Unassociated Document



 
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:         6/30/13         
 
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)
     
   
June 30, 2013
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Municipal Bonds – 121.2% (99.8% of Total Investments)
     
   
Alabama – 0.3% (0.3% of Total Investments)
     
$     2,000
 
Baptist Health Care Authority, Alabama, An Affiliate of UAB Health System, Taxable Bond
No Opt. Call
A3
$    1,849,060
   
Series 2013A, 5.500%, 11/15/43
     
   
Arizona – 1.8% (1.5% of Total Investments)
     
4,070
 
Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Subordinate Lien Series 2005C,
No Opt. Call
A
4,134,306
   
5.290%, 7/01/18 – FGIC Insured
     
5,000
 
Mesa, Arizona, Utility System Revenue Bonds, Series 2010, 6.100%, 7/01/34
7/20 at 100.00
Aa2
5,654,150
9,070
 
Total Arizona
   
9,788,456
   
California – 24.2% (19.9% of Total Investments)
     
1,520
 
Alameda Corridor Transportation Authority, California, User Fee Revenue Bonds, Subordinate
No Opt. Call
BBB+
421,481
   
Lien Series 2004B, 0.000%, 10/01/31 – AMBAC Insured
     
150
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Build
No Opt. Call
AA
177,225
   
America Federally Taxable Bond Series 2009F-2, 6.263%, 4/01/49
     
75
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
No Opt. Call
A+
90,813
   
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
544,805
   
California San Francisco Neurosciences Building, Build America Taxable Bond Series 2010B,
     
   
6.486%, 5/15/49
     
3,005
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build
No Opt. Call
A2
3,889,462
   
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
4,300,736
   
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
7,393,960
   
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
5,368,725
   
2010, 7.950%, 3/01/36
     
10,000
 
California State, General Obligation Bonds, Various Purpose, Build America Taxable Bond Series
No Opt. Call
A1
13,544,100
   
2010, 7.600%, 11/01/40
     
15,000
 
Los Angeles Community College District, California, General Obligation Bonds, Build America
No Opt. Call
Aa1
18,952,500
   
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
Aa1
12,635,000
   
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
AA–
6,658,850
17,500
 
7.618%, 8/01/40
No Opt. Call
AA–
21,512,221
9,385
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
No Opt. Call
AA–
11,424,924
   
Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39
     
1,685
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally
No Opt. Call
AA–
2,143,286
   
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
4,721,000
   
Option Bond Trust T0003, 30.250%, 7/01/42 (IF) (4)
     
3,000
 
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,
No Opt. Call
A
3,248,790
   
Federally Taxable Series 2011A-T, 7.500%, 9/01/19
     
2,355
 
San Bernardino Community College District, California, General Obligation Bonds, Election of
No Opt. Call
Aa2
2,774,214
   
2008, Build America Taxable Bond Series 2009C, 7.630%, 8/01/44
     
1,365
 
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,
No Opt. Call
AA–
1,571,402
   
Build America Taxable Bonds, Series 2010B, 6.000%, 11/01/40
     
3,000
 
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,
No Opt. Call
AA–
3,818,970
   
Build America Taxable Bonds, Series 2010G, 6.950%, 11/01/50
     
4,000
 
San Francisco City and County, California, Certificates of Participation, 525 Golden Gate
No Opt. Call
AA–
5,246,400
   
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond Trust
     
   
B001, 29.277%, 11/01/30 (IF)
     
   
Stanton Redevelopment Agency, California, Consolidated Project Tax Allocation Bonds,
     
   
Series 2011A:
     
275
 
6.500%, 12/01/17
No Opt. Call
A–
285,692
295
 
6.750%, 12/01/18
No Opt. Call
A–
306,821
2,505
 
University of California, General Revenue Bonds, Limited Project, Build America Taxable Bond
No Opt. Call
Aa2
2,808,656
   
Series 2010F, 5.946%, 5/15/45
     
108,665
 
Total California
   
133,840,033
   
Colorado – 1.1% (0.9% of Total Investments)
     
3,100
 
Denver School District 1, Colorado, General Obligation Bonds, Build America Taxable Bonds,
No Opt. Call
AA+
3,388,610
   
Series 2009C, 5.664%, 12/01/33
     
2,000
 
Mesa State College, Colorado, Auxiliary Facilities Enterprise Revenue Bonds, Build America
No Opt. Call
Aa2
2,445,600
   
Taxable Bond Series 2010B, 6.746%, 5/15/42
     
5,100
 
Total Colorado
   
5,834,210
   
Connecticut – 1.0% (0.8% of Total Investments)
     
