Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Dividend and Share Price Information
|
10
|
Performance Overviews
|
11
|
Report of Independent Registered Public Accounting Firm
|
13
|
Portfolios of Investments
|
14
|
Statement of Assets and Liabilities
|
25
|
Statement of Operations
|
26
|
Statement of Changes in Net Assets
|
27
|
Statement of Cash Flows
|
28
|
Financial Highlights
|
29
|
Notes to Financial Statements
|
32
|
Board Members & Officers
|
41
|
Annual Investment Management Agreement Approval Process
|
46
|
Board Approval of Sub-Advisory Arrangements
|
58
|
Reinvest Automatically, Easily and Conveniently
|
59
|
Glossary of Terms Used in this Report
|
61
|
Other Useful Information
|
63
|
1
|
Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
Cumulative Total Returns on Net Asset Value
|
||
For periods ended 3/31/11
|
||
Since Inception
|
4/27/10
|
11/23/10
|
NBB*
|
4.90%
|
N/A
|
NBD**
|
N/A
|
3.73%
|
Barclays Capital Build America Bond (BAB) Index2
|
2.88%*
|
1.27%**
|
*
|
The returns shown for NBB and the index represent the period from April 27, 2010 (NBB’s inception date), through March 31, 2011.
|
**
|
The returns shown for NBD and the index represent the period from November 23, 2010 (NBD’s inception date), through March 31, 2011.
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
For additional information, see the Performance Overview pages for NBB and NBD in this report.
|
|
2
|
The Barclays Capital Build America Bond (BAB) Index is an unleveraged index that comprises all direct pay Build America Bonds that are SEC-regulated, taxable, dollar-denominated, and have at least one year to final maturity, at least $250 million par amount outstanding, and are determined to be investment grade by Barclays Capital. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
|
Average
|
||
3/31/11
|
(+) Premium/(-) Discount
|
|
Fund
|
(-) Discount
|
Since Inception
|
NBB
|
(-)4.24%
|
(+)0.29%
|
NBD
|
(-)4.12%
|
(-)0.50%
|
NBB
|
Nuveen Build
America Bond
|
Performance
|
Fund
|
OVERVIEW
|
|
as of March 31, 2011
|
Fund Snapshot
|
||
Share Price
|
$18.06
|
|
Net Asset Value (NAV)
|
$18.86
|
|
Premium/(Discount) to NAV
|
-4.24%
|
|
Market Yield
|
7.77%
|
|
Net Assets ($000)
|
$499,020
|
Cumulative Total Return
|
||
(Inception 4/27/10)
|
||
On Share Price
|
On NAV
|
|
Since Inception
|
-3.99%
|
4.90%
|
States2
|
||
(as a % of total municipal bonds)
|
||
California
|
18.5%
|
|
New York
|
10.7%
|
|
Illinois
|
10.4%
|
|
Texas
|
5.6%
|
|
Ohio
|
4.8%
|
|
Georgia
|
4.3%
|
|
Washington
|
4.2%
|
|
Louisiana
|
3.6%
|
|
Michigan
|
3.4%
|
|
Indiana
|
3.2%
|
|
Florida
|
3.1%
|
|
Tennessee
|
2.9%
|
|
Oregon
|
2.7%
|
|
Virgin Islands
|
2.4%
|
|
Arizona
|
2.3%
|
|
New Jersey
|
2.3%
|
|
Virginia
|
2.2%
|
|
Other
|
13.4%
|
Portfolio Composition2,3
|
||
(as a % of total investments)
|
||
Tax Obligation/Limited
|
24.0%
|
|
Tax Obligation/General
|
23.0%
|
|
Utilities
|
21.0%
|
|
Transportation
|
13.1%
|
|
Water and Sewer
|
12.7%
|
|
Education and Civic Organizations
|
4.9%
|
|
Short-Term Investments
|
0.1%
|
|
Other
|
1.2%
|
Build America Bond Allocation2
|
||
(as a % of total municipal bonds)
|
||
Build America Bonds
|
93.7%
|
|
Non-Build America Bonds
|
6.3%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
2
|
Holdings are subject to change.
|
3
|
Excluding investments in derivatives.
|
NBD
|
Nuveen Build
|
America Bond
|
|
Performance
|
Opportunity Fund
|
OVERVIEW
|
|
as of March 31, 2011
|
Fund Snapshot
|
||
Share Price
|
$18.63
|
|
Net Asset Value (NAV)
|
$19.43
|
|
Premium/(Discount) to NAV
|
-4.12%
|
|
Market Yield
|
8.12%
|
|
Net Assets ($000)
|
$139,972
|
Cumulative Total Return
|
||
(Inception 11/23/10)
|
||
On Share Price
|
On NAV
|
|
Since Inception
|
-4.96%
|
3.73%
|
States2,3
|
||
(as a % of total investments)
|
||
Illinois
|
12.7%
|
|
California
|
12.5%
|
|
New York
|
9.9%
|
|
Texas
|
7.6%
|
|
South Carolina
|
6.9%
|
|
New Jersey
|
5.4%
|
|
Michigan
|
5.2%
|
|
Colorado
|
4.3%
|
|
Pennsylvania
|
4.0%
|
|
Ohio
|
3.9%
|
|
Georgia
|
3.3%
|
|
Missouri
|
2.7%
|
|
Nevada
|
2.7%
|
|
District of Columbia
|
2.7%
|
|
Kentucky
|
2.1%
|
|
Other
|
14.1%
|
Portfolio Composition2,3
|
||
(as a % of total investments)
|
||
Tax Obligation/Limited
|
31.1%
|
|
Utilities
|
17.7%
|
|
Tax Obligation/General
|
16.3%
|
|
Water and Sewer
|
13.2%
|
|
Transportation
|
10.8%
|
|
Education and Civic Organizations
|
6.4%
|
|
Other
|
4.5%
|
Build America Bond Allocation2,3
|
||
(as a % of total investments)
|
||
Build America Bonds
|
96.5%
|
|
Non-Build America Bonds
|
3.5%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
2
|
Holdings are subject to change.
|
3
|
Excluding investments in derivatives.
|
Nuveen Build America Bond Fund
|
|
NBB
|
Portfolio of Investments
|
March 31, 2011
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Municipal Bonds
|
|||||
Arizona – 2.5% (2.3% of Total Investments)
|
|||||
$ 3,000
|
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Build America Taxable
|
8/20 at 100.00
|
AA–
|
$ 3,006,540
|
|
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
|
9,580,200
|
|
13,000
|
Total Arizona
|
12,586,740
|
|||
California – 20.3% (18.5% of Total Investments)
|
|||||
500
|
California Infrastructure Economic Development Bond Bank, Revenue Bonds, University of
|
No Opt. Call
|
Aa2
|
498,620
|
|
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
|
3,184,410
|
|
America Taxable Bond Series 2009G-2, 8.361%, 10/01/34
|
|||||
4,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build
|
3/20 at 100.00
|
A2
|
3,975,560
|
|
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
|
6,920,550
|
|
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
|
4,845,735
|
|
2010, 7.950%, 3/01/36
|
|||||
5,500
|
City and County of San Francisco Redevelopment Financing Authority, California, Taxable Tax
|
No Opt. Call
|
A1
|
5,663,680
|
|
Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009F, 8.406%, 8/01/39
|
|||||
5,000
|
Hayward Unified School District, Alameda County, California, General Obligation Bonds, Build
|
8/20 at 100.00
|
AA+
|
5,046,250
|
|
America Taxable Bonds, Series 2010B, 7.350%, 8/01/43 – AGM Insured
|
|||||
950
|
Los Alamitos Unified School District, Orange County, California, General Obligation Bonds,
|
No Opt. Call
|
Aa2
|
900,268
|
|
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
|
15,716,250
|
|
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
|
10,477,500
|
|
Bonds, Series 2010, 6.600%, 8/01/42 (UB) (4)
|
|||||
11,000
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
|
No Opt. Call
|
A+
|
10,843,580
|
|
Capital Projects I, Build America Taxable Bond Series 2010B, 7.618%, 8/01/40
|
|||||
2,000
|
Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender
|
No Opt. Call
|
Aa1
|
2,513,100
|
|
Option Bond Trust T0003, 29.995%, 7/01/42 (IF) (4)
|
|||||
9,520
|
Napa Valley Unified School District, Napa County, California, General Obligation Bonds, Build
|
No Opt. Call
|
Aa2
|
9,558,651
|
|
America Taxable Bond Series 2010B, 6.507%, 8/01/43
|
|||||
3,000
|
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,
|
No Opt. Call
|
A
|
2,946,720
|
|
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
|
4,719,700
|
|
Bond Series 2010A, 5.580%, 2/01/40
|
|||||
2,355
|
San Bernardino Community College District, California, General Obligation Bonds, Election of
|
No Opt. Call
|
AA–
|
2,491,307
|
|
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–
|
2,783,000
|
|
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond Trust
|
|||||
B001, 29.243%, 11/01/30 (IF)
|
|||||
1,000
|
Santa Barbara County, California, Certificates of Participation, Recovery Zone Economic
|
No Opt. Call
|
AA+
|
973,600
|
|
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–
|
272,440
|
|
295
|
6.750%, 12/01/18
|
No Opt. Call
|
A–
|
289,873
|
|
2,500
|
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation
|
No Opt. Call
|
A+
|
2,465,425
|
|
District, Build America Taxable Bonds, Series 2010B, 6.230%, 1/01/29
|
|||||
4,000
|
West Kern Water District, California, Certificates of Participation, Land Acquisition Project,
|
No Opt. Call
|
AA–
|
4,044,680
|
|
Build America Bonds, Series 10B, 6.720%, 6/01/40
|
|||||
100,395
|
Total California
|
101,130,899
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Colorado – 1.9% (1.8% of Total Investments)
