bkk.htm - Produced by Pellegrini and Associates, Inc. | 134 Spring Street New York NY 10012 | (212) 925-5151

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: 04/30/2010

Date of reporting period: 01/31/2010

Item 1 – Schedule of Investments

 

Schedule of Investments January 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  $ 1,140,442 
Arizona — 3.4%       
Phoenix Civic Improvement Corp., RB,     
   Junior Lien, Series A, 5.00%, 7/01/21  5,585  6,273,798 
Pima County IDA, Refunding RB, Tucson     
   Electric Power Co., San Juan, Series A,     
   4.95%, 10/01/20    1,015  1,004,982 
Salt Verde Financial Corp., RB, Senior,     
   5.00%, 12/01/18    1,500  1,461,450 
Salt Verde Financial Corp., RB, Senior,     
   5.25%, 12/01/20    1,000  985,160 
      9,725,390 
California — 20.0%       
California Statewide Communities       
   Development Authority, RB, John Muir     
   Health, Series A, 5.00%, 8/15/22    5,000  5,044,300 
Foothill Eastern Transportation Corridor     
   Agency California, Refunding RB, CAB,     
   5.95%, 1/15/21 (a)    12,500  5,812,000 
Foothill Eastern Transportation Corridor     
   Agency California, Refunding RB, CAB,     
   5.86%, 1/15/22 (a)    10,000  4,335,800 
Golden State Tobacco Securitization       
   Corp. California, RB, ARS,       
   Asset-Backed, Series A-3, 7.88%,       
   6/01/42 (b)    975  1,177,644 
Golden State Tobacco Securitization       
   Corp. California, RB, ARS,       
 Asset-Backed, Series A-5, 7.88%,       
 6/01/42 (b)    1,470  1,775,525 
Golden State Tobacco Securitization       
   Corp. California, RB, Enhanced Asset-     
   Backed, Series B, 5.38%, 6/01/28 (b)  4,000  4,069,120 
Golden State Tobacco Securitization       
   Corp. California, RB, Series 2003-A-1,     
   6.63%, 6/01/40 (b)    3,000  3,505,560 

     Par   
Municipal Bonds    (000)  Value 
California (concluded)       
Golden State Tobacco Securitization       
   Corp. California, RB, Series 2003-A-1,     
   6.75%, 6/01/39 (b)  $ 12,010  $ 14,082,686 
Los Angeles Unified School District       
   California, GO, Series I, 5.00%,       
   7/01/20    3,750  4,095,750 
Riverside County Asset Leasing Corp.     
   California, RB, Riverside County       
   Hospital Project (NPFGC), 5.75%,       
   6/01/25 (a)    6,865  2,639,318 
San Manuel Entertainment Authority       
   Series 04-C, 4.50%, 12/01/16    4,000  3,545,880 
State of California, GO, Various Purpose,     
   5.00%, 11/01/22    7,050  7,152,577 
      57,236,160 
Colorado — 1.7%       
E-470 Public Highway Authority       
   Colorado, RB, CAB, Senior Series B     
   (NPFGC), 5.51%, 9/01/22 (a)    4,500  2,086,380 
Park Creek Metropolitan District       
   Colorado, Refunding RB, Senior,       
   Limited Tax, Property Tax, 5.25%,       
   12/01/25    3,000  2,863,170 
      4,949,550 
District of Columbia — 5.1%       
District of Columbia, Refunding RB,       
   Friendship Public Charter School Inc.     
   (ACA), 5.00%, 6/01/23    3,320  2,861,309 
District of Columbia, Refunding RB,       
   Friendship Public Charter School Inc.     
   (ACA), 5.75%, 6/01/18    2,680  2,583,573 
District of Columbia Tobacco Settlement     
   Financing Corp., Refunding RB,       
   Asset-Backed, 6.50%, 5/15/33    4,215  4,164,673 
Metropolitan Washington Airports       
   Authority, Refunding RB, Series C-2,     
   AMT (AGM), 5.00%, 10/01/24    5,000  4,973,950 
      14,583,505 

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  American Capital Access 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.  S/F  Single-Family 
MRB  Mortgage Revenue Bonds  VRDN  Variable Rate Demand Notes 

