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 
(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 
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, 2007
Date of reporting period:    March 31, 2007

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 (unaudited)
MARCH 31, 2007

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)

Principal
             
Amount
     
Option Call
     
(000)
           Description   Provisions1             
Value
    LONG-TERM INVESTMENTS—143.0%          
    Florida—125.3%          
$          10   Brandy Creek Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.40%, 5/01/09   No Opt. Call   $ 10,014
6,150   Brd. of Ed., Sch Impvts. Misc. GO, Ser. J, 5.00%, 6/01/24, AMBAC   06/13 @ 101     6,529,824
1,095   City of Deltona, Mult. Util. Impvts. RB, 5.00%, 10/01/23, MBIA   10/13 @ 100     1,157,798
1,000   City of Lakeland, Wtr. RB, 5.00%, 10/01/27   10/12 @ 100     1,039,940
    City of Marco Island, Wtr. Util. Impvts. Wtr. RB,          
2,000      5.00%, 10/01/22, MBIA   10/13 @ 100     2,114,700
1,375      5.00%, 10/01/23, MBIA   10/13 @ 100     1,453,856
1,000      5.25%, 10/01/21, MBIA   10/13 @ 100     1,078,670
    City of Palm Coast, Wtr. Util. Impvts. Wtr. RB,          
1,770      5.00%, 10/01/22, MBIA   10/13 @ 100     1,871,510
1,485      5.00%, 10/01/23, MBIA   10/13 @ 100     1,570,165
1,500      5.00%, 10/01/24, MBIA   10/13 @ 100     1,586,025
4,000   Cnty. of Escambia, Misc. RB, Intl. Paper Co. Proj., 5.75%, 11/01/27, AMT   11/13 @ 100     4,249,320
    Cnty. of Miami-Dade,          
5,365      Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/19, MBIA   04/08 @ 55.413     2,849,352
10,000      Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/20, MBIA   04/08 @ 52.398     5,020,000
7,560      Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/32, MBIA   04/08 @ 26.494     1,913,663
2,760   Cnty. of Polk, Wtr. Util. Impvts. Wtr. RB, 5.00%, 10/01/23, FGIC   10/13 @ 100     2,918,286
4,665   Crossings at Fleming Island Cmnty. Dev. Dist., Swr. Impvts. RB, 6.75%, 10/01/25   10/09 @ 102     4,891,113
566   Escambia Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, 5.95%,          
       7/01/20, AMBAC   No Opt. Call     586,878
1,955   Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj., 5.50%,          
       10/01/23   10/12 @ 100     2,066,904
1,000   Hillsborough Cnty. Sch. Brd., Sch. Impvts. Lease Approp. COP, 5.00%, 7/01/27, MBIA   07/13 @ 100     1,041,300
1,500   Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Shell Point/Alliance Cmnty.          
       Proj., 5.00%, 11/15/22   05/17 @ 100     1,541,940
3,000   Lee Cnty., Trans. RB, Ser. B, 5.00%, 10/01/22, AMBAC   10/14 @ 100     3,197,250
2,500   Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med.          
       Ctr. Proj., 6.75%, 11/15/21   11/14 @ 100     2,835,350
4,695   Miami-Dade Cnty. Edl. Facs. Auth., Univ. & Coll. RB, Miami Univ. Proj., Ser. A, 5.00%,          
       4/01/24, AMBAC   04/14 @ 100     4,944,117
4,000   Mun. Loan Council, Pub. Impvts. RB, Ser. A, Zero Coupon, 4/01/20, MBIA   No Opt. Call     2,306,320
3,595   Northern Palm Beach Cnty. Impvt. Dist., Wtr. Util. Spl. Assmt. RB, Wtr. Ctrl. & Impvt.          
       Unit Dev. 43 Proj., 6.10%, 8/01/21   08/11 @ 101     3,776,188
4,450 2 Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Hlth.          
       Sys. Proj., 5.625%, 11/15/12   N/A     4,903,143
6,500   Palm Beach Cnty. Sch. Brd., Lease Renewal COP, Ser. D, 5.00%, 8/01/28, FSA   08/12 @ 100     6,723,925
4,615   Sterling Hill Cmnty. Dev. Dist., Refdg. Notes SA, Ser. A, 6.10%, 5/01/23   05/13 @ 101     4,937,542
2,590   Stevens Plantation Impvt. Proj. Dependent Spl. Dist., Pub. Impvts. Misc. RB, 6.375%,          
       5/01/13   No Opt. Call     2,682,852
1,205   Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj., 6.80%,          
       10/01/32, AMT   10/09 @ 100     1,248,838
    Tohopekaliga Wtr. Auth.,          
3,630      Wtr. RB, Ser. A, 5.00%, 10/01/21, FSA   10/13 @ 100     3,865,696
3,810      Wtr. RB, Ser. A, 5.00%, 10/01/22, FSA   10/13 @ 100     4,028,503
2,000      Wtr. RB, Ser. A, 5.00%, 10/01/23, FSA   10/13 @ 100     2,114,700
1,975      Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/22, FSA   10/13 @ 100     2,088,266
1,180      Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/23, FSA   10/13 @ 100     1,247,673
1,555   Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.00%, 5/01/22   05/13 @ 101     1,655,577
    Vlg. Ctr. Cmnty. Dev. Dist.,          
2,000      Recreational Fac. Impvts. RB, Ser. B, 6.35%, 1/01/18   01/14 @ 100     2,115,380
5,000      Wtr. Util. Impvts. Wtr. RB, 5.25%, 10/01/23, MBIA   10/13 @ 101     5,390,450
              105,553,028
    Puerto Rico—15.9%          
    Children's Trust Fund, Tobacco Settlement Funded RB,          
2,015      5.50%, 5/15/39   05/12 @ 100     2,115,609
6,900      5.625%, 5/15/43   05/12 @ 100     7,283,640
3,740 2 Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12   N/A     4,038,826
              13,438,075

