nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-22391
 
Nuveen Build America Bond Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            3/31          
 
Date of reporting period:         12/31/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments (Unaudited) 
      
   
Nuveen Build America Bond Fund (NBB) 
      
   
December 31, 2011 
      
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Arizona – 2.5% (2.1% of Total Investments) 
      
$ 3,000 
  
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Build America Taxable 
8/20 at 100.00 
AA– 
$ 3,375,120 
   
Bonds, Series 2010A, 6.423%, 8/01/35 
      
10,000 
  
Mesa, Arizona, Utility System Revenue Bonds, Series 2010, 6.100%, 7/01/34 
No Opt. Call 
Aa2 
10,690,100 
13,000 
  
Total Arizona 
    
14,065,220 
   
California – 22.4% (18.3% of Total Investments) 
      
35 
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
No Opt. Call 
A+ 
42,310 
   
Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1, 6.793%, 4/01/30 
      
500 
  
California Infrastructure and Economic Development Bank, Revenue Bonds, University of 
No Opt. Call 
Aa2 
578,775 
   
California San Francisco Neurosciences Building, Build America Taxable Bond Series 2010B, 
      
   
6.486%, 5/15/49 
      
3,000 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build 
No Opt. Call 
A2 
3,526,050 
   
America Taxable Bond Series 2009G-2, 8.361%, 10/01/34 
      
4,050 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build 
3/20 at 100.00 
A2 
4,364,159 
   
America Taxable Bond Series 2010A-2, 8.000%, 3/01/35 
      
7,000 
  
California State University, Systemwide Revenue Bonds, Build America Taxable Bond Series 
No Opt. Call 
Aa2 
8,199,450 
   
2010B, 6.484%, 11/01/41 
      
4,500 
  
California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 
3/20 at 100.00 
A1 
5,103,135 
   
2010, 7.950%, 3/01/36 
      
5,000 
  
California State, General Obligation Bonds, Various Purpose, Build America Taxable Bond Series 
No Opt. Call 
A1 
6,203,300 
   
2010, 7.600%, 11/01/40 
      
5,500 
  
City and County of San Francisco Redevelopment Financing Authority, California, Taxable Tax 
No Opt. Call 
A1 
6,373,895 
   
Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009F, 8.406%, 8/01/39 
      
950 
  
Los Alamitos Unified School District, Orange County, California, General Obligation Bonds, 
No Opt. Call 
Aa2 
1,067,496 
   
School Facilities Improvement, Build America Taxable Bond Series 2010C, 6.210%, 8/01/35 
      
15,000 
  
Los Angeles Community College District, California, General Obligation Bonds, Build America 
No Opt. Call 
Aa1 
19,334,700 
   
Taxable Bonds, Series 2010, 6.600%, 8/01/42 (4) 
      
10,000 
  
Los Angeles Community College District, Los Angeles County, California, General Obligation 
No Opt. Call 
Aa1 
12,889,800 
   
Bonds, Series 2010, 6.600%, 8/01/42 (UB) (4) 
      
   
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple 
      
   
Capital Projects I, Build America Taxable Bond Series 2010B: 
      
5,500 
  
7.488%, 8/01/33 
No Opt. Call 
A+ 
6,954,695 
11,250 
  
7.618%, 8/01/40 
No Opt. Call 
A+ 
13,867,088 
2,000 
  
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
No Opt. Call 
AA– 
2,423,780 
   
Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39 
      
1,435 
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally 
No Opt. Call 
AA– 
1,927,320 
   
Taxable – Direct Payment – Build America Bonds, Series 2010D, 6.574%, 7/01/45 
      
2,000 
  
Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender 
No Opt. Call 
AA 
5,541,300 
   
Option Bond Trust T0003, 29.624%, 7/01/42 (IF) (4) 
      
3,000 
  
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds, 
No Opt. Call 
A
3,339,270 
   
