Item 2 –	Controls and Procedures

2(a) –	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 –	Exhibits

	Certifications – Attached hereto

	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BlackRock Build America Bond Trust

	By:	/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Build America Bond Trust

	Date: December 21, 2011

	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	By:	/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Build America Bond Trust

	Date: December 21, 2011

	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Build America Bond Trust

	Date: December 21, 2011




Schedule of Investments October 31, 2011 (Unaudited)	BlackRock Build America Bond Trust (BBN)
Schedule of Investments October 31, 2011 (Unaudited)	(Percentages shown are based on Net Assets)


Taxable Municipal Bonds	Par (000)		Value
Arizona — 2.2%
Salt River Project Agricultural Improvement & Power District, RB, Build America Bonds, 4.84%, 1/01/41 (a)	$	25,000	$	26,964,500
California — 31.0%
Alameda County Joint Powers Authority, RB, Build America Bonds, Recovery, Series Z, 7.05%, 12/01/44 (a)		11,000		13,267,870
Bay Area Toll Authority, RB, Build America Bonds:
Series S-1, 6.92%, 4/01/40		13,700		17,489,146
Series S-3, 6.91%, 10/01/50		14,000		18,144,420
California State Public Works Board, RB, Build America Bonds, Series G-2, 8.36%, 10/01/34		18,145		21,965,248
California State University, RB, Build America Bonds, 6.48%, 11/01/41		2,125		2,430,533
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29		14,345		15,485,714
Los Angeles Community College District California, GO, Build America Bonds, 6.60%, 8/01/42 (a)		10,000		12,647,600
Los Angeles Department of Water & Power, RB, Build America Bonds:
6.17%, 7/01/40 (a)		37,500		40,459,875
7.00%, 7/01/41		17,225		19,756,558
Los Angeles Unified School District California, GO, Build America Bonds, 6.76%, 7/01/34 (a)		10,000		12,417,200
Metropolitan Water District of Southern California, RB, Build America Bonds, 6.95%, 7/01/40 (a)		12,000		13,780,560
Orange County Local Transportation Authority, RB, Build America Bonds, Series A, 6.91%, 2/15/41 (a)		5,000		6,745,950
Palomar Community College District, GO, Build America Bonds, 7.19%, 8/01/45		7,500		8,438,700
Rancho Water District Financing Authority, RB, Build America Bonds, 6.34%, 8/01/40 (a)		20,000		20,978,400
Riverside Community College District, GO, Build America Bonds, Series EL, 7.02%, 8/01/40		11,000		12,164,570
San Diego County Regional Airport Authority, Refunding RB, Build America Bonds, Series SU, 6.63%, 7/01/40		31,000		32,318,740


Taxable Municipal Bonds	Par (000)		Value
California (concluded)
San Francisco City & County Public Utilities Commission, RB, Build America Bonds, Series D, 6.00%, 11/01/40 (a)	$	21,255	$	24,157,158
State of California, GO, Build America Bonds:
7.63%, 3/01/40		8,950		11,119,838
7.60%, 11/01/40		15,000		18,619,650
Various Purpose, 7.55%, 4/01/39		9,035		11,148,377
University of California, RB, Build America Bonds (a):
5.95%, 5/15/45		24,000		26,454,960
6.30%, 5/15/50		26,310		28,531,879
				388,522,946
Colorado — 3.3%
Denver Public Schools, COP, Refunding, Series B, 7.02%, 12/15/37		6,000		7,467,420
Regional Transportation District, COP, Build America Bonds, 7.67%, 6/01/40		23,000		28,670,190
State of Colorado, COP, Build America Bonds, Series E, 7.02%, 3/15/31		5,000		5,682,750
				41,820,360
District of Columbia — 2.6%
Metropolitan Washington Airports Authority, RB, Build America Bonds:
7.46%, 10/01/46		4,525		4,950,350
Series D, 8.00%, 10/01/47		10,750		11,655,795
Washington Convention & Sports Authority, Refunding RB, Series C, 7.00%, 10/01/40		15,000		15,613,500
				32,219,645
Florida — 2.5%
City of Sunrise Florida, RB, Build America Bonds, Series B, 5.91%, 10/01/35 (a)		25,000		27,098,000
County of Pasco Florida, RB, Build America Bonds, Series B, 6.76%, 10/01/39		1,500		1,646,115
Town of Davie Florida, RB, Build America Bonds, Series B (AGM), 6.85%, 10/01/40		2,500		2,744,275
				31,488,390


