Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors today announced the first distribution declaration for the Nuveen Build America Bond Fund (NYSE:NBB) of $0.1170 per common share. The fund began trading on the New York Stock Exchange (NYSE) on April 28, 2010. This distribution, based on the $20.00 per share IPO price, reflects an annualized distribution rate of 7.02 percent.

The fund's primary investment objective is to provide current income through investments in taxable municipal securities, and its secondary objective is to enhance portfolio value and total return. The fund uses leverage to seek to enhance total returns, and intends to implement its leveraging strategy principally by using debt and investments in inverse floating rate securities, also known as tender option bonds.

Nuveen funds generally seek to pay stable distributions at rates that reflect each fund's past results and projected future performance. During certain periods, each fund may pay distributions at a rate that may be more or less than the amount of net investment income actually earned by the fund during the period. If a fund cumulatively earned more than it has paid in distributions, it holds the excess in reserve as undistributed net investment income (UNII) as part of the fund's net asset value (NAV). Conversely, if a fund has cumulatively paid distributions in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the fund's NAV. Each fund will, over time, pay all of its net investment income as distributions to shareholders. The funds' positive or negative UNII balances are disclosed from time to time in their periodic shareholder reports, and are also on www.nuveen.com/cef once the fund has at least three months' history.

The following dates apply to today's dividend declaration:

Record Date   June 15, 2010
Ex-Dividend Date June 11, 2010
Payable Date July 1, 2010

Ticker

    

Monthly
Distribution Per
Share

NBB Nuveen Build America Bond Fund $0.1170

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds, and Winslow Capital. In total, the Company managed $150 billion as of March 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Investments
Media Contact:
Kristyna Sujata
312-917-8343
KRISTYNA.SUJATA@NUVEEN.COM