|
|||||
$ 1,000
|
East Cherry Creek Valley Water and Sanitation District, Arapahoe County, Colorado, Water
|
11/20 at 100.00
|
A+
|
$ 897,330
|
|
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
|
3,052,080
|
|
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
|
952,130
|
|
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
|
4,776,050
|
|
Obligation Bonds, Build America Taxable Bond Series 2010B, 5.790%, 12/15/33
|
|||||
10,000
|
Total Colorado
|
9,677,590
|
|||
Connecticut – 1.3% (1.2% of Total Investments)
|
|||||
6,000
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
|
4/20 at 100.00
|
N/R
|
6,417,720
|
|
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
|
|||||
Development Bond Series 2010B, 12.500%, 4/01/39
|
|||||
Florida – 3.4% (3.1% of Total Investments)
|
|||||
5,000
|
Florida Governmental Utilities Authority, North Fort Myers Utility Revenue Bonds, Federally
|
10/20 at 100.00
|
A2
|
5,091,200
|
|
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
|
6,114,837
|
|
Bonds, Series 2010G, 5.750%, 6/01/35
|
|||||
500
|
Lake City, Florida, Utility System Revenue Bonds, Build America Taxable Bonds Series 2010B,
|
7/20 at 100.00
|
AA+
|
497,765
|
|
6.175%, 7/01/35 – AGC Insured
|
|||||
4,975
|
Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Downtown
|
9/20 at 100.00
|
A1
|
5,295,639
|
|
District, Direct Subsidy Build America Table Bond Series 2010B, 7.784%, 9/01/40
|
|||||
16,670
|
Total Florida
|
16,999,441
|
|||
Georgia – 4.7% (4.3% of Total Investments)
|
|||||
10,000
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build
|
No Opt. Call
|
A+
|
9,549,300
|
|
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–
|
14,032,800
|
|
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
|
|||||
25,000
|
Total Georgia
|
23,582,100
|
|||
Illinois – 11.4% (10.4% of Total Investments)
|
|||||
5,000
|
Chicago Transit Authority, Illinois, Sales and Transfer Tax Receipts Revenue Bonds, Pension
|
No Opt. Call
|
AA
|
4,938,400
|
|
Funding Taxable Series 2008A, 6.899%, 12/01/40
|
|||||
10,000
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien,
|
1/20 at 100.00
|
A1
|
9,859,800
|
|
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
|
10,278,100
|
|
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–
|
10,262,100
|
|
5,610
|
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2010D,
|
No Opt. Call
|
AA
|
5,394,520
|
|
6.229%, 11/15/34
|
|||||
500
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
|
4/11 at 100.00
|
Baa3
|
436,985
|
|
2006A, 6.100%, 4/01/15
|
|||||
13,875
|
Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3,
|
No Opt. Call
|
A+
|
13,325,689
|
|
6.725%, 4/01/35
|
|||||
2,680
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
|
No Opt. Call
|
AA–
|
2,601,449
|
|
Senior Lien Series 2009A, 6.184%, 1/01/34
|
|||||
57,665
|
Total Illinois
|
57,097,043
|
|||
Indiana – 3.5% (3.2% of Total Investments)
|
|||||
Evansville Redevelopment Authority, Indiana, Lease Rental Revenue Bonds, Build America Taxable
|
|||||
Bond Series 2010B:
|
|||||
1,250
|
6.960%, 2/01/34
|
8/20 at 100.00
|
Aa3
|
1,262,638
|
|
9,440
|
7.210%, 2/01/39
|
8/20 at 100.00
|
Aa3
|
9,585,848
|
Nuveen Build America Bond Fund (continued)
|
|
NBB
|
Portfolio of Investments March 31, 2011
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Indiana (continued)
|
|||||
$ 5,000
|
Indiana University, Consolidated Revenue Bonds, Build America Taxable Bonds, Series 2010B,
|
6/20 at 100.00
|
Aaa
|
$ 4,893,700
|
|
5.636%, 6/01/35
|
|||||
1,725
|
Speedway Redevelopment Authority, Indiana, Lease Rental Revenue Bonds, Federally Taxable Build
|
No Opt. Call
|
A+
|
1,695,917
|
|
America Bonds, Series 2010A, 6.512%, 2/01/35
|
|||||
17,415
|
Total Indiana
|
17,438,103
|
|||
Kentucky – 1.0% (0.9% of Total Investments)
|
|||||
5,000
|
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project,
|
9/20 at 100.00
|
AA+
|
5,208,250
|
|
Tender Option Bond Trust B002, 28.928%, 9/01/37 – AGM Insured (IF)
|
|||||
Louisiana – 4.0% (3.6% of Total Investments)
|
|||||
20,000
|
East Baton Rouge Sewage Commission, Louisiana, Revenue Bonds, Build America Taxable Bonds,
|
2/20 at 100.00
|
Aa2
|
19,961,000
|
|
Series 2010B, 6.087%, 2/01/45
|
|||||
Massachusetts – 0.5% (0.4% of Total Investments)
|
|||||
2,000
|
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option
|
No Opt. Call
|
AAA
|
2,318,000
|
|
Bond Trust T0004, 25.436%, 6/01/40 (IF) (4)
|
|||||
Michigan – 3.8% (3.4% of Total Investments)
|
|||||
14,650
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
|
No Opt. Call
|
Aa2
|
15,335,620
|
|
Taxable Bond Series 2009B, 7.747%, 5/01/39
|
|||||
1,720
|
Jackson Public Schools, Jackson County, Michigan, General Obligation Bonds, Qualified School
|
5/20 at 100.00
|
Aa2
|
1,722,219
|
|
Construction Bonds – Taxable Direct Payment, Series 2010B, 6.450%, 5/01/27
|
|||||
1,000
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
6/22 at 100.00
|
Baa3
|
748,140
|
|
Taxable Turbo Series 2006A, 7.309%, 6/01/34
|
|||||
950
|
Monroe, Michigan, Limited Tax General Obligation Bonds, Taxable Recovery Zone Economic
|
5/20 at 100.00
|
A+
|
971,347
|
|
Development Bonds, Series 2010, 6.650%, 5/01/27
|
|||||
18,320
|
Total Michigan
|
18,777,326
|
|||
Missouri – 0.4% (0.3% of Total Investments)
|
|||||
1,900
|
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue
|
1/19 at 100.00
|
A3
|
1,866,636
|
|
Bond, Federally Taxable Build America Bonds – Direct Pay, Series 2009A, 6.890%, 1/01/42
|
|||||
Nebraska – 0.3% (0.3% of Total Investments)
|
|||||
1,670
|
District Energy Corporation, Nebraska, Facility Revenue Bonds, Build America Taxable Bonds,
|
7/20 at 100.00
|
Aa1
|
1,631,690
|
|
Series 2010B, 5.901%, 7/01/32
|
|||||
Nevada – 2.3% (2.1% of Total Investments)
|
|||||
6,000
|
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42
|
7/19 at 100.00
|
Aa2
|
5,999,880
|
|
1,315
|
Las Vegas, Nevada, Certificates of Participation, City Hall Project, Build America Federally
|
9/19 at 100.00
|
AA–
|
1,388,298
|
|
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
|
Aa2
|
3,991,800
|
|
America Taxable Bonds, Series 2010A, 6.572%, 6/01/40
|
|||||
11,315
|
Total Nevada
|
11,379,978
|
|||
New Jersey – 2.5% (2.3% of Total Investments)
|
|||||
11,500
|
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,
|
No Opt. Call
|
A+
|
12,501,190
|
|
7.102%, 1/01/41
|
|||||
New York – 11.8% (10.7% of Total Investments)
|
|||||
15,000
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Build
|
No Opt. Call
|
AAA
|
14,160,450
|
|
America Taxable Bonds, Series 2010D, 5.600%, 3/15/40
|
|||||
10,000
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,
|
No Opt. Call
|
AAA
|
9,440,300
|
|
Series 2010D, 5.600%, 3/15/40 (UB)
|
|||||
10,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Build America Taxable
|
No Opt. Call
|
A–
|
9,130,600
|
|
Bond Series 2010B, 5.850%, 5/01/41
|
|||||
4,750
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America
|
No Opt. Call
|
A
|
4,450,560
|
|
Taxable Bonds, Series 2009A-1, 5.871%, 11/15/39
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
New York (continued)
|
|||||
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
|||||
Bonds, Second Generation Resolution, Build America Taxable Bonds, Series 2010DD:
|
|||||
$ 2,025
|
5.952%, 6/15/42 (UB)
|
No Opt. Call
|
AA+
|
$ 2,080,809
|
|
2,595
|
5.952%, 6/15/42
|
No Opt. Call
|
AA+
|
2,666,518
|
|
1,595
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
1,654,733
|
|
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust T30001-2,
|
|||||
26.399%, 6/15/44 (IF)
|
|||||
5,500
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build
|
No Opt. Call
|
AA–
|
5,883,790
|
|
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
|
9,374,500
|
|
America Taxable Bonds, Series 2010G-1, 5.467%, 5/01/40
|
|||||
61,465
|
Total New York
|
58,842,260
|
|||
Ohio – 5.3% (4.8% of Total Investments)
|
|||||
500
|
American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Federally
|
No Opt. Call
|
A
|
506,400
|
|
Taxable Build America Bonds, Series 2009B, 6.424%, 2/15/32
|
|||||
10,000
|
American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Federally
|
No Opt. Call
|
A
|
11,219,500
|
|
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
