Blackrock Municipal 2020 Term Trust (BKK) NPORT-P BlackRock Municipal 2020 Term Trust (Mar 2020 report)

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, Series A, AMT, 5.00%, 10/01/20		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, Series A (AGM), 5.00%, 10/01/20		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

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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, Series A(c):
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, 5.00%, 05/15/20(c)		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

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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

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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, Series A, 5.00%, 06/15/20		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, Series A, 5.00%, 10/01/20		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

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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% (Cost — $265,954,549)				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

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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% (Cost — $35,413,392)				35,385,240

	Value
Total Investments — 99.0% (Cost — $301,367,941)	$	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 Gain (Loss) (a)			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

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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
	$	5,919,424	$	294,771,516	$	1,246,679	$	301,937,619

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

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