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: 07/31/2012

 

Date of reporting period: 04/30/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2012 (Unaudited)

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

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 145.2%

 

 

 

 

 

 

 

Corporate — 6.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.50%, 10/01/23

 

$

1,955

 

$

1,988,684

 

Series A, 5.65%, 5/15/18

 

 

1,000

 

 

1,164,450

 

Palm Beach County Solid Waste
Authority, Refunding RB, 5.00%,
10/01/20

 

 

2,000

 

 

2,438,520

 

 

 

 

 

 

 

5,591,654

 

County/City/Special District/School District — 62.4%

 

 

 

 

 

 

 

Broward County School Board Florida,
COP, Refunding, Series A, 5.00%,
7/01/20

 

 

2,000

 

 

2,341,540

 

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

 

 

2,500

 

 

2,804,825

 

City of Jacksonville Florida, RB, Series B,
5.00%, 10/01/20

 

 

2,000

 

 

2,423,080

 

City of Jacksonville Florida, Refunding
RB, Better Jacksonville Sales Tax,
5.00%, 10/01/20

 

 

4,000

 

 

4,701,800

 

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

 

 

5,545

 

 

6,514,488

 

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

 

 

7,560

 

 

2,361,668

 

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

 

 

 

 

 

 

 

5.33%, 10/01/19

 

 

5,365

 

 

3,649,488

 

5.31%, 10/01/20

 

 

10,000

 

 

6,433,800

 

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

 

 

2,200

 

 

2,258,410

 

Florida State Board of Education, GO,
Refunding, Capital Outlay, Series B,
5.00%, 6/01/20

 

 

485

 

 

595,279

 

Hillsborough County School Board, COP
(NPFGC), 5.00%, 7/01/13 (b)

 

 

1,000

 

 

1,054,580

 

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

 

 

1,000

 

 

1,086,250

 

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

 

 

4,000

 

 

4,595,200

 

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

 

 

996,690

 

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

 

 

4,000

 

 

4,034,960

 

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

 

 

3,490

 

 

3,256,833

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

Florida (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

2,425

 

$

1,818,750

 

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

 

 

1,150

 

 

498,307

 

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

 

 

2,000

 

 

2,030,720

 

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

 

 

1,000

 

 

1,023,020

 

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

 

 

980

 

 

704,669

 

 

 

 

 

 

 

55,184,357

 

Education — 2.9%

 

 

 

 

 

 

 

Florida State Board of Governors,
Refunding RB, University of Central
Florida, Series A, 5.00%, 7/01/18

 

 

500

 

 

588,225

 

Florida State Higher Educational
Facilities Financial Authority,
Refunding RB, University of Tampa
Project, Series A, 5.00%, 4/01/20

 

 

1,000

 

 

1,122,790

 

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

 

 

725

 

 

818,924

 

 

 

 

 

 

 

2,529,939

 

Health — 13.0%

 

 

 

 

 

 

 

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

 

 

2,155

 

 

2,540,055

 

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

 

 

1,500

 

 

1,635,300

 

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

 

 

1,500

 

 

1,608,390

 

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

 

 

3,000

 

 

3,116,250

 

Orange County Health Facilities
Authority, Refunding RB, Mayflower
Retirement Center (d):

 

 

 

 

 

 

 

3.00%, 6/01/14

 

 

140

 

 

141,655

 

3.00%, 6/01/15

 

 

200

 

 

202,028

 

3.00%, 6/01/16

 

 

140

 

 

140,399

 

3.00%, 6/01/17

 

 

190

 

 

188,552

 

3.25%, 6/01/18

 

 

195

 

 

192,629

 

3.50%, 6/01/19

 

 

200

 

 

197,768

 

 

 

 

 

 

 

 

 

 

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

APRIL 30, 2012

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 (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

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

 

$

1,285

 

$

1,530,422

 

 

 

 

 

 

 

11,493,448

 

Housing — 2.4%

 

 

 

 

 

 

 

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

 

 

970

 

 

1,011,283

 

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

 

 

470

 

 

507,389

 

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

 

 

560

 

 

623,196

 

 

 

 

 

 

 

2,141,868

 

State — 25.8%

 

 

 

 

 

 

 

Florida Municipal Loan Council, RB:

 

 

 

 

 

 

 

CAB, Series A (NPFGC), 5.23%,
4/01/20 (a)

 

 

4,000

 

 

2,926,040

 

Series D (AGM), 5.00%, 10/01/19

 

 

1,050

 

 

1,250,466

 

Series D (AGM), 4.00%, 10/01/20

 

 

1,105

 

 

1,235,467

 

Series D (AGM), 4.00%, 10/01/21

 

 

500

 

 

557,700

 

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

 

 

6,150

 

 

6,459,345

 

Florida State Board of Education, GO,
Refunding:

 

 

 

 

 

 

 

Capital Outlay, Series B,
5.00%, 6/01/20

 

 

5,000

 

 

6,206,600

 

Public Education, Series I,
5.00%, 6/01/18

 

 

500

 

 

529,635

 

Florida State Department of
Environmental Protection, Refunding
RB, Series A, 5.00%, 7/01/20

 

 

3,000

 

 

3,612,450

 

 

 

 

 

 

 

22,777,703

 

Transportation — 11.0%

 

 

 

 

 

 

 

Broward County Florida Port Facilities
Revenue, Refunding RB, Series B,
AMT, 5.00%, 9/01/20

