UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number:__811-21181______
_______BlackRock Municipal 2020 Term Trust_______
(Exact name of registrant as specified in charter)
Robert S. Kapito, President
BlackRock Municipal 2020 Term Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)
Registrant’s telephone number, including area code:_888-825-2257__________________
Date of fiscal year end:___December 31, 2006
Date of reporting period:__September 30, 2006
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER
30, 2006
BlackRock Municipal 2020 Term Trust (BKK)
| Principal | ||||||
| Amount | Option Call | |||||
| Rating1 | (000) | Description | Provisions2 | Value | ||
| LONG-TERM INVESTMENTS—153.2% | ||||||
| California—22.6% | ||||||
| A+ | $12,000 | California GO, 5.00%, 11/01/22 | 11/13 @ 100 | $ 12,604,440 | ||
| Foothill/Eastern Corridor Agcy. Toll Rd. Cap. Apprec. RB, | ||||||
| BBB | 12,500 | Zero Coupon, 1/15/21 | 01/10 @ 53.346 | 5,496,250 | ||
| BBB | 10,000 | Zero Coupon, 1/15/22 | 01/10 @ 50.177 | 4,136,800 | ||
| Golden St. Tobacco Sec. Corp. RB, | ||||||
| BBB | 3,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 @ 100 | 3,364,800 | ||
| BBB | 12,010 | Ser. A-1, 6.75%, 6/01/39 | 06/13 @ 100 | 13,556,047 | ||
| BBB | 975 | Ser. A-3, 7.875%, 6/01/42 | 06/13 @ 100 | 1,192,640 | ||
| BBB | 1,470 | Ser. A-5, 7.875%, 6/01/42 | 06/13 @ 100 | 1,798,133 | ||
| AAA | 20,000 | 3 | Ser. B, 5.375%, 6/01/10 | N/A | 21,248,000 | |
| AAA | 6,865 | Riverside Cnty. RB, Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA | No Opt. Call | 2,906,435 | ||
| A+ | 5,000 | Statewide Cmntys. Dev. Auth. RB, John Muir Hlth. Proj., Ser. A, 5.00%, 8/15/22 | 08/16 @ 100 | 5,282,800 | ||
| 71,586,345 | ||||||
| Colorado—1.7% | ||||||
| AAA | 4,500 | E-470 Pub. Hwy. Auth. Cap. Apprec. RB, Ser. B, Zero Coupon, 9/01/22, MBIA | No Opt. Call | 2,210,085 | ||
| Baa2 | 3,000 | Park Creek Met. Dist. RB, 5.25%, 12/01/25 | 12/15 @ 101 | 3,118,410 | ||
| 5,328,495 | ||||||
| District of Columbia—5.1% | ||||||
| RB, Friendship Pub. Charter Sch., Inc. Proj. | ||||||
| A | 3,320 | 5.00%, 6/01/23, ACA | 06/14 @ 100 | 3,385,371 | ||
| A | 2,680 | 5.75%, 6/01/18, ACA | 06/14 @ 100 | 2,911,069 | ||
| AAA | 5,000 | Met. Washington Arpts. Auth. Arpt. Sys. RB, Ser. C-2, 5.00%, 10/01/24, FSA, AMT | 10/14 @ 100 | 5,244,950 | ||
| BBB | 4,215 | Tobacco Settlement Fin. Corp. Asset Bkd. RB, 6.50%, 5/15/33 | No Opt. Call | 4,919,874 | ||
| 16,461,264 | ||||||
| Florida—14.8% | ||||||
| NR | 830 | Baywinds Cmnty. Dev. Dist. SA, Ser. B, 4.90%, 5/01/12 | No Opt. Call | 837,985 | ||
| NR | 4,690 | Bellago Edl. Facs. Benefit Dist. SA, Ser. A, 5.85%, 5/01/22 | 05/14 @ 100 | 4,849,085 | ||
| Baa2 | 1,500 | Cap. Trust Agcy. Multi-Fam. Hsg. RB, American Oppty. Proj., Ser. A, 5.75%, 6/01/23 | 06/13 @ 102 | 1,478,715 | ||
| NR | 3,000 | CFM Cmnty. Dev. Dist. Cap. Impvt. RB, Ser. B, 5.875%, 5/01/14 | No Opt. Call | 3,072,300 | ||
| NR | 4,320 | Grand Hampton Cmnty. Dev. Dist. Cap. Impvt. RB, 6.10%, 5/01/24 | 05/13 @ 101 | 4,533,321 | ||
| NR | 4,025 | Habitat Cmnty. Dev. Dist. SA, 5.80%, 5/01/25 | 05/14 @ 101 | 4,205,642 | ||
| BB+ | 5,475 | Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 6,191,130 | ||
