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: 811-06173
UBS Municipal Money Market Series
(Exact name of registrant as specified in charter)
51 West 52nd Street, New York, New York 10019-6114
(Address of principal executive offices) (Zip code)
Mark F. Kemper, Esq.
UBS Global Asset Management
51 West 52nd Street
New York, NY 10019-6114
(Name and address of agent for service)
Copy to:
Jack W. Murphy, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, DC 20006-2401
Registrant’s telephone number, including area code: 212-882 5000
Date of fiscal year end: June 30
Date of reporting period: June 30, 2009
Item 1. | Reports to Stockholders. |
UBS RMA
Money Market Portfolio
U.S. Government Portfolio
Tax-Free Fund
California Municipal Money Fund
New York Municipal Money Fund
New Jersey Municipal Money Fund
Annual Report
June 30, 2009
UBS RMA
August 17, 2009
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; UBS RMA New York Municipal Money Fund; and UBS RMA New Jersey Municipal Money Fund, for the 12 months ended June 30, 2009.
Performance
In an attempt to boost a weakening US economy and address other concerns, the Federal Reserve Board (the “Fed”) lowered the federal funds rate three times during the reporting period. (The federal funds rate, or “fed funds” rate, is the rate that banks charge one another for funds they borrow on an overnight basis.) These decreases caused the yields of the securities in which the Funds invest to decline, lowering the Funds’ yields.
As of June 30, 2009, the Funds’ seven-day current yields were:
• UBS RMA Money Market Portfolio: 0.01%, versus 2.07% on June 30, 2008;
• UBS RMA U.S. Government Portfolio: 0.01%, versus 1.44% on June 30, 2008;
• UBS RMA Tax-Free Fund Inc.: 0.01%, versus 1.05% on June 30, 2008;
• UBS RMA California Municipal Money Fund: 0.01%, versus 0.98% on June 30, 2008;
• UBS RMA New York Municipal Money Fund: 0.01%, versus 0.94% on June 30, 2008;
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
Dividend payment
(both Portfolios):
Monthly
UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund, UBS RMA New York Municipal Money Fund, UBS RMA New Jersey Municipal Money Fund
Investment goal
(all four Funds):
Maximum current income exempt from federal and/or a specific state’s personal income taxes consistent with preservation of capital and
liquidity
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UBS RMA
• UBS RMA New Jersey Municipal Money Fund: 0.01%, versus 0.84% on June 30, 2008;
(For more on each Fund’s performance, refer to “Performance and portfolio characteristics at a glance” beginning on page 11.)
An interview with the Portfolio Managers
Q. | Following unprecedented turmoil in the credit markets, the US government announced the Temporary Guarantee Program for Money Market Funds (the “Program”). Are the Funds participating? |
A. | The Funds will participate in the Program until it expires on September 18, 2009. As part of the Program, the US Treasury will guarantee the share price of any publicly offered eligible money market mutual fund that applies and |
is accepted into it. Shareholders in money market funds enrolled in the Program through its expiration will be covered for the amounts they held as of the close of business on September 19, 2008 until September 18, 2009.
Further important information about the Program appears at the end of this letter. The Funds have maintained their net asset value (“NAV”) of $1.00 per share throughout the recent unprecedented turmoil and have continued to meet their goals of maintaining liquidity and preserving capital.* We are pleased to have the Funds participate in the Program to provide an added level of protection for covered shareholders. We want to reassure shareholders of the following:
• The Funds hold very high-quality assets. While we consider rating agencies’ credit ratings, we rely first and foremost on our own proprietary research, conducted by dedicated teams of credit analysts. This approach benefited the Funds in the volatile environment that prevailed during the reporting period.
* | An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Notwithstanding the preceding statements, the Funds are participating in the US Treasury’s Temporary Guarantee Program for Money Market Funds; please see further below for important information about the Program’s scope and limitations. |
Portfolio Managers (all four Funds):
Elbridge T. Gerry III
Ryan Nugent
UBS Global Asset
Management (Americas) Inc.
Commencement:
Tax-Free—October 4, 1982
California Municipal—November 7, 1988
New York Municipal—November 10, 1988
New Jersey Municipal—February 1, 1991
Dividend payment (all four Funds):
Monthly
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UBS RMA
• UBS Global Asset Management (Americas) Inc. and its predecessor firms have been managing money market funds for more than 30 years; this is a key line of business for the firm, and we have dedicated significant resources to the management of the assets entrusted to us.
Q. | What are the costs to the Funds to participate in the Program, and how will this impact the Funds’ yields? |
A. | When the Program was introduced, it had an initial termination date of December 18, 2008. The Funds each paid a fee of 0.01% of the value of their outstanding shares (valued at $1.00 per share for this purpose) as of September 19, 2008. This ensured Program coverage for the period from September 19, 2008 through December 18, 2008. The Program was extended twice—first through April 30, 2009, and then, most recently, through September 18, 2009. The Funds paid additional fees calculated on the same basis, but at the rate of 0.015% for each of the two extension election periods, to continue to participate through September 18, 2009. This cost will be absorbed by the Funds as a fund expense. |
We do expect that the Funds’ yields will decline as a result of the program participation fees, but believe that the full extent of any yield decreases will be dependent on a number of factors outside of the Funds’ control, including fluctuations in the asset base of the Funds.
Q. | How would you describe the economic environment during the reporting period? |
A. | Looking back, the US economy, as measured by gross domestic product (“GDP”), declined 0.5% in the third quarter of 2008. However, the bursting of the housing bubble, a severe credit crunch, falling business profits and consumer consumption and surging unemployment caused the US economy to weaken significantly during the next six months. GDP contracted 5.4% during the fourth quarter of 2008—the worst quarterly reading since 1982. |
The economy has remained weak thus far in 2009, as first quarter GDP growth declined 6.4%. While the economy continued to contract during the second quarter, it was at a more modest pace. The advance estimate for GDP was a decline of 1.0%, due, in part, to smaller declines in exports and business spending.
Q. | How did the Fed and US Treasury Department react to the challenging economic and market environment? |
A. | Both the Fed and US Treasury Department were extremely active given the magnitude of the economic decline and the turmoil in the financial markets. In addition to adding billions of dollars into the financial |
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UBS RMA
system, the Fed and Treasury were actively involved in addressing problems at several major financial institutions. This included placing Freddie Mac and Fannie Mae into conservatorship, and taking a role in the purchase of Merrill Lynch by Bank of America. |
The Treasury also oversaw the $700 billion Troubled Asset Relief Program (“TARP”). More recently, the Treasury introduced the Public-Private Partnership Investment Program (PPIP), which aims to facilitate the purchase of $40 billion of “toxic” mortgage assets from bank balance sheets. The new administration in Washington put the revival of the economy on the front burner as President Obama signed a $787 billion stimulus package into law in February 2009.
The Fed reduced the fed funds rate on several occasions during the reporting period. When the period began, the fed funds rate was 2.00%. After lowering interest rates from 5.25% in August 2007 to 2.00% in April 2008, the Fed then held rates steady until September 2008, citing inflationary pressures on the back of soaring oil and food prices.
However, with the global financial crisis rapidly escalating and oil prices falling sharply, the Fed again moved into action in October 2008. It first lowered rates on October 8, as the Fed joined several other central banks from around the world in a coordinated interest rate cut. This was followed by another rate reduction at the Fed’s regularly scheduled meeting on October 29. Together, these cuts brought the federal funds rate to 1.00%.
During its meeting on December 16, the Fed aggressively cut the fed funds rate to a range of 0.00% to 0.25%—a record low. The Fed has since maintained this rate as it evaluates incoming economic data. In conjunction with its June 2009 meeting, the Fed said, “…the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales.”
Q. | How was UBS RMA Money Market Portfolio managed during the period? |
A. | Given the issues impacting the credit markets, we sought to maintain a high degree of liquidity in the portfolio in order to minimize pricing volatility and to meet redemption requests. We did so by investing a significant portion of the Portfolio’s new investments in shorter-dated money market securities maturing within one to three months. |
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UBS RMA
At the security level, we maintained a greater than usual level of diversification over the reporting period by investing in smaller positions. While the Portfolio is generally able to hold up to 5.00% in any one security (subject to certain exceptions), we typically purchased no more than 1.00% to 2.00% in any one nongovernment issuer, as part of our efforts to reduce risk and keep the Portfolio highly liquid.
In terms of securities, at the beginning of the reporting period, the portfolio held significant exposure to commercial paper and US government and agency obligations. As the period continued, we increased the portfolio’s exposure to asset-backed commercial paper. This move followed measures taken by the Fed to improve the liquidity of asset-backed commercial paper in response to the turmoil in the credit markets. In addition, we largely maintained the portfolio’s exposure to US government and agency obligations, while decreasing exposure to certificates of deposit and repurchase agreements over the period. (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 the UBS RMA U.S. Government Portfolio managed during the period? |
A. | During the period, the Fund shifted its emphasis from repurchase agreements backed by US government and agency obligations—which had been offering higher yields than direct investments in Treasury securities—to investments in US government and agency obligations themselves. In doing so, we decreased the Fund’s exposure to repurchase agreements. |
Q. | How were the RMA Tax-Free, RMA California Municipal, RMA New York Municipal and RMA New Jersey Municipal Money Funds managed during the period? |
A. | We maintained a shorter weighted average maturity versus our peers during the reporting period, decreasing the Fund’s weighted average maturity in each of the tax-free funds. This helped us to maintain a high level of liquidity in the Funds, which we believe to be desirable in the volatile market environment. |
In the beginning of the period, we maintained an exposure to a range of tax-free money market instruments in order to add yield and diversity. We focused on variable rate demand notes, also known as “VRDNs,” which offered attractive rates throughout the period.(1) In addition, we maintained positions in tender option bonds and fixed rate notes as issues we deemed attractive became available. As a result, the Funds responded well to credit market volatility.
(1) | A variable rate demand note is a long-term bond with a floating interest rate that provides investors with the option to tender, or “put,” the security at par with seven days’ notice—or, in some cases, one day’s notice. |
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UBS RMA
As the period continued, we increased the Funds’ positions in VRDNs that had yields that reset on a daily or weekly basis, which helped to maintain a high degree of liquidity. To further enhance the Funds’ credit quality and diversification, we reduced exposure to those VRDNs that had relatively weaker letters of credit and liquidity providers. Over the course of the period, rates on such VRDNs rose significantly. However, in keeping with the Funds’ goals of preserving capital and liquidity, we avoided these securities, favoring investments in self-liquidity VRDNs.(2)
Given recent budgetary issues in the state of California, we believe that it’s important to point out that the RMA California Municipal Money Fund currently does not hold any direct obligations of the state. The securities in that Fund which are issued in California are geographically diversified throughout the state, and include essential service bonds (water and power), as well as obligations of hospital systems and top universities within California.
In addition, we believe it is likely that New York and New Jersey may face budgetary issues as the economies of both states continue to struggle during the current recession. However, we believe that established budgetary procedures should allow both states to meet their current fiscal challenges in a fairly timely fashion. We continue to diversify our holding in both states to mitigate exposure to any single entity, and continue to focus our credit efforts on revenue bonds that are secured by payments for an essential service.
Special note regarding the Tax-Free Funds:
In response to events in the municipal bond market during the reporting period, many fund managers winnowed their exposures to insured municipal money market issues most vulnerable to downgrades, diminishing the available supply of suitable investment opportunities. In order to pursue competitive yields for investors—while seeking to adhere to high credit-quality constraints—UBS Global Asset Management determined it to be in the best interests of shareholders to make temporary, limited investments with the appropriate credit quality in the taxable securities universe, to the extent allowable by the Funds’ offering documents and as believed prudent or appropriate. While our primary focus was on investing in municipal securities, given the challenging conditions and our emphasis on safety, these taxable investments were made for a limited period of time during the reporting period, and represented a small percentage of the Tax-Free Funds’ portfolios.
(2) | When a self-liquidity VRDN is issued, the issuer agrees to repurchase bonds that have been tendered, but not yet remarketed, without procuring a third-party liquidity facility. |
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UBS RMA
While the Tax-Free Funds benefited from their investments in taxable securities, a portion of the Funds’ yields may not be as tax advantaged as ordinary municipal money market investments. However, we think that the higher yield paid on the taxable investments should at least partially offset any lost tax advantage. In addition, due to a lack of availability of state-specific municipal investments meeting our investment criteria, the RMA California, New Jersey, and New York municipal funds purchased limited quantities of out-of-state municipal bonds at times during the reporting period, which also had a slight impact on the tax characteristic of dividends paid by the affected Funds. Of course, we plan to continue to manage the Funds so that the tax characteristics of the underlying securities are passed through to the shareholders to the extent allowed.
Q. | What factors do you believe will affect the Funds over the coming months? |
A. | Overall, it appears that many of the actions taken by policy makers at the US Treasury Department and the Fed are having their intended effect—increasing liquidity within the financial system and providing credit to consumers and businesses. In light of the historically low fed funds rate, we expect Treasury and money market yields to remain relatively low in the near future. |
While the US economy continues to feel the pain of the recession, a few indicators, including consumer confidence and personal consumption, have begun to show improvements. However, existing home sales have yet to show a meaningful recovery, and continuing unemployment claims remain high.
Looking ahead, we plan to monitor the factors likely to influence the Fed’s future decisions on interest rates, including the state of the financial markets, inflation and the overall state of the economy.
We thank you for your continued support and welcome any comments or questions you may have. For additional information on the UBS Funds, please contact your Financial Advisor, or visit us at www.ubs.com/globalam-us.**
** 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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UBS RMA
Sincerely,
Kai R. Sotorp 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) UBS Municipal Money Market Series (UBS RMA New Jersey Municipal Money Fund) Head—Americas UBS Global Asset Management (Americas) Inc. | Elbridge T. Gerry III Portfolio Manager UBS RMA Tax-Free Fund Inc. UBS RMA California Municipal Money Fund UBS RMA New York Municipal Money Fund UBS RMA New Jersey Municipal Money Fund Managing Director UBS Global Asset Management (Americas) Inc. |
Ryan Nugent Portfolio Manager UBS RMA Tax-Free Fund Inc. UBS RMA California Municipal Money Fund UBS RMA New York Municipal Money Fund UBS RMA New Jersey Municipal Money Fund Director UBS Global Asset Management (Americas) Inc. | Robert Sabatino Portfolio Manager UBS RMA Money Market Portfolio UBS RMA U.S. Government Portfolio Executive 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, 2009. The views and opinions in the letter were current as of August 17, 2009. They are not guarantees of 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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UBS RMA
Temporary | Guarantee Program for Money Market Funds |
Each Fund participates in the Temporary Guarantee Program for Money Market Funds (the “Program”) created by the US Department of the Treasury (the “Treasury”).
The Program is designed to provide certain investors with a guarantee of a $1.00 net asset value (“NAV”) price per share based on the number of shares held by the investor in a fund as of the close of business on September 19, 2008. The guarantee under the Program is triggered if a fund’s market-based NAV falls below $0.995, commonly referred to as “breaking the buck” (a “Guarantee Event”) and the fund commences the process of liquidation. Any increase in the number of shares held by an investor in a fund after the close of business on September 19, 2008, will not be guaranteed. If the number of shares held by an investor in a fund fluctuates over the period of the Program (as discussed below), the Program will cover the lesser of (i) the number of shares held by the investor in the fund as of the close of business on September 19, 2008, or (ii) the number of shares held by the investor as of the date of the Guarantee Event. In order to participate in the Program, each Fund paid fees as noted earlier in this report.
Under the terms of the Program, upon the occurrence of a Guarantee Event, a fund Board must promptly initiate actions necessary under state and federal law to commence the liquidation of a fund. The Program will guarantee any difference between the amount received by an investor in connection with the liquidation and the value based on $1.00 per share. Guarantee payments under the Program will be made through a fund within approximately 30 days of a Guarantee Event. The Treasury, in its sole discretion, may designate a later payment date after taking into account prevailing market conditions. Guarantee payments under the Program will not exceed the amount available within the Treasury’s Exchange Stabilization Fund.
The Program is designed to address temporary dislocations in credit markets. The Program will exist up to the close of business on September 18, 2009. Neither this shareholder report, nor any participating fund, is in any manner approved, endorsed, sponsored or authorized by the Treasury.
A few highlights of the Program to keep in mind:
• The US Treasury Temporary Guarantee Program provides a guarantee to participating money market mutual fund shareholders based on the number of shares invested in the fund at the close of business on September 19, 2008.
• Any increase in the number of shares an investor holds after the close of business on September 19, 2008, will not be guaranteed.
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UBS RMA
• If a customer closes his/her account with a fund or broker-dealer, any future investment in the fund will not be guaranteed.
• If the number of shares an investor holds fluctuates over the period, the investor will be covered for either the number of shares held as of the close of business on September 19, 2008, or the current amount, whichever is less.
• The Program expires on September 18, 2009.
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UBS RMA
Performance and portfolio characteristics at a glance (unaudited)
UBS RMA Money Market Portfolio | |||||||||
Yields and characteristics | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Seven-day current yield(1) | 0.01 | % | 1.06 | % | 2.07 | % | |||
Seven-day effective yield(1) | 0.01 | 1.07 | 2.09 | ||||||
Weighted average maturity(2) | 39 | days | 51 | days | 49 | days | |||
Net assets (bn) | $16.5 | $17.2 | $16.8 | ||||||
Portfolio composition(3) | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Commercial paper | 39.0 | % | 42.5 | % | 24.3 | % | |||
US government and agency obligations | 27.3 | 19.7 | 26.2 | ||||||
Certificates of deposit | 13.4 | 16.6 | 16.8 | ||||||
Repurchase agreements | 12.5 | 9.1 | 17.9 | ||||||
Short-term corporate obligations | 4.7 | 5.8 | 11.5 | ||||||
Bank notes | 1.9 | 2.7 | 2.3 | ||||||
Time deposits | 1.2 | 3.5 | 0.8 | ||||||
Money market funds | 0.7 | 5.5 | 9.0 | ||||||
Other assets less liabilities | (0.7 | ) | (5.4 | ) | (8.8 | ) | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % | |||
UBS RMA U.S. Government Portfolio | |||||||||
Yields and characteristics | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Seven-day current yield(1) | 0.01 | % | 0.09 | % | 1.44 | % | |||
Seven-day effective yield(1) | 0.01 | 0.09 | 1.45 | ||||||
Weighted average maturity(2) | 38 | days | 74 | days | 35 | days | |||
Net assets (bn) | $4.7 | $6.3 | $2.4 | ||||||
Portfolio composition(3) | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
US government and agency obligations | 55.2 | % | 76.5 | % | 32.1 | % | |||
Repurchase agreements | 44.8 | % | 23.5 | 68.0 | |||||
Money market fund | – | – | 0.0 | (4) | |||||
Other assets less liabilities | 0.0 | (4) | (0.0 | )(4) | (0.1 | ) | |||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
(1) | Yields will fluctuate and may reflect fee waivers and/or expense reimbursements, if any. Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions. The return of an investment will fluctuate. Current performance may be higher or lower than the performance data quoted. |
(2) | The Portfolios are actively managed and their weighted average maturities will differ over time. |
(3) | Weightings represent percentages of net assets as of the dates indicated. The Portfolios are actively managed and their compositions will vary over time. |
(4) | Weightings represent 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.
Notwithstanding the preceding statements, the Funds are participating in the US Treasury’s Temporary Guarantee Program for Money Market Funds. The Program generally does not guarantee any new investments in the Funds made after September 19, 2008, and is scheduled to expire on September 18, 2009. For more information about the Program’s scope and limitations, please see the Fund’s prospectus.
Not FDIC Insured. May lose value. No bank guarantee.
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UBS RMA
Performance and portfolio characteristics at a glance (unaudited) (continued)
UBS RMA Tax-Free Fund Inc. | |||||||||
Yields and characteristics | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Seven-day current yield(1) | 0.01 | % | 0.53 | % | 1.05 | % | |||
Seven-day effective yield(1) | 0.01 | 0.54 | 1.05 | ||||||
Weighted average maturity(2) | 13 | days | 27 | days | 22 | days | |||
Net assets (bn) | $5.9 | $7.5 | $7.4 | ||||||
Portfolio composition(3) | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Municipal bonds and notes | 89.4 | % | 80.5 | % | 89.0 | % | |||
Tax-exempt commercial paper | 7.7 | 11.4 | 9.3 | ||||||
Money market funds | 2.0 | 3.0 | 3.3 | ||||||
Time deposit | 0.3 | – | – | ||||||
Repurchase agreement | – | 4.9 | – | ||||||
Other assets less liabilities | 0.6 | 0.2 | (1.6 | ) | |||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | |||
UBS RMA California Municipal Money Fund | |||||||||
Yields and characteristics | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Seven-day current yield(1) | 0.01 | % | 0.31 | % | 0.98 | % | |||
Seven-day effective yield(1) | 0.01 | 0.31 | 0.98 | ||||||
Weighted average maturity(2) | 12 | days | 21 | days | 26 | days | |||
Net assets (bn) | $1.2 | $1.8 | $1.8 | ||||||
Portfolio composition(3) | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Municipal bonds and notes | 89.0 | % | 82.3 | % | 93.9 | % | |||
Tax-exempt commercial paper | 9.1 | 12.8 | 5.9 | ||||||
Money market fund | 1.4 | 1.8 | 2.5 | ||||||
Repurchase agreement | – | 3.0 | – | ||||||
Other assets less liabilities | 0.5 | 0.1 | (2.3 | ) | |||||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
(1) | Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any. Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder could pay on distributions. The return of an investment will fluctuate. Current performance may be higher or lower than the performance data quoted. |
(2) | The Funds are actively managed and their weighted average maturities will differ over time. |
(3) | Weightings represent percentages of net assets as of the dates indicated. The Funds are actively managed and their compositions 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.
