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.
Registrants 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
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BlackRock Florida Municipal 2020 Term Trust (BFO) |
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Schedule of Investments October 31, 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 - 145.4% |
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Corporate - 8.8% |
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County of Escambia Florida,
RB, Series A, Environmental, |
|
$ |
4,000 |
|
$ |
3,773,320 |
|
|
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Hillsborough County IDA,
RB, Tampa Electric Co. |
|
|
1,955 |
|
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1,975,879 |
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|
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Hillsborough County IDA,
RB, Tampa Electric, |
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1,000 |
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|
1,073,450 |
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6,822,649 |
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|
|
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|
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County/City/Special |
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Broward County School
Board, Florida, COP, Series A |
|
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2,500 |
|
|
2,625,875 |
|
|
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County of Hillsborough
Florida, RB (AMBAC), 5.00%, |
|
|
5,545 |
|
|
5,871,711 |
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|
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County of Miami-Dade
Florida, RB, Sub-Series B |
|
|
7,560 |
|
|
1,650,953 |
|
|
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County of Miami-Dade
Florida, Refunding RB, Sub-Series A |
|
|
5,365 |
|
|
3,079,617 |
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|
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County of Miami-Dade
Florida, Refunding RB, Sub-Series A |
|
|
10,000 |
|
|
5,367,600 |
|
|
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County of Orange Florida,
Refunding RB, Series A |
|
|
2,200 |
|
|
2,289,914 |
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|
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Hillsborough County School
Board, COP (MBIA), |
|
|
1,000 |
|
|
1,010,270 |
|
|
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Miami-Dade County
Educational Facilities Authority, Florida, |
|
|
2,000 |
|
|
2,258,880 |
|
|
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Miami-Dade County School
Board, Florida, COP, Series B |
|
|
4,000 |
|
|
4,296,840 |
|
|
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Northern Palm Beach County
Improvement District, RB, |
|
|
2,735 |
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2,968,131 |
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|
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Northern Palm Beach County
& Improvement District, RB, |
|
|
380 |
|
|
362,794 |
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Northern Palm Beach County
Improvement District, Special |
|
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1,000 |
|
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715,000 |
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|
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Northern Palm Beach County
Improvement District, Special |
|
|
1,000 |
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664,900 |
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Sterling Hill Community
Development District, Special |
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4,105 |
|
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3,891,827 |
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Stevens Plantation
Improvement Project Dependent Special |
|
|
2,425 |
|
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1,965,099 |
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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 |
American Capital Access Corp. |
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AGC |
Assured Guaranty Corp. |
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AMBAC |
American Municipal Bond Assurance Corp. |
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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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FSA |
Financial Security Assurance Inc. |
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GNMA |
Government National Mortgage Association |
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HFA |
Housing Finance Agency |
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IDA |
Industrial Development Authority |
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MBIA |
Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.) |
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RB |
Revenue Bonds |
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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) |
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|
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Municipal Bonds |
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|
Par |
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|
Value |
|
|
|
|
|
|
|
|
|
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Tolomato Community
Development District, Special |
|
$ |
1,300 |
|
$ |
1,104,090 |
|
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Village Center Community Development
District |
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2,000 |
|
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1,870,380 |
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Village Center Community
Development District Utility, RB |
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5,000 |
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4,927,050 |
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Village Community
Development District No. 5, Florida, |
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1,285 |
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1,285,000 |
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Watergrass Community
Development District, Special |
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1,000 |
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545,170 |
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48,751,101 |
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Education - 1.0% |
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Orange County Educational
Facilities Authority, RB, Rollins |
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|
725 |
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766,267 |
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Health - 16.4% |
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Escambia County Health
Facilities Authority, RB, Florida |
|
|
461 |
|
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469,243 |
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Halifax Hospital Medical
Center, RB, Refunding & |
|
|
2,500 |
|
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2,456,450 |
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Hillsborough County IDA,
RB, H. Lee Moffitt Cancer Center |
|
|
1,500 |
|
|
1,487,565 |
|
|
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Lee County IDA, Florida,
Refunding RB, Shell Point, Alliance |
|
|
1,500 |
|
|
1,281,660 |
