| Schedule of Investments (unaudited) September 30, 2020 |
BlackRock Florida Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets) |
| SCHEDULE OF INVESTMENTS |
1 |
| Schedule of Investments (unaudited) (continued) | BlackRock Florida Municipal 2020 Term Trust (BFO) | |
| September 30, 2020 | (Percentages shown are based on Net Assets) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 12/31/19 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change
in (Depreciation) |
Value at 09/30/20 |
Shares Held at 09/30/20 |
Income | Capital Gain Distributions |
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| BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 4,477,486 | $ | — | $ | (4,029,144 | )(a) | $ | (5,091 | ) | $ | 38 | $ | 443,289 | 443,200 | $ | 15,312 | $ | — | |||||||||||||||||
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| (a) | Represents net amount purchased (sold). |
For Trust compliance purposes, the Trust’s sector classifications refer to 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 adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 — Unadjusted price quotations 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) |
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| Schedule of Investments (unaudited) (continued) | BlackRock Florida Municipal 2020 Term Trust (BFO) | |
| September 30, 2020 |
Fair Value Hierarchy as of Period End (continued)
| • | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments) |
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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets |
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| Investments |
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| Long-Term Investments |
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| Municipal Bonds |
$ | — | $ | 77,449,740 | $ | — | $ | 77,449,740 | ||||||||
| Short-Term Securities |
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| Money Market Funds |
443,289 | — | — | 443,289 | ||||||||||||
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| $ | 443,289 | $ | 77,449,740 | $ | — | $ | 77,893,029 | |||||||||
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A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| Municipal Bonds |
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| Assets |
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| Opening balance, as of December 31, 2019. |
$ | 1,206,438 | ||
| Transfers into Level 3 |
— | |||
| Transfers out of Level 3(a) |
(1,206,438 | ) | ||
| Accrued discounts/premiums |
— | |||
| Net realized gain (loss) |
— | |||
| Net change in unrealized appreciation (depreciation) |
— | |||
| Purchases. |
— | |||
| Sales |
— | |||
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| Closing balance, as of September 30, 2020 |
$ | — | ||
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| Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020. |
$ | — | ||
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| (a) | As of December 31, 2019, the Trust used significant unobservable inputs in determining the value of certain investments. As of September 30, 2020, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |
| SCHEDULE OF INVESTMENTS |
3 |