Federally Taxable Series 2011A-T, 7.500%, 9/01/19 
      
5,000 
  
Orange County Sanitation District, California, Wastewater Revenue Bonds, Build America Taxable 
No Opt. Call 
AAA 
5,873,750 
   
Bond Series 2010A, 5.580%, 2/01/40 
      
2,355 
  
San Bernardino Community College District, California, General Obligation Bonds, Election of 
No Opt. Call 
Aa2 
2,978,392 
   
2008, Build America Taxable Bond Series 2009C, 7.630%, 8/01/44 
      
4,000 
  
San Francisco City and County, California, Certificates of Participation, 525 Golden Gate 
No Opt. Call 
AA– 
5,430,400 
   
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond Trust 
      
   
B001, 28.877%, 11/01/30 (IF) 
      
1,000 
  
Santa Barbara County, California, Certificates of Participation, Recovery Zone Economic 
No Opt. Call 
AA+ 
1,105,740 
   
Development Taxable Bonds, Series 2010A-2, 6.250%, 12/01/40 
      
   
Stanton Redevelopment Agency, California, Consolidated Project Tax Allocation Bonds, 
      
   
Series 2011A: 
      
275 
  
6.500%, 12/01/17 
No Opt. Call 
A– 
291,236 
295 
  
6.750%, 12/01/18 
No Opt. Call 
A– 
312,231 
2,505 
  
University of California, General Revenue Bonds, Limited Project, Build America Taxable Bond 
No Opt. Call 
Aa2 
2,919,001 
   
Series 2010F, 5.946%, 5/15/45 
      
1,280 
  
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation 
No Opt. Call 
A+ 
1,430,707 
   
District, Build America Taxable Bonds, Series 2010B, 6.230%, 1/01/29 
      
2,000 
  
West Kern Water District, California, Certificates of Participation, Land Acquisition Project, 
No Opt. Call 
AA– 
2,484,380 
   
Build America Bonds, Series 10B, 6.720%, 6/01/40 
      
99,430 
  
Total California 
    
124,562,360 
   
Colorado – 2.7% (2.2% of Total Investments) 
      
3,100 
  
Denver School District 1, Colorado, General Obligation Bonds, Build America Taxable Bonds, 
No Opt. Call 
Aa2 
3,671,206 
   
Series 2009C, 5.664%, 12/01/33 
      
1,000 
  
East Cherry Creek Valley Water and Sanitation District, Arapahoe County, Colorado, Water 
11/20 at 100.00 
A+ 
1,039,670 
   
Revenue Bonds, Build America Taxable Bond Series 2010B, 5.820%, 11/15/40 
      
3,000 
  
Mesa State College, Colorado, Auxiliary Facilities Enterprise Revenue Bonds, Build America 
No Opt. Call 
Aa2 
3,711,090 
   
Taxable Bond Series 2010B, 6.746%, 5/15/42 
      
1,000 
  
Metropolitan State College of Denver, Colorado, Institutional Enterprise Revenue Bonds, 
No Opt. Call 
Aa2 
1,152,000 
   
Federally Taxable Build America Bonds, Recovery Zone Economic Development Project, Series 
      
   
2010, 6.000%, 12/01/40 
      
5,000 
  
St. Vrain Valley School District RE-1J, Boulder, Larimer and Weld Counties, Colorado, General 
12/20 at 100.00 
Aa2 
5,357,600 
   
Obligation Bonds, Build America Taxable Bond Series 2010B, 5.790%, 12/15/33 
      
13,100 
  
Total Colorado 
    
14,931,566 
   
Connecticut – 1.2% (1.0% of Total Investments) 
      
6,000 
  
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R 
6,450,300 
   
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic 
      
   
Development Bond Series 2010B, 12.500%, 4/01/39 
      
   
Florida – 2.2% (1.8% of Total Investments) 
      
5,000 
  
Florida Governmental Utilities Authority, North Fort Myers Utility Revenue Bonds, Federally 
10/20 at 100.00 
A2 
5,492,800 
   
