Ubs Managed Municipal Trust 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: 811-03946

UBS Managed Municipal Trust

(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, 2014

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, 2014

UBS RMA

August 14, 2014

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, UBS RMA California Municipal Money Fund

and UBS RMA New York Municipal Money Fund (the “Funds”) for the 12 months ended June 30, 2014.

On July 23, 2014, the US Securities and Exchange Commission (“SEC”) adopted new regulations for money market funds (while also proposing more changes to be adopted in the future). There is a transition period ranging until October 2016 (for the most significant changes). For more on these changes, refer to “Update on Money Market Regulation” on page 8.

Performance

In December 2013, the Federal Reserve Board (the “Fed”) announced that it would begin tapering its asset purchase program in January 2014. However, the Fed continued to hold 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 between 0% and 0.25%. (For more details on the Fed’s actions, see below.) This continued to depress yields on a wide range of short-term investments and kept the yields of the securities in

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

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which the Funds invest extremely low. As a result, the Funds’ yields remained low during the reporting period.

As of June 30, 2014, after fee waivers/expense reimbursements, the Funds’ seven-day current yields were:

• UBS RMA Money Market Portfolio: 0.01%, unchanged from June 30, 2013;

• UBS RMA U.S. Government Portfolio: 0.01%, unchanged from June 30, 2013;

• UBS RMA Tax-Free Fund: 0.01%, unchanged from June 30, 2013;

• UBS RMA California Municipal Money Fund: 0.01%, unchanged from June 30, 2013; and

• UBS RMA New York Municipal Money Fund: 0.01%, unchanged from June 30, 2013.

(For more on each Fund’s performance, refer to “Performance and portfolio characteristics at a glance” beginning on page 13.)

An interview with the Portfolio Managers

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

A. After three consecutive years of generally modest growth, the overall US economy contracted in the first quarter of 2014. Looking back, gross domestic product (“GDP”) in the US grew at annualized rates of 4.5% and 3.5% during the third and fourth quarters of 2013, respectively. The Commerce Department then reported that first

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

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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quarter 2014 GDP contracted at a 2.1% seasonally-adjusted annualized rate. This was the first negative reading since the first quarter of 2011, and the downturn was partially attributed to severe winter weather in parts of the country. However, this proved to be a temporary setback for the economy, as GDP growth was 4.0% during the second quarter.¹

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. In December 2013, the Fed announced that it would begin paring back its monthly asset purchases, saying “Beginning in January, the Committee will add to its holdings of agency mortgage-backed securities at a [reduced] pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a [reduced] pace of $40 billion per month rather than $45 billion per month.” At its meetings in January, March, April and June 2014, the Fed said it would further taper its asset purchases, in each case paring its total purchases a total of $10 billion per month. Beginning in July, the Fed will buy a total of $35 billion per month ($15 billion per month of agency mortgage-backed securities and $20 billion per month of longer-term Treasuries). In the Fed’s official statement it said, “Information received since the Federal Open Market Committee met in April indicates that growth in economic activity has rebounded in recent months. Labor market indicators generally showed further improvement. The unemployment rate, though lower, remains elevated. Household spending appears to be rising moderately and business fixed investment resumed its advance, while the recovery in the housing sector remained slow.”

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 48 days. The Fund’s WAM ended the period at 39 days.

¹  Based on the Commerce Department’s first estimate announced on July 30, 2014, after the reporting period had ended.

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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. To that end, 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 repurchase agreements, time deposits, short-term corporate obligations and non-US government agency obligations. Conversely, we reduced our allocations to commercial paper and US government and agency obligations, and eliminated our allocation to bank notes. We also modestly pared the Fund’s allocation to certificates of deposit. (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 period, the Fund’s WAM moved from 55 to 51 days, while maintaining the goal of keeping the Fund highly liquid. The Fund’s exposure to US government and agency obligations was increased over the 12 months ended June 30, 2014. In contrast, the Fund’s allocation to repurchase agreements declined over the period.

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

A. Fundamentals in the municipal market improved during the reporting period. This was driven, in part, by rising tax revenues that helped certain municipalities to further get their finances in order. That said, given continued low interest rates, questions about future Fed monetary policy and uncertainties regarding money fund reform, we continued to emphasize liquidity and credit quality in the Funds’ portfolios. Investment decisions remained primarily focused on the underlying credit quality of individual securities and secondarily on yield.

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The WAM for UBS RMA Tax-Free Fund rose from 22 to 27 days during the reporting period, and the WAM for UBS RMA California Municipal Money Fund moved from 28 to 36 days. In contrast, UBS RMA New York Municipal Money Fund’s WAM fell from 14 to 13 days. For both UBS RMA Tax-Free Fund and UBS RMA California Municipal Money Fund, we identified opportunities to lengthen their WAMs by selectively purchasing high quality fixed rate securities. In both cases, this allowed us to diversify and maintain ample liquidity. Given the improving fiscal backdrop in California, we were also able to purchase attractive local general obligation bonds and essential service revenue bonds that enabled us to further extend UBS RMA California Municipal Money Fund‘s maturity. While we looked to increase the WAM for UBS RMA New York Municipal Money Fund, there were relatively limited opportunities to do so given the lack of high quality issuance that met our investment criteria.

In order to maintain liquidity, the Funds maintained sizable allocations to variable rate demand notes (VRDNs) with yields that reset on a daily or weekly basis. Elsewhere, we looked to maintain 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.

Finally, we continued to emphasize essential service revenue bonds for the Funds. These included securities issued by high-quality water and sewer entities. We also continued to have significant allocations to both state and local 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 beginning to taper its monthly asset purchases in January 2014, 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 on a better footing than it was earlier this year. In

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particular, the unemployment rate has moderated and the housing market shows signs of continued improvement. That said, we will continue to closely monitor incoming economic data to determine the impact of potentially higher interest rates on consumer and business spending. Against this backdrop, we believe that the economy will continue to expand, albeit at a relatively modest pace. We anticipate continuing to manage the Funds focusing on risk and liquidity.

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.

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 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.

** 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 Managed Municipal Trust (UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund) Director UBS Global Asset Management (Americas) Inc. Robert Sabatino Portfolio Manager UBS RMA Money Fund Inc. (UBS RMA Money Market Portfolio and 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, 2014. The views and opinions in the letter were current as of August 14, 2014. 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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Update on Money Market Regulation

In prior shareholder reports, we had remarked upon the ongoing regulatory uncertainty that has cast a shadow over money market funds for the past few years.

On July 23, 2014, the US Securities and Exchange Commission (“SEC”) adopted new regulations for money market funds (while also proposing more changes to be adopted in the future). There is a transition period ranging until October 2016 (for the most significant changes).

These changes impact all SEC registered money market funds, including the Funds. The changes impact different types of funds in different ways. Here is an overview of some of the more significant changes:

• “Institutional” prime and “institutional” municipal money market funds will be required to begin using a “floating” net asset value (NAV) per share in approximately two years. (“Prime” funds consist of those that buy a variety of private and public debt securities, as opposed to “Treasury/government funds,” which limit investments as their name indicates, and municipal funds, which generally buy tax-exempt securities.)

• A “floating” NAV would be achieved by, among other things, requiring a fund to price its shares out to the fourth decimal place, as compared to the current pricing to the penny (e.g., $1.0000 vs. $1.00). “Retail” prime, “retail” municipal and all Treasury/government funds will continue to be permitted to price their shares at a stable NAV of $1.00 per share.

• The SEC defined “retail” funds very narrowly as funds that have policies and procedures reasonably designed to ensure that all the beneficial owners of shares are “natural persons” (that is, humans—as opposed to businesses, foundations, etc.). Funds with a “mixed” base of shareowners will need to consider whether to default to the floating NAV model or to take steps to separate out institutional shareholders even if such investors are limited in number and are small business accounts.

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• All prime and municipal money market funds will be subject to potential redemption fees/gates under limited circumstances prescribed in the new regulations. (Treasury/government funds are not required to be subject to the fees/gates limits on redemption privileges.) These fee/gates might only be triggered under very exceptional circumstances.

We also should note that additional requirements will increase the information that is available about the Funds (in some cases, imposing new daily disclosure requirements) and are expected to impose more costs on funds and their advisors. (The above is only a brief summary of some of the more significant aspects of the regulatory changes; shareholders may find additional information on the SEC’s web site at www.sec.gov.)

We are analyzing the impact of these changes and will communicate to shareholders as the Funds transition into compliance with the new laws over the next two years or so.

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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, 2014 to June 30, 2014.

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, 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, 2014		Ending account  value1 June 30, 2014		Expenses paid during  period2 01/01/14 to 06/30/14		Expense ratio during the period
Actual	$	1,000.00	$	1,000.00	$	0.74		0.15	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.05		0.75		0.15

UBS RMA U.S. Government Portfolio

	Beginning account value January 1, 2014		Ending account  value1 June 30, 2014		Expenses paid during  period2 01/01/14 to 06/30/14		Expense ratio during the period
Actual	$	1,000.00	$	1,000.00	$	0.35		0.07	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.45		0.35		0.07

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, 2014		Ending account  value1 June 30, 2014		Expenses paid during  period2 01/01/14 to 06/30/14		Expense ratio during the period
Actual	$	1,000.00	$	1,000.00	$	0.30		0.06	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.50		0.30		0.06

UBS RMA California Municipal Money Fund

	Beginning account value January 1, 2014		Ending account  value1 June 30, 2014		Expenses paid during  period2 01/01/14 to 06/30/14		Expense ratio during the period
Actual	$	1,000.00	$	1,000.00	$	0.30		0.06	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.50		0.30		0.06

UBS RMA New York Municipal Money Fund

	Beginning account value January 1, 2014		Ending account  value1 June 30, 2014		Expenses paid during  period2 01/01/14 to 06/30/14		Expense ratio during the period
Actual	$	1,000.00	$	1,000.00	$	0.35		0.07	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.45		0.35		0.07

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	06/30/14			12/31/13			06/30/13
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		(0.36	)		(0.41	)		(0.35	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.36	)		(0.41	)		(0.35	)
Weighted average maturity2		39 days			43 days			48 days
Net assets (bn)		$5.2			$6.7			$11.1
Portfolio composition3	06/30/14			12/31/13			06/30/13
Commercial paper		42.6	%		43.6	%		48.4	%
Repurchase agreements		17.5			19.0			12.0
Certificates of deposit		16.6			15.3			16.8
US government and agency obligations		14.6			15.5			17.4
Time deposits		4.8			3.0			1.8
Short-term corporate obligations		3.0			2.9			0.9
Non-US government agency		0.9			0.7			—
Bank notes		—			—			2.7
Other assets less liabilities		0.0	4		0.0	4		0.0	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.

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	06/30/14			12/31/13			06/30/13
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	)		(0.49	)		(0.45	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.47	)		(0.49	)		(0.45	)
Weighted average maturity2		51 days			42 days			55 days
Net assets (bn)		$1.7			$2.1			$2.6
Portfolio composition3	06/30/14			12/31/13			06/30/13
US government and agency obligations		75.5	%		61.8	%		67.3	%
Repurchase agreements		24.5			38.2			33.6
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 Tax-Free Fund

Yields and characteristics	06/30/14			12/31/13			06/30/13
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		(0.52	)		(0.52	)		(0.51	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.52	)		(0.52	)		(0.51	)
Weighted average maturity2		27 days			24 days			22 days
Net assets (bn)		$3.0			$3.3			$3.3
Portfolio composition3	06/30/14			12/31/13			06/30/13
Municipal bonds and notes		88.3	%		88.0	%		87.5	%
Tax-exempt commercial paper		13.2			12.0			14.1
Other assets less liabilities		(1.5	)		0.0	4		(1.6	)
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 California Municipal Money Fund

Yields and characteristics	06/30/14			12/31/13			06/30/13
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		(0.60	)		(0.57	)		(0.56	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.60	)		(0.57	)		(0.56	)
Weighted average maturity2		36 days			24 days			28 days
Net assets (mm)		$733.7			$851.7			$821.7
Portfolio composition3	06/30/14			12/31/13			06/30/13
Municipal bonds and notes		96.5	%		90.3	%		93.0	%
Tax-exempt commercial paper		11.0			9.6			11.9
Other assets less liabilities		(7.5	)		0.1			(4.9	)
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.

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	06/30/14			12/31/13			06/30/13
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		(0.59	)		(0.57	)		(0.58	)
Seven-day effective yield before fee waivers and/or expense reimbursements1		(0.59	)		(0.57	)		(0.58	)
Weighted average maturity2		13 days			32 days			14 days
Net assets (mm)		$652.4			$694.2			$691.8
Portfolio composition3	06/30/14			12/31/13			06/30/13
Municipal bonds and notes		93.3	%		92.7	%		91.4	%
Tax-exempt commercial paper		6.7			7.2			9.6
Other assets less liabilities		0.0	4		0.1			(1.0	)
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.