Notwithstanding the preceding statements, the Funds are participating in the US Treasury’s Temporary Guarantee Program for Money Market Funds. The Program generally does not guarantee any new investments in the Funds made after September 19, 2008, and is scheduled to expire on September 18, 2009. For more information about the Program’s scope and limitations, please see the Fund’s prospectus.
Not FDIC Insured. May lose value. No bank guarantee.
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UBS RMA
Performance and portfolio characteristics at a glance (unaudited) (concluded)
UBS RMA New York Municipal Money Fund | |||||||||
Yields and characteristics | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Seven-day current yield(1) | 0.01 | % | 0.42 | % | 0.94 | % | |||
Seven-day effective yield(1) | 0.01 | 0.42 | 0.95 | ||||||
Weighted average maturity(2) | 12 | days | 17 | days | 18 | days | |||
Net assets (bn) | $1.1 | $1.4 | $1.4 | ||||||
Portfolio composition(3) | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Municipal bonds and notes | 89.3 | % | 94.4 | % | 89.8 | % | |||
Tax-exempt commercial paper | 5.7 | 1.7 | 8.1 | ||||||
Money market fund | 1.6 | 1.3 | 1.0 | ||||||
Time deposit | 0.1 | – | – | ||||||
Repurchase agreement | – | 2.4 | – | ||||||
Other assets less liabilities | 3.3 | 0.2 | 1.1 | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | |||
UBS RMA New Jersey Municipal Money Fund | |||||||||
Yields and characteristics | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Seven-day current yield(1) | 0.01 | % | 0.39 | % | 0.84 | % | |||
Seven-day effective yield(1) | 0.01 | 0.39 | 0.84 | ||||||
Weighted average maturity(2) | 17 | days | 25 | days | 19 | days | |||
Net assets (mm) | $299.8 | $371.8 | $345.6 | ||||||
Portfolio composition(3) | 06/30/09 | 12/31/08 | 06/30/08 | ||||||
Municipal bonds and notes | 86.2 | % | 76.8 | % | 92.7 | % | |||
Tax-exempt commercial paper | 9.8 | 9.8 | 4.5 | ||||||
Time deposit | 2.1 | – | – | ||||||
Money market fund | 1.7 | 1.1 | 1.7 | ||||||
Repurchase agreement | – | 12.1 | – | ||||||
Other assets less liabilities | 0.2 | 0.2 | 1.1 | ||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
(1) | Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any. Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder could pay on distributions. The return of an investment will fluctuate. Current performance may be higher or lower than the performance data quoted. |
(2) | The Funds are actively managed and their weighted average maturities will differ over time. |
(3) | Weightings represent percentages of net assets as of the dates indicated. The Funds are actively managed and their compositions 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.
Notwithstanding the preceding statements, the Funds are participating in the US Treasury’s Temporary Guarantee Program for Money Market Funds. The Program generally does not guarantee any new investments in the Funds made after September 19, 2008, and is scheduled to expire on September 18, 2009. For more information about the Program’s scope and limitations, please see the Fund’s prospectus.
Not FDIC Insured. May lose value. No bank guarantee.
13 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
US government and agency obligations—27.33% | ||||
Federal Farm Credit Bank | $58,000,000 | $57,777,022 | ||
Federal Home Loan Bank | 117,000,000 | 116,995,450 | ||
2.820%, due 07/10/09 | 130,000,000 | 130,000,000 | ||
0.450%, due 07/13/09(1) | 128,500,000 | 128,480,725 | ||
0.499%, due 07/13/09(2) | 175,000,000 | 175,000,000 | ||
0.220%, due 08/10/09(1) | 200,000,000 | 199,951,111 | ||
0.650%, due 09/10/09(2) | 175,000,000 | 175,141,402 | ||
0.205%, due 09/30/09(1) | 250,000,000 | 249,870,451 | ||
Federal Home Loan Mortgage Corp.* | 266,500,000 | 266,500,000 | ||
0.420%, due 07/20/09(1) | 67,000,000 | 66,985,148 | ||
0.238%, due 07/28/09(2) | 166,500,000 | 166,485,306 | ||
0.240%, due 08/03/09(1) | 59,157,000 | 59,143,985 | ||
0.400%, due 08/10/09(1) | 66,825,000 | 66,795,300 | ||
0.400%, due 08/11/09(1) | 150,000,000 | 149,931,667 | ||
0.255%, due 10/19/09(1) | 50,000,000 | 49,961,042 | ||
0.520%, due 11/03/09(1) | 85,500,000 | 85,345,625 | ||
0.530%, due 12/30/09(1) | 51,107,000 | 50,970,062 | ||
0.450%, due 02/22/10(1) | 200,000,000 | 199,410,000 | ||
Federal National Mortgage Association* | 225,500,000 | 225,500,000 | ||
1.029%, due 07/13/09(2) | 180,000,000 | 180,000,000 | ||
0.160%, due 07/20/09(1) | 355,000,000 | 354,970,022 | ||
0.295%, due 11/16/09(1) | 72,000,000 | 71,918,580 | ||
0.530%, due 12/21/09(1) | 230,000,000 | 229,414,203 | ||
0.510%, due 12/22/09(1) | 50,000,000 | 49,876,750 | ||
US Treasury Bills | 338,500,000 | 338,475,670 | ||
0.187%, due 08/06/09(1) | 280,000,000 | 279,947,780 | ||
0.235%, due 11/19/09(1) | 375,000,000 | 374,654,844 | ||
Total US government and agency obligations (cost—$4,499,502,145) | 4,499,502,145 | |||
Time deposit—1.21% | ||||
Banking-non-US—1.21% | ||||
Societe Generale, Cayman Islands | 200,000,000 | 200,000,000 |
14 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Bank notes—1.86% | ||||
Banking-US—1.86% | ||||
HSBC Bank USA, Inc. | $25,000,000 | $25,028,657 | ||
Wells Fargo Bank N.A. | 130,000,000 | 130,000,000 | ||
Westpac Banking Corp. | 151,500,000 | 151,500,000 | ||
Total bank notes (cost—$306,528,657) | 306,528,657 | |||
Certificates of deposit—13.40% | ||||
Banking-non-US—12.36% | ||||
Bank of Nova Scotia | 40,000,000 | 40,000,000 | ||
Bank of Tokyo-Mitsubishi UFJ Ltd. | 248,500,000 | 248,500,000 | ||
BNP Paribas | 177,000,000 | 177,000,000 | ||
3.180%, due 08/24/09 | 52,500,000 | 52,500,000 | ||
0.500%, due 11/25/09 | 84,000,000 | 84,000,000 | ||
Calyon N.A., Inc. | 79,500,000 | 79,500,000 | ||
Deutsche Bank AG | 100,000,000 | 100,000,000 | ||
0.610%, due 07/27/09 | 75,000,000 | 75,000,000 | ||
Fortis Bank NV-SA | 50,000,000 | 50,000,000 | ||
Natixis | 109,000,000 | 109,000,000 | ||
Rabobank Nederland NV | 177,500,000 | 177,500,000 | ||
0.520%, due 12/07/09 | 85,000,000 | 85,000,000 | ||
Royal Bank of Canada | 130,000,000 | 130,000,000 | ||
Royal Bank of Scotland | 200,000,000 | 200,000,000 | ||
Societe Generale | 92,000,000 | 92,000,000 |
15 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Certificates of deposit—(concluded) | ||||
Banking-non-US—(concluded) | ||||
Svenska Handelsbanken | 125,000,000 | 125,000,000 | ||
0.350%, due 08/24/09 | 85,000,000 | 85,000,000 | ||
Toronto-Dominion Bank | $125,000,000 | $125,025,626 | ||
2,035,025,626 | ||||
Banking-US—1.04% | ||||
Bank of America N.A. 0.400%, due 09/10/09 | 170,250,000 | 170,250,000 | ||
Total certificates of deposit (cost—$2,205,275,626) | 2,205,275,626 | |||
Commercial paper(1)—39.01% | ||||
Asset backed-miscellaneous—21.81% | ||||
Amsterdam Funding Corp. | 56,000,000 | 56,000,000 | ||
0.730%, due 07/17/09 | 75,000,000 | 74,975,667 | ||
0.320%, due 07/20/09 | 75,000,000 | 74,987,333 | ||
0.500%, due 08/03/09 | 50,000,000 | 49,977,083 | ||
0.480%, due 08/14/09 | 94,959,000 | 94,903,291 | ||
Atlantic Asset Securitization LLC | 125,000,000 | 124,998,090 | ||
0.410%, due 07/06/09 | 75,000,000 | 74,995,729 | ||
0.500%, due 07/17/09 | 55,000,000 | 54,987,778 | ||
0.310%, due 07/20/09 | 100,000,000 | 99,983,639 | ||
Barton Capital LLC | 110,027,000 | 110,027,000 | ||
0.270%, due 07/16/09 | 50,000,000 | 49,994,375 | ||
0.280%, due 07/16/09 | 85,026,000 | 85,016,080 | ||
0.270%, due 07/20/09 | 73,022,000 | 73,011,594 | ||
Chariot Funding LLC | 61,038,000 | 61,035,270 | ||
0.270%, due 07/14/09 | 75,000,000 | 74,992,688 | ||
Enterprise Funding Co. LLC | 50,056,000 | 50,029,053 | ||
0.390%, due 08/24/09 | 64,165,000 | 64,127,463 |
16 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Commercial paper(1)—(continued) | ||||
Asset backed-miscellaneous—(continued) | ||||
Fairway Finance Co. LLC | $104,155,000 | $104,144,266 | ||
0.450%, due 08/03/09 | 40,053,000 | 40,036,478 | ||
Falcon Asset Securitization Co. LLC | 75,019,000 | 75,009,998 | ||
Jupiter Securitization Co. LLC | 81,019,000 | 81,019,000 | ||
0.260%, due 07/16/09 | 53,200,000 | 53,194,237 | ||
Kitty Hawk Funding Corp. | 75,127,000 | 75,118,820 | ||
0.360%, due 08/24/09 | 191,334,000 | 191,230,680 | ||
0.370%, due 08/24/09 | 60,340,000 | 60,306,511 | ||
0.360%, due 08/25/09 | 96,891,000 | 96,837,710 | ||
Market Street Funding LLC | 150,000,000 | 149,930,000 | ||
Old Line Funding Corp. | 100,000,000 | 100,000,000 | ||
0.270%, due 07/17/09 | 50,000,000 | 49,994,000 | ||
0.410%, due 08/14/09 | 50,000,000 | 49,974,944 | ||
0.360%, due 09/08/09 | 13,024,000 | 13,015,013 | ||
0.360%, due 09/09/09 | 40,033,000 | 40,004,977 | ||
Ranger Funding Co. LLC | 45,000,000 | 44,994,400 | ||
0.430%, due 08/14/09 | 145,150,000 | 145,073,716 | ||
Sheffield Receivables Corp. | 130,000,000 | 129,994,042 | ||
0.500%, due 07/07/09 | 50,000,000 | 49,995,833 | ||
0.300%, due 07/08/09 | 76,000,000 | 75,995,567 | ||
0.285%, due 07/27/09 | 50,000,000 | 49,989,708 | ||
Thames Asset Global Securitization No. 1 | 76,760,000 | 76,757,228 | ||
0.300%, due 07/07/09 | 130,049,000 | 130,042,498 | ||
0.300%, due 07/15/09 | 70,000,000 | 69,991,833 | ||
Thunderbay Funding | 68,684,000 | 68,684,000 | ||
Windmill Funding Corp. | 239,700,000 | 239,675,764 |
17 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Commercial paper(1)—(continued) | ||||
Asset backed-miscellaneous—(concluded) | ||||
Yorktown Capital LLC | $55,522,000 | $55,492,111 | ||
3,590,545,467 | ||||
Asset backed-security—1.47% | ||||
Clipper Receivables Co. LLC | 242,000,000 | 241,933,450 | ||
Banking-non-US—2.87% | ||||
Australia & New Zealand Banking Group Ltd. | 175,000,000 | 174,862,479 | ||
Bank of Nova Scotia | 44,650,000 | 44,575,869 | ||
Dnb NOR ASA | 97,000,000 | 96,908,389 | ||
Svenska Handelsbanken | 156,000,000 | 155,918,100 | ||
472,264,837 | ||||
Banking-US—8.38% | ||||
Calyon N.A., Inc. | 179,500,000 | 179,357,597 | ||
0.410%, due 09/01/09 | 86,000,000 | 85,939,274 | ||
Danske Corp. | 75,000,000 | 74,959,000 | ||
0.365%, due 09/16/09 | 175,000,000 | 174,863,378 | ||
Dexia Delaware LLC | 225,000,000 | 224,997,813 | ||
ING (US) Funding LLC | 150,000,000 | 149,950,500 | ||
0.410%, due 08/12/09 | 50,000,000 | 49,976,083 | ||
Morgan (JP) Chase & Co. | 80,000,000 | 79,854,444 | ||
Morgan (JP) Chase Funding, Inc. | 175,000,000 | 174,903,556 | ||
Societe Generale N.A., Inc. | 185,000,000 | 184,889,000 | ||
1,379,690,645 |
18 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Commercial paper(1)—(concluded) | ||||
Energy-integrated—1.97% | ||||
Chevron Corp. | $70,000,000 | $69,997,278 | ||
0.220%, due 07/09/09 | 115,000,000 | 114,994,378 | ||
Chevron Funding Corp. | 140,000,000 | 139,988,022 | ||
324,979,678 | ||||
Finance-captive automotive—1.22% | ||||
Toyota Motor Credit Corp. | 200,000,000 | 199,993,056 | ||
Food/beverage—0.26% | ||||
Nestle Capital Corp. | 43,000,000 | 42,821,430 | ||
Pharmaceuticals—1.03% | ||||
Pfizer, Inc. | 50,000,000 | 49,973,264 | ||
0.250%, due 09/17/09 | 40,000,000 | 39,978,333 | ||
0.400%, due 12/08/09 | 80,000,000 | 79,857,778 | ||
169,809,375 | ||||
Total commercial paper (cost—$6,422,037,938) | 6,422,037,938 | |||
Short-term corporate obligations—4.71% | ||||
Banking-non-US—2.63% | ||||
Lloyds TSB Group PLC | 160,000,000 | 160,000,000 | ||
Nordea Bank AB | 101,500,000 | 101,500,000 | ||
Rabobank Nederland NV | 172,000,000 | 172,000,000 | ||
433,500,000 | ||||
Banking-US—1.45% | ||||
HSBC Bank USA, Inc. | 128,000,000 | 128,000,000 | ||
Wells Fargo Bank N.A. | 110,469,000 | 110,575,164 | ||
238,575,164 |
19 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Short-term corporate obligations—(concluded) | ||||
Finance-captive automotive—0.63% | ||||
Toyota Motor Credit Corp. | $103,000,000 | $103,000,000 | ||
Total short-term corporate obligations (cost—$775,075,164) | 775,075,164 | |||
Repurchase agreements—12.46% | ||||
Repurchase agreement dated 06/30/09 with Bank of America, 0.060% due 07/01/09, collateralized by $13,050,000 Federal Farm Credit Bank obligations, 0.320% to 5.375% due 07/20/09 to 01/17/17, $66,972,000 Federal Home Loan Bank obligations, zero coupon to 6.500% due 07/01/09 to 03/14/36, $92,279,000 Federal Home Loan Mortgage Corp. obligations, zero coupon to 6.875% due 07/13/09 to 03/06/37, $50,453,000 Federal Home Loan Mortgage Corp. Coupon Strips obligations, zero coupon due 07/15/09 to 07/15/32, $4,461,000 Federal Home Loan Mortgage Corp. Principal Strips obligations, zero coupon due 01/18/10 to 07/15/32, $28,614,000 Federal National Mortgage Association obligations, zero coupon to 5.730% due 07/01/09 to 01/22/37, $134,613,000 Federal National Mortgage Association Interest Strips obligations, zero coupon due 11/15/09 to 11/15/30 and $10,984,000 Federal National Mortgage Association Principal Strips obligations, zero coupon due 05/15/11 to 11/15/30; (value—$306,000,301), proceeds: $300,000,500 | 300,000,000 | 300,000,000 | ||
Repurchase agreement dated 06/30/09 with Deutsche Bank Securities, Inc., 0.080% due 07/01/09, collateralized by $2,760,000 Federal Home Loan Bank obligations, 3.125% due 06/10/11 and $50,000,000 Federal Home Loan Mortgage Corp. obligations, zero coupon due 08/17/09; (value—$52,840,186); proceeds: $51,800,115 | 51,800,000 | 51,800,000 | ||
Repurchase agreement dated 06/30/09 with Goldman Sachs & Co., 0.040% due 07/01/09, collateralized by $367,545,000 Federal Home Loan Bank obligations, 2.550% to 6.250% due 06/01/10 to 05/18/29, $559,948,000 Federal Home Loan Mortgage Corp. obligations, zero coupon to 6.750% due 07/20/09 to 04/16/37 and $543,264,000 Federal National Mortgage Association obligations, zero coupon to 7.250% due 07/13/09 to 08/06/38; (value—$1,530,000,937); proceeds $1,500,001,667 | 1,500,000,000 | 1,500,000,000 |
20 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Repurchase agreements—(concluded) | ||||
Repurchase agreement dated 06/30/09 with Morgan Stanley & Co., 0.030% due 07/01/09, collateralized by $10,090,000 Federal Home Loan Mortgage Corp. obligations, 3.500% due 02/04/11 and $188,100,000 Tennessee Valley Authority obligations, zero coupon to 5.880% due 09/17/09 to 04/01/36; (value—$205,365,200); proceeds: $200,000,167 | $200,000,000 | $200,000,000 | ||
Repurchase agreement dated 06/30/09 with State Street Bank & Trust Co., 0.000% due 07/01/09, collateralized by $417 Federal Home Loan Mortgage Corp. obligations, 5.755% due 08/27/14 and $81,189 US Treasury Bill, zero coupon due 08/27/09; (value—$81,601): proceeds: $80,000 | 80,000 | 80,000 | ||
Total repurchase agreements (cost—$2,051,880,000) | 2,051,880,000 | |||
Number of shares | ||||
Investments of cash collateral from securities loaned—0.66% | ||||
Money market fund(5)—0.66% | ||||
UBS Private Money Market Fund LLC(6) | 108,008,820 | 108,008,820 | ||
Total investments (cost—$16,568,308,350 which approximates cost for federal income tax purposes)—100.64% | 16,568,308,350 | |||
Liabilities in excess of other assets—(0.64)% | (105,804,859) | |||
Net assets (applicable to 16,462,223,241 shares of common stock outstanding equivalent to $1.00 per share)—100.00% | $16,462,503,491 |
* | 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 U.S. Treasury guaranteed the debt issued by those organizations. |
(1) | Interest rates shown are the discount rates at date of purchase. |
(2) | Variable rate securities. The maturity dates reflect earlier of reset dates or stated maturity dates. The interest rates shown are the current rates as of June 30, 2009 and reset periodically. |
(3) | Security, or a portion thereof, was on loan. At June 30, 2009, the total market value of securities on loan was $105,886,584, and the total collateral held by the Portfolio amounted to $108,008,820. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 2.63% of net assets as of June 30, 2009, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(5) | Rates shown reflect yield at June 30, 2009. |
21 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
(6) | The table below details the Portfolio’s transaction activity in an affiliated issuer for the year ended June 30, 2009. The advisor earns a management fee from UBS Private Money Market LLC. |
Security description | Value at 06/30/08 | Purchases during the year ended 06/30/09 | Sales during the year ended 06/30/09 | Value at 06/30/09 | Net income earned from affiliate for the year ended 06/30/09 | |||||
UBS Private Money Market Fund LLC | $379,088,524 | $6,084,357,103 | $6,355,436,807 | $108,008,820 | $2,523,992 |
The following is a summary of the fair valuations according to the inputs used as of June 30, 2009 in valuing the Portfolio’s investments.
