<PAGE>
NUVEEN
Money Market
Funds
August 31, 1997
- -------------------
Semiannual Report
- -------------------
Dependable, tax-free income
to help you keep more of
what you earn.
[PHOTO APPEARS HERE]
Reserves
California
Massachusetts
New York
<PAGE>
Contents
1 Dear Shareholder
4 Reserves Performance Overview
5 California Performance Overview
6 Massachusetts Performance Overview
7 New York Performance Overview
9 Financial Section
10 Portfolio of Investments
25 Statement of Net Assets
26 Statement of Operations
30 Statement of Changes in Net Assets
34 Notes to Financial Statements
38 Financial Highlights
46 Fund Information
<PAGE>
[PHOTO OF TIMOTHY R. SCHWERTFEGER
APPEARS HERE]
Timothy R. Schwertfeger
Chairman of the Board
Wealth takes a lifetime
to build. Once achieved,
it should be preserved.
Dear Shareholder
It's a pleasure to report to you that your Nuveen tax-free money market fund has
done well in generating tax-free income while preserving net asset value
stability and investor confidence.
During the past six months, the funds in this report delivered attractive tax-
free income from portfolios of quality municipal bonds. As of the end of August,
investors were receiving annual tax-free yields that ranged from 2.90% to 2.98%,
equivalent to taxable yields of at least 4.20% for investors in the 31% federal
income tax bracket. When state taxes are taken into account, the advantage of
tax-free investing is even more apparent.
Also, your money market fund continues to deliver safety and liquidity, which is
especially comforting during periods of market volatility. When combined with
the flexibility of checkwriting, money market funds remain a valuable and
convenient investment option.
Review of the Economy and Markets
Through the first eight months of 1997, stock and bond markets experienced
periodic short-term volatility. Positive news on the inflation front helped
soften the effects of a hike in short-term interest rates by the Federal Reserve
Board in late March. After tightening short-term interest rates by 0.25%, the
Federal Reserve demonstrated its confidence in the path the economy is taking by
maintaining the status quo at subsequent meetings.
1
<PAGE>
"During the past six months, the funds in this report delivered attractive
tax-free income from portfolios of quality municipal bonds".
In general, money market yields moved higher during the first part of the year,
then declined toward the close of this reporting period as the economy showed
evidence of moderation and corporate earnings reports continued to exhibit
strength.
Outlook
Despite today's tight labor market and rising wages, inflation has continued to
remain stagnant. Many economists and analysts attribute this to an increase in
business productivity, brought about by broader-based use of information
technology and the growth of the Internet. It is not clear if, or when, the
Federal Reserve will raise rates again. Accordingly, our strategy is to keep the
funds at or near their current maturity range and try to take advantage of any
interim volatility to purchase bonds with higher yields.
Recently, the need for diversification and a renewed emphasis on asset
allocation--as well as attractive tax-free yields--have sparked increased
interest in municipal bonds. The current level of the stock market reminds
investors to re-reallocate profits to other segments of the market in order to
limit risk. Nuveen tax-free money market funds provide an excellent alternative.
On behalf of everyone at Nuveen, I thank you for your confidence in us and our
family of investments.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
October 1, 1997
2
<PAGE>
Nuveen Tax-Free Reserves, Inc. Reserves Performance
August 31, 1997 Semiannual Report Overview
Fund Highlights
- --------------------------------------------
Inception Date 11/82
- --------------------------------------------
Total Net Assets ($000) $ 270,192
- --------------------------------------------
Average Weighted Maturity (days) 45
- --------------------------------------------
Tax-Free Yields
- --------------------------------------------
SEC 7-Day Yield 2.97%
- --------------------------------------------
SEC 30-Day Yield 2.94%
- --------------------------------------------
Taxable Equivalent Yields/1/
- --------------------------------------------
SEC 7-Day Yield 4.30%
- --------------------------------------------
SEC 30-Day Yield 4.26%
- --------------------------------------------
/1/ The taxable equivalent yield represents the yield necessary to equal the
yield of the Nuveen investment on an after-tax basis for investors in the
31% federal income tax bracket.
[PIE CHART APPEARS HERE]
Diversification
- ---------------------------------
Pollution Control 18%
Transportation 4%
Other 12%
Housing 3%
General Obligation 22%
Utilities 6%
Industrial Development 10%
Health Care 25%
[LINE CHART APPEARS HERE]
IBC Donoghue Institutional
Nuveen Tax-Free Tax-Exempt Money Market
Reserves, Inc. Fund Average
09/96 2.94 2.95
-----------------------------------------------------------------
10/96 2.89 2.92
-----------------------------------------------------------------
11/96 2.92 2.91
-----------------------------------------------------------------
12/96 2.98 3.00
-----------------------------------------------------------------
01/97 2.82 2.88
-----------------------------------------------------------------
02/97 2.80 2.83
-----------------------------------------------------------------
03/97 2.68 2.71
-----------------------------------------------------------------
04/97 3.05 3.07
-----------------------------------------------------------------
05/97 3.30 3.38
-----------------------------------------------------------------
06/97 3.20 3.22
-----------------------------------------------------------------
07/97 3.00 3.04
-----------------------------------------------------------------
08/31/97 2.94 2.94
-----------------------------------------------------------------
- ---- IBC Donoghue Institutional Tax-Exempt Money Market Fund Average
==== Nuveen Tax-Free Reserves, Inc.
Past performance is not predictive of future performance.
3
<PAGE>
Nuveen California Tax-Free Money Market Fund California Performance
August 31, 1997 Semiannual Report Overview
Fund Highlights
- ------------------------------------------------
Inception Date 3/86
- ------------------------------------------------
Total Net Assets ($000) $ 163,633
- ------------------------------------------------
Average Weighted Maturity (days) 34
- ------------------------------------------------
Tax-Free Yields
- ------------------------------------------------
SEC 7-Day Yield 2.90%
- ------------------------------------------------
SEC 30-Day Yield 2.93%
- ------------------------------------------------
Taxable Equivalent Yields/1/
- ------------------------------------------------
SEC 7-Day Yield (Federal Only) 4.20%
- ------------------------------------------------
SEC 7-Day Yield (Federal and State) 4.64%
- ------------------------------------------------
SEC 30-Day Yield (Federal Only) 4.25%
- ------------------------------------------------
SEC 30-Day Yield (Federal and State) 4.69%
- ------------------------------------------------
/1/The taxable equivalent yield represents the yield necessary to equal the
yield of the Nuveen investment on an after-tax basis for investors in the 31%
federal income tax bracket. The rate shown for federal and state highlights
the added value of owning shares that are also exempt from state taxes. It is
based on a combined federal and state tax rate of 37.5%.
- ------------------------------------------
Diversification
- ------------------------------------------
[PIE CHART APPEARS HERE]
<TABLE>
<S> <C>
Industrial Development 4%
Water & Sewer 21%
General Obligation 13%
Utilites 4%
Housing 20%
Health Care 12%
Pollution Control 3%
Lease Rental 11%
Other 12%
</TABLE>
- --------------------------------------------------------
Index Comparison
- --------------------------------------------------------
[LINE CHART APPEARS HERE]
<TABLE>
<CAPTION>
Nuveen California IBC Donoghue California
Tax-Free Retail Tax-Exempt
Money Market Fund Money Market Fund Average
<S> <C> <C>
09/96 3.01 2.87
10/96 2.96 2.85
11/96 2.97 2.86
12/96 3.09 2.97
01/97 2.88 2.82
02/97 2.86 2.76
03/97 2.66 2.60
04/97 3.25 3.00
05/97 3.49 3.32
06/97 3.37 3.15
07/97 3.07 2.92
08/31/97 2.92 2.80
</TABLE>
- ---- IBC Donoghue California Retail Tax-Exempt Money Fund Average
==== Nuveen California Tax-Free Money Market Fund
Past performance is no predictive of future performance
4
<PAGE>
Nuveen Massachusetts Tax-Free Money Market Fund Massachusetts Performance
August 31, 1997 Semiannual Report Overview
<TABLE>
<S> <C>
Fund Highlights
- ------------------------------------------
Inception Date 2/87
- ------------------------------------------
Total Net Assets ($000) $ 40,995
- ------------------------------------------
Average Weighted Maturity (days) 58
- ------------------------------------------
Tax-Free Yields
- ------------------------------------------
SEC 7-Day Yield 2.92%
- ------------------------------------------
SEC 30-Day Yield 2.96%
- ------------------------------------------
Taxable Equivalent Yields/1/
- ------------------------------------------
SEC 7-Day Yield (Federal Only) 4.23%
- ------------------------------------------
SEC 7-Day Yield (Federal and State) 4.83%
- ------------------------------------------
SEC 30-Day Yield (Federal Only) 4.29%
- ------------------------------------------
SEC 30-Day Yield (Federal and State) 4.89%
- ------------------------------------------
</TABLE>
/1/ The taxable equivalent yield represents the yield necessary to equal the
yield of the Nuveen investment on an after-tax basis for investors in the
31% federal income tax bracket. The rate shown for federal and state
highlights the added value of owning shares that are also exempt from
state taxes. It is based on a combined federal and state tax rate of 39.5%.
<TABLE>
<CAPTION>
- ------------------------------------------
Diversification
- ------------------------------------------
[PIE CHART APPEARS HERE]
<S> <C>
General Obligation 31%
Education 22%
Pollution Control 7%
Housing 6%
Health Care 18%
Water & Sewer 5%
Transportation 4%
Other 7%
</TABLE>
<TABLE>
- ---------------------------------------------------------
Index Comparison
- ---------------------------------------------------------
[LINE CHART APPEARS HERE]
Nuveen Massachusetts IBC Donoghue Massachusetts
Tax-Free Money Retail Tax-Exempt
Market Fund Money Fund Average
<S> <C> <C>
09/96 2.92 2.91
10/96 2.85 2.88
11/96 2.87 2.90
12/96 2.94 2.95
01/97 2.86 2.84
02/97 2.80 2.80
03/97 2.61 2.68
04/97 3.18 3.06
05/97 3.35 3.33
06/97 3.29 3.18
07/97 3.07 3.04
08/31/97 2.96 2.94
- ----- IBC Donoghue Massachusetts Retail Tax-Exempt Money Fund Average
===== Nuveen Massachusetts Tax-Free Money Market Fund
Past performance is not predictive of future performance.
</TABLE>
5
<PAGE>
Nuveen New York Tax-Free Money Market Fund New York Performance
August 31, 1997 Semiannual Report Overview
<TABLE>
<S> <C>
Fund Highlights
- ------------------------------------------------
Inception Date 2/87
- ------------------------------------------------
Total Net Assets ($000) $ 28,135
- ------------------------------------------------
Average Weighted Maturity (days) 43
- ------------------------------------------------
Tax-Free Yields
- ------------------------------------------------
SEC 7-Day Yield 2.98%
- ------------------------------------------------
SEC 30-Day Yield 2.97%
- ------------------------------------------------
Taxable Equivalent Yields/1/
- ------------------------------------------------
SEC 7-Day Yield (Federal Only) 4.32%
- ------------------------------------------------
SEC 7-Day Yield (Federal and State) 4.62%
- ------------------------------------------------
SEC 30-Day Yield (Federal Only) 4.30%
- ------------------------------------------------
SEC 30-Day Yield (Federal and State) 4.60%
- ------------------------------------------------
</TABLE>
/1/The taxable equivalent yield represents the yield necessary to equal the
yield of the Nuveen investment on an after-tax basis for investors in the 31%
federal income tax bracket. The rate shown for federal and state highlights
the added value of owning shares that are also exempt from state taxes. It is
based on a combined federal and state tax rate of 35.5%.
