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:          12/31/12         
 
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, 2012  
     
 
 
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Consumer Staples – 4.8%  
     
$ 140  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  
6/15 at 100.00  
BB+  
$    135,846  
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21  
     
940  
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue  
3/13 at 100.00  
A3  
942,651  
   
Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23  
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
     
   
Bonds, Series 2007A-1:  
     
1,065  
 
5.750%, 6/01/47  
6/17 at 100.00  
BB–  
1,012,293  
1,885  
 
5.125%, 6/01/47  
6/17 at 100.00  
BB–  
1,631,336  
1,095  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/22 at 100.00  
BB–  
994,753  
   
Bonds, Series 2007A-2, 5.300%, 6/01/37  
     
5,125  
 
Total Consumer Staples  
   
4,716,879  
   
Education and Civic Organizations – 3.9%  
     
3,000  
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2008A,  
4/18 at 100.00  
Aa3  
3,422,758  
   
5.625%, 4/01/37  
     
45  
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A,  
10/15 at 100.00  
A3  
46,879  
   
5.000%, 10/01/35  
     
   
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:  
     
35  
 
5.000%, 11/01/21  
11/15 at 100.00  
A2  
37,890  
45  
 
5.000%, 11/01/25  
11/15 at 100.00  
A2  
48,249  
250  
 
California Statewide Communitities Development Authority, School Facility Revenue Bonds,  
7/21 at 100.00  
BBB  
283,910  
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46  
     
3,375  
 
Total Education and Civic Organizations  
   
3,839,686  
   
Health Care – 12.6%  
     
235  
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –  
8/21 at 100.00  
A+  
256,322  
   
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–  
2,785,799  
   
5.250%, 11/15/46 (UB)  
     
1,500  
 
California Statewide Community Development Authority, Insured Mortgage Hospital Revenue  
5/13 at 100.00  
A–  
1,502,295  
   
Bonds, Mission Community Hospital, Series 2001, 5.375%, 11/01/26  
     
425  
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of  
8/17 at 100.00  
BBB+  
444,125  
   
Los Angeles, Series 2007, 5.000%, 8/15/47  
     
545  
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente  
8/16 at 100.00  
A+  
600,361  
   
System, Series 2001C, 5.250%, 8/01/31  
     
2,000  
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente  
4/17 at 100.00  
A+  
2,151,000  
   
System, Series 2007A, 4.750%, 4/01/33  
     
1,000  
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series  
11/15 at 100.00  
AA–  
1,076,660  
   
2005A, 5.000%, 11/15/43  
     
540  
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series  
12/17 at 100.00  
BBB  
630,083  
   
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  
1,187,120  
   
6.000%, 11/01/41  
     
670  
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,  
12/21 at 100.00  
BB  
826,814  
   
7.500%, 12/01/41  
     
800  
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011,  
1/21 at 100.00  
A
940,264  
   
6.500%, 1/01/41  
     
11,365  
 
Total Health Care  
   
12,400,843  
   
Housing/Multifamily – 0.8%  
     
375  
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series  
8/20 at 100.00  
BBB  
415,928  
   
2010A, 6.400%, 8/15/45  
     
395  
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series  
8/22 at 100.00  
BBB  
419,842  
   
2012A, 5.500%, 8/15/47  
     
770  
 
Total Housing/Multifamily  
   
835,770  
   
Housing/Single Family – 0.1%  
     
55  
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,  
2/16 at 100.00  
BBB  
57,548  
   
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  
1,147,326  
   
Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative  
     
   
Minimum Tax)  
     
   
Tax Obligation/General – 39.4%  
     
750  
 
California State, General Obligation Bonds, Series 2004, 5.000%, 2/01/23  
2/14 at 100.00  
A1  
785,318  
1,650  
 
California State, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39  
11/19 at 100.00  
A1  
1,916,904  
1,965  
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41  
10/21 at 100.00  
A1  
2,208,247  
2,000  
 
California State, General Obligation Bonds, Various Purpose Series 2012, 5.250%, 4/01/35  
4/22 at 100.00  
A1  
2,332,040  
6,225  
 
Escondido Union High School District, San Diego County, California, General Obligation Refunding  
No Opt. Call  
Aa2  
1,994,428  
   
Bonds, Series 2009, 0.000%, 8/01/36 – AGM 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  
4,159,656  
1,750  
 
0.000%, 2/01/17 – NPFG Insured  
No Opt. Call  
BBB  
1,516,148  
2,375  
 
0.000%, 8/01/17 – NPFG Insured  
No Opt. Call  
BBB  
2,017,349  
2,345  
 
0.000%, 2/01/18 – NPFG Insured  
No Opt. Call  
BBB  
1,964,453  
   
Mountain View-Los Altos Union High School District, Santa Clara County, California, General  
     
