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: 07/31/2011

 

Date of reporting period: 10/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments October 31, 2010 (Unaudited)

BlackRock Florida Municipal 2020 Term Trust (BFO)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 135.9%

 

 

 

 

 

 

 

Corporate — 8.6%

 

 

 

 

 

 

 

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

 

$

4,000

 

$

4,049,400

 

Hillsborough County IDA, Refunding RB,
Tampa Electric Co. Project:

 

 

 

 

 

 

 

5.50%, 10/01/23

 

 

1,955

 

 

1,999,222

 

Series A, 5.65%, 5/15/18

 

 

1,000

 

 

1,137,200

 

 

 

 

 

 

 

 

 

 

 

 

 

7,185,822

 

County/City/Special District/School District — 58.7%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,713,175

 

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

 

 

5,545

 

 

6,087,745

 

County of Miami-Dade Florida, RB, Sub-
Series B (NPFGC), 6.43%,
10/01/32 (a)

 

 

7,560

 

 

1,887,883

 

County of Miami-Dade Florida,
Refunding RB, Sub-Series A
(NPFGC) (a):

 

 

 

 

 

 

 

5.36%, 10/01/19

 

 

5,365

 

 

3,347,438

 

5.48%, 10/01/20

 

 

10,000

 

 

5,852,500

 

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

 

 

2,200

 

 

2,329,448

 

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

 

 

1,000

 

 

1,022,760

 

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

 

 

1,000

 

 

1,130,990

 

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

 

 

4,000

 

 

4,492,200

 

Northern Palm Beach County
Improvement District, RB, Water
Control & Improvement:

 

 

 

 

 

 

 

Series 43, 6.10%, 8/01/21

 

 

195

 

 

195,458

 

Unit of Development No. 43, 6.10%,
8/01/11 (b)

 

 

2,735

 

 

2,873,200

 

Northern Palm Beach County
Improvement District, Special
Assessment Bonds, Refunding, Water
Control & Improvement District No.
43, Series B (ACA):

 

 

 

 

 

 

 

4.50%, 8/01/22

 

 

1,000

 

 

814,370

 

5.00%, 8/01/31

 

 

1,000

 

 

788,190

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (continued)

 

 

 

 

 

 

 

County/City/Special District/School
District (concluded)

 

 

 

 

 

 

 

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

 

$

3,915

 

$

3,756,482

 

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

 

 

2,425

 

 

2,105,943

 

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

 

 

1,300

 

 

1,105,039

 

Village Center Community Development
District, RB:

 

 

 

 

 

 

 

(NPFGC), 5.25%, 10/01/23

 

 

5,000

 

 

5,082,950

 

Sub-Series B, 6.35%, 1/01/18

 

 

2,000

 

 

2,018,940

 

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

 

 

1,115

 

 

1,138,593

 

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

 

 

1,000

 

 

604,900

 

 

 

 

 

 

 

 

 

 

 

 

 

49,348,204

 

Education — 1.0%

 

 

 

 

 

 

 

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

 

 

725

 

 

796,144

 

Health — 17.6%

 

 

 

 

 

 

 

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

 

 

436

 

 

452,182

 

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

 

 

2,500

 

 

2,527,125

 

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

 

 

2,155

 

 

2,368,647

 

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

 

 

1,500

 

 

1,550,145

 

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

 

 

1,500

 

 

1,549,080

 

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

 

 

4,450

 

 

4,922,011

 

 

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

ACA Financial Guaranty Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal 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

IDA

Industrial Development Authority

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

 

 

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

OCTOBER 31, 2010

1

 

 

 

 

Schedule of Investments (continued)

BlackRock Florida Municipal 2020 Term Trust (BFO)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

Palm Beach County Health Facilities
Authority, Refunding RB, Bethesda
Healthcare System Project, Series A
(AGM), 5.00%, 7/01/20

 

$

1,285

 

$

1,424,692

 

 

 

 

 

 

 

 

 

 

 

 

 

14,793,882

 

Housing — 2.4%

 

 

 

 

 

 

 

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

 

 

1,235

 

 

1,262,676

 

Jacksonville Housing Finance Authority,
Refunding RB, Series A-1, AMT (Ginnie
Mae), 5.63%, 10/01/39

 

 

695

 

 

743,178

 

 

 

 

 

 

 

 

 

 

 

 

 

2,005,854

 

State — 14.3%

 

 

 

 

 

 

 

Florida Municipal Loan Council, RB,
CAB, Series A (NPFGC), 4.78%,
4/01/20 (a)