|
3,072,660
|
|
Construction and Improvement Bonds, Build America Taxable Series 2010C, 6.300%, 11/01/40
|
|||||
Franklin County Convention Facilities Authority, Ohio, Lease Revenue Anticipation Bonds,
|
|||||
Federally Taxable Direct Payment Build America Bonds, Series 2010:
|
|||||
570
|
6.540%, 12/01/36
|
No Opt. Call
|
AA
|
547,388
|
|
4,490
|
6.640%, 12/01/42
|
No Opt. Call
|
AA
|
4,361,317
|
|
5,000
|
Lucas County, Ohio, General Obligation Bonds, Taxable Arena improvement Series 2010,
|
10/20 at 100.00
|
Aa2
|
4,822,300
|
|
6.150%, 10/01/40
|
|||||
1,760
|
Madison Local School District, Lake & Geauga Counties, Ohio, General Obligation Bonds, Build
|
9/20 at 100.00
|
Aa2
|
1,659,381
|
|
America Taxable Bond Series 2010C, 6.050%, 4/01/42
|
|||||
25,320
|
Total Ohio
|
26,188,946
|
|||
Oregon – 2.9% (2.7% of Total Investments)
|
|||||
4,000
|
Oregon Department of Administrative Services, Certificates of Participation, Federally Taxable
|
5/20 at 100.00
|
Aa2
|
3,776,400
|
|
Build America Bonds, Tender Option Bond Trust TN-011, 27.474%, 5/01/35 (IF) (4)
|
|||||
9,950
|
Warm Springs Reservation Confederated Tribes, Oregon, Tribal Economic Development
|
No Opt. Call
|
A3
|
10,804,904
|
|
Bonds, Hydroelectric Revenue Bonds, Pelton Round Butte Project, Refunding Series 2009A,
|
|||||
8.250%, 11/01/19
|
|||||
13,950
|
Total Oregon
|
14,581,304
|
|||
Pennsylvania – 1.4% (1.3% of Total Investments)
|
|||||
3,000
|
Haverford Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
|
3/20 at 100.00
|
AA+
|
2,937,960
|
|
Federally Taxable Build America Bonds, Series 2010, 6.004%, 3/01/35 – AGC Insured
|
|||||
1,500
|
New Castle Sanitation Authority, Lawrence County, Pennsylvania, Sewer Revenue Bonds, Build
|
6/20 at 100.00
|
AA+
|
1,506,600
|
|
America Taxable Bonds, Series 2010A, 6.506%, 6/01/41 – AGM Insured
|
|||||
2,800
|
Uniontown Area School District, Fayette County, Pennsylvania, General Obligation Bonds,
|
10/20 at 100.00
|
Aa3
|
2,781,968
|
|
Federally Taxable Build America Bonds, Series 2010, 6.261%, 10/01/39
|
|||||
7,300
|
Total Pennsylvania
|
7,226,528
|
|||
South Carolina – 2.0% (1.8% of Total Investments)
|
|||||
205
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
Aa2
|
281,106
|
|
Federally Taxable Build America Tender Option Bond Trust T30002, 29.430%, 1/01/50 (IF)
|
|||||
8,985
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
Aa2
|
9,652,316
|
|
Series 2010A, 6.454%, 1/01/50 (UB)
|
|||||
9,190
|
Total South Carolina
|
9,933,422
|
|||
Tennessee – 3.2% (2.9% of Total Investments)
|
|||||
15,000
|
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
|
No Opt. Call
|
A1
|
15,856,800
|
|
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Series 2010A-2, 7.431%, 7/01/43
|
Nuveen Build America Bond Fund (continued)
|
|
NBB
|
Portfolio of Investments March 31, 2011
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Texas – 6.1% (5.6% of Total Investments)
|
|||||
$ 10,000
|
North Texas Tollway Authority, System Revenue Bonds, Subordinate Lien Taxable Revenue Bonds,
|
2/20 at 100.00
|
Baa3
|
$ 10,387,300
|
|
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
|
14,957,100
|
|
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
|
5,109,650
|
|
6.038%, 8/01/40
|
|||||
30,000
|
Total Texas
|
30,454,050
|
|||
Utah – 2.1% (1.9% of Total Investments)
|
|||||
5,000
|
Central Utah Water Conservancy District, Utah, Revenue Bonds, Federally Taxable Build America
|
4/20 at 100.00
|
AA+
|
4,587,750
|
|
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+
|
5,210,205
|
|
Taxable Build America Bonds, Series 2010, 6.250%, 5/01/34 – AGM Insured
|
|||||
775
|
North Salt Lake, Utah, Sales Tax Revenue Bonds, Build America Taxable Bond Series 2010,
|
12/19 at 100.00
|
AA–
|
741,900
|
|
5.800%, 6/15/30
|
|||||
11,190
|
Total Utah
|
10,539,855
|
|||
Vermont – 1.0% (0.9% of Total Investments)
|
|||||
5,000
|
University of Vermont and State Agricultural College, Revenue Bonds, Build America Bonds
|
No Opt. Call
|
Aa3
|
4,904,350
|
|
Series 2010, 6.428%, 10/01/44
|
|||||
Virgin Islands – 2.6% (2.4% of Total Investments)
|
|||||
12,500
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
12,946,250
|
|
Bonds Series 2010C, 6.850%, 7/01/35 – AGM Insured
|
|||||
Virginia – 2.4% (2.2% of Total Investments)
|
|||||
1,135
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
No Opt. Call
|
BBB+
|
1,114,888
|
|
Series 2009D, 7.462%, 10/01/46 – AGC Insured
|
|||||
10,000
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
No Opt. Call
|
BBB
|
9,682,700
|
|
Dulles Metrorail Capital Improvement Project, Build America Taxable Bonds, Series 2010D,
|
|||||
8.000%, 10/01/47
|
|||||
1,705
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
|
6/12 at 100.00
|
Baa3
|
1,049,155
|
|
Refunding Senior Lien Series 2007A1, 6.706%, 6/01/46
|
|||||
12,840
|
Total Virginia
|
11,846,743
|
|||
Washington – 4.6% (4.2% of Total Investments)
|
|||||
2,465
|
Auburn, Washington, Limited Tax General Obligation Bonds, Taxable Build America Bonds, Series
|
6/20 at 100.00
|
AA
|
2,484,054
|
|
2010B, 6.243%, 12/01/39
|
|||||
5,000
|
Grays Harbor County Public Utility District 1, Washington, Electric System Revenue Bonds,
|
No Opt. Call
|
A1
|
5,214,800
|
|
Taxable Build America Bonds – Direct Payment, Series 2010A, 6.707%, 7/01/40
|
|||||
5,000
|
King County Public Hospital District 1, Washington, Hospital Facilities Revenue Bonds, Valley
|
6/20 at 100.00
|
BBB+
|
5,090,150
|
|
Medical Center, Build America Taxable Bonds, Series 2010B, 8.000%, 6/15/40
|
|||||
5,000
|
Mason County Public Utility District 3, Washington, Electric Revenue Bonds, Build America
|
6/20 at 100.00
|
Aa3
|
4,823,100
|
|
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
|
2,374,840
|
|
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
|
2,903,800
|
|
Bonds, Tender Option Bond Trust T0001, 24.589%, 2/01/40 (IF) (4)
|
|||||
23,970
|
Total Washington
|
22,890,744
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Wyoming – 0.4% (0.4% of Total Investments)
|
|||||
$ 2,000
|
University of Wyoming, Facilities Improvement Revenue Bonds, Build America Taxable Bond Series
|
6/20 at 100.00
|
Aa2
|
$ 1,949,937
|
|
2010C, 5.800%, 6/01/30
|
|||||
$ 547,575
|
Total Municipal Bonds (cost $560,917,578) – 109.6%
|
546,734,895
|
|||
Principal
|
|||||
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Value
|
|
Short-Term Investments – 0.1% (0.1% of Total Investments)
|
|||||
$ 545
|
Repurchase Agreement with State Street Bank, dated 3/31/11, repurchase price $545,330,
|
0.010%
|
4/01/11
|
545,330
|
|
collateralized by $555,000 U.S. Treasury Notes, 1.000%, due 4/30/12, value $561,196
|
|||||
Total Short-Term Investments (cost $545,330)
|
545,330
|
||||
Total Investments (cost $561,462,908) – 109.7%
|
547,280,225
|
||||
Borrowings – (8.8)% (5)
|
(44,000,000)
|
||||
Floating Rate Obligations – (5.0)%
|
(24,810,000)
|
||||
Other Assets Less Liabilities – 4.1% (6)
|
20,549,743
|
||||
Net Assets – 100%
|
$ 499,019,968
|
Investments in Derivatives
|
|||||||||||||
Swaps outstanding at March 31, 2011:
|
|||||||||||||
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
|
$ | 10,738,776 | ||
JPMorgan
|
19,200,000 |
Receive
|
1-Month USD-LIBOR
|
0.360 |
Monthly
|
3/21/11
|
3/21/12
|
2,508 | |||||
JPMorgan
|
19,200,000 |
Receive
|
1-Month USD-LIBOR
|
1.193 |
Monthly
|
3/21/11
|
3/21/14
|
129,393 | |||||
Morgan Stanley
|
19,200,000 |
Receive
|
1-Month USD-LIBOR
|
2.064 |
Monthly
|
3/21/11
|
3/21/16
|
248,022 | |||||
Morgan Stanley
|
26,000,000 |
Receive
|
3-Month USD-LIBOR
|
4.435 |
Semi-Annually
|
2/24/12
|
2/24/40
|
238,354 | |||||
$ | 11,357,053 |
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 peri-
|
|
odic principal paydowns.
|
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”),
|
Moody’s Investor 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 8.0%.
|
(6)
|
Other Assets Less Liabilities includes the Value and/or the Net Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments
|
in Derivatives.
|
|
(7)
|
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. See Notes to Financial Statements, Footnote 1 – General Information
|
and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
|
USD-LIBOR
|
United States Dollar-London Inter-Bank Offered Rate.
