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: John M. Perlowski, 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: 04/30/2011
Item 1 – Schedule of Investments
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Schedule of Investments April 30, 2011 (Unaudited) |
BlackRock Florida Municipal 2020 Term Trust
(BFO) |
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Municipal Bonds |
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Par |
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Value |
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Florida 139.7% |
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Corporate 8.7% |
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County of Escambia Florida, Refunding |
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$ |
4,000 |
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$ |
3,931,040 |
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Hillsborough County IDA, Refunding RB, |
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5.50%, 10/01/23 |
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1,955 |
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1,979,946 |
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Series A, 5.65%, 5/15/18 |
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1,000 |
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1,113,570 |
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7,024,556 |
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County/City/Special District/School District 59.8% |
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Broward County School Board Florida, |
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2,500 |
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2,619,150 |
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County of Hillsborough Florida, RB |
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5,545 |
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5,977,676 |
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County of Miami-Dade Florida, RB, Sub- |
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7,560 |
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1,692,457 |
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County of Miami-Dade Florida, |
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5.33%, 10/01/19 |
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5,365 |
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3,379,092 |
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5.30%, 10/01/20 |
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10,000 |
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5,812,100 |
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County of Orange Florida, Refunding RB, |
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2,200 |
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2,289,518 |
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Florida State Board of Education, GO, |
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485 |
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556,955 |
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Hillsborough County School Board, COP |
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1,000 |
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1,006,680 |
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Miami-Dade County Educational |
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1,000 |
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1,112,450 |
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Miami-Dade County School Board, COP, |
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4,000 |
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4,219,600 |
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Northern Palm Beach County |
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Series 43, 6.10%, 8/01/21 |
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195 |
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189,062 |
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Unit of Development No. 43, 6.10%, |
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2,735 |
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2,799,601 |
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Municipal Bonds |
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Par |
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Value |
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Florida (continued) |
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County/City/Special District/School |
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District (concluded) |
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Northern Palm Beach County |
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4.50%, 8/01/22 |
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$ |
1,000 |
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$ |
787,480 |
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5.00%, 8/01/31 |
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1,000 |
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749,150 |
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Sterling Hill Community Development |
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3,710 |
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3,349,759 |
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Stevens Plantation Improvement Project |
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2,425 |
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2,136,231 |
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Tolomato Community Development |
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1,150 |
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844,100 |
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Village Center Community Development |
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(NPFGC), 5.25%, 10/01/23 |
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5,000 |
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5,009,400 |
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Sub-Series B, 6.35%, 1/01/18 |
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2,000 |
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1,991,200 |
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Village Community Development District |
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1,100 |
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1,078,341 |
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Watergrass Community Development |
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1,000 |
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632,460 |
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48,232,462 |
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Education 1.0% |
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Orange County Educational Facilities |
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725 |
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772,125 |
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Health 17.7% |
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Escambia County Health Facilities |
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421 |
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430,678 |
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Halifax Hospital Medical Center, |
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2,500 |
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2,410,525 |
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Highlands County Health Facilities |
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2,155 |
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2,288,782 |
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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 following list:
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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 |
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BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST |
APRIL 30, 2011 |
1 |
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Schedule of Investments (continued) |
BlackRock Florida Municipal 2020 Term Trust
(BFO) |
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Municipal Bonds |
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Par |
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Value |
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Florida (continued) |
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Health (concluded) |
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Hillsborough County IDA, RB, H. Lee |
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$ |
1,500 |
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$ |
1,506,945 |
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Marion County Hospital District Florida, |
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1,500 |
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1,485,150 |
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Orange County Health Facilities |
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4,450 |
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4,812,408 |
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Palm Beach County Health Facilities |
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1,285 |
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1,376,659 |
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14,311,147 |
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Housing 3.0% |
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Florida Housing Finance Corp., RB, |
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1,155 |
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1,155,728 |
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Jacksonville Housing Finance Authority, |
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580 |
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613,849 |
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Manatee County Housing Finance |
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605 |
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642,395 |
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2,411,972 |
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State 14.3% |
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Florida Municipal Loan Council, RB, |
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4,000 |
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2,482,840 |
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Florida State Board of Education, GO, |
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6,150 |
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6,359,530 |
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Florida State Board of Education, GO, |
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500 |
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539,715 |
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Florida State Board of Education, RB, |
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2,000 |
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2,145,700 |