| NR | 4,525 | Middle Vlg. Cmnty. Dev. Dist. SA, Ser. A, 5.80%, 5/01/22 | 05/13 @ 100 | 4,696,226 | ||
| NR | 1,000 | Pine Islands Cmnty. Dev. Dist. Util. Sys. RB, 5.30%, 11/01/10 | No Opt. Call | 996,370 | ||
| NR | 6,080 | Stevens Plantation Cmnty. Dist. SA, Ser. B, 6.375%, 5/01/13 | No Opt. Call | 6,262,339 | ||
| NR | 3,480 | Vlg. Cmnty. Dev. Dist. No. 5 SA, Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 3,677,107 | ||
| NR | 5,810 | Westchester Cmnty. Dev. Dist. No. 1 SA, 6.00%, 5/01/23 | 05/13 @ 101 | 6,165,398 | ||
| 46,965,618 | ||||||
| Georgia—1.6% | ||||||
| BBB | 2,500 | Milledgeville Baldwin Cnty. Dev. Auth. RB, Georgia Coll. & St. Univ. Fndtn. Proj., | ||||
| 5.50%, 9/01/24 | 09/14 @ 101 | 2,672,575 | ||||
| BBB | 2,350 | Richmond Cnty. Dev. Auth. Env. Impvt. RB, 5.75%, 11/01/27, AMT | 11/13 @ 100 | 2,470,978 | ||
| 5,143,553 | ||||||
| Illinois—12.5% | ||||||
| NR | 2,155 | 4 | Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 2,209,414 | |
| Chicago O’Hare Intl. Arpt. RB, | ||||||
| AAA | 5,000 | Ser. A, 5.00%, 1/01/21, AMBAC | 01/16 @ 100 | 5,323,150 | ||
| AAA | 7,000 | Ser. A, 5.00%, 1/01/22, AMBAC | 01/16 @ 100 | 7,441,350 | ||
| A- | 5,000 | Dev. Fin. Auth. RB, Depaul Univ. Proj., Ser. C, 5.25%, 10/01/24 | 10/14 @ 100 | 5,335,800 | ||
| AAA | 4,800 | Edl. Fac. Auth. RB, Northwestern Univ. Proj., 5.00%, 12/01/21 | 12/13 @ 100 | 5,077,584 | ||
| Fin. Auth. Student Hsg. RB, MJH Ed. Asst. Living Proj., | ||||||
| Baa2 | 2,725 | Ser. A, 5.00%, 6/01/24 | 06/14 @ 100 | 2,784,187 | ||
| Baa2 | 3,250 | Ser. A, 5.50%, 6/01/19 | 06/14 @ 100 | 3,467,620 | ||
| Baa3 | 1,075 | Ser. B, 5.00%, 6/01/24 | 06/14 @ 100 | 1,091,404 | ||
| AAA | 13,455 | Met. Pier & Expo. Auth. Ded. RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, | ||||
| 6/15/22, MBIA | No Opt. Call | 6,742,839 | ||||
| 39,473,348 | ||||||
1
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| Indiana—5.0% | ||||||||||
| BBB | $10,000 | Indianapolis Arpt. Auth. RB, FedEx Corp. Proj., 5.10%, 1/15/17, AMT | No Opt. Call | $ 10,590,200 | ||||||
| NR | 5,140 | Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 @ 102 | 5,134,089 | ||||||
| 15,724,289 | ||||||||||
| Kansas—1.1% | ||||||||||
| AAA | 6,440 | Wyandotte Cnty. Unified Gov’t. SO RB, Intl. Speedway Proj., Zero Coupon, 12/01/20, MBIA | No Opt. Call | 3,420,220 | ||||||
| Louisiana—0.7% | ||||||||||
| BBB | 2,000 | De Soto Parish Env. Impvt. RB, Ser. A, 5.85%, 11/01/27, AMT | 11/13 @ 100 | 2,114,800 | ||||||
| Maryland—5.5% | ||||||||||
| Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., | ||||||||||
| NR | 3,000 | 6.625%, 7/01/25 | 07/07 @ 102 | 3,089,940 | ||||||
| NR | 5,171 | Ser. A, 5.80%, 7/01/20 | 07/07 @ 102 | 5,258,080 | ||||||
| BBB+ | 8,500 | Hlth. & Higher Edl. Facs. Auth. RB, Medstar Hlth. Proj., 5.375%, 8/15/24 | 08/14 @ 100 | 9,057,090 | ||||||
| 17,405,110 | ||||||||||
| Massachusetts—1.5% | ||||||||||
| BBB | 4,500 | Dev. Fin. Agcy. Sld. Wst. Disp. RB, Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14, AMT | No Opt. Call | 4,792,050 | ||||||
| Minnesota—0.4% | ||||||||||
| A2 | 1,250 | Higher Ed. Facs. Auth. RB, Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24 | 10/14 @ 100 | 1,316,425 | ||||||
