Ubs Rma Money Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03503

UBS RMA Money Fund Inc.

(Exact name of registrant as specified in charter)

1285 Avenue of the Americas, New York, New York 10019-6028

(Address of principal executive offices) (Zip code)

Mark F. Kemper, Esq.

UBS Global Asset Management

1285 Avenue of the Americas

New York, NY 10019-6028

(Name and address of agent for service)

Copy to:

Jack W. Murphy, Esq.

Dechert LLP

1900 K Street, N.W.

Washington, DC 20006

Registrant’s telephone number, including area code: 212-821 3000

Date of fiscal year end: June 30

Date of reporting period: June 30, 2013

Item 1.  Reports to Stockholders.

Money Market Funds

UBS RMA

Money Market Portfolio

U.S. Government Portfolio

Tax-Free Fund

California Municipal Money Fund

New York Municipal Money Fund

Annual Report

June 30, 2013

UBS RMA

August 15, 2013

Dear shareholder,

We present you with the annual report for UBS RMA Money Market Portfolio, UBS RMA U.S. Government Portfolio, UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund (the “Funds”) for the 12 months ended June 30, 2013.

Performance

The Funds’ yields remained low during the reporting period, reflecting the Federal Reserve Board’s (the “Fed”) decision to maintain the federal funds rate (or the “fed funds” rate, which is the rate banks charge one another for funds they borrow on an overnight basis) at a historically low range, which

continued to depress yields on a wide range of short-term investments. (For more details on the Fed’s decision, see below.) As a result, the yields of the securities in which the Funds invest remained extremely low and, in turn, kept the Funds’ yields low.

As of June 30, 2013, after fee waivers/expense reimbursements, the Funds’ seven-day current yields were:

• UBS RMA Money Market Portfolio: 0.01%, unchanged from June 30, 2012;

UBS RMA Money Market Portfolio, UBS RMA U.S. Government Portfolio

Investment goal

(both Portfolios):

Maximum current income consistent with preservation of capital and liquidity

Portfolio Manager (both Portfolios):

Robert Sabatino UBS Global Asset Management (Americas) Inc.

Commencement

(both Portfolios):

October 4, 1982

UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund, UBS RMA New York

Municipal Money Fund

Investment goal

(all three Funds):

Maximum current income exempt from federal and/or a specific state’s personal income taxes consistent with preservation of capital and liquidity

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• UBS RMA U.S. Government Portfolio: 0.01%, unchanged from June 30, 2012;

• UBS RMA Tax-Free Fund Inc.: 0.01%, unchanged from June 30, 2012;

• UBS RMA California Municipal Money Fund: 0.01%, unchanged from June 30, 2012; and

• UBS RMA New York Municipal Money Fund: 0.01%, unchanged from June 30, 2012.

(For more information on each Fund’s performance, refer to “Performance and portfolio characteristics at a glance” beginning on page 11.)

An interview with the Portfolio Managers

Q. How would you describe the economic environment during the reporting period?

A. While the overall US economy continued to grow during the reporting period, the pace of the expansion was mixed. After the Commerce Department reported that gross domestic product (“GDP”) growth was a tepid 0.1% in the fourth quarter of 2012, the economy gained some traction as GDP grew 1.1% during the first three months of 2013. On July 31, 2013, after the Funds’ reporting period had ended, the Commerce Department’s initial estimate for second quarter 2013 GDP growth was 1.72%.

Q. How did the Federal Reserve Board (the “Fed”) react to the economic environment?

A. The Fed took a number of actions during the reporting period, as it looked to meet its dual mandate of price stability and maximum employment. Throughout the reporting period, the Fed kept the federal funds rate at an extremely low level between 0% and 0.25% and, on several occasions, extended the period it expected to keep

Portfolio Managers

(all three Funds)

Elbridge T. Gerry III

Erin O. Houston

UBS Global Asset Management (Americas) Inc.

Commencement:

Tax Free – October 4, 1982

California Municipal—November 7, 1988

New York Municipal—November 10, 1988

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the fed funds rate on hold. Looking back, in January 2012, the Fed announced its plan to purchase $400 billion of longer-term Treasury securities and to sell an equal amount of shorter-term Treasury securities by June 2012 (dubbed “Operation Twist”). At its June 2012 meeting, the Fed extended Operation Twist until the end of 2012. In September, the Fed launched a third round of quantitative easing (“QE3”), which involved purchasing $40 billion of agency mortgage-backed securities (“MBS”) on an open-ended basis each month.

At its final meeting of the year, in December, the Fed said it would continue buying $40 billion a month of MBS and purchase $45 billion a month of longer-term Treasuries. The Fed also said that it would keep the federal funds rate on hold “…as long as the unemployment rate remains above 6.5%,” provided inflation remains well-contained. The Fed has not materially changed its official policy stance thus far in 2013. However, in his press conference following the Fed’s meeting in June, Fed Chairman Ben Bernanke said “…the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year; and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear.” This statement triggered a substantial sell-off in the fixed income market, as Treasury yields rose sharply and bond prices declined.

Q. How was UBS RMA Money Market Portfolio managed during the period?

A. We tactically adjusted the Fund’s weighted average maturity (“WAM”) throughout the 12-month review period.

When the reporting period began, the Fund had a WAM of 40 days. Mid-period, concerns regarding the ongoing challenges in Europe were overshadowed by QE3. In anticipation of further downward pressure on short-term interest rates with QE3, we increased the Fund’s WAM in September 2012 and ended the reporting period with it at 48 days.

At the issuer level, we maintained a high level of diversification, investing in smaller positions with the goal of reducing risk and

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keeping the Fund highly liquid. We typically purchased up to 3% in single nongovernment issuers throughout the reporting period. (The Fund is generally able to hold up to 5% in any one issuer, subject to certain exceptions.)

In terms of securities, we increased the Fund’s exposures to US government and agency obligations, certificates of deposit and bank notes. Conversely, we reduced our allocations to commercial paper, repurchase agreements, time deposits and short-term corporate obligations. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.)

Q. How was UBS RMA U.S. Government Portfolio managed during the period?

A. During the 12-month reporting period, the Fund’s WAM moved from 32 to 55 days, as we purchased longer-dated treasuries and agency securities. The Fund’s exposure to repurchase agreements was substantially increased during the 12 months ended June 30, 2013 with the goal of keeping the Fund highly liquid. In contrast, the Fund’s allocations to direct government and agency securities meaningfully declined over the period.

Q. How were UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund managed during the period?

A. The budgetary backdrop showed signs of improvement during the reporting period, driven by rising tax revenues in many states. However, given continued economic headwinds in the US, ongoing budgetary challenges in some states and a low interest rate environment, we continued to actively manage the Funds’ portfolios with a strong emphasis on liquidity and credit quality. Investment decisions remained centered on the underlying fundamentals of individual securities first and, secondarily, on yield.

The WAM for UBS RMA Tax-Free Fund Inc. fell from 27 to 22 days during the reporting period, while the WAM for UBS RMA New York Municipal Money Fund fell from 17 to 14 days. In contrast, the WAM

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for UBS RMA California Municipal Money Fund increased from 21 to 28 days. While we looked to increase the WAMs for UBS RMA Tax-Free Fund and UBS RMA New York Municipal Money Fund, there were relatively limited opportunities to do so. However, this was not the case for UBS RMA California Municipal Money Fund, as significant new issuance by the state in May and June allowed us to lengthen its WAM. This was accomplished, in part, by purchasing select California state and local general obligation (GO) securities.

For liquidity purposes, the Funds maintained a meaningful allocation to variable rate demand notes (VRDNs)¹ with yields that reset on a daily or weekly basis. Elsewhere, we looked to increase, or maintain at a relatively steady level, the Funds’ allocations to tax-exempt commercial paper in order to generate additional yield in the low interest rate environment. In particular, we emphasized select investments in commercial paper with 60- to 90-day maturities, given their yield advantage as compared to VRDNs.

We continued to emphasize essential service revenue bonds for the Funds, including securities issued by high-quality water and sewer entities.² We also continued to have significant allocations to general obligation securities that met our credit criteria.

Q. What factors do you believe will affect the Funds over the coming months?

A. Despite the Fed’s plans to begin tapering its asset purchase program later this year, we do not expect the federal funds rate to be raised from its historically low level until at least 2015. Turning to the economy, it is clearly on better footing than was the case a year ago. In particular, the housing market shows continued signs of improvement and the unemployment rate has moderated somewhat. That said, we will continue to closely monitor incoming economic data to determine the impact of higher interest rates on consumer

¹  A variable rate demand note (VRDN) is a long-term bond with a floating interest rate that provides investors with the option to tender, or “put” the security at par with seven days’ notice or, in some cases, one day’s notice.

²  On July 18, 2013, after the Funds’ reporting period had ended, the City of Detroit filed for the largest municipal bankruptcy in history. However, the Portfolio does not have any direct exposure to the City of Detroit. We are monitoring for the possible impact of this Chapter 9 bankruptcy filing on the broader municipal bond market.

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and business spending. Moderating global growth could also negatively impact US exports. Against this backdrop, we believe that the economy will continue to expand, albeit at a modest pace.

Continuing regulatory uncertainty has cast a shadow over money market funds for some time now and will likely continue to do so. The US Securities and Exchange Commission (the “SEC”) issued proposed new regulations for money market funds on June 5, 2013, requesting comments on numerous issues. At this time it is impossible to predict the final version of these regulations, but the SEC’s proposing release envisions a transition period ranging up to several years. Against this backdrop, we anticipate continuing to manage the Funds focusing on risk and keeping it highly liquid.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS Funds, please contact your Financial Advisor, or visit us at www.ubs.com/globalam-us.*

Mark E. Carver President UBS RMA Money Fund Inc. (UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio) UBS RMA Tax-Free Fund Inc. UBS Managed Municipal Trust (UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund) Managing Director UBS Global Asset Management (Americas) Inc.	Elbridge T. Gerry III Portfolio Manager UBS RMA Tax-Free Fund Inc. UBS RMA California Municipal Money Fund UBS RMA New York Municipal Money Fund Managing Director UBS Global Asset Management (Americas) Inc.

* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund’s investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Web site at www.ubs.com/globalam-us.

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Erin O. Houston Portfolio Manager UBS RMA Tax-Free Fund Inc. UBS RMA California Municipal Money Fund UBS RMA New York Municipal Money Fund Director UBS Global Asset Management (Americas) Inc.	Robert Sabatino Portfolio Manager UBS RMA Money Market Portfolio UBS RMA U.S. Government Portfolio Managing Director UBS Global Asset Management (Americas) Inc.

This letter is intended to assist shareholders in understanding how the Funds performed during the 12 months ended June 30, 2013. The views and opinions in the letter were current as of August 15, 2013. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Funds’ future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

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Understanding your Fund’s expenses (unaudited)

As a shareholder of the Funds*, you incur ongoing costs, including management fees, service fees (12b-1 or non-12b-1 fees) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2013 to June 30, 2013.

Actual expenses

The first line in the following table for each Fund provides information about its actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each respective Fund under the heading “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the following table for each Fund provides information about hypothetical account values and hypothetical expenses based on that Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not that Fund’s actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

* Collectively refers to UBS RMA Money Market Portfolio, UBS RMA U.S. Government Portfolio, UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund.

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Understanding your Fund’s expenses (unaudited) (continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line of the table for each Fund is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

The examples do not reflect Resource Management Account^® (RMA^®) Program, Business Services Account BSA^® Program or other similar program fees as these are external to the Funds and relate to those programs.

UBS RMA Money Market Portfolio

	Beginning account value January 1, 2013		Ending account value1 June 30, 2013		Expenses paid during period2 01/01/13 to 06/30/13		Expense ratio during the period
Actual		$1,000.00		$1,000.00		$0.99		0.20	%
Hypothetical (5% annual return before expenses)		1,000.00		1,023.80		1.00		0.20

UBS RMA U.S. Government Portfolio

	Beginning account value January 1, 2013		Ending account value1 June 30, 2013		Expenses paid during period2 01/01/13 to 06/30/13		Expense ratio during the period
Actual		$1,000.00		$1,000.00		$0.55		0.11	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.25		0.55		0.11

¹  “Actual—Ending account value” may or may not be reflective of a shareholder’s actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor’s account. As a result, investors whose fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day.

²  Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

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Understanding your Fund’s expenses (unaudited) (concluded)

UBS RMA Tax-Free Fund

	Beginning account value January 1, 2013		Ending account value1 June 30, 2013		Expenses paid during period2 01/01/13 to 06/30/13		Expense ratio during the period
Actual		$1,000.00		$1,000.00		$0.60		0.12	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.20		0.60		0.12

UBS RMA California Municipal Money Fund

	Beginning account value January 1, 2013		Ending account value1 June 30, 2013		Expenses paid during period2 01/01/13 to 06/30/13		Expense ratio during the period
Actual		$1,000.00		$1,000.00		$0.55		0.11	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.25		0.55		0.11

UBS RMA New York Municipal Money Fund

	Beginning account value January 1, 2013		Ending account value1 June 30, 2013		Expenses paid during period2 01/01/13 to 06/30/13		Expense ratio during the period
Actual		$1,000.00		$1,000.00		$0.60		0.12	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.20		0.60		0.12

¹  “Actual—Ending account value” may or may not be reflective of a shareholder’s actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor’s account. As a result, investors whose fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day.

²  Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

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Performance and portfolio characteristics at a glance (unaudited)

UBS RMA Money Market Portfolio

Yields and characteristics	06/30/13			12/31/12			06/30/12
Seven-day current yield after fee waivers and/or expense reimbursements1		0.01	%		0.01	%		0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements1		0.01			0.01			0.01
Seven-day current yield before fee waivers and/or expense reimbursements1		(0.35	)		(0.30	)		(0.32	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.35	)		(0.30	)		(0.32	)
Weighted average maturity2		48 days			48 days			40 days
Net assets (bn)		$11.1			$12.7			$13.0
Portfolio composition3	06/30/13			12/31/12			06/30/12
Commercial paper		48.4	%		49.1	%		51.9	%
US government and agency obligations		17.4			17.6			14.3
Certificates of deposit		16.8			17.5			14.7
Repurchase agreements		12.0			8.5			12.3
Bank notes		2.7			—			—
Time deposits		1.8			5.3			2.3
Short-term corporate obligations		0.9			2.0			3.6
Other assets less liabilities		0.0	4		0.0	4		0.9
Total		100.0	%		100.0	%		100.0	%

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Fund's portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Fund's net assets as of the dates indicated. The Fund's portfolio is actively managed and its composition will vary over time.

⁴  Represents less than 0.05% of net assets as of the date indicated.

An investment in an RMA fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although each RMA fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in an RMA fund.

Not FDIC Insured. May lose value. No bank guarantee.

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Performance and portfolio characteristics at a glance

(unaudited) (continued)

UBS RMA U.S. Government Portfolio

Yields and characteristics	06/30/13			12/31/12			06/30/12
Seven-day current yield after fee waivers and/or expense reimbursements1		0.01	%		0.01	%		0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements1		0.01			0.01			0.01
Seven-day current yield before fee waivers and/or expense reimbursements1		(0.45	)		(0.38	)		(0.38	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.45	)		(0.38	)		(0.38	)
Weighted average maturity2		55 days			52 days			32 days
Net assets (bn)		$2.6			$2.7			$3.8
Portfolio composition3	06/30/13			12/31/12			06/30/12
US government and agency obligations		67.3	%		71.5	%		79.4	%
Repurchase agreements		33.6			28.4			17.9
Other assets less liabilities		(0.9	)		0.1			2.7
Total		100.0	%		100.0	%		100.0	%

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Fund's portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Fund's net assets as of the dates indicated. The Fund's portfolio is actively managed and its composition will vary over time.

An investment in an RMA fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although each RMA fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in an RMA fund.

Not FDIC Insured. May lose value. No bank guarantee.

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Performance and portfolio characteristics at a glance (unaudited) (continued)

UBS RMA Tax-Free Fund Inc.

Yields and characteristics	06/30/13			12/31/12			06/30/12
Seven-day current yield after fee waivers and/or expense reimbursements1		0.01	%		0.01	%		0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements1		0.01			0.01			0.01
Seven-day current yield before fee waivers and/or expense reimbursements1		(0.51	)		(0.43	)		(0.38	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.51	)		(0.43	)		(0.38	)
Weighted average maturity2		22 days			22 days			27 days
Net assets (bn)		$3.3			$3.7			$3.9
Portfolio composition3	06/30/13			12/31/12			06/30/12
Municipal bonds and notes		87.5	%		84.5	%		87.4	%
Tax-exempt commercial paper		14.1			12.8			13.1
Other assets less liabilities		(1.6	)		2.7			(0.5	)
Total		100.0	%		100.0	%		100.0	%

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Fund's portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Fund's net assets as of the dates indicated. The Fund's portfolio is actively managed and its composition will vary over time.

An investment in an RMA fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although each RMA fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in an RMA fund.

Not FDIC Insured. May lose value. No bank guarantee.

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Performance and portfolio characteristics at a glance (unaudited) (continued)

UBS RMA California Municipal Money Fund

Yields and characteristics	06/30/13			12/31/12			06/30/12
Seven-day current yield after fee waivers and/or expense reimbursements1		0.01	%		0.01	%		0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements1		0.01			0.01			0.01
Seven-day current yield before fee waivers and/or expense reimbursements1		(0.56	)		(0.48	)		(0.46	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.56	)		(0.48	)		(0.46	)
Weighted average maturity2		28 days			20 days			21 days
Net assets (mm)		$821.7			$948.1			$893.8
Portfolio composition3	06/30/13			12/31/12			06/30/12
Municipal bonds and notes		93.0	%		89.7	%		90.1	%
Tax-exempt commercial paper		11.9			8.3			11.3
Other assets less liabilities		(4.9	)		2.0			(1.4	)
Total		100.0	%		100.0	%		100.0	%

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Fund's portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Fund's net assets as of the dates indicated. The Fund's portfolio is actively managed and its composition will vary over time.

An investment in an RMA fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although each RMA fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in an RMA fund.

Not FDIC Insured. May lose value. No bank guarantee.

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Performance and portfolio characteristics at a glance (unaudited) (concluded)

UBS RMA New York Municipal Money Fund

Yields and characteristics	06/30/13			12/31/12			06/30/12
Seven-day current yield after fee waivers and/or expense reimbursements1		0.01	%		0.01	%		0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements1		0.01			0.01			0.01
Seven-day current yield before fee waivers and/or expense reimbursements1		(0.58	)		(0.50	)		(0.47	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.58	)		(0.50	)		(0.47	)
Weighted average maturity2		14 days			23 days			17 days
Net assets (mm)		$691.8			$756.8			$702.8
Portfolio composition3	06/30/13			12/31/12			06/30/12
Municipal bonds and notes		91.4	%		90.6	%		90.3	%
Tax-exempt commercial paper		9.6			9.3			9.6
Other assets less liabilities		(1.0	)		0.1			0.1
Total		100.0	%		100.0	%		100.0	%

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Fund's portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Fund's net assets as of the dates indicated. The Fund's portfolio is actively managed and its composition will vary over time.

An investment in an RMA fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although each RMA fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in an RMA fund.

Not FDIC Insured. May lose value. No bank guarantee.

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Statement of net assets—June 30, 2013

Security description	Face amount		Value
US government and agency obligations—17.41%
Federal Farm Credit Bank
0.150%, due 08/06/131		$75,000,000		$74,988,750
0.050%, due 08/14/131		95,000,000		94,994,194
Federal Home Loan Bank
0.050%, due 08/15/131		156,300,000		156,290,231
0.080%, due 08/23/131		141,610,000		141,593,322
0.130%, due 08/23/131		25,000,000		24,995,215
0.120%, due 08/30/131		50,000,000		49,990,000
0.075%, due 09/11/131		95,000,000		94,985,750
0.110%, due 09/18/131		118,000,000		117,971,516
0.100%, due 01/13/141		50,000,000		49,972,778
Federal Home Loan Mortgage Corp.*
0.115%, due 07/29/131		50,000,000		49,995,528
0.130%, due 08/26/131		37,800,000		37,792,356
0.095%, due 12/02/131		94,000,000		93,961,800
1.375%, due 02/25/14		100,716,000		101,522,721
Federal National Mortgage Association*
0.150%, due 08/21/131		36,448,000		36,440,255
0.150%, due 09/03/131		156,900,000		156,858,160
US Treasury Bill
0.125%, due 09/05/131		145,000,000		144,966,771
US Treasury Notes
3.125%, due 08/31/13		100,000,000		100,486,917
0.125%, due 09/30/13		50,000,000		49,990,521
2.750%, due 10/31/13		94,130,000		94,943,205
0.500%, due 11/15/13		100,000,000		100,112,896
0.750%, due 12/15/13		155,900,000		156,299,531
Total US government and agency obligations (cost—$1,929,152,417)				1,929,152,417
Time deposit—1.80%
Banking-non-US—1.80%
Natixis 0.100%, due 07/01/13 (cost—$200,000,000)		200,000,000		200,000,000

16

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Bank notes—2.72%
Banking-US—2.72%
Bank of America N.A. 0.190%, due 07/02/13		$176,000,000		$176,000,000
0.190%, due 07/25/13		125,000,000		125,000,000
Total bank notes (cost—$301,000,000)				301,000,000
Certificates of deposit—16.73%
Banking-non-US—12.72%
Bank of Montreal 0.180%, due 09/04/13		100,000,000		100,000,000
Bank of Nova Scotia 0.262%, due 07/19/132		75,000,000		75,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd. 0.200%, due 07/15/13		90,000,000		90,000,000
Credit Agricole Corporate & Investment Bank 0.170%, due 07/09/13		100,000,000		100,000,000
Credit Industriel et Commercial 0.240%, due 09/05/13		112,250,000		112,250,000
0.240%, due 09/13/13		35,000,000		35,000,000
Credit Suisse 0.240%, due 09/09/13		150,000,000		150,000,000
Mizuho Corporate Bank Ltd.
0.230%, due 07/09/13		100,000,000		100,000,000
0.180%, due 08/02/13		115,000,000		115,000,000
Norinchukin Bank Ltd. 0.160%, due 07/11/13		125,000,000		125,000,000
Rabobank Nederland NV
0.423%, due 09/25/132		80,000,000		80,000,000
0.360%, due 06/11/14		55,000,000		55,000,000
Royal Bank of Canada
0.326%, due 07/30/132		20,000,000		20,000,000
0.323%, due 08/06/132		32,000,000		32,000,000
0.325%, due 08/12/132		36,000,000		36,000,000
Svenska Handelsbanken AB 0.200%, due 07/01/13		50,000,000		50,000,000

17

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Certificates of deposit—(concluded)
Banking-non-US—(concluded)
Toronto-Dominion Bank
0.233%, due 07/22/132		$50,000,000		$50,000,000
0.276%, due 07/26/132		84,000,000		84,000,000
				1,409,250,000
Banking-US—4.01%
Branch Banking & Trust Co.
0.170%, due 07/15/13		150,000,000		150,000,000
0.170%, due 09/09/13		150,000,000		150,000,000
Citibank N.A. 0.180%, due 08/01/13		145,000,000		145,000,000
				445,000,000
Total certificates of deposit (cost—$1,854,250,000)				1,854,250,000
Commercial paper1—48.41%
Asset backed-auto & truck—1.51%
FCAR Owner Trust II
0.180%, due 07/15/13		25,000,000		24,998,250
0.190%, due 07/15/13		50,000,000		49,996,306
0.210%, due 08/01/13		92,000,000		91,983,363
				166,977,919
Asset backed-miscellaneous—20.59%
Atlantic Asset Securitization LLC 0.160%, due 07/08/13		45,000,000		44,998,600
Cancara Asset Securitisation LLC
0.200%, due 07/17/13		28,000,000		27,997,511
0.210%, due 08/01/13		77,000,000		76,986,076
0.200%, due 09/04/13		80,000,000		79,971,111
Chariot Funding LLC 0.260%, due 09/05/13		50,000,000		49,976,167
Ciesco LLC 0.220%, due 09/20/132		152,000,000		152,000,000