|
Nuveen Build America Bond Opportunity Fund
|
|||||
NBD
|
Portfolio of Investments
|
||||
March 31, 2011 | |||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
California – 12.9% (12.5% of Total Investments)
|
|||||
$ 1,030
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
No Opt. Call
|
A+
|
$ 1,065,535
|
|
Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1, 7.043%, 4/01/50
|
|||||
1,500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build
|
No Opt. Call
|
A2
|
1,592,205
|
|
America Taxable Bond Series 2009G-2, 8.361%, 10/01/34
|
|||||
2,000
|
Hayward Unified School District, Alameda County, California, General Obligation Bonds, Build
|
8/20 at 100.00
|
AA+
|
2,018,500
|
|
America Taxable Bonds, Series 2010B, 7.350%, 8/01/43 – AGM Insured
|
|||||
2,000
|
Los Angeles Community College District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
Aa1
|
2,668,200
|
|
Bonds, Tender Option Bond Trust TN027, 29.966%, 8/01/49 (IF) (4)
|
|||||
1,000
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
|
No Opt. Call
|
A+
|
985,780
|
|
Capital Projects I, Build America Taxable Bond Series 2010B, 7.618%, 8/01/40
|
|||||
2,000
|
Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender
|
No Opt. Call
|
AA
|
2,513,100
|
|
Option Bond Trust T0003, 29.995%, 7/01/42 (IF)
|
|||||
1,000
|
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,
|
No Opt. Call
|
A
|
982,240
|
|
Federally Taxable Series 2011A-T, 7.500%, 9/01/19
|
|||||
1,500
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
|
No Opt. Call
|
AAA
|
1,486,410
|
|
Build America Taxable Bonds Series 2010A, 5.911%, 4/01/48
|
|||||
2,000
|
San Francisco City and County, California, Certificates of Participation, 525 Golden Gate
|
No Opt. Call
|
AA–
|
1,391,500
|
|
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond Trust
|
|||||
B001, 29.243%, 11/01/30 (IF)
|
|||||
315
|
Stanton Redevelopment Agency, California, Consolidated Project Tax Allocation Bonds, Series
|
No Opt. Call
|
A–
|
308,177
|
|
2011A, 7.000%, 12/01/19
|
|||||
3,000
|
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Build
|
No Opt. Call
|
Aa2
|
2,976,540
|
|
America Taxable Bonds, Series 2010H, 6.548%, 5/15/48
|
|||||
17,345
|
Total California
|
17,988,187
|
|||
Colorado – 4.4% (4.3% of Total Investments)
|
|||||
4,000
|
Colorado State Bridge Enterprise Revenue Bonds, Federally Taxable Build America Series 2010A,
|
No Opt. Call
|
AA
|
4,173,640
|
|
6.078%, 12/01/40
|
|||||
2,000
|
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, FasTracks Project, Build
|
No Opt. Call
|
AA+
|
1,958,800
|
|
America Series 2010B, 5.844%, 11/01/50
|
|||||
6,000
|
Total Colorado
|
6,132,440
|
|||
Connecticut – 1.1% (1.1% of Total Investments)
|
|||||
1,500
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
|
4/20 at 100.00
|
N/R
|
1,604,430
|
|
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
|
|||||
Development Bond Series 2010B, 12.500%, 4/01/39
|
|||||
District of Columbia – 2.7% (2.7% of Total Investments)
|
|||||
800
|
District of Columbia, Income Tax Secured Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
AAA
|
808,024
|
|
2009E, 5.591%, 12/01/34
|
|||||
3,000
|
District of Columbia, Income Tax Secured Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
AAA
|
3,012,570
|
|
2010F, 5.582%, 12/01/35
|
|||||
3,800
|
Total District of Columbia
|
3,820,594
|
|||
Georgia – 3.4% (3.3% of Total Investments)
|
|||||
2,000
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build
|
No Opt. Call
|
A+
|
1,909,860
|
|
America Bonds Series 2010A, 6.637%, 4/01/57
|
|||||
3,000
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding
|
No Opt. Call
|
A–
|
2,806,560
|
|
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
|
|||||
5,000
|
Total Georgia
|
4,716,420
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Illinois – 13.1% (12.7% of Total Investments)
|
|||||
$ 3,375
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build
|
No Opt. Call
|
AA
|
$ 3,007,598
|
|
America Bonds, Series 2010B, 6.200%, 12/01/40
|
|||||
4,350
|
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series
|
No Opt. Call
|
Aa3
|
4,470,974
|
|
2010B, 6.900%, 1/01/40
|
|||||
500
|
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2010D,
|
No Opt. Call
|
AA
|
480,795
|
|
6.229%, 11/15/34
|
|||||
500
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
|
4/11 at 100.00
|
Baa3
|
436,985
|
|
2006A, 6.100%, 4/01/15
|
|||||
2,000
|
Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5,
|
No Opt. Call
|
A+
|
2,064,200
|
|
7.350%, 7/01/35
|
|||||
3,000
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
|
No Opt. Call
|
AA–
|
2,912,070
|
|
Senior Lien Series 2009A, 6.184%, 1/01/34
|
|||||
2,500
|
Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project,
|
No Opt. Call
|
A2
|
2,776,725
|
|
Build America Taxable Bond Series 2010A, 7.820%, 1/01/40
|
|||||
2,000
|
The Board of Trustee of Northern Illinois University, Auxiliary Facilities System Revenue
|
4/20 at 100.00
|
Aa3
|
2,148,920
|
|
Bonds Federally Taxable Build America Series 2010, 7.947%, 4/01/35 – AGM Insured
|
|||||
18,225
|
Total Illinois
|
18,298,267
|
|||
Indiana – 1.8% (1.8% of Total Investments)
|
|||||
2,500
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Taxable Bonds, Series
|
No Opt. Call
|
AA+
|
2,563,225
|
|
2010B-2, 6.116%, 1/15/40
|
|||||
Kentucky – 2.2% (2.1% of Total Investments)
|
|||||
3,000
|
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage
|
No Opt. Call
|
AA–
|
3,079,980
|
|
System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43
|
|||||
Massachusetts – 1.7% (1.6% of Total Investments)
|
|||||
2,000
|
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option
|
No Opt. Call
|
AAA
|
2,318,000
|
|
Bond Trust T0004, 25.436%, 6/01/40 (IF)
|
|||||
Michigan – 5.4% (5.2% of Total Investments)
|
|||||
3,000
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
|
5/20 at 100.00
|
Aa2
|
2,870,730
|
|
Taxable Bond Series 2010B, 6.845%, 5/01/40
|
|||||
1,000
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Build America Taxable Bond Series
|
No Opt. Call
|
AA+
|
1,023,330
|
|
2010A, 6.720%, 1/01/41
|
|||||
2,000
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
6/22 at 100.00
|
Baa3
|
1,496,280
|
|
Taxable Turbo Series 2006A, 7.309%, 6/01/34
|
|||||
2,000
|
Wayne County Building Authority, Michigan, General Obligation Bonds, Jail Facilities,
|
12/20 at 100.00
|
A–
|
2,097,900
|
|
Federally Taxable Recovery Zone Economic Development Series 2010, 10.000%, 12/01/40
|
|||||
8,000
|
Total Michigan
|
7,488,240
|
|||
Minnesota – 1.9% (1.8% of Total Investments)
|
|||||
2,500
|
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Build America Taxable
|
No Opt. Call
|
A1
|
2,609,675
|
|
Bond Series 2010C, 6.770%, 1/01/46
|
|||||
Mississippi – 1.7% (1.7% of Total Investments)
|
|||||
2,500
|
Mississippi State, General Obligation Bonds, Build America Taxable Bond Series 2010F,
|
No Opt. Call
|
AA
|
2,425,850
|
|
5.245%, 11/01/34
|
|||||
Missouri – 2.8% (2.7% of Total Investments)
|
|||||
1,150
|
Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
1,202,877
|
|
Bonds, Series 2010, 5.792%, 11/01/41
|
|||||
2,500
|
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue
|
No Opt. Call
|
A3
|
2,750,400
|
|
Bond, Federally Taxable Build America Bonds – Direct Pay, Series 2010A, 7.897%, 1/01/42
|
|||||
3,650
|
Total Missouri
|
3,953,277
|
Nuveen Build America Bond Opportunity Fund (continued)
|
|
NBD
|
Portfolio of Investments March 31, 2011
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Nevada – 2.8% (2.7% of Total Investments)
|
|||||
$ 1,615
|
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42
|
7/19 at 100.00
|
Aa2
|
$ 1,614,968
|
|
2,000
|
Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Federally Taxable Direct
|
No Opt. Call
|
A+
|
2,235,240
|
|
Pay Build America Bonds, Series 2010E, 7.969%, 2/01/40
|
|||||
3,615
|
Total Nevada
|
3,850,208
|
|||
New Jersey – 5.5% (5.4% of Total Investments)
|
|||||
3,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America
|
No Opt. Call
|
Aa3
|
2,929,470
|
|
Bonds Issuer Subsidy Program, Series 2010C, 5.754%, 12/15/28
|
|||||
2,500
|
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,
|
No Opt. Call
|
A+
|
2,717,650
|
|
7.102%, 1/01/41
|
|||||
2,050
|
Rutgers State University, New Jersey, Revenue Bonds, Build America Taxable Bond Series 2010H,
|
No Opt. Call
|
AA
|
2,057,175
|
|
5.665%, 5/01/40
|
|||||
7,550
|
Total New Jersey
|
7,704,295
|
|||
New York – 10.1% (9.9% of Total Investments)
|
|||||
2,000
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender
|
No Opt. Call
|
AAA
|
1,440,300
|
|
Option Bond Trust B004, 24.523%, 3/15/40 (IF)
|
|||||
2,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Federally
|
No Opt. Call
|
A
|
2,051,120
|
|
Taxable Issuer Subsidy Build America Bonds, Series 2010A, 6.668%, 11/15/39
|
|||||
3,000
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
2,859,810
|
|
Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series 2010AA,
|
|||||
5.440%, 6/15/43
|
|||||
2,000
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
2,074,900
|
|
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust T30001-2,
|
|||||
26.399%, 6/15/44 (IF)
|
|||||
2,955
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build
|
No Opt. Call
|
AA–
|
3,161,200
|
|
America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40
|
|||||
2,500
|
New York City, New York, General Obligation Bonds, Federally Taxable Build America Bonds,
|
12/20 at 100.00
|
AA
|
2,596,450
|
|
Series 2010-F1, 6.646%, 12/01/31
|
|||||
14,455
|
Total New York
|
14,183,780
|
|||
North Carolina – 1.0% (1.0% of Total Investments)
|
|||||
1,400
|
North Carolina Turnpike Authority, Triangle Expressway System State Annual Appropriation
|
1/19 at 100.00
|
AA
|
1,446,732
|
|
Revenue Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2009B,
|
|||||
6.700%, 1/01/39
|
|||||
Ohio – 4.0% (3.9% of Total Investments)
|
|||||
2,500
|
American Municipal Power Inc., Ohio, Meldahl Hydroelectric Projects Revenue Bonds, Federally
