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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

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: Anne F. Ackerley, Chief Executive Officer, BlackRock
Municipal 2020 Term Trust, 55 East 52nd Street, New York, NY 10055.

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

Date of fiscal year end: 04/30/2011

Date of reporting period: 07/31/2010

Item 1 – Schedule of Investments



Schedule of Investments July 31, 2010 (Unaudited)

BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 0.4%       
Courtland IDB Alabama, Refunding RB,     
International Paper Co. Projects,       
Series A, 4.75%, 5/01/17  $ 1,165  $ 1,159,268 
Arizona — 3.3%       
Phoenix Civic Improvement Corp., RB,     
Junior Lien, Series A, 5.00%, 7/01/21  5,585  6,394,546 
Pima County IDA, Refunding RB, Tucson     
Electric Power Co., San Juan, Series A,     
4.95%, 10/01/20    1,015  1,046,861 
Salt Verde Financial Corp., RB, Senior:     
5.00%, 12/01/18    1,500  1,530,540 
5.25%, 12/01/20    1,000  1,026,580 
      9,998,527 
California — 20.7%       
California State Department of Water     
Resources, Refunding RB, Series L,     
5.00%, 5/01/20    10,000  11,741,700 
California Statewide Communities       
Development Authority, RB, John Muir     
Health, Series A, 5.00%, 8/15/22    5,000  5,138,300 
Foothill Eastern Transportation Corridor     
Agency California, Refunding RB,       
CAB (a):       
5.95%, 1/15/21    12,500  6,102,500 
5.87%, 1/15/22    10,000  4,558,500 
Golden State Tobacco Securitization       
Corp. California, RB (b):       
ARS, Asset-Backed, Series A-3,       
7.88%, 6/01/13    975  1,165,846 
ARS, Asset-Backed, Series A-5,       
7.88%, 6/01/13    1,470  1,757,738 
Series 2003-A-1, 6.63%, 6/01/13  3,000  3,485,610 
Series 2003-A-1, 6.75%, 6/01/13  12,010  13,996,094 
Los Angeles Unified School District       
California, GO, Series I, 5.00%,       
7/01/20    3,750  4,245,187 
Riverside County Asset Leasing Corp.     
California, RB, Riverside County       
Hospital Project (NPFGC), 5.75%,       
6/01/25 (a)    6,865  2,835,314 
State of California, GO, Various Purpose,     
5.00%, 11/01/22    7,050  7,392,348 
      62,419,137 

 

    Par   
Municipal Bonds    (000)  Value 
Colorado — 1.7%       
E-470 Public Highway Authority       
Colorado, RB, CAB, Senior Series B     
(NPFGC), 5.52%, 9/01/22 (a)  $ 4,500  $ 2,193,930 
Park Creek Metropolitan District       
Colorado, Refunding RB, Senior,       
Limited Tax, Property Tax, 5.25%,       
12/01/25    3,000  2,968,650 
      5,162,580 
District of Columbia — 4.9%       
District of Columbia, Refunding RB,       
Friendship Public Charter School Inc.     
(ACA):       
5.75%, 6/01/18    2,680  2,717,439 
5.00%, 6/01/23    3,320  3,061,837 
District of Columbia Tobacco Settlement     
Financing Corp., Refunding RB,       
Asset-Backed, 6.50%, 5/15/33    4,215  4,040,794 
Metropolitan Washington Airports       
Authority, Refunding RB, Series C-2,     
AMT (AGM), 5.00%, 10/01/24    5,000  5,112,850 
      14,932,920 
Florida — 11.2%       
Bellalago Educational Facilities Benefit     
District, Special Assessment Bonds,     
Series A, 5.85%, 5/01/22    3,895  3,673,452 
Broward County School Board Florida,     
COP, Series A (AGM), 5.25%, 7/01/22  1,250  1,344,138 
City of Jacksonville Florida, RB, Better     
Jacksonville, 5.00%, 10/01/22    5,160  5,761,914 
Grand Hampton Community       
Development District, Special       
Assessment Bonds, Capital       
Improvement, 6.10%, 5/01/24    3,700  3,556,588 
Habitat Community Development       
District, Special Assessment Bonds,     
5.80%, 5/01/25    3,495  3,350,971 
Miami Beach Health Facilities Authority,     
RB, Mount Sinai Medical Center of     
Florida, 6.75%, 11/15/21    2,470  2,572,950 
Middle Village Community Development     
District, Special Assessment Bonds,     
Series A, 5.80%, 5/01/22    3,745  3,636,058 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