| Mississippi—1.0% | ||||||||||
| BBB | 3,000 | Warren Cnty. Env. Impvt. RB, Intl. Paper Proj., Ser. A, 5.85%, 11/01/27, AMT | 11/13 @ 100 | 3,172,200 | ||||||
| Missouri—3.5% | ||||||||||
| BBB+ | 5,000 | Dev. Fin. Brd. RB, Branson Landing Proj., Ser. A, 5.50%, 12/01/24 | 06/14 @ 100 | 5,300,600 | ||||||
| AA | 5,500 | Hlth. & Ed. Fac. Auth. RB, BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20 | 05/15 @ 100 | 5,827,250 | ||||||
| 11,127,850 | ||||||||||
| Multi-State—7.3% | ||||||||||
| Charter Mac Equity Issuer Trust, | ||||||||||
| A3 | 1,000 | 4 | Ser. A, 5.75%, 4/30/15 | No Opt. Call | 1,077,730 | |||||
| A3 | 2,500 | 4 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 2,770,650 | |||||
| Baa1 | 4,000 | 4 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 4,230,240 | |||||
| Baa1 | 2,500 | 4 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 2,705,675 | |||||
| Munimae TE Bond Subsidiary, LLC, | ||||||||||
| Baa2 | 5,000 | 4 | Ser. C1, 5.80%, 6/30/49 | 09/14 @ 100 | 5,100,650 | |||||
| Baa2 | 5,000 | 4 | Ser. C2, 5.80%, 6/30/49 | 09/19 @ 100 | 5,086,750 | |||||
| Baa3 | 2,000 | 4 | Ser. D, 5.90%, 9/15/49 | 09/15 @ 101 | 2,044,740 | |||||
| 23,016,435 | ||||||||||
| Nevada—2.2% | ||||||||||
| A+ | 5,000 | Clark Cnty. Econ. Dev. RB, Alexander Dawson Sch. Proj., 5.00%, 5/15/20 | 05/16 @ 100 | 5,264,950 | ||||||
| NR | 1,765 | Henderson Local Impvt. Dist. No. T18 SA, 5.15%, 9/01/21 | 03/07 @ 103 | 1,789,392 | ||||||
| 7,054,342 | ||||||||||
| New Hampshire—4.9% | ||||||||||
| Aaa | 10,000 | Bus. Fin. Auth. PCRB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT | 06/13 @ 102 | 10,265,000 | ||||||
| A- | 5,000 | Hlth. & Ed. Fac. RB, Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22 | 10/13 @ 100 | 5,342,250 | ||||||
| 15,607,250 | ||||||||||
| New Jersey—11.7% | ||||||||||
| Econ. Dev. Auth. RB, | ||||||||||
| BBB | 11,500 | Cigarette Tax Proj., 5.50%, 6/15/24 | 06/12 @ 100 | 12,098,460 | ||||||
| B | 5,000 | Continental Airlines, Inc. Proj., 7.00%, 11/15/30, AMT | 11/10 @ 101 | 5,247,150 | ||||||
| B | 1,500 | Continental Airlines, Inc. Proj., 9.00%, 6/01/33, AMT | 06/13 @ 101 | 1,825,020 | ||||||
| BBB- | 1,000 | First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13 | No Opt. Call | 1,011,840 | ||||||
| Baa3 | 7,500 | Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31, AMT | No Opt. Call | 8,870,025 | ||||||
| Baa1 | 4,000 | Hlth. Care Fac. Fin. Auth. RB, Cap. Hlth. Sys. Oblig. Grp. Proj., Ser. A, 5.75%, 7/01/23 | 07/13 @ 100 | 4,316,600 | ||||||
| Middlesex Cnty. Impvt. Auth. RB, | ||||||||||
| NR | 2,500 | Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25 | 01/15 @ 100 | 2,580,725 | ||||||
| Baa1 | 1,000 | Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23 | 08/14 @ 100 | 1,024,920 | ||||||
| 36,974,740 | ||||||||||
2
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| New York—8.4% | ||||||||||
| New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., | ||||||||||
| B | $ 5,635 | 7.625%, 8/01/25, AMT | 08/16 @ 101 | $6,618,871 | ||||||
| B | 5,000 | 7.75%, 8/01/31, AMT | 08/16 @ 101 | 5,911,800 | ||||||
| AAA | 8,500 | Energy Research & Dev. RB, Brooklyn Union Gas/Keyspan Proj., Ser. A, 4.70%, | ||||||||
