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, 2004 ____________________________________________ |
| Date of reporting period: | March 31, 2005 ____________________________________________ |
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:
31, 2005
BlackRock Municipal 2020 Term Trust (BKK)
| Principal | ||||||
| Amount | Option Call | |||||
| Rating1 | (000) | Provisions2 | Value |
|||
| LONG-TERM INVESTMENTS—153.9% | ||||||
| California—25.5% | ||||||
| A | $12,000 | California, GO, 5.00%, 11/01/22 | 11/13 @ 100 | $ 12,413,760 | ||
| Foothill/Eastn. Transp. Corridor Agcy., | ||||||
| BBB | 10,000 | Refdg. Cap. Apprec., Zero Coupon, 1/15/22 | 01/10 @ 50.177 | 3,748,000 | ||
| BBB | 12,500 | Toll Road Rev., Zero Coupon, 1/15/21 | 01/10 @ 53.346 | 4,979,750 | ||
| Golden St. Tobacco Sec. Corp., | ||||||
| BBB | 3,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 @ 100 | 3,119,400 | ||
| BBB | 12,010 | Ser. A-1, 6.75%, 6/01/39 | 06/13 @ 100 | 12,647,130 | ||
| BBB | 975 | Ser. A-3, 7.875%, 6/01/42 | 06/13 @ 100 | 1,115,254 | ||
| BBB | 1,470 | Ser. A-5, 7.875%, 6/01/42 | 06/13 @ 100 | 1,681,460 | ||
| A- | 20,000 | Ser. B, 5.375%, 6/01/28 | 06/10 @ 100 | 20,780,400 | ||
| B- | 3,035 | Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24 | 12/12 @ 102 | 3,062,224 | ||
| BBB+ | 7,000 | Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23 | No Opt. Call | 7,397,950 | ||
| AAA | 6,865 | Riverside Cnty., Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA | No Opt. Call | 2,363,894 | ||
| BBB+ | 3,355 | Statewide Cmntys., Daughters of Charity Hlth. Proj., 5.25%, 7/01/25 | 07/15 @ 100 | 3,472,995 | ||
| 76,782,217 | ||||||
| Colorado—0.6% | ||||||
| AAA | 4,500 | E-470 Pub. Hwy. Auth., Cap. Apprec., Ser. B, Zero Coupon, 9/01/22, MBIA | No Opt. Call | 1,895,355 | ||
| District of Columbia—5.2% | ||||||
| Friendship Pub., Charter Sch., Inc. Proj., ACA, | ||||||
| A | 3,320 | 5.00%, 6/01/23 | 06/14 @ 100 | 3,324,615 | ||
| A | 2,680 | 5.75%, 6/01/18 | 06/14 @ 100 | 2,876,926 | ||
| AAA | 5,000 | 3 | Met. Washington Arpts. Auth., Arpt. Sys. Rev., Ser. C-2, 5.00%, 10/01/24, FSA | 10/14 @ 100 | 5,102,250 | |
| BBB | 4,215 | Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 | No Opt. Call | 4,376,688 | ||
| 15,680,479 | ||||||
| Florida—16.5% | ||||||
| NR | 4,860 | Bellago Edl. Facs. Benefit Dist., Ser. A, 5.85%, 5/01/22 | 05/14 @ 100 | 4,950,445 | ||
| Baa1 | 1,500 | Cap. Trust Agcy. Multi-Fam. Hsg., American Oppty. Proj., Ser. A, 5.75%, 12/01/23 | 06/13 @ 102 | 1,444,290 | ||
| NR | 3,000 | CFM Cmnty. Dev. Dist. Cap. Impvt., Ser. B, 5.875%, 5/01/14 | No Opt. Call | 3,056,820 | ||
| NR | 4,445 | Grand Hampton Cmnty. Dev. Dist., Cap. Impvt., 6.10%, 5/01/24 | 05/13 @ 101 | 4,514,164 | ||
| NR | 4,140 | Habitat Cmnty. Dev. Dist., 5.80%, 5/01/25 | 05/14 @ 101 | 4,110,026 | ||
| BB | 5,475 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 5,970,816 | ||
| NR | 4,690 | Middle Vlg. Cmnty. Dev. Dist., Ser. A, 5.80%, 5/01/22 | 05/13 @ 100 | 4,762,648 | ||