17

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
US government and agency obligations—14.54%
Federal Farm Credit Bank
0.115%, due 07/01/141	$	47,000,000	$	46,999,865
0.160%, due 11/26/142		25,000,000		24,983,555
Federal Home Loan Bank
0.055%, due 07/02/142		50,000,000		49,999,923
0.060%, due 08/01/142		22,050,000		22,048,861
0.135%, due 08/06/142		75,000,000		74,989,875
0.070%, due 08/08/142		18,100,000		18,098,663
0.100%, due 08/15/142		40,000,000		39,995,000
0.070%, due 08/27/142		13,205,000		13,203,536
0.065%, due 08/29/142		39,400,000		39,395,803
0.072%, due 09/05/142		100,000,000		99,986,800
0.085%, due 12/03/142		25,000,000		24,990,851
US Treasury Bill
0.095%, due 08/14/142		75,000,000		74,991,292
US Treasury Notes
2.625%, due 07/31/14		65,000,000		65,132,392
2.375%, due 10/31/14		155,000,000		156,189,592
Total US government and agency obligations (cost—$751,006,008)				751,006,008
Time deposits—4.84%
Banking-non-US—4.84%
Credit Agricole Corporate & Investment Bank 0.060%, due 07/01/14		115,000,000		115,000,000
Erste Bank 0.160%, due 07/01/14		135,000,000		135,000,000
Total time deposits (cost—$250,000,000)				250,000,000
Certificates of deposit—16.60%
Banking-non-US—10.40%
Bank of Nova Scotia 0.265%, due 07/21/141		50,000,000		50,000,000
Credit Industriel et Commercial
0.200%, due 07/07/14		60,000,000		60,000,000
0.170%, due 09/15/14		75,000,000		75,000,000

18

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Certificates of deposit—(concluded)
Banking-non-US—(concluded)
Mizuho Bank Ltd. 0.150%, due 07/17/14	$	40,000,000	$	40,000,000
National Australia Bank Ltd. 0.230%, due 07/07/141		40,000,000		40,000,000
Natixis 0.210%, due 07/29/141		61,000,000		61,000,000
Nordea Bank Finland 0.290%, due 11/20/14		55,000,000		55,000,000
Rabobank Nederland NV 0.277%, due 07/10/141		36,000,000		36,000,000
Societe Generale 0.270%, due 07/31/141		55,000,000		55,000,000
Sumitomo Mitsui Banking Corp. 0.210%, due 09/15/14		35,000,000		35,000,000
Toronto-Dominion Bank 0.230%, due 02/24/15		30,000,000		30,000,000
				537,000,000
Banking-US—6.20%
BMO Harris Bank NA 0.190%, due 08/19/14		65,000,000		65,000,000
Branch Banking & Trust Co.
0.210%, due 08/22/14		50,000,000		50,000,000
0.150%, due 09/26/14		60,000,000		60,000,000
Citibank N.A. 0.160%, due 08/06/14		50,000,000		50,000,000
JPMorgan Chase Bank N.A. 0.380%, due 12/04/14		50,000,000		50,000,000
Wells Fargo Bank N.A. 0.210%, due 12/08/14		45,000,000		45,000,000
				320,000,000
Total certificates of deposit (cost—$857,000,000)				857,000,000
Commercial paper2—42.60%
Asset backed-miscellaneous—23.94%
Albion Capital Corp. 0.160%, due 07/15/14		52,950,000		52,946,705

19

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Commercial paper2—(continued)
Asset backed-miscellaneous—(continued)
Antalis US Funding Corp. 0.100%, due 07/02/14	$	50,000,000	$	49,999,861
Atlantic Asset Securitization LLC
0.130%, due 07/07/14		50,000,000		49,998,917
0.140%, due 07/22/14		45,000,000		44,996,325
0.130%, due 08/01/14		25,000,000		24,997,201
Cancara Asset Securitisation LLC
0.120%, due 07/10/14		70,000,000		69,997,900
0.210%, due 07/28/141,3		50,000,000		50,000,000
Chariot Funding LLC 0.270%, due 03/03/15		25,000,000		24,954,063
Gemini Securitization Corp. LLC
0.110%, due 07/01/14		14,651,000		14,651,000
0.200%, due 07/02/14		50,000,000		49,999,722
0.240%, due 07/16/14		45,000,000		44,995,500
0.220%, due 08/01/14		22,014,000		22,009,830
Gotham Funding Corp.
0.170%, due 07/09/14		55,000,000		54,997,922
0.150%, due 07/16/14		24,561,000		24,559,465
0.170%, due 09/05/14		24,000,000		23,992,520
0.170%, due 09/08/14		30,000,000		29,990,225
Liberty Street Funding LLC
0.170%, due 08/08/14		50,000,000		49,991,028
LMA Americas LLC
0.150%, due 07/08/14		20,000,000		19,999,417
Manhattan Asset Funding Co. LLC
0.180%, due 07/14/14		20,000,000		19,998,700
0.180%, due 07/16/14		15,000,000		14,998,875
0.190%, due 09/03/14		40,000,000		39,986,489
Old Line Funding LLC
0.181%, due 07/07/141		35,000,000		35,000,000
0.230%, due 07/23/14		44,000,000		43,993,816
0.190%, due 08/15/14		40,000,000		39,990,500
0.190%, due 09/15/14		32,000,000		31,987,164

20

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Commercial paper2—(continued)
Asset backed-miscellaneous—(concluded)
Regency Markets No. 1 LLC
0.130%, due 07/16/14	$	40,000,000	$	39,997,833
Sheffield Receivables Corp.
0.180%, due 08/11/14		15,000,000		14,996,925
Thunder Bay Funding LLC
0.190%, due 08/15/14		50,000,000		49,988,125
0.220%, due 12/01/14		50,000,000		49,953,250
Versailles Commercial Paper LLC 0.205%, due 07/21/141		50,000,000		50,000,000
Victory Receivables Corp.
0.150%, due 07/15/14		35,107,000		35,104,952
0.150%, due 07/16/14		42,000,000		41,997,375
Working Capital Management Co. 0.180%, due 08/05/14		25,000,000		24,995,625
				1,236,067,230
Banking-non-US—6.75%
ASB Finance Ltd. 0.244%, due 07/23/141		35,000,000		35,000,000
Barclays Bank PLC
0.230%, due 08/14/14		30,000,000		29,991,567
0.230%, due 08/27/14		65,000,000		64,976,329
Commonwealth Bank of Australia 0.228%, due 07/23/141		50,000,000		50,000,000
Credit Suisse 0.175%, due 08/01/14		50,000,000		49,992,465
Oversea-Chinese Banking Corp. Ltd. 0.240%, due 07/07/14		26,650,000		26,648,934
Sumitomo Mitsui Banking Corp.
0.090%, due 07/01/14		25,000,000		25,000,000
0.210%, due 08/06/14		42,000,000		41,991,180
0.200%, due 09/10/14		25,000,000		24,990,139
				348,590,614
Banking-US—8.62%
ABN Amro Funding USA LLC 0.200%, due 07/07/14		50,000,000		49,998,333

21

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Commercial paper2—(concluded)
Banking-US—(concluded)
Bedford Row Funding Corp. 0.280%, due 10/09/14	$	25,000,000	$	24,980,556
BNP Paribas Finance, Inc.
0.220%, due 07/07/14		55,000,000		54,997,983
0.110%, due 07/11/14		95,000,000		94,997,097
ING (US) Funding LLC
0.200%, due 07/03/14		65,000,000		64,999,278
0.200%, due 08/15/14		50,000,000		49,987,500
State Street Corp.
0.170%, due 08/11/14		55,000,000		54,989,351
0.160%, due 09/25/14		50,000,000		49,980,889
				444,930,987
Finance-captive automotive—1.16%
Toyota Motor Credit Corp. 0.210%, due 10/21/14		60,000,000		59,960,800
Finance-noncaptive diversified—2.13%
General Electric Capital Corp.
0.200%, due 08/05/14		65,000,000		64,987,361
0.210%, due 01/05/15		45,000,000		44,950,650
				109,938,011
Total commercial paper (cost—$2,199,487,642)				2,199,487,642
Short-term corporate obligations—3.00%
Banking-non-US—1.55%
Barclays Bank PLC 0.360%, due 08/07/144		50,000,000		50,000,000
Royal Bank of Canada 0.280%, due 07/07/141,3		30,000,000		30,000,000
				80,000,000
Banking-US—0.97%
Wells Fargo Bank N.A. 0.370%, due 09/22/141		50,000,000		50,000,000

22

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Short-term corporate obligations—(concluded)
Supranational—0.48%
International Bank for Reconstruction & Development 0.150%, due 07/01/141	$	25,000,000	$	25,000,000
Total short-term corporate obligations (cost—$155,000,000)				155,000,000
Non-US government agency—0.87%
Export Development Canada 0.160%, due 07/01/141,3 (cost — $45,000,000)		45,000,000		45,000,000
Repurchase agreements—17.54%
Repurchase agreement dated 06/30/14 with BNP Paribas Securities Corp. 0.090% due 07/01/14, collateralized by $4,887,720 US Treasury Inflation Index Note, 0.125% due 07/15/22 and $25,946,900 US Treasury Note, 0.750% due 03/31/18; (value—$30,600,010); proceeds: $30,000,075		30,000,000		30,000,000
Repurchase agreement dated 06/30/14 with BNP Paribas Securities Corp. 0.100% due 07/01/14, collateralized by $35,273,000 Federal Home Loan Mortgage Corp. obligations, 0.750% to 5.625% due 05/27/16 to 11/23/35; (value—$35,700,032); proceeds: $35,000,097		35,000,000		35,000,000
Repurchase agreement dated 06/30/14 with Deutsche Bank Securities, Inc., 0.050% due 07/01/14, collateralized by $4,061,600 US Treasury Bond, 4.625% due 02/15/40; (value—$5,100,094); proceeds: $5,000,007		5,000,000		5,000,000
Repurchase agreement dated 06/30/14 with Federal Reserve Bank of New York, 0.050% due 07/01/14, collateralized by $257,267,400 US Treasury Bond, 4.750% due 02/15/41; (value—$330,000,518); proceeds: $330,000,458		330,000,000		330,000,000

23

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Repurchase agreements—(concluded)
Repurchase agreement dated 06/30/14 with Goldman Sachs & Co., 0.090% due 07/01/14, collateralized by $172,540,000 Federal National Mortgage Association obligations, 1.375% to 5.625% due 11/15/16 to 07/15/37; (value—$178,500,106); proceeds: $175,000,438	$	175,000,000	$	175,000,000
Repurchase agreement dated 06/30/14 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.060% due 07/01/14, collateralized by $84,863,000 Federal Farm Credit Bank obligations, 0.250% due 02/26/16, $83,490,000 Federal Home Loan Bank obligations, zero coupon due 08/01/14 and $66,542,000 Federal National Mortgage Association obligations, zero coupon due 12/03/14; (value—$234,600,900); proceeds: $230,000,383		230,000,000		230,000,000
Repurchase agreement dated 06/30/14 with State Street Bank and Trust Co., 0.000% due 07/01/14, collateralized by $596,670 Federal Home Loan Mortgage Corp. obligation, 2.000% due 01/30/23; (value—$558,676); proceeds: $547,000		547,000		547,000
Repurchase agreement dated 06/30/14 with Toronto-Dominion Bank, 0.110% due 07/01/14, collateralized by $52,462,088 Federal Home Loan Mortgage Corp. obligations, 3.000% to 4.000% due 03/01/26 to 01/01/43 and $98,995,110 Federal National Mortgage Association obligations, 2.500% to 4.500% due 10/01/25 to 08/01/42; (value—$102,024,390); proceeds: $100,000,306		100,000,000		100,000,000
Total repurchase agreements (cost—$905,547,000)				905,547,000
Total investments (cost—$5,163,040,650 which approximates cost for federal income tax purposes)—99.99%				5,163,040,650
Other assets in excess of liabilities—0.01%				718,000
Net assets (applicable to 5,163,756,849 shares of common stock outstanding equivalent to $1.00 per share)—100.00%			$	5,163,758,650

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 69.

24

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2014 in valuing the Portfolio’s investments:

Description	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	$	—	$	751,006,008	$	—	$	751,006,008
Time deposits		—		250,000,000		—		250,000,000
Certificates of deposit		—		857,000,000		—		857,000,000
Commercial paper		—		2,199,487,642		—		2,199,487,642
Short-term corporate obligations		—		155,000,000		—		155,000,000
Non-US government agency		—		45,000,000		—		45,000,000
Repurchase agreements		—		905,547,000		—		905,547,000
Total	$	—	$	5,163,040,650	$	—	$	5,163,040,650

At June 30, 2014, 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		74.4	%
France		7.1
Japan		4.4
Canada		3.0
United Kingdom		2.8
Austria		2.6
Australia		1.7
Finland		1.1
Switzerland		1.0
Netherlands		0.7
New Zealand		0.7
Singapore		0.5
Total		100.0	%

25

UBS RMA Money Market Portfolio

Statement of net assets—June 30, 2014

Portfolio footnotes

¹  Variable or floating rate security. The interest rate shown is the current rate as of June 30, 2014 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.

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 2.42% of net assets as of June 30, 2014, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁴  Illiquid security as of June 30, 2014.

