05/20/20 | 3,000 | 2,997,114 | ||||||
|
| |||||||
Total Commercial Paper — 9.7% |
| 29,465,816 | ||||||
|
|
5
Schedule of Investments (unaudited) (continued) March 31, 2020 | BlackRock Municipal 2020 Term Trust (BKK) (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Fund — 1.9% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.98%(i)(j) | 5,918,832 | $ | 5,919,424 | |||||
|
| |||||||
Total Money Market Fund — 1.9% |
| 5,919,424 | ||||||
|
| |||||||
Total Short-Term Securities — 11.6% |
| 35,385,240 | ||||||
|
|
Value | ||||
Total Investments — 99.0% | $ | 301,937,619 | ||
Other Assets Less Liabilities — 1.0% | 3,072,869 | |||
|
| |||
Net Assets Applicable to Common Shares — 100.0% | $ | 305,010,488 | ||
|
|
(a) | 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. |
(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) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Non-income producing security. |
(g) | Zero-coupon bond. |
(h) | 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. |
(i) | Annualized7-day yield as of period end. |
(j) | Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliated Issuer | Shares Held at 12/31/19 | Shares Purchased | Shares Sold | Shares Held at 03/31/20 | Value at 03/31/20 | Income | Net Realized | Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 22,114,990 | — | (16,196,158 | )(b) | 5,918,832 | $ | 5,919,424 | $ | 68,327 | $ | (19,117 | ) | $ | 968 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes net capital gain distributions, if applicable. |
(b) | Represents net shares purchased (sold). |
Portfolio Abbreviations | ||
AGC | Assured Guarantee Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax (subject to) | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
CAB | Capital Appreciation Bonds | |
EDA | Economic Development Authority | |
EDC | Economic Development Corp. | |
GO | General Obligation Bonds | |
IDA | Industrial Development Authority | |
NPFGC | National Public Finance Guarantee Corp. | |
RB | Revenue Bonds | |
S/F | Single-Family | |
SBPA | Stand-by Bond Purchase Agreements | |
VRDN | Variable Rate Demand Notes |
6
Schedule of Investments (unaudited) (continued) March 31, 2020 | 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 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. 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) | $ | — | $ | 265,305,700 | $ | 1,246,679 | $ | 266,552,379 | ||||||||
Short-Term Securities | 5,919,424 | 29,465,816 | — | 35,385,240 | ||||||||||||
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$ | 5,919,424 | $ | 294,771,516 | $ | 1,246,679 | $ | 301,937,619 | |||||||||
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(a) | See above Schedule of Investments for values in each state or political subdivision. |
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