UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-6623
 
Nuveen California Select Tax-Free Income Portfolio
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             3/31          
 
Date of reporting period:          12/31/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments

           
   
Portfolio of Investments (Unaudited)  
     
   
Nuveen California Select Tax-Free Income Portfolio (NXC)  
     
   
December 31, 2011  
     
           
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Consumer Staples – 4.2%  
     
$    150  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  
6/15 at 100.00  
BBB  
$    140,777  
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21  
     
1,015  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue  
6/12 at 100.00  
A3  
1,015,152  
   
Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23  
     
1,065  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/17 at 100.00  
BB+  
769,356  
   
Bonds, Series 2007A-1, 5.750%, 6/01/47  
     
2,980  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/22 at 100.00  
BB–  
1,912,057  
   
Bonds, Series 2007A-2, 0.000%, 6/01/37  
     
5,210  
 
Total Consumer Staples  
   
3,837,342  
   
Education and Civic Organizations – 6.2%  
     
3,000  
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series  
4/18 at 100.00  
Aa3  
3,308,130  
   
2008A, 5.625%, 4/01/37  
     
45  
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series  
10/15 at 100.00  
A3  
45,310  
   
2005A, 5.000%, 10/01/35  
     
1,000  
 
California Educational Facilities Authority, Revenue Bonds, University of San Diego, Series  
10/12 at 100.00  
A2  
1,011,880  
   
2002A, 5.500%, 10/01/32  
     
   
California Educational Facilities Authority, Revenue Bonds, University of the Pacific,  
     
   
Series 2006:  
     
35  
 
5.000%, 11/01/21  
11/15 at 100.00  
A2  
37,637  
45  
 
5.000%, 11/01/25  
11/15 at 100.00  
A2  
47,245  
250  
 
California Statewide Communitities Development Authority, School Facility Revenue Bonds,  
7/21 at 100.00  
N/R  
251,375  
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46  
     
1,000  
 
Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach  
5/12 at 101.00  
BBB  
1,000,690  
   
Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured  
     
5,375  
 
Total Education and Civic Organizations  
   
5,702,267  
   
Health Care – 12.7%  
     
235  
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –  
8/21 at 100.00  
A2  
237,019  
   
San Diego, Series 2011, 5.250%, 8/15/41  
     
2,550  
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,  
11/16 at 100.00  
AA–  
2,586,032  
   
5.250%, 11/15/46 (UB)  
     
1,500  
 
California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey  
6/13 at 100.00  
AA–  
1,575,555  
   
Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 – AGM Insured  
     
1,500  
 
California Statewide Community Development Authority, Insured Mortgage Hospital Revenue Bonds,  
5/12 at 100.00  
A–  
1,501,245  
   
Mission Community Hospital, Series 2001, 5.375%, 11/01/26  
     
545  
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,  
8/16 at 100.00  
A+  
561,633  
   
Series 2001C, 5.250%, 8/01/31  
     
1,880  
 
California Statewide Community Development Authority, Revenue Bonds, Los Angeles Orthopaedic  
6/12 at 100.00  
BBB+  
1,883,271  
   
Hospital Foundation, Series 2000, 5.500%, 6/01/17 – AMBAC Insured  
     
540  
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series  
12/17 at 100.00  
BBB  
602,591  
   
2008A, 8.250%, 12/01/38  
     
1,100  
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,  
11/20 at 100.00  
Baa3  
1,080,409  
   
6.000%, 11/01/41  
     
670  
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,  
12/21 at 100.00  
BB  
722,950  
   
7.500%, 12/01/41  
     
800  
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series  
1/21 at 100.00  
A  
867,136  
   
2011, 6.500%, 1/01/41  
     
11,320  
 
Total Health Care  
   
11,617,841  
   
Housing/Multifamily – 1.3%  
     
375  
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects  
8/20 at 100.00  
BBB–  
379,121  
   
Series 2010A, 6.400%, 8/15/45  
     
750  
 
California Statewide Communities Development Authority, Student Housing Revenue Bonds,  
8/12 at 100.00  
Baa1  
771,885  
   
EAH-East Campus Apartments, LLC-UC Irvine Project, Series 2002A, 5.500%, 8/01/22 – ACA Insured  
     
1,125  
 
Total Housing/Multifamily  
   
1,151,006  
   
Housing/Single Family – 0.1%  
     
75  
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,  
2/16 at 100.00  
BBB  
75,044  
   
8/01/30 – FGIC Insured (Alternative Minimum Tax)  
     