| 2/01/24, FGIC, AMT | 02/16 @ 100 | 8,666,770 | ||||||||
| AA- | 5,000 | Tobacco Settlement Fin. Corp. SA, Ser. B1, 5.50%, 6/01/20 | 06/13 @ 100 | 5,437,400 | ||||||
| 26,634,841 | ||||||||||
| Ohio—4.9% | ||||||||||
| Cuyahoga Cnty. RB, Cleveland Clinic Hlth. Sys. Proj., | ||||||||||
| Aa3 | 3,000 | 6.00%, 1/01/19 | 07/13 @ 100 | 3,349,410 | ||||||
| Aa3 | 10,000 | 6.00%, 1/01/20 | 07/13 @ 100 | 11,145,900 | ||||||
| NR | 1,100 | Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. RB, Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 1,153,273 | ||||||
| 15,648,583 | ||||||||||
| Oklahoma—1.2% | ||||||||||
| B | 3,350 | Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35, AMT | No Opt. Call | 3,840,909 | ||||||
| Pennsylvania—6.1% | ||||||||||
| BBB+ | 6,680 | Higher Edl. Fac. RB, La Salle Univ. Proj., 5.50%, 5/01/26 | 05/13 @ 100 | 7,107,119 | ||||||
| A+ | 10,000 | Lancaster Cnty. Hosp. Auth. RB, Gen. Hosp. Proj., 5.75%, 3/15/20 | 09/13 @ 100 | 10,950,500 | ||||||
| NR | 1,275 | Montgomery Cnty. Indl. Dev. Auth. RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21 | 02/15 @ 100 | 1,351,424 | ||||||
| 19,409,043 | ||||||||||
| Puerto Rico—4.8% | ||||||||||
| BBB | 3,300 | Comnwlth. Pub. Impvt. GO, Ser. B, 5.25%, 7/01/17 | 07/16 @ 100 | 3,613,170 | ||||||
| A3 | 10,900 | Elec. Pwr. Auth. RB, Ser. NN, 5.125%, 7/01/24 | 07/13 @ 100 | 11,512,144 | ||||||
| 15,125,314 | ||||||||||
| Rhode Island—1.5% | ||||||||||
| Baa2 | 4,500 | 3 | Hlth. & Edl. Bldg. Corp. Hosp. Fin. RB, Ser. A, 5.875%, 9/15/08 | N/A | 4,691,610 | |||||
| Tennessee—3.5% | ||||||||||
| AA- | 10,000 | Energy Aquisition Corp. RB, Ser. A, 5.25%, 9/01/20 | No Opt. Call | 11,119,500 | ||||||
| Texas—5.9% | ||||||||||
| BBB | 1,100 | Brazos River Auth. PCRB, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38, AMT | No Opt. Call | 1,241,185 | ||||||
| BBB- | 3,500 | Port Corpus Christi Indl. Dev. Corp. RB, Valero Proj., Ser. C, 5.40%, 4/01/18 | 04/08 @ 102 | 3,638,845 | ||||||
| Tpke. Auth. RB, Central Texas Tpke. Sys. Proj., | ||||||||||
| AAA | 7,990 | Ser. A, Zero Coupon, 8/15/21, AMBAC | No Opt. Call | 4,184,044 | ||||||
| AAA | 8,450 | Ser. A, Zero Coupon, 8/15/24, AMBAC | No Opt. Call | 3,802,669 | ||||||
| Weatherford Indpt. Sch. Dist. GO, | ||||||||||
| AAA | 6,945 | Zero Coupon, 2/15/23, PSF | 02/11 @ 50.236 | 2,916,344 | ||||||
| AAA | 6,945 | Zero Coupon, 2/15/24, PSF | 02/11 @ 47.435 | 2,750,220 | ||||||
| 18,533,307 | ||||||||||
| Trust Territories—1.3% | ||||||||||
| A | 4,000 | 4 | San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16 | 12/13 @ 102 | 4,028,680 | |||||
| U.S. Virgin Islands—0.3% | ||||||||||
| BBB | 1,000 | Pub. Fin. Auth. RB, Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17 | 10/14 @ 100 | 1,071,360 | ||||||
| Virginia—7.5% | ||||||||||
| NR | 5,000 | Celebrate North Cmnty. Dev. Auth. SA, Ser. B, 6.60%, 3/01/25 | 03/14 @ 102 | 5,318,850 | ||||||
| BBB | 10,000 | Charles City Cnty. Econ. Dev. Auth. Sld. Wst. Disp. RB, 5.125%, 8/01/27, AMT | 09/06 @ 100 | 10,249,300 | ||||||
| Baa1 | 7,500 | Mecklenburg Cnty. Ind. Dev. Auth. RB, Exempt FAC-UAE LP Proj., 6.50%, 10/15/17, AMT | 10/12 @ 100 | 8,280,225 | ||||||