|
No Opt. Call
|
A
|
2,603,600
|
|
Taxable Build America Bonds, Series 2010B, 7.499%, 2/15/50
|
|||||
3,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America
|
11/20 at 100.00
|
AA+
|
2,958,210
|
|
Taxable Bonds, Series 2010, 6.038%, 11/15/40
|
|||||
5,500
|
Total Ohio
|
5,561,810
|
|||
Pennsylvania – 4.1% (4.0% of Total Investments)
|
|||||
1,000
|
Kiski Area School District, Westmoreland County, Pennsylvania, General Obligation Bonds, Build
|
9/20 at 100.00
|
Aa3
|
1,030,690
|
|
America Taxable Bond Series 2010, 6.626%, 9/01/35 – AGM Insured
|
|||||
2,500
|
Pennsylvania State, General Obligation Bonds, Build America Taxable Bonds, Third Series 2010B,
|
7/20 at 100.00
|
Aa1
|
2,515,950
|
|
5.850%, 7/15/30
|
|||||
2,500
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
Aa3
|
2,210,425
|
|
2010B, 5.511%, 12/01/45
|
|||||
6,000
|
Total Pennsylvania
|
5,757,065
|
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
South Carolina – 7.1% (6.9% of Total Investments)
|
|||||
$ 205
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
Aa2
|
$ 281,106
|
|
Federally Taxable Build America Tender Option Bond Trust T30002, 29.430%, 1/01/50 (IF)
|
|||||
8,985
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
Aa2
|
9,652,316
|
|
Series 2010A, 6.454%, 1/01/50 (UB)
|
|||||
9,190
|
Total South Carolina
|
9,933,422
|
|||
Tennessee – 2.1% (2.1% of Total Investments)
|
|||||
3,000
|
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
|
No Opt. Call
|
Aa2
|
2,947,650
|
|
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B,
|
|||||
6.731%, 7/01/43
|
|||||
Texas – 7.8% (7.6% of Total Investments)
|
|||||
1,810
|
Board of Regents, University of Texas System, Financing System Revenue Bonds, Build America
|
8/19 at 100.00
|
AAA
|
1,866,345
|
|
Taxable Bonds, Series 2009B, 6.276%, 8/15/41
|
|||||
2,705
|
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
2,800,811
|
|
Bonds, Series 2009B, 5.999%, 12/01/44
|
|||||
2,000
|
Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build
|
No Opt. Call
|
A+
|
2,015,980
|
|
America Taxable Bonds, Series 09B, 7.088%, 1/01/42
|
|||||
2,500
|
Dallas Independent School District, Dallas County, Texas, General Obligation Bonds, School
|
2/21 at 100.00
|
AAA
|
2,676,900
|
|
Building, Build America Taxable Bond Series 2010C, 6.450%, 2/15/35
|
|||||
1,500
|
North Texas Tollway Authority, System Revenue Bonds, Subordinate Lien Taxable Revenue Bonds,
|
2/20 at 100.00
|
Baa3
|
1,558,095
|
|
Federally Taxable Build America Bonds, Series 2010-B2, 8.910%, 2/01/30
|
|||||
10,515
|
Total Texas
|
10,918,131
|
|||
Virginia – 1.3% (1.3% of Total Investments)
|
|||||
3,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
|
6/12 at 100.00
|
Baa3
|
1,846,020
|
|
Refunding Senior Lien Series 2007A1, 6.706%, 6/01/46
|
|||||
Washington – 1.7% (1.7% of Total Investments)
|
|||||
1,000
|
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds,
|
No Opt. Call
|
Aa3
|
981,180
|
|
Build America Taxable Bond Series 2010B, 6.790%, 7/01/40
|
|||||
1,500
|
Washington State Economic Development Finance Authority, Biomedical Research Properties Lease
|
No Opt. Call
|
AA+
|
1,466,159
|
|
Revenue Bonds, Build America Series 2010, 6.516%, 7/01/42
|
|||||
2,500
|
Total Washington
|
2,447,339
|
|||
$ 142,745
|
Total Investments (cost $140,941,211) – 102.6%
|
143,595,037
|
|||
Floating Rate Obligations – (5.1)%
|
(7,190,000)
|
||||
Other Assets Less Liabilities – 2.5% (5)
|
3,567,299
|
||||
Net Assets – 100%
|
$ 139,972,336
|
Nuveen Build America Bond Opportunity Fund (continued)
|
|
NBD
|
Portfolio of Investments March 31, 2011
|
Investments in Derivatives
|
|||||||||||||
Swaps outstanding at March 31, 2011:
|
|||||||||||||
Fund
|
Fixed Rate
|
Unrealized
|
|||||||||||
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
||||||
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized)
|
Frequency
|
Date (6)
|
Date
|
(Depreciation)
|
|||||
Barclays Bank PLC
|
$ | 11,200,000 |
Receive
|
1-Month USD-LIBOR
|
2.240 | % |
Monthly
|
12/17/10
|
12/17/15
|
$ | (6,786 | ) | |
Morgan Stanley
|
11,200,000 |
Receive
|
1-Month USD-LIBOR
|
0.496 |
Monthly
|
12/17/10
|
12/17/11
|
(15,271 | ) | ||||
Morgan Stanley
|
11,200,000 |
Receive
|
1-Month USD-LIBOR
|
1.295 |
Monthly
|
12/17/10
|
12/17/13
|
(4,663 | ) | ||||
Morgan Stanley
|
20,000,000 |
Receive
|
3-Month USD-LIBOR
|
4.334 |
Semi-Annually
|
1/12/12
|
1/12/40
|
417,800 | |||||
Morgan Stanley
|
12,000,000 |
Receive
|
3-Month USD-LIBOR
|
4.435 |
Semi-Annually
|
2/24/12
|
2/24/40
|
110,009 | |||||
Morgan Stanley
|
17,000,000 |
Receive
|
3-Month USD-LIBOR
|
4.600 |
Semi-Annually
|
1/27/12
|
1/27/40
|
(348,172 | ) | ||||
$ | 152,917 |
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 peri-
|
|
odic principal paydowns.
|
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”),
|
Moody’s Investor 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 inverse floating rate transactions.
|
(5)
|
Other Assets Less Liabilities includes the Value and/or the Net Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments
|
in Derivatives.
|
|
(6)
|
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. See Notes to Financial Statements, Footnote 1 – General Information
|
and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
|
USD-LIBOR
|
United States Dollar-London Inter-Bank Offered Rate.
|
Statement of
|
||
Assets & Liabilities
|
||
March 31, 2011
|
Build America
|
Build America
|
||||||
Bond
|
Bond Opportunity
|
||||||
(NBB)
|
(NBD)
|
||||||
Assets
|
|||||||
Investments, at value (cost $561,462,908 and $140,941,211, respectively)
|
$ | 547,280,225 | $ | 143,595,037 | |||
Cash
|
— | 513,632 | |||||
Unrealized appreciation on swaps
|
11,357,053 | 159,703 | |||||
Receivables:
|
|||||||
From Adviser
|
— | 154,853 | |||||
Interest
|
12,437,254 | 3,592,050 | |||||
Other assets
|
32,783 | — | |||||
Total assets
|
571,107,315 | 148,015,275 | |||||
Liabilities
|
|||||||
Borrowings
|
44,000,000 | — | |||||
Floating rate obligations
|
24,810,000 | 7,190,000 | |||||
Unrealized depreciation on swaps
|
— | 6,786 | |||||
Dividends payable
|
2,722,509 | 677,393 | |||||
Accrued expenses:
|
|||||||
Interest on borrowings
|
46,172 | — | |||||
Management fees
|
341,352 | 104,262 | |||||
Other
|
167,314 | 64,498 | |||||
Total liabilities
|
72,087,347 | 8,042,939 | |||||
Net assets
|
$ | 499,019,968 | $ | 139,972,336 | |||
Shares outstanding
|
26,461,985 | 7,205,250 | |||||
Net asset value per share outstanding
|
$ | 18.86 | $ | 19.43 | |||
Net assets consist of:
|
|||||||
Shares, $.01 par value per share
|
$ | 264,620 | $ | 72,053 | |||
Paid-in surplus
|
504,161,092 | 137,260,222 | |||||
Undistributed (Over-distribution of) net investment income
|
547,329 | 545,608 | |||||
Accumulated net realized gain (loss)
|
(3,127,443 | ) | (712,290 | ) | |||
Net unrealized appreciation (depreciation)
|
(2,825,630 | ) | 2,806,743 | ||||
Net assets
|
$ | 499,019,968 | $ | 139,972,336 | |||
Authorized shares
|
Unlimited
|
Unlimited
|
Statement of
|
||||||||
Operations
|
||||||||
Build America
|
Build America
|
|||||||
Bond
|
Bond Opportunity
|
|||||||
(NBB)
|
* |
(NBD)
|
** | |||||
Investment Income
|
$ | 36,463,304 | $ | 3,785,559 | ||||
Expenses
|
||||||||
Management fees
|
3,669,718 | 332,078 | ||||||
Shareholders’ servicing agent fees and expenses
|
239 | 319 | ||||||
Interest expense
|
1,166,818 | 14,723 | ||||||
Custodian’s fees and expenses
|
91,419 | 8,395 | ||||||
Trustees’ fees and expenses
|
14,871 | 7,444 | ||||||
Professional fees
|
83,090 | 32,759 | ||||||
Shareholders’ reports – printing and mailing expenses
|
90,806 | 19,745 | ||||||
Investor relations expense
|
36,708 | 5,348 | ||||||
Other expenses
|
16,877 | 4,993 | ||||||
Total expenses before custodian fee credit
|
5,170,546 | 425,804 | ||||||
Custodian fee credit
|
(24,258 | ) | (39 | ) | ||||
Net expenses
|
5,146,288 | 425,765 | ||||||
Net investment income (loss)
|
31,317,016 | 3,359,794 | ||||||
Realized and Unrealized Gain (Loss)
|
||||||||
Net realized gain (loss) from:
|
||||||||
Investments
|
8,023,380 | (712,015 | ) | |||||
Swaps
|
(11,126,000 | ) | (90,877 | ) | ||||
Net unrealized appreciation (depreciation) of:
|
||||||||
Investments
|
(14,182,683 | ) | 2,653,826 | |||||
Swaps
|
11,357,053 | 152,917 | ||||||
Net realized and unrealized gain (loss)
|
(5,928,250 | ) | 2,003,851 | |||||
Net increase (decrease) in net assets from operations
|
$ | 25,388,766 | $ | 5,363,645 |
*
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
**
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
Statement of
|
||||||
Changes in Net Assets
|
||||||
Build America
|
Build America
|
|||||
Bond
|
Bond Opportunity
|
|||||
(NBB)
|
* |
(NBD)
|
** | |||
Operations
|
||||||
Net investment income
|
$ | 31,317,016 | $ | 3,359,794 | ||
Net realized gain (loss) from:
|
||||||
Investments
|
8,023,380 | (712,015 | ) | |||
Swaps
|
(11,126,000 | ) | (90,877 | ) | ||
Net unrealized appreciation (depreciation) of:
|
||||||
Investments
|
(14,182,683 | ) | 2,653,826 | |||
Swaps
|
11,357,053 | 152,917 | ||||
Net increase (decrease) in net assets from operations
|
25,388,766 | 5,363,645 | ||||
Distributions to Shareholders
|
||||||
From net investment income
|
(30,794,510 | ) | (2,723,584 | ) | ||
Decrease in net assets from distributions to shareholders
|
(30,794,510 | ) | (2,723,584 | ) | ||
Capital Share Transactions
|
||||||
Proceeds from sale of shares, net of offering costs
|
502,469,250 | 137,232,000 | ||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
1,856,187 | — | ||||
Net increase (decrease) in net assets applicable to shares from capital share transactions
|
504,325,437 | 137,232,000 | ||||
Net increase (decrease) in net assets
|
498,919,693 | 139,872,061 | ||||
Net assets at the beginning of period
|
100,275 | 100,275 | ||||
Net assets at the end of period
|
$ | 499,019,968 | $ | 139,972,336 | ||
Undistributed (Over-distribution of) net investment income at the end of period
|
$ | 547,329 | $ | 545,608 |
*
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
**
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