Taxable Build America Bonds, Series 2010B, 7.084%, 10/01/40 
      
6,195 
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Build America Taxable 
6/19 at 100.00 
AAA 
6,884,813 
   
Bonds, Series 2010G, 5.750%, 6/01/35 (4) 
      
11,195 
  
Total Florida 
    
12,377,613 
   
Georgia – 4.7% (3.8% of Total Investments) 
      
10,000 
  
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build 
No Opt. Call 
A+ 
10,593,900 
   
America Bonds Series 2010A, 6.637%, 4/01/57 
      
15,000 
  
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding 
No Opt. Call 
A– 
15,541,650 
   
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57 
      
25,000 
  
Total Georgia 
    
26,135,550 
   
Illinois – 16.3% (13.3% of Total Investments) 
      
5,000 
  
Chicago Transit Authority, Illinois, Sales and Transfer Tax Receipts Revenue Bonds, Pension 
No Opt. Call 
AA 
5,928,750 
   
Funding Taxable Series 2008A, 6.899%, 12/01/40 
      
3,800 
  
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build 
No Opt. Call 
AA 
4,292,518 
   
America Bonds, Series 2010B, 6.200%, 12/01/40 
      
10,650 
  
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien, 
1/20 at 100.00 
A1 
11,799,668 
   
Build America Taxable Bond Series 2010B, 6.845%, 1/01/38 
      
10,000 
  
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series 
No Opt. Call 
Aa3 
12,454,700 
   
2010B, 6.900%, 1/01/40 
      
10,000 
  
Chicago, Illinois, Water Revenue Bonds, Taxable Second Lien Series 2010B, 6.742%, 11/01/40 
No Opt. Call 
AA– 
12,772,200 
5,225 
  
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bond Series 2010B, 
No Opt. Call 
AA 
5,687,099 
   
6.360%, 11/15/33 
      
15,855 
  
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2010D, 
No Opt. Call 
AA 
17,635,358 
   
6.229%, 11/15/34 
      
500 
  
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 
3/12 at 100.00 
Baa3 
475,945 
   
2006A, 6.100%, 4/01/15 
      
13,875 
  
Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3, 6.725%, 
No Opt. Call 
A+ 
14,691,544 
   
4/01/35 
      
4,100 
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds, 
No Opt. Call 
AA– 
4,859,607 
   
Senior Lien Series 2009A, 6.184%, 1/01/34 
      
79,005 
  
Total Illinois 
    
90,597,389 
   
Indiana – 1.2% (1.0% of Total Investments) 
      
1,250 
  
Evansville Redevelopment Authority, Indiana, Lease Rental Revenue Bonds, Build America Taxable 
8/20 at 100.00 
Aa3 
1,404,413 
   
Bond Series 2010B, 6.960%, 2/01/34 
      
5,000 
  
Indiana University, Consolidated Revenue Bonds, Build America Taxable Bonds, Series 2010B, 
6/20 at 100.00 
Aaa 
5,401,500 
   
5.636%, 6/01/35 (4) 
      
6,250 
  
Total Indiana 
    
6,805,913 
   
Kentucky – 1.4% (1.1% of Total Investments) 
      
5,000 
  
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project, 
9/20 at 100.00 
AA– 
7,537,000 
   
Tender Option Bond Trust B002, 29.058%, 9/01/37 – AGC Insured (IF) 
      
   
Louisiana – 3.8% (3.1% of Total Investments) 
      
20,350 
  
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Series 2010B, 6.087%, 
2/20 at 100.00 
AA 
21,228,103 
   
2/01/45 (UB) (4) 
      
   
Massachusetts – 0.9% (0.8% of Total Investments) 
      
2,000 
  
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option 
No Opt. Call 
AAA 
5,128,100 
   
Bond Trust T0004, 25.090%, 6/01/40 (IF) (4) 
      
   
Michigan – 2.8% (2.3% of Total Investments) 
      
12,650 
  
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America 
No Opt. Call 
Aa2 
15,058,307 
   
