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) 


100 Bellevue Parkway, Wilmington, DE   19809 
(Address of principal executive offices)  (Zip code) 


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, 2007
Date of reporting period:   March 31, 2007

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)
 MARCH 31, 2007

 

BlackRock Municipal 2020 Term Trust (BKK)

 

(Percentages shown are based on Net Assets)

Principal    
       
Amount    
Option Call
       
(000)   Description 
Provisions1
    Value   
    LONG-TERM INVESTMENTS—152.9% 
       
    California—22.9% 
       
$  12,000   California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.00%, 11/01/22 
11/13 @ 100
  $  12,645,720   
    Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, Cap. Apprec. Proj., 
       
12,500      Zero Coupon, 1/15/21 
01/10 @ 53.346
    5,842,500   
10,000      Zero Coupon, 1/15/22 
01/10 @ 50.177
    4,394,200   
    Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB, 
       
3,000 2    Ser. A-1, 6.625%, 6/01/13 
N/A
    3,474,870   
12,010 2    Ser. A-1, 6.75%, 6/01/13 
N/A
    13,993,091   
975 2    Ser. A-3, 7.875%, 6/01/13 
N/A
    1,194,736   
1,470 2    Ser. A-5, 7.875%, 6/01/13 
N/A
    1,801,294   
20,000 2    Ser. B, 5.375%, 6/01/10 
N/A
    21,059,400   
6,865   Riverside Cnty. Asset Leasing Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Riverside 
       
       Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA 
No Opt. Call
    3,036,664   
5,000   Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, John Muir Hlth. 
       
       Proj., Ser. A, 5.00%, 8/15/22 
08/16 @ 100
    5,263,500   
     
    72,705,975   
    Colorado—1.7% 
       
4,500   E-470 Pub. Hwy. Auth., Cap. Apprec. Hwy. Impvt. Tolls RB, Ser. B, Zero Coupon, 
       
       9/01/22, MBIA 
No Opt. Call
    2,314,080   
3,000   Pk. Creek Met. Dist., Misc. RB, 5.25%, 12/01/25 
12/15 @ 101
    3,158,160   
     
    5,472,240   
    District of Columbia—5.2% 
       
    Dist. of Columbia, Misc. RB, Friendship Pub. Charter Sch., Inc. Proj., 
       
3,320      5.00%, 6/01/23, ACA 
06/14 @ 100
    3,432,880   
2,680      5.75%, 6/01/18, ACA 
06/14 @ 100
    2,924,309   
5,000   Met. Washington Arpts. Auth., Port, Arpt. & Marina RB, Ser. C-2, 5.00%, 10/01/24, FSA, 
       
       AMT 
10/14 @ 100
    5,199,650   
4,215   Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33 
No Opt. Call
    5,022,088   
     
    16,578,927   
    Florida—13.5% 
       
4,690   Bellago Edl. Facs. Benefit Dist., Sch. Impvts. SA, Ser. A, 5.85%, 5/01/22 
05/14 @ 100
    4,953,813   
3,000   CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14 
No Opt. Call
    3,123,990   
4,185   Grand Hampton Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 6.10%, 5/01/24 
05/13 @ 101
    4,484,353   
3,905   Habitat Cmnty. Dev. Dist., Pub. Impvts. SA, 5.80%, 5/01/25 
05/14 @ 101
    4,089,355   
5,475   Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. 
       
       Ctr. Proj., 6.75%, 11/15/21 
11/14 @ 100
    6,209,417   
4,525   Middle Vlg. Cmnty. Dev. Dist., Econ. Impvts. SA, Ser. A, 5.80%, 5/01/22 
05/13 @ 100
    4,712,697   
840   Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10 
No Opt. Call
    846,493   
5,245   Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13 
No Opt. Call
    5,322,888   
3,105   Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.00%, 5/01/22 
05/13 @ 101
    3,305,831   
5,605   Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23 
05/13 @ 101
    5,967,531   
     
    43,016,368   
    Georgia—1.6% 
       
2,500   Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. 
       