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11,527,785 |
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Transportation 6.6% |
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County of Lee Florida, Refunding RB, |
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5.00%, 10/01/20 |
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2,250 |
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2,309,422 |
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5.00%, 10/01/22 |
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3,000 |
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3,054,780 |
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5,364,202 |
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Utilities 28.6% |
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City of Deltona Florida, RB (NPFGC), |
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1,095 |
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1,119,298 |
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City of Lakeland Florida, Refunding RB, |
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1,000 |
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1,001,590 |
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City of Marco Island Florida, RB |
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5.25%, 10/01/21 |
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1,000 |
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1,045,710 |
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5.00%, 10/01/22 |
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2,000 |
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2,054,280 |
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5.00%, 10/01/23 |
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1,375 |
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1,399,173 |
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City of Palm Coast Florida, RB (NPFGC): |
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5.00%, 10/01/22 |
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1,770 |
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1,798,231 |
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5.00%, 10/01/23 |
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1,485 |
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1,504,260 |
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5.00%, 10/01/24 |
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1,500 |
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1,515,840 |
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Municipal Bonds |
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Par |
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Value |
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Florida (concluded) |
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Utilities (concluded) |
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County of Miami-Dade Florida, |
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$ |
4,000 |
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$ |
4,545,120 |
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Tohopekaliga Water Authority, RB, |
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5.00%, 10/01/22 |
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1,975 |
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2,097,983 |
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5.00%, 10/01/23 |
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1,180 |
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1,250,647 |
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Tohopekaliga Water Authority, |
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3,630 |
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3,761,987 |
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23,094,119 |
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Total Municipal Bonds in Florida |
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112,738,368 |
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Puerto Rico 3.3% |
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State 3.3% |
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Commonwealth of Puerto Rico, GO, |
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2,480 |
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2,678,648 |
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U.S. Virgin Islands 1.2% |
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Corporate 1.2% |
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Virgin Islands Public Finance Authority, |
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1,000 |
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966,670 |
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Total Municipal Bonds 144.2% |
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116,383,686 |
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Municipal
Bonds Transferred to Tender |
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Florida 9.1% |
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County/City/Special District/School District 8.1% |
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Palm Beach County School District, COP, |
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6,510 |
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6,521,262 |
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Housing 1.0% |
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Lee County Housing Finance Authority, |
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750 |
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797,280 |
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Total Municipal Bonds Transferred to |
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7,318,542 |
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Total Long-Term Investments |
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123,702,228 |
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Short-Term Securities |
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BIF Florida Municipal Money |
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2,039,617 |
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|
2,039,617 |
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Total Short-Term Securities |
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2,039,617 |
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||
2 |
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST |
APRIL 30, 2011 |
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Schedule of Investments (concluded) |
BlackRock Florida Municipal 2020 Term Trust
(BFO) |
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Value |
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Total Investments |
|
$ |
125,741,845 |
|
Other Assets Less Liabilities 2.0% |
|
|
1,616,790 |
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Liability for Trust Certificates, Including Interest |
|
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(3,757,950 |
) |
Preferred Shares, at Redemption Value (53.2)% |
|
|
(42,903,258 |
) |
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Net Assets Applicable to Common Shares 100.0% |
|
$ |
80,697,427 |
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* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes, were as follows: |
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Aggregate cost |
|
$ |
123,366,362 |
|
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|
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Gross unrealized appreciation |
|
$ |
2,053,734 |
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Gross unrealized depreciation |
|
|
(3,433,251 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(1,379,517 |
) |
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(a) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
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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) |
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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(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: |
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Affiliate |
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Shares |
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Net |
|
Shares |
|
Income |
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||||
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||||
BIF Florida |
|
|
5,065,158 |
|
|
(3,025,541 |
) |
|
2,039,617 |
|
$ |
|
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|
|
|
|
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(e) |
Represents the current yield as of report date. |
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Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial reporting purposes as follows. |
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Level 1 price quotations in active markets/exchanges for identical assets and liabilities |
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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 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) |
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Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trusts 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 Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its semi-annual report.
The following table summarizes the inputs used as of April 30, 2011 in determining the fair valuation of the Trusts investments:
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||||
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
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Assets: |
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Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term |
|
|
|
|
$ |
123,702,228 |
|
|
|
|
$ |
123,702,228 |
|
Short-Term |
|
$ |
2,039,617 |
|
|
|
|
|
|
|
|
2,039,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
2,039,617 |
|
$ |
123,702,228 |
|
|
|
|
$ |
125,741,845 |
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|
1 See above Schedule of Investments for values in each sector.
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|
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST |
APRIL 30, 2011 |
3 |
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 13a-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 |
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Certifications – Attached hereto |
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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. |
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BlackRock Florida Municipal 2020 Term Trust |
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||
By: | /s/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer of | |||
BlackRock Florida Municipal 2020 Term Trust | |||
Date: June 24, 2011 | |||
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/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer (principal executive officer) of | |||
BlackRock Florida Municipal 2020 Term Trust | |||
Date: June 24, 2011 | |||
By: | /s/ Neal J. Andrews | ||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
BlackRock Florida Municipal 2020 Term Trust | |||
Date: June 24, 2011 |