18

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(continued)
Asset backed-miscellaneous—(continued)
Gotham Funding Corp. 0.160%, due 07/11/13		$30,000,000		$29,998,667
0.160%, due 07/12/13		50,000,000		49,997,556
0.170%, due 07/15/13		70,922,000		70,917,311
0.190%, due 08/20/13		45,000,000		44,988,125
Liberty Street Funding LLC
0.150%, due 07/09/13		72,000,000		71,997,600
0.150%, due 07/25/13		150,000,000		149,985,000
Market Street Funding LLC
0.180%, due 07/18/13		47,000,000		46,996,005
0.140%, due 07/23/13		57,009,000		57,004,123
0.160%, due 08/05/13		60,000,000		59,990,667
0.180%, due 08/12/13		60,000,000		59,987,400
0.170%, due 09/12/13		99,613,000		99,578,661
Nieuw Amsterdam Receivables Corp. 0.160%, due 07/19/13		100,000,000		99,992,000
Old Line Funding LLC
0.310%, due 07/22/13		50,000,000		49,990,958
0.210%, due 08/15/13		72,248,000		72,229,035
0.220%, due 10/17/13		95,000,000		94,937,300
Regency Markets No. 1 LLC
0.160%, due 07/05/13		97,000,000		96,998,275
0.170%, due 07/15/13		30,250,000		30,248,000
Sheffield Receivables Corp.
0.210%, due 07/08/13		25,000,000		24,998,979
0.200%, due 07/09/13		44,000,000		43,998,044
0.200%, due 07/10/13		15,000,000		14,999,250
Thunder Bay Funding LLC 0.210%, due 07/22/13		100,000,000		99,987,750
Versailles Commercial Paper LLC
0.180%, due 07/08/13		55,000,000		54,998,075
0.180%, due 07/09/13		130,000,000		129,994,800
0.180%, due 07/10/13		50,000,000		49,997,750

19

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(continued)
Asset backed-miscellaneous—(concluded)
Victory Receivables Corp.
0.170%, due 07/08/13		$60,000,000		$59,998,017
0.180%, due 07/09/13		30,000,000		29,998,800
0.160%, due 07/12/13		55,000,000		54,997,311
0.160%, due 07/15/13		55,000,000		54,996,578
Working Capital Management Co. 0.200%, due 08/12/13		45,000,000		44,989,500
				2,281,721,002
Banking-non-US—7.89%
ANZ National International Ltd. 0.285%, due 08/15/132		47,000,000		46,999,915
Barclays Bank PLC
0.250%, due 08/08/13		154,000,000		153,959,361
0.240%, due 08/23/13		93,000,000		92,967,140
Commonwealth Bank of Australia 0.233%, due 07/24/132		75,000,000		75,000,000
Erste Abwicklungsanstalt
0.210%, due 07/09/13		95,000,000		94,995,566
0.200%, due 10/30/13		95,000,000		94,936,139
Mizuho Funding LLC 0.230%, due 07/01/13		50,000,000		50,000,000
Skandinaviska Enskilda Banken AB 0.215%, due 07/15/13		100,000,000		99,991,639
Westpac Trust Securities NZ Ltd.
0.190%, due 09/16/13		95,000,000		94,961,393
0.317%, due 04/11/142		71,000,000		71,004,658
				874,815,811
Banking-US—10.77%
Bedford Row Funding Corp. 0.420%, due 12/16/13		66,000,000		65,870,640
BNP Paribas Finance, Inc. 0.260%, due 08/01/13		100,000,000		99,977,611
JPMorgan Chase & Co.
0.260%, due 07/29/13		90,000,000		89,981,800
0.350%, due 12/02/13		50,000,000		49,925,139

20

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(continued)
Banking-US—(concluded)
Natixis US Finance Co. LLC
0.100%, due 07/01/13		$175,000,000		$175,000,000
0.180%, due 07/01/13		125,000,000		125,000,000
Northern Pines Funding LLC
0.500%, due 07/01/13		100,000,000		100,000,000
0.260%, due 09/13/13		84,750,000		84,704,706
Societe Generale N.A., Inc.
0.090%, due 07/01/13		98,000,000		98,000,000
0.200%, due 08/01/13		115,000,000		114,980,194
State Street Corp.
0.170%, due 09/03/13		25,000,000		24,992,444
0.170%, due 09/10/13		70,000,000		69,976,531
Wells Fargo & Co. 0.180%, due 08/15/13		95,000,000		94,978,625
				1,193,387,690
Brokerage—0.47%
RBS Holdings USA, Inc. 0.120%, due 07/01/13		52,000,000		52,000,000
Energy-integrated—0.28%
CNPC Finance HK Ltd. 0.300%, due 07/15/13		30,750,000		30,746,413
Finance-captive automotive—2.24%
Toyota Motor Credit Corp.
0.233%, due 07/24/132		73,000,000		73,000,000
0.260%, due 09/16/13		75,000,000		74,958,292
0.170%, due 10/10/13		100,000,000		99,952,305
				247,910,597
Finance-noncaptive diversified—1.62%
General Electric Capital Corp.
0.240%, due 10/02/13		100,000,000		99,938,000
0.230%, due 12/04/13		80,000,000		79,920,267
				179,858,267

21

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(concluded)
Insurance-life—2.12%
MetLife Short Term Funding LLC
0.150%, due 09/10/13		$60,000,000		$59,982,250
0.160%, due 09/10/13		104,000,000		103,967,182
Prudential Funding LLC 0.170%, due 07/15/13		71,000,000		70,995,306
				234,944,738
Retail-discount—0.92%
Wal-Mart Stores, Inc. 0.070%, due 07/01/13		102,000,000		102,000,000
Total commercial paper (cost—$5,364,362,437)				5,364,362,437
Short-term corporate obligations—0.90%
Banking-non-US—0.45%
International Bank for Reconstruction & Development 0.110%, due 07/01/132		50,000,000		49,995,158
Banking-US—0.45%
Wells Fargo Bank N.A. 0.373%, due 09/23/132		50,000,000		50,000,000
Total short-term corporate obligations (cost—$99,995,158)				99,995,158
Repurchase agreements—12.02%
Repurchase agreement dated 06/28/13 with Bank of America Securities, 0.100% due 07/01/13, collateralized by $263,243,600 US Treasury Bonds, 2.750% to 4.625% due 02/15/40 to 11/15/42 and $191,839,300 US Treasury Notes, 0.500% to 1.750% due 08/15/14 to 07/31/15; (value—$474,300,043); proceeds: $465,003,875		465,000,000		465,000,000
Repurchase agreement dated 06/28/13 with Deutsche Bank Securities, Inc., 0.180% due 07/01/13, collateralized by $34,015,000 Federal Home Loan Bank obligations, 5.250% due 06/18/14; (value—$35,701,577); proceeds: $35,000,525		35,000,000		35,000,000

22

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Repurchase agreements—(continued)
Repurchase agreement dated 06/28/13 with Goldman Sachs & Co., 0.110% due 07/01/13, collateralized by $85,217,000 Federal Home Loan Mortgage Corp. obligations, 0.750% due 01/12/18, $195,633,000 Federal National Mortgage Association obligations, 1.050% to 6.625% due 10/15/15 to 11/15/30 and $17,554,000 Tennessee Valley Authority obligations, 1.875% to 7.125% due 06/15/15 to 04/01/56; (value—$316,200,748); proceeds: $310,002,842		$310,000,000		$310,000,000
Repurchase agreement dated 06/28/13 with State Street Bank and Trust Co., 0.010% due 07/01/13, collateralized by $11,388,581 Federal Home Loan Mortgage Corp. obligations, 1.960% due 11/07/22 and $65,523,538 Federal National Mortgage Association obligations, 2.170% to 2.200% due 10/17/22; (value—$73,453,453); proceeds: $72,007,060		72,007,000		72,007,000
Repurchase agreement dated 06/28/13 with Toronto-Dominion Bank, 0.100% due 07/01/13, collateralized by $62,791,000 US Treasury Bonds, 3.750% to 6.125% due 11/15/27 to 08/15/41, $16,265,900 US Treasury Inflation Index Note, 1.625% due 01/15/18 and $103,515,100 US Treasury Notes, 0.250% to 3.625% due 05/15/14 to 11/15/22; (value—$204,000,097); proceeds: $200,001,667		200,000,000		200,000,000

23

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Repurchase agreements—(concluded)
Repurchase agreement dated 06/28/13 with Toronto-Dominion Bank, 0.110% due 07/01/13, collateralized by $274,250,832 Federal National Mortgage Association obligations, 4.000% to 6.000% due 07/01/40 to 02/01/42; (value—$255,000,001); proceeds: $250,002,292		$250,000,000		$250,000,000
Total repurchase agreements (cost—$1,332,007,000)				1,332,007,000
Total investments (cost—$11,080,767,012 which approximates cost for federal income tax purposes)—99.99%				11,080,767,012
Other assets in excess of liabilities—0.01%				610,475
Net assets (applicable to 11,082,672,752 shares of common stock outstanding equivalent to $1.00 per share)—100.00%				$11,081,377,487

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 73.

Affiliated issuer activity

The table below details the Portfolio’s transaction activity in an affiliated issuer during the year ended June 30, 2013. The investment manager earns a management fee from UBS Private Money Market Fund LLC.

Security description	Value at 06/30/12		Purchases during the year ended 06/30/13		Sales during the year ended 06/30/13		Value at 06/30/13		Net income earned from affiliate for the year ended 06/30/13
UBS Private Money Market Fund LLC		$—		$147,900,000		$147,900,000		$—		$32

24

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the Portfolio’s investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	1,929,152,417	$	—	$	1,929,152,417
Time deposit		—		200,000,000		—		200,000,000
Bank notes		—		301,000,000		—		301,000,000
Certificates of deposit		—		1,854,250,000		—		1,854,250,000
Commercial paper		—		5,364,362,437		—		5,364,362,437
Short-term corporate obligations		—		99,995,158		—		99,995,158
Repurchase agreements		—		1,332,007,000		—		1,332,007,000
Total	$	—	$	11,080,767,012	$	—	$	11,080,767,012

At June 30, 2013, there were no transfers between Level 1 and Level 2.

Issuer breakdown by country or territory of origin (unaudited)

	Percentage of total investments
United States		75.1	%
Japan		6.6
France		4.0
Canada		3.6
Australia		2.6
United Kingdom		2.2
Germany		1.7
Switzerland		1.4
Sweden		1.3
Netherlands		1.2
China		0.3
Total		100.0	%

25

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2013

Portfolio footnotes

* On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

¹  Rates shown are the discount rates at date of purchase.

²  Variable or floating rate security. The interest rate shown is the current rate as of June 30, 2013 and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

See accompanying notes to financial statements

26

UBS RMA U.S. Government Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
US government and agency obligations—67.33%
Federal Farm Credit Bank
0.083%, due 07/01/131		$50,000,000		$50,000,000
0.370%, due 07/01/131		50,000,000		50,136,022
0.020%, due 07/03/132		20,000,000		19,999,978
0.030%, due 07/10/132		50,000,000		49,999,625
0.050%, due 07/12/132		50,000,000		49,999,236
0.050%, due 07/26/132		60,000,000		59,997,917
0.060%, due 08/07/132		30,000,000		29,998,150
0.190%, due 11/07/132		50,000,000		49,965,958
0.125%, due 04/09/14		35,000,000		34,987,185
0.150%, due 07/02/141		50,000,000		49,992,385
Federal Home Loan Bank
0.120%, due 07/01/131		100,000,000		99,997,346
0.050%, due 07/24/132		100,000,000		99,996,806
0.045%, due 07/26/132		106,660,000		106,656,667
0.050%, due 08/15/132		37,000,000		36,997,688
0.085%, due 09/03/132		50,000,000		49,992,444
0.080%, due 09/17/132		150,000,000		149,974,000
0.120%, due 02/24/142		50,000,000		49,960,333
Federal Home Loan Mortgage Corp.*
0.140%, due 07/09/132		65,000,000		64,997,978
0.060%, due 08/05/132		50,000,000		49,997,083
0.130%, due 08/27/132		50,000,000		49,989,708
0.150%, due 09/05/132		75,000,000		74,979,375
0.120%, due 02/19/142		50,000,000		49,961,167
US Treasury Bill 0.108%, due 08/08/132		50,000,000		49,994,326
US Treasury Notes
0.375%, due 07/31/13		25,000,000		25,004,323
3.375%, due 07/31/13		50,000,000		50,131,154
3.125%, due 08/31/13		10,000,000		10,048,692
0.500%, due 10/15/13		20,000,000		20,019,577
2.750%, due 10/31/13		85,000,000		85,727,873
0.500%, due 11/15/13		25,000,000		25,027,381
2.000%, due 11/30/13		50,000,000		50,372,146

27

UBS RMA U.S. Government Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
US government and agency obligations—(concluded)
1.250%, due 02/15/14		$50,000,000		$50,348,365
4.000%, due 02/15/14		25,000,000		25,601,223
0.250%, due 02/28/14		12,000,000		12,010,262
0.250%, due 04/30/14		35,000,000		35,032,851
Total US government and agency obligations (cost—$1,767,895,224)				1,767,895,224
Repurchase agreements—33.55%
Repurchase agreement dated 06/28/13 with Barclays Capital, Inc., 0.100% due 07/01/13, collateralized by $234,722,600 US Treasury Note, 0.250% due 03/31/15; (value—$234,600,057); proceeds: $230,001,917		230,000,000		230,000,000
Repurchase agreement dated 06/28/13 with BNP Paribas Securities Corp. 0.100% due 07/01/13, collateralized by $242,426,500 US Treasury Notes, 0.375% to 3.125% due 09/30/13 to 03/15/15; (value—$244,806,601); proceeds: $240,002,000		240,000,000		240,000,000
Repurchase agreement dated 06/28/13 with Goldman Sachs & Co., 0.040% due 07/01/13, collateralized by $219,244,400 US Treasury Inflation Index Notes, 0.125% to 2.000% due 01/15/14 to 04/15/16; (value—$255,000,116); proceeds: $250,000,833		250,000,000		250,000,000
Repurchase agreement dated 06/28/13 with State Street Bank and Trust Co., 0.010% due 07/01/13, collateralized by $147,405 Federal Home Loan Mortgage Corp. obligations, 1.960% due 11/07/22 and $848,083 Federal National Mortgage Association obligations, 2.170% to 2.200% due 10/17/22; (value—$950,722); proceeds: $932,001		932,000		932,000

28

UBS RMA U.S. Government Portfolio

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Repurchase agreements—(concluded)
Repurchase agreement dated 06/28/13 with Toronto-Dominion Bank, 0.100% due 07/01/13, collateralized by $26,604,000 US Treasury Bond, 6.750% due 08/15/26, $83,651,000 US Treasury Inflation Index Bonds, 0.625% to 2.125% due 02/15/41 to 02/15/43, $22,130,500 US Treasury Inflation Index Notes, 0.625% due 07/15/21 and $16,852,400 US Treasury Note, 0.250% due 04/30/14; (value—$163,200,090); proceeds: $160,001,333		$160,000,000		$160,000,000
Total repurchase agreements (cost—$880,932,000)				880,932,000
Total investments (cost—$2,648,827,224 which approximates cost for federal income tax purposes)—100.88%				2,648,827,224
Liabilities in excess of other assets—(0.88)%				(23,106,883)
Net assets (applicable to 2,626,240,938 shares of common stock outstanding equivalent to $1.00 per share)—100.00%				$2,625,720,341

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 73.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the Portfolio’s investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	1,767,895,224	$	—	$	1,767,895,224
Repurchase agreements		—		880,932,000		—		880,932,000
Total	$	—	$	2,648,827,224	$	—	$	2,648,827,224

At June 30, 2013, there were no transfers between Level 1 and Level 2.

29

UBS RMA U.S. Government Portfolio

Statement of net assets—June 30, 2013

Portfolio footnotes

* On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

¹  Variable or floating rate security. The interest rate shown is the current rate as of June 30, 2013 and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

²  Rates shown are the discount rates at date of purchase.

See accompanying notes to financial statements

30

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—87.48%
Alabama—0.24%
Mobile County Industrial Development Authority Pollution Control Revenue Refunding (ExxonMobil Project), 0.030%, VRD		$5,300,000		$5,300,000
University of Alabama Revenue (University Hospital), Series C, 0.060%, VRD		2,500,000		2,500,000
				7,800,000
Alaska—0.55%
Valdez Marine Terminal Revenue Refunding (ExxonMobil Pipeline Co. Project), Series A, 0.030%, VRD		6,900,000		6,900,000
Series C, 0.030%, VRD		10,970,000		10,970,000
				17,870,000
Arizona—0.08%
Pima County Industrial Development Authority (Tucson Electric Power Co.- Irvington Project), Series A, 0.080%, VRD		2,700,000		2,700,000
California—3.90%
Antelope Valley-East Kern Water Agency, Series A-2, 0.030%, VRD		7,400,000		7,400,000
California Health Facilities Financing Authority Revenue (Adventist Health Systems), Series A, 0.040%, VRD		1,200,000		1,200,000
California Health Facilities Financing Authority Revenue (Scripps Health), Series B, 0.070%, VRD		3,200,000		3,200,000
California Housing Finance Agency Revenue (Home Mortgage), Series M, 0.060%, VRD1		7,810,000		7,810,000
California State Economic Recovery, Series C-1, 0.040%, VRD		14,500,000		14,500,000
California State Kindergarten, Series A1, 0.030%, VRD		15,000,000		15,000,000
Series A5, 0.030%, VRD		8,200,000		8,200,000

31

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
California—(concluded)
Series B1, 0.030%, VRD		$21,350,000		$21,350,000
Series B2, 0.050%, VRD		3,000,000		3,000,000
Series B4, 0.030%, VRD		1,700,000		1,700,000
City of Los Angeles, Series A, 2.000%, due 02/27/142		7,000,000		7,080,710
Irvine Improvement Bond Act 1915 Limited Obligation (Assessment District 93-14), 0.060%, VRD		12,000,000		12,000,000
Los Angeles County Tax & Revenue Anticipation Notes, Series B, 2.000%, due 06/30/142		12,000,000		12,217,320
Roseville Joint Union High School District Tax & Revenue Anticipation Notes, 1.500%, due 09/24/13		3,500,000		3,508,762
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding, Series B, 0.040%, VRD		8,000,000		8,000,000
Series C, 0.050%, VRD		1,060,000		1,060,000
				127,226,792
Colorado—1.59%
Aurora Water Improvement Revenue (JP Morgan PUTTERs, Series 2010) (AMBAC Insured), 0.080%, VRD3,4		16,555,000		16,555,000
Colorado Educational & Cultural Facilities Authority Revenue (National Jewish Federation Board Program), Series C-7, 0.070%, VRD		4,765,000		4,765,000
Colorado Health Facilities Authority Revenue Refunding (The Evangelical), 0.070%, VRD		830,000		830,000
Denver City & County Certificates of Participation Refunding, Series A1, 0.070%, VRD		13,180,000		13,180,000

32

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Colorado—(concluded)
Series A2, 0.070%, VRD		$7,030,000		$7,030,000
Series A3, 0.070%, VRD		9,445,000		9,445,000
				51,805,000
Connecticut—0.56%
Connecticut State Health & Educational Facilities Authority Revenue (Yale University), Series V-1, 0.040%, VRD		10,050,000		10,050,000
Hartford General Obligation Bond Anticipation Notes, 2.000%, due 04/10/14		8,000,000		8,106,358
				18,156,358
District of Columbia—1.28%
District of Columbia Revenue (German Marshall Fund of United States), 0.060%, VRD		8,000,000		8,000,000
District of Columbia Tax & Revenue Anticipation Notes, 2.000%, due 09/30/13		25,000,000		25,112,522
District of Columbia University Revenue Refunding (Georgetown University), Series B, 0.050%, VRD		2,000,000		2,000,000
Metropolitan Washington, D.C. Airport Authority Airport System Revenue Subseries D-2, 0.070%, VRD		6,500,000		6,500,000
				41,612,522
Florida—4.05%
Florida State Board of Education (Public Education Capital Outlay Bonds), Series E (Bank of America Austin Certificates, Series 2008-1059), 0.050%, VRD3,4		8,335,000		8,335,000
Hillsborough County School Board Certificates of Participation (Master Lease Program), Series C, 0.050%, VRD		41,200,000		41,200,000
JEA Water & Sewer System Revenue, Subseries B-1, 0.070%, VRD		15,540,000		15,540,000

33

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Florida—(concluded)
Orange County Health Facilities Authority Revenue (Hospital-Orlando Regional), Series E, 0.080%, VRD		$4,500,000		$4,500,000
Orange County Housing Finance Authority Housing Revenue Refunding (Highland Pointe Apartments), Series J (FNMA Insured), 0.060%, VRD		7,455,000		7,455,000
Orange County School Board Certificates of Participation, Series E, 0.050%, VRD		23,145,000		23,145,000
Pinellas County Health Facilities Authority Revenue (Health System BayCare Health), Series A1, 0.050%, VRD		8,505,000		8,505,000
Polk County Industrial Development Authority Health Care Facilities Revenue Refunding (Winter Haven Hospital), Series B, 0.060%, VRD		13,750,000		13,750,000
Series C, 0.060%, VRD		9,790,000		9,790,000
				132,220,000
Georgia—2.89%
Cobb County Tax Anticipation Notes, 1.500%, due 11/29/13		41,000,000		41,224,523
Fulton Country Tax Anticipation Notes, 2.000%, due 12/31/13		15,000,000		15,136,892
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue, Series B, 0.070%, VRD		10,000,000		10,000,000
Private Colleges & Universities Authority Revenue (Emory University), Series B-1, 0.060%, VRD		9,400,000		9,400,000
Series B-2, 0.060%, VRD		8,500,000		8,500,000
Series C-4, 0.060%, VRD		9,925,000		9,925,000
				94,186,415

34

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Idaho—0.44%
Idaho Tax Anticipation Notes, 2.000%, due 06/30/142		$14,000,000		$14,252,140
Illinois—10.28%
City of Chicago (Neighborhoods Alive 21), Series B, 0.060%, VRD		32,535,000		32,535,000
City of Chicago, Series D-1, 0.070%, VRD		12,180,000		12,180,000
Chicago Sales Tax Revenue Refunding 0.070%, VRD		45,235,000		45,235,000
Chicago Sales Tax Revenue Refunding, Series D-2, 0.070%, VRD		26,700,000		26,700,000
Chicago Waterworks Revenue (Second Lien), Subseries 2000-1, 0.060%, VRD		29,600,000		29,600,000
Subseries 2000-2, 0.060%, VRD		27,150,000		27,150,000
Cook County School District No. 036 Winnetka (Morgan Stanley Floater Certificates), Series 1919, 0.060%, VRD3,4		9,830,000		9,830,000
Illinois Development Finance Authority Revenue (Chicago Symphony Orchestra), 0.070%, VRD		17,200,000		17,200,000
Illinois Development Finance Authority Revenue (Francis W. Parker School Project), 0.080%, VRD		19,600,000		19,600,000
Illinois Development Finance Authority Revenue (Lyric Opera Chicago Project), 0.070%, VRD		17,000,000		17,000,000
Illinois Finance Authority Revenue (Methodist Medical Center), Series B, 0.070%, VRD		4,000,000		4,000,000
Illinois Finance Authority Revenue (Rehabilitation Institute of Chicago), Series C, 0.070%, VRD		8,740,000		8,740,000
Illinois Finance Authority Revenue (Rush University Medical Center), Series A, 0.070%, VRD		9,700,000		9,700,000
Illinois Finance Authority Revenue (Steppenwolf Theatre Co., Project), 0.070%, VRD		5,675,000		5,675,000

35

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Illinois—(concluded)
Illinois Finance Authority Revenue (University of Chicago), Series B, 0.060%, VRD		$9,068,000		$9,068,000
Illinois Finance Authority Revenue (Wesleyan University), 0.070%, VRD		7,535,000		7,535,000
Illinois Finance Authority Revenue Refunding (Hospital Sisters Services, Inc.), 0.070%, VRD		8,345,000		8,345,000
Illinois Finance Authority Revenue Refunding (Swedish Covenant), Series A, 0.060%, VRD		25,000,000		25,000,000
Illinois Finance Authority Revenue Refunding (University of Chicago), Series C, 0.060%, VRD		7,684,000		7,684,000
Lombard Revenue (National University Health Sciences Project), 0.070%, VRD		6,825,000		6,825,000
South Suburban Joint Action Water Agency Revenue, 0.110%, VRD		5,550,000		5,550,000
				335,152,000
Indiana—1.19%
Indiana Development Finance Authority Revenue (Educational Facilities-Culver Educational), 0.060%, VRD		8,300,000		8,300,000
Indiana Finance Authority Environmental Revenue Refunding (Duke Energy, Inc. Project), Series A-4, 0.040%, VRD		3,700,000		3,700,000
Series A-5, 0.040%, VRD		5,080,000		5,080,000
Indiana Finance Authority Hospital Revenue (Indiana University Health, Inc.), Series D, 0.060%, VRD		3,280,000		3,280,000
Indiana Finance Authority Revenue (Ascension Health Senior Credit Group), Series E-4, 0.060%, VRD		6,000,000		6,000,000
Lawrenceburg Pollution Control Revenue Refunding (Indiana Michigan Power Co. Project), Series H, 0.060%, VRD		4,000,000		4,000,000

