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
Name of Fund: BlackRock Florida Municipal 2020 Term Trust (BFO)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Florida Municipal 2020 Term Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2009
Date of reporting period: 04/30/2009
Item 1 – Schedule of Investments
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BlackRock Florida Municipal 2020 Term Trust |
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Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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Municipal Bonds |
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Par |
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Value |
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Florida - 142.1% |
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Corporate - 8.7% |
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Escambia County, Florida, Environmental Improvement Revenue Refunding Bonds (International Paper Company Projects), AMT, Series A, 5.75%, 11/01/27 |
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$ |
4,000 |
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$ |
2,861,280 |
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Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project), 5.50%, 10/01/23 |
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1,955 |
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1,868,706 |
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Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project), Series A, 5.65%, 5/15/18 |
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1,000 |
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1,003,900 |
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Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project), Series B, 5.15%, 9/01/25 |
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500 |
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499,060 |
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6,232,946 |
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County/City/Special District/School District - 61.1% |
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Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/22 (a) |
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2,500 |
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2,563,825 |
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Crossings at Fleming Island Community Development District, Florida, Utility Revenue Bonds, 6.75%, 10/01/09 (b) |
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4,400 |
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4,590,696 |
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Hillsborough County, Florida, School Board, COP, 5%, 7/01/27 (c) |
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1,000 |
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978,900 |
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Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University of Miami), Series A, 5.0%, 4/01/14 (b)(d) |
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2,695 |
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3,073,998 |
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Miami-Dade County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/21 (e) |
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4,000 |
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4,158,200 |
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Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series B, 5.627%, 10/01/32 (c)(f) |
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7,560 |
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1,381,136 |
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Miami-Dade County, Florida, Special Obligation Revenue Refunding Bonds, Sub-Series A, 5.313%, 10/01/19 (c)(f) |
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5,365 |
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2,818,288 |
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Miami-Dade County, Florida, Special Obligation Revenue Refunding Bonds, Sub-Series A, 5.288%, 10/01/20 (c)(f) |
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10,000 |
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4,887,700 |
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Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Revenue Bonds (Unit of Development Number 43), 6.10%, 8/01/11 (b) |
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2,735 |
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2,988,589 |
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Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Revenue Bonds (Unit of Development Number 43), 6.10%, 8/01/21 |
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550 |
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489,313 |
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Northern Palm Beach County Improvement District, Florida, Water Control and Improvement, Revenue Refunding Bonds (Unit of Development Number 43), Series B, 4.50%, 8/01/22 (g) |
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1,000 |
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643,540 |
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Northern Palm Beach County Improvement District, Florida, Water Control and Improvement, Revenue Refunding Bonds (Unit of Development Number 43), Series B, 5%, 8/01/31 (g) |
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1,000 |
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573,600 |
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Sterling Hill Community Development District, Florida, Capital Improvement Revenue Refunding Bonds, Series A, 6.10%, 5/01/23 |
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4,105 |
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3,615,232 |
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Stevens Plantation Improvement Project Dependent Special District, Florida, Revenue Bonds, 6.375%, 5/01/13 |
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2,425 |
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1,887,765 |
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Tolomato Community Development District, Florida, Special Assessment Bonds, 6.375%, 5/01/17 |
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1,300 |
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1,060,683 |
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Portfolio Abbreviations |
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To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the list below.