Statement of
|
|||
Cash Flows
|
|||
Build America
|
|||
Bond
|
|||
(NBB)*
|
|||
Cash Flows from Operating Activities:
|
|||
Net Increase (Decrease) in Net Assets from Operations
|
$ | 25,388,766 | |
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash
|
|||
provided by (used in) operating activities:
|
|||
Purchases of investments
|
(1,120,458,403 | ) | |
Proceeds from sales and maturities of investments
|
567,409,551 | ||
Proceeds from (Purchases of) short-term investments, net
|
(545,330 | ) | |
Proceeds from terminated swap contracts
|
(11,126,000 | ) | |
Amortization (Accretion) of premiums and discounts, net
|
154,654 | ||
(Increase) Decrease in:
|
|||
Receivable for interest
|
(12,437,254 | ) | |
Other assets
|
(32,783 | ) | |
Increase (Decrease) in:
|
|||
Accrued interest on borrowings
|
46,172 | ||
Accrued management fees
|
341,352 | ||
Accrued other expenses
|
167,314 | ||
Net realized (gain) loss from:
|
|||
Investments
|
(8,023,380 | ) | |
Swaps
|
11,126,000 | ||
Net unrealized (appreciation) depreciation of:
|
|||
Investments
|
14,182,683 | ||
Swaps
|
(11,357,053 | ) | |
Net cash provided by (used in) operating activities
|
(545,163,711 | ) | |
Cash Flows from Financing Activities:
|
|||
Increase (Decrease) in:
|
|||
Borrowings
|
44,000,000 | ||
Floating rate obligations
|
24,810,000 | ||
Cash distributions paid to shareholders
|
(26,215,814 | ) | |
Proceeds for sale of shares, net of offering costs
|
502,469,250 | ||
Net cash provided by (used in) financing activities
|
545,063,436 | ||
Net Increase (Decrease) in Cash
|
(100,275 | ) | |
Cash at the beginning of period
|
100,275 | ||
Cash at the End of Period
|
$ | — |
Financial
|
Highlights
|
Selected data for a share outstanding throughout each period:
|
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Net
|
Net
|
|||||||||||||||||||||||||||||||||||||||
Beginning
|
Investment
|
Realized/
|
Net
|
Ending
|
Ending
|
|||||||||||||||||||||||||||||||||||
Net Asset
|
Income
|
Unrealized
|
Investment
|
Capital
|
Offering
|
Net Asset
|
Market
|
|||||||||||||||||||||||||||||||||
Value
|
(Loss)(a) |
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
Costs
|
Value
|
Value
|
|||||||||||||||||||||||||||||||
Build America Bond (NBB)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||||||||||||||
2011(f)
|
$ | 19.10 | $ | 1.19 | $ | (.22 | ) | $ | .97 | $ | (1.17 | ) | $ | — | $ | (1.17 | ) | $ | (0.04 | ) | $ | 18.86 | $ | 18.06 | ||||||||||||||||
Build America Bond Opportunity (NBD)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 3/31:
|
||||||||||||||||||||||||||||||||||||||||
2011(g)
|
19.10 | .47 | .28 | .75 | (.38 | ) | — | (.38 | ) | (0.04 | ) | 19.43 | 18.63 |
Borrowings at End of Period
|
||||||||
Aggregate
|
||||||||
Amount
|
Asset
|
|||||||
Outstanding
|
Coverage
|
|||||||
(000 | ) |
Per $1,000
|
||||||
Build America Bond (NBB)
|
||||||||
Year Ended 3/31:
|
||||||||
2011(f)
|
$ | 44,000 | $ | 12,341 | ||||
Build America Bond Opportunity (NBD)
|
||||||||
Year Ended 3/31:
|
||||||||
2011(g)
|
— | — |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average
|
||||||||||||||||||||||||||
Total Returns
|
Net Assets(c)
|
|||||||||||||||||||||||||
Expenses
|
Expenses
|
|||||||||||||||||||||||||
Based on
|
Based on
|
Ending
|
Including
|
Excluding
|
Net
|
Portfolio
|
||||||||||||||||||||
Market
|
Net Asset
|
Net Assets
|
Costs of
|
Costs of
|
Investment
|
Turnover
|
||||||||||||||||||||
Value(b)
|
Value(b)
|
(000) |
Leverage(d)(e)
|
Leverage
|
Income(d)
|
Rate
|
||||||||||||||||||||
(3.99 | )% | 4.90 | % | $ | 499,020 | 1.11 | %* | .86 | %* | 6.70 | %* | 100 | % | |||||||||||||
(4.96 | ) | 3.73 | 139,972 | .87 | * | .84 | * | 6.90 | * | 77 |
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
|
Total returns are not annualized.
|
|
Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
(c)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
(d)
|
Each ratio includes the effect of the interest expense and fees paid on borrowings, where applicable, as described in Footnote 8 – Borrowing Arrangements, as follows:
|
Ratios of Borrowings Interest Expense and Fees to | |
Average Net Assets
|
|
Build America Bond (NBB)
|
|
Year Ended 3/31:
|
|
2011(f)
|
.24%*
|
(e)
|
The expense ratios reflect, among other things, interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies Inverse Floating Rate Securities.
|
(f)
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
(g)
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
*
|
Annualized.
|
At March 31, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
|
||
Build
|
Build America
|
|
America
|
Bond
|
|
Bond
|
Opportunity
|
|
(NBB)
|
(NBD)
|
|
Maximum exposure to Recourse Trusts
|
$91,190,000
|
$40,810,000
|
Build
|
Build America
|
|||||||
America
|
Bond
|
|||||||
Bond
|
Opportunity
|
|||||||
(NBB)
|
* |
(NBD)
|
** | |||||
Average floating rate obligations outstanding
|
$ | 7,444,521 | $ | 1,989,562 | ||||
Average annual interest rate and fees
|
0.75 | % | 0.74 | % |
*
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
**
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
Build
|
Build America
|
|||
America
|
Bond
|
|||
Bond
|
Opportunity
|
|||
(NBB)
|
* |
(NBD)
|
** | |
Average notional amount of swap contracts outstanding***
|
$128,150,000
|
$82,600,000
|
*
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
**
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
***
|
Includes both interest rate and forward interest rate swaps. The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
|
Build America Bond (NBB)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments:
|
||||||||||||||||
Municipal Bonds
|
$ | — | $ | 546,734,895 | $ | — | $ | 546,734,895 | ||||||||
Short-Term Investments
|
— | 545,330 | — | 545,330 | ||||||||||||
Derivatives:
|
||||||||||||||||
Swaps*
|
— | 11,357,053 | — | 11,357,053 | ||||||||||||
Total
|
$ | — | $ | 558,637,278 | $ | — | $ | 558,637,278 |
Build America Bond Opportunity (NBD)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments:
|
||||||||||||||||
Municipal Bonds
|
$ | — | $ | 143,595,037 | $ | — | $ | 143,595,037 | ||||||||
Derivatives:
|
||||||||||||||||
Swaps*
|
— | 152,917 | — | 152,917 | ||||||||||||
Total
|
$ | — | $ | 143,747,954 | $ | — | $ | 143,747,954 |
Build America Bond (NBB)
|
Location on the Statement of Assets and Liabilities
|
||||||||||
Asset Derivatives
|
Liability Derivatives
|
||||||||||
Underlying
|
Derivative
|
||||||||||
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
||||||
Interest Rate
|
Swaps
|
Unrealized appreciation on swaps*
|
$ | 11,357,053 |
Unrealized depreciation on swaps*
|
$ | — |
Build America Bond Opportunity (NBD)
|
Location on the Statement of Assets and Liabilities
|
||||||||||
Asset Derivatives
|
Liability Derivatives
|
||||||||||
Underlying
|
Derivative
|
||||||||||
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
||||||
Interest Rate
|
Swaps
|
Unrealized appreciation on swaps*
|
$ | 527,809 |
Unrealized depreciation on swaps*
|
$ | 374,892 |
* Represents cumulative gross unrealized appreciation (depreciation) of swap contracts as reported in the Portfolios of Investments.
|
Build
|
Build America
|
|||
America
|
Bond
|
|||
Bond
|
Opportunity
|
|||
Net Realized Gain (Loss) from Swaps
|
(NBB)
|
* |
(NBD)
|
** |
Risk Exposure
|
||||
Interest Rate
|
$(11,126,000)
|
$(90,877)
|
Build
|
Build America
|
|||
America
|
Bond
|
|||
Bond
|
Opportunity
|
|||
Net Unrealized Appreciation (Depreciation) of Swaps
|
(NBB)
|
* |
(NBD)
|
** |
Risk Exposure
|
||||
Interest Rate
|
$11,357,053
|
$152,917
|
*
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
||
**
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
Transactions in shares were as follows:
|
||||
Build
|
Build America
|
|||
America
|
Bond
|
|||
Bond
|
Opportunity
|
|||
(NBB)
|
* |
(NBD)
|
** | |
Shares sold
|
26,362,500
|
7,200,000
|
||
Shares issued to shareholders
|
||||
due to reinvestment of distributions
|
94,235
|
—
|
*
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
||
**
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
Build
|
Build America
|
|||
America
|
Bond
|
|||
Bond
|
Opportunity
|
|||
(NBB)
|
* |
(NBD)
|
** | |
Purchases
|
$1,120,458,403
|
$249,936,782
|
||
Sales and maturities
|
567,409,551
|
108,305,215
|
*
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
**
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
Build
|
Build America
|
|||||||
America
|
Bond
|
|||||||
Bond
|
Opportunity
|
|||||||
(NBB)
|
(NBD)
|
|||||||
Cost of investments
|
$ | 537,222,377 | $ | 133,754,456 | ||||
Gross unrealized:
|
||||||||
Appreciation
|
4,479,345 | 4,431,347 | ||||||
Depreciation
|
(19,232,419 | ) | (1,781,688 | ) | ||||
Net unrealized appreciation (depreciation) of investments
|
$ | (14,753,074 | ) | $ | 2,649,659 |
Build
|
Build America
|
|||||||
America
|
Bond
|
|||||||
Bond
|
Opportunity
|
|||||||
(NBB)
|
(NBD)
|
|||||||
Paid-in surplus
|
$ | — | $ | — | ||||
Undistributed (Over-distribution of) net investment income
|
24,823 | (90,602 | ) | |||||
Accumulated net realized gain (loss)
|
(24,823 | ) | 90,602 |
Build
|
Build America
|
|||||||
America
|
Bond
|
|||||||
Bond
|
Opportunity
|
|||||||
(NBB)
|
(NBD)
|
|||||||
Undistributed net ordinary income*
|
$ | 3,801,173 | $ | 1,443,627 | ||||
Undistributed net long-term capital gains
|
— | — |
*
|
Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. Undistributed net ordinary income (on a tax basis) has not been reduced for the dividend declared on March 1, 2011, and paid on April 1, 2011.
|
Build
|
Build America
|
|||||||
America
|
Bond
|
|||||||
Bond
|
Opportunity
|
|||||||
(NBB)
|
** |
(NBD)
|
*** | |||||
Distributions from net ordinary income*
|
$ | 27,698,457 | $ | 1,815,723 | ||||
Distributions from net long-term capital gains
|
— | — |
*
|
Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
|
**
|
For the period April 27, 2010 (commencement of operations) through March 31, 2011.
|
***
|
For the period November 23, 2010 (commencement of operations) through March 31, 2011.
