FORM N-Q
Investment Company Act file number:__811-21184______
_______BlackRock Florida Municipal 2020 Term Trust_______
(Exact name of registrant as specified in charter)
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100
Bellevue Parkway, Wilmington, DE
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19809
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Registrant's telephone number, including area code:_888-825-2257
Date of fiscal year end:___December 31, 2006
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:
PORTFOLIO OF INVESTMENTS
MARCH
31, 2006 (unaudited)
BlackRock Florida Municipal 2020 Term Trust (BFO)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—145.8% | |||||||||||||
| Florida—123.8% | |||||||||||||
| NR | $ 100 | Brandy Creek Cmnty. Dev. Dist. SA, Ser. B, 5.40%, 5/01/09 | No Opt. Call | $ 100,136 | |||||||||
| AAA | 6,150 | Brd. of Ed. GO, Ser. J, 5.00%, 6/01/24, AMBAC | 06/13 @ 101 | 6,408,792 | |||||||||
| NR | 4,785 | Crossings at Fleming Island Cmnty. Dev. Dist. RB, 6.75%, 10/01/25 | 10/09 @ 102 | 4,931,947 | |||||||||
| AAA | 1,095 | Deltona Util. Sys. RB, 5.00%, 10/01/23, MBIA | 10/13 @ 100 | 1,144,341 | |||||||||
| BBB | 4,000 | Escambia Cnty. Env. Impvt. RB, 5.75%, 11/01/27 | 11/13 @ 100 | 4,046,240 | |||||||||
| AAA | 566 | Escambia Cnty. Hlth. Facs. Auth. RB, 5.95%, 7/01/20, AMBAC | No Opt. Call | 608,696 | |||||||||
| BBB+ | 1,955 | Hillsborough Cnty. Ind. Dev. Auth. PCRB, Tampa Elec. Co. Proj., 5.50%, 10/01/23 | 10/12 @ 100 | 2,033,826 | |||||||||
| AAA | 1,000 | Hillsborough Cnty. Sch. Brd. COP, 5.00%, 7/01/27, MBIA | 07/13 @ 100 | 1,033,650 | |||||||||
| AA | 1,000 | Lakeland Wtr. & Wstwtr. RB, 5.00%, 10/01/27 | 10/12 @ 100 | 1,034,120 | |||||||||
| AAA | 3,000 | Lee Cnty. Transp. Fac. RB, Ser. B, 5.00%, 10/01/22, AMBAC | 10/14 @ 100 | 3,143,670 | |||||||||
| Marco Island Util. Sys. RB, | |||||||||||||
| AAA | 2,000 | 5.00%, 10/01/22, MBIA | 10/13 @ 100 | 2,092,740 | |||||||||
| AAA | 1,375 | 5.00%, 10/01/23, MBIA | 10/13 @ 100 | 1,436,957 | |||||||||
| AAA | 1,000 | 5.25%, 10/01/21, MBIA | 10/13 @ 100 | 1,068,190 | |||||||||
| BB+ | 2,500 | Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 2,791,100 | |||||||||
| AAA | 4,695 | Miami Dade Cnty. Edl. Facs. Auth. RB, Univ. Miami Proj., Ser. A, 5.00%, 4/01/24, AMBAC | 04/14 @ 100 | 4,908,763 | |||||||||
| Miami Dade Cnty. RB, | |||||||||||||
| AAA | 10,000 | Ser. A, Zero Coupon, 10/01/20, MBIA | 04/08 @ 52.398 | 4,752,100 | |||||||||
| AAA | 7,560 | Ser. B, Zero Coupon, 10/01/32, MBIA | 04/08 @ 26.494 | 1,793,686 | |||||||||
| AAA | 5,365 | Miami Dade Cnty., Spec. Oblig. RB, Ser. A, Zero Coupon, 10/01/19, MBIA | 04/08 @ 55.413 | 2,702,029 | |||||||||
| AAA | 4,000 | Mun. Loan Council RB, Ser. A, Zero Coupon, 4/01/20, MBIA | No Opt. Call | 2,120,080 | |||||||||
| NR | 3,740 | No. Palm Beach Cnty. Impvt. Dist. RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/21 | 08/11 @ 101 | 3,870,975 | |||||||||
| A+ | 4,450 | Orange Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32 | 11/12 @ 101 | 4,716,688 | |||||||||
| AAA | 6,500 | Palm Beach Cnty. Sch. Brd. COP, Ser. D, 5.00%, 8/01/28, FSA | 08/12 @ 100 | 6,698,315 | |||||||||
| Palm Coast Util. Sys. RB, | |||||||||||||
| AAA | 1,770 | 5.00%, 10/01/22, MBIA | 10/13 @ 100 | 1,852,075 | |||||||||
| AAA | 1,485 | 5.00%, 10/01/23, MBIA | 10/13 @ 100 | 1,551,914 | |||||||||
| AAA | 1,500 | 5.00%, 10/01/24, MBIA | 10/13 @ 100 | 1,567,590 | |||||||||
| AAA | 2,760 | Polk Cnty. Util. Sys. RB, 5.00%, 10/01/23, FGIC | 10/13 @ 100 | 2,884,366 | |||||||||
| NR | 4,615 | Sterling Hill Cmnty. Dev. Dist. SA, 6.10%, 5/01/23 | 05/13 @ 101 | 4,736,374 | |||||||||
| NR | 2,765 | Stevens Plantation Impvt. Proj. RB, 6.375%, 5/01/13 | No Opt. Call | 2,825,775 | |||||||||
| NR | 1,220 | Sumter Cnty. Indl. Dev. Auth. RB, No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32 | 10/09 @ 100 | 1,268,666 | |||||||||
