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

Schedule of Investments  (unaudited)  September 30, 2020 BlackRock Municipal 2020 TermTrust (BKK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alaska — 1.9%
City of Valdez, Refunding RB
Series B, 5.00%, 01/01/21	$	3,200	$	3,237,664
Series C, 5.00%, 01/01/21		2,500		2,527,750
				5,765,414
Arizona — 0.8%
Arizona Health Facilities Authority, Refunding RB, Series F,
0.11%, 01/01/29(a)		1,365		1,365,000
Salt Verde Financial Corp., RB, 5.25%, 12/01/20		1,000		1,007,040
				2,372,040
California — 3.8%
Bay Area Toll Authority, Refunding RB, Series B, 0.06%, 04/01/53(a)		10,500		10,500,000
State of California, Refunding GO, 5.25%, 10/01/22		1,000		1,100,340
				11,600,340
Colorado — 0.8%
Adams & Arapahoe Joint School District 28J Aurora,
Refunding GO
Series A, 5.00%, 12/01/20		690		695,278
Series B, 5.00%, 12/01/20		1,335		1,345,213
Colorado Health Facilities Authority, Refunding RB, 4.00%, 12/01/20(b)		580		583,544
				2,624,035
Florida — 1.8%
County of Escambia Florida, RB, 1.80%, 04/01/39(a)		2,500		2,505,150
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,375,151
Stevens Plantation Community Development District, SAB, Series B, 6.38%, 05/01/13(c)(d)		2,597		1,558,349
				5,438,650
Georgia — 3.3%
Development Authority of Monroe County, Refunding RB, Series B, 0.12%, 01/01/36(a)		10,000		10,000,000
Guam — 0.4%
Guam Power Authority, Refunding RB, Series A, (AGM), 5.00%, 10/01/20		1,190		1,190,119
Hawaii — 0.5%
State of Hawaii Department of Budget & Finance, Refunding RB, 5.00%, 11/15/20		1,440		1,445,846
Illinois — 4.6%
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, (AGM), 5.00%, 11/01/20		960		962,803
Lake Cook Kane & McHenry Counties Community Unit School District 220 Barrington, Refunding GO, (AGM), 5.25%, 12/01/20		1,000		1,008,180
Metropolitan Pier & Exposition Authority, Refunding RB, Series A, (NPFGC), 0.00%, 06/15/22(e)		12,455		12,188,214
				14,159,197

Security	Par (000)		Value
Indiana — 1.4%
Indiana Finance Authority, Refunding RB, Series E7, 0.09%, 11/15/33(a)	$	3,615	$	3,615,000
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/21		600		607,050
				4,222,050
Kansas — 0.3%
Wyandotte County-Kansas City Unified Government, RB, (NPFGC), 0.00%, 12/01/20(e)		1,035		1,034,110
Kentucky(b) — 1.2%
Louisville/Jefferson County Metropolitan Government, Refunding RB
Series A, 3.50%, 12/01/20		2,115		2,126,315
Series A, 5.00%, 12/01/20		1,430		1,441,154
				3,567,469
Louisiana(a) — 2.8%
Louisiana Public Facilities Authority, RB 0.10%, 08/01/50		5,500		5,500,000
Series A, 0.12%, 08/01/49		2,940		2,940,000
				8,440,000
Maryland — 4.4%
Maryland Economic Development Corp., RB, Series A, 0.12%, 02/15/43(a)		9,090		9,090,000
Maryland Health & Higher Educational Facilities Authority, Refunding RB
5.50%, 01/01/21(b)		1,335		1,352,315
Series E, 0.04%, 07/01/41(a)		3,035		3,035,000
				13,477,315
Massachusetts(a) — 6.2%
Massachusetts Bay Transportation Authority, Refunding RB, Series A-1, 0.08%, 03/01/30		9,040		9,040,000
University of Massachusetts Building Authority, Refunding RB, Series 1, 0.08%, 11/01/34		10,000		10,000,000
				19,040,000
Michigan — 1.1%
Michigan Finance Authority, Refunding RB, Series 25-A, AMT, 5.00%, 11/01/20		1,800		1,804,806
Michigan State Building Authority, Refunding RB
Series I-A, 5.00%, 10/15/20		325		325,569
Series II-A, 4.00%, 10/15/20		1,205		1,206,675
				3,337,050
Minnesota(a) — 4.0%
County of Hennepin Minnesota, Refunding GO, Series B, 0.12%, 12/01/38		4,840		4,840,000
Minnesota Housing Finance Agency, Refunding RB, Series D, (FHLMC, FNMA, GNMA), 0.12%, 01/01/42		7,500		7,500,000
				12,340,000
Missouri — 0.2%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 5.00%, 11/15/20		500		502,600
Nevada — 2.3%
County of Clark Department of Aviation, Refunding RB, Series D-3, Sub-Lien, 0.10%, 07/01/29(a)		2,000		2,000,000