|
|
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Marion County Hospital
District, Florida, RB, Refunding & |
|
|
1,500 |
|
|
1,417,950 |
|
|
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Miami Beach Health
Facilities Authority, Refunding RB, |
|
|
675 |
|
|
679,226 |
|
|
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Orange County Health
Facilities Authority, RB, Hospital, |
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|
4,450 |
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4,981,019 |
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|
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|
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12,773,113 |
|
|
|
|
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|
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Hospitals/Healthcare - 2.8% |
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Highlands County Health
Facilities Authority, RB, Hospital, |
|
|
2,155 |
|
|
2,216,676 |
|
|
|
|
|
|
|
|
|
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Housing - 3.6% |
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Florida Housing Finance
Corp., RB, Homeowner Mortgage, |
|
|
1,890 |
|
|
1,892,174 |
|
|
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Jacksonville HFA, RB,
Series A-1, AMT (GNMA), |
|
|
910 |
|
|
931,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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2,823,413 |
|
|
|
|
|
|
|
|
|
|
|
State - 14.5% |
|
Florida Municipal Loan
Council, RB, CAB, Series A |
|
|
4,000 |
|
|
2,249,760 |
|
|
|
Florida State Board of
Education, GO, Public Education, |
|
|
500 |
|
|
545,920 |
|
|
|
Florida State Board of
Education, GO, Public Education, |
|
|
6,150 |
|
|
6,442,433 |
|
|
|
Florida State Board of
Education, RB, Series B, |
|
|
2,000 |
|
|
2,088,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,326,873 |
|
|
|
|
|
|
|
|
|
|
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Transportation - 3.9% |
|
County of Lee Florida,
Refunding RB, Series B |
|
|
3,000 |
|
|
3,035,070 |
|
|
|
|
|
|
|
|
|
|
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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, |
|
|
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 |
|
|
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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 |
|
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, |
|
|
1,145 |
|
|
1,057,808 |
|
|
|
Tohopekaliga Water
Authority, RB, Series A (FSA), 5.00%, |
|
|
3,630 |
|
|
3,733,564 |
|
|
|
Tohopekaliga Water
Authority, RB, Series A (FSA), 5.00%, |
|
|
2,000 |
|
|
2,044,860 |
|
|
|
Tohopekaliga Water
Authority, RB, Series B (FSA), 5.00%, |
|
|
1,975 |
|
|
2,052,835 |
|
|
|
Tohopekaliga Water
Authority, RB, Series B (FSA), 5.00%, |
|
|
1,180 |
|
|
1,222,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,500,966 |
|
|
|
|
|
|
|
|
|
|
|
Utilities: Water & Sewer - 4.2% |
|
County of Miami-Dade
Florida, Refunding RB, System, |
|
|
3,000 |
|
|
3,300,090 |
|
|
|
|
|
|
|
|
|
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Total Municipal Bonds in Florida |
|
|
|
|
|
113,316,218 |
|
|
|
|
|
|
|
|
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U.S. Virgin Islands - 1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate - 1.7% |
|
Virgin Islands Public
Finance Authority, RB, Senior Secured, |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
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|
Municipal
Bonds Transferred to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Florida - 11.4% |
|
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|
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|
|
|
|
|
|
|
|
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|
County/City/Special |
|
Palm Beach County School
District, COP, Refunding, |
|
|
6,510 |
|
|
6,561,103 |
|
|
|
|
|
|
|
|
|
|
|
Housing - 3.0% |
|
Lee County HFA, RB,
Multi-County Program, Series A-2, |
|
|
1,290 |
|
|
1,383,964 |
|
|
|
Manatee County HFA, RB,
Series A, AMT (GNMA), |
|
|
917 |
|
|
933,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,317,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
8,878,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
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 |
|
|
|
|
|
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 |
|
|
|
|
|
(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. |
|
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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. |
|
|
(c) |
When-issued security. |
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|
|
|
|
|
|
|
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||
Counterparty |
|
Market |
|
Unrealized |
|
||
|
|
|
|
|
|
||
B.C. Ziegler |
|
$ |
2,216,676 |
|
$ |
(1,552 |
) |
|
|
|
|
|
|
|
|
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(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. |
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(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: |
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|
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||
Affiliate |
|
Net |
|
Income |
|
||
|
|
|
|
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|
||
CMA Florida Municipal Money Fund |
|
$ |
2,600,025 |
|
$ |
105 |
|
|
|
|
|
|
|
|
|
|
|
(f) |
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, which are as follows: |
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|
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|
|
|
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) |
|
|
|
|
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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) |
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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 Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its annual report. |
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|
|
|
The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Trusts investments: |
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|
|
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|
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|
|
Valuation |
|
Investments in |
|
|
|
|
|
|
|
|
|
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 |
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2(a) |
The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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/ Anne F. Ackerley |
|
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|
|
|
Anne F. Ackerley |
|
|
Chief Executive Officer of |
|
|
BlackRock Florida Municipal 2020 Term Trust |
|
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|
|
Date: December 18, 2009 |
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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. |
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By: |
/s/ Anne F. Ackerley |
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Anne F. Ackerley |
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Chief Executive Officer (principal executive officer) of |
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BlackRock Florida Municipal 2020 Term Trust |
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Date: December 18, 2009 |
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By: |
/s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of |
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BlackRock Florida Municipal 2020 Term Trust |
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Date: December 18, 2009 |