| Tohopekaliga Wtr. Auth. RB, | |||||||||||||
| AAA | 3,630 | Ser. A, 5.00%, 10/01/21, FSA | 10/13 @ 100 | 3,800,683 | |||||||||
| AAA | 3,810 | Ser. A, 5.00%, 10/01/22, FSA | 10/13 @ 100 | 3,981,678 | |||||||||
| AAA | 2,000 | Ser. A, 5.00%, 10/01/23, FSA | 10/13 @ 100 | 2,090,120 | |||||||||
| AAA | 1,975 | Ser. B, 5.00%, 10/01/22, FSA | 10/13 @ 100 | 2,063,993 | |||||||||
| AAA | 1,180 | Ser. B, 5.00%, 10/01/23, FSA | 10/13 @ 100 | 1,233,171 | |||||||||
| NR | 1,740 | Vlg. Cmnty. Dev. Dist. Assmt. No. 5 SA, Ser. A, 6.00%, 5/01/22 | 05/13 @ 101 | 1,812,401 | |||||||||
| Vlg. Ctr. Cmnty. Dev. Dist. RB, | |||||||||||||
| AAA | 5,000 | 5.25%, 10/01/23, MBIA | 10/13 @ 101 | 5,370,950 | |||||||||
| NR3 | 2,000 | Ser. B, 6.35%, 1/01/18 | 01/14 @ 100 | 2,102,060 | |||||||||
| 102,578,857 | |||||||||||||
| Puerto Rico—22.0% | |||||||||||||
| Children’s Trust Fund Tobacco Settlement RB, | |||||||||||||
| BBB | 2,015 | 5.50%, 5/15/39 | 05/12 @ 100 | 2,069,123 | |||||||||
| BBB | 10,500 | 5.625%, 5/15/43 | 05/12 @ 100 | 10,805,865 | |||||||||
| Pub. Fin. Corp. RB, | |||||||||||||
| Aaa | 3,740 | 4 | Ser. E, 5.50%, 2/01/12 | N/A | 4,067,026 | ||||||||
| BBB- | 1,260 | Ser. E, 5.50%, 8/01/29 | 02/12 @ 100 | 1,321,853 | |||||||||
| 18,263,867 | |||||||||||||
| Total Long-Term Investments (cost $116,311,731) | 120,842,724 | ||||||||||||
1
BlackRock Florida Municipal 2020 Term Trust (BFO) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| SHORT-TERM INVESTMENTS—9.5% | |||||||||||||
| Florida—5.0% | |||||||||||||
| A-1+ | $ 670 | 5 | Jacksonville Hlth. Facs. Hosp. RB, Variable Baptist Med. Ctr. Proj., 3.14%, 4/03/06, FRDD | N/A | $ 670,000 | ||||||||
| A-1+ | 3,500 | 5 | Pinellas Cnty. Hlth. Fac. Auth. RB, 3.18%, 4/03/06, AMBAC, FRDD | N/A | 3,500,000 | ||||||||
| 4,170,000 | |||||||||||||
| Puerto Rico—1.5% | |||||||||||||
| A-1 | 300 | 5 | Gov’t. Dev. Bank RB, 2.96%, 4/05/06, MBIA, FRWD | N/A | 300,000 | ||||||||
| A-1 | 950 | 5 | Hwy. & Transp. Auth. Transp. RB, Ser. A, 3.13%, 4/05/06, AMBAC, FRWD | N/A | 950,000 | ||||||||
| 1,250,000 | |||||||||||||
| MONEY MARKET FUND—3.0% | |||||||||||||
| NR | 2,450 | AIM Tax Free Investment Co. Cash Reserve Portfolio | N/A | 2,450,000 | |||||||||
| Total Short-Term Investments (cost $7,870,000) | 7,870,000 | ||||||||||||
| Total Investments—155.3% (cost $124,181,7316) | $128,712,724 | ||||||||||||
| Other assets in excess of liabilities—3.7% | 3,075,577 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(59.0)% | (48,919,700) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 82,868,601 | ||||||||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service 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 | Security is deemed to be of investment grade quality by the investment advisor. | ||
| 4 | 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. | ||
| 5 | 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 is rate as of March 31, 2006. | ||
| 6 | Cost for Federal income tax purposes is $124,165,376. The net unrealized appreciation on a tax basis is $4,547,348, consisting of $4,548,174 gross unrealized appreciation and $826 gross unrealized depreciation. |
KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corp. | FSA | — | Financial Security Assurance | ||||||
| COP | — | Certificate of Participation | GO | — | General Obligation | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| FRDD | — | Floating Rate Daily Demand | PCRB | — | Pollution Control Revenue Bond | ||||||
| FRWD | — | Floating Rate Weekly Demand | RB | — | Revenue Bond | ||||||
| SA | — | Special Assesment | |||||||||
2
Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are 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___
By:___/s/ Henry Gabbay____________________________________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___________________________________