<PAGE>
[NUVEEN LOGO APPEARS HERE]
Nuveen Tax-Free
Money Market Funds
Dependable tax-free
income for generations
NUVEEN TAX-FREE RESERVES, INC.
NUVEEN CALIFORNIA TAX-FREE
MONEY MARKET FUND
NUVEEN MASSACHUSETTS TAX-FREE
MONEY MARKET FUND
NUVEEN NEW YORK TAX-FREE
MONEY MARKET FUND
[PHOTO OF COUPLE APPEARS HERE]
ANNUAL REPORT/FEBRUARY 28, 1995
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
7 Fund performance
9 Portfolio of investments
21 Statement of net assets
22 Statement of operations
26 Statement of changes in net assets
33 Notes to financial statements
38 Financial highlights
46 Report of independent auditors
<PAGE>
Dear
shareholder
[PHOTO OF RICHARD J. FRANKE APPEARS HERE]
"Providing secure
income remains
our top priority"
The objective of the Nuveen Tax-Free Money Market Funds is to provide as high a
level of current tax-free income as is consistent with stability of principal
and the maintenance of liquidity. It is a pleasure to report that for the year
ended February 28, 1995, Nuveen's Tax-Free Money Market Funds met their
objectives, providing yields that compared favorably with those available from
both tax-exempt and taxable short-term alternatives.
The 7-day annualized yield for the funds covered in this report ranged from
3.33% to 3.51% on February 28. To equal these yields, an investor in the 36%
federal income tax bracket would need to earn at least 5.20% on taxable
alternatives.
Since February 1994, the Federal Reserve Board raised interest rates seven
times to fend off future inflation. As a result, the funds' yields increased
more than 70% over the course of the year. In this environment, we continue to
look for opportunities to capture attractive yields in different market sectors
and over many types of municipal securities, including tax-free variable rate
demand notes, tax and revenue anticipation notes, commercial paper, and selected
certificates of participation. The benefits of this type of diversification
combine with share
3
<PAGE>
price stability, daily liquidity, and investment convenience to make Nuveen Tax-
Free Money Market Funds some of the best vehicles conservative, tax-conscious
investors can find for their short-term funds.
Our approach to investing has provided more than one million Nuveen investors
with the tax-free income they need to help realize their dreams and goals and to
improve the quality of their lives year after year. We are confident that it
will continue to do so in the future.
We appreciate your trust in our family of funds, and we look forward to helping
you meet your tax-free investment objectives in the future.
Sincerely,
[SIGNATURE OF RICHARD J. FRANKE]
Richard J. Franke
Chairman of the Board
April 17, 1995
4
<PAGE>
Answering your
questions
We spoke recently with Tom
Spalding, head of Nuveen's portfo-
lio management team, and asked
him about developments in the
municipal market and the outlook
for Nuveen's tax-free funds.
How did the Federal
Reserve Board's moves
to raise short-term
interest rates affect
the performance of
the funds?
The Fed's moves certainly affected our money market funds' performance over the
past year. Yields have moved up significantly, which is good news for income-
oriented investors.
By raising short-term interest rates aggressively in recent months, the
Federal Reserve has demonstrated its commitment to fighting inflation, which
should be good news for all municipal investors. As long as inflation-the
primary factor affecting investment values-remains under control, the
fundamentals for strong municipal performance are in place.
5
<PAGE>
[PHOTO OF TOM SPALDING APPEARS HERE]
Tom Spalding, head
of Nuveen's portfolio
management team,
answers investors'
questions on develop-
ments in the
municipal market.
A number of fund
managers have
encountered problems
recently related to
the use of derivative
securities. Do you use
derivatives in your
portfolios?
Over the last year, participants in the financial services industry, including
securities dealers, underwriters and investment advisers, received much
attention in the press relating to the use of certain types of derivative
financial instruments in the management of portfolios, including those of mutual
funds. There are many different types of derivative investments available in the
market today, including those derivatives whose market values respond to
interest rate changes with greater volatility than do others. In general,
derivatives used to speculate on the future course of interest rates pose the
greatest risk, while derivatives used for hedging purposes present less risk
and, if used properly, can often reduce the probability of loss (while
sacrificing upside potential). Synthetic money market securities generally
present no greater risk to investors than ordinary money market securities.
Although the Funds are authorized to invest in such financial instruments, and
may do so in the future, they did not make any such investments during the
fiscal year ended February 28, 1995, other than a limited amount of synthetic
money market securities.
6
<PAGE>
NUVEEN TAX-FREE
RESERVES, INC.
Tax-Free Reserves
Shareholders in this Fund enjoyed attractive tax-free dividends over the past 12
months. During the fiscal year, the Fund's 7-day annualized yield rose from
1.88% to 3.37%.
[BAR GRAPH APPEARS HERE]
Tax Free Reserves
Year to Date
Summary
Fiscal 1995
Date Dividend
- -----------------
3/94 .0015
4/94 .0015
5/94 .0019
6/94 .0017
7/94 .0017
8/94 .0020
9/94 .0021
10/94 .0021
11/94 .0023
12/94 .0028
1/95 .0025
2/95 .0025
FUND HIGHLIGHTS 2/28/95
Current 7-day SEC yield on NAV 3.37%
Taxable-equivalent yield on NAV* 5.27%
Federal tax rate 36.0%
Total net assets ($000) $351,606
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
*An investor subject to the indicated federal income tax rate would need to
receive this return from a fully taxable investment to equal the stated 7-day
annualized yield on NAV.
NUVEEN CALIFORNIA TAX-FREE
MONEY MARKET FUND
California
Shareholders in this Fund enjoyed attractive tax-free dividends over the past 12
months. During the fiscal year, the Fund's 7-day annualized yield rose from
2.01% to 3.51%.
[BAR GRAPH APPEARS HERE]
California Money Market
Year to Date
Summary
Fiscal 1995
Date Dividend
- -----------------
3/94 $0.0016
4/94 $0.0016
5/94 $0.0020
6/94 $0.0018
7/94 $0.0019
8/94 $0.0021
9/94 $0.0022
10/94 $0.0022
11/94 $0.0024
12/94 $0.0031
1/95 $0.0027
2/95 $0.0026
FUND HIGHLIGHTS 2/28/95
Current 7-day SEC yield on NAV 3.51%
Taxable-equivalent yield on NAV* 6.10%
Combined state and federal tax rate 42.5%
Total net assets ($000) $159,701
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
* An investor subject to the indicated state and federal income tax rate would
need to receive this return from a fully taxable investment to equal the stated
7-day annualized yield on NAV.
7
<PAGE>
NUVEEN MASSACHUSETTS TAX-FREE
MONEY MARKET FUND
Massachusetts
Shareholders in this Fund enjoyed attractive tax-free dividends over the past 12
months. During the fiscal year, the Fund's 7-day annualized yield rose from
1.85% to 3.36%.
[BAR GRAPH APPEARS HERE]
Massachusetts Money Market
Year-to Date Summary
Fiscal 1995
Date Dividend
- -----------------
3/94 $0.0015
4/94 $0.0016
5/94 $0.0020
6/94 $0.0018
7/94 $0.0017
8/94 $0.0021
9/94 $0.0022
10/94 $0.0022
11/94 $0.0024
12/94 $0.0029
1/95 $0.0025
2/95 $0.0025
FUND HIGHLIGHTS 2/28/95
Current 7-day SEC yield on NAV 3.36%
Taxable-equivalent yield on NAV* 5.95%
Combined state and federal tax rate 43.5%
Total net assets ($000) $53,004
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
*An investor subject to the indicated state and federal income tax rate would
need to receive this return from a fully taxable investment to equal the stated
7-day annualized yield on NAV.
NUVEEN NEW YORK TAX-FREE
MONEY MARKET FUND
New York
Shareholders in this Fund enjoyed attractive tax-free dividends over the past 12
months. During the fiscal year, the Fund's 7-day annualized yield rose from
1.77% to 3.33%.
[BAR GRAPH APPEARS HERE]
New York Money Market
Year to Date
Summary
Fiscal 1995
Date Dividend
- -----------------
3/94 $0.0013
4/94 $0.0015
5/94 $0.0018
6/94 $0.0015
7/94 $0.0015
8/94 $0.0019
9/94 $0.0021
10/94 $0.0021
11/94 $0.0023
12/94 $0.0028
1/95 $0.0023
2/95 $0.0025
FUND HIGHLIGHTS 2/28/95
Current 7-day SEC yield on NAV 3.33%
Taxable-equivalent yield on NAV* 5.89%
Combined state and federal tax rate 43.5%
Total net assets ($000) $30,454
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
* An investor subject to the indicated state and federal income tax rate would
need to receive this return from a fully taxable investment to equal the stated
7-day annualized yield on NAV.
8
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1995
NUVEEN TAX-FREE RESERVES, INC.
