N-Q 1 nbb.htm NBB



 
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)
 

Gifford R. Zimmerman
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:         12/31/16         
 
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 
 
 
 
           
 
 
Nuveen Build America Bond Fund (NBB) 
 
 
 
 
 
December 31, 2016 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 121.2% (100.0% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 120.7% (99.6% of Total Investments) 
 
 
 
 
 
 
Arizona – 1.0% (0.8% of Total Investments) 
 
 
 
$ 5,000 
 
Mesa, Arizona, Utility System Revenue Bonds, Series 2010, 6.100%, 7/01/34 
7/20 at 100.00 
Aa2 
$ 5,603,300 
 
 
California – 27.5% (22.7% of Total Investments) 
 
 
 
2,520 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Taxable 
No Opt. Call 
BBB+ 
1,210,028 
 
 
Subordinate Lien Series 2004B, 0.000%, 10/01/31 – AMBAC Insured 
 
 
 
1,995 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Build 
No Opt. Call 
AA 
2,717,230 
 
 
America Federally Taxable Bond Series 2009F-2, 6.263%, 4/01/49 
 
 
 
 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
 
 
 
 
 
Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1: 
 
 
 
75 
 
6.793%, 4/01/30 
No Opt. Call 
AA– 
92,502 
100 
 
6.918%, 4/01/40 
No Opt. Call 
AA– 
135,351 
500 
 
California Infrastructure and Economic Development Bank, Revenue Bonds, University of 
No Opt. Call 
AA– 
625,085 
 
 
California San Francisco Neurosciences Building, Build America Taxable Bond Series 2010B, 
 
 
 
 
 
6.486%, 5/15/49 
 
 
 
260 
 
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies 
No Opt. Call 
B+ 
257,990 
 
 
Project, Taxable Series 2013B, 7.000%, 8/01/18 
 
 
 
395 
 
California School Finance Authority, Charter School Revenue Bonds, City Charter School 
No Opt. Call 
N/R 
390,280 
 
 
Obligated Group, Taxable Series 2016B, 3.750%, 6/01/20 
 
 
 
3,030 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build 
No Opt. Call 
A+ 
4,369,533 
 
 
America Taxable Bond Series 2009G-2, 8.361%, 10/01/34 
 
 
 
2,050 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build 
3/20 at 100.00 
A+ 
2,296,841 
 
 
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 
8,851,080 
 
 
2010B, 6.484%, 11/01/41 
 
 
 
7,115 
 
California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 
3/20 at 100.00 
AA– 
8,308,257 
 
 
2010, 7.950%, 3/01/36 
 
 
 
6,610 
 
California State, General Obligation Bonds, Various Purpose, Build America Taxable Bond Series 
No Opt. Call 
AA– 
9,973,565 
 
 
2010, 7.600%, 11/01/40 
 
 
 
5,000 
 
California State, Various Purpose General Obligation Bonds, Build America Federally Taxable 
No Opt. Call 
AA– 
7,444,100 
 
 
Bonds, Series 2009, 7.550%, 4/01/39 
 
 
 
7,500 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
No Opt. Call 
BB+ 
8,140,275 
 
 
University Medical Center, Series 2014B, 6.000%, 12/01/24 
 
 
 
7,500 
 
Los Angeles Community College District, California, General Obligation Bonds, Build America 
No Opt. Call 
AA+ 
10,430,925 
 
 
Taxable Bonds, Series 2010, 6.600%, 8/01/42 
 
 
 
10,000 
 
Los Angeles Community College District, Los Angeles County, California, General Obligation 
No Opt. Call 
AA+ 
13,907,900 
 
 
Bonds, Series 2010, 6.600%, 8/01/42 (UB) (4) 
 
 
 
6,000 
 
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax 
No Opt. Call 
AAA 
7,393,500 
 
 
Revenue Bonds, Build America Taxable Bond Series 2010A, 5.735%, 6/01/39 
 
 
 
 
 
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple 
 
 
 
 
 
Capital Projects I, Build America Taxable Bond Series 2010B: 
 
 
 
2,050 
 
7.488%, 8/01/33 
No Opt. Call 
AA 
2,723,507 
11,270 
 
7.618%, 8/01/40 
No Opt. Call 
AA 
15,998,328 
9,485 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
No Opt. Call 
AA– 
12,180,732 
 
 
Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39 
 
 
 
 
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally 
 
 
 