- ------------------------------------------
Diversification
- ------------------------------------------
[PIE CHART APPEARS HERE]
<TABLE>
<S> <C>
Industrial Development 16%
Water & Sewer 4%
General Obligation 24%
Education 7%
Housing 6%
Health Care 15%
Pollution Control 22%
Other 6%
</TABLE>
- --------------------------------------------------------
Index Comparison
- --------------------------------------------------------
[LINE CHART APPEARS HERE]
<TABLE>
Nuveen New York Tax-Free IBC Donoghue New York Retail
Money Market Fund Tax-Exempt Money Fund Average
<S> <C> <C>
09/96 2.97 2.86
- ---------------------------------------------------------------------
10/96 2.91 2.86
- ---------------------------------------------------------------------
11/96 2.95 2.87
- ---------------------------------------------------------------------
12/96 3.06 2.94
- ---------------------------------------------------------------------
01/97 2.87 2.80
- ---------------------------------------------------------------------
02/97 2.87 2.77
- ---------------------------------------------------------------------
03/97 2.74 2.63
- ---------------------------------------------------------------------
04/97 3.22 3.02
- ---------------------------------------------------------------------
05/97 3.39 3.32
- ---------------------------------------------------------------------
06/97 3.31 3.18
- ---------------------------------------------------------------------
07/97 3.09 2.98
- ---------------------------------------------------------------------
08/31/97 2.97 2.87
- ---------------------------------------------------------------------
</TABLE>
- ---- IBC Donoghue New York Retail Tax-Exempt Money Fund Average
==== Nuveen New York Tax-Free Money Market Fund
Past performance is not predictive of future performance
6
<PAGE>
Financial Section
7
<PAGE>
<TABLE>
<CAPTION>
Portfolio of Investments (Unaudited)
Reserves
Principal Amortized
Amount Description Ratings* Cost
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama - 2.5%
$6,700,000 McIntosh Industrial Development Board, Pollution Control Revenue A-1+ $ 6,700,000
(Ciba-Geigy Corporation), Variable Rate Demand Bonds,
3.750%, 7/01/04+
- -----------------------------------------------------------------------------------------------------------------------------
Arizona - 6.3%
7,000,000 The Industrial Development Authority of the County of Apache VMIG-1 7,000,000
(Arizona), Pollution Control Revenue Bonds, 1981 Series B,
(Tucson Electric Power Company Project), Variable Rate Demand
Bonds, 3.500%, 10/01/21+
10,000,000 Mesa Municipal Development Corporation, Special Tax Bonds, VMIG-1 10,000,000
Series 1985, Commercial Paper, 3.750%, 10/30/97
- -----------------------------------------------------------------------------------------------------------------------------
Arkansas - 1.1%
2,900,000 Board of Trustees of the University of Arkansas, Various Facility VMIG-1 2,900,000
Revenue Bonds (UAMS Campus), Series 1994, Variable Rate
Demand Bonds, 3.350%, 12/01/19+
- -----------------------------------------------------------------------------------------------------------------------------
District of Columbia - 4.1%
2,000,000 District of Columbia, General Obligation Tax and Revenue Notes, MIG-1 2,000,811
Series 97A, 4.500%, 9/30/97
9,100,000 District of Columbia, General Obligation Series 1992A-2, Variable VMIG-1 9,100,000
Rate Demand Bonds, 3.800%, 10/01/07+
- -----------------------------------------------------------------------------------------------------------------------------
Florida - 6.1%
1,400,000 Florida Housing Finance Agency, Multi-Family Housing Revenue A-1 1,400,000
Refunding Bonds, 1989 Series E (Fairmont Oaks Project),
Variable Rate Demand Bonds, 3.400%, 4/01/26+
3,100,000 Pasco County Housing Finance Authority, Multi-Family Housing VMIG-1 3,100,000
Revenue Bonds (Carlton Arms of Magnolia Valley Project),
Series 1985, Variable Rate Demand Bonds, 3.350%, 12/01/07+
4,800,000 Sarasota County Public Hospital District, Sarasota Memorial A-1+ 4,800,000
Hospital Project, Series C, Commercial Paper, 3.800%, 10/24/97
3,300,000 Sunshine State Governmental Financing Commission, Revenue VMIG-1 3,300,000
Bonds, Series 1997, Commercial Paper, 3.750%, 9/12/97
4,000,000 Sunshine State Governmental Financing Commission, Commercial VMIG-1 4,000,000
Paper, 3.800%, 10/31/97
</TABLE>
8
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Georgia - 6.2%
$5,000,000 Georgia Municipal Gas Authority, Gas Revenue Bonds (Gas A-1+ $ 5,000,000
Portfolio II Project), Series B, Variable Rate Demand Bonds,
3.500%, 9/01/07+
3,700,000 Georgia Municipal Gas Authority, Commercial Paper, VMIG-1 3,700,000
3.700%, 11/14/97
8,000,000 Fulco Hospital Authority, Revenue Anticipation Certificates (Saint VMIG-1 8,000,000
Joseph's Hospital of Atlanta Project), Series 1989, Commercial
Paper, 3.650%, 10/21/97
- -----------------------------------------------------------------------------------------------------------------------------
Hawaii - 0.7%
1,800,000 Department of Budget and Finance of the State of Hawaii, Special A-1 1,800,000
Purpose Floating Rate Demand Revenue Bonds (Adventist
Health System - West), Series 1984, Variable Rate Demand
Bonds, 3.900%, 9/01/99+
- -----------------------------------------------------------------------------------------------------------------------------
Illinois - 11.0%
7,000,000 Illinois Development Finance Authority, Pollution Control Revenue P-1 7,000,000
Bonds (Diamond-Star Motors Corporation Project), Series 1985,
Variable Rate Demand Bonds, 3.800%, 12/01/08+
2,000,000 Illinois Development Finance Authority, Revenue Bonds, Radiological A-1+ 2,000,000
Society of North America, Series 1997, Variable Rate Demand
Bonds, 3.410%, 6/01/27+
6,000,000 Illinois Education Facilities Authority, Adjustable Demand Revenue VMIG-1 6,000,000
Bonds, Shedd Aquarium Society, Series 1987B, Commercial Paper,
3.850%, 11/20/97
4,400,000 Illinois Health Facilities Authority, Adjustable Demand Revenue VMIG-1 4,400,000
Bonds, Series 1991 (Victory Health Services Project), Commercial
Paper, 3.750%, 9/18/97
4,600,000 City of Chicago, Chicago-O'Hare International Airport, Special Facility P-1 4,600,000
Revenue Bonds (American Airlines, Inc. Project), Series 1983B,
Variable Rate Demand Bonds, 3.700%, 12/01/17+
5,700,000 City of Decatur, Macon County, Illinois, Unit Priced Demand VMIG-1 5,700,000
Adjustable Water Revenue Bonds, Series 1985, Commercial Paper,
3.700%, 10/09/97
- -----------------------------------------------------------------------------------------------------------------------------
Iowa - 3.7%
5,000,000 Iowa School Cash Anticipation Program, Iowa School Corporations, MIG-1 5,027,508
Warrant Certificates, 1997-98 Series A-Cash Anticipation Note,
4.500%, 6/26/98
</TABLE>
9
<PAGE>
Portfolio of Investments (Unaudited)
Reserves - continued
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Iowa - continued
$2,000,000 Iowa School Cash Anticipation Program, Iowa School Corporations, MIG-1 $ 2,003,063
Warrant Certificates, 1996-97 Series B-Cash Anticipation Note,
4.250%, 1/30/98
2,900,000 City of Eddyville, Iowa, Industrial Development Revenue Bonds N/R 2,900,000
(Heartland Lysine, Inc. Project), Series 1985, Variable Rate
Demand Bonds, 3.700%, 11/01/03+
- -----------------------------------------------------------------------------------------------------------------------------
Kentucky - 3.3%
9,005,000 Hancock County, Kentucky, Industrial Building Revenue Refunding N/R 9,005,000
Bonds (Southwire Company Project), Series 1990, Variable Rate
Demand Bonds, 3.600%, 7/01/10+
- -----------------------------------------------------------------------------------------------------------------------------
Louisiana - 1.9%
5,200,000 Ascension Parish Pollution Control (BASF Wyandotte Corporation), P-1 5,200,000
Variable Rate Demand Bonds, 3.750%, 12/01/05+
- -----------------------------------------------------------------------------------------------------------------------------
Massachusetts - 0.9%
2,400,000 Newton Bond Anticipation Notes, 4.000%, 3/25/98 N/R 2,400,998
- -----------------------------------------------------------------------------------------------------------------------------
Michigan - 6.7%
7,100,000 Michigan Job Development Authority, Limited Obligation Revenue A-1 7,100,000
Bonds (Frankenmuth Bavarian Inn Motor Lodge Project), Series A,
Variable Rate Demand Bonds, 4.050%, 9/01/15+
5,000,000 State of Michigan, Full Faith and Credit General Obligation Notes, MIG-1 5,002,762
4.500%, 9/30/97
5,000,000 The School District of the City of Kalamazoo, County of Kalamazoo SP-1+ 5,009,058
State of Michigan 1997 State Aid Notes (Limited Tax General
Obligation), 4.000%, 4/15/98
1,065,000 The Economic Development Corporation of the City of Warren, P-1 1,065,000
Macomb County, Michigan, Floating Rate Limited Obligation
Revenue Bonds (The Prince Company, Inc., Michigan Division
Project), Series A, Variable Rate Demand Bonds,
3.850%, 11/01/99+
- -----------------------------------------------------------------------------------------------------------------------------
Minnesota - 1.9%
5,255,000 City of Bloomington, Minnesota, Floating Rate Demand Commercial A-1+ 5,255,000
Revenue Bonds (James Avenue Associates Project), Series 1985,
Variable Rate Demand Bonds, 3.400%, 12/01/15+
</TABLE>
10
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Missouri - 3.4%
$9,200,000 State Environmental Improvement and Energy Resources Authority VMIG-1 $ 9,200,000
of the State of Missouri, Unit Priced Demand Adjustable Pollution
Control Revenue Bonds, Series 1985 A (Union Electric Company),
Commercial Paper, 3.625%, 11/26/97
- -------------------------------------------------------------------------------------------------------------------------
New Hampshire - 2.6%
6,900,000 New Hampshire Higher Educational and Health Facilities Authority, A-1 6,900,000
Revenue Bonds, Hunt Community Issue, Series 1996, Variable
Rate Demand Bonds, 3.500%, 5/01/26+
- -------------------------------------------------------------------------------------------------------------------------
North Carolina - 4.5%
6,630,000 The Wake County Industrial Facilities and Pollution Control Financing P-1 6,630,000
Authority, Pollution Control Refunding Bonds (Carolina Power
