NPORT-EX 2 NPORT_5836565719532590.htm BlackRock Florida Municipal 2020 Term Trust

Schedule of Investments  (unaudited)

September 30, 2020

  

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Municipal Bonds

   

California — 3.8%

   

Transportation — 3.8%

   

Bay Area Toll Authority, Refunding RB, Series B, 0.06%, 04/01/53(a)

  $ 3,000     $ 3,000,000  
   

 

 

 

Connecticut — 2.6%

   

Housing — 2.6%

   

Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-3, 0.11%, 05/15/50(a)

    2,000       2,000,000  
   

 

 

 

Florida — 48.5%

   

County/City/Special District/School District — 5.1%

 

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

    760       760,099  

County of Escambia Florida, RB, 1.80%, 04/01/39(a)

    925       926,905  

County of Palm Beach Florida, RB, 0.10%, 07/01/32(a)

    935       935,000  

Stevens Plantation Improvement Project Dependent Special District, RB, 6.38%, 05/01/13(b)(c)

    2,425       1,333,750  
   

 

 

 
      3,955,754  

Health — 15.8%

   

City of Jacksonville Florida, Refunding RB, 5.00%, 11/01/20 .

    400       401,360  

Halifax Hospital Medical Center, Refunding RB, 0.13%, 06/01/48(a)

    1,900       1,900,000  

Highlands County Health Facilities Authority, Refunding RB, Series I-3, 0.09%, 11/15/33(a)

    4,300       4,300,000  

Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20

    150       150,710  

Orange County Health Facilities Authority, RB, Series C-1, 0.10%, 01/01/39(a)

    1,250       1,250,000  

Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 11/15/20

    2,000       2,006,420  

Sarasota County Public Hospital District, Refunding RB, Series B, 0.08%, 07/01/37(a)

    2,375       2,375,000  
   

 

 

 
      12,383,490  

State — 6.9%

   

Florida Municipal Loan Council, RB, Series D, (AGM), 4.00%, 10/01/20

    1,105       1,105,099  

Florida Municipal Loan Council, Refunding RB, Series B-2, (GTD), 4.00%, 10/01/20.

    655       655,066  

Sunshine State Governmental Financing Commission, RB, Series A, 0.12%, 09/01/35(a)

    3,600       3,600,000  
   

 

 

 
      5,360,165  

Transportation — 6.5%

   

County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/20

    1,375       1,375,151  

County of Miami-Dade Seaport Department, ARB, Series A, 0.11%, 10/01/50(a)

    1,700       1,700,000  

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

    1,130       1,130,136  

Jacksonville Port Authority, Refunding ARB, AMT, 4.00%, 11/01/20.

    865       867,145  
   

 

 

 
      5,072,432  

Utilities — 14.2%

   

City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 0.13%, 10/01/36(a)

    3,000       3,000,000  

Florida Governmental Utility Authority, Refunding RB
(AGM), 4.00%, 10/01/20

    500       500,050  

(AGM), 5.00%, 10/01/20

    635       635,076  
Security   Par
(000)
    Value  
Utilities (continued)  

Florida Municipal Power Agency, RB, 5.00%, 10/01/20

  $ 500     $ 500,065  

Orlando Utilities Commission, RB, Series 2, 0.14%, 10/01/33(a)

    3,200       3,200,000  

Orlando Utilities Commission, Refunding RB, Series B, 0.11%, 10/01/39(a)

    1,300       1,300,000  

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

    2,000       2,000,260  
   

 

 

 
      11,135,451  
   

 

 

 

Total Municipal Bonds in Florida

      37,907,292  

Guam — 0.4%

   

Utilities — 0.4%

   

Guam Power Authority, Refunding RB, Series A, (AGM), 5.00%, 10/01/20

    310       310,031  
   

 

 

 

Illinois — 2.6%

   

Corporate — 2.6%

   

Illinois Finance Authority, RB, 6.75%, 10/15/40

    2,000       2,002,164  
   

 

 

 

Iowa — 1.8%

   

Health — 1.8%

   

Iowa Finance Authority, Refunding RB, Series D, 0.10%, 12/01/41(a)

    1,375       1,375,000  
   

 

 

 

Louisiana — 3.3%

   

Transportation — 3.3%

   

Louisiana Offshore Terminal Authority, Refunding RB, Series B, 0.13%, 09/01/33(a)

    2,550       2,550,000  
   

 

 

 

Maryland(a) — 9.4%

   

Health — 5.6%

   

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 0.11%, 07/01/43

    2,050       2,050,000  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Series E, 0.04%, 07/01/41

    2,300       2,300,000  
   

 

 

 
      4,350,000  

State — 3.8%

   

Maryland Economic Development Corp., RB, Series A, 0.12%, 02/15/43

    3,000       3,000,000  
   

 

 

 

Total Municipal Bonds in Maryland.