26

See accompanying notes to financial statements

UBS RMA U.S. Government Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
US government and agency obligations—75.49%
Federal Farm Credit Bank
0.140%, due 07/01/141	$	35,000,000	$	35,000,000
0.140%, due 07/01/141		50,000,000		50,000,000
0.150%, due 07/01/141		50,000,000		49,999,979
0.280%, due 07/01/141		50,000,000		50,021,871
0.130%, due 07/16/142		50,000,000		49,997,292
0.140%, due 08/15/142		50,000,000		49,991,250
0.090%, due 08/20/142		9,000,000		8,998,875
0.060%, due 09/05/142		10,000,000		9,998,900
0.130%, due 04/06/152		15,000,000		14,984,888
0.110%, due 04/13/152		40,000,000		39,965,045
Federal Home Loan Bank
0.055%, due 07/02/142		50,000,000		49,999,924
0.096%, due 07/03/141		25,000,000		24,999,734
0.060%, due 07/09/142		200,000,000		199,997,333
0.090%, due 07/23/142		26,000,000		25,998,570
0.055%, due 07/30/142		44,300,000		44,298,037
0.050%, due 08/04/142		125,000,000		124,994,097
0.135%, due 08/06/142		25,000,000		24,996,625
0.060%, due 08/29/142		54,547,000		54,541,636
0.075%, due 09/24/142		67,201,000		67,189,100
0.120%, due 01/07/15		50,000,000		49,994,160
0.250%, due 01/16/15		27,500,000		27,518,314
0.120%, due 05/18/152		40,000,000		39,957,200
Federal Home Loan Mortgage Corp.*
0.100%, due 08/05/142		50,000,000		49,995,139
0.750%, due 11/25/14		50,000,000		50,123,595
US Treasury Notes
2.375%, due 08/31/14		25,000,000		25,092,060
4.250%, due 11/15/14		23,000,000		23,353,242
0.250%, due 01/15/15		15,000,000		15,005,893
Total US government and agency obligations (cost—$1,257,012,759)				1,257,012,759

27

UBS RMA U.S. Government Portfolio

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Repurchase agreements—24.49%
Repurchase agreement dated 06/30/14 with Barclays Capital, Inc., 0.070% due 07/01/14, collateralized by $22,457,600 US Treasury Note, 1.625% due 06/30/19; (value—$22,440,061); proceeds: $22,000,043	$	22,000,000	$	22,000,000
Repurchase agreement dated 06/30/14 with BNP Paribas Securities Corp. 0.090% due 07/01/14, collateralized by $229,900 US Treasury Bill, zero coupon due 09/18/14, $36,408,800 US Treasury Bond Principal Strip, zero coupon due 11/15/40, $109,784,636 US Treasury Bond Strips, zero coupon due 05/15/24 to 11/15/34 and $1,550,300 US Treasury Notes, 1.750% to 2.375% due 08/31/14 to 05/15/22; (value—$86,700,002); proceeds: $85,000,213		85,000,000		85,000,000
Repurchase agreement dated 06/30/14 with Merrill Lynch Pierce Fenner & Smith, Inc., 0.060% due 07/07/14, collateralized by $165,426,200 US Treasury Inflation Index Notes, 1.375% to 2.500% due 07/15/16 to 01/15/20; (value—$204,000,050); proceeds: $200,002,333		200,000,000		200,000,000
Repurchase agreement dated 06/30/14 with State Street Bank and Trust Co., 0.000% due 07/01/14, collateralized by $847,555 Federal Home Loan Mortgage Corp. obligation, 2.000% due 01/30/23; (value—$793,585); proceeds: $777,000		777,000		777,000
Repurchase agreement dated 06/30/14 with Toronto-Dominion Bank, 0.090% due 07/01/14, collateralized by $98,709,300 US Treasury Notes, 0.625% to 4.000% due 02/15/15 to 05/15/24; (value—$102,000,098); proceeds: $100,000,250		100,000,000		100,000,000
Total repurchase agreements (cost—$407,777,000)				407,777,000
Total investments (cost—$1,664,789,759 which approximates cost for federal income tax purposes)—99.98%				1,664,789,759
Other assets in excess of liabilities—0.02%				304,242
Net assets (applicable to 1,665,072,575 shares of common stock outstanding equivalent to $1.00 per share)—100.00%			$	1,665,094,001

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 69.

28

UBS RMA U.S. Government Portfolio

Statement of net assets—June 30, 2014

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2014 in valuing the Portfolio’s investments:

Description	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	$	—	$	1,257,012,759	$	—	$	1,257,012,759
Repurchase agreements		—		407,777,000		—		407,777,000
Total	$	—	$	1,664,789,759	$	—	$	1,664,789,759

At June 30, 2014, there were no transfers between Level 1 and Level 2.

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, 2014 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.

29

See accompanying notes to financial statements

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—88.26%
Alabama—0.25%
Mobile County Industrial Development Authority Pollution Control Revenue Refunding (ExxonMobil Project), 0.030%, VRD	$	6,900,000	$	6,900,000
University of Alabama Revenue (University Hospital), Series C, 0.080%, VRD		400,000		400,000
				7,300,000
Alaska—1.31%
Alaska Bond Anticipation Notes, 1.000%, due 03/23/15		30,000,000		30,189,223
Valdez Marine Terminal Revenue Refunding (ExxonMobil Pipeline Co. Project), Series A, 0.030%, VRD		2,615,000		2,615,000
Series C, 0.030%, VRD		5,770,000		5,770,000
				38,574,223
Arizona—0.09%
Pima County Industrial Development Authority (Tucson Electric Power Co.- Irvington Project), Series A, 0.070%, VRD		2,700,000		2,700,000
California—3.66%
Antelope Valley-East Kern Water Agency, Series A-2, 0.030%, VRD		6,000,000		6,000,000
California Health Facilities Financing Authority Revenue (Adventist Health Systems), Series A, 0.050%, VRD		1,200,000		1,200,000
Series B, 0.050%, VRD		5,000,000		5,000,000
California Health Facilities Financing Authority Revenue Refunding (Stanford Hospital), Series B-1, 0.050%, VRD		8,300,000		8,300,000
California Statewide Communities Development Authority Revenue (Health Facilities Community Hospital of Monterey Peninsula), Series B, 0.050%, VRD		6,000,000		6,000,000

30

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
California—(concluded)
County of Riverside Tax & Revenue Anticipation Notes, 1.500%, due 06/30/151	$	4,000,000	$	4,055,160
Irvine Improvement Bond Act 1915 Limited Obligation (Assessment District 93-14), 0.060%, VRD		3,137,000		3,137,000
Irvine Improvement Bond Act 1915 Limited Obligation (Reassessment District No. 85-7), Series A, 0.010%, VRD		2,300,000		2,300,000
Irvine Unified School District Special Tax (Community Facilities District No. 09), Series A, 0.030%, VRD		11,000,000		11,000,000
Los Angeles County Tax & Revenue Anticipation Notes, 1.500%, due 06/30/151		6,000,000		6,082,440
Metropolitan Water District Southern California Revenue Refunding, Series A-2, 0.040%, VRD		4,000,000		4,000,000
Modesto Water Revenue Certificates of Participation Refunding, Series A, 0.030%, VRD		6,000,000		6,000,000
Santa Clara County Financing Authority Revenue (El Camino Hospital), Series A, 0.060%, VRD		10,000,000		10,000,000
Santa Clara Electric Revenue, Subseries B, 0.060%, VRD		5,000,000		5,000,000
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding, Series A, 0.020%, VRD		12,820,000		12,820,000
Series B, 0.040%, VRD		4,850,000		4,850,000
Series C, 0.050%, VRD		1,030,000		1,030,000
Torrance Revenue (Torrance Memorial Medical Center), Series B, 0.030%, VRD		11,400,000		11,400,000
				108,174,600

31

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Colorado—2.82%
Colorado Educational & Cultural Facilities Authority Revenue (National Jewish Federation Board Program), Series C-7, 0.040%, VRD	$	3,060,000	$	3,060,000
Colorado Health Facilities Authority Revenue Refunding (The Evangelical), 0.060%, VRD		520,000		520,000
Denver City & County Certificates of Participation Refunding, Series A1, 0.040%, VRD		35,275,000		35,275,000
Series A2, 0.040%, VRD		20,590,000		20,590,000
Series A3, 0.040%, VRD		17,420,000		17,420,000
El Paso County Revenue (YMCA Pikes Peak Region Project), 0.050%, VRD		6,335,000		6,335,000
				83,200,000
Connecticut—0.51%
Hartford County Metropolitan District Bond Anticipation Notes, Series D, 1.000%, due 03/23/15		15,000,000		15,094,780
District of Columbia—1.12%
District of Columbia Revenue (German Marshall Fund of United States), 0.060%, VRD		8,000,000		8,000,000
District of Columbia University Revenue Refunding (Georgetown University), Series B, 0.040%, VRD		15,050,000		15,050,000
Metropolitan Washington, D.C. Airport Authority Airport System Revenue Subseries D-2, 0.040%, VRD		9,995,000		9,995,000
				33,045,000

32

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Florida—3.18%
Florida State Board of Education (Public Education Capital Outlay Bonds), Series E (Bank of America Austin Certificates, Series 2008-1059), 0.080%, VRD2,3	$	8,335,000	$	8,335,000
Hillsborough County School Board Certificates of Participation (Master Lease Program), Series C, 0.020%, VRD		44,865,000		44,865,000
JEA Water & Sewer System Revenue, Subseries B-1, 0.070%, VRD		10,445,000		10,445,000
Orange County Health Facilities Authority Revenue (Hospital-Orlando Regional), Series E, 0.060%, VRD		4,500,000		4,500,000
Orange County Health Facilities Authority Revenue (The Nemours Foundation Project), Series B, 0.060%, VRD		9,700,000		9,700,000
Orange County Housing Finance Authority Housing Revenue Refunding (Highland Pointe Apartments), Series J, (FNMA Insured), 0.060%, VRD		7,455,000		7,455,000
Pinellas County Health Facilities Authority Revenue (Health System BayCare Health), Series A1, 0.060%, VRD		8,505,000		8,505,000
				93,805,000
Georgia—1.94%
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue, Series B, 0.070%, VRD		9,825,000		9,825,000
Private Colleges & Universities Authority Revenue (Emory University), Series B-1, 0.050%, VRD		10,200,000		10,200,000
Series B-2, 0.040%, VRD		28,400,000		28,400,000
Series C-4, 0.040%, VRD		8,985,000		8,985,000
				57,410,000
Idaho—0.48%
Idaho Tax Anticipation Notes, 2.000%, due 06/30/151		14,000,000		14,263,480

33

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Illinois—7.88%
City of Chicago (Neighborhoods Alive 21), Series B, 0.030%, VRD	$	32,535,000	$	32,535,000
City of Chicago, Series D-1, 0.040%, VRD		12,180,000		12,180,000
Chicago Sales Tax Revenue Refunding, Series D-2, 0.040%, VRD		27,500,000		27,500,000
Cook County School District No. 036 Winnetka (Morgan Stanley Floater Certificates), Series 1919, 0.060%, VRD2,3		9,900,000		9,900,000
Illinois Development Finance Authority Revenue (Francis W. Parker School Project), 0.080%, VRD		1,900,000		1,900,000
Illinois Development Finance Authority Revenue (Lyric Opera Chicago Project), 0.050%, 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 (Rush University Medical Center), Series A, 0.060%, VRD		9,700,000		9,700,000
Illinois Finance Authority Revenue (Steppenwolf Theatre Co. Project), 0.060%, VRD		5,675,000		5,675,000
Illinois Finance Authority Revenue (University of Chicago), Series B, 0.060%, VRD		8,777,000		8,777,000
Illinois Finance Authority Revenue (Wesleyan University), 0.070%, VRD		7,085,000		7,085,000
Illinois Finance Authority Revenue Refunding (Hospital Sisters Services, Inc.), 0.050%, VRD		25,145,000		25,145,000
Illinois Finance Authority Revenue Refunding (Swedish Covenant), Series A, 0.050%, VRD		24,250,000		24,250,000
Illinois Finance Authority Revenue Refunding (University of Chicago), Series C, 0.060%, VRD		7,679,000		7,679,000

34

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Illinois—(concluded)
Illinois State Finance Authority Revenue (University of Chicago Medical Center), Series B, 0.010%, VRD	$	9,000,000	$	9,000,000
Illinois State Toll Highway Authority Toll Highway Revenue (Senior Priority), Series A-2D, 0.070%, VRD		13,500,000		13,500,000
Illinois State, Series B-4, 0.050%, VRD		5,000,000		5,000,000
Lombard Revenue (National University Health Sciences Project), 0.050%, VRD		6,370,000		6,370,000
South Suburban Joint Action Water Agency Revenue, 0.090%, VRD		5,550,000		5,550,000
				232,746,000
Indiana—1.27%
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, 0.010%, VRD		5,080,000		5,080,000
Indiana Finance Authority Hospital Revenue (Indiana University Health, Inc.), Series D, 0.050%, VRD		3,165,000		3,165,000
Indiana Finance Authority Revenue (Ascension Health Senior Credit Group), Series E-4, 0.060%, VRD		6,000,000		6,000,000
Indiana Municipal Power Agency Power Supply Systems Revenue Refunding, Series A, 0.070%, VRD		7,650,000		7,650,000
Indianapolis Multi-Family Housing Revenue (Capital Place-Covington) (FNMA Insured), 0.050%, VRD		8,000,000		8,000,000
Lawrenceburg Pollution Control Revenue Refunding (Indiana Michigan Power Co. Project), Series H, 0.060%, VRD		4,000,000		4,000,000
				37,595,000

35

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Kansas—1.55%
Kansas State Department of Transportation Highway Revenue Refunding, Series B-1, 0.060%, VRD	$	24,730,000	$	24,730,000
Kansas State Department of Transportation Highway Revenue, Series C-4, 0.040%, VRD		10,000,000		10,000,000
Mission Multi-Family Revenue Refunding (Housing Silverwood Apartment Project), (FNMA Insured), 0.070%, VRD		11,000,000		11,000,000
				45,730,000
Kentucky—0.34%
Boone County Pollution Control Revenue Refunding (Duke Energy, Inc.), 0.060%, VRD		5,500,000		5,500,000
Jeffersontown Lease Program Revenue (Kentucky League of Cities Funding Trust), 0.070%, VRD		2,565,000		2,565,000
Williamstown League of Cities Funding Trust Lease Revenue, Series B, 0.070%, VRD		1,910,000		1,910,000
				9,975,000
Louisiana—0.97%
East Baton Rouge Parish Industrial Development Board, Inc. Revenue (ExxonMobil Project), Series A, 0.030%, VRD		12,300,000		12,300,000
Series B, 0.030%, VRD		11,400,000		11,400,000
East Baton Rouge Parish Pollution Control Revenue Refunding (Exxon Project), 0.030%, VRD		3,000,000		3,000,000
Louisiana Public Facilities Authority Revenue Refunding (Christus Health), Series B2, 0.040%, VRD		1,945,000		1,945,000
				28,645,000

