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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

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 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2019

Date of reporting period: 12/31/2019

Item 1 – Report to Stockholders


		DECEMBER 31, 2019



		2019 Annual Report

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Municipal 2020 Term Trust (BKK)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

U.S. equities and bonds finished the last year of the decade with impressive returns, putting an exclamation point on a decade of strong performance despite the fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. In many ways, it was fitting that the themes of 2019 — geopolitical uncertainty, fears of recession, and decisive monetary stimulus — put the capstone on a decade that was defined by grappling with these competing forces.

Equity and bond markets posted solid returns, particularly in the second half of the year, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that has characterized this economic cycle. U.S. large cap equities advanced the most, while equities at the high end of the risk spectrum — emerging markets and U.S. small cap — lagged while still posting solid returns.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, generally posted the strongest returns, as inflation remained low. Investment-grade and high-yield corporate bonds also posted solid returns, as the credit fundamentals in corporate markets remained relatively solid.

As equity performance faltered in late 2018 and global economic growth slowed, the U.S. Federal Reserve (the “Fed”) shifted away from policies designed to decrease inflation in favor of renewed efforts to stimulate economic activity. The Fed left interest rates unchanged in January 2019, then reduced interest rates three times thereafter, starting in July 2019. Similarly, the Fed took measures to support liquidity in short-term lending markets. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.

Looking ahead, we believe U.S. economic growth will stabilize and gradually improve in 2020. The primary drivers of recent market performance — trade and monetary policies — could take a back seat to a nascent expansion in manufacturing and a recent uptick in global growth. The headwinds of policy uncertainty in 2019 could become tailwinds in 2020 due to pro-cyclical policy shifts.

Overall, we favor increasing investment risk to benefit from the brighter outlook. In addition to having a positive view for equities overall, we favor emerging market equities over developed market equities. Increasing cyclical exposure through value-style investing and maintaining a meaningful emphasis on high-quality companies through quality factors also makes sense for diversified investors. In fixed income, government bonds continue to be important portfolio stabilizers, while emerging market bonds, particularly local currency bonds, offer relatively attractive income opportunities.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	10.92%	31.49%
U.S. small cap equities (Russell 2000^® Index)	7.30	25.52
International equities (MSCI Europe, Australasia, Far East Index)	7.01	22.01
Emerging market equities (MSCI Emerging Markets Index)	7.09	18.42
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	1.03	2.28
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	1.36	8.91
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	2.45	8.72
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.21	7.26
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.98	14.32
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Annual Report:
Municipal Market Overview		4
Trust Summaries		5
Financial Statements:
Schedules of Investments		9
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		20
Notes to Financial Statements		22
Report of Independent Registered Public Accounting Firm		28
Automatic Dividend Reinvestment Plans		29
Trustee and Officer Information		30
Additional Information		33
Glossary of Terms Used in this Report		35


			3

Municipal Market Overview For the Reporting Period Ended December 31, 2019

Municipal Market Conditions

Municipal bonds posted strong total returns during the period, buoyed by rallying interest rates as the Fed turned more dovish on the back of slowing global growth and trade uncertainties, indicated a commitment to sustain the current economic expansion, and executed a mid-cycle adjustment consisting of three 0.25% rate cuts.

Outside of the favorable rate backdrop, municipal technicals remained supportive with strong demand outpacing supply. Broadly, investors favored the tax-exempt income, diversification, quality, and value of municipal bonds given that tax reform ultimately lowered the top individual tax rate just 2.6% while eliminating deductions. During the 12 months ended December 31, 2019, municipal bond funds experienced net inflows of approximately $92 billion (based on data from the Investment Company Institute), making 2019 the best fund flow year on record by a large margin. For the same 12-month period, total new issuance was moderately above average from a historical perspective

at $404 billion, boosted by robust taxable municipal supply. Taxable municipal issuance picked up late in 2019, as issuers advanced refunded tax-exempt debt using taxable municipal bonds for cost savings, given the inability to do so in the tax-exempt market post-tax reform. This resulted in a bifurcated year of supply in which light issuance during the first half of the year was counterbalanced by elevated issuance during the second half.



		S&P Municipal Bond Index
		Total Returns as of December 31, 2019
		6 months: 2.21%
		12 months: 7.26%

A Closer Look at Yields

LOGO

From December 31, 2018 to December 31, 2019, yields on AAA-rated 30-year municipal bonds decreased by 93 basis points (“bps”) from 3.02% to 2.09%, while ten-year rates decreased by 84 bps from 2.28% to 1.44% and five-year rates decreased by 85 bps from 1.94% to 1.09% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 19 bps.

During the same time period, tax-exempt municipal bonds outperformed duration-matched U.S. Treasuries, most notably in the long end of the yield curve. Consequently, relative valuations remained stretched versus history. Given that the corporate tax rate was lowered much more than the individual rate, institutions now have less incentive to own tax-exempt municipal bonds, while individuals are more incentivized. In a more retail-driven market, lower municipal-to-Treasury ratios are likely sustainable as individuals are focused more on generating tax-free income and less concerned with relative valuations. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

Most states and local municipalities are on solid footing as tax receipts are increasing steadily and spending levels are rebounding from post-recession lows. Rising health care expenditures and legacy pension costs are plaguing a handful of high-profile credits. Essential service revenue bonds continue to benefit from deleveraging. Several private-public partnerships and off-balance sheet projects have made headlines for cost-overruns that are calling into question their value-add. More caution is warranted in the non-profit sectors, especially less-selective private education credits that are dealing with competitive pressures and are burdened with outsized debt. Merger-and-acquisition activity has been elevated in the hospital sector, providing opportunities to generate performance. Additionally, the high-yield sector remains an important driver of performance. BlackRock maintains the view that municipal bond defaults will remain minimal and the overall market is fundamentally sound. However, we continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of December 31, 2019 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

The S&P Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.


4		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of December 31, 2019		BlackRock Florida Municipal 2020 Term Trust

Trust Overview

BlackRock Florida Municipal 2020 Term Trust’s (BFO) (the “Trust”) investment objectives are to provide current income exempt from regular U.S. federal income tax and Florida intangible personal property tax and to return $15.00 per Common Share (the initial offering price per share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust’s investment adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar-weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives. Effective January 1, 2007, the Florida intangible personal property tax was repealed.

There is no assurance that the Trust will achieve its investment objectives, including its investment objective of returning $15.00 per share.

Trust Information


Symbol on New York Stock Exchange (“NYSE”)		BFO
Initial Offering Date		September 30, 2003
Termination Date (on or about)		December 31, 2020
Yield on Closing Market Price as of December 31, 2019($14.47)^(a)		1.66%
Tax Equivalent Yield^(b)		2.80%
Current Monthly Distribution per Common Share^(c)		$0.0200
Current Annualized Distribution per Common Share^(c)		$0.2400

^(a)

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

^(b)

Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.80%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

^(c)

The monthly distribution per Common Share, declared on December 6, 2019, was decreased to $0.0025 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

Market Price and Net Asset Value Per Share Summary


	12/31/19		12/31/18		Change			High		Low
Market Price	$	14.47	$	14.04		3.06	%	$	15.33	$	14.00
Net Asset Value		14.60		14.60		0.00			14.68		14.57

Market Price and Net Asset Value History For the Past Five Years

LOGO


TRUST SUMMARY			5


Trust Summary as of December 31, 2019 (continued)		BlackRock Florida Municipal 2020 Term Trust

Performance

Returns for the 12-month period ended December 31, 2019 were as follows:


	Returns Based On
	Market Price			NAV
BFO^(a)(b)		4.88	%		1.76	%
Lipper Other States Municipal Debt Funds^(c)		21.33			9.40

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)

The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

The Trust’s NAV was below $15.00 per share on December 31, 2019, and there is no assurance that the Trust’s investment objective of returning $15.00 per common share on or about December 31, 2020 will be achieved.