Taxable Bond Series 2009B, 7.747%, 5/01/39 
      
1,045 
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/22 at 100.00 
BB+ 
740,424 
   
Taxable Turbo Series 2006A, 7.309%, 6/01/34 
      
13,695 
  
Total Michigan 
    
15,798,731 
   
Missouri – 0.7% (0.6% of Total Investments) 
      
1,290 
  
Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable 
No Opt. Call 
AA+ 
1,678,329 
   
Bonds, Series 2009A, 5.960%, 11/01/39 
      
1,900 
  
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue 
1/19 at 100.00 
A3 
2,237,060 
   
Bond, Federally Taxable Build America Bonds – Direct Pay, Series 2009A, 6.890%, 1/01/42 
      
3,190 
  
Total Missouri 
    
3,915,389 
   
Nevada – 5.2% (4.2% of Total Investments) 
      
8,810 
  
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42 
7/19 at 100.00 
Aa2 
9,842,003 
1,380 
  
Clark County, Nevada, Airport System Revenue, Taxable Direct Payment Build America Bonds, 
No Opt. Call 
Aa2 
1,761,956 
   
Senior Series 2010C, 6.820%, 7/01/45 
      
8,500 
  
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Build America 
No Opt. Call 
AA+ 
11,146,135 
   
Taxable Bonds, Series 2009C, 7.013%, 6/01/39 
      
1,315 
  
Las Vegas, Nevada, Certificates of Participation, City Hall Project, Build America Federally 
9/19 at 100.00 
AA– 
1,515,012 
   
Taxable Bonds, Series 2009B, 7.800%, 9/01/39 
      
4,000 
  
North Las Vegas, Nevada, General Obligation Water and Wastewater Improvement Bonds, Build 
No Opt. Call 
A+ 
4,590,360 
   
America Taxable Bonds, Series 2010A, 6.572%, 6/01/40 
      
24,005 
  
Total Nevada 
    
28,855,466 
   
New Jersey – 3.1% (2.6% of Total Investments) 
      
140 
  
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2009F, 
No Opt. Call 
A+ 
200,530 
   
7.414%, 1/01/40 
      
12,505 
  
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A, 
No Opt. Call 
A+ 
17,257,275 
   
7.102%, 1/01/41 
      
12,645 
  
Total New Jersey 
    
17,457,805 
   
New York – 13.6% (11.1% of Total Investments) 
      
25,000 
  
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Build 
No Opt. Call 
AAA 
30,002,250 
   
America Taxable Bonds, Series 2010D, 5.600%, 3/15/40 (UB) (4) 
      
10,000 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Build America Taxable 
No Opt. Call 
A– 
11,691,900 
   
Bond Series 2010B, 5.850%, 5/01/41 
      
4,850 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America 
No Opt. Call 
A
5,235,721 
   
Taxable Bonds, Series 2009A-1, 5.871%, 11/15/39 
      
2,595 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
No Opt. Call 
AA+ 
3,241,596 
   
Bonds, Second Generation Resolution, Build America Taxable Bonds, Series 2010DD, 
      
   
5.952%, 6/15/42 
      
2,025 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
No Opt. Call 
AA+ 
2,529,569 
   
Bonds, Second Generation Resolution, Build America Taxable Bonds, Series 2010DD, 5.952%, 
      
   
6/15/42 (UB) 
      
1,595 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
No Opt. Call 
AA+ 
3,626,871 
   
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust T30001-2, 26.248%, 
      
   
6/15/44 (IF) 
      
5,500 
  
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build 
No Opt. Call 
AA– 
7,089,885 
   
America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40 
      
10,000 
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Build 
No Opt. Call 
AAA 
12,105,900 
   
America Taxable Bonds, Series 2010G-1, 5.467%, 5/01/40 (4) 
      
61,565 
  
Total New York 
    
75,523,692 
   
Ohio – 6.6% (5.5% of Total Investments) 
      
10,000 
  
American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Federally 
No Opt. Call 
A
13,915,200 
   