36

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Maryland—1.88%
Maryland Economic Development Corp. Revenue (Howard Hughes Medical Institute), Series A, 0.040%, VRD	$	6,155,000	$	6,155,000
Maryland State Health & Higher Educational Facilities Authority Revenue (DeMatha Catholic High School), 0.060%, VRD		8,420,000		8,420,000
Maryland State Health & Higher Educational Facilities Authority Revenue (Johns Hopkins University), Series A, 0.040%, VRD		8,400,000		8,400,000
Montgomery County Housing Development Corp. Opportunities Commission Multi-Family Revenue, 0.060%, VRD		2,925,000		2,925,000
Montgomery County Housing Opportunities Commission Multi-Family Revenue, (Canterbury Apartments), Series A, (FNMA Insured), 0.050%, VRD		4,500,000		4,500,000
Washington Suburban Sanitation District Bond Anticipation Notes, Series A, 0.050%, VRD		25,200,000		25,200,000
				55,600,000
Massachusetts—0.56%
Massachusetts Development Finance Agency Revenue Refunding (Higher Education Smith College), 0.050%, VRD		12,747,000		12,747,000
Massachusetts Health & Educational Facilities Authority Revenue (Partners Healthcare System), Series F3, 0.040%, VRD		3,920,000		3,920,000
				16,667,000
Michigan—0.89%
Green Lake Township Economic Development Corp. Revenue Refunding (Interlochen Center Project), 0.030%, VRD		2,800,000		2,800,000
Michigan State Finance Authority Revenue (Unemployment Obligation Assessment), Series C, 0.070%, VRD		2,450,000		2,450,000

37

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Michigan—(concluded)
Michigan State Hospital Finance Authority Revenue (Trinity Health Credit), Series F, 0.040%, VRD	$	4,175,000	$	4,175,000
Michigan State Strategic Fund Limited Obligation Revenue (Greenpath, Inc. Project), Series A, 0.060%, VRD		4,680,000		4,680,000
University of Michigan, Series D-1, 0.010%, VRD		12,235,000		12,235,000
				26,340,000
Minnesota—0.47%
Rochester Health Care Facilities Revenue (Mayo Clinic), Series A, 0.040%, VRD		13,925,000		13,925,000
Mississippi—3.40%
Mississippi Business Finance Corp. Gulf Opportunity Zone (Chevron USA, Inc. Project), Series A, 0.020%, VRD		15,900,000		15,900,000
Series C, 0.010%, VRD		20,745,000		20,745,000
Series D, 0.020%, VRD		4,400,000		4,400,000
Series G, 0.010%, VRD		31,730,000		31,730,000
Series J, 0.030%, VRD		5,000,000		5,000,000
Mississippi Development Bank Special Obligation (Jackson County Industrial Water System Project), 0.010%, VRD		22,500,000		22,500,000
				100,275,000
Missouri—3.90%
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (Ascension Healthcare), Series C-1, 0.060%, VRD		7,000,000		7,000,000

38

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Missouri—(concluded)
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (Ascension Healthcare),—(concluded)
Series C-3, 0.060%, VRD	$	3,800,000	$	3,800,000
Series C-5, 0.060%, VRD		30,100,000		30,100,000
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (St. Louis University), Series B-2, 0.010%, VRD		4,500,000		4,500,000
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (Washington University), Series A, 0.030%, VRD		15,900,000		15,900,000
Series B, 0.030%, VRD		21,200,000		21,200,000
Series C, 0.010%, VRD		24,200,000		24,200,000
Series D, 0.010%, VRD		8,400,000		8,400,000
				115,100,000
Nebraska—0.32%
Douglas County Hospital Authority No. 002 Revenue Refunding (Health Facilities for Children), Series A, 0.040%, VRD		9,500,000		9,500,000
New Hampshire—0.77%
New Hampshire Health & Education Facilities Authority Revenue (Barclays Capital Municipal Trust Receipts Series 7WJ), 0.080%, VRD2,3		8,825,000		8,825,000
New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College), 0.050%, VRD		9,155,000		9,155,000
New Hampshire Health & Education Facilities Authority Revenue (River College), 0.080%, VRD		4,760,000		4,760,000
				22,740,000

39

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New Jersey—1.42%
Burlington County Bridge Community Revenue (Lutheran Home Project), Series A, 0.050%, VRD	$	1,895,000	$	1,895,000
New Jersey Economic Development Authority Revenue (Bancroft Neurohealth Project), 0.050%, VRD		2,825,000		2,825,000
New Jersey Economic Development Authority Revenue (Peddie School Project), 0.050%, VRD		4,800,000		4,800,000
New Jersey Educational Facilities Authority Revenue (Centenary College), Series A, 0.050%, VRD		2,860,000		2,860,000
New Jersey Health Care Facilities Financing Authority Revenue (Robert Wood Johnson University), 0.040%, VRD		9,805,000		9,805,000
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health), Series A-7, 0.040%, VRD		1,100,000		1,100,000
Series D, 0.050%, VRD		11,100,000		11,100,000
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, 0.050%, VRD		5,495,000		5,495,000
				42,035,000
New Mexico—0.27%
New Mexico Finance Authority Transportation Revenue Refunding (Sub Lien), Subseries B-1, 0.050%, VRD		8,000,000		8,000,000
New York—15.35%
Albany County Bond Anticipation Notes, 1.250%, due 07/03/14		7,000,000		7,000,388
Buffalo Municipal Water Finance Authority Revenue Refunding, 0.060%, VRD		5,200,000		5,200,000

40

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York—(continued)
Dutchess County Industrial Development Agency Civic Facilities Revenue (Marist College), Series A, 0.060%, VRD	$	5,200,000	$	5,200,000
Erie County Fiscal Stability Authority Bond Anticipation Notes, Series A, 1.000%, due 07/31/14		8,000,000		8,004,928
Grand Island Central School District Bond Anticipation Notes, 1.000%, due 12/04/14		15,000,000		15,046,672
Long Island Power Authority, Series D, 0.040%, VRD		6,590,000		6,590,000
Metropolitan Transportation Authority New York Dedicated Tax Fund, Subseries B-1, 0.050%, VRD		24,590,000		24,590,000
Nassau Health Care Corp. Revenue, Series B-1, 0.050%, VRD		7,700,000		7,700,000
New York City Health & Hospital Corp. Revenue (Health Systems), Series C, 0.060%, VRD		20,000,000		20,000,000
New York City Housing Development Corp. Multi-Family Revenue Mortgage (Marseilles Apartments), Series A, 0.060%, VRD		2,010,000		2,010,000
New York City Housing Development Corp. Multi-Family Revenue (The Crest), Series A, 0.070%, VRD		27,400,000		27,400,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue (Second General Fiscal 2008), Series BB-2, 0.040%, VRD		580,000		580,000
Series BB-5, 0.010%, VRD		30,150,000		30,150,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue Second General Resolution, Series CC-1, 0.030%, VRD		5,000,000		5,000,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue, Series C, 0.070%, VRD		1,700,000		1,700,000

41

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York—(continued)
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue, Subseries F1A, 0.040%, VRD	$	30,120,000	$	30,120,000
New York City, Series F, Subseries F-3, 0.040%, VRD		1,150,000		1,150,000
Subseries B-3, 0.060%, VRD		12,045,000		12,045,000
Subseries D-4, 0.030%, VRD		15,000,000		15,000,000
Subseries G-4, 0.030%, VRD		13,400,000		13,400,000
Subseries G-7, 0.030%, VRD		17,150,000		17,150,000
New York City Transitional Finance Authority Future Tax Secured Revenue, Series C, 0.030%, VRD		20,000,000		20,000,000
Subseries A-4, 0.010%, VRD		57,750,000		57,750,000
0.030%, VRD		2,000,000		2,000,000
New York State Dormitory Authority Revenue State Supported Debt (Cornell University), Series A, 0.070%, VRD		12,800,000		12,800,000
New York State Dormitory Authority Revenue State Supported Debt (New York Public Library), Series A, 0.050%, VRD		4,950,000		4,950,000
Series B, 0.050%, VRD		2,700,000		2,700,000
New York State Housing Finance Agency Affordable Housing Revenue (Housing Bowery Place I), Series A, (FHLMC Insured), 0.060%, VRD		12,300,000		12,300,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Royal), Series A, (FNMA Insured), 0.040%, VRD		6,400,000		6,400,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Wagner College), 0.050%, VRD		5,860,000		5,860,000

42

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York—(concluded)
New York State Dormitory Authority Revenue State Supported Debt (City University), Series C, 0.080%, VRD	$	3,900,000	$	3,900,000
New York State Housing Finance Agency Revenue (Maestro West Chelsea Housing), Series A, 0.060%, VRD		2,000,000		2,000,000
New York State Housing Finance Agency Revenue (Gotham West Housing), Series A-2, 0.040%, VRD		13,205,000		13,205,000
New York State Housing Finance Agency Revenue (Housing-Dock Street), Series A, 0.050%, VRD		6,000,000		6,000,000
New York State Housing Finance Agency (Riverside Center 2 Housing), Series A-2, 0.060%, VRD		11,900,000		11,900,000
New York State Housing Finance Agency Revenue (20 River Terrace Housing), Series A, (FNMA Insured), 0.040%, VRD		4,700,000		4,700,000
North Hempstead Township Bond Anticipation Notes, Series B, 0.500%, due 10/03/14		12,000,000		12,008,004
Onondaga County Industrial Development Agency (Syracuse University Project), Series B, 0.040%, VRD		9,000,000		9,000,000
Saratoga County Capital Resource Corp. Revenue (Saratoga Hospital Project), 0.060%, VRD		2,950,000		2,950,000
Triborough Bridge & Tunnel Authority Revenue, Series B, 0.060%, VRD		7,870,000		7,870,000
				453,329,992
North Carolina—4.27%
Charlotte Water & Sewer System Revenue Refunding, Series C, 0.080%, VRD		21,190,000		21,190,000
Charlotte Water & Sewer System Revenue, Series B, 0.040%, VRD		5,900,000		5,900,000

43

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
North Carolina—(concluded)
Charlotte-Mecklenburg Hospital Authority Health Care Systems Revenue (Carolinas Hospital), Series E, (AGM Insured), 0.050%, VRD	$	12,000,000	$	12,000,000
Charlotte-Mecklenburg Hospital Authority Health Care Systems Revenue Refunding (Carolinas Healthcare), Series H, 0.010%, VRD		51,445,000		51,445,000
Guilford County, Series B, 0.050%, VRD		3,345,000		3,345,000
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue (Wake Forest University), Series B, 0.040%, VRD		5,750,000		5,750,000
North Carolina Educational Facilities Finance Agency Revenue (Duke University Project), Series A, 0.030%, VRD		8,700,000		8,700,000
North Carolina Medical Care Commission Health Care Facilities Revenue (First Health Carolinas), Series A, 0.080%, VRD		15,440,000		15,440,000
University of North Carolina Hospital Chapel Hill Revenue, Series B, 0.040%, VRD		2,300,000		2,300,000
				126,070,000
Ohio—5.05%
Butler County Capital Funding Revenue (CCAO Low Cost Capital), Series A, 0.050%, VRD		5,360,000		5,360,000
Cleveland-Cuyahoga County Port Authority Revenue (Carnegie/89th Garage Project), 0.050%, VRD		9,535,000		9,535,000
Columbus Sewer Revenue, Series B, 0.030%, VRD		32,250,000		32,250,000
Franklin County Hospital Revenue Refunding and Improvement (US Health Corp.), Series A, 0.060%, VRD		480,000		480,000
Middletown Hospital Facilities Revenue (Atrium Medical Center), Series B, 0.060%, VRD		12,000,000		12,000,000

44

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Ohio—(concluded)
Ohio (Common Schools), Series A, 0.030%, VRD	$	3,600,000	$	3,600,000
Series B, 0.050%, VRD		30,940,000		30,940,000
Series D, 0.050%, VRD		38,500,000		38,500,000
Ohio Educational Facilities Communication Revenue Hospital (JP Morgan Chase PUTTERs, Series 3139), 0.070%, VRD2,3		6,225,000		6,225,000
Ohio State University General Receipts, 0.040%, VRD		6,300,000		6,300,000
Series B, 0.030%, VRD		4,100,000		4,100,000
				149,290,000
Oregon—2.90%
Oregon State Facilities Authority Revenue (Oregon Episcopal School Projects), Series A, 0.060%, VRD		8,145,000		8,145,000
Oregon State Tax Anticipation Notes, Series A, 1.500%, due 07/31/14		55,000,000		55,059,815
2.000%, due 06/15/151		22,000,000		22,393,580
				85,598,395
Pennsylvania—4.14%
Allegheny County Higher Education Building Authority University Revenue Refunding (Carnegie Mellon University), 0.030%, VRD		2,000,000		2,000,000
Allegheny County Industrial Development Authority Health Care Facility (Longwood Oakmount, Inc.), 0.030%, VRD		15,955,000		15,955,000
Allegheny County Industrial Development Authority Revenue (Watson Institute of Friendship), 0.060%, VRD		3,550,000		3,550,000
Delaware River Port Authority of Pennsylvania & New Jersey Revenue Refunding, Series B, 0.050%, VRD		40,425,000		40,425,000