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AMT |
Alternative Minimum Tax (subject to) |
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CAB |
Capital Appreciation Bonds |
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COP |
Certificates of Participation |
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GO |
General Obligation Bonds |
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HFA |
Housing Finance Agency |
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IDA |
Industrial Development Authority |
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IDR |
Industrial Development Revenue Bonds |
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PCR |
Pollution Control Revenue Bonds |
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S/F |
Single-Family |
1
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BlackRock Florida Municipal 2020 Term Trust |
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Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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Municipal Bonds |
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Par |
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Value |
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Village Center Community Development District, Florida, Recreational Revenue Bonds, Sub-Series A, 6.35%, 1/01/18 |
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$ |
2,000 |
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$ |
1,765,380 |
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Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25%, 10/01/23 (c) |
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5,000 |
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4,521,600 |
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Village Community Development District Number 5, Florida, Special Assessment Bonds, Series A, 6%, 5/01/22 |
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1,310 |
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1,220,475 |
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Watergrass Community Development District, Florida, Special Assessment Revenue Bonds, Series B, 5.125%, 11/01/14 |
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1,000 |
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510,240 |
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43,729,160 |
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Education - 1.1% |
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Orange County, Florida, Educational Facilities Authority, Educational Facilities Revenue Bonds (Rollins College Project), 5.25%, 12/01/22 (d) |
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725 |
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752,666 |
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Health - 17.4% |
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Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds (Florida Health Care Facility Loan), 5.95%, 7/01/20 (d) |
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481 |
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494,480 |
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Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding and Improvement Bonds, Series A, 5.25%, 6/01/26 |
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2,500 |
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2,083,000 |
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Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer Center Project), Series A, 5.25%, 7/01/22 |
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1,500 |
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1,448,715 |
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Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell Point/Alliance Obligor Group), 5%, 11/15/22 |
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1,500 |
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1,080,435 |
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Marion County, Florida, Hospital District, Revenue Refunding Bonds (Munroe Regional Health System), 5%, 10/01/22 |
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1,500 |
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1,292,025 |
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Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%, 11/15/21 |
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1,310 |
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983,535 |
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Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System), 5.625%, 11/15/12 (b) |
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4,450 |
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5,036,243 |
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12,418,433 |
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Housing - 4.3% |
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Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT, Series 2, 4.70%, 7/01/22 (h)(i)(j) |
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2,225 |
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2,121,760 |
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Jacksonville, Florida, HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series A-1, 5.625%, 10/01/39 (h)(i)(j) |
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970 |
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983,813 |
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3,105,573 |
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State - 15.8% |
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Florida Municipal Loan Council Revenue Bonds, CABS, Series A, 5.165%, 4/01/20 (c)(f) |
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4,000 |
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2,300,160 |
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Florida State Board of Education, GO (Public Education Capital Outlay), Refunding, Series I, 5%, 6/01/18 |
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500 |
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545,025 |
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Florida State Board of Education, GO (Public Education Capital Outlay), Series J, 5%, 6/01/24 (d) |
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6,150 |
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6,381,547 |
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Florida State Board of Education, Lottery Revenue Bonds, Series B, 5%, 7/01/23 |
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2,000 |
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2,054,460 |
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11,281,192 |
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Transportation - 4.2% |
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Lee County, Florida, Transportation Facilities Revenue Refunding Bonds, Series B, 5%, 10/01/22 (d) |
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3,000 |
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3,004,110 |
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Utilities - 29.5% |
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Deltona, Florida, Utility System Revenue Bonds, 5%, 10/01/23 (c) |
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|
1,095 |
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|
1,104,023 |
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Lakeland, Florida, Water and Wastewater Revenue Refunding Bonds, 5%, 10/01/27 |
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1,000 |
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|
1,005,260 |
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Marco Island, Florida, Utility System Revenue Bonds, 5.25%, 10/01/21 (c) |
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1,000 |
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|
1,016,490 |
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Marco Island, Florida, Utility System Revenue Bonds, 5%, 10/01/22 (c) |
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2,000 |
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|
2,002,280 |
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Marco Island, Florida, Utility System Revenue Bonds, 5%, 10/01/23 (c) |
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|
1,375 |
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|
1,359,641 |
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Palm Coast, Florida, Utility System Revenue Bonds, 5%, 10/01/22 (c) |
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|
1,770 |
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|
1,780,868 |
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Palm Coast, Florida, Utility System Revenue Bonds, 5%, 10/01/23 (c) |
|
|
1,485 |
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|
1,491,356 |
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Palm Coast, Florida, Utility System Revenue Bonds, 5%, 10/01/24 (c) |
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|
1,500 |
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|
1,502,295 |
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2
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BlackRock Florida Municipal 2020 Term Trust |
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|
Schedule of Investments April 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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Municipal Bonds |
