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

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