Blackrock Florida Municipal 2020 Term Trust NPORT-P BlackRock Florida Municipal 2020 Term Trust (Mar 2020 report)

Schedule of Investments  (unaudited) March 31, 2020 BlackRock Florida Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds — 96.6%
Connecticut — 3.8%
Utilities — 3.8%
Connecticut Housing Finance Authority, Refunding RB, VRDN, S/F, Housing Mortgage Finance Program,Series A-3, 0.70%, 05/15/50(a)	$	3,000	$	3,000,000
Florida — 81.1%
Corporate — 6.5%
Citizens Property Insurance Corp., RB, Senior Secured, SeriesA-1, 5.00%, 06/01/20		3,140		3,160,441
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/20		2,000		2,037,460
				5,197,901
County/City/Special District/School District — 12.4%
City of Jacksonville Florida, RB, Series B, 5.00%, 10/01/20		760		773,513
City of Jacksonville Florida, Refunding RB, Brooks Rehabilitation Project, 5.00%, 11/01/20		400		407,464
County of Broward Florida School Board, COP, Refunding, Series A, 5.00%, 07/01/20		2,000		2,018,160
Indian River County School Board, COP, Refunding, Series A, 5.00%, 07/01/20		1,000		1,008,340
Miami-Dade County School Board Foundation, Inc., COP, Refunding, Series A, 5.00%, 05/01/20		1,250		1,253,637
Palm Beach County School District, COP, Refunding Series B, 5.00%, 08/01/20		3,000		3,039,000
Stevens Plantation Florida Imports Project Dependent Special District, RB, 6.38%, 05/01/13(b)(c)(d)		2,425		1,358,000
				9,858,114
Education — 4.2%
City of Tampa Florida, Refunding RB, Florida Revenue The University of Tampa Project, 5.00%, 04/01/20		795		795,000
Florida Atlantic University Traffic and Parking Services Revenue, Refunding RB, Series A, 5.00%, 07/01/20		1,150		1,160,683
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 04/01/20		1,000		1,000,000

Security	Par (000)		Value
Education (continued)
Volusia County School Board, COP, Refunding Series A (BAM), 5.00%, 08/01/20	$	350	$	354,253
				3,309,936
Health — 22.4%
City Of South Miami Health Facilities Authority, Inc., Refunding RB, Baptist Health South Florida Obligated Group, 5.00%, 08/15/20		2,250		2,278,507
County of Brevard Florida Health Facilities Authority, Refunding RB, 5.00%, 04/01/20		500		500,000
County of Highlands Florida Health Facilities Authority, Refunding RB, VRDN, Adventist Health System, 0.60%, 11/15/33(a)		3,500		3,500,000
County of Orange Florida Health Facilities Authority, RB, VRDN, SeriesC-1, 0.70%, 01/01/39(a)		750		750,000
County of Palm Beach Florida Health Facilities Authority, Refunding RB:
Acts Retirement-Life Communities, Inc., 4.00%, 11/15/20		2,000		2,010,120
Acts Retirement-Life Communities, Inc., 5.00%, 11/15/22		3,735		3,872,187
Baptist Health South Florida Obligated Group, 5.00%, 08/15/20		335		339,244
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 07/01/20(e)		1,285		1,297,028
County of Sarasota Public Hospital District, Refunding RB, VRDN, Sarasota Memorial Hospital, Series B, 0.71%, 07/01/37(a)		2,530		2,530,000
Halifax Hospital Medical Center, Refunding RB, 5.00%, 06/01/20		590		593,139
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/20		150		153,210
				17,823,435
Housing — 0.1%
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, SeriesA-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40		40		40,921

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Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Florida Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Housing (continued)
County of Manatee Florida HFA, RB, S/F Housing, Series A, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 5.90%, 09/01/40	$	55	$	56,263
				97,184
State — 7.6%
Florida Municipal Loan Council, RB, Series D (AGM):
4.00%, 10/01/20		1,105		1,119,785
4.00%, 10/01/21		500		519,835
Florida Municipal Loan Council, Refunding RB:
CAB, Series A (NPFGC), 0.00%, 04/01/20(f)		730		730,000
SeriesB-2 (GTD), 4.00%, 10/01/20		655		663,666
State of Florida Department of Environmental Protection, Refunding RB, Series A, 5.00%, 07/01/20		3,000		3,028,860
				6,062,146
Transportation — 10.3%
City of Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20		865		877,932
County of Broward Florida Fuel System, RB, Lauderdale Fuel Facilities, Series A (AGM), AMT, 5.00%, 04/01/20		160		160,000
County of Broward Florida Port Facilities, RB, Refunding Series B, AMT:
5.00%, 09/01/20(e)		1,670		1,695,534
5.00%, 09/01/20		830		842,566
County of Miami-Dade Florida, Refunding RB, Series A, AMT, 5.00%, 10/01/20		1,375		1,398,182
County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20		1,500		1,507,410
County of Miami-Dade Florida Transit System Sales Surtax, Refunding RB, 5.00%, 07/01/20		550		555,484

