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: Anne F. Ackerley, Chief Executive Officer, BlackRock Florida Municipal 2020 Term Trust, 55 East 52nd Street, New York, NY 10055.

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2010

Date of reporting period: 10/31/2009

Item 1 – Schedule of Investments

 

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida - 145.4%

 

 

 

 

 

 

 

 

 

Corporate - 8.8%

 

County of Escambia Florida, RB, Series A, Environmental,
AMT, 5.75%, 11/01/27

 

$

4,000

 

$

3,773,320

 

 

 

Hillsborough County IDA, RB, Tampa Electric Co.
Project, 5.50%, 10/01/23

 

 

1,955

 

 

1,975,879

 

 

 

Hillsborough County IDA, RB, Tampa Electric,
Series A, 5.65%, 5/15/18

 

 

1,000

 

 

1,073,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,822,649

 

County/City/Special
District/School District - 62.6%

 

Broward County School Board, Florida, COP, Series A
(FSA), 5.25%, 7/01/22

 

 

2,500

 

 

2,625,875

 

 

 

County of Hillsborough Florida, RB (AMBAC), 5.00%,
11/01/20

 

 

5,545

 

 

5,871,711

 

 

 

County of Miami-Dade Florida, RB, Sub-Series B
(MBIA), 5.63%, 10/01/32 (a)

 

 

7,560

 

 

1,650,953

 

 

 

County of Miami-Dade Florida, Refunding RB, Sub-Series A
(MBIA), 5.32%, 10/01/19 (a)

 

 

5,365

 

 

3,079,617

 

 

 

County of Miami-Dade Florida, Refunding RB, Sub-Series A
(MBIA), 5.29%, 10/01/20 (a)

 

 

10,000

 

 

5,367,600

 

 

 

County of Orange Florida, Refunding RB, Series A
(MBIA), 5.13%, 1/01/22

 

 

2,200

 

 

2,289,914

 

 

 

Hillsborough County School Board, COP (MBIA),
5.00%, 7/01/27

 

 

1,000

 

 

1,010,270

 

 

 

Miami-Dade County Educational Facilities Authority, Florida,
RB, University Miami, Series A (AMBAC), 5.00%, 4/01/14 (b)

 

 

2,000

 

 

2,258,880

 

 

 

Miami-Dade County School Board, Florida, COP, Series B
(AGC), 5.25%, 5/01/21

 

 

4,000

 

 

4,296,840

 

 

 

Northern Palm Beach County Improvement District, RB,
Water Control & Improvement 43, 6.10%, 8/01/11 (b)

 

 

2,735

 

 

2,968,131

 

 

 

Northern Palm Beach County & Improvement District, RB,
Water Control Improvement 43, 6.10%, 8/01/21

 

 

380

 

 

362,794

 

 

 

Northern Palm Beach County Improvement District, Special
Assessment, Refunding, Water Control & Improvement,
No. 43, Series B (ACA), 4.50%, 8/01/22

 

 

1,000

 

 

715,000

 

 

 

Northern Palm Beach County Improvement District, Special
Assessment, Refunding, Water Control & Improvement,
No. 43, Series B (ACA), 5.00%, 8/01/31

 

 

1,000

 

 

664,900

 

 

 

Sterling Hill Community Development District, Special
Assessment, Series A, 6.10%, 5/01/23

 

 

4,105

 

 

3,891,827

 

 

 

Stevens Plantation Improvement Project Dependent Special
District, RB, 6.38%, 5/01/13

 

 

2,425

 

 

1,965,099

 

 

Portfolio Abbreviations


 

 

 

 

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 following list.

 

 

 

ACA

American Capital Access Corp.

 

AGC

Assured Guaranty Corp.

 

AMBAC

American Municipal Bond Assurance Corp.

 

AMT

Alternative Minimum Tax (subject to)

 

CAB

Capital Appreciation Bonds

 

COP

Certificates of Participation

 

GO

General Obligation Bonds

 

FSA

Financial Security Assurance Inc.

 

GNMA

Government National Mortgage Association

 

HFA

Housing Finance Agency

 

IDA

Industrial Development Authority

 

MBIA

Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.)

