Unassociated Document



 
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:         12/31/09         
 
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, 2009       
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)  Value 
  Consumer Staples – 4.4%       
$      170  California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma  6/15 at 100.00  BBB  $     159,229 
  County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21       
1,170  California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue  6/12 at 100.00  BBB  1,168,736 
  Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23       
4,045  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/22 at 100.00  BBB  2,523,028 
  Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37       
5,385  Total Consumer Staples      3,850,993 
  Education and Civic Organizations – 9.5%       
3,000  California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series  4/18 at 100.00  Aa3  3,179,310 
  2008A, 5.625%, 4/01/37       
45  California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series  10/15 at 100.00  A3  42,748 
  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  1,013,900 
  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  36,278 
45  5.000%, 11/01/25  11/15 at 100.00  A2  45,610 
3,000  California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone  10/11 at 101.00  A–  3,053,250 
  Institutes, Series 2001, 5.500%, 10/01/19       
1,000  Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach  11/11 at 101.00  BBB  936,200 
  Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured       
8,125  Total Education and Civic Organizations      8,307,296 
  Health Care – 12 1%       
110  California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,  4/16 at 100.00  A+  100,822 
  Series 2006, 5.000%, 4/01/37       
2,550  California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,  11/16 at 100.00  Aa3  2,413,524 
  5.250%, 11/15/46 (UB)       
2,000  California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance  8/11 at 102.00  A+  2,008,260 
  LLC, Series 2001A, 5.550%, 8/01/31       
1,500  California Statewide Community Development Authority, Hospital Revenue Bonds, Monterey  6/13 at 100.00  AAA  1,598,085 
  Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 – FSA Insured       
1,500  California Statewide Community Development Authority, Insured Mortgage Hospital Revenue Bonds,  5/10 at 102.00  A  1,461,000 
  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+  531,239 
  Series 2001C, 5.250%, 8/01/31       
1,880  California Statewide Community Development Authority, Revenue Bonds, Los Angeles Orthopaedic  6/10 at 100.00  BBB+  1,880,545 
  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  593,163 
  2008A, 8.250%, 12/01/38       
10,625  Total Health Care      10,586,638 
  Housing/Multifamily – 0.9%       
750  California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH –  8/12 at 100.00  Baa1  751,388 
  Irvine East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 – ACA Insured       
  Housing/Single Family – 0.1%       
115  California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%,  2/16 at 100.00  AA–  119,221 
  8/01/30 – FGIC Insured (Alternative Minimum Tax)       
  Industrials – 1.7%       
1,015  California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic  No Opt. Call  BBB  1,008,078 
  Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)       
500  California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste  1/16 at 102.00  BBB  485,940 
  Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)       
1,515  Total Industrials      1,494,018 
  Long-Term Care – 2.6%       
1,500  ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue  11/12 at 100.00  A  1,482,735 
  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  Ba1  821,040 
  Project, Series 2007, 5.250%, 12/01/27       
2,500  Total Long-Term Care      2,303,775 
  Tax Obligation/General – 23.6%       
750  California, General Obligation Bonds, Series 2004, 5.000%, 2/01/23  2/14 at 100.00  A  759,660 
1,650  California, General Obligation Bonds, Various Purpose Series 2009, 5.500%, 11/01/39  11/19 at 100.00  A  1,593,620 
1,000  Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series  8/12 at 101.00  Aa3  1,045,480 
  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  A  3,520,887 
1,750  0.000%, 2/01/17 – NPFG Insured  No Opt. Call  A  1,266,720 
2,375  0.000%, 8/01/17 – NPFG Insured  No Opt. Call  A  1,669,174 
2,345  0.000%, 2/01/18 – NPFG Insured  No Opt. Call  A  1,567,703 
  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  Aa2  740,361 
1,080  0.000%, 5/01/18 – NPFG Insured  No Opt. Call  Aa2  730,760 
100  Roseville Joint Union High School District, Placer County, California, General Obligation  8/15 at 100.00  AA–  103,138 
  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  3,289,810 
  Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured       
1,500  San Diego Unified School District, San Diego County, California, General Obligation Bonds,  7/13 at 101.00  AAA  1,681,785 
  Series 2003E, 5.250%, 7/01/24 – FSA Insured       
2,565  Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Series  9/15 at 100.00  AAA  2,679,219 
  2005A, 5.000%, 9/01/26 – FSA Insured       
24,000  Total Tax Obligation/General      20,648,317 
  Tax Obligation/Limited – 18.7%       
1,000  Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,  10/13 at 100.00  BBB–  990,210 
  Series 2003, 5.625%, 10/01/33 – RAAI Insured       
3,500  California State Public Works Board, Lease Revenue Bonds, Department of Corrections,  No Opt. Call  A  3,872,152 
  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  A–  1,003,020 
  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  A–  1,525,575 
  2009I-1, 6.375%, 11/01/34       
120  Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  9/15 at 100.00  A  114,936 
  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  BBB  313,639 
  Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured       
1,000  Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana  10/15 at 100.00  A  916,060 
  Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – 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  48,302 
130  5.125%, 9/01/36  9/16 at 100.00  N/R  107,341 
215  Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social  9/15 at 100.00  A2  187,959 
  Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured       
1,300  Orange County, California, Special Tax Bonds, Community Facilities District 03-1 of Ladera  8/12 at 101.00  N/R  1,150,253 
  Ranch, Series 2004A, 5.625%, 8/15/34       
105  Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series  9/15 at 100.00  A–  92,828 
  2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured       
130  Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%,  8/13 at 100.00  AA–  128,608 
  8/01/25 – AMBAC Insured       
605  Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,  No Opt. Call  A  640,852 
  5.400%, 11/01/20 – NPFG Insured       
3,000  San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%,  6/15 at 100.00  AA  3,150,810 
  6/01/21 – NPFG Insured       
225  San Mateo Union High School District, San Mateo County, California, Certificates of  12/17 at 100.00  N/R  206,386 
  Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 – AMBAC Insured       
1,000  Santa Clara County Board of Education, California, Certificates of Participation, Series 2002,  4/12 at 101.00  A  1,003,790 
  5.000%, 4/01/25 – NPFG Insured       
1,000  Travis Unified School District, Solano County, California, Certificates of Participation,  9/16 at 100.00  N/R  937,520 
  Series 2006, 5.000%, 9/01/26 – FGIC Insured       
16,245  Total Tax Obligation/Limited      16,390,241 
  Transportation – 5.8%       
1,150  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series  1/10 at 100.00  BBB–  956,743 
  1995A, 5.000%, 1/01/35       
3,500  Los Angeles Harbors Department, California, Revenue Refunding Bonds, Series 2001B, 5.500%,  8/11 at 100.00  AA  3,660,160 
  8/01/17 – AMBAC Insured (Alternative Minimum Tax)       
445  San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport,  5/11 at 100.00  A1  430,627 
  Second Series 1999, Issue 23A, 5.000%, 5/01/30 – FGIC Insured (Alternative Minimum Tax)       
5,095  Total Transportation      5,047,530 
  U.S. Guaranteed – 13.3% (4)       
400  Beverly Hills Unified School District, Los Angeles County, California, General Obligation  8/12 at 100.00  AA (4)  443,792 
  Bonds, Series 2002A, 5.000%, 8/01/26 (Pre-refunded 8/01/12)       
  California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:       
1,750  5.750%, 5/01/17 (Pre-refunded 5/01/12)  5/12 at 101.00  Aaa  1,970,588 
2,000  5.125%, 5/01/19 (Pre-refunded 5/01/12)  5/12 at 101.00  Aaa  2,223,240 
2,500  California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series  11/11 at 100.00  A2 (4)  2,713,775 
  2002, 5.250%, 11/01/21 (Pre-refunded 11/01/11)       
800  California, General Obligation Bonds, Series 2004, 5.125%, 2/01/27 (Pre-refunded 2/01/14)  2/14 at 100.00  AAA  926,936 
2,000  North Orange County Community College District, California, General Obligation Bonds, Series  8/12 at 101.00  AA (4)  2,229,280 
  2002A, 5.000%, 8/01/22 (Pre-refunded 8/01/12) – MBIA 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)  1,124,440 
  11/01/12) – FGIC Insured       
10,450  Total U.S. Guaranteed      11,632,051 
  Utilities – 5.5%       
645  Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series  No Opt. Call  A  614,098 
  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–  212,990 
  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  3,244,744 
  System Projects, Series 2008A, 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  189,965 
  9/01/31 – SYNCORA GTY Insured       
535  Turlock Irrigation District, California, Revenue Refunding Bonds, Series 1992A, 6.250%,  No Opt. Call  A1  555,517 
  1/01/12 – NPFG Insured       
9,195  Total Utilities      4,817,314 
  Water and Sewer – 2.5%       
150  Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,  4/16 at 100.00  AA–  147,192 
  5.000%, 4/01/36 – NPFG Insured       
250  Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series  6/16 at 100.00  AA  256,050 
  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  825,289 
  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+  947,500 
  Project, Series 2003, 5.625%, 7/01/43       
2,225  Total Water and Sewer      2,176,031 
$     96,225  Total Investments (cost $87,354,536) – 100.7%      88,124,813 
  Floating Rate Obligations – (1.8)%      (1,540,000)
  Other Assets Less Liabilities – 1.1%      899,262 
  Net Assets – 100%      $ 87,484,075 



 


 


 

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are 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 methodology 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, 2009:

  Level 1  Level 2  Level 3  Total 
Investments:         
Municipal Bonds  $ —  $88,124,813  $ —  $88,124,813 

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, 2009, the cost of investments was $85,808,846.

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2009, were as follows:

Gross unrealized:   
  Appreciation  $ 2,922,888 
  Depreciation  (2,150,748)
Net unrealized appreciation (depreciation) of investments  $    772,140 

(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 higher of Standard & Poor’s Group (“Standard & Poor’s“) or Moody’s Investor Service, 
  Inc. (“Moody’s“) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be 
  below investment grade. 
(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. Such investments are normally considered to 
  be equivalent to AAA rated 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         March 1, 2010        
 
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, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        March 1, 2010