The Trust is scheduled to mature on or about December 31, 2020, so its holdings consist of short-term securities with minimal sensitivity to market movements. Since its holdings experienced minimal price appreciation, its return was largely derived from income. As a result, the Trust — while posting a small gain — did not keep pace with the overall municipal bond market. However, the income generated by seasoned bonds held in the Trust generated above-average returns compared to similar duration tax-exempt investments.

On a sector basis, utility and health care issues made the largest contributions to returns. However, the Trust’s allocation to the development district sector lagged due to the underperformance of an individual security.

The negative amortization of the premiums on seasoned bonds was a drag on performance. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.)

Reinvestment had an adverse effect on the Trust’s income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.

Since the Trust is preparing to wind down ahead of its liquidation at the end of 2020, the proceeds of maturing bonds were largely reinvested in cash and cash equivalents.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments*

SECTOR ALLOCATION


Sector	12/31/19			12/31/18
Health		25	%		31	%
Utilities		21			23
Transportation		18			11
County/City/Special District/School District		14			14
State		9			10
Corporate		7			7
Education		5			4
Housing		1			—	^(b)

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE^(d)


Calendar Year Ended December 31,
2020	86	%
2021	1
2022	6

^(d)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	12/31/19			12/31/18
AAA/Aaa		5	%		2	%
AA/Aa		55			61
A		25			24
BBB/Baa^(b)		—			—
BB/Ba		1			—	^(b)
B^(b)		—			—
N/R^(c)		14			13

^(a)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service (“Moody’s”) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)

Represents less than 1% of the Trust’s total investments.

^(c)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2019 and December 31, 2018, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 2% of the Trust’s total investments.


6		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS


Trust Summary as of December 31, 2019 (continued)		BlackRock Municipal 2020 Term Trust

Investment Objective

BlackRock Municipal 2020 Term Trust’s (BKK) (the “Trust”) investment objectives are to provide current income exempt from regular U.S. federal income tax and to return $15.00 per Common Share (the initial public offering price per Common Share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its managed assets in municipal bonds that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

There is no assurance that the Trust will achieve its investment objectives, including its investment objective of returning $15.00 per share.

Trust Information


Symbol on NYSE		BKK
Initial Offering Date		September 30, 2003
Termination Date (on or about)		December 31, 2020
Yield on Closing Market Price as of December 31, 2019($14.89)^(a)		2.32%
Tax Equivalent Yield^(b)		3.92%
Current Monthly Distribution per Common Share^(c)		$0.0288
Current Annualized Distribution per Common Share^(c)		$0.3456

^(a)

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

^(b)

Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

^(c)

The monthly distribution per Common Share, declared on December 6, 2019 was decreased to $0.0100 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

Market Price and Net Asset Value Per Share Summary


	12/31/19		12/31/18		Change			High		Low
Market Price	$	14.89	$	14.76		0.88	%	$	15.14	$	14.76
Net Asset Value		15.08		15.12		(0.26	)		15.19		15.07

Market Price and Net Asset Value History For the Past Five Years

LOGO


TRUST SUMMARY			7


Trust Summary as of December 31, 2019 (continued)		BlackRock Municipal 2020 Term Trust

Performance

Returns for the 12-month period ended December 31, 2019 were as follows:


	Returns Based On
	Market Price			NAV
BKK^(a)(b)		3.34	%		2.17	%
Lipper Intermediate Municipal Debt Funds^(c)		15.84			6.79

^(a)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

^(b)

The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(c)

Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

The following discussion relates to the Trust’s absolute performance based on NAV:

The Trust is scheduled to mature on or near December 31, 2020, so its holdings consist of short-term securities with minimal sensitivity to market movements. As a result, the Trust — while posting a small gain — did not keep pace with the overall municipal bond market. Since the Trust’s holdings experienced minimal price appreciation, its return was largely derived from income.

All sectors posted a positive return for the year, with state tax-backed, health care and corporate-backed sectors making the largest contribution to the Trust’s performance.

The negative amortization of the premiums on seasoned bonds was a drag on results. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.)

Reinvestment had an adverse effect on the Trust’s income, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at lower prevailing rates.

Since the Trust is preparing to wind down the portfolio ahead of its liquidation at the end of 2020, cash and cash equivalents made up approximately 25% of the its holdings at the close of the period. The cash position encompassed money market eligible securities, i.e., commercial paper, variable rate daily securities and weekly put bonds.

Overview of the Trust’s Total Investments *

SECTOR ALLOCATION


Sector	12/31/19			12/31/18
Transportation		19	%		22	%
State		18			15
Utilities		17			18
Health		11			13
County/City/Special District/School District		10			11
Education		9			10
Corporate		7			4
Tobacco		5			4
Housing		4			3

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector subclassifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector subclassifications for reporting ease.

CALL/MATURITY SCHEDULE^(c)


Calendar Year Ended December 31,
2020	78	%
2021	7
2022	8

^(c)

Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

Excludes short-term securities.

CREDIT QUALITY ALLOCATION^(a)


Credit Rating	12/31/19			12/31/18
AAA/Aaa		3	%		6	%
AA/Aa		35			30
A		33			32
BBB/Baa		16			17
BB/Ba		6			5
N/R^(b)		7			10

^(a)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(b)


8		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments

December 31, 2019

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 88.9%

Florida — 85.2%

Corporate — 6.6%
Citizens Property Insurance Corp., RB, Senior Secured, Series A-1, 5.00%, 06/01/20	$	3,140	$	3,189,078
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20		2,000		2,057,360

				5,246,438

County/City/Special District/School District — 12.3%
City of Jacksonville Florida, RB, Series B, 5.00%, 10/01/20		760		781,918
City of Jacksonville Florida, Refunding RB, Brooks Rehabilitation Project, 5.00%, 11/01/20		400		411,280
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 07/01/20		2,000		2,038,660
Indian River County School Board, COP, Refunding, Series A, 5.00%, 07/01/20		1,000		1,018,270
Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 05/01/20		1,250		1,265,725
Palm Beach County School District, COP, Refunding Series B, 5.00%, 08/01/20		3,000		3,066,930
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 05/01/13^(a)(b)(c)		2,425		1,206,438

				9,789,221

Education — 4.2%
City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 04/01/20		795		802,513
Florida Atlantic University Traffic and Parking Services Revenue, Refunding RB, Series A, 5.00%, 07/01/20		1,150		1,171,332
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 04/01/20		1,000		1,009,450
Volusia County School Board, COP, Refunding Series A (BAM), 5.00%, 08/01/20		350		357,760

				3,341,055

Health — 22.6%
City Of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/20		2,250		2,303,415
County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 04/01/20		500		504,420
County of Highlands Florida Health Facilities Authority, Refunding RB, VRDN, Adventist Health System, 1.47%, 11/15/33^(d)		3,500		3,500,000
County of Orange Florida Health Facilities Authority, RB, VRDN, Series C-1, 1.30%, 01/01/39^(d)		750		750,000
County of Palm Beach Florida Health Facilities Authority, Refunding RB:
Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20		2,000		2,043,120
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22		3,735		4,032,792
Baptist Health South Florida Obligated Group, 5.00%, 08/15/20		335		342,953
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 07/01/20^(e)		1,285		1,308,426
County of Sarasota Public Hospital District, Refunding RB, VRDN, Sarasota Memorial Hospital, Series B, 0.92%, 07/01/37^(d)		2,530		2,530,000
Halifax Hospital Medical Center, Refunding RB, 5.00%, 06/01/20		590		598,596
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20		150		154,624

				18,068,346


Security	Par (000)		Value

Housing — 0.1%
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40	$	40	$	40,923
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 09/01/40		55		56,266