| NR | 1,000 | Pine Islands Cmnty. Dev. Dist. Util. Sys. Rev., 5.30%, 11/01/10 | No Opt. Call | 993,650 | ||
| NR | 7,805 | Stevens Plantation Cmnty. Dist. Spl. Assmt. Rev., Ser. B, 6.375%, 5/01/13 | No Opt. Call | 7,952,671 | ||
| NR | 4,000 | Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 4,154,360 | ||
| NR | 6,000 | Westchester Cmnty. Dev. Dist. No. 1 Spl. Assmt., 6.00%, 5/01/23 | 05/13 @ 101 | 6,179,460 | ||
| NR | 1,555 | World Commerce Cmnty. Dev. Dist., Spec. Assmt., Ser. A-1, 6.25%, 5/01/22 | 05/14 @ 101 | 1,581,264 | ||
| 49,670,614 | ||||||
| Georgia—1.7% | ||||||
| BBB | 2,500 | Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/24 | 09/14 @ 101 | 2,574,625 | ||
| BBB | 2,350 | Richmond Cnty. Dev. Auth., Env. Impvt., 5.75%, 11/01/27 | 11/13 @ 100 | 2,425,247 | ||
| 4,999,872 | ||||||
| Illinois—9.5% | ||||||
| NR | 2,155 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 2,159,482 | ||
| A- | 5,000 | Dev. Fin. Auth., Depaul Univ. Proj., Ser. C, 5.25%, 10/01/24 | 10/14 @ 100 | 5,239,750 | ||
| AA+ | 4,800 | Edl. Fac. Auth., Northwestern Univ. Proj., 5.00%, 12/01/21 | 12/13 @ 100 | 5,012,208 | ||
| Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj., | ||||||
| Baa2 | 3,250 | Ser. A, 5.50%, 6/01/19 | 06/14 @ 100 | 3,397,128 | ||
| Baa2 | 2,725 | Ser. A, 5.00%, 6/01/24 | 06/14 @ 100 | 2,681,918 | ||
| Baa3 | 1,075 | Ser. B, 5.00%, 6/01/24 | 06/14 @ 100 | 1,043,341 | ||
| AAA | 8,265 | Lake Cnty. Cmnty. Con. Sch. Dist., No. 73 Hawthorn Proj., Zero Coupon, 12/01/22, MBIA | No Opt. Call | 3,444,108 | ||
| AAA | 13,455 | Met. Pier & Expo. Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj., | ||||
| Ser. A, Zero Coupon, 6/15/22, MBIA | No Opt. Call | 5,784,843 | ||||
| 28,762,778 | ||||||
1
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | ||||||
| Amount | Option Call | |||||
| Rating1 | (000) | Provisions2 | Value |
|||
| Indiana—5.1% | ||||||
| BBB | $10,000 | Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | $ 10,330,500 | ||
| NR | 5,290 | Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 @ 102 | 5,133,998 | ||
| 15,464,498 | ||||||
| Kansas—1.0% | ||||||
| AAA | 6,440 | Wyandotte Cnty., Unified Gov’t. Spl. Oblig., Intl. Speedway Proj., Zero Coupon, | ||||
| 12/01/20, MBIA | No Opt. Call | 3,032,016 | ||||
| Kentucky—1.4% | ||||||
| BBB | 3,750 | Maysville Sld. Wst. Disp., Inland Container Corp. Proj., 6.90%, 9/01/22 | 09/13 @ 102 | 4,150,875 | ||
| Louisiana—0.7% | ||||||
| BBB | 2,000 | De Soto Parish, Env. Impvt. Rev., Ser. A, 5.85%, 11/01/27 | 11/13 @ 100 | 2,036,300 | ||
| Maryland—5.7% | ||||||
| Frederick Cnty., Urbana Cmnty. Dev. Auth. | ||||||
| NR4 | 3,000 | 6.625%, 7/01/25 | 07/07 @ 102 | 3,125,640 | ||
| NR4 | 5,171 | Ser. A, 5.80%, 7/01/20 | 07/07 @ 102 | 5,184,496 | ||
| Baa1 | 8,500 | Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.375%, 8/15/24 | 08/14 @ 100 | 8,761,035 | ||
| 17,071,171 | ||||||
| Massachusetts—3.3% | ||||||
| AAA | 5,000 | Bay Transp. Auth., Sales Tax Rev., Ser. A, 5.00%, 7/01/24 | No Opt. Call | 5,386,350 | ||