and Light Company Project), Series 1990A, Commercial Paper,
3.700%, 11/25/97
2,400,000 The Wake County Industrial Facilities and Pollution Control Financing P-1 2,400,000
Authority, Pollution Control Revenue Refunding Bonds,
Carolina Power and Light Company Project, Series 1990B,
Commercial Paper, 3.850%, 2/13/98
3,000,000 The Wake County Industrial Facilities and Pollution Control Financing VMIG-1 3,000,000
Authority, Pollution Control Refunding Bonds (Carolina Power and
Light Company Project), Series 1985C, Commercial Paper,
3.450%, 10/09/97
- -------------------------------------------------------------------------------------------------------------------------
Ohio - 14.4%
8,300,000 Centerville Health Care Revenue Bonds (Bethany Lutheran Village VMIG-1 8,300,000
Continuing Care Facilities Expansion Project), Variable Rate
Demand Bonds, 3.500%, 5/01/08+
5,000,000 Chagrin Falls Exempt School District, School Improvement Voted N/R 5,015,663
Unlimited Tax, Bond Anticipation Notes, 4.500%, 2/10/98
6,400,000 Port Authority of Cincinnati and Hamilton County, Daily Adjustable A-2 6,400,000
Economic Development Revenue Bonds (Kenwood Office
Associates Project), Series 1985, Variable Rate Demand Bonds,
3.850%, 9/01/25+
3,600,000 Cuyahoga County, University Hospital of Cleveland, Series 1985, VMIG-1 3,600,000
Variable Rate Demand Bonds, 3.800%, 1/01/16+
5,120,000 County of Erie, Ohio, Adjustable Rate Demand Health Care Facilities VMIG-1 5,120,000
Revenue Bonds (The Commons of Providence Project),
Series 1996 B, Variable Rate Demand Bonds, 3.460%, 10/01/21+
</TABLE>
11
<PAGE>
Portfolio of Investments (Unaudited)
Reserves - continued
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Ohio - continued
$3,685,000 County of Franklin, Ohio, Floating Rate Demand Hospital Financing N/R $ 3,685,000
Revenue Bonds, Series 1993 (Traditions at Mill Run Project),
Variable Rate Demand Bonds, 3.560%, 11/01/14+
5,000,000 County of Lucas, Ohio, Multi-Mode Variable Rate Demand Facilities VMIG-1 5,000,000
Improvement Revenue Bonds, Series 1997 (The Toledo Zoological
Society Project), 3.600%, 10/01/05+
1,800,000 County of Ottawa, Ohio, Hospital Facilities, Variable Rate Demand N/R 1,800,000
Revenue Bonds, Series 1997 (Luther Home of Mercy Project),
3.400%, 10/01/17+
- -----------------------------------------------------------------------------------------------------------------------------
Oregon - 0.8%
2,175,000 City of Hillsboro, Oregon (Oregon Graduate Center Project), VMIG-1 2,175,000
Variable Rate Demand Revenue Bonds, 3.450%, 6/01/09+
- -----------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.9%
1,000,000 City of Philadelphia Tax and Revenue Anticipation Notes, Series A MIG-1 1,003,977
of 1997-1998, 4.500%, 6/30/98
4,000,000 City of Philadelphia, Pennsylvania, General Obligation Bonds, VMIG-1 4,000,000
Series 1990, Commercial Paper, 3.850%, 10/14/97
- -----------------------------------------------------------------------------------------------------------------------------
Tennessee - 2.4%
3,500,000 The Industrial Development Board of the County of Jackson, N/R 3,500,000
Tennessee, Variable Rate Industrial Development Demand
Revenue Bonds (Esselte Project), Series 1985B, 3.800%,
8/01/15+
3,100,000 The Industrial Development Board of the Metropolitan Government N/R 3,100,000
of Nashville and Davidson County (State of Tennessee), Variable
Rate Demand Multifamily Housing Revenue Refunding Bonds
(Hickory Trace Apartments Project), Series 1995, 3.400%,
6/01/15+
- -----------------------------------------------------------------------------------------------------------------------------
Utah - 3.9%
2,000,000 Carbon County Pollution Control Revenue Refunding Bonds VMIG-1 2,000,000
(Pacificorp Projects), Variable Rate Demand Bonds,
3.750%, 11/01/24+
5,000,000 Davis County, Utah, Tax and Revenue Anticipation Notes, Series 1997, N/R 5,008,055
4.250%, 12/31/97
3,550,000 West Valley City Industrial Development (Johnson Matthey Project), N/R 3,550,000
Variable Rate Demand Bonds, 3.800%, 12/01/11+
</TABLE>
12
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Virginia - 3.3%
$3,000,000 Industrial Development Authority of Albemarle County, Virginia, A-1 $ 3,000,000
Variable Rate Health Services Revenue Bonds (The University of
Virginia Health Services Foundation), Series 1996, Variable Rate
Demand Bonds, 3.500%, 2/01/26+
2,600,000 The Industrial Development Authority of the City of Norfolk, Floating N/R 2,600,000
Rate Industrial Development Revenue Bonds (Norfolk-
Virginia Beach--Portsmouth MSA Limited Partnership Project),
Variable Rate Demand Bonds, 5.525%, 11/01/04+
3,300,000 The Industrial Development Authority of the City of Richmond, N/R 3,300,000
Floating Rate Industrial Development Revenue Bonds (Richmond
MSA Limited Partnership Project), Variable Rate Demand Bonds,
5.525%, 11/01/04+
- -----------------------------------------------------------------------------------------------------------------------------
Washington - 4.6%
4,900,000 Washington Health Care Facilities Authority, Variable Rate Demand A-1 4,900,000
Revenue Bonds, Series 1984 (Adventist Health System-West/
Walla Walla General Hospital), Variable Rate Demand Bonds,
3.900%, 9/01/09+
3,300,000 Washington State Housing Finance Commission, Nonprofit Revenue VMIG-1 3,300,000
Bonds (Crista Ministries Project), Series 1991A, Variable Rate
Demand Bonds, 3.400%, 7/01/11+
4,250,000 Spokane County, Washington, Road Fund, Tax Anticipation Notes, SP-1+ 4,265,212
Series 1997, 4.250%, 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------
Wyoming - 0.9%
2,500,000 Kemmerer Pollution Control Revenue (Exxon Project), A-1+ 2,500,000
Series 1984, Variable Rate Demand Bonds, 3.750%, 11/01/14+
- -----------------------------------------------------------------------------------------------------------------------------
$267,635,000 Total Investments - 99.1% 267,722,107
- -----------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.9% 2,469,831
---------------------------------------------------------------------------------------------------
Net Assets - 100% $270,191,938
===================================================================================================
</TABLE>
* Ratings: 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.
13 See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Portfolio of Investments (Unaudited)
California
Principal Amortized
Amount Description Ratings* Cost
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
General Obligation Bonds - 12.6%
$5,000,000 California School Cash Reserve Program Authority, 1997 Pool Bonds, MIG-1 $5,036,064
Series A--Note, 4.750%, 7/02/98
850,000 Irvine Ranch Water District, Variable Rate Demand Bonds, VMIG-1 850,000
3.350%, 6/01/15+
700,000 Irvine Ranch Water District, Variable Rate Demand Consolidated VMIG-1 700,000
Refunding Bonds, Series A, 3.350%, 5/01/09+
4,000,000 San Diego County, Tax and Revenue Anticipation Notes, MIG-1 4,001,769
Series 1996-97, 4.375%, 9/30/97
3,000,000 San Diego County Teeter, Obligation Tax-Exempt Commercial Paper, A-1 3,000,000
3.500%, 11/19/97
2,000,000 County of San Mateo, California, 1997-98 Tax and Revenue SP-1+ 2,011,190
Anticipation Notes, 4.500%, 7/01/98
5,000,000 South Coast Local Education Agencies, Pooled Tax and Revenue SP-1+ 5,027,877
Anticipation Note Program, Series 1997A, 4.500%, 6/30/98
- -----------------------------------------------------------------------------------------------------------------------
Health Care Facilities - 11.9%
5,900,000 California Health Facilities Financing Authority, Insured Revenue VMIG-1 5,900,000
Bonds (Sutter/CHS), Variable Rate Demand Bonds,
3.400%, 7/01/22+
2,400,000 Certificates of Participation, California Statewide Communities VMIG-1 2,400,000
Development Authority, Northern California Retired Officers
Community, Variable Rate Demand Bonds, 3.400%, 6/01/26+
3,100,000 Certificates of Participation, California Statewide Communities VMIG-1 3,100,000
Development Authority, St. Joseph Health System Obligated
Group, Variable Rate Demand Bonds, 3.400%, 7/01/24+
5,000,000 Torrance Hospital Revenue (Little Company of Mary Hospital- A-1 5,000,000
Torrance Memorial Hospital), Variable Rate Demand Bonds,
3.200%, 2/01/22+
3,000,000 Washington Township Hospital District, 1984 Issue A-Variable Rate VMIG-1 3,000,000
Demand Bonds, 3.200%, 1/01/16+
- -----------------------------------------------------------------------------------------------------------------------
Housing Facilities - 20.1%
2,910,000 Chico Multifamily Housing (Sycamore Glen Project), Variable Rate N/R 2,910,000
Refunding Bonds-Series 1995, Variable Rate Demand Bonds,
3.650%, 4/07/14+
3,700,000 Fremont Multifamily Housing (Mission Wells Project), Series 1985E, A-1 3,700,000
Variable Rate Demand Bonds, 3.200%, 9/01/07+
</TABLE>
14
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Housing Facilities - continued
$3,000,000 Hayward Housing Authority, Variable Rate Demand A-1 $3,000,000
Multifamily Mortgage Revenue Refunding Bonds,
Series 1993A, (Huntwood Terrace Project),
3.250%, 3/01/27+
4,796,000 City of Los Angeles (Studio Colony Project), VMIG-1 4,796,000
Variable Rate Demand Multifamily Housing Revenue
Bonds, 3.200%, 5/01/07+
7,900,000 Orange County Apartment Development A-1 7,900,000
(Monarch Bay Apartments Project), Variable Rate
Demand Bonds, 3.200%, 10/01/07+
3,800,000 Orange County (Robinson Ranch Apartments Project), VMIG-1 3,800,000
Variable Rate Demand Revenue Bonds, 3.300%, 11/01/08+
1,200,000 San Bernardino Multifamily Housing (Castle Park VMIG-1 1,200,000
Apartments), Variable Rate Demand Bonds, 3.250%,
11/01/05+
3,000,000 San Diego Housing Authority, Variable Rate Demand A-1+ 3,000,000
Multifamily Housing, Revenue Refunding, Series
1993-A, (Carmel Del Mar Apartments), Variable Rate
Demand Bonds, 3.150%, 12/01/15+
2,640,000 Vista Multifamily Housing (Shadowridge Apartments), A-1+ 2,640,000
Variable Rate Demand Bonds, 3.100%, 5/01/05+
- ---------------------------------------------------------------------------------------------------------
Industrial Development Revenue - 4.3%
7,000,000 San Dimas Industrial Development Bonds (Bausch & Lomb N/R 7,000,000
Incorporated), Variable Rate Demand Bonds, 3.700%,
12/01/15+
- ---------------------------------------------------------------------------------------------------------