4,500
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
4/20 at 100.00
N/R
5,537,160
   
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
     
   
Development Bond Series 2010B, 12.500%, 4/01/39
     
   
Florida – 1.0% (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
5,590,050
   
Bonds, Series 2010G, 5.750%, 6/01/35
     
   
Georgia – 4.9% (4.0% of Total Investments)
     
4,500
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2011C, 1.000%, 7/01/18
No Opt. Call
N/R
2,096,865
9,000
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build
No Opt. Call
A+
9,952,110
   
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–
15,165,300
   
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
     
28,500
 
Total Georgia
   
27,214,275
   
Illinois – 14.8% (12.2% of Total Investments)
     
3,800
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build
No Opt. Call
AA
4,145,686
   
America Bonds, Series 2010B, 6.200%, 12/01/40
     
10,750
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien,
1/20 at 100.00
A2
11,893,693
   
Build America Taxable Bond Series 2010B, 6.845%, 1/01/38
     
12,090
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series
No Opt. Call
AA
14,556,360
   
2010B, 6.900%, 1/01/40
     
10,070
 
Chicago, Illinois, Water Revenue Bonds, Taxable Second Lien Series 2010B, 6.742%, 11/01/40
No Opt. Call
AA
12,519,125
16,240
 
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2010D,
No Opt. Call
AA
16,683,352
   
6.229%, 11/15/34
     
500
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
10/13 at 100.00
Baa3
494,065
   
2006A, 6.100%, 4/01/15
     
14,000
 
Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3,
No Opt. Call
A–
14,899,220
   
6.725%, 4/01/35
     
4,660
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
No Opt. Call
AA–
5,533,051
   
Senior Lien Series 2009A, 6.184%, 1/01/34
     
1,000
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
No Opt. Call
AA–
1,156,560
   
Senior Lien Series 2009B, 5.851%, 12/01/34
     
73,110
 
Total Illinois
   
81,881,112
   
Indiana – 1.0% (0.8% of Total Investments)
     
5,000
 
Indiana University, Consolidated Revenue Bonds, Build America Taxable Bonds, Series 2010B,
6/20 at 100.00
Aaa
5,549,350
   
5.636%, 6/01/35
     
   
Kentucky – 1.7% (1.4% of Total Investments)
     
5,000
 
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project,
9/20 at 100.00
AA–
6,808,000
   
Tender Option Bond Trust B002, 28.288%, 9/01/37 – AGC Insured (IF)
     
1,950
 
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage
No Opt. Call
AA
2,402,283
   
System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43
     
6,950
 
Total Kentucky
   
9,210,283
   
Louisiana – 4.0% (3.3% of Total Investments)
     
20,350
 
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Build America Taxable Bonds,
2/20 at 100.00
AA
22,095,013
   
Series 2010B, 6.087%, 2/01/45 (UB) (4)
     
   
Massachusetts – 0.7% (0.6% of Total Investments)
     
2,000
 
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option
No Opt. Call
AAA
3,865,900
   
Bond Trust T0004, 25.570%, 6/01/40 (IF) (4)
     
   
Michigan – 5.0% (4.1% of Total Investments)
     
13,165
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
No Opt. Call
Aa2
14,875,792
   
Taxable Bond Series 2009B, 7.747%, 5/01/39
     
3,440
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
No Opt. Call
B2
2,939,927
   
Taxable Turbo Series 2006A, 7.309%, 6/01/34
     
8,620
 
Wayne County Building Authority, Michigan, General Obligation Bonds, Jail Facilities,
12/20 at 100.00
BBB+
9,935,067
   
Federally Taxable Recovery Zone Economic Development Series 2010, 10.000%, 12/01/40
     
25,225
 
Total Michigan
   
27,750,786
   
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+
1,475,309
   
Bonds, Series 2009A, 5.960%, 11/01/39
     
   
Nevada – 5.2% (4.3% 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
9,856,892
1,800
 
Clark County, Nevada, Airport System Revenue, Taxable Direct Payment Build America Bonds,
No Opt. Call
Aa2
2,357,298
   
Senior Series 2010C, 6.820%, 7/01/45
     
8,800
 
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Build America
No Opt. Call
AA+
9,754,184
   
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–
1,509,988
   
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
4,247,880
   
America Taxable Bonds, Series 2010A, 6.572%, 6/01/40
     
1,070
 
Reno, Nevada, 1999 Special Assessment District 2 Local Improvement Bonds, ReTRAC Project,
No Opt. Call
BBB
1,097,157
   