				97,189

State — 7.6%
Florida Municipal Loan Council, RB, Series D (AGM):
4.00%, 10/01/20		1,105		1,127,630
4.00%, 10/01/21		500		523,590
Florida Municipal Loan Council, Refunding RB:
CAB, Series A (NPFGC), 0.00%, 04/01/20^(f)		730		726,474
Series B-2 (GTD), 4.00%, 10/01/20		655		668,749
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 07/01/20		3,000		3,057,630

				6,104,073

Transportation — 14.1%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20		865		883,623
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 04/01/20		160		161,398
County of Broward Florida Port Facilities, RB, Refundung Series B, AMT:
5.00%, 09/01/20^(e)		1,670		1,709,328
5.00%, 09/01/20		830		850,045
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,412,194
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20		1,500		1,527,030
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 07/01/20		550		560,544
Florida Development Finance Corp., RB, VRDN, Virgin Trains USA Passenger Rail Project, Series B, AMT, 1.90%, 01/01/49^(d)		3,000		2,998,869
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20		1,130		1,162,623

				11,265,654

Utilities — 17.7%
City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 09/01/20		2,970		3,046,982
City of Gainesville Florida Utilities System Revenue, Refunding RB, VRDN, Series B, 0.97%, 10/01/42^(d)		3,455		3,455,000
City of Miami Beach Florida, RB, 5.00%, 09/01/20		250		256,350
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 08/01/20		1,200		1,226,364
County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39^(d)		925		930,134
Florida Governmental Utility Authority, Refunding RB (AGM):
4.00%, 10/01/20		500		510,500
Lehigh Utility, 5.00%, 10/01/20		635		653,028
Florida Municipal Power Agency, RB, 5.00%, 10/01/20		500		514,340
Orlando Florida Utilities Commission, RB, VRDN, Series 2, 0.90%, 10/01/33^(d)		1,700		1,700,000
Orlando Florida Utilities Commission, Refunding RB, VRDN, Series B (TD Bank NA SBPA), 0.99%, 10/01/39^(d)		1,300		1,300,000
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 04/01/20		530		534,637

				14,127,335


Total Municipal Bonds in Florida				68,039,311


SCHEDULES OF INVESTMENTS			9

Schedule of Investments (continued)

December 31, 2019

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia — 0.6%

Utilities — 0.6%
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/20	$	500	$	506,545


Guam — 0.5%

Utilities — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20		100		101,924
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		310		318,013


Total Municipal Bonds in Guam				419,937


Nevada — 0.6%

Housing — 0.6%
Nevada Housing Division, RB, S/F Housing, VRDN, Series C (Ginnie Mae, Fannie Mae & Freddie Mac), 1.20%, 10/01/51^(d)		500		499,905


New York — 1.3%

Transportation — 1.3%
County of Suffolk New York, GO, Transportation, Series I, 2.50%, 07/23/20		1,000		1,006,300


Texas — 0.7%

Transportation — 0.7%
City of Houston Texas Airport System Revenue, Refunding RB, Series B-2, AMT, 5.00%, 07/15/20		500		508,575


Total Municipal Bonds — 88.9% (Cost — $71,691,950)				70,980,573


Security	Par (000)		Value

Short-Term Securities — 10.2%

Commercial Paper — 4.6%
City of New Braunfels, 1.17%, 03/04/20	$	1,000	$	999,893
University of Colorado, 1.22%, 01/07/20		2,696		2,695,828


Total Commercial Paper — 4.6% (Cost — $3,696,000)				3,695,721

	Shares

Money Market Fund — 5.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.37%^(g)(h)		4,477,038		4,477,486


Total Money Market Fund — 5.6% (Cost — $4,477,480)				4,477,486


Total Short-Term Securities — 10.2% (Cost — $8,173,480)				8,173,207


Total Investments — 99.1% (Cost — $79,865,430)				79,153,780

Other Assets Less Liabilities — 0.9%				751,432


Net Assets Applicable to Common Shares — 100.0%			$	79,905,212

^(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(c)	Non-income producing security.

^(d)	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.

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

^(f)	Zero-coupon bond.

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

^(h)	During the year ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates 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 12/31/18		Net Activity		Shares Held at 12/31/19		Value at 12/31/19		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		591,057		3,885,981		4,477,038	$	4,477,486	$	24,066	$	(174	)	$	6

^(a)

Includes net capital gain distributions, if applicable.

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.


10		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2019

BlackRock Florida Municipal 2020 Term Trust (BFO)

Fair Value Hierarchy as of Period End (continued)

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)	$	—	$	69,774,135	$	1,206,438	$	70,980,573
Short-Term Securities		4,477,486		3,695,721		—		8,173,207

	$	4,477,486	$	73,469,856	$	1,206,438	$	79,153,780

^(a)

See above Schedule of Investments for values in each sector/state or political subdivision.

A reconciliation of Level 3 Investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Municipal Bonds
Assets:
Opening balance, as of December 31, 2018	$	—
Transfers into Level 3^(a)		1,697,500
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)^(b)(c)		(491,062	)
Purchases		—
Sales		—
Closing balance, as of December 31, 2019	$	1,206,438

Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019^(b)	$	(491,062	)

^(a)

As of December 31, 2018, the Fund used observable inputs in determining the value of certain investments. As of December 31, 2019, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b)

Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(c)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			11

Schedule of Investments

December 31, 2019

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds — 85.6%

Alabama — 0.4%
Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 06/01/20	$	1,000	$	1,014,580
Tuscaloosa City Board of Education, RB, 5.00%, 08/01/20		225		229,815

				1,244,395

Alaska — 1.9%
City of Valdez Alaska, Refunding RB, BP Pipelines Project:
Series B, 5.00%, 01/01/21		3,200		3,313,856
Series C, 5.00%, 01/01/21		2,500		2,589,900

				5,903,756

Arizona — 0.8%
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A, 5.00%, 07/01/20		1,300		1,325,103
Salt Verde Financial Corp., RB, Senior, 5.25%, 12/01/20		1,000		1,034,160

				2,359,263

California — 4.1%
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20^(a)		815		835,220
Los Angeles Regional Airports Improvement Corp. Facilities Lease, Refunding RB, LAXFuel Corp., Los Angeles International Airport, AMT, 5.00%, 01/01/20		550		550,000
State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22		1,000		1,115,030
State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 05/01/20		10,000		10,132,200

				12,632,450

Colorado — 0.9%
Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding:
Series A, 5.00%, 12/01/20		690		714,564
Series B, 5.00%, 12/01/20		1,335		1,382,526
Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project, 4.00%, 08/15/20		150		152,168
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 4.00%, 12/01/20^(b)		580		595,242

				2,844,500

Florida — 2.9%
County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39^(c)		2,500		2,513,875
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,412,194
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20		500		509,010
Florida Development Finance Corp., RB, VRDN, Virgin Trains USA Passenger Rail Project, Series B, AMT, 1.90%, 01/01/49^(c)		3,050		3,048,850
Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 05/01/13^(d)(e)(f)		2,980		1,482,550

				8,966,479

Georgia — 2.0%
Gainesville & Hall County Development Authority, Refunding RB, Acts Retirement — Life Communities, Inc. Obligated Group, 5.00%, 11/15/22		5,525		5,967,884


Security	Par (000)		Value

Guam — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20	$	250	$	254,810
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		1,190		1,220,761

				1,475,571

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		1,486,843


Illinois — 12.0%
Chicago Transit Authority, Refunding RB, 5.00%, 06/01/20		1,000		1,013,970
City of Chicago Illinois Motor Fuel Tax Revenue, Refunding RB, 5.00%, 01/01/20		1,000		1,000,000
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20		960		962,381
Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM), 5.25%, 12/01/20		1,000		1,036,860
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 06/15/22^(g)		13,455		12,801,894
Railsplitter Tobacco Settlement Authority, RB, 5.25%, 06/01/20		10,000		10,160,100
State of Illinois, GO, 5.00%, 07/01/20		4,055		4,127,219
State of Illinois, RB, Series B, 5.00%, 06/15/20		1,485		1,489,099
State of Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/20		4,145		4,163,487

