Eaton Vance Build America Bond Portfolio

0000950123-10-089699.txt : 20100929 0000950123-10-089699.hdr.sgml : 20100929 20100928193715 ACCESSION NUMBER: 0000950123-10-089699 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100731 FILED AS OF DATE: 20100929 DATE AS OF CHANGE: 20100928 EFFECTIVENESS DATE: 20100929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Build America Bond Portfolio CENTRAL INDEX KEY: 0001475413 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-22351 FILM NUMBER: 101094859 BUSINESS ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174828260 MAIL ADDRESS: STREET 1: TWO INTERNATIONAL PLACE CITY: BOSTON STATE: MA ZIP: 02110

0001475413 S000027432 Build America Bond Portfolio

C000082733 Build America Bond Portfolio

N-Q 1 b82670a1nvq.htm EATON VANCE BUILD AMERICA BOND PORTFOLIO Eaton Vance Build America Bond Portfolio

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

811-22351

Investment Company Act File Number

Build America Bond Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

October 31

Date of Fiscal Year End

July 31, 2010

Date of Reporting Period

Item 1. Schedule of Investments


Build America Bond Portfolio	as of July 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Taxable Municipal Securities — 102.3%⁽¹⁾


Principal
Amount
(000’s omitted)		Security	Value
Education — 5.9%
$	100	University of Michigan, 5.513%, 4/1/30	$	108,603
	125	University of Minnesota, 5.768%, 2/1/30		129,162
	200	University of Texas, 5.262%, 7/1/39		207,334
	1,140	University of Texas, 6.276%, 8/15/41		1,233,537
	260	University of Virginia, 6.20%, 9/1/39		306,652

			$	1,985,288

General Obligations — 32.4%
$	140	California, 7.55%, 4/1/39	$	158,584
	125	California, 7.95%, 3/1/36		134,028
	100	Chicago, IL, 6.207%, 1/1/36		101,979
	370	Commonwealth of Massachusetts, 5.456%, 12/1/39		390,372
	630	Connecticut, 5.632%, 12/1/29		680,570
	250	Dallas, TX, 5.613%, 2/15/30		266,383
	1,000	Denton County, TX, 5.968%, 7/15/35		1,042,740
	75	Denver, CO, City & County School District No. 1, 5.664%, 12/1/33		79,259
	600	Detroit, MI, City School District, 7.747%, 5/1/39		678,144
	150	Florida State Board of Education, 5.90%, 6/1/39		153,972
	125	Hawaii, 5.53%, 2/1/30		131,910
	250	Howard, MD, 5.55%, 2/15/30		274,937
	250	Kauai, HI, 5.763%, 8/1/33		264,665
	1,000	Metropolitan Government of Nashville and Davidson County, TN, 5.707%, 7/1/34		1,037,890
	760	Montgomery County, PA, 6.03%, 9/1/39		808,283
	75	New Hampshire, 5.50%, 3/1/29		83,369
	1,115	New York, NY, 5.985%, 12/1/36		1,142,262
	100	Norfolk, VA, 5.962%, 3/1/31		107,108
	250	Ohio, 5.462%, 9/1/30		268,482
	200	Oxford, MI, 6.50%, 5/1/39		203,440
	800	Santa Monica, CA, Community College District, 6.763%, 8/1/34		852,848
	400	Southwest Regional Sanitary Sewer & Water Authority, MI, 6.50%, 4/1/40		411,516
	250	Texas, 5.517%, 4/1/39		269,557
	1,000	Washington, 5.09%, 8/1/33		1,008,940
	250	Washington, 5.481%, 8/1/39		265,128

			$	10,816,366

Hospital — 2.3%
$	250	King County, WA, Public Hospital District No. 1, 7.90%, 6/15/30	$	255,422
	500	King County, WA, Public Hospital District No. 1, 8.00%, 6/15/40		512,255

			$	767,677

Insured-Electric Utilities — 0.8%
$	250	Kentucky Municipal Power Agency, (AGC), 6.49%, 9/1/37	$	261,463

			$	261,463

Lease Revenue/Certificates of Participation — 5.3%
$	1,000	New Jersey Transportation Trust Fund Authority, 6.561%, 12/15/40	$	1,083,810
	500	Oregon Department of Administrative Services, 6.18%, 5/1/35		514,695
	150	Virginia Public Building Authority, Public Facilities Revenue, 5.75%, 8/1/30		154,953

			$	1,753,458

Other Revenue — 1.6%
$	250	Battery Park City Authority, NY, 6.375%, 11/1/39	$	259,068
	250	Florida State Board of Education, 6.584%, 7/1/29		267,797

			$	526,865


Principal
Amount
(000’s omitted)		Security	Value
Public Power/Electric Utilities — 5.0%
$	1,015	Municipal Electric Authority of Georgia, 6.655%, 4/1/57	$	998,547
	250	Orlando, FL, Utilities Commission, 5.662%, 10/1/40		265,885
	400	San Antonio, TX, Electric & Gas Revenue, 6.168%, 2/1/41		417,464