 
 
Taxable – Direct Payment – Build America Bonds, Series 2010A: 
 
 
 
80 
 
5.716%, 7/01/39 
No Opt. Call 
Aa2 
97,948 
2,840 
 
6.166%, 7/01/40 
7/20 at 100.00 
Aa2 
3,166,884 
1,685 
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally 
No Opt. Call 
Aa2 
2,311,652 
 
 
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+ 
5,987,600 
 
 
Option Bond Trust 2016-XFT906, 27.342%, 7/01/50 (IF) (4) 
 
 
 
1,500 
 
Metropolitan Water District of Southern California, Water Revenue Bonds, Build America Taxable 
7/19 at 100.00 
AAA 
1,658,775 
 
 
Bond Series 2009D, 6.538%, 7/01/39 
 
 
 
1,000 
 
Metropolitan Water District of Southern California, Water Revenue Bonds, Build America Taxable 
7/20 at 100.00 
AAA 
1,153,000 
 
 
Series 2010A, 6.947%, 7/01/40 
 
 
 
2,330 
 
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds, 
No Opt. Call 
A+ 
2,483,244 
 
 
Federally Taxable Series 2011A-T, 7.500%, 9/01/19 
 
 
 
4,250 
 
Sacramento Public Financing Authority, California, Lease Revenue Bonds, Golden 1 Center, 
No Opt. Call 
A+ 
4,679,845 
 
 
Series 2015, 5.637%, 4/01/50 
 
 
 
2,390 
 
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, 
No Opt. Call 
AA– 
2,922,205 
 
 
Build America Taxable Bonds, Series 2010B, 6.000%, 11/01/40 
 
 
 
4,000 
 
San Francisco City and County, California, Certificates of Participation, 525 Golden Gate 
No Opt. Call 
AA 
9,003,800 
 
 
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond 
 
 
 
 
 
2016-XFT901, 25.559%, 11/01/41 (IF) (4) 
 
 
 
 
 
Stanton Redevelopment Agency, California, Tax Allocation Bonds, Stanton Consolidated 
 
 
 
 
 
Redevelopment Project Series 2011A: 
 
 
 
275 
 
6.500%, 12/01/17 (ETM) 
No Opt. Call 
A (5) 
288,153 
295 
 
6.750%, 12/01/18 (ETM) 
No Opt. Call 
A (5) 
324,695 
1,500 
 
University of California, General Revenue Bonds, Build America Taxable Bonds, Series 2009R, 
5/19 at 100.00 
AA 
1,643,865 
 
 
6.270%, 5/15/31 
 
 
 
2,505 
 
University of California, General Revenue Bonds, Limited Project, Build America Taxable Bond 
No Opt. Call 
AA– 
3,097,032 
 
 
Series 2010F, 5.946%, 5/15/45 
 
 
 
117,105 
 
Total California 
 
 
156,265,707 
 
 
Colorado – 0.7% (0.6% of Total Investments) 
 
 
 
3,100 
 
Denver School District 1, Colorado, General Obligation Bonds, Build America Taxable Bonds, 
No Opt. Call 
AA+ 
3,842,729 
 
 
Series 2009C, 5.664%, 12/01/33 
 
 
 
 
 
Connecticut – 1.3% (1.1% of Total Investments) 
 
 
 
6,300 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R 
7,356,699 
 
 
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic 
 
 
 
 
 
Development Bond Series 2010B, 12.500%, 4/01/39 
 
 
 
 
 
District of Columbia – 0.2% (0.2% of Total Investments) 
 
 
 
1,000 
 
District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Subordinate 
No Opt. Call 
AA+ 
1,219,080 
 
 
Lien, Build America Taxable Bond Series 2010A, 5.522%, 10/01/44 
 
 
 
 
 
Florida – 0.9% (0.8% of Total Investments) 
 
 
 
5,000 
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Build America Taxable 
6/19 at 100.00 
AAA 
5,377,850 
 
 
Bonds, Series 2010G, 5.750%, 6/01/35 
 
 
 
 
 
Georgia – 5.7% (4.7% of Total Investments) 
 
 
 
2,500 
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Cobb County 
1/26 at 100.00 
AAA 
2,573,700 
 
 
Coliseum Project, Taxable Series 2015, 4.500%, 1/01/47 
 
 
 
9,000 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build 
No Opt. Call 
A+ 
11,113,380 
 