| BBB | 4,500 | Dev. Fin. Agcy., Sld. Wst. Disp. Rev., Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14 | No Opt. Call | 4,675,995 | ||
| 10,062,345 | ||||||
| Michigan—1.7% | ||||||
| BB+ | 5,000 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 @ 101 | 5,163,000 | ||
| Minnesota—0.4% | ||||||
| A2 | 1,250 | Higher Ed. Facs. Auth., Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24 | 10/14 @ 100 | 1,287,125 | ||
| Mississippi—1.0% | ||||||
| BBB | 3,000 | Warren Cnty. Env. Impvt, Intl. Paper Proj., Ser. A, 5.85%, 11/01/27 | 11/13 @ 100 | 3,042,210 | ||
| Missouri—3.6% | ||||||
| BBB+ | 5,000 | Dev. Fin. Brd., Branson Landing Proj., Ser. A, 5.50%, 12/01/24 | 06/14 @ 100 | 5,252,750 | ||
| AA | 5,500 | Hlth. & Edu. Fac., BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20 | 05/15 @ 100 | 5,725,720 | ||
| 10,978,470 | ||||||
| Multi-State—6.6% | ||||||
| Charter Mac Equity Issuer Trust, | ||||||
| A3 | 1,000 | 5 | Ser. A, 5.75%, 4/30/15 | No Opt. Call | 1,028,430 | |
| A3 | 2,500 | 5 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 2,576,675 | |
| Baa1 | 4,000 | 5 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 4,112,400 | |
| Baa1 | 2,500 | 5 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 2,587,300 | |
| Munimae TE Bond Subsidiary, LLC, | ||||||
| Baa2 | 5,000 | 5 | Ser. C1, 5.40%, 6/30/49 | 09/14 @ 100 | 4,812,600 | |
| Baa2 | 5,000 | 5 | Ser. C2, 5.80%, 6/30/49 | 09/19 @ 100 | 4,829,050 | |
| 19,946,455 | ||||||
| New Hampshire—1.7% | ||||||
| BBB+ | 5,000 | Hlth. & Edu. Fac., Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22 | 10/13 @ 100 | 5,219,500 | ||
| New Jersey—12.9% | ||||||
| Econ. Dev. Auth., | ||||||
| BBB | 11,500 | Cigarette Tax, 5.50%, 6/15/24 | 06/12 @ 100 | 11,828,555 | ||
| B | 10,000 | Continental Airlines, Inc. Proj., 7.00%, 11/15/30 | 11/10 @ 101 | 8,463,800 | ||
| B | 1,500 | Continental Airlines, Inc. Proj., 9.00%, 6/01/33 | 06/13 @ 101 | 1,504,830 | ||
| BBB- | 1,000 | First Mtg. Winchester Proj., Ser. A, 4.80%, 11/01/13 | No Opt. Call | 1,000,250 | ||
| Baa3 | 7,500 | Kapkowski Road Landfill Proj., 6.50%, 4/01/31 | No Opt. Call | 8,474,250 | ||
| Baa1 | 4,000 | Hlth. Care Fac. Fin. Auth., Cap. Hlth. Sys. Oblig. Grp., Ser. A, 5.75%, 7/01/23 | 07/13 @ 100 | 4,255,760 | ||
| Middlesex Cnty. Impvt. Auth., | ||||||
| NR | 2,500 | Heldrich Ctr. Hotel Proj., Ser. B, 6.125%, 1/01/25 | 01/15 @ 100 | 2,412,925 | ||
| Baa1 | 1,000 | Str. Student Hsg. Proj., Ser. A, 5.00%, 8/15/23 | 08/14 @ 100 | 996,370 | ||
| 38,936,740 | ||||||
| New Mexico—0.9% | ||||||
| NR | 2,685 | Sandoval Cnty. Proj. Dev., Santa Ana Pueblo Proj., 7.75%, 7/01/15 | No Opt. Call | 2,748,554 | ||
2
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | ||||||
| Amount | Option Call | |||||
| Rating1 | (000) | Provisions2 | Value |
|||
| Ohio—7.0% | ||||||
| Cuyahoga Cnty., Cleveland Clinic Hlth. Sys. Proj., | ||||||
| Aa3 | $ 3,000 | 6.00%, 1/01/19 | 07/13 @ 100 | $ 3,374,820 | ||
| Aa3 | 10,000 | 6.00%, 1/01/20 | 07/13 @ 100 | 11,212,400 | ||