ACA  ACA Financial Guaranty Corp.  FGIC  Financial Guaranty Insurance Co. 
AGC  Assured Guaranty Corp.  GO  General Obligation Bonds 
AGM  Assured Guaranty Municipal Corp.  IDA  Industrial Development Authority 
AMBAC  American Municipal Bond Assurance Corp.  IDB  Industrial Development Board 
AMT  Alternative Minimum Tax (subject to)  ISD  Independent School District 
ARS  Auction Rate Securities  MRB  Mortgage Revenue Bonds 
CAB  Capital Appreciation Bonds  NPFGC  National Public Finance Guarantee Corp. 
COP  Certificates of Participation  PSF-GTD  Permanent School Fund Guaranteed 
EDA  Economic Development Authority  RB  Revenue Bonds 
EDC  Economic Development Corp.     

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2010

1



Schedule of Investments(continued)

BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
Pine Island Community Development     
District, RB, 5.30%, 11/01/10 (c)(d) $  250  $ 212,475 
Stevens Plantation Community     
Development District, Special     
Assessment Bonds, Series B, 6.38%,     
5/01/13  3,530  3,038,271 
Village Community Development District     
No. 5 Florida, Special Assessment     
Bonds, Series A, 6.00%, 5/01/22  2,390  2,429,793 
Westchester Community Development     
District No. 1, Special Assessment     
Bonds, Community Infrastructure,     
6.00%, 5/01/23  4,900  4,212,432 
    33,789,042 
Georgia — 0.8%     
Richmond County Development     
Authority, RB, Environment, Series A,     
AMT, 5.75%, 11/01/27  2,350  2,353,196 
Illinois — 12.7%     
City of Chicago Illinois, RB, General     
Airport, Third Lien, Series A (AMBAC):     
5.00%, 1/01/21  5,000  5,313,900 
5.00%, 1/01/22  7,000  7,379,680 
Illinois Finance Authority, RB:     
Depaul University, Series C, 5.25%,     
10/01/24  5,000  5,144,650 
MJH Education Assistance IV LLC,     
Sub-Series A, 5.50%,     
6/01/19 (c)(d)  3,250  1,787,533 
MJH Education Assistance IV LLC,     
Sub-Series B, 5.00%,     
6/01/24 (c)(d)  1,075  290,261 
Northwestern University, 5.00%,     
12/01/21  4,800  5,116,896 
Illinois State Toll Highway Authority, RB,     
Senior Priority, Series A (AGM), 5.00%,     
1/01/19  2,250  2,501,145 
Lake Cook-Dane & McHenry Counties     
Community Unit School District 220     
Illinois, GO, Refunding (AGM), 5.25%,     
12/01/20  1,000  1,217,020 
Metropolitan Pier & Exposition Authority     
Illinois, Refunding RB, CAB,     
McCormick, Series A (NPFGC), 5.42%,     
6/15/22 (a)  13,455  7,468,601 
State of Illinois, RB, Build Illinois,     
Series B, 5.00%, 6/15/20  2,000  2,224,360 
    38,444,046 
Indiana — 4.7%     
City of Vincennes Indiana, Refunding     
RB, Southwest Indiana Regional Youth     
Village, 6.25%, 1/01/24  4,425  3,735,674 
Indianapolis Airport Authority, Refunding     
RB, Special Facilities, FedEx Corp.     
Project, AMT, 5.10%, 1/15/17  10,000  10,597,100 
    14,332,774 
Kansas — 2.2%     
Kansas Development Finance Authority,     
Refunding RB, Adventist Health,     
5.25%, 11/15/20  2,500  2,837,975 

 

