34238

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:      811-21184
_____________________________________________________
   
   
BlackRock Florida Municipal 2020 Term Trust Inc.
(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 Florida Municipal 2020 Term Trust Inc.
 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:      September 30, 2004
____________________________________________


Item 1. Schedule of Investments

The registrant's 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)
SEPTEMBER 30, 2004

BlackRock Florida Municipal 2020 Term Trust (BFO)

      Principal        
      Amount   Option Call    
    Rating1   (000) Description Provisions2   Value  
        LONG-TERM INVESTMENTS—156.50%      
            Florida—136.00%      
    NR   $ 2,000   Brandy Creek Cmnty. Dev. Dist., Spl. Assmt., Ser. B, 5.40%, 5/01/09 No Opt. Call   $2,029,700  
    NR3   4,895   Crossings at Fleming Island, Cmnty. Dev. Dist., 6.75%, 10/01/25 10/09 @ 102   5,047,528  
    AAA   1,095   Deltona Util. Sys., 5.00%, 10/01/23, MBIA 10/13 @ 100   1,151,108  
    BBB   4,000   Escambia Cnty. Env. Impvt., 5.75%, 11/01/27 No Opt. Call   4,000,400  
    AAA   5,000 4 Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC No Opt. Call   5,326,250  
    AAA   6,150   Florida Brd. of Ed., GO, Ser. J, 5.00%, 6/01/24, AMBAC 06/13 @ 101   6,419,862  
    BBB+   1,955   Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 10/12 @ 100   1,973,944  
    AAA   1,000   Hillsborough Cnty. Sch. Brd., 5.00%, 7/01/27, MBIA 07/13 @ 100   1,025,750  
    AA   1,000   Lakeland Wtr. & Wstwtr., 5.00%, 10/01/27 10/12 @ 100   1,022,550  
    AAA   3,000   Lee Cnty. Transp. Fac., Ser. B, 5.00%, 10/01/22, AMBAC 10/14 @ 100   3,200,490  
            Marco Island Util. Sys., MBIA,      
    AAA   2,000       5.00%, 10/01/22 10/13 @ 100   2,130,140  
    AAA   1,375       5.00%, 10/01/23 10/13 @ 100   1,445,455  
    AAA   1,000       5.25%, 10/01/21 10/13 @ 100   1,096,310  
    BB   2,500   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100   2,599,500  
            Miami Dade Cnty., MBIA,      
    AAA   5,365       Ser. A, Zero Coupon, 10/01/19 04/08 @ 55.413   2,530,349  
    AAA   10,000       Ser. A, Zero Coupon, 10/01/20 04/08 @ 52.398   4,442,400  
    AAA   7,560       Ser. B, Zero Coupon, 10/01/32 04/08 @ 26.494   1,593,497  
    AAA   4,695   Miami-Dade Cnty. Edl. Facs. Auth. Rev., Univ. Miami, Ser. A, 5.00%, 4/01/24, AMBAC 04/14 @ 100   4,916,839  
    AAA   4,000   Mun. Loan Council, Ser. A, Zero Coupon, 4/01/20, MBIA No Opt. Call   1,981,600  
    NR   3,875   No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43, 6.10%, 8/01/21 08/11 @ 101   4,018,646  
    A   4,450   Orange Cnty. Hlth. Facs. Auth., Hosp. Adventist Hlth. Sys., 5.625%, 11/15/32 11/12 @ 101   4,658,171  
    AAA   6,500   Palm Beach Cnty. Sch. Brd., COP, Ser. D, 5.00%, 8/01/28, FSA 08/12 @ 100   6,652,035  
            Palm Coast Florida Util. Sys., MBIA,      
    AAA   1,770       5.00%, 10/01/22 10/13 @ 100   1,885,174  
    AAA   1,485       5.00%, 10/01/23 10/13 @ 100   1,561,091  
    AAA   1,500       5.00%, 10/01/24 10/13 @ 100   1,567,740  
    AAA   2,760   Polk Cnty. Florida Util. Sys., 5.00%, 10/01/23, FGIC 10/13 @ 100   2,901,422  
    NR   4,765   Sterling Hill Cmnty. Dev. Dist., 6.10%, 5/01/23 05/13 @ 101   4,877,835  
    NR   2,765   Stevens Plantation Impvt. Proj., 6.375%, 5/01/13 No Opt. Call   2,827,572  
    NR   1,235   Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32 10/09 @ 100   1,254,291  
            Tohopekaliga Wtr. Auth., FSA,      
    AAA   3,630       Ser. A, 5.00%, 10/01/21 10/13 @ 100   3,874,662  
    AAA   3,810       Ser. A, 5.00%, 10/01/22 10/13 @ 100   4,057,917  
    AAA   2,000       Ser. A, 5.00%, 10/01/23 10/13 @ 100   2,102,480  
    AAA   1,975       Ser. B, 5.00%, 10/01/22 10/13 @ 100   2,103,513  
    AAA   1,180       Ser. B, 5.00%, 10/01/23 10/13 @ 100   1,240,463  
    NR   2,000   Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22 05/13 @ 101   2,055,060  
            Vlg. Ctr. Cmnty. Dev. Dist.,      
    AAA   5,000       5.25%, 10/01/23, MBIA 10/13 @ 101   5,371,950  
    NR3   2,000       Ser. B, 6.35%, 1/01/18 01/14 @ 100   2,110,700  
                 