Quoted prices in active markets for identical investments (Level 1) | Significant other observable inputs (Level 2) | Unobservable inputs (Level 3) | Total | |||||
US government and agency obligations | $— | $4,499,502,145 | $— | $4,499,502,145 | ||||
Time deposit | — | 200,000,000 | — | 200,000,000 | ||||
Bank notes | — | 306,528,657 | — | 306,528,657 | ||||
Certificates of deposit | — | 2,205,275,626 | — | 2,205,275,626 | ||||
Commercial paper | — | 6,422,037,938 | — | 6,422,037,938 | ||||
Short-term corporate obligations | — | 775,075,164 | — | 775,075,164 | ||||
Repurchase agreements | — | 2,051,880,000 | — | 2,051,880,000 | ||||
Investments of cash collateral from securities loaned | — | 108,008,820 | — | 108,008,820 | ||||
Total | $— | $16,568,308,350 | $— | $16,568,308,350 |
22 |
UBS RMA Money Market Portfolio
Statement of net assets—June 30, 2009
Issuer breakdown by country of origin (unaudited)
Percentage of total investments | |||
United States | 80.1 | % | |
France | 3.6 | ||
Japan | 3.3 | ||
Sweden | 2.8 | ||
Netherlands | 2.6 | ||
Canada | 2.0 | ||
Cayman Islands | 1.2 | ||
Germany | 1.1 | ||
Australia | 1.1 | ||
United Kingdom | 1.0 | ||
Norway | 0.6 | ||
Belgium | 0.3 | ||
Switzerland | 0.3 | ||
Total | 100.0 | % |
Weighted average maturity—39 days
See accompanying notes to financial statements
23 |
UBS RMA U.S. Government Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
US government and agency obligations—55.20% | ||||
Federal Home Loan Bank | $50,000,000 | $49,992,500 | ||
0.499%, due 07/13/09(2) | 100,000,000 | 100,000,000 | ||
0.200%, due 07/15/09(1) | 138,063,000 | 138,052,262 | ||
0.220%, due 08/10/09(1) | 50,000,000 | 49,987,778 | ||
0.230%, due 09/28/09(1) | 150,000,000 | 149,914,708 | ||
0.210%, due 09/29/09(1) | 95,000,000 | 94,950,125 | ||
0.550%, due 10/13/09(1) | 50,000,000 | 49,920,556 | ||
0.530%, due 12/07/09(1) | 98,700,000 | 98,468,960 | ||
0.600%, due 06/21/10 | 40,000,000 | 39,969,707 | ||
Federal Home Loan Mortgage Corp.* | 50,000,000 | 50,000,000 | ||
0.219%, due 07/06/09(2) | 50,000,000 | 50,000,000 | ||
0.180%, due 07/20/09(1) | 97,500,000 | 97,490,737 | ||
0.288%, due 07/20/09(2) | 100,000,000 | 100,007,471 | ||
0.680%, due 08/10/09(1) | 152,320,000 | 152,204,914 | ||
0.150%, due 08/24/09(1) | 103,000,000 | 102,976,825 | ||
0.250%, due 09/23/09(1) | 150,000,000 | 149,912,500 | ||
1.550%, due 11/13/09(1) | 100,000,000 | 99,418,750 | ||
0.290%, due 11/16/09(1) | 100,000,000 | 99,888,833 | ||
Federal National Mortgage Association* | 150,000,000 | 149,999,250 | ||
1.029%, due 07/13/09(2) | 150,000,000 | 150,000,000 | ||
5.125%, due 07/13/09 | 59,053,000 | 59,143,938 | ||
1.600%, due 08/03/09(1) | 75,000,000 | 74,890,000 | ||
0.200%, due 09/28/09(1) | 30,000,000 | 29,985,167 | ||
1.050%, due 10/01/09(1) | 50,000,000 | 49,865,833 | ||
0.470%, due 02/22/10(1) | 51,325,000 | 51,166,862 | ||
US Treasury Bills | 100,000,000 | 99,915,417 | ||
0.186%, due 08/06/09(1) | 110,000,000 | 109,979,595 | ||
1.941%, due 09/24/09(1) | 50,000,000 | 49,770,913 | ||
US Treasury Notes | 75,000,000 | 75,797,061 | ||
Total US government and agency obligations (cost—$2,573,670,662) | 2,573,670,662 |
24 |
UBS RMA U.S. Government Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Repurchase agreements—44.77% | ||||
Repurchase agreement dated 06/30/09 with Bank of America, 0.010% due 07/01/09, collateralized by $318,203,100 US Treasury Notes, 4.500% due 11/15/10; (value—$336,600,012); proceeds: $330,000,092 | $330,000,000 | $330,000,000 | ||
Repurchase agreement dated 06/30/09 with Barclays Bank PLC, 0.010% due 07/01/09, collateralized by $191,992,700 US Treasury Notes, 1.375% to 3.125% due 04/15/12 to 12/31/13 and $26,160,620 US Treasury Bond Interest Strips, zero coupon due 11/15/21; (value—$204,000,000); proceeds: $200,000,056 | 200,000,000 | 200,000,000 | ||
Repurchase agreement dated 06/30/09 with Deutsche Bank Securities, Inc., 0.010% due 07/01/09, collateralized by $316,533,135 US Treasury Bond Interest Strips, zero coupon due 08/15/17 to 02/15/34, $12,232,000 US Treasury Bonds, 6.125% due 08/15/29, $20,896,200 US Treasury Inflation Index Notes, 3.500% due 01/15/11 and $97,276,500 US Treasury Notes, 3.375% to 4.500% due 11/30/12 to 02/15/16; (value—$313,446,033); proceeds: $307,300,085 | 307,300,000 | 307,300,000 | ||
Repurchase agreement dated 06/30/09 with Goldman Sachs & Co., 0.010% due 07/01/09, collateralized by $930,332,900 US Treasury Inflation Index Notes, 2.000% to 2.625% due 01/15/16 to 07/15/17; (value—$1,020,000,016); proceeds: $1,000,000,278 | 1,000,000,000 | 1,000,000,000 | ||
Repurchase agreement dated 06/30/09 with Morgan Stanley & Co., 0.005% due 07/01/09, collateralized by $249,007,100 US Treasury Notes, 3.750% due 11/15/18; (value—$255,000,078); proceeds: $250,000,035 | 250,000,000 | 250,000,000 |
25 |
UBS RMA U.S. Government Portfolio
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Repurchase agreements—(concluded) | ||||
Repurchase agreement dated 06/30/09 with State Street Bank & Trust Co., 0.000% due 07/01/09, collateralized by $422 Federal Home Loan Mortgage Corp. obligations, 5.755% due 08/27/14 and $82,204 US Treasury Bill, zero coupon due 08/27/09; (value—$82,621): proceeds: $81,000 | $81,000 | $81,000 | ||
Total repurchase agreements (cost—$2,087,381,000) | 2,087,381,000 | |||
Total investments (cost—$4,661,051,662 which approximates cost for federal income tax purposes)—99.97% | 4,661,051,662 | |||
Other assets in excess of liabilities—0.03% | 1,332,190 | |||
Net assets (applicable to 4,662,383,852 shares of common stock outstanding equivalent to $1.00 per share)—100.00% | $4,662,383,852 |
* | 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 U.S. Treasury guaranteed the debt issued by those organizations. |
(1) | Interest rates shown are the discount rates at date of purchase. |
(2) | Variable rate securities. The maturity dates reflect earlier of reset dates or stated maturity dates. The interest rates shown are the current rate as of June 30, 2009, and reset periodically. |
Weighted average maturity—38 days
26 |
UBS RMA U.S. Government Portfolio
Statement of net assets—June 30, 2009
The following is a summary of the fair valuations according to the inputs used as of June 30, 2009 in valuing the Portfolio’s investments.
Quoted prices in active markets for identical investments (Level 1) | Significant other observable inputs (Level 2) | Unobservable inputs (Level 3) | Total | |||||
US government and agency obligations | $— | $2,573,670,662 | $— | $2,573,670,662 | ||||
Repurchase agreements | — | 2,087,381,000 | — | 2,087,381,000 | ||||
Total | $— | $4,661,051,662 | $— | $4,661,051,662 |
See accompanying notes to financial statements
27 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—89.38% | ||||
Alabama—0.61% | ||||
Mobile Industrial Development Board, Dock and Wharf Revenue Refunding (Holnam, Inc. Project), Series A, | $15,665,000 | $15,665,000 | ||
Montgomery Industrial Development Board Pollution Control & Solid Waste Disposal Refunding (General Electric Co. Project), | 20,150,000 | 20,150,000 | ||
35,815,000 | ||||
Alaska—1.94% | ||||
Alaska International Airports Revenue Refunding (System), Series A, | 7,000,000 | 7,000,000 | ||
Valdez Marine Terminal Revenue Refunding (BP Pipelines, Inc. Project), | 21,600,000 | 21,600,000 | ||
Series A, | 19,200,000 | 19,200,000 | ||
Series B, | 11,640,000 | 11,640,000 | ||
Series C, | 19,600,000 | 19,600,000 | ||
Valdez Marine Terminal Revenue Refunding (ExxonMobil Pipeline Co. Project), | 18,000,000 | 18,000,000 | ||
Series B, | 4,800,000 | 4,800,000 | ||
Series C, | 11,900,000 | 11,900,000 | ||
113,740,000 | ||||
Arizona—1.59% | ||||
Apache County Industrial Development Authority (Tucson Electric Power Co.-Springerville Project), | 11,200,000 | 11,200,000 | ||
Series C, | 35,000,000 | 35,000,000 | ||
Arizona Board of Regents Certificates of Participation (Morgan Stanley Floater Certificates), Series 1918 (AMBAC Insured), | 16,780,000 | 16,780,000 |
28 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Arizona—(concluded) | ||||
Pima County Industrial Development Authority Revenue (Industrial Development-Tucson Electric Power), | $10,000,000 | $10,000,000 | ||
Pima County Industrial Development Authority (Tucson Electric Power Co.-Irvington Project), Series A, | 8,200,000 | 8,200,000 | ||
Salt River Project Agricultural Improvement & Power District Electric Systems Revenue (JP Morgan Chase PUTTERs), Series 3030, | 6,460,000 | 6,460,000 | ||
Series 3242, | 5,695,000 | 5,695,000 | ||
93,335,000 | ||||
California—2.70% | ||||
California Health Facilities Financing Authority Revenue (Kaiser Permanente), Series C, | 11,100,000 | 11,100,000 | ||
California Statewide Communities Development Authority Revenue (Cottage Health Systems), Series A, | 50,000,000 | 50,000,000 | ||
California Statewide Communities Development Authority Revenue (Kaiser Permanente), | 3,300,000 | 3,300,000 | ||
Series C, | 22,160,000 | 22,160,000 | ||
Series M, | 6,800,000 | 6,800,000 | ||
California Statewide Communities Development Authority Revenue, | 10,000,000 | 10,000,000 | ||
Series L, | 10,100,000 | 10,100,000 | ||
Whittier Health Facilities Revenue (Presbyterian Intercommunity), | 34,100,000 | 34,100,000 | ||
Series C, | 10,500,000 | 10,500,000 | ||
158,060,000 |
29 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Colorado—0.75% | ||||
Aurora Water Improvement Revenue (JP Morgan PUTTERs), Series 2010 (AMBAC Insured), | $15,085,000 | $15,085,000 | ||
Colorado Educational & Cultural Facilities Authority Revenue (National Jewish Federation Board Program), | 3,000,000 | 3,000,000 | ||
Series C-7, | 5,100,000 | 5,100,000 | ||
Colorado Educational & Cultural Facilities Authority Revenue (Nature Conservancy Project), Series A, | 2,100,000 | 2,100,000 | ||
Colorado Health Facilities Authority Revenue (Exampla, Inc.), | 3,900,000 | 3,900,000 | ||
Colorado Health Facilities Authority Revenue Refunding (The Evangelical), | 3,940,000 | 3,940,000 | ||
El Paso County Revenue (YMCA Pikes Peak Region Project), | 10,845,000 | 10,845,000 | ||
43,970,000 | ||||
Connecticut—1.66% | ||||
Connecticut State Health & Educational Facilities Authority Revenue (Yale University), | 7,580,000 | 7,580,000 | ||
Series V-2, | 19,670,000 | 19,670,000 | ||
Series X-2, | 48,175,000 | 48,175,000 | ||
Series Y-2, | 13,645,000 | 13,645,000 | ||
Series Y-3, | 1,900,000 | 1,900,000 | ||
Connecticut State, Series C, | 6,500,000 | 6,540,952 | ||
97,510,952 | ||||
Delaware—0.32% | ||||
Delaware River & Bay Authority Revenue Refunding, | 3,800,000 | 3,800,000 |
30 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Delaware—(concluded) | ||||
University of Delaware Revenue, | $1,090,000 | $1,090,000 | ||
Series A, | 13,670,000 | 13,670,000 | ||
18,560,000 | ||||
District of Columbia—0.31% | ||||
District of Columbia Revenue (George Washington University), Series C, | 9,025,000 | 9,025,000 | ||
District of Columbia, Series C, | 9,270,000 | 9,270,000 | ||
18,295,000 | ||||
Florida—2.34% | ||||
Florida State Board of Education (Public Education Capital Outlay Bonds), Series C (Bank of America Austin Certificates, Series 2008-1054), | 13,225,000 | 13,225,000 | ||
Series E (Bank of America Austin Certificates, Series 2008-1059), | 8,335,000 | 8,335,000 | ||
Gainesville Utilities System Revenue, Series B, | 7,335,000 | 7,335,000 | ||
JEA Electric System Revenue, | 20,425,000 | 20,425,000 | ||
Series Three-C-1, | 12,365,000 | 12,365,000 | ||
Series Three-C-2, | 22,810,000 | 22,810,000 | ||
Series Three-C-3, | 11,280,000 | 11,280,000 | ||
Subseries D, | 7,820,000 | 7,820,000 | ||
Lee Memorial Health System Hospital Revenue, Series C, | 2,000,000 | 2,000,000 | ||
Miami Health Facilities Authority Health System Revenue (Catholic Health East), | 4,370,000 | 4,370,000 |
31 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Florida—(concluded) | ||||
Orange County Health Facilities Authority Revenue (Hospital-Orlando Regional), Series E, | $4,500,000 | $4,500,000 | ||
Orange County Tourist Development Tax Revenue (Pre-refunded with State & Local Government Securities to 10/01/09 @ 100) (AMBAC Insured), | 14,745,000 | 14,869,066 | ||
Pinellas County Health Facilities Authority Revenue (Health System Baycare Health), Series A1 | 7,500,000 | 7,500,000 | ||
136,834,066 | ||||
Georgia—4.88% | ||||
Atlanta Tax Allocation (Westside Project), Series A, | 31,095,000 | 31,095,000 | ||
Atlanta Water & Wastewater Revenue, | 75,695,000 | 75,695,000 | ||
De Kalb County Development Authority Revenue (Atlanta Jewish Community Center), | 3,665,000 | 3,665,000 | ||
Houston County Hospital Authority Revenue, | 5,885,000 | 5,885,000 | ||
Private Colleges & Universities Authority Revenue | 8,000,000 | 8,000,000 | ||
Series B, | 14,235,000 | 14,235,000 | ||
Series B-1, | 10,000,000 | 10,000,000 | ||
Series B-2, | 45,200,000 | 45,200,000 | ||
Series B-3, 0.140%, VRD | 14,475,000 | 14,475,000 | ||
Series C-3, | 7,800,000 | 7,800,000 | ||
Series C-4, | 18,325,000 | 18,325,000 | ||
Series C5, | 36,325,000 | 36,325,000 |
32 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Georgia—(concluded) | ||||
South Fulton Municipal Regional Water & Sewer Authority Revenue, | $15,000,000 | $15,000,000 | ||
285,700,000 | ||||
Idaho—0.71% | ||||
Idaho Health Facilities Authority Revenue (St. Lukes Health System Project), Series B, | 13,000,000 | 13,000,000 | ||
Idaho Tax Anticipation Notes, | 28,000,000 | 28,583,800 | ||
41,583,800 | ||||
Illinois—4.03% | ||||
Chicago Board of Education Refunding (Dedicated Revenues), | 4,900,000 | 4,900,000 | ||
Chicago Board of Education Refunding, Series B, | 7,650,000 | 7,650,000 | ||
Chicago (Citigroup Eagle Class A Certificates 20070059) (FGIC Insured), | 17,500,000 | 17,500,000 | ||
Chicago (Neighborhoods Alive 21), Series B, | 11,635,000 | 11,635,000 | ||
Chicago Water Revenue, Subseries 04-3, | 3,225,000 | 3,225,000 | ||
Chicago O’Hare International Airport Revenue (Second Lien), | 46,700,000 | 46,700,000 | ||
Chicago (Pre-refunded with REFCORP Strips and State and Local Government Securities to 07/01/10 @ 101), Series A, | 3,660,000 | 3,922,517 | ||
Cook County (Capital Improvement), Series B, | 10,000,000 | 10,000,000 | ||
Cook County (JP Morgan PUTTERs, Series 1269) | 8,010,000 | 8,010,000 | ||
Cook County Sales Tax Anticipation Notes, | 12,300,000 | 12,315,494 | ||
Cook County School District No. 036 Winnetka (Morgan Stanley Floater Certificates), | 9,575,000 | 9,575,000 |
33 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Illinois—(concluded) | ||||
Illinois Development Finance Authority Revenue (Chicago Symphony Orchestra), | $11,400,000 | $11,400,000 | ||
Illinois Development Finance Authority Revenue (Francis W. Parker School Project), | 14,100,000 | 14,100,000 | ||
Illinois Development Finance Authority Revenue (Lyric Opera Chicago Project), | 10,200,000 | 10,200,000 | ||
Illinois Finance Authority Revenue (Advocate Health Care), Subseries B-5, | 18,210,000 | 18,210,000 | ||
Illinois Finance Authority Revenue (Beloit Memorial Hospital Inc.), Series A, (Radian Group, Inc. Insured), | 8,425,000 | 8,425,000 | ||
Illinois Finance Authority Revenue (Carle Foundation), Series C, | 1,800,000 | 1,800,000 | ||
Illinois Finance Authority Revenue (Cristo Rey Jesuit School Project), | 7,300,000 | 7,300,000 | ||
Illinois Finance Authority Revenue Refunding (University of Chicago), Series C, | 7,900,000 | 7,900,000 | ||
Illinois Finance Authority Revenue (Rush University Medical Center), Series A, | 3,700,000 | 3,700,000 | ||
Lombard Revenue (National University Health Sciences Project), | 8,645,000 | 8,645,000 | ||
Western Springs Special Assesment (Timber Trails Project), | 9,161,000 | 9,161,000 | ||
236,274,011 | ||||
Indiana—2.99% | ||||
Indiana Development Finance Authority Revenue (Educational Facilities-Eiteljorg Museum), | 9,400,000 | 9,400,000 | ||
Indiana Finance Authority Environmental Revenue Refunding (Duke Energy Industrial Project), | 6,000,000 | 6,000,000 |
34 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Indiana—(concluded) | ||||
Indiana Finance Authority Environmental Revenue Refunding (Duke Energy Industrial Project), (concluded) Series A-3, | $10,300,000 | $10,300,000 | ||
Indiana State Finance Authority Revenue (Ascension Health), Series CR-E-1, | 11,550,000 | 11,550,000 | ||
Series CR-E-2, | 10,000,000 | 10,000,000 | ||
Series CR-E-3, | 23,000,000 | 23,000,000 | ||
Indiana State Finance Authority Revenue Refunding (Trinity Health), | 21,000,000 | 21,000,000 | ||
Series D-2, | 21,250,000 | 21,250,000 | ||
Mount Vernon Industrial Pollution Control & Solid Waste Disposal Revenue (General Electric Co. Project) | 15,000,000 | 15,000,000 | ||
Purdue University Revenues (Student Fee), Series S, | 3,705,000 | 3,705,000 | ||
St. Joseph County Industrial Educational Facilities Revenue (University of Notre Dame Du Lac Project), | 44,100,000 | 44,100,000 | ||
175,305,000 | ||||
Iowa—0.24% | ||||
Iowa Finance Authority Private College Revenue Facilities (Morningside College Project), | 4,500,000 | 4,500,000 | ||
Iowa State School Cash Anticipation Program (Iowa School Corps.), Series B, | 9,500,000 | 9,615,855 | ||
14,115,855 | ||||
Kentucky—1.64% | ||||
Breckinridge County Lease Program Revenue (Kentucky Association Leasing Trust), Series A, | 15,190,000 | 15,190,000 |
35 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Kentucky—(concluded) | ||||
Christian County Association of Leasing Trust Lease Program, Series A, | $4,980,000 | $4,980,000 | ||
Series B, | 27,455,000 | 27,455,000 | ||
Lexington-Fayette Urban County Airport Board General Airport Revenue Refunding, Series A, | 8,875,000 | 8,875,000 | ||
Pendleton County Multi-County Lease Revenue (Associated Counties Leasing Program), | 20,000,000 | 20,000,000 | ||
Shelby County Lease Revenue, Series A, | 11,545,000 | 11,545,000 | ||
Trimble County Association of Counties Leasing Trust Lease Program Revenue, Series A, | 5,000,000 | 5,000,000 | ||
Williamstown League of Cities Funding Trust Lease Revenue, Series B, | 3,000,000 | 3,000,000 | ||
96,045,000 | ||||
Maine—0.17% | ||||
Maine Health & Higher Educational Facilities Authority Revenue (JP Morgan PUTTERs, Series 1973) | 9,875,000 | 9,875,000 | ||
Maryland—2.06% | ||||
Easton Revenue (William Hill Manor Facility), Series A, | 7,945,000 | 7,945,000 | ||
Maryland Economic Development Corp. Revenue (Howard Hughes Medical), Series A, | 19,000,000 | 19,000,000 | ||
Maryland State Health & Higher Educational Facilities Authority Revenue (John Hopkins University), | 29,355,000 | 29,355,000 | ||
Series B, | 43,930,000 | 43,930,000 |
36 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Maryland—(concluded) | ||||
Washington Suburban Sanitation District Bond Anticipation Notes, Series A, | $20,300,000 | $20,300,000 | ||
120,530,000 | ||||
Massachusetts—5.92% | ||||
Bedford Bond Anticipation Notes, | 20,000,000 | 20,012,414 | ||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Series A-1, | 14,200,000 | 14,200,000 | ||
Massachusetts Development Finance Agency Revenue Refunding (Higher Education Smith College), | 12,831,000 | 12,831,000 | ||
Massachusetts Health & Educational Facilities Authority Revenue (Harvard University), | 24,915,000 | 24,915,000 | ||
Series L, | 29,750,000 | 29,750,000 | ||
Series R, | 5,000,000 | 5,000,000 | ||
Series Y, | 30,000,000 | 30,000,000 | ||
Massachusetts Health & Educational Facilities Authority Revenue (Massachusetts Institute of Technology), Series J-1, | 18,300,000 | 18,300,000 | ||
Massachusetts Health & Educational Facilities Authority Revenue (Partners Healthcare System), | 32,000,000 | 32,000,000 | ||
Series I-1, | 10,000,000 | 10,000,000 | ||
Massachusetts Health & Educational Facilities Authority Revenue (Tufts University), Series N-1, | 7,400,000 | 7,400,000 | ||