36

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Indiana—(concluded)
Marshall County Economic Development Revenue (Culver Educational Foundation Project), 0.060%, VRD		$8,300,000		$8,300,000
				38,660,000
Kansas—1.02%
Kansas State Department of Transportation Highway Revenue Refunding, Series B-1, 0.050%, VRD		6,500,000		6,500,000
Series B-2, 0.050%, VRD		9,730,000		9,730,000
Series B-3, 0.050%, VRD		6,200,000		6,200,000
Mission Multi-Family Revenue Refunding (Housing Silverwood Apartment Project) (FNMA Insured), 0.090%, VRD		11,000,000		11,000,000
				33,430,000
Kentucky—2.13%
Boone County Pollution Control Revenue Refunding (Duke Energy, Inc.), 0.060%, VRD		5,500,000		5,500,000
Boyle County Hospital Revenue (Ephraim McDowell Health Project), 0.060%, VRD		6,695,000		6,695,000
Breckinridge County Lease Program Revenue (Kentucky Association Leasing Trust), Series A, 0.060%, VRD		10,855,000		10,855,000
Christian County Association of Leasing Trust Lease Program, Series A, 0.060%, VRD		7,695,000		7,695,000
Series B, 0.060%, VRD		21,965,000		21,965,000
Jeffersontown Lease Program Revenue (Kentucky League of Cities Funding Trust), 0.050%, VRD		3,315,000		3,315,000
Shelby County Lease Revenue, Series A, 0.060%, VRD		50,000		50,000

37

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Kentucky—(concluded)
Trimble County Association of Counties Leasing Trust Lease Program Revenue, Series A, 0.060%, VRD		$11,400,000		$11,400,000
Williamstown League of Cities Funding Trust Lease Revenue, Series B, 0.060%, VRD		1,970,000		1,970,000
				69,445,000
Louisiana—0.14%
East Baton Rouge Parish Industrial Development Board, Inc. Revenue (ExxonMobil Project), Series A, 0.050%, VRD		2,000,000		2,000,000
Louisiana Public Facilities Authority Revenue Refunding (Christus Health), Series B2, 0.050%, VRD		2,500,000		2,500,000
				4,500,000
Maryland—2.51%
Maryland Capital Improvement Bond, Series A, 5.250%, due 02/15/14		10,000,000		10,316,260
Maryland Economic Development Corp. Revenue (Howard Hughes Medical Institute), Series A, 0.060%, VRD		6,155,000		6,155,000
Maryland State Health & Higher Educational Facilities Authority Revenue (DeMatha Catholic High School), 0.060%, VRD		8,605,000		8,605,000
Montgomery County Housing Development Corp. Opportunities Commission Multi-Family Revenue, 0.050%, VRD		2,965,000		2,965,000
Montgomery County Housing Opportunities Commission Multi-Family Revenue, (Canterbury Apartments), Series A, (FNMA Insured), 0.070%, VRD		4,500,000		4,500,000
Washington Suburban Sanitation District Bond Anticipation Notes, Series A, 0.080%, VRD		21,955,000		21,955,000
Series A-7, 0.080%, VRD		22,800,000		22,800,000

38

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Maryland—(concluded)
Series A-9, 0.070%, VRD		$4,650,000		$4,650,000
				81,946,260
Massachusetts—0.53%
Massachusetts Development Finance Agency Revenue Refunding (Higher Education Smith College), 0.060%, VRD		13,279,000		13,279,000
Massachusetts Health & Educational Facilities Authority Revenue (Partners Healthcare System), Series F3, 0.040%, VRD		3,990,000		3,990,000
				17,269,000
Michigan—1.29%
Green Lake Township Economic Development Corp. Revenue Refunding (Interlochen Center Project), 0.060%, VRD		2,800,000		2,800,000
Michigan State Finance Authority Revenue (Unemployment Obligation Assessment), Series C, 0.070%, VRD		11,395,000		11,395,000
Michigan State Hospital Finance Authority Revenue (Trinity Health Credit), Series F, 0.040%, VRD		4,675,000		4,675,000
Michigan State Housing Development Authority, Series B, 0.080%, VRD1		13,100,000		13,100,000
Series D, 0.070%, VRD		5,300,000		5,300,000
Michigan State Strategic Fund Limited Obligation Revenue (Greenpath, Inc., Project), Series A, 0.070%, VRD		4,850,000		4,850,000
				42,120,000
Minnesota—0.85%
Minnesota State General Obligation Refunding, Series F, 4.000%, due 08/01/13		3,600,000		3,611,644
Rochester Health Care Facilities Revenue (Mayo Clinic), Series A, 0.050%, VRD		10,225,000		10,225,000
Series B, 0.050%, VRD		13,800,000		13,800,000
				27,636,644

39

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Mississippi—3.08%
Mississippi Business Finance Corp. Gulf Opportunity Zone (Chevron USA, Inc. Project), Series A, 0.050%, VRD		$15,900,000		$15,900,000
Series C, 0.050%, VRD		20,745,000		20,745,000
Series D, 0.050%, VRD		4,400,000		4,400,000
Series G, 0.050%, VRD		31,730,000		31,730,000
Series J, 0.060%, VRD		5,000,000		5,000,000
Mississippi Development Bank Special Obligation (Jackson County Industrial Water System Project), 0.050%, VRD		22,500,000		22,500,000
				100,275,000
Missouri—2.28%
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (Ascension Healthcare), Series C-1, 0.060%, VRD		7,000,000		7,000,000
Series C-5 0.070%, VRD		30,300,000		30,300,000
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (Washington University), Series A, 0.050%, VRD		5,900,000		5,900,000
Series C, 0.050%, VRD		15,700,000		15,700,000
Series D, 0.050%, VRD		5,500,000		5,500,000
Missouri Health & Educational Facilities Authority Health Facilities Revenue (SSM Health Care), Series E, 0.040%, VRD		10,000,000		10,000,000
				74,400,000

40

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Nebraska—0.29%
Douglas County Hospital Authority No. 002 Revenue Refunding (Health Facilities for Children), Series A, 0.080%, VRD		$9,500,000		$9,500,000
Nevada—0.19%
City of Las Vegas, Series C, 0.070%, VRD		6,060,000		6,060,000
New Hampshire—0.42%
New Hampshire Health & Education Facilities Authority Revenue (Barclays Capital Municipal Trust Receipts Series 7WJ), 0.080%, VRD3,4		8,825,000		8,825,000
New Hampshire Health & Education Facilities Authority Revenue (River College), 0.080%, VRD		4,880,000		4,880,000
				13,705,000
New Jersey—2.46%
Burlington County Bridge Community Revenue (Lutheran Home Project), Series A, 0.050%, VRD		2,020,000		2,020,000
Camden County Improvement Authority Revenue (Senior Redevelopment–Harvest Village Project), Series A, 0.070%, VRD		6,220,000		6,220,000
New Jersey Building Authority Building Revenue, Subseries A-1, 0.050%, VRD		3,100,000		3,100,000
Subseries A-4, 0.050%, VRD		2,140,000		2,140,000
New Jersey Economic Development Authority Economic Development Revenue (Diocese of Metuchen Project), 0.140%, VRD		6,100,000		6,100,000
New Jersey Economic Development Authority Natural Gas Facilities Revenue (South Jersey), 0.090%, VRD1		3,200,000		3,200,000
New Jersey Economic Development Authority Revenue (Bancroft Neurohealth Project), 0.050%, VRD		2,985,000		2,985,000

41

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New Jersey—(concluded)
New Jersey Economic Development Authority Revenue (Hun School Princeton Project), 0.060%, VRD		$1,425,000		$1,425,000
New Jersey Economic Development Authority Revenue (Peddie School Project), 0.070%, VRD		4,800,000		4,800,000
New Jersey Economic Development Authority Revenue Refunding (Cranes Mill Project), Series B, 0.050%, VRD		3,985,000		3,985,000
New Jersey Educational Facilities Authority Revenue (Centenary College), Series A, 0.050%, VRD		3,040,000		3,040,000
New Jersey Health Care Facilities Financing Authority Revenue (Recovery Management System, Inc.), 0.050%, VRD		1,075,000		1,075,000
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University), 0.030%, VRD		4,155,000		4,155,000
New Jersey Health Care Facilities Financing Authority Revenue (Somerset Medical Center), 0.050%, VRD		5,805,000		5,805,000
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health), Series A-7, 0.030%, VRD		1,300,000		1,300,000
Series D, 0.050%, VRD		21,100,000		21,100,000
New Jersey Health Care Facilities Financing Authority Revenue, Series A-3, 0.050%, VRD		2,155,000		2,155,000
Rutgers State University Revenue, Series G, 0.040%, VRD		5,635,000		5,635,000
				80,240,000
New Mexico—0.12%
New Mexico Finance Authority Transportation Revenue Refunding (Sub Lien), Subseries B-1, 0.040%, VRD		4,000,000		4,000,000

42

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York—10.60%
Albany County Bond Anticipation Notes, 1.250%, due 07/03/142		$7,000,000		$7,070,840
Long Island Power Authority, Series D, 0.030%, VRD		6,590,000		6,590,000
Metropolitan Transportation Authority Revenue, Subseries E-3, 0.040%, VRD		21,000,000		21,000,000
New York City Health & Hospital Corp. Revenue (Health Systems), Series C, 0.050%, VRD		7,000,000		7,000,000
New York City Housing Development Corp. Multi-Family Rental Housing Revenue (Royal Properties), Series A, (FNMA Insured), 0.050%, VRD		9,000,000		9,000,000
New York City Housing Development Corp. Multi-Family Revenue Mortgage (Marseilles Apartments), Series A, 0.080%, VRD		2,070,000		2,070,000
New York City Housing Development Corp. Multi-Family Revenue (The Crest), Series A, 0.090%, VRD		20,900,000		20,900,000
New York City Industrial Development Agency Civic Facility Revenue (Lycee Francais de New York Project), Series B, 0.050%, VRD		12,500,000		12,500,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue (Second General Fiscal 2008), Series BB-1, 0.030%, VRD		18,500,000		18,500,000
Series BB-2, 0.080%, VRD		10,000,000		10,000,000
Series BB-5, 0.030%, VRD		19,700,000		19,700,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue, Second Generation Resolution, Series A, 0.040%, VRD		1,200,000		1,200,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue, Series C, 0.060%, VRD		1,700,000		1,700,000

43

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York—(continued)
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue, (Second General), Series DD-2, 0.030%, VRD		$7,500,000		$7,500,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue, Subseries F1A, 0.030%, VRD		23,720,000		23,720,000
New York City, Series F, Subseries F-3, 0.080%, VRD		25,000,000		25,000,000
Subseries B-3, 0.050%, VRD		2,045,000		2,045,000
Subseries G-4, 0.040%, VRD		20,500,000		20,500,000
Subseries G-7, 0.030%, VRD		12,350,000		12,350,000
Subseries L-4, 0.040%, VRD		6,700,000		6,700,000
Subseries L-6, 0.030%, VRD		40,765,000		40,765,000
New York City Transitional Finance Authority Future Tax Secured Revenue, Subseries A-4, 0.030%, VRD		2,000,000		2,000,000
New York City Trust for Cultural Resources Revenue Refunding (American Museum of Natural History), Series A1, 0.050%, VRD		1,000,000		1,000,000
New York State Dormitory Authority Revenue State Supported Debt (City University), Series D, 0.050%, VRD		4,600,000		4,600,000
New York State Dormitory Authority Revenue State Supported Debt (Cornell University), Series A, 0.050%, VRD		13,200,000		13,200,000
New York State Dormitory Authority Revenue State Supported Debt (New York Public Library), Series A, 0.050%, VRD		5,300,000		5,300,000

44

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York—(concluded)
New York State Housing Finance Agency Affordable Housing Revenue (Housing Bowery Place I), Series A, (FHLMC Insured), 0.060%, VRD		$2,300,000		$2,300,000
New York State Housing Finance Agency Revenue (20 River Terrace Housing), Series A (FNMA Insured), 0.060%, VRD		4,700,000		4,700,000
Tarrytowns Union Free School District Bond Anticipation Notes (School Building Improvements), 0.800%, due 08/09/13		10,840,000		10,846,231
Triborough Bridge & Tunnel Authority Revenue, Series B, 0.060%, VRD		8,400,000		8,400,000
Series B-2C, 0.040%, VRD		9,755,000		9,755,000
Series B-3, 0.040%, VRD		7,750,000		7,750,000
				345,662,071
North Carolina—3.99%
Charlotte Water & Sewer System Revenue Refunding, Series C, 0.070%, VRD		27,250,000		27,250,000
Charlotte-Mecklenburg Hospital Authority Health Care Systems Revenue Refunding (Carolinas Healthcare), Series H, 0.050%, VRD		53,680,000		53,680,000
Guilford County, Series B, 0.060%, VRD		3,345,000		3,345,000
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue (Wake Forest University), Series B, 0.050%, VRD		13,390,000		13,390,000
North Carolina Educational Facilities Finance Agency Revenue (Duke University Project), 0.040%, VRD		8,700,000		8,700,000
North Carolina Medical Care Commission Health Care Facilities Revenue (First Health Carolinas), Series A, 0.110%, VRD		15,810,000		15,810,000

45

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
North Carolina—(concluded)
University of North Carolina Hospital Chapel Hill Revenue, Series B, 0.080%, VRD		$7,905,000		$7,905,000
				130,080,000
Ohio—3.34%
Butler County Capital Funding Revenue (CCAO Low Cost Capital), Series A, 0.070%, VRD		5,655,000		5,655,000
Cleveland-Cuyahoga County Port Authority Revenue (Carnegie/89th Garage Project), 0.070%, VRD		12,820,000		12,820,000
Columbus Sewer Revenue, Series B, 0.040%, VRD		3,060,000		3,060,000
Ohio (Common Schools), Series A, 0.040%, VRD		3,860,000		3,860,000
Series B, 0.040%, VRD		3,240,000		3,240,000
0.050%, VRD		33,015,000		33,015,000
Series D, 0.050%, VRD		32,700,000		32,700,000
Ohio Educational Facilities Communication Revenue Hospital (JP Morgan Chase PUTTERs, Series 3139), 0.070%, VRD3,4		6,225,000		6,225,000
Ohio State University General Receipts, 0.050%, VRD		4,100,000		4,100,000
Series B, 0.040%, VRD		4,100,000		4,100,000
				108,775,000
Oregon—0.58%
Oregon Health & Science University Revenue, Series C, 0.050%, VRD		4,795,000		4,795,000
Oregon State Facilities Authority Revenue (Oregon Episcopal School Projects), Series A, 0.060%, VRD		8,395,000		8,395,000
Salem Hospital Facility Authority Revenue (Salem Hospital Project), Series B, 0.060%, VRD		5,600,000		5,600,000
				18,790,000

46

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Pennsylvania—3.08%
Allegheny County Higher Education Building Authority University Revenue Refunding (Carnegie Mellon University), 0.050%, VRD		$2,000,000		$2,000,000
Allegheny County Hospital Development Authority Revenue (University of Pittsburgh Medical Center), Series B-1, 0.060%, VRD		15,000,000		15,000,000
Series B-2, 0.060%, VRD		2,000,000		2,000,000
Allegheny County Industrial Development Authority Health Care Facility (Longwood Oakmount, Inc.) 0.050%, VRD		5,350,000		5,350,000
Allegheny County Industrial Development Authority Revenue (Watson Institute of Friendship), 0.070%, VRD		3,750,000		3,750,000
Delaware River Port Authority of Pennsylvania & New Jersey Revenue Refunding, Series B, 0.050%, VRD		2,450,000		2,450,000
Emmaus General Authority Revenue, Subseries H-19, 0.070%, VRD		5,000,000		5,000,000
Philadelphia Authority for Industrial Development Lease Revenue Refunding, Series B-3, 0.060%, VRD		4,000,000		4,000,000
Pittsburgh Water & Sewer Authority Water & Sewer Systems Revenue (1st Lien), Series B2, 0.060%, VRD		32,645,000		32,645,000
Saint Mary Hospital Authority Health System Revenue (Catholic East), Series B, 0.050%, VRD		3,000,000		3,000,000
University of Pittsburgh of the Commonwealth Systems of Higher Education Notes, 2.000%, due 07/02/13		13,000,000		13,000,637
Washington County Authority Revenue Refunding (University of Pennsylvania), 0.040%, VRD		8,985,000		8,985,000
Washington County Hospital Authority Revenue (Monongahela Valley Hospital Project), Series B, 0.070%, VRD		3,395,000		3,395,000
				100,575,637

47

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Rhode Island—0.41%
Rhode Island Health & Educational Building Corp. Higher Educational Facilities Revenue Refunding (New England Institute of Technology), 0.060%, VRD		$4,470,000		$4,470,000
Rhode Island Industrial Facilities Corp. Marine Terminal Revenue Refunding (ExxonMobil Project), 0.030%, VRD		8,800,000		8,800,000
				13,270,000
South Carolina—1.55%
Charleston County School District Bonds Anticipation Notes, Series A (SCSDE Insured), 2.000%, due 11/15/13		18,300,000		18,425,223
Piedmont Municipal Power Agency Electric Revenue Refunding, Series B, 0.060%, VRD		9,000,000		9,000,000
South Carolina Jobs-Economic Development Authority Hospital Revenue Refunding (Anmed Health), Series C, 0.070%, VRD		4,980,000		4,980,000
Series D, 0.070%, VRD		5,000,000		5,000,000
South Carolina Public Service Authority Revenue (JP Morgan PUTTERs, Series 2019) (AMBAC Insured), 0.080%, VRD3,4		13,030,000		13,030,000
				50,435,223
South Dakota—0.40%
South Dakota Health & Educational Facilities Authority Revenue (Regional Health), 0.080%, VRD		12,965,000		12,965,000
Tennessee—1.14%
Blount County Public Building Authority (Local Government Public Improvement), Series E-9-A, 0.070%, VRD		3,970,000		3,970,000
Memphis Health Educational & Housing Facility Board Multi-Family Housing Revenue (Ashland Lakes II Apartments Project), Series A, 0.080%, VRD		11,500,000		11,500,000

48

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Tennessee—(concluded)
Shelby County Public Improvement and School, Series B, 0.050%, VRD		$21,780,000		$21,780,000
				37,250,000
Texas—12.27%
Alamo Community College District (Citigroup ROCS, Series RR-II-R-883WF) (FGIC Insured), 0.050%, VRD3,4		7,595,000		7,595,000
Harris County Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital), Subseries C-1, 0.050%, VRD		24,000,000		24,000,000
Subseries C-2, 0.050%, VRD		22,585,000		22,585,000
Harris County Health Facilities Development Corp. Revenue Refunding (Methodist Hospital Systems), Series A-1, 0.050%, VRD		28,900,000		28,900,000
Series A-2, 0.050%, VRD		21,755,000		21,755,000
Harris County Hospital District Revenue Refunding (Senior Lien), 0.060%, VRD		8,630,000		8,630,000
Houston Airport System Revenue Refunding (Sub Lien), 0.070%, VRD		5,000,000		5,000,000
Houston Higher Education Finance Corp. Higher Education Revenue (Rice University Project), Series B, 0.050%, VRD		8,500,000		8,500,000
Houston Tax and Revenue Anticipation Notes, 1.500%, due 06/30/142		12,000,000		12,157,200
2.000%, due 06/30/142		2,000,000		2,036,120
Laredo (Morgan Stanley Floater Certificates), Series 2065 (NATL-RE Insured), 0.060%, VRD3,4		17,945,000		17,945,000
Lower Neches Valley Authority Industrial Development Corp. Revenue (ExxonMobil Project), 0.030%, VRD		47,205,000		47,205,000
Series A, 0.030%, VRD		17,000,000		17,000,000

49

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Texas—(concluded)
North East Independent School District (Citigroup Eagle Class A Certificates 20070123) (PSF-GTD), 0.060%, VRD3,4		$8,935,000		$8,935,000
Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor Healthcare System Project) Series C, 0.050%, VRD		2,600,000		2,600,000
Tarrant County Cultural Education Facilities Finance Corp. Revenue (Texas Health Resources), Series A, 0.050%, VRD		8,700,000		8,700,000
Series B, 0.050%, VRD		18,100,000		18,100,000
Texas State (Veteran Housing Assistance Fund II), 0.060%, VRD		11,465,000		11,465,000
Texas State (Veterans), Series A, 0.060%, VRD		2,495,000		2,495,000
Series C, 0.060%, VRD		15,000,000		15,000,000
Texas Tax & Revenue Anticipation Notes, Series A, 2.500%, due 08/30/13		60,000,000		60,223,956
University of Texas Permanent University (Funding System), Series A, 0.020%, VRD		14,400,000		14,400,000
University of Texas University Revenues (Financing Systems), 0.020%, VRD		14,830,000		14,830,000
University of Texas University Revenues Refunding (Financing System), Series B, 0.030%, VRD		20,000,000		20,000,000
				400,057,276
Utah—1.23%
Murray City Hospital Revenue (IHC Health Services, Inc.), Series C, 0.060%, VRD		2,165,000		2,165,000
Series D, 0.050%, VRD		8,440,000		8,440,000

50

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Utah—(concluded)
Utah Transit Authority Sales Tax Revenue, Subseries A, 0.040%, VRD		$17,100,000		$17,100,000
Utah Transportation Authority Sales Tax Revenue, Subseries B, 0.040%, VRD		12,575,000		12,575,000
				40,280,000
Vermont—0.36%
Winooski Special Obligation Refunding, Series A, 0.030%, VRD		11,740,000		11,740,000
Virginia—1.35%
Fairfax County Economic Development Authority Revenue (Smithsonian Institution), Series A, 0.070%, VRD		15,000,000		15,000,000
Hanover County Economic Development Authority Revenue Refunding (Bon Secours Health), Series D-2, 0.060%, VRD		8,415,000		8,415,000
Virginia Small Business Financing Authority Hospital Revenue (Carilion Clinic Obligation), Series B, 0.050%, VRD		20,500,000		20,500,000
				43,915,000
Washington—2.07%
Central Puget Sound Regional Transportation Authority Sales & Use Tax Revenue (JP Morgan PUTTERs, Series 2643Z), 0.070%, VRD3,4		5,000,000		5,000,000
King County Sewer Revenue (Junior Lien), Series A, 0.070%, VRD		23,000,000		23,000,000
Series B, 0.070%, VRD		21,950,000		21,950,000
Washington Higher Education Facilities Authority Revenue Refunding (St. Martins University Project), 0.060%, VRD		8,270,000		8,270,000
Washington Housing Finance Commission Nonprofit Revenue (YMCA Tacoma-Pierce County Project), 0.060%, VRD		9,390,000		9,390,000
				67,610,000

51

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(concluded)
West Virginia—0.22%
West Virginia Economic Development Authority Pollution Control Revenue Refunding (Ohio Power Co.–Kammer), Series B, 0.050%, VRD		$7,100,000		$7,100,000
Wisconsin—0.53%
Wisconsin Health & Educational Facilities Authority Revenue (Wheaton Franciscan Services), Series B, 0.060%, VRD		9,260,000		9,260,000
Wisconsin Health & Educational Facilities Authority Revenue (Wheaton Franciscan System), 0.060%, VRD		7,970,000		7,970,000
				17,230,000
Total municipal bonds and notes (cost—$2,851,903,338)				2,851,903,338
Tax-exempt commercial paper—14.13%
California—0.25%
California State Health Facilities Financing (Stanford Hospital), Series B-2, Subseries 1, 0.150%, due 07/16/13		8,000,000		8,000,000
Connecticut—1.78%
Yale University, 0.110%, due 08/05/13		17,775,000		17,775,000
0.120%, due 08/07/13		11,100,000		11,100,000
0.110%, due 08/08/13		14,060,000		14,060,000
0.110%, due 08/09/13		15,000,000		15,000,000
				57,935,000
Georgia—0.31%
Emory University, 0.120%, due 07/17/13		9,965,000		9,965,000
Illinois—0.55%
Illinois Educational Facilities Authority Revenue, 0.130%, due 08/05/13		17,853,000		17,853,000
Kentucky—1.53%
Pendleton County Multi-County Lease Revenue (Associated Counties Leasing Program), 0.260%, due 07/17/13		50,000,000		50,000,000

52

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Tax-exempt commercial paper—(continued)
Maryland—1.80%
Johns Hopkins University, 0.150%, due 08/06/13		$10,000,000		$10,000,000
0.160%, due 08/19/13		16,000,000		16,000,000
Montgomery County, 0.110%, due 07/15/13		30,000,000		30,000,000
0.120%, due 07/18/13		2,700,000		2,700,000
				58,700,000
Michigan—0.38%
University of Michigan, 0.100%, due 07/08/13		1,000,000		1,000,000
0.110%, due 07/08/13		11,500,000		11,500,000
				12,500,000
Minnesota—1.97%
Mayo Clinic, 0.170%, due 07/31/13		16,900,000		16,900,000
0.150%, due 08/15/13		30,000,000		30,000,000
University of Minnesota, 0.140%, due 07/01/13		3,500,000		3,500,000
0.110%, due 08/06/13		14,000,000		14,000,000
				64,400,000
Missouri—0.58%
Curators University, 0.170%, due 07/02/13		4,000,000		4,000,000
0.110%, due 07/15/13		15,000,000		15,000,000
				19,000,000
New York—0.46%
Metropolitan Transportation Authority, 0.140%, due 09/05/13		11,500,000		11,500,000
New York State Power Authority, 0.120%, due 08/07/13		3,500,000		3,500,000
				15,000,000
Ohio—0.31%
Cleveland Clinic, 0.160%, due 07/03/13		10,000,000		10,000,000

53

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Tax-exempt commercial paper—(concluded)
Tennessee—0.80%
Vanderbilt University, 0.230%, due 09/03/13		$12,000,000		$12,000,000
0.200%, due 10/03/13		14,205,000		14,205,000
				26,205,000
Texas—2.64%
Dallas Area Rapid Transit, 0.140%, due 08/15/13		6,000,000		6,000,000
Methodist Hospital, 0.220%, due 08/05/13		8,000,000		8,000,000
0.130%, due 08/06/13		29,360,000		29,360,000
University of Texas, 0.110%, due 08/06/13		11,000,000		11,000,000
0.150%, due 08/06/13		10,000,000		10,000,000
0.150%, due 08/07/13		21,650,000		21,650,000
				86,010,000
Virginia—0.31%
University of Virginia, 0.150%, due 08/05/13		10,000,000		10,000,000
Washington—0.46%
University of Washington, 0.160%, due 10/03/13		15,000,000		15,000,000
Total tax-exempt commercial paper (cost—$460,568,000)				460,568,000
Total investments (cost—$3,312,471,338 which approximates cost for federal income tax purposes)—101.61%				3,312,471,338
Liabilities in excess of other assets—(1.61)%				(52,414,380)
Net assets (applicable to 3,260,792,197 shares of common stock outstanding equivalent to $1.00 per share)—100.00%				$3,260,056,958

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 73.

