Investment Company Act file number 811-6623
Nuveen California Select Tax-Free Income Portfolio
(Exact name of registrant as specified in charter)
333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Jessica R. DroegerVice 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: 6/30/06
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) | ||||||||
June 30, 2006 | ||||||||
Principal | Optional Call | |||||||
Amount (000) | Description | Provisions (1) | Ratings (2) | Value | ||||
| ||||||||
Consumer Staples 2.1% | ||||||||
$ 235 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma | 6/15 at 100.00 | BBB | $ | 226,307 | |||
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21 | ||||||||
1,620 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Revenue | 6/12 at 100.00 | BBB | 1,632,555 | ||||
Bonds, Fresno County Tobacco Funding Corporation, Series 2002, 5.625%, 6/01/23 | ||||||||
| ||||||||
1,855 | Total Consumer Staples | 1,858,862 | ||||||
| ||||||||
Education and Civic Organizations 9.4% | ||||||||
1,000 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 1999P, | 12/09 at 101.00 | AAA | 1,026,410 | ||||
5.000%, 12/01/23 | ||||||||
45 | California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series | 10/15 at 100.00 | A3 | 44,825 | ||||
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 | 1,049,180 | ||||
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 | 35,930 | ||||
45 | 5.000%, 11/01/25 | 11/15 at 100.00 | A2 | 45,753 | ||||
3,000 | California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone | 10/11 at 101.00 | A | 3,140,070 | ||||
Institutes, Series 2001, 5.500%, 10/01/19 | ||||||||
2,000 | California State Public Works Board, Lease Revenue Bonds, University of California, UCLA | 10/12 at 100.00 | AAA | 2,050,000 | ||||
Replacement Hospital Project, Series 2002A, 5.000%, 10/01/22 FSA Insured | ||||||||
1,000 | Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach | 11/11 at 101.00 | AAA | 1,035,590 | ||||
Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 AMBAC Insured | ||||||||
| ||||||||
8,125 | Total Education and Civic Organizations | 8,427,758 | ||||||
| ||||||||
Health Care 10.9% | ||||||||
335 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, | 11/15 at 100.00 | A3 | 335,379 | ||||
Series 2005, 5.000%, 11/15/34 | ||||||||
2,000 | California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance | 8/11 at 102.00 | A+ | 2,080,700 | ||||
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 | 1,576,665 | ||||
Peninsula Hospital, Series 2003B, 5.250%, 6/01/18 FSA Insured | ||||||||
1,500 | California Statewide Community Development Authority, Insured Mortgage Hospital Revenue Bonds, | 11/09 at 102.00 | A | 1,545,060 | ||||
Mission Community Hospital, Series 2001, 5.375%, 11/01/26 | ||||||||
90 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity | 7/15 at 100.00 | BBB+ | 91,648 | ||||
Health System, Series 2005A, 5.250%, 7/01/24 | ||||||||
1,515 | California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, | 3/16 at 100.00 | A+ | 1,500,108 | ||||
Series 2006, 5.000%, 3/01/41 | ||||||||
1,880 | California Statewide Community Development Authority, Revenue Bonds, Los Angeles Orthopaedic | 6/07 at 101.00 | AAA | 1,923,691 | ||||
Hospital Foundation, Series 2000, 5.500%, 6/01/17 AMBAC Insured | ||||||||
790 | Central California Joint Powers Health Finance Authority, Certificates of Participation, | 8/06 at 100.00 | Baa2 | 774,611 | ||||
Community Hospitals of Central California, Series 1993, 5.000%, 2/01/23 | ||||||||
| ||||||||
9,610 | Total Health Care | 9,827,862 | ||||||
| ||||||||
Housing/Multifamily 0.9% | ||||||||