Lease Rental - 10.9%
9,000,000 Kern Community College District, Certificates of A-2 9,000,000
Participation, Series 1995, Variable Rate Demand
Bonds, 3.700%, 1/01/25+
7,100,000 Oakland, California, Certificates of Participation, N/R 7,100,000
Capital Improvement Project, Variable Rate Demand
Bonds, 3.300%, 12/01/15+
1,800,000 Salinas Public Financing Authority, Variable Rate A-1 1,800,000
Lease Revenue Bonds, Series 1997A, 3.300%, 3/01/27+
- ---------------------------------------------------------------------------------------------------------
Other Revenue - 11.7%
5,000,000 Los Angles County Metropolitan Transportation Authority, A-1 5,000,000
Second Subordinate Sales Tax Revenue, Commercial Paper,
3.600%, 10/24/97
8,100,000 Orange County Irvine Coast Assessment District #88-1, VMIG-1 8,100,000
Variable Rate Demand Bonds, 3.550%, 9/02/18+
6,000,000 Santa Clara County Transit District, Refunding VMIG-1 6,000,000
Equipment Trust Certificates, Variable Rate Demand
Bonds, 3.500%, 6/01/15+
</TABLE>
15
<PAGE>
Portfolio of Investments (Unaudited)
California - continued
<TABLE>
Principal Amortized
Amount Description Ratings* Cost
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Pollution Control Facilities - 3.3%
$5,400,000 California Pollution Control Financing A-1+ $ 5,400,000
Authority, Pollution Control,
Refunding Revenue Bonds (Pacific Gas and Electric
Company),
1996 Series C, Variable Rate Demand Bonds, 3.450%,
11/01/26+
- -----------------------------------------------------------------------------------------------------------
Utilities - 4.3%
7,000,000 Sacramento Municipal Utility District, A-1+ 7,000,000
Series I, Commercial Paper,
3.500%, 9/19/97
- -----------------------------------------------------------------------------------------------------------
Water/Sewer Facilities - 20.2%
2,039,000 State of California Department of Water A-1+ 2,039,000
Resources, Water Revenue,
Commercial Paper, Series 1, 3.400%, 9/30/97
4,675,000 Hillsborough Certificates of A-1 4,675,000
Participation, Water and Sewer System
Project, Series 1995A, Variable Rate Demand Bonds,
4.050%, 6/01/15+
2,500,000 Los Angeles Wastewater System, VMIG-1 2,500,000
Commercial Paper, 3.550%,
12/08/97
7,400,000 Monterey County Financing Authority, VMIG-1 7,400,000
Revenue Bonds (Reclamation
and Distribution Project), Series 1995A,
Variable Rate Demand
Bonds, 3.200%, 9/01/36+
6,400,000 Orange County Sanitation District, VMIG-1 6,400,000
Certificates of Participation,
Variable Rate Demand Bonds, 3.550%, 8/01/17+
4,200,000 San Diego County Rincon Del Diablo VMIG-1 4,200,000
Municipal Water District,
Rincon Public Facilities Corporation,
Commercial Paper, 3.900%, 11/01/97
5,900,000 Santa Paula Public Financing Authority, A-1 5,900,000
Lease Revenue Bonds,
Series 1996, Water System Acquisition Project,
Variable Rate
Demand Bonds, 3.400%, 2/01/26+
- -----------------------------------------------------------------------------------------------------------
$162,410,000 Total Investments - 99.3% 162,486,900
- -----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.7% 1,145,943
------------------------------------------------------------------------------
Net Assets - 100% $163,632,843
------------------------------------------------------------------------------
</TABLE>
* Ratings: 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>
Portfolio of Investments (Unaudited) Nuveen Money Market Funds
Massachusetts August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Educational Facilities - 21.2%
$1,800,000 Massachusetts Health and Educational Facilities Authority VMIG-1 $1,800,000
(Harvard University), Variable Rate Demand Bonds,
3.200%, 2/01/16+
1,500,000 Massachusetts Health and Educational Facilities Authority VMIG-1 1,500,000
(M.I.T. Project), Variable Rate Demand Bonds, 3.150%, 7/01/21+
1,800,000 Massachusetts Health and Facilities Authority, Amherst College VMIG-1 1,800,000
Issue, Series F, Variable Rate Demand Bonds,
3.100%, 11/01/26+
300,000 Massachusetts Industrial Finance Agency (Showa Women's VMIG-1 300,000
Institute Boston, Inc. 1994 Project), Variable Rate Demand
Bonds, 3.650%, 3/15/04+
1,000,000 Massachusetts Industrial Finance Agency (Emerson College Issue), N/R 1,000,000
Series 1995, Variable Rate Demand Bonds, 3.200%, 1/01/15+
500,000 Massachusetts Industrial Finance Agency (Newbury College), N/R 500,000
1996 Series, Variable Rate Demand Bonds, 3.200%, 6/01/21+
1,800,000 Puerto Rico Industrial Medical Educational and Environmental VMIG-1 1,800,000
Authority (Inter-American University of Puerto Rico),
Commercial Paper, 3.550%, 12/16/98
- ------------------------------------------------------------------------------------------------------------------
General Obligation Bonds - 30.0%
1,000,000 Massachusetts Bay Transportation Authority, Series C, Commercial A-1+ 1,000,000
Paper, 3.750%, 9/08/97
400,000 The Commonwealth of Massachusetts, Dedicated Income Tax VMIG-1 400,000
Bonds, Fiscal Recovery Loan Act of 1990, Series B, Variable
Rate Demand Bonds, 3.650%, 12/01/97
1,900,000 Town of Framingham, Massachusetts - State Aid Anticipation N/R 1,900,236
Note, 3.900%, 9/24/97
1,000,000 Town of Georgetown, Massachusetts, Bond Anticipation Notes, N/R 1,001,494
4.000%, 6/12/98
1,500,000 Ipswich, Massachusetts, Bond Anticipation Notes, General N/R 1,502,173
Obligation Unlimited Tax - Note, 4.000%, 2/05/98
1,000,000 Natick, Massachusetts, Bond Anticipation Notes, General N/R 1,000,707
Obligation Unlimited Tax - Note, 3.750%, 2/27/98
1,000,000 Newton, Massachusetts, Bond Anticipation Notes, N/R 1,001,071
4.000%, 3/25/98
1,000,000 Quincy, Massachusetts, Bond Anticipation Notes, General N/R 1,002,196
Obligation Unlimited Tax, 4.200%, 5/21/98
</TABLE>
17
<PAGE>
Portfolio of Investments (Unaudited)
Massachusetts - continued
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
General Obligation Bonds - continued
$ 1,000,000 Town of Uxbridge, Massachusetts, Bond Anticipation Notes, N/R $ 1,003,343
4.250%, 7/15/98
1,000,000 Town of Weston, Massachusetts, Anticipation Notes, N/R 1,000,358
4.090%, 10/01/97
1,500,000 Town of Yarmouth, Massachusetts, General Obligation Bonds, N/R 1,502,450
Bond Anticipation Notes, 4.100%, 1/15/98
- ------------------------------------------------------------------------------------------------------------------
Health Care Facilities - 18.1%
1,900,000 Massachusetts Health and Educational Facilities Authority VMIG-1 1,900,000
(Capital Asset Program Series B), Variable Rate Demand Bonds,
3.700%, 7/01/05+
900,000 Massachusetts Health and Educational Facilities Authority VMIG-1 900,000
(Capital Asset Program), Variable Rate Demand Bonds,
3.750%, 1/01/35+
1,800,000 Massachusetts Health and Educational Facilities Authority VMIG-1 1,800,000
(Brigham and Women's Hospital), Variable Rate Demand Bonds,
3.300%, 7/01/17+
1,000,000 Massachusetts Health and Educational Facilities Authority, VMIG-1 1,000,000
Partners Healthcare System, Series P, Variable Rate Demand
Revenue Bonds, 3.150%, 7/01/27+
1,000,000 Massachusetts Industrial Finance Agency (Nova Realty Trust 1994 P-1 1,000,000
Refunding), Variable Rate Demand Bonds, 3.200%, 12/01/02+
800,000 Massachusetts Industrial Finance Agency, Edgewood Retirement VMIG-1 800,000
Community Project, Series 1995-C, Variable Rate Demand Bonds,
3.250%, 11/15/25+
- ------------------------------------------------------------------------------------------------------------------
Housing Facilities - 6.3%
1,565,000 Massachusetts Industrial Finance Agency, Chestnut House Apartments A-1 1,565,000
(FHA Insurance), Variable Rate Demand Revenue Bonds,
3.200%, 8/01/26+
1,000,000 Massachusetts Industrial Finance Agency (Lower Mills Associates LP), N/R 1,000,000
Series 1995, Variable Rate Demand Bonds, 3.200%, 12/01/20+
- ------------------------------------------------------------------------------------------------------------------
Industrial Development Revenue - 1.2%
500,000 New Bedford Industrial Development, Revenue Refunding (Cliftex N/R 500,000
Corporation), Series 1989, Variable Rate Demand Bonds,
4.330%, 10/01/97
</TABLE>
18
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
Principal Amount Amortized
Amount Description Ratings* Cost
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Other Revenue - 6.3%
$1,000,000 Massachusetts Industrial Finance Agency, Massachusetts Society A-1 $1,000,000
for the Prevention of Cruelty to Animals Issue - Series 1997,
Variable Rate Demand Bonds, 3.250%, 8/01/27+
600,000 Massachusetts Industrial Finance Agency, Resource Recovery VMIG-1 600,000
(Ogden Haverhill), Variable Rate Demand Bonds,
3.150%, 12/01/06+
1,000,000 Massachusetts Regional Transit Authority, Massachusetts, Revenue N/R 1,002,710
Anticipation Notes, 4.250%, 6/26/98
- ---------------------------------------------------------------------------------------------------------------------
Pollution Control Facilities - 7.1%
900,000 Massachusetts Industrial Finance Agency, Adjustable Rate N/R 900,000
Industrial Revenue Bonds (Jencoat/Levy Realty Trust),
4.330%, 10/06/99+
2,000,000 Massachusetts Industrial Finance Agency, Pollution Control Revenue A-1 2,000,000
Refunding (New England Power Company), Commercial Paper,
3.750%, 9/09/97
- ---------------------------------------------------------------------------------------------------------------------
Transportation - 3.9%
1,600,000 Massachusetts Port Authority, Multimodal Revenue Refunding Bonds, VMIG-1 1,600,000
Series 1995A, Variable Rate Demand Bonds, 3.650%, 7/01/15+
- ---------------------------------------------------------------------------------------------------------------------
Water/Sewer Facilities - 4.4%
1,800,000 Massachusetts Water Resources Authority, Series 1994, A-1+ 1,800,000
Commercial Paper, 3.650%, 9/12/97
- ---------------------------------------------------------------------------------------------------------------------
$40,365,000 Total Investments - 98.5% 40,381,738
- ---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 612,790
-------------------------------------------------------------------------------------------------
Net Assets - 100% $40,994,528
-------------------------------------------------------------------------------------------------
</TABLE>
* Ratings: 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.
