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NUVEEN 3

Chairman’s Letter to Shareholders

Dear Shareholders,

Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news, interest rates are higher amid the Federal Reserve (Fed) rate hikes and inflation is ticking higher.

The Trump administration's early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House's pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected.

Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted its second and third interest rate hikes in December 2016 and March 2017, respectively, a vote of confidence that its employment and inflation targets are on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and the U.K.’s decision to leave the European Union (or “Brexit”) remained in the minority in the Dutch general election in March and France’s presidential election in May, easing the political uncertainty surrounding Germany’s elections later this year.

In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.

Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
May 22, 2017

4 NUVEEN

Portfolio Manager’s Comments

Nuveen Build America Bond Fund (NBB)
Nuveen Build America Bond Opportunity Fund (NBD)

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Portfolio manager Daniel J. Close, CFA, reviews U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of the Nuveen Build America Bond Fund (NBB) and the Nuveen Build America Bond Opportunity Fund (NBD). Dan has managed NBB and NBD since their inceptions in April 2010 and November 2010, respectively.

What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended March 31, 2017?

The U.S. economy continued to expand at its below-trend rate but showed some signs of strengthening in the latter months of the reporting period. For 2016 as a whole, the Bureau of Economic Analysis reported that the economy grew at an annual rate of 1.6%, as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Despite a boost in third-quarter GDP from a short-term jump in exports, economic activity in the other three calendar quarters of 2016 stayed near or below the 2% growth mark.

In the first quarter of 2017, growth slackened to an annual rate of 0.7%, tempered by a slowdown in consumer and government spending, according to the government’s “advance” estimate. The deceleration in first-quarter GDP growth, followed by a reaccel-eration in the spring and summer, has been a trend over the past few years. Moreover, other signs of positive momentum remain. The labor market continued to tighten, inflation ticked higher, and consumer and business confidence surveys reflected optimism about the economy’s prospects. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.5% in March 2017 from 5.0% in March 2016 and job gains averaged around 200,000 per month for the past twelve months. Higher oil prices helped drive a steady increase in inflation over this reporting period. The twelve-month change in the Consumer Price Index (CPI) rose from the low of 0.8% in July 2016 to 2.4% over the twelve-month reporting period ended March 2017 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.0% during the same period, equal to the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.8% annual gain in February 2017 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 5.2% and 5.9%, respectively.

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Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN 5

Portfolio Manager’s Comments (continued)

The U.S. economic outlook struck a more optimistic tone, prompting the Fed’s policy making committee to raise its main benchmark interest rate in December 2016 and again in March 2017. These moves were widely expected by the markets and additional increases are anticipated in 2017 as the Fed seeks to gradually “normalize” interest rates.

The political environment was another major influence on the markets over the reporting period. In the U.S., the surprising election of Donald Trump boosted consumer, business and market sentiment, on hopes that President Trump’s policy agenda of tax reform, infrastructure spending and reduced regulation would reignite the economy. While U.S. stocks rallied particularly strongly in the months following the election, the advance slowed as concerns about the new administration’s immigration policy and the Republican’s health care bill began to weigh on the markets. Prior to the U.S. presidential election, Britain’s vote to leave the European Union, known as Brexit, roiled the markets in late June and July 2016. Although world stock markets largely recovered, sterling dropped to a 31-year low and remained volatile as the U.K. prepared for exit negotiations. Investors also worried whether the undercurrent of populism and nationalism supporting President Trump and Brexit victories could spread across Europe, where several countries have key elections in 2017.

The municipal bond market encountered elevated volatility over the twelve-month reporting period, driven by a sell-off and widening credit spreads following the surprise election results. Prior to the election, municipal bond mutual funds had been drawing steady inflows from September 2015 to October 2016, which kept demand outpacing supply and supported prices. However, beginning in mid-October, demand began to soften in anticipation of a Fed rate hike. Municipal bond prices continued to fall in November after President Trump’s win triggered rising inflation and interest rate expectations as well as speculation on tax code changes, and in December 2016 due to tax-loss selling. A sharp rise in interest rates after the election fueled a reversal in municipal bond fund flow. Municipal bond funds experienced large outflows in the fourth quarter of 2016, especially in the high yield municipal segment, which drove mutual fund managers to sell positions to help meet investor redemptions. At the same time, new issuance spiked in October 2016, further contributing to excess supply and exacerbating falling prices and credit spread widening. However, stabilizing market conditions in December gave way to a rally in the first quarter of 2017. Concerns that the new administration’s fiscal, tax and health care policy agenda could have a potentially negative impact on municipal bonds eased somewhat. By the end of the reporting period, interest rates stayed at a higher level than where they began.

In the reporting period overall, municipal bond issuance nationwide totaled $432.7 billion, an 11.2% gain from the issuance for the twelve-month period ended March 31, 2016. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this was an overall positive technical factor on municipal bond investment performance in recent years. However, as interest rates moved higher, the pace of refunding deals began to moderate.

Although the municipal bond market experienced widening credit spreads over a short period after the election, the trend was more attributable to technical conditions than a change in the fundamental backdrop. Despite the U.S. economy’s rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.

What key strategies were used to manage these Funds during the twelve-month reporting period ended March 31, 2017?

Build America Bonds (BAB) posted a small gain for the twelve-month reporting period. A sell-off across fixed income assets after the surprise election results dampened BAB performance as well, but market conditions stabilized and bond markets rallied as 2017 began.

6 NUVEEN

NBB and NBD are designed to invest primarily in BABs and other taxable municipal bonds. The primary investment objective of these two Funds is to provide current income through investments in taxable municipal securities. Their secondary objective is to seek enhanced portfolio value and total return. The Funds offer strategic portfolio diversification opportunities for traditional municipal bond investors, while providing investment options to investors that have not traditionally purchased municipal bonds, including public and corporate retirement plans, endowments, life insurance companies and sovereign wealth funds. For these investors, the Funds can offer investment grade municipal credit, current income and some security issuers typically offer call protection. With the end of the BAB new issuance program in 2010, our focus continued to be on taking advantage of opportunities to add value and improve the liquidity profiles of both NBB and NBD by purchasing additional benchmark BAB issues in the secondary market. Benchmark BAB issues, which typically offer more liquidity than their non-benchmark counterparts, are defined as BABs over $300 million and greater in size and therefore eligible for inclusion in the Bloomberg Barclays Aggregate-Eligible Build America Bond Index. Their greater liquidity makes them potentially easier to sell at Fund termination. In contrast, non-benchmark BABs generally are smaller issues that may offer the same credit quality as benchmark BABs, but sometimes require more detailed credit reviews before purchase and consequently may be less liquid.

Overall, our strategy during this reporting period was to continue to add value by pursuing active management. In the first half of the reporting period, we bought a mix of benchmark and non-benchmark BABs but later focused on adding to existing positions in benchmark BABs. We also favored bonds with higher coupon, shorter call structures, which we believe offered an optimal balance of yield for the level of interest rate risk taken. Cash for purchases came from the proceeds generated by the Funds’ hedging strategy (described in the performance discussion) and from selling longer duration bonds, including a Chicago Board of Education local general obligation bond.

Shareholders should note that, because there was no new issuance of BABs or similar U.S. Treasury-subsidized taxable municipal bonds for the 24-month period ended December 31, 2012, the Funds’ contingent term provisions went into effect on January 1, 2013. During the reporting period ended March 31, 2017, NBB and NBD were managed in line with termination dates on or around June 30, 2020, and December 31, 2020, respectively, with the distribution of the Funds’ assets to shareholders planned for those times. We continued our efforts to maximize the Funds’ liquidity and better position NBB and NBD for termination. Even though the Funds are scheduled to terminate, we believe the opportunity still exists to add value for the shareholders of these Funds through active management and strong credit research.

How did these Funds perform over the twelve-month reporting period ended March 31, 2017?

The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and since-inception periods ended March 31, 2017. Each Fund's total returns are compared with the performance of a corresponding market index.

For the twelve-month reporting period ended March 31, 2017, the total returns on common share net asset value (NAV) for NBB and NBD outperformed the return for the Bloomberg Barclays Aggregate-Eligible Build America Bond Index.

Key management factors that influenced the returns of NBB and NBD during this reporting period included duration and yield curve positioning, credit exposure, sector allocation and the use of derivatives. Duration and yield curve positioning contributed positively to the two Funds’ relative performance. NBB was helped by its overweight allocation to two- to four-year duration bonds and NBD benefited from an overweight allocation to 10- to 12-year duration bonds, as these two segments were the top performing duration buckets in the index. The Funds’ credit ratings allocations were also favorable to performance in this reporting period, with exposures to AA rated and unrated credits boosting relative results. Sector allocations remained well diversified but underperformed during this reporting period.

As part of their approach to investing, NBB and NBD use an integrated leverage and hedging strategy in their efforts to enhance current income and total return, while working to maintain a level of interest rate risk similar to that of the Bloomberg Barclays Aggregate Eligible Build America Bond Index. As part of this integrated strategy, both NBB and NBD used inverse floating rate securities and bank borrowings as leverage to potentially magnify performance. At the same time, the Funds used interest rate swaps to

NUVEEN 7

Portfolio Manager’s Comments (continued)

reduce their leverage-adjusted durations to a level close to that of the Bloomberg Barclays Aggregate-Eligible Build America Bond Index. In addition, the Funds entered into staggered interest rate swaps to partially fix the interest cost of leverage. During this reporting period, the inverse floaters and interest rate swaps performed as expected. Due to the path of interest rates over this reporting period, the use of inverse floaters and the use of swaps to shorten long-term interest rates helped the Funds’ total return performance for the reporting period. Leverage is discussed in more detail later in this report.

Given the continued news about economic problems in Puerto Rico, we should note that neither NBB nor NBD has any exposure to Puerto Rico BABs.

A Note About Investment Valuations

The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund’s portfolio in its entirety. Thus, the current net asset value of a Fund’s shares may be impacted, higher or lower, if the Fund were to change its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds’ current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund’s shares.

8 NUVEEN

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the returns of the Funds relative to their comparative benchmark was the Funds’ use of leverage through bank borrowings and investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. As mentioned previously, inverse floaters contributed positively to the performance of the Funds over this reporting period. The Funds’ borrowings also contributed positively to performance over this reporting period.

 

*

Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

THE FUNDS’ REGULATORY LEVERAGE

Bank Borrowings

The Funds employ regulatory leverage through the use of bank borrowings. The Funds’ bank borrowing activities are as shown int he accompanying table. 