				36,755,010

Indiana — 0.4%
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/21		600		622,938
Northern Indiana Commuter Transportation District, RB, 5.00%, 07/01/20		620		631,389

				1,254,327

Kansas — 0.3%
County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20^(g)		1,035		1,021,659


Kentucky — 1.5%
County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives, Series A^(b):
3.50%, 12/01/20		2,115		2,158,378
5.00%, 12/01/20		1,430		1,478,706
Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project, 0.00%, 07/01/20^(g)		1,000		991,080

				4,628,164

Louisiana — 1.8%
Louisiana Public Facilities Authority, RB, VRDN, Air Products & Chemicals Project, 0.97%, 08/01/50^(c)		5,500		5,500,000


Maryland — 1.1%
City of Baltimore Maryland, Refunding, Tax Allocation Bonds, 5.00%, 06/15/20		275		279,455
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		509,575
Maryland Economic Development Corp., RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20^(b)		395		401,537
Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 06/01/20		640		647,136
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community, 5.50%, 01/01/21^(b)		1,335		1,394,167

				3,231,870


12		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2019

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts — 3.5%
Massachusetts Bay Transportation Authority, Refunding RB, VRDN, General Transportation System, Series A-1, 0.92%, 03/01/30^(c)	$	9,600	$	9,600,000
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 01/01/20		1,000		1,000,000

				10,600,000

Michigan — 3.8%
City of Detroit Michigan, GO, Unlimited Tax, 5.00%, 04/01/20		1,000		1,006,240
City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 09/01/20		1,500		1,509,870
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.00%, 05/15/20^(b)		565		572,447
Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 07/01/20		1,000		1,012,260
Michigan Finance Authority, Refunding RB, Student Loan, Series 25-A, AMT, 5.00%, 11/01/20		1,800		1,850,562
Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 07/01/20		1,000		1,019,170
State of Michigan Building Authority, Refunding RB, Facilities Program:
Series 1-A, 5.00%, 10/15/20		325		334,870
Series 2-A, 4.00%, 10/15/20		1,205		1,232,221
State of Michigan Trunk Line Revenue, Refunding RB:
5.00%, 11/01/20		1,000		1,003,030
5.00%, 11/01/21		2,000		2,006,060

				11,546,730

Minnesota — 2.5%
Minnesota Housing Finance Agency, Refunding RB, VRDN, S/F, Residential Housing Finance (Ginnie Mae, Fannie Mae & Freddie Mac), 1.33%, 01/01/42^(c)		7,500		7,500,000


Mississippi — 0.3%
Mississippi Development Bank, Refunding RB, Series A (AGM), 5.00%, 03/01/20		1,035		1,040,941


Missouri — 1.2%
City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 09/01/20		3,000		3,073,770
State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/20		500		516,210

				3,589,980

Nebraska — 1.2%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/20		3,500		3,576,930


Nevada — 2.4%
County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 08/01/20		1,030		1,050,775
County of Clark Nevada Department of Aviation, Refunding ARB, Las Vegas McCarran International Airport, Series B, 5.00%, 07/01/20		1,000		1,018,890
Nevada Housing Division, RB, S/F Housing, VRDN, Series C (Ginnie Mae, Fannie Mae & Freddie Mac), 1.20%, 10/01/51^(c)		1,500		1,499,715
Washoe County School District, GO, School Improvement, Series C, 5.00%, 10/01/20		3,695		3,801,527

				7,370,907

New Jersey — 6.0%
County of Atlantic New Jersey, GO, Refunding, (BAM), 3.00%, 10/01/20		2,740		2,778,963
Garden State Preservation Trust, Refunding RB, Series C (AGM), 5.25%, 11/01/20		1,500		1,547,040


Security	Par (000)		Value

New Jersey (continued)
New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 07/01/20	$	250	$	254,700
New Jersey EDA, Refunding RB:
Cigarette Tax, 5.00%, 06/15/20		2,500		2,540,725
Provident Group Montclair (AGM), 4.00%, 06/01/20		105		106,108
School Facilities, Series GG, 5.00%, 09/01/22		2,000		2,082,760
School Facilities, Series K (AGC), 5.25%, 12/15/20		3,150		3,269,322
New Jersey Educational Facilities Authority, Refunding RB, Seton Hall University, Series D, 5.00%, 07/01/20		650		662,948
New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT, 5.00%, 12/01/20		2,900		2,996,309
New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/20		2,000		2,032,580

				18,271,455

New York — 5.5%
Build NYC Resource Corp., Refunding RB, Pratt Paper NY, Inc. Project, AMT, 3.75%, 01/01/20^(h)		95		95,000
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/20		450		454,113
County of Suffolk New York, GO, Transportation, Series I, 2.50%, 07/23/20		3,000		3,018,900
Metropolitan Transportation Authority, RB, BANS Transportation, Series A, 4.00%, 02/03/20		5,000		5,011,500
New York State Energy Research & Development Authority, Refunding RB, Electric & Gas Corp. Project, Series B, 2.00%, 02/01/29^(c)		3,000		3,006,450
New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 01/01/20		875		875,000
New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 08/01/20		3,500		3,568,215
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20		535		552,051
TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20		230		233,236

				16,814,465

North Carolina — 1.6%
North Carolina Municipal Power Agency No. 1, Refunding RB, Series B, 5.00%, 01/01/20		5,000		5,000,000


Ohio — 0.3%
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/20		1,000		1,015,530


Oklahoma — 0.4%
County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 09/01/22		1,100		1,184,194


Pennsylvania — 7.0%
Chester County Health & Education Facilities Authority, Refunding RB, Simpson Senior Services, Series A, 4.00%, 12/01/20		870		880,101
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, AMT, Series B, 5.00%, 07/01/20		1,450		1,476,521
Commonwealth of Pennsylvania, GO, Refunding, First Series, 5.00%, 08/15/20		1,000		1,023,490
Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran Social Project, 4.00%, 01/01/20		1,000		1,000,000
Montgomery County IDA, Refunding RB, Albert Einstein Healthcare, Series A, 5.00%, 01/15/20		1,400		1,401,638
Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement Project:
5.00%, 12/31/20		3,830		3,963,092
AMT, 5.00%, 06/30/20		295		300,118


SCHEDULES OF INVESTMENTS			13

Schedule of Investments (continued)

December 31, 2019

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20	$	2,175	$	2,219,783
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 4.00%, 10/01/20^(b)		1,210		1,226,855
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:
Drexel University, 5.00%, 05/01/20^(b)		1,480		1,498,752
Drexel University, 5.00%, 05/01/20		95		96,200
University Properties, Inc., 4.00%, 07/01/20		450		453,708
Widener University, 5.00%, 07/15/20		600		609,432
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 115A, AMT:
2.55%, 04/01/20		425		425,799
2.65%, 10/01/20		865		870,588
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 07/01/20		1,500		1,526,925
State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 07/15/20		995		1,014,303
Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 09/15/20		350		359,622
Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project, 4.00%, 07/01/20		465		469,055
Westmoreland County Municipal Authority, Refunding RB (BAM):
3.00%, 08/15/20		110		111,277
5.00%, 08/15/20		355		363,470

				21,290,729

Rhode Island — 3.0%
Rhode Island Commerce Corp., Refunding RB, Rhode Island Department of Transportation, Series A, 5.00%, 06/15/20		3,465		3,526,019
Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/20		1,500		1,519,845
Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20		3,850		3,971,198

				9,017,062

South Carolina — 0.7%
South Carolina State Ports Authority, RB, 5.00%, 07/01/20^(b)		2,000		2,037,500