54

UBS RMA Tax-Free Fund Inc.

Statement of net assets—June 30, 2013

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the Fund’s investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds and notes		$—		$2,851,903,338		$—		$2,851,903,338
Tax-exempt commercial paper		—		460,568,000		—		460,568,000
Total		$—		$3,312,471,338		$—		$3,312,471,338

At June 30, 2013, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

¹ Security subject to Alternative Minimum Tax.

² Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

³ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 3.14% of net assets as of June 30, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴ The Fund does not directly own the municipal security indicated; the Fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the Fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).

See accompanying notes to financial statements

55

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—93.03%
California Educational Facilities Authority Revenue (California Institute of Technology), Series B, 0.050%, VRD		$10,750,000		$10,750,000
California Educational Facilities Authority Revenue (University of Southern California), Series A (Barclays Capital Municipal Trust Receipts Series 11B), 0.060%, VRD1,2		5,200,000		5,200,000
California Educational Facilities Authority Revenue (Wells Fargo Stage Trust Floater Certificates), Series 42C, 0.060%, VRD1,2		10,065,000		10,065,000
California Educational Facilities Authority Revenue Refunding (Stanford University), Series L-5, 0.050%, VRD		6,900,000		6,900,000
Series L-6, 0.050%, VRD		11,700,000		11,700,000
California Health Facilities Financing Authority Revenue (Adventist Health Systems), Series A, 0.040%, VRD		3,000,000		3,000,000
Series B, 0.040%, VRD		11,200,000		11,200,000
California Health Facilities Financing Authority Revenue (Catholic Healthcare), Series C, 0.050%, VRD		6,000,000		6,000,000
California Health Facilities Financing Authority Revenue (Scripps Health), Series B, 0.050%, VRD		19,225,000		19,225,000
Series C, 0.050%, VRD		18,700,000		18,700,000
California Health Facilities Financing Authority Revenue (St. Joseph Health Systems), Series B, 0.030%, VRD		3,200,000		3,200,000
Series C, 0.030%, VRD		34,565,000		34,565,000
California Health Facilities Financing Authority Revenue Refunding (Stanford Hospital), Series B-1, 0.060%, VRD		19,600,000		19,600,000

56

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
California Housing Finance Agency Revenue (Home Mortgage), Series H, 0.060%, VRD3		$7,200,000		$7,200,000
California Infrastructure & Economic Development Bank Revenue (California Academy), Series E, 0.040%, VRD		7,050,000		7,050,000
California Infrastructure & Economic Development Bank Revenue (JSerra Catholic High School Project), Series A, 0.030%, VRD		2,570,000		2,570,000
Series B, 0.030%, VRD		9,960,000		9,960,000
California Infrastructure & Economic Development Bank Revenue Refunding (Los Angeles County Museum of Natural History Foundation), Series B, 0.040%, VRD		6,165,000		6,165,000
California Municipal Finance Authority Revenue (Chevron USA—Recovery Zone Bonds), Series B, 0.010%, VRD		14,150,000		14,150,000
California State, Series A, Subseries A1-2, 0.040%, VRD		10,500,000		10,500,000
Series B1, 0.030%, VRD		2,400,000		2,400,000
Series B2, 0.050%, VRD		11,130,000		11,130,000
Series B3, 0.030%, VRD		1,200,000		1,200,000
California State Kindergarten, Series A1, 0.030%, VRD		2,200,000		2,200,000
Series A5, 0.030%, VRD		8,300,000		8,300,000
California State Economic Recovery, Series C-1, 0.040%, VRD		36,500,000		36,500,000
Series C-2, 0.030%, VRD		1,565,000		1,565,000
Series C-4, 0.040%, VRD		10,375,000		10,375,000

57

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
California State Enterprise Development Authority Revenue (Robert Louis Stevenson School), 0.050%, VRD		$7,650,000		$7,650,000
California Statewide Communities Development Authority (Robert Louis Stevenson), 0.050%, VRD		6,000,000		6,000,000
California Statewide Communities Development Authority Multi-Family Housing Revenue (Ridgeway Apartments), Series K (FHLMC Insured), 0.060%, VRD		6,935,000		6,935,000
California Statewide Communities Development Authority Multi-Family Revenue Refunding (Foxwoods Apartments), Series J, 0.100%, VRD		4,150,000		4,150,000
California Statewide Communities Development Authority Revenue (Health Facilities Community Hospital of Monterey Peninsula), Series B, 0.060%, VRD		3,600,000		3,600,000
California Statewide Communities Development Authority Revenue (John Muir Health), Series C, 0.030%, VRD		3,100,000		3,100,000
California Statewide Communities Development Authority Revenue (Painte Turtle), 0.030%, VRD		3,000,000		3,000,000
California Statewide Communities Development Authority Revenue (University of San Diego), 0.060%, VRD		545,000		545,000
Antelope Valley-East Kern Water Agency, Series A-2, 0.030%, VRD		14,640,000		14,640,000
Bay Area Toll Authority Toll Bridge Revenue (Citigroup Eagle Class A Certificates 20080056), 0.070%, VRD1,2		4,730,000		4,730,000
Bay Area Toll Authority Toll Bridge Revenue (San Francisco Bay Area), Series F (Bank of America Austin Certificates, Series 2008-1058), 0.080%, VRD1,2		6,750,000		6,750,000
City of Los Angeles, Series A, 2.000%, due 02/27/144		8,000,000		8,092,240
Connecticut State Health & Educational Facilities Authority Revenue (Yale University), Series V-2, 0.040%, VRD		4,770,000		4,770,000

58

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Contra Costa County Multi-Family Housing Revenue Refunding (Delta Square Apartments Project), Series H, (FNMA Insured), 0.060%, VRD		$10,655,000		$10,655,000
Corona-Norca Unified School District 2.000%, due 12/31/13		3,600,000		3,631,903
County of Fresno, 1.250%, due 06/30/144		8,000,000		8,085,040
County of Los Angeles, Series B, 2.000%, due 06/30/144		13,000,000		13,235,430
County of Riverside, Series A, 2.000%, due 03/31/144		6,000,000		6,082,680
Elsinore Valley Municipal Water District Certificates of Participation Refunding, Series B, 0.110%, VRD		2,705,000		2,705,000
Harris County Health Facilities Development Corp. Revenue Refunding (Methodist Hospital Systems), Series A-1, 0.050%, VRD		8,000,000		8,000,000
Series A-2, 0.050%, VRD		3,200,000		3,200,000
Irvine Improvement Bond Act 1915 (Assessment District 87-8), 0.070%, VRD		15,523,000		15,523,000
Irvine Improvement Bond Act 1915 (Assessment District 97-16), 0.070%, VRD		8,018,000		8,018,000
Irvine Improvement Bond Act 1915 (Reassessment District No. 85-7), Series A, 0.070%, VRD		10,859,000		10,859,000
Irvine Ranch Water District 0.050%, VRD		8,600,000		8,600,000
Irvine Unified School District, Series A, 0.040%, VRD		15,040,000		15,040,000
Livermore Redevelopment Agency Multi-Family Revenue Refunding (Housing Livermore), Series A, (FNMA Insured), 0.050%, VRD		8,600,000		8,600,000
Los Angeles Wastewater Systems Revenue Refunding, Series A (Barclays Capital Municipal Trust Receipts Series 2W), 0.060%, VRD1,2		3,750,000		3,750,000

59

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Lower Neches Valley Authority Industrial Development Corp. Revenue (ExxonMobil Project), 0.030%, VRD		$9,700,000		$9,700,000
Manteca Redevelopment Agency Tax Allocation Refunding (Sub-Amended Merged Project), 0.070%, VRD		3,330,000		3,330,000
Martinez Multi-Family Housing Revenue Refunding (Muirwood Garden Apartments), Series A, (FNMA Insured), 0.060%, VRD		6,800,000		6,800,000
Metropolitan Water District of Southern California Waterworks Revenue Refunding, Series A-2, 0.050%, VRD		5,200,000		5,200,000
Metropolitan Water District Southern California Refunding (Special), Series A, 0.030%, VRD		7,905,000		7,905,000
Metropolitan Water District Southern California Waterworks Revenue (Citigroup Eagle Class A, Certificates 20070071), 0.070%, VRD1,2		15,000,000		15,000,000
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (Washington University), Series B, 0.050%, VRD		1,000,000		1,000,000
Modesto Water Revenue Certificates of Participation Refunding, Series A, 0.050%, VRD		9,875,000		9,875,000
New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College), Series A, 0.050%, VRD		2,120,000		2,120,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue (Second General Fiscal 2008), Series BB-1, 0.030%, VRD		7,000,000		7,000,000
New York City, Subseries G-4, 0.040%, VRD		12,900,000		12,900,000
Newport Beach Revenue Refunding (Hoag Memorial Hospital), Series E, 0.050%, VRD		12,310,000		12,310,000
Orange County Apartment Development Revenue Refunding (Villas La Paz), Series F, (FNMA Insured), 0.070%, VRD		14,230,000		14,230,000

60

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Orange County Apartment Development Revenue Refunding (WLCO LF Issue G), Series 3, (FNMA Insured), 0.050%, VRD		$6,300,000		$6,300,000
Orange County Sanitation District Certificates of Participation (JP Morgan PUTTERs, Series 2529Z), (AGM Insured), 0.090%, VRD1,2		1,075,000		1,075,000
Orange County Sanitation District Revenue, 2.000%, due 10/30/13		16,000,000		16,094,731
Orange County Water District Revenue Certificates of Participation, Series A, 0.070%, VRD		22,415,000		22,415,000
Roseville Joint Union High School District Tax and Revenue Anticipation Notes, 1.500%, due 09/24/13		10,000,000		10,025,033
Sacramento Municipal Utility District, Series L, 0.040%, VRD		4,000,000		4,000,000
San Bernardino County Multi-Family Revenue Refunding (Housing Evergreen Apartments), Series A, (FNMA Insured), 0.090%, VRD		16,600,000		16,600,000
San Bernardino County Multi-Family Revenue Refunding (Housing Mortgage—Mountain View), Series A, (FNMA Insured), 0.090%, VRD		3,650,000		3,650,000
San Diego County Regional Transportation Commission Sales Tax Revenue (Limited Tax), Series A, 0.050%, VRD		9,950,000		9,950,000
Series B, 0.040%, VRD		7,500,000		7,500,000
San Diego County School Districts, Series A, 2.000%, due 06/30/144		5,000,000		5,091,050
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding, Series A, 0.020%, VRD		10,080,000		10,080,000
Series B, 0.040%, VRD		26,725,000		26,725,000
Series C, 0.050%, VRD		8,655,000		8,655,000

61

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(concluded)
Sequoia Union High School District (JP Morgan PUTTERs, Series 2478Z) (AGM Insured), 0.090%, VRD1,2		$1,500,000		$1,500,000
Sequoia Union High School District (Morgan Stanley Floater Certificates), Series 2160 (AGM Insured), 0.210%, VRD1,2		4,110,000		4,110,000
State Center Community College District (JP Morgan PUTTERs, Series 1972) (AGM Insured), 0.070%, VRD1,2		3,675,000		3,675,000
University of Texas Permanent University (Funding System), Series A, 0.020%, VRD		65,000		65,000
West Covina Public Financing Authority Lease Revenue (Golf Course Project), Series B, 0.030%, VRD		3,920,000		3,920,000
West Covina Public Financing Authority Lease Revenue, Series A, 0.030%, VRD		4,270,000		4,270,000
Total municipal bonds and notes (cost—$764,388,107)				764,388,107
Tax-exempt commercial paper—11.87%
California Health Facilities Financing Authority Revenue Refunding (Stanford Hospital), Series B-2, Subseries 1, 0.150%, due 07/16/13		10,050,000		10,050,000
Series B-2, Subseries 2, 0.150%, due 12/04/13		8,000,000		8,000,000
Los Angeles County Capital Asset Lease, 0.180%, due 07/10/13		5,000,000		5,000,000
0.080%, due 08/08/13		5,400,000		5,400,000
Los Angeles County Department of Water & Power, 0.160%, due 08/07/13		5,000,000		5,000,000
0.120%, due 08/08/13		10,000,000		10,000,000
Los Angeles Wastewater, 0.170%, due 07/10/13		20,000,000		20,000,000
Sacramento Municipal Utility District, 0.140%, due 08/06/13		10,000,000		10,000,000
San Diego County, 0.130%, due 09/05/13		6,250,000		6,250,000

62

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Tax-exempt commercial paper—(concluded)
Santa Clara County Teeter Plan, 0.100%, due 08/15/13		$17,855,000		$17,855,000
Total tax-exempt commercial paper (cost—$97,555,000)				97,555,000
Total investments (cost—$861,943,107 which approximates cost for federal income tax purposes)—104.90%				861,943,107
Liabilities in excess of other assets—(4.90)%				(40,266,889)
Net assets (applicable to 822,089,342 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00%				$821,676,218

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 73.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the Fund’s investments:

	Unadjusted quoted prices in active markets for identical investments (Level  1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds and notes		$—		$764,388,107		$—		$764,388,107
Tax-exempt commercial paper		—		97,555,000		—		97,555,000
Total		$—		$861,943,107		$—		$861,943,107

At June 30, 2013, there were no transfers between Level 1 and Level 2.

63

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2013

Portfolio footnotes

¹  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 6.80% of net assets as of June 30, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

²  The Fund does not directly own the municipal security indicated; the Fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the Fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).

³  Security subject to Alternative Minimum Tax.

⁴  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

See accompanying notes to financial statements

64

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—91.36%
New York State Dormitory Authority Revenue (Columbia University), Series B, 0.050%, VRD		$6,100,000		$6,100,000
New York State Dormitory Authority Revenue (Rockefeller University), Series A, 0.050%, VRD		5,535,000		5,535,000
New York State Dormitory Authority Revenue (Wagner College), 0.050%, VRD		2,850,000		2,850,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Blythedale Childrens Hospital), 0.060%, VRD		8,305,000		8,305,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Catholic Health System), 0.060%, VRD		2,350,000		2,350,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Columbia University), Series A, 0.040%, VRD		4,500,000		4,500,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Local Secured), Series A, 0.110%, VRD		9,605,000		9,605,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Northern Westchester Association), 0.050%, VRD		2,785,000		2,785,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Rockefeller University), 0.060%, VRD		5,000,000		5,000,000
0.070%, VRD		900,000		900,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Senior Community, Inc.), 0.060%, VRD		2,800,000		2,800,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Wagner College), 0.050%, VRD		14,230,000		14,230,000
New York State Dormitory Authority Revenue State Supported Debt (City University), Series C, 0.060%, VRD		10,000,000		10,000,000
Series D, 0.050%, VRD		8,800,000		8,800,000

65

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York State Dormitory Authority Revenue State Supported Debt (Cornell University), Series A, 0.050%, VRD		$11,775,000		$11,775,000
New York State Dormitory Authority Revenue State Supported Debt (New York Public Library), Series A, 0.050%, VRD		1,500,000		1,500,000
New York State Dormitory Authority Revenue State Supported Debt (University of Rochester), Series B, 0.060%, VRD		12,995,000		12,995,000
New York State Dormitory Authority State Personal Income Tax Revenue General Purpose, Series D, 2.500%, due 08/15/13		8,000,000		8,022,652
New York State Dormitory Authority State Personal Income Tax Revenue, Series F, (JP Morgan PUTTERs, Series 3239), 0.070%, VRD1,2		3,600,000		3,600,000
New York State Environmental Facilities Corp. State Personal Income Tax Revenue (JP Morgan PUTTERs, Series 2666), 0.070%, VRD1,2		3,185,000		3,185,000
New York State Housing Finance Agency Affordable Housing Revenue (Housing Bowery Place I), Series A, (FHLMC Insured), 0.060%, VRD		7,100,000		7,100,000
New York State Housing Finance Agency Revenue (20 River Terrace Housing), Series A, (FNMA Insured), 0.060%, VRD		12,200,000		12,200,000
New York State Housing Finance Agency Revenue (316 11th Avenue Housing), Series A, (FNMA Insured), 0.060%, VRD		18,475,000		18,475,000
New York State Housing Finance Agency Revenue (Gotham West Housing), Series A-2, 0.030%, VRD		23,755,000		23,755,000
New York State Housing Finance Agency Revenue (Housing-Dock Street), Series A, 0.060%, VRD		6,000,000		6,000,000
New York State Housing Finance Agency Revenue (North End), Series A, (FNMA Insured), 0.060%, VRD		9,600,000		9,600,000

66

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York State Urban Development Corp. Revenue State Personal Income Tax, Series B, (Barclays Capital Municipal Trust Receipts, Series 6W), 0.070%, VRD1,2		$6,835,000		$6,835,000
Albany County Bond Anticipation Notes, 1.000%, due 07/03/143		7,000,000		7,053,410
Amherst Development Corp. Student Housing Facility Revenue (UBF Faculty-Student Housing Corp.), Series B, 0.110%, VRD		5,760,000		5,760,000
Buffalo Municipal Water Finance Authority Water Systems Revenue Refunding, 0.070%, VRD		2,290,000		2,290,000
Connecticut State Health & Educational Facilities Authority Revenue (Yale University), Series Y-2, 0.040%, VRD		2,800,000		2,800,000
Dutchess County Industrial Development Agency Civic Facilities Revenue (Marist College), 0.050%, VRD		4,500,000		4,500,000
0.080%, VRD		5,645,000		5,645,000
Dutchess County Industrial Development Agency Civic Facilities Revenue (Trinity-Pawling School Corp.), 0.080%, VRD		1,600,000		1,600,000
Erie County Industrial Development Agency Civic Facilities Revenue (Our Lady of Victory Corp.), Series A, 0.060%, VRD		9,025,000		9,025,000
Harris County Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital), Subseries C-1, 0.050%, VRD		4,500,000		4,500,000
Subseries C-2, 0.050%, VRD		10,500,000		10,500,000
Harris County Health Facilities Development Corp. Revenue Refunding (Methodist Hospital Systems), Series A-1, 0.050%, VRD		1,100,000		1,100,000
Kansas State Department of Transportation Highway Revenue Refunding, Series B-3, 0.050%, VRD		2,875,000		2,875,000
Livingston County Industrial Development Agency Civic Facilities Revenue Refunding (Red Jacket/Nicholas), Series A, 0.060%, VRD		1,643,000		1,643,000
Locust Valley Central School District 1.500%, due 06/20/14		5,000,000		5,061,876

67

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Long Island Power Authority (General), Series D, 0.030%, VRD		$6,500,000		$6,500,000
Long Island Power Authority, Series C, 0.060%, VRD		20,000,000		20,000,000
Lower Neches Valley Authority Industrial Development Corp. Revenue (ExxonMobil Project), Series A, 0.030%, VRD		4,500,000		4,500,000
Metropolitan Transportation Authority New York Dedicated Tax Fund, Subseries B-1, 0.050%, VRD		2,400,000		2,400,000
Metropolitan Transportation Authority Revenue, Subseries E-3, 0.040%, VRD		2,700,000		2,700,000
Monroe County Industrial Development Agency Civic Facility Revenue (Rochester Presbyterian Project), 0.060%, VRD		6,930,000		6,930,000
Nassau Health Care Corp. Revenue (Nassau County Guaranteed), Subseries B-2, 0.060%, VRD		1,300,000		1,300,000
Nassau Health Care Corp. Revenue, 0.050%, VRD		4,900,000		4,900,000
New York City Housing Development Corp. Multi-Family Mortgage Revenue (201 Pearl Street Development), Series A (FNMA Insured), 0.060%, VRD		5,000,000		5,000,000
New York City Housing Development Corp. Multi-Family Mortgage Revenue (Marseilles Apartments), Series A, 0.080%, VRD		9,655,000		9,655,000
New York City Housing Development Corp. Multi-Family Mortgage Revenue (The Crest), Series A, 0.090%, VRD		26,255,000		26,255,000
New York City Housing Development Corp. Multi-Family Rental Housing Revenue (2 Gold Street), Series A, (FNMA Insured), 0.060%, VRD		11,100,000		11,100,000
New York City Housing Development Corp. Multi-Family Rental Housing Revenue (Royal Properties), Series A, (FNMA Insured), 0.050%, VRD		3,200,000		3,200,000

68

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York City Industrial Development Agency Civic Facility Revenue (New York Psychotherapy), 0.120%, VRD		$2,660,000		$2,660,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue (Second General Fiscal 2008), Series BB-1, 0.030%, VRD		4,000,000		4,000,000
Series BB-5, 0.030%, VRD		10,560,000		10,560,000
New York City Municipal Water Finance Authority Water & Sewer Revenue (JP Morgan PUTTERs, Series 2559), 0.070%, VRD1,2		1,775,000		1,775,000
New York City Municipal Water Finance Authority Water & Sewer System Revenue, Series D (JP Morgan PUTTERs, Series 3240), 0.070%, VRD1,2		1,600,000		1,600,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue (Second General Resolution), 0.040%, VRD		6,100,000		6,100,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue (Second General), 0.030%, VRD		15,615,000		15,615,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue Series C, 0.060%, VRD		800,000		800,000
New York City Transitional Finance Authority Revenue (Future Tax Secured), Subseries A-4, 0.030%, VRD		21,900,000		21,900,000
New York City Trust for Cultural Resources Revenue (Lincoln Center of Arts), Series B-1, 0.050%, VRD		7,400,000		7,400,000
New York City Trust for Cultural Resources Revenue (Metropolitan Museum of Art), Series A1, 0.070%, VRD		11,900,000		11,900,000
New York City Trust for Cultural Resources Revenue (WNYC Radio, Inc.), 0.030%, VRD		5,165,000		5,165,000

69

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York City Trust for Cultural Resources Revenue Refunding (American Museum of Natural History), Series A1, 0.050%, VRD		$6,695,000		$6,695,000
Series A2, 0.060%, VRD		22,315,000		22,315,000
Series B-1, 0.050%, VRD		3,800,000		3,800,000
New York City, Subseries G-4, 0.040%, VRD		11,200,000		11,200,000
Subseries L-4, 0.040%, VRD		7,500,000		7,500,000
Subseries L-6, 0.030%, VRD		23,345,000		23,345,000
Ohio State University General Receipts, 0.050%, VRD		2,000,000		2,000,000
Onondaga County Industrial Development Agency Civic Facilities Revenue (Syracuse Home Association Project), 0.060%, VRD		5,765,000		5,765,000
Syracuse Industrial Development Agency Civic Facility Revenue (Syracuse University Project), Series A-2, 0.040%, VRD		2,500,000		2,500,000
Tarrytowns Union Free School District Bond Anticipation Notes (School Building Improvements), 0.800%, due 08/09/13		8,000,000		8,004,599
Texas State (Veteran Housing Assistance Fund II), 0.060%, VRD		2,500,000		2,500,000
Tompkins County Industrial Development Agency Revenue (Care Community Kendal Ithaca), Series B, 0.110%, VRD		3,445,000		3,445,000
Tompkins County Industrial Development Agency Revenue Civic Facilities (Cornell University), Series A, 0.050%, VRD		17,965,000		17,965,000
Triborough Bridge & Tunnel Authority Revenue, Series B-2C, 0.040%, VRD		11,875,000		11,875,000
Series B-3, 0.040%, VRD		20,125,000		20,125,000

70

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Municipal bonds and notes—(concluded)
University of Texas Permanent University (Funding System), Series A, 0.020%, VRD		$5,535,000		$5,535,000
Utah Transit Authority Sales Tax Revenue, Subseries B, 0.040%, VRD		1,400,000		1,400,000
Washington Health Care Facilities Authority Revenue (Multicare Health Systems), Series D, 0.050%, VRD		9,000,000		9,000,000
Total municipal bonds and notes (cost—$632,040,537)				632,040,537
Tax-exempt commercial paper—9.63%
New York State Dormitory Authority (Columbia University), 0.100%, due 08/05/13		5,385,000		5,385,000
New York State Power Authority, 0.100%, due 07/08/13		14,987,000		14,987,000
0.120%, due 08/07/13		11,500,000		11,500,000
0.120%, due 08/09/13		2,794,000		2,794,000
Metropolitan Transportation Authority, 0.090%, due 07/11/13		10,000,000		10,000,000
0.120%, due 07/18/13		16,000,000		16,000,000
0.140%, due 09/05/13		6,000,000		6,000,000
Total tax-exempt commercial paper (cost—$66,666,000)				66,666,000
Total investments (cost—$698,706,537 which approximates cost for federal income tax purposes)—100.99%				698,706,537
Liabilities in excess of other assets—(0.99)%				(6,866,208)
Net assets (applicable to 691,962,493 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00%				$691,840,329

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 73.