 

NUVEEN 9

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of March 31, 2017. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

 

Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of March 31, 2017, the Funds had positive UNII balances for tax purposes and negative UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of

10 NUVEEN

Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

COMMON SHARE REPURCHASES

During August 2016, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of March 31, 2017, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 

OTHER COMMON SHARE INFORMATION

As of March 31, 2017, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

 

NUVEEN 11

		Average Annual
			Since
	1-Year	5-Year	Inception
NBB at Common Share NAV	2.66%	6.33%	8.23%
NBB at Common Share Price	2.70%	7.52%	7.54%
Bloomberg Barclays Aggregate – Eligible Build America Bond Index	1.30%	5.74%	8.23%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	120.5%
Corporate Bonds	0.5%
Other Assets Less Liabilities	3.3%
Net Assets Plus Borrowings
& Floating Rate Obligations	124.3%
Borrowings	(15.9)%
Floating Rate Obligations	(8.4)%
Net Assets	100%

Portfolio Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	12.9%
AA	55.6%
A	19.8%
BBB	6.1%
BB or Lower	3.3%
N/R (not rated)	2.3%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	30.0%
Transportation	20.9%
Tax Obligation/General	15.4%
Utilities	13.4%
Water and Sewer	12.6%
Other	7.7%
Total	100%

		Average Annual
			Since
	1-Year	5-Year	Inception
NBD at Common Share NAV	3.39%	5.38%	8.47%
NBD at Common Share Price	6.25%	7.05%	7.85%
Bloomberg Barclays Aggregate – Eligible Build America Bond Index	1.30%	5.74%	9.00%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	104.7%
Corporate Bonds	0.8%
Other Assets Less Liabilities	5.4%
Net Assets Plus Borrowings
& Floating Rate Obligations	110.9%
Borrowings	(7.5)%
Floating Rate Obligations	(3.4)%
Net Assets	100%

Portfolio Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	14.4%
AA	62.7%
A	11.5%
BBB	3.5%
BB or Lower	5.2%
N/R (not rated)	2.7%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	36.0%
Transportation	17.5%
Water and Sewer	13.2%
Tax Obligation/General	12.7%
Utilities	10.0%
Consumer Staples	4.5%
Other	6.1%
Total	100%

States and Territories
(% of total municipal bonds)
California	22.2%
New York	12.2%
Illinois	10.3%
Ohio	6.9%
Texas	6.6%
Colorado	5.0%
New Jersey	4.7%
South Carolina	4.6%
Tennessee	3.2%
Virginia	3.0%
Massachusetts	2.8%
Other	18.5%
Total	100%

NBB
Nuveen Build America Bond Fund
Portfolio of Investments	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 121.0% (100.0% of Total Investments)
		MUNICIPAL BONDS – 120.5% (99.6% of Total Investments)
		Arizona – 1.0% (0.8% of Total Investments)
$ 5,000		Mesa, Arizona, Utility System Revenue Bonds, Series 2010, 6.100%, 7/01/34	7/20 at 100.00	Aa2	$ 5,594,500
		California – 27.4% (22.6% of Total Investments)
2,520		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Taxable	No Opt. Call	BBB+	1,218,445
		Subordinate Lien Series 2004B, 0.000%, 10/01/31 – AMBAC Insured
1,995		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Build	No Opt. Call	AA	2,731,135
		America Federally Taxable Bond Series 2009F-2, 6.263%, 4/01/49
		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
		Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1:
75		6.793%, 4/01/30	No Opt. Call	AA–	91,709
100		6.918%, 4/01/40	No Opt. Call	AA–	135,691
500		California Infrastructure and Economic Development Bank, Revenue Bonds, University of	No Opt. Call	AA–	630,005
		California San Francisco Neurosciences Building, Build America Taxable Bond Series 2010B,
		6.486%, 5/15/49
260		California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies	No Opt. Call	B+	258,375
		Project, Taxable Series 2013B, 7.000%, 8/01/18
395		California School Finance Authority, Charter School Revenue Bonds, City Charter School	No Opt. Call	N/R	390,939
		Obligated Group, Taxable Series 2016B, 3.750%, 6/01/20
3,030		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build	No Opt. Call	A+	4,376,381
		America Taxable Bond Series 2009G-2, 8.361%, 10/01/34
2,050		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build	3/20 at 100.00	A+	2,284,889
		America Taxable Bond Series 2010A-2, 8.000%, 3/01/35
7,000		California State University, Systemwide Revenue Bonds, Build America Taxable Bond Series	No Opt. Call	Aa2	8,836,170
		2010B, 6.484%, 11/01/41
7,115		California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series	3/20 at 100.00	AA–	8,210,781
		2010, 7.950%, 3/01/36
6,610		California State, General Obligation Bonds, Various Purpose, Build America Taxable Bond Series	No Opt. Call	AA–	9,887,304
		2010, 7.600%, 11/01/40
3,000		California State, Various Purpose General Obligation Bonds, Build America Federally Taxable	No Opt. Call	AA–	4,405,920
		Bonds, Series 2009, 7.550%, 4/01/39
9,185		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda	No Opt. Call	BB+	9,703,401
		University Medical Center, Series 2014B, 6.000%, 12/01/24
7,500		Los Angeles Community College District, California, General Obligation Bonds, Build America	No Opt. Call	AA+	10,413,450
		Taxable Bonds, Series 2010, 6.600%, 8/01/42
10,000		Los Angeles Community College District, Los Angeles County, California, General Obligation	No Opt. Call	AA+	13,884,600
		Bonds, Series 2010, 6.600%, 8/01/42 (UB) (4)
6,000		Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax	No Opt. Call	AAA	7,402,620
		Revenue Bonds, Build America Taxable Bond Series 2010A, 5.735%, 6/01/39
		Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
		Capital Projects I, Build America Taxable Bond Series 2010B:
2,050		7.488%, 8/01/33	No Opt. Call	AA	2,746,057
11,270		7.618%, 8/01/40	No Opt. Call	AA	16,352,094
9,740		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International	No Opt. Call	AA–	12,474,408
		Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		California (continued)
		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally
		Taxable – Direct Payment – Build America Bonds, Series 2010A:
$ 80		5.716%, 7/01/39	No Opt. Call	Aa2	$ 98,316
2,840		6.166%, 7/01/40	7/20 at 100.00	Aa2	3,176,796
1,685		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally	No Opt. Call	Aa2	2,332,023
		Taxable – Direct Payment – Build America Bonds, Series 2010D, 6.574%, 7/01/45
2,000		Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender	No Opt. Call	AA+	6,037,800
		Option Bond Trust 2016-XFT906, 26.890%, 7/01/50 (IF) (4)
1,500		Metropolitan Water District of Southern California, Water Revenue Bonds, Build America Taxable	7/19 at 100.00	AAA	1,642,710
		Bond Series 2009D, 6.538%, 7/01/39
1,000		Metropolitan Water District of Southern California, Water Revenue Bonds, Build America Taxable	7/20 at 100.00	AAA	1,137,260
		Series 2010A, 6.947%, 7/01/40
2,330		Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,	No Opt. Call	A+	2,457,940
		Federally Taxable Series 2011A-T, 7.500%, 9/01/19
4,250		Sacramento Public Financing Authority, California, Lease Revenue Bonds, Golden 1 Center,	No Opt. Call	A+	4,627,698
		Series 2015, 5.637%, 4/01/50
2,390		San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,	No Opt. Call	AA–	2,923,615
		Build America Taxable Bonds, Series 2010B, 6.000%, 11/01/40
4,000		San Francisco City and County, California, Certificates of Participation, 525 Golden Gate	No Opt. Call	AA	8,995,600
		Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond
		2016-XFT901, 25.439%, 11/01/41 (IF) (4)
		Stanton Redevelopment Agency, California, Tax Allocation Bonds, Stanton Consolidated
		Redevelopment Project Series 2011A:
275		6.500%, 12/01/17 (ETM)	No Opt. Call	A (5)	284,804
295		6.750%, 12/01/18 (ETM)	No Opt. Call	A (5)	321,391
1,500		University of California, General Revenue Bonds, Build America Taxable Bonds, Series 2009R,	5/19 at 100.00	AA	1,630,035
		6.270%, 5/15/31
2,505		University of California, General Revenue Bonds, Limited Project, Build America Taxable Bond	No Opt. Call	AA–	3,096,506
		Series 2010F, 5.946%, 5/15/45
117,045		Total California			155,196,868
		Colorado – 0.7% (0.6% of Total Investments)
3,100		Denver School District 1, Colorado, General Obligation Bonds, Build America Taxable Bonds,	No Opt. Call	AA+	3,763,338
		Series 2009C, 5.664%, 12/01/33
		Connecticut – 1.3% (1.1% of Total Investments)
6,300		Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue	4/20 at 100.00	N/R	7,289,352
		Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
		Development Bond Series 2010B, 12.500%, 4/01/39
		District of Columbia – 0.2% (0.2% of Total Investments)
1,000		District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Subordinate	No Opt. Call	AA+	1,206,280
		Lien, Build America Taxable Bond Series 2010A, 5.522%, 10/01/44
		Florida – 0.9% (0.8% of Total Investments)
5,000		Florida State Board of Education, Public Education Capital Outlay Bonds, Build America Taxable	6/19 at 100.00	AAA	5,363,500
		Bonds, Series 2010G, 5.750%, 6/01/35