      7,350,000  

Massachusetts — 1.9%

   

Education — 1.9%

   

University of Massachusetts Building Authority, Refunding RB, Series 1, 0.08%, 11/01/34(a)

    1,495       1,495,000  
   

 

 

 

Nevada(a) — 3.2%

   

Housing — 0.6%

   

Nevada Housing Division, RB, Series C, (FHLMC, FNMA, GNMA), 1.20%, 10/01/51

    500       500,255  
   

 

 

 

Transportation — 2.6%

   

County of Clark Department of Aviation, Refunding RB, Series D-3, Sub-Lien, 0.10%, 07/01/29

    2,000       2,000,000  
   

 

 

 

Total Municipal Bonds in Nevada.

      2,500,255  

New York(a) — 6.2%

   

County/City/Special District/School District — 0.5%

 

City of New York, GO, Sub-Series G-3, 0.11%, 04/01/42

    380       380,000  
   

 

 

 
 

 

 

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)

 

Security   Par
(000)
    Value  

Other — 3.8%

   

New York State Housing Finance Agency, RB, Series A, 0.10%, 11/01/44

  $ 3,000     $ 3,000,000  
   

 

 

 

State — 1.9%

   

New York State Urban Development Corp., Refunding RB, Series A3-B, 0.13%, 03/15/33

    1,500       1,500,000  
   

 

 

 

Total Municipal Bonds in New York

      4,880,000  

North Carolina — 3.8%

   

State — 3.8%

   

City of Raleigh, COP, Series B-1, 0.09%, 02/01/34(a)

    3,000       3,000,000  
   

 

 

 

Ohio — 2.6%

   

Health — 2.6%

   

County of Franklin Ohio, Refunding RB, Series A, 0.11%, 11/15/41(a)

    2,000       2,000,000  
   

 

 

 

Pennsylvania — 1.6%

   

Corporate — 1.6%

   

Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, AMT, 0.60%, 04/01/34(a)

    1,250       1,249,998  
   

 

 

 

Texas(a) — 4.5%

   

County/City/Special District/School District — 3.8%

   

Pasadena Independent School District, GO, Series B, (AGM), 0.11%, 02/01/35

    3,000       3,000,000  
   

 

 

 

Utilities — 0.7%

   

City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B-2, 1st Lien, 0.11%, 05/15/34

    530       530,000  
   

 

 

 

Total Municipal Bonds in Texas.

      3,530,000  
Security  

Par

(000)

    Value  

Washington — 2.9%

   

Housing — 2.9%

   

Washington State Housing Finance Commission, Refunding RB, 0.08%, 04/01/43(a)

  $ 2,300     $ 2,300,000  
   

 

 

 

Total Long-Term Investments — 99.1%
(Cost: $78,538,627)

      77,449,740  
   

 

 

 
     Shares         
Short-Term Securities  

Money Market Funds — 0.6%

   

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(d)(e)

    443,200       443,289  
   

 

 

 

Total Short-Term Securities — 0.6%
(Cost: $443,245)

 

    443,289  
   

 

 

 

Total Investments — 99.7%
(Cost: $78,981,872)

 

    77,893,029  

Other Assets Less Liabilities — 0.3%

 

    243,418  
   

 

 

 

Net Assets — 100.0%

 

  $ 78,136,447  
   

 

 

 

 

(a)

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(b)

Issuer filed for bankruptcy and/or is in default.

(c)

Non-income producing security.

(d)

Affiliate of the Trust.

(e)

Annualized 7-day yield as of period end.

 

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
Unrealized
Appreciation

(Depreciation)

     Value at
09/30/20
     Shares
Held at
09/30/20
     Income     

Capital Gain

Distributions
from
Underlying
Funds

 

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  4,477,486      $      $ (4,029,144 )(a)     $ (5,091    $ 38      $  443,289        443,200      $ 15,312      $  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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)

 

 

2  

    


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

                 

Investments

                 

Long-Term Investments

                 

Municipal Bonds

   $        $ 77,449,740        $        $ 77,449,740  

Short-Term Securities

                 

Money Market Funds

     443,289                            443,289  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 443,289        $ 77,449,740        $        $ 77,893,029  
  

 

 

      

 

 

      

 

 

      

 

 

 

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
 

Assets

  

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

      
  

 

 

 

Closing balance, as of September 30, 2020

   $  
  

 

 

 

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020.

   $  
  

 

 

 

 

  (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.

 

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
COP    Certificates of Participation
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
RB    Revenue Bond
Portfolio Abbreviation (continued)
S/F    Single-Family
 

 

 

SCHEDULE OF INVESTMENTS

  3