 

 

4,000

 

 

2,563,080

 

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

 

 

6,150

 

 

6,711,126

 

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

 

 

500

 

 

550,735

 

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

 

 

2,000

 

 

2,228,420

 

 

 

 

 

 

 

 

 

 

 

 

 

12,053,361

 

Transportation — 3.7%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,137,130

 

Utilities — 29.6%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

1,136,818

 

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

 

 

1,000

 

 

1,045,020

 

City of Marco Island Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/21

 

 

1,000

 

 

1,083,890

 

5.00%, 10/01/22

 

 

2,000

 

 

2,114,140

 

5.00%, 10/01/23

 

 

1,375

 

 

1,447,284

 

City of Palm Coast Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,770

 

 

1,828,906

 

5.00%, 10/01/23

 

 

1,485

 

 

1,529,654

 

5.00%, 10/01/24

 

 

1,500

 

 

1,541,355

 

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

 

 

4,000

 

 

4,777,600

 

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

 

 

1,125

 

 

1,125,214

 

Tohopekaliga Water Authority, RB,
Series B (AGM):

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,975

 

 

2,157,944

 

5.00%, 10/01/23

 

 

1,180

 

 

1,289,303

 

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

 

 

3,630

 

 

3,826,891

 

 

 

 

 

 

 

 

 

 

 

 

 

24,904,019

 

Total Municipal Bonds in Florida

 

 

 

 

 

114,224,416

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico — 3.3%

 

 

 

 

 

 

 

State — 3.3%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Public Improvement (AGM), 5.50%,
7/01/19

 

$

2,480

 

$

2,810,410

 

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

 

 

1,386,795

 

Total Municipal Bonds – 140.9%

 

 

 

 

 

118,421,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

 

 

 

 

 

 

Florida — 10.0%

 

 

 

 

 

 

 

County/City/Special District/School District — 7.9%

 

 

 

 

 

 

 

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

 

 

6,510

 

 

6,600,164

 

Housing — 2.1%

 

 

 

 

 

 

 

Lee County Housing Finance Authority,
RB, Multi-County Program, Series A-2,
AMT (Ginnie Mae), 6.00%, 9/01/40

 

 

840

 

 

944,773

 

Manatee County Housing Finance
Authority, RB, Series A, AMT (Ginnie
Mae), 5.90%, 9/01/40

 

 

750

 

 

811,294

 

 

 

 

 

 

 

 

 

 

 

 

 

1,756,067

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 10.0%

 

 

 

 

 

8,356,231

 

Total Long-Term Investments
(Cost – $124,578,359) – 150.9%

 

 

 

 

 

126,777,852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF Florida Municipal Money Fund,
0.00% (d)(e)

 

 

2,955,861

 

 

2,955,861

 

Total Short-Term Securities
(Cost – $2,955,861) – 3.5%

 

 

 

 

 

2,955,861

 

Total Investments
(Cost – $127,534,220*) – 154.4%

 

 

 

 

 

129,733,713

 

Other Assets Less Liabilities – 1.7%

 

 

 

 

 

1,391,383

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (5.0)%

 

 

 

 

 

(4,193,833

)

Preferred Shares, at Redemption Value – (51.1)%

 

 

 

 

 

(42,903,637

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

84,027,626

 

 

 

 

 

 

 

 

 

 

 

2

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

OCTOBER 31, 2010

 

 

 

 

 

Schedule of Investments (concluded)

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

123,343,750

 

 

 

 

Gross unrealized appreciation

 

$

4,373,295

 

Gross unrealized depreciation

 

 

(2,173,801

)

 

 

 

Net unrealized appreciation

 

$

2,199,494

 

 

 

 

 

 

(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)

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.

 

 

(d)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
October 31,
2010

 

Income

 

BIF Florida
Municipal
Money Fund

 

 

5,065,158

 

 

(2,109,297

)

 

2,955,861

 

 

—

 

 

 

 

(e)

Represents the current yield as of report date.

 

 

 

•

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

 

•

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 methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in
Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

126,777,852

 

 

—

 

$

126,777,852

 

Short-Term
Securities

 

$

2,955,861

 

 

—

 

 

—

 

 

2,955,861

 

Total

 

$

2,955,861

 

$

126,777,852

 

 

—

 

$

129,733,713

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

 

 

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

OCTOBER 31, 2010

3

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 13a-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 22, 2010
   
  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 22, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Florida Municipal 2020 Term Trust
     
  Date: December 22, 2010