BLACKROCK MUNICIPAL 2020 TERM TRUST JANUARY 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 — 11.5%       
Bellalago Educational Facilities Benefit     
   District, Special Assessment Bonds,     
   Series A, 5.85%, 5/01/22  $ 4,110  $ 3,724,811 
Broward County School Board Florida,     
   COP, Series A (AGM), 5.25%, 7/01/22  1,250  1,329,038 
City of Jacksonville Florida, RB, Better     
   Jacksonville, 5.00%, 10/01/22    5,160  5,545,297 
Grand Hampton Community       
   Development District, Special       
   Assessment Bonds, Capital       
   Improvement, 6.10%, 5/01/24    3,860  3,428,259 
Habitat Community Development       
   District, Special Assessment Bonds,     
   5.80%, 5/01/25    3,635  3,232,678 
Miami Beach Health Facilities Authority,     
   RB, Mount Sinai Medical Center of       
   Florida, 6.75%, 11/15/21    2,470  2,492,551 
Middle Village Community Development     
   District, Special Assessment Bonds,     
   Series A, 5.80%, 5/01/22    3,955  3,356,806 
Pine Island Community Development     
   District, RB, 5.30%, 11/01/10    250  244,510 
Stevens Plantation Community       
   Development District, Special       
   Assessment Bonds, Series B, 6.38%,     
   5/01/13    3,530  2,911,332 
Village Community Development District     
   No. 5 Florida, Special Assessment       
   Bonds, Series A, 6.00%, 5/01/22    2,560  2,573,056 
Westchester Community Development     
   District No. 1, Special Assessment       
   Bonds, Community Infrastructure,       
   6.00%, 5/01/23    5,140  4,094,216 
      32,932,554 
Georgia — 0.8%       
Richmond County Development       
   Authority, RB, Environment, Series A     
   AMT, 5.75%, 11/01/27    2,350  2,210,387 
Illinois — 13.0%       
City of Chicago Illinois, RB, General       
   Airport, Third Lien, Series A (AMBAC),     
   5.00%, 1/01/21    5,000  5,183,750 
City of Chicago Illinois, RB, General       
   Airport, Third Lien, Series A (AMBAC),     
   5.00%, 1/01/22    7,000  7,246,120 
Illinois Finance Authority, RB, Depaul     
   University, Series C, 5.25%,       
   10/01/24    5,000  5,109,600 
Illinois Finance Authority, RB, MJH       
   Education Assistance IV LLC, Sub-       
   Series A, 5.50%, 6/01/19 (c)(d)    3,250  1,624,935 
Illinois Finance Authority, RB, MJH       
   Education Assistance IV LLC, Sub-       
   Series B, 5.00%, 6/01/24 (c)(d)    1,075  76,304 

     Par   
Municipal Bonds    (000)  Value 
Illinois (concluded)       
Illinois Finance Authority, RB,       
   Northwestern University, 5.00%,       
   12/01/21  $ 4,800  $ 5,086,800 
Illinois State Toll Highway Authority, RB,     
   Senior Priority, Series A (AGM),       
   5.00%, 1/01/19    2,250  2,426,827 
Lake Cook-Dane & McHenry Counties     
   Community Unit School District 220     
   Illinois, GO, Refunding (AGM), 5.25%,     
   12/01/20    1,000  1,175,940 
Metropolitan Pier & Exposition Authority     
   Illinois, Refunding RB, CAB,       
   McCormick, Series A (NPFGC), 5.41%,     
   6/15/22 (a)    13,455  7,021,492 
State of Illinois, RB, Build Illinois,       
 Series B, 5.00%, 6/15/20    2,000  2,184,140 
      37,135,908 
Indiana — 4.8%       
City of Vincennes Indiana, Refunding     
   RB, Southwest Indiana Regional       
   Youth Village, 6.25%, 1/01/24    4,425  3,652,882 
Indianapolis Airport Authority, Refunding     
   RB, Special Facilities, FedEx Corp.       
   Project, AMT, 5.10%, 1/15/17    10,000  10,134,200 
      13,787,082 
Kansas — 2.2%       
Kansas Development Finance Authority,     
   Refunding RB, Adventist Health,       
   5.25%, 11/15/20    2,500  2,702,600 
Wyandotte County-Kansas City Unified     
   Government, RB, Kansas       
   International Speedway (NPFGC),       
   5.20%, 12/01/20 (a)    6,440  3,581,284 
      6,283,884 
Kentucky — 0.7%       
Kentucky Housing Corp., RB, Series C,     
   AMT, 4.63%, 7/01/22    2,000  1,993,380 
Louisiana — 0.7%       
Parish of DeSoto Louisiana, RB,       
 Series A, AMT, 5.85%, 11/01/27    2,000  1,902,360 
Maryland — 5.2%       
County of Frederick Maryland, Special     
   Tax Bonds, Urbana Community       
   Development Authority, 6.63%,       
   7/01/25    3,000  2,999,880 
County of Frederick Maryland, Special     
   Tax Bonds, Urbana Community       
   Development Authority, Series A,       
   5.80%, 7/01/20    4,453  4,364,252 
Maryland EDC, RB, Transportation       
   Facilities Project, Series A, 5.13%,       
   6/01/20    1,250  1,253,400 