| Baa2 | 4,000 | Ohio Wtr. Dev. Auth., Collateral Wtr. Dev. Dayton Pwr. Proj., Ser. A, 6.40%, 8/15/27 | 05/05 @ 100 | 4,014,600 | ||
| NR | 1,100 | Pinnacle Cmnty. Infrastructure Fin. Auth. Facs. Rev., Ser. A, 6.00%, 12/01/22 | 12/14 @ 101 | 1,122,088 | ||
| NR | 1,215 | Port of Greater Cincinnati Dev. Auth., Coop. Pub. Pkg. Infrastructure Proj., 6.30%, 2/15/24 | 02/14 @ 102 | 1,278,350 | ||
| 21,002,258 | ||||||
| Oklahoma—1.1% | ||||||
| B- | 3,350 | Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 3,347,856 | ||
| Pennsylvania—6.3% | ||||||
| BBB+ | 6,680 | Higher Edl. Fac., La Salle Univ. Proj., 5.50%, 5/01/26 | 05/13 @ 100 | 6,975,991 | ||
| A | 10,000 | Lancaster Cnty. Hosp. Auth., Gen. Hosp. Proj., 5.75%, 3/15/20 | 09/13 @ 100 | 10,782,400 | ||
| NR | 1,275 | Montgomery Cnty. Indl. Dev. Auth., Whitemarsh Continuing Care Proj., 6.00%, 2/01/21 | 02/15 @ 100 | 1,302,081 | ||
| 19,060,472 | ||||||
| Puerto Rico—11.8% | ||||||
| A- | 10,900 | Elec. Pwr. Auth., Ser. NN, 5.125%, 7/01/24 | 07/13 @ 100 | 11,363,904 | ||
| Pub. Impvt., Ser. A, | ||||||
| A- | 5,000 | 5.25%, 7/01/22 | 07/13 @ 100 | 5,290,700 | ||
| A- | 11,000 | 5.25%, 7/01/23 | 07/13 @ 100 | 11,639,540 | ||
| A- | 7,000 | 5.25%, 7/01/24 | 07/13 @ 100 | 7,387,170 | ||
| 35,681,314 | ||||||
| Rhode Island—1.5% | ||||||
| BBB | 4,500 | Hlth. & Edl. Bldg. Corp., Hosp. Fin., Ser. A, 5.875%, 9/15/23 | 09/08 @ 100 | 4,535,325 | ||
| Texas—7.1% | ||||||
| Baa3 | 5,000 | Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., Arborstone/Baybrook Oaks Proj., | ||||
| Ser. A, 5.85%, 11/01/31 | 11/11 @ 102 | 4,614,750 | ||||
| BBB | 1,100 | Brazos River Auth., PCR, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38 | No Opt. Call | 1,248,357 | ||
| BBB | 3,500 | Port Corpus Christi Indl. Dev. Corp., Valero Convertible Proj., Ser. C, 5.40%, 4/01/18 | 04/08 @ 102 | 3,595,305 | ||
| Tpke. Auth., Central Texas Tpke. Sys. Proj., Ser. A, AMBAC, | ||||||
| AAA | 7,990 | Zero Coupon, 8/15/21 | No Opt. Call | 3,647,914 | ||
| AAA | 8,450 | Zero Coupon, 8/15/24 | No Opt. Call | 3,223,506 | ||
| Weatherford Indpt. Sch. Dist., | ||||||
| AAA | 6,945 | Zero Coupon, 2/15/23 | 02/11 @ 50.236 | 2,664,866 | ||
| AAA | 6,945 | Zero Coupon, 2/15/24 | 02/11 @ 47.435 | 2,501,936 | ||
| 21,496,634 | ||||||
| Trust Territories—1.3% | ||||||
| A- | 4,000 | 5 | San Manuel Entertainment Auth., 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16 | 12/13 @ 102 | 3,921,560 | |
| U. S. Virgin Islands—0.4% | ||||||
| BBB | 1,000 | Pub. Fin. Auth., Sen. Lien Matching Fund Loan, Ser. A, 5.25%, 10/01/17 | 10/14 @ 100 | 1,066,950 | ||
| Virginia—7.8% | ||||||
| NR | 5,000 | Celebrate North Cmnty. Dev. Auth., Spl. Assmt. Rev., Ser. B, 6.60%, 3/01/25 | 03/14 @ 102 | 5,088,350 | ||
| BBB | 10,000 | Charles City Cnty. Econ. Dev. Auth., Sld. Wst. Disp., 5.125%, 8/01/27 | 03/05 @ 100 | 10,108,600 | ||
| A3 | 7,500 | Mecklenburg Cnty. Ind. Dev. Auth., Exempt FAC-UAE LP Proj., 6.50%, 10/15/17 | 10/12 @ 100 | 8,297,475 | ||