    Par   
Municipal Bonds    (000)  Value 
Kansas (concluded)       
Wyandotte County-Kansas City Unified     
Government, RB, Kansas       
International Speedway (NPFGC),       
5.20%, 12/01/20 (a)  $ 6,440  $ 3,800,824 
      6,638,799 
Kentucky — 0.7%       
Kentucky Housing Corp., RB, Series C,     
AMT, 4.63%, 7/01/22    2,000  2,014,860 
Louisiana — 0.7%       
Parish of DeSoto Louisiana, RB,       
Series A, AMT, 5.85%, 11/01/27    2,000  2,008,580 
Maryland — 4.9%       
County of Frederick Maryland, Special     
Tax Bonds, Urbana Community       
Development Authority:       
6.63%, 7/01/25    3,000  3,000,480 
Series A, 5.80%, 7/01/20    4,175  4,174,708 
Maryland EDC, RB, Transportation       
Facilities Project, Series A, 5.13%,       
6/01/20    1,250  1,286,412 
Maryland Health & Higher Educational     
Facilities Authority, Refunding RB:       
MedStar Health, 5.38%, 8/15/24  5,500  5,671,820 
University of Maryland Medical       
System, 5.00%, 7/01/19    670  739,928 
      14,873,348 
Massachusetts — 1.6%       
Massachusetts Development Finance     
Agency, RB, Waste Management Inc.     
Project, AMT, 5.45%, 6/01/14    4,500  4,816,395 
Massachusetts State Water Pollution     
Abatement, Refunding RB, MWRA       
Program, Sub-Series A, 6.00%,       
8/01/23    140  140,589 
      4,956,984 
Michigan — 1.6%       
Michigan State Hospital Finance       
Authority, Refunding RB, Hospital,       
Sparrow Obligated, 4.50%, 11/15/26  1,500  1,410,765 
State of Michigan, Refunding RB:       
5.00%, 11/01/20    1,000  1,136,260 
5.00%, 11/01/21    2,000  2,249,920 
      4,796,945 
Minnesota — 0.4%       
Minnesota Higher Education Facilities     
Authority, RB, University of St.       
Thomas, Series 5-Y, 5.00%,       
10/01/24    1,250  1,307,763 
Mississippi — 1.0%       
County of Warren Mississippi, RB,       
Series A, AMT, 5.85%, 11/01/27    3,000  3,012,870 
Missouri — 3.6%       
Missouri Development Finance Board,     
RB, Branson Landing Project,       
Series A, 5.50%, 12/01/24    5,000  5,084,150 

 

2 BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2010



Schedule of Investments(continued)

BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Missouri (concluded)       
Missouri State Health & Educational       
Facilities Authority, Refunding RB, BJC     
Health System, Series A, 5.00%,       
5/15/20  $ 5,500  $ 5,823,400 
      10,907,550 
Multi-State — 7.3%       
Centerline Equity Issuer Trust (e)(f):       
5.75%, 5/15/15    1,000  1,051,660 
6.00%, 5/15/15    4,000  4,192,360 
6.00%, 5/15/19    2,500  2,648,925 
6.30%, 5/15/19    2,500  2,659,675 
MuniMae TE Bond Subsidiary       
LLC (e)(f)(g):       
5.40%    5,000  3,469,850 
5.80%    5,000  3,352,950 
Series D, 5.90%    2,000  1,128,820 
San Manuel Entertainment Authority,     
Series 04-C, 4.50%, 12/01/16 (e)    4,000  3,644,400 
      22,148,640 
Nevada — 2.0%       
City of Henderson Nevada, Special       
Assessment Bonds, District No. T-18,     
5.15%, 9/01/21    1,760  759,035 
County of Clark Nevada, Refunding RB,     
Alexander Dawson School Nevada       
Project, 5.00%, 5/15/20    5,000  5,242,750 
      6,001,785 
New Hampshire — 4.9%       
New Hampshire Business Finance       
Authority, Refunding RB, Public       
Service Co. of New Hampshire Project,     
Series B, AMT (NPFGC), 4.75%,       
5/01/21    10,000  9,937,800 
New Hampshire Health & Education       
Facilities Authority, Refunding RB,       
Elliot Hospital, Series B, 5.60%,       
10/01/22    4,755  4,796,416 
      14,734,216 
New Jersey — 12.4%       
Middlesex County Improvement       
Authority, RB, Street Student Housing     
Project, Series A, 5.00%, 8/15/23    1,000  1,026,820 
New Jersey EDA, RB:       
Cigarette Tax, 5.50%, 6/15/24    10,000  9,891,400 
Continental Airlines Inc. Project,       
AMT, 7.00%, 11/15/30 (h)    5,000  5,008,700 
Continental Airlines Inc. Project,       
AMT, 9.00%, 6/01/33 (h)    1,500  1,582,335 
Kapkowski Road Landfill Project,     
Series 1998B, AMT, 6.50%,       
4/01/31    7,500  7,898,850 
New Jersey EDA, Refunding RB, First       
Mortgage, Winchester, Series A,       
4.80%, 11/01/13    1,000  1,041,870 
New Jersey Educational Facilities       
Authority, Refunding RB, University of     
Medicine & Dentistry, Series B,       
6.25%, 12/01/18    2,500  2,844,150 

 