       Univ. Fndtn. Proj., 5.50%, 9/01/24 
09/14 @ 101
    2,679,000   
2,350   Richmond Cnty. Dev. Auth., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., 5.75%, 
       
       11/01/27, AMT 
11/13 @ 100
    2,482,822   
     
    5,161,822   
    Illinois—12.5% 
       
2,155 3 Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 
No Opt. Call
    2,227,451   
    Chicago O'Hare Intl. Arpt., Port, Arpt. & Marina Impvts. RB, 
       
5,000      Ser. A, 5.00%, 1/01/21, AMBAC 
01/16 @ 100
    5,312,700   
7,000      Ser. A, 5.00%, 1/01/22, AMBAC 
01/16 @ 100
    7,421,960   
4,800   Edl. Fac. Auth., Univ. & Coll. Impvts. RB, Northwestern Univ. Proj., 5.00%, 12/01/21 
12/13 @ 100
    5,052,432   
    Fin. Auth., Univ. & Coll. Impvts. RB, 
       
5,000      DePaul Univ. Proj., Ser. C, 5.25%, 10/01/24 
10/14 @ 100
    5,269,100   
2,725      MJH Ed. Asst. Living Proj., Ser. A, 5.00%, 6/01/24 
06/14 @ 100
    2,815,960   

1

 

 

BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

Principal    
       
Amount    
Option Call
       
(000)   Description 
Provisions1
    Value   
   
Illinois—(cont'd)
       
$    3,250  
   MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19
06/14 @ 100
  $ 3,469,635   
1,075  
   MJH Ed. Asst. Living Proj., Ser. B, 5.00%, 6/01/24
06/14 @ 100
    1,094,372   
13,455  
Met. Pier & Expo. Auth., Misc. Taxes RB, McCormick Place Expansion Proj., Ser. A, Zero
       
   
   Coupon, 6/15/22, MBIA
No Opt. Call
    7,034,543   
   
    39,698,153   
   
Indiana—4.9%
       
10,000  
Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%, 1/15/17,
       
   
   AMT
No Opt. Call
    10,595,500   
4,975  
Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24
01/09 @ 102
    5,019,675   
   
    15,615,175   
   
Kansas—1.1%
       
6,440  
Wyandotte Cnty.-Kansas City Unified Gov't., Recreational Fac. Impvts. Sales Tax RB, Intl.
       
   
   Speedway Proj., Zero Coupon, 12/01/20, MBIA
No Opt. Call
    3,454,287   
   
Kentucky—0.6%
       
2,000  
Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT
07/16 @ 100
    2,005,840   
   
Louisiana—0.7%
       
2,000  
Desoto Parish, Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27,
       
   
   AMT
11/13 @ 100
    2,142,220   
   
Maryland—5.5%
       
   
Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj.,
       
3,000  
   6.625%, 7/01/25
07/07 @ 102
    3,074,790   
5,171  
   Ser. A, 5.80%, 7/01/20
07/07 @ 102
    5,289,468   
8,500  
Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Medstar Hlth., Inc.
       
   
   Proj., 5.375%, 8/15/24
08/14 @ 100
    9,044,170   
   
    17,408,428   
   
Massachusetts—1.5%
       
4,500  
Dev. Fin. Agcy., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14, AMT
No Opt. Call
    4,773,915   
   
Minnesota—0.4%
       
1,250  
Higher Ed. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of St. Thomas Proj., Ser. 5,
       
   
   5.00%, 10/01/24
10/14 @ 100
    1,302,350   
   
Mississippi—1.0%
       
3,000  
Warren Cnty., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27,
       
   
   AMT
11/13 @ 100
    3,178,350   
   
Missouri—3.5%
       
5,000  
Dev. Fin. Brd., Econ. Impvts. RB, Branson Landing Proj., Ser. A, 5.50%, 12/01/24
06/14 @ 100
    5,303,150   
5,500  
Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, BJC Hlth. Sys. Proj., Ser. A,
       
   
   5.00%, 5/15/20
05/15 @ 100
    5,799,970   
   
    11,103,120   
   
Multi-State—7.4%
       
   
Charter Mac Equity Issuer Trust,
       
1,000 3
   Ser. A, 5.75%, 4/30/15
No Opt. Call
    1,081,330   
2,500 3
   Ser. A, 6.00%, 4/30/19
No Opt. Call
    2,793,350   
4,000 3
   Ser. B, 6.00%, 4/30/15
No Opt. Call
    4,340,360   
2,500 3
   Ser. B, 6.30%, 4/30/19
No Opt. Call
    2,702,150   
   
Munimae TE Bond Subsidiary LLC,
       
5,000 3,4
   Ser. C1, 5.80%
09/14 @ 100
    5,189,000   
5,000 3,4
   Ser. C2, 5.80%
09/19 @ 100
    5,360,450   
2,000 3,4
   Ser. D, 5.90%
09/15 @ 101
    2,112,840   
   
    23,579,480   
   
Nevada—2.2%
       
5,000  
Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/20
05/16 @ 100
    5,234,700   
1,765  
Henderson Local Impvt. Dists. No. T-18, Pub. Impvts. SA, 5.15%, 9/01/21
09/07 @ 103
    1,802,436   
   
    7,037,136   
   
New Hampshire—4.9%
       
10,000  
Bus. Fin. Auth., Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT
06/13 @ 102
    10,197,200   
5,000  
Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elliot Hosp. Proj., Ser. B,
       