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
ALABAMA - 2.0%
$ 7,215,000 Anniston Industrial Development Board
(Union Foundry Company), Variable Rate
Demand Bonds, 4.200%, 6/01/05+ VMIG-1 $ 7,215,000
- -------------------------------------------------------------------------------
ARIZONA - 3.9%
4,000,000 Coconino County School District No. 1
(Flagstaff Unified School District-
Series 1994B), Tax Anticipation Notes,
5.000%, 7/28/95 SP-1+ 4,011,973
6,700,000 Maricopa County Pollution Control
Corporation (Arizona Public Service
Company, Palo Verde Project), Variable
Rate Demand Bonds, 3.900%, 5/01/29+ P-1 6,700,000
2,900,000 Mesa, Arizona Municipal Development
Corporation, Special Tax Bonds, Series
1985, Commercial Paper, 4.100%, 4/03/95 VMIG-1 2,900,000
- -------------------------------------------------------------------------------
ARKANSAS - 4.0%
3,100,000 Arkansas Hospital Equipment Finance
Authority (Washington Regional Medical
Center), Variable Rate Demand Bonds,
4.350%, 10/01/98+ VMIG-1 3,100,000
11,000,000 University of Arkansas--Board of Trustees
(UAMS Campus-Series 1994), Variable Rate
Demand Bonds, 4.100%, 12/01/19+ VMIG-1 11,000,000
- -------------------------------------------------------------------------------
CALIFORNIA - 3.1%
5,800,000 California Health Facilities Financing
Authority (St. Francis Memorial
Hospital), Series 1993B, Variable Rate
Demand Bonds,
3.750%, 11/01/19+ P-1 5,800,000
5,000,000 Kings County Board of Education, 1994-95,
Tax Anticipation Notes, 4.250%, 7/28/95 SP-1+ 5,008,818
- -------------------------------------------------------------------------------
DELAWARE - 1.6%
5,600,000 Delaware Economic Development Authority,
Industrial Development (Noramco of
Delaware, Inc.), Series 1984, Variable
Rate Demand Bonds, 4.500%, 12/01/14+ N/R 5,600,000
- -------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.8%
3,000,000 District of Columbia General Obligation,
General Fund Recovery, Variable Rate
Demand Bonds, 4.500%, 6/01/03+ A-1+ 3,000,000
- -------------------------------------------------------------------------------
FLORIDA - 3.9%
7,500,000 Dade County Water and Sewer System,
Series 1994, Variable Rate Demand Bonds,
3.950%, 10/05/22+ VMIG-1 7,500,000
3,000,000 Hialeah Hospital Refunding, Series 1989
(Hialeah Hospital Inc.), Variable Rate
Demand Bonds, 4.350%, 2/01/14+ VMIG-1 3,000,000
3,100,000 Pasco Multi-Family Housing, Carlton Arms
of Magnolia Valley, Series 1985,
Variable Rate Demand Bonds, 4.250%,
12/01/07+ VMIG-1 3,100,000
</TABLE>
9
<PAGE>
PORTFOLIO OF INVESTMENTS
NUVEEN TAX-FREE RESERVES, INC.--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT DESCRIPTION RATINGS* AMORTIZED COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
GEORGIA - 5.6%
$ 6,500,000 Burke County Development Authority,
Pollution Control (Oglethorpe Power
Company), Adjustable Tender Bonds,
4.050%, 4/06/95 VMIG-1 $ 6,500,000
6,200,000 Fulton County Hospital Authority,
Anticipation Certificates,
Commercial Paper, 3.900%, 3/02/95 VMIG-1 6,200,000
7,000,000 Fulton County, Georgia Hospital
Authority, Anticipation Certificates
(St. Joseph's Hospital of Atlanta
Project), Commercial Paper, 4.125%,
5/31/95 VMIG-1 7,000,000
- -------------------------------------------------------------------------------
HAWAII - 1.2%
4,200,000 Hawaii Department of Budget and
Finance, Special Purpose (Adventist
Health System), Variable Rate Demand
Bonds, 4.150%, 9/01/99+ A-1 4,200,000
- -------------------------------------------------------------------------------
ILLINOIS - 12.2%
10,000,000 Illinois Development Finance
Authority (Chicago Symphony
Orchestra Project), Variable Rate
Demand Bonds, 4.100%, 12/01/28+ VMIG-1 10,000,000
4,985,000 Illinois Educational Facilities
Authority, The Art Institute of
Chicago, Series 1987, Variable Rate
Demand Bonds, 4.150%, 3/01/27+ MIG-1 4,985,000
11,400,000 Illinois Health Facilities Authority
(Victory Health Services Project),
Series 1991, 4.150%, 12/01/11
(Optional Put 3/29/95) VMIG-1 11,400,000
2,500,000 Chicago O'Hare International Airport
(American Airlines), Variable Rate
Demand Bonds, 3.950%, 12/01/17+ VMIG-1 2,500,000
Decatur Water Bonds (New South Water
Treatment), Series 1985, Commercial
Paper:
2,200,000 3.800%, 3/03/95 VMIG-1 2,200,000
3,300,000 4.150%, 4/04/95 VMIG-1 3,300,000
4,000,000 4.350%, 5/08/95 VMIG-1 4,000,000
4,600,000 4.125%, 5/11/95 VMIG-1 4,600,000
- -------------------------------------------------------------------------------
INDIANA - 3.3%
6,000,000 Indianapolis Economic Development
(Yellow Freight System),
5.500%, 1/15/10 (Mandatory Put
1/15/96) N/R 6,000,000
5,500,000 Fort Wayne Economic Development
(Georgetown Place Venture Project),
Variable Rate Demand Bonds, 4.000%,
12/01/15+ A-1+ 5,500,000
- -------------------------------------------------------------------------------
IOWA - 2.2%
2,500,000 Iowa School Corporation, Warrant
Certificates, Series A 1994,
Municipal Note, 4.250%, 7/17/95 MIG-1 2,505,917
2,900,000 Eddyville Pollution Control
(Heartland Lysine Inc.), Variable
Rate Demand Bonds, 4.600%, 11/01/03+ N/R 2,900,000
2,200,000 Mount Vernon Private College (Cornell
College Project), Series 1985,
Variable Rate Demand Bonds, 4.300%,
10/01/15+ VMIG-1 2,200,000
</TABLE>
10
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
KENTUCKY - 6.8%
$ 9,005,000 Hancock County Industrial Development
(Southwire Company Project), Variable
Rate Demand Bonds, 4.250%, 7/01/10+ N/R $ 9,005,000
14,800,000 Perry County Health Care System
(Appalachian Regional Hospital, Inc.
Project), Series 1984, Variable Rate
Demand Bonds,
4.150%, 8/01/14+ VMIG-1 14,800,000
- -------------------------------------------------------------------------------
LOUISIANA - 3.6%
6,000,000 Louisiana Offshore Terminal Authority,
Variable Rate Demand Bonds, 3.900%,
9/01/06+ A-1+ 6,000,000
6,500,000 Louisiana Recovery District, Sales Tax,
Variable Rate Demand Bonds, 3.750%,
7/01/98+ VMIG-1 6,500,000
- -------------------------------------------------------------------------------
MASSACHUSETTS - 4.5%
2,300,000 Massachusetts Bay Transportation
Authority, Series A, Commercial Paper,
3.700%, 3/08/95 A-1+ 2,300,000
3,000,000 Massachusetts Dedicated Income Tax,
Variable Rate Demand Bonds, 3.650%,
6/01/95 VMIG-1 3,000,000
4,000,000 Massachusetts Health and Educational
Facilities Authority (Harvard
University), Variable Rate Demand Bonds,
3.750%, 2/01/16+ VMIG-1 4,000,000
1,000,000 Massachusetts Health and Educational
Facilities Authority (M.I.T. Project),
Variable Rate Demand Bonds, 3.850%,
7/01/21+ VMIG-1 1,000,000
2,400,000 Massachusetts Industrial Finance Agency
(Nova Realty Trust 1994 Refunding),
Variable Rate Demand Bonds, 4.100%,
12/01/02+ P-1 2,400,000
3,000,000 Massachusetts General Obligation Notes,
1994, Series A,
5.000%, 6/15/95 MIG-1 3,006,794
- -------------------------------------------------------------------------------
MICHIGAN - 4.6%
7,100,000 Michigan Job Development Authority,
Limited Obligation (Frankenmuth Bavarian
Inn), Variable Rate Demand Bonds,
4.300%, 9/01/15+ A-1 7,100,000
7,500,000 Detroit City School District, Wayne
County State School Aid Notes (Limited
Tax, General Obligation), Series 1994,
5.000%, 5/01/95 SP-1+ 7,512,887
1,650,000 Warren Economic Development Corporation,
Limited Obligation (The Prince Company--
Michigan Division), Variable Rate Demand
Bonds, 4.400%, 11/01/99+ P-1 1,650,000
- -------------------------------------------------------------------------------
MINNESOTA - 4.4%
6,410,000 Bloomington Commercial Development (94th
Street Associates), Variable Rate Demand
Bonds, 4.150%, 12/01/15+ A-1+ 6,410,000
6,430,000 Bloomington Commercial Development (James
Avenue Associates Project), Variable
Rate Demand Bonds, 4.150%, 12/01/15+ A-1+ 6,430,000
2,600,000 St. Paul Housing and Redevelopment
Authority, District Heating, Variable
Rate Demand Bonds, 4.250%, 12/01/12+ A-1 2,600,000
</TABLE>
11
<PAGE>
PORTFOLIO OF INVESTMENTS
NUVEEN TAX-FREE RESERVES, INC.--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
MISSOURI - 0.8%
$ 2,840,000 Independence Industrial Development
Authority, Industrial Revenue Bonds,
Series 1994 (Resthaven Project),
Variable Rate Demand Bonds, 4.150%,
2/01/25+ A-1+ $ 2,840,000
- -------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.8%
2,900,000 Merrimack County Tax Anticipation Notes,
5.240%, 12/29/95 N/R 2,911,123
- -------------------------------------------------------------------------------
NEW YORK - 3.1%
New York City General Obligation,
Variable Rate Demand Bonds:
7,000,000 3.950%, 2/01/20+ VMIG-1 7,000,000
2,700,000 3.950%, 2/01/21+ VMIG-1 2,700,000
1,100,000 3.950%, 2/01/22+ VMIG-1 1,100,000
- -------------------------------------------------------------------------------
NORTH CAROLINA - 1.4%
5,100,000 North Carolina Medical Care Commission,
Hospital Pooled Financing, Variable Rate