71

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2013

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the Fund’s investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds and notes		$—		$632,040,537		$—		$632,040,537
Tax-exempt commercial paper		—		66,666,000		—		66,666,000
Total		$—		$698,706,537		$—		$698,706,537

At June 30, 2013, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

¹ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 2.46% of net assets as of June 30, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

² The Fund does not directly own the municipal security indicated; the Fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the Fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).

³ Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

See accompanying notes to financial statements

72

UBS RMA

Statement of net assets—June 30, 2013

Portfolio acronyms

AGM	Assured Guaranty Municipal Corporation
AMBAC	American Municipal Bond Assurance Corporation
CCAO	County Commissioners Association of Ohio
FGIC	Financial Guaranty Insurance Company
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GTD	Guaranteed
NATL-RE	National Reinsurance
PSF	Permanent School Fund
PUTTERs	Puttable Tax-Exempt Receipts
ROCS	Reset Option Certificates
SCSDE	South Carolina School District Enhancement
VRD	Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of June 30, 2013 and reset periodically.
WLCO	West Loop Community Organization

See accompanying notes to financial statements

73

UBS RMA

Statement of operations

	For the year ended June 30, 2013
	Money Market Portfolio			U.S. Government Portfolio
Investment income:
Interest		$24,951,658			$3,887,830
Securities lending income (includes $32; $0; $0; $0 and $0, respectively earned from an affiliated entity)		4,634			—
		24,956,292			3,887,830
Expenses:
Investment advisory and administration fees		38,392,206			9,457,880
Service fees		16,829,622			3,970,560
Transfer agency and related services fees		3,967,261			337,629
Custody and accounting fees		1,010,896			238,402
State registration fees		355,874			102,392
Insurance fees		311,440			83,667
Reports and notices to shareholders		172,994			21,986
Professional fees		130,534			124,034
Directors’/Trustees’ fees		116,602			37,108
Other expenses		103,640			45,746
		61,391,069			14,419,404
Fee waivers and/or expense reimbursements by investment advisor/administrator/distributor		(37,558,001	)		(10,796,595	)
Net expenses		23,833,068			3,622,809
Net investment income		1,123,224			265,021
Net realized gains		8,646			31,471
Net increase in net assets resulting from operations		$1,131,870			$296,492

See accompanying notes to financial statements

74

For the year ended June 30, 2013
Tax-Free Fund			California Municipal Money Fund			New York Municipal Money Fund
	$5,214,417			$1,177,952			$1,065,555
	—			—			—
	5,214,417			1,177,952			1,065,555
	13,116,695			3,583,935			3,139,336
	5,179,117			1,289,075			1,098,473
	1,118,460			197,089			168,590
	311,102			77,441			66,001
	103,150			32,598			28,520
	87,245			20,535			16,721
	64,386			12,556			11,569
	130,856			117,902			117,498
	45,956			21,672			20,478
	66,276			34,093			33,146
	20,223,243			5,386,896			4,700,332
	(15,354,516	)		(4,295,008	)		(3,708,091	)
	4,868,727			1,091,888			992,241
	345,690			86,064			73,314
	36,460			85,635			7
	$382,150			$171,699			$73,321

See accompanying notes to financial statements

75

UBS RMA

Statement of changes in net assets

	For the years ended June 30,
	2013			2012
UBS RMA Money Market Portfolio
From operations:
Net investment income		$1,123,224			$1,572,493
Net realized gain		8,646			8,433
Net increase in net assets resulting from operations		1,131,870			1,580,926
Dividends and distributions to shareholders from:
Net investment income		(1,123,224	)		(1,572,493	)
Net realized gains		(9,900	)		—
Total dividends and distributions to shareholders		(1,133,124	)		(1,572,493	)
Net decrease in net assets from capital share transactions		(1,950,710,574	)		(2,346,584,904	)
Net decrease in net assets		(1,950,711,828	)		(2,346,576,471	)
Net assets:
Beginning of year		13,032,089,315			15,378,665,786
End of year		$11,081,377,487			$13,032,089,315
Accumulated undistributed net investment income		$—			$—
UBS RMA U.S. Government Portfolio
From operations:
Net investment income		$265,021			$431,543
Net realized gain		31,471			38,695
Net increase in net assets resulting from operations		296,492			470,238
Dividends and distributions to shareholders from:
Net investment income		(265,021	)		(431,543	)
Net realized gains		(40,088	)		(15,522	)
Total dividends and distributions to shareholders		(305,109	)		(447,065	)
Net increase (decrease) in net assets from capital share transactions		(1,156,409,340	)		138,218,947
Net increase (decrease) in net assets		(1,156,417,957	)		138,242,120
Net assets:
Beginning of year		3,782,138,298			3,643,896,178
End of year		$2,625,720,341			$3,782,138,298
Accumulated undistributed net investment income		$—			$—

See accompanying notes to financial statements

76

UBS RMA

Statement of changes in net assets

	For the years ended June 30,
	2013			2012
UBS RMA Tax-Free Fund Inc.
From operations:
Net investment income		$345,690			$425,185
Net realized gain		36,460			57,642
Net increase in net assets resulting from operations		382,150			482,827
Dividends and distributions to shareholders from:
Net investment income		(345,690	)		(425,185	)
Net realized gains		(94,102	)		(10,478	)
Total dividends and distributions to shareholders		(439,792	)		(435,663	)
Net decrease in net assets from capital share transactions		(659,196,040	)		(188,950,150	)
Net decrease in net assets		(659,253,682	)		(188,902,986	)
Net assets:
Beginning of year		3,919,310,640			4,108,213,626
End of year		$3,260,056,958			$3,919,310,640
Accumulated undistributed net investment income		$—			$—
UBS RMA California Municipal Money Fund
From operations:
Net investment income		$86,064			$93,403
Net realized gain		85,635			11,930
Net increase in net assets resulting from operations		171,699			105,333
Dividends and distributions to shareholders from:
Net investment income		(86,064	)		(93,403	)
Net realized gains		(97,557	)		—
Total dividends and distributions to shareholders		(183,621	)		(93,403	)
Net increase (decrease) in net assets from beneficial interest transactions		(72,087,999	)		11,209,644
Net increase (decrease) in net assets		(72,099,921	)		11,221,574
Net assets:
Beginning of year		893,776,139			882,554,565
End of year		$821,676,218			$893,776,139
Accumulated undistributed net investment income		$—			$—

See accompanying notes to financial statements

77

UBS RMA

Statement of changes in net assets

	For the years ended June 30,
	2013			2012
UBS RMA New York Municipal Money Fund
From operations:
Net investment income		$73,314			$74,178
Net realized gain		7			59,706
Net increase in net assets resulting from operations		73,321			133,884
Dividends and distributions to shareholders from:
Net investment income		(73,314	)		(74,178	)
Net realized gains		(57,118	)		(4,584	)
Total dividends and distributions to shareholders		(130,432	)		(78,762	)
Net decrease in net assets from beneficial interest transactions		(10,944,355	)		(57,562,749	)
Net decrease in net assets		(11,001,466	)		(57,507,627	)
Net assets:
Beginning of year		702,841,795			760,349,422
End of year		$691,840,329			$702,841,795
Accumulated undistributed net investment income		$—			$—

See accompanying notes to financial statements

78

UBS RMA Money Market Portfolio

Financial highlights

Selected data for a share of common stock outstanding throughout each year is presented below:

	Years ended June 30,
	2013			2012			20111			2010			2009
Net asset value, beginning of year		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.000	2		0.000	2		0.000	2		0.000	2		0.010
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.010	)
Distributions from net realized gains		(0.000	)2		—			(0.000	)2		(0.000	)2		(0.000	)2
Total dividends and distributions		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.010	)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%		0.01	%		0.01	%		0.02	%		1.06	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.55	%		0.55	%		0.64	%		0.70	%		0.71	%
Expenses after fee waivers and/or expense reimbursements		0.21	%		0.17	%		0.26	%		0.26	%		0.58	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		1.02	%
Supplemental data:
Net assets, end of year (in millions)		$11,081			$13,032			$15,379			$14,392			$16,463

¹  The investment advisory and administration functions for the Portfolio were transferred from UBS Financial Services Inc. to UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) on March 1, 2011. As a result, the Portfolio no longer has a sub-advisor/sub-administrator but is managed directly by UBS Global AM.

²  Amount represents less than $0.0005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

See accompanying notes to financial statements

79

UBS RMA U.S. Government Portfolio

Financial highlights

Selected data for a share of common stock outstanding throughout each year is presented below:

	Years ended June 30,
	2013			2012			20111			2010			2009
Net asset value, beginning of year		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.000	2		0.000	2		0.000	2		0.000	2		0.005
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.005	)
Distributions from net realized gains		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
Total dividends and distributions		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.005	)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%		0.01	%		0.01	%		0.02	%		0.52	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.54	%		0.53	%		0.54	%		0.55	%		0.56	%
Expenses after fee waivers and/or expense reimbursements		0.14	%		0.10	%		0.19	%		0.22	%		0.53	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.37	%
Supplemental data:
Net assets, end of year (in millions)		$2,626			$3,782			$3,644			$3,626			$4,662

¹  The investment advisory and administration functions for the Portfolio were transferred from UBS Financial Services Inc. to UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) on March 1, 2011. As a result, the Portfolio no longer has a sub-advisor/sub-administrator but is managed directly by UBS Global AM.

²  Amount represents less than $0.0005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

See accompanying notes to financial statements

80

UBS RMA Tax-Free Fund Inc.

Financial highlights

Selected data for a share of common stock outstanding throughout each year is presented below:

	Years ended June 30,
	2013			2012			20111			2010			2009
Net asset value, beginning of year		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.000	2		0.000	2		0.000	2		0.000	2		0.007
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.007	)
Distributions from net realized gains		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
Total dividends and distributions		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.007	)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%		0.01	%		0.01	%		0.01	%		0.71	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.59	%		0.58	%		0.58	%		0.59	%		0.60	%
Expenses after fee waivers and/or expense reimbursements		0.14	%		0.14	%		0.24	%		0.27	%		0.57	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.70	%
Supplemental data:
Net assets, end of year (in millions)		$3,260			$3,919			$4,108			$4,433			$5,861

¹  The investment advisory and administration functions for the Fund were transferred from UBS Financial Services Inc. to UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) on March 1, 2011. As a result, the Fund no longer has a sub-advisor/sub-administrator but is managed directly by UBS Global AM.

²  Amount represents less than $0.0005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund distributions.

See accompanying notes to financial statements

81

UBS RMA California Municipal Money Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

	Years ended June 30,
	2013			2012			20111			2010			2009
Net asset value, beginning of year		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.000	2		0.000	2		0.000	2		0.000	2		0.006
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.006	)
Distributions from net realized gains		(0.000	)2		—			—			(0.000	)2		(0.000	)2
Total dividends and distributions		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.006	)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.02	%		0.01	%		0.01	%		0.02	%		0.63	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.63	%		0.62	%		0.63	%		0.64	%		0.62	%
Expenses after fee waivers and/or expense reimbursements		0.13	%		0.12	%		0.23	%		0.23	%		0.54	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.64	%
Supplemental data:
Net assets, end of year (in millions)		$822			$894			$883			$1,003			$1,219

¹  The investment advisory and administration functions for the Fund were transferred from UBS Financial Services Inc. to UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) on March 1, 2011. As a result, the Fund no longer has a sub-advisor/sub-administrator but is managed directly by UBS Global AM.

²  Amount represents less than $0.0005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund distributions.

See accompanying notes to financial statements

82

UBS RMA New York Municipal Money Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

	Years ended June 30,
	2013			2012			20111			2010			2009
Net asset value, beginning of year		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.000	2		0.000	2		0.000	2		0.000	2		0.006
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.006	)
Distributions from net realized gains		(0.000	)2		(0.000	)2		(0.000	)2		—			(0.000	)2
Total dividends and distributions		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.006	)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.02	%		0.01	%		0.01	%		0.01	%		0.65	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.64	%		0.65	%		0.65	%		0.65	%		0.63	%
Expenses after fee waivers and/or expense reimbursements		0.14	%		0.14	%		0.24	%		0.24	%		0.55	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.66	%
Supplemental data:
Net assets, end of year (in millions)		$692			$703			$760			$864			$1,090

¹  The investment advisory and administration functions for the Fund were transferred from UBS Financial Services Inc. to UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) on March 1, 2011. As a result, the Fund no longer has a sub-advisor/sub-administrator but is managed directly by UBS Global AM.

²  Amount represents less than $0.0005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund distributions.

See accompanying notes to financial statements

83

UBS RMA

Notes to financial statements

Organization and significant accounting policies

UBS RMA Money Fund Inc. (the “Corporation”) and UBS RMA Tax-Free Fund Inc. (“RMA Tax-Free”) were organized under the laws of Maryland on July 2, 1982 and are registered with the US Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as open-end management investment companies. RMA Tax-Free is a diversified mutual fund and the Corporation is a series mutual fund and currently has three portfolios, each of which are diversified series: UBS RMA Money Market Portfolio (“Money Market Portfolio”), UBS RMA U.S. Government Portfolio (“U.S. Government Portfolio”) and UBS Retirement Money Fund. The financial statements of UBS Retirement Money Fund are not included herein.

UBS Managed Municipal Trust (“Managed Municipal Trust” or the “Trust”) was organized under Massachusetts law by a Declaration of Trust dated November 21, 1986, and is registered with the SEC under the 1940 Act as an open-end management investment company. Managed Municipal Trust currently offers two non-diversified series: UBS RMA California Municipal Money Fund (“RMA California”) and UBS RMA New York Municipal Money Fund (“RMA New York”), and when referred together with Money Market Portfolio, U.S. Government Portfolio, and RMA Tax-Free (collectively, the “Funds”).

Each Trust or Corporation accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business the Funds may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

84

UBS RMA

Notes to financial statements

The Funds attempt to maintain a stable net asset value of $1.00 per share; the Funds have adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable them to do so. As with any money market fund, there is no assurance, however, that the Funds will be able to maintain a stable net asset value of $1.00 per share.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative US generally accepted accounting principles (“US GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Funds’ financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies:

Valuation of investments

Investments are valued at amortized cost. Periodic review and monitoring of the valuation of the securities held by each Fund is performed in an effort to ensure that amortized cost approximates market value.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Funds’ investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of the Funds’ own assumptions in determining the fair value of investments.

85

UBS RMA

Notes to financial statements

In accordance with the requirements of US GAAP, a fair value hierarchy has been included near the end of each Fund’s Statement of net assets.

In January 2013, Accounting Standards Update 2013-01 (“ASU 2013-01”), “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, replaced Accounting Standards Update 2011-11 (“ASU 2011-11”), “Disclosures about Offsetting Assets and Liabilities”. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Funds’ financial statements.

Repurchase agreements

Each Fund may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller’s agreement to repurchase them at an agreed upon date (or upon demand) and price. Each Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special “tri-party” custodian or sub-custodian that maintains a separate account for both the Funds and their counterparty. The underlying collateral is valued daily to ensure that the value, including accrued interest, is at least equal to the repurchase price. In the event of default of the obligation to repurchase, the Funds generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 under the Investment Company Act or a Fund’s investment strategies and

86

UBS RMA

Notes to financial statements

limitations, may require the Fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller’s guarantor, if any) becomes insolvent, a Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Fund may participate in joint repurchase agreement transactions with other funds managed or advised by UBS Global Asset Management (Americas) Inc. (“UBS Global AM”). Money Market Portfolio and U.S. Government Portfolio may engage in repurchase agreements as part of normal investing strategies; the other Funds generally would only engage in repurchase agreement transactions as temporary or defensive investments.

Under certain circumstances, a Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Fund assessed a fee for uninvested cash held in a business account at a bank.

Investment transactions and investment income

Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Dividends and distributions

Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are

permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

87

UBS RMA

Notes to financial statements

Concentration of risk

The ability of the issuers of the debt securities held by the Funds to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Additionally, RMA California and RMA New York follow an investment policy of investing primarily in municipal obligations of one state under normal market conditions. Economic changes affecting each state and certain of its public bodies and municipalities may affect the ability of issuers within each state to pay interest on, or repay principal of, municipal obligations held by each of these Funds.

Investment advisor and administrator

Each Fund’s Board has approved an investment advisory and administration contract (the “Advisory Contract”) with UBS Global AM, under which UBS Global AM serves as investment advisor and administrator of the Funds. In accordance with the Advisory Contract, each Fund pays UBS Global AM an investment advisory and administration fee, which is accrued daily and paid monthly, in accordance with the following schedules:

Average daily net assets	Annual rate
Money Market Portfolio:
Up to $1 billion		0.450	%
In excess of $1 billion up to $1.5 billion		0.415
In excess of $1.5 billion up to $5 billion		0.335
In excess of $5 billion up to $10 billion		0.325
In excess of $10 billion up to $15 billion		0.315
In excess of $15 billion up to $20 billion		0.305
Over $20 billion		0.275	1
U.S. Government Portfolio:
Up to $300 million		0.450	%
In excess of $300 million up to $750 million		0.415
In excess of $750 million up to $1.5 billion		0.335
In excess of $1.5 billion up to $5 billion		0.325
In excess of $5 billion up to $10 billion		0.315
In excess of $10 billion up to $15 billion		0.305
In excess of $15 billion up to $20 billion		0.275
Over $20 billion		0.265

88

UBS RMA

Notes to financial statements

Average daily net assets	Annual rate
RMA Tax-Free:
Up to $1 billion		0.450	%
In excess of $1 billion up to $1.5 billion		0.415
In excess of $1.5 billion up to $5 billion		0.335
In excess of $5 billion up to $10 billion		0.325
In excess of $10 billion up to $15 billion		0.315
In excess of $15 billion up to $20 billion		0.305
Over $20 billion		0.275
RMA California and RMA New York:
Up to $300 million		0.450	%
In excess of $300 million up to $750 million		0.415
In excess of $750 million up to $1.5 billion		0.335
In excess of $1.5 billion up to $5 billion		0.325
Over $5 billion		0.315

¹ UBS Global AM has contractually agreed to cap the Money Market Portfolio’s aggregate management and shareholder services fees (paid pursuant to the Portfolio’s shareholder services plan) so that the total of these fees does not exceed 0.50% of the Portfolio’s average daily net assets. This cap results in an effective investment advisory and administration fee rate not to exceed 0.35% of the Portfolio’s average daily net assets. (UBS Global AM is waiving a portion of its advisory and administration fees to offset the shareholder services fees, and the contractual cap continues for as long as the Portfolio’s shareholder services plan remains in effect.) For the year ended June 30, 2013, Money Market Portfolio did not waive any fees under such agreement as it waived significant fees under other undertakings as discussed further below.

At June 30, 2013, the Funds owed UBS Global AM for investment advisory and administration fees, net of fee waivers and/or expense reimbursements as follows:

Money Market Portfolio	$1,212,973
U.S. Government Portfolio	93,761
RMA Tax-Free	86,826
RMA California	10,583
RMA New York	8,846

In addition to the above arrangements, UBS Global AM has undertaken to waive fees and/or reimburse expenses in the event that Fund yields

89

UBS RMA

Notes to financial statements

drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. During the year ended June 30, 2013, UBS Global AM voluntarily waived investment advisory and administration fees as follows:

Money Market Portfolio	$20,728,379
U.S. Government Portfolio	6,826,035
RMA Tax-Free	10,175,399
RMA California	3,005,933
RMA New York	2,609,618

Such voluntarily waived amounts are not subject to future recoupment.

The Funds may invest in certain affiliated entities also advised or managed by UBS Global AM. Investments in affiliated entities, if any, for the year ended June 30, 2013 have been included near the end of each Fund’s Statement of net assets.

Under normal conditions, the Funds invest cash collateral from securities lending activities into an affiliated private money market fund, UBS Private Money Market Fund LLC (“Private Money Market”), which operates in compliance with most of the substantive provisions of Rule 2a-7 of the 1940 Act. Private Money Market is managed by UBS Global AM and is currently offered as a cash management option to mutual funds and certain other accounts managed by UBS Global AM. UBS Global AM acts as managing member and receives a management fee from Private Money Market payable monthly in arrears at the annual rate of 0.10% of Private Money Market’s average daily members’ equity, minus the aggregate operating expenses of, and incurred by, Private Money Market during each such related month, not including investment expenses (including brokerage commissions, taxes, interest charges and other costs with respect to transactions in securities) and extraordinary expenses including litigation expenses, if any. UBS Global AM may, in its sole discretion, waive all or any portion of the management fee to which it may be entitled from time to time in order to maintain operating expenses or net yields at a certain level. Distributions received from Private Money Market, if any, net of fee

90

UBS RMA

Notes to financial statements

rebates paid to borrowers, are reflected as affiliated securities lending income in the Statement of operations.

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Funds may conduct transactions, resulting in him being an interested board member of the Funds. The Funds have been informed that Professor Feldberg’s role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm’s ability to provide best execution of the transactions. During the year ended June 30, 2013, the Funds purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having aggregate values as follows:

Money Market Portfolio	$1,880,093,283
U.S. Government Portfolio	99,174,885
RMA Tax-Free	973,509,450
RMA California	336,380,000
RMA New York	248,750,740

Morgan Stanley received compensation in connection with these trades, which may have been in the form of a “mark-up” or “mark-down” of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the Funds’ investment advisor, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Shareholder service plans

UBS Global Asset Management (US) Inc. (“UBS Global AM (US)”) is the principal underwriter of each Fund’s shares and has appointed UBS Financial Services Inc. as a dealer for the sale of the Funds’ shares. Under the shareholder service plans, the Funds pay UBS Global AM (US) a monthly service fee, which is accrued daily and paid monthly at an

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Notes to financial statements

annual rate of up to 0.15% of each Fund’s average daily net assets for providing certain shareholder services. Each Fund currently pays service fees to UBS Global AM (US) at the maximum annual rate of 0.15% of each Fund’s average daily net assets. UBS Global AM (US) has undertaken to waive fees in the event that Fund yields drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. At June 30, 2013, given the impact of voluntary fee waivers, the Funds did not owe UBS Global AM (US) for such service fees. For the year ended June 30, 2013, UBS Global AM (US) voluntarily waived service fees as follows:

Money Market Portfolio	$16,829,622
U.S. Government Portfolio	3,970,560
RMA Tax-Free	5,179,117
RMA California	1,289,075
RMA New York	1,098,473

Such voluntarily waived amounts are not subject to future recoupment.