| 23,848,375 | ||||||||||
| Washington—2.6% | ||||||||||
| Washington GO, | ||||||||||
| AAA | 10,000 | Ser. S-5, Zero Coupon, 1/01/19, FGIC | No Opt. Call | 5,904,900 | ||||||
| AAA | 4,630 | Mtr. Veh. Proj., Ser. F, Zero Coupon, 12/01/21, MBIA | No Opt. Call | 2,379,496 | ||||||
| 8,284,396 | ||||||||||
| Wisconsin—2.1% | ||||||||||
| Hlth. & Ed. Fac. Auth. RB, Wheaton Franciscan Svcs. Proj., | ||||||||||
| A | 2,880 | 5.50%, 8/15/17 | 08/13 @ 100 | 3,093,984 | ||||||
| A | 3,190 | 5.50%, 8/15/18 | 08/13 @ 100 | 3,409,408 | ||||||
| 6,503,392 | ||||||||||
| Total Long-Term Investments (cost $455,264,924) | 485,423,644 | |||||||||
3
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | ||||||
| Amount | ||||||
| Rating1 | (000) | Description | Value | |||
| SHORT-TERM INVESTMENTS—1.4% | ||||||
| New York—0.1% | ||||||
| A-1+ | $ 300 | 5 | Triborough Brdg. & Tunl. Auth. RB, 3.71%, 10/05/06, FRWD | N/A | $ 300,000 | |
| Tennessee—0.6% | ||||||
| VMIG1 | 1,800 | 5 | Montgomery Cnty. Pub. Bldg. Auth. RB, 3.85%, 10/02/06, FRDD | N/A | 1,800,000 | |
| Money Market Fund—0.7% | ||||||
| NR | 2,350 | AIM Tax Free Cash Reserve Portfolio | N/A | 2,350,000 | ||
| Total Short-Term Investments (cost $4,450,000) | 4,450,000 | |||||
| Total Investments—154.6% (cost $459,714,9246) | $ 489,873,644 | |||||
| Other assets in excess of liabilities—1.5% | 4,601,813 | |||||
| Preferred shares at redemption value, including dividends payable—(56.1)% | (177,679,227) | |||||
| Net Assets Applicable to Common Shareholders—100% | $ 316,796,230 | |||||
| 1 | Using the highest of Standard & Poor’s, Moody’s Investmors Services or Fitch’s ratings. | |
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. | |
| 3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | |
| 4 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of September 30, 2006, the Trust held 9.2% of its net assets, with a current market value of $29,254,529, in securities restricted as to resale. | |
| 5 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of September 30, 2006. | |
| 6 | Cost for Federal income tax purposes is $459,687,475. The net unrealized appreciation on a tax basis is $30,186,169, consisting of $30,191,538 gross unrealized appreciation and $5,369 gross unrealized depreciation. | |
| ACA | — | American Capital Access | MBIA | — | Municipal Bond Insurance Assoc. | ||
| AMBAC | — | American Municipal Bond Assurance Corp. | PCRB | — | Pollution Control Revenue Bond | ||
| AMT | — | Subject to Alternative Minimum Tax | PSF | — | Public School Fund Guaranteed | ||
| FGIC | — | Financial Guaranty Insurance Co. | RB | — | Revenue Bond | ||
| FRDD | — | Floating Rate Daily Demand | SA | — | Special Assessment | ||
| FRWD | — | Floating Rate Weekly Demand | SO | — | Special Obligation | ||
| FSA | — | Financial Security Assurance | ST | — | Special Tax | ||
| GO | — | General Obligation | TA | — | Tax Allocation | ||
4
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
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.
(Registrant)___BlackRock Municipal 2020 Term Trust___
By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: November 29, 2006
By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006