|
38
|
Nuveen Investments
|
Build
|
|
America
|
|
Bond
|
|
(NBB)
|
|
Expiration:
|
|
March 31, 2019
|
$ 294,209
|
Build
|
Build America
|
|
America
|
Bond
|
|
Bond
|
Opportunity
|
|
(NBB)
|
(NBD)
|
|
Post-October capital losses
|
$2,435,461
|
$712,290
|
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
For the first $125 million
|
.4500%
|
For the next $125 million
|
.4375
|
For the next $250 million
|
.4250
|
For the next $500 million
|
.4125
|
For the next $1 billion
|
.4000
|
For managed assets over $2 billion
|
.3875
|
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
$55 billion
|
.2000%
|
$56 billion
|
.1996
|
$57 billion
|
.1989
|
$60 billion
|
.1961
|
$63 billion
|
.1931
|
$66 billion
|
.1900
|
$71 billion
|
.1851
|
$76 billion
|
.1806
|
$80 billion
|
.1773
|
$91 billion
|
.1691
|
$125 billion
|
.1599
|
$200 billion
|
.1505
|
$250 billion
|
.1469
|
$300 billion
|
.1445
|
* | For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of March 31, 2011, the complex-level fee rate for these Funds was .1800%. |
Board Members & Officers(Unaudited)
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
|
and Term(1)
|
Directorships
|
Overseen by
|
||
During Past 5 Years
|
Board Member
|
|||
Independent Board Members:
|
||||
■ ROBERT P. BREMNER(2)
|
Private Investor and Management Consultant; Treasurer and Director,
|
|||
8/22/40
|
Chairman of
|
Humanities Council of Washington, D.C.; Board Member,
|
||
333 W. Wacker Drive
|
the Board
|
1996
|
Independent Directors Council affiliated with the Investment
|
246
|
Chicago, IL 60606
|
and Board Member
|
Company Institute.
|
||
■ JACK B. EVANS
|
President, The Hall-Perrine Foundation, a private philanthropic
|
|||
10/22/48
|
corporation (since 1996); Director and Chairman, United Fire
|
|||
333 W. Wacker Drive
|
Board Member
|
1999
|
Group, a publicly held company; President Pro Tem of the Board of
|
246
|
Chicago, IL 60606
|
Regents for the State of Iowa University System; Director, Source Media
|
|||
Group; Life Trustee of Coe College and the Iowa College Foundation;
|
||||
formerly, Director, Alliant Energy; formerly, Director, Federal
|
||||
Reserve Bank of Chicago; formerly, President and Chief Operating
|
||||
Officer, SCI Financial Group, Inc., a regional financial services firm.
|
||||
■ WILLIAM C. HUNTER
|
Dean, Tippie College of Business, University of Iowa (since
|
|||
3/6/48
|
2006); Director (since 2004) of Xerox Corporation; Director
|
|||
333 W. Wacker Drive
|
Board Member
|
2004
|
(since 2005), Beta Gamma Sigma International Honor Society;
|
246
|
Chicago, IL 60606
|
Director of Wellmark, Inc. (since 2009); formerly, Dean and
|
|||
Distinguished Professor of Finance, School of Business at the
|
||||
University of Connecticut (2003-2006); previously, Senior Vice
|
||||
President and Director of Research at the Federal Reserve Bank
|
||||
of Chicago (1995-2003); formerly, Director (1997-2007), Credit
|
||||
Research Center at Georgetown University.
|
||||
■ DAVID J. KUNDERT(2)
|
Director, Northwestern Mutual Wealth Management
|
|||
10/28/42
|
Company; retired (since 2004) as Chairman, JPMorgan
|
|||
333 W. Wacker Drive
|
Board Member
|
2005
|
Fleming Asset Management, President and CEO, Banc One
|
246
|
Chicago, IL 60606
|
Investment Advisors Corporation, and President, One Group
|
|||
Mutual Funds; prior thereto, Executive Vice President, Banc One
|
||||
Corporation and Chairman and CEO, Banc One Investment
|
||||
Management Group; Member, Board of Regents, Luther College;
|
||||
member of the Wisconsin Bar Association; member of Board of
|
||||
Directors, Friends of Boerner Botanical Gardens; member of Board
|
||||
of Directors and Chair of Investment Committee, Greater
|
||||
Milwaukee Foundation.
|
||||
■ WILLIAM J. SCHNEIDER(2)
|
Chairman of Miller-Valentine Partners Ltd., a real estate investment
|
|||
9/24/44
|
company; formerly, Senior Partner and Chief Operating Officer
|
|||
333 W. Wacker Drive
|
Board Member
|
1997
|
(retired 2004) of Miller-Valentine Group; member, University of
|
246
|
Chicago, IL 60606
|
Dayton Business School Advisory Council;member, Mid-America
|
|||
Health System Board; formerly, member and chair, Dayton Philharmonic
|
||||
Orchestra Association; formerly, member, Business Advisory Council,
|
||||
Cleveland Federal Reserve Bank.
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
|
and Term(1)
|
Directorships
|
Overseen by
|
||
During Past 5 Years
|
Board Member
|
|||
Independent Board Members:
|
||||
■ JUDITH M. STOCKDALE
|
Executive Director, Gaylord and Dorothy Donnelley
|
|||
12/29/47
|
Foundation (since 1994); prior thereto, Executive Director,
|
|||
333 W. Wacker Drive
|
Board Member
|
1997
|
Great Lakes Protection Fund (1990-1994).
|
246
|
Chicago, IL 60606
|
||||
■ CAROLE E. STONE(2)
|
Director, Chicago Board Options Exchange (since 2006); Director,
|
|||
6/28/47
|
C2 Options Exchange, Incorporated (since 2009); formerly,
|
|||
333 W. Wacker Drive
|
Board Member
|
2007
|
Commissioner, New York State Commission on Public Authority
|
246
|
Chicago, IL 60606
|
Reform (2005-2010); formerly, Chair, New York Racing Association
|
|||
Oversight Board (2005-2007).
|
||||
■ VIRGINIA L. STRINGER
|
Board Member, Mutual Fund Directors Forum; Member, Governing
|
|||
8/16/44
|
Board, Investment Company Institute’s Independent Directors
|
|||
333 W. Wacker Drive
|
Board Member
|
2011
|
Council; governance consultant and non-profit board member;
|
246
|
Chicago, IL 60606
|
former Owner and President, Strategic Management Resources, Inc.
|
|||
a management consulting firm; previously, held several executive
|
||||
positions in general management, marketing and human resources at
|
||||
IBM and The Pillsbury Company; Independent Director, First American
|
||||
Fund Complex (1987-2010) and Chair (1997-2010).
|
||||
■ TERENCE J. TOTH(2)
|
||||
9/29/59
|
Director, Legal & General Investment Management America, Inc.
|
|||
333 W. Wacker Drive
|
Board Member
|
2008
|
(since 2008); Managing Partner, Promus Capital (since 2008);
|
246
|
Chicago, IL 60606
|
formerly, CEO and President, Northern Trust Global Investments
|
|||
(2004-2007); Executive Vice President, Quantitative Management
|
||||
& Securities Lending (2000-2004); prior thereto, various positions
|
||||
with Northern Trust Company (since 1994); member: Goodman
|
||||
Theatre Board (since 2004), Chicago Fellowship Board (since
|
||||
2005), and Catalyst Schools of Chicago Board (since 2008); formerly,
|
||||
member: Northern Trust Mutual Funds Board (2005-2007),
|
||||
Northern Trust Global Investments Board (2004-2007), Northern
|
||||
Trust Japan Board (2004-2007), Northern Trust Securities Inc.
|
||||
Board (2003-2007) and Northern Trust Hong Kong Board
|
||||
(1997-2004).
|
||||
Interested Board Member:
|
||||
■ JOHN P. AMBOIAN(3)
|
Chief Executive Officer and Chairman (since 2007), and Director (since
|
|||
6/14/61
|
1999) of Nuveen Investments, Inc., formerly, President (1999-2007);
|
|||
333 W. Wacker Drive
|
Board Member
|
2008
|
Chief Executive Officer (since 2007) of Nuveen Investments Advisors,
|
246
|
Chicago, IL 60606
|
Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010)
|
|||
of Nuveen Fund Advisors, Inc.
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
and Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
|
Overseen
|
||||
by Officer
|
||||
Officers of the Funds:
|
||||
■ GIFFORD R. ZIMMERMAN
|
Managing Director (since 2002), Assistant Secretary and Associate
|
|||
9/9/56
|
Chief
|
General Counsel of Nuveen Securities, LLC; Managing Director
|
||
333 W. Wacker Drive
|
Administrative
|
1988
|
(since 2004) and Assistant Secretary (since 1994) of Nuveen
|
246
|
Chicago, IL 60606
|
Officer
|
Investments, Inc.; Managing Director (since 2002), Assistant
|
||
Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen
|
||||
Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate
|
||||
General Counsel of Nuveen Asset Management, LLC (since 2011);
|
||||
Managing Director, Associate General Counsel and Assistant Secretary
|
||||
of Symphony Asset Management LLC (since 2003); Vice President and
|
||||
Assistant Secretary of NWQ Investment Management Company, LLC
|
||||
(since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds
|
||||
Global Investors LLC, and Santa Barbara Asset Management, LLC
|
||||
(since 2006), Nuveen HydePark Group LLC and Nuveen Investment
|
||||
Solutions, Inc. (since 2007) and of Winslow Capital Management Inc.
|
||||
(since 2010); Chief Administrative Officer and Chief Compliance Officer
|
||||
(since 2010) of Nuveen Commodities Asset Management, LLC;
|
||||
Chartered Financial Analyst.
|
||||
■ WILLIAM ADAMS IV
|
Senior Executive Vice President, Global Structured Products (since 2010),
|
|||
6/9/55
|
formerly, Executive Vice President (1999-2010) of Nuveen Securities,
|
|||
333 W. Wacker Drive
|
Vice President
|
2007
|
LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); Managing
|
132
|
Chicago, IL 60606
|
Director (since 2010) of Nuveen Commodities Asset Management, LLC.
|
|||
■ CEDRIC H. ANTOSIEWICZ
|
Managing Director of Nuveen Securities, LLC.
|
|||
1/11/62
|
||||
333 W. Wacker Drive
|
Vice President
|
2007
|
132
|
|
Chicago, IL 60606
|
||||
■ MARGO L. COOK
|
Executive Vice President (since 2008) of Nuveen Investments, Inc.
|
|||
4/11/64
|
and of Nuveen Fund Advisors, Inc. (since 2011); previously, Head of
|
|||
333 W. Wacker Drive
|
Vice President
|
2009
|
Institutional Asset Management (2007-2008) of Bear Stearns Asset
|
246
|
Chicago, IL 60606
|
Management; Head of Institutional Asset Management (1986-2007) of
|
|||
Bank of NY Mellon; Chartered Financial Analyst.
|
||||
■ LORNA C. FERGUSON
|
Managing Director (since 2004) of Nuveen Securities, LLC and
|
|||
10/24/45
|
Managing Director (since 2005) of Nuveen Fund Advisors, Inc.
|
|||
333 W. Wacker Drive
|
Vice President
|
1998
|
246
|
|
Chicago, IL 60606
|
||||
■ STEPHEN D. FOY
|
Senior Vice President (since 2010), formerly, Vice President (1993-
|
|||
5/31/54
|
Vice President
|
2010) and Funds Controller (since 1998) of Nuveen Securities,
|
||
333 W. Wacker Drive
|
and Controller
|
1998
|
LLC; Senior Vice President (since 2010), formerly, Vice President
|
246
|
Chicago, IL 60606
|
(2005-2010) of Nuveen Fund Advisors, Inc.; Certified Public Accountant.
