Three Nuveen California municipal funds to conduct share offerings

By Toni Weeks

San Luis Obispo, Calif., June 10 - Nuveen Investments said that three of its Nuveen California municipal funds will conduct common stock offerings, according to separate 497 filings with the Securities and Exchange Commission.

The Nuveen California Select Quality Municipal Fund, Inc., Nuveen California AMT-Free Municipal Income Fund and Nuveen California Performance Plus Municipal Fund, Inc. will sell shares for investments in line with their investment objectives.

Scott R. Romans is the portfolio manager for all three funds.

Nuveen California Select

The Nuveen California Select Quality Municipal Fund seeks to provide current income exempt from regular federal and California income taxes. Its secondary investment objective is to enhance portfolio value relative to the California municipal bond market by investing in tax-exempt California municipal securities that are considered underrated or undervalued or represents municipal market sectors that are undervalued.

The fund plans to offer 2.3 million shares. The stock (NYSE: NVC) closed at $16.35 on May 22.

Stockholder transaction expenses include a 4% maximum sales charge. Annual expenses of 1.51% include a 0.9% management fee.

Nuveen California AMT-Free

The Nuveen California AMT-Free Municipal Income Fund seeks to provide current income exempt from regular federal income tax, the federal alternative minimum tax applicable to individuals and California income tax. The fund's secondary objective is to enhance portfolio value relative to the California municipal bond market. The fund invests in municipal securities and other related investments, the income from which is exempt from regular federal and California income tax.

The fund plans to offer 4.1 million shares. The fund's shares (NYSE: NKX) closed at $14.36 on May 22.

There will be a 4% maximum sales load. Annual expenses of 1.64% include the 0.88% management fee.

Nuveen California Performance

The Nuveen California Performance plus Municipal Fund, Inc. plans to offer 1.2 million of its shares.

The fund seeks to provide current income exempt from regular federal and California income taxes with the enhancement of portfolio value relative to the California municipal bond market as a secondary objective. The fund will invest in tax-exempt California municipal securities that the investment adviser believes to be underrated or undervalued.

The fund's shares (NYSE:NCP) closed at $15.74 on May 28.

Shares of the fund will incur a 4% maximum sales charge. The management fees of 0.91% are included in estimated annual expenses of 1.57%.

Chicago-based Nuveen Fund Advisors, LLC is the investment adviser to the funds.

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