NBB	Nuveen Build America Bond Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Georgia – 5.3% (4.4% of Total Investments)
$ 2,500		Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Cobb County	1/26 at 100.00	AAA	$ 2,603,575
		Coliseum Project, Taxable Series 2015, 4.500%, 1/01/47
9,000		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build	No Opt. Call	A+	10,265,400
		America Bonds Series 2010A, 6.637%, 4/01/57
1,120		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Taxable Build	No Opt. Call	A+	1,263,259
		America Bonds Series 2010A, 6.655%, 4/01/57
15,000		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding	No Opt. Call	A–	15,829,050
		Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
27,620		Total Georgia			29,961,284
		Illinois – 9.3% (7.7% of Total Investments)
865		Chicago Transit Authority, Illinois, Sales and Transfer Tax Receipts Revenue Bonds, Pension	No Opt. Call	AA	1,081,068
		Funding Taxable Series 2008A, 6.899%, 12/01/40
7,735		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build	No Opt. Call	AA	9,100,537
		America Bonds, Series 2010B, 6.200%, 12/01/40
		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien,
		Build America Taxable Bond Series 2010B:
10,925		6.845%, 1/01/38	1/20 at 100.00	A	12,196,998
355		6.395%, 1/01/40	No Opt. Call	A	467,471
135		Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series	No Opt. Call	AA	167,453
		2010B, 6.900%, 1/01/40
14,000		Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3,	No Opt. Call	BBB	14,387,940
		6.725%, 4/01/35
8,090		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,	No Opt. Call	AA–	10,232,717
		Senior Lien Series 2009A, 6.184%, 1/01/34
1,595		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,	No Opt. Call	AA–	1,982,537
		Senior Lien Series 2009B, 5.851%, 12/01/34
2,000		Lake County, Illinois, General Obligation Bonds, Series 2010A, 5.125%, 11/30/27	11/19 at 100.00	AAA	2,154,960
685		Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project,	No Opt. Call	A2	871,628
		Build America Taxable Bond Series 2010A, 7.820%, 1/01/40
46,385		Total Illinois			52,643,309
		Indiana – 2.6% (2.1% of Total Investments)
5,000		Indiana University, Consolidated Revenue Bonds, Build America Taxable Bonds, Series 2010B,	6/20 at 100.00	AAA	5,397,800
		5.636%, 6/01/35
5,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Bonds, Series 2010A-2,	No Opt. Call	Aa1	6,218,050
		6.004%, 1/15/40
2,390		Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Taxable Bonds, Series	No Opt. Call	AA	3,008,413
		2010B-2, 6.116%, 1/15/40
12,390		Total Indiana			14,624,263
		Kentucky – 1.7% (1.4% of Total Investments)
5,000		Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project, Tender	9/20 at 100.00	AA	7,185,000
		Option Bond Trust 2016-XFT902, 25.129%, 9/01/37 – AGC Insured (IF) (4)
1,950		Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage	No Opt. Call	AA	2,519,829
		System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43
6,950		Total Kentucky			9,704,829
		Louisiana – 3.9% (3.3% of Total Investments)
20,350		East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Series 2010B,	2/20 at 100.00	AA	22,277,349
		6.087%, 2/01/45 (UB) (4)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Massachusetts – 0.8% (0.7% of Total Investments)
$ 2,000		Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option	No Opt. Call	AAA	$ 4,610,500
		Bond Trust 2016-XFT907, 22.356%, 6/01/40 (IF) (4)
		Michigan – 1.1% (0.9% of Total Investments)
6,190		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,	No Opt. Call	B–	6,066,076
		Taxable Turbo Series 2006A, 7.309%, 6/01/34
		Missouri – 0.3% (0.2% of Total Investments)
1,290		Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable	No Opt. Call	AA+	1,590,712
		Bonds, Series 2009A, 5.960%, 11/01/39
		Nevada – 5.5% (4.5% of Total Investments)
13,890		Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42	7/19 at 100.00	Aa2	15,397,760
10,150		Clark County, Nevada, Airport Revenue Bonds, Taxable Direct Payment Build America Bond Series	No Opt. Call	Aa2	14,274,656
		2010C, 6.820%, 7/01/45
1,315		Las Vegas, Nevada, Certificates of Participation, City Hall Project, Build America Federally	9/19 at 100.00	AA– (5)	1,494,616
		Taxable Bonds, Series 2009B, 7.800%, 9/01/39 (Pre-refunded 9/01/19)
25,355		Total Nevada			31,167,032
		New Jersey – 4.2% (3.5% of Total Investments)
2,500		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America	6/19 at 100.00	A–	2,638,725
		Bonds Issuer Subsidy Program, Series 2009B, 6.875%, 12/15/39
130		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America	12/20 at 100.00	A–	135,056
		Bonds Issuer Subsidy Program, Series 2010C, 6.104%, 12/15/28
4,190		New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2009F,	No Opt. Call	A+	6,044,578
		7.414%, 1/01/40
10,910		New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,	No Opt. Call	A+	15,267,563
		7.102%, 1/01/41
17,730		Total New Jersey			24,085,922
		New York – 17.5% (14.4% of Total Investments)
25,000		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series	No Opt. Call	AAA	30,575,750
		2010D, 5.600%, 3/15/40 (UB) (4)
5,100		Long Island Power Authority, New York, Electric System Revenue Bonds, Build America Taxable	No Opt. Call	A–	6,050,436
		Bond Series 2010B, 5.850%, 5/01/41
7,965		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Build America	No Opt. Call	AA	11,620,696
		Taxable Bonds, Series 2010C, 7.336%, 11/15/39
14,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	12/20 at 100.00	AA+	15,931,300
		Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series 2010CC,
		6.282%, 6/15/42
1,000		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	6/20 at 100.00	AA+	1,103,850
		Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA,
		5.790%, 6/15/41
2,595		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	No Opt. Call	AA+	3,363,380
		Bonds, Second Generation Resolution, Build America Taxable Bonds, Series 2010DD,
		5.952%, 6/15/42
2,025		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	No Opt. Call	AA+	2,624,603
		Bonds, Second Generation Resolution, Series 2010DD, 5.952%, 6/15/42 (UB)
1,595		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	No Opt. Call	AA+	3,937,656
		Bonds, Second Generation Resolution, Taxable Tender Option Bond Trust 2016-XFT908,
		23.519%, 6/15/44 (IF)

NBB	Nuveen Build America Bond Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		New York (continued)
$ 6,690		New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build	No Opt. Call	AA	$ 8,699,542
		America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40
10,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Build	No Opt. Call	AAA	12,113,500
		America Taxable Bonds, Series 2010G-1, 5.467%, 5/01/40 (4)
3,000		New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport	No Opt. Call	BBB	2,878,560
		Terminal B Redevelopment Project, Taxable Series 2016B, 3.673%, 7/01/30
78,970		Total New York			98,899,273
		North Carolina – 1.9% (1.6% of Total Investments)
10,100		North Carolina Turnpike Authority, Triangle Expressway System State Annual Appropriation	1/19 at 100.00	AA	10,877,498
		Revenue Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2009B,
		6.700%, 1/01/39
		Ohio – 7.9% (6.5% of Total Investments)
10,700		American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Build	No Opt. Call	A	15,246,109
		America Bond Series 2010B, 7.834%, 2/15/41
4,000		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Build	No Opt. Call	A1	4,736,560
		America Bond Series 2009C, 6.053%, 2/15/43
25		JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Taxable	No Opt. Call	AA	27,015
		Series 2013B, 4.532%, 1/01/35
15,500		Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America	11/20 at 100.00	AA+	17,412,389
		Taxable Bonds, Series 2010, 6.038%, 11/15/40
7,500		Port of Greater Cincinnati Development Authority, Ohio, Special Obligation TIF Revenue Bonds,	1/26 at 100.00	N/R	7,239,225
		Cooperative Township Public Parking, Kenwood Collection Redevelopment, Senior Lien Series
		2016A, 6.600%, 1/01/39
37,725		Total Ohio			44,661,298
		Oregon – 2.6% (2.1% of Total Investments)
4,000		Oregon Department of Administrative Services, Certificates of Participation, Federally Taxable	5/20 at 100.00	AA	6,066,800
		Build America Bonds, Tender Option Bond Trust 2016-TXG001, 23.753%, 5/01/35 (IF) (4)
8,030		Warm Springs Reservation Confederated Tribes, Oregon, Tribal Economic Development Bonds,	No Opt. Call	A3	8,636,537
		Hydroelectric Revenue Bonds, Pelton Round Butte Project, Refunding Series 2009A, 8.250%, 11/01/19
12,030		Total Oregon			14,703,337
		Pennsylvania – 1.4% (1.1% of Total Investments)
		Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Build America
		Taxable Bonds, Series 2009D:
1,225		5.653%, 6/01/24	No Opt. Call	A+	1,357,655
1,915		6.218%, 6/01/39	No Opt. Call	A+	2,309,413
2,000		Pennsylvania State, General Obligation Bonds, Build America Taxable Bonds, Third Series 2010B,	7/20 at 100.00	Aa3	2,219,500
		5.850%, 7/15/30
1,535		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series	No Opt. Call	A1	1,948,391
		2009A, 6.105%, 12/01/39
6,675		Total Pennsylvania			7,834,959
		South Carolina – 0.5% (0.4% of Total Investments)
55		South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,	No Opt. Call	AA–	85,236
		Federally Taxable Build America Tender Option Bond Trust 2016-XFT909, 26.230%, 1/01/50 (IF)
2,245		South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,	No Opt. Call	AA–	2,491,838
		Federally Taxable Build America Series 2010C, 6.454%, 1/01/50 (UB)
2,300		Total South Carolina			2,577,074

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tennessee – 1.9% (1.6% of Total Investments)
$ 5,000		Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,	No Opt. Call	A1	$ 6,603,950
		Tourism Tax Revenue Bonds, Build America Taxable Bonds, Series 2010A-2, 7.431%, 7/01/43
3,290		Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,	No Opt. Call	Aa3	4,313,387
		Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B,
		6.731%, 7/01/43
8,290		Total Tennessee			10,917,337
		Texas – 10.9% (9.0% of Total Investments)
1,000		Bexar County Hospital District, Texas, Certificates of Obligation, Taxable Build America Bond	2/19 at 100.00	AA+	1,085,210
		Series 2009B, 6.904%, 2/15/39
9,280		Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build	No Opt. Call	A–	12,051,565
		America Taxable Bonds, Series 09B, 7.088%, 1/01/42
2,200		Dallas Independent School District, Dallas County, Texas, General Obligation Bonds, School	2/21 at 100.00	AAA	2,525,600
		Building, Build America Taxable Bond Series 2010C, 6.450%, 2/15/35
3,250		Houston, Texas, General Obligation Bonds, Public Improvement, Build America Bond Series 2010B,	3/20 at 100.00	AA	3,581,533
		6.319%, 3/01/30
10,785		North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bond Series 2009B,	No Opt. Call	A1	15,078,723
		6.718%, 1/01/49
10,220		North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bonds, Series	2/20 at 100.00	Baa2	11,828,117
		2010-B2, 8.910%, 2/01/30
1,000		San Antonio, Texas, Electric and Gas System Revenue Bonds, Junior Lien, Build America Taxable	No Opt. Call	AA+	1,257,200
		Bond Series 2010A, 5.808%, 2/01/41
10		San Antonio, Texas, Electric and Gas System Revenue Bonds, Series 2012, 4.427%, 2/01/42	No Opt. Call	Aa1	10,715
5,000		San Antonio, Texas, General Obligation Bonds, Build America Taxable Bonds, Series 2010B,	8/20 at 100.00	AAA	5,575,800
		6.038%, 8/01/40
7,015		Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds,	No Opt. Call	AAA	8,803,825
		Series 2009A, 5.517%, 4/01/39
49,760		Total Texas			61,798,288
		Utah – 1.0% (0.8% of Total Investments)
4,000		Central Utah Water Conservancy District, Utah, Revenue Bonds, Federally Taxable Build America	4/20 at 100.00	AA+	4,297,880
		Bonds, Series 2010A, 5.700%, 10/01/40
1,000		Tooele County Municipal Building Authority, Utah, Lease Revenue Bonds, Build America Bond	12/20 at 100.00	A+	1,104,840
		Series 2010A-2, 8.000%, 12/15/32
5,000		Total Utah			5,402,720
		Virginia – 4.4% (3.7% of Total Investments)
		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
		Revenue Bonds, Build America Bonds, Series 2009D:
1,500		7.462%, 10/01/46 – AGM Insured	No Opt. Call	AA	2,204,850
		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
		Revenue Bonds, Build America Bonds, Series 2009D:
11,930		7.462%, 10/01/46 – AGC Insured	No Opt. Call	BBB+	16,916,024
7,125		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,	6/17 at 100.00	B–	5,972,745
		Refunding Senior Lien Series 2007A, 6.706%, 6/01/46
20,555		Total Virginia			25,093,619