45

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Pennsylvania—(concluded)
Emmaus General Authority Revenue, Subseries H-19, 0.050%, VRD	$	5,000,000	$	5,000,000
Pennsylvania Economic Development Financing Authority Unemployment Compensation Revenue, Series C, 0.050%, VRD		10,100,000		10,100,000
Philadelphia Authority for Industrial Development Lease Revenue Refunding, Series B-3, 0.050%, VRD		4,000,000		4,000,000
Philadelphia Gas Works Revenue Refunding, Series C, 0.050%, VRD		8,000,000		8,000,000
Pittsburgh Water & Sewer Authority Water & Sewer Systems Revenue (1st Lien), Series B2, 0.050%, VRD		21,045,000		21,045,000
Washington County Authority Revenue Refunding (University of Pennsylvania), 0.030%, VRD		8,855,000		8,855,000
Washington County Hospital Authority Revenue (Monongahela Valley Hospital Project), Series B, 0.060%, VRD		3,395,000		3,395,000
				122,325,000
Rhode Island—0.44%
Rhode Island Health & Educational Building Corp. Higher Educational Facilities Revenue Refunding (New England Institute of Technology), 0.070%, VRD		4,275,000		4,275,000
Rhode Island Industrial Facilities Corp. Marine Terminal Revenue Refunding (ExxonMobil Project), 0.030%, VRD		8,800,000		8,800,000
				13,075,000
South Carolina—1.71%
Charleston County School District Bonds Anticipation Notes (Sales Tax Projects), Series B, (SCSDE Insured), 0.750%, due 05/06/15		30,000,000		30,152,038
Charleston County School District Bonds Anticipation Notes, Series A, (SCSDE Insured), 5.000%, due 11/04/14		20,000,000		20,335,118
				50,487,156

46

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
South Dakota—0.44%
South Dakota Health & Educational Facilities Authority Revenue (Regional Health), 0.040%, VRD	$	12,965,000	$	12,965,000
Tennessee—0.39%
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
Texas—8.20%
Alamo Community College District (Citigroup ROCS, Series RR-II-R-883WF), (FGIC Insured), 0.050%, VRD2,3		7,595,000		7,595,000
Harris County Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital), Subseries C-1, 0.030%, VRD		9,930,000		9,930,000
Subseries C-2, 0.030%, VRD		8,320,000		8,320,000
Harris County Health Facilities Development Corp. Revenue Refunding (Methodist Hospital Systems), Series A-1, 0.030%, VRD		3,000,000		3,000,000
Series A-2, 0.030%, VRD		6,625,000		6,625,000
Harris County Hospital District Revenue Refunding (Senior Lien), 0.060%, VRD		8,440,000		8,440,000
Houston Airport System Revenue Refunding (Sub Lien), 0.070%, VRD		4,900,000		4,900,000
Houston Higher Education Finance Corp. Higher Education Revenue (Rice University Project), Series B, 0.050%, VRD		8,500,000		8,500,000
Laredo (Morgan Stanley Floater Certificates), Series 2065, (NATL-RE Insured), 0.060%, VRD2,3		17,860,000		17,860,000
Lower Neches Valley Authority Industrial Development Corp. Revenue (ExxonMobil Project), 0.020%, VRD		2,000,000		2,000,000

47

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Texas—(concluded)
Lower Neches Valley Authority Industrial Development Corp. Revenue (ExxonMobil Project), Series A, 0.030%, VRD	$	15,100,000	$	15,100,000
Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue (Baylor Healthcare System Project), Series C, 0.030%, VRD		2,600,000		2,600,000
Tarrant County Cultural Education Facilities Finance Corp. Revenue (Texas Health Resources), Series B, 0.030%, VRD		8,100,000		8,100,000
0.050%, VRD		8,700,000		8,700,000
Texas State (Veterans), Series A, 0.060%, VRD		2,450,000		2,450,000
Texas State Revenue Anticipation Notes, 2.000%, due 08/28/14		87,900,000		88,152,665
University of Texas Permanent University (Funding System), Series A, 0.020%, VRD		12,775,000		12,775,000
University of Texas Revenues (Financing Systems), Series B, 0.020%, VRD		7,000,000		7,000,000
0.040%, VRD		20,000,000		20,000,000
				242,047,665
Utah—0.35%
Murray City Hospital Revenue (IHC Health Services, Inc.), Series C, 0.030%, VRD		2,090,000		2,090,000
Series D, 0.010%, VRD		8,170,000		8,170,000
				10,260,000
Virginia—1.00%
Fairfax County Economic Development Authority Revenue (Smithsonian Institution), Series A, 0.060%, VRD		4,300,000		4,300,000
Hanover County Economic Development Authority Revenue Refunding (Bon Secours Health), Series D-2, 0.050%, VRD		8,190,000		8,190,000

48

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(concluded)
Virginia—(concluded)
Loudoun County Industrial Development Authority Revenue (Howard Hughes Medical), Series D, 0.060%, VRD	$	600,000	$	600,000
Series F, 0.040%, VRD		16,350,000		16,350,000
				29,440,000
Washington—1.99%
Central Puget Sound Regional Transportation Authority Sales & Use Tax Revenue (JP Morgan PUTTERs, Series 2643Z), 0.070%, VRD2,3		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, 0.060%, VRD		21,950,000		21,950,000
Washington Housing Finance Commission Nonprofit Revenue (YMCA Tacoma-Pierce County Project), 0.060%, VRD		8,865,000		8,865,000
				58,815,000
Wisconsin—0.78%
Wisconsin Health & Educational Facilities Authority Revenue (Wheaton Franciscan Services), Series B, 0.060%, VRD		14,960,000		14,960,000
Wisconsin Health & Educational Facilities Authority Revenue (Wheaton Franciscan System), 0.050%, VRD		7,950,000		7,950,000
				22,910,000
Total municipal bonds and notes (cost—$2,606,553,291)				2,606,553,291
Tax-exempt commercial paper—13.24%
California—1.05%
California State Health Facilities Financing (Stanford Hospital), Series B-2, Subseries 1, 0.130%, due 07/09/14		8,000,000		8,000,000

49

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Tax-exempt commercial paper—(continued)
California—(concluded)
Los Angeles County Capital Asset Lease, 0.090%, due 09/10/14	$	23,000,000	$	23,000,000
				31,000,000
Connecticut—1.45%
Yale University,
0.070%, due 08/06/14		14,060,000		14,060,000
0.070%, due 08/07/14		11,100,000		11,100,000
0.070%, due 08/11/14		17,775,000		17,775,000
				42,935,000
Illinois—0.27%
Illinois Educational Facilities Authority Revenue, 0.090%, due 08/05/14		8,091,000		8,091,000
Maryland—2.50%
Johns Hopkins University,
0.080%, due 08/01/14		7,145,000		7,145,000
0.080%, due 09/17/14		17,700,000		17,700,000
Montgomery County,
0.100%, due 08/01/14		12,000,000		12,000,000
0.090%, due 08/05/14		17,000,000		17,000,000
0.080%, due 09/02/14		20,000,000		20,000,000
				73,845,000
Minnesota—1.71%
Mayo Clinic,
0.120%, due 09/03/14		20,600,000		20,600,000
0.100%, due 09/09/14		30,000,000		30,000,000
				50,600,000
Missouri—0.51%
Curators University,
0.050%, due 08/01/14		15,000,000		15,000,000
New York—0.39%
Metropolitan Transportation Authority, 0.090%, due 09/16/14		11,500,000		11,500,000

50

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Tax-exempt commercial paper—(continued)
North Carolina—0.29%
Duke University, 0.080%, due 07/08/14	$	8,500,000	$	8,500,000
Tennessee—0.85%
Vanderbilt University,
0.120%, due 11/04/14		12,000,000		12,000,000
0.120%, due 12/16/14		13,000,000		13,000,000
				25,000,000
Texas—1.99%
Dallas Area Rapid Transit,
0.070%, due 07/30/14		10,000,000		10,000,000
0.090%, due 08/11/14		6,000,000		6,000,000
0.120%, due 08/19/14		4,000,000		4,000,000
Methodist Hospital,
0.080%, due 09/24/14		1,750,000		1,750,000
0.090%, due 09/24/14		17,988,000		17,988,000
University of Texas,
0.050%, due 07/22/14		11,000,000		11,000,000
0.080%, due 08/11/14		8,000,000		8,000,000
				58,738,000
Virginia—1.47%
University of Virginia,
0.080%, due 09/04/14		15,000,000		15,000,000
0.090%, due 09/04/14		10,629,000		10,629,000
0.080%, due 09/08/14		17,750,000		17,750,000
				43,379,000

51

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Tax-exempt commercial paper—(concluded)
Washington—0.76%
University of Washington,
0.110%, due 12/04/14	$	15,000,000	$	15,000,000
0.110%, due 12/05/14		7,500,000		7,500,000
				22,500,000
Total tax-exempt commercial paper (cost—$391,088,000)				391,088,000
Total investments (cost—$2,997,641,291 which approximates cost for federal income tax purposes)—101.50%				2,997,641,291
Liabilities in excess of other assets—(1.50)%				(44,252,083	)
Net assets (applicable to 2,953,321,877 shares of common stock outstanding equivalent to $1.00 per share)—100.00%			$	2,953,389,208

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 69.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2014 in valuing the Fund’s investments:

Description	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	$	—	$	2,606,553,291	$	—	$	2,606,553,291
Tax-exempt commercial paper		—		391,088,000		—		391,088,000
Total	$	—	$	2,997,641,291	$	—	$	2,997,641,291

At June 30, 2014, there were no transfers between Level 1 and Level 2.

52

UBS RMA Tax-Free Fund

Statement of net assets—June 30, 2014

Portfolio footnotes

¹  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.

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities, which represent 2.16% of net assets as of June 30, 2014, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

³  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).

53

See accompanying notes to financial statements

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—96.51%
California Educational Facilities Authority Revenue (University of Southern California), Series A (Barclays Capital Municipal Trust Receipts Series 11B), 0.060%, VRD1,2	$	2,500,000	$	2,500,000
California Educational Facilities Authority Revenue Refunding (Stanford University), Series L-5, 0.040%, VRD		6,900,000		6,900,000
Series L-6, 0.040%, VRD		12,400,000		12,400,000
California Health Facilities Financing Authority Revenue (Adventist Health Systems), Series A, 0.050%, VRD		8,000,000		8,000,000
Series B, 0.050%, VRD		6,200,000		6,200,000
California Health Facilities Financing Authority Revenue (Catholic Healthcare), Series C, 0.040%, VRD		15,200,000		15,200,000
California Health Facilities Financing Authority Revenue (Scripps Health), Series B, 0.030%, VRD		2,500,000		2,500,000
Series C, 0.040%, VRD		18,700,000		18,700,000
Series F, 0.050%, VRD		3,000,000		3,000,000
California Health Facilities Financing Authority Revenue (St. Joseph Health Systems), Series B, 0.040%, VRD		6,100,000		6,100,000
Series C, 0.040%, VRD		32,965,000		32,965,000
California Health Facilities Financing Authority Revenue Refunding (Stanford Hospital), Series B-1, 0.050%, VRD		16,100,000		16,100,000
California Infrastructure & Economic Development Bank Revenue (California Academy), Series E, 0.020%, VRD		7,050,000		7,050,000
California Municipal Finance Authority Revenue (Chevron USA—Recovery Zone Bonds), Series B, 0.010%, VRD		12,750,000		12,750,000

54

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
California Pollution Control Financing Authority Pollution Control Revenue Refunding (ExxonMobil Project), 0.010%, VRD	$	1,500,000	$	1,500,000
California State Economic Recovery, Series C-4, 0.020%, VRD		12,860,000		12,860,000
California State Enterprise Development Authority Revenue (Robert Louis Stevenson School), 0.050%, VRD		7,650,000		7,650,000
California State Kindergarten, Series A2, 0.020%, VRD		6,600,000		6,600,000
Series A3, 0.010%, VRD		2,000,000		2,000,000
Series A4, 0.010%, VRD		18,300,000		18,300,000
Series A5, 0.020%, VRD		700,000		700,000
Series B2, 0.020%, VRD		5,600,000		5,600,000
Series B3, 0.020%, VRD		2,400,000		2,400,000
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		6,725,000		6,725,000
California Statewide Communities Development Authority Revenue (Health Facilities Community Hospital of Monterey Peninsula), Series B, 0.050%, VRD		4,000,000		4,000,000
California Statewide Communities Development Authority Revenue (Painte Turtle), 0.030%, VRD		6,900,000		6,900,000
California Statewide Communities Development Authority Revenue (University of San Diego), 0.050%, VRD		7,985,000		7,985,000
Antelope Valley-East Kern Water Agency, Series A-2, 0.030%, VRD		7,000,000		7,000,000

55

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
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), 0.110%, VRD1,2		6,750,000		6,750,000
City of Riverside, Electric Revenue Refunding, Series A, 0.060%, VRD		5,200,000		5,200,000
City of Santa Clara, Electrical Revenue, Subseries B, 0.060%, VRD		31,690,000		31,690,000
Connecticut State Health & Educational Facilities Authority Revenue (Yale University), Series V-1, 0.010%, VRD		2,600,000		2,600,000
Series V-2, 0.010%, VRD		4,060,000		4,060,000
Contra Costa County Multi-Family Housing Revenue Refunding (Delta Square Apartments Project), Series H, (FNMA Insured), 0.050%, VRD		10,655,000		10,655,000
County of Riverside Tax & Revenue Anticipation Notes, 1.500%, due 06/30/153		14,000,000		14,193,060
County of Riverside, Series B, 2.000%, due 10/15/14		8,000,000		8,041,725
County of San Bernardino Tax & Revenue Anticipation Notes, Series A, 2.000%, due 06/30/153		5,000,000		5,093,600
County of Ventura Tax & Revenue Anticipation Notes, 1.500%, due 07/01/153		7,000,000		7,096,110
East Baton Rouge Parish Industrial Development Board, Inc. Revenue (ExxonMobil Project), Series B, 0.030%, VRD		10,000,000		10,000,000
East Baton Rouge Parish Pollution Control Revenue Refunding (Exxon Project), 0.030%, VRD		7,850,000		7,850,000
Harris County Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital), Subseries C-1, 0.030%, VRD		1,400,000		1,400,000