2 BLACKROCK MUNICIPAL 2020 TERM TRUST JANUARY 31, 2010

Schedule of Investments (continued)

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

     Par   
Municipal Bonds    (000)  Value 
Maryland (concluded)       
Maryland Health & Higher Educational     
   Facilities Authority, Refunding RB,       
   MedStar Health, 5.38%, 8/15/24  $ 5,500  $ 5,625,345 
Maryland Health & Higher Educational     
   Facilities Authority, Refunding RB,       
   University of Maryland Medical       
   System, 5.00%, 7/01/19    670  697,302 
      14,940,179 
Massachusetts — 1.7%       
Massachusetts Development Finance     
   Agency, RB, Waste Management Inc.     
   Project, AMT, 5.45%, 6/01/14    4,500  4,803,480 
Massachusetts State Water Pollution     
   Abatement, Refunding RB, MWRA       
   Program, Sub-Series A, 6.00%,       
   8/01/23    140  141,949 
      4,945,429 
Michigan — 1.6%       
Michigan State Hospital Finance       
   Authority, Refunding RB, Hospital,       
   Sparrow Obligated, 4.50%, 11/15/26  1,500  1,366,440 
State of Michigan, Refunding RB,       
   5.00%, 11/01/20    1,000  1,099,310 
State of Michigan, Refunding RB,       
   5.00%, 11/01/21    2,000  2,183,760 
      4,649,510 
Minnesota — 0.5%       
Minnesota Higher Education Facilities     
   Authority, RB, University of St.       
   Thomas, Series 5-Y, 5.00%,       
   10/01/24    1,250  1,287,675 
Mississippi — 1.0%       
County of Warren Mississippi, RB,       
   Series A, AMT, 5.85%, 11/01/27    3,000  2,853,540 
Missouri — 3.8%       
Missouri Development Finance Board,     
   RB, Branson Landing Project,       
 Series A, 5.50%, 12/01/24    5,000  5,053,350 
Missouri State Health & Educational       
   Facilities Authority, Refunding RB, BJC     
   Health System, Series A, 5.00%,       
   5/15/20    5,500  5,719,835 
      10,773,185 
Multi-State — 6.3%       
Centerline Equity Issuer Trust, 5.75%,     
   5/15/15 (e)(f)    1,000  1,040,800 
Centerline Equity Issuer Trust, 6.00%,     
   5/15/15 (e)(f)    4,000  4,148,120 
Centerline Equity Issuer Trust, 6.00%,     
   5/15/19 (e)(f)    2,500  2,597,550 