NBB	Nuveen Build America Bond Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal				Optional Call
Amount (000)		Description (1)		Provisions (2)	Ratings (3)	Value
		Washington – 3.7% (3.1% of Total Investments)
$ 4,000		Seattle, Washington, Municipal Light and Power Revenue Bonds, Federally Taxable Build America		No Opt. Call	AA	$ 7,075,400
		Bonds, Tender Option Bond Trust 2016-XFT905, 21.484%, 2/01/40 (IF) (4)
11,090		Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds,		No Opt. Call	Aa3	14,087,849
		Build America Taxable Bond Series 2010B, 6.790%, 7/01/40
15,090		Total Washington				21,163,249
		West Virginia – 0.6% (0.5% of Total Investments)
3,800		Tobacco Settlement Finance Authority, West Virginia, Tobacco Settlement Asset-Backed Bonds,		6/25 at 100.00	B2	3,642,262
		Taxable Turbo Series 2007A, 7.467%, 6/01/47
$ 554,000		Total Municipal Bonds (cost $606,560,483)				682,716,028
Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CORPORATE BONDS – 0.5% (0.4% of Total Investments)
		Diversified Consumer Services – 0.5% (0.4% of Total Investments)
$ 3,015		BCOM Investment Partners LLC, Taxable Notes, Burrell College of Osteopathic	7.500%	9/01/45	N/R	$ 3,043,109
		Medicine, Series 2015, 144A
$ 3,015		Total Corporate Bonds (cost $3,015,000)				3,043,109
		Total Long-Term Investments (cost $609,575,483)				685,759,137
		Borrowings – (15.9)% (6), (7)				(90,175,000)
		Floating Rate Obligations – (8.4)%				(47,700,000)
		Other Assets Less Liabilities – 3.3% (8)				18,547,438
		Net Assets Applicable to Common Shares – 100%				$ 566,431,575

Investments in Derivatives as of March 31, 2017
Interest Rate Swaps (OTC Uncleared)

Fund

Fixed Rate

Optional

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Effective

Termination

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date (9)

Date

Date

Value

(Depreciation)

Morgan Stanley

$

121,000,000

Receive

1-Month USD-

1.500

%

Monthly

7/03/17

12/01/17

12/01/19

$

(273,646

)

$

(1,993,646

)

Capital

LIBOR-ICE

Services LLC

Interest Rate Swaps (OTC Cleared)

Variation

Fund

Fixed Rate

Optional

Margin

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Effective

Termination

Termination

Receivable/

Appreciation

Clearing Broker

Amount

Floating Rate

Index

(Annualized)

Frequency

Date (9)

Date

Date

(Payable)

(Depreciation)

Citigroup Global

$

47,500,000

Receive

3-Month USD-

2.769

%

Semi-Annually

1/10/18

N/A

1/10/40

$

(72,946

)

$

(561,705

)

Markets Inc.*

LIBOR-ICE

Citigroup Global

19,100,000

Receive

3-Month USD-

1.731

Semi-Annually

8/11/17

N/A

8/11/46

(14,948

)

3,834,684

Markets Inc.*

LIBOR-ICE

Citigroup Global

15,500,000

Receive

3-Month USD-

1.775

Semi-Annually

8/25/17

7/06/26 (10)

8/25/46

(12,375

)

2,973,194

Markets Inc.*

LIBOR-ICE

$

82,100,000

$

(100,269

)

$

6,246,173

*	LCH.Clearnet Ltd is the clearing house for this transaction.

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
	Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public
	accounting firm.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or
	Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB
	by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national
	rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain
	bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)	Borrowings as a percentage of Total Investments is 13.1%.
(7)	The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when
	applicable) as collateral for borrowings.
(8)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and
	Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers
	and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(9)	Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(10)	This interest rate swap has an optional early termination date beginning on July 6, 2026 and every five years thereafter through the termination date as specified in the
	swap contract.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in
	Derivatives, Inverse Floating Rate Securities for more information.
144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from
	registration, which are normally those transactions with qualified institutional buyers.
N/A	Not applicable.
USD-LIBOR-ICE	United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange

NBD
Nuveen Build America Bond Opportunity Fund
Portfolio of Investments	March 31, 2017

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 105.5% (100.0% of Total Investments)
		MUNICIPAL BONDS – 104.7% (99.2% of Total Investments)
		California – 23.2% (22.0% of Total Investments)
$ 1,500		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build	No Opt. Call	A+	$ 2,166,525
		America Taxable Bond Series 2009G-2, 8.361%, 10/01/34
2,000		California State, Various Purpose General Obligation Bonds, Build America Federally Taxable	No Opt. Call	AA–	2,835,820
		Bonds, Series 2009, 7.500%, 4/01/34
3,500		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda	No Opt. Call	BB+	3,697,540
		University Medical Center, Series 2014B, 6.000%, 12/01/24
2,000		Los Angeles Community College District, Los Angeles County, California, General Obligation	No Opt. Call	AA+	6,563,000
		Bonds, Tender Option Bond Trust 2016-XG002, 27.019%, 8/01/49 (IF) (4)
1,150		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International	No Opt. Call	AA–	1,472,851
		Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39
2,000		Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender	No Opt. Call	AA+	6,037,800
		Option Bond Trust 2016-XFT906, 26.890%, 7/01/50 (IF) (4)
775		Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,	No Opt. Call	A+	817,555
		Federally Taxable Series 2011A-T, 7.500%, 9/01/19
2,200		San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,	No Opt. Call	AAA	2,805,528
		Build America Taxable Bonds Series 2010A, 5.911%, 4/01/48
1,500		San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,	No Opt. Call	AA–	2,121,045
		Build America Taxable Bonds, Series 2010G, 6.950%, 11/01/50
675		San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation	No Opt. Call	AA–	910,697
		Revenue Bonds, San Francisco Redevelopment Projects, Taxable Series 2009E, 8.406%, 8/01/39
2,000		San Francisco City and County, California, Certificates of Participation, 525 Golden Gate	No Opt. Call	AA	4,497,800
		Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond
		2016-XFT901, 25.439%, 11/01/41 (IF) (4)
315		Stanton Redevelopment Agency, California, Tax Allocation Bonds, Stanton Consolidated	No Opt. Call	A (5)	359,015
		Redevelopment Project Series 2011A, 7.000%, 12/01/19 (ETM)
2,000		The Regents of the University of California, Medical Center Pooled Revenue Bonds, Build	No Opt. Call	AA–	2,599,380
		America Taxable Bonds, Series 2010H, 6.548%, 5/15/48
21,615		Total California			36,884,556
		Colorado – 5.3% (5.0% of Total Investments)
4,000		Colorado State Bridge Enterprise Revenue Bonds, Federally Taxable Build America Series 2010A,	No Opt. Call	AA	5,016,200
		6.078%, 12/01/40
2,585		Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Build	No Opt. Call	AA+	3,367,583
		America Series 2010B, 5.844%, 11/01/50
6,585		Total Colorado			8,383,783
		Connecticut – 1.0% (0.9% of Total Investments)
1,355		Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue	4/20 at 100.00	N/R	1,567,789
		Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
		Development Bond Series 2010B, 12.500%, 4/01/39

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Georgia – 2.7% (2.5% of Total Investments)
$ 1,000		Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Cobb County	1/26 at 100.00	AAA	$ 1,041,430
		Coliseum Project, Taxable Series 2015, 4.500%, 1/01/47
3,000		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding	No Opt. Call	A–	3,165,810
		Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
4,000		Total Georgia			4,207,240
		Illinois – 10.7% (10.2% of Total Investments)
3,715		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build	No Opt. Call	AA	4,370,846
		America Bonds, Series 2010B, 6.200%, 12/01/40
1,255		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien,	1/20 at 100.00	A	1,401,120
		Build America Taxable Bond Series 2010B, 6.845%, 1/01/38
2,000		Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5,	No Opt. Call	BBB	2,134,400
		7.350%, 7/01/35
5,000		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,	No Opt. Call	AA–	6,324,300
		Senior Lien Series 2009A, 6.184%, 1/01/34
2,000		Lake County, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 11/30/28	11/19 at 100.00	AAA	2,151,060
365		Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project,	No Opt. Call	A2	426,473
		Build America Bond Series 2009C, 6.859%, 1/01/39
205		Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project,	No Opt. Call	A2	260,852
		Build America Taxable Bond Series 2010A, 7.820%, 1/01/40
14,540		Total Illinois			17,069,051
		Indiana – 0.8% (0.8% of Total Investments)
1,000		Indianapolis Local Public Improvement Bond Bank, Indiana, Build America Taxable Bonds, Series	No Opt. Call	AA	1,258,750
		2010B-2, 6.116%, 1/15/40
		Kentucky – 2.4% (2.3% of Total Investments)
3,000		Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage	No Opt. Call	AA	3,876,660
		System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43
		Massachusetts – 2.9% (2.7% of Total Investments)
2,000		Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option	No Opt. Call	AAA	4,610,500
		Bond Trust 2016-XFT907, 22.356%, 6/01/40 (IF) (4)
		Michigan – 1.2% (1.2% of Total Investments)
2,000		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,	No Opt. Call	B–	1,959,960
		Taxable Turbo Series 2006A, 7.309%, 6/01/34
		Mississippi – 1.6% (1.5% of Total Investments)
2,085		Mississippi State, General Obligation Bonds, Build America Taxable Bond Series 2010F,	No Opt. Call	AA	2,493,639
		5.245%, 11/01/34
		Nevada – 2.7% (2.6% of Total Investments)
1,965		Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42	7/19 at 100.00	Aa2	2,178,301
1,500		Clark County, Nevada, Airport Revenue Bonds, Taxable Direct Payment Build America Bond Series	No Opt. Call	Aa2	2,109,555
		2010C, 6.820%, 7/01/45
3,465		Total Nevada			4,287,856