Demand Bonds, 3.900%, 10/01/13+ VMIG-1 5,100,000
- -------------------------------------------------------------------------------
OHIO - 7.9%
9,600,000 Centerville Health Care (Bethany Lutheran
Village), Variable Rate Demand Bonds,
4.000%, 5/01/08+ VMIG-1 9,600,000
3,500,000 Centerville Health Care (Bethany Lutheran
Village Continuing Care Facilities
Expansion Project), Variable Rate Demand
Bonds,
4.000%, 11/01/13+ VMIG-1 3,500,000
3,000,000 Cincinnati and Hamilton County Port
Authority (Kenwood Office Associates),
Variable Rate Demand Bonds, 3.900%,
9/01/25+ A-1 3,000,000
2,795,000 Clermont County Economic Development
(Clermont Hills County Project),
Commercial Paper, 4.100%, 5/01/95 N/R 2,795,000
2,700,000 Cuyahoga County--University Hospital of
Cleveland, Series 1985, Variable Rate
Demand Bonds, 3.750%, 1/01/16+ VMIG-1 2,700,000
3,900,000 Franklin County Hospital Facilities
(Traditions at Mill Run), Floating Rate
Demand Bonds, 4.350%, 11/01/14+ N/R 3,900,000
2,200,000 Franklin County (Rickenbacker Holdings,
Inc. Project), Variable Rate Demand
Bonds, 4.200%, 12/01/10+ N/R 2,200,000
- -------------------------------------------------------------------------------
PENNSYLVANIA - 1.6%
3,000,000 Pennsylvania Tax Anticipation Notes,
First Series of 1994-1995, 4.750%,
6/30/95 MIG-1 3,007,246
1,100,000 Chartiers Valley Industrial and
Commercial Development Authority
(Universal Auto), Variable Rate Demand
Bonds, 4.140%, 8/01/00+ N/R 1,100,000
1,400,000 Delaware County Industrial Development
Authority, Airport Facility (UPS),
Variable Rate Demand Bonds, 3.750%,
12/01/15+ A-1+ 1,400,000
</TABLE>
12
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
TENNESSEE - 1.7%
$ 6,100,000 Roane County Industrial Development Board
(Fortofil Fiber), Variable Rate Demand
Bonds, 4.000%, 12/15/12+ N/R $ 6,100,000
- -------------------------------------------------------------------------------
TEXAS - 4.6%
4,000,000 Texas Tax Anticipation Notes, 5.000%,
8/31/95 MIG-1 4,016,516
4,500,000 Angelina and Neches River Authority,
Industrial Development Corp., Solid
Waste (Teec Int. Temple Inland), Series
1984E, Variable Rate Demand Bonds,
3.900%, 5/01/14+ VMIG-1 4,500,000
4,800,000 Lufkin Health Facilities Development
Corporation (Memorial Medical Center of
East Texas), Variable Rate Demand Bonds,
4.300%, 1/01/18+ A-1 4,800,000
3,000,000 Plano Health Facilities Development
Corporation, Children's and Presbyterian
Health Care, Commercial Paper, 3.700%,
3/01/95 VMIG-1 3,000,000
- -------------------------------------------------------------------------------
UTAH - 2.2%
Emery County Pollution Control, Refunding
Bonds (Pacificorp Project), Series 1991,
Commercial Paper:
4,100,000 3.750%, 3/07/95 A-1+ 4,100,000
3,700,000 3.750%, 3/13/95 A-1+ 3,700,000
- -------------------------------------------------------------------------------
VIRGINIA - 1.7%
2,600,000 Norfolk Industrial Development Authority
(Norfolk, Virginia Beach, Portsmouth),
Industrial Development Bonds, Variable
Rate Demand Bonds, 5.850%, 11/01/04+ N/R 2,600,000
3,300,000 Richmond Industrial Development Authority
(Richmond MSA), Variable Rate Demand
Bonds, 5.850%, 11/01/04+ N/R 3,300,000
- -------------------------------------------------------------------------------
WASHINGTON - 5.2%
5,500,000 Washington Health Care Facilities
Authority (Adventist Health System
West/Walla Walla General), Variable Rate
Demand Bonds, 4.390%, 9/01/09+ A-1 5,500,000
3,300,000 Washington Housing Finance Commission
(Crista Ministries Project), Series
1991B, Variable Rate Demand Bonds,
4.150%, 7/01/11+ VMIG-1 3,300,000
5,415,000 Washington Housing Finance Commission
(YMCA of Greater Seattle Program),
Variable Rate Demand Bonds, 3.950%,
7/01/11+ VMIG-1 5,415,000
4,040,000 Yakima County Public Corporation (Jeld-
Wen Inc.), Variable Rate Demand Bonds,
4.150%, 5/01/01+ VMIG-1 4,040,000
- -------------------------------------------------------------------------------
WISCONSIN - 1.6%
5,500,000 Milwaukee Housing Authority (Yankee Hill
Apartments), Variable Rate Demand Bonds,
3.850%, 12/01/09+ A-1 5,500,000
</TABLE>
13
<PAGE>
PORTFOLIO OF INVESTMENTS
NUVEEN TAX-FREE RESERVES, INC.--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -----------------------------------------------------------------------------
<C> <S> <C> <C>
WYOMING - 0.3%
$ 1,200,000 Sweetwater County Pollution Control
(Pacificorp), Variable Rate Demand
Bonds, 3.850%, 12/01/14+ A-1+ $ 1,200,000
- -----------------------------------------------------------------------------
$353,485,000 Total Investments - 100.6% 353,566,274
- -------------------
------------------------------------------------------------------
Other Assets Less Liabilities - (0.6)% (1,959,877)
- -----------------------------------------------------------------------------
Net Assets - 100% $351,606,397
</TABLE>
- --------------------------------------------------------------------------------
* Ratings (not covered by the report of independent public accountants): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
14
<PAGE>
NUVEEN MONEY MARKET VALUE FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
NUVEEN CALIFORNIA MONEY MARKET FUND
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 3,000,000 California Health Facilities Authority
(St. Joseph Health System), Series A,
Variable Rate Demand Bonds, 3.700%,
7/01/13+ VMIG-1 $ 3,000,000
2,900,000 California Health Facilities Authority,
Pooled Loan Program, Variable Rate
Demand Bonds, 4.050%, 6/01/07+ VMIG-1 2,900,000
6,000,000 California Health Facilities Authority
(St. Francis Memorial Hospital), Series
1993B, Variable Rate Demand Bonds,
3.750%, 11/01/19+ P-1 6,000,000
8,000,000 California Pollution Control Finance
Authority (Pacific Gas and Electric),
Series D 1988, Commercial Paper, 4.050%,
4/11/95 A-1 8,000,000
California Pollution Control Finance
Authority (Shell Oil Company), Variable
Rate Demand Bonds:
4,000,000 3.700%, 11/01/00+ VMIG-1 4,000,000
1,000,000 3.700%, 10/01/11+ VMIG-1 1,000,000
4,000,000 California Pollution Control Finance
Authority, Pollution Control (Exxon
Project), Variable Rate Demand Bonds,
3.800%, 12/01/12+ A-1+ 4,000,000
3,000,000 California School Cash Reserve Program
Authority, 1994 Pool Bonds, Series A
Notes, 4.500%, 7/05/95 MIG-1 3,007,478
6,000,000 California 1994-1995 Anticipation
Floating Index Notes, Series B, Variable
Rate Demand Bonds, 4.140%, 6/28/95 MIG-1 6,000,000
5,500,000 California Statewide Community
Development Authority, Certificates of
Participation, Series 1993, Variable
Rate Demand Bonds,
3.600%, 12/01/18+ A-1+ 5,500,000
3,000,000 Hayward Housing Authority (Huntwood
Terrace), Multi-Family Mortgage, Series
1993A, Variable Rate Demand Bonds,
4.150%, 3/01/27+ A-1 3,000,000
5,000,000 Kern Community College District,
Certificates of Participation, Series
1995, Variable Rate Demand Bonds,
4.300%, 1/01/25+ A-1 5,000,000
3,000,000 Kings County Board of Education, 1994-
1995, Tax Anticipation Notes, 4.250%,
7/28/95 SP-1+ 3,005,291
3,000,000 Long Beach, 1994-1995 Tax Anticipation
Notes, 4.750%, 9/20/95 MIG-1 3,010,407
3,000,000 Los Angeles County, 1994-1995 Tax
Anticipation Notes,
4.500%, 6/30/95 MIG-1 3,006,201
6,000,000 Los Angeles County Metropolitan
Transportation Authority, Commercial
Paper, 4.300%, 4/11/95 P-1 6,000,000
7,400,000 Oakland Capital Improvement Project,
Certificates of Participation, Variable
Rate Demand Bonds, 4.400%, 12/01/15+ N/R 7,400,000
4,900,000 Orange County Apartment Development
(Monarch Bay Apartments Project),
Variable Rate Demand Bonds, 5.300%,
10/01/07+ A-1+ 4,900,000
3,800,000 Orange County (Robinson Ranch Apartments
Project), Variable Rate Demand Bonds,
5.250%, 11/01/08+ VMIG-1 3,800,000
5,000,000 Orange County Apartment Development
(Niguel Summit), Variable Rate Demand
Bonds, 4.250%, 11/01/09+ VMIG-1 5,000,000
3,000,000 Riverside County, Tax Anticipation Notes,
4.250%, 6/30/95 MIG-1 3,006,233
3,000,000 Riverside County School Financing
Authority, School Districts Anticipation
Notes, Series 1994-1995, 4.500%, 7/07/95 MIG-1 3,006,563
5,000,000 Sacramento Municipal Utility District,
Series G, Commercial Paper, 4.200%,
3/09/95 P-1 5,000,000
</TABLE>
15
<PAGE>
PORTFOLIO OF INVESTMENTS
NUVEEN CALIFORNIA MONEY MARKET FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 5,000,000 Sacramento County Certificates of
Participation (Administration and
Courthouse Project), Variable Rate
Demand Bonds,
3.700%, 6/01/20+ VMIG-1 $ 5,000,000
5,000,000 San Bernardino County Transportation
Authority, Limited Tax Bonds, Series
1994A, Variable Rate Demand Bonds,
4.100%, 3/01/10+ VMIG-1 5,000,000
3,000,000 San Diego Housing Authority, Multi-Family
Housing, Series 1993-A (Carmel Del Mar
Apartments), Variable Rate Demand Bonds,
4.000%, 12/01/15+ A-1 3,000,000
5,300,000 San Diego County Regional Transportation
Commission, Second Senior Tax, Series