   
   5.60%, 10/01/22
10/13 @ 100
    5,364,150   
   
    15,561,350   

2

 

 

BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

Principal    
       
Amount    
Option Call
       
(000)   Description 
Provisions1
    Value   
   
New Jersey—11.7%
       
   
Econ. Dev. Auth.,
       
$ 11,500  
   Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24
06/12 @ 100
  $ 12,098,690   
7,500  
   Econ. Impvts. Elec., Pwr. & Lt. RB, New Jersey Metromall Urban Renewal Proj., 6.50%,
       
   
   4/01/31, AMT
No Opt. Call
    8,961,750   
1,000  
   Hlth., Hosp. & Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 4.80%, 11/01/13
No Opt. Call
    1,023,190   
5,000  
   Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT
11/10 @ 101
    5,355,500   
1,500  
   Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 9.00%, 6/01/33, AMT
06/13 @ 101
    1,832,310   
4,000  
Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Cap. Hlth. Sys., Inc. Proj.,
       
   
   Ser. A, 5.75%, 7/01/23
07/13 @ 100
    4,296,600   
   
Middlesex Cnty. Impvt. Auth.,
       
2,500  
   Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.125%,
       
   
   1/01/25
01/15 @ 100
    2,585,975   
1,000  
Univ. & Coll. Impvts. RB, Student Hsg. Urban Renewal Proj., Ser. A, 5.00%, 8/15/23
08/14 @ 100
    1,041,220   
   
  37,195,235   
   
New York—8.5%
       
8,500  
Energy Research & Dev. Auth., Natural Gas RB, Brooklyn Union Gas Co. Proj., Ser. A,
       
   
   4.70%, 2/01/24, FGIC, AMT
02/16 @ 100
    8,672,720   
   
New York City Indl. Dev. Agcy.,
       
5,635  
   Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%,
       
   
   8/01/25, AMT
08/16 @ 101
    6,791,865   
5,000  
   Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%,
       
   
   8/01/31, AMT
08/16 @ 101
    6,057,700   
5,000  
Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C, 5.50%,
       
   
   6/01/20
06/13 @ 100
    5,420,350   
   
  26,942,635   
   
Ohio—4.9%
       
   
Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj.,
       
3,000  
   6.00%, 1/01/19
07/13 @ 100
    3,328,830   
10,000  
   6.00%, 1/01/20
07/13 @ 100
    11,096,100   
1,100  
Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22
12/14 @ 101
    1,161,479   
   
  15,586,409   
   
Oklahoma—1.2%
       
3,350  
Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A,
       
   
   7.75%, 6/01/35, AMT
No Opt. Call
    3,966,903   
   
Pennsylvania—6.1%
       
6,680  
Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB, La Salle Univ. Proj., 5.50%, 5/01/26
05/13 @ 100
    7,053,746   
10,000 2
Lancaster Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Lancaster Gen.
       
   
   Hosp. Proj., 5.75%, 9/15/13
N/A
    11,131,500   
1,275  
Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh
       
   
   Continuing Care Proj., 6.00%, 2/01/21
02/15 @ 100
    1,342,371   
   
  19,527,617   
   
Puerto Rico—4.8%
       
3,300  
Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17
07/16 @ 100
    3,586,902   
10,900  
Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. NN, 5.125%, 7/01/24
07/13 @ 100
    11,559,450   
   
  15,146,352   
   
Rhode Island—1.5%
       
4,500 2
Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.875%, 9/15/08
N/A
    4,633,110   
   
Tennessee—3.4%
       
10,000  
Energy Acquisition Corp., Natural Gas Util. Impvts. RB, Ser. A, 5.25%, 9/01/20
No Opt. Call
    10,982,100   
   
Texas—5.9%
       
1,100  
Brazos River Auth., Elec., Pwr. & Lt. RB, TXU Energy Co. LLC Proj., Ser. A, 6.75%,
       
   
   4/01/38, AMT
No Opt. Call
    1,193,731   
3,500  
Port Corpus Christi Indl. Dev. Corp., Indl. RB, Valero Energy Corp. Proj., Ser. C, 5.40%,
       
   
   4/01/18
04/08 @ 102
    3,608,990   
   
Tpke. Auth., Hwy. Impvts. Tolls RB, Central Texas Tpke. Sys. Proj.,
       
7,990  
   Ser. A, Zero Coupon, 8/15/21, AMBAC
No Opt. Call
    4,304,133   
8,450  
   Ser. A, Zero Coupon, 8/15/24, AMBAC
No Opt. Call
    3,960,008   
   