NBD
	Nuveen Build America Bond Opportunity Fund
	Portfolio of Investments (continued)	March 31, 2017

Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	New Jersey – 4.9% (4.7% of Total Investments)
$ 3,890	New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,	No Opt. Call	A+	$ 5,443,705
	7.102%, 1/01/41
2,000	Rutgers State University, New Jersey, Revenue Bonds, Build America Taxable Bond Series 2010H,	No Opt. Call	Aa3	2,356,660
	5.665%, 5/01/40
5,890	Total New Jersey			7,800,365
	New York – 12.8% (12.1% of Total Investments)
2,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender	No Opt. Call	AAA	4,230,300
	Option Bond Trust 2016-XFT903, 20.726%, 3/15/40 (IF) (4)
1,270	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Federally	11/33 at 100.00	AA–	1,690,738
	Taxable Issuer Subsidy Build America Bonds, Series 2010A, 6.668%, 11/15/39
1,500	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	No Opt. Call	AA+	1,873,410
	Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA,
	5.440%, 6/15/43 (4)
2,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	No Opt. Call	AA+	4,937,500
	Bonds, Second Generation Resolution, Taxable Tender Option Bond Trust 2016-XFT908,
	23.519%, 6/15/44 (IF)
3,750	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build	No Opt. Call	AA	4,876,425
	America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40
1,500	New York City, New York, General Obligation Bonds, Federally Taxable Build America Bonds,	12/20 at 100.00	AA	1,714,920
	Series 2010-F1, 6.646%, 12/01/31
1,000	New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport	No Opt. Call	BBB	959,520
	Terminal B Redevelopment Project, Taxable Series 2016B, 3.673%, 7/01/30
13,020	Total New York			20,282,813
	North Carolina – 1.3% (1.3% of Total Investments)
1,955	North Carolina Turnpike Authority, Triangle Expressway System State Annual Appropriation	1/19 at 100.00	AA	2,105,496
	Revenue Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2009B,
	6.700%, 1/01/39
	Ohio – 7.2% (6.8% of Total Investments)
1,500	American Municipal Power Inc., Ohio, Meldahl Hydroelectric Projects Revenue Bonds, Build	No Opt. Call	A	2,048,190
	America Bond Series 2010B, 7.499%, 2/15/50
2,690	American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Build	No Opt. Call	A1	3,185,337
	America Bond Series 2009C, 6.053%, 2/15/43
2,850	Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America	11/20 at 100.00	AA+	3,201,633
	Taxable Bonds, Series 2010, 6.038%, 11/15/40
3,075	Port of Greater Cincinnati Development Authority, Ohio, Special Obligation TIF Revenue Bonds,	1/26 at 100.00	N/R	2,968,082
	Cooperative Township Public Parking, Kenwood Collection Redevelopment, Senior Lien Series
	2016A, 6.600%, 1/01/39
10,115	Total Ohio			11,403,242
	Pennsylvania – 2.0% (1.9% of Total Investments)
2,715	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series	No Opt. Call	A1	3,253,330
	2010B, 5.511%, 12/01/45

Principal				Optional Call
Amount (000)		Description (1)		Provisions (2)	Ratings (3)	Value
		South Carolina – 4.9% (4.6% of Total Investments)
$ 155		South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,		No Opt. Call	AA–	$ 240,211
		Federally Taxable Build America Tender Option Bond Trust 2016-XFT909, 26.230%, 1/01/50 (IF)
6,735		South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series		No Opt. Call	AA–	7,475,513
		2010C, 6.454%, 1/01/50 (UB)
6,890		Total South Carolina				7,715,724
		Tennessee – 3.4% (3.2% of Total Investments)
4,060		Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,		No Opt. Call	Aa3	5,322,904
		Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B,
		6.731%, 7/01/43
		Texas – 6.9% (6.5% of Total Investments)
1,000		Bexar County Hospital District, Texas, Certificates of Obligation, Taxable Build America Bond		2/19 at 100.00	AA+	1,085,210
		Series 2009B, 6.904%, 2/15/39
2,520		Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Build America Taxable Bonds, Series		No Opt. Call	AA+	3,264,106
		2009B, 5.999%, 12/01/44
2,000		Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build		No Opt. Call	A–	2,597,320
		America Taxable Bonds, Series 09B, 7.088%, 1/01/42
1,000		Houston, Texas, General Obligation Bonds, Public Improvement, Build America Bond Series 2010B,		3/20 at 100.00	AA	1,102,010
		6.319%, 3/01/30
2,500		North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bonds, Series		2/20 at 100.00	Baa2	2,893,375
		2010-B2, 8.910%, 2/01/30
9,020		Total Texas				10,942,021
		Virginia – 3.1% (2.9% of Total Investments)
1,110		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien		No Opt. Call	BBB+	1,573,913
		Revenue Bonds, Build America Bonds, Series 2009D, 7.462%, 10/01/46 – AGC Insured
4,020		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,		6/17 at 100.00	B–	3,369,886
		Refunding Senior Lien Series 2007A, 6.706%, 6/01/46
5,130		Total Virginia				4,943,799
		Washington – 2.3% (2.2% of Total Investments)
2,935		Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds,		No Opt. Call	Aa3	3,728,389
		Build America Taxable Bond Series 2010B, 6.790%, 7/01/40
		West Virginia – 1.4% (1.3% of Total Investments)
2,315		Tobacco Settlement Finance Authority, West Virginia, Tobacco Settlement Asset-Backed Bonds,		6/25 at 100.00	B2	2,218,904
		Taxable Turbo Series 2007A, 7.467%, 6/01/47
$ 125,690		Total Municipal Bonds (cost $131,656,622)				166,316,771
Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CORPORATE BONDS – 0.8% (0.8% of Total Investments)
		Diversified Consumer Services – 0.8% (0.8% of Total Investments)
$ 1,300		BCOM Investment Partners LLC, Taxable Notes, Burrell College of Osteopathic	7.500%	9/01/45	N/R	$ 1,312,120
		Medicine, Series 2015, 144A
$ 1,300		Total Corporate Bonds (cost $1,300,000)				1,312,120
		Total Long-Term Investments (cost $132,956,622)				167,628,891
		Borrowings – (7.5)% (6), (7)				(12,000,000)
		Floating Rate Obligations – (3.4)%				(5,390,000)
		Other Assets Less Liabilities – 5.4% (8)				8,619,319
		Net Assets Applicable to Common Shares – 100%				$ 158,858,210

NBD
	Nuveen Build America Bond Opportunity Fund
	Portfolio of Investments (continued)	March 31, 2017

Investments in Derivatives as of March 31, 2017

Interest Rate Swaps (OTC Uncleared)

Fund

Fixed Rate

Optional

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Effective

Termination

Termination

Appreciation

Counterparty

Amount

Floating Rate

Index

(Annualized)

Frequency

Date (9)

Date

Date

Value

(Depreciation)

Barclays Bank PLC

$

29,500,000

Receive

1-Month USD-

1.655

%

Monthly

7/03/17

6/01/18

6/01/20

$

(155,838

)

$

(647,338

)

LIBOR-ICE

Interest Rate Swaps (OTC Cleared)

Variation

Fund

Fixed Rate

Optional

Margin

Unrealized

Notional

Pay/Receive

Floating Rate

Fixed Rate

Payment

Effective

Termination

Termination

Receivable/

Appreciation

Clearing Broker

Amount

Floating Rate

Index

(Annualized)

Frequency

Date (9)

Date

Date

(Payable)

(Depreciation)

Citigroup Global

$

34,200,000

Receive

3-Month USD-

1.972

%

Semi-Annually

4/13/17

N/A

4/13/27

$

(48,539

)

$

1,308,896

Markets Inc.*

LIBOR-ICE

Citigroup Global

15,500,000

Receive

3-Month USD-

2.769

Semi-Annually

1/10/18

N/A

1/10/40

(23,905

)

(183,293

)

Markets Inc.*

LIBOR-ICE

Citigroup Global

11,900,000

Receive

3-Month USD-

1.731

Semi-Annually

8/11/17

N/A

8/11/46

(9,214

)

2,389,148

Markets Inc.*

LIBOR-ICE

Citigroup Global

9,500,000

Receive

3-Month USD-

1.775

Semi-Annually

8/25/17

7/06/26

(10)

8/25/46

(7,492

)

1,822,280

Markets Inc.*

LIBOR-ICE

$

71,100,000

$

(89,150

)

$

5,337,031

*	LCH.Clearnet Ltd is the clearing house for this transaction.