1994, Variable Rate Demand Bonds,
3.900%, 4/01/08+ VMIG-1 5,300,000
7,000,000 San Francisco City and County Housing
(Bayside Village), Variable Rate Demand
Bonds, 3.900%, 12/01/05+ VMIG-1 7,000,000
7,000,000 San Dimas Industrial Development Bonds
(Bausch and Lomb Incorporated), Variable
Rate Demand Bonds, 5.150%, 12/01/15+ N/R 7,000,000
5,300,000 Santa Ana Health Facilities Authority
(Town and Country), Variable Rate Demand
Bonds, 3.600%, 10/01/20+ A-1 5,300,000
2,700,000 Santa Clara County Transit District,
Refunding Equipment Trust Certificates,
Variable Rate Demand Bonds, 3.850%,
6/01/15+ VMIG-1 2,700,000
6,400,000 Torrance Hospital (Little Company of Mary
Hospital--Torrance Memorial Hospital),
Variable Rate Demand Bonds,
4.150%, 2/01/22+ A-1 6,400,000
7,000,000 Vista Community Development Commission,
Bond Anticipation Notes, Series 1992,
Commercial Paper, 4.500%, 11/01/95 A-1 7,000,000
- -------------------------------------------------------------------------------
$152,200,000 Total Investments - 95.3% 152,242,173
- -------------------
--------------------------------------------------------------------
Other Assets Less Liabilities - 4.7% 7,459,313
- -------------------------------------------------------------------------------
Net Assets - 100% $159,701,486
</TABLE>
- --------------------------------------------------------------------------------
* Ratings (not covered by the report of independent public accountants): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
16
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
NUVEEN MASSACHUSETTS MONEY MARKET FUND
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
Massachusetts Bay Transportation Authority,
Commercial Paper,
Series A:
$ 2,400,000 3.700%, 3/01/95 A-1+ $ 2,400,000
2,600,000 3.700%, 3/08/95 A-1+ 2,600,000
2,000,000 Massachusetts General Obligation Notes,
1994 Series A,
5.000%, 6/15/95 MIG-1 2,004,644
1,490,000 Massachusetts Health and Educational
Facilities Authority (Newbury College),
Variable Rate Demand Bonds, 3.900%,
11/01/18+ N/R 1,490,000
Massachusetts Health and Educational
Facilities Authority (Capital Asset
Program), Variable Rate Demand Bonds:
1,900,000 3.900%, 1/01/35+ VMIG-1 1,900,000
1,400,000 3.800%, 1/01/35+ VMIG-1 1,400,000
1,500,000 Massachusetts Health and Educational
Facilities Authority (Brigham and Women's
Hospital), Variable Rate Demand Bonds,
3.700%, 7/01/17+ VMIG-1 1,500,000
1,500,000 Massachusetts Industrial Finance Agency
(Jencoat/Levy Realty Trust), Variable Rate
Demand Bonds, 4.660%, 10/06/99+ N/R 1,500,000
1,000,000 Massachusetts Industrial Finance Agency
(Nova Realty Trust 1994 Refunding),
Variable Rate Demand Bonds, 4.100%,
12/01/02+ P-1 1,000,000
1,000,000 Massachusetts Industrial Finance Agency,
Pollution Control (New England Power
Company), Commercial Paper, 4.150%,
5/05/95 P-1 1,000,000
3,000,000 Massachusetts Industrial Finance Agency,
Pollution Control (New England Power
Company), Commercial Paper, 3.850%,
3/06/95 P-1 3,000,000
2,100,000 Massachusetts Industrial Finance Agency
(Holyoke Water Power Company Project),
Variable Rate Demand Bonds, 3.750%,
5/01/22+ VMIG-1 2,100,000
1,000,000 Massachusetts Industrial Finance Agency,
Resource Recovery (Ogden Haverhill),
Variable Rate Demand Bonds, 3.700%,
12/01/06+ VMIG-1 1,000,000
1,900,000 Massachusetts Industrial Finance Agency
(Williston Northampton School Issue),
Series A, Variable Rate Demand Bonds,
3.900%, 4/01/10+ N/R 1,900,000
2,000,000 Massachusetts Industrial Finance Agency
(WGBH Educational Foundation Project),
Variable Rate Demand Bonds,
4.200%, 10/01/09+ VMIG-1 2,000,000
1,000,000 Massachusetts Industrial Finance Agency
(New England Deaconess Association
Project), Series 1993B, Variable Rate
Demand Bonds, 3.700%, 4/01/23+ MIG-1 1,000,000
1,500,000 Massachusetts Housing Finance Authority,
Single Family Housing, Series 35, Variable
Rate Demand Bonds, 3.750%, 6/01/17+ VMIG-1 1,500,000
1,000,000 Boston General Obligation, Tax Anticipation
Notes, 5.000%, 8/01/95 Aaa 1,004,061
665,000 Boston Water and Sewer Commission, Series
1985A, Variable Rate Demand Bonds, 4.000%,
11/01/14+ VMIG-1 665,000
500,000 Boston Water and Sewer Commission, 1994
Series A, General Revenue Bonds (Senior
Series), Variable Rate Demand Bonds,
3.650%, 11/01/24+ VMIG-1 500,000
800,000 Holyoke Pollution Control (Holyoke Water
Power Company Project), Series 1988,
Variable Rate Demand Bonds, 3.750%,
11/01/13+ A-1+ 800,000
</TABLE>
17
<PAGE>
PORTFOLIO OF INVESTMENTS
NUVEEN MASSACHUSETTS MONEY MARKET FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 1,950,000 Hopkinton Bond Anticipation Notes, 4.000%,
7/06/95 N/R $ 1,952,471
1,300,000 New Bedford Industrial Development (Cliftex
Corporation), Series 1989, Variable Rate
Demand Bonds, 4.660%, 10/01/97+ N/R 1,300,000
625,000 Newton General Obligation, Limited Tax
Anticipation Notes, Series 1994, 5.200%,
4/15/95 Aaa 626,467
2,000,000 Pioneer Valley Transit Authority,
Anticipation Notes,
4.100%, 8/11/95 N/R 2,002,149
1,500,000 Reading Anticipation Notes, 4.020%, 7/14/95 N/R 1,500,211
1,000,000 Sudbury Anticipation Notes, 3.570%, 3/28/95 N/R 1,000,028
960,000 Waltham Anticipation Notes, 4.000%, 8/25/95 N/R 960,595
2,900,000 Woods Hole, Martha's Vineyard and Nantucket
Steamship Authority, Anticipation Notes,
4.000%, 4/28/95 N/R 2,900,359
3,200,000 Puerto Rico Highway/Transportation
Authority, Series X, Variable Rate Demand
Bonds, 3.500%, 7/01/99+ VMIG-1 3,200,000
3,300,000 Puerto Rico Industrial Medical Educational
and Environmental Authority (Inter-
American University of Puerto Rico),
Commercial Paper, 3.700%, 4/04/95 VMIG-1 3,300,000
700,000 Puerto Rico Industrial Medical Educational
and Environmental Authority (Ana G. Mendez
Educational Foundation), Commercial Paper,
3.750%, 4/10/95 A-1+ 700,000
- -------------------------------------------------------------------------------
$51,690,000 Total Investments - 97.6% 51,705,985
- -------------------------------------------------------------------------------
- -------------------
Other Assets Less Liabilities - 2.4% 1,298,307
- -------------------------------------------------------------------------------
Net Assets - 100% $53,004,292
</TABLE>
- --------------------------------------------------------------------------------
* Ratings (not covered by the report of independent public accountants): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
18
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
NUVEEN NEW YORK MONEY MARKET FUND
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- ------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 1,500,000 New York State Energy Research and
Development Authority (Niagara Power
Corporation), Variable Rate Demand Bonds,
4.100%, 7/01/15+ A-1+ $ 1,500,000
1,000,000 New York State Energy Research and
Development Authority (Central Hudson Gas
and Electric), Variable Rate Demand
Bonds,
3.750%, 11/01/20+ VMIG-1 1,000,000
400,000 New York State Energy Research and
Development Authority, Pollution Control
(New York State Electric and Gas Corp.),
Series 1994C, Commercial Paper, 3.875%,
4/06/95 VMIG-1 400,000
1,000,000 New York State Energy Research and
Development Authority (New York State
Electric and Gas Company), 1985 Series D,
Commercial Paper, 4.000%, 4/07/95 A-1+ 1,000,000
2,000,000 New York State Housing Finance Agency
(Normandie Court), Variable Rate Demand
Bonds, 3.900%, 5/15/15+ VMIG-1 2,000,000
195,000 New York State Job Development Authority,
Series 1984E, Variable Rate Demand Bonds,
3.800%, 3/01/99+ MIG-1 195,000
260,000 New York State Job Development Authority,
Series 1984C, Variable Rate Demand Bonds,
3.800%, 3/01/99+ MIG-1 260,000
1,300,000 New York State Local Government Assistance
Corporation,
Series 1994B, Variable Rate Demand Bonds,
3.750%, 4/01/23+ VMIG-1 1,300,000
800,000 New York State Medical Care Facilities
Finance Agency (Lenox Hill Hospital),
Variable Rate Demand Bonds, 3.800%,
11/01/08+ VMIG-1 800,000
1,700,000 New York State Medical Care Facilities
Finance Agency (Children's Hospital of
Buffalo), Variable Rate Demand Bonds,
4.000%, 11/01/05+ VMIG-1 1,700,000
1,000,000 Dormitory Authority of the State of New
York, Oxford University Press (Letter of
Credit Secured), Series 1993, Variable
Rate Demand Bonds, 3.950%, 7/01/23+ VMIG-1 1,000,000
700,000 Dormitory Authority of the State of New
York (Sloan-Kettering Cancer Center),
Commercial Paper, 4.200%, 4/03/95 P-1 700,000
600,000 Dormitory Authority of the State of New
York (Sloan-Kettering Cancer Center),
Series 1989C, Commercial Paper, 4.000%,
4/04/95 P-1 600,000
500,000 Dormitory Authority of the State of New
York, Commercial Paper, 4.200%, 5/12/95 P-1 500,000
1,000,000 Erie County Anticipation Notes 1994,
4.750%, 8/15/95 MIG-1 1,003,300
1,000,000 Erie County Water Authority, Variable Rate
Demand Bonds, Water Works System, 3.750%,