Massachusetts Health & Educational Facilities Authority Revenue (Wellesley College), | 700,000 | 700,000 |
37 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Massachusetts—(concluded) | ||||
Massachusetts Health & Educational Facilities Authority Revenue (Wellesley College), (concluded) | ||||
Series I, | $14,400,000 | $14,400,000 | ||
Massachusetts Health & Educational Facilities Authority Revenue (Williams College), Series J, | 25,572,000 | 25,572,000 | ||
Massachusetts Industrial Finance Agency Revenue Capital Appreciation (Mass Biomedical), Series A-2, | 2,000,000 | 1,996,634 | ||
Massachusetts School Building Authority Dedicated Sales Tax Revenue (Citigroup ROCS, Series RR-II-R-12193) (FSA Insured), | 13,115,000 | 13,115,000 | ||
Massachusetts State Refunding, Series C, | 20,000,000 | 20,000,000 | ||
Massachusetts Water Resources Authority Refunding (General), | 42,600,000 | 42,600,000 | ||
Series F, | 16,090,000 | 16,090,000 | ||
Montachusett Regional Transit Authority Revenue Anticipation Notes, | 8,000,000 | 8,005,120 | ||
346,887,168 | ||||
Michigan—3.29% | ||||
Michigan Hospital Finance Authority Revenue | 22,290,000 | 22,290,000 | ||
Series CR-B-2, | 10,000,000 | 10,000,000 | ||
Series CR-B-3, | 38,600,000 | 38,600,000 | ||
Series CR-B-5, | 20,600,000 | 20,600,000 | ||
Series CR-B-6, | 17,500,000 | 17,500,000 |
38 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Michigan—(concluded) | ||||
Michigan Municipal Bond Authority Revenue Anticipation Notes (State Clean Water), | $15,000,000 | $15,012,178 | ||
Michigan State Hospital Finance Authority Revenue (Ascension Health Senior Credit), | 6,500,000 | 6,500,000 | ||
Series B-8, | 6,100,000 | 6,100,000 | ||
Michigan State Hospital Finance Authority Revenue (Trinity Health Credit), | 10,000,000 | 10,000,000 | ||
Series F, | 6,300,000 | 6,300,000 | ||
University of Michigan Revenues (Hospital), | 2,700,000 | 2,700,000 | ||
0.280%, VRD | 20,280,000 | 20,280,000 | ||
Series B, | 9,500,000 | 9,500,000 | ||
University of Michigan University Revenues Refunding (Hospital), Series A-2 | 2,000,000 | 2,000,000 | ||
University of Michigan University Revenues Refunding (Medical Service Plan), Series A-1, | 5,420,000 | 5,420,000 | ||
192,802,178 | ||||
Minnesota—0.76% | ||||
Arden Hills Housing & Health Care Facilities Revenue Refunding (Presbyterian Homes), Series A, | 1,800,000 | 1,800,000 | ||
Midwest Consortium of Municipal Utilities Revenue (Draw Down-Association Financing Program), Series B, | 10,395,000 | 10,395,000 | ||
Minneapolis Health Care System Revenue (Fairview Health Services), Series C, | 3,375,000 | 3,375,000 |
39 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Minnesota—(concluded) | ||||
Rochester Health Care Facilities Revenue (Mayo Clinic), | $7,000,000 | $7,000,000 | ||
Series E, | 13,000,000 | 13,000,000 | ||
University of Minnesota, Series A, | 9,000,000 | 9,000,000 | ||
44,570,000 | ||||
Mississippi—1.30% | ||||
Jackson County Pollution Control Revenue Refunding (Chevron USA, Inc. Project), | 7,100,000 | 7,100,000 | ||
0.220%, VRD | 2,000,000 | 2,000,000 | ||
Mississippi Business Finance Corp. Gulf Opportunity Zone (Chevron USA, Inc. Project), Series B, | 25,000,000 | 25,000,000 | ||
Mississippi Business Finance Corp. Revenue (Jackson Medium Mall Foundation Project), | 9,400,000 | 9,400,000 | ||
Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi Health Services), Series 1, | 13,400,000 | 13,400,000 | ||
Mississippi Hospital Equipment & Facilities Authority Revenue (North Mississippi), Series 1, | 9,680,000 | 9,680,000 | ||
Mississippi State (Capital Improvement), Series E, | 9,730,000 | 9,730,000 | ||
76,310,000 | ||||
Missouri—1.50% | ||||
Curators University of Missouri Systems Facilities Revenue, Series B, | 18,405,000 | 18,405,000 | ||
Missouri Health & Educational Facilities Authority Educational Facilities Revenue (Washington University), | 2,200,000 | 2,200,000 | ||
Series C, | 11,800,000 | 11,800,000 |
40 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Missouri—(concluded) | ||||
Missouri Health & Educational Facilities Authority Health Facilities Revenue (BJC Health System), | $24,000,000 | $24,000,000 | ||
Series C, | 6,000,000 | 6,000,000 | ||
Series E, | 14,700,000 | 14,700,000 | ||
University of Missouri University Revenues (Systems Facilities), Series B, | 10,800,000 | 10,800,000 | ||
87,905,000 | ||||
Montana—0.30% | ||||
Forsyth Pollution Control Revenue Refunding (PacifiCorp Project), | 2,300,000 | 2,300,000 | ||
Montana Facility Finance Authority Revenue (Sisters of Charity Health Systems), | 15,200,000 | 15,200,000 | ||
17,500,000 | ||||
New Hampshire—0.93% | ||||
Cheshire County Tax Anticipation Notes, Series A, | 6,900,000 | 6,933,659 | ||
New Hampshire Health & Education Facilities Authority Revenue (Barclays Capital Municipal Trust Receipts | 8,825,000 | 8,825,000 | ||
New Hampshire Health & Education Facilities Authority Revenue (Dartmouth College), | 23,650,000 | 23,650,000 | ||
Strafford County Bond Anticipation Notes, | 2,151,000 | 2,152,008 | ||
Strafford County Tax Anticipation Notes, | 3,625,000 | 3,638,295 | ||
Series A, | 9,500,000 | 9,546,378 | ||
54,745,340 |
41 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New Jersey—0.18% | ||||
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health), Series D, | $4,500,000 | $4,500,000 | ||
Rutgers State University, Series G, | 6,100,000 | 6,100,000 | ||
10,600,000 | ||||
New Mexico—0.50% | ||||
Hurley Pollution Control Revenue (Kennecott Santa Fe), | 7,900,000 | 7,900,000 | ||
New Mexico Hospital Equipment Loan Council Hospital Revenue (Presbyterian Healthcare), | 10,500,000 | 10,500,000 | ||
Series D, | 10,700,000 | 10,700,000 | ||
29,100,000 | ||||
New York—2.68% | ||||
Nassau County Industrial Development Agency Civic Facilities Revenue Refunding & Improvement (Cold Spring), | 5,000,000 | 5,000,000 | ||
New York City (Fiscal 2008), Subseries J-10, | 11,110,000 | 11,110,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Columbia University), Series A, | 20,000,000 | 20,000,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Rockefeller University), | 18,425,000 | 18,425,000 | ||
Series A-2, | 16,800,000 | 16,800,000 | ||
Series B, | 3,500,000 | 3,500,000 | ||
New York State Dormitory Authority Revenue (Rockefeller University), Series A, | 10,000,000 | 10,000,000 | ||
New York State Dormitory Authority Revenue State Supported Debt (University of Rochester), Series B, | 4,500,000 | 4,500,000 |
42 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New York—(concluded) | ||||
New York State Urban Development Corp. Revenue (State Facilities), Series A3B, | $54,515,000 | $54,515,000 | ||
St. Lawrence County Industrial Development Civic Facilities Revenue (St. Lawrence). | 13,200,000 | 13,200,000 | ||
157,050,000 | ||||
North Carolina—7.19% | ||||
Charlotte Water & Sewer System Revenue Refunding, Series C, | 67,260,000 | 67,260,000 | ||
Charlotte Water & Sewer System Revenue, Series B, | 78,040,000 | 78,040,000 | ||
Mecklenburg County Certificates of Participation, | 6,500,000 | 6,500,000 | ||
Mecklenburg County, | 35,725,000 | 35,725,000 | ||
0.320%, VRD | 10,000,000 | 10,000,000 | ||
0.320%, VRD | 13,900,000 | 13,900,000 | ||
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue (Gardener-Webb University), | 5,250,000 | 5,250,000 | ||
North Carolina Capital Facilities Finance Agency Educational Facilities Revenue (Wake Forest University), Series B, | 6,450,000 | 6,450,000 | ||
North Carolina Educational Facilities Finance Agency Educational Facilities Revenue (Charlotte Latin), | 5,050,000 | 5,050,000 | ||
North Carolina Educational Facilities Finance Agency Revenue (Duke University Project), | 1,300,000 | 1,300,000 | ||
Series B, | 5,785,000 | 5,785,000 | ||
North Carolina Medical Care Commission Health Care Facilities Revenue (First Health Carolinas), Series B, | 10,000,000 | 10,000,000 |
43 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
North Carolina—(concluded) | ||||
North Carolina (Public Improvement), | $11,100,000 | $11,100,000 | ||
Series F, | 15,000,000 | 15,000,000 | ||
Series G, | 4,650,000 | 4,650,000 | ||
North Carolina Refunding, Series C, | 44,895,000 | 44,895,000 | ||
Raleigh Certificates of Participation (Downtown Improvement Project), Series B-1, | 48,000,000 | 48,000,000 | ||
Rowan County Industrial Facilities & Pollution Control Financing Authority (Rowan County YMCA Project), | 2,700,000 | 2,700,000 | ||
University of North Carolina Hospital Chapel Hill Revenue Refunding, Series A, | 17,600,000 | 17,600,000 | ||
University of North Carolina Hospital Chapel Hill Revenue, | 9,605,000 | 9,605,000 | ||
University of North Carolina University Revenues, | 8,200,000 | 8,200,000 | ||
Series C, | 14,290,000 | �� | 14,290,000 | |
421,300,000 | ||||
Ohio—6.51% | ||||
Butler County Capital Funding Revenue (CCAO Low Cost Capital), Series A, | 7,365,000 | 7,365,000 | ||
Cleveland Airport System Revenue, Series A, | 3,075,000 | 3,075,000 | ||
Cleveland-Cuyahoga County Port Authority Revenue (Carnegie/89th Garage Project), | 35,000,000 | 35,000,000 | ||
Cleveland-Cuyahoga County Port Authority Revenue (Special Buildings 1&3 LLC), | 31,275,000 | 31,275,000 |
44 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Ohio—(continued) | ||||
Cleveland Water Revenue, Series R, | $4,500,000 | $4,500,000 | ||
Columbus (Purpose), Series A, | 10,125,000 | 10,183,312 | ||
Columbus (Sanitation Sewer), Series 1 | 6,100,000 | 6,100,000 | ||
Columbus Sewer Revenue, Series B, | 3,060,000 | 3,060,000 | ||
Franklin County Hospital Revenue Refunding and Improvement (US Health Corp.), Series A, | 33,485,000 | 33,485,000 | ||
Franklin County Hospital Revenue Refunding (US Health Corp.), Series B, | 2,165,000 | 2,165,000 | ||
Kent State University Revenues (General Receipts), | 10,830,000 | 10,830,000 | ||
Lucas County Bond Anticipation Notes, | 7,000,000 | 7,007,108 | ||
Montgomery County Revenue (Catholic Health), Series B-1, | 32,250,000 | 32,250,000 | ||
Ohio Air Quality Development Authority Revenue Refunding (Coll Dayton Power & Light), Series B, | 8,350,000 | 8,350,000 | ||
Ohio (Common Schools), Series D, | 42,700,000 | 42,700,000 | ||
Ohio Educational Facilities Communication Revenue Hospital (JP Morgan Chase PUTTERs, Series 3139), | 6,225,000 | 6,225,000 | ||
Ohio Higher Educational Facilities Revenue | 14,900,000 | 14,900,000 | ||
Series A, | 33,585,000 | 33,585,000 | ||
Ohio Higher Educational Facility Commission Revenue Hospital (Cleveland Clinic), Series B-3, | 29,875,000 | 29,875,000 | ||
Ohio Refunding Infrastructure Improvement, Series B, | 540,000 | 540,000 | ||
Ohio State Higher Educational Facility Commission Revenue (Hospital Cleveland Clinic), Series B-2, | 1,700,000 | 1,700,000 |
45 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Ohio—(concluded) | ||||
Ohio State University General Receipts, | $10,000,000 | $10,000,000 | ||
Series B, | 29,300,000 | 29,300,000 | ||
Ohio Water Development Authority Pollution Control Facilities Revenue Refunding (Firstenergy General Corp.), Series A, | 17,895,000 | 17,895,000 | ||
381,365,420 | ||||
Oklahoma—0.43% | ||||
Oklahoma Student Loan Authority Revenue (Senior Student Loan), Series IIA-1, | 25,000,000 | 25,000,000 | ||
Oregon—1.10% | ||||
Clackamas County Hospital Facility Authority Revenue (Legacy Health System), Series C, | 13,700,000 | 13,700,000 | ||
Oregon, Series 73 H, | 44,800,000 | 44,800,000 | ||
Salem Hospital Facility Authority Revenue (Salem Hospital Project), Series B, | 6,000,000 | 6,000,000 | ||
64,500,000 | ||||
Pennsylvania—1.68% | ||||
Adams County Industrial Development Authority Revenue (Gettysburg College), Series B, | 5,000,000 | 5,000,000 | ||
Beaver County Industrial Development Authority Pollution Control Revenue Refunding (Firstenergy Generation), | 17,300,000 | 17,300,000 | ||
Lackawanna County Industrial Development Authority Revenue (Scranton Preparation School Project), | 14,700,000 | 14,700,000 | ||
Philadelphia Airport Revenue Refunding, Series C, | 19,490,000 | 19,490,000 | ||
University of Pittsburgh of the Commonwealth Systems of Higher Education (University Capital Project), | 8,000,000 | 8,027,271 |
46 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Pennsylvania—(concluded) | ||||
University of Pittsburgh of the Commonwealth Systems of Higher Education (University Capital Project), (concluded) | ||||
Series B, | $14,200,000 | $14,200,000 | ||
Washington County Authority Revenue Refunding (University of Pennsylvania), | 19,650,000 | 19,650,000 | ||
98,367,271 | ||||
Puerto Rico—0.00% | ||||
Puerto Rico Commonwealth Refunding (Public Improvement), Series B, | 100,000 | 100,000 | ||
Rhode Island—0.16% | ||||
Rhode Island Industrial Facilities Corp. Marine Terminal Revenue Refunding (ExxonMobil Project), | 9,285,000 | 9,285,000 | ||
South Carolina—0.31% | ||||
South Carolina Jobs-Economic Development Authority Hospital Revenue Refunding (Anmed Health), Series C, | 5,000,000 | 5,000,000 | ||
South Carolina Public Service Authority Revenue (JP Morgan PUTTERs, Series 2019) (AMBAC Insured), | 13,215,000 | 13,215,000 | ||
18,215,000 | ||||
South Dakota—0.48% | ||||
Lawrence County Pollution Control Revenue Refunding (Homestake Mining), Series B, | 3,300,000 | 3,300,000 | ||
Lawrence County Solid Waste Disposal Revenue (Homestake Mining), Series A, | 6,000,000 | 6,000,000 | ||
Sioux Falls Sales Tax Revenue (Morgan Stanley Floater Certificates), Series 1886 (NATL-RE Insured), | 12,005,000 | 12,005,000 | ||
South Dakota Health & Educational Facilities Authority Revenue (Regional Health), | 7,000,000 | 7,000,000 | ||
28,305,000 |
47 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Tennessee—3.64% | ||||
Blount County Public Building Authority (Local Government Public Improvement), Series E-9-A, | $4,000,000 | $4,000,000 | ||
Loudon Industrial Development Board Pollution Control Revenue Refunding (A.E. Staley Manufacturing Co. Project), | 16,200,000 | 16,200,000 | ||
Memphis Electric Systems Revenue (JP Morgan PUTTERs, Series 1798) (NATL-RE Insured), | 6,560,000 | 6,560,000 | ||
Memphis Health Educational & Housing Facility Board Multi Family Housing Revenue (Ashland Lakes II Apartments Project), Series A, | 11,500,000 | 11,500,000 | ||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue | 18,245,000 | 18,245,000 | ||
Series A-1, | 38,650,000 | 38,650,000 | ||
Metropolitan Government of Nashville & Davidson County, Industrial Development Board Revenue (YMCA Projects), | 23,660,000 | 23,698,887 | ||
Shelby County Public Improvement and School, Series B, | 78,550,000 | 78,550,000 | ||
Shelby County Refunding, Series C, | 16,000,000 | 16,000,000 | ||
213,403,887 | ||||
Texas—14.29% | ||||
Alamo Community College District (Citigroup ROCS, Series RR-II-R-883WF) (FGIC Insured), | 7,595,000 | 7,595,000 | ||
Cypress-Fairbanks Independent School District (Citigroup ROCS, Series RR-II-R-12104) (PSF-GTD), | 14,850,000 | 14,850,000 | ||
Fort Bend County (JP Morgan PUTTERs, Series 1326) | 8,275,000 | 8,275,000 | ||
Grapevine Refunding, | 3,545,000 | 3,584,478 |
48 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Texas—(continued) | ||||
Grapevine Refunding (Tax Increment Zone 1), Series A, | $1,790,000 | $1,809,934 | ||
Gulf Coast Waste Disposal Authority Pollution Control Revenue Refunding (Amoco Oil), | 13,900,000 | 13,900,000 | ||
Gulf Coast Waste Disposal Authority Pollution Control Revenue Refunding (ExxonMobil Project), | 1,000,000 | 1,000,000 | ||
Harris County Cultural Education Facilities Finance Corp. Revenue (Methodist Hospital), | 5,660,000 | 5,660,000 | ||
Subseries C-2, | 20,500,000 | 20,500,000 | ||
Harris County Health Facilities Development Corp. Revenue Refunding (Methodist Hospital Systems), | 99,200,000 | 99,200,000 | ||
Series A-2, | 71,700,000 | 71,700,000 | ||
Harris County Tax Anticipation Notes | 7,000,000 | 7,050,256 | ||
Houston Higher Education Finance Corp. Higher Education Revenue Refunding (Rice University Project), Series A, | 35,305,000 | 35,305,000 | ||
Houston Higher Education Finance Corp. Higher Education Revenue (Rice University Project), | 20,800,000 | 20,800,000 | ||
Series B, | 7,000,000 | 7,000,000 | ||
Laredo (Morgan Stanley Floater Certificates), | 18,250,000 | 18,250,000 | ||
Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities Revenue Refunding (ExxonMobil Project), Series A, | 10,455,000 | 10,455,000 | ||
Series A-2, | 4,925,000 | 4,925,000 |
49 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Texas—(concluded) | ||||
Lubbock Health Facilities Development Corp. Revenue (First Mortgage-Carillon Project) (Pre-refunded with US Government Securities to 07/01/09 @ 102), Series A, | $5,800,000 | $5,916,000 | ||
North East Independent School District (Citigroup Eagle Class A Certificates 20070123) (PSF-GTD), | 8,935,000 | 8,935,000 | ||
San Antonio Education Facilities Corp. Revenue (University Incarnate Word Project), | 3,300,000 | 3,300,000 | ||
San Antonio Electric & Gas (Systems-Junior Lien), | 54,700,000 | 54,700,000 | ||
Southwest Higher Education Authority (Southern Methodist University), | 8,300,000 | 8,300,000 | ||
Tarrant County Cultural Education Facilities Finance Corp. Revenue (Texas Health Resources), Series A, | 6,500,000 | 6,500,000 | ||
Texas State (Veteran Housing Assistance Fund II), Series A, | 9,740,000 | 9,740,000 | ||
Texas Tax & Revenue Anticipation Notes, | 280,000,000 | 280,609,906 | ||
University of Texas Permanent University Funding System, Series A, | 19,700,000 | 19,700,000 | ||
0.170%, VRD | 16,500,000 | 16,500,000 | ||
University of Texas University Revenues (Financing Systems), Series B, | 2,750,000 | 2,750,000 | ||
0.180%, VRD | 18,450,000 | 18,450,000 | ||
University of Texas University Revenues Refunding (Financing System), Series B, | 50,325,000 | 50,325,000 | ||
837,585,574 | ||||
Utah—0.59% | ||||
Murray City Hospital Revenue (IHC Health Services, Inc.), Series C, | 9,560,000 | 9,560,000 |
50 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Utah—(concluded) | ||||
Tooele City Industrial Development Revenue (Conestogo Wood Special Corp.), | $8,900,000 | $8,900,000 | ||
Weber County Hospital Revenue (IHC Health Services), | 15,900,000 | 15,900,000 | ||
34,360,000 | ||||
Vermont—0.13% | ||||
Vermont Educational & Health Buildings Financing Agency Revenue (Middlebury College Project), Series B, (Put 11/02/09 @ 100) | 7,700,000 | 7,700,000 | ||
Virginia—1.48% | ||||
Hanover County Economic Development Authority Revenue Refunding (Bon Secours Health), Series D-2, | 6,880,000 | 6,880,000 | ||
Loudoun County Industrial Development Authority Revenue (Howard Hughes Medical), | 5,325,000 | 5,325,000 | ||
Series C, | 3,850,000 | 3,850,000 | ||
Series E, | 50,000,000 | 50,000,000 | ||
University of Virginia University Revenues (General), | 20,800,000 | 20,800,000 | ||
86,855,000 | ||||
Washington—3.50% | ||||
Central Puget Sound Regional Transportation Authority Sales & Use Tax Revenue (JP Morgan PUTTERs, Series 2643Z), | 5,000,000 | 5,000,000 | ||
King County (JP Morgan PUTTERs, Series 2541), | 5,700,000 | 5,700,000 | ||
King County Sewer Revenue (Junior Lien), | 36,195,000 | 36,195,000 | ||
Series B, | 31,950,000 | 31,950,000 |
51 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Washington—(concluded) | ||||
Kitsap County Consolidated Housing Authority Revenue (Harborside Condominiums Project), | $19,205,000 | $19,205,000 | ||
Snohomish County Public Utility District No. 001 Electric Revenue System (2nd Series Notes), Series A, | 10,000,000 | 10,130,124 | ||
Snohomish County Public Utility District No. 001 Electric Revenue System (NTS Second), Series A, | 9,000,000 | 9,012,335 | ||
Washington Health Care Facilities Authority Revenue | 11,000,000 | 11,000,000 | ||
Series A-5, | 43,000,000 | 43,000,000 | ||
Series A-6, | 19,790,000 | 19,790,000 | ||