Statement of
Assets and Liabilities
		March 31, 2017
		NBB				NBD
Assets
Long-term investments, at value (cost $609,575,483 and $132,956,622, respectively)		$	685,759,137			$	167,628,891
Cash			39,064				86,461
Cash collateral at brokers(1)			10,339,216				6,565,375
Interest rate swaps premiums paid			1,720,000				491,500
Receivable for interest			11,850,045				3,072,688
Other assets			52,200				7,908
Total assets			709,759,662				177,852,823
Liabilities
Borrowings			90,175,000				12,000,000
Floating rate obligations			47,700,000				5,390,000
Unrealized depreciation on interest rate swaps			1,993,646				647,338
Payable for:
Common share dividends			2,657,414				669,106
Variation margin on swap contracts			100,269				89,150
Accrued expenses:
Management fees			397,505				116,410
Interest on borrowings			128,016				17,036
Trustees fees			35,914				1,029
Other			140,323				64,544
Total liabilities			143,328,087				18,994,613
Net assets applicable to common shares		$	566,431,575			$	158,858,210
Common shares outstanding			26,461,985				7,205,250
Net asset value (“NAV”) per common share outstanding		$	21.41			$	22.05
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share		$	264,620			$	72,053
Paid-in surplus			504,137,905				137,235,390
Undistributed (Over-distribution of) net investment income			(5,170,222	)			(905,396	)
Accumulated net realized gain (loss)			(13,236,909	)			(16,905,799	)
Net unrealized appreciation (depreciation)			80,436,181				39,361,962
Net assets applicable to common shares		$	566,431,575			$	158,858,210
Authorized common shares		Unlimited				Unlimited

Statement of
Operations
	Year Ended March 31, 2017

		NBB				NBD
Investment Income		$	39,482,325			$	10,281,824
Expenses
Management fees			4,807,046				1,400,276
Interest expense			1,967,391				258,341
Custodian fees			82,668				38,049
Trustees fees			20,677				5,417
Professional fees			63,768				43,679
Shareholder reporting expenses			93,172				26,066
Shareholder servicing agent fees			170				170
Stock exchange listing fees			8,246				7,600
Investor relations expenses			78,079				19,902
Other			25,692				15,620
Total expenses			7,146,909				1,815,120
Net investment income (loss)			32,335,416				8,466,704
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments			9,021,575				3,911,152
Swaps			(12,401,642	)			(6,101,967	)
Change in net unrealized appreciation (depreciation) of:
Investments			(32,445,791	)			(11,702,541	)
Swaps			19,301,957				11,055,503
Net realized and unrealized gain (loss)			(16,523,901	)			(2,837,853	)
Net increase (decrease) in net assets applicable to common shares from operations		$	15,811,515			$	5,628,851

Statement of
Changes in Net Assets
		NBB				NBD
	Year		Year		Year		Year
	Ended		Ended		Ended		Ended
	3/31/17		3/31/16		3/31/17		3/31/16
Operations
Net investment income (loss)	$ 32,335,416		$ 34,024,600		$ 8,466,704		$ 9,142,234
Net realized gain (loss) from:
Investments	9,021,575		5,915,107		3,911,152		1,463,713
Swaps	(12,401,642)		(15,344,674)		(6,101,967)		(6,599,965)
Change in net unrealized appreciation (depreciation) of:
Investments	(32,445,791)		(21,555,569)		(11,702,541)		(6,096,820)
Swaps	19,301,957		5,259,280		11,055,503		1,252,886
Net increase (decrease) in net assets applicable to common shares
from operations	15,811,515		8,298,744		5,628,851		(837,952)
Distributions to Common Shareholders
From net investment income	(33,977,189)		(35,776,604)		(8,790,405)		(9,460,493)
Decrease in net assets applicable to common shares from distributions
to common shareholders	(33,977,189)		(35,776,604)		(8,790,405)		(9,460,493)
Net increase (decrease) in net assets applicable to common shares	(18,165,674)		(27,477,860)		(3,161,554)		(10,298,445)
Net assets applicable to common shares at the beginning of period	584,597,249		612,075,109		162,019,764		172,318,209
Net assets applicable to common shares at the end of period	$566,431,575		$584,597,249		$158,858,210		$162,019,764
Undistributed (Over-distribution of) net investment income at the
end of period	$ (5,170,222)		$ (4,037,456)		$ (905,396)		$ (745,589)

Statement of
Cash Flows
		Year Ended March 31, 2017
		NBB				NBD
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations		$	15,811,515			$	5,628,851
Adjustments to reconcile the net increase (decrease) in net assets applicable to
common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments			(78,299,580	)			(31,928,141	)
Proceeds from sales and maturities of investments			74,410,822				29,487,065
Proceeds from (Purchases of) short-term investments, net			603,079				—
Proceeds from (Payments for) swap contracts, net			(12,401,642	)			(6,101,967	)
Premiums received (paid) for interest rate swaps			(1,117,587	)			(325,003	)
Amortization (Accretion) of premiums and discounts, net			1,316,116				152,595
(Increase) Decrease in:
Cash collateral at brokers			4,901,291				608,773
Receivable for interest			(15,407	)			(8,661	)
Other assets			21,144				6,026
Increase (Decrease) in:
Payable for variation margin on swap contracts			(577,175	)			(287,214	)
Accrued management fees			(7,855	)			(846	)
Accrued interest on borrowings			32,775				4,479
Accrued Trustees fees			3,462				(84	)
Accrued other expenses			9,751				3,307
Net realized (gain) loss from:
Investments			(9,021,575	)			(3,911,152	)
Swaps			12,401,642				6,101,967
Change in net unrealized (appreciation) depreciation of:
Investments			32,445,791				11,702,541
Swaps(1)			(1,557,946	)			(466,056	)
Net cash provided by (used in) operating activities			38,958,621				10,666,480
Cash Flows from Financing Activities:
Proceeds from borrowings			675,000				200,000
Increase (Decrease) in:
Cash overdraft			—				(100,671	)
Floating rate obligations			(5,390,000	)			(1,800,000	)
Cash distributions paid to common shareholders			(34,204,557	)			(8,879,348	)
Net cash provided by (used in) financing activities			(38,919,557	)			(10,580,019	)
Net Increase (Decrease) in Cash			39,064				86,461
Cash at the beginning of period			—				—
Cash at the end of period		$	39,064			$	86,461
		NBB				NBD
Cash paid for interest (excluding borrowing costs)		$	1,829,604			$	233,854
(1)    Excluding over-the-counter cleared swaps.

Selected data for a common share outstanding throughout each period:
																		Less Distributions
						Investment Operations												to Common Shareholders												Common Share
		Beginning				Net				Net								From				From
		Common				Investment				Realized/								Net				Accumulated												Ending
		Share				Income				Unrealized								Investment				Net Realized								Ending				Share
		NAV				(Loss)(a)				Gain (Loss)				Total				Income				Gains				Total				NAV				Price
NBB
Year Ended 3/31:
2017		$	22.09			$	1.22			$	(0.62	)		$	0.60			$	(1.28	)		$	—			$	(1.28	)		$	21.41			$	20.90
2016			23.13				1.29				(0.98	)			0.31				(1.35	)			—				(1.35	)			22.09				21.59
2015			21.45				1.37				1.70				3.07				(1.39	)			—				(1.39	)			23.13				21.24
2014			22.60				1.39				(1.14	)			0.25				(1.40	)			—				(1.40	)			21.45				19.62
2013			21.39				1.35				1.17				2.52				(1.31	)			—				(1.31	)			22.60				20.97

NBD
Year Ended 3/31:
2017			22.49				1.18				(0.40	)			0.78				(1.22	)			—				(1.22	)			22.05				21.63
2016			23.92				1.27				(1.39	)			(0.12	)			(1.31	)			—				(1.31	)			22.49				21.52
2015			22.68				1.37				1.24				2.61				(1.37	)			—				(1.37	)			23.92				21.72
2014			23.92				1.40				(1.29	)			0.11				(1.35	)			—				(1.35	)			22.68				20.50
2013			22.56				1.34				1.31				2.65				(1.29	)			—				(1.29	)			23.92				22.12

		Borrowings at the End of Period
		Aggregate
		Amount				Asset
		Outstanding				Coverage
			(000	)		Per $1,000
NBB
Year Ended 3/31:
2017		$	90,175			$	7,281
2016			89,500				7,532
2015			89,500				7,839
2014			89,000				7,379
2013			89,000				7,720

NBD
Year Ended 3/31:
2017			12,000				14,238
2016			11,800				14,730
2015			11,800				15,603
2014			11,500				15,208
2013			11,500				15,985

												Common Share Supplemental Data/
												Ratios Applicable to Common Shares
Common Share
Total Returns												Ratios to Average Net Assets(c)
				Based on				Ending								Net				Portfolio
Based on				Share				Net								Investment				Turnover
NAV		(b)		Price		(b)		Assets (000)				Expenses		(d)		Income (Loss)				Rate		(e)
	2.66	%			2.70	%		$	566,432				1.21	%			5.48	%			11	%
	1.63				8.66				584,597				1.13				5.93				16
	14.61				15.75				612,075				1.07				6.04				13
	1.44				0.63				567,690				1.12				6.63				6
	12.05				10.57				598,113				1.10				6.10				7
	3.39				6.25				158,858				1.10				5.13				17
	(0.25	)			5.68				162,020				1.08				5.73				11
	11.70				12.86				172,318				1.02				5.77				6
	0.76				(0.85	)			163,391				1.08				6.34				4
	11.97				11.88				172,331				1.07				5.74				4

(a)	Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b)	Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Price 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.
(c)	Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, where applicable.
(d)	The expense ratios reflect, among other things, all interest expense and other costs related to borrowings (as described in Note 8 – Borrowing Arrangements) and/or the 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

NBB					NBD
Year Ended 3/31:					Year Ended 3/31:
2017	0.33	%			2017	0.16	%
2016	0.22				2016	0.10
2015	0.19				2015	0.09
2014	0.22				2014	0.11
2013	0.22				2013	0.10

(e)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

NBB		Level 1				Level 2				Level 3				Total
Long-Term Investments*:
Municipal Bonds		$	—			$	682,716,028			$	—			$	682,716,028
Corporate Bonds			—				3,043,109				—				3,043,109
Investments in Derivatives:
Interest Rate Swaps**			—				4,252,527				—				4,252,527
Total		$	—			$	690,011,664			$	—			$	690,011,664

NBD
Long-Term Investments*:
Municipal Bonds		$	—			$	166,316,771			$	—			$	166,316,771
Corporate Bonds			—				1,312,120				—				1,312,120
Investments in Derivatives:
Interest Rate Swaps**			—				4,689,693				—				4,689,693
Total		$	—			$	172,318,584			$	—			$	172,318,584

*	Refer to the Fund’s Portfolio of Investments for state and/or industry classifications.
**	Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

(i)

If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii)

If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

Floating Rate Obligations Outstanding		NBB				NBD
Floating rate obligations: self-deposited Inverse Floaters		$	47,700,000			$	5,390,000
Floating rate obligations: externally-deposited Inverse Floaters			90,580,000				48,610,000
Total		$	138,280,000			$	54,000,000

Self-Deposited Inverse Floaters		NBB				NBD
Average floating rate obligations outstanding		$	48,305,452			$	5,592,192
Average annual interest rate and fees			1.16	%			1.17	%

Floating Rate Obligations - Recourse Trusts		NBB				NBD
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters		$	47,700,000			$	5,390,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters			90,580,000				48,610,000
Total		$	138,280,000			$	54,000,000

	NBB	NBD
Average notional amount of interest rate swap contracts outstanding*	$207,840,000	$100,500,000