    Par   
Municipal Bonds    (000)  Value 
New Jersey (concluded)       
New Jersey Health Care Facilities       
Financing Authority, Refunding RB:     
AtlantiCare Regional Medical       
Center, 5.00%, 7/01/20  $ 2,110  $ 2,244,238 
Capital Health System Obligation     
Group, Series A, 5.75%,       
7/01/13 (b)    4,000  4,531,680 
Newark Housing Authority, RB, South     
Ward Police Facility (AGC), 5.00%,       
12/01/21    1,250  1,378,488 
      37,448,531 
New York — 8.3%       
New York City Industrial Development     
Agency, RB, American Airlines Inc.,     
JFK International Airport, AMT (h):       
7.63%, 8/01/25    5,635  5,808,051 
7.75%, 8/01/31    5,000  5,185,800 
New York State Energy Research &       
Development Authority, Refunding RB,     
Brooklyn Union Gas/Keyspan,       
Series A, AMT (FGIC), 4.70%, 2/01/24  8,500  8,590,270 
Tobacco Settlement Financing Corp.       
New York, RB, Asset-Backed,       
Series B-1C, 5.50%, 6/01/20    5,000  5,471,050 
      25,055,171 
North Carolina — 2.4%       
North Carolina Eastern Municipal Power     
Agency, Refunding RB, Series B,       
5.00%, 1/01/21    1,550  1,684,075 
North Carolina Municipal Power Agency     
No. 1, Refunding RB, Series B, 5.00%,     
1/01/20    5,000  5,709,350 
      7,393,425 
Ohio — 6.8%       
American Municipal Power-Ohio Inc., RB,     
Prairie State Energy Campus Project,     
Series A, 5.25%, 2/15/23    5,000  5,402,700 
County of Cuyahoga Ohio, Refunding       
RB, Series A:       
6.00%, 1/01/19    3,000  3,325,530 
6.00%, 1/01/20    10,000  11,085,100 
Pinnacle Community Infrastructure       
Financing Authority, RB, Facilities,       
Series A, 6.00%, 12/01/22    967  860,736 
      20,674,066 
Oklahoma — 1.1%       
Tulsa Airports Improvement Trust, RB,     
Series A, Mandatory Put Bonds, AMT,     
7.75%, 6/01/35 (h)    3,350  3,392,914 
Pennsylvania — 5.9%       
Lancaster County Hospital Authority, RB,     
General Hospital Project, 5.75%,       
9/15/13 (b)    7,500  8,590,050 
Montgomery County IDA Pennsylvania,     
MRB, Whitemarsh Continuing Care,     
6.00%, 2/01/21    1,275  1,163,590 
Pennsylvania Higher Educational       
Facilities Authority, RB, LaSalle       
University, 5.50%, 5/01/26    6,680  6,805,584 

 

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2010

3



Schedule of Investments(continued)

BlackRock Municipal 2020 Term Trust (BKK)
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Pennsylvania (concluded)     
Pennsylvania Turnpike Commission, RB,     
Sub-Series A (AGC), 5.00%, 6/01/22 $  1,000  $ 1,102,960 
    17,662,184 
Puerto Rico — 4.5%     
Commonwealth of Puerto Rico, GO,     
Public Improvement, Series B, 5.25%,     
7/01/17  3,300  3,523,476 
Puerto Rico Electric Power Authority, RB,     
Series NN, 5.13%, 7/01/13 (b)  9,000  10,207,710 
    13,731,186 
Texas — 10.1%     
Brazos River Authority, Refunding RB,     
TXU Energy Co. LLC Project, Series A,     
Mandatory Put Bonds, AMT, 6.75%,     
4/01/38 (h)  1,100  853,116 
Central Texas Regional Mobility     
Authority, RB, Senior Lien:     
5.75%, 1/01/19  800  848,112 
5.75%, 1/01/20  1,140  1,204,433 
City of Dallas Texas, Refunding RB     
(AGC), 5.00%, 8/15/21  2,500  2,745,975 
North Texas Tollway Authority, RB,     
Series C:     
5.25%, 1/01/20  1,000  1,104,370 
5.38%, 1/01/21  5,000  5,521,050 
Port Corpus Christi Industrial     
Development Corp. Texas, Refunding     
RB, Valero, Series C, 5.40%,     
4/01/18  3,255  3,235,795 
Texas State Turnpike Authority, RB, CAB,     
First Tier, Series A (AMBAC) (a):     
5.39%, 8/15/21  7,990  4,397,456 
5.54%, 8/15/24  8,450  3,721,549 
Weatherford ISD, GO, Refunding, CAB     
(PSF-GTD) (a):     
5.75%, 2/15/11 (b)  4,040  2,024,202 
5.78%, 2/15/11 (b)  4,040  1,911,364 
5.75%, 2/15/23  2,905  1,428,447 
5.77%, 2/15/24  2,905  1,347,862 
    30,343,731 
U.S. Virgin Islands — 0.4%     
Virgin Islands Public Finance Authority,     
RB, Senior Lien, Matching Fund Loan     
Note, Series A, 5.25%, 10/01/17  1,000  1,069,580 
Virginia — 8.1%     
Celebrate North Community     
Development Authority, Special     
Assessment Bonds, Celebrate Virginia     
North Project, Series B, 6.60%,     
3/01/25  4,902  3,956,257 
Charles City County EDA, RB, Waste     
Management Inc. Project, Mandatory     
Put Bonds, AMT, 5.13%, 8/01/27 (h)  10,000  10,717,200 
Mecklenburg County IDA Virginia,     
Refunding RB, Exempt Facility, UAE LP     
Project, AMT, 6.50%, 10/15/17  7,500  7,584,900 
Russell County IDA, Refunding RB,     
Appalachian Power, Series K, 4.63%,     
11/01/21  2,000  2,056,900 
    24,315,257 