     Par   
Municipal Bonds    (000)  Value 
Multi-State (concluded)       
Centerline Equity Issuer Trust, 6.30%,     
   5/15/19 (e)  $ 2,500  $ 2,609,100 
MuniMae TE Bond Subsidiary LLC,       
   5.40%, 6/29/49 (e)(f)    5,000  3,324,500 
MuniMae TE Bond Subsidiary LLC,       
   5.80%, 6/29/49 (e)(f)    5,000  3,281,700 
MuniMae TE Bond Subsidiary LLC,       
   Series D, 5.90%, 11/29/49 (e)(f)(g)  2,000  1,102,380 
      18,104,150 
Nevada — 2.1%       
City of Henderson Nevada, Special       
   Assessment Bonds, District No. T-18,     
   5.15%, 9/01/21    1,765  795,485 
County of Clark Nevada, Refunding RB,     
   Alexander Dawson School Nevada       
   Project, 5.00%, 5/15/20    5,000  5,151,950 
      5,947,435 
New Hampshire — 5.1%       
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  9,769,200 
New Hampshire Health & Education       
   Facilities Authority, Refunding RB,       
   Elliot Hospital, Series B, 5.60%,       
   10/01/22    4,755  4,729,038 
      14,498,238 
New Jersey — 13.6%       
Middlesex County Improvement       
   Authority, RB, Street Student Housing     
   Project, Series A, 5.00%, 8/15/23    1,000  1,018,260 
New Jersey EDA, RB, Cigarette Tax,       
   5.50%, 6/15/24    10,000  9,814,400 
New Jersey EDA, RB, Continental       
   Airlines Inc. Project, AMT, 7.00%,       
   11/15/30    5,000  4,768,250 
New Jersey EDA, RB, Continental       
   Airlines Inc. Project, AMT, 9.00%,       
   6/01/33    1,500  1,572,060 
New Jersey EDA, RB, Kapkowski Road     
   Landfill Project, Series 1998B, AMT,     
   6.50%, 4/01/31    7,500  7,397,400 
New Jersey EDA, Refunding RB, First       
   Mortgage, Winchester, Series A,       
   4.80%, 11/01/13    1,000  1,032,620 
New Jersey Educational Facilities       
   Authority, Refunding RB, University of     
   Medicine & Dentistry, Series B,       
   6.25%, 12/01/18    2,500  2,722,725 
New Jersey Health Care Facilities       
   Financing Authority, Refunding RB,     
   AtlantiCare Regional Medical Center,     
   5.00%, 7/01/20    2,110  2,200,202 

BLACKROCK MUNICIPAL 2020 TERM TRUST JANUARY 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 
New Jersey (concluded)     
New Jersey Health Care Facilities     
   Financing Authority, Refunding RB,     
   Capital Health System Obligation     
   Group, Series A, 5.75%, 7/01/23 (b) $  4,000  $ 4,537,720 
New Jersey State Housing & Mortgage     
   Finance Agency, Refunding RB, S/F     
   Housing, Series T, AMT, 4.55%,     
   10/01/22  2,500  2,462,475 
Newark Housing Authority, RB, South     
   Ward Police Facility (AGC), 5.00%,     
   12/01/21  1,250  1,338,175 
    38,864,287 
New York — 8.4%     
New York City Industrial Development     
   Agency, RB, American Airlines Inc.,     
   JFK International Airport, AMT, 7.63%,     
   8/01/25  5,635  5,501,225 
New York City Industrial Development     
   Agency, RB, American Airlines Inc.,     
   JFK International Airport, AMT, 7.75%,     
   8/01/31  5,000  4,949,950 
New York State Energy Research &     
   Development Authority, Refunding     
   RB, Brooklyn Union Gas/Keyspan,     
 Series A, AMT (FGIC), 4.70%, 2/01/24  8,500  8,371,480 
Tobacco Settlement Financing Corp.     
   New York, RB, Asset-Backed,     
 Series B-1C, 5.50%, 6/01/20  5,000  5,319,250 
    24,141,905 
North Carolina — 0.6%     
North Carolina Eastern Municipal Power     
   Agency, Refunding RB, Series B,     
   5.00%, 1/01/21  1,550  1,637,885 
Ohio — 7.1%     
American Municipal Power-Ohio Inc.,     
   RB, Prairie State Energy Campus     
   Project, Series A, 5.25%, 2/15/23  5,000  5,397,300 
County of Cuyahoga Ohio, Refunding     
   RB, Series A, 6.00%, 1/01/19  3,000  3,243,840 
County of Cuyahoga Ohio, Refunding     
   RB, Series A, 6.00%, 1/01/20  10,000  10,789,300 
Pinnacle Community Infrastructure     
   Financing Authority, RB, Facilities,     
   Series A, 6.00%, 12/01/22  967  809,340 
    20,239,780 
Oklahoma — 1.1%     
Tulsa Airports Improvement Trust, RB,     
   Series A, AMT, 7.75%, 6/01/35  3,350  3,281,358 
Pennsylvania — 6.1%     
Lancaster County Hospital Authority, RB,     
   General Hospital Project, 5.75%,     
   3/15/20 (b)  7,500  8,636,700 