 

RB

Revenue Bonds

 

VHA

Veterans Hospital Administration

1


 

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

 

 

Tolomato Community Development District, Special
Assessment, 6.38%, 5/01/17

 

$

1,300

 

$

1,104,090

 

 

 

Village Center Community Development District
Recreational, RB, Sub-Series B, 6.35%, 1/01/18

 

 

2,000

 

 

1,870,380

 

 

 

Village Center Community Development District Utility, RB
(MBIA), 5.25%, 10/01/23

 

 

5,000

 

 

4,927,050

 

 

 

Village Community Development District No. 5, Florida,
Special Assessment, Series A, 6.00%, 5/01/22

 

 

1,285

 

 

1,285,000

 

 

 

Watergrass Community Development District, Special
Assessment, Series B, 5.13%, 11/01/14

 

 

1,000

 

 

545,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,751,101

 

Education - 1.0%

 

Orange County Educational Facilities Authority, RB, Rollins
College Project (AMBAC), 5.25%, 12/01/22

 

 

725

 

 

766,267

 

Health - 16.4%

 

Escambia County Health Facilities Authority, RB, Florida
Health Care Facilities Loan, VHA Program (AMBAC),
5.95%, 7/01/20

 

 

461

 

 

469,243

 

 

 

Halifax Hospital Medical Center, RB, Refunding &
Improvement, Series A, 5.25%, 6/01/26

 

 

2,500

 

 

2,456,450

 

 

 

Hillsborough County IDA, RB, H. Lee Moffitt Cancer Center
Project, Series A, 5.25%, 7/01/22

 

 

1,500

 

 

1,487,565

 

 

 

Lee County IDA, Florida, Refunding RB, Shell Point, Alliance
Community Project, 5.00%, 11/15/22

 

 

1,500

 

 

1,281,660

 

 

 

Marion County Hospital District, Florida, RB, Refunding &
Improvement, Health System, Munroe Registered,
5.00%, 10/01/22

 

 

1,500

 

 

1,417,950

 

 

 

Miami Beach Health Facilities Authority, Refunding RB,
Mount Sinai Medical Center Florida, 6.75%, 11/15/21

 

 

675

 

 

679,226

 

 

 

Orange County Health Facilities Authority, RB, Hospital,
Adventist Health System, 5.63%, 11/15/12 (b)

 

 

4,450

 

 

4,981,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,773,113

 

Hospitals/Healthcare - 2.8%

 

Highlands County Health Facilities Authority, RB, Hospital,
Adventist Health, Series I, 5.00%, 11/15/20 (c)

 

 

2,155

 

 

2,216,676

 

Housing - 3.6%

 

Florida Housing Finance Corp., RB, Homeowner Mortgage,
Series 2, AMT (GNMA), 4.70%, 7/01/22

 

 

1,890

 

 

1,892,174

 

 

 

Jacksonville HFA, RB, Series A-1, AMT (GNMA),
5.63%, 10/01/39

 

 

910

 

 

931,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,823,413

 

State - 14.5%

 

Florida Municipal Loan Council, RB, CAB, Series A
(MBIA), 5.18%, 4/01/20 (a)

 

 

4,000

 

 

2,249,760

 

 

 

Florida State Board of Education, GO, Public Education,
Series I, 5.00%, 6/01/18

 

 

500

 

 

545,920

 

 

 

Florida State Board of Education, GO, Public Education,
Series J (AMBAC), 5.00%, 6/01/24

 

 

6,150

 

 

6,442,433

 

 

 

Florida State Board of Education, RB, Series B,
5.00%, 7/01/23

 

 

2,000

 

 

2,088,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,326,873

 

Transportation - 3.9%

 

County of Lee Florida, Refunding RB, Series B
(AMBAC), 5.00%, 10/01/22

 

 

3,000

 

 

3,035,070

 

Utilities - 27.6%

 

City of Deltona Florida, RB (MBIA), 5.00%, 10/01/23

 

 

1,095

 

 

1,122,342

 

 

 

City of Lakeland Florida, RB, Refunding & Improvement,
5.00%, 10/01/27

 

 

1,000

 

 

1,018,700

 

 

 

City of Marco Island Florida, RB (MBIA), 5.25%, 10/01/21

 

 

1,000

 

 

1,020,870

 

 

 

City of Marco Island Florida, RB (MBIA), 5.00%, 10/01/22

 

 

2,000

 

 

2,019,040

 

 

 

City of Marco Island Florida, RB (MBIA), 5.00%, 10/01/23

 

 

1,375

 

 

1,384,171

 

2


 

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

 

City of Palm Coast Florida, RB (MBIA), 5.00%, 10/01/22

 

$

1,770

 

$

1,799,825

 

 

 

City of Palm Coast Florida, RB (MBIA), 5.00%, 10/01/23

 

 

1,485

 

 

1,506,562

 

 

 

City of Palm Coast Florida, RB (MBIA), 5.00%, 10/01/24

 

 

1,500

 

 

1,518,015

 

 

 

Sumter County IDA, RB, North Sumter Utility Co. LLC,
AMT, 6.80%, 10/01/32

 

 

1,145

 

 

1,057,808

 

 

 

Tohopekaliga Water Authority, RB, Series A (FSA), 5.00%,
10/01/21

 

 

3,630

 

 

3,733,564

 

 

 

Tohopekaliga Water Authority, RB, Series A (FSA), 5.00%,
10/01/23

 

 

2,000

 

 

2,044,860

 

 

 