 
America Bonds Series 2010A, 6.637%, 4/01/57 
 
 
 
1,120 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Taxable Build 
No Opt. Call 
A+ 
1,362,995 
 
 
America Bonds Series 2010A, 6.655%, 4/01/57 
 
 
 
15,000 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding 
No Opt. Call 
A– 
17,056,949 
 
 
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57 
 
 
 
27,620 
 
Total Georgia 
 
 
32,107,024 
 
 
Illinois – 10.1% (8.3% of Total Investments) 
 
 
 
6,940 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Build America Taxable Series 
No Opt. Call 
B+ 
4,989,860 
 
 
2009E, 6.138%, 12/01/39 
 
 
 
865 
 
Chicago Transit Authority, Illinois, Sales and Transfer Tax Receipts Revenue Bonds, Pension 
No Opt. Call 
AA 
1,083,196 
 
 
Funding Taxable Series 2008A, 6.899%, 12/01/40 
 
 
 
7,735 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build 
No Opt. Call 
AA 
9,071,453 
 
 
America Bonds, Series 2010B, 6.200%, 12/01/40 
 
 
 
 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien, 
 
 
 
 
 
Build America Taxable Bond Series 2010B: 
 
 
 
10,925 
 
6.845%, 1/01/38 
1/20 at 100.00 
12,259,707 
355 
 
6.395%, 1/01/40 
No Opt. Call 
464,606 
135 
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series 
No Opt. Call 
AA 
166,423 
 
 
2010B, 6.900%, 1/01/40 
 
 
 
14,000 
 
Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3, 
No Opt. Call 
BBB+ 
14,190,120 
 
 
6.725%, 4/01/35 
 
 
 
8,090 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds, 
No Opt. Call 
AA– 
10,189,355 
 
 
Senior Lien Series 2009A, 6.184%, 1/01/34 
 
 
 
1,595 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds, 
No Opt. Call 
AA– 
1,960,765 
 
 
Senior Lien Series 2009B, 5.851%, 12/01/34 
 
 
 
2,000 
 
Lake County, Illinois, General Obligation Bonds, Series 2010A, 5.125%, 11/30/27 
11/19 at 100.00 
AAA 
2,161,400 
685 
 
Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project, 
No Opt. Call 
A2 
871,019 
 
 
Build America Taxable Bond Series 2010A, 7.820%, 1/01/40 
 
 
 
53,325 
 
Total Illinois 
 
 
57,407,904 
 
 
Indiana – 2.6% (2.1% of Total Investments) 
 
 
 
5,000 
 
Indiana University, Consolidated Revenue Bonds, Build America Taxable Bonds, Series 2010B, 
6/20 at 100.00 
AAA 
5,387,550 
 
 
5.636%, 6/01/35 
 
 
 
5,000 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Bonds, Series 2010A-2, 
No Opt. Call 
Aa1 
6,251,400 
 
 
6.004%, 1/15/40 
 
 
 
2,390 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Taxable Bonds, Series 
No Opt. Call 
AA 
3,061,232 
 
 
2010B-2, 6.116%, 1/15/40 
 
 
 
12,390 
 
Total Indiana 
 
 
14,700,182 
 
 
Kentucky – 1.7% (1.4% of Total Investments) 
 
 
 
5,000 
 
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project, Tender 
9/20 at 100.00 
AA 
7,112,000 
 
 
Option Bond Trust 2016-XFT902, 25.740%, 9/01/37 – AGM Insured (IF) (4) 
 
 
 
1,950 
 
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage 
No Opt. Call 
AA 
2,523,242 
 
 
System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43 
 
 
 
6,950 
 
Total Kentucky 
 
 
9,635,242 
 
 
Louisiana – 4.0% (3.3% of Total Investments) 
 
 
 
20,350 
 
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Series 2010B, 6.087%, 
2/20 at 100.00 
AA– 
22,518,496 
 
 
2/01/45 (UB) (4) 
 
 
 
 
 
Massachusetts – 0.8% (0.7% of Total Investments) 
 
 
 
2,000 
 
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option 
No Opt. Call 
AAA 
4,697,200 
 
 
Bond Trust 2016-XFT907, 23.316%, 6/01/40 (IF) (4) 
 
 
 
 
 
Michigan – 1.0% (0.8% of Total Investments) 
 
 
 
6,190 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
No Opt. Call 
B– 
5,780,098 
 