750 | California Statewide Community Development Authority, Student Housing Revenue Bonds, EAH | 8/12 at 100.00 | A | 775,350 | ||||
Irvine East Campus Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 ACA Insured | ||||||||
| ||||||||
Industrials 2.0% | ||||||||
1,250 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic | No Opt. Call | BBB+ | 1,289,525 | ||||
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 | 498,930 | ||||
Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax) | ||||||||
| ||||||||
1,750 | Total Industrials | 1,788,455 | ||||||
| ||||||||
Long-Term Care 1.7% | ||||||||
1,500 | ABAG Finance Authority for Non-Profit Corporations, California, Insured Senior Living Revenue | 11/12 at 100.00 | A | 1,537,245 | ||||
Bonds, Odd Fellows Home of California, Series 2003A, 5.200%, 11/15/22 | ||||||||
| ||||||||
Tax Obligation/General 19.9% | ||||||||
500 | California, General Obligation Bonds, Series 2003, 5.250%, 11/01/19 RAAI Insured | 11/13 at 100.00 | AA | 527,620 | ||||
California, General Obligation Bonds, Series 2004: | ||||||||
750 | 5.000%, 2/01/23 | 2/14 at 100.00 | A | 768,758 | ||||
800 | 5.125%, 4/01/25 | 4/14 at 100.00 | A | 824,176 | ||||
1,000 | 5.125%, 2/01/27 | 2/14 at 100.00 | A | 1,024,570 | ||||
2,000 | Fremont Unified School District, Alameda County, California, General Obligation Bonds, Series | 8/12 at 101.00 | AAA | 2,063,700 | ||||
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 MBIA Insured | No Opt. Call | AAA | 2,930,570 | ||||
1,750 | 0.000%, 2/01/17 MBIA Insured | No Opt. Call | AAA | 1,070,178 | ||||
2,375 | 0.000%, 8/01/17 MBIA Insured | No Opt. Call | AAA | 1,419,039 | ||||
2,345 | 0.000%, 2/01/18 MBIA Insured | No Opt. Call | AAA | 1,358,130 | ||||
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 MBIA Insured | No Opt. Call | AAA | 613,537 | ||||
1,080 | 0.000%, 5/01/18 MBIA Insured | No Opt. Call | AAA | 618,170 | ||||
Oakland Unified School District, Alameda County, California, General Obligation Bonds, | ||||||||
Series 2005: | ||||||||
130 | 5.000%, 8/01/25 MBIA Insured | 8/15 at 100.00 | AAA | 133,675 | ||||
135 | 5.000%, 8/01/26 MBIA Insured | 8/15 at 100.00 | AAA | 138,615 | ||||
1,500 | San Diego Unified School District, San Diego County, California, General Obligation Bonds, | 7/13 at 101.00 | AAA | 1,604,505 | ||||
Series 2003E, 5.250%, 7/01/24 FSA Insured | ||||||||
150 | San Jose-Evergreen Community College District, Santa Clara County, California, General | 9/15 at 100.00 | AAA | 154,155 | ||||
Obligation Bonds, Series 2005A, 5.000%, 9/01/27 MBIA Insured | ||||||||
2,565 | Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Series | 9/15 at 100.00 | AAA | 2,641,847 | ||||
2005A, 5.000%, 9/01/26 FSA Insured | ||||||||
| ||||||||
22,745 | Total Tax Obligation/General | 17,891,245 | ||||||
| ||||||||
Tax Obligation/Limited 17.5% | ||||||||
1,000 | Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, | 10/13 at 100.00 | AA | 1,057,160 | ||||
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 | AAA | 4,053,245 | ||||
Calipatria State Prison, Series 1991A, 6.500%, 9/01/17 MBIA Insured | ||||||||
1,000 | California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, | 6/14 at 100.00 | A | 1,067,680 | ||||
Coalinga State Hospital, Series 2004A, 5.500%, 6/01/23 | ||||||||
660 | California, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 | 7/14 at 100.00 | AA | 698,564 | ||||
120 | Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community | 9/15 at 100.00 | AAA | 123,595 | ||||
Facilities District, Series 2005, 5.000%, 9/01/24 FGIC Insured | ||||||||
