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: 07/31/2015
Date of reporting period: 10/31/2014
Item 1 – Schedule of Investments
Schedule of Investments October 31, 2014 (Unaudited) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Florida — 96.7% | |||||||
Corporate — 4.1% | |||||||
County of Hillsborough Florida IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%, 5/15/18 | $ | 1,000 | $ | 1,145,160 | |||
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20 | 2,000 | 2,375,540 | |||||
3,520,700 | |||||||
County/City/Special District/School District — 32.0% | |||||||
City of Jacksonville Florida, Refunding RB, Better Jacksonville Sales Tax, 5.00%, 10/01/20 | 4,000 | 4,756,040 | |||||
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 7/01/20 | 2,000 | 2,337,420 | |||||
County of Broward Florida School Board, COP, Series A (AGM), 5.25%, 7/01/22 | 2,500 | 2,838,375 | |||||
County of Hillsborough Florida, RB, (AMBAC), 5.00%, 11/01/20 | 5,545 | 6,209,235 | |||||
County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.25%, 5/01/21 | 4,000 | 4,521,240 | |||||
County of Northern Palm Beach Florida Improvement District, Refunding, Special Assessment Bonds, Water Control & Improvement District No. 43, Series B (ACA), 4.50%, 8/01/22 | 1,000 | 1,013,880 | |||||
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 | 485 | 571,854 | |||||
Indian River County School Board, COP, Refunding Series A, 5.00%, 7/01/20 (a) | 1,000 | 1,170,770 | |||||
Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series A, 6.10%, 5/01/23 | 3,015 | 2,338,283 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Florida (continued) | |||||||
County/City/Special District/School District (concluded) | |||||||
Stevens Plantation Florida Imports Project Dependant Special District, RB, 6.38%, 12/31/49 (b)(c) | $ | 2,425 | $ | 1,809,802 | |||
27,566,899 | |||||||
Education — 2.9% | |||||||
County of Orange Florida Educational Facilities Authority, RB, Rollins College Project (AMBAC), 5.25%, 12/01/22 | 725 | 815,726 | |||||
Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%, 7/01/18 | 500 | 566,025 | |||||
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 4/01/20 | 1,000 | 1,134,990 | |||||
2,516,741 | |||||||
Health — 15.9% | |||||||
County of Highlands Florida Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20 | 2,155 | 2,520,876 | |||||
County of Hillsborough Florida IDA, RB, H. Lee Moffitt Cancer Center Project, Series A, 5.25%, 7/01/22 | 1,500 | 1,613,175 | |||||
County of Marion Florida Hospital District, Refunding RB, Health System, Munroe Regional, 5.00%, 10/01/17 (d) | 1,500 | 1,688,655 | |||||
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center: | |||||||
3.00%, 6/01/15 | 200 | 202,242 | |||||
3.00%, 6/01/16 | 140 | 142,789 | |||||
3.00%, 6/01/17 | 190 | 196,443 | |||||
3.25%, 6/01/18 | 195 | 203,949 | |||||
3.50%, 6/01/19 | 200 | 211,094 | |||||
County of Palm Beach Florida Health Facilities Authority, Refunding RB: | |||||||
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22 | 4,735 | 5,257,933 | |||||
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST | OCTOBER 31, 2014 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) | |||||||
County of Palm Beach Florida Health Facilities Authority, Refunding RB (concluded): | |||||||
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 7/01/20 | $ | 1,285 | $ | 1,501,792 | |||
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20 | 150 | 173,928 | |||||
13,712,876 | |||||||
Housing — 1.0% | |||||||
County of Manatee Florida Housing Finance Authority, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 9/01/40 | 220 | 224,385 | |||||
Florida Housing Finance Corp., RB, Homeowner Mortgage, Series 2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 4.70%, 7/01/22 | 445 | 456,708 | |||||
Jacksonville Housing Finance Authority, Refunding RB, Series A-1, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.63%, 10/01/39 | 125 | 126,177 | |||||
807,270 | |||||||
State — 13.8% | |||||||
Florida Municipal Loan Council, RB, Series D (AGM): | |||||||
5.00%, 10/01/19 | 1,050 | 1,216,772 | |||||
4.00%, 10/01/20 | 1,105 | 1,223,810 | |||||
4.00%, 10/01/21 | 500 | 551,370 | |||||
Florida Municipal Loan Council, Refunding RB: | |||||||
CAB, Series A (NPFGC), 0.00%, 4/01/20 (e) | 4,000 | 3,443,040 | |||||
Series B-2 (AGM), 4.00%, 10/01/20 | 655 | 722,065 | |||||
State of Florida Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 | 1,000 | 1,193,780 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Florida (continued) |
|||||||
State (concluded) | |||||||
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 7/01/20 | $ | 3,000 | $ | 3,562,980 | |||
11,913,817 | |||||||
Transportation — 17.0% | |||||||
County of Broward Florida Fuel System, RB, Lauderdale Fuel Faciilities, Series A (AGM), AMT, 5.00%, 4/01/20 | 160 | 181,162 | |||||
County of Broward Florida Port Facilities, Refunding RB, Series B, AMT, 5.00%, 9/01/20 | 2,500 | 2,905,400 | |||||
County of Lee Florida Transportation Facilities, Refunding RB, Series B (AMBAC): | |||||||
5.00%, 10/01/20 | 2,250 | 2,258,302 | |||||
5.00%, 10/01/22 | 3,000 | 3,010,500 | |||||
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20 | 1,375 | 1,607,829 | |||||
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 7/01/20 | 1,500 | 1,771,650 | |||||
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 7/01/20 | 550 | 649,935 | |||||
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20 | 1,130 | 1,340,779 | |||||
Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20 | 865 | 930,273 | |||||
14,655,830 | |||||||
Utilities — 10.0% | |||||||
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 8/01/20 | 1,200 | 1,398,372 | |||||
County of Miami-Dade Florida Water & Sewer System, Refunding RB, Series B (AGM), 5.25%, 10/01/19 | 4,000 | 4,753,200 | |||||
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 7/01/19 | 510 | 589,902 | |||||