19 See accompanying notes to financial statements.
<PAGE>
Portfolio of Investments (Unaudited)
New York
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Educational Facilities - 7.1%
$1,100,000 New York State Housing Finance Agency, Demand Revenue Bonds, VMIG-1 $1,100,000
Series 1984-A (Mt. Sinai School of Medicine), Variable Rate
Demand Bonds, 3.400%, 11/01/14+
900,000 Puerto Rico Industrial Medical Education and Environmental A-1 900,000
Authority, Ana G. Mendez Educational Foundation (FEAGM Project),
Variable Rate Demand Bonds, 3.300%, 12/01/15+
- --------------------------------------------------------------------------------------------------------------------
General Obligation Bonds - 24.4%
760,000 New York State Job Development Authority, Series 1984E, Variable MIG-1 760,000
Rate Demand Bonds, 3.950%, 3/01/99+
500,000 The City of New York, General Obligation Bonds, Fiscal 1994, VMIG-1 500,000
Series A, Adjustable Rate Demand Bonds, Subseries A-4,
3.700%, 8/01/21+
500,000 The City of New York, General Obligation Bonds, Fiscal 1995, VMIG-1 500,000
Series B, Variable Rate Demand Bonds, 3.750%, 8/15/22+
1,000,000 New York City, Commercial Paper, Series J-2, 3.600%, 11/19/97 A-1+ 1,000,000
Town of Oyster Bay, Nassau County, New York, Bond Anticipation
Notes, 1997:
1,000,000 4.000%, 1/30/98 N/R 1,001,406
1,000,000 4.000%, 2/27/98 N/R 1,000,339
1,000,000 Town of Penfield, Monroe County, New York, Bond Anticipation N/R 1,000,678
Notes, 3.750%, 12/23/97
1,100,000 Village of Southampton, Suffolk County, New York, Bond Anticipation N/R 1,101,437
Notes, 1997 Notes, 4.000%, 2/13/98
- --------------------------------------------------------------------------------------------------------------------
Health Care Facilities - 14.9%
1,100,000 New York State Dormitory Authority (St. Francis Center at the Knolls, VMIG-1 1,100,000
Inc.), Variable Rate Demand Bonds, 3.850%, 7/01/23+
900,000 New York State Dormitory Authority, Revenue Bonds, Series 1995, VMIG-1 900,000
(Beverwyck Inc.), Variable Rate Demand Bonds, 3.250%, 7/01/25+
1,000,000 New York State Medical Care Facilities Finance Agency (Lenox Hill VMIG-1 1,000,000
Hospital), Variable Rate Demand Bonds, 3.150%, 11/01/08+
1,200,000 New York State Medical Care Facilities Finance Agency VMIG-1 1,200,000
(Children's Hospital of Buffalo), Variable Rate Demand Bonds,
3.350%, 11/01/05+
- --------------------------------------------------------------------------------------------------------------------
Housing Facilities - 6.0%
1,000,000 New York State Housing Finance Agency (Normandie Court), Variable VMIG-1 1,000,000
Rate Demand Bonds, 3.150%, 5/15/15+
</TABLE>
----
20
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Housing Facilities - continued
$ 385,000 New York City Housing Development Corporation (Parkgate Tower), A-1+ $ 385,000
Variable Rate Demand Bonds, 3.200%, 12/01/07+
300,000 New York City Housing Development Corporation (Columbus Gardens A-1+ 300,000
Project), Variable Rate Demand Bonds, 3.300%, 2/01/07+
- --------------------------------------------------------------------------------------------------------------------
Industrial Development Revenue - 16.3%
1,100,000 New York State Environmental Facilities Corporation, Series 1987A, A-1+ 1,100,000
Solid Waste Revenue Refunding Bonds (General Electric Company),
Series 87A, Variable Rate Demand Bonds, 3.450%, 7/01/19+
1,000,000 New York State Dormitory Authority, Oxford University Press Revenue VMIG-1 1,000,000
Bonds (Letter of Credit Secured), Series 1993, Variable Rate
Demand Bonds, 3.850%, 7/01/23+
1,000,000 City of Albany Industrial Development Agency, Industrial Development A-1 1,000,000
Revenue Bonds (Vulcan Investors 1986-1 Project Letter of Credit
Secured), Series 1986 A, Commercial Paper, 4.100%, 7/01/98
1,000,000 Dutchess County Industrial Development Agency, Industrial A-1 1,000,000
Development Revenue Bonds (Toys "R" US - NYTEX Inc. Facility),
Series 1984, Variable Rate Demand Bonds, 3.475%, 11/01/19+
500,000 Yonkers Industrial Development Agency, Series 1989, Civic Facility VMIG-1 500,000
Revenue Bonds, Variable Rate Demand Bonds, 3.150%, 7/01/19+
- --------------------------------------------------------------------------------------------------------------------
Other Revenue - 5.7%
1,200,000 New York Local Government Assistance Corp., Series 1995E, Variable VMIG-1 1,200,000
Rate Demand Bonds, 3.200%, 4/01/25+
400,000 Triborough Bridge and Tunnel Authority, Special Obligation, MIG-1 400,000
Series 1994 (1994 Resolution), Variable Rate Demand Bonds,
3.150%, 1/01/24a
- --------------------------------------------------------------------------------------------------------------------
Pollution Control Facilities - 21.7%
1,000,000 New York State Energy Research and Development Authority, Pollution P-1 1,000,000
Control Revenue (Central Hudson Gas and Electric Corporation),
Variable Rate Demand Bonds, 3.200%, 11/01/20+
2,400,000 New York State Energy Research and Development Authority, Pollution N/R 2,400,000
Control (Niagara Mohawk Power Corporation), Variable Rate
Demand Bonds, 4.050%, 3/01/27+
700,000 Guilderland Industrial Development Agency, Industrial Development, P-1 700,000
Variable Rate Refunding Bonds, Series 1993A (Northeastern Ind.
Park Project), 3.350%, 12/01/08+
</TABLE>
21
<PAGE>
Portfolio of Investments (Unaudited)
New York - continued
<TABLE>
<CAPTION>
Principal Amortized
Amount Description Ratings* Cost
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Pollution Control Facilities - continued
$1,000,000 Nassau County Industrial Development Agency, Manhasset A-1 $1,000,000
Associates Project, Series 1984, Variable Rate Demand Bonds,
3.350%, 12/01/99+
1,000,000 New York City Industrial Development Agency, Refunding Revenue A-1+ 1,000,000
(LaGuardia Associates Project), Variable Rate Demand Bonds,
3.250%, 12/01/15+
- --------------------------------------------------------------------------------------------------------------------
Water/Sewer Facilities - 3.6%
1,000,000 New York City Municipal Water Finance Authority, Series Five, A-1+ 1,000,000
Commercial Paper, 3.650%, 9/15/97
- --------------------------------------------------------------------------------------------------------------------
$28,045,000 Total Investments - 99.7% 28,048,860
- --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.3% 141,560
------------------------------------------------------------------------------------------------
Net Assets - 100% $28,134,703
------------------------------------------------------------------------------------------------
</TABLE>
* Ratings: 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.
22
<PAGE>
Statement of Net Assets (Unaudited) Nuveen Money Market Funds
August 31, 1997 August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Reserves California Massachusetts New York
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in short-term municipal securities, at
amortized cost, which approximates market value (note 1) $267,722,107 $162,486,900 $ 40,381,738 $ 28,048,860
Cash 1,052,524 988,239 597,836 79,417
Receivables:
Interest 1,424,767 665,673 229,122 148,450
Investments sold 1,063,411 -- -- --
Other assets 2,419 2,559 246 580
- ---------------------------------------------------------------------------------------------------------------------------------
Total assets 271,265,228 164,143,371 41,208,942 28,277,307
- ---------------------------------------------------------------------------------------------------------------------------------
Liabilities
Payable for investments purchased 60,099 -- -- --
Accrued expenses:
Management fees (note 4) 97,837 45,612 1,805 1,195
12b-1 fees (note 4) 44,599 27,088 21,264 2,370
Other 196,784 50,615 88,210 66,143
Dividends payable 673,971 387,213 103,135 72,896
- ---------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,073,290 510,528 214,414 142,604
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding (note 3) $270,191,938 $163,632,843 $ 40,994,528 $28,134,703
=================================================================================================================================
Shares outstanding:
Service Plan series -- 83,088,991 8,341,094 437,791
Distribution Plan series -- 53,400,844 27,739,191 27,680,245
Institutional series -- 27,143,008 4,914,243 16,667
- ---------------------------------------------------------------------------------------------------------------------------------
Total shares outstanding 270,191,938 163,632,843 40,994,528 28,134,703
=================================================================================================================================
Net asset value, offering and redemption price per share
(net assets divided by shares outstanding) $ 1.00 $ 1.00 $ 1.00 $ 1.00
=================================================================================================================================
</TABLE>
23 See accompanying notes to financial statements.
<PAGE>
Statement of Operations (Unaudited)
Six months ended August 31, 1997
<TABLE>
<CAPTION>
Reserves
- --------------------------------------------------------------------------------
<S> <C>
Investment Income
Tax-exempt interest income (note 1) $ 5,329,083
- --------------------------------------------------------------------------------
Expenses
Management fees (note 4) 706,540
12b-1 fees (note 4) 87,915
Shareholders' servicing agent fees and expenses 216,126
Custodian's fees and expenses 30,860
Directors' fees and expenses (note 4) 2,814
Professional fees 14,142
Shareholders' reports -- printing and mailing expenses 58,862
Federal and state registration fees 21,955
Other expenses 11,029
- --------------------------------------------------------------------------------
Total expenses before expense reimbursement 1,150,243
Expense reimbursement from investment adviser (note 4) (90,408)
- --------------------------------------------------------------------------------
Net expenses 1,059,835
- --------------------------------------------------------------------------------
Net investment income 4,269,248
Net gain from investment transactions (notes 1 and 2) --
- --------------------------------------------------------------------------------
Net increase in net assets from operations $ 4,269,248
- --------------------------------------------------------------------------------
</TABLE>
24 See accompanying notes to financial statements.
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
California
-----------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $ 1,425,383 $ 1,024,166 $ 418,566 $ 2,868,115
- --------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 4) 156,324 111,453 45,941 313,718
12b-1 fees (note 4) 39,118 33,056 -- 72,174
Shareholders' servicing agent fees and expenses 2,162 19,158 110 21,430
Custodian's fees and expenses 11,268 7,973 3,307 22,548
Directors' fees and expenses (note 4) 821 593 240 1,654
Professional fees 3,585 2,573 1,050 7,208
Shareholders' reports--printing and mailing expenses 3,641 6,219 1,649 11,509
Federal and state registration fees 6,488 336 880 7,704
Other expenses 2,916 2,106 855 5,877
- --------------------------------------------------------------------------------------------------------------------------------
Total expenses before expense reimbursement 226,323 183,467 54,032 463,822
Expense reimbursement from investment adviser (note 4) (11,359) (30,198) -- (41,557)
- --------------------------------------------------------------------------------------------------------------------------------
Net expenses 214,964 153,269 54,032 422,265
- --------------------------------------------------------------------------------------------------------------------------------
Net investment income 1,210,419 870,897 364,534 2,445,850
Net gain from investment transactions (notes 1 and 2) -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 1,210,419 $ 870,897 $ 364,534 $ 2,445,850