12/01/16+ VMIG-1 1,000,000
1,000,000 Hastings-on-Hudson Union Free School
District, Anticipation (Renewal) Notes,
4.490%, 7/26/95 N/R 1,000,755
500,000 Ithaca City School District, Anticipation
Notes, 4.500%, 6/29/95 N/R 500,397
1,000,000 Monroe County Bond Anticipation Notes,
Series C, Unlimited Tax General
Obligation, 5.000%, 6/09/95 N/R 1,001,539
200,000 New York City General Obligation, Variable
Rate Demand Bonds, 3.950%, 2/01/21+ VMIG-1 200,000
</TABLE>
19
<PAGE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK MONEY MARKET FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT DESCRIPTION RATINGS* COST
- -------------------------------------------------------------------------------
<C> <S> <C> <C>
$ 900,000 New York City General Obligation, 1994 B-4,
Variable Rate Demand Bonds, 4.000%,
8/15/22+ VMIG-1 $ 900,000
300,000 New York City Housing Development
Corporation (Columbus Gardens Project),
Variable Rate Demand Bonds, 3.900%,
2/01/07+ A-1 300,000
800,000 New York City Industrial Development Agency
(LaGuardia Associates Project), Variable
Rate Demand Bonds, 3.800%, 12/01/15+ A-1 800,000
1,000,000 New York City Municipal Water Finance
Authority, Variable Rate Demand Bonds,
3.900%, 6/15/22+ VMIG-1 1,000,000
300,000 New York City Municipal Water Finance
Authority, Commercial Paper, 3.550%,
3/02/95 SP-1+ 300,000
1,500,000 New York City Housing Development
Corporation (Upper Fifth Avenue Project),
Variable Rate Demand Bonds, 3.750%,
1/01/16+ VMIG-1 1,500,000
1,000,000 New York City Housing Development, Variable
Rate Demand Bonds, 3.800%, 8/01/15+ VMIG-1 1,000,000
700,000 New York City Trust for Cultural Resources
(Guggenheim Foundation), Variable Rate
Demand Bonds, 3.600%, 12/01/15+ VMIG-1 700,000
975,000 St. Lawrence County Industrial Development
Agency, Pollution Control (Reynolds
Metals), Variable Rate Demand Bonds,
3.900%, 12/01/07+ P-1 975,000
1,000,000 Suffolk County, Tax Anticipation Notes,
1994 (RA Series II),
4.500%, 9/14/95 MIG-1 1,002,173
800,000 Syracuse Industrial Development Agency,
Civic Facility (Syracuse University),
Variable Rate Demand Bonds, 3.600%,
3/01/23+ SP-1+ 800,000
1,300,000 Triborough Bridge and Tunnel Authority,
Special Obligation, Variable Rate Demand
Bonds, Series 1994 (1994 Resolution),
3.750%, 1/01/24+ MIG-1 1,300,000
1,300,000 Yonkers Industrial Development Agency,
Series 1989, Civic Facility, Variable Rate
Demand Bonds, 3.950%, 7/01/19+ VMIG-1 1,300,000
700,000 Yonkers Industrial Development Agency,
Civic Facility, Variable Rate Demand
Bonds, 3.950%, 7/01/21+ VMIG-1 700,000
- -------------------------------------------------------------------------------
$30,230,000 Total Investments - 99.3% 30,238,164
- -------------------------------------------------------------------------------
- -------------------
Other Assets Less Liabilities - 0.7% 216,248
- -------------------------------------------------------------------------------
Net Assets - 100% $30,454,412
- -------------------------------------------------------------------------------
</TABLE>
* Ratings (not covered by the report of independent public accountants): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
20
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
STATEMENT OF NET ASSETS
FEBRUARY 28, 1995
<TABLE>
<CAPTION>
RESERVES CA MA NY
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in short-term
municipal securities, at
amortized cost (note 1) $353,566,274 $152,242,173 $51,705,985 $30,238,164
Cash 2,564,607 1,890,126 156,904 105,894
Receivables:
Interest 1,952,900 1,321,573 357,437 155,401
Investments sold 215,000 4,800,000 1,000,000 45,000
Other assets 16,636 16,836 11,419 7,920
------------ ------------ ----------- -----------
Total assets 358,315,417 160,270,708 53,231,745 30,552,379
------------ ------------ ----------- -----------
LIABILITIES
Payable for investments
purchased 5,500,000 -- -- --
Accrued expenses:
Management fees (note 4) 132,043 47,935 18,678 9,479
Other 212,629 110,148 57,749 12,078
Dividends payable 864,348 411,139 151,026 76,410
------------ ------------ ----------- -----------
Total liabilities 6,709,020 569,222 227,453 97,967
------------ ------------ ----------- -----------
Net assets applicable to
shares outstanding
(note 3) $351,606,397 $159,701,486 $53,004,292 $30,454,412
------------ ------------ ----------- -----------
Shares outstanding:
Service Plan series -- 41,771,918 27,731,552 640,073
Distribution Plan series -- 67,157,179 24,237,180 29,797,672
Institutional series -- 50,772,389 1,035,560 16,667
------------ ------------ ----------- -----------
Total shares outstanding 351,606,397 159,701,486 53,004,292 30,454,412
------------ ------------ ----------- -----------
Net asset value, offering
and redemption price per
share (net assets divided
by shares outstanding) $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ----------- -----------
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
STATEMENT OF OPERATIONS
Year ended February 28, 1995
<TABLE>
<CAPTION>
RESERVES
- -------------------------------------------------------
<S> <C>
INVESTMENT INCOME
Interest income (note 1) $11,501,656
-----------
Expenses:
Management fees (note 4) 1,804,298
12b-1 expense (note 4) 209,800
Shareholders' servicing agent fees and
expenses 555,046
Custodian's fees and expenses 79,594
Directors' fees and expenses (note 4) 4,567
Professional fees 19,724
Shareholders' reports--printing and
mailing expenses 78,982
Federal and state registration fees 59,459
Other expenses 29,474
-----------
Total expenses before expense
reimbursement 2,840,944
Expense reimbursement from investment
adviser (note 4) (134,463)
-----------
Net expenses 2,706,481
-----------
Net investment income 8,795,175
Net gain (loss) from investment
transactions --
-----------
Net increase in net assets from
operations $ 8,795,175
-----------
</TABLE>
See accompanying notes to financial statements.
22
<PAGE>
NUVEEN MONEY MARKET VALUE FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
<TABLE>
<CAPTION>
CALIFORNIA MONEY MARKET
-----------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $3,280,577 $2,204,557 $1,598,756 $7,083,890
---------- ---------- ---------- ----------
Expenses:
Management fees (note
4) 477,352 282,337 199,287 958,976
12b-1 expense (note 4) 142,699 62,026 -- 204,725
Shareholders' servicing
agent fees and
expenses 5,676 41,107 428 47,211
Custodian's fees and
expenses 71,107 30,696 24,347 126,150
Directors' fees and
expenses (note 4) 925 1,229 807 2,961
Professional fees 6,187 5,399 4,356 15,942
Shareholders' reports--
printing and mailing
expenses 4,621 26,914 96 31,631
Federal and state
registration fees -- -- -- --
Other expenses 2,160 3,611 3,335 9,106
---------- ---------- ---------- ----------
Total expenses before
expense reimbursement 710,727 453,319 232,656 1,396,702
Expense reimbursement
from investment
adviser (note 4) (58,837) (63,409) -- (122,246)
---------- ---------- ---------- ----------
Net expenses 651,890 389,910 232,656 1,274,456
---------- ---------- ---------- ----------
Net investment income 2,628,687 1,814,647 1,366,100 5,809,434
Net gain (loss) from
investment transactions (11,576) (4,489) (2,299) (18,364)
---------- ---------- ---------- ----------
Net increase in net
assets from operations $2,617,111 $1,810,158 $1,363,801 $5,791,070
---------- ---------- ---------- ----------
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
STATEMENT OF OPERATIONS
Year ended February 28, 1995
<TABLE>
<CAPTION>
MASSACHUSETTS MONEY MARKET
-----------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $1,226,072 $850,576 $119,585 $2,196,233
---------- -------- -------- ----------
Expenses:
Management fees (note
4) 158,079 109,619 15,413 283,111
12b-1 expense (note 4) 46,919 22,886 -- 69,805
Shareholders' servicing
agent fees and
expenses 612 28,337 135 29,084
Custodian's fees and
expenses 24,311 15,504 1,394 41,209
Directors' fees and
expenses (note 4) 901 599 75 1,575
Professional fees 6,927 5,570 611 13,108
Shareholders' reports--
printing and mailing
expenses 2,378 39,650 196 42,224
Federal and state
registration fees 853 588 108 1,549
Other expenses 931 623 63 1,617
---------- -------- -------- ----------
Total expenses before
expense reimbursement 241,911 223,376 17,995 483,282
Expense reimbursement
from investment
adviser (note 4) (23,741) (72,562) -- (96,303)
---------- -------- -------- ----------
Net expenses 218,170 150,814 17,995 386,979
---------- -------- -------- ----------
Net investment income 1,007,902 699,762 101,590 1,809,254
Net gain (loss) from
investment transactions (1,430) (1,013) (60) (2,503)
---------- -------- -------- ----------
Net increase in net
assets from operations $1,006,472 $698,749 $101,530 $1,806,751
---------- -------- -------- ----------
</TABLE>
See accompanying notes to financial statements.