   
Obligation Capital Appreciation Bonds, Series 1995C:  
     
1,015  
 
0.000%, 5/01/17 – NPFG Insured  
No Opt. Call  
Aa1  
956,110  
1,080  
 
0.000%, 5/01/18 – NPFG Insured  
No Opt. Call  
Aa1  
991,580  
5,500  
 
Poway Unified School District, San Diego County, California, School Facilities Improvement District  
No Opt. Call  
Aa2  
1,026,245  
   
2007-1 General Obligation Bonds, Series 2011A, 0.000%, 8/01/46  
     
100  
 
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds,  
8/15 at 100.00  
AA  
108,955  
   
Series 2006B, 5.000%, 8/01/27 – FGIC Insured  
     
3,220  
 
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds,  
7/15 at 100.00  
AA–  
3,476,117  
   
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  
1,573,898  
   
2008 Series 2009B, 0.000%, 8/01/44  
     
1,500  
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series  
7/13 at 101.00  
Aa2  
1,550,235  
   
2003E, 5.250%, 7/01/24 – AGM Insured  
     
26,655  
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds,  
No Opt. Call  
Aa2  
4,907,184  
   
Election of 2008, Series 2011C, 0.000%, 8/01/46  
     
2,565  
 
Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Series 2005A,  
9/15 at 100.00  
AA  
2,815,395  
   
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–  
2,443,495  
   
Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured  
     
77,670  
 
Total Tax Obligation/General  
   
38,743,757  
   
Tax Obligation/Limited – 24.8%  
     
1,000  
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series  
10/13 at 100.00  
N/R  
948,350  
   
2003, 5.625%, 10/01/33 – RAAI Insured  
     
2,650  
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Calipatria  
No Opt. Call  
A2  
2,972,903  
   
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, Coalinga  
6/14 at 100.00  
A2  
1,056,810  
   
State Hospital, Series 2004A, 5.500%, 6/01/23  
     
1,500  
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I,  
11/19 at 100.00  
A2  
1,805,985  
   
6.375%, 11/01/34  
     
120  
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  
9/15 at 100.00  
BBB  
124,044  
   
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–  
365,285  
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured  
     
2,000  
 
Escondido Joint Powers Financing Authority, California, Lease Revenue Bonds, Water System  
3/22 at 100.00  
AA–  
2,237,580  
   
Financing, Series 2012, 5.000%, 9/01/41  
     
1,000  
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana  
10/15 at 100.00  
A
1,026,650  
   
Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured  
     
270  
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation  
4/13 at 100.00  
A–  
270,953  
   
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+  
257,635  
   
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  
56,725  
130  
 
5.125%, 9/01/36  
9/16 at 100.00  
N/R  
132,798  
215  
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester  
9/15 at 100.00  
A1  
224,219  
   
Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured  
     
135  
 
National City Community Development Commission, California, Tax Allocation Bonds, National  
8/21 at 100.00  
A–  
168,294  
   
City Redevelopment Project, Series 2011, 6.500%, 8/01/24  
     
280  
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Refunding, School  
3/14 at 100.00  
N/R  
280,924  
   
District Pass-Through, Series 2004, 5.000%, 3/01/32 – RAAI Insured  
     
50  
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment  
9/21 at 100.00  
BBB+  
58,505  
   
Project, Series 2011, 6.750%, 9/01/40  
     
1,300  
 
Orange County, California, Special Tax Bonds, Community Facilities District 03-1 of Ladera Ranch,  
8/13 at 100.00  
N/R  
1,310,036  
   
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  
3/13 at 103.00  
N/R  
51,587  
100  
 
6.125%, 9/01/41  
3/13 at 103.00  
N/R  
103,153  
415  
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community  
9/18 at 100.00  
BBB–  
454,126  
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28  
     
160  
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A,  
9/21 at 100.00  
BBB+  
184,250  
   
5.750%, 9/01/30  
     
105  
 
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  
9/15 at 100.00  
A–  
106,206  
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured  
     
30  
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project  
10/21 at 100.00  
A–  
34,205  
   
Area, Series 2011B, 6.500%, 10/01/25  
     
130  
 
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 –  
8/13 at 100.00  
AA–  
132,465  
   
AMBAC Insured  
     
605  
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,  
No Opt. Call  
A1  
700,136  
   
5.400%, 11/01/20 – NPFG Insured  
     
1,365  
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,  
4/22 at 100.00  
AAA  
1,572,712  
   
