Federal funding as California burns
- BySeeking Alpha
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Nuveen California Select Tax-Free Income Portfolio (the Fund) is a diversified closed-end management investment company. The Fund’s investment objective is to provide stable dividends exempt from both regular federal and California income taxes, consistent with preservation of capital. The Fund invests approximately 80% of its assets in municipal securities and other related investments, the income from which are exempt from regular federal and California income taxes. The Fund also invests up to 20% of its managed assets in municipal securities that are subject to the federal alternative minimum tax (AMT Bonds). It invests up to 15% of its managed assets in inverse floating rate securities. The Fund also invests up to 10% of its net assets in securities of other open- or closed-end investment companies (including exchange-traded funds) that invest primarily in municipal securities of the types in which the Fund may invest directly. Its investment advisor is Nuveen Fund Advisors, LLC.