Taxable Series 2006, 6.890%, 6/01/16
     
25,795
 
Total Nevada
   
28,823,399
   
New Jersey – 3.7% (3.0% of Total Investments)
     
3,100
 
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2009F,
No Opt. Call
A+
4,158,123
   
7.414%, 1/01/40
     
12,535
 
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,
No Opt. Call
A+
16,260,026
   
7.102%, 1/01/41
     
15,635
 
Total New Jersey
   
20,418,149
   
New York – 12.3% (10.1% of Total Investments)
     
25,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Build
No Opt. Call
AAA
27,970,750
   
America Taxable Bonds, Series 2010D, 5.600%, 3/15/40 (UB) (4)
     
5,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Build America Taxable
No Opt. Call
A
5,148,300
   
Bond Series 2010B, 5.850%, 5/01/41
     
1,505
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Build America
No Opt. Call
AA
2,051,405
   
Taxable Bonds, Series 2010C, 7.336%, 11/15/39
     
4,980
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America
No Opt. Call
A
5,369,785
   
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+
3,062,360
   
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+
2,389,703
   
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+
2,885,594
   
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust T30001-2,
     
   
26.688%, 6/15/44 (IF)
     
6,240
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build
No Opt. Call
AA–
7,878,562
   
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
10,974,200
   
America Taxable Bonds, Series 2010G-1, 5.467%, 5/01/40
     
58,940
 
Total New York
   
67,730,659
   
Ohio – 6.5% (5.4% of Total Investments)
     
   
American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Federally
     
   
Taxable Build America Bonds, Series 2010B:
     
10,060
 
7.834%, 2/15/41
No Opt. Call
A
12,992,591
5,000
 
8.084%, 2/15/50
No Opt. Call
A
6,421,350
15,000
 
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America
11/20 at 100.00
AA+
16,748,400
   
Taxable Bonds, Series 2010, 6.038%, 11/15/40
     
30,060
 
Total Ohio
   
36,162,341
   
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
6,288,400
   
Build America Bonds, Tender Option Bond Trust TN-011, 26.564%, 5/01/35 (IF) (4)
     
9,365
 
Warm Springs Reservation Confederated Tribes, Oregon, Tribal Economic Development Bonds,
No Opt. Call
A3
10,525,698
   
Hydroelectric Revenue Bonds, Pelton Round Butte Project, Refunding Series 2009A,
     
   
8.250%, 11/01/19
     
13,365
 
Total Oregon
   
16,814,098
   
Pennsylvania – 1.2% (1.0% of Total Investments)
     
2,550
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Build America
No Opt. Call
AA
2,889,099
   
Taxable Bonds, Series 2009D, 6.218%, 6/01/39
     
2,000
 
Pennsylvania State, General Obligation Bonds, Build America Taxable Bonds, Third Series 2010B,
7/20 at 100.00
AA+
2,279,860
   
5.850%, 7/15/30
     
1,400
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series
No Opt. Call
A+
1,613,668
   
2009A, 6.105%, 12/01/39
     
5,950
 
Total Pennsylvania
   
6,782,627
   
South Carolina – 5.1% (4.2% of Total Investments)
     
15,000
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
No Opt. Call
AA–
17,468,850
   
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–
373,705
   
Federally Taxable Build America Tender Option Bond Trust T30002, 29.870%, 1/01/50 (IF)
     
8,985
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
No Opt. Call
AA–
10,463,841
   
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50 (UB)
     
24,190
 
Total South Carolina
   
28,306,396
   
South Dakota – 0.3% (0.3% of Total Investments)
     
2,000
 
South Dakota Educational Enhancement Funding Corporation, Tobacco Settlement Revenue Bonds,
No Opt. Call
A
1,916,360
   
Series 2013A, 3.539%, 6/01/22
     
   
Tennessee – 3.3% (2.8% of Total Investments)
     
1,040
 
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
No Opt. Call
Aa2
1,214,054
   
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B,
     
   
6.731%, 7/01/43
     
15,000
 
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
No Opt. Call
A1
17,278,650
   
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Series 2010A-2, 7.431%, 7/01/43
     
16,040
 
Total Tennessee
   
18,492,704
   
Texas – 10.1% (8.3% of Total Investments)
     
9,940
 
Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build
No Opt. Call
A+
11,804,446
   
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
11,617,400
   
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
18,414,900
   
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
5,563,250
   
6.038%, 8/01/40
     
7,015
 
Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds,
No Opt. Call
Aaa
8,125,475
   