Tohopekaliga Water Authority, RB, Series B (FSA), 5.00%,
10/01/22

 

 

1,975

 

 

2,052,835

 

 

 

Tohopekaliga Water Authority, RB, Series B (FSA), 5.00%,
10/01/23

 

 

1,180

 

 

1,222,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,500,966

 

Utilities: Water & Sewer - 4.2%

 

County of Miami-Dade Florida, Refunding RB, System,
Series B (FSA), 5.25%, 10/01/19

 

 

3,000

 

 

3,300,090

 

 

 

Total Municipal Bonds in Florida

 

 

 

 

 

113,316,218

 

U.S. Virgin Islands - 1.7%

 

 

 

 

 

 

 

 

 

Corporate - 1.7%

 

Virgin Islands Public Finance Authority, RB, Senior Secured,
Hovensa Refinery, AMT, 4.70%, 7/01/22

 

 

1,500

 

 

1,360,800

 

 

 

Total Municipal Bonds in the U.S. Virgin Islands

 

 

 

 

 

1,360,800

 

 

 

Total Municipal Bonds - 147.1%

 

 

 

 

 

114,677,018

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (d)

 

 

 

 

 

 

 

Florida - 11.4%

 

 

 

 

 

 

 

 

 

County/City/Special
District/School District - 8.4%

 

Palm Beach County School District, COP, Refunding,
Series D (FSA), 5.00%, 8/01/28

 

 

6,510

 

 

6,561,103

 

Housing - 3.0%

 

Lee County HFA, RB, Multi-County Program, Series A-2,
AMT (GNMA), 6.00%, 9/01/40

 

 

1,290

 

 

1,383,964

 

 

 

Manatee County HFA, RB, Series A, AMT (GNMA),
5.90%, 9/01/40

 

 

917

 

 

933,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,317,547

 

 

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 11.4%

 

 

 

 

 

8,878,650

 

 

 

Total Long-Term Investments
(Cost - $126,173,865) - 158.5%

 

 

 

 

 

123,555,668

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

 

 

CMA Florida Municipal Money Fund, 0.00% (e)(f)

 

 

2,720,760

 

 

2,720,760

 

 

 

Total Short-Term Securities
(Cost - $2,720,760) - 3.5%

 

 

 

 

 

2,720,760

 

 

 

Total Investments (Cost - $128,894,625*) - 162.0%

 

 

 

 

 

126,276,428

 

 

 

Liabilities in Excess of Other Assets - (1.1)%

 

 

 

 

 

(860,111

)

 

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable - (5.9)%

 

 

 

 

 

(4,578,101

)

 

 

Preferred Shares, at Redemption Value - (55.0)%

 

 

 

 

 

(42,903,505

)

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shares - 100.0%

 

 

 

 

$

77,934,711

 

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

124,265,334

 

 

 

 

 

Gross unrealized appreciation

 

$

1,831,329

 

 

Gross unrealized depreciation

 

 

(4,393,808

)

 

 

 

 

Net unrealized depreciation

 

$

(2,562,479

)

 

 

 

3


 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

Schedule of Investments October 31, 2009 (Unaudited)

 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(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.

 

 

(c)

When-issued security.

 

 

 

 

 

 

 

 

Counterparty

 

Market
Value

 

Unrealized
Depreciation

 

B.C. Ziegler

 

$

2,216,676

 

$

(1,552

)

 

 

(d)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired the residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(e)

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:

 

 

 

 

 

 

 

 

Affiliate

 

Net
Activity

 

Income

 

CMA Florida Municipal Money Fund

 

$

2,600,025

 

$

105

 

 

 

(f)

Represents the current yield as of report date.

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

•

Level 1 - price quotations in active markets/exchanges for identical assets and liabilities.

 

 

 

 

•

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 or liabilities 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)

 

 

 

 

•

Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

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.

 

 

 

The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

Valuation
   Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

 

Level 1 - Short-Term Securities

 

$

2,720,760

 

Level 2- Long-Term Investments1

 

 

123,555,668

 

Level 3

 

 

—

 

Total

 

$

126,276,428

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

4

 

 

Item 2 – Controls and Procedures

 

 

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.

 

 

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.

 

 

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/ Anne F. Ackerley

 

 

 

 

Anne F. Ackerley

 

 

Chief Executive Officer of

 

 

BlackRock Florida Municipal 2020 Term Trust

 

 

 

 

Date: December 18, 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/ Anne F. Ackerley

 

 

 

 

Anne F. Ackerley

 

 

Chief Executive Officer (principal executive officer) of

 

 

BlackRock Florida Municipal 2020 Term Trust

 

 

 

 

Date: December 18, 2009

 

 

 

 

By:

/s/ Neal J. Andrews

 

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock Florida Municipal 2020 Term Trust

 

 

 

 

Date: December 18, 2009