Security	Par (000)		Value
Transportation (continued)
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20	$	1,130	$	1,150,905
				8,188,013
Utilities — 17.6%
City of Fort Lauderdale Florida Water & Sewer Revenue, Refunding RB, 5.00%, 09/01/20		2,970		3,016,421
City of Gainesville Florida Utilities System Revenue, Refunding RB, VRDN, Series B, 0.95%, 10/01/42(a)		3,455		3,455,000
City of Miami Beach Florida, RB, 5.00%, 09/01/20		250		253,893
City of North Miami Florida Beach Water Revenue, RB, 5.00%, 08/01/20		1,200		1,214,736
County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39(a)		925		927,535
Florida Governmental Utility Authority, Refunding RB (AGM):
4.00%, 10/01/20		500		506,370
Lehigh Utility, 5.00%, 10/01/20		635		646,220
Florida Municipal Power Agency, RB, 5.00%, 10/01/20		500		509,400
Orlando Florida Utilities Commission, RB, VRDN, Series 2, 0.95%, 10/01/33(a)		1,700		1,700,000
Orlando Florida Utilities Commission, Refunding RB, VRDN, Series B (TD Bank NA SBPA), 0.57%, 10/01/39(a)		1,300		1,300,000
Town of Davie Florida, Refunding RB, Nova Southeastern University Project, Series B, 5.00%, 04/01/20		530		530,000
				14,059,575
					��
Total Municipal Bonds in Florida				64,596,304
Georgia — 0.6%
Utilities — 0.6%
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/20		500		501,255

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Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Florida Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Guam — 0.5%
Utilities — 0.5%
Guam Government Waterworks Authority, RB, 5.25%, 07/01/20	$	100	$	100,276
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20		310		312,381
Total Municipal Bonds in Guam				412,657
Michigan — 3.8%
Utilities — 3.8%
Michigan State Building Authority, Refunding RB, VRDN, Multi Model Facilities Program, Series I, 0.55%, 10/15/52(a)		3,000		3,000,000
Nevada — 0.6%
Housing — 0.6%
Nevada Housing Division, RB, S/F Housing, VRDN, Series C (Ginnie Mae, Fannie Mae & Freddie Mac), 1.20%, 10/01/51(a)		500		499,470
New York — 5.0%
Transportation — 1.2%
County of Suffolk New York, GO, Transportation, Series I, 2.50%, 07/23/20		1,000		1,003,930
Utilities — 3.8%
New York State Urban Development Corp., Refunding RB, VRDN, State Personal Income Tax, SeriesA-3, 0.57%, 03/15/33(a)		3,000		3,000,000
Total Municipal Bonds in New York				4,003,930
Pennsylvania — 0.6%
Utilities — 0.6%
Pennsylvania Economic Development Financing Authority, RB, Republic Services, Inc. Project, SeriesB-1, AMT, 1.20%, 04/01/49(a)		500		496,808

Security	Par (000)		Value
Texas — 0.6%
Transportation — 0.6%
City of Houston Texas Airport System Revenue, Refunding RB, SeriesB-2, AMT, 5.00%, 07/15/20	$	500	$	499,895
Total Municipal Bonds — 96.6% (Cost — $77,908,522)				77,010,319
Short-Term Securities — 2.9%
Commercial Paper — 2.9%
City of New Braunfels, 1.10%, 05/13/20		1,000		999,093
County of Harris Texas, 1.20%, 05/05/20		1,320		1,319,086
Total Commercial Paper — 2.9% (Cost — $2,320,000)				2,318,179
	Shares
Money Market Fund — 0.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.98%(g)(h)		1		1
Total Money Market — 0.0% (Cost — $1)				1
Total Short-Term Securities — 2.9% (Cost — $2,320,001)				2,318,180
Total Investments — 99.5% (Cost — $80,228,523)				79,328,499
Other Assets Less Liabilities — 0.5%				374,914
Net Assets Applicable to Common Shares — 100.0%			$	79,703,413

^(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) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c) Issuer filed for bankruptcy and/or is in default.

^(d) Non-income producing security.

^(e) Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(f) Zero-coupon bond.

^(g) Annualized7-day yield as of period end.

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Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Florida Municipal 2020 Term Trust (BFO)

^(h)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased		Shares Sold			Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		4,477,038		—		(4,477,037	)(b)		1	$	1	$	12,924	$	(4,800	)	$	(6	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sectorsub-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 sectorsub-classifications for reporting ease.

Portfolio Abbreviations

AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax (subject to)
BAM	Build America Mutual Assurance Co.
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
GO	General Obligation Bonds
GTD	Guaranteed
HFA	Housing Finance Agency
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bonds
SBPA	Stand-by Bond Purchase Agreements
S/F	Single-Family
VRDN	Variable Rate Demand Notes

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Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Florida Municipal 2020 Term Trust (BFO)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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)

• 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 investments

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 investments is based on the pricing transparency of the investments 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, refer to the Trust’s most recent financial statements as contained in its annual report.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments(a)	$	—	$	75,652,319	$	1,358,000	$	77,010,319
Short-Term Securities		1		2,318,179		—		2,318,180
Total	$	1	$	77,970,498	$	1,358,000	$	79,328,499

^(a)  See above Schedule of Investments for values in each sector/state or political subdivision.

A reconciliation of Level 3 Investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year 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		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)(a)		151,562
Purchases		—
Sales		—
Closing balance, as of March 31, 2020	$	1,358,000
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2020(a)	$	151,562

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

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Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Florida Municipal 2020 Term Trust (BFO)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Value		Valuation Approach		Unobservable Inputs		Range of unobservable Inputs Utilized(a)
Assets:
Municipal Bonds	$	1,358,000		Market		Discount Rate		20	%

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

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