1

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

(Percentages shown are based on Net Assets)

Principal
               
Amount
     
Option Call
       
(000)           
Description
  Provisions1             
Value
 
    U.S. Virgin Islands—1.8%            
$      1,500   Pub. Fin. Auth., Swr. Impvts. RB, Hovensa LLC Proj., 4.70%, 7/01/22   01/15 @ 100   $ 1,504,155  
    Total Long-Term Investments (cost $114,614,886)         120,495,258  
    SHORT-TERM INVESTMENTS—14.6%            
    Florida—14.6%            
    Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB,            
3,400 3    Daughters of Charity Proj., 3.75%, 4/02/07, MBIA, FRDD   N/A     3,400,000  
2,900 3    Ser. C, 3.75%, 4/02/07, FRDD   N/A     2,900,000  
1,000 3 Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Orlando Regl.            
       Healthcare Proj., 3.80%, 4/02/07, FGIC, FRDD   N/A     1,000,000  
4,400 3 Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, All Children's Hosp.            
       Proj., 3.80%, 4/02/07, AMBAC, FRDD   N/A     4,400,452  
600 3 Sunshine St. Govt'l. Fing Comm., Pub. Impvts. Misc. RB, 3.80%, 4/02/07, AMBAC,            
       FRDD   N/A     600,000  
    Total Short-Term Investments (cost $12,300,452)         12,300,452  
    Total Investments —157.6% (cost $126,915,3384)      
$
132,795,710  
    Other assets in excess of liabilities —0.5%         386,069  
    Preferred shares at redemption value, including dividends payable —(58.1)%         (48,928,535
)
    Net Assets Applicable to Common Shareholders—100%       $ 84,253,244  

 
 

 
1     

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
 
2     

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.
 
3     

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, 2007.
 
4     

Cost for federal income tax purposes is $126,883,434. The net unrealized appreciation on a tax basis is $5,912,276, consisting of $5,935,755 gross unrealized appreciation and $23,479 gross unrealized depreciation.
 

KEY TO ABBREVIATIONS

AMBAC — American Municipal Bond Assurance Corp. FSA — Financial Security Assurance
AMT — Subject to Alternative Minimum Tax GO — General Obligation
COP — Certificate of Participation MBIA — Municipal Bond Insurance Assoc.
FGIC — Financial Guaranty Insurance Co. RB — Revenue Bond
FRDD — Floating Rate Daily Demand SA — Special Assessment

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/ Donald C. Burke
Name: Donald C. Burke 
Title: Treasurer and Principal Financial Officer 
Date: May 25, 2007 

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: President and Principal Executive Officer
Date: May 25, 2007

 

By:   /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: May 25, 2007