AGM	Assured Guaranty Municipal Corp.
COP	Certificates of Participation
EDA	Economic Development Authority
GO	General Obligation Bonds
HFA	Housing Finance Agency
ISD	Independent School District
NPFGC	National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RB	Revenue Bonds




Schedule of Investments (continued)	BlackRock Build America Bond Trust (BBN)
Schedule of Investments (continued)	(Percentages shown are based on Net Assets)




Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (b)
Illinois — 2.5%
Cook County Illinois, GO, Build America Bonds, 6.23%, 11/15/34	27,000	31,102,920
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 2.5%		31,102,920
Total Long-Term Investments (Cost – $1,577,251,123) – 140.0%		1,756,789,467




Short-Term Securities	Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.14% (c)(d)		28,311,960		28,311,960
Total Short-Term Securities (Cost – $28,311,960) – 2.2%				28,311,960
Total Investments (Cost — $1,605,563,083*) - 142.2%			$	1,785,101,427
Liabilities in Excess of Other Assets – (41.1)%				(516,260,528	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (1.1)%				(13,525,698	)
Net Assets – 100.0%			$	1,255,315,201



*	The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


Aggregate Cost	$	1,592,063,083
Gross unrealized appreciation	$	180,617,319
Gross unrealized depreciation		(1,078,975	)
Net unrealized appreciation	$	179,538,344


(a)	All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements.

(b)	Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.

(c)	Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliate	Shares Held at July 31, 2011		Net Activity		Shares Held at October 31, 2011			Income

BlackRock Liquidity Funds, TempFund, Institutional Class		1,448,706		26,863,254		28,311,960	$		2,916


(d)	Represents the current yield as of report date.

•	Financial futures contracts sold as of October 31, 2011 were as follows:



Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Depreciation
1,055	30-Year US Treasury Bond	Chicago Board of Trade	December 2011	$	144,821,472	$	(1,856,497	)



Schedule of Investments (concluded)	BlackRock Build America Bond Trust (BBN)


•	Reverse repurchase agreements outstanding as of October 31, 2011 were as follows:



BLACKROCK BUILD AMERICA BOND TRUST	OCTOBER 31, 2011	1



BLACKROCK BUILD AMERICA BOND TRUST	OCTOBER 31, 2011	2


Taxable Municipal Bonds	Par (000)		Value
Nevada (concluded)
County of Clark Nevada, RB, Build America Bonds (concluded):
Series C, 6.82%, 7/01/45	$	2,000	$	2,474,820
				13,387,020
New Jersey — 14.8%
Camden County Improvement Authority, RB, Build America Bonds, 7.75%, 7/01/34		5,000		5,494,400
New Jersey EDA, RB:
Build America Bonds, Series CC-1, 6.43%, 12/15/35 (a)		15,000		16,558,650
Series A (NPFGC), 7.43%, 2/15/29		20,702		25,004,911
New Jersey State Housing & Mortgage Finance Agency, RB, Series C (AGM), 6.65%, 11/01/44 (a)		20,250		21,080,857
New Jersey State Turnpike Authority, RB, Build America Bonds:
7.41%, 1/01/40		6,790		9,342,701
Series A, 7.10%, 1/01/41		34,000		45,227,140
New Jersey Transportation Trust Fund Authority, RB, Build America Bonds:
Series B, 6.88%, 12/15/39		8,500		9,419,700
Series C, 5.75%, 12/15/28		7,500		8,100,825
Series C, 6.10%, 12/15/28 (a)		42,500		45,968,425
				186,197,609
New York — 13.6%
City of New York, New York, GO, Build America Bonds, 5.82%, 10/01/31		17,500		18,808,125
Metropolitan Transportation Authority, RB, Build America Bonds:
6.67%, 11/15/39		2,220		2,755,531
7.34%, 11/15/39		13,245		18,134,657
Series TR, 6.69%, 11/15/40		13,000		15,547,090
New York City Municipal Water Finance Authority, RB:
Build America Bonds, 5.79%, 6/15/41 (a)		25,000		26,802,250
Build America Bonds, 6.45%, 6/15/41 (a)		6,300		7,065,198
Build America Bonds, 6.12%, 6/15/42		2,445		2,682,067
Build America Bonds, 6.49%, 6/15/42		2,000		2,245,380
Second General Resolution, 6.28%, 6/15/42 (a)		20,000		22,450,400
New York City Transitional Finance Authority, RB, Build America Bonds (a):
5.57%, 11/01/38		19,000		21,903,580
Series FU, 6.27%, 8/01/39		14,795		16,015,439
New York State Dormitory Authority, RB, Build America Bonds, 5.39%, 3/15/40 (a)		15,000		16,889,700
				171,299,417