56

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Harris County Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital), Subseries C-2, 0.030%, VRD	$	6,000,000	$	6,000,000
Irvine Improvement Bond Act 1915 (Assessment District 87-8), 0.010%, VRD		6,423,000		6,423,000
Irvine Improvement Bond Act 1915 (Assessment District 94-13), 0.010%, VRD		7,535,000		7,535,000
Irvine Improvement Bond Act 1915 (Assessment District 97-16), 0.010%, VRD		7,668,000		7,668,000
Irvine Improvement Bond Act 1915 (Reassessment District No. 85-7), Series A, 0.010%, VRD		11,662,000		11,662,000
Irvine Improvement Bond Act 1915 Limited Obligation (Assessment District 93-14), 0.060%, VRD		3,500,000		3,500,000
Irvine Ranch Water District 0.010%, VRD		8,300,000		8,300,000
Irvine Unified School District Special Tax (Community Facilities District No. 09), Series A, 0.030%, VRD		3,000,000		3,000,000
Irvine Unified School District, Series A, 0.030%, VRD		19,627,000		19,627,000
Livermore Redevelopment Agency Multi-Family Revenue Refunding (Housing Livermore), Series A, (FNMA Insured), 0.060%, VRD		6,700,000		6,700,000
Los Angeles County Tax & Revenue Anticipation Notes, 1.500%, due 06/30/153		14,000,000		14,192,360
Los Angeles Tax & Revenue Anticipation Notes, 1.500%, due 06/25/153		14,000,000		14,186,200
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
Los Angeles Water and Power Revenue, Subseries B-3, 0.010%, VRD		3,000,000		3,000,000

57

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Los Angeles Water and Power Revenue—(concluded) Subseries B-5, 0.040%, VRD	$	6,900,000	$	6,900,000
Subseries B-8, 0.050%, VRD		4,800,000		4,800,000
Manteca Redevelopment Agency Tax Allocation Refunding (Sub-Amended Merged Project), 0.030%, VRD		3,285,000		3,285,000
Martinez Multi-Family Housing Revenue Refunding (Muirwood Garden Apartments), Series A, (FNMA Insured), 0.040%, VRD		6,800,000		6,800,000
Metropolitan Water District Southern California Waterworks Revenue (Citigroup Eagle Class A, Certificates 20070071), 0.070%, VRD1,2		12,145,000		12,145,000
Metropolitan Water District Southern California Waterworks Revenue Refunding, Series A-2, 0.040%, VRD		19,105,000		19,105,000
Metropolitan Water District Southern California Waterworks Revenue, Series B-3, 0.010%, VRD		1,400,000		1,400,000
Modesto Water Revenue Certificates of Participation Refunding, Series A, 0.030%, VRD		9,370,000		9,370,000
Orange County Apartment Development Revenue Refunding (Villas La Paz), Series F, (FNMA Insured), 0.070%, VRD		7,930,000		7,930,000
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 Water District Revenue Certificates of Participation, Series A, 2.000%, due 10/16/14		10,000,000		10,053,529
0.060%, VRD		22,765,000		22,765,000
Sacramento Municipal Utility District, Series L, 0.050%, VRD		4,200,000		4,200,000
San Bernardino County Multi-Family Revenue Refunding (Housing Evergreen Apartments), Series A, (FNMA Insured), 0.090%, VRD		16,600,000		16,600,000

58

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(concluded)
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		15,830,000		15,830,000
Series B, 0.040%, VRD		17,800,000		17,800,000
San Francisco City and County Airports Community International Airport Revenue Refunding, Second Series 36C, 0.060%, VRD		5,000,000		5,000,000
Santa Clara County Financing Authority Revenue (El Camino Hospital), Series A, 0.060%, VRD		8,800,000		8,800,000
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding, Series A, 0.020%, VRD		3,980,000		3,980,000
Series B, 0.040%, VRD		27,150,000		27,150,000
Series C, 0.050%, VRD		2,155,000		2,155,000
Sequoia Union High School District (Morgan Stanley Floater Certificates), Series 2160, (AGM Insured), 0.210%, VRD1,2		4,110,000		4,110,000
Torrance Revenue (Torrance Memorial Medical Center), Series B, 0.030%, VRD		2,000,000		2,000,000
West Covina Public Financing Authority Lease Revenue (Golf Course Project), Series B, 0.030%, VRD		3,880,000		3,880,000
West Covina Public Financing Authority Lease Revenue, Series A, 0.030%, VRD		5,885,000		5,885,000
Total municipal bonds and notes (cost—$708,156,584)				708,156,584

59

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Tax-exempt commercial paper—10.95%
California Education Facility Authority, 0.080%, due 07/01/14	$	7,600,000	$	7,600,000
California Health Facilities Financing Authority Revenue Refunding (Stanford Hospital), Series B-2, Subseries 1, 0.130%, due 07/09/14		10,050,000		10,050,000
Series B-2, Subseries 2, 0.120%, due 12/03/14		8,000,000		8,000,000
Los Angeles County Capital Asset Lease, 0.080%, due 09/02/14		5,400,000		5,400,000
0.090%, due 09/10/14		12,000,000		12,000,000
Los Angeles County Department of Water & Power, 0.070%, due 09/04/14		5,000,000		5,000,000
0.090%, due 09/08/14		10,000,000		10,000,000
Sacramento Municipal Utility District, 0.080%, due 09/02/14		10,000,000		10,000,000
San Diego County Water Authority, 0.060%, due 09/02/14		6,025,000		6,025,000
San Diego County, 0.100%, due 11/13/14		6,250,000		6,250,000
Total tax-exempt commercial paper (cost—$80,325,000)				80,325,000
Total investments (cost—$788,481,584 which approximates cost for federal income tax purposes)—107.46%				788,481,584
Liabilities in excess of other assets—(7.46)%				(54,755,447	)
Net assets (applicable to 733,669,775 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00%			$	733,726,137

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 69.

60

UBS RMA California Municipal Money Fund

Statement of net assets—June 30, 2014

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2014 in valuing the Fund’s investments:

Description	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	$	—	$	708,156,584	$	—	$	708,156,584
Tax-exempt commercial paper		—		80,325,000		—		80,325,000
Total	$	—	$	788,481,584	$	—	$	788,481,584

At June 30, 2014, 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 4.78% of net assets as of June 30, 2014, 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.

61

See accompanying notes to financial statements

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—93.32%
New York State Dormitory Authority Revenue (Columbia University), Series B, 0.050%, VRD	$	6,700,000	$	6,700,000
New York State Dormitory Authority Revenue (Rockefeller University), Series A, 0.080%, VRD		2,800,000		2,800,000
New York State Dormitory Authority Revenue (Wagner College), 0.050%, VRD		20,000		20,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Blythedale Childrens Hospital), 0.050%, VRD		7,905,000		7,905,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Catholic Health System), 0.060%, VRD		2,290,000		2,290,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Columbia University), Series A, 0.030%, VRD		7,000,000		7,000,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Local Secured), Series A, 0.100%, VRD		9,150,000		9,150,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Northern Westchester Association), 0.050%, VRD		7,475,000		7,475,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Rockefeller University), Series A, 0.070%, VRD		2,095,000		2,095,000
Series A-2, 0.070%, VRD		900,000		900,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Royal), Series A, (FNMA Insured), 0.040%, VRD		8,280,000		8,280,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Senior Community, Inc.), 0.050%, VRD		2,700,000		2,700,000
New York State Dormitory Authority Revenue Non-State Supported Debt (Wagner College), 0.050%, VRD		11,260,000		11,260,000

62

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York State Dormitory Authority Revenue State Supported Debt (City University), Series C, 0.080%, VRD	$	2,090,000	$	2,090,000
Series D, 0.050%, VRD		11,300,000		11,300,000
New York State Dormitory Authority Revenue State Supported Debt (Cornell University), Series A, 0.070%, VRD		11,415,000		11,415,000
New York State Dormitory Authority Revenue State Supported Debt (New York Public Library), Series A, 0.050%, VRD		500,000		500,000
New York State Dormitory Authority Revenue State Supported Debt (University of Rochester), Series B, 0.040%, VRD		12,110,000		12,110,000
New York State Dormitory Authority State Personal Income Tax Revenue (Economic Development and Housing ), Series A, 5.000%, due 12/15/14		7,000,000		7,156,140
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 (Riverside Center 2 Housing), Series A-2, 0.060%, VRD		5,000,000		5,000,000
New York State Housing Finance Agency Affordable Housing Revenue (Housing Bowery Place I), Series A, (FHLMC Insured), 0.060%, VRD		23,600,000		23,600,000
New York State Housing Finance Agency Revenue (20 River Terrace Housing), Series A, (FNMA Insured), 0.040%, VRD		8,700,000		8,700,000
New York State Housing Finance Agency Revenue (316 11th Avenue Housing), Series A, (FNMA Insured), 0.040%, VRD		2,640,000		2,640,000

63

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York State Housing Finance Agency Revenue (Dock Street), Series A, 0.050%, VRD	$	4,000,000	$	4,000,000
New York State Housing Finance Agency Revenue (Gotham West Housing), Series A-2, 0.040%, VRD		22,515,000		22,515,000
New York State Housing Finance Agency Revenue (Housing-Dock Street), Series A, 0.060%, VRD		5,000,000		5,000,000
New York State Housing Finance Agency Revenue (North End), Series A, (FNMA Insured), 0.040%, VRD		9,600,000		9,600,000
New York State Urban Development Corp. Revenue Refunding (Service Contract), Series A-5, 0.030%, VRD		6,000,000		6,000,000
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 07/03/14		7,000,000		7,000,293
Amherst Development Corp. Student Housing Facility Revenue (UBF Faculty-Student Housing Corp.), Series B, 0.100%, VRD		5,635,000		5,635,000
Briarcliff Manor Union Free School District Bond Anticipation Notes, 1.000%, due 07/18/14		8,200,000		8,202,700
Buffalo Municipal Water Finance Authority Water Systems Revenue Refunding, 0.060%, VRD		24,475,000		24,475,000
East Baton Rouge Parish Industrial Development Board, Inc. Revenue (ExxonMobil Project), Series A, 0.030%, VRD		5,600,000		5,600,000
Erie County Fiscal Stability Authority Bond Anticipation Notes, 1.000%, due 07/31/14		10,000,000		10,006,160
Erie County Industrial Development Agency Civic Facilities Revenue (Our Lady of Victory Corp.), Series A, 0.060%, VRD		8,745,000		8,745,000

64

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
Grand Island Central School District Bond Anticipation Notes, 1.000%, due 12/04/14	$	10,000,000	$	10,031,114
Harris County Health Facilities Development Corp. Revenue Refunding (Methodist Hospital Systems), Series A-1, 0.030%, VRD		700,000		700,000
Livingston County Industrial Development Agency Civic Facilities Revenue Refunding (Red Jacket/Nicholas), Series A, 0.060%, VRD		1,418,000		1,418,000
Long Island Power Authority,
Series C, 0.050%, VRD		20,000,000		20,000,000
Series D, 0.040%, VRD		5,600,000		5,600,000
Metropolitan Transportation Authority Revenue, Subseries E-3, 0.030%, VRD		15,800,000		15,800,000
Monroe County Industrial Development Agency Civic Facility Revenue (Rochester Presbyterian Project), 0.060%, VRD		6,720,000		6,720,000
New York City Health & Hospital Corp. Revenue (Health Systems), Series C, 0.060%, VRD		900,000		900,000
New York City Housing Development Corp. Multi-Family Mortgage Revenue (201 Pearl Street Development), Series A, (FNMA Insured), 0.040%, VRD		9,000,000		9,000,000
New York City Housing Development Corp. Multi-Family Mortgage Revenue (Marseilles Apartments), Series A, 0.060%, VRD		9,415,000		9,415,000
New York City Housing Development Corp. Multi-Family Mortgage Revenue (The Crest), Series A, 0.070%, VRD		9,755,000		9,755,000
New York City Housing Development Corp. Multi-Family Rental Housing Revenue (2 Gold Street), Series A, (FNMA Insured), 0.030%, VRD		7,100,000		7,100,000

65

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York City Housing Development Corp. Multi-Family Rental Housing Revenue (Royal Properties), Series A, (FNMA Insured), 0.040%, VRD	$	9,000,000	$	9,000,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue (Second General Fiscal 2008),
Series BB-2, 0.040%, VRD		2,120,000		2,120,000
Series BB-5, 0.010%, VRD		12,235,000		12,235,000
New York City Municipal Finance Authority Water & Sewer Systems Revenue (Second General Resolution), Series CC-1, 0.030%, VRD		11,040,000		11,040,000
New York City Municipal Water Finance Authority Water & Sewer Systems 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 Systems Revenue (Second General Resolution), 0.030%, VRD		2,550,000		2,550,000
New York City Municipal Water Finance Authority Water & Sewer Systems Revenue, Series D, (JP Morgan PUTTERs, Series 3240), 0.070%, VRD1,2		1,600,000		1,600,000
New York City Transitional Finance Authority Revenue (Future Tax Secured),
0.010%, VRD		9,000,000		9,000,000
0.030%, VRD		11,300,000		11,300,000
Series C, 0.030%, VRD		6,000,000		6,000,000
Subseries D-4, 0.030%, VRD		2,000,000		2,000,000
New York City Transitional Finance Authority Revenue Refunding (Future Tax Secured), Series A-1, 5.000%, due 11/01/14		10,000,000		10,163,608
New York City Trust for Cultural Resources Revenue (Metropolitan Museum of Art), Series A1, 0.070%, VRD		11,900,000		11,900,000