Washington Health Care Facilities Authority Revenue (PeaceHealth), Series D, | 4,200,000 | 4,200,000 | ||
Washington, Series VR 96B, | 10,100,000 | 10,100,000 | ||
205,282,459 | ||||
Wisconsin—0.91% | ||||
Pleasant Prairie Pollution Control Revenue Refunding (Electric), | 9,100,000 | 9,100,000 | ||
University Hospitals & Clinics Authority Revenue Refunding, Series A, | 4,870,000 | 4,870,000 | ||
Wisconsin Center District Tax Revenue, Series A, | 10,000,000 | 10,000,000 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Fort Healthcare, Inc.), Series A, | 6,935,000 | 6,935,000 | ||
Wisconsin Health & Educational Facilities Authority Revenue (Wheaton Franciscan Services), Series B, | 22,690,000 | 22,690,000 | ||
53,595,000 |
52 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(concluded) | ||||
Wyoming—0.68% | ||||
Lincoln County Pollution Control Revenue (ExxonMobil Project), | $29,700,000 | $29,700,000 | ||
Sublette County Pollution Control Revenue | 3,100,000 | 3,100,000 | ||
Uinta County Pollution Control Revenue Refunding | 7,000,000 | 7,000,000 | ||
39,800,000 | ||||
Total municipal bonds and notes (cost—$5,238,037,981) | 5,238,037,981 | |||
Tax-exempt commercial paper—7.72% | ||||
California—0.93% | ||||
Orange County Teeter Plan, | 20,550,000 | 20,550,000 | ||
Kaiser Permanente, | 15,000,000 | 15,000,000 | ||
Los Angeles Co. Capital Asset Lease, | 18,750,000 | 18,750,000 | ||
54,300,000 | ||||
Connecticut—0.26% | ||||
Yale University, | 15,040,000 | 15,040,000 | ||
Florida—2.27% | ||||
Florida Local Government, | 133,227,000 | 133,227,000 | ||
Georgia—0.51% | ||||
Metropolitan Atlanta Rapid Transit, | 30,000,000 | 30,000,000 | ||
Illinois—0.26% | ||||
Chicago Midway Airport, | 10,674,000 | 10,674,000 | ||
Illinois Educational Facilities Authority Revenue, | 4,325,000 | 4,325,000 | ||
14,999,000 |
53 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Tax-exempt commercial paper—(continued) | ||||
Maryland—0.43% | ||||
Baltimore County, | $15,500,000 | $15,500,000 | ||
John Hopkins, | 9,925,000 | 9,925,000 | ||
25,425,000 | ||||
Massachusetts—0.15% | ||||
Harvard University, | 9,000,000 | 9,000,000 | ||
Michigan—0.06% | ||||
University of Michigan, | 3,430,000 | 3,430,000 | ||
New Jersey—0.15% | ||||
Chambers Cogen, | 8,500,000 | 8,500,000 | ||
Texas—1.64% | ||||
City of Houston, Houston Hotel Occupancy Tax, | 7,350,000 | 7,350,000 | ||
Dallas Water & Sewer, | 28,358,000 | 28,358,000 | ||
Methodist Hospital, | 8,000,000 | 8,000,000 | ||
Texas Department of Transportation, | 20,000,000 | 20,000,000 | ||
Texas Public Finance Authority, | 10,000,000 | 10,000,000 | ||
University of Texas, | 10,700,000 | 10,700,000 | ||
0.350%, due 10/06/09 | 11,500,000 | 11,500,000 | ||
95,908,000 | ||||
Utah—0.35% | ||||
Intermountain Power Agency, | 20,500,000 | 20,500,000 |
54 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Tax-exempt commercial paper—(concluded) | ||||
Washington—0.56% | ||||
King County, | $18,000,000 | $18,000,000 | ||
King County Sewer Revenue, | 15,000,000 | 15,000,000 | ||
33,000,000 | ||||
Wyoming — 0.15% | ||||
PacifiCorp., | 5,000,000 | 5,000,000 | ||
0.500%, due 08/06/09 | 4,000,000 | 4,000,000 | ||
9,000,000 | ||||
Total tax-exempt commercial paper (cost—$452,329,000) | 452,329,000 | |||
Time deposit —0.34% | ||||
State Street Euro Dollar Time Deposit, | 19,943,000 | 19,943,000 | ||
Number of shares | ||||
Money market funds(5)—1.96% | ||||
AIM Tax Free Investments, | 25,000,000 | 25,000,000 | ||
BlackRock Liquidity Fund Municipal Fund Portfolio Institutional Class, | 90,000,000 | 90,000,000 | ||
Total money market funds (cost—$115,000,000) | 115,000,000 | |||
Total investments (cost—$5,825,309,981 which approximates cost for federal income tax purposes)—99.40% | 5,825,309,981 | |||
Other assets in excess of liabilities—0.60% | 35,307,331 | |||
Net assets (applicable to 5,861,286,473 shares of common stock outstanding equivalent to $1.00 per share)—100.00% | $5,860,617,312 |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 4.08% of net assets as of June 30, 2009, 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). |
55 |
UBS RMA Tax-Free Fund Inc.
Statement of net assets—June 30, 2009
(3) | Security subject to Alternative Minimum Tax. |
(4) | Zero coupon bond; interest rate represents annualized yield at date of purchase. |
(5) | Rates shown reflect yield at June 30, 2009. |
AMBAC | American Municipal Bond Assurance Corporation |
CCAO | County Commissioners Association of Ohio |
FGIC | Financial Guaranty Insurance Company |
FSA | Financial Security Assurance |
GTD | Guaranteed |
NATL-RE | National Reinsurance |
PSF | Permanent School Fund |
PUTTERs | Puttable Tax-Exempt Receipts |
ROCS | Reset Option Certificates |
VRD | Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of June 30, 2009 and reset periodically. |
Weighted average maturity—13 days
The following is a summary of the fair valuations according to the inputs used as of June 30, 2009 in valuing the Fund’s investments.
Quoted prices in active markets for identical investments (Level 1) | Significant other observable inputs (Level 2) | Unobservable inputs (Level 3) | Total | |||||
Municipal bonds and notes | $— | $5,238,037,981 | $— | $5,238,037,981 | ||||
Tax-exempt commercial paper | — | 452,329,000 | — | 452,329,000 | ||||
Time deposit | — | 19,943,000 | — | 19,943,000 | ||||
Money market funds | — | 115,000,000 | — | 115,000,000 | ||||
Total | $— | $5,825,309,981 | $— | $5,825,309,981 |
See accompanying notes to financial statements
56 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—88.97% | ||||
California Department of Water Resources Power Supply Revenue, | $2,225,000 | $2,225,000 | ||
Series B-2, | 46,895,000 | 46,895,000 | ||
Series B-6, | 9,000,000 | 9,000,000 | ||
California Educational Facilities Authority Revenue (California Institute of Technology), Series B, | 4,100,000 | 4,100,000 | ||
California Educational Facilities Authority Revenue (JP Morgan PUTTERs, Series 2495), | 1,575,000 | 1,575,000 | ||
California Educational Facilities Authority Revenue Refunding (Stanford University), | 6,165,000 | 6,165,000 | ||
Series L-6, | 2,400,000 | 2,400,000 | ||
California Educational Facilities Authority Revenue (University of Southern California), Series A (Barclays Capital Municipal Trust Receipts Series 11B), | 5,200,000 | 5,200,000 | ||
California Health Facilities Financing Authority Revenue (Adventist Health Systems), | 3,900,000 | 3,900,000 | ||
Series B, | 2,400,000 | 2,400,000 | ||
California Health Facilities Financing Authority Revenue Refunding (Lucille Salter), | 11,790,000 | 11,790,000 | ||
Series C, | 5,300,000 | 5,300,000 | ||
California Health Facilities Financing Authority Revenue Refunding (Stanford Hospital), Series B-1, | 16,510,000 | 16,510,000 | ||
California Health Facilities Financing Authority Revenue (Scripps Health), Series F, | 11,185,000 | 11,185,000 |
57 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
California Infrastructure & Economic Development Bank Revenue (California Academy), | $17,750,000 | $17,750,000 | ||
Series E, | 1,425,000 | 1,425,000 | ||
California Infrastructure & Economic Development Bank Revenue (J. Paul Getty Trust), Series A-2 (Mandatory Put | 9,000,000 | 9,000,000 | ||
California Infrastructure & Economic Development Bank Revenue (J. Paul Getty Trust), | 2,100,000 | 2,100,000 | ||
Series D, | 11,125,000 | 11,125,000 | ||
California Infrastructure & Economic Development Bank Revenue (Los Angeles County Museum), Series B, | 24,100,000 | 24,100,000 | ||
California Infrastructure & Economic Development Bank Revenue Refunding (Pacific Gas & Electric), | 24,750,000 | 24,750,000 | ||
Series D, | 23,000,000 | 23,000,000 | ||
California Municipal Finance Authority Pollution Control Revenue Refunding (Chevron USA, Inc. Project), | 1,005,000 | 1,005,000 | ||
California Municipal Finance Authority Revenue (Boy Scouts of America LA), | 11,000,000 | 11,000,000 | ||
California Pollution Control Financing Authority Pollution Control Revenue Refunding (Pacific Gas & Electric), | 2,900,000 | 2,900,000 | ||
California School Cash Reserve Program Certificates of Participation 2008-2009, Series A, | 10,000,000 | 10,001,826 | ||
California Statewide Communities Development Authority Multi Family Revenue Refunding (Foxwoods Apartments), Series J, | 375,000 | 375,000 |
58 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
California Statewide Communities Development Authority Revenue (Cottage Health Systems), Series B, | $31,500,000 | $31,500,000 | ||
California Statewide Communities Development Authority Revenue (Kaiser Permanente), Series B, | 32,050,000 | 32,050,000 | ||
California Statewide Communities Development Authority Revenue (Masters College), | 17,810,000 | 17,810,000 | ||
California Statewide Communities Development Authority Revenue Refunding (Los Angeles County Museum of Art), Series B, | 25,700,000 | 25,700,000 | ||
California Statewide Communities Development Authority Revenue Refunding (St. Joseph Healthcare System), | 27,675,000 | 27,675,000 | ||
Series B, | 28,300,000 | 28,300,000 | ||
Series C, | 4,425,000 | 4,425,000 | ||
California Statewide Communities Development Authority Revenue, Series J, | 29,200,000 | 29,200,000 | ||
California Statewide Communities Development Authority Revenue (Sweep Loan Program), Series A, | 15,000,000 | 15,000,000 | ||
Alameda-Contra Costa Schools Financing Authority Certificates of Participation (Capital Improvement Financing Project), Series D, | 100,000 | 100,000 | ||
Alameda-Contra Costa Schools Financing Authority Certificates of Participation (Capital Improvement Fund Project), Series L, | 10,165,000 | 10,165,000 | ||
Bay Area Toll Authority Toll Bridge Revenue (Citigroup Eagle Class A Certificates 20080056), | 10,425,000 | 10,425,000 | ||
Bay Area Toll Authority Toll Bridge Revenue (San Francisco Bay Area), | 12,720,000 | 12,720,000 |
59 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Bay Area Toll Authority Toll Bridge Revenue (San Francisco Bay Area), (concluded) | ||||
Series F (Bank of America Austin Certificates, | $6,750,000 | $6,750,000 | ||
Castaic Lake Water Agency Revenue Certificates of Participation (1944 Refunding Project), Series A, | 4,670,000 | 4,670,000 | ||
East Bay Municipal Utility District Water Systems Revenue (Citigroup Eagle Class A Certificates 20070069) (FGIC Insured), | 15,000,000 | 15,000,000 | ||
Fremont Certificates of Participation (Capital Improvement Financing Project), | 2,370,000 | 2,370,000 | ||
Fontana Special Tax Community Facilities District No.12 (Pre-refunded with US Government Securities to 09/01/09 @ 101), | 3,295,000 | 3,348,696 | ||
Grand Terrace Community Redevelopment Agency Multi-Family Revenue (Housing Mount Vernon Villas), | 3,150,000 | 3,150,000 | ||
Hemet Unified School District Certificates of Participation (School Facilities Project), | 4,000,000 | 4,000,000 | ||
Irvine Improvement Bond Act 1915 (Assessment District 94-13), | 2,600,000 | 2,600,000 | ||
Irvine Improvement Bond Act 1915 (Assessment District 94-15), | 4,000,000 | 4,000,000 | ||
Irvine Improvement Bond Act 1915 (Assessment District 97-16), | 9,000,000 | 9,000,000 | ||
Irvine Improvement Bond Act 1915 (Assessment District 97-17), | 2,539,000 | 2,539,000 | ||
Irvine Improvement Bond Act 1915 Limited Obligation (Assessment District 05-21), Series A, | 15,885,000 | 15,885,000 | ||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Refunding (Property A 1st Tier), Series A-3, | 12,400,000 | 12,400,000 | ||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Refunding (Proposition C, 2nd Series), Series A1, | 9,000,000 | 9,000,000 |
60 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Los Angeles Department of Water & Power Waterworks Revenue, Subseries B-2, | $12,600,000 | $12,600,000 | ||
Los Angeles Wastewater Systems Revenue Refunding, | 3,750,000 | 3,750,000 | ||
Subseries B, | 12,165,000 | 12,165,000 | ||
Subseries C, | 495,000 | 495,000 | ||
Manteca Redevelopment Agency Tax Allocation Refunding (Sub-Amended Merged Project), | 3,450,000 | 3,450,000 | ||
Metropolitan Water District Southern California Waterworks Revenue (Citigroup Eagle Class A Certificates 20070071), | 15,000,000 | 15,000,000 | ||
Metropolitan Water District Southern California Waterworks Revenue Refunding, | 6,600,000 | 6,600,000 | ||
Series A-2, | 10,970,000 | 10,970,000 | ||
Series B, | 2,550,000 | 2,550,000 | ||
Metropolitan Water District Southern California Waterworks Revenue, | 11,200,000 | 11,200,000 | ||
Series B-4, | 4,000,000 | 4,000,000 | ||
Newport Beach Revenue Refunding (Hoag Memorial Hospital), Series E, | 10,000,000 | 10,000,000 | ||
Oakland Alameda County Coliseum Authority Lease Revenue (Coliseum Project), Series C-2, | 15,000,000 | 15,000,000 | ||
0.300%, VRD | 2,000,000 | 2,000,000 | ||
Orange County Apartment Development Revenue Refunding (Villas La Paz), Series F (FNMA Insured), | 2,030,000 | 2,030,000 |
61 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Orange County Apartment Development Revenue Refunding (WLCO LF Issue G), Series 3 (FNMA Insured), | $1,200,000 | $1,200,000 | ||
Orange County Sanitation District Certificates of Participation (JP Morgan PUTTERs, Series 2529Z) (FSA Insured), | 1,075,000 | 1,075,000 | ||
Orange County Sanitation District Certificates of Participation Refunding, Series C, | 25,000,000 | 25,166,993 | ||
Orange County Sanitation District Certificates of Participation, Series B, | 495,000 | 495,000 | ||
Orange County Water District Revenue Certificates of Participation, Series A, | 32,000,000 | 32,000,000 | ||
Puerto Rico Commonwealth Refunding (Public Improvement), Series B, | 11,300,000 | 11,300,000 | ||
Puerto Rico Municipal Finance Agency, Series A (FSA Insured) (Pre-refunded with US Government Securities to | 6,730,000 | 6,819,271 | ||
Riverside County Certificates of Participation (ACES Riverside County Public Facility), Series A, | 5,200,000 | 5,200,000 | ||
Riverside County Community Facilities Districts Refunding (Special Tax-No.89) (Pre-refunded with State & Local Government Securities to 09/01/09 @ 102), | 3,390,000 | 3,478,424 | ||
Riverside Water Revenue Refunding, Series A, | 7,500,000 | 7,500,000 | ||
Roseville Electrical System Revenue Certificates of Participation Refunding, Series B, | 19,500,000 | 19,500,000 | ||
Roseville Special Tax (Woodcreek West Community Facilities No.1) (Pre-refunded with State & Local Government Securities to 09/01/09 @ 102), | 3,000,000 | 3,079,250 | ||
Sacramento County Certificates of Participation (Administration Center and Court House Project), | 9,330,000 | 9,330,000 |
62 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
San Bernardino County Certificates of Participation (County Center Refinancing Project), | $10,500,000 | $10,500,000 | ||
San Bernardino County Multi-Family Revenue Refunding (Housing Mortgage—Mountain View), Series A (FNMA Insured), | 3,035,000 | 3,035,000 | ||
San Diego County Certificates of Participation (San Diego Foundation), | 4,765,000 | 4,765,000 | ||
San Diego County Regional Transportation Commission Sales Tax Revenue (Limited Tax), Series B, | 26,765,000 | 26,765,000 | ||
San Diego Unified School District Tax and Revenue Anticipation Notes, | 20,000,000 | 20,000,000 | ||
San Francisco City and County Finance Corp. Lease Revenue Refunding (Moscone Center 2008-2), | 1,750,000 | 1,750,000 | ||
San Jose Financing Authority Lease Revenue Refunding (Civic Center Project), Series A, | 3,780,000 | 3,780,000 | ||
San Jose Redevelopment Agency Revenue (Merged Area Redevelopment Project), Series A, | 10,165,000 | 10,165,000 | ||
San Mateo Union High School District Tax and Revenue Anticipation Notes, | 22,375,000 | 22,375,000 | ||
Santa Barbara County Tax and Revenue Anticipation Notes, Series A, | 3,000,000 | 3,064,680 | ||
Santa Clara County Financing Authority Lease Revenue (Housing Authority Office Project), Series A, | 465,000 | 465,000 | ||
Santa Clara County Financing Authority Lease Revenue (VMC Facilities Replacement Project), Series B, | 10,400,000 | 10,400,000 | ||
Santa Clara Valley Transportation Authority Sales Tax Revenue (Citigroup ROCS, Series RR-II-R-11227) (AMBAC Insured), | 11,805,000 | 11,805,000 |
63 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(concluded) | ||||
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding (Measure A), Series D, | $26,475,000 | $26,475,000 | ||
Santa Clara Valley Transportation Authority Sales Tax Revenue Refunding, Series B, | 10,755,000 | 10,755,000 | ||
Sequoia Union High School District (JP Morgan PUTTERs, Series 2478Z) (FSA Insured), | 1,500,000 | 1,500,000 | ||
Sequoia Union High School District (Morgan Stanley Floater Certificates), Series 2160 (FSA Insured), | 4,110,000 | 4,110,000 | ||
Simi Valley Multi-Family Housing Revenue Refunding (Lincoln Wood Ranch) (FHLMC Insured), | 15,050,000 | 15,050,000 | ||
Southern California Public Power Authority Power Project Revenue (Mead Adelanto), Series A | 2,300,000 | 2,300,000 | ||
South Placer Wastewater Authority Wastewater Revenue Refunding, Series B, | 22,300,000 | 22,300,000 | ||
State Center Community College District (JP Morgan PUTTERs, Series 1972) (FSA Insured), | 3,720,000 | 3,720,000 | ||
Western Municipal Water District Facilities Authority Water Revenue Refunding, Series A, | 9,000,000 | 9,000,000 | ||
Whittier Health Facilities Revenue (Presbyterian Intercommunity), Series A, | 15,600,000 | 15,600,000 | ||
Total municipal bonds and notes (cost—$1,084,593,140) | 1,084,593,140 | |||
Tax-exempt commercial paper—9.06% | ||||
California Infrastructure & Economic Development Bank Revenue (J. Paul Getty Trust), | 6,000,000 | 6,000,000 | ||
California Statewide Communities Development Authority Revenue (Kaiser Permanente), | 7,000,000 | 7,000,000 | ||
Contra Costa Transportation Authority, | 13,000,000 | 13,000,000 |
64 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Tax-exempt commercial paper—(concluded) | ||||
Los Angeles County Capital Asset Lease, | $50,000,000 | $50,000,000 | ||
0.300%, due 08/28/09 | 10,000,000 | 10,000,000 | ||
Riverside County Teeter Plan, | 9,000,000 | 9,000,000 | ||
San Francisco Airport, | 15,470,000 | 15,470,000 | ||
Total tax-exempt commercial paper (cost—$110,470,000) | 110,470,000 | |||
Number of shares | ||||
Money market fund(4)—1.43% | ||||
BlackRock Liquidity Fund California Municipal Fund Portfolio Institutional Class, | 17,500,000 | 17,500,000 | ||
Total investments (cost—$1,212,563,140 which approximates cost for federal income tax purposes)—99.46% | 1,212,563,140 | |||
Other assets in excess of liabilities—0.54% | 6,530,686 | |||
Net assets (applicable to 1,219,384,352 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00% | $1,219,093,826 |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 6.55% of net assets as of June 30, 2009, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(2) | The Fund does not directly own the municipal security indicated; the Fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the Fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates). |
(3) | Security subject to Alternative Minimum Tax. |
(4) | Rate shown reflects yield at June 30, 2009. |
ACES | Adjustable Convertible Extendable Securities |
AMBAC | American Municipal Bond Assurance Corporation |
FGIC | Financial Guaranty Insurance Company |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
FSA | Financial Security Assurance |
PUTTERs | Puttable Tax-Exempt Receipts |
65 |
UBS RMA California Municipal Money Fund
Statement of net assets—June 30, 2009
ROCS | Reset Option Certificates |
VRD | Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of June 30, 2009 and reset periodically. |
Weighted average maturity—12 days
The following is a summary of the fair valuations according to the inputs used as of June 30, 2009 in valuing the Fund’s investments.