   
Industrials – 1.2%  
     
1,015  
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic  
No Opt. Call  
BBB  
1,124,529  
   
Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative  
     
   
Minimum Tax)  
     
   
Long-Term Care – 2.7%  
     
1,500  
 
ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue  
11/12 at 100.00  
A–  
1,518,000  
   
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22  
     
1,000  
 
California Statewide Communities Development Authority, Revenue Bonds, Inland Regional Center  
12/17 at 100.00  
Baa1  
977,290  
   
Project, Series 2007, 5.250%, 12/01/27  
     
2,500  
 
Total Long-Term Care  
   
2,495,290  
   
Tax Obligation/General – 36.4%  
     
750  
 
California State, General Obligation Bonds, Series 2004, 5.000%, 2/01/23  
2/14 at 100.00  
A1  
799,470  
1,650  
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39  
11/19 at 100.00  
A1  
1,777,595  
2,500  
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41  
10/21 at 100.00  
A1  
2,576,700  
6,225  
 
Escondido Union High School District, San Diego County, California, General Obligation  
No Opt. Call  
Aa2  
1,477,877  
   
Refunding Bonds, Series 2009B, 0.000%, 8/01/36 – AGM Insured  
     
1,000  
 
Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series  
8/12 at 101.00  
Aa2  
1,031,280  
   
2002A, 5.000%, 8/01/21 – FGIC Insured  
     
   
Golden West Schools Financing Authority, California, General Obligation Revenue Refunding  
     
   
Bonds, School District Program, Series 1999A:  
     
4,650  
 
0.000%, 8/01/16 – NPFG Insured  
No Opt. Call  
BBB  
3,887,633  
1,750  
 
0.000%, 2/01/17 – NPFG Insured  
No Opt. Call  
BBB  
1,412,583  
2,375  
 
0.000%, 8/01/17 – NPFG Insured  
No Opt. Call  
BBB  
1,870,479  
2,345  
 
0.000%, 2/01/18 – NPFG Insured  
No Opt. Call  
BBB  
1,795,121  
   
Mountain View-Los Altos Union High School District, Santa Clara County, California, General  
     
   
Obligation Capital Appreciation Bonds, Series 1997C:  
     
1,015  
 
0.000%, 5/01/17 – NPFG Insured  
No Opt. Call  
Aa1  
862,476  
1,080  
 
0.000%, 5/01/18 – NPFG Insured  
No Opt. Call  
Aa1  
892,188  
5,500  
 
Poway Unified School District, San Diego County, California, School Facilities Improvement  
No Opt. Call  
Aa2  
689,480  
   
District 2007-1 General Obligation Bonds, Series 2011B, 0.000%, 8/01/46  
     
100  
 
Roseville Joint Union High School District, Placer County, California, General Obligation  
8/15 at 100.00  
AA–  
106,033  
   
Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured  
     
3,220  
 
Sacramento City Unified School District, Sacramento County, California, General Obligation  
7/15 at 100.00  
Aa3  
3,460,373  
   
Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured  
     
8,075  
 
San Bernardino Community College District, California, General Obligation Bonds, Election of  
No Opt. Call  
Aa2  
1,095,535  
   
2008 Series 2009B, 0.000%, 8/01/44  
     
1,500  
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds,  
7/13 at 101.00  
Aa2  
1,615,860  
   
Series 2003E, 5.250%, 7/01/24 – AGM Insured  
     
26,655  
 
Southwestern Community College District, San Diego County, California, General Obligation  
No Opt. Call  
Aa2  
3,202,065  
   
Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/46  
     
2,565  
 
Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Series  
9/15 at 100.00  
AA  
2,783,256  
   
2005A, 5.000%, 9/01/26 – AGM Insured  
     
4,250  
 
West Hills Community College District, California, General Obligation Bonds, School Facilities  
8/31 at 100.00  
AA–  
1,905,700  
   
Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured  
     
77,205  
 
Total Tax Obligation/General  
   
33,241,704  
   
Tax Obligation/Limited – 20.7%  
     
1,000  
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,  
10/13 at 100.00  
N/R  
823,820  
   
Series 2003, 5.625%, 10/01/33 – RAAI Insured  
     
3,070  
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections,  
No Opt. Call  
A2  
3,424,370  
   
Calipatria State Prison, Series 1991A, 6.500%, 9/01/17 – NPFG Insured  
     
1,000  
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health,  
6/14 at 100.00  
A2  
1,054,350  
   