 

 

2,500

 

 

2,781,025

 

County of Lee Florida, Refunding RB,
Series B (AMBAC):

 

 

 

 

 

 

 

5.00%, 10/01/20

 

 

2,250

 

 

2,400,908

 

5.00%, 10/01/22

 

 

3,000

 

 

3,175,890

 

Greater Orlando Aviation Authority,
Refunding RB, Series C, 5.00%,
10/01/20

 

 

1,130

 

 

1,366,147

 

 

 

 

 

 

 

9,723,970

 

Utilities — 21.4%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

1,130,774

 

City of Lakeland Florida, Refunding RB,
5.00%, 10/01/12 (b)

 

 

1,000

 

 

1,019,770

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

City of Marco Island Florida, RB
(NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/13 (b)

 

$

1,000

 

$

1,069,460

 

5.00%, 10/01/22

 

 

2,000

 

 

2,115,680

 

5.00%, 10/01/23

 

 

1,375

 

 

1,444,905

 

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

 

 

4,000

 

 

4,926,880

 

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

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,975

 

 

2,092,117

 

5.00%, 10/01/23

 

 

1,180

 

 

1,249,113

 

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

 

 

3,630

 

 

3,842,609

 

 

 

 

 

 

 

18,891,308

 

Total Municipal Bonds in Florida

 

 

 

 

 

128,334,247

 

 

 

 

 

 

 

 

 

Puerto Rico — 2.5%

 

 

 

 

 

 

 

State — 1.9%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,154,570

 

Puerto Rico Sales Tax Financing Corp.,
RB, Sales Tax Revenue, Series C,
5.00%, 8/01/22

 

 

415

 

 

496,730

 

 

 

 

 

 

 

1,651,300

 

Utilities — 0.6%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Aqueduct &
Sewer Authority, Refunding RB, Senior
Lien, Series A, 5.00%, 7/01/21

 

 

500

 

 

545,660

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

2,196,960

 

 

 

 

 

 

 

 

 

Total Municipal Bonds – 147.7%

 

 

 

 

 

130,531,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (e)

 

 

 

 

 

 

 

Florida — 0.9%

 

 

 

 

 

 

 

Housing — 0.9%

 

 

 

 

 

 

 

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

 

 

705

 

 

750,896

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 0.9%

 

 

 

 

 

750,896

 

Total Long-Term Investments
(Cost – $126,696,183) – 148.6%

 

 

 

 

 

131,282,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

APRIL 30, 2012

2


 

 

 

 

Schedule of Investments (continued)

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

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

BIF Florida Municipal Money Fund,
0.00% (f)(g)

 

 

322,802

 

$

322,802

 

Total Short-Term Securities
(Cost – $322,802) – 0.4%

 

 

 

 

 

322,802

 

Total Investments (Cost - $127,018,985*) – 149.0%

 

 

 

 

 

131,604,905

 

Other Assets Less Liabilities – 0.1%

 

 

 

 

 

118,082

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (0.5)%

 

 

 

 

 

(470,183

)

AMPS, at Redemption Value – (48.6)%

 

 

 

 

 

(42,900,448

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

88,352,356

 

 

 

*

As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


 

 

 

 

 

Tax cost

 

$

126,525,515

 

Gross unrealized appreciation

 

$

6,450,936

 

Gross unrealized depreciation

 

 

(1,841,546

)

Net unrealized appreciation

 

$

4,609,390

 

 

 

(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)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(d)

When-issued security. Unsettled when-issued transactions were as follows:


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Piper Jaffray

 

$

1,063,031

 

$

147

 

 

 

(e)

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

 

 

(f)

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, 2011

 

Net
Activity

 

Shares
Held at
April 30, 2012

 

Income

 

BIF Florida Municipal Money Fund

 

 

1,843,816

 

 

(1,521,014

)

 

322,802

 

$

91

 

 

 

(g)

Represents the current yield as of report date.


 

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.

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

Fannie Mae

Federal National Mortgage Association

Ginnie Mae

Government National Mortgage Association

GO

General Obligation Bonds

IDA

Industrial Development Authority

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — unadjusted 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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 semi-annual report.

 

 

 

 

 

 

 

 

 

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

APRIL 30, 2012

3


 

 

 

 

Schedule of Investments (concluded)

BlackRock Florida Municipal 2020 Term Trust (BFO)

The following table summarizes the inputs used as of April 30, 2012 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

131,282,103

 

 

—

 

$

131,282,103

 

Short-Term Securities

 

$

322,802

 

 

—

 

 

—

 

 

322,802

 

Total

 

$

322,802

 

$

131,282,103

 

 

—

 

$

131,604,905

 

 

 

1

See above Schedule of Investments for values in each sector.

Certain of the Trust’s liabilities are held at carrying amount which approximates fair value. Such liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Overdraft

 

$

(4,496

)

 

—

 

 

—

 

$

(4,496

)

TOB trust certificates

 

 

—

 

$

(470,000

)

 

—

 

 

(470,000

)

Total

 

$

(4,496

)

$

(470,000

)

 

—

 

$

(474,496

)

There were no transfers between levels during the period ended April 30, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST

APRIL 30, 2012

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 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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Florida Municipal 2020 Term Trust
   
  Date: June 22, 2012
   
  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 22, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Florida Municipal 2020 Term Trust
     
  Date: June 22, 2012