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Par |
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Value |
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Sumter County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, 6.80%, 10/01/32 |
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$ |
1,165 |
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$ |
896,130 |
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Tohopekaliga, Florida, Water Authority, Utility System Revenue Bonds, Series B, 5%, 10/01/22 (a) |
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1,975 |
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|
2,027,634 |
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Tohopekaliga, Florida, Water Authority, Utility System Revenue Bonds, Series B, 5%, 10/01/23 (a) |
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|
1,180 |
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|
1,204,792 |
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Tohopekaliga, Florida, Water Authority, Utility System Revenue Refunding Bonds, Series A, 5%, 10/01/21 (a) |
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|
3,630 |
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|
3,701,874 |
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Tohopekaliga, Florida, Water Authority, Utility System Revenue Refunding Bonds, Series A, 5%, 10/01/23 (a) |
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2,000 |
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|
2,024,420 |
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21,117,063 |
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Total Municipal Bonds in Florida |
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101,641,143 |
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U.S. Virgin Islands - 1.3% |
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Corporate - 1.3% |
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Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds (Hovensa Refinery), AMT, 4.70%, 7/01/22 |
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1,500 |
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|
927,885 |
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Total Municipal Bonds |
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102,569,028 |
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Municipal Bonds Transferred to Tender Option Bond Trusts (k) |
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Florida - 12.4% |
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County/City/Special District/School District - 8.8% |
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Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5%, 8/01/28 (a) |
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|
6,510 |
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|
6,283,192 |
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Housing - 3.6% |
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Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series A-2, 6%, 9/01/40 (h)(i)(j) |
|
|
1,455 |
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|
1,566,991 |
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Manatee County, Florida, HFA, Homeowner Revenue Bonds, AMT, Series A, 5.90%, 9/01/40 (h)(i)(j) |
|
|
1,001 |
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|
1,004,036 |
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|
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|
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|
|
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2,571,027 |
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Total Municipal Bonds Transferred to Tender Option Bond Trusts - 12.4% |
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8,854,219 |
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Total Long-Term Investments (Cost - $119,591,176) - 155.8% |
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|
111,423,247 |
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Short-Term Securities |
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Shares |
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|
Money Market Fund - 8.8% |
|
CMA Florida Municipal Money Fund, 0.07% (l)(m) |
|
|
6,319,804 |
|
|
6,319,804 |
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|
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|
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|
|
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Total
Short-Term Securities |
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|
|
|
|
6,319,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total Investments (Cost - $125,910,980*) - 164.6% |
|
|
|
|
|
117,743,051 |
|
|
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Other Assets Less Liabilities - 2.0% |
|
|
|
|
|
1,420,167 |
|
|
|
|
Liability
for Trust Certificates, Including Interest |
|
|
|
|
|
(4,734,535 |
) |
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|
|
Preferred Shares, at Redemption Value - (60.0)% |
|
|
|
|
|
(42,903,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100.0% |
|
|
|
|
$ |
71,524,960 |
|
|
|
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* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
121,083,418 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
1,427,834 |
|
|
Gross unrealized depreciation |
|
|
(9,493,827 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(8,065,993 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
FSA Insured. |
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|
(b) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
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(c) |
NPFGC Insured. |
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(d) |
AMBAC Insured. |
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(e) |
Assured Guaranty Insured. |
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(f) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
3
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|
BlackRock Florida Municipal 2020 Term Trust |
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|
|
Schedule of Investments April 30, 2009 (Unaudited) |
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(g) |
ACA Insured. |
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(h) |
FHLMC Collateralized. |
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(i) |
FNMA Collateralized. |
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(j) |
GNMA Collateralized. |
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(k) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
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(l) |
Represents the current yield as of report date. |
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(m) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
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||||||
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Affiliate |
|
Net Activity |
|
Income |
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|
||||||
|
CMA Florida Municipal Money Fund |
|
5,917,258 |
|
$ |
18,600 |
|
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• |
The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
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• |
Level 1 - price quotations in active markets/exchanges for identical securities |
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• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
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• |
Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
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The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report. |
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The following table summarizes the inputs used as of March 31, 2009 in determining thefair valuation of the Trust’s investments: |
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Valuation Inputs |
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Investments in Securities |
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||||
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Assets |
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|
Level 1 |
|
$ |
6,319,804 |
|
|
Level 2 |
|
|
111,423,247 |
|
|
Level 3 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
$ |
117,743,051 |
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4
| Item 2 – | Controls and Procedures |
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2(a) – |
The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. |
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2(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) 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. |
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| Item 3 – | Exhibits | ||
| Certifications – Attached hereto | |||
| 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. | |||
| BlackRock Florida Municipal 2020 Term Trust | |||
|
By: |
/s/ Donald C. Burke | ||
| Donald C. Burke | |||
| Chief Executive Officer of | |||
| BlackRock Florida Municipal 2020 Term Trust | |||
|
Date: June 19, 2009 |
|||
| 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/ Donald C. Burke | ||
| Donald C. Burke | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock Florida Municipal 2020 Term Trust | |||
| Date: June 19, 2009 | |||
|
By: |
/s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock Florida Municipal 2020 Term Trust | |||
| Date: June 19, 2009 | |||