66

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(continued)
New York City Trust for Cultural Resources Revenue (WNYC Radio, Inc.), 0.040%, VRD	$	7,145,000	$	7,145,000
New York City Trust for Cultural Resources Revenue Refunding (American Museum of Natural History), Series A1, 0.060%, VRD		4,000,000		4,000,000
New York City, Series F, Subseries F-3, 0.040%, VRD		2,300,000		2,300,000
Subseries G-4, 0.030%, VRD		15,400,000		15,400,000
Subseries G-7, 0.030%, VRD		2,000,000		2,000,000
Subseries L-4, 0.040%, VRD		11,400,000		11,400,000
Onondaga County Industrial Development Agency (Syracuse University Project), Series B, 0.040%, VRD		6,835,000		6,835,000
Onondaga County Industrial Development Agency Civic Facilities Revenue (Syracuse Home Association Project), 0.060%, VRD		5,445,000		5,445,000
Saratoga County Capital Resource Corp. Revenue (Saratoga Hospital Project), 0.060%, VRD		3,300,000		3,300,000
Syracuse Industrial Development Agency Civic Facility Revenue (Syracuse University Project), Series A-1, 0.030%, VRD		8,740,000		8,740,000
Syracuse Industrial Development Agency Civic Facility Revenue (Syracuse University), Series A, 0.040%, VRD		3,100,000		3,100,000
Tompkins County Industrial Development Agency Revenue (Care Community Kendal Ithaca), Series B, 0.100%, VRD		3,230,000		3,230,000
Tompkins County Industrial Development Agency Revenue Civic Facilities (Cornell University), Series A, 0.050%, VRD		17,280,000		17,280,000
Town of North Hempstead, Series B, 0.500%, due 10/03/14		12,000,000		12,008,004

67

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Security description	Face amount		Value
Municipal bonds and notes—(concluded)
Triborough Bridge & Tunnel Authority Revenue,
Series B, 0.060%, VRD	$	375,000	$	375,000
Series B-2C, 0.040%, VRD		14,220,000		14,220,000
Series B-3, 0.040%, VRD		16,095,000		16,095,000
Valdez Marine Terminal Revenue Refunding (Exxon Pipeline Co. Project), Series B, 0.030%, VRD		5,300,000		5,300,000
Total municipal bonds and notes (cost—$608,781,019)				608,781,019
Tax-exempt commercial paper—6.65%
New York State Dormitory Authority (Columbia University), 0.060%, due 08/05/14		6,400,000		6,400,000
New York State Power Authority, 0.060%, due 08/06/14		15,000,000		15,000,000
Metropolitan Transportation Authority,
0.080%, due 08/07/14		16,000,000		16,000,000
0.090%, due 09/16/14		6,000,000		6,000,000
Total tax-exempt commercial paper (cost—$43,400,000)				43,400,000
Total investments (cost—$652,181,019 which approximates cost for federal income tax purposes)—99.97%				652,181,019
Other assets in excess of liabilities—0.03%				171,980
Net assets (applicable to 652,321,569 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00%			$	652,352,999

For a listing of defined portfolio acronyms that are used throughout the Statement of net assets, please refer to page 69.

68

UBS RMA New York Municipal Money Fund

Statement of net assets—June 30, 2014

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of June 30, 2014 in valuing the Fund’s investments:

Description	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	$	—	$	608,781,019	$	—	$	608,781,019
Tax-exempt commercial paper		—		43,400,000		—		43,400,000
Total	$	—	$	652,181,019	$	—	$	652,181,019

At June 30, 2014, 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 2.61% of net assets as of June 30, 2014, 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).

Portfolio acronyms

AGM	Assured Guaranty Municipal Corporation
CCAO	County Commissioners Association of Ohio
FGIC	Financial Guaranty Insurance Company
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
NATL-RE	National Reinsurance
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, 2014 and reset periodically.

69

See accompanying notes to financial statements

UBS RMA

Statement of operations

	For the year ended June 30, 2014
	Money Market Portfolio			U.S. Government Portfolio
Investment income:
Interest	$	11,573,530		$	1,650,806
Expenses:
Investment advisory and administration fees		25,055,117			7,667,023
Service fees		10,620,711			3,144,010
Transfer agency and related services fees		2,150,284			211,245
Custody and accounting fees		665,048			197,301
State registration fees		229,432			81,985
Insurance fees		220,156			56,486
Reports and notices to shareholders		156,004			17,419
Professional fees		146,031			139,195
Directors’/Trustees’ fees		96,734			40,734
Other expenses		88,914			41,017
		39,428,431			11,596,415
Fee waivers and/or expense reimbursements by investment advisor/administrator/distributor		(28,563,673	)		(10,155,426	)
Net expenses		10,864,758			1,440,989
Net investment income		708,772			209,817
Net realized gain		1,801			15,142
Net increase in net assets resulting from operations	$	710,573		$	224,959

70

See accompanying notes to financial statements

For the year ended June 30, 2014
Tax-Free Fund			California Municipal Money Fund			New York Municipal Money Fund
$	2,395,992		$	562,121		$	542,772
	12,421,283			3,473,253			2,964,133
	4,867,739			1,239,828			1,033,673
	1,000,277			179,756			151,293
	305,951			77,906			64,982
	66,330			30,637			28,071
	81,666			20,783			17,539
	79,350			15,728			13,249
	138,975			127,176			124,424
	54,653			25,357			23,601
	60,541			34,201			32,706
	19,076,765			5,224,625			4,453,671
	(17,005,624	)		(4,745,246	)		(3,979,886	)
	2,071,141			479,379			473,785
	324,851			82,742			68,987
	63,373			31,401			—
$	388,224		$	114,143		$	68,987

71

See accompanying notes to financial statements

UBS RMA

Statement of changes in net assets

	For the years ended June 30,
	2014			2013
UBS RMA Money Market Portfolio
From operations:
Net investment income	$	708,772		$	1,123,224
Net realized gain		1,801			8,646
Net increase in net assets resulting from operations		710,573			1,131,870
Dividends and distributions to shareholders from:
Net investment income		(708,772	)		(1,123,224	)
Net realized gains		(136,747	)		(9,900	)
Total dividends and distributions to shareholders		(845,519	)		(1,133,124	)
Net decrease in net assets from capital share transactions		(5,918,915,903	)		(1,950,710,574	)
Cash payment from investment advisor		1,432,012			—
Net decrease in net assets		(5,917,618,837	)		(1,950,711,828	)
Net assets:
Beginning of year		11,081,377,487			13,032,089,315
End of year	$	5,163,758,650		$	11,081,377,487
Accumulated undistributed net investment income	$	—		$	—
UBS RMA U.S. Government Portfolio
From operations:
Net investment income	$	209,817		$	265,021
Net realized gain		15,142			31,471
Net increase in net assets resulting from operations		224,959			296,492
Dividends and distributions to shareholders from:
Net investment income		(209,817	)		(265,021	)
Net realized gains		(29,106	)		(40,088	)
Total dividends and distributions to shareholders		(238,923	)		(305,109	)
Net decrease in net assets from capital share transactions		(961,168,363	)		(1,156,409,340	)
Cash payment from investment advisor		555,987			—
Net decrease in net assets		(960,626,340	)		(1,156,417,957	)
Net assets:
Beginning of year		2,625,720,341			3,782,138,298
End of year	$	1,665,094,001		$	2,625,720,341
Accumulated undistributed net investment income	$	—		$	—

72

See accompanying notes to financial statements

UBS RMA

Statement of changes in net assets

	For the years ended June 30,
	2014			2013
UBS RMA Tax-Free Fund Inc.
From operations:
Net investment income	$	324,851		$	345,690
Net realized gain		63,373			36,460
Net increase in net assets resulting from operations		388,224			382,150
Dividends and distributions to shareholders from:
Net investment income		(324,851	)		(345,690	)
Net realized gains		—			(94,102	)
Total dividends and distributions to shareholders		(324,851	)		(439,792	)
Net decrease in net assets from capital share transactions		(307,470,320	)		(659,196,040	)
Cash payment from investment advisor		739,197			—
Net decrease in net assets		(306,667,750	)		(659,253,682	)
Net assets:
Beginning of year		3,260,056,958			3,919,310,640
End of year	$	2,953,389,208		$	3,260,056,958
Accumulated undistributed net investment income	$	—		$	—
UBS RMA California Municipal Money Fund
From operations:
Net investment income	$	82,742		$	86,064
Net realized gain		31,401			85,635
Net increase in net assets resulting from operations		114,143			171,699
Dividends and distributions to shareholders from:
Net investment income		(82,742	)		(86,064	)
Net realized gains		—			(97,557	)
Total dividends and distributions to shareholders		(82,742	)		(183,621	)
Net decrease in net assets from beneficial interest transactions		(88,419,567	)		(72,087,999	)
Cash payment from investment advisor		438,085			—
Net decrease in net assets		(87,950,081	)		(72,099,921	)
Net assets:
Beginning of year		821,676,218			893,776,139
End of year	$	733,726,137		$	821,676,218
Accumulated undistributed net investment income	$	—		$	—

73

See accompanying notes to financial statements

UBS RMA

Statement of changes in net assets

	For the years ended June 30,
	2014			2013
UBS RMA New York Municipal Money Fund
From operations:
Net investment income	$	68,987		$	73,314
Net realized gain		—			7
Net increase in net assets resulting from operations		68,987			73,321
Dividends and distributions to shareholders from:
Net investment income		(68,987	)		(73,314	)
Net realized gains		—			(57,118	)
Total dividends and distributions to shareholders		(68,987	)		(130,432	)
Net decrease in net assets from beneficial interest transactions		(39,640,924	)		(10,944,355	)
Cash payment from investment advisor		153,594			—
Net decrease in net assets		(39,487,330	)		(11,001,466	)
Net assets:
Beginning of year		691,840,329			702,841,795
End of year	$	652,352,999		$	691,840,329
Accumulated undistributed net investment income	$	—		$	—

74

See accompanying notes to financial statements

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,
	2014			2013			2012			20111			2010
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		0.000	2
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
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		(0.000	)2
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%4		0.01	%		0.01	%		0.01	%		0.02	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.56	%		0.55	%		0.55	%		0.64	%		0.70	%
Expenses after fee waivers and/or expense reimbursements		0.15	%		0.21	%		0.17	%		0.26	%		0.26	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (in millions)		$5,164			$11,081			$13,032			$15,379			$14,392

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.

⁴  Payment from investment advisor as disclosed on page 86 had no impact on the Portfolio’s total investment return and represents less than $0.0005 per share.

75

See accompanying notes to financial statements

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,
	2014			2013			2012			20111			2010
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		0.000	2
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
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		(0.000	)2
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%4		0.01	%		0.01	%		0.01	%		0.02	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.55	%		0.54	%		0.53	%		0.54	%		0.55	%
Expenses after fee waivers and/or expense reimbursements		0.07	%		0.14	%		0.10	%		0.19	%		0.22	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (in millions)		$1,665			$2,626			$3,782			$3,644			$3,626

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.

⁴  Payment from investment advisor as disclosed on page 86 had no impact on the Portfolio’s total investment return and represents less than $0.0005 per share.

76

See accompanying notes to financial statements

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,
	2014			2013			2012			20111			2010
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		0.000	2
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
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		(0.000	)2
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%4		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.59	%		0.59	%		0.58	%		0.58	%		0.59	%
Expenses after fee waivers and/or expense reimbursements		0.06	%		0.14	%		0.14	%		0.24	%		0.27	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (in millions)		$2,953			$3,260			$3,919			$4,108			$4,433

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.

⁴  Payment from investment advisor as disclosed on page 86 had no impact on the Fund’s total investment return and represents less than $0.0005 per share.

77

See accompanying notes to financial statements

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,
	2014			2013			2012			20111			2010
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		0.000	2
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
Distributions from net realized gains		—			(0.000	)2		—			—			(0.000	)2
Total dividends and distributions		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%4		0.02	%		0.01	%		0.01	%		0.02	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.63	%		0.63	%		0.62	%		0.63	%		0.64	%
Expenses after fee waivers and/or expense reimbursements		0.06	%		0.13	%		0.12	%		0.23	%		0.23	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (in millions)		$734			$822			$894			$883			$1,003

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.

⁴  Payment from investment advisor as disclosed on page 86 had no impact on the Fund’s total investment return and represents less than $0.0005 per share.

78

See accompanying notes to financial statements

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,
	2014			2013			2012			20111			2010
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		0.000	2
Dividends from net investment income		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2		(0.000	)2
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		(0.000	)2
Net asset value, end of year		$1.00			$1.00			$1.00			$1.00			$1.00
Total investment return3		0.01	%4		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.65	%		0.64	%		0.65	%		0.65	%		0.65	%
Expenses after fee waivers and/or expense reimbursements		0.07	%		0.14	%		0.14	%		0.24	%		0.24	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data:
Net assets, end of year (in millions)		$652			$692			$703			$760			$864

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.

⁴  Payment from investment advisor as disclosed on page 86 had no impact on the Fund’s total investment return and represents less than $0.0005 per share.

79

See accompanying notes to financial statements

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.