1,000 | Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana | 10/15 at 100.00 | AAA | 1,016,070 | ||||
Redevelopment Project, Series 2005A, 5.000%, 10/01/32 AMBAC Insured | ||||||||
90 | Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, | 9/15 at 100.00 | AAA | 93,038 | ||||
5.000%, 9/01/20 XLCA Insured | ||||||||
Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, | ||||||||
Series 2006A: | ||||||||
60 | 5.000%, 9/01/26 | 9/06 at 103.00 | N/R | 59,581 | ||||
135 | 5.125%, 9/01/36 | 9/06 at 103.00 | N/R | 132,750 | ||||
215 | Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social | 9/15 at 100.00 | Aaa | 217,795 | ||||
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 | 1,358,812 | ||||
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 | AAA | 106,420 | ||||
2005A, 5.000%, 9/01/35 XLCA Insured | ||||||||
605 | Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, | No Opt. Call | AAA | 658,415 | ||||
5.400%, 11/01/20 MBIA Insured | ||||||||
3,000 | San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, | 6/15 at 100.00 | AAA | 3,110,220 | ||||
6/01/21 MBIA Insured | ||||||||
1,000 | Santa Clara County Board of Education, California, Certificates of Participation, Series 2002, | 4/12 at 101.00 | AAA | 1,020,300 | ||||
5.000%, 4/01/25 MBIA Insured | ||||||||
1,000 | Travis Unified School District, Solano County, California, Certificates of Participation, | 9/16 at 100.00 | Aaa | 1,022,750 | ||||
Series 2006, 5.000%, 9/01/26 FGIC Insured | ||||||||
| ||||||||
14,790 | Total Tax Obligation/Limited | 15,796,395 | ||||||
| ||||||||
Transportation 8.2% | ||||||||
1,150 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series | 1/10 at 100.00 | BBB | 1,103,805 | ||||
1995A, 5.000%, 1/01/35 | ||||||||
5,000 | Los Angeles Harbors Department, California, Revenue Refunding Bonds, Series 2001B, 5.500%, | 8/11 at 100.00 | AAA | 5,270,097 | ||||
8/01/17 AMBAC Insured (Alternative Minimum Tax) | ||||||||
1,000 | Port of Oakland, California, Revenue Bonds, Series 2002M, 5.250%, 11/01/20 FGIC Insured | 11/12 at 100.00 | AAA | 1,055,040 | ||||
| ||||||||
7,150 | Total Transportation | 7,428,942 | ||||||
| ||||||||
U.S. Guaranteed 16.5% (3) | ||||||||
400 | Beverly Hills Unified School District, Los Angeles County, California, General Obligation | 8/12 at 100.00 | AA (3) | 423,888 | ||||
Bonds, Series 2002A, 5.000%, 8/01/26 (Pre-refunded 8/01/12) | ||||||||
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: | ||||||||
2,000 | 5.750%, 5/01/17 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 2,209,740 | ||||
2,000 | 5.125%, 5/01/19 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 2,145,020 | ||||
750 | California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series | 8/09 at 100.00 | A1 (3) | 785,925 | ||||
2002A, 5.500%, 8/01/32 (Pre-refunded 8/01/09) | ||||||||
2,600 | California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series | 11/11 at 100.00 | A2 (3) | 2,765,542 | ||||
2002, 5.250%, 11/01/21 (Pre-refunded 11/01/11) | ||||||||
1,400 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/13 at 100.00 | AAA | 1,518,580 | ||||
Asset-Backed Bonds, Series 2003B, 5.500%, 6/01/33 (Pre-refunded 6/01/13) | ||||||||
2,800 | Los Angeles, California, Wastewater System Revenue Bonds, Series 1998A, 5.000%, 6/01/23 | 6/08 at 101.00 | AAA | 2,890,636 | ||||
(Pre-refunded 6/01/08) FGIC Insured | ||||||||
2,000 | North Orange County Community College District, California, General Obligation Bonds, Series | 8/12 at 101.00 | AAA | 2,127,420 | ||||
2002A, 5.000%, 8/01/22 (Pre-refunded 8/01/12) MBIA Insured | ||||||||
| ||||||||
13,950 | Total U.S. Guaranteed | 14,866,751 | ||||||
| ||||||||