						Location on the Statement of Assets and Liabilities
Underlying	Derivative					Asset Derivatives					(Liability) Derivatives
Risk Exposure	Instrument		Location					Value			Location		Value
NBB
											Unrealized depreciation on interest
Interest rate	Swaps (OTC Uncleared)			—				$	—		rate swaps		$	(1,993,646	)
											Payable for variation
Interest rate	Swaps (OTC Cleared)			—					—		margin on swap contracts**			6,807,878
											Payable for variation
											margin on swap contracts**			(561,705	)
Total								$	—				$	4,252,527
NBD
											Unrealized depreciation on interest
Interest rate	Swaps (OTC Uncleared)			—				$	—		rate swaps		$	(647,338	)
											Payable for variation
Interest rate	Swaps (OTC Cleared)			—					—		margin on swap contracts**			5,520,324
											Payable for variation
											margin on swap contracts**			(183,293	)
Total								$	—				$	4,689,693

																			Gross Amount Not Offset
																			on the Statement of
																			Assets and Liabilities
			Gross				Gross				Amounts				Net Unrealized
			Unrealized				Unrealized				Netted on				Appreciation
			Appreciation on				(Depreciation) on				Statement of				(Depreciation) on				Interest				Collateral
			Interest				Interest				Assets and				Interest				Rate Swaps				Pledged to (from)				Net
Fund	Counterparty		Rate Swaps		***		Rate Swaps		***		Liabilities				Rate Swaps				Premiums Paid				Counterparty				Exposure
NBB
	Morgan Stanley
	Capital Services LLC		$	—			$	(1,993,646	)		$	—			$	(1,993,646	)		$	1,720,000			$	273,646			$	—
NBD
	Barclays Bank PLC		$	—			$	(647,338	)		$	—			$	(647,338	)		$	491,500			$	155,838			$	—
*** Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.

			Net Realized	Change in Net Unrealized
	Underlying	Derivative	Gain (Loss) from	Appreciation (Depreciation) of
Fund	Risk Exposure	Instrument	Swaps	Swaps
NBB	Interest rate	Swaps	$(12,401,642)	$19,301,957
NBD	Interest rate	Swaps	(6,101,967)	11,055,503

		NBB				NBD
Purchases		$	78,299,580			$	31,928,141
Sales and maturities			74,410,822				29,487,065

		NBB				NBD
Cost of investments		$	565,879,446			$	127,947,502
Gross unrealized:
Appreciation		$	74,778,163			$	35,126,803
Depreciation			(2,600,672	)			(836,513	)
Net unrealized appreciation (depreciation) of investments		$	72,177,491			$	34,290,290

		NBB				NBD
Paid-in surplus		$	—			$	—
Undistributed (Over-distribution of) net investment income			509,007				163,894
Accumulated net realized gain (loss)			(509,007	)			(163,894	)

		NBB				NBD
Undistributed net ordinary income1		$	1,561,526			$	164,684
Undistributed net long-term capital gains			—				—

1	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, 2017, and paid on April 3, 2017.

2017		NBB				NBD
Distributions from net ordinary income2		$	34,215,347			$	8,884,074
Distributions from net long-term capital gains			—				—
2016		NBB				NBD
Distributions from net ordinary income2		$	35,882,452			$	9,500,122
Distributions from net long-term capital gains			—				—

2    Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

		NBB				NBD
Capital losses to be carried forward – not subject to expiration		$	13,236,909			$	16,905,799

7. Management Fees and Other Transactions with Affiliates

Average Daily Managed Assets*		Fund-Level Fee
For the first $125 million			0.4500	%
For the next $125 million			0.4375
For the next $250 million			0.4250
For the next $500 million			0.4125
For the next $1 billion			0.4000
For managed assets over $2 billion			0.3875

Average Daily Managed Assets*		Fund-Level Fee
For the first $125 million			0.4500	%
For the next $125 million			0.4375
For the next $250 million			0.4250
For the next $500 million			0.4125
For the next $1 billion			0.4000
For the next $3 billion			0.3750
For managed assets over $5 billion			0.3625

Complex-Level Managed Asset Breakpoint Level*		Effective Rate at Breakpoint Level
$55 billion			0.2000	%
$56 billion			0.1996
$57 billion			0.1989
$60 billion			0.1961
$63 billion			0.1931
$66 billion			0.1900
$71 billion			0.1851
$76 billion			0.1806
$80 billion			0.1773
$91 billion			0.1691
$125 billion			0.1599
$200 billion			0.1505
$250 billion			0.1469
$300 billion			0.1445

*

For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, 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 a determined amount (originally $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, 2017, the complex-level fee for each Fund was 0.1613%.

		NBB				NBD
Maximum commitment amount		$	95,000,000			$	15,000,000

As of the end of the reporting period, each Fund’s outstanding balance on its Borrowings was as follows:

		NBB				NBD
Outstanding balance on Borrowings		$	90,175,000			$	12,000,000

		NBB				NBD
Average daily balance outstanding		$	90,064,041			$	11,967,123
Average annual interest rate			1.43	%			1.43	%

Additional
Fund Information (Unaudited)
Board of Trustees
William Adams IV*	Margo Cook*	Jack B. Evans	William C. Hunter	David J. Kundert	Albin F. Moschner
John K. Nelson	William J. Schneider	Judith M. Stockdale	Carole E. Stone	Terence J. Toth	Margaret L. Wolff
* Interested Board Member.
Fund Manager	Custodian	Legal Counsel	Independent Registered		Transfer Agent and
Nuveen Fund Advisors, LLC	State Street Bank	Chapman and Cutler LLP	Public Accounting Firm		Shareholder Services
333 West Wacker Drive	& Trust Company	Chicago, IL 60603	KPMG LLP		State Street Bank
Chicago, IL 60606	One Lincoln Street		200 East Randolph Drive		& Trust Company
	Boston, MA 02111		Chicago, IL 60601		Nuveen Funds
					P.O. Box 43071
					Providence, RI 02940-3071
					(800) 257-8787

		NBB				NBD
% of Interest-Related Dividends			100	%			100	%

	NBB	NBD
Common Shares repurchased	—	—

Name,	Position(s) Held	Year First	Principal	Number
Year of Birth	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:
■ WILLIAM J. SCHNEIDER			Chairman of Miller-Valentine Partners, a real estate investment
1944			company; Board Member of WDPR Public Radio station; formerly,
333 W. Wacker Drive	Chairman and	1996	Senior Partner and Chief Operating Officer (retired (2004) of	177
Chicago, IL 6o6o6	Board Member	Class III	Miller-Valentine Group; formerly, Board member, Business Advisory
			Council of the Cleveland Federal Reserve Bank and University of
			Dayton Business School Advisory Council; past Chair and Director,
			Dayton Development Coalition.
■ JACK B. EVANS			President, The Hall-Perrine Foundation, a private philanthropic
1948			corporation (since 1996); Director and Chairman, United Fire
333 W. Wacker Drive	Board Member	1999	Group, a publicly held company; Director, American Board of	177
Chicago, IL 6o6o6		Class III	Orthopaedic Surgery (since 2017); Life Trustee of Coe College and
			the Iowa College Foundation; formerly, President Pro-Tem of the
			Board of Regents for the State of Iowa University System; 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 Emeritus, formerly, Dean, Tippie College of Business, University
1948			of Iowa (2006-2012); Director (since 2004) of Xerox Corporation;
333 W. Wacker Drive	Board Member	2003	past Director (2005- 2015), and past President (2010-2014) Beta	177
Chicago, IL 6o6o6		Class I	Gamma Sigma, Inc., The International Business Honor Society;
			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			Formerly, Director, Northwestern Mutual Wealth Management
1942			Company (2006-2013), retired (since 2004) as Chairman, JPMorgan
333 W. Wacker Drive	Board Member	2005	Fleming Asset Management, President and CEO, Banc One	177
Chicago, IL 6o6o6		Class II	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;
			Regent Emeritus, Member of Investment Committee, Luther College;
			member of the Wisconsin Bar Association; member of Board of
			Directors and Chair of Investment Committee, Greater Milwaukee
			Foundation; member of the Board of Directors (Milwaukee), College
			Possible; Board member of Milwaukee Repertory Theatre (since 2016).

Name,	Position(s) Held	Year First	Principal	Number
Year of Birth	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 (continued):
■ ALBIN F. MOSCHNER(2)			Founder and Chief Executive Officer, Northcroft Partners, LLC, a
1952			management consulting firm (since 2012); previously, held positions
333 W. Wacker Drive	Board Member	2016	at Leap Wireless International, Inc., including Consultant (2011-2012),	177
Chicago, IL 60606		Class III	Chief Operating Officer (2008-2011), and Chief Marketing Officer
			(2004-2008); formerly, President, Verizon Card Services division of
			Verizon Communications, Inc. (2000-2003); formerly, President,
			One Point Services at One Point Communications (1999- 2000);
			formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997);
			formerly, various executive positions with Zenith Electronics
			Corporation (1991- 1996). Director, USA Technologies, Inc., a
			provider of solutions and services to facilitate electronic payment
			transactions (since 2012); formerly, Director, Wintrust Financial
			Corporation (1996-2016).
■ JOHN K. NELSON			Member of Board of Directors of Core12 LLC (since 2008), a private
1962			firm which develops branding, marketing and communications
333 W. Wacker Drive	Board Member	2013	strategies for clients; Director of The Curran Center for Catholic	177
Chicago, IL 6o6o6		Class II	American Studies (since 2009) and The President’s Council,
			Fordham University (since 2010); formerly, senior external advisor
			to the financial services practice of Deloitte Consulting LLP (2012-
			2014): formerly, Chairman of the Board of Trustees of Marian
			University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief
			Executive Officer of ABN AMRO N.V. North America, and Global
			Head of its Financial Markets Division (2007-2008); prior senior
			positions held at ABN AMRO include Corporate Executive Vice
			President and Head of Global Markets-the Americas (2006-2007),
			CEO of Wholesale Banking North America and Global Head of
			Foreign Exchange and Futures Markets (2001-2006), and Regional
			Commercial Treasurer and Senior Vice President Trading-North
			America (1996-2001); formerly, Trustee at St. Edmund Preparatory
			School in New York City.
■ JUDITH M. STOCKDALE			Board Member, Land Trust Alliance (since 2013) and U.S.
1947			Endowment for Forestry and Communities (since 2013); formerly,
333 W. Wacker Drive	Board Member	1997	Executive Director (1994- 2012), Gaylord and Dorothy Donnelley	177
Chicago, IL 6o6o6		Class I	Foundation; prior thereto, Executive Director, Great Lakes
			Protection Fund (1990-1994).
■ CAROLE E. STONE			Director, Chicago Board Options Exchange, Inc. (since 2006);
1947			Director, C2 Options Exchange, Incorporated (since 2009); Director,
333 W. Wacker Drive	Board Member	2007	CBOE Holdings, Inc.(since 2010); formerly, Commissioner, New	177
Chicago, IL 6o6o6		Class I	York State Commission on Public Authority Reform (2005-2010).
■ TERENCE J. TOTH			Co-Founding Partner, Promus Capital (since 2008); Director, Fulcrum
1959			IT Service LLC (since 2010) and Quality Control Corporation (since
333 W. Wacker Drive	Board Member	2008	2012); member: Catalyst Schools of Chicago Board (since 2008) and	177
Chicago, IL 6o6o6		Class II	Mather Foundation Board (since 2012), and chair of its Investment
			Committee; formerly, Director, Legal & General Investment
			Management America, Inc.(2008-2013); 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); 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).