Quoted prices in active markets for identical investments (Level 1) | Significant other observable inputs (Level 2) | Unobservable inputs (Level 3) | Total | |||||
Municipal bonds and notes | $— | $1,084,593,140 | $— | $1,084,593,140 | ||||
Tax-exempt commercial paper | — | 110,470,000 | — | 110,470,000 | ||||
Money market fund | — | 17,500,000 | — | 17,500,000 | ||||
Total | $— | $1,212,563,140 | $— | $1,212,563,140 |
See accompanying notes to financial statements
66 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—89.26% | ||||
New York State Dormitory Authority Revenue (Cornell University), Series B, | $160,000 | $160,000 | ||
New York State Dormitory Authority Revenue (Metropolitan Museum of Art), | 5,222,000 | 5,222,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Blythedale Childrens Hospital), | 4,500,000 | 4,500,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Catholic Health System), | 2,470,000 | 2,470,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Columbia University), Series B, | 20,100,000 | 20,100,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Court Facilities Lease), Series B, | 4,500,000 | 4,500,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Rockefeller University), Series A | 53,945,000 | 53,945,000 | ||
New York State Dormitory Authority Revenue Non-State Supported Debt (Royal), Series A (FNMA Insured), | 8,690,000 | 8,690,000 | ||
New York State Dormitory Authority Revenue (Rockefeller University), Series A, | 11,500,000 | 11,500,000 | ||
New York State Dormitory Authority Revenue State Supported Debt (City University), Series D, | 7,000,000 | 7,000,000 | ||
New York State Dormitory Authority Revenue State Supported Debt (Cornell University), | 7,230,000 | 7,230,000 | ||
Series B, | 21,065,000 | 21,065,000 | ||
New York State Dormitory Authority Revenue State Supported Debt (New York Public Library), | 14,060,000 | 14,060,000 | ||
Series B, | 5,100,000 | 5,100,000 |
67 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New York State Dormitory Authority Revenue State Supported Debt (University of Rochester), | $5,000,000 | $5,000,000 | ||
Series B, | 14,850,000 | 14,850,000 | ||
New York State Dormitory Authority Revenue (Wagner College), | 3,500,000 | 3,500,000 | ||
New York State Dormitory Authority State Personal Income Tax Revenue, Series F (JP Morgan PUTTERs, Series 3239), | 3,600,000 | 3,600,000 | ||
New York State Energy Research & Development Authority Facilities Revenue (Con Edison), Subseries A-1, | 2,800,000 | 2,800,000 | ||
New York State Environmental Facilities Corp. Solid Waste Disposal Revenue Refunding (General Electric Co.), Series A, | 21,800,000 | 21,800,000 | ||
New York State Environmental Facilities Corp. State Personal Income Tax Revenue (JP Morgan PUTTERs, Series 2666), | 3,185,000 | 3,185,000 | ||
New York State Housing Finance Agency Revenue (20 River Terrace Housing), Series A (FNMA Insured), | 27,100,000 | 27,100,000 | ||
New York State Housing Finance Agency Revenue (Housing 320 West 38th Street), Series A, | 32,500,000 | 32,500,000 | ||
New York State Housing Finance Agency Revenue (Normandie Court I Project), | 11,860,000 | 11,860,000 | ||
New York State Housing Finance Agency Revenue (West 37th Street Housing), Series A, | 4,200,000 | 4,200,000 | ||
New York State Housing Finance Agency Service Contract Revenue Refunding, Series D, | 9,400,000 | 9,400,000 | ||
New York State Local Government Assistance Corp., | 5,100,000 | 5,100,000 | ||
Series G, 0.150%, VRD | 12,765,000 | 12,765,000 | ||
New York State Urban Development Corp. Revenue Refunding (Service Contract), Series A-5, | 11,800,000 | 11,800,000 |
68 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New York State Urban Development Corp. Revenue State Facilities, Series A3B, | $20,000,000 | $20,000,000 | ||
New York State Urban Development Corp. Revenue State Personal Income Tax, Series B (Barclays Capital Municipal Trust Receipts, Series 6W), | 6,835,000 | 6,835,000 | ||
Babylon Industrial Development Agency Civic Facilities Revenue (WSNCHS East, Inc. Project), Series B (Pre-refunded with US Treasury Obligations and US Treasury Strips to 08/01/09 @ 101) (NATL-RE Insured), | 6,940,000 | 7,030,010 | ||
Buffalo Municipal Water Finance Authority Water Systems Revenue Refunding, | 12,900,000 | 12,900,000 | ||
Connecticut Health & Educational Facilities Authority Revenue (Yale University), Series Y-2, | 1,000,000 | 1,000,000 | ||
Dutchess County Industrial Development Agency Civic Facilities Revenue (Marist College), Series A, | 7,500,000 | 7,500,000 | ||
0.250%, VRD | 6,210,000 | 6,210,000 | ||
Erie County Industrial Development Agency Civic Facilities Revenue (Our Lady of Victory Corp.), Series A, | 10,005,000 | 10,005,000 | ||
Fairport Central School District Bond Anticipation Notes, | 9,631,224 | 9,635,581 | ||
Houston Higher Education Finance Corp. Higher Education Revenue (Rice University Project), Series A, | 1,000,000 | 1,000,000 | ||
Larchmont Bond Anticipation Notes, | 1,700,000 | 1,703,992 | ||
Livingston County Industrial Development Agency Civic Facilities Revenue Refunding (Red Jacket/Nicholas), Series A, | 2,453,000 | 2,453,000 | ||
Long Island Power Authority Electric Systems Revenue, Subseries 1-B, | 4,000,000 | 4,000,000 | ||
Subseries 3-A, | 20,000,000 | 20,000,000 |
69 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Metropolitan Transportation Authority Dedicated Tax Fund Refunding, | $16,000,000 | $16,000,000 | ||
Subseries B-2, | 1,125,000 | 1,125,000 | ||
Subseries B-3, | 5,000,000 | 5,000,000 | ||
Metropolitan Transportation Authority Revenue, Subseries G-2, | 14,625,000 | 14,625,000 | ||
Monroe County Industrial Development Agency Civic Facility Revenue (Rochester Presbyterian Project), | 7,500,000 | 7,500,000 | ||
Monroe County Industrial Development Agency Revenue (Monroe Community College), Series A, | 1,700,000 | 1,700,000 | ||
Nassau County Industrial Development Agency Civic Facilities Revenue (Cold Spring Harbor Lab), | 3,900,000 | 3,900,000 | ||
Nassau County Industrial Development Agency Civic Facilities Revenue Refunding & Improvement (Cold Spring), | 5,100,000 | 5,100,000 | ||
Nassau County Interim Finance Authority Sales Tax Secondary, Series A, | 15,000,000 | 15,000,000 | ||
Nassau County Interim Finance Authority, Series D-2, | 5,000,000 | 5,000,000 | ||
Nassau Health Care Corp. Revenue, | 3,000,000 | 3,000,000 | ||
Nassau Health Care Corp. Revenue (Nassau County Guaranted), Subseries B-2, | 5,000,000 | 5,000,000 | ||
New York City (Citigroup ROCS, Series RR-II-R-11637), | 15,520,000 | 15,520,000 | ||
New York City Health & Hospital Corp. Revenue (Health Systems), Series C, | 9,700,000 | 9,700,000 | ||
New York City Housing Development Corp. Multi-Family Mortgage Revenue (Bruckner), Series A, | 10,000,000 | 10,000,000 |
70 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New York City Housing Development Corp. Multi-Family Mortgage Revenue (The Crest), Series A, | $61,355,000 | $61,355,000 | ||
New York City Housing Development Corp. Multi-Family Rental Housing (Queenswood Apartments), Series A (FHLMC Insured), | 6,500,000 | 6,500,000 | ||
New York City Housing Development Corp. Multi-Family Rental Housing Revenue (2 Gold Street), Series A | 10,000,000 | 10,000,000 | ||
New York City Housing Development Corp. Multi-Family Rental Housing Revenue (Royal Properties), Series A | 29,200,000 | 29,200,000 | ||
New York City Industrial Development Agency Civic Facility Revenue (Center for Jewish History Project), | 19,200,000 | 19,200,000 | ||
New York City Industrial Development Agency Civic Facility Revenue (Jamaica First Parking LLC Project), | 4,180,000 | 4,180,000 | ||
New York City Industrial Development Agency Civic Facility Revenue (Lycee Francais de New York Project), Series B, | 2,500,000 | 2,500,000 | ||
New York City Industrial Development Agency Civic Facility Revenue (MSMC Realty Corp. Project), | 4,700,000 | 4,700,000 | ||
New York City Industrial Development Agency Civic Facility Revenue Refunding & Improvement (Touro College), | 12,050,000 | 12,050,000 | ||
New York City Municipal Finance Authority Water & Sewer Systems Revenue (Second General Resolution), Series CC-1, | 5,910,000 | 5,910,000 | ||
New York City Municipal Water Finance Authority Water & Sewer Revenue (JP Morgan PUTTERs), | 975,000 | 975,000 | ||
Series 2540, | 1,455,000 | 1,455,000 | ||
Series 2559, | 1,775,000 | 1,775,000 |
71 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New York City Municipal Water Finance Authority Water & Sewer System Revenue, | $7,010,000 | $7,010,000 | ||
Series D (JP Morgan PUTTERs, Series 3240), | 1,335,000 | 1,335,000 | ||
New York City, | 70,000 | 70,000 | ||
Subseries H-1, | 1,350,000 | 1,350,000 | ||
Subseries H-2, | 1,350,000 | 1,350,000 | ||
Subseries I-1 (Bank of America Austin Certificates, Series 2008-1052), | 4,425,000 | 4,425,000 | ||
Subseries L-4, | 14,050,000 | 14,050,000 | ||
Subseries L-5, | 15,760,000 | 15,760,000 | ||
New York City Trust for Cultural Resources Revenue (Asia Society), | 7,075,000 | 7,075,000 | ||
New York City Trust for Cultural Resources Revenue (Lincoln Center Arts), Series B-1, | 14,200,000 | 14,200,000 | ||
New York City Trust for Cultural Resources Revenue (Metropolitan Museum of Art), Series A1, | 10,800,000 | 10,800,000 | ||
New York City Trust for Cultural Resources Revenue Refunding (American Museum of Natural History), Series B2, | 3,400,000 | 3,400,000 | ||
New York City Trust for Cultural Resources Revenue Refunding (Juilliard School), Series C (Mandatory Put 04/01/10 @100), | 10,000,000 | 10,000,000 | ||
New York City Trust for Cultural Resources Revenue Refunding (Manhattan School of Music), Series A, | 6,000,000 | 6,000,000 | ||
New York City Trust for Cultural Resources Revenue | 5,750,000 | 5,819,912 |
72 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New York City Trust for Cultural Resources Revenue | $1,743,000 | $1,743,000 | ||
Onondaga County Industrial Development Agency Civic Facilities Revenue (Syracuse Home Association Project), | 6,670,000 | 6,670,000 | ||
Port Authority of New York and New Jersey (JP Morgan PUTTERs, Series 3095), | 4,445,000 | 4,445,000 | ||
Puerto Rico Commonwealth Highway & Transportation Authority Transportation Revenue, Series A, | 18,000,000 | 18,000,000 | ||
Quincy Revenue Refunding (Blessing Hospital), | 4,100,000 | 4,100,000 | ||
Riverhead Industrial Development Agency Civic Facilities Revenue (Central Suffolk Hospital Project), | 4,000,000 | 4,000,000 | ||
Riverhead Industrial Development Agency Civic Facilities Revenue Refunding (Central Suffolk Hospital), Series C, | 8,145,000 | 8,145,000 | ||
St. Lawrence County Industrial Development Civic Facilities Revenue (St. Lawrence), | 16,825,000 | 16,825,000 | ||
Suffolk County Industrial Development Agency Civic Facilities Revenue (Touro College Project), | 600,000 | 600,000 | ||
Suffolk County Water Authority Bond Anticipation Notes, | 5,200,000 | 5,200,000 | ||
Syracuse Industrial Development Agency Civic Facility Revenue (Syracuse University Project), Series A-2, | 10,800,000 | 10,800,000 | ||
Tompkins County Industrial Development Agency Revenue (Care Community Kendal Ithaca), Series B, | 4,120,000 | 4,120,000 | ||
Tompkins County Industrial Development Agency Revenue Civic Facilities (Cornell University), Series A, | 110,000 | 110,000 | ||
Triborough Bridge & Tunnel Authority Revenue (Citigroup ROCS, Series RR-II-R-11665), | 12,130,000 | 12,130,000 |
73 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(concluded) | ||||
Triborough Bridge & Tunnel Authority Revenues Refunding, Subseries B-2, | $10,260,000 | $10,260,000 | ||
Triborough Bridge & Tunnel Authority Revenue, | 460,000 | 460,000 | ||
Series A-1 (Mandatory Put 01/20/10 @100), | 6,250,000 | 6,296,710 | ||
Series B, | 29,500,000 | 29,500,000 | ||
Valdez Marine Terminal Revenue Refunding (Exxon Pipeline Co. Project), Series B, | 400,000 | 400,000 | ||
Williamsville Central School District Bond Anticipation Notes, | 3,350,000 | 3,387,537 | ||
Total municipal bonds and notes (cost—$973,081,742) | 973,081,742 | |||
Tax-exempt commercial paper—5.74% | ||||
New Jersey Economic Development Authority (Columbia University), | 4,680,000 | 4,680,000 | ||
New York City Municipal Water Authority, | 22,000,000 | 22,000,000 | ||
New York State Dormitory Authority (Columbia University), | 21,340,000 | 21,340,000 | ||
New York State Environmental Quality, | 14,500,000 | 14,500,000 | ||
Total tax-exempt commercial paper (cost—$62,520,000) | 62,520,000 | |||
Time deposit—0.07% | ||||
State Street Euro Dollar Time Deposit, | 790,000 | 790,000 |
74 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Number of shares | Value | ||
Money market fund(3)—1.56% | ||||
BlackRock Liquidity Fund New York Municipal Fund Portfolio Institutional Class, | 17,000,000 | $17,000,000 | ||
Total investments (cost — $1,053,391,742 which approximates cost for federal income tax purposes)—96.63% | 1,053,391,742 | |||
Other assets in excess of liabilities—3.37% | 36,732,119 | |||
Net assets (applicable to 1,090,246,032 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00% | $1,090,123,861 |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 5.75% of net assets as of June 30, 2009, 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) | Rate shown reflects yield at June 30, 2009. |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
NATL-RE | National Reinsurance |
PUTTERs | Puttable Tax-Exempt Receipts |
ROCS | Reset Option Certificates |
VRD | Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of June 30, 2009 and reset periodically. |
Weighted average maturity—12 days
75 |
UBS RMA New York Municipal Money Fund
Statement of net assets—June 30, 2009
The following is a summary of the fair valuations according to the inputs used as of June 30, 2009 in valuing the Fund’s investments.