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
and Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
|
Overseen
|
||||
by Officer
|
||||
Officers of the Funds:
|
||||
■ SCOTT S. GRACE
|
Managing Director, Corporate Finance & Development, Treasurer
|
|||
8/20/70
|
Vice President
|
(since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer
|
||
333 W. Wacker Drive
|
and Treasurer
|
2009
|
(since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment
|
246
|
Chicago, IL 60606
|
Solutions, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments
|
|||
Holdings Inc. and (since (2011) Nuveen Asset Management, LLC; Vice
|
||||
President and Treasurer of NWQ Investment Management Company, LLC,
|
||||
Tradewinds Global Investors, LLC, Symphony Asset Management LLC and
|
||||
Winslow Capital Management, Inc.; Vice President of Santa Barbara Asset
|
||||
Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President
|
||||
(2008-2009), previously, Vice President (2006-2008) of Janus Capital
|
||||
Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial
|
||||
Services Group (2000-2003); Chartered Accountant Designation.
|
||||
■ WALTER M. KELLY
|
Senior Vice President (since 2008), Vice President (2006-2008)
|
|||
2/24/70
|
Chief Compliance
|
of Nuveen Securities, LLC; Senior Vice President (since 2008)
|
||
333 W. Wacker Drive
|
Officer and
|
2003
|
and Assistant Secretary (since 2008) of Nuveen Fund Advisors, Inc.
|
246
|
Chicago, IL 60606
|
Vice President
|
|||
■ TINA M. LAZAR
|
Senior Vice President (since 2009), formerly, Vice President of Nuveen
|
|||
8/27/61
|
Securities, LLC (1999-2009); Senior Vice President (since 2010),
|
|||
333 W. Wacker Drive
|
Vice President
|
2002
|
formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.
|
246
|
Chicago, IL 60606
|
||||
■ LARRY W. MARTIN
|
Senior Vice President (since 2010), formerly, Vice President
|
|||
7/27/51
|
Vice President and
|
(1993-2010), Assistant Secretary and Assistant General Counsel
|
||
333 W. Wacker Drive
|
Assistant Secretary
|
1997
|
of Nuveen Securities, LLC; Senior Vice President (since 2011) of
|
246
|
Chicago, IL 60606
|
Nuveen Asset Management, LLC: Senior Vice President (since 2010),
|
|||
formerly, Vice President (2005-2010), and Assistant Secretary of
|
||||
Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly
|
||||
Vice President (2005-2010), and Assistant Secretary (since 1997) of
|
||||
Nuveen Fund Advisors, Inc.; Vice President and Assistant Secretary of Nuveen
|
||||
Investments Advisers, Inc. (since 2002), NWQ Investment Management
|
||||
Company, LLC, Symphony Asset Management LLC (since 2003),
|
||||
Tradewinds Global Investors, LLC, Santa Barbara Asset Management,
|
||||
LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment
|
||||
Solutions, Inc. (since 2007); and of Winslow Capital Management, Inc.
|
||||
(since 2010); Vice President and Assistant Secretary of Nuveen Commodities
|
||||
Asset Management, LLC (since 2010).
|
||||
■ KEVIN J. MCCARTHY
|
Managing Director (since 2008), formerly, Vice President (2007-2008),
|
|||
3/26/66
|
Vice President
|
Nuveen Securities, LLC; Managing Director (since 2008), Assistant
|
||
333 W. Wacker Drive
|
and Secretary
|
2007
|
Secretary (since 2007) and Co-General Counsel (since 2011)
|
246
|
Chicago, IL 60606
|
of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary
|
|||
and Associate General Counsel (since 2011) of Nuveen Asset
|
||||
Management, LLC; Managing Director (since 2008), and Assistant
|
||||
Secretary, Nuveen Investment Holdings, Inc.; Vice President
|
||||
(since 2007) and Assistant Secretary of Nuveen Investments Advisers
|
||||
Inc., NWQ Investment Management Company, LLC, Tradewinds
|
||||
Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management
|
||||
LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark
|
||||
Group, LLC, Nuveen Investment Solutions, Inc. (since 2007) and
|
||||
of Winslow Capital Management, Inc. (since 2010); Vice President
|
||||
and Secretary (since 2010) of Nuveen Commodities Asset Management,
|
||||
LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
and Address
|
Appointed(4)
|
During Past 5 Years
|
in Fund Complex
|
|
Overseen
|
||||
by Officer
|
||||
Officers of the Funds:
|
||||
■ KATHLEEN L. PRUDHOMME
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011)
|
|||
3/30/53
|
Vice President and
|
of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and
|
||
800 Nicollet Mall
|
Assistant Secretary
|
2011
|
Associate General Counsel (since 2011) of Nuveen Asset Management, LLC;
|
246
|
Minneapolis, MN 55402
|
Managing Director and Assistant Secretary (since 2011) of Nuveen
|
|||
Securities, LLC; formerly, Secretary of FASF (2004-2010); Deputy General
|
||||
Counsel, FAF Advisors, Inc. (2004-2010).
|
(1)
|
Board Members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.
|
(3)
|
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(4)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
·
|
the nature, extent and quality of services expected to be provided by the Adviser;
|
·
|
the organization of the Adviser, including the responsibilities of various depart- ments and key personnel;
|
·
|
the expertise and background of the Adviser with respect to the Fund’s invest- ment strategy;
|
·
|
the profitability of Nuveen Investments, Inc. (“Nuveen”) (which incorporated Nuveen’s wholly-owned affiliated sub-advisers);
|
·
|
the proposed management fees of the Adviser, including comparisons of such fees with the management fees of comparable funds;
|
·
|
the expected expenses of the Fund, including comparisons of the Fund’s expected expense ratio with the expense ratios of comparable funds; and
|
·
|
the soft dollar practices of the Adviser, if any.
|
50
|
Nuveen Investments
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the invest- ment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural leverage and the leverage effects of certain derivative invest- ments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any structural leverage.
|
■
|
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typi- cally also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
■
|
Leverage: Using borrowed money to invest in securities or other assets.
|
■
|
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
■
|
Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
■
|
Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the fund. Both of these are part of a fund’s capital structure. Structural leverage is sometimes referred to as “’40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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62
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Nuveen Investments
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Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready - no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports right to your e-mail!
www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
OR
www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
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Distributed by
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Nuveen Securities, LLC
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333 West Wacker Drive
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Chicago, IL 60606
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www.nuveen.com
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Audit Fees Billed
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Audit-Related Fees
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Tax Fees
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All Other Fees
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||||||||||||
Fiscal Year Ended
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to Fund 1
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Billed to Fund 2
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Billed to Fund 3
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Billed to Fund 4
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|||||||||||
March 31, 2011 5
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$ | 18,200 | $ | 6,000 | $ | 0 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
March 31, 2010
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N/A | N/A | N/A | N/A | |||||||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
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|||||||||||||||
exception
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|||||||||||||||
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services
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|||||||||||||||
provided in connection with statutory and regulatory filings or engagements.
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|||||||||||||||
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the
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|||||||||||||||
audit or review of financial statements and are not reported under "Audit Fees".
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|||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
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|||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
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|||||||||||||||
5 The fund commenced operations on April 27, 2010.
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Fiscal Year Ended
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Audit-Related Fees
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Tax Fees Billed to
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All Other Fees
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||||||||
Billed to Adviser and
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Adviser and
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Billed to Adviser
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|||||||||
Affiliated Fund
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Affiliated Fund
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and Affiliated Fund
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|||||||||
Service Providers
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Service Providers
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Service Providers
|
|||||||||
March 31, 2011 1
|
$ | 0 | $ | 0 | $ | 0 | |||||
Percentage approved
|
0 | % | 0 | % | 0 | % | |||||
pursuant to
|
|||||||||||
pre-approval
|
|||||||||||
exception
|
|||||||||||
March 31, 2010
|
N/A | N/A | N/A | ||||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | |||||
pursuant to
|
|||||||||||
pre-approval
|
|||||||||||
exception
|
|||||||||||
1 The fund commenced operations on April 27, 2010.
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Fiscal Year Ended
|
Total Non-Audit Fees
|
||||||||||||||
billed to Adviser and
|
|||||||||||||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
||||||||||||||
Providers (engagements
|
billed to Adviser and
|
||||||||||||||
related directly to the
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Affiliated Fund Service
|
||||||||||||||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
|||||||||||||
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
||||||||||||
March 31, 2011 1
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||
March 31, 2010
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N/A | N/A | N/A | N/A | |||||||||||
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
|
|||||||||||||||
amounts from the previous table.
|
|||||||||||||||
1 The fund commenced operations on April 27, 2010.
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|||||||||||||||
Name
|
Fund
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Daniel J. Close
|
Nuveen Build America Bond Fund
|
John V. Miller
|
Nuveen Build America Bond Fund
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Portfolio Manager
|
Type of Account
Managed
|
Number of
Accounts
|
Assets
|
Daniel J. Close
|
Registered Investment Company
|
26
|
$ 4.41 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
7
|
$63.5 million
|
|
John V. Miller
|
Registered Investment Company
|
8
|
$ 6.39 billion
|
Other Pooled Investment Vehicles
|
4
|
$314 million
|
|
Other Accounts
|
14
|
$2.4 million
|
*
|
Assets are as of March 31, 2011. None of the assets in these accounts are subject to an advisory fee based on performance.
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Name of Portfolio Manager
|
Fund
|
Dollar range of equity securities beneficially owned in Fund
|
Dollar range of equity securities beneficially owned in the remainder of Nuveen funds managed by NAM’s municipal investment team
|
Daniel J. Close
|
Nuveen Build America Bond Fund
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$0
|
$0
|
John V. Miller
|
Nuveen Build America Bond Fund
|
$0
|
$100,001-$500,000
|
(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 Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).
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(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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)
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(a)(2)
|
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)) in the exact form set forth below: Ex-99.CERT Attached hereto.
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(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
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