 

  Par   
Municipal Bonds  (000)  Value 
Wisconsin — 3.0%     
State of Wisconsin, Refunding RB,     
Series A, 5.25%, 5/01/20  $ 1,000  $ 1,152,890 
Wisconsin Health & Educational     
Facilities Authority, Refunding RB:     
Froedtert & Community Health Inc.,     
5.00%, 4/01/20  1,515  1,613,551 
Wheaton Franciscan Services,     
Series A, 5.50%, 8/15/17  2,880  2,958,480 
Wheaton Franciscan Services,     
Series A, 5.50%, 8/15/18  3,190  3,257,851 
    8,982,772 
Total Municipal Bonds – 154.3%    466,062,647 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (i)     
Illinois — 1.9%     
City of Chicago Illinois, Refunding RB,     
Second Lien (AGM), 5.00%,     
11/01/20  5,000  5,613,300 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 1.9%    5,613,300 
Total Long-Term Investments     
(Cost – $466,613,248) – 156.2%    471,675,947 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund,     
0.21% (j)(k)  3,988,142  3,988,142 
Total Short-Term Securities     
(Cost – $3,988,142) – 1.3%    3,988,142 
Total Investments     
(Cost – $470,601,390*) – 157.5%    475,664,089 
Other Assets Less Liabilities – 1.3%    3,897,733 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (1.2)%    (3,753,104) 
Preferred Shares, at Redemption Value – (57.6)%  (173,861,828) 
Net Assets Applicable to Common Shares – 100.0%  $ 301,946,890 

 

* The cost and unrealized appreciation (depreciation) of investments as of

July 31, 2010, as computed for federal income tax purposes, were as

Aggregate follows: cost  $ 466,427,549 
Gross unrealized appreciation  $ 19,240,522 
Gross Net unrealized unrealized appreciation depreciation  $ (13,753,982) 5,486,540 

 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(b) US 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.

4 BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2010



Schedule of Investments (concluded)

BlackRock Municipal 2020 Term Trust (BKK)

(c) Issuer filed for bankruptcy and/or is in default of interest payments.
(d) Non-income producing security.
(e) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(f) Security represents a beneficial interest in a trust. The collateral
deposited into the trust is federally tax-exempt revenue bonds issued by
various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated
maturity.
(g) Security is perpetual in nature and has no stated maturity date.
(h) Variable rate security. Rate shown is as of report date.
(i) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Trust acquired residual interest certificates.
These securities serve as collateral in a financing transaction.
(j) Investments in companies considered to be an affiliate of the Trust,
during the period, for purposes of Section 2(a)(3) of the Investment

Company Act of 1940, as amended, are as follows:

  Shares Held    Shares Held   
  at April 30,  Net  at July 31,   
Affiliate  2010  Activity  2010  Income 
FFI Institutional         
Tax-Exempt         
Fund  1,901,695  2,086,447  3,988,142 $  2,246 
(k) Represents the current yield as of report date.     

 

•Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

•Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

•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 Trust's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Trust's policy regarding valuation of investments and
other significant accounting policies, please refer to the Trust’s most recent
financial statements as contained in its annual report.

The following table summarizes the inputs used as of July 31, 2010 in
determining the fair valuation of the Trust's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Long-Term         
Investments1  —     $ 471,675,947    $ 471,675,947 
Short-Term         
Securities  $ 3,988,142      3,988,142 
Total  $ 3,988,142   $ 471,675,947    $ 475,664,089 

 

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

BLACKROCK MUNICIPAL 2020 TERM TRUST

JULY 31, 2010

5



Item 2 – Controls and Procedures

2(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.

2(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 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

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Municipal 2020 Term Trust

Date: September 27, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Municipal 2020 Term Trust

Date: September 27, 2010

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal 2020 Term Trust

Date: September 27, 2010