Taxable Build America Bonds, Series 2010B, 7.834%, 2/15/41 
      
3,000 
  
Circleville City School District, Pickaway County, Ohio, General Obligation School Facilities 
5/20 at 100.00 
Aa2 
3,303,780 
   
Construction and Improvement Bonds, Build America Taxable Series 2010C, 6.300%, 11/01/40 
      
1,070 
  
Franklin County Convention Facilities Authority, Ohio, Lease Revenue Anticipation Bonds, 
No Opt. Call 
AA 
1,234,331 
   
Federally Taxable Direct Payment Build America Bonds, Series 2010, 6.540%, 12/01/36 
      
1,760 
  
Madison Local School District, Lake & Geauga Counties, Ohio, General Obligation Bonds, Build 
9/20 at 100.00 
Aa2 
1,874,136 
   
America Taxable Bond Series 2010C, 6.050%, 4/01/42 
      
15,000 
  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America 
11/20 at 100.00 
AA+ 
16,718,250 
   
Taxable Bonds, Series 2010, 6.038%, 11/15/40 
      
30,830 
  
Total Ohio 
    
37,045,697 
   
Oregon – 3.0% (2.5% of Total Investments) 
      
4,000 
  
Oregon Department of Administrative Services, Certificates of Participation, Federally Taxable 
5/20 at 100.00 
AA 
5,436,200 
   
Build America Bonds, Tender Option Bond Trust TN-011, 26.556%, 5/01/35 (IF) (4) 
      
9,660 
  
Warm Springs Reservation Confederated Tribes, Oregon, Tribal Economic Development Bonds, 
No Opt. Call 
A3 
11,195,554 
   
Hydroelectric Revenue Bonds, Pelton Round Butte Project, Refunding Series 2009A, 
      
   
8.250%, 11/01/19 
      
13,660 
  
Total Oregon 
    
16,631,754 
   
Pennsylvania – 0.7% (0.6% of Total Investments) 
      
1,500 
  
New Castle Sanitation Authority, Lawrence County, Pennsylvania, Sewer Revenue Bonds, Build 
6/20 at 100.00 
AA– 
1,692,060 
   
America Taxable Bonds, Series 2010A, 6.506%, 6/01/41 – AGM Insured 
      
2,000 
  
Pennsylvania State, General Obligation Bonds, Build America Taxable Bonds, Third Series 2010B, 
7/20 at 100.00 
Aa1 
2,251,580 
   
5.850%, 7/15/30 
      
3,500 
  
Total Pennsylvania 
    
3,943,640 
   
South Carolina – 3.9% (3.2% of Total Investments) 
      
6,285 
  
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
No Opt. Call 
AA– 
8,672,609 
   
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50 
      
205 
  
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
No Opt. Call 
AA– 
594,387 
   
Federally Taxable Build America Tender Option Bond Trust T30002, 29.262%, 1/01/50 (IF) 
      
8,985 
  
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
No Opt. Call 
AA– 
12,398,312 
   
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50 (UB) 
      
15,475 
  
Total South Carolina 
    
21,665,308 
   
Tennessee – 3.4% (2.8% of Total Investments) 
      
15,000 
  
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee, 
No Opt. Call 
A1 
18,675,750 
   
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Series 2010A-2, 7.431%, 7/01/43 
      
   
Texas – 8.5% (7.0% of Total Investments) 
      
9,915 
  
Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build 
No Opt. Call 
A+ 
11,256,202 
   
America Taxable Bonds, Series 09B, 7.088%, 1/01/42 
      
10,000 
  
North Texas Tollway Authority, System Revenue Bonds, Subordinate Lien Taxable Revenue Bonds, 
2/20 at 100.00 
Baa3 
11,550,700 
   
Federally Taxable Build America Bonds, Series 2010-B2, 8.910%, 2/01/30 
      
15,000 
  
North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bond Series 2009B, 
No Opt. Call 
A2 
18,694,350 
   