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
25 See accompanying notes to financial statements.
<PAGE>
Statement of Operations (Unaudited) -- continued
Six months ended August 31, 1997
<TABLE>
<CAPTION>
Massachusetts
-------------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $ 164,122 $ 493,021 $ 72,693 $ 729,836
- -----------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 4) 18,144 54,400 8,026 80,570
12b-1 fees (note 4) 11,810 11,936 -- 23,746
Shareholders' servicing agent fees and expenses 618 15,565 355 16,538
Custodian's fees and expenses 5,776 17,324 2,552 25,652
Directors' fees and expenses (note 4) 526 1,573 232 2,331
Professional fees 4,561 13,697 2,019 20,277
Shareholders' reports--printing and mailing expenses 611 14,585 76 15,272
Federal and state registration fees 582 378 313 1,273
Other expenses 608 1,811 265 2,684
- -----------------------------------------------------------------------------------------------------------------------------
Total expenses before expense reimbursement 43,236 131,269 13,838 188,343
Expense reimbursement from investment adviser (note 4) (18,327) (56,440) (2,800) (77,567)
- -----------------------------------------------------------------------------------------------------------------------------
Net expenses 24,909 74,829 11,038 110,776
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income 139,213 418,192 61,655 619,060
Net gain from investment transactions (notes 1 and 2) -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 139,213 $ 418,192 $ 61,655 $ 619,060
=============================================================================================================================
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
New York
----------------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $ 7,863 $ 491,019 $ 308 $ 499,190
- ------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 4) 857 53,533 33 54,423
12b-1 fees (note 4) 114 6,363 -- 6,477
Shareholders' servicing agent fees and expenses 885 14,985 13 15,883
Custodian's fees and expenses 366 22,873 14 23,253
Directors' fees and expenses (note 4) 5 345 -- 350
Professional fees 124 7,761 5 7,890
Shareholders' reports--printing and mailing expenses 679 14,584 29 15,292
Federal and state registration fees 2 101 -- 103
Other expenses 23 1,401 1 1,425
- ------------------------------------------------------------------------------------------------------------------------------
Total expenses before expense reimbursement 3,055 121,946 95 125,096
Expense reimbursement from investment adviser (note 4) (1,877) (48,326) (50) (50,253)
- ------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,178 73,620 45 74,843
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income 6,685 417,399 263 424,347
Net gain from investment transactions (notes 1 and 2) -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 6,685 $ 417,399 $ 263 $ 424,347
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
27 See accompanying notes to financial statements.
<PAGE>
Statement of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
Reserves
--------------------------------------
Six months ended Year ended
8/31/97 2/28/97
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income $ 4,269,248 $ 8,865,233
Net realized gain (loss) from investment transactions
(notes 1 and 2) -- --
- --------------------------------------------------------------------------------------------------
Net increase in net assets from operations 4,269,248 8,865,233
- --------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1) (4,269,248) (8,865,233)
- --------------------------------------------------------------------------------------------------
Share Transactions
(at constant net asset value of $1 per share) (note 1)
Net proceeds from sale of shares 86,896,254 423,698,103
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 3,990,872 8,439,437
- --------------------------------------------------------------------------------------------------
90,887,126 432,137,540
- --------------------------------------------------------------------------------------------------
Cost of shares redeemed (124,782,668) (467,712,524)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from share transactions (33,895,542) (35,574,984)
Net assets at the beginning of period 304,087,480 339,662,464
- --------------------------------------------------------------------------------------------------
Net assets at the end of period $ 270,191,938 $ 304,087,480
- --------------------------------------------------------------------------------------------------
</TABLE>
28 See accompanying notes to financial statements.
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
California
--------------------------------------------------------------------
Six months ended 8/31/97
--------------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 1,210,419 $ 870,897 $ 364,534 $ 2,445,850
Net realized gain (loss) from investment transactions
(notes 1 and 2) -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 1,210,419 870,897 364,534 2,445,850
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1) (1,210,419) (870,897) (364,534) (2,445,850)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Share Transactions
(at constant net asset value of $1 per share) (note 1)
Net proceeds from sale of shares 67,770,236 13,573,067 37,409,897 118,753,200
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 1,134,625 767,569 9 1,902,203
- ------------------------------------------------------------------------------------------------------------------------------------
68,904,861 14,340,636 37,409,906 120,655,403
- ------------------------------------------------------------------------------------------------------------------------------------
Cost of shares redeemed (81,122,300) (18,429,399) (43,109,465) (142,661,164)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from share transactions (12,217,439) (4,088,763) (5,699,559) (22,005,761)
Net assets at the beginning of period 95,306,430 57,489,607 32,842,567 185,638,604
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $ 83,088,991 $ 53,400,844 $ 27,143,008 $ 163,632,843
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
California
--------------------------------------------------------------------
Six months ended 2/28/97
--------------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 2,063,055 $ 1,895,382 $ 1,473,714 $ 5,432,151
Net realized gain (loss) from investment transactions
(notes 1 and 2) -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 2,063,055 1,895,382 1,473,714 5,432,151
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1) (2,063,055) (1,895,382) (1,473,714) (5,432,151)
- ------------------------------------------------------------------------------------------------------------------------------------
Common Share Transactions
(at constant net asset value of $1 per share) (note 1)
Net proceeds from sale of shares 138,494,313 60,809,468 209,608,538 408,912,319
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 1,919,782 1,593,201 47,282 3,560,265
- ------------------------------------------------------------------------------------------------------------------------------------
140,414,095 62,402,669 209,655,820 412,472,584
- ------------------------------------------------------------------------------------------------------------------------------------
Cost of shares redeemed (115,829,598) (77,933,155) (211,205,458) (404,968,211)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from share transactions 24,584,497 (15,530,486) (1,549,638) 7,504,373
Net assets at the beginning of year 70,721,933 73,020,093 34,392,205 178,134,231
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $ 95,306,430 $ 57,489,607 $ 32,842,567 $ 185,638,604
====================================================================================================================================
</TABLE>
29 See accompanying notes to financial statements.
<PAGE>
Statement of Changes in Net Assets (Unaudited) -- continued
<TABLE>
<CAPTION>
Massachusetts
---------------------------------------------------------------
Six months ended 8/31/97
---------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 139,213 $ 418,192 $ 61,655 $ 619,060
Net realized gain (loss) from investment transactions
(notes 1 and 2) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 139,213 418,192 61,655 619,060
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1) (139,213) (418,192) (61,655) (619,060)
- ----------------------------------------------------------------------------------------------------------------------------------
Common Share Transactions
(at constant net asset value of $1 per share) (note 1)
Net proceeds from sale of shares 8,605,497 11,274,141 4,652,334 24,531,972
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 134,276 399,196 9,723 543,195
- ----------------------------------------------------------------------------------------------------------------------------------
8,739,773 11,673,337 4,662,057 25,075,167
- ----------------------------------------------------------------------------------------------------------------------------------
Cost of shares redeemed (10,362,943) (11,017,020) (3,725,154) (25,105,117)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from share transactions (1,623,170) 656,317 936,903 (29,950)
Net assets at the beginning of period 9,964,264 27,082,874 3,977,340 41,024,478
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $ 8,341,094 $ 27,739,191 $ 4,914,243 $ 40,994,528
==================================================================================================================================
<CAPTION>
Massachusetts
---------------------------------------------------------------
Year ended 2/28/97
---------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 829,383 $ 765,855 $ 126,569 $ 1,721,807
Net realized gain (loss) from investment transactions
(notes 1 and 2) (134) (365) (53) (552)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 829,249 765,490 126,516 1,721,255
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1) (829,249) (765,490) (126,516) (1,721,255)
- ----------------------------------------------------------------------------------------------------------------------------------
Common Share Transactions
(at constant net asset value of $1 per share) (note 1)
Net proceeds from sale of shares 44,456,256 21,736,601 12,606,653 78,799,510
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 897,029 748,887 37,305 1,683,221
- ----------------------------------------------------------------------------------------------------------------------------------
45,353,285 22,485,488 12,643,958 80,482,731
- ----------------------------------------------------------------------------------------------------------------------------------
Cost of shares redeemed (73,639,600) (21,681,856) (12,216,797) (107,538,253)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from share transactions (28,286,315) 803,632 427,161 (27,055,522)
Net assets at the beginning of year 38,250,579 26,279,242 3,550,179 68,080,000
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $ 9,964,264 $ 27,082,874 $ 3,977,340 $ 41,024,478
==================================================================================================================================
</TABLE>
30 See accompanying notes to financial statements.
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
New York
---------------------------------------------------------------------
Six months ended 8/31/97
---------------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 6,685 $ 417,399 $ 263 $ 424,347
Net realized gain (loss) from investment transactions
(notes 1 and 2) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 6,685 417,399 263 424,347
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1) (6,685) (417,399) (263) (424,347)
- ----------------------------------------------------------------------------------------------------------------------------------
Common Share Transactions
(at constant net asset value of $1 per share) (note 1)
Net proceeds from sales of shares 33,011 7,891,401 -- 7,924,412
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 6,899 440,786 -- 447,685
- ----------------------------------------------------------------------------------------------------------------------------------
39,910 8,332,187 -- 8,372,097
- ----------------------------------------------------------------------------------------------------------------------------------
Cost of shares redeemed (16,190) (6,767,505) -- (6,783,695)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from share transactions 23,720 1,564,682 -- 1,588,402
Net assets at the beginning of period 414,071 26,115,563 16,667 26,546,301
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $ 437,791 $ 27,680,245 $ 16,667 $ 28,134,703
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
New York
---------------------------------------------------------------------
Six months ended 2/28/97
---------------------------------------------------------------------
Service Plan Distribution Plan Institutional
series series series Total
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 12,056 $ 819,638 $ 483 $ 832,177
Net realized gain (loss) from investment transactions
(notes 1 and 2) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 12,056 819,638 483 832,177
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1) (12,056) (819,638) (483) (832,177)
- ----------------------------------------------------------------------------------------------------------------------------------
Common Share Transactions
(at constant net asset value of $1 per share) (note 1)
Net proceeds from sales of shares 57,000 12,254,309 -- 12,311,309
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 11,184 794,185 -- 805,369
- ----------------------------------------------------------------------------------------------------------------------------------
68,184 13,048,494 -- 13,116,678
- ----------------------------------------------------------------------------------------------------------------------------------
Cost of shares redeemed (208,572) (18,564,379) -- (18,772,951)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from share transactions (140,388) (5,515,885) -- (5,656,273)
Net assets at the beginning of year 554,459 31,631,448 16,667 32,202,574
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $ 414,071 $ 26,115,563 $ 16,667 $ 26,546,301
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
31 See accompanying notes to financial statements.
<PAGE>
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
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. (comprising the Nuveen California Tax-Free Money Market Fund) and Nuveen
Tax-Free Money Market Fund, Inc. (comprising 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 a 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 Valuation
Investments in each of the Funds consist of short-term 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 valued at amortized
cost. On a dollar-weighted basis, the average maturity of all such securities
must be 90 days or less (at August 31, 1997, the dollar-weighted average life
was 45 days for Reserves, 34 days for California, 58 days for Massachusetts and
43 days for New York).
Securities Transactions
Securities transactions are recorded on a trade date basis. 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 have extended settlement periods. Any 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
to the amount of their when-issued and delayed delivery purchase commitments.
At August 31, 1997, 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
amortization of premiums and accretion of discounts.
32
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
Dividends and Distributions to Shareholders
Tax-exempt net investment income, adjusted for realized short-term gains and
losses on investment transactions, is declared as a 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.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, including any net realized capital gains from investment
transactions. 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 income tax and
designated state income taxes for the California, Massachusetts and New York
Funds, to retain such tax exempt status when distributed to the shareholders of
the Funds. Net realized capital gain distributions, if any, are subject to
federal taxation.