24
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT FEBRUARY 28, 1995
<TABLE>
<CAPTION>
NEW YORK MONEY MARKET
-----------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $20,960 $852,805 $473 $874,238
------- -------- ---- --------
Expenses:
Management fees (note 4) 2,864 116,536 64 119,464
12b-1 expense (note 4) 266 12,446 -- 12,712
Shareholders' servicing
agent fees and expenses 1,601 31,442 32 33,075
Custodian's fees and
expenses 817 34,316 227 35,360
Directors' fees and
expenses (note 4) 57 1,798 1 1,856
Professional fees 338 10,923 6 11,267
Shareholders' reports--
printing and mailing
expenses 856 20,472 5 21,333
Federal and state
registration fees -- -- -- --
Other expenses 24 989 10 1,023
------- -------- ---- --------
Total expenses before
expense reimbursement 6,823 228,922 345 236,090
Expense reimbursement from
investment adviser (note
4) (2,920) (68,631) (257) (71,808)
------- -------- ---- --------
Net expenses 3,903 160,291 88 164,282
------- -------- ---- --------
Net investment income 17,057 692,514 385 709,956
Net gain (loss) from
investment transactions -- -- -- --
------- -------- ---- --------
Net increase in net assets
from operations $17,057 $692,514 $385 $709,956
------- -------- ---- --------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
RESERVES
---------------------------------
Year ended Year ended
2/28/95 2/28/94
- -------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 8,795,175 $ 7,830,250
Net realized gain (loss) from investment
transactions -- --
------------ ------------
Net increase in net assets from operations 8,795,175 7,830,250
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1) (8,795,175) (7,830,250)
------------ ------------
COMMON SHARE TRANSACTIONS (at constant net asset
value of $1 per share) (note 1)
Net proceeds from sales of shares 657,011,312 766,196,962
Net asset value of shares issued to shareholders
due to reinvestment of distributions from net
investment income and from net realized gains
from investment transactions 7,787,100 6,943,302
------------ ------------
664,798,412 773,140,264
Cost of shares redeemed (717,393,211) (819,685,408)
------------ ------------
Net increase (decrease) in net assets derived
from Common share transactions (52,594,799) (46,545,144)
Net assets at the beginning of year 404,201,196 450,746,340
------------ ------------
Net assets at the end of year $351,606,397 $404,201,196
------------ ------------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
<TABLE>
----------------------------------------------
<CAPTION>
CALIFORNIA MONEY MARKET
----------------------------------------------
Year ended February 28, 1995
----------------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 2,628,687 $ 1,814,647 $ 1,366,100 $ 5,809,434
Net realized gain (loss)
from investment
transactions (11,576) (4,489) (2,299) (18,364)
------------ ------------ ------------ ------------
Net increase in net
assets from operations 2,617,111 1,810,158 1,363,801 5,791,070
------------ ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1) (2,617,111) (1,810,158) (1,363,801) (5,791,070)
------------ ------------ ------------ ------------
COMMON SHARE
TRANSACTIONS (at
constant net asset
value of $1 per share)
(note 1)
Net proceeds from sale
of shares 208,318,412 113,315,156 247,997,081 569,630,649
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment income and
from net realized gains
from investment
transactions 2,983,786 1,322,451 7,041 4,313,278
------------ ------------ ------------ ------------
211,302,198 114,637,607 248,004,122 573,943,927
Cost of shares redeemed (584,768,062) (119,860,860) (229,530,966) (934,159,888)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets derived
from Common share
transactions (373,465,864) (5,223,253) 18,473,156 (360,215,961)
Net assets at the
beginning of year 415,237,782 72,380,432 32,299,233 519,917,447
------------ ------------ ------------ ------------
Net assets at the end of
year $ 41,771,918 $ 67,157,179 $ 50,772,389 $159,701,486
------------ ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CALIFORNIA MONEY MARKET
----------------------------------------------
Year ended February 28, 1994
----------------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 8,697,661 $ 1,401,096 $ 708,239 $ 10,806,996
Net realized gain (loss)
from investment
transactions 993 161 76 1,230
------------ ------------ ------------ ------------
Net increase in net
assets from operations 8,698,654 1,401,257 708,315 10,808,226
------------ ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1) (8,698,654) (1,401,257) (708,315) (10,808,226)
------------ ------------ ------------ ------------
COMMON SHARE
TRANSACTIONS (at
constant net asset
value of $1 per share)
(note 1)
Net proceeds from sale
of shares 593,317,833 109,131,190 231,831,775 934,280,798
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment
income and from net
realized gains from
investment
transactions 8,711,394 1,055,257 7,218 9,773,869
------------ ------------ ------------ ------------
602,029,227 110,186,447 231,838,993 944,054,667
Cost of shares redeemed (656,603,608) (118,457,991) (223,695,990) (998,757,589)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets derived
from Common share
transactions (54,574,381) (8,271,544) 8,143,003 (54,702,922)
Net assets at the
beginning of year 469,812,163 80,651,976 24,156,230 574,620,369
------------ ------------ ------------ ------------
Net assets at the end of
year $415,237,782 $72,380,432 $32,299,233 $519,917,447
------------ ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
<TABLE>
<CAPTION>
MASSACHUSETTS MONEY MARKET
---------------------------------------------
Year ended February 28, 1995
---------------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,007,902 $ 699,762 $ 101,590 $ 1,809,254
Net realized gain (loss)
from investment
transactions (1,430) (1,013) (60) (2,503)
------------ ----------- ----------- ------------
Net increase in net
assets from operations 1,006,472 698,749 101,530 1,806,751
------------ ----------- ----------- ------------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1) (1,006,472) (698,749) (101,530) (1,806,751)
------------ ----------- ----------- ------------
COMMON SHARE
TRANSACTIONS (at
constant net asset
value of $1 per share)
(note 1)
Net proceeds from sale
of shares 126,292,160 26,877,207 10,226,869 163,396,236
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment
income and from net
realized gains from
investment
transactions 982,397 655,827 5,596 1,643,820
------------ ----------- ----------- ------------
127,274,557 27,533,034 10,232,465 165,040,056
Cost of shares redeemed (138,119,127) (31,068,859) (12,602,539) (181,790,525)
------------ ----------- ----------- ------------
Net increase (decrease)
in net assets derived
from Common share
transactions (10,844,570) (3,535,825) (2,370,074) (16,750,469)
Net assets at the
beginning of year 38,576,122 27,773,005 3,405,634 69,754,761
------------ ----------- ----------- ------------
Net assets at the end of
year $ 27,731,552 $24,237,180 $ 1,035,560 $ 53,004,292
------------ ----------- ----------- ------------
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MASSACHUSETTS MONEY MARKET
---------------------------------------------
Year ended February 28, 1994
---------------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 814,885 $ 495,675 $ 78,218 $ 1,388,778
Net realized gain (loss)
from investment
transactions 15 9 2 26
------------ ----------- ---------- ------------
Net increase in net
assets from operations 814,900 495,684 78,220 1,388,804
------------ ----------- ---------- ------------
DISTRIBUTIONS TO SHARE-
HOLDERS (note 1) (814,900) (495,684) (78,220) (1,388,804)
------------ ----------- ---------- ------------
COMMON SHARE TRANSAC-
TIONS (at constant net
asset value of $1 per
share) (note 1)
Net proceeds from sale
of shares 176,973,990 29,011,727 5,412,804 211,398,521
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment income and
from net realized gains
from investment
transactions 806,029 486,759 -- 1,292,788
------------ ----------- ---------- ------------
177,780,019 29,498,486 5,412,804 212,691,309
Cost of shares redeemed (179,417,504) (29,718,817) (7,332,647) (216,468,968)
------------ ----------- ---------- ------------
Net increase (decrease)
in net assets derived
from Common share
transactions (1,637,485) (220,331) (1,919,843) (3,777,659)
Net assets at the
beginning of year 40,213,607 27,993,336 5,325,477 73,532,420
------------ ----------- ---------- ------------
Net assets at the end of
year $ 38,576,122 $27,773,005 $3,405,634 $ 69,754,761
------------ ----------- ---------- ------------
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
<TABLE>
<CAPTION>
NEW YORK MONEY MARKET
-------------------------------------------
Year ended February 28, 1995
-------------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 17,057 $ 692,514 $ 385 $ 709,956
Net realized gain (loss)
from investment
transactions -- -- -- --
---------- ----------- ------- -----------
Net increase in net
assets from operations 17,057 692,514 385 709,956
---------- ----------- ------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1) (17,057) (692,514) (385) (709,956)
---------- ----------- ------- -----------
COMMON SHARE
TRANSACTIONS (at
constant net asset
value of $1 per share)
(note 1)
Net proceeds from sale
of shares 1,126,675 16,626,815 -- 17,753,490
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment
income and from net
realized gains from
investment
transactions 15,591 626,707 -- 642,298
---------- ----------- ------- -----------
1,142,266 17,253,522 -- 18,395,788
Cost of shares redeemed (1,058,955) (15,341,900) -- (16,400,855)
---------- ----------- ------- -----------
Net increase (decrease)
in net assets derived
from Common share
transactions 83,311 1,911,622 -- 1,994,933
Net assets at the
beginning of year 556,762 27,886,050 16,667 28,459,479
---------- ----------- ------- -----------
Net assets at the end of
year $ 640,073 $29,797,672 $16,667 $30,454,412
---------- ----------- ------- -----------
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
NEW YORK MONEY MARKET
------------------------------------------
Year ended February 28, 1994
------------------------------------------
Service Distribution Institutional
Plan series Plan series series Total
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 7,985 $ 503,453 $ 273 $ 511,711
Net realized gain (loss)
from investment
transactions -- -- -- --
-------- ----------- ------- -----------
Net increase in net
assets from operations 7,985 503,453 273 511,711
-------- ----------- ------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1) (7,985) (503,453) (273) (511,711)
-------- ----------- ------- -----------
COMMON SHARE
TRANSACTIONS (at
constant net asset
value of $1 per share)
(note 1)
Net proceeds from sales
of shares 837,650 17,150,608 -- 17,988,258
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment
income and from net
realized gains from
investment
transactions 7,546 483,621 -- 491,167
-------- ----------- ------- -----------
845,196 17,634,229 -- 18,479,425
Cost of shares redeemed (817,370) (24,575,123) -- (25,392,493)
-------- ----------- ------- -----------
Net increase (decrease)
in net assets derived
from Common share
transactions 27,826 (6,940,894) -- (6,913,068)
Net assets at the
beginning of year 528,936 34,826,944 16,667 35,372,547
-------- ----------- ------- -----------
Net assets at the end of
year $556,762 $27,886,050 $16,667 $28,459,479
-------- ----------- ------- -----------
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 1995
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At February 28, 1995, the money market Funds (the "Funds")
covered in this report are Nuveen Tax-Free Reserves, Inc., a
nationally diversified Fund, Nuveen California Tax-Free Fund,
Inc. (comprised of the Nuveen California Tax-Free Money
Market Fund) and Nuveen Tax-Free Money Market Fund, Inc.
(comprised of the Nuveen Massachusetts and New York Tax-Free
Money Market Funds).
The Funds are registered under the Investment Company Act of
1940 as open-end, diversified management investment
companies.
Each Fund invests in tax-exempt money market instruments.
Shares of the state Funds are issued in three series: (1) the
"Service Plan" series intended for purchase by or through
banks and other organizations who have agreed to perform
certain services for their customers who are shareholders of
this series of the Fund, (2) the "Distribution Plan" series
intended for purchase by or through securities dealers who
have agreed to perform distribution and administrative
services for their customers who are shareholders of this
series of the Fund and (3) the "Institutional" series
intended for purchase by trustees, bank trust departments and
investment bankers or advisers.
Each Fund issues its own shares, at net asset value which
the Fund will seek to maintain at $1.00 per share without
sales charge.
The following is a summary of significant accounting
policies followed by the Funds in the preparation of their
financial statements in accordance with generally accepted
accounting principles.
Securities Investments in each of the Funds consist of short-term
Valuation municipal securities maturing within one year from the date
of acquisition. Securities with a maturity of more than one
year in all cases have variable rate and demand features
qualifying them as short-term securities and are traded and
valued at amortized costs. On a dollar-weighted basis, the
average maturity of all such securities must be 90 days or
less (at February 28, 1995, the dollar-weighted average life
was 29 days for Reserves, 36 days for California Money
Market, 41 days for Massachusetts Money Market and 30 days
for New York Money Market).
Securities Securities transactions are recorded on a trade date basis.
Transactions Realized gains and losses from such transactions are
determined on the specific identification method. Securities
purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the transaction date.