6.718%, 1/01/49 
      
5,000 
  
San Antonio, Texas, General Obligation Bonds, Build America Taxable Bonds, Series 2010B, 
8/20 at 100.00 
AAA 
5,773,450 
   
6.038%, 8/01/40 
      
39,915 
  
Total Texas 
    
47,274,702 
   
Utah – 2.0% (1.6% of Total Investments) 
      
5,000 
  
Central Utah Water Conservancy District, Utah, Revenue Bonds, Federally Taxable Build America 
4/20 at 100.00 
AA+ 
5,192,750 
   
Bonds, Series 2010A, 5.700%, 10/01/40 
      
5,415 
  
Midvale Redevelopment Agency, Utah, Tax Increment and Sales Tax Revenue Bonds, Federally 
5/20 at 100.00 
AA– 
5,791,397 
   
Taxable Build America Bonds, Series 2010, 6.250%, 5/01/34 – AGM Insured 
      
10,415 
  
Total Utah 
    
10,984,147 
   
Vermont – 1.1% (0.9% of Total Investments) 
      
5,000 
  
University of Vermont and State Agricultural College, Revenue Bonds, Build America Bonds 
No Opt. Call 
Aa3 
6,346,550 
   
Series 2010, 6.428%, 10/01/44 
      
   
Virgin Islands – 1.0% (0.8% of Total Investments) 
      
5,000 
  
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Build America Taxable 
No Opt. Call 
AA– 
5,690,050 
   
Bonds Series 2010C, 6.850%, 7/01/35 – AGM Insured 
      
   
Virginia – 2.9% (2.4% of Total Investments) 
      
10,000 
  
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
No Opt. Call 
BBB 
11,072,400 
   
Dulles Metrorail Capital Improvement Project, Build America Taxable Bonds, Series 2010D, 
      
   
8.000%, 10/01/47 
      
3,810 
  
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
No Opt. Call 
BBB+ 
4,256,646 
   
Series 2009D, 7.462%, 10/01/46 – AGC Insured 
      
1,705 
  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/12 at 100.00 
BB 
1,062,795 
   
Refunding Senior Lien Series 2007A1, 6.706%, 6/01/46 
      
15,515 
  
Total Virginia 
    
16,391,841 
   
Washington – 3.8% (3.1% of Total Investments) 
      
5,000 
  
Grays Harbor County Public Utility District 1, Washington, Electric System Revenue Bonds, 
No Opt. Call 
A1 
5,913,150 
   
Taxable Build America Bonds – Direct Payment, Series 2010A, 6.707%, 7/01/40 
      
5,000 
  
Mason County Public Utility District 3, Washington, Electric Revenue Bonds, Build America 
6/20 at 100.00 
Aa3 
5,365,599 
   
Taxable Bonds, Series 2010B, 6.347%, 12/01/40 
      
2,505 
  
Okanogan County Public Utility District 1, Washington, Electric System Revenue Bonds, Build 
No Opt. Call 
A1 
2,795,779 
   
America Taxable Bonds – Direct Payment, Series 2010B, 6.046%, 12/01/40 
      
4,000 
  
Seattle, Washington, Municipal Light and Power Revenue Bonds, Federally Taxable Build America 
No Opt. Call 
Aa2 
7,040,800 
   
Bonds, Tender Option Bond Trust T0001, 23.969%, 2/01/40 (IF) (4) 
      
16,505 
  
Total Washington 
    
21,115,328 
   
Wyoming – 0.4% (0.3% of Total Investments) 
      
2,000 
  
University of Wyoming, Facilities Improvement Revenue Bonds, Build America Taxable Bond Series 
6/20 at 100.00 
Aa2 
2,157,059 
   
2010C, 5.800%, 6/01/30 
      
$     568,245 
  
Total Investments (cost $595,431,522) – 122.0% 
    
679,292,023 
   
Borrowings – (7.9)% (5) 
    
(44,000,000) 
   