 
Taxable Turbo Series 2006A, 7.309%, 6/01/34 
 
 
 
 
 
Missouri – 0.3% (0.2% of Total Investments) 
 
 
 
1,290 
 
Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable 
No Opt. Call 
AA+ 
1,654,851 
 
 
Bonds, Series 2009A, 5.960%, 11/01/39 
 
 
 
 
 
Nevada – 5.5% (4.6% of Total Investments) 
 
 
 
13,890 
 
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42 
7/19 at 100.00 
AA– 
15,548,605 
10,150 
 
Clark County, Nevada, Airport Revenue Bonds, Taxable Direct Payment Build America Bond Series 
No Opt. Call 
AA– 
14,297,189 
 
 
2010C, 6.820%, 7/01/45 
 
 
 
1,315 
 
Las Vegas, Nevada, Certificates of Participation, City Hall Project, Build America Federally 
9/19 at 100.00 
AA– (5) 
1,510,922 
 
 
Taxable Bonds, Series 2009B, 7.800%, 9/01/39 (Pre-refunded 9/01/19) 
 
 
 
25,355 
 
Total Nevada 
 
 
31,356,716 
 
 
New Jersey – 5.1% (4.2% of Total Investments) 
 
 
 
2,500 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America 
6/19 at 100.00 
A3 
2,647,400 
 
 
Bonds Issuer Subsidy Program, Series 2009B, 6.875%, 12/15/39 
 
 
 
130 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America 
12/20 at 100.00 
A3 
136,951 
 
 
Bonds Issuer Subsidy Program, Series 2010C, 6.104%, 12/15/28 
 
 
 
4,190 
 
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2009F, 
No Opt. Call 
A+ 
6,050,486 
 
 
7.414%, 1/01/40 
 
 
 
14,510 
 
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A, 
No Opt. Call 
A+ 
20,321,543 
 
 
7.102%, 1/01/41 
 
 
 
21,330 
 
Total New Jersey 
 
 
29,156,380 
 
 
New York – 17.5% (14.4% of Total Investments) 
 
 
 
25,000 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 
No Opt. Call 
AAA 
31,008,250 
 
 
2010D, 5.600%, 3/15/40 (UB) (4) 
 
 
 
5,100 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Build America Taxable 
No Opt. Call 
A– 
5,964,297 
 
 
Bond Series 2010B, 5.850%, 5/01/41 
 
 
 
7,965 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Build America 
No Opt. Call 
AA 
11,736,428 
 
 
Taxable Bonds, Series 2010C, 7.336%, 11/15/39 
 
 
 
14,000 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/20 at 100.00 
AA+ 
15,842,400 
 
 
Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series 2010CC, 
 
 
 
 
 
6.282%, 6/15/42 
 
 
 
1,000 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
6/20 at 100.00 
AA+ 
1,106,590 
 
 
Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA, 
 
 
 
 
 
5.790%, 6/15/41 
 
 
 
2,595 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
No Opt. Call 
AA+ 
3,362,990 
 
 
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+ 
2,624,299 
 
 
Bonds, Second Generation Resolution, 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+ 
3,949,858 
 
 
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust 2016-XFT908, 
 
 
 
 
 
24.479%, 6/15/44 (IF) 
 
 
 
6,690 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build 
No Opt. Call 
AA 
8,902,985 
 
 
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 
12,128,900 
 
 
America Taxable Bonds, Series 2010G-1, 5.467%, 5/01/40 (4) 
 
 
 
3,000 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
No Opt. Call 
BBB 
2,864,820 
 
 
Terminal B Redevelopment Project, Taxable Series 2016B, 3.673%, 7/01/30 
 
 
 
78,970 
 
Total New York 
 
 
99,491,817 
 
 
North Carolina – 1.9% (1.6% of Total Investments) 
 
 
 
10,100 
 
North Carolina Turnpike Authority, Triangle Expressway System State Annual Appropriation 
1/19 at 100.00 
AA 
10,984,457 
 
 
Revenue Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2009B, 
 
 
 
 
 
6.700%, 1/01/39 
 
 
 
 
 
Ohio – 7.0% (5.8% of Total Investments) 
 
 
 
10,700 
 
American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Build 
No Opt. Call 
15,169,711 
 
 
America Bond Series 2010B, 7.834%, 2/15/41 
 
 
 
25 
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Taxable 
No Opt. Call 
AA 
27,068 
 