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		333,479


Texas — 11.2%
Central Texas Regional Mobility Authority, Refunding RB:
5.00%, 01/01/20		620		620,000
Senior Lien, 5.75%, 01/01/20		1,140		1,140,000
Central Texas Turnpike System, RB, CAB^(g):
(AMBAC), 0.00%, 08/15/21^(b)		1,825		1,789,212
Series A (AMBAC), 0.00%, 08/15/21		6,165		6,037,138
Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/42^(c)		1,000		1,009,280
City of Houston Texas Airport System Revenue, Refunding RB:
Series B-2, AMT, 5.00%, 07/15/20		3,000		3,051,450
Subordinate Lien, Series B, 5.00%, 07/01/20		250		254,912
United Airlines, Inc. Terminal E Project, AMT, 4.50%, 07/01/20		5,000		5,063,800
Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20		3,715		3,813,447
Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 05/15/20		5,000		5,068,300


Security	Par (000)		Value

Texas (continued)
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:
4.00%, 04/01/20	$	180	$	180,724
4.00%, 04/01/20		415		416,706
4.00%, 04/01/20		585		587,404
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/20		5,000		5,166,650

				34,199,023

Virginia — 1.3%
City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20		2,000		2,069,140
Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 07/01/20		1,500		1,528,380
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A, 5.00%, 07/01/20^(h)		335		339,673

				3,937,193

Washington — 2.4%
County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20		2,625		2,717,505
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:
5.00%, 10/01/20		250		257,015
5.00%, 10/01/42^(c)		4,000		4,260,760

				7,235,280

Wisconsin — 0.1%
Wisconsin Health & Educational Facilities Authority, Refunding RB, ThedaCare, Inc., 5.00%, 12/15/20		250		258,785


Total Long-Term Investments — 85.6% (Cost — $258,757,133)				261,092,354


Short-Term Securities — 13.4%

Commercial Paper — 6.2%
City of Memphis Tennessee, 1.19%, 02/04/20		12,800		12,798,868
City of New Braunfels, 1.17%, 03/04/20		3,000		2,999,680
University of Texas, 1.14%, 01/09/20		3,000		2,999,739


Total Commercial Paper — 6.2% (Cost — $18,799,943)				18,798,287


	Shares

Money Market Fund — 7.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.51% (i)(j)		22,114,990		22,117,202


Total Money Market Fund — 7.2% (Cost — $22,117,138)				22,117,202


Total Short-Term Securities — 13.4% (Cost — $40,917,081)				40,915,489


Total Investments — 99.0% (Cost — $299,674,214)				302,007,843

Other Assets Less Liabilities — 1.0%				3,086,385


Net Assets Applicable to Common Shares — 100.0%			$	305,094,228

^(a)	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.

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

^(c)	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.


14		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued)

December 31, 2019

BlackRock Municipal 2020 Term Trust (BKK)

(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e)	Non-income producing security.

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

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

(j)	During the year ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates 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 12/31/18		Net Activity		Shares Held at 12/31/19		Value at 12/31/19		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		102,787		22,012,203		22,114,990	$	22,117,202	$	125,452	$	(486	)	$	60

^(a)

Includes net capital gain distributions, if applicable.

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.

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)	$	—	$	259,609,804	$	1,482,550	$	261,092,354
Short-Term Securities		22,117,202		18,798,287		—		40,915,489

	$	22,117,202	$	278,408,091	$	1,482,550	$	302,007,843

^(a)

See above Schedule of Investments for values in each state or political subdivision.

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			15

Statements of Assets and Liabilities

December 31, 2019


	BFO		BKK

ASSETS
Investments at value — unaffiliated^(a)	$	74,676,294	$	279,890,641
Investments at value — affiliated^(b)		4,477,486		22,117,202
Cash		—		830,000
Receivables:
Investments sold		100,000		—
Dividends — affiliated		5,369		23,004
Interest — unaffiliated		793,554		2,700,687
Prepaid expenses		605		—

Total assets		80,053,308		305,561,534


LIABILITIES
Bank overdraft		18,850		—
Payables:
Capital shares redeemed		39,159		—
Income dividend distributions		6,259		19,885
Investment advisory fees		—		251,837
Trustees’ and Officer’s fees		11,809		53,732
Other accrued expenses		72,019		141,852

Total liabilities		148,096		467,306


NET ASSETS	$	79,905,212	$	305,094,228


NET ASSETS CONSIST OF
Paid-in capital^(c)	$	79,480,297	$	296,901,576
Accumulated earnings		424,915		8,192,652

NET ASSETS	$	79,905,212	$	305,094,228

Net asset value	$	14.60	$	15.08


^(a) Investments at cost — unaffiliated	$	75,387,950	$	277,557,076
^(b) Investments at cost — affiliated	$	4,477,480	$	22,117,138
^(c) Shares outstanding, unlimited number of shares authorized, par value $0.001 per share		5,472,685		20,236,628

See notes to financial statements.


16		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Year Ended December 31, 2019


	BFO			BKK

INVESTMENT INCOME
Dividends — affiliated	$	24,066		$	125,452
Interest — unaffiliated		1,833,065			8,878,050

Total investment income		1,857,131			9,003,502


EXPENSES
Investment advisory		404,741			1,530,314
Professional		51,046			70,256
Accounting services		24,409			57,952
Transfer agent		20,457			8,533
Printing		11,692			12,837
Trustees and Officer		10,170			35,573
Registration		9,085			9,085
Custodian		1,497			3,907
Miscellaneous		18,410			39,973

Total expenses		551,507			1,768,430
Less fees waived and/or reimbursed by the Manager		(405,510	)		(9,575	)

Total expenses after fees waived and/or reimbursed		145,997			1,758,855

Net investment income		1,711,134			7,244,647


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(174	)		(486	)
Investments — unaffiliated		240,367			(9,660	)

		240,193			(10,146	)

Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		6			60
Investments — unaffiliated		(552,961	)		(688,784	)

		(552,955	)		(688,724	)

Net realized and unrealized loss		(312,762	)		(698,870	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,398,372		$	6,545,777

See notes to financial statements.


FINANCIAL STATEMENTS			17

Statements of Changes in Net Assets


	BFO
	Year Ended December 31, 2019			Period from 08/01/18 to 12/31/18			Year Ended July 31, 2018

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,711,134		$	598,578		$	1,732,910
Net realized gain (loss)		240,193			96,290			(5,962	)
Net change in unrealized appreciation (depreciation)		(552,955	)		(582,663	)		(1,753,710	)

Net increase (decrease) in net assets resulting from operations		1,398,372			112,205			(26,762	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,396,465	)		(723,077	)		(1,846,627	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		(1,295,031	)		—			—


NET ASSETS
Total decrease in net assets		(1,293,124	)		(610,872	)		(1,873,389	)
Beginning of year		81,198,336			81,809,208			83,682,597

End of year	$	79,905,212		$	81,198,336		$	81,809,208

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


18		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BKK
	Year Ended December 31, 2019			Period from 05/01/18 to 12/31/18			Year Ended April 30, 2018

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	7,244,647		$	5,494,701		$	8,824,400
Net realized loss		(10,146	)		(45,852	)		(1,118,558	)
Net change in unrealized appreciation (depreciation)		(688,724	)		(2,237,085	)		(5,373,942	)
Distributions to AMPS Shareholders:
Net investment income		—			—			(70,385	)
Net realized gain		—			—			(348	)

Net increase in net assets applicable to Common Shareholders resulting from operations		6,545,777			3,211,764			2,261,167


DISTRIBUTIONS TO COMMON SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to Common Shareholders		(7,358,038	)		(5,459,842	)		(9,866,024	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders		(812,261	)		(2,248,078	)		(7,604,857	)
Beginning of year		305,906,489			308,154,567			315,759,424

End of year	$	305,094,228		$	305,906,489		$	308,154,567

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


FINANCIAL STATEMENTS			19

Financial Highlights

(For a share outstanding throughout each period)