Short-Term Securities    Shares  Value 
Pennsylvania (concluded)       
Montgomery County IDA Pennsylvania,     
   MRB, Whitemarsh Continuing Care,     
   6.00%, 2/01/21  $ 1,275  $ 1,030,417 
Pennsylvania Higher Educational       
   Facilities Authority, RB, LaSalle       
   University, 5.50%, 5/01/26    6,680  6,800,707 
Pennsylvania Turnpike Commission, RB,     
   Sub-Series A (AGC), 5.00%, 6/01/22  1,000  1,076,920 
      17,544,744 
Puerto Rico — 4.8%       
Commonwealth of Puerto Rico, GO,       
   Public Improvement, Series B, 5.25%,     
   7/01/17    3,300  3,404,082 
Puerto Rico Electric Power Authority, RB,     
   Series NN, 5.13%, 7/01/24 (b)    9,000  10,223,100 
      13,627,182 
Tennessee — 3.5%       
Tennessee Energy Acquisition Corp., RB,     
   Series A, 5.25%, 9/01/20    10,000  10,056,000 
Texas — 9.6%       
Brazos River Authority, Refunding RB,     
   TXU Energy Co. LLC Project, Series A     
   AMT, 6.75%, 4/01/38    1,100  905,036 
City of Dallas Texas, Refunding RB       
   (AGC), 5.00%, 8/15/21    2,500  2,660,125 
North Texas Tollway Authority, RB,       
   Series C, 5.25%, 1/01/20    1,000  1,064,410 
North Texas Tollway Authority, RB,       
   Series C, 5.38%, 1/01/21    5,000  5,310,850 
Port Corpus Christi Industrial       
   Development Corp. Texas, Refunding     
   RB, Valero, Series C, 5.40%, 4/01/18  3,500  3,446,205 
Texas State Turnpike Authority, RB,       
   CAB, First Tier, Series A (AMBAC),       
   5.39%, 8/15/21 (a)    7,990  4,038,306 
Texas State Turnpike Authority, RB,       
   CAB, First Tier, Series A (AMBAC),       
   5.53%, 8/15/24 (a)    8,450  3,459,177 
Weatherford ISD, GO, Refunding, CAB     
   (PSF-GTD), 5.75%, 2/15/23 (a)    2,905  1,395,475 
Weatherford ISD, GO, Refunding, CAB     
   (PSF-GTD), 5.75%, 2/15/23 (a)(b)    4,040  2,017,818 
Weatherford ISD, GO, Refunding, CAB     
   (PSF-GTD), 5.77%, 2/15/24 (a)    2,905  1,316,343 
Weatherford ISD, GO, Refunding, CAB     
   (PSF-GTD), 5.78%, 2/15/24 (a)(b)    4,040  1,905,304 
      27,519,049 

4 BLACKROCK MUNICIPAL 2020 TERM TRUST JANUARY 31, 2010

Schedule of Investments (continued)