Series 2012A, 5.000%, 4/01/42  
     
25  
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission  
2/21 at 100.00  
A–  
29,641  
   
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  
29,332  
30  
 
7.000%, 8/01/41  
2/21 at 100.00  
BBB  
34,726  
615  
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  
8/17 at 100.00  
BBB  
628,093  
   
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  
3,307,350  
   
6/01/21 – NPFG Insured  
     
1,000  
 
Santa Clara County Board of Education, California, Certificates of Participation, Series 2002,  
4/13 at 100.00  
BBB  
1,002,130  
   
5.000%, 4/01/25 – NPFG Insured  
     
1,000  
 
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series 2007A,  
4/17 at 100.00  
AA+  
1,118,150  
   
5.000%, 4/01/36 – AMBAC Insured  
     
40  
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,  
4/21 at 100.00  
N/R  
44,577  
   
7.000%, 10/01/26  
     
1,000  
 
Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006,  
9/16 at 100.00  
N/R  
1,023,790  
   
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+  
411,736  
   
7.500%, 9/01/39  
     
70  
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,  
9/21 at 100.00  
A–  
83,812  
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32  
     
22,440  
 
Total Tax Obligation/Limited  
   
24,349,873  
   
Transportation – 1.2%  
     
1,150  
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A,  
7/13 at 100.00  
BBB–  
1,149,920  
   
5.000%, 1/01/35  
     
   
U.S. Guaranteed – 1.6% (4)  
     
800  
 
California State, General Obligation Bonds, Series 2004, 5.125%, 2/01/27 (Pre-refunded 2/01/14)  
2/14 at 100.00  
AAA  
842,032  
500  
 
California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey  
6/13 at 100.00  
AA– (4)  
510,310  
   
Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 (Pre-refunded 6/01/13) – AGM Insured  
     
225  
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation,  
12/17 at 100.00  
AA– (4)  
270,932  
   
Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured  
     
1,525  
 
Total U.S. Guaranteed  
   
1,623,274  
   
Utilities – 6.6%  
     
1,000  
 
Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2011A,  
11/20 at 100.00  
AA–  
1,144,410  
   
5.500%, 11/01/41  
     
645  
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  
No Opt. Call  
A
759,146  
   
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–  
204,718  
   
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
4,164,038  
   
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  
221,489  
   
9/01/31 – SYNCORA GTY Insured  
     
9,660  
 
Total Utilities  
   
6,493,801  
   
Water and Sewer – 3.9%  
     
   
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon  
     
   
Resources Channelside Desalination Project, Series 2012:  
     
535  
 
5.000%, 7/01/37 (WI/DD, Settling 1/02/13) (Alternative Minimum Tax)  
No Opt. Call  
Baa3  
547,391  
1,000  
 
5.000%, 11/21/45 (Alternative Minimum Tax)  
No Opt. Call  
Baa3  
1,007,900  
150  
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,  
4/16 at 100.00  
AA–  
163,460  
   
5.000%, 4/01/36 – NPFG Insured  
     
250  
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series  
6/16 at 100.00  
AA  
275,788  
   
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
828,944  
   
Solar Photovoltaic Project, Series 2003, 5.375%, 4/01/24  
     
1,000  
 
Woodbridge Irrigation District, California, Certificates of Participation, Water Systems Project,  
7/13 at 100.00  
A+  
1,006,730  
   
Series 2003, 5.625%, 7/01/43  
     
3,760  
 
Total Water and Sewer  
   
3,830,213  
$ 137,910  
 
Total Investments (cost $87,686,304) – 100.9%  
   
99,188,890  
   
Floating Rate Obligations – (1.6)%  
   
(1,540,000)  
   
Other Assets Less Liabilities – 0.7%  
   
660,225  
   
Net Assets – 100%  
   
$ 98,309,115  
 
 
 
 
 

 
 
 
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 following is a summary of the three-tiered hierarchy of valuation input levels.
 
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
 
Level 3 – Prices are determined using 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 risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
 
Level 1  
Level 2  
Level 3  
Total  
Long-Term Investments:  
       
Municipal Bonds  
$ —  
$99,188,890  
$ —  
$99,188,890  
 
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market 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. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
 
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.
 
As of December 31, 2012, the cost of investments was $86,125,136.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of December 31, 2012, were as follows:
   
Gross unrealized:  
 
Appreciation  
$11,699,129  
Depreciation  
(180,387)  
Net unrealized appreciation (depreciation) of investments  
$11,518,742  
 
 
 
(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.  
 
WI/DD  
Purchased on a when-issued or delayed delivery basis.  
 
(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:          March 1, 2013        
 
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:          March 1, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          March 1, 2013        
 

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