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Municipal 2020 TermTrust (BKK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Nevada (continued)
Nevada Housing Division, RB, Series C, (FHLMC, FNMA, GNMA), 1.20%, 10/01/51(a)	$	1,500	$	1,500,765
Washoe County School District, GO, Series C, 5.00%, 10/01/20		3,695		3,695,443
				7,196,208
New Jersey — 4.0%
County of Atlantic New Jersey, Refunding GO, (BAM), 3.00%, 10/01/20		2,740		2,740,192
Garden State Preservation Trust, Refunding RB, Series C, (AGM), 5.25%, 11/01/20		1,500		1,505,565
New Jersey Economic Development Authority, Refunding RB
Series GG, 5.00%, 09/01/22		2,000		2,033,180
Series K, (AGC, AMBAC), 5.25%, 12/15/20		3,150		3,175,987
New Jersey Higher Education Student Assistance
Authority, RB, Series 1A, AMT, 5.00%, 12/01/20		2,900		2,915,138
				12,370,062
New York — 12.2%
Battery Park City Authority, Refunding RB, Series D-2, 0.12%, 11/01/38(a)		2,000		2,000,000
City of New York New York, GO(a)
Series A-4, 0.12%, 08/01/38		1,000		1,000,000
Series A-4, 0.13%, 08/01/44		1,300		1,300,000
City of New York, GO(a)
Series I-3, 0.12%, 03/01/44		6,750		6,750,000
Sub-Series G-3, 0.11%, 04/01/42		1,485		1,485,000
New York City Water & Sewer System, Refunding RB, Series BB-1, 0.10%, 06/15/36(a)		6,000		6,000,000
New York State Energy Research & Development
Authority, RB, Series A-2, 0.10%, 05/01/39(a)		7,000		7,000,000
New York State Housing Finance Agency, RB, Series A, 0.10%, 11/01/44(a)		8,000		8,000,000
New York State Urban Development Corp., Refunding RB,
Series A-3D, 0.12%, 03/15/33(a)		3,245		3,245,000
Port Authority of New York & New Jersey, ARB, 5.00%, 12/01/20		535		538,670
				37,318,670
North Carolina — 2.3%
City of Raleigh, COP, Series B-1, 0.09%, 02/01/34(a)		7,200		7,200,000
Ohio — 4.1%
County of Franklin Ohio, RB, Series C, 0.11%, 05/15/53(a)		12,500		12,500,000
Pennsylvania — 3.8%
Chester County Health and Education Facilities Authority, Refunding RB, Series A, 4.00%, 12/01/20		870		870,557
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/20		3,830		3,867,151
Pennsylvania Economic Development Financing Authority, Refunding RB
Series A, AMT, 4.00%, 11/01/20		2,175		2,181,199
Series A, AMT, 0.60%, 04/01/34(a)		3,750		3,749,992

Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 10/01/20(b)	$	610	$	610,061
Pennsylvania Housing Finance Agency, Refunding RB, Series 115A, AMT, 2.65%, 10/01/20		435		435,017
				11,713,977
Rhode Island — 1.3%
Rhode Island Student Loan Authority, RB, Series A, AMT, 5.00%, 12/01/20		3,850		3,873,062
Tennessee — 0.1%
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Refunding RB, Series A, 5.00%, 10/01/20		325		325,023
Texas — 12.8%
Central Texas Turnpike System, RB(e)
Series A, (AMBAC), 0.00%, 08/15/21		6,165		6,144,840
Series A, (AMBAC), 0.00%, 08/15/21(b)		1,825		1,822,409
City of Houston Texas Combined Utility System Revenue,
Refunding RB(a)
Series A, 1st Lien, 0.12%, 05/15/34		9,100		9,100,000
Series B-2, 1st Lien, 0.11%, 05/15/34		2,065		2,065,000
Love Field Airport Modernization Corp., RB, AMT, 5.00%, 11/01/20		3,715		3,727,037
Pasadena Independent School District, GO, Series B, (AGM), 0.11%, 02/01/35(a)		1,550		1,550,000
State of Texas, GO, Series A, 0.14%, 06/01/44(a)		9,625		9,625,000
Texas Municipal Gas Acquisition & Supply Corp III, RB, 5.00%, 12/15/20		5,000		5,042,450
				39,076,736
Utah — 3.3%
Weber County, Series A, RB, VRDN, 0.13%, 02/15/31(a)		10,000		10,000,000
Virginia — 2.5%
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20		2,000		2,007,840
Loudoun County Economic Development Authority, RB(a)
Series A, 0.10%, 02/15/38		3,000		3,000,000
Series F, 0.14%, 02/15/38		2,515		2,515,000
				7,522,840
Washington — 5.6%
County of King, Refunding GO, Series B, 0.13%, 01/01/46(a)		10,000		10,000,000
Snohomish County School District No.2 Everett, Refunding GO, (GTD), 5.00%, 12/01/20		2,625		2,645,711
Washington Health Care Facilities Authority, Refunding RB
Series B, 5.00%, 10/01/20		250		250,030
Series B, 5.00%, 10/01/42(a)		4,000		4,182,960
				17,078,701
Wisconsin — 0.1%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/15/20		250		252,328
Total Long-Term Investments — 93.9%
(Cost: $286,426,151)				286,983,842

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Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Municipal 2020 TermTrust(BKK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Short-Term Securities
Commercial Paper — 5.3%
City of Garland Texas, 0.19%, 12/03/20	$	2,700	$	2,700,047
Memphis Tennessee General Obligation, 0.16%, 10/05/20 .		6,000		6,000,058
North East Independent School District, 0.30%, 11/03/20		7,500		7,500,558
				16,200,663

	Shares
Money Market Funds — 0.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(f)(g)		463,384	$	463,476
Total Short-Term Securities — 5.5% (Cost: $16,663,476)				16,664,139
Total Investments — 99.4% (Cost: $303,089,627)				303,647,981
Other Assets Less Liabilities — 0.6%				1,828,807
Net Assets — 100.0%			$	305,476,788

(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) Security is collateralized by municipal bonds or U.S. Treasury obligations.

(c) Issuer filed for bankruptcy and/or is in default.

(d) Non-income producing security.

(e) Zero-coupon bond.

(f) Affiliate of the Fund.

(g) Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/20		Shares Held at 09/30/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	22,117,202	$	—	$	(21,638,637	)(a)	$	(15,025	)	$	(64	)	$	463,476		463,384	$	76,213	$	—

a) Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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 Fund 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 financial instruments)

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 financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Municipal 2020 TermTrust (BKK)

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	286,983,842	$	—	$	286,983,842
Short-Term Securities
Commercial Paper		—		16,200,663		—		16,200,663
Money Market Funds		463,476		—		—		463,476
	$	463,476	$	303,184,505	$	—	$	303,647,981

Portfolio Abbreviation
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Assurance Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
COP	Certificates of Participation
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
GTD	GTD Guaranteed
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAB	Special Assessment Bonds
VRDN	Variable Rate Demand Note

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