	BFO
	Year Ended December 31, 2019			Period from 08/01/18 to 12/31/2018			Year Ended July 31,
	Year Ended December 31, 2019			Period from 08/01/18 to 12/31/2018			2018			2017			2016			2015

Net asset value, beginning of period	$	14.60		$	14.71		$	15.05		$	15.50		$	15.37		$	15.42

Net investment income^(a)		0.31			0.11			0.31			0.37			0.46			0.42
Net realized and unrealized gain (loss)		(0.06	)		(0.09	)		(0.32	)		(0.40	)		0.05			(0.03	)
Distributions to AMPS Shareholders from net investment income		—			—			—			—			—			(0.00	)^(b)

Net increase (decrease) from investment operations		0.25			0.02			(0.01	)		(0.03	)		0.51			0.39

Distributions to Common Shareholders from net investment income^(c)		(0.25	)		(0.13	)		(0.33	)		(0.42	)		(0.38	)		(0.44	)


Net asset value, end of period	$	14.60		$	14.60		$	14.71		$	15.05		$	15.50		$	15.37


Market price, end of period	$	14.47		$	14.04		$	14.21		$	15.05		$	15.21		$	14.82


Total Return Applicable to Common Shareholders^(d)
Based on net asset value		1.76	%		0.17	%^(e)		(0.02	)%		(0.20	)%		3.41	%		2.59	%

Based on market price		4.88	%		(0.29	)%^(e)		(3.42	)%		1.70	%		5.24	%		0.62	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		0.68	%		0.63	%^(f)(g)(h)		0.65	%^(g)		0.64	%		0.64	%		0.68	%⁽ⁱ⁾

Total expenses after fees waived and paid indirectly		0.18	%		0.63	%^(f)(g)(h)		0.65	%^(g)		0.64	%		0.64	%		0.68	%⁽ⁱ⁾

Total expenses after fees waived and paid indirectly and excluding interest expense and fees, and amortization of offering costs^(j)(k)		0.18	%		0.63	%^(f)(g)(h)		0.65	%^(g)		0.64	%		0.64	%		0.68	%⁽ⁱ⁾

Net investment income		2.11	%		1.76	%^(f)(g)		2.10	%^(g)		2.43	%		3.00	%		2.69	%⁽ⁱ⁾

Distributions to AMPS Shareholders		—	%		—	%		—	%		—	%		—	%		0.00	%

Net investment income to Common Shareholders		2.11	%		1.76	%^(f)(g)		2.10	%^(g)		2.43	%		3.00	%		2.69	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	79,905		$	81,198		$	81,809		$	83,683		$	86,209		$	85,510

Borrowings outstanding, end of period (000)	$	—		$	—		$	—		$	—		$	—		$	134

Portfolio turnover rate		20	%		8	%		16	%		—	%		7	%		14	%

^(a)	Based on average Common Shares outstanding.

^(b)	Amount is greater than $(0.005) per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Annualized.

^(g)	Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.68%.

⁽ⁱ⁾	Does not reflect the effect of distributions to Auction Market Preferred Shares (“AMPS”) Shareholders.

^(j)	Interest expense and fees related to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

^(k)	The total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees were as follows:


	Year Ended December 31, 2019			Period from 08/01/18 to 12/31/18			Year Ended July 31,
	Year Ended December 31, 2019			Period from 08/01/18 to 12/31/18			2018			2017			2016			2015
Expense ratios		0.18	%		0.63	%		0.65	%		0.64	%		0.64	%		0.67	%

See notes to financial statements.


20		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BKK
	Year Ended December 31, 2019			Period from 05/01/18 to 12/31/18			Year Ended April 30,
	Year Ended December 31, 2019			Period from 05/01/18 to 12/31/18			2018			2017			2016			2015

Net asset value, beginning of period	$	15.12		$	15.23		$	15.60		$	16.27		$	16.30		$	16.22

Net investment income^(a)		0.36			0.27			0.44			0.55			0.57			0.61
Net realized and unrealized gain (loss)		(0.04	)		(0.11	)		(0.33	)		(0.66	)		(0.03	)		0.14

Distributions to AMPS Shareholders:
Net investment income		—			—			(0.00	)^(b)		(0.01	)		(0.01	)		(0.00	)^(b)
Net realized gain		—			—			(0.00	)^(b)		(0.00	)^(b)		—			—

Net increase (decrease) from investment operations		0.32			0.16			0.11			(0.12	)		0.53			0.75


Distributions to Common Shareholders^(c)
From net investment income		(0.36	)		(0.27	)		(0.48	)		(0.54	)		(0.56	)		(0.67	)
From net realized gain		—			—			(0.00	)^(b)		(0.01	)		(0.00	)^(b)		—

Total distributions		(0.36	)		(0.27	)		(0.48	)		(0.55	)		(0.56	)		(0.67	)


Net asset value, end of period	$	15.08		$	15.12		$	15.23		$	15.60		$	16.27		$	16.30


Market price, end of period	$	14.89		$	14.76		$	15.16		$	15.73		$	16.14		$	16.25


Total Return Applicable to Common Shareholders^(d)
Based on net asset value		2.17	%		1.08	%^(e)		0.76	%		(0.78	)%		3.39	%		4.67	%

Based on market price		3.34	%		(0.87	)%^(e)		(0.54	)%		0.85	%		2.87	%		1.90	%


Ratios to Average Net Assets Applicable to Common Shareholders
Total expenses		0.58	%		0.59	%^(f)(g)		0.62	%^(g)		0.67	%^(h)		0.69	%^(h)		0.72	%^(h)

Total expenses after fees waived and/or reimbursed and paid indirectly		0.57	%		0.59	%^(f)(g)		0.62	%^(g)		0.67	%^(h)		0.69	%^(h)		0.72	%^(h)

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, and amortization of offering costs^(i)(j)		0.57	%		0.59	%^(f)(g)		0.60	%^(g)		0.65	%^(h)		0.68	%^(h)		0.71	%^(h)

Net investment income		2.37	%		2.66	%^(f)		2.81	%^(g)		3.43	%^(h)		3.54	%^(h)		3.75	%^(h)

Distributions to AMPS Shareholders		—	%		—	%		0.02	%		0.08	%		0.03	%		0.02	%

Net investment income to Common Shareholders		2.37	%		2.66	%^(f)		2.79	%		3.35	%		3.51	%		3.73	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	305,094		$	305,906		$	308,155		$	315,759		$	329,241		$	329,810

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	—		$	—		$	—		$	11,328		$	34,578		$	53,700

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period (000)	$	—		$	—		$	—		$	721,856		$	263,065		$	178,543

Borrowings outstanding, end of period (000)	$	—		$	—		$	—		$	3,750		$	3,750		$	3,750

Portfolio turnover rate		6	%		8	%		9	%		8	%		4	%		11	%

^(a)	Based on average Common Shares outstanding.

^(b)	Amount is greater than $(0.005) per share.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(e)	Aggregate total return.

^(f)	Annualized.

^(g)	Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.60%.

^(h)	Does not reflect the effect of distributions to AMPS Shareholders.

⁽ⁱ⁾	Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

^(j)	The total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees were as follows:


	Year Ended December 31, 2019			Period from 05/01/18 to 12/31/18			Year Ended April 30,
	Year Ended December 31, 2019			Period from 05/01/18 to 12/31/18			2018			2017			2016			2015
Expense ratios		0.57	%		0.59	%		0.62	%		0.64	%		0.66	%		0.69	%

See notes to financial statements.


FINANCIAL HIGHLIGHTS			21

Notes to Financial Statements

1.	*ORGANIZATION*

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:


Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Florida Municipal 2020 Term Trust	BFO	Delaware	Non-diversified
BlackRock Municipal 2020 Term Trust	BKK	Delaware	Diversified

The Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees.” The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: The Trusts have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Trusts have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Trusts applied the amendments on a modified retrospective basis beginning with the fiscal period ended December 31, 2019. The adjusted cost basis of securities at December 31, 2018 for BKK is $299,852,469. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the NAV of BKK.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.