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Funds pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), the Funds’ transfer agent, and was compensated for these services by BNY Mellon, not the Funds.

For the year ended June 30, 2013, UBS Financial Services Inc. received from BNY Mellon, not the Funds, total delegated services fees as follows:

Money Market Portfolio	$2,456,355
U.S. Government Portfolio	204,880
RMA Tax-Free	691,548
RMA California	122,206
RMA New York	102,760

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Notes to financial statements

Securities lending

Each Portfolio may lend securities up to 33 ¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. Each Fund will regain ownership of loaned securities to exercise certain beneficial rights; however, each Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, US government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. State Street Bank and Trust Company serves as the Funds’ lending agent. At June 30, 2013, the Funds’ did not have any securities on loan.

Bank line of credit

RMA Tax-Free, RMA California and RMA New York participate with certain other funds managed or advised by UBS Global AM in a $100 million committed credit facility with State Street Bank and Trust Company (“Committed Credit Facility”), to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Under the Committed Credit Facility arrangement, each Fund has agreed to pay commitment fees, pro rata, based on the relative asset size of the funds in the Committed Credit Facility. Interest is charged to each Fund based upon prevailing rates in effect at the time of borrowings. For the year ended June 30, 2013, the Funds did not borrow under the Committed Credit Facility.

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Notes to financial statements

Other liabilities and components of net assets

At June 30, 2013, the Funds had the following liabilities outstanding:

	Dividends payable		Payable for investments purchased		Other accrued expenses*
Money Market Portfolio		$21,165		$—		$1,013,896
U.S. Government Portfolio		5,046		49,992,385		189,503
RMA Tax-Free		6,264		54,814,330		364,113
RMA California		1,593		41,586,472		126,533
RMA New York		1,328		7,053,410		120,945

* Excludes investment advisory and administration and service fees.

At June 30, 2013, the components of net assets for each of the Funds were as follows:

	Accumulated paid in capital		Accumulated net realized gain		Total net assets
Money Market Portfolio		$11,081,240,740		$136,747		$11,081,377,487
U.S. Government Portfolio		2,625,712,494		7,847		2,625,720,341
RMA Tax-Free		3,260,053,000		3,958		3,260,056,958
RMA California		821,651,257		24,961		821,676,218
RMA New York		691,808,902		31,427		691,840,329

Capital share transactions

There are 60 billion $0.001 par value shares of common stock authorized for Money Market Portfolio, 10 billion $0.001 par value shares of common stock authorized for U.S. Government Portfolio and 20 billion $0.001 par value shares of common stock authorized for RMA Tax-Free. Transactions in capital shares, at $1.00 per share, were as follows:

For the year ended June 30, 2013:	Money Market Portfolio			U.S. Government Portfolio			RMA Tax-Free
Shares sold		95,756,830,938			17,114,303,096			16,921,021,883
Shares repurchased		(97,708,596,475	)		(18,271,001,827	)		(17,580,641,894	)
Dividends reinvested		1,054,963			289,391			423,971
Net decrease in shares outstanding		(1,950,710,574	)		(1,156,409,340	)		(659,196,040	)

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Notes to financial statements

For the year ended June 30, 2012:	Money Market Portfolio			U.S. Government Portfolio			RMA Tax-Free
Shares sold		131,800,998,941			30,984,989,684			23,570,297,443
Shares repurchased		(134,149,075,423	)		(30,847,204,428	)		(23,759,669,866	)
Dividends reinvested		1,491,578			433,691			422,273
Net increase (decrease) in shares outstanding		(2,346,584,904	)		138,218,947			(188,950,150	)

Beneficial interest

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized for RMA California and RMA New York. Transactions in shares of beneficial interest, at $1.00 per share were as follows:

For the year ended June 30, 2013:	RMA California			RMA New York
Shares sold		5,236,855,006			3,806,131,906
Shares repurchased		(5,309,122,912	)		(3,817,203,843	)
Dividends reinvested		179,907			127,582
Net decrease in shares outstanding		(72,087,999	)		(10,944,355	)
For the year ended June 30, 2012:	RMA California			RMA New York
Shares sold		4,721,406,705			3,723,693,871
Shares repurchased		(4,710,288,074	)		(3,781,333,590	)
Dividends reinvested		91,013			76,970
Net increase (decrease) in shares outstanding		11,209,644			(57,562,749	)

Federal tax status

Each Fund intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of their net investment income, net realized capital gains and certain other amounts, if any, the Funds intend not to be subject to a federal excise tax.

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Notes to financial statements

The tax character of all distributions paid to shareholders by the Money Market Portfolio and U.S. Government Portfolio during the fiscal years ended June 30, 2013 and June 30, 2012 was ordinary income. The tax character of all distributions paid to shareholders by RMA Tax-Free, RMA California, and RMA New York during the fiscal years ended June 30, 2013 and June 30, 2012 were as follows:

For the year ended June 30, 2013	RMA Tax-Free		RMA California		RMA New York
Tax-exempt income	$	345,690	$	86,064	$	73,314
Ordinary income		2,150		—		—
Long-term capital gains		91,952		97,557		57,118
Total distributions paid	$	439,792	$	183,621	$	130,432
For the year ended June 30, 2012	RMA Tax-Free		RMA California		RMA New York
Tax-exempt income	$	424,036	$	93,403	$	74,178
Ordinary income		8,608		—		—
Long-term capital gains		3,019		—		4,584
Total distributions paid	$	435,663	$	93,403	$	78,762

At June 30, 2013, the components of accumulated earnings on a tax basis for each of the Funds were as follows:

	Ordinary income		Tax-exempt income		Long-term capital gains		Total tax basis accumulated earnings
Money Market Portfolio	$	157,912	$	—	$	—	$	157,912
U.S. Government Portfolio		12,893		—		—		12,893
RMA Tax-Free		—		10,222		—		10,222
RMA California		—		26,554		—		26,554
RMA New York		—		32,755		—		32,755

To reflect reclassifications arising from permanent “book/tax” differences for the year ended June 30, 2013, the Money Market Portfolio’s accumulated net realized gain was increased by $2 and accumulated paid in capital was decreased by $2. These differences are primarily due to non-deductible expenses.

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Notes to financial statements

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by each Fund after December 31, 2010, may be carried forward indefinitely, and retain their character as short term and/or long term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. At June 30, 2013 none of the Funds had any capital loss carryforwards.

As of and during the year ended June 30, 2013, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of operations. During the year ended June 30, 2013, the Funds did not incur any interest or penalties.

For each Fund, each of the tax years in the four year period ended June 30, 2013, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Subsequent event

In August 2013, UBS Global AM made voluntary cash payments of $1,432,012, $555,987, $739,197, $438,085 and $153,594 to Money Market Portfolio, U.S. Government Portfolio, RMA Tax-Free, RMA California and RMA New York, respectively, in order to address a differential between the number of shares outstanding and the Funds’ net assets. The differential was attributable to historical, embedded capital losses that were experienced by the Funds over several years prior to the credit crisis of 2008. The voluntary payments to the Funds were not required to maintain a stable net asset value per share. The payments are expected to remove small, historical deviations that were reflected in the Funds’ market price based or amortized cost net asset value per share.

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Report of Ernst & Young LLP, independent registered public accounting firm

The Boards of Directors/Trustees and Shareholders of UBS RMA:

Money Market Portfolio

U.S. Government Portfolio

Tax-Free Fund Inc.

California Municipal Money Fund

New York Municipal Money Fund

We have audited the accompanying statements of net assets of UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio (two of the series comprising UBS RMA Money Fund Inc.); UBS RMA Tax-Free Fund Inc.; and UBS Managed Municipal Trust (comprising, respectively, UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund) (collectively, the “Funds”) as of June 30, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made

by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned

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as of June 30, 2013 by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of UBS RMA Money Market Portfolio, UBS RMA U.S. Government Portfolio, UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund at June 30, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with US generally accepted accounting principles.

New York, New York

August 28, 2013

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General information (unaudited)

Monthly and quarterly portfolio holdings disclosure

The Funds will file their complete schedules of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s Web site at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC 0330. Additionally, you may obtain copies of Forms N-Q from the Funds upon request by calling 1-800-647 1568.

In addition, each Fund discloses, on a monthly basis; (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life on UBS’s Web site at the following internet address: www.ubs.com/usmoneymarketfundsholdings. In addition, at this location, you will find a link to more detailed Fund information appearing in filings with the SEC on Form N-MFP. Investors also may find additional information about the Funds at the above referenced UBS Web site internet address.

Proxy voting policies, procedures and record

You may obtain a description of each Fund’s (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting a Fund directly at 1-800-647 1568, online on a Fund’s Web site: www.ubs.com/ubsglobalam-proxy, or on the EDGAR Database on the SEC’s Web site (http:/www.sec.gov).

Other tax information

Pursuant to Section 871(k)(2)(C) of the Internal Revenue Code, each Fund designates 100% of its “qualified short-term gains” (as defined in Section 871(k)(2)(D)) as short-term capital gain dividends for the calendar year 2012.

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Supplemental information (unaudited)

Boards of Directors/Trustees & Officers

UBS RMA Money Fund Inc. (“RMA Money Fund”) and UBS RMA Tax-Free Fund Inc. (“RMA Tax-Free Fund”) (each a “Corporation”) were organized as Maryland corporations. UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio are series of RMA Money Fund. UBS Managed Municipal Trust (“Managed Municipal Trust”) (the “Trust”) was formed as a business trust under the laws of the Commonwealth of Massachusetts. UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund are series of Managed Municipal Trust. Each Corporation or Trust is governed by a Board of Directors or Trustees, respectively (sometimes referred to as “board members”), which oversees the operations of the applicable Fund. Each board member serves an indefinite term of office. Officers are appointed by the board members and serve at the pleasure of a Board. The table below shows, for each board member and officer, his or her name, address and age, the position held with the Corporation or Trust, the length of time served as a board member or officer of the Corporation or Trust, the board member’s and officer’s principal occupations during the last five years, the number of portfolios in the UBS fund complex overseen by the board member or for which a person served as an officer, and other directorships held by such board member.

The Corporations’ and Trust’s Statement of Additional Information contains additional information about the board members and is available, without charge, upon request, by calling 1-800-647 1568.

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Supplemental information (unaudited)

Interested Board Members

Name, address, and age	Position(s) held with funds	Term of office† and length of time served
Meyer Feldberg;†† 71 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Director/Trustee	Since 1991 (Managed Municipal Trust); Since 1992 (RMA Money Fund, RMA Tax-Free Fund)
Barry M. Mandinach*†††; 57	Director/Trustee	Since 2010

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Supplemental information (unaudited)

Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by board member	Other directorships held by board member
Professor Feldberg is Dean Emeritus and Professor of Leadership and Ethics at Columbia Business School, although on an extended leave of absence. He is also a senior advisor to Morgan Stanley (financial services) (since 2005). Professor Feldberg also serves as president of New York City Global Partners (an organization located in part of the Office of the Mayor of the City of New York that promotes interaction with other cities around the world) (since 2007). Prior to July 2004, he was Dean and Professor of Management of the Graduate School of Business at Columbia University (since 1989).	Professor Feldberg is a director or trustee of 23 investment companies (consisting of 55 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor or manager.	Professor Feldberg is also a director of Macy’s, Inc. (operator of department stores), Revlon, Inc. (cosmetics), SAPPI, Ltd. (producer of paper), and the New York City Ballet.
Mr. Mandinach is a managing director of UBS Global Asset Management (US) Inc. and UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) (collectively, “UBS Global AM—Americas region”). He has been with UBS Global AM—Americas region or its predecessors (since 2001). He is the Head of Institutional & Wholesale Business (US) (since 2009) as well as Chief Marketing Officer (US) (since 2006).	Mr. Mandinach is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	None

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Supplemental information (unaudited)

Interested Board Members (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served
Richard Q. Armstrong; 78 c/o Keith Weller Assistant Fund Secretary UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY, 10019	Director/Trustee and Chairman of the Board of Directors/ Trustees	Since 1996 (Director/Trustee); Since 2004 (Chairman of the Board of Directors/Trustees)
Alan S. Bernikow; 73 207 Benedict Ave. Staten Island, NY 10314	Director/Trustee	Since 2005

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Supplemental information (unaudited)

Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by board member	Other directorships held by board member
Mr. Armstrong is chairman and principal of R.Q.A. Enterprises (management consulting firm) (since 1991 and principal occupation since 1995). Mr. Armstrong was president or chairman of a number of packaged goods companies (responsible for such brands as Canada Dry, Dr. Pepper, Adirondack Beverages and Moët Hennessy) (from 1982 to 1995).	Mr. Armstrong is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	None
Mr. Bernikow is retired. He was a consultant on non- management matters for the firm of Deloitte & Touche (International accounting and consulting firm) (from 2003 to 2007). Previously, he was deputy chief executive officer at Deloitte & Touche.	Mr. Bernikow is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	Mr. Bernikow is also a director of Revlon, Inc. (cosmetics) (and serves as the chair of its audit committee and as a chair of the compensation committee), a director of Mack-Cali Realty Corporation (real estate investment trust) (and serves as the chair of its audit committee) and a director of the Casual Male Retail Group, Inc. (menswear) (and serves as a member of its audit committee and as a member of its nominating and corporate governance committee). He is also a director of Premier American Bank, N.A.

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Supplemental information (unaudited)

Interested Board Members (concluded)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served
Richard R. Burt; 66 McLarty Associates 900 17th Street, NW 8th Floor Washington, D.C. 20006	Director/Trustee	Since 1996
Bernard H. Garil; 73 6754 Casa Grande Way Delray Beach, FL 33446	Director/Trustee	Since 2005
Heather R. Higgins; 53 255 E. 49th St., Suite 23D New York, NY 10017	Director/Trustee	Since 2005

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Supplemental information (unaudited)

Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by board member	Other directorships held by board member
Mr. Burt is a managing director of McLarty Associates (a consulting firm) (since 2007). He was chairman of IEP Advisors (International investments and consulting firm) until 2009. Prior to 2007, he was chairman of Diligence Inc. (information and risk management firm).	Mr. Burt is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	Mr. Burt is also a director of The Central Europe & Russia Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.
Mr. Garil is retired (since 2001). He was a Managing Director at PIMCO Advisory Services (from 1999 to 2001) where he served as president of closed-end funds and vice-president of the variable insurance product funds advised by OpCap Advisors (until 2001).	Mr. Garil is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	Mr. Garil is also a director of OFI Global Trust Company (commercial trust company), the Leukemia and Lymphoma Society (voluntary health organization) and a trustee for the Brooklyn College Foundation, Inc. (charitable foundation).
Ms. Higgins is the president and director of The Randolph Foundation (charitable foundation) (since 1991). Ms. Higgins also serves (or had served) on the boards of several non-profit charitable groups, including the Independent Women’s Forum (chairman) and the Philanthropy Roundtable (vice chairman). She also serves on the board of the Hoover Institution (from 2001 to 2007 and since 2009).	Ms. Higgins is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	None

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Supplemental information (unaudited)

Officers

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Joseph Allessie*; 48	Vice President and Assistant Secretary	Since 2005	Mr. Allessie is an executive director (since 2007) (prior to which he was a director) and deputy general counsel (since 2005) at UBS Global AM—Americas region. Mr. Allessie is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Rose Ann Bubloski*; 45	Vice President and Assistant Treasurer	Since 2011	Ms. Bubloski is a director (since 2012) (prior to which she was an associate director) (since 2008) and senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region. She was vice president at Cohen & Steers Capital Management, Inc. (investment manager) (from 2007 to 2008). She is vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

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Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Mark E. Carver*; 49	President	Since 2010	Mr. Carver is a managing director and Head of Product Development and Management—Americas for UBS Global AM—Americas region (since 2008). In this role, he oversees product development and management for both wholesale and institutional businesses. He is a member of the Americas Management Committee (since 2008) and the Regional Operating Committee (since 2008). Prior to 2008, Mr. Carver held a number of product-related or sales responsibilities with respect to funds, advisory programs and separately managed accounts. Mr. Carver joined a predecessor of an affiliated firm in 1985 and has been with UBS Global AM—Americas region (or its affiliates) since 1996. Mr. Carver is president of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

109

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Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Thomas Disbrow*; 47	Vice President and Treasurer	Since 2000 (Vice President) Since 2004 (Treasurer)	Mr. Disbrow is a managing director (since 2011) (prior to which he was an executive director) (since 2007) and head of North American Fund Treasury (since 2011) of UBS Global AM—Americas region. Mr. Disbrow is a vice president and treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Michael J. Flook*; 48	Vice President and Assistant Treasurer	Since 2006	Mr. Flook is a director (since 2010) (prior to which he was an associate director) (since 2006) and a senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region (since 2006). Mr. Flook is a vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

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Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Elbridge T. Gerry III*; 56	Vice President	Since 1996 (Managed Municipal Trust); Since 2000 (RMA Tax-Free Fund)	Mr. Gerry is a managing director—municipal fixed income of UBS Global AM—Americas region (since 2001). Mr. Gerry is a vice president of four investment companies (consisting of 20 portfolios) for which UBS Global AM serves as investment advisor or manager.
Christopher S. Ha*; 33	Vice President and Assistant Secretary	Since September 2012	Mr. Ha is a director and associate general counsel (since September 2012) at UBS Global AM—Americas region. Prior to joining UBS Global AM—Americas region, Mr. Ha was of counsel at Buhler, Duggal & Henry LLP (law firm) (from March 2012 to July 2012) and an associate attorney at Dechert LLP (law firm) (from 2007 to 2009). Mr. Ha is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

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Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Erin O. Houston*; 36	Vice President	Since 2009 (Managed Municipal Trust and RMA Tax- Free Fund)	Ms. Houston is a director (since 2012) (prior to which she was an associate director) (since 2009) and portfolio manager (since 2009) of UBS Global AM—Americas region. Prior to joining UBS Global AM—Americas region, Ms. Houston was with Western Investors (from 2005 to 2009) and Citigroup Asset Management (2005). Ms. Houston is a vice president of four investment companies (consisting of 20 portfolios) for which UBS Global AM serves as investment advisor or manager.
Mark F. Kemper**; 55	Vice President and Secretary	Since 2004	Mr. Kemper is a managing director (since 2006) and head of the legal department of UBS Global AM—Americas region (since 2004). Secretary of UBS Global Asset Management Trust Company (since 1993) and secretary of UBS AM Holdings (USA) Inc. (since 2001). Mr. Kemper is vice president and secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

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Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Joanne M. Kilkeary*; 45	Vice President and Assistant Treasurer	Since 2004	Ms. Kilkeary is an executive director (since March 2013) (prior to which she was an associate director) (since 2008) and a senior manager (since 2004) of the US mutual fund treasury administrative department of UBS Global AM—Americas region. Ms. Kilkeary is a vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Tammie Lee*; 42	Vice President and Assistant Secretary	Since 2005	Ms. Lee is an executive director (since 2010) (prior to which she was a director) (since 2005) and associate general counsel of UBS Global AM—Americas region. Ms. Lee is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Joseph McGill*; 51	Vice President and Chief Compliance Officer	Since 2004	Mr. McGill is a managing director (since 2006) and chief compliance officer (since 2003) at UBS Global AM—Americas region. Mr. McGill is a vice president and chief compliance officer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

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UBS RMA

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Ryan Nugent*; 35	Vice President	Since 2005 (Managed Municipal Trust and RMA Tax- Free Fund)	Mr. Nugent is a director (since 2010) (prior to which he was an associate director) (since 2004), portfolio manager (since 2005) and head of municipal trading (since 2013) of UBS Global AM—Americas region. Prior to that he was an assistant portfolio manager to the tax-free money market funds (since 2002). Mr. Nugent is a vice president of four investment companies (consisting of 20 portfolios) for which UBS Global AM serves as investment advisor or manager.
Nancy Osborn*; 47	Vice President and Assistant Treasurer	Since 2007	Mrs. Osborn is a director (since 2010) (prior to which she was an associate director) and a senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region (since 2006). Mrs. Osborn is a vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

114

UBS RMA

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Robert Sabatino**; 39	Vice President	Since 2008 (RMA Money Fund)	Mr. Sabatino is a managing director (since 2010) (prior to which he was an executive director) (since 2007), head of US taxable money markets (since 2009) and portfolio manager of UBS Global AM—Americas region in the short duration fixed income group (since 2001). Mr. Sabatino is a vice president of six investment companies (consisting of 37 portfolios) for which UBS Global AM serves as investment advisor or manager.
Eric Sanders*; 47	Vice President and Assistant Secretary	Since 2005	Mr. Sanders is a director and associate general counsel of UBS Global AM—Americas region (since 2005). Mr. Sanders is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

115

UBS RMA

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Andrew Shoup*; 57	Vice President and Chief Operating Officer	Since 2006	Mr. Shoup is a managing director and the global head of fund treasury of UBS Global AM—Americas region (since 2006). Mr. Shoup is also a director of UBS (IRL) Fund p.l.c. (since 2008). Mr. Shoup is a vice president and chief operating officer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Keith A. Weller*; 52	Vice President and Assistant Secretary	Since 1995	Mr. Weller is an executive director and senior associate general counsel of UBS Global AM—Americas region (since 2005) and has been an attorney with affiliated entities since 1995. Mr. Weller is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

116

UBS RMA

Supplemental information (unaudited)

Officers (concluded)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Mandy Yu*; 29	Vice President	Since February 2013	Ms. Yu is an authorized officer (since 2012) and tax compliance manager (since March 2013) of the US mutual fund treasury administration department of UBS Global AM—Americas region. She was a fund treasury manager (from 2012 to March 2013) and a mutual fund administrator (from 2007 to 2012) for UBS Global AM—Americas region. Ms. Yu is a vice president of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

* This person’s business address is 1285 Avenue of the Americas, New York, New York 10019-6028.

** This person’s business address is One North Wacker Drive, Chicago, Illinois 60606.

† Each board member holds office for an indefinite term. Officers are appointed by the board members and serve at the pleasure of each board.

†† Professor Feldberg is deemed an “interested person” of the Funds as defined in the Investment Company Act because he is a senior advisor to Morgan Stanley, a financial services firm with which the Funds may conduct transactions.

††† Mr. Mandinach is deemed an “interested person” of the Funds as defined in the Investment Company Act because of his employment by UBS Global AM—Americas region.

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Board Members
Richard Q. Armstrong Chairman Alan S. Bernikow Richard R. Burt	Meyer Feldberg Bernard H. Garil Heather R. Higgins Barry M. Mandinach
Principal Officers
Mark E. Carver President Mark F. Kemper Vice President and Secretary Thomas Disbrow Vice President and Treasurer	Robert Sabatino Vice President (Taxable Funds) Elbridge T. Gerry III Vice President (Tax-Free Funds) Erin O. Houston Vice President (Tax-Free Funds)

Investment Advisor and Administrator

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

Principal Underwriter

UBS Global Asset Management (US) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

This report is not to be used in connection with the offering of shares of the Funds unless accompanied or preceded by an effective prospectus.

^© UBS 2013. All rights reserved.

 

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

S157

Money Market Fund

UBS Retirement Money Fund

Annual Report

June 30, 2013

UBS Retirement Money Fund

August 15, 2013

Dear shareholder,

We present you with the annual report for UBS Retirement Money Fund (the “Fund”) for the 12 months ended June 30, 2013.

Performance

As of June 30, 2013, the Fund’s seven-day current yield was 0.01% (after fee waivers and/or expense reimbursements), unchanged from what it was on June 30, 2012. (For more information on the Fund’s performance, refer to “Performance and portfolio characteristics at a glance” on page 7.)

The Fund’s yield remained low during the reporting period, reflecting the Federal

Reserve Board’s (the “Fed”) decision to maintain the federal funds rate (the federal funds rate, or the “fed funds rate,” which is the rate banks charge one another for funds they borrow on an overnight basis) at a historically low range, which continued to depress yields on a wide range of short-term investments. (For more details on the Fed’s actions, see below.) As a result, the yields of the securities in which the Fund invests remained extremely low and, in turn, kept the Fund’s yield low.

An interview with Portfolio Manager Robert Sabatino

Q. How would you describe the economic environment during the reporting period?

A. While the overall US economy continued to grow during the reporting period, the pace of the expansion was mixed. After the Commerce Department reported that gross domestic product (“GDP”) growth was a tepid 0.1% in the fourth quarter of 2012, the economy gained some traction as GDP grew 1.1% during the first three months of 2013. On July 31, 2013, after the Fund’s reporting period had ended, the Commerce Department’s initial estimate for second quarter 2013 GDP growth was 1.7%.

UBS Retirement Money Fund

Investment goal:

Current income consistent with liquidity and conservation of capital.

Portfolio Manager

Robert Sabatino

UBS Global Asset Management (Americas) Inc.