			$	1,681,896

Special Tax Revenue — 10.2%
$	1,000	Central Puget Sound Regional Transportation Authority, WA, Sales & Use Tax Revenue, 5.491%, 11/1/39	$	1,059,010
	125	Dallas, TX, Area Rapid Transit, 6.249%, 12/1/34		132,369
	200	District of Columbia, 5.591%, 12/1/34		209,012
	630	Massachusetts School Building Authority, 5.715%, 8/15/39		688,558
	1,250	New York Urban Development Corp., 5.77%, 3/15/39		1,301,800

			$	3,390,749

Transportation — 9.9%
$	500	Maryland Transportation Authority, 5.888%, 7/1/43	$	543,055
	750	New Jersey Turnpike Authority, 7.414%, 1/1/40		912,472
	250	Oregon Department of Transportation, 5.834%, 11/15/34		269,493
	540	Pennsylvania Turnpike Commission, 6.378%, 12/1/37		552,523
	1,000	Texas Transportation Commission, 5.178%, 4/1/30⁽²⁾		1,033,490

			$	3,311,033

Water and Sewer — 28.9%
$	750	Chesapeake, VA, Water and Sewer Revenue, 6.283%, 7/1/40	$	814,710
	1,000	Chicago, IL, Metropolitan Water Reclamation District, 5.72%, 12/1/38		1,106,120
	225	Cincinnati, OH, Water System Revenue, 6.458%, 12/1/34		240,894
	1,000	East Bay, CA, Municipal Utility District Water System Revenue, 5.874%, 6/1/40⁽³⁾		1,079,160
	100	Jea, FL, Water and Sewer Revenue, 6.21%, 10/1/33		109,505
	380	Knoxville, TN, Wastewater System Revenue, 6.50%, 4/1/43		404,354
	750	Los Angeles, CA, Department of Water and Power Waterworks Revenue, 6.008%, 7/1/39		797,002
	1,200	Metropolitan St. Louis, MO, Sewer District Wastewater System Revenue, 5.856%, 5/1/39		1,336,152
	390	Metropolitan Water District of Southern California, 6.538%, 7/1/39		405,600
	800	New York, NY, Municipal Water Finance Authority, 6.452%, 6/15/41		829,600
	1,000	San Diego County, CA, Water Authority, 6.138%, 5/1/49		1,080,130
	1,000	Washington County, OR, Clean Water Services, 5.701%, 10/1/30		1,075,090
	350	Washington County, OR, Clean Water Services, 5.801%, 10/1/35		368,568

			$	9,646,885


Total Taxable Municipal Securities — 102.3% (identified cost $33,108,753)			$	34,141,680


Other Assets, Less Liabilities — (2.3)%			$	(771,819	)


Net Assets — 100.0%			$	33,369,861



The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

AGC — Assured Guaranty Corp.

At July 31, 2010, the concentration of the Portfolio’s investments in the various states, determined as a percentage of net assets, is as follows:


	Texas	13.8%
	California	13.5%
	New York	10.6%
	Others, representing less than 10% individually	64.4%

During the period ended July 31, 2010, the Fund held interests in Eaton Vance Cash Reserves Fund, LLC and, prior to its liquidation in February 2010, Cash Management Portfolio, affiliated investment companies available to Eaton Vance portfolios and funds which invest in high quality, U.S. dollar denominated money market instruments. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC and Cash Management Portfolio for the period ended July 31, 2010 was $386 and $0, respectively.

(1)	Build America Bonds.

(2)	When-issued security.

(3)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

The Portfolio did not have any open financial instruments at July 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2010, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	33,113,777

Gross unrealized appreciation	$	1,078,702
Gross unrealized depreciation		(50,799	)

Net unrealized appreciation	$	1,027,903

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.


	•	Level 1 — quoted prices in active markets for identical investments

	•	Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:


	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs

Asset Description	(Level 1)		(Level 2)		(Level 3)		Total

Taxable Municipal Securities	$	—	$	34,141,680	$	—	$	34,141,680


Total Investments	$	—	$	34,141,680	$	—	$	34,141,680

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

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.

Build America Bond Portfolio


By:	/s/ Cynthia Clemson
	Cynthia Clemson
	President

Date: September 24, 2010

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/ Cynthia Clemson
	Cynthia Clemson
	President

Date: September 24, 2010


By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer

Date: September 24, 2010

EX-99.CERT 2 b82670a1exv99wcert.htm EX-99.CERT SECTION 302 CERTIFICATION EX-99.CERT Section 302 Certification

Build America Bond Portfolio

Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003

I, Cynthia Clemson, certify that:

1. I have reviewed this report on Form N-Q of Build America Bond Portfolio;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is being filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



By:	/s/ Cynthia Clemson
	Cynthia Clemson
	President

Date: September 24, 2010

Build America Bond Portfolio

Certification
Pursuant to Rule 302 of the Sarbanes-Oxley Act of 2003

I, Barbara E. Campbell, certify that:

1. I have reviewed this report on Form N-Q of Build America Bond Portfolio;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer

Date: September 24, 2010