Coalinga State Hospital, Series 2004A, 5.500%, 6/01/23  
     
1,500  
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series  
11/19 at 100.00  
A2  
1,662,990  
   
2009I-1, 6.375%, 11/01/34  
     
120  
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  
9/15 at 100.00  
BBB  
121,112  
   
Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured  
     
360  
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation  
9/16 at 101.00  
A–  
327,236  
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured  
     
135  
 
Community Development Commission, California, National City National City Redevelopment Project  
8/21 at 100.00  
A–  
153,374  
   
2011 Tax Allocation Bonds, 6.500%, 8/01/24  
     
1,000  
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana  
10/15 at 100.00  
A  
1,001,450  
   
Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured  
     
270  
 
Fontana California Redevelopment Agancy, Jurupa Hills Redevelopment Project, Tax Allocation  
4/12 at 100.00  
A–  
270,267  
   
Refunding Bonds, 1997 Series A, 5.500%, 10/01/27  
     
250  
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment  
5/17 at 100.00  
BBB+  
241,175  
   
Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured  
     
   
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds,  
     
   
Series 2006A:  
     
55  
 
5.000%, 9/01/26  
9/16 at 100.00  
N/R  
54,770  
130  
 
5.125%, 9/01/36  
9/16 at 100.00  
N/R  
122,282  
215  
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester  
9/15 at 100.00  
A1  
205,557  
   
Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured  
     
50  
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment  
9/21 at 100.00  
A–  
54,831  
   
Project, Series 2011, 6.750%, 9/01/40  
     
1,300  
 
Orange County, California, Special Tax Bonds, Community Facilities District 03-1 of Ladera  
8/12 at 101.00  
N/R  
1,304,303  
   
Ranch, Series 2004A, 5.625%, 8/15/34  
     
   
Perris Union High School District Financing Authority, Riverside County, California, Revenue  
     
   
Bonds, Series 2011:  
     
50  
 
6.000%, 9/01/33  
No Opt. Call  
N/R  
50,396  
100  
 
6.125%, 9/01/41  
No Opt. Call  
N/R  
100,824  
415  
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community  
9/18 at 100.00  
BBB  
420,092  
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28  
     
160  
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series  
9/21 at 100.00  
BBB+  
166,115  
   
2011A, 5.750%, 9/01/30  
     
105  
 
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  
9/15 at 100.00  
A–  
97,630  
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured  
     
30  
 
Riverside County, California, Redevelopment Agency Jurupa Valley Project Area 2011 Tax Allocation  
10/21 at 100.00  
A–  
31,912  
   
Bonds Series B, 6.500%, 10/01/25  
     
130  
 
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  
8/13 at 100.00  
AA–  
131,764  
   
8/01/25 – AMBAC Insured  
     
605  
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,  
No Opt. Call  
A1  
668,059  
   
5.400%, 11/01/20 – NPFG Insured  
     
25  
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,  
2/21 at 100.00  
A–  
27,376  
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41  
     
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,  
     
   
Mission Bay South Redevelopment Project, Series 2011D:  
     
25  
 
7.000%, 8/01/33  
2/21 at 100.00  
BBB  
27,558  
30  
 
7.000%, 8/01/41  
2/21 at 100.00  
BBB  
32,690  
615  
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  
8/17 at 100.00  
Baa1  
586,378  
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured  
     
3,000  
 
San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%,  
6/15 at 100.00  
AA  
3,357,090  
   
6/01/21 – NPFG Insured  
     
1,000  
 
Santa Clara County Board of Education, California, Certificates of Participation, Series 2002,  
4/12 at 101.00  
BBB  
985,640  
   
5.000%, 4/01/25 – NPFG Insured  
     
40  
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,  
4/21 at 100.00  
N/R  
41,510  
   
7.000%, 10/01/26  
     
1,000  
 
Travis Unified School District, Solano County, California, Certificates of Participation,  
9/16 at 100.00  
N/R  
938,530  
   
Series 2006, 5.000%, 9/01/26 – FGIC Insured  
     
360  
 
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011,  
3/21 at 100.00  
BBB+  
387,180  
   
7.500%, 9/01/39  
     
70  
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,  
9/21 at 100.00  
A–  
75,216  
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32  
     
18,215  
 
Total Tax Obligation/Limited  
   
18,947,847  
   
Transportation – 1.4%  
     
1,150  
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series  
7/12 at 100.00  
BBB–  
962,343  
   
1995A, 5.000%, 1/01/35  
     
335  
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International  
5/12 at 100.00  
A+  
335,023  
   