Commencement:

July 2, 1988

1

UBS Retirement Money Fund

Q. How did the Fed react to the economic environment?

A. The Fed took a number of actions during the reporting period, as it looked to meet its dual mandate of price stability and maximum employment. Throughout the reporting period, the Fed kept the federal funds rate at an extremely low level between 0% and 0.25% and, on several occasions, extended the period it expected to keep the fed funds rate on hold. Looking back, in January 2012, the Fed announced its plan to purchase $400 billion of longer-term Treasury securities and to sell an equal amount of shorter-term Treasury securities by June 2012 (dubbed “Operation Twist”). At its June 2012 meeting, the Fed extended Operation Twist until the end of 2012. In September, the Fed launched a third round of quantitative easing (“QE3”), which involved purchasing $40 billion of agency mortgage-backed securities (“MBS”) on an open-ended basis each month.

At its final meeting of the year, in December, the Fed said it would continue buying $40 billion a month of MBS and purchase $45 billion a month of longer-term Treasuries. The Fed also said that it would keep the federal funds rate on hold “…as long as the unemployment rate remains above 6.5%,” provided inflation remains well-contained. The Fed has not materially changed its official policy stance thus far in 2013. However, in his press conference following the Fed’s meeting in June, Fed Chairman Ben Bernanke said, “…the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year; and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear.” This statement triggered a substantial sell-off in the fixed income market, as Treasury yields rose sharply and bond prices declined.

Q. How did you position the Fund during the reporting period?

A. We tactically adjusted the Fund’s weighted average maturity (“WAM”) throughout the 12-month review period. When the reporting period began, the Fund had a WAM of 34 days. Toward the middle part of the reporting period, concerns regarding the ongoing challenges in Europe were overshadowed by QE3. In

2

UBS Retirement Money Fund

anticipation of further downward pressure on short-term interest rates with QE3, we increased the Fund’s WAM in September 2012. We later pared back the WAM and, as of June 30, 2013, the Fund’s WAM was 43 days.

Q. What level of portfolio diversification did you maintain during the reporting period?

A. At the issuer level, we maintained a high level of diversification, investing in smaller positions with the goal of reducing risk and keeping the Fund highly liquid. We typically purchased up to 3% in single nongovernment issuers throughout the reporting period. (The Fund is generally able to hold up to 5% in any one issuer, subject to certain exceptions.)

Q. What types of securities did you emphasize over the period?

A. Several adjustments were made to the Fund’s sector positioning during the 12-month period. We increased the Fund’s exposure to US government and agency obligations, certificates of deposit, repurchase agreements and bank notes. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.) Conversely, we reduced our allocations to commercial paper and short-term corporate obligations.

Q. What factors do you believe will affect the Fund over the coming months?

A. Despite the Fed’s plans to begin tapering its asset purchase program later this year, we do not expect the federal funds rate to be raised from its historically low level until at least 2015. Turning to the economy, it is clearly on better footing than was the case a year ago. In particular, the housing market shows continued signs of improvement and the unemployment rate has moderated somewhat. That said, we will continue to closely monitor incoming economic data to determine the impact of higher interest rates on consumer and business spending. Moderating global growth could also negatively impact US exports. Against this backdrop, we believe that the economy will continue to expand, albeit at a modest pace.

3

UBS Retirement Money Fund

Continuing regulatory uncertainty has cast a shadow over money market funds for some time now, and will likely continue to do so. The US Securities and Exchange Commission (the “SEC”) issued proposed new regulations for money market funds on June 5, 2013, requesting comments on numerous issues. At this time it is impossible to predict the final version of these regulations, but the SEC’s proposing release envisions a transition period ranging up to several years. Against this backdrop, we anticipate continuing to manage the Fund focusing on risk and keeping it highly liquid.

We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS family of funds,* please contact your Financial Advisor, or visit us at www.ubs.com/globalam-us.

Sincerely,

Mark E. Carver President UBS Retirement Money Fund Managing Director UBS Global Asset Management (Americas) Inc.   Robert Sabatino Portfolio Manager UBS Retirement Money Fund Managing Director UBS Global Asset Management (Americas) Inc.

This letter is intended to assist shareholders in understanding how the Fund performed during the 12 months ended June 30, 2013. The views and opinions in the letter were current as of August 15, 2013. They are not guarantees of future performance or investment results and should not be taken as investment advice.

Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund’s future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

* Mutual funds are sold by prospectus only. You should read it carefully and consider a fund’s investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568, or by visiting our Web site at www.ubs.com/globalam-us.

4

UBS Retirement Money Fund

Understanding your Fund’s expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, service fees (12b-1 fees) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2013 to June 30, 2013.

Actual expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

5

UBS Retirement Money Fund

Understanding your Fund’s expenses (unaudited) (concluded)

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds, if those other funds impose transactional costs—for example, exchange fees. In addition, if those transactional costs were included, your costs for those other funds would have been higher.

	Beginning account value January 1, 2013		Ending account value1 June 30, 2013		Expenses paid during period2 01/01/13 to 06/30/13		Expense ratio during the period
Actual		$1,000.00		$1,000.00		$0.94		0.19	%
Hypothetical (5% annual return before expenses)		1,000.00		1,023.85		0.95		0.19

¹  “Actual—Ending account value” may or may not be reflective of a shareholder’s actual investment experience during periods of very low interest rates. While the Fund declares dividends daily and pays them monthly, the amounts are rounded to the nearest $0.01 on a daily basis with respect to each investor’s account. As a result, investors whose fund account balances earn daily dividends that total less than one half a cent on any given day will not accrue any dividends on that day.

²  Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period).

6

UBS Retirement Money Fund

Performance and portfolio characteristics at a glance (unaudited)

Yields and characteristics	06/30/13			12/31/12			06/30/12
Seven-day current yield after fee waivers and/or expense reimbursements1		0.01	%		0.01	%		0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements1		0.01			0.01			0.01
Seven-day current yield before fee waivers and/or expense reimbursements1		(0.47	)		(0.42	)		(0.44	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.47	)		(0.42	)		(0.44	)
Weighted average maturity2		43 days			47 days			34 days
Net assets (bn)		$1.3			$1.3			$1.3
Portfolio composition3		06/30/13			12/31/12			06/30/12
Commercial paper		53.8	%		52.5	%		57.9	%
US government and agency obligations		16.8			17.0			14.9
Certificates of deposit		16.1			15.2			14.7
Repurchase agreements		10.1			14.9			9.3
Bank notes		2.3			—			—
Short-term corporate obligations		—			0.4			1.7
Other assets less liabilities		0.9			(0.0	)4		1.5
Total		100.0	%		100.0	%		100.0	%

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The Fund's portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Fund's net assets as of the dates indicated. The Fund's portfolio is actively managed and its composition will vary over time.

⁴  Represents less than 0.05% of net assets as of the date indicated.

An investment in UBS Retirement Money Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Not FDIC Insured. May lose value. No Bank guarantee.

7

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
US government and agency obligations—16.78%
Federal Home Loan Bank
0.065%, due 07/05/131		$20,000,000		$19,999,855
0.030%, due 07/24/131		14,000,000		13,999,732
0.050%, due 08/15/131		18,000,000		17,998,875
0.130%, due 12/16/131		10,000,000		9,993,933
0.125%, due 03/27/14		6,500,000		6,497,747
Federal Home Loan Mortgage Corp.*
0.140%, due 07/09/131		11,000,000		10,999,658
1.375%, due 02/25/14		10,000,000		10,080,099
Federal National Mortgage Association* 0.150%, due 09/03/131		8,000,000		7,997,867
US Treasury Bill 0.106%, due 08/01/131		39,200,000		39,196,422
US Treasury Notes
3.125%, due 08/31/13		15,000,000		15,073,038
0.125%, due 09/30/13		14,900,000		14,897,175
0.500%, due 11/15/13		25,000,000		25,029,159
0.750%, due 12/15/13		22,000,000		22,056,475
1.000%, due 01/15/14		6,000,000		6,026,599
Total US government and agency obligations (cost—$219,846,634)				219,846,634
Bank notes—2.29%
Banking-US—2.29%
Bank of America N.A. 0.190%, due 07/02/13		10,000,000		10,000,000
0.190%, due 07/25/13		20,000,000		20,000,000
Total bank notes (cost—$30,000,000)				30,000,000
Certificates of deposit—16.07%
Banking-non-US—13.40%
Bank of Nova Scotia 0.262%, due 07/19/132		3,000,000		3,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd. 0.210%, due 07/08/13		15,000,000		15,000,000
BNP Paribas SA 0.440%, due 07/17/13		20,000,000		20,001,952

8

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Certificates of deposit—(concluded)
Banking-non-US—(concluded)
Credit Industriel et Commercial 0.240%, due 09/05/13		$12,000,000		$12,000,000
Mizuho Corporate Bank 0.230%, due 07/09/13		16,000,000		16,000,000
Norinchukin Bank Ltd.
0.160%, due 07/08/13		31,500,000		31,500,000
0.160%, due 07/11/13		5,000,000		5,000,000
Rabobank Nederland NV
0.423%, due 09/25/132		9,000,000		9,000,000
0.360%, due 06/11/14		5,000,000		5,000,000
Royal Bank of Canada 0.323%, due 08/06/132		10,000,000		10,000,000
Sumitomo Mitsui Banking Corp.
0.190%, due 07/08/13		20,000,000		20,000,000
0.230%, due 07/08/13		13,000,000		13,000,000
Svenska Handelsbanken AB 0.200%, due 07/01/13		10,000,000		10,000,000
Toronto-Dominion Bank 0.130%, due 07/08/13		6,000,000		5,999,988
				175,501,940
Banking-US—2.67%
Branch Banking & Trust Co.
0.170%, due 07/15/13		15,000,000		15,000,000
0.190%, due 08/15/13		10,000,000		10,000,000
0.170%, due 09/09/13		10,000,000		10,000,000
				35,000,000
Total certificates of deposit (cost—$210,501,940)				210,501,940
Commercial paper1—53.80%
Asset backed-auto & truck—0.80%
FCAR Owner Trust II
0.180%, due 07/15/13		7,500,000		7,499,475
0.180%, due 09/11/13		3,000,000		2,998,920
				10,498,395

9

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(continued)
Asset backed-miscellaneous—21.60%
Atlantic Asset Securitization LLC 0.170%, due 07/10/13		$10,000,000		$9,999,575
Cancara Asset Securitisation LLC
0.190%, due 07/22/13		25,000,000		24,997,229
0.190%, due 08/16/13		5,000,000		4,998,786
Ciesco LLC 0.220%, due 09/20/132		9,000,000		9,000,000
Gotham Funding Corp.
0.160%, due 07/17/13		3,000,000		2,999,787
0.170%, due 08/09/13		20,000,000		19,996,317
Jupiter Securitization Co. LLC 0.260%, due 09/10/13		10,000,000		9,994,872
Liberty Street Funding LLC
0.140%, due 07/16/13		27,955,000		27,953,369
0.150%, due 07/25/13		3,000,000		2,999,700
LMA Americas LLC 0.190%, due 07/08/13		15,000,000		14,999,446
Market Street Funding LLC
0.180%, due 08/12/13		10,000,000		9,997,900
0.170%, due 09/03/13		15,000,000		14,995,467
Nieuw Amsterdam Receivables Corp. 0.150%, due 07/16/13		14,000,000		13,999,125
Old Line Funding LLC
0.210%, due 08/15/13		10,000,000		9,997,375
0.200%, due 11/18/13		5,000,000		4,996,111
Regency Markets No. 1 LLC
0.170%, due 07/15/13		13,000,000		12,999,140
0.170%, due 07/19/13		10,000,000		9,999,150
Sheffield Receivables Corp.
0.200%, due 07/08/13		10,000,000		9,999,611
0.200%, due 07/09/13		15,000,000		14,999,333
0.150%, due 08/07/13		5,000,000		4,999,229
0.200%, due 09/05/13		8,000,000		7,997,067

10

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(continued)
Asset backed-miscellaneous—(concluded)
Victory Receivables Corp.
0.170%, due 07/02/13		$10,000,000		$9,999,953
0.160%, due 07/03/13		10,000,000		9,999,911
0.150%, due 07/09/13		10,000,000		9,999,667
0.160%, due 07/12/13		5,000,000		4,999,756
Working Capital Management Co. 0.170%, due 07/08/13		5,000,000		4,999,835
				282,917,711
Banking-non-US—6.75%
Erste Abwicklungsanstalt 0.160%, due 07/01/13		15,000,000		15,000,000
Mizuho Funding LLC 0.230%, due 07/01/13		15,000,000		15,000,000
Nordea Bank AB 0.220%, due 11/15/13		7,500,000		7,493,721
Oversea-Chinese Banking Corp. Ltd. 0.180%, due 09/19/13		29,000,000		28,988,400
Skandinaviska Enskilda Banken AB 0.215%, due 07/15/13		10,000,000		9,999,164
Westpac Securities NZ Ltd.
0.364%, due 07/02/132,3		6,000,000		6,000,000
0.243%, due 07/18/132,3		6,000,000		5,999,947
				88,481,232
Banking-US—13.51%
Bedford Row Funding Corp. 0.420%, due 12/16/13		7,000,000		6,986,280
BNP Paribas Finance, Inc. 0.260%, due 08/01/13		10,000,000		9,997,761
ING (US) Funding LLC 0.180%, due 07/31/13		15,000,000		14,997,750
National Australia Funding Delaware, Inc. 0.225%, due 12/09/13		20,000,000		19,979,875
Nordea N.A., Inc. 0.190%, due 07/01/13		17,000,000		17,000,000

11

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(continued)
Banking-US—(concluded)
Northern Pines Funding LLC
0.500%, due 07/01/13		$12,000,000		$12,000,000
0.240%, due 10/01/13		10,000,000		9,993,867
Societe Generale N.A., Inc.
0.090%, due 07/01/13		20,000,000		20,000,000
0.200%, due 08/01/13		15,000,000		14,997,417
State Street Corp. 0.170%, due 09/03/13		12,000,000		11,996,373
Toronto-Dominion Holdings USA, Inc.
0.130%, due 08/26/13		15,000,000		14,996,967
0.170%, due 10/15/13		14,000,000		13,992,992
Wells Fargo & Co. 0.180%, due 08/15/13		10,000,000		9,997,750
				176,937,032
Brokerage—2.29%
RBS Holdings USA, Inc. 0.120%, due 07/01/13		30,000,000		30,000,000
Energy-integrated—1.37%
CNPC Finance HK Ltd.
0.270%, due 07/08/13		1,000,000		999,947
0.240%, due 07/23/13		13,000,000		12,998,093
0.250%, due 07/26/13		4,000,000		3,999,306
				17,997,346
Finance-captive automotive—2.90%
Toyota Motor Credit Corp.
0.180%, due 07/08/13		12,000,000		11,999,580
0.233%, due 07/24/132		5,000,000		5,000,000
0.240%, due 08/30/13		15,000,000		14,994,000
0.170%, due 10/10/13		6,000,000		5,997,138
				37,990,718
Finance-non-captive diversified—0.38%
General Electric Capital Corp. 0.240%, due 10/02/13		5,000,000		4,996,900

12

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Security description	Face amount		Value
Commercial paper1—(concluded)
Insurance-life—3.05%
MetLife Short Term Funding LLC
0.140%, due 07/29/13		$5,000,000		$4,999,456
0.120%, due 08/06/13		30,000,000		29,996,400
Prudential Funding LLC 0.170%, due 07/15/13		5,000,000		4,999,669
				39,995,525
Pharmaceuticals—1.15%
Pfizer, Inc. 0.050%, due 07/02/13		15,000,000		14,999,979
Total commercial paper (cost—$704,814,838)				704,814,838
Repurchase agreements—10.14%
Repurchase agreement dated 06/28/13 with Barclays Capital, Inc., 0.100% due 07/01/13, collateralized by $30,883,700 US Treasury Note, 0.250% due 04/15/16; (value—$30,600,048); proceeds: $30,000,250		30,000,000		30,000,000
Repurchase agreement dated 06/28/13 with Deutsche Bank Securities, Inc., 0.180% due 07/01/13, collateralized by $136,088,000 Federal National Mortgage Association obligations, 0.580% to 6.030% due 02/26/16 to 10/08/27; (value—$104,040,005); proceeds: $102,001,530		102,000,000		102,000,000
Repurchase agreement dated 06/28/13 with State Street Bank and Trust Co., 0.010% due 07/01/13, collateralized by $141,553 Federal Home Loan Mortgage Corp. obligations, 1.960% due 11/07/22 and $814,415 Federal National Mortgage Association obligations, 2.170% to 2.200% due 10/17/22; (value—$912,978); proceeds: $895,001		895,000		895,000
Total repurchase agreements (cost—$132,895,000)				132,895,000
Total investments (cost—$1,298,058,412 which approximates cost for federal income tax purposes)—99.08%				1,298,058,412
Other assets in excess of liabilities—0.92%				12,048,405
Net assets (applicable to 1,310,104,919 shares of common stock outstanding equivalent to $1.00 per share)—100.00%				$1,310,106,817

13

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Affiliated issuer activity

The table below details the Fund’s transaction activity in an affiliated issuer during the year ended June 30, 2013. The advisor earns a management fee from UBS Private Money Market Fund LLC. Please see Notes to the financial statements for further information.

Security description	Value at 06/30/12		Purchases during the year ended 06/30/13		Sales during the year ended 06/30/13		Value at 06/30/13		Net income earned from affiliate for the year ended 06/30/13
UBS Private Money Market Fund LLC		$—		$38,558,040		$38,558,040		$—		$66

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2013 in valuing the Fund’s investments:

	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
US government and agency obligations	$	—	$	219,846,634	$	—	$	219,846,634
Bank notes		—		30,000,000		—		30,000,000
Certificates of deposit		—		210,501,940		—		210,501,940
Commercial paper		—		704,814,838		—		704,814,838
Repurchase agreements		—		132,895,000		—		132,895,000
Total	$	—	$	1,298,058,412	$	—	$	1,298,058,412

At June 30, 2013, there were no transfers between Level 1 and Level 2.

14

UBS Retirement Money Fund

Statement of net assets—June 30, 2013

Issuer breakdown by country or territory of origin (unaudited)

	Percentage of total investments
United States		75.3	%
Japan		11.8
France		2.5
Singapore		2.2
Sweden		2.1
Canada		1.5
China		1.4
Germany		1.2
Netherlands		1.1
Australia		0.9
Total		100.0	%

Portfolio footnotes

* On September 7, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.

¹  Rates shown are the discount rates at date of purchase.

²  Variable or floating rate security. The interest rate shown is the current rate as of June 30, 2013 and changes periodically. The maturity date reflects earlier of reset date or stated maturity date.

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 0.92% of net assets as of June 30, 2013, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See accompanying notes to financial statements

15

UBS Retirement Money Fund

Statement of operations

	For the year ended June 30, 2013
Investment income:
Interest		$2,722,686
Securities lending income (represents income earned from an affiliated entity)		66
		2,722,752
Expenses:
Investment management and administration fees		5,068,476
Service fees		1,953,795
Transfer agency and related services fees		1,064,463
Professional fees		124,573
Custody and accounting fees		117,420
State registration fees		82,199
Reports and notices to shareholders		73,426
Insurance fees		31,629
Directors’ fees		25,838
Other expenses		32,830
		8,574,649
Fee waivers and/or expense reimbursements by investment advisor/administrator/distributor		(5,982,280	)
Net expenses		2,592,369
Net investment income		130,383
Net realized gain		425
Net increase in net assets resulting from operations		$130,808

See accompanying notes to financial statements

16

UBS Retirement Money Fund

Statement of changes in net assets

	For the years ended June 30,
	2013			2012
From operations:
Net investment income		$130,383			$142,438
Net realized gain		425			1,625
Net increase in net assets resulting from operations		130,808			144,063
Dividends to shareholders from:
Net investment income		(130,383	)		(142,438	)
Net decrease in net assets from capital stock transactions		(15,907,031	)		(91,605,680	)
Net decrease in net assets		(15,906,606	)		(91,604,055	)
Net assets:
Beginning of year		1,326,013,423			1,417,617,478
End of year		$1,310,106,817			$1,326,013,423
Accumulated undistributed net investment income		$—			$—

See accompanying notes to financial statements

17

UBS Retirement Money Fund

Financial highlights

Selected data for a share of common stock outstanding throughout each year is presented below:

	Years ended June 30,
	2013			2012			20111			2010			2009
Net asset value, beginning of year		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.000	2		0.000	2		0.000	2		0.000	2		0.009
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.009	)
Distributions from net realized gains		—			—			(0.000	)2		(0.000	)2		(0.000	)2
Total dividends and distributions		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.009	)
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%		0.01	%		0.01	%		0.01	%		0.96	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.66	%		0.67	%		0.72	%		0.74	%		0.75	%
Expenses after fee waivers and/or expense reimbursements		0.20	%		0.19	%		0.26	%		0.27	%		0.66	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.90	%
Supplemental data:
Net assets, end of year (in millions)		$1,310			$1,326			$1,418			$1,551			$1,984

¹  The investment advisory and administration functions for the Fund were transferred from UBS Financial Services Inc. to UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) on March 1, 2011. As a result, the Fund no longer has a sub-advisor/sub-administrator but is managed directly by UBS Global AM.

²  Amount represents less than $0.0005 per share.

³  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. Returns do not reflect the deduction of taxes that a shareholder could pay on Fund distributions.

See accompanying notes to financial statements

18

UBS Retirement Money Fund

Notes to financial statements

Organization and significant accounting policies

UBS RMA Money Fund Inc. (the “Corporation”) was incorporated in the state of Maryland on July 2, 1982 and is registered with the US Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended, as an open-end, diversified management investment company. The Corporation is a series mutual fund and currently has three portfolios: UBS Retirement Money Fund (the “Fund”), UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio. The financial statements for UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio are not included herein.

The Corporation accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

In the normal course of business, the Fund may enter into contracts that contain a variety of representations or that provide indemnification for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Fund attempts to maintain a stable net asset value of $1.00 per share; the Fund has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. As with any money market fund, there is no assurance, however, that the Fund will be able to maintain a stable net asset value of $1.00 per share.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative US generally accepted accounting principles (“US GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The

19

UBS Retirement Money Fund

Notes to financial statements

Fund’s financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. The following is a summary of significant accounting policies:

Valuation of investments

Investments are valued at amortized cost. Periodic review and monitoring of the valuation of the securities held by the Fund is performed in an effort to ensure that amortized cost approximates market value.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of the Fund’s investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of the Fund’s own assumptions in determining the fair value of investments.

In accordance with the requirements of US GAAP, a fair value hierarchy has been included near the end of the Fund’s Statement of net assets.

In January 2013, Accounting Standards Update 2013-01 (“ASU 2013-01”), “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, replaced Accounting Standards Update 2011-11 (“ASU 2011-11”), “Disclosures about Offsetting Assets and Liabilities”. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable

20

UBS Retirement Money Fund

Notes to financial statements

master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Fund’s financial statements.

Repurchase agreements

The Fund may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller’s agreement to repurchase them at an agreed upon date (or upon demand) and price. The Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special “tri-party” custodian or sub-custodian that maintains a separate account for both the Fund and its counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price. In the event of default of the obligation to repurchase, the Fund generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 under the Investment Company Act or a fund’s investment strategies and limitations, may require the fund to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller’s guarantor, if any) becomes insolvent, the Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Fund may participate in joint repurchase agreement transactions with other funds managed or advised by UBS Global Asset Management (Americas) Inc. (“UBS Global AM”).

Under certain circumstances, the Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to

21

UBS Retirement Money Fund

Notes to financial statements

avoid having the Fund assessed a fee for uninvested cash held in a business account at a bank.

Investment transactions and investment income

Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Dividends and distributions

Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from US GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Concentration of risk

The ability of the issuers of the debt securities held by the Fund to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investment advisor and administrator

The Fund’s Board of Directors has approved an investment advisory and administration contract (the “Advisory Contract”) with UBS Global AM, under which UBS Global AM serves as investment advisor and administrator of the Fund. In accordance with the Advisory Contract, the Fund pays UBS Global AM an investment advisory and administration fee, which is accrued daily and paid monthly, in accordance with the following schedule:

Average daily net assets	Annual rate
Up to $300 million		0.450	%
In excess of $300 million up to $750 million		0.415
In excess of $750 million up to $1.5 billion		0.335
In excess of $1.5 billion up to $5 billion		0.325
Over $5 billion		0.315

22

UBS Retirement Money Fund

Notes to financial statements

At June 30, 2013, the Fund owed UBS Global AM $61,632 for investment advisory and administration fees, net of fee waivers/expense reimbursements.