Utilities 1.9% | ||||||||
200 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series | 7/13 at 100.00 | AAA | 206,314 | ||||
2003A-2, 5.000%, 7/01/21 MBIA Insured | ||||||||
215 | Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, | 9/15 at 100.00 | AAA | 220,521 | ||||
9/01/31 XLCA Insured | ||||||||
1,225 | Turlock Irrigation District, California, Revenue Refunding Bonds, Series 1992A, 6.250%, | No Opt. Call | Aaa | 1,323,515 | ||||
1/01/12 MBIA Insured | ||||||||
| ||||||||
1,640 | Total Utilities | 1,750,350 | ||||||
| ||||||||
Water and Sewer 5.1% | ||||||||
2,160 | California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, | 10/11 at 101.00 | AAA | 2,250,763 | ||||
Pooled Financing Program, Series 2001B, 5.125%, 10/01/22 FSA Insured | ||||||||
150 | Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, | 4/16 at 100.00 | AAA | 153,183 | ||||
5.000%, 4/01/36 MBIA Insured | ||||||||
325 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series | 7/16 at 100.00 | AAA | 334,672 | ||||
2006A-2, 5.000%, 7/01/27 AMBAC Insured | ||||||||
825 | South Feather Water and Power Agency, California, Water Revenue Certificates of Participation, | 4/13 at 100.00 | BBB | 839,405 | ||||
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 | BBB+ | 1,021,910 | ||||
Project, Series 2003, 5.625%, 7/01/43 | ||||||||
| ||||||||
4,460 | Total Water and Sewer | 4,599,933 | ||||||
| ||||||||
$ 88,325 | Total Long-Term Investments (cost $83,653,562) 96.1% | 86,549,148 | ||||||
|
| |||||||
Short-Term Investments 2.4% | ||||||||
2,150 | Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand | A-1+ | 2,150,000 | |||||
Obligations, Series 1985, 2.250%, 12/01/15 MBIA Insured (4) | ||||||||
2,150 | Total Short-Term Investments (cost $2,150,000) | 2,150,000 | ||||||
| ||||||||
$ 90,475 | Total Investments (cost $85,803,562) 98.5% | 88,699,148 | ||||||
|
| |||||||
Other Assets Less Liabilities 1.5% | 1,384,552 | |||||||
| ||||||||
Net Assets 100% | $ | 90,083,700 | ||||||
|
(1) | 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. | ||
(2) | Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard | |
& Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. | ||
(3) | 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. | ||
(4) | Investment has a maturity of more than one year, but has variable rate and demand features | |
which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the | ||
reporting period. This rate changes periodically based on market conditions or a specified market index. | ||
N/R | Not rated. |
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 the treatment of paydown gains and losses, timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions.
At June 30, 2006, the cost of investments was $85,802,392.
Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2006, were as follows:
| ||
Gross unrealized: | ||
Appreciation | $3,147,886 | |
Depreciation | (251,130) | |
| ||
Net unrealized appreciation (depreciation) of investments | $2,896,756 | |
|
Item 2. Controls and Procedures.
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: EX-99 CERT 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.
(Registrant) Nuveen California Select Tax-Free Income Portfolio
By (Signature and Title)* /s/ Jessica R. Droeger
Jessica R. Droeger
Vice President and Secretary
Date August 28, 2006
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 August 28, 2006
By (Signature and Title)* /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller (principal financial
officer)
Date August 28, 2006
* Print the name and title of each signing officer under his or her signature.