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

    Par   
Municipal Bonds    (000)  Value 
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 $  1,033,050 
Virginia — 7.5%       
Celebrate North Community       
   Development Authority, Special       
   Assessment Bonds, Celebrate Virginia     
   North Project, Series B, 6.60%,       
   3/01/25    4,993  4,197,965 
Charles City County EDA, RB, Waste       
   Management Inc. Project, AMT,       
   5.13%, 8/01/27    10,000  10,011,600 
Mecklenburg County IDA Virginia,       
   Refunding RB, Exempt Facility, UAE LP     
   Project, AMT, 6.50%, 10/15/17    7,500  7,339,350 
      21,548,915 
Wisconsin — 3.1%       
State of Wisconsin, Refunding RB,       
   Series A, 5.25%, 5/01/20    1,000  1,116,080 
Wisconsin Health & Educational       
   Facilities Authority, Refunding RB,       
   Froedtert & Community Health Inc.,     
   5.00%, 4/01/20    1,515  1,574,782 
Wisconsin Health & Educational       
   Facilities Authority, Refunding RB,       
   Wheaton Franciscan Services,       
   Series A, 5.50%, 8/15/17    2,880  2,922,422 
Wisconsin Health & Educational       
   Facilities Authority, Refunding RB,       
   Wheaton Franciscan Services,       
 Series A, 5.50%, 8/15/18    3,190  3,219,508 
      8,832,792 
 Total  Municipal  Bonds  –  157.4%                              450,206,890
Municipal Bonds Transferred to Tender     
Option Bond Trusts (g)       
Illinois — 1.9%       
City of Chicago, Illinois, Refunding RB,     
   Second Lien (AGM), 5.00%,       
   11/01/20    5,000  5,478,950 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 1.9%      5,478,950 
Total Long-Term Investments       
(Cost – $463,775,737) – 159.3%      455,685,840 

    Par   
Short-Term Securities  (000)             Value 
Pennsylvania — 0.0%     
City of Philadelphia Pennsylvania,     
 Refunding RB, VRDN (AGM),     
 0.23% (h)  90  $ 90,000 
Money Market Fund – 1.4%  Shares   
FFI Institutional Tax-Exempt Fund,     
0.16% (i)(j)  3,914,851  3,914,851 
Total Short-Term Securities     
(Cost – $4,004,851) – 1.4%    4,004,851 
Total Investments     
(Cost – $467,780,588*) – 160.7%    459,690,691 
Other Assets Less Liabilities – 1.4%    4,046,998 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (1.3)%    (3,752,731) 
Preferred Shares, at Redemption Value – (60.8)%  (173,859,042) 
Net Assets Applicable to Common Shares – 100.0% $  286,125,916 
*  The cost and unrealized appreciation (depreciation) of investments as of 
  January 31, 2010, as computed for federal income tax purposes, were as 
  follows:     
  Aggregate cost    $ 463,509,032 
  Gross unrealized appreciation    $ 12,702,183 
  Gross unrealized depreciation    (20,270,524) 
  Net unrealized depreciation    $ (7,568,341) 
(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.     
(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, and is subject to mandatory redemption at maturity. 
(g) Securities represent bonds transferred to a tender option bond trust in 
  exchange for which the Fund acquired residual interest certificates. 
  These securities serve as collateral in a financing transaction. 
(h) Variable rate security. Rate shown is as of report date and maturity 
  shown is the date the principal owed can be recovered through demand. 
(i)  Investments in companies considered to be an affiliate of the Trust, for 
  purposes of Section 2(b)(3) of the Investment Company Act of 1940, 
  were as follows:     
    Net   
  Affiliate                 Activity  Income 
  FFI Institutional Tax Exempt Fund  $ 3,490,901  $ 6,944 
(j)  Represents the current yield as of report date.   

BLACKROCK MUNICIPAL 2020 TERM TRUST JANUARY 31, 2010 5

Schedule of Investments (concluded)

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

• 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 semi-annual 
   report.     
   The following table summarizes the inputs used as of January 31, 2010 
   in determining the fair valuation of the Trust’s investments:   
    Investments in 
   Valuation Inputs    Securities 
    Assets 
   Level 1 - Short-Term Securities  $ 3,914,851 
   Level 2     
   Short-Term Securities    90,000 
   Long-Term Investments1    455,685,840 
   Total Level 2    455,775,840 
   Level 3    - 
   Total  $ 459,690,691 
1See above Schedule of Investments for values in each state or political 
       subdivision.     

6 BLACKROCK MUNICIPAL 2020 TERM TRUST JANUARY 31, 2010

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 13(a)-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: March 19, 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: March 19, 2010

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

Date: March 19, 2010