Insurance Commitments
The Funds have obtained commitments (each a "Commitment") 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 the
Approved Banks 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.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap, 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 six months ended August 31, 1997.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period.
- -----
33
<PAGE>
Notes to Financial Statements (Unaudited) -- continued
2. Securities Transactions
Purchases and sales (including maturities) of investment in short-term municipal
securities during the six months ended August 31, 1997, were as follows:
<TABLE>
<CAPTION>
Reserves California Massachusetts New York
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases $ 351,048,584 $ 128,651,282 $ 55,408,862 $ 20,584,180
Sales and Maturities 385,462,500 151,208,000 54,285,000 18,385,000
- ------------------------------------------------------------------------------------------
</TABLE>
At August 31, 1997, the cost of investments owned for federal income tax
purposes was the same as the cost for financial reporting purposes for each
Fund.
3. Composition of Net Assets
At August 31, 1997, 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 California Massachusetts New York
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital paid in:
Service Plan series $ -- $ 83,088,991 $ 8,341,094 $ 437,791
Distribution Plan series -- 53,400,844 27,739,191 27,680,245
Institutional series -- 27,143,008 4,914,243 16,667
- ------------------------------------------------------------------------------------------
Net assets $ 270,191,938 $ 163,632,843 $ 40,994,528 $ 28,134,703
- ------------------------------------------------------------------------------------------
Authorized shares 2,000,000,000 2,350,000,000 2,500,000,000 2,500,000,000
- ------------------------------------------------------------------------------------------
</TABLE>
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 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 million .500 of 1% .400 of 1%
For the next $500 million .475 of 1 .375 of 1
For net assets over $1 billion .450 of 1 .350 of 1
- --------------------------------------------------------------------------------
</TABLE>
Also, pursuant to a distribution agreement with the Funds, John Nuveen & Co.
Incorporated (the "Distributor"), a wholly owned subsidiary of The John Nuveen
Company, 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
Distribution Plan series and the Service Plan series and the Distributor 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
34
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
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 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 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 Funds.
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 and
revenue bonds. At August 31, 1997, the revenue sources by municipal purpose for
these investments, expressed as a percent of total investments, were as
follows:
<TABLE>
<CAPTION>
Reserves California Massachusetts New York
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Revenue Bonds:
Health Care Facilities 25% 12% 18% 15%
Pollution Control Facilities 18 3 7 22
Educational Facilities 1 -- 22 7
Water/Sewer Facilities 2 21 5 4
Housing Facilities 3 20 6 6
Industrial Development 10 4 1 16
Lease Rental Facilities -- 11 -- --
Utilities 6 4 -- --
Transportation 4 -- 4 --
Other 9 12 6 6
General Obligation Bonds 22 13 31 24
- ----------------------------------------------------------------------------------
100% 100% 100% 100%
==================================================================================
</TABLE>
In addition, certain 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 (90% for Reserves, 96% for
California, 68% for Massachusetts and 81% for New York).
For additional information regarding each investment security, refer to the
Portfolio of Investments.
35
<PAGE>
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period is as follows.
<TABLE>
<CAPTION>
Operating Performance Less Distributions
---------------------------- ------------------------
Net
RESERVES Net realized and Dividends Net Total
asset unrealized from tax- asset return
value Net gain (loss) exempt net Distributions value on net
Year ending beginning investment from investment from capital end of asset
February 28/29, of period income(a) investments income gains period value
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1998 (d) $ 1.00 $ .02 $ -- $ (.02) $ -- $ 1.00 1.53%
1997 1.00 .03 -- (.03) -- 1.00 2.87
1996 1.00 .03 -- (.03) -- 1.00 3.23
1995 1.00 .03 -- (.03) -- 1.00 2.46
1994 1.00 .02 -- (.02) -- 1.00 1.84
1993 1.00 .02 -- (.02) -- 1.00 2.34
1992 (b) 1.00 .02 -- (.02) -- 1.00 1.45
1991 (c) 1.00 .05 -- (.05) -- 1.00 4.57
1990 (c) 1.00 .06 -- (.06) -- 1.00 5.45
1989 (c) 1.00 .06 -- (.06) -- 1.00 5.70
1988 (c) 1.00 .05 -- (.05) -- 1.00 4.52
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
(a) After waiver of certain management fees or reimbursement
of expenses, if applicable, by Nuveen Advisory.
(b) For the five months ending February 29.
(c) For the year ending September 30.
(d) For the six months ending August 31, 1997.
36
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Ratios/Supplemental Data
- -----------------------------------------------------------------------------------------------------------------
Ratio of net Ratio of net
RESERVES Ratio of investment Ratio of investment
expenses to income to expenses to income to
Net assets average net average net average net average net
Year ending end of period assets before assets before assets after assets after
February 28/29, (in thousands) reimbursement reimbursement reimbursement(a) reimbursement(a)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1998 (d) $ 270,192 .81%* 2.96%* .75%* 3.02%*
1997 304,087 .80 2.82 .75 2.87
1996 339,662 .79 3.18 .75 3.22
1995 351,606 .78 2.40 .75 2.43
1994 404,201 .80 1.78 .75 1.83
1993 450,746 .74 2.35 .74 2.35
1992 (b) 477,127 .75* 3.48* .75* 3.48*
1991 (c) 451,808 .72 4.56 .72 4.56
1990 (c) 430,206 .73 5.45 .73 5.45
1989 (c) 390,258 .72 5.69 .72 5.69
1988 (c) 409,653 .73 4.52 .73 4.52
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
37
<PAGE>
Financial Highlights (Unaudited) -- continued
<TABLE>
<CAPTION>
Operating Performance Less Distributions
-------------------------- ---------------------------
Net
CALIFORNIA** Net realized and Dividends Net Total
asset unrealized from tax- asset return
value Net gain (loss) exempt net Distributions value on net
Year ending beginning investment from investment from capital end of asset
February 28/29, of period income(a) investments income gains period value
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1998(e)
Service Plan series $ 1.000 $ .02 $ -- $ (.02) $ -- $ 1.00 1.58%
Distribution Plan series 1.000 .02 -- (.02) -- 1.00 1.58
Institutional series 1.000 .02 -- (.02) -- 1.00 1.62
1997
Service Plan series 1.000 .03 -- (.03) -- 1.00 2.94
Distribution Plan series 1.000 .03 -- (.03) -- 1.00 2.94
Institutional series 1.000 .03 -- (.03) -- 1.00 3.02
1996
Service Plan series 1.000 .03 -- (.03) -- 1.00 3.32
Distribution Plan series 1.000 .03 -- (.03) -- 1.00 3.31
Institutional series 1.000 .03 -- (.03) -- 1.00 3.40
1995
Service Plan series 1.000 .03 -- (.03) -- 1.00 2.59
Distribution Plan series 1.000 .03 -- (.03) -- 1.00 2.60
Institutional series 1.000 .03 -- (.03) -- 1.00 2.69
1994
Service Plan series 1.000 .02 -- (.02) -- 1.00 1.94
Distribution Plan series 1.000 .02 -- (.02) -- 1.00 1.92
Institutional series 1.000 .02 -- (.02) -- 1.00 2.07
1993
Service Plan series 1.000 .02 -- (.02) -- 1.00 2.28
Distribution Plan series 1.000 .02 -- (.02) -- 1.00 2.29
Institutional series 1.000 .02 -- (.02) -- 1.00 2.36
1992(b)
Service Plan series 1.000 .02 -- (.02) -- 1.00 2.39
Distribution Plan series 1.000 .02 -- (.02) -- 1.00 2.39
Institutional series 1.000 .03 -- (.03) -- 1.00 2.45
1991(c)
Service Plan series 1.000 .05 -- (.05) -- 1.00 4.70
Distribution Plan series 1.000 .05 -- (.05) -- 1.00 4.70
Institutional series 1.000 .05 -- (.05) -- 1.00 4.80
1990(d) 1.000 .05 -- (.05) -- 1.00 5.37
1989(d) 1.000 .06 -- (.06) -- 1.00 5.62
1988(d) 1.000 .04 -- (.04) -- 1.00 4.28
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
38
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Ratios/Supplemental Data
- -------------------------------------------------------------------------------------------------------------------------
Ratio of net Ratio of net
CALIFORNIA** Ratio of investment Ratio of investment
expenses to income to expenses to income to
Net assets average net average net average net average net
Year ending end of period assets before assets before assets after assets after
February 28/29, (in thousands) reimbursement reimbursement reimbursement(a) reimbursement(a)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1998(e)
Service Plan series $ 83,089 .58%* 3.07%* .55%* 3.10%*
Distribution Plan series 53,401 .66* 3.01* .55* 3.12*
Institutional series 27,143 .47* 3.17* .47* 3.17*
1997
Service Plan series 95,306 .59 2.89 .55 2.93
Distribution Plan series 57,490 .61 2.87 .55 2.93
Institutional series 32,843 .46 3.01 .46 3.01
1996
Service Plan series 70,722 .56 3.28 .54 3.30
Distribution Plan series 73,020 .62 3.23 .55 3.30
Institutional series 34,392 .46 3.39 .46 3.39
1995
Service Plan series 41,772 .59 2.15 .55 2.19
Distribution Plan series 67,157 .64 2.47 .55 2.56
Institutional series 50,772 .47 2.74 .47 2.74
1994
Service Plan series 415,238 .53 1.94 .53 1.94
Distribution Plan series 72,380 .73 1.74 .55 1.92
Institutional series 32,299 .41 2.06 .41 2.06
1993
Service Plan series 469,812 .57 2.24 .55 2.26
Distribution Plan series 80,652 .62 2.19 .55 2.26
Institutional series 24,156 .47 2.33 .47 2.33
1992(b)
Service Plan series 478,886 .56* 3.53* .55* 3.54*
Distribution Plan series 91,670 .61* 3.48* .55* 3.54*
Institutional series 18,334 .45* 3.64* .45* 3.64*
1991(c)
Service Plan series 431,590 .57 4.65 .55 4.67
Distribution Plan series 90,031 .61 4.61 .55 4.67
Institutional series 22,342 .45 4.77 .45 4.77
1990(d) 452,465 .59 5.34 .55 5.38
1989(d) 362,927 .57 5.68 .55 5.70
1988(d) 207,897 .59 4.27 .55 4.31
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
** Effective for the year ending June 30, 1991, and thereafter, the Fund has
presented the per share data by series.
(a) After waiver of certain management fees or reimbursement of expenses, if
applicable, by Nuveen Advisory.
(b) For the eight months ending February 29.
(c) For the year ending June 30.
(d) For the year ending June 30, represents combined per share data and ratios
for the Service Plan, Distribution Plan and Institutional series.
(e) For the six months ending August 31, 1997.