 
Series 2013B, 4.532%, 1/01/35 
 
 
 
15,500 
 
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America 
11/20 at 100.00 
AA+ 
17,300,014 
 
 
Taxable Bonds, Series 2010, 6.038%, 11/15/40 
 
 
 
7,500 
 
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation TIF Revenue Bonds, 
1/26 at 100.00 
N/R 
7,214,400 
 
 
Cooperative Township Public Parking, Kenwood Collection Redevelopment, Senior Lien Series 
 
 
 
 
 
2016A, 6.600%, 1/01/39 
 
 
 
33,725 
 
Total Ohio 
 
 
39,711,193 
 
 
Oregon – 2.6% (2.1% of Total Investments) 
 
 
 
4,000 
 
Oregon Department of Administrative Services, Certificates of Participation, Federally Taxable 
5/20 at 100.00 
AA 
6,120,600 
 
 
Build America Bonds, Tender Option Bond Trust 2016-TXG001, 24.593%, 5/01/35 (IF) (4) 
 
 
 
8,030 
 
Warm Springs Reservation Confederated Tribes, Oregon Tribal Economic Development Bonds, 
No Opt. Call 
A3 
8,684,955 
 
 
Hydroelectric Revenue Bonds, Pelton Round Butte Project, Refunding Series 2009A, 
 
 
 
 
 
8.250%, 11/01/19 
 
 
 
12,030 
 
Total Oregon 
 
 
14,805,555 
 
 
Pennsylvania – 1.4% (1.1% of Total Investments) 
 
 
 
 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Build America 
 
 
 
 
 
Taxable Bonds, Series 2009D: 
 
 
 
1,225 
 
5.653%, 6/01/24 
No Opt. Call 
A+ 
1,365,397 
1,915 
 
6.218%, 6/01/39 
No Opt. Call 
A+ 
2,269,620 
2,000 
 
Pennsylvania State, General Obligation Bonds, Build America Taxable Bonds, Third Series 2010B, 
7/20 at 100.00 
Aa3 
2,223,520 
 
 
5.850%, 7/15/30 
 
 
 
1,535 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series 
No Opt. Call 
A1 
1,946,595 
 
 
2009A, 6.105%, 12/01/39 
 
 
 
6,675 
 
Total Pennsylvania 
 
 
7,805,132 
 
 
South Carolina – 0.5% (0.4% of Total Investments) 
 
 
 
55 
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
No Opt. Call 
N/R 
140,762 
 
 
Federally Taxable Build America Tender Option Bond Trust 2016-XFT909, 26.691%, 1/01/50 (IF) 
 
 
 
2,245 
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 
No Opt. Call 
AA– 
2,945,126 
 
 
2010C, 6.454%, 1/01/50 (UB) 
 
 
 
2,300 
 
Total South Carolina 
 
 
3,085,888 
 
 
Tennessee – 1.9% (1.5% of Total Investments) 
 
 
 
5,000 
 
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee, 
No Opt. Call 
A1 
6,601,200 
 
 
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Series 2010A-2, 7.431%, 7/01/43 
 
 
 
3,090 
 
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee, 
No Opt. Call 
Aa3 
4,007,081 
 
 
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B, 
 
 
 
 
 
6.731%, 7/01/43 
 
 
 
8,090 
 
Total Tennessee 
 
 
10,608,281 
 
 
Texas – 10.3% (8.5% of Total Investments) 
 
 
 
1,000 
 
Bexar County Hospital District, Texas, Certificates of Obligation, Taxable Build America Bond 
2/19 at 100.00 
AA+ 
1,096,660 
 
 
Series 2009B, 6.904%, 2/15/39 
 
 
 
9,280 
 
Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build 
No Opt. Call 
12,255,354 
 
 
America Taxable Bonds, Series 09B, 7.088%, 1/01/42 
 
 
 
2,200 
 
Dallas Independent School District, Dallas County, Texas, General Obligation Bonds, School 
2/21 at 100.00 
AAA 
2,532,002 
 
 
Building, Build America Taxable Bond Series 2010C, 6.450%, 2/15/35 
 
 
 
10,785 
 
North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bond Series 2009B, 
No Opt. Call 
A1 
15,099,000 
 
 
6.718%, 1/01/49 
 
 
 
10,220 
 
North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bonds, Series 
2/20 at 100.00 
Baa2 
11,935,734 
 