Florida Governmental Utility Authority, Refunding RB: | |||||||
4.00%, 10/01/20 (a) | 500 | 560,050 | |||||
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST | OCTOBER 31, 2014 2 |
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) |
|||||||
Utilities (concluded) | |||||||
Florida Governmental Utility Authority, Refunding RB (concluded): | |||||||
Lehigh Utility (AGM), 5.00%, 10/01/20 | $ | 635 | $ | 746,696 | |||
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 4/01/20 | 530 | 601,545 | |||||
8,649,765 | |||||||
Total Municipal Bonds in Florida | 83,343,898 | ||||||
Guam — 0.6% | |||||||
Utilities — 0.6% | |||||||
Guam Government Waterworks Authority, RB, 5.25%, 7/01/20 | 100 | 115,100 | |||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 | 310 | 366,817 | |||||
Total Municipal Bonds in Guam | 481,917 | ||||||
US Virgin Islands — 3.1% | |||||||
State — 3.1% | |||||||
Virgin Islands Public Finance Authority, RB, Series A: | |||||||
5.00%, 10/01/18 | 590 | 658,233 | |||||
5.00%, 10/01/19 | 1,810 | 2,042,223 | |||||
Total Municipal Bonds in US Virgin Islands | 2,700,456 | ||||||
Total Municipal Bonds — 100.4% | 86,526,271 | ||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) |
Par (000) |
Value | |||||
Florida — 0.3% | |||||||
Housing — 0.3% | |||||||
County of Lee Florida Housing Finance Authority, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 | $ | 250 | $ | 256,997 | |||
Total Long-Term Investments (Cost — $82,654,865) — 100.7% |
86,783,268 | ||||||
Short-Term Securities | Shares | ||||||
FFI Institutional Tax-Exempt Fund, 0.03% (g)(h) | 1,330,475 | 1,330,475 | |||||
Total Short-Term Securities (Cost — $1,330,475) — 1.5% |
1,330,475 | ||||||
Total Investments (Cost — $83,985,340*) — 102.2% |
88,113,743 | ||||||
Liabilities in Excess of Other Assets — (1.3)% | (1,106,015 | ) | |||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.2%) | (164,668 | ) | |||||
AMPS, at Liquidation Value — (0.7%) | (625,000 | ) | |||||
Net Assets Applicable to Common Shares — 100.0% | $ | 86,218,060 | |||||
* | As of October 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|||
Tax cost | $ | 83,817,175 | ||
Gross unrealized appreciation | $ | 5,436,801 | ||
Gross unrealized depreciation | (1,304,873 | ) | ||
Net unrealized appreciation | $ | 4,131,928 | ||
Notes to Schedule of Investments | ||
(a) | When-issued security. Unsettled when-issued transactions were as follows: | |
Counterparty | Value | Unrealized Appreciation |
||||||||||||||||
Citigroup Global Markets, Inc. | $ | 1,170,770 | $ | 1,240 | ||||||||||||||
Wells Fargo Securities, LLC | 560,050 | 1,580 | ||||||||||||||||
(b) | Non-income producing security. | |
(c) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |
(d) | U.S. 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. | |
(e) | Zero-coupon bond. | |
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST | OCTOBER 31, 2014 3 |
Schedule of Investments (continued) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
(f) | Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction. | |
(g) | Represents the current yield as of report date. | |
(h) | Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2014, 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, 2014 |
Net Activity |
Shares Held at October 31, 2014 |
Income | |||||||||||||||||
FFI Institutional Tax-Exempt Fund | 123,907 | 1,206,568 | 1,330,475 | $ | 59 | ||||||||||||||||
Portfolio Abbreviations | ||
ACA | American Capital Access Holding Ltd. | |
AGC | Assured Guarantee 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 | |
NPFGC | National Public Finance Guarantee Corp. | |
RB | Revenue Bonds | |
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST | OCTOBER 31, 2014 4 |
Schedule of Investments (concluded) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
• | 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 the investment advisor. These definitions 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 and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: Various inputs are used in determining the fair value of investments. These
inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement
purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment
exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may
fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification
is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization
of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment
and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
The three levels of the fair value hierarchy are as follows: | |
• | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access | |
• | 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 and derivative financial instruments) | |
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. For information about the Trust's policy regarding valuation of investments and derivative financial instruments, please refer to the Trust’s most recent financial statements as contained in its annual report. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments1 | — | $ | 86,783,268 | — | $ | 86,783,268 | ||||||||||
Short-Term Securities | $ | 1,330,475 | — | — | 1,330,475 | |||||||||||
Total | $ | 1,330,475 | $ | 86,783,268 | — | $ | 88,113,743 | |||||||||
1 | See above Schedule of Investments for values in each sector. |
The Trust may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of October 31, 2014, TOB trust certificates of $164,640 is categorized as Level 2 within the disclosure hierarchy. |
There were no transfers between levels during the period ended October 31, 2014. |
BLACKROCK FLORIDA MUNICIPAL 2020 TERM TRUST | OCTOBER 31, 2014 5 |
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: December 23, 2014
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: December 23, 2014
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Florida Municipal 2020 Term Trust |
Date: December 23, 2014