Name,	Position(s) Held	Year First	Principal	Number
Year of Birth	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 (continued):
■ MARGARET L. WOLFF			Member of the Board of Directors (since 2013) of Travelers Insurance
1955			Company of Canada and The Dominion of Canada General Insurance
333 W. Wacker Drive	Board Member	2016	Company (each, a part of Travelers Canada, the Canadian operation of	177
Chicago, IL 6o6o6		Class I	The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps,
			Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-
			2014); Member of the Board of Trustees of New York-Presbyterian
			Hospital (since 2005); Member (since 2004) and Chair (since 2015) of
			the Board of Trustees of The John A. Hartford Foundation (a
			philanthropy dedicated to improving the care of older adults); formerly,
			Member (2005-2015) and Vice Chair (2011-2015) of the Board of
			Trustees of Mt. Holyoke College.
Interested Board Members:
■ WILLIAM ADAMS IV(3)			Co-Chief Executive Officer and Co-President (since March 2016),
1955			formerly, Senior Executive Vice President, Global Structured Products
333 W. Wacker Drive	Board Member	2013	(2010-2016) of Nuveen Investments, Inc.; Executive Vice President	177
Chicago, IL 6o6o6		Class II	(since February 2017) of Nuveen, LLC; Co-President of Nuveen Fund
			Advisors, LLC (since 2011); Co-Co-President, Global Products and
			Solutions (since January 2017), formerly, Chief Executive Officer (2016-
			2017), formerly, Senior Executive Vice President of Nuveen Securities,
			LLC; President (since 2011), of Nuveen Commodities Asset
			Management, LLC; Board Member of the Chicago Symphony Orchestra
			and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S.
			Structured Products, of Nuveen Investments, Inc. (1999-2010).
■ MARGO L. COOK(2)(3)			Co-Chief Executive Officer and Co-President (since March 2016),
1964			formerly, Senior Executive Vice President of Nuveen Investments, Inc.;
333 W. Wacker Drive	Board Member	2016	Co-President, Global Products and Solutions (since January 2017),	177
Chicago, IL 6o6o6		Class III	formerly, Co-Chief Executive Officer (2015-2016), formerly, Executive
			Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice
			President (since February 2017) of Nuveen, LLC; Co-President (since
			October 2016), formerly Senior Executive Vice President of Nuveen
			Fund Advisors, LLC (Executive Vice President since 2011); formerly,
			Managing Director of Nuveen Commodities Asset Management, LLC
			(2011-2016); Chartered Financial Analyst.
Name,	Position(s) Held	Year First	Principal	Number
Year of Birth	with the Funds	Elected or	Occupation(s)	of Portfolios
& Address		Appointed(4)	During Past 5 Years	in Fund Complex
				Overseen
				by Officer
Officers of the Funds:
■ CEDRIC H. ANTOSIEWICZ			Senior Managing Director (since January 2017), formerly, Managing
1962	Chief		Director (2004-2017) of Nuveen Securities, LLC; Senior Managing
333 W. Wacker Drive	Administrative	2007	Director (since February 2017), formerly, Managing Director	76
Chicago, IL 6o6o6	Officer		(2014-2017) of Nuveen Fund Advisors, LLC.
■ LORNA C. FERGUSON			Senior Managing Director (since February 2017),
1945			formerly, Managing Director (2004-2017) of Nuveen.
333 W. Wacker Drive	Vice President	1998		178
Chicago, IL 6o6o6

Name,	Position(s) Held	Year First	Principal	Number
Year of Birth	with the Funds	Elected or	Occupation(s)	of Portfolios
& Address		Appointed(4)	During Past 5 Years	in Fund Complex
				Overseen
				by Officer
Officers of the Funds (continued):
■ STEPHEN D. FOY			Managing Director (since 2014), formerly, Senior Vice President
1954	Vice President		(2013- 2014) and Vice President (2005-2013) of Nuveen Fund
333 W. Wacker Drive	and Controller	1998	Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset	178
Chicago, IL 6o6o6			Management, LLC (since 2010); Managing Director (since 2016) of
			Nuveen Securities, LLC; Certified Public Accountant.
■ NATHANIEL T. JONES			Managing Director (since January 2017), formerly, Senior Vice
1979	Vice President		President (2016-2017), formerly, Vice President (2011-2016) of
333 W. Wacker Drive	and Treasurer	2016	Nuveen.; Chartered Financial Analyst.	178
Chicago, IL 6o6o6
■ WALTER M. KELLY			Managing Director (since January 2017), formerly, Senior Vice
197o	Chief Compliance		President (2008-2017) of Nuveen.
333 W. Wacker Drive	Officer and	2003		178
Chicago, IL 6o6o6	Vice President
■ DAVID J. LAMB			Managing Director (since January 2017), formerly, Senior Vice
1963			President of Nuveen Investments Holdings, Inc. (since 2006),
333 W. Wacker Drive	Vice President	2015	Vice President prior to 2006.	76
Chicago, IL 6o6o6
■ TINA M. LAZAR			Managing Director (since January 2017), formerly, Senior Vice
1961			President (2014-2017) of Nuveen Securities, LLC.
333 W. Wacker Drive	Vice President	2002		178
Chicago, IL 6o6o6
■ KEVIN J. MCCARTHY			Senior Managing Director (since February 2017) and Secretary and
1966	Vice President and		General Counsel (since 2016) of Nuveen Investments, Inc.,
333 W. Wacker Drive	Assistant Secretary	2007	formerly, Executive Vice President (2016-2017) and Managing	178
Chicago, IL 6o6o6			Director and Assistant Secretary (2008-2016); Senior Managing
			Director (since January 2017) and Assistant Secretary (since 2008)
			of Nuveen Securities, LLC, formerly Executive Vice President
			(2016-2017) and Managing Director (2008-2016); Senior Managing
			Director (since February 2017), Secretary (since 2016) and
			Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC,
			formerly, Executive Vice President (2016-2017), Managing Director
			(2008-2016) and Assistant Secretary (2007-2016); Senior Managing
			Director (since February 2017), Secretary (since 2016) and
			Associate General Counsel (since 2011) of Nuveen Asset
			Management, LLC, formerly Executive Vice President (2016-2017)
			and Managing Director and Assistant Secretary (2011-2016);
			Senior Managing Director (since February 2017) and Secretary
			(since 2016) of Nuveen Investments Advisers, LLC, formerly
			Executive Vice President (2016-2017); Vice President (since 2007)
			and Secretary (since 2016), formerly, Assistant Secretary, of NWQ
			Investment Management Company, LLC, Symphony Asset
			Management LLC, Santa Barbara Asset Management, LLC and
			Winslow Capital Management, LLC (since 2010); Vice President
			(since 2010) and Secretary (since 2016) of Nuveen Commodities
			Asset Management, LLC, formerly Assistant Secretary (2010-2016).
■ KATHLEEN L. PRUDHOMME			Managing Director, Assistant Secretary and Co-General Counsel (since
1953	Vice President and		2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant
9o1 Marquette Avenue	Assistant Secretary	2011	Secretary and Associate General Counsel (since 2011) of Nuveen	178
Minneapolis, MN 554o2			Asset Management, LLC; Managing Director and Assistant Secretary
			(since 2011) of Nuveen Securities, LLC; formerly, Deputy General
			Counsel, FAF Advisors, Inc. (2004-2010).

Name,	Position(s) Held	Year First	Principal	Number
Year of Birth	with the Funds	Elected or	Occupation(s)	of Portfolios
& Address		Appointed(4)	During Past 5 Years	in Fund Complex
				Overseen
				by Officer
Officers of the Funds (continued):
■ CHRISTOPHER M. ROHRBACHER			Managing Director (since January 2017) of Nuveen Securities, LLC;
1971	Vice President and		Managing Director (since January 2017), formerly, Senior Vice
333 W. Wacker Drive	Assistant Secretary	2008	President (2016-2017) and Assistant Secretary (since October 2016) of	178
Chicago, IL 6o6o6			Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary
			(since 2010) of Nuveen Commodities Asset Management, LLC.
■ JOEL T. SLAGER			Fund Tax Director for Nuveen Funds (since 2013); previously, Vice
1978	Vice President and		President of Morgan Stanley Investment Management, Inc., Assistant
333 W. Wacker Drive	Assistant Secretary	2013	Treasurer of the Morgan Stanley Funds (from 2010 to 2013).	178
Chicago, IL 6o6o6
■ GIFFORD R. ZIMMERMAN			Managing Director (since 2002), and Assistant Secretary of Nuveen
1956	Vice President and		Securities, LLC; Managing Director (since 2004) and Assistant
333 W. Wacker Drive	Secretary	1988	Secretary (since 1994) of Nuveen Investments, Inc.; Managing	178
Chicago, IL 6o6o6			Director (since 2002), Assistant Secretary (since 1997) and
			Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC;
			Managing Director, Assistant Secretary and Associate General Counsel
			of Nuveen Asset Management, LLC (since 2011); Vice President (since
			February 2017), formerly, Managing Director (2003-2017) and Assistant
			Secretary (since 2003) of Symphony Asset Management LLC; Managing
			Director and Assistant Secretary (since 2002) of Nuveen Investments
			Advisers, LLC; Vice President and Assistant Secretary of NWQ
			Investment Management Company, LLC (since 2002), Santa Barbara
			Asset Management, LLC (since 2006), and of Winslow Capital
			Management, LLC, (since 2010); Chartered Financial Analyst.

(1)	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, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)	On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016.
(3)	“Interested person” as defined in the 1940 Act, by reason 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.