The Funds attempt to maintain a stable net asset value of $1.00 per share; the Funds have adopted certain investment, portfolio valuation

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Notes to financial statements

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.

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.

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Notes to 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 limitations, may require the Fund to promptly dispose of such collateral if the seller or guarantor become 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. 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

82

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Notes to financial statements

avoid having the Fund potentially exposed to 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 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,

83

UBS RMA

Notes to financial statements

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
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 Money Market Portfolio’s aggregate management and shareholder services fees (paid pursuant to the Portfolio’s

84

UBS RMA

Notes to financial statements

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 Portfolios’ shareholder services plan remains in effect). For the year ended June 30, 2014, Money Market Portfolio waived $369,840 under such agreement; the amount of such waiver was less than it otherwise might have been given the impact of the waiver of significant fees under other undertakings as discussed further below.

At June 30, 2014, certain Funds owe or are owed by UBS Global AM for investment advisory and administration fees, net of fee waivers and/or expense reimbursements as follows:

Fund	Amounts due to (owed by) UBS Global AM
Money Market Portfolio	$	545,151
U.S. Government Portfolio		61,422
RMA Tax-Free		21,188
RMA California		(11,197	)
RMA New York		(2,116	)

In addition to the above arrangements, UBS Global AM has undertaken to waive fees and/or reimburse expenses in the event that Fund yields fall below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. During the year ended June 30, 2014, UBS Global AM voluntarily waived investment advisory and administration fees as follows:

Money Market Portfolio	$	17,573,122
U.S. Government Portfolio		7,011,416
RMA Tax-Free		12,137,885
RMA California		3,505,418
RMA New York		2,946,213

Such voluntarily waived amounts are not subject to future recoupment.

85

UBS RMA

Notes to financial statements

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, 2014 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 rebates paid to borrowers, are reflected as affiliated securities lending income in the Statement of operations.

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 payment to each Fund was not required to maintain a stable net asset value per share. The payment has removed a small, historical deviation that was reflected in

86

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Notes to financial statements

each Fund’s market price based and amortized cost net asset value per share.

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, 2014, 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	$	2,133,204,600
U.S. Government Portfolio		44,297,699
RMA Tax-Free		706,908,340
RMA California		292,545,740
RMA New York		167,355,000

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

87

UBS RMA

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, 2014, 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, 2014, UBS Global AM (US) voluntarily waived service fees as follows:

Money Market Portfolio	$	10,620,711
U.S. Government Portfolio		3,144,010
RMA Tax-Free		4,867,739
RMA California		1,239,828
RMA New York		1,033,673

Such voluntarily waived amounts are not subject to future recoupment.

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services 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, 2014, UBS Financial Services Inc. received from BNY Mellon, not the Funds, total delegated services fees as follows:

Money Market Portfolio	$	1,308,675
U.S. Government Portfolio		125,082
RMA Tax-Free		613,895
RMA California		110,381
RMA New York		91,307

88

UBS RMA

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, 2014, the Funds did not have any securities on loan.

Bank line of credit

RMA Tax-Free, RMA California and RMA New York participated with certain other funds managed or advised by UBS Global AM in a $75 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 interest holders and other temporary or emergency purposes. Under the Committed Credit Facility arrangement, each Fund had agreed to pay commitment fees, pro rata, based on the relative asset size of the funds in the Committed Credit Facility. Interest could have been charged to each Fund based upon prevailing rates in effect at the time of borrowings. Effective November 19, 2013, RMA Tax-Free, RMA California and RMA New York no longer participate in the Committed Credit Facility. For the period July 1, 2013 to November 18, 2013, the Funds did not borrow under the Committed Credit Facility.

89

UBS RMA

Notes to financial statements

Other liabilities and components of net assets

At June 30, 2014, the Funds had the following liabilities outstanding:

	Dividends payable		Payable for investments purchased		Payable to custodian		Other accrued expenses*
Money Market Portfolio	$	10,457	$	—	$	—	$	664,615
U.S. Government Portfolio		3,267		—		—		176,049
RMA Tax-Free		6,146		46,794,660		26,431		403,937
RMA California		1,477		58,821,425		—		138,753
RMA New York		1,320		—		173,762		129,478

* Excludes investment advisory and administration and service fees.

At June 30, 2014, the components of net assets for each of the Funds were as follows:

	Accumulated paid in capital		Accumulated net realized gain/(loss)			Total net assets
Money Market Portfolio	$	5,163,756,849	$	1,801		$	5,163,758,650
U.S. Government Portfolio		1,665,097,268		(3,267	)		1,665,094,001
RMA Tax-Free		2,953,321,877		67,331			2,953,389,208
RMA California		733,669,775		56,362			733,726,137
RMA New York		652,321,572		31,427			652,352,999

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, 2014	Money Market Portfolio			U.S. Government Portfolio			RMA Tax-Free
Shares sold		39,039,405,595			10,218,847,731			14,789,636,795
Shares repurchased		(44,959,133,315	)		(11,180,248,888	)		(15,097,421,866	)
Dividends reinvested		811,817			232,794			314,751
Net decrease in shares outstanding		(5,918,915,903	)		(961,168,363	)		(307,470,320	)

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Notes to financial statements

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	)

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, 2014	RMA California			RMA New York
Shares sold		4,268,363,863			3,543,159,886
Shares repurchased		(4,356,864,188	)		(3,582,868,057	)
Dividends reinvested		80,758			67,247
Net decrease in shares outstanding		(88,419,567	)		(39,640,924	)
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	)

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 Money Market Portfolio and U.S. Government Portfolio during the fiscal years ended June 30, 2014, and June 30, 2013, 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, 2014 and June 30, 2013, were as follows:

For the year ended June 30, 2014	RMA Tax-Free		RMA California		RMA New York
Tax-exempt income	$	324,851	$	82,742	$	68,987
Ordinary income		—		—		—
Long-term capital gains		—		—		—
Total distributions paid	$	324,851	$	82,742	$	68,987

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

At June 30, 2014, 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	$	12,258	$	—	$	—	$	12,258
U.S. Government Portfolio		—		—		—		—
RMA Tax-Free		—		10,104		63,373		73,477
RMA California		—		26,438		31,401		57,839
RMA New York		—		32,747		—		32,747

To reflect reclassifications arising from permanent “book/tax” differences for the year ended June 30, 2014, U.S. Government Portfolio’s accumulated paid in capital was decreased by $2,850 and accumulated net realized loss was decreased by $2,850. These differences are primarily due to distributions in excess of net investment income.

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Notes to financial statements

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after December 22, 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, 2014, none of the Funds had any capital loss carryforwards.

ASC 740-10 “Income Taxes—Overall” sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Funds have conducted an analysis and concluded as of June 30, 2014, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Funds recognize 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, 2014, the Funds did not incur any interest or penalties.

Each of the tax years in the four year period ended June 30, 2014, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Subsequent event

On July 23, 2014, the SEC amended certain regulations that govern money market funds registered under the 1940 Act. The most significant changes will not become mandatory until October 2016. The most significant change is a requirement that institutional prime and institutional municipal money market funds move to a floating net asset value and change an accounting methodology that had been used for decades. In addition, all prime and municipal money market funds will be subject to potential redemption fees/gates under limited circumstances prescribed in the new regulations. Government, Treasury, retail prime and retail municipal money market funds will continue to be permitted to transact at a stable $1.00 share price. UBS Global AM is currently evaluating the potential impact of these changes on the Funds and expects to update shareholders further in advance of the October 2016 deadline.

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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, 2014, 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, 2014 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, 2014, 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, 2014

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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, Money Market Portfolio and U.S. Government Portfolio designate 100% of their “qualified short-term gains” (as defined in Section 871(k)(2)(D)) as short-term capital gain dividends for the calendar year 2013.

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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 Member

Name, address, and age	Position(s) held with funds	Term of office† and length of time served
Meyer Feldberg;†† 72 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)

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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 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 19 investment companies (consisting of 51 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), and the New York City Ballet.

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Supplemental information (unaudited)

Independent Board Members

Name, address, and age	Position(s) held with funds	Term of office† and length of time served
Richard Q. Armstrong; 79 c/o Keith A. Weller Assistant Fund Secretary UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas, 12th Floor 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), among many others (from 1982 to 1995).	Mr. Armstrong is a director or trustee of 11 investment companies (consisting of 43 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 11 investment companies (consisting of 43 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)

Independent Board Members (continued)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served
Richard R. Burt; 67 McLarty Associates 900 17th Street, NW 8th Floor Washington, D.C. 20006	Director/Trustee	Since 1996
Bernard H. Garil; 74 6754 Casa Grande Way Delray Beach, FL 33446	Director/Trustee	Since 2005
Heather R. Higgins; 54 c/o Keith A. Weller Assistant Fund Secretary UBS Global Asset Management (Americas) Inc. 1285 Avenue of the Americas, 12th Floor New York, NY 10019	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) with which he has been employed 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 11 investment companies (consisting of 43 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 11 investment companies (consisting of 43 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 & 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 11 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)

Independent Board Members (concluded)

Name, address, and age	Position(s) held with funds	Term of office† and length of time served
David Malpass; 58 Encima Global, LLC 645 Madison Avenue, 5th Floor, New York, NY 10022	Director/Trustee	Since May 2014

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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. Malpass is the president and founder of Encima Global, LLC (economic research and consulting) (since 2008). From 1993 until 2008, he was Chief Economist and Senior Managing Director of Bear, Stearns & Co. (financial services firm).	Mr. Malpass is a director or trustee of 11 investment companies (consisting of 43 portfolios) for which UBS Global AM serves as investment advisor or manager.	Mr. Malpass is also a director of New Mountain Finance Corp. (business development company) (and serves as a member of its audit committee).

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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*; 49	Vice President, Assistant Secretary and Chief Compliance Officer	Since 2005 (Vice President and Assistant Secretary); since July 2014 (Chief Compliance Officer)	Mr. Allessie is an executive director (since 2007) (prior to which he was a director) at UBS Global AM—Americas region. Mr. Allessie is head of compliance and operational risk control for the UBS Global Asset Management Division in the Americas with oversight for traditional and alternative investment businesses in Canada, the US and Cayman Islands. Prior to that he served as deputy general counsel of UBS Global AM—Americas region (from 2005 to 2014). Mr. Allessie is a vice president, assistant secretary and chief compliance officer (prior to which he was interim chief compliance officer) (from January to July 2014) of 15 investment companies (consisting of 75 portfolios) for which UBS Global AM serves as investment advisor or manager.
Rose Ann Bubloski*; 46	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 is vice president and assistant treasurer of 15 investment companies (consisting of 75 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*; 50	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 15 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
Thomas Disbrow*; 48	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 15 investment companies (consisting of 75 portfolios) for which UBS Global AM serves as investment advisor or manager.
Michael J. Flook*; 49	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 15 investment companies (consisting of 75 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*; 57	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*; 34	Vice President and Assistant Secretary	Since 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 15 investment companies (consisting of 75 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*; 37	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**; 56	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 15 investment companies (consisting of 75 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*; 46	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 15 investment companies (consisting of 75 portfolios) for which UBS Global AM serves as investment advisor or manager.
Tammie Lee*; 43	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 15 investment companies (consisting of 75 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
Ryan Nugent*; 36	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*; 48	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 15 investment companies (consisting of 75 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
Robert Sabatino**; 40	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*; 48	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 15 investment companies (consisting of 75 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
Andrew Shoup*; 58	Vice President and Chief Operating Officer	Since 2006	Mr. Shoup is a managing director and global head of the fund treasury administration department 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 15 investment companies (consisting of 75 portfolios) for which UBS Global AM serves as investment advisor or manager.
Keith A. Weller*; 53	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 15 investment companies (consisting of 75 portfolios) for which UBS Global AM serves as investment advisor or manager.

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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*; 30	Vice President	Since 2013	Ms. Yu is an authorized officer (since 2012) and tax compliance manager (since 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 15 investment companies (consisting of 75 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.

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Board Members
Richard Q. Armstrong Chairman Alan S. Bernikow Richard R. Burt	Meyer Feldberg Bernard H. Garil Heather R. Higgins David Malpass
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 2014. All rights reserved.

 

UBS Global Asset Management (Americas) Inc.

1285 Avenue of the Americas

New York, New York 10019-6028

S157

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, 2014 and June 30, 2013, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $106,960 and $105,000, 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, 2014 and June 30, 2013, 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 $10,080 and $2,888, respectively.

Fees included in the audit-related fees category are those associated with (1) the reading and providing of comments on the 2012 and 2013 semiannual financial statements and (2) review of the consolidated 2013 and 2012 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, 2014 and June 30, 2013, the aggregate tax fees billed by E&Y for professional services rendered to the registrant were approximately $29,600 and $36,950, 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, 2014 and June 30, 2013, 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, 2014 and June 30, 2013 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, 2014 and June 30, 2013 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, 2014 and June 30, 2013 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, 2014 and June 30, 2013 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, 2014 and June 30, 2013 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, 2014 and June 30, 2013 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.

(f) For the fiscal year ended June 30, 2014, if greater than 50%, specify 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. According to E&Y, such amount was below 50%; therefore, disclosure item not applicable for this filing.

(g) For the fiscal years ended June 30, 2014 and June 30, 2013, the aggregate fees billed by E&Y of $218,020 and $212,963, 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) ongoing services to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

	2014		2013
Covered Services		$39,680		$39,838
Non-Covered Services		178,340		173,125

(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, 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 Managed Municipal Trust
By:	/s/ Mark E. Carver
	Mark E. Carver
	President
Date:	September 8, 2014

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 8, 2014
By:	/s/ Thomas Disbrow
	Thomas Disbrow
	Vice President and Treasurer
Date:	September 8, 2014