Series 2009A, 5.517%, 4/01/39
     
46,955
 
Total Texas
   
55,525,471
   
Utah – 0.8% (0.6% of Total Investments)
     
4,000
 
Central Utah Water Conservancy District, Utah, Revenue Bonds, Federally Taxable Build America
4/20 at 100.00
AA+
4,290,000
   
Bonds, Series 2010A, 5.700%, 10/01/40
     
   
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
5,826,300
   
Series 2010, 6.428%, 10/01/44
     
   
Virginia – 3.2% (2.6% of Total Investments)
     
4,300
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series
No Opt. Call
BBB+
5,022,572
   
2009D, 7.462%, 10/01/46 – AGC Insured
     
10,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles
No Opt. Call
BBB
11,210,400
   
Metrorail Capital Improvement Project, Build America Taxable Bonds, Series 2010D,
     
   
8.000%, 10/01/47
     
1,660
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
12/13 at 100.00
B2
1,223,553
   
Refunding Senior Lien Series 2007A1, 6.706%, 6/01/46
     
15,960
 
Total Virginia
   
17,456,525
   
Washington – 3.6% (3.0% of Total Investments)
     
5,185
 
Grays Harbor County Public Utility District 1, Washington, Electric System Revenue Bonds,
No Opt. Call
A1
5,842,717
   
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
5,152,450
   
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
2,744,578
   
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
AA
6,192,200
   
Bonds, Tender Option Bond Trust T0001, 24.844%, 2/01/40 (IF) (4)
     
16,690
 
Total Washington
   
19,931,945
$   577,340
 
Total Municipal Bonds (cost $620,906,957)
   
669,957,971
 
Principal
         
Amount (000)
 
Description (1)
Coupon
Maturity
Value
   
Short-Term Investments – 0.2% (0.2% of Total Investments)
     
$      1,232
 
Repurchase Agreement with State Street Bank, dated 6/28/13, repurchase price $1,232,172,
0.010%
7/01/13
$      1,232,171
   
collateralized by $1,280,000 U.S. Treasury Notes, 0.625%, due 5/31/17, value $1,259,612
     
   
Total Short-Term Investments (cost $1,232,171)
   
1,232,171
   
Total Investments (cost $622,139,128) – 121.4%
   
671,190,142
   
Borrowings – (16.1)% (5), (6)
   
(89,000,000)
   
Floating Rate Obligations – (9.6)%
   
(53,090,000)
   
Other Assets Less Liabilities – 4.3% (7)
   
23,567,559
   
Net Assets – 100%
   
$ 552,667,701
 
 
 
 
 

 
 

 
                 
Investments in Derivatives as of June 30, 2013
           
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 (8)
Date
(Depreciation) (7)
Barclays Bank PLC
$ 60,500,000
Receive
1-Month USD-LIBOR
1.450%
Monthly
10/01/14
10/01/18
$ 1,171,638
JPMorgan
19,200,000
Receive
1-Month USD-LIBOR
1.193
Monthly
3/21/11
3/21/14
(139,876)
Morgan Stanley
19,200,000
Receive
1-Month USD-LIBOR
2.064
Monthly
3/21/11
3/21/16
(768,003)
Morgan Stanley
60,500,000
Receive
1-Month USD-LIBOR
1.764
Monthly
10/01/14
12/01/19
1,617,664
Morgan Stanley
135,000,000
Receive
3-Month USD-LIBOR
3.035
Semi-Annually
2/21/14
2/21/41
12,446,791
 
$294,400,000
           
$14,328,214
 
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 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 risks 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
$ —
$669,957,971
$ —
$669,957,971
Short-Term Investments:
       
Repurchase Agreements
1,232,171
1,232,171
Derivatives:
       
Swaps*
14,328,214
14,328,214
Total
$ —
$685,518,356
$ —
$685,518,356
* Represents net unrealized appreciation (depreciation) 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.
 
As of June 30, 2013, the cost of investments (excluding investments in derivatives) was $569,544,072.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of June 30, 2013, were as follows:
   
Gross unrealized:
 
  Appreciation
$57,400,871
  Depreciation
(8,846,448)
Net unrealized appreciation (depreciation) of investments
$48,554,423
 
     
(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 13.3%.
(6)
 
The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral
   
for Borrowings.
(7)
 
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments
   
as listed within Investments in Derivatives as of the end of the reporting period.
(8)
 
Effective date represents the date on which both the Fund and Counterparty commence interest payment
   
accruals on each 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:         August 29, 2013        
 
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:         August 29, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         August 29, 2013