The securities so purchased are subject to market fluctuation
during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current
value at least equal
33
<PAGE>
NOTES TO FINANCIAL STATEMENTS
to the amount of their purchase commitments. At February 28,
1995, there were no such purchase commitments in any of the
Funds.
Interest Income Interest income is determined on the basis of interest
accrued, adjusted for premium amortized and discount earned.
Dividends and Net investment income, adjusted for realized short-term gains
Distributions and losses on investment transactions, is declared as a
to Shareholders dividend to shareholders of record as of the close of each
business day and payment is made or reinvestment is credited
to shareholder accounts after month-end.
Federal Income Each Fund is a separate taxpayer for federal income tax
Taxes purposes and intends to comply with the requirements of the
Internal Revenue Code applicable to regulated investment
companies by distributing all of its income to shareholders.
Therefore, no federal income tax provision is required.
Furthermore, each Fund intends to satisfy conditions which
will enable interest from municipal securities, which is
exempt from regular federal and designated state income taxes
for the California, Massachusetts and New York Money Market
Funds, to retain such tax-exempt status when distributed to
the shareholders of the Funds. All income dividends paid
during the year ended February 28, 1995, have been designated
Exempt Interest Dividends.
Insurance The Funds have obtained commitments (each, a "Commitment")
Commitments from Municipal Bond Investors Assurance Corporation ("MBIA")
with respect to certain designated bonds held by the Funds
for which credit support is furnished by banks ("Approved
Banks") approved by MBIA under its established credit
approval standards. Under the terms of a Commitment, if a
Fund were to determine that certain adverse circumstances
relating to the financial condition of an Approved Bank had
occurred, the Fund could cause MBIA to issue a "while-in-
fund" insurance policy covering the underlying bonds; after
time and subject to further terms and conditions, the Fund
could obtain from MBIA an "insured-to-maturity" insurance
policy as to the covered bonds. Each type of insurance policy
would insure payment of interest on the bonds and payment of
principal at maturity. Although such insurance would not
guarantee the market value of the bonds or the value of the
Funds' shares, the Funds believe that their ability to obtain
insurance for such bonds under such adverse circumstances
will enable the Funds to hold or dispose of such bonds at a
price at or near their par value.
34
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
Derivative In October 1994, the Financial Accounting Standards Board
Financial (FASB) issued Statement of Financial Accounting Standards No.
Instruments 119 Disclosure about Derivative Financial Instruments and
Fair Value of Financial Instruments which prescribes
disclosure requirements for transactions in certain
derivative financial instruments including futures, forward,
swap, and option contracts, and other financial instruments
with similar characteristics. Although the Funds are
authorized to invest in such financial instruments, and may
do so in the future, they did not make any such investments
during the fiscal year ended February 28, 1995, other than
occasional purchases of high quality synthetic money market
securities.
2. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investment
securities during the year ended February 28, 1995, were as
follows:
<TABLE>
<CAPTION>
RESERVES CA MA NY
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases $847,362,455 $518,839,920 $213,588,033 $37,825,720
Sales and maturities 894,725,000 881,582,950 230,435,040 35,805,000
------------ ------------ ------------ -----------
</TABLE>
At February 28, 1995, the cost of investments owned for
federal income tax purposes was the same as the cost for
financial reporting purposes for all Funds.
3. COMPOSITION OF NET ASSETS
At February 28, 1995, the Funds had common stock authorized
at $.01 par value per share. The composition of net assets as
well as the number of authorized shares were as follows:
<TABLE>
<CAPTION>
RESERVES CA MA NY
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital paid in:
Service Plan series $ -- $ 41,771,918 $ 27,731,552 $ 640,073
Distribution Plan se-
ries -- 67,157,179 24,237,180 29,797,672
Institutional series -- 50,772,389 1,035,560 16,667
------------- ------------- ------------- -------------
Total $ 351,606,397 $ 159,701,486 $ 53,004,292 $ 30,454,412
------------- ------------- ------------- -------------
Authorized shares 2,000,000,000 2,350,000,000 2,500,000,000 2,500,000,000
------------- ------------- ------------- -------------
</TABLE>
35
<PAGE>
NOTES TO FINANCIAL STATEMENTS
4. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen
Advisory Corp. (the "Adviser"), a wholly owned subsidiary of
The John Nuveen Company, each Fund pays to the Adviser an
annual management fee, payable monthly, at the rates set
forth below which are based upon the average daily net asset
value of each Fund:
<TABLE>
<CAPTION>
MANAGEMENT FEES
- -------------------------------------------------------------------
AVERAGE DAILY NET ASSET VALUE RESERVES CA, MA, NY
- -------------------------------------------------------------------
<S> <C> <C>
For the first $500,000,000 .5 of 1% .4 of 1%
For the next $500,000,000 .475 of 1 .375 of 1
For net assets over $1,000,000,000 .45 of 1 .35 of 1
</TABLE>
Also, pursuant to a distribution agreement with the Funds,
Nuveen is the distributor or principal underwriter of Fund
shares and pays sales and promotion expenses in connection
with the offering of Fund shares. The Funds have adopted a
Distribution Plan pursuant to Rule 12b-1 of the Investment
Company Act of 1940 and a Service Plan pursuant to which the
Funds and Nuveen pay, in equal amounts, fees to securities
dealers and service organizations for services rendered in
the distribution of shares of the Funds or the servicing of
shareholder accounts. For Reserves, total service payments to
such securities dealers and organizations on an annualized
basis range from .1 of 1% to .2 of 1% of the average daily
net asset value of serviced accounts up to $10 million and .3
of 1% for such assets over $10 million. For the California,
Massachusetts and New York Money Market Funds, total service
payments to such securities dealers and organizations are .25
of 1% per year of the average daily net asset value of
serviced accounts.
The management fee referred to above is reduced by, or the
Adviser assumes certain expenses of each Fund, in an amount
necessary to prevent the total expenses of each Fund
(including the management fee and each Fund's share of
service payments under the Distribution and Service Plans,
but excluding interest, taxes, fees incurred in acquiring and
disposing of portfolio securities and, to the extent
permitted, extraordinary expenses) in any fiscal year from
exceeding .75 of 1% of the average daily net asset value of
Reserves, and .55 of 1% of the average daily net asset value
of the California, Massachusetts and New York Money Market
Funds.
36
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
The management fee compensates the Adviser for overall
investment advisory and administrative services, and general
office facilities. The Funds pay no compensation directly to
their directors who are affiliated with the Adviser or to
their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
5. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include
general obligation, escrowed and revenue bonds. At February
28, 1995, the revenue sources by municipal purpose for these
investments, expressed as a percent of total investments,
were as follows:
<TABLE>
<CAPTION>
RESERVES CA MA NY
- --------------------------------------------------------
<S> <C> <C> <C> <C>
Revenue bonds:
Pollution control facilities 27% 16% 23% 30%
Health care facilities 28 15 11 13
Housing facilities 4 18 3 16
Lease rental facilities 2 17 -- --
Educational facilities 7 -- 14 4
Water/Sewer facilities 6 -- 2 8
Transportation 3 -- -- 4
Electric facilities -- 3 -- --
Other revenue 9 17 10 8
General obligation bonds 14 14 37 17
- --------------------------------------------------------
100% 100% 100% 100%
--- --- --- ---
</TABLE>
In addition, certain temporary investments in short-term
municipal securities have credit enhancements (letters of
credit, guarantees or insurance) issued by third party
domestic or foreign banks or other institutions (91% for
Reserves, 83% for California, 68% for Massachusetts and 87%
for New York).
For additional information regarding each investment
security, refer to the Portfolio of Investments.
37
<PAGE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
--------------------------------------------------------------------
Net realized
and
Net asset unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments income capital gains
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
RESERVES
- ---------------------------------------------------------------------------------------------
Year ended
2/28/95 $1.000 $.025* $-- $(.025) $--
2/28/94 1.000 .018* -- (.018) --
2/28/93 1.000 .023 -- (.023) --
5 months ended 2/29/92 1.000 .015 -- (.015) --
Year ended
9/30/91 1.000 .046 -- (.046) --
9/30/90 1.000 .055 -- (.055) --
9/30/89 1.000 .057 -- (.057) --
9/30/88 1.000 .045 -- (.045) --
9/30/87 1.000 .039 -- (.039) --
9/30/86 1.000 .045* -- (.045) --
9/30/85 1.000 .050* -- (.050) --
- ---------------------------------------------------------------------------------------------
</TABLE>
See notes on page 44.
38
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios/Supplemental data
-------------------------------------------
Net
asset Total return Ratio of net
value on Net assets Ratio of investment income
end of net asset end of period expenses to average to average
period value (in thousands) net assets net assets
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------
$1.000 2.46% $351,606 .75%* 2.43%*
1.000 1.84 404,201 .75* 1.83*
1.000 2.34 450,746 .74 2.35
1.000 1.45 477,127 .75+ 3.48+
1.000 4.57 451,808 .72 4.56
1.000 5.45 430,206 .73 5.45
1.000 5.70 390,258 .72 5.69
1.000 4.52 409,653 .73 4.52
1.000 3.88 361,044 .73 3.85
1.000 4.46 272,677 .75* 4.39*
1.000 4.98 141,762 .75* 4.90*
- --------------------------------------------------------------------------
</TABLE>
39
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
--------------------------------------------------------
Net
realized
and
Net asset unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments income capital gains
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CA**
- -------------------------------------------------------------------------------------
Year ended
2/28/95
Service Plan series $1.000 $.026* $-- $(.026) $--
Distribution Plan se-
ries 1.000 .026* -- (.026) --
Institutional series 1.000 .027 -- (.027) --
Year ended
2/28/94
Service Plan series 1.000 .019 -- (.019) --
Distribution Plan se-
ries 1.000 .019* -- (.019) --
Institutional series 1.000 .021 -- (.021) --
Year ended
2/28/93
Service Plan series 1.000 .023* -- (.023) --
Distribution Plan se-
ries 1.000 .023* -- (.023) --
Institutional series 1.000 .024 -- (.024) --
8 months ended
2/29/92
Service Plan series 1.000 .024* -- (.024) --
Distribution Plan se-
ries 1.000 .024* -- (.024) --
Institutional series 1.000 .025 -- (.025) --
Year ended
6/30/91
Service Plan series 1.000 .047* -- (.047) --
Distribution Plan se-
ries 1.000 .047* -- (.047) --
Institutional series 1.000 .048 -- (.048) --
Year ended
6/30/90++ 1.000 .054* -- (.054) --
6/30/89++ 1.000 .056* -- (.056) --
6/30/88++ 1.000 .043* -- (.043) --
6/30/87++ 1.000 .039* -- (.039) --
3/27/86 to
6/30/86++ 1.000 .011* -- (.011) --
- -------------------------------------------------------------------------------------
</TABLE>
See notes on page 44.