Weatherford Indpt. Sch. Dist., Cap. Apprec. Ad Valorem Ppty. Tax GO,
       
8,080 2
   Zero Coupon, 2/15/11, PSF
N/A
    3,411,619   
2,905  
   Zero Coupon, 2/15/23, PSF
02/11 @ 50.236
    1,231,923   

3

 

 

BlackRock Municipal 2020 Term Trust (BKK) (continued)

 

(Percentages shown are based on Net Assets)

Principal    
       
Amount    
Option Call
       
(000)   Description 
Provisions1
    Value   
    Texas—(cont'd) 
       
$   2,905      Zero Coupon, 2/15/24, PSF 
02/11 @ 47.435
  $ 1,163,249  
     
    18,873,653  
    Trust Territories—1.3% 
       
4,000 3 San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16 
12/13 @ 102
    3,996,680  
    U.S. Virgin Islands—0.3% 
       
1,000   Pub. Fin. Auth., Swr. Impvts. Swr. RB, Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 
       
       10/01/17 
10/14 @ 100
    1,070,430  
    Virginia—7.5% 
       
5,000   Celebrate North Cmnty. Dev. Auth., Wtr. Util. Impvts. SA, Ser. B, 6.60%, 3/01/25 
03/14 @ 102
    5,384,400  
10,000   Charles City Cnty. Econ. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., 
       
       5.125%, 8/01/27, AMT 
05/14 @ 100
    10,004,900  
7,500   Mecklenburg Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Dominion Recs., Inc. Proj., 
       
       6.50%, 10/15/17, AMT 
10/12 @ 100
    8,362,425  
     
    23,751,725  
    Washington—2.7% 
       
    Washington, 
       
4,630      Pub. Impvts. Sales Tax GO, Ser. F, Zero Coupon, 12/01/21, MBIA 
No Opt. Call
    2,459,225  
10,000      Recreational Fac. Impvts. GO, Ser. S-5, Zero Coupon, 1/01/19, FGIC 
No Opt. Call
    6,079,200  
     
    8,538,425  
    Wisconsin—2.0% 
       
    Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Wheaton Franciscan Svcs. Proj.,        
2,880      5.50%, 8/15/17 
08/13 @ 100
    3,067,142  
3,190      5.50%, 8/15/18 
08/13 @ 100
    3,388,514  
     
    6,455,656  
    Total Long-Term Investments (cost $454,005,924) 
    486,462,066  
    SHORT-TERM INVESTMENTS—1.0% 
       
    Kentucky—0.8% 
       
2,500 5 Pub. Energy Auth., Natural Gas Util. Impvts. RB, BP Corp. N.A., Inc. Proj., Ser. A, 3.81%, 
       
       4/02/07, FRDD 
N/A
    2,500,000  
    Texas—0.2% 
       
100 5 Bell Cnty. Hlth. Fac. Dev. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Scott & White 
       
       Mem. Hosp. Proj., 3.77%, 4/02/07, MBIA, FRDD 
N/A
    100,000  
600 5 Harris Cnty. Hlth. Facs. Dev. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Children's 
       
       Hosp. Proj., Ser. B-1, 3.80%, 4/02/07, MBIA, FRDD 
N/A
    600,000  
     
    700,000  
    Total Short-Term Investments (cost $3,200,000) 
    3,200,000  
    Total Investments —153.9% (cost $457,205,9246) 
  $ 489,662,066  
    Other assets in excess of liabilities —1.9% 
    6,159,826  
    Preferred shares at redemption value, including dividends payable —(55.8)% 
    (177,679,389 ) 
    Net Assets Applicable to Common Shareholders—100% 
  $ 318,142,503  

  ________________
1 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2 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.
3 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 March 31, 2007, the Trust held 9.4% of its net assets, with a current market value of $29,803,611, in securities restricted as to resale.
4 The security is a perpetual bond and has no stated maturity date.
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 March 31, 2007.
6 Cost for federal income tax purposes is $457,182,452. The net unrealized appreciation on a tax basis is $32,479,614, consisting of $32,489,187 gross unrealized appreciation and $9,573 gross unrealized depreciation.
 

KEY TO ABBREVIATIONS

ACA  — American Capital Access    MBIA  — Municipal Bond Insurance Assoc. 
AMBAC  — American Municipal Bond Assurance Corp.    PSF  — Public School Fund Guaranteed 
AMT  — Subject to Alternative Minimum Tax    RB  — Revenue Bond 
FGIC  — Financial Guaranty Insurance Co.    SA  — Special Assessment 
FRDD  — Floating Rate Daily Demand    ST  — Special Tax 
FSA  — Financial Security Assurance    TA  — Tax Allocation 
GO  — General Obligation       

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: May 25, 2007 

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: May 25, 2007

 

By:   /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: May 25, 2007