| 23,494,425 | ||||||
| Washington—2.4% | ||||||
| Washington, | ||||||
| AAA | 10,000 | Ser. S-5, Zero Coupon, 1/01/19, FGIC | No Opt. Call | 5,149,200 | ||
| AAA | 4,630 | Motor Vehicle, Ser. F, Zero Coupon, 12/01/21, MBIA | No Opt. Call | 2,037,339 | ||
| 7,186,539 | ||||||
| Wisconsin—2.2% | ||||||
| Hlth. & Ed. Fac. Auth., Wheaton Franciscan Svcs. Proj., | ||||||
| A | 2,880 | 5.50%, 8/15/17 | 08/13 @ 100 | 3,074,544 | ||
| A | 3,190 | 5.50%, 8/15/18 | 08/13 @ 100 | 3,382,676 | ||
| 6,457,220 | ||||||
| Total Long-Term Investments (cost $450,230,730) | 464,181,127 | |||||
3
BlackRock Municipal 2020 Term Trust (BKK) (continued)
| Principal | ||||||
| Amount | ||||||
| Rating1 | (000) | Description | Value | |||
| SHORT-TERM INVESTMENTS—5.9% | ||||||
| Massachusetts—1.8% | ||||||
| A1+ | $ 5,450 | 6 | St. Dev. Fin. Agcy., Boston Univ., Ser. R-4, 2.27%, 4/01/05, XLCA, FRDD | $ 5,450,000 | ||
| North Dakota—1.7% | ||||||
| VMIG1 | 5,250 | 6 | Grand Forks N. Dakota Hosp. Facilities Rev., United Hosp. Oblig. Grp. Proj., | |||
| 2.33%, 4/01/05, FRDD | 5,250,000 | |||||
| Shares | ||||||
| (000) | Money Market Fund—2.4% | |||||
| 7,250 | AIM Tax Free Investment Co. Cash Reserve Portfolio | 7,250,000 | ||||
| Total Short-Term Investments (cost $17,950,000) | 17,950,000 | |||||
| Total Investments—159.8% (cost $468,180,7307) | $ 482,131,127 | |||||
| Liabilities in excess of other assets—(0.9)% | (2,853,501) | |||||
| Preferred shares at redemption value, including dividends payable—(58.9)% | (177,627,726) | |||||
| Net Assets Applicable to Common Shareholders—100% | $ 301,649,900 | |||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors 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 | Entire or partial principal amount pledged as collateral for financial futures contracts. | ||
| 4 | Security is deemed to be of investment grade quality by the investment advisor. | ||
| 5 | 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, 2005, the Trust held 7.9% of it nets assets, with a current market value of $23,868,015 in securities. | ||
| 6 | 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. | ||
| 7 | Cost for Federal income tax purposes is $468,165,791. The net unrealized appreciation on a tax basis is $13,965,336 consisting of $15,980,194 gross unrealized appreciation and $2,014,858 gross unrealized depreciation. | ||
| KEY TO ABBREVIATIONS | ||||||
| ACA | — | American Capital Access | GO | — | General Obligation | |
| AMBAC | — | American Municipal Bond Assurance Corp. | MBIA | — | Municipal Bond Insurance Assoc. | |
| FGIC | — | Financial Guaranty Insurance Co. | PCR | — | Pollution Control Revenue | |
| FRDD | — | Floating Rate Daily Demand | XLCA | — | XL Capital Assurance | |
| FSA | — | Financial Security Assurance | ||||
4
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: May 27, 2005
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: Principal Executive Officer
Date: May 27, 2005
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: May 27, 2005