UBS Global AM has undertaken to waive fees and/or reimburse expenses in the event that Fund yields drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. For the year ended June 30, 2013, UBS Global AM voluntarily waived investment advisory and administration fees totaling $4,028,485; such amount is not subject to future recoupment.

Under normal conditions, the Fund invests cash collateral from securities lending activities into an affiliated private money market fund, UBS Private Money Market Fund LLC (“Private Money Market”), which operates in compliance with most of the substantive provisions of Rule 2a-7 of the 1940 Act. Private Money Market is managed by UBS Global AM and is currently offered as a cash management option to mutual funds and certain other accounts managed by UBS Global AM. UBS Global AM acts as managing member and receives a management fee from Private Money Market payable monthly in arrears at the annual rate of 0.10% of Private Money Market’s average daily members’ equity, minus the aggregate operating expenses of, and incurred by, Private Money Market during each such related month, not including investment expenses (including brokerage commissions, taxes, interest charges and other costs with respect to transactions in securities) and extraordinary expenses including litigation expenses, if any. UBS Global AM may, in its sole discretion, waive all or any portion of the management fee to which it may be entitled from time to time in order to maintain operating expenses or net yields at a certain level. Distributions received from Private Money Market, if any, net of fee rebates paid to borrowers, would be reflected as securities lending income in the Statement of operations.

Additional information regarding compensation to affiliate of a board member

Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, a financial services firm with which the Fund may conduct transactions,

23

UBS Retirement Money Fund

Notes to financial statements

resulting in him being an interested board member of the Fund. The Fund has been informed that Professor Feldberg’s role at Morgan Stanley does not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm’s ability to provide best execution of the transactions. During the year ended June 30, 2013, the Fund purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley, having an aggregate value of $351,260,023. Morgan Stanley received compensation in connection with these trades, which may have been in the form of a “mark-up” or “mark-down” of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the Fund’s investment advisor, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Distribution plan

UBS Global Asset Management (US) Inc. (“UBS Global AM (US)”) is the principal underwriter of the Fund’s shares and has appointed UBS Financial Services Inc. as dealer for the sale of those shares. Under the plan of distribution, the Fund pays UBS Global AM (US) a monthly service fee, which is accrued daily and paid monthly, at an annual rate of up to 0.15% of the Fund’s average daily net assets. The Fund currently pays service fees to UBS Global AM (US) at the maximum annual rate of 0.15% of average daily net assets. UBS Global AM (US) has undertaken to waive fees in the event that Fund yields drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. At June 30, 2013, given the impact of voluntary fee waivers, the Fund did not owe UBS Global AM (US) for service fees. For the year ended June 30, 2013, UBS Global AM (US) voluntarily waived $1,953,795 of service fees; such amount is not subject to future recoupment.

Transfer agency related services

UBS Financial Services Inc. provides certain services to the Fund pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), the Fund’s transfer agent, and is compensated for these services by BNY Mellon, not the Fund.

24

UBS Retirement Money Fund

Notes to financial statements

For the year ended June 30, 2013, UBS Financial Services Inc. received from BNY Mellon, not the Fund, $653,450 of the total transfer agency and related service fees paid by the Fund to BNY Mellon.

Securities lending

The Fund may lend securities up to 33 ¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Fund will regain ownership of loaned securities to exercise certain beneficial rights; however, the Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, US government securities or irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. State Street Bank and Trust Company serves as the Fund’s lending agent. At June 30, 2013, the Fund did not have any securities on loan.

Other liabilities and components of net assets

At June 30, 2013, the Fund had the following liabilities outstanding:

Dividends payable to shareholders	$2,518
Other accrued expenses*	330,973

*Excludes investment advisory and administration and service fees.

At June 30, 2013, the components of net assets were as follows:

Accumulated paid in capital	$1,310,111,369
Accumulated net realized loss	(4,552	)
Net assets	$1,310,106,817

25

UBS Retirement Money Fund

Notes to financial statements

Common stock

There are 20 billion shares of $0.001 par value common stock authorized. Transactions in shares of common stock, at $1.00 per share, were as follows:

	For the years ended June 30,
	2013			2012
Shares sold		5,400,242,130			5,410,115,430
Shares repurchased		(5,416,267,913	)		(5,501,850,748	)
Dividends reinvested		118,752			129,638
Net decrease in shares outstanding		(15,907,031	)		(91,605,680	)

Federal tax status

The Fund intends to distribute all or substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Fund during the fiscal years ended June 30, 2013 and June 30, 2012 was ordinary income.

At June 30, 2013, the components of accumulated earnings (deficit) on a tax basis were undistributed ordinary income of $339 and accumulated capital and other losses of $2,373.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Fund after December 31, 2010, may be carried forward indefinitely, and retain their character as short term and/or long term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

26

UBS Retirement Money Fund

Notes to financial statements

At June 30, 2013, the Fund had a pre-enactment capital loss carryforward of $686, which will expire on June 30, 2019, and a post-enactment short-term capital loss carryforward of $1,687. These carryforwards are available as a reduction, to the extent provided in the regulations, of future realized capital gains.

As of and during the period ended June 30, 2013, the Fund did not have any liabilities for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the year ended June 30, 2013, the Fund did not incur any interest or penalties.

Each of the tax years in the four year period ended June 30, 2013, remains subject to examination by the Internal Revenue Service and state taxing authorities.

27

UBS Retirement Money Fund

Report of Ernst & Young LLP, independent

registered public accounting firm

The Board of Directors and Shareholders of UBS Retirement Money Fund

We have audited the accompanying statement of net assets of UBS Retirement Money Fund (the “Fund”) (one of the series comprising UBS RMA Money Fund Inc.) as of June 30, 2013, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2013, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of

28

UBS Retirement Money Fund

UBS Retirement Money Fund at June 30, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with US generally accepted accounting principles.

New York, New York

August 28, 2013

29

UBS Retirement Money Fund

General Information (unaudited)

Monthly and quarterly portfolio holdings disclosure

The Fund will file its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s Web site at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC 0330. Additionally, you may obtain copies of Forms N-Q from the Fund upon request by calling 1-800-647 1568.

In addition, the Fund discloses, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life on UBS’s Web site at the following internet address: www.ubs.com/usmoneymarketfundsholdings. In addition, at this location, you will find a link to more detailed fund information appearing in filings with the SEC on Form N-MFP. Investors also may find additional information about the Fund at the above referenced UBS Web site internet address.

Proxy voting policies, procedures and record

You may obtain a description of the Fund’s (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Fund directly at 1-800-647 1568, online on the Fund’s Web site: www.ubs.com/ubsglobalam-proxy, or on the EDGAR Database on the SEC’s Web site (http://www.sec.gov).

30

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31

UBS Retirement Money Fund

Supplemental information (unaudited)

Board of Directors & Officers

The Fund is governed by a Board of Directors which oversees the Fund’s operations. Each director serves an indefinite term of office. Officers are appointed by the directors and serve at the pleasure of the Board. The table below shows, for each director and officer, his or her name, address and age, the position held with the Fund, the length of time served as a director or officer of the Fund, the director’s or officer’s principal occupations during the last five years, the number of funds in the UBS fund complex overseen by the director or for which a person served as an officer, and other directorships held by the director.

The Fund’s Statement of Additional Information contains additional information about the directors and is available, without charge, upon request by calling 1-800-647 1568.

Interested Directors

Name, address, and age	Position(s) held with fund	Term of office† and length of time served
Meyer Feldberg††; 71 Morgan Stanley 1585 Broadway 36th Floor New York, NY 10036	Director	Since 1992

32

UBS Retirement Money Fund

Supplemental information (unaudited)

Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by director	Other directorships held by director
Professor Feldberg is Dean Emeritus and Professor of Leadership and Ethics at Columbia Business School, although on an extended leave of absence. He is also a senior advisor to Morgan Stanley (financial services) (since 2005). Professor Feldberg also serves as president of New York City Global Partners (an organization located in part of the Office of the Mayor of the City of New York that promotes interaction with other cities around the world) (since 2007). Prior to July 2004, he was Dean and Professor of Management of the Graduate School of Business at Columbia University (since 1989).	Professor Feldberg is a director or trustee of 23 investment companies (consisting of 55 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor or manager.	Professor Feldberg is also a director of Macy’s Inc. (operator of department stores), Revlon, Inc. (cosmetics), SAPPI, Ltd. (producer of paper) and the New York City Ballet.

33

UBS Retirement Money Fund

Supplemental information (unaudited)

Interested Directors (concluded)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served
Barry M. Mandinach*†††; 57	Director	Since 2010
Independent Directors
Richard Q. Armstrong; 78 c/o Keith A. Weller Assistant Fund Secretary UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas New York, NY, 10019	Director and Chairman of the Board of Directors	Director since 1996; Chairman of the Board of Directors since 2004

34

UBS Retirement Money Fund

Supplemental information (unaudited)

Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by director	Other directorships held by director
Mr. Mandinach is a managing director of UBS Global Asset Management (US) Inc. and UBS Global Asset Management (Americas) Inc. (“UBS Global AM”) (collectively, “UBS Global AM—Americas region”). He has been with UBS Global AM—Americas region or its predecessors (since 2001). He is the Head of Institutional & Wholesale Business (US) (since 2009) as well as Chief Marketing Officer (US) (since 2006).	Mr. Mandinach is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	None
Mr. Armstrong is chairman and principal of R.Q.A. Enterprises (management consulting firm) (since 1991 and principal occupation since 1995). Mr. Armstrong was president or chairman of a number of packaged goods companies (responsible for such brands as Canada Dry, Dr. Pepper, Adirondack Beverages and Moët Hennessy) (from 1982 to 1995).	Mr. Armstrong is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	None

35

UBS Retirement Money Fund

Supplemental information (unaudited)

Independent Directors (continued)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served
Alan S. Bernikow; 72 207 Benedict Ave. Staten Island, NY 10314	Director	Since 2005
Richard R. Burt; 66 McLarty Associates 900 17th Street NW, 8th Floor Washington, D.C. 20006	Director	Since 1996

36

UBS Retirement Money Fund

Supplemental information (unaudited)

Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by director	Other directorships held by director
Mr. Bernikow is retired. He was a consultant on non- management matters for the firm of Deloitte & Touche (international accounting and consulting firm) (from 2003 to 2007). Previously, he was deputy chief executive officer at Deloitte & Touche.	Mr. Bernikow is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	Mr. Bernikow is also a director of Revlon, Inc. (cosmetics) (and serves as the chair of its audit committee and as the chair of the compensation committee), a director of Mack-Cali Realty Corporation (real estate investment trust) (and serves as the chair of its audit committee) and a director of the Casual Male Retail Group, Inc. (menswear) (and serves as a member of its audit committee and as a member of its nominating and corporate governance committee). He is also a director of Premier American Bank, N.A.
Mr. Burt is a managing director of McLarty Associates (a consulting firm) (since 2007). He was chairman of IEP Advisors (international investments and consulting firm) until 2009. Prior to 2007, he was chairman of Diligence Inc. (international information and risk management firm).	Mr. Burt is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	Mr. Burt is also a director of The Central Europe & Russia Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.

37

UBS Retirement Money Fund

Supplemental information (unaudited)

Independent Directors (concluded)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served
Bernard H. Garil; 73 6754 Casa Grande Way Delray Beach, FL 33446	Director	Since 2005
Heather R. Higgins; 53 255 E. 49th St., Suite 23D New York, NY 10017	Director	Since 2005

38

UBS Retirement Money Fund

Supplemental information (unaudited)

Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by director	Other directorships held by director
Mr. Garil is retired (since 2001). He was a managing director at PIMCO Advisory Services (from 1999 to 2001) where he served as president of closed-end funds and vice-president of the variable insurance product funds advised by OpCap Advisors (until 2001).	Mr. Garil is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	Mr. Garil is also a director of OFI Global Trust Company (commercial trust company), the Leukemia and Lymphoma Society (voluntary health organization) and a trustee for the Brooklyn College Foundation, Inc. (charitable foundation).
Ms. Higgins is the president and director of The Randolph Foundation (charitable foundation) (since 1991). Ms. Higgins also serves (or had served) on the boards of several non-profit charitable groups, including the Independent Women’s Forum (chairman) and the Philanthropy Roundtable (vice chairman). She also served on the board of the Hoover Institution (from 2001 to 2007 and since 2009).	Ms. Higgins is a director or trustee of 13 investment companies (consisting of 45 portfolios) for which UBS Global AM serves as investment advisor or manager.	None

39

UBS Retirement Money Fund

Supplemental information (unaudited)

Officers

Name, address, and age	Position(s) held with fund	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Joseph Allessie*; 48	Vice President and Assistant Secretary	Since 2005	Mr. Allessie is an executive director (since 2007) (prior to which he was a director) and deputy general counsel (since 2005) at UBS Global AM—Americas region. Mr. Allessie is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Rose Ann Bubloski*; 45	Vice President and Assistant Treasurer	Since 2011	Ms. Bubloski is a director (since 2012) (prior to which she was an associate director) (since 2008) and senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region. She was vice president at Cohen & Steers Capital Management, Inc. (investment manager) (from 2007 to 2008). She is vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

40

UBS Retirement Money Fund

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Mark E. Carver*; 49	President	Since 2010	Mr. Carver is a managing director and Head of Product Development and Management—Americas for UBS Global AM—Americas region (since 2008). In this role, he oversees product development and management for both wholesale and institutional businesses. He is a member of the Americas Management Committee (since 2008) and the Regional Operating Committee (since 2008). Prior to 2008, Mr. Carver held a number of product-related or sales responsibilities with respect to funds, advisory programs and separately managed accounts. Mr. Carver joined a predecessor of an affiliated firm in 1985 and has been with UBS Global AM—Americas region (or its affiliates) since 1996. Mr. Carver is president of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Thomas Disbrow*; 47	Vice President and Treasurer	Since 2000 (Vice President) Since 2004 (Treasurer)	Mr. Disbrow is a managing director (since 2011) (prior to which he was an executive director) (since 2007) and head of North American Fund Treasury (since 2011) of UBS Global AM—Americas region. Mr. Disbrow is a vice president and treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

41

UBS Retirement Money Fund

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Michael J. Flook*; 48	Vice President and Assistant Treasurer	Since 2006	Mr. Flook is a director (since 2010) (prior to which he was an associate director) (since 2006) and a senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region (since 2006). Mr. Flook is a vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Christopher S. Ha*; 33	Vice President and Assistant Secretary	Since September 2012	Mr. Ha is a director and associate general counsel (since September 2012) at UBS Global AM—Americas region. Prior to joining UBS Global AM—Americas region, Mr. Ha was of counsel at Buhler, Duggal & Henry LLP (law firm) (from March 2012 to July 2012) and an associate attorney at Dechert LLP (law firm) (from 2007 to 2009). Mr. Ha is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

42

UBS Retirement Money Fund

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Mark F. Kemper**; 55	Vice President and Secretary	Since 2004	Mr. Kemper is a managing director (since 2006) and head of the legal department of UBS Global AM—Americas region (since 2004). He has been secretary of UBS Global AM (since 2004), secretary of UBS Global Asset Management Trust Company (since 1993) and secretary of UBS AM Holdings (USA) Inc. (since 2001). Mr. Kemper is vice president and secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Joanne M. Kilkeary*; 45	Vice President and Assistant Treasurer	Since 2004	Ms. Kilkeary is an executive director (since March 2013) (prior to which she was a director) (since 2008) and a senior manager (since 2004) of the US mutual fund treasury administration department of UBS Global AM—Americas region. Ms. Kilkeary is a vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

43

UBS Retirement Money Fund

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Tammie Lee*; 42	Vice President and Assistant Secretary	Since 2005	Ms. Lee is an executive director (since 2010) (prior to which she was a director) (since 2005) and associate general counsel of UBS Global AM—Americas region (since 2005). Ms. Lee is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Joseph McGill*; 51	Vice President and Chief Compliance Officer	Since 2004	Mr. McGill is a managing director (since 2006) and chief compliance officer (since 2003) at UBS Global AM—Americas region. Mr. McGill is a vice president and chief compliance officer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Nancy Osborn*; 47	Vice President and Assistant Treasurer	Since 2007	Mrs. Osborn is a director (since 2010) (prior to which she was an associate director) and a senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region (since 2006). Mrs. Osborn is a vice president and assistant treasurer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

44

UBS Retirement Money Fund

Supplemental information (unaudited)

Officers (continued)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Robert Sabatino**; 39	Vice President	Since 2008	Mr. Sabatino is a managing director (since 2010) (prior to which he was an executive director) (since 2007), head of US taxable money markets (since 2009) and portfolio manager of UBS Global AM—Americas region in the short duration fixed income group (since 2001). Mr. Sabatino is a vice president of six investment companies (consisting of 37 portfolios) for which UBS Global AM serves as investment advisor or manager.
Eric Sanders*; 47	Vice President and Assistant Secretary	Since 2005	Mr. Sanders is a director and associate general counsel of UBS Global AM—Americas region (since 2005). Mr. Sanders is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Andrew Shoup*; 57	Vice President and Chief Operating Officer	Since 2006	Mr. Shoup is a managing director and the global head of fund treasury of UBS Global AM—Americas region (since 2006). Mr. Shoup is also a director of UBS (IRL) Fund p.l.c. (since 2008). Mr. Shoup is a vice president and chief operating officer of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

45

UBS Retirement Money Fund

Supplemental information (unaudited)

Officers (concluded)

Name, address, and age	Position(s) held with fund	Term of office† and length of time served	Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer
Keith A. Weller*; 52	Vice President and Assistant Secretary	Since 1995	Mr. Weller is an executive director and senior associate general counsel of UBS Global AM—Americas region (since 2005) and has been an attorney with affiliated entities since 1995. Mr. Weller is a vice president and assistant secretary of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.
Mandy Yu*; 29	Vice President	Since February 2013	Ms. Yu is an authorized officer (since 2012) and tax compliance manager (since March 2013) of the US mutual fund treasury administration department of UBS Global AM—Americas region. She was a fund treasury manager (from 2012 to March 2013) and a mutual fund administrator (from 2007 to 2012) for UBS Global AM—Americas region. Ms. Yu is a vice president of 17 investment companies (consisting of 80 portfolios) for which UBS Global AM serves as investment advisor or manager.

* This person’s business address is 1285 Avenue of the Americas, New York, New York 10019-6028.

** This person’s business address is One North Wacker Drive, Chicago, Illinois 60606.

† Each director holds office for an indefinite term. Officers are appointed by the directors and serve at the pleasure of the Board.

†† Professor Feldberg is deemed an “interested person” of the Fund as defined in the Investment Company Act because he is a senior advisor to Morgan Stanley, a financial services firm with which the Fund may conduct transactions.

††† Mr. Mandinach is deemed an “interested person” of the Fund as defined in the Investment Company Act because of his employment by UBS Global AM—Americas region.

46

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47

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48

Directors
Richard Q. Armstrong Chairman Alan S. Bernikow Richard R. Burt	Meyer Feldberg Bernard H. Garil Heather R. Higgins Barry M. Mandinach
Principal Officers
Mark E. Carver President Mark F. Kemper Vice President and Secretary	Thomas Disbrow Vice President and Treasurer Robert Sabatino Vice President

Investment Advisor and Administrator

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

Principal Underwriter

UBS Global Asset Management (US) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

This report is not to be used in connection with the offering of shares of the Fund unless accompanied or preceded by an effective prospectus.

^© UBS 2013. All rights reserved.

 

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

S032

Item 2.  Code of Ethics.

The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. (The registrant has designated the code of ethics adopted pursuant to Sarbanes-Oxley as a “Code of Conduct” to lessen the risk of confusion with its separate code of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended.)

Item 3.  Audit Committee Financial Expert.

The registrant’s Board has determined that the following person serving on the registrant’s Audit Committee is an “audit committee financial expert” as defined in item 3 of Form N-CSR: Alan S. Bernikow. Mr. Bernikow is independent as defined in item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

(a) Audit Fees:

For the fiscal years ended June 30, 2013 and June 30, 2012, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $186,000 and $186,000, respectively.

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees:

In each of the fiscal years ended June 30, 2013 and June 30, 2012, the aggregate audit-related fees billed by E&Y for services rendered to the registrant that are reasonably related to the performance of the audits of the financial statements, but not reported as audit fees, were approximately $4,332 and $8,982, respectively.

Fees included in the audit-related fees category are those associated with (1) the reading and providing of comments on the 2011 semiannual financial statements and (2) review of the consolidated 2012 and 2011 reports on the profitability of the UBS Funds to UBS Global Asset Management (Americas) Inc. and its affiliates to assist the board members in their annual advisory/administration contract and service/distribution plan reviews.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(c) Tax Fees:

In each of the fiscal years ended June 30, 2013 and June 30, 2012, the aggregate tax fees billed by E&Y for professional services rendered to the registrant were approximately $48,025 and $37,750, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant’s tax division except those services related to the audits. This category comprises fees for review of tax compliance, tax return preparation and excise tax calculations.

There were no tax fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(d) All Other Fees:

In each of the fiscal years ended June 30, 2013 and June 30, 2012, there were no fees billed by E&Y for products and services, other than the services reported in Item 4(a)-(c) above, rendered to the registrant.

Fees included in the all other fees category would consist of services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant.

There were no “all other fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e)  (1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s Audit Committee (“audit committee”) has adopted an “Audit Committee Charter (Amended and Restated as of May 12, 2004 – with revisions through July 2013)” (the “charter”). The charter contains the audit committee’s pre-approval policies and procedures. Reproduced below is an excerpt from the charter regarding pre-approval policies and procedures:

The [audit ]Committee shall:

...

2. Pre-approve (a) all audit and permissible non-audit services¹ to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund’s independent auditors to UBS Global [Asset Management (Americas) Inc. (“UBS Global AM”)] and any Covered Service Providers, if the engagement relates directly to the operations and financial reporting of the Fund. In carrying out this responsibility, the Committee shall seek periodically from UBS Global [AM] and from the independent auditors a list of such audit and permissible non-audit services that can be expected to be rendered to the Fund, UBS Global [AM] or any Covered Service Providers by the Fund’s independent auditors, and an estimate of the fees sought to be paid in connection with such services. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to a sub-committee consisting of the Chairperson of the Committee

and two other members of the Committee as the Chairperson, from time to time, may determine and appoint, and such sub-committee shall report to the Committee, at its next regularly scheduled meeting after the sub-committee’s meeting, its decision(s). From year to year, the Committee shall report to the Board whether this system of pre-approval has been effective and efficient or whether this Charter should be amended to allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than UBS Global [AM] or the Fund’s officers).

¹ The Committee will not approve non-audit services that the Committee believes may taint the independence of the auditors. Currently, permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, UBS Global [AM] and any service providers controlling, controlled by or under common control with UBS Global [AM] that provide ongoing services to the Fund (“Covered Service Providers”) constitutes not more than 5% of the total amount of revenues paid to the independent auditors (during the fiscal year in which the permissible non-audit services are provided) by (a) the Fund, (b) its investment adviser and (c) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e)  (2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Audit-Related Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended June 30, 2013 and June 30, 2012 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended June 30, 2013 and June 30, 2012 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

Tax Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended June 30, 2013 and June 30, 2012 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended June 30, 2013 and June 30, 2012 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

All Other Fees:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended June 30, 2013 and June 30, 2012 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended June 30, 2013 and June 30, 2012 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

(f) According to E&Y, for the fiscal year ended June 30, 2013, the percentage of hours spent on the audit of the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of E&Y was 0%.

(g) For the fiscal years ended June 30, 2013 and June 30, 2012, the aggregate fees billed by E&Y of $225,482 and $377,779, respectively, for non-audit services rendered on behalf of the registrant (“covered”), its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser (“non-covered”) that provides (or provided during the relevant fiscal period) services to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

	2013		2012
Covered Services		$52,357		$46,732
Non-Covered Services		173,125		331,047

(h) The registrant’s audit committee was not required to consider whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under

common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.  Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6.  Investments.

(a) Included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.  Submission of Matters to a Vote of Security Holders.

The registrant’s Board has established a Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Global Asset Management (Americas) Inc., UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Mark Kemper, Secretary, and indicate on the envelope “Nominating and Corporate Governance Committee.” The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 11.  Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Exhibits.

(a) (1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a “Code of Conduct”) is filed herewith as Exhibit EX-99.CODE ETH.

(a) (2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a) (3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – not applicable to the registrant.

(b) Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.

(c) Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended, is attached hereto as Exhibit EX-99.IRANNOTICE.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UBS RMA Money Fund Inc.

By:	/s/ Mark E. Carver
	Mark E. Carver
	President
Date:	September 6, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Mark E. Carver
	Mark E. Carver
	President
Date:	September 6, 2013
By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	September 6, 2013