39
<PAGE>
Financial Highlights (Unaudited) -- continued
<TABLE>
<CAPTION>
Operating Performance Less Distributions
------------------------- ---------------------------
Net
MASSACHUSETTS** Net realized and Dividends Net Total
asset unrealized from tax- asset return
value Net gain (loss) exempt net Distributions value on net
Year ending beginning investment from investment from capital end of asset
February 28/29 of period income(a) investments income gains period value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1998(e)
Service Plan series $ 1.00 $.02 $ -- $ (.02) $ -- $ 1.00 1.55%
Distribution Plan series 1.00 .02 -- (.02) -- 1.00 1.55
Institutional series 1.00 .02 -- (.02) -- 1.00 1.55
1997
Service Plan series 1.00 .03 -- (.03) -- 1.00 2.84
Distribution Plan series 1.00 .03 -- (.03) -- 1.00 2.84
Institutional series 1.00 .03 -- (.03) -- 1.00 2.84
1996
Service Plan series 1.00 .03 -- (.03) -- 1.00 3.17
Distribution Plan series 1.00 .03 -- (.03) -- 1.00 3.17
Institutional series 1.00 .03 -- (.03) -- 1.00 3.18
1995
Service Plan series 1.00 .03 -- (.03) -- 1.00 2.53
Distribution Plan series 1.00 .03 -- (.03) -- 1.00 2.53
Institutional series 1.00 .03 -- (.03) -- 1.00 2.61
1994
Service Plan series 1.00 .02 -- (.02) -- 1.00 1.77
Distribution Plan series 1.00 .02 -- (.02) -- 1.00 1.74
Institutional series 1.00 .02 -- (.02) -- 1.00 1.80
1993
Service Plan series 1.00 .02 -- (.02) -- 1.00 2.33
Distribution Plan series 1.00 .02 -- (.02) -- 1.00 2.33
Institutional series 1.00 .02 -- (.02) -- 1.00 2.34
1992(b)
Service Plan series 1.00 .03 -- (.03) -- 1.00 3.22
Distribution Plan series 1.00 .03 -- (.03) -- 1.00 3.22
Institutional series 1.00 .03 -- (.03) -- 1.00 3.24
1991(c)
Service Plan series 1.00 .05 -- (.05) -- 1.00 5.30
Distribution Plan series 1.00 .05 -- (.05) -- 1.00 5.30
Institutional series 1.00 .05 -- (.05) -- 1.00 5.30
1990(d) 1.00 .06 -- (.06) -- 1.00 5.70
1989(d) 1.00 .05 -- (.05) -- 1.00 5.00
1988(d) 1.00 .04 -- (.04) -- 1.00 4.29
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
40
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Rates/Supplemental Data
------------------------------------------------------------------------------------------------
Ratio of net Ratio of net
MASSACHUSETTS** Ratio of investment Ratio of investment
expenses to income to expenses to income to
Net assets average net average net average net average net
Year ending end of period assets before assets before assets after assets after
February 28/29 (in thousands) reimbursement reimbursement reimbursement(s) reimbursement(s)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1998(e)
Service Plan series $ 8,341 .95%* 2.67%* .55%* 3.07%*
Distribution Plan series 27,739 .97* 2.66* .55* 3.08*
Institutional series 4,914 .69* 2.93* .55* 3.07*
1997
Service Plan series 9,964 .74 2.64 .55 2.83
Distribution Plan series 27,083 .90 2.49 .55 2.84
Institutional series 3,977 .61 2.78 .55 2.84
1996
Service Plan series 38,251 .63 3.06 .55 3.14
Distribution Plan series 26,279 .84 2.87 .55 3.16
Institutional series 3,550 .57 3.12 .54 3.15
1995
Service Plan series 27,732 .61 2.49 .55 2.55
Distribution Plan series 24,237 .82 2.28 .55 2.55
Institutional series 1,036 .47 2.63 .47 2.63
1994
Service Plan series 38,576 .55 1.88 .52 1.91
Distribution Plan series 27,773 .76 1.67 .55 1.88
Institutional series 3,406 .49 1.93 .49 1.93
1993
Service Plan series 40,214 .73 2.16 .55 2.34
Distribution Plan series 27,993 .82 2.07 .55 2.34
Institutional series 5,325 .58 2.31 .55 2.34
1992(b)
Service Plan series 61,476 .62* 3.73* .55* 3.80*
Distribution Plan series 34,509 .72* 3.63* .55* 3.80*
Institutional series 8,917 .53* 3.82* .53* 3.82*
1991(c)
Service Plan series 37,979 .68 5.12 .55 5.25
Distribution Plan series 33,809 .76 5.04 .55 5.25
Institutional series 14,973 .54 5.26 .54 5.26
1990(d) 53,631 .74 5.48 .55 5.67
1989(d) 31,319 .76 4.97 .55 5.18
1988(d) 35,614 .75 4.03 .48 4.30
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized
** Effective for the year ending April 30, 1991, and thereafter, the Fund has
presented the per share data by series.
(a) After waiver of certain management fees or reimbursement of expenses, if
applicable, by Nuveen Advisory.
(b) For the ten months ending February 29.
(c) For the year ending April 30.
(d) For the year ending April 30, represents combined per share data and ratios
for the Service Plan, Distribution Plan and Institutional series.
(e) For the six months ending August 31, 1997.
41
<PAGE>
Financial Highlights (Unaudited) -- continued
<TABLE>
<CAPTION>
Operating Performance Less Distributions
-------------------------- ---------------------------
NEW YORK** Net
Net realized and Dividends Net Total
asset unrealized from tax- asset return
value Net gain (loss) exempt net Distributions value on net
Year ending beginning investment from investment from capital end of asset
February 28/29 of period income(s) investments income gains period value
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1998(e)
Service Plan series $ 1.00 $ .02 $ -- $ (.02) $ -- $ 1.00 1.57%
Distribution Plan series 1.00 .02 -- (.02) -- 1.00 1.57
Institutional series 1.00 .02 -- (.02) -- 1.00 1.57
1997
Service Plan series 1.00 .03 -- (.03) -- 1.00 2.90
Distribution Plan series 1.00 .03 -- (.03) -- 1.00 2.90
Institutional series 1.00 .03 -- (.03) -- 1.00 2.90
1996
Service Plan series 1.00 .03 -- (.03) -- 1.00 3.20
Distribution Plan series 1.00 .03 -- (.03) -- 1.00 3.20
Institutional series 1.00 .03 -- (.03) -- 1.00 3.20
1995
Service Plan series 1.00 .02 -- (.02) -- 1.00 2.36
Distribution Plan series 1.00 .02 -- (.02) -- 1.00 2.37
Institutional series 1.00 .02 -- (.02) -- 1.00 2.28
1994
Service Plan series 1.00 .02 -- (.02) -- 1.00 1.51
Distribution Plan series 1.00 .02 -- (.02) -- 1.00 1.51
Institutional series 1.00 .02 -- (.02) -- 1.00 1.51
1993
Service Plan series 1.00 .02 -- (.02) -- 1.00 2.02
Distribution Plan series 1.00 .02 -- (.02) -- 1.00 2.02
Institutional series 1.00 .02 -- (.02) -- 1.00 2.02
1992(b)
Service Plan series 1.00 .03 -- (.03) -- 1.00 2.94
Distribution Plan series 1.00 .03 -- (.03) -- 1.00 2.94
Institutional series 1.00 .03 -- (.03) -- 1.00 2.97
1991(c)
Service Plan series 1.00 .05 -- (.05) -- 1.00 4.73
Distribution Plan series 1.00 .05 -- (.05) -- 1.00 4.73
Institutional series 1.00 .05 -- (.05) -- 1.00 4.73
1990(d) 1.00 .05 -- (.05) -- 1.00 5.36
1989(d) 1.00 .05 -- (.05) -- 1.00 4.95
1988(d) 1.00 .04 -- (.04) -- 1.00 4.10
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
42
<PAGE>
Nuveen Money Market Funds
August 31, 1997 Semiannual Report
<TABLE>
<CAPTION>
Ratios/Supplemental Data
-------------------------------------------------------------------------------------
NEW YORK**
Ratio of net Ratio of net
Ratio of investment Ratio of investment
expenses to income to expenses to income to
Net assets average net average net average net average net
Year ending end of period assets before assets before assets after assets after
February 28/29 (in thousands) reimbursement reimbursement reimbursement reimbursement
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1998(e)
Service Plan series $ 438 1.43%* 2.24%* .55%* 3.12%*
Distribution Plan series 27,680 .91* 2.76* .55* 3.12*
Institutional series 17 1.13* 2.55* .55* 3.13*
1997
Service Plan series 414 1.27 2.17 .55 2.89
Distribution Plan series 26,116 .92 2.52 .55 2.89
Institutional series 17 1.12 2.33 .55 2.90
1996
Service Plan series 554 1.92 1.82 .55 3.19
Distribution Plan series 31,631 .94 2.80 .55 3.19
Institutional series 17 1.38 2.37 .55 3.20
1995
Service Plan series 640 .95 1.98 .55 2.38
Distribution Plan series 29,798 .79 2.14 .55 2.38
Institutional series 17 2.14 .79 .55 2.38
1994
Service Plan series 557 1.49 .69 .55 1.63
Distribution Plan series 27,886 .78 1.40 .55 1.63
Institutional series 17 4.60 (2.42) .55 1.63
1993
Service Plan series 529 1.17 1.42 .55 2.04
Distribution Plan series 34,827 .78 1.81 .55 2.04
Institutional series 17 19.33 (16.59) .55 2.19
1992(b)
Service Plan series 1,934 .87* 3.19* .55* 3.51*
Distribution Plan series 45,259 .71* 3.35* .55* 3.51*
Institutional series 17 11.89* (7.83)* .55* 3.51*
1991(c)
Service Plan series 1,653 .88 4.39 .55 4.72
Distribution Plan series 41,446 .69 4.58 .55 4.72
Institutional series 17 .62 4.65 .55 4.72
1990(d) 41,602 .71 5.18 .55 5.34
1989(d) 30,262 .86 4.74 .55 5.05
1988(d) 17,016 1.03 3.54 .50 4.07
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
** Effective for the year ending April 30, 1991, and thereafter, the Fund has
presented the per share data by series.
(a) After waiver of certain management fees or reimbursement of expenses, if
applicable, by Nuveen Advisory.
(b) For the ten months ending February 29.
(c) For the year ending April 30.
(d) For the year ending April 30, represents combined per share data and ratios
for the Service Plan, Distribution Plan and Institutional series.
(e) For the six months ending August 31, 1997.
43
<PAGE>
Fund Information
Board of Directors
Robert P. Bremmer
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
Custodian
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004
Transfer Agent,
Shareholder Services and
Dividend Disbursing Agent
Shareholder Services, Inc.
Nuveen Investor Services
P.O. Box 5330
Denver, CO 80217
(800) 621-7227
Legal Counsel
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
Independent Public
Accountants
Arthur Andersen LLP
Chicago, Illinois
44
<PAGE>
Serving Investors
for Generations
[PHOTO OF JOHN NUVEEN, SR. APPEARS HERE]
John Nuveen, Sr.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for mature investors whose portfolios are the principal
source of their ongoing financial security. More than 1.3 million investors have
trusted Nuveen to help them maintain the lifestyle they currently enjoy.
To meet the unique circumstances and financial planning needs of mature
investors, Nuveen offers a wide array of equity and fixed-income mutual funds,
unit trusts, exchange-traded funds, individual managed account services, and
cash management products, including many that generate tax-free income.
To find out more about how Nuveen investment products and services can help you
preserve your financial security, talk with your fina ncial adviser, or call us
at (800) 621-7227 for more information, including a prospectus where applicable.
Please read that information carefully before you invest.
NUVEEN
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
(800) 621-7227