40
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios/Supplemental data
----------------------------------------------
Net asset Total return Ratio of net
value on Net assets Ratio of investment income
end of net asset end of period expenses to average to average
period value (in thousands) net assets net assets
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------
$1.000 2.59% $ 41,772 .55%* 2.19%*
1.000 2.60 67,157 .55* 2.56*
1.000 2.69 50,772 .47 2.74
1.000 1.94 415,238 .53 1.94
1.000 1.92 72,380 .55* 1.92*
1.000 2.07 32,299 .41 2.06
1.000 2.28 469,812 .55* 2.26*
1.000 2.29 80,652 .55* 2.26*
1.000 2.36 24,156 .47 2.33
1.000 2.39 478,886 .55*+ 3.54*+
1.000 2.39 91,670 .55*+ 3.54*+
1.000 2.45 18,334 .45+ 3.64+
1.000 4.70 431,590 .55* 4.67*
1.000 4.70 90,031 .55* 4.67*
1.000 4.80 22,342 .45 4.77
1.000 5.37 452,465 .55* 5.38*
1.000 5.62 362,927 .55* 5.70*
1.000 4.28 207,897 .55* 4.31*
1.000 3.90 284,956 .50* 3.92*
1.000 1.10 80,871 .05*+ 4.16*+
- -----------------------------------------------------------------------------
</TABLE>
41
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
--------------------------------------------------------
Net
realized
and
Net asset unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments income capital gains
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MA***
- -------------------------------------------------------------------------------------
Year ended
2/28/95
Service Plan series $1.000 $.025* $-- $(.025) $--
Distribution Plan se-
ries 1.000 .025* -- (.025) --
Institutional series 1.000 .026 -- (.026) --
Year ended
2/28/94
Service Plan series 1.000 .018* -- (.018) --
Distribution Plan se-
ries 1.000 .017* -- (.017) --
Institutional series 1.000 .018 -- (.018) --
Year ended
2/28/93
Service Plan series 1.000 .023* -- (.023) --
Distribution Plan se-
ries 1.000 .023* -- (.023) --
Institutional series 1.000 .023* -- (.023) --
10 months ended
2/29/92
Service Plan series 1.000 .032* -- (.032) --
Distribution Plan se-
ries 1.000 .032* -- (.032) --
Institutional series 1.000 .032 -- (.032) --
Year ended
4/30/91
Service Plan series 1.000 .053* -- (.053) --
Distribution Plan se-
ries 1.000 .053* -- (.053) --
Institutional series 1.000 .053* -- (.053) --
Year ended
4/30/90++ 1.000 .057* -- (.057) --
4/30/89++ 1.000 .050* -- (.050) --
4/30/88++ 1.000 .043* -- (.043) --
12/10/86 to
4/30/87++ 1.000 .016* -- (.016) --
- -------------------------------------------------------------------------------------
</TABLE>
See notes on page 44.
42
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios/Supplemental data
-------------------------------------------
Net
asset Total return Ratio of net
value on Net assets Ratio of investment income
end of net asset end of period expenses to average to average
period value (in thousands) net assets net assets
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------
$1.000 2.53% $27,732 .55%* 2.55%*
1.000 2.53 24,237 .55* 2.55*
1.000 2.61 1,036 .47 2.63
1.000 1.77 38,576 .52* 1.91*
1.000 1.74 27,773 .55* 1.88*
1.000 1.80 3,406 .49 1.93
1.000 2.33 40,214 .55* 2.34*
1.000 2.33 27,993 .55* 2.34*
1.000 2.34 5,325 .55* 2.34*
1.000 3.22 61,476 .55*+ 3.80*+
1.000 3.22 34,509 .55*+ 3.80*+
1.000 3.24 8,917 .53+ 3.82+
1.000 5.30 37,979 .55* 5.25*
1.000 5.30 33,809 .55* 5.25*
1.000 5.30 14,973 .54* 5.26*
1.000 5.70 53,631 .55* 5.67*
1.000 5.00 31,319 .55* 5.18*
1.000 4.29 35,614 .48* 4.30*
1.000 1.60 12,371 .06*+ 4.36*+
- --------------------------------------------------------------------------
</TABLE>
43
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
-------------------------------------------------------
Net
realized
and
Net asset unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments income capital gains
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NY***
- ------------------------------------------------------------------------------------
Year ended
2/28/95
Service Plan series $1.000 $.024* $-- $(.024) $--
Distribution Plan
series 1.000 .024* -- (.024) --
Institutional series 1.000 .023* -- (.023) --
Year ended
2/28/94
Service Plan series 1.000 .015* -- (.015) --
Distribution Plan
series 1.000 .015* -- (.015) --
Institutional series 1.000 .015* -- (.015) --
Year ended
2/28/93
Service Plan series 1.000 .020* -- (.020) --
Distribution Plan
series 1.000 .020* -- (.020) --
Institutional series 1.000 .020* -- (.020) --
10 months ended
2/29/92
Service Plan series 1.000 .029* -- (.029) --
Distribution Plan
series 1.000 .029* -- (.029) --
Institutional series 1.000 .030* -- (.030) --
Year ended
4/30/91
Service Plan series 1.000 .047* -- (.047) --
Distribution Plan
series 1.000 .047* -- (.047) --
Institutional series 1.000 .047* -- (.047) --
Year ended --
4/30/90++ 1.000 .054* -- (.054) --
4/30/89++ 1.000 .050* -- (.050) --
4/30/88++ 1.000 .041* -- (.041) --
12/10/86 to
4/30/87++ 1.000 .015* -- (.015) --
- ------------------------------------------------------------------------------------
</TABLE>
* Reflects the waiver of certain management fees and reimbursement of certain
other expenses by the Adviser. See note 4 of Notes to Financial Statements.
** Effective for the fiscal year ending June 30, 1991, and thereafter, the Fund
has presented the above per share data by series.
*** Effective for the fiscal year ending April 30, 1991, and thereafter, the
Fund has presented the above per share data by series.
+ Annualized.
++ Represents combined per share data and ratios for the Service Plan,
Distribution Plan and Institutional series.
44
<PAGE>
NUVEEN TAX-FREE MONEY MARKET FUNDS ANNUAL REPORT
FEBRUARY 28, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ratios/Supplemental data
--------------------------------------------
Net
asset Total return Ratio of net
value on Net assets Ratio of investment income
end of net asset end of period expenses to average to average
period value (in thousands) net assets net assets
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------
$1.000 2.36% $ 640 .55%* 2.38%*
1.000 2.37 29,798 .55* 2.38*
1.000 2.28 17 .55* 2.38*
1.000 1.51 557 .55* 1.63*
1.000 1.51 27,886 .55* 1.63*
1.000 1.51 17 .55* 1.63*
1.000 2.02 529 .55* 2.04*
1.000 2.02 34,827 .55* 2.04*
1.000 2.02 17 .55* 2.19*
1.000 2.94 1,934 .55*+ 3.51*+
1.000 2.94 45,259 .55*+ 3.51*+
1.000 2.97 17 .55*+ 3.51*+
1.000 4.73 1,653 .55* 4.72*
1.000 4.73 41,446 .55* 4.72*
1.000 4.73 17 .55* 4.72*
1.000 5.36 41,602 .55* 5.34*
1.000 4.95 30,262 .55* 5.05*
1.000 4.10 17,016 .50* 4.07*
1.000 1.50 4,134 .05*+ 4.20*+
- ---------------------------------------------------------------------------
</TABLE>
45
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders of
Nuveen Tax-Free Reserves,
Nuveen California Tax-Free Fund, Inc.,
Nuveen Tax-Free Money Market Fund, Inc.:
We have audited the accompanying statements of net assets of
NUVEEN TAX-FREE RESERVES (a Maryland corporation), NUVEEN
CALIFORNIA TAX-FREE FUND, INC. (comprised of Nuveen
California Tax-Free Money Market Fund) (a Maryland
corporation) and NUVEEN TAX-FREE MONEY MARKET FUND, INC.
(comprised of Nuveen Massachusetts and New York Tax-Free
Money Market Funds) (a Minnesota corporation), including the
portfolios of investments, as of February 28, 1995, and the
related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years
in the period then ended and the financial highlights for the
periods indicated thereon. These financial statements and
financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of
February 28, 1995, by correspondence with the custodian and
brokers. As to securities purchased but not received, we
requested confirmation from brokers and, when replies were
not received, we carried out other alternative auditing
procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management,
as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the net assets of each of the respective funds
constituting Nuveen Tax-Free Reserves, Nuveen California Tax-
Free Fund, Inc. and Nuveen Tax-Free Money Market Fund, Inc.
as of February 28, 1995, the results of their operations for
the year then ended, the changes in their net assets for each
of the two years in the period then ended, and the financial
highlights for the periods indicated thereon in conformity
with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Chicago, Illinois,
April 3, 1995
46
<PAGE>
The
human bond
[PHOTO OF BOOK APPEARS HERE]
At John Nuveen & Co.
Incorporated, where our
tax-free municipal bonds have
helped people live their
dreams for nearly 100
years, we still believe our strongest
bond is human./TM/
For almost a century, John Nuveen & Company has concentrated its resources and
expertise on one area: municipal bonds. We are the oldest and largest investment
banking firm specializing exclusively in municipal securities, and we strive to
be the best.
We maintain a sharp focus on the needs of prudent investors and their
families, offer investments of quality, and then work to make them better by
seeking out opportunity. We hold to a dedicated belief in the importance of
research. And we sustain a commitment to sound financial management through
value investing.
Our hope is that by providing quality investments we may foster opportunity
for our investors. Through careful research, attention to detail, and our
philosophy of managing for long-term value, we hope to provide our shareholders
with the attractive level of income they need to achieve their personal goals
and aspirations.
These are the things that matter most, and it's why we say that, at Nuveen, our
strongest bond is human.
[LOGO OF NUVEEN]
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