 
                  109,054,394  
                 
 
            Puerto Rico—20.50%      
            Children’s Trust Fund, Tobacco Settlement Rev.,      
    BBB   2,015       5.50%, 5/15/39 05/12 @ 100   1,748,516  
    BBB   10,500       5.625%, 5/15/43 05/12 @ 100   9,126,390  
            Puerto Rico Pub. Fin. Corp., Ser. E,      
    BBB+   3,740 5     5.50%, 2/01/12 N/A   4,271,155  
    BBB+   1,260       5.50%, 8/01/29 02/12 @ 100   1,319,384  
                 
 
                  16,465,445  
                 
 
            Total Long-Term Investments (cost $123,048,776)     125,519,839  
                 
 

1

BlackRock Florida Municipal 2020 Term Trust (BFO) (continued)

      Principal        
      Amount   Option Call    
    Rating1   (000) Description Provisions2   Value  
                     
          SHORT-TERM INVESTMENTS—1.50%      
    A-1   $     300 6 Puerto Rico Gov’t. Dev. Bank, 1.58%, 10/06/04, MBIA, FRWD     $   300,000  
    A-1   950 6 Puerto Rico Hwy. & Transp. Auth., Transp. Rev., Ser. A, 1.72%, 10/06/04, AMBAC, FRWD     950,000  
                 
 
            Total Short-Term Investments (cost $1,250,000)     1,250,000  
                 
 
            Total Investments—158.0% (cost $124,298,776)     $126,769,839  
            Other assets in excess of liabilities—2.9%     2,349,512  
            Preferred shares at redemption value, including dividends payable—(61.0)%     (48,908,148)  
                 
 
            Net Assets Applicable to Common Shareholders—100%     $ 80,211,203  
                 
 
1   Using the higher of S&P’s, Moody’s or Fitch’s rating.  
2   Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.  
3   Security is deemed to be of investment grade quality by the investment advisor.  
4   Entire or partial principal amount pledged as collateral for financial futures contracts.  
5   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.  
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. Rate shown as of September 30, 2004. 

KEY TO ABBREVIATIONS
AMBAC   —   American Municipal Bond Assurance Corporation   FSA   —   Financial Security Assurance   
COP   —   Certificate of Participation   GO   —   General Obligation   
FGIC   —   Financial Guaranty Insurance Company   MBIA   —   Municipal Bond Insurance Association   
FRWD   —   Floating Rate Weekly Demand   PCR   —   Pollution Control Revenue   

2

Item 2. Controls and Procedures

(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 Florida Municipal 2020 Term Trust Inc.
______________________________________________________________

By:     /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: November 23, 2004

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: November 23, 2004

By:      /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: November 23, 2004