Floating Rate Obligations – (9.5)% 
    
(53,090,000) 
   
Other Assets Less Liabilities – (4.6)% (6) 
    
(25,420,039) 
   
Net Assets – 100% 
    
$ 556,781,984 
 
 
 
 
 
 
 
 
                 
Investments in Derivatives at December 31, 2011: 
        
Swaps outstanding: 
                
   
Fund 
    
Fixed Rate 
    
Unrealized 
 
Notional 
Pay/Receive 
Floating Rate 
Fixed Rate 
Payment 
Effective 
Termination 
Appreciation 
Counterparty 
Amount 
Floating Rate 
Index 
(Annualized) 
Frequency 
Date (7) 
Date 
(Depreciation) 
Barclays Bank PLC 
$94,000,000 
Receive 
3-Month USD-LIBOR 
3.778% 
Semi-Annually 
2/17/12 
2/17/40 
$(22,862,105) 
JPMorgan 
19,200,000 
Receive 
1-Month USD-LIBOR 
0.360 
Monthly 
3/21/11 
3/21/12 
3,597 
JPMorgan 
19,200,000 
Receive 
1-Month USD-LIBOR 
1.193 
Monthly 
3/21/11 
3/21/14 
(278,647) 
Morgan Stanley 
19,200,000 
Receive 
1-Month USD-LIBOR 
2.064 
Monthly 
3/21/11 
3/21/16 
(925,861) 
Morgan Stanley 
26,000,000 
Receive 
3-Month USD-LIBOR 
4.435 
Semi-Annually 
2/24/12 
2/24/40 
(9,903,655) 
               
$(33,966,671) 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 - Quoted prices in active markets for identical securities.
 
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of December 31, 2011:
 
                         
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments: 
                        
Municipal Bonds 
   $ —     $ 679,292,023     $ —     $ 679,292,023  
Derivatives: 
                                
Swaps* 
     —       (33,966,671 )      —       (33,966,671 ) 
Total 
   $ —     $ 645,325,352     $ —     $ 645,325,352  
* Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.
 
During the period ended December 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
Derivative Instruments and Hedging Activities
 
The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
 
The following table presents the fair value of all derivative instruments held by the Fund as of December 31, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.
 
   
Location on the Statement of Assets and Liabilities 
Underlying 
Derivative 
Asset Derivatives 
  
Liability Derivatives 
Risk Exposure 
Instrument 
Location 
Value 
  
Location 
Value 
Interest Rate 
Swaps 
Unrealized appreciation on swaps* 
$3,597 
  
Unrealized depreciation on swaps* 
$33,970,268 
* Value represents cumulative gross appreciation (depreciation) of swap contracts as reported in the Fund’s Portfolio of Investments.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At December 31, 2011, the cost of investments (excluding investments in derivatives) was $543,056,571.
   
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at December 31, 2011, were as follows: 
   
Gross unrealized: 
  
   Appreciation 
$83,999,421 
   Depreciation 
(857,768) 
Net unrealized appreciation (depreciation) of investments 
$83,141,653 
 
     
(1) 
  
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. 
(2) 
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There 
   
may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be 
   
subject to periodic principal paydowns. 
(3) 
  
Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service, Inc. 
   
("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB 
   
by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of 
   
these national rating agencies. 
(4) 
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in derivatives and/or inverse floating rate transactions. 
(5) 
  
Borrowings as a percentage of total investments is 6.5%. 
(6) 
  
Other Assets Less Liabilities includes the Net Unrealized Appreciation (Depreciation) of derivative instruments 
   
as listed within Investments in Derivatives at December 31, 2011. 
(7) 
  
Effective date represents the date on which both the Fund and Counterparty commence interest payment 
   
accruals on each forward swap contract. 
N/R 
  
Not rated. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
USD-LIBOR 
  
United States Dollar-London Inter-Bank Offered Rate. 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
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.
 
(Registrant)  Nuveen Build America Bond Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         February 29, 2012        
 
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 (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         February 29, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         February 29, 2012