Quoted prices in active markets for identical investments (Level 1) | Significant other observable inputs (Level 2) | Unobservable inputs (Level 3) | Total | |||||
Municipal bonds and notes | $— | $973,081,742 | $— | $973,081,742 | ||||
Tax-exempt commercial paper | — | 62,520,000 | — | 62,520,000 | ||||
Time deposit | — | 790,000 | — | 790,000 | ||||
Money market fund | — | 17,000,000 | — | 17,000,000 | ||||
Total | $— | $1,053,391,742 | $— | $1,053,391,742 |
See accompanying notes to financial statements
76 |
UBS RMA New Jersey Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—86.21% | ||||
New Jersey Building Authority Building Revenue, | $4,490,000 | $4,490,000 | ||
Subseries A-2, | 3,000,000 | 3,000,000 | ||
Subseries A-3, | 1,915,000 | 1,915,000 | ||
Subseries A-4, | 7,195,000 | 7,195,000 | ||
New Jersey Economic Development Authority Economic Development Revenue (Duke Farms | 5,000,000 | 5,000,000 | ||
New Jersey Economic Development Authority | 8,200,000 | 8,200,000 | ||
New Jersey Economic Development Authority | 600,000 | 600,000 | ||
New Jersey Economic Development Authority | 3,575,000 | 3,575,000 | ||
New Jersey Economic Development Authority | 3,700,000 | 3,700,000 | ||
New Jersey Economic Development Authority | 4,200,000 | 4,200,000 | ||
New Jersey Economic Development Authority | 2,995,000 | 2,995,000 | ||
New Jersey Economic Development Authority | 2,105,000 | 2,105,000 | ||
New Jersey Economic Development Authority | 405,000 | 405,000 | ||
New Jersey Economic Development Authority | 3,000,000 | 3,000,000 | ||
Series B, | 2,100,000 | 2,100,000 |
77 |
UBS RMA New Jersey Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New Jersey Economic Development Authority | $1,725,000 | $1,725,000 | ||
New Jersey Economic Development Authority | 3,800,000 | 3,800,000 | ||
New Jersey Economic Development Authority | 9,320,000 | 9,320,000 | ||
New Jersey Economic Development Authority Revenue Refunding (School Facilities Construction), Series V-4, | 4,000,000 | 4,000,000 | ||
New Jersey Economic Development Authority Revenue (Republic Services, Inc. Project), | 2,910,000 | 2,910,000 | ||
New Jersey Economic Development Authority Revenue (Thermal Energy Limited Partnership), | 1,000,000 | 1,000,000 | ||
0.600%, VRD(1) | 230,000 | 230,000 | ||
New Jersey Economic Development Authority Revenue (Young Mens Christian Association), | 1,220,000 | 1,220,000 | ||
New Jersey Economic Development Authority School Revenue (Facilities Construction), | 3,400,000 | 3,400,000 | ||
Subseries R-3, | 5,700,000 | 5,700,000 | ||
New Jersey Economic Development Authority Specialty Facilities Revenue (Port Newark Container LLC), | 5,000,000 | 5,000,000 | ||
New Jersey Educational Facilities Authority Revenue (Centenary College), Series A, | 3,630,000 | 3,630,000 | ||
New Jersey Educational Facilities Authority Revenue (Princeton University), Series E, | 1,105,000 | 1,105,000 | ||
New Jersey Health Care Facilities Authority (St. Peter’s Hospital), Series B, | 1,800,000 | 1,800,000 |
78 |
UBS RMA New Jersey Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
New Jersey Health Care Facilities Financing Authority Revenue (AHS Hospital Corp.), Series B, | $3,700,000 | $3,700,000 | ||
New Jersey Health Care Facilities Financing Authority Revenue (Computer Program), Subseries A-6, | 3,285,000 | 3,285,000 | ||
New Jersey Health Care Facilities Financing Authority Revenue (Recovery Management System, Inc.), | 1,160,000 | 1,160,000 | ||
New Jersey Health Care Facilities Financing Authority Revenue, Series A3, | 2,485,000 | 2,485,000 | ||
New Jersey Health Care Facilities Financing Authority Revenue (Somerset Medical Center), | 4,800,000 | 4,800,000 | ||
New Jersey Health Care Facilities Financing Authority Revenue (Virtua Health), Series B, | 600,000 | 600,000 | ||
New Jersey Health Care Facilities Financing Authority Revenue (Wiley Mission Project), | 1,755,000 | 1,755,000 | ||
New Jersey Health Care Facilities Financing Authority (St. Barnabas Health Care System), Series A, | 1,485,000 | 1,485,000 | ||
New Jersey Highway Authority Garden State Parkway General Revenue Refunding (SR Parkway) (Pre-refunded with State & Local Government Securities to 01/01/10 @ 101), | 2,850,000 | 2,953,621 | ||
New Jersey State Turnpike Authority Turnpike Revenue, | 5,000,000 | 5,000,000 | ||
Series C, | 4,800,000 | 4,800,000 | ||
Burlington County Bridge Community Revenue (Lutheran Home Project), Series A, | 2,305,000 | 2,305,000 | ||
California Department of Water Resources Power Supply Revenue, Series B-2, | 1,300,000 | 1,300,000 | ||
Camden County Improvement Authority Revenue (Senior Redevelopment-Harvest Village Project), Series A, | 7,255,000 | 7,255,000 |
79 |
UBS RMA New Jersey Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(continued) | ||||
Chatham Township Bond Anticipation Notes, | $1,330,000 | $1,330,724 | ||
Christian County Association of County’s Leasing Trust Lease Program, Series A, | 1,700,000 | 1,700,000 | ||
Delaware River Joint Toll Bridge Commission Bridge Revenue, Series B-1, | 7,000,000 | 7,000,000 | ||
Delaware River Port Authority of Pennsylvania & New Jersey Revenue Refunding, Series B, | 10,000,000 | 10,000,000 | ||
Englewood Cliffs Bond Anticipation Notes, | 1,595,000 | 1,616,476 | ||
Essex County Improvement Authority Revenue (The Childrens Institute Project), | 1,580,000 | 1,580,000 | ||
Jackson County Pollution Control Revenue Refunding (Chevron USA, Inc. Project), | 1,400,000 | 1,400,000 | ||
0.220%, VRD | 1,300,000 | 1,300,000 | ||
Kinnelon Bond Anticipation Notes, | 2,029,900 | 2,042,772 | ||
Mahwah Township Bond Anticipation Notes, | 3,750,000 | 3,753,241 | ||
Mercer County Bond Anticipation Notes, Series A, | 5,000,000 | 5,036,026 | ||
Morris County Bond Anticipation Notes, | 9,000,000 | 9,026,838 | ||
Port Arthur Navigation District Refunding (Texaco, Inc. Project), | 12,000,000 | 12,000,000 | ||
Port Authority of New York & New Jersey (JP Morgan PUTTERs, Series 3090), | 3,335,000 | 3,335,000 | ||
Puerto Rico Commonwealth Highway & Transportation Authority Transportation Revenue, Series A, | 2,000,000 | 2,000,000 | ||
Puerto Rico Commonwealth Refunding (Public Improvement), Series B, | 2,500,000 | 2,500,000 |
80 |
UBS RMA New Jersey Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Municipal bonds and notes—(concluded) | ||||
Rhode Island Industrial Facilities Corp. Marine Terminal Revenue Refunding (ExxonMobil Project), | $2,200,000 | $2,200,000 | ||
Ridgewood Bond Anticipation Notes, | 2,949,000 | 2,973,647 | ||
River Vale Bond Anticipation Notes, | 1,425,000 | 1,426,344 | ||
Rutgers State University Refunding, Series A, | 1,655,000 | 1,655,000 | ||
Rutgers State University, Series G, | 17,500,000 | 17,500,000 | ||
Shelby County Lease Revenue, Series A, | 1,470,000 | 1,470,000 | ||
Toms River Bond Anticipation Notes, | 1,500,000 | 1,501,635 | ||
Uinta County Pollution Control Revenue Refunding (Amoco Project), | 4,400,000 | 4,400,000 | ||
Union County Industrial Pollution Control Financing Authority Pollution Control Revenue Refunding (ExxonMobil Project), | 600,000 | 600,000 | ||
Valdez Marine Terminal Revenue Refunding (BP Pipelines, Inc. Project), | 10,700,000 | 10,700,000 | ||
Valdez Marine Terminal Revenue Refunding (ExxonMobil Pipeline Co. Project), | 5,300,000 | 5,300,000 | ||
Series B, | 2,900,000 | 2,900,000 | ||
Total municipal bonds and notes (cost—$258,451,324) | 258,451,324 | |||
Tax-exempt commercial paper—9.79% | ||||
Columbia University, | 3,900,000 | 3,900,000 | ||
Exelon Corp., | 1,300,000 | 1,300,000 | ||
0.400%, due 09/01/09 | 2,700,000 | 2,700,000 |
81 |
UBS RMA New Jersey Municipal Money Fund
Statement of net assets—June 30, 2009
Security description | Face amount | Value | ||
Tax-exempt commercial paper—(concluded) | ||||
New Jersey Economic Development Authority | $3,600,000 | $3,600,000 | ||
New Jersey Economic Development Authority (Keystone Capital Corp), | 10,000,000 | 10,000,000 | ||
Princeton University, | 2,830,000 | 2,830,000 | ||
Public Service Electric & Gas, | 5,000,000 | 5,000,000 | ||
Total tax-exempt commercial paper (cost—$29,330,000) | 29,330,000 | |||
Time deposit—2.13% | ||||
State Street Euro Dollar Time Deposit, | 6,396,000 | 6,396,000 | ||
Number of shares | ||||
Money market fund(4)—1.67% | ||||
BlackRock Liquidity Fund New Jersey Municipal Fund Portfolio Institutional Class, | 5,000,000 | 5,000,000 | ||
Total investments (cost—$299,177,324 which approximates cost for federal income tax purposes)—99.80% | 299,177,324 | |||
Other assets in excess of liabilities—0.20% | 604,649 | |||
Net assets (applicable to 299,777,623 shares of beneficial interest outstanding equivalent to $1.00 per share)—100.00% | $299,781,973 |
(1) | Securities subject to Alternative Minimum Tax. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 1.11% of net assets as of June 30, 2009, is 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). |
(4) | Rate shown reflects yield at June 30, 2009. |
PUTTERs | Puttable Tax-Exempt Receipts |
VRD | Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of June 30, 2009 and reset periodically. |
82 |
UBS RMA New Jersey Municipal Money Fund
Statement of net assets—June 30, 2009
Weighted average maturity—17 days
The following is a summary of the fair valuations according to the inputs used as of June 30, 2009 in valuing the Fund’s investments.
Quoted prices in active markets for identical investments (Level 1) | Significant other observable inputs (Level 2) | Unobservable inputs (Level 3) | Total | |||||
Municipal bonds and notes | $— | $258,451,324 | $— | $258,451,324 | ||||
Tax-exempt commercial paper | — | 29,330,000 | — | 29,330,000 | ||||
Time deposit | — | 6,396,000 | — | 6,396,000 | ||||
Money market fund | — | 5,000,000 | — | 5,000,000 | ||||
Total | $— | $299,177,324 | $— | $299,177,324 |
See accompanying notes to financial statements
83 |
UBS RMA
Understanding your funds’ 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, 2009 to June 30, 2009.
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 entitled “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 the 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.
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.
* | Collectively refers to UBS RMA Money Market Portfolio, UBS RMA U.S. Government Portfolio, UBS RMA Tax-Free Fund Inc., UBS RMA California Municipal Money Fund, UBS RMA New York Municipal Money Fund and UBS RMA New Jersey Municipal Money Fund. |
84 |
UBS RMA
Understanding your funds’ expenses (unaudited) (continued)
The example does 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, 2009 | Ending account value* June 30, 2009 | Expenses paid during period(1) 01/01/09—06/30/09 | ||||
Actual | $1,000.00 | $1,001.40 | $2.83 | |||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,021.97 | 2.86 |
(1) | Expenses are equal to the Portfolio’s annualized expense ratio of 0.57%, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
UBS RMA U.S. Government Portfolio
Beginning account value January 1, 2009 | Ending account value* June 30, 2009 | Expenses paid during period(1) 01/01/09—06/30/09 | ||||
Actual | $1,000.00 | $1,000.10 | $2.53 | |||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,022.27 | 2.56 |
(1) | Expenses are equal to the Portfolio’s annualized expense ratio of 0.51%, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
UBS RMA Tax-Free Fund Inc.
Beginning account value January 1, 2009 | Ending account value* June 30, 2009 | Expenses paid during period(1) 01/01/09—06/30/09 | ||||
Actual | $1,000.00 | $1,000.20 | $2.78 | |||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,022.02 | 2.81 |
(1) | Expenses are equal to the Fund’s annualized expense ratio of 0.56%, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
* | “Actual — Ending account value” may not be reflective of a shareholder’s actual investment experience during periods of very low interest rates. While the Funds declare 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. |
85 |
UBS RMA
Understanding your funds’ expenses (unaudited) (concluded)
UBS RMA California Municipal Money Fund
Beginning account value January 1, 2009 | Ending account value* June 30, 2009 | Expenses paid during period(1) 01/01/09—06/30/09 | ||||
Actual | $1,000.00 | $1,000.10 | $2.28 | |||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,022.51 | 2.31 |
(1) | Expenses are equal to the Fund’s annualized expense ratio of 0.46%, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
UBS RMA New York Municipal Money Fund
Beginning account value January 1, 2009 | Ending account value* June 30, 2009 | Expenses paid during period(1) 01/01/09—06/30/09 | ||||
Actual | $1,000.00 | $1,000.10 | $2.33 | |||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,022.46 | 2.36 |
(1) | Expenses are equal to the Fund’s annualized expense ratio of 0.47%, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
UBS RMA New Jersey Municipal Money Fund
Beginning account value January 1, 2009 | Ending account value* June 30, 2009 | Expenses paid during period(1) 01/01/09—06/30/09 | ||||
Actual | $1,000.00 | $1,000.10 | $2.68 | |||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,022.12 | 2.71 |
(1) | Expenses are equal to the Fund’s annualized expense ratio of 0.54%, multiplied by the average account value over the period, multiplied by 181 divided by 365 (to reflect the one-half year period). |
* | “Actual — Ending account value” may not be reflective of a shareholder’s actual investment experience during periods of very low interest rates. While the Funds declare 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. |
86 |
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87 |
UBS RMA
Statement of operations
For the year ended June 30, 2009 | ||||||
Money Market Portfolio | U.S. Government Portfolio | |||||
Investment income: | ||||||
Interest | $268,286,674 | $44,374,376 | ||||
Securities lending income (includes $2,523,992; $0; $0; $0; $0; $0; respectively, earned from an affiliated entity) | 4,571,571 | 41,615 | ||||
272,858,245 | 44,415,991 | |||||
Expenses: | ||||||
Investment advisory and administration fees | 85,241,449 | 18,567,409 | ||||
Service fees | 21,310,362 | 6,176,184 | ||||
Transfer agency and related services fees | 6,482,274 | 584,929 | ||||
US Treasury Temporary Guarantee Program Participation fees | 5,098,276 | 1,019,570 | ||||
Custody and accounting fees | 2,374,462 | 688,429 | ||||
Reports and notices to shareholders | 438,983 | 42,453 | ||||
Insurance fees | 375,427 | 55,436 | ||||
State registration fees | 224,422 | 125,184 | ||||
Professional fees | 130,811 | 128,764 | ||||
Directors’/Trustees’ fees | 123,165 | 46,694 | ||||
Interest expense | — | — | ||||
Other expenses | 82,510 | 33,160 | ||||
121,882,141 | 27,468,212 | |||||
Less: Fee waivers and/or expense reimbursements by investment advisor/administrator | (23,525,105 | ) | (1,469,573 | ) | ||
Net expenses | 98,357,036 | 25,998,639 | ||||
Net investment income | 174,501,209 | 18,417,352 | ||||
Net realized gains from investment activities | 1,172,925 | 358,174 | ||||
Net increase in net assets resulting from operations | $175,674,134 | $18,775,526 |
See accompanying notes to financial statements
88 |
For the year ended June 30, 2009 | ||||||||||
Tax-Free Fund | California Municipal Money Fund | New York Municipal Money Fund | New Jersey Municipal Money Fund | |||||||
$91,137,402 | $19,041,134 | $16,268,381 | $4,064,009 | |||||||
— |
| — | — | — | ||||||
91,137,402 | 19,041,134 | 16,268,381 | 4,064,009 | |||||||
27,582,291 | 6,588,981 | 5,613,563 | 1,531,399 | |||||||
8,952,184 | 2,017,008 | 1,678,320 | 415,819 | |||||||
2,175,517 | 372,774 | 324,224 | 103,810 | |||||||
2,284,905 | | 529,867 | 434,056 | 106,536 | ||||||
994,951 | 224,030 | 186,808 | 48,017 | |||||||
183,044 | 31,066 | 27,775 | 9,496 | |||||||
149,903 | 35,454 | 26,816 | 6,817 | |||||||
224,388 | 42,640 | 33,333 | 31,046 | |||||||
145,622 | 134,478 | 132,155 | 118,710 | |||||||
56,882 | 21,497 | 19,770 | 13,474 | |||||||
9,778 | 2,373 | — | 42 | |||||||
88,330 | 21,524 | 19,296 | 11,876 | |||||||
42,847,795 | 10,021,692 | 8,496,116 | 2,397,042 | |||||||
(1,693,380 | ) | (1,339,198 | ) | (1,114,102 | ) | (283,672 | ) | |||
41,154,415 | 8,682,494 | 7,382,014 | 2,113,370 | |||||||
49,982,987 | 10,358,640 | 8,886,367 | 1,950,639 | |||||||
113,061 | 149,461 | 8,252 | 2,503 | |||||||
$50,096,048 | $10,508,101 | $8,894,619 | $1,953,142 |
89 |
UBS RMA
Statement of changes in net assets
For the years ended June 30, | ||||||
2009 | 2008 | |||||
UBS RMA Money Market Portfolio | ||||||
From operations: | ||||||
Net investment income | $174,501,209 | $555,412,368 | ||||
Net realized gains from investment activities | 1,172,925 | 1,552,125 | ||||
Net increase in net assets resulting from operations | 175,674,134 | 556,964,493 | ||||
Dividends and distributions to shareholders from: | ||||||
Net investment income | (174,501,209 | ) | (555,412,368 | ) | ||
Net realized gains from investment activities | (1,665,627 | ) | — | |||
Total dividends and distributions to shareholders | (176,166,836 | ) | (555,412,368 | ) | ||
Net increase (decrease) in net assets from capital share transactions | (328,310,204 | ) | 3,651,088,488 | |||
Net increase (decrease) in net assets | (328,802,906 | ) | 3,652,640,613 | |||
Net assets: | ||||||
Beginning of year | 16,791,306,397 | 13,138,665,784 | ||||
End of year | $16,462,503,491 | $16,791,306,397 | ||||
Accumulated undistributed net investment income | $— | $— | ||||
UBS RMA U.S. Government Portfolio | ||||||
From operations: | ||||||
Net investment income | $18,417,352 | $45,456,296 | ||||
Net realized gains from investment activities | 358,174 | 189,231 | ||||
Net increase in net assets resulting from operations | 18,775,526 | 45,645,527 | ||||
Dividends and distributions to shareholders from: | ||||||
Net investment income | (18,417,352 | ) | (45,456,296 | ) | ||
Net realized gains from investment activities | (88,917 | ) | — | |||
Total dividends and distributions to shareholders | (18,506,269 | ) | (45,456,296 | ) | ||
Net increase in net assets from capital share transactions | 2,283,638,093 | 1,351,096,367 | ||||
Net increase in net assets | 2,283,907,350 | 1,351,285,598 | ||||
Net assets: | ||||||
Beginning of year | 2,378,476,502 | 1,027,190,904 | ||||
End of year | $4,662,383,852 | $2,378,476,502 | ||||
Accumulated undistributed net investment income | $— | $— |
See accompanying notes to financial statements
90 |
UBS RMA
Statement of changes in net assets
For the years ended June 30, | ||||||
2009 | 2008 | |||||
UBS RMA Tax-Free Fund | ||||||
From operations: | ||||||
Net investment income | $49,982,987 | $145,114,157 | ||||
Net realized gains from investment activities | 113,061 | 1,059,183 | ||||
Net increase in net assets resulting from operations | 50,096,048 | 146,173,340 | ||||
Dividends and distributions to shareholders from: | ||||||
Net investment income | (49,982,987 | ) | (145,114,157 | ) | ||
Net realized gains from investment activities | (1,090,361 | ) | — | |||
Total dividends and distributions to shareholders | (51,073,348 | ) | (145,114,157 | ) | ||
Net increase (decrease) in net assets from capital share transactions | (1,581,353,318 | ) | 2,538,999,519 | |||
Net increase (decrease) in net assets | (1,582,330,618 | ) | 2,540,058,702 | |||
Net assets: | ||||||
Beginning of year | 7,442,947,930 | 4,902,889,228 | ||||
End of year | $5,860,617,312 | $7,442,947,930 | ||||
Accumulated undistributed net investment income | $— | $— | ||||
UBS RMA California Municipal Money Fund | ||||||
From operations: | ||||||
Net investment income | $10,358,640 | $31,949,748 | ||||
Net realized gains from investment activities | 149,461 | 187,058 | ||||
Net increase in net assets resulting from operations | 10,508,101 | 32,136,806 | ||||
Dividends and distributions to shareholders from: | ||||||
Net investment income | (10,358,640 | ) | (31,949,748 | ) | ||
Net realized gains from investment activities | (179,219 | ) | (35,679 | ) | ||
Total dividends and distributions to shareholders | (10,537,859 | ) | (31,985,427 | ) | ||
Net increase (decrease) in net assets from beneficial interest transactions | (543,685,604 | ) | 533,970,278 | |||
Net increase (decrease) in net assets | (543,715,362 | ) | 534,121,657 | |||
Net assets: | ||||||
Beginning of year | 1,762,809,188 | 1,228,687,531 | ||||
End of year | $1,219,093,826 | $1,762,809,188 | ||||
Accumulated undistributed net investment income | $— | $— |
See accompanying notes to financial statements
91 |
UBS RMA
Statement of changes in net assets
For the years ended June 30, | ||||||
2009 | 2008 | |||||
UBS RMA New York Municipal Money Fund | ||||||
From operations: | ||||||
Net investment income | $8,886,367 | $24,299,711 | ||||
Net realized gains from investment activities | 8,252 | 55,999 | ||||
Net increase in net assets resulting from operations | 8,894,619 | 24,355,710 | ||||
Dividends and distributions to shareholders from: | ||||||
Net investment income | (8,886,367 | ) | (24,299,711 | ) | ||
Net realized gains from investment activities | (63,635 | ) | — | |||
Total dividends and distributions to shareholders | (8,950,002 | ) | (24,299,711 | ) | ||
Net increase (decrease) in net assets from beneficial interest transactions | (322,720,170 | ) | 580,253,280 | |||
Net increase (decrease) in net assets | (322,775,553 | ) | 580,309,279 | |||
Net assets: | ||||||
Beginning of year | 1,412,899,414 | 832,590,135 | ||||
End of year | $1,090,123,861 | $1,412,899,414 | ||||
Accumulated undistributed net investment income | $— | �� | $— | |||
UBS RMA New Jersey Municipal Money Fund | ||||||
From operations: | ||||||
Net investment income | $1,950,639 | $5,290,915 | ||||
Net realized gains from investment activities | 2,503 | 18,985 | ||||
Net increase in net assets resulting from operations | 1,953,142 | 5,309,900 | ||||
Dividends and distributions to shareholders from: | ||||||
Net investment income | (1,950,639 | ) | (5,290,915 | ) | ||
Net realized gains from investment activities | (20,550 | ) | — | |||
Total dividends and distributions to shareholders | (1,971,189 | ) | (5,290,915 | ) | ||
Net increase (decrease) in net assets from beneficial interest transactions | (45,815,427 | ) | 165,871,134 | |||
Net increase (decrease) in net assets | (45,833,474 | ) | 165,890,119 | |||
Net assets: | ||||||
Beginning of year | 345,615,447 | 179,725,328 | ||||
End of year | $299,781,973 | $345,615,447 | ||||
Accumulated undistributed net investment income | $— | $— |
See accompanying notes to financial statements
92 |
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93 |
UBS RMA Money Market Portfolio
Financial highlights
Selected data for a share of common stock outstanding throughout each year is presented below:
For the year ended June 30, 2009 | |||
Net asset value, beginning of year | $1.00 | ||
Net investment income | 0.010 | ||
Dividends from net investment income | (0.010 | ) | |
Distributions from net realized gains from investment activities | (0.000 | )(1) | |
Total dividends and distributions | (0.010 | ) | |
Net asset value, end of year | $1.00 | ||
Total investment return(2) | 1.06 | % | |
Ratios/supplemental data: | |||
Net assets, end of year (000’s) | $16,462,503 | ||
Expenses to average net assets, net of fee waivers and/or expense reimbursements by advisor/administrator | 0.58 | % | |
Expenses to average net assets, before fee waivers and/or expense reimbursements by advisor/administrator | 0.71 | % | |
Net investment income to average net assets | 1.02 | % |
(1) | Amount of distribution paid represents less than $0.0005 per share. |
(2) | 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. |
(3) | In addition to the waiver of advisory and administration fees by UBS Financial Services Inc., the Portfolio was reimbursed in the amount of $877,352 for overcharges related to prior fiscal periods for postage related expenses. The reimbursement represents less than 0.005%. |
(4) | During the period from August 1, 2004 through June 30, 2005, UBS Financial Services Inc. waived a portion of its advisory and administration fees. The ratio excluding the waiver is the same since the fee waiver represents less than 0.005%. |
See accompanying notes to financial statements
94 |
For the years ended June 30, | ||||||||||
2008 | 2007 | 2006 | 2005 | |||||||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
0.036 | 0.048 | 0.037 | 0.016 | |||||||
(0.036 | ) | (0.048 | ) | (0.037 | ) | (0.016 | ) | |||
— | — | — | (0.000 | )(1) | ||||||
(0.036 | ) | (0.048 | ) | (0.037 | ) | (0.016 | ) | |||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
3.74 | % | 4.87 | % | 3.71 | % | 1.65 | % | |||
$16,791,306 | $13,138,666 | $10,627,952 | $10,425,878 | |||||||
0.56 | %(3) | 0.58 | % | 0.58 | % | 0.58 | %(4) | |||
0.69 | % | 0.71 | % | 0.71 | % | 0.58 | % | |||
3.58 | % | 4.76 | % | 3.66 | % | 1.59 | % |
95 |
UBS RMA U.S. Government Portfolio
Financial highlights
Selected data for a share of common stock outstanding thoughout each year is presented below:
For the year ended June 30, 2009 | |||
Net asset value, beginning of year | $1.00 | ||
Net investment income | 0.005 | ||
Dividends from net investment income | (0.005 | ) | |
Distributions from net realized gains from investment activities | (0.000 | )(1) | |
Total dividends and distributions | (0.005 | ) | |
Net asset value, end of year | $1.00 | ||
Total investment return(2) | 0.52 | % | |
Ratios/supplemental data: | |||
Net assets, end of year (000’s) | $4,662,384 | ||
Expenses to average net assets, net of fee waivers and/or expense reimbursements by advisor/administrator | 0.53 | % | |
Expenses to average net assets, before fee waivers and/or expense reimbursements by advisor/administrator | 0.56 | % | |
Net investment income to average net assets | 0.37 | % |
(1) | Amount of distribution paid represents less than $0.0005 per share. |
(2) | 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. |
(3) | The Portfolio was reimbursed by UBS Financial Services Inc. in the amount of $29,175 for overcharges related to prior fiscal periods for postage related expenses. The ratio excluding the reimbursement is the same since the reimbursement represents less than 0.005%. |
See accompanying notes to financial statements
96 |
For the years ended June 30, | ||||||||||
2008 | 2007 | 2006 | 2005 | |||||||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
0.029 | 0.046 | 0.034 | 0.015 | |||||||
(0.029 | ) | (0.046 | ) | (0.034 | ) | (0.015 | ) | |||
— | — | — | — | |||||||
(0.029 | ) | (0.046 | ) | (0.034 | ) | (0.015 | ) | |||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
2.93 | % | 4.67 | % | 3.49 | % | 1.50 | % | |||
$2,378,477 | $1,027,191 | $845,450 | $1,111,698 | |||||||
0.58 | %(3) | 0.63 | % | 0.62 | % | 0.61 | % | |||
0.58 | % | 0.63 | % | 0.62 | % | 0.61 | % | |||
2.56 | % | 4.58 | % | 3.38 | % | 1.49 | % |
97 |
UBS RMA Tax-Free Fund Inc.