Taxable Municipal Bonds	Par (000)		Value
Ohio — 6.9%
American Municipal Power-Ohio, Inc., RB, Combined Hydroelectric Projects, Series B, 7.83%, 2/15/41	$	10,000	$	13,565,100
County of Hamilton Ohio, RB, Build America Bonds, Series GT, 6.50%, 12/01/34		9,000		10,280,070
Franklin County Convention Facilities Authority, RB, Build America Bonds, 6.64%, 12/01/42		30,365		33,016,775
Mariemont City School District, GO, Build America Bonds, 6.55%, 12/01/47		10,055		10,676,500
Princeton City School District, GO, Refunding, Build America Bonds, Series SC (a):
6.09%, 12/01/40		9,290		10,156,292
6.39%, 12/01/47		8,225		9,064,279
				86,759,016
Oklahoma — 0.3%
Oklahoma Municipal Power Authority, RB, Build America Bonds, Series M, 6.44%, 1/01/45		3,500		4,004,840
Pennsylvania — 1.1%
Pennsylvania Economic Development Financing Authority, RB, Build America Bonds, 6.53%, 6/15/39		12,250		14,383,582
Puerto Rico — 0.5%
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44		5,000		5,630,350
South Carolina — 1.4%
South Carolina State Public Service Authority, RB, Build America Bonds, 6.45%, 1/01/50		13,000		17,314,960
Tennessee — 3.4%
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, Build America Bonds, Series A2, 7.43%, 7/01/43		35,105		42,473,891
Texas — 9.4%
Bexar County Hospital District, GO, Build America Bonds, 5.41%, 2/15/40 (a)		21,775		23,120,695
City of San Antonio Texas, RB, Build America Bonds (a):
6.31%, 2/01/37		35,000		39,062,450
6.17%, 2/01/41		19,000		20,724,820
Cypress-Fairbanks ISD, GO, Build America Bonds, Direct Payment, 6.63%, 2/15/38		14,000		15,964,200
Dallas Area Rapid Transit, RB, Build America Bonds, 5.02%, 12/01/48 (a)		2,500		2,765,750
Katy ISD, GO, Build America Bonds (PSF-GTD), 6.35%, 2/15/41 (a)		5,000		5,545,700


Counterparty	Interest Rate			Trade Date		Maturity Date¹	Net Closing Amount		Face Amount
Citigroup Global Markets, Inc.		0.75	%		5/16/11	Open	$	17,971,312	$	17,908,260
JPMorgan Chase & Co.		0.70	%		5/16/11	Open		45,818,070		45,668,000
JPMorgan Chase & Co.		0.71	%		5/17/11	Open		5,136,964		5,120,000
Citigroup Global Markets, Inc.		0.75	%		6/22/11	Open		12,604,568		12,570,000
Barclays Capital, Inc.		0.50	%		7/26/11	Open		81,115,884		81,005,625
Barclays Capital, Inc.		0.52	%		8/26/11	Open		22,146,412		22,125,000
Deutsche Bank, NA		0.55	%		9/06/11	Open		2,452,096		2,450,000
Deutsche Bank, NA		0.55	%		10/14/11	Open		71,313,630		71,294,025
Credit Suisse Securities (USA) LLC		0.45	%		10/25/11	Open		9,700,849		9,700,000
Barclays Capital, Inc.		0.50	%		10/26/11	Open		43,966,164		43,962,500
Credit Suisse Securities (USA) LLC		0.40	%		10/26/11	Open		129,742,449		129,733,800
Deutsche Bank, NA		0.50	%		10/26/11	Open		23,689,474		23,687,500
Barclays Capital, Inc.		0.50	%		10/27/11	Open		22,751,580		22,750,000
Citigroup Global Markets, Inc.		0.60	%		10/27/11	Open		18,580,923		18,579,375
Credit Suisse Securities (USA) LLC		0.40	%		10/27/11	Open		37,604,590		37,602,501
Citigroup Global Markets, Inc.		0.60	%		10/31/11	Open		12,120,202		12,120,000
Credit Suisse Securities (USA) LLC		0.40	%		10/31/11	Open		54,497,656		54,497,050
Total							$	611,212,823	$	610,773,636


¹	Certain agreements have no stated maturity and can be terminated by either party at any time.


•	Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

	•	Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		—	$	1,756,789,467		—	$	1,756,789,467
Short-Tem Securities	$	28,311,960		—		—		28,311,960

Total	$	28,311,960	$	1,756,789,467		—	$	1,785,101,427


¹	See above Schedule of Investments for values in each state or political subdivision.


²	Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.