22		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

•

Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

•

Investments in open-end U.S. mutual funds are valued at NAV each business day.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.


		Standard Inputs Generally Considered By Third Party Pricing Services
Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.
Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

Fair Value Hierarchy: 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 statement purposes as follows:

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access


NOTES TO FINANCIAL STATEMENTS			23

Notes to Financial Statements (continued)

•

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 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 Private Companies. 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.

4.	*SECURITIES AND OTHER INVESTMENTS*

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments, When-Issued and Delayed Delivery Securities: Certain Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Trust may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Trust may be required to pay more at settlement than the security is worth. In addition, a Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: Certain Trusts leverage their assets through the use of “TOB Trust” transactions. The trusts transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating trusts that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a trust provide the trust with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The trusts may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other trusts managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a trust has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the trusts ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a trust, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Trusts) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a trust’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a trust to borrow money for purposes of making investments. Each trust’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a trust. A trust typically invests the cash received in additional municipal bonds.

Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a trust’s Schedules of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a trust’s payable to the holder of the TOB Trust Certificates, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a trust on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a trust incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of deferred offering costs in the Statements of Operations.


24		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

For the year ended December 31, 2019, the Trusts did not hold TOB Trusts.

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust pays the Manager a monthly fee at an annual rate equal to 0.50% of the average weekly value of each Trust’s managed assets.

For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

Expense Waivers: With respect to BFO, effective January 1, 2019, the Manager voluntarily agreed to waive the entirety of its investment advisory fees. This voluntary waiver may be reduced or discontinued at any time without notice. For the year ended December 31, 2019, the Manager waived $404,741 in investment advisory fees pursuant to this arrangement, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

With respect to each Trust, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). Effective December 1, 2019, with respect to BKK and BFO, this waiver and/or reimbursement became contractual through June 30, 2021. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2019 the amounts waived were as follows:


	BFO		BKK
Amounts waived	$	769	$	9,575

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2021. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the year ended December 31, 2019, there were no fees waived by the Manager pursuant to these arrangements.

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

6.	*PURCHASES AND SALES*

For the year ended December 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:


	BFO		BKK
Purchases	$	15,531,226	$	17,147,200
Sales		24,289,711		53,361,070

7.	*INCOME TAX INFORMATION*

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for the year ended April 30, 2017 for BKK, the two years ended July 31, 2017 for BFO, the period ended December 31, 2018 and the year ended December 31, 2019. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of December 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.


NOTES TO FINANCIAL STATEMENTS			25

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:


		BFO		BKK
Tax-exempt income^(a)	12/31/2019	$	1,396,465	$	7,358,038
	12/31/2018		722,804		5,459,492
	7/31/2018		1,846,627		—
	4/30/2018		—		9,876,404
Ordinary income^(b)	12/31/2018		273		350
	4/30/2018		—		23
Long-term capital gains^(c)	4/30/2018		—		60,330

Total	12/31/2019	$	1,396,465	$	7,358,038

	12/31/2018	$	723,077	$	5,459,842

	7/31/2018	$	1,846,627		—

	4/30/2018		—	$	9,936,757

^(a)

The Trusts designate these amounts paid during the fiscal period ended December 31, 2019 as exempt-interest dividends.

^(b)

Ordinary income consists primarily of taxable income recognized from market discount. Additionally, all ordinary income distributions are comprised of interest related dividends and are eligible for exemption from US withholding tax for nonresident aliens and foreign corporations.

^(c)

The Trusts designate these amounts paid during the fiscal period ended December 31, 2019 as capital gain dividends.

As of period end, the tax components of accumulated earnings were as follows:


	BFO			BKK
Undistributed tax-exempt income	$	1,638,232		$	6,974,252
Non-expiring capital loss carryforwards^(a)		(489,914	)		(1,061,541	)
Net unrealized gains (losses)^(b)		(723,403	)		2,279,941

	$	424,915		$	8,192,652

^(a)

Amounts available to offset future realized capital gains.

^(b)

The differences between book-basis and tax-basis net unrealized gains (losses) were attributable primarily to the tax deferral of losses on wash sales and the deferral of compensation to Trustees.

During the year ended December 31, 2019, the Trusts listed below utilized the following amounts of their respective capital loss carryforwards:


BFO		BKK
$	240,228	$	107,466

As of December 31, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:


	BFO			BKK
Tax cost	$	79,865,478		$	299,674,545

Gross unrealized appreciation	$	514,337		$	3,836,614
Gross unrealized depreciation		(1,226,035	)		(1,503,316	)

Net unrealized appreciation (depreciation)	$	(711,698	)	$	2,333,298

8.	*PRINCIPAL RISKS*

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Trust’s ability to buy or sell bonds. As a result, a Trust may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Trust needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations.

Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.


26		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The Trusts may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trusts reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a Trust.

There is no assurance that each Trust will achieve its investment objectives, including its investment objective of returning $15.00 per share. As each Trust approaches its scheduled termination date, it is expected that the maturity of each Trust’s portfolio securities will shorten, which is likely to reduce each Trust’s income and distributions to shareholders.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s net asset value and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

Concentration Risk: BFO invests a substantial amount of its assets in issuers located in a single state or limited number of states. This may subject the Trust to the risk that economic, political or social issues impacting a particular state or group of states could have an adverse and disproportionate impact on the income from, or the value or liquidity of, the Trust’s respective portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedules of Investments.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

9.	*CAPITAL SHARE TRANSACTIONS*

Each Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for each Trust’s Common Shares is $0.001.

On April 29, 2019, the Board of Trustees authorized BFO to participate in an open market share repurchase program (the “Repurchase Program”). Under the Repurchase Program, BFO may repurchase up to 20% of its outstanding common shares, based on common shares outstanding on March 31, 2019, in open market transactions through the earlier of (i) November 30, 2020 or (ii) BFO’s adoption of a plan of termination, subject to certain conditions. There is no assurance that BFO will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in BFO’s Statements of Changes in Net Assets. For the period shown, shares repurchased and cost, including transaction costs were as follows:


	Shares		Amount
December 31, 2019		89,443	$	1,295,031

For the year ended December 31, 2019, shares issued and outstanding remained constant for BKK. For the fiscal year ended 2018, shares issued and outstanding remained constant for BKK and BFO.

10.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:


	Common Dividend Per Share
	Paid^(a)		Declared^(b)
BFO	$	0.0025	$	0.0025
BKK		0.0100		0.0100

^(a)

Net investment income dividend paid on February 3, 2020 to Common Shareholders of record on January 15, 2020.

^(b)

Net investment income dividend declared on February 3, 2020, payable to Common Shareholders of record on February 14, 2020.


NOTES TO FINANCIAL STATEMENTS			27


Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of BlackRock Florida Municipal 2020 Term Trust and BlackRock Municipal 2020 Term Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Florida Municipal 2020 Term Trust and BlackRock Municipal 2020 Term Trust (the “Funds”), including the schedules of investments, as of December 31, 2019, the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, and the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fund	Statements of Changes in Net Assets	Financial Highlights
BlackRock Florida Municipal 2020 Term Trust	For the year ended December 31, 2019, for the period from August 1, 2018 through December 31, 2018 and for the year ended July 31, 2018	For the year ended December 31, 2019, for the period from August 1, 2018 through December 31, 2018 and for each of the four years in the period ended July 31, 2018
BlackRock Municipal 2020 Term Trust	For the year ended December 31, 2019, for the period from May 1, 2018 through December 31, 2018 and for the year ended April 30, 2018	For the year ended December 31, 2019, for the period from May 1, 2018 through December 31, 2018 and for each of the four years in the period ended April 30, 2018

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte &Touche LLP

Boston, Massachusetts

February 25, 2020

We have served as the auditor of one or more BlackRock investment companies since 1992.


