BlackRock Municipal 2020 Term Trust (the Trust) is a closed-end management investment trust. The Trust's investment is to provide current income exempt from regular federal income tax and to return $15 per Common Share (the initial offering price per Common Share) to holders of Common Shares on or about December 31, 2020. The Trust focuses on achieving its investment objectives by investing, under normal market conditions, approximately 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Trust invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust invests in a range of sectors, including utilities, transportation, county/city/special district/school district, state, health, corporate, education, tobacco and housing. BlackRock Advisors, LLC is the investment advisor of the Trust.