Financial highlights
Selected data for a share of common stock outstanding thoughout each year is presented below:
For the year ended June 30, 2009 | |||
Net asset value, beginning of year | $1.00 | ||
Net investment income | 0.007 | ||
Dividends from net investment income | (0.007 | ) | |
Distributions from net realized gains from investment activities | (0.000 | )(1) | |
Total dividends and distributions | (0.007 | ) | |
Net asset value, end of year | $1.00 | ||
Total investment return(2) | 0.71 | % | |
Ratios/supplemental data: | |||
Net assets, end of year (000’s) | $5,860,617 | ||
Expenses to average net assets, net of fee waivers and/or expense reimbursements by advisor/administrator | 0.57 | % | |
Expenses to average net assets, before fee waivers and/or expense reimbursements by advisor/administrator | 0.60 | % | |
Net investment income to average net assets | 0.70 | % |
(1) | Amount of distribution paid represents less than $0.0005 per share. |
(2) | 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. |
(3) | The Fund was reimbursed by UBS Financial Services Inc. in the amount of $49,815 for overcharges related to prior fiscal periods for postage related expenses. The ratio excluding the reimbursement is the same since the reimbursement represents less than 0.005%. |
See accompanying notes to financial statements
98 |
For the years ended June 30, | ||||||||||
2008 | 2007 | 2006 | 2005 | |||||||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
0.023 | 0.030 | 0.024 | 0.012 | |||||||
(0.023 | ) | (0.030 | ) | (0.024 | ) | (0.012 | ) | |||
— | — | — | — | |||||||
(0.023 | ) | (0.030 | ) | (0.024 | ) | (0.012 | ) | |||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
2.35 | % | 3.07 | % | 2.40 | % | 1.23 | % | |||
$7,442,948 | $4,902,889 | $3,565,357 | $3,406,614 | |||||||
0.57 | %(3) | 0.59 | % | 0.60 | % | 0.59 | % | |||
0.57 | % | 0.59 | % | 0.60 | % | 0.59 | % | |||
2.21 | % | 3.03 | % | 2.38 | % | 1.23 | % |
99 |
UBS RMA California Municipal Money Fund
Financial highlights
Selected data for a share of beneficial interest outstanding thoughout each year is presented below:
For the year ended June 30, 2009 | |||
Net asset value, beginning of year | $1.00 | ||
Net investment income | 0.006 | ||
Dividends from net investment income | (0.006 | ) | |
Distributions from net realized gains from investment activities | (0.000 | )(1) | |
Total dividends and distributions | (0.006 | ) | |
Net asset value, end of year | $1.00 | ||
Total investment return(2) | 0.63 | % | |
Ratios/supplemental data: | |||
Net assets, end of year (000’s) | $1,219,094 | ||
Expenses to average net assets, net of fee waivers and/or expense reimbursements by advisor/administrator | 0.54 | % | |
Expenses to average net assets, before fee waivers and/or expense reimbursements by advisor/administrator | 0.62 | % | |
Net investment income to average net assets | 0.64 | % |
(1) | Amount of distribution paid represents less than $0.0005 per share. |
(2) | 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. |
(3) | The Fund was reimbursed by UBS Financial Services Inc. in the amount of $11,143 for overcharges related to prior fiscal periods for postage related expenses. The ratio excluding the reimbursement is the same since the reimbursement represents less than 0.005%. |
See accompanying notes to financial statements
100 |
For the years ended June 30, | ||||||||||
2008 | 2007 | 2006 | 2005 | |||||||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
0.022 | 0.029 | 0.023 | 0.011 | |||||||
(0.022 | ) | (0.029 | ) | (0.023 | ) | (0.011 | ) | |||
(0.000 | )(1) | — | — | — | ||||||
(0.022 | ) | (0.029 | ) | (0.023 | ) | (0.011 | ) | |||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
2.24 | % | 2.93 | % | 2.29 | % | 1.15 | % | |||
$1,762,809 | $1,228,688 | $941,624 | $808,762 | |||||||
0.59 | %(3) | 0.62 | % | 0.63 | % | 0.64 | % | |||
0.59 | % | 0.62 | % | 0.63 | % | 0.64 | % | |||
2.10 | % | 2.89 | % | 2.28 | % | 1.16 | % |
101 |
UBS RMA New York Municipal Money Fund
Financial highlights
Selected data for a share of beneficial interest outstanding throughout each year is presented below:
For the year ended June 30, 2009 | |||
Net asset value, beginning of year | $1.00 | ||
Net investment income | 0.006 | ||
Dividends from net investment income | (0.006 | ) | |
Distributions from net realized gains from investment activities | (0.000 | )(1) | |
Total dividends and distributions | (0.006 | ) | |
Net asset value, end of year | $1.00 | ||
Total investment return(2) | 0.65 | % | |
Ratios/supplemental data: | |||
Net assets, end of year (000’s) | $1,090,124 | ||
Expenses to average net assets, net of fee waivers and/or expense reimbursements by advisor/administrator | 0.55 | % | |
Expenses to average net assets, before fee waivers and/or expense reimbursements by advisor/administrator | 0.63 | % | |
Net investment income to average net assets | 0.66 | % |
(1) | Amount of distribution paid represents less than $0.0005 per share. |
(2) | 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. |
(3) | The Fund was reimbursed by UBS Financial Services Inc. in the amount of $9,385 for overcharges related to prior fiscal periods for postage related expenses. The ratio excluding the reimbursement is the same since the reimbursement represents less than 0.005%. |
See accompanying notes to financial statements
102 |
For the years ended June 30, | ||||||||||
2008 | 2007 | 2006 | 2005 | |||||||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
0.021 | 0.029 | 0.023 | 0.011 | |||||||
(0.021 | ) | (0.029 | ) | (0.023 | ) | (0.011 | ) | |||
— | — | — | — | |||||||
(0.021 | ) | (0.029 | ) | (0.023 | ) | (0.011 | ) | |||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
2.23 | % | 2.95 | % | 2.28 | % | 1.13 | % | |||
$1,412,899 | $832,590 | $612,696 | $596,071 | |||||||
0.61 | %(3) | 0.67 | % | 0.67 | % | 0.67 | % | |||
0.61 | % | 0.67 | % | 0.67 | % | 0.67 | % | |||
2.03 | % | 2.92 | % | 2.27 | % | 1.12 | % |
103 |
UBS RMA New Jersey Municipal Money Fund
Financial highlights
Selected data for a share of beneficial interest outstanding throughout each year is presented below:
For the year ended June 30, 2009 | |||
Net asset value, beginning of year | $1.00 | ||
Net investment income | 0.006 | ||
Dividends from net investment income | (0.006 | ) | |
Distributions from net realized gains from investment activities | (0.000 | )(1) | |
Total dividends and distributions | (0.006 | ) | |
Net asset value, end of year | $1.00 | ||
Total investment return(2) | 0.58 | % | |
Ratios/supplemental data: | |||
Net assets, end of year (000’s) | $299,782 | ||
Expenses to average net assets, net of fee waivers and/or expense reimbursements by advisor/administrator | 0.61 | % | |
Expenses to average net assets, before fee waivers and/or expense reimbursements by advisor/administrator | 0.69 | % | |
Net investment income to average net assets | 0.56 | % |
(1) | Amount of distribution paid represents less than $0.0005 per share. |
(2) | 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. |
(3) | The Fund was reimbursed by UBS Financial Services Inc. in the amount of $2,454 for overcharges related to prior fiscal periods for postage related expenses. The ratio excluding the reimbursement is the same since the reimbursement represents less than 0.005%. |
See accompanying notes to financial statements
104 |
For the years ended June 30, | ||||||||||
2008 | 2007 | 2006 | 2005 | |||||||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
0.020 | 0.028 | 0.021 | 0.010 | |||||||
(0.020 | ) | (0.028 | ) | (0.021 | ) | (0.010 | ) | |||
— | — | — | — | |||||||
(0.020 | ) | (0.028 | ) | (0.021 | ) | (0.010 | ) | |||
$1.00 | $1.00 | $1.00 | $1.00 | |||||||
2.05 | % | 2.85 | % | 2.11 | % | 1.05 | % | |||
$345,615 | $179,725 | $134,639 | $134,174 | |||||||
0.68 | %(3) | 0.75 | % | 0.81 | % | 0.79 | % | |||
0.68 | % | 0.75 | % | 0.81 | % | 0.79 | % | |||
1.83 | % | 2.82 | % | 2.10 | % | 1.02 | % |
105 |
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 Securities and Exchange Commission under the Investment Company Act of 1940, as amended, 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”) and UBS Municipal Money Market Series (“Municipal Money Market Series”) were organized under Massachusetts law by Declarations of Trust dated November 21, 1986 and September 14, 1990, respectively, and are registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as open-end management investment companies. 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”). Municipal Money Market Series currently offers one non-diversified series: UBS RMA New Jersey Municipal Money Fund (“RMA New Jersey”), and when referred together with Money Market Portfolio, U.S. Government Portfolio, RMA Tax-Free, RMA California and RMA New York (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.
106 |
UBS RMA
Notes to financial statements
The preparation of financial statements in accordance with US generally accepted accounting principles requires the Funds’ management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies:
Valuation and accounting for investments and investment income—Investments are valued at amortized cost, unless the Fund’s Board of Directors/Trustees (the “Board”) determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Funds is performed in an effort to ensure that amortized cost approximates market value. 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. Premiums are amortized and discounts are accreted as adjustments to interest income and the identified cost of investments.
On July 1, 2008, the Funds adopted Financial Accounting Standards Board (“FASB”) “Statement of Financial Accounting Standards No. 157, Fair Value Measurements” (“FAS 157”). FAS 157 requires disclosure surrounding 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—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 FAS 157, a summary of the inputs used in determining the fair value of each Fund’s investments as of June 30, 2009 has been included near the end of each Funds’ Statement of net assets.
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
107 |
UBS RMA
Notes to financial statements
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 and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. If the seller (or seller’s guarantor, if any) becomes insolvent, a Fund may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Fund may participate in joint repurchase agreement transactions with other funds managed, advised or sub-advised by UBS Global Asset Management (Americas) Inc. (“UBS Global AM”). Money Market Portfolio and U.S. Government Portfolio may engage in repurchase agreements as part of normal investing strategies; the other Funds generally would only engage in repurchase agreement transactions as temporary or defensive investments.
Under certain circumstances, a Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its portfolio at the end of the day in order to avoid having the Fund assessed a fee for uninvested cash held in a business account at a bank.
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 generally accepted accounting principles. 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 developments, including those particular to a specific industry, country or region.
108 |
UBS RMA
Notes to financial statements
Additionally, RMA California, RMA New York and RMA New Jersey 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 those Funds.
Investment advisor and administrator
Each Fund’s Board has approved an investment advisory and administration contract (“Advisory Contract”) for each Fund with UBS Financial Services Inc., an indirect wholly owned subsidiary of UBS AG, under which UBS Financial Services Inc. serves as investment advisor and administrator of the Funds. In accordance with the Advisory Contract, each Fund pays UBS Financial Services Inc. 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: | |||
All | 0.50 | %† |
† | UBS Financial Services Inc. has agreed to waive portions of its investment advisory and administration fee for the Money Market Portfolio (the “Portfolio”) so that the fee rate is reduced to the following: up to $1.0 billion in average daily net assets—0.50%; in excess of $1.0 billion up to $1.5 billion in average daily net assets—0.44%; and over $1.5 billion in average daily net assets—0.36%. UBS Financial Services Inc. has further agreed to cap the Portfolio’s aggregate management and shareholder services fees (paid pursuant to the Portfolio’s Shareholder Services Plan) so that the total of these 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 0.375% of the Portfolio’s average daily net assets. (UBS Financial Services Inc. is waiving a portion of its advisory and administration fees to offset the shareholder services fees, and this waiver continues for as long as the Portfolio’s Shareholder Services Plan remains in effect). Accordingly, for the year ended June 30, 2009, UBS Financial Services Inc. waived $22,067,606 of its investment advisory and administration fees from the Portfolio. At June 30, 2009, UBS Financial Services Inc. owed the Portfolio $1,786,688 for fee waivers under the above agreement. |
Average daily net assets | Annual rate | ||
U.S. Government Portfolio, RMA California and RMA New York: | |||
Up to $300 million | 0.50 | % | |
In excess of $300 million up to $750 million | 0.44 | % | |
Over $750 million | 0.36 | % |
109 |
UBS RMA
Notes to financial statements
Average daily net assets | Annual rate | ||
RMA Tax-Free: | |||
Up to $1.0 billion | 0.50 | % | |
In excess of $1.0 billion up to $1.5 billion | 0.44 | % | |
Over $1.5 billion | 0.36 | % | |
RMA New Jersey: | |||
Up to $300 million | 0.45 | % | |
In excess of $300 million up to $750 million | 0.39 | % | |
Over $750 million | 0.31 | % |
At June 30, 2009, the Funds owed UBS Financial Services Inc. for investment advisory and administration fees as follows:
Money Market Portfolio | $6,909,404 | |
U.S. Government Portfolio | 1,501,358 | |
RMA Tax-Free | 1,950,116 | |
RMA California | 438,345 | |
RMA New York | 396,009 | |
RMA New Jersey | 112,728 |
UBS Financial Services Inc. has undertaken to waive fees and/or reimburse expenses in the event that current Fund yields drop below a certain level. This additional undertaking is voluntary and not contractual and may be terminated at any time. For the year ended June 30, 2009, UBS Financial Services Inc. voluntarily waived investment advisory and administration fees and/or reimbursed expenses as follows:
Money Market Portfolio | $1,457,499 | |
U.S. Government Portfolio | 1,469,573 | |
RMA Tax-Free | 1,693,380 | |
RMA California | 1,339,198 | |
RMA New York | 1,114,102 | |
RMA New Jersey | 283,672 |
At June 30, 2009, UBS Financial Services Inc. owes each Fund the following for fee waivers/expense reimbursements:
Money Market Portfolio | $1,349,667 | |
U.S. Government Portfolio | 690,132 | |
RMA Tax-Free | 833,343 | |
RMA California | 320,004 | |
RMA New York | 298,890 | |
RMA New Jersey | 77,619 |
110 |
UBS RMA
Notes to financial statements
UBS Global AM serves as sub-advisor and sub-administrator to the Funds pursuant to sub-advisory and sub-administration contracts between UBS Financial Services Inc. and UBS Global AM (each a “Sub-Advisory Contract”). In accordance with each Sub-Advisory Contract, UBS Financial Services Inc. (not the Funds) pays UBS Global AM a fee, accrued daily and paid monthly, at an annual rate of 0.08% of the respective Funds’ average daily net assets.
Additional information regarding compensation to affiliate of a board member
Professor Meyer Feldberg serves as a senior advisor to