28		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Automatic Dividend Reinvestment Plans

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust’s Common shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After the Trusts declare a dividend or determine to make a capital gain distribution or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts by the purchase of outstanding shares on the open market or on the Trusts’ primary exchange (“open-market purchases”). The Trusts will not issue any new shares under the Reinvestment Plan.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission fee. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4^th Street, Suite 1600, Louisville, KY 40202.


AUTOMATIC DIVIDEND REINVESTMENT PLANS			29

Trustee and Officer Information


Independent Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
Richard E. Cavanagh 1946	Co-Chair of the Board and Trustee (Since 2007)	Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.	86 RICs consisting of 110 Portfolios	None
Karen P. Robards 1950	Co-Chair of the Board and Trustee (Since 2007)	Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987.	86 RICs consisting of 110 Portfolios	Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017
Michael J. Castellano 1946	Trustee (Since 2011)	Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and since 2017; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) since 2015.	86 RICs consisting of 110 Portfolios	None
Cynthia L. Egan 1955	Trustee (Since 2016)	Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007.	86 RICs consisting of 110 Portfolios	Unum (insurance); The Hanover Insurance Group (insurance); Envestnet (investment platform) from 2013 until 2016
Frank J. Fabozzi^(d) 1948	Trustee (Since 2007)	Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011.	87 RICs consisting of 111 Portfolios	None
Henry Gabbay 1947	Trustee (Since 2019)	Board Member, BlackRock Equity-Bond Board from 2007 to 2018; Board Member, BlackRock Equity-Liquidity and BlackRock Closed-End Fund Boards from 2007 through 2014; Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly, BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	86 RICs consisting of 110 Portfolios	None


30		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)


Independent Trustees^(a) (continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
R. Glenn Hubbard 1958	Trustee (Since 2007)	Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988.	86 RICs consisting of 110 Portfolios	ADP (data and information services); Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014
W. Carl Kester^(d) 1951	Trustee (Since 2007)	George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981.	87 RICs consisting of 111 Portfolios	None
Catherine A. Lynch^(d) 1961	Trustee (Since 2016)	Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999.	87 RICs consisting of 111 Portfolios	None

Interested Trustees^(a)(e)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen^(d)	Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares^® businesses from 2012 to 2016.	123 RICs consisting of 287 Portfolios	None
John M. Perlowski^(d) 1964	Trustee (Since 2015); President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	124 RICs consisting of 288 Portfolios	None
^(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.
^(b) Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.
^(c) Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998. Mr. Gabbay became a member of the boards of the open-end funds in the BlackRock Fixed-Income Complex in 2007.
^(d) Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund.
^(e) Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.


TRUSTEE AND OFFICER INFORMATION			31

Trustee and Officer Information (continued)


Officers Who Are Not Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past Five Years
Jonathan Diorio 1980	Vice President (Since 2015)	Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.
Neal J. Andrews 1966	Chief Financial Officer (Since 2007)	Chief Financial Officer of the iShares^® exchange traded funds since 2019; Managing Director of BlackRock, Inc. since 2006.
Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares^® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares^® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975	Secretary (Since 2012)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.
^(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. ^(b)Officers of the Trust serve at the pleasure of the Board.

Effective February 19, 2020, Henry Gabbay resigned as a Trustee of the Trusts.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


32		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 29, 2019 for shareholders of record on May 30, 2019, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class III Trustees as follows:


	Richard E. Cavanagh				Cynthia L. Egan				Robert Fairbairn				Henry Gabbay
	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld
BFO		4,678,887		583,145		4,765,737		496,295		4,791,828		470,204		4,791,828		470,204
BKK		18,108,313		994,626		18,148,664		954,275		18,133,368		969,571		18,128,042		974,897

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, R. Glenn Hubbard, Catherine A. Lynch, John M. Perlowski, Karen P. Robards, Frank J. Fabozzi and W. Carl Kester.

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

During the period, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.


ADDITIONAL INFORMATION			33

Additional Information (continued)

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Trusts’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com; or by calling (800) 882-0052; and (2) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


34		2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


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

COP		Certificates of Participation

EDA		Economic Development Authority

EDC		Economic Development Corp.

GO		General Obligation Bonds

HFA		Housing Finance Agency

IDA		Industrial Development Authority

LOC		Letter of Credit

NPFGC		National Public Finance Guarantee Corp.

RB		Revenue Bonds

S/F		Single-Family

SBPA		Stand-by Bond Purchase Agreements

VRDN		Variable Rate Demand Notes


GLOSSARY OF TERMS USED IN THIS REPORT			35

Want to know more?

blackrock.com | 877-275-1255 (1-877-ASK-1BLK)

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

2020Term-12/19-AR

Item 2 –

Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi

Henry Gabbay

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

(a) Audit Fees

(b) Audit-Related Fees¹

(c) Tax Fees²

(d) All Other Fees

Entity Name

Current
Fiscal Year
End

Previous
Fiscal Year
End³

Current
Fiscal Year
End

Previous
Fiscal Year
End³

Current
Fiscal Year
End

Previous
Fiscal Year
End³

Current
Fiscal Year
End

Previous
Fiscal Year
End³

BlackRock Municipal 2020 Term Trust

$30,702

$27,632

$19,350

$12,900

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End³
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees⁴	$2,050,500	$2,274,000

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

²	The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³	The registrant changed its fiscal year end from April 30 to December 31 effective December 31, 2018 whereby this fiscal year consisted of the eight months ended December 31, 2018.

⁴

Non-audit fees of $2,050,500 and $2,274,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:


Entity Name	Current Fiscal Year End	Previous Fiscal Year End¹
BlackRock Municipal 2020 Term Trust	$19,350	$12,900

¹The registrant changed its fiscal year end from April 30 to December 31 effective December 31, 2018 whereby this fiscal year consisted of the eight months ended December 31, 2018.

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:


Current Fiscal Year End		Previous Fiscal Year End¹
$2,050,500		$2,274,000

¹The registrant changed its fiscal year end from April 30 to December31 effective December 31, 2018 whereby this fiscal year consisted of the eight months ended December 31, 2018.

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 –

Audit Committee of Listed Registrants

(a)

The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Michael Castellano

Frank J. Fabozzi

Henry Gabbay

Catherine A. Lynch

Karen P. Robards

(b)

Not Applicable

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Phillip Soccio, CFA, Director at BlackRock, and Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Each is jointly responsible for the day-to-day management of the registrant’s portfolio, which

includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and selection of its investments. Messrs. Soccio and Jaeckel have been members of the registrant’s portfolio management team since 2011 and 2006, respectively.


Portfolio Manager		Biography
Phillip Soccio		Director of BlackRock since 2009; Vice President of BlackRock from 2005 to 2008.
Theodore R. Jaeckel, Jr.		Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; Director of MLIM from 1997 to 2005.

(a)(2) As of December 31, 2019:


	(ii) Number of Other Accounts Managed and Assets by Account Type			(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts	Other Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts
Phillip Soccio, CFA	15	0	0	0	0	0
	$6.02 Billion	$0	$0	$0	$0	$0
Theodore R. Jaeckel, Jr.	33	0	0	0	0	0
	$31.65 Billion	$0	$0	$0	$0	$0

(iv)

Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors

and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this Fund are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2019:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2019.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Fund and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of

fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g., Standard & Poor’s Municipal Bond Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($280,000 for 2019). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in

BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2019:


Portfolio Manager		Dollar Range of Equity Securities of the Fund Beneficially Owned
Phillip Soccio		None
Theodore R. Jaeckel, Jr.		None

(b) Not Applicable

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(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.

(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 13 –

Exhibits attached hereto

(a)(1) – Code of Ethics – See Item 2

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – 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 6, 2020

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.

Date: March 6, 2020

Date: March 6, 2020

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/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal 2020 Term Trust