Airport, Second Series 1999, Issue 23A, 5.000%, 5/01/30 – FGIC Insured (Alternative  
     
   
Minimum Tax)  
     
1,485  
 
Total Transportation  
   
1,297,366  
   
U.S. Guaranteed – 4.7% (4)  
     
800  
 
California State, General Obligation Bonds, Series 2004, 5.125%, 2/01/27 (Pre-refunded 2/01/14)  
2/14 at 100.00  
AA+ (4)  
877,656  
2,000  
 
North Orange County Community College District, California, General Obligation Bonds, Series  
8/12 at 101.00  
AA (4)  
2,075,920  
   
2002A, 5.000%, 8/01/22 (Pre-refunded 8/01/12) – NPFG Insured  
     
1,000  
 
Port of Oakland, California, Revenue Bonds, Series 2002M, 5.250%, 11/01/20 (Pre-refunded  
11/12 at 100.00  
A (4)  
1,041,970  
   
11/01/12) – FGIC Insured  
     
225  
 
San Mateo Union High School District, San Mateo County, California, Certificates of  
12/17 at 100.00  
AA– (4)  
275,051  
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) –  
     
   
AMBAC Insured  
     
4,025  
 
Total U.S. Guaranteed  
   
4,270,597  
   
Utilities – 6.8%  
     
1,000  
 
Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series  
11/20 at 100.00  
AA–  
1,090,840  
   
2011A, 5.500%, 11/01/41  
     
645  
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  
No Opt. Call  
A–  
622,664  
   
2007A, 5.500%, 11/15/37  
     
200  
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series  
7/13 at 100.00  
AA–  
211,054  
   
2003A-2, 5.000%, 7/01/21 – NPFG Insured  
     
7,600  
 
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric  
9/16 at 64.56  
A  
3,799,392  
   
Series 2008B, 0.000%, 9/01/23  
     
215  
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,  
9/15 at 100.00  
N/R  
201,197  
   
9/01/31 – SYNCORA GTY Insured  
     
275  
 
Turlock Irrigation District, California, Revenue Refunding Bonds, Series 1992A, 6.250%,  
No Opt. Call  
A2  
275,030  
   
1/01/12 – NPFG Insured  
     
9,935  
 
Total Utilities  
   
6,200,177  
   
Water and Sewer – 2.5%  
     
150  
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,  
4/16 at 100.00  
AA–  
153,885  
   
5.000%, 4/01/36 – NPFG Insured  
     
250  
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series  
6/16 at 100.00  
AA  
264,018  
   
2006, 5.000%, 12/01/31 – FGIC Insured  
     
825  
 
South Feather Water and Power Agency, California, Water Revenue Certificates of Participation,  
4/13 at 100.00  
A  
833,638  
   
Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24  
     
1,000  
 
Woodbridge Irrigation District, California, Certificates of Participation, Water Systems  
7/13 at 100.00  
A+  
1,004,200  
   
Project, Series 2003, 5.625%, 7/01/43  
     
2,225  
 
Total Water and Sewer  
   
2,255,741  
$    139,710  
 
Total Investments (cost $87,786,370) – 100.9%  
   
92,216,751  
   
Floating Rate Obligations – (1.7)%  
   
(1,540,000)  
   
Other Assets Less Liabilities – 0.8%  
   
678,495  
   
Net Assets – 100%  
   
$    91,355,246  
 
 
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of December 31, 2011:
 
                         
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:  
                       
Municipal Bonds  
  $     $ 92,216,751     $     $ 92,216,751  
 
During the period ended December 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At December 31, 2011, the cost of investments was $86,236,256.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2011, were as follows:
 
       
Gross unrealized:  
     
Appreciation  
  $ 5,902,445  
Depreciation  
    (1,466,400 )  
Net unrealized appreciation (depreciation) of investments  
  $ 4,436,045  
 
     
(1)  
 
All percentages shown in the Portfolio of Investments are based on net assets.  
(2)  
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.  
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities  
   
may be subject to periodic principal paydowns.  
(3)  
 
Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service,  
   
Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or  
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by  
   
any of these national rating agencies.  
(4)  
 
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.  
N/R  
 
Not rated.  
(UB)  
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
 
 
 

 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen California Select Tax-Free Income Portfolio 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          February 29, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date          February 29, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date          February 29, 2012        
 

Nuveen California Select... (NYSE:NXC)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Nuveen California Select... Charts.
Nuveen California Select... (NYSE:NXC)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Nuveen California Select... Charts.