 
2010-B2, 8.910%, 2/01/30 
 
 
 
1,000 
 
San Antonio, Texas, Electric and Gas System Revenue Bonds, Junior Lien, Build America Taxable 
No Opt. Call 
AA+ 
1,260,660 
 
 
Bond Series 2010A, 5.808%, 2/01/41 
 
 
 
10 
 
San Antonio, Texas, Electric and Gas System Revenue Bonds, Series 2012, 4.427%, 2/01/42 
No Opt. Call 
Aa1 
10,750 
5,000 
 
San Antonio, Texas, General Obligation Bonds, Build America Taxable Bonds, Series 2010B, 
8/20 at 100.00 
AAA 
5,612,200 
 
 
6.038%, 8/01/40 
 
 
 
7,015 
 
Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, 
No Opt. Call 
AAA 
8,889,268 
 
 
Series 2009A, 5.517%, 4/01/39 
 
 
 
46,510 
 
Total Texas 
 
 
58,691,628 
 
 
Utah – 1.0% (0.8% of Total Investments) 
 
 
 
4,000 
 
Central Utah Water Conservancy District, Utah, Revenue Bonds, Federally Taxable Build America 
4/20 at 100.00 
AA+ 
4,301,000 
 
 
Bonds, Series 2010A, 5.700%, 10/01/40 
 
 
 
1,000 
 
Tooele County Municipal Building Authority, Utah, Lease Revenue Bonds, Build America Bond 
12/20 at 100.00 
A+ 
1,109,150 
 
 
Series 2010A-2, 8.000%, 12/15/32 
 
 
 
5,000 
 
Total Utah 
 
 
5,410,150 
 
 
Virginia – 3.9% (3.3% of Total Investments) 
 
 
 
11,930 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien 
No Opt. Call 
BBB+ 
16,741,845 
 
 
Revenue Bonds, Build America Bonds, Series 2009D, 7.462%, 10/01/46 – AGC Insured 
 
 
 
7,125 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
B– 
5,666,228 
 
 
Refunding Senior Lien Series 2007A, 6.706%, 6/01/46 
 
 
 
19,055 
 
Total Virginia 
 
 
22,408,073 
 
 
Washington – 3.7% (3.1% of Total Investments) 
 
 
 
4,000 
 
Seattle, Washington, Municipal Light and Power Revenue Bonds, Federally Taxable Build America 
No Opt. Call 
AA 
7,102,600 
 
 
Bonds, Tender Option Bond Trust 2016-XFT905, 22.024%, 2/01/40 (IF) (4) 
 
 
 
11,090 
 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, 
No Opt. Call 
Aa3 
14,019,645 
 
 
Build America Taxable Bond Series 2010B, 6.790%, 7/01/40 
 
 
 
15,090 
 
Total Washington 
 
 
21,122,245 
 
 
West Virginia – 0.6% (0.5% of Total Investments) 
 
 
 
3,800 
 
Tobacco Settlement Finance Authority, West Virginia, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
B2 
3,420,076 
 
 
Taxable Turbo Series 2007A, 7.467%, 6/01/47 
 
 
 
$ 555,650 
 
Total Municipal Bonds (cost $608,482,457) 
 
 
686,223,953 
 
             
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.5% (0.4% of Total Investments) 
 
 
 
 
             
 
 
Diversified Consumer Services – 0.5% (0.4% of Total Investments) 
 
 
 
 
$ 3,015 
 
BCOM Investment Partners LLC, Taxable Notes, Burrell College of Osteopathic Medicine, 
7.500% 
9/01/45 
N/R 
$ 3,027,606 
 
 
 Series 2015, 144A 
 
 
 
 
$ 3,015 
 
Total Corporate Bonds (cost $3,015,000) 
 
 
 
3,027,606 
 
 
Total Long-Term Investments (cost $611,497,457) 
 
 
 
689,251,559 
 
 
Borrowings – (15.9)% (6), (7) 
 
 
 
(90,175,000) 
 
 
Floating Rate Obligations – (8.4)% 
 
 
 
(47,700,000) 
 
 
Other Assets Less Liabilities – 3.1% (8) 
 
 
 
17,238,309 
 
 
Net Assets – 100% 
 
 
 
$ 568,614,868 
 

                         
Investments in Derivatives as of December 31, 2016 
 
 
 
 
 
 
 
 
Interest Rate Swaps 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Variation 
 
 
 
 
Fund 
Floating 
 
Fixed Rate 
 
Optional 
 
 
Margin 
Unrealized 
 
Clearing 
Notional 
Pay/Receive 
Rate 
Fixed Rate 
Payment 
Effective 
Termination 
Termination 
 
Receivable/ 
Appreciation 
Counterparty 
Broker 
Amount 
Floating Rate 
Index 
(Annualized) 
Frequency 
Date (9) 
Date 
Date 
Value 
(Payable) 
(Depreciation) 
N/A 
Citigroup Global 
$ 47,500,000 
Receive 
3-Month USD- 
2.769%
 Semi-Annually 
1/10/18 
N/A 
1/10/40 
$ (908,734) 
$1,052,647 
$ (908,734) 
 
Markets, Inc.* 
 
 
LIBOR-ICE 
 
 
 
 
 
 
 
 
N/A 
Citigroup Globa 
19,100,000 
Receive 
3-Month USD- 
1.731 
Semi-Annually 
8/11/17 
N/A 
8/11/46 
3,639,177 
(807,568) 
3,639,177 
 
Markets, Inc.* 
 
 
LIBOR-ICE 
 
 
 
 
 
 
 
 
N/A 
Citigroup Global 
15,500,000 
Receive 
3-Month USD- 
1.775 
Semi-Annually 
8/25/17 
7/06/26 
8/25/46 
2,814,543 
(783,296) 
2,814,543 
 
Markets, Inc.* 
 
 
LIBOR-ICE 
 
 
 
 
 
 
 
 
Morgan Stanley 
N/A 
121,000,000 
Receive 
1-Month USD- 
1.500 
Monthly 
7/03/17 
12/01/17 
12/01/19 
(554,038) 
— 
(2,189,457) 
& Co. LLC 
 
 
 
LIBOR-ICE 
 
 
 
 
 
 
 
 
 
 
$203,100,000 
 
 
 
 
 
 
 
$4,990,948 
$ (538,217) 
$ 3,355,529 
* London Clearing House Inc. is the clearing house for this transaction.
Fair Value Measurements
Fair value is defined as the price that would be received 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 following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Prices are determined using 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 the end of the reporting period:
 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments: 
 
 
 
 
Municipal Bonds 
$ — 
$686,223,953 
$ — 
$686,223,953 
Corporate Bonds 
— 
3,027,606 
— 
3,027,606 
Investments in Derivatives: 
 
 
 
 
Interest Rate Swaps* 
— 
3,355,529 
— 
3,355,529 
Total 
$ — 
$692,607,088 
$ — 
$692,607,088 
* Represents net unrealized appreciation (depreciation).

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.
As of December 31, 2016, the cost of investments (excluding investments in derivatives) was $566,754,275.
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of December 31, 2016, were as follows:
Gross unrealized: 
 
Appreciation 
$77,852,218 
Depreciation 
(3,061,172) 
Net unrealized appreciation (depreciation) of investments 
$74,791,046 
 
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common 
 
 
shares 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) 
 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group 
 
 
(“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This 
 
 
treatment of split-rated securities may differ from that used for other purposes, such as for Fund 
 
 
investment policies. 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) 
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 
 
 
securities, which ensure the timely payment of principal and interest. Certain bonds backed by 
   
U.S. Government or agency securities are regarded as having an implied rating equal to the
 
 
rating of such securities. 
(6) 
 
Borrowings as a percentage of Total Investments is 13.1%. 
(7) 
 
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately 
 
 
pledged as collateral for specific investments in derivatives, when applicable) as collateral for borrowings. 
(8) 
 
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter 
 
 
(“OTC”) derivatives as well as the unrealized appreciation (depreciation) of OTC-cleared and exchange-traded 
 
 
derivatives, when applicable. 
(9) 
 
Effective date represents the date on which both the Fund and counterparty commence interest payment 
 
 
accruals on each contract. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
144A 
 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. 
 
 
These investments may only be resold in transactions exempt from registration, which are normally 
 
 
those transactions with qualified institutional buyers. 
N/A 
 
Not applicable 
USD-LIBOR-ICE 
 
United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange 

 

 
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/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         March 1, 2017        
 
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/ Cedric H. Antosiewicz            
       Cedric H. Antosiewicz
     Chief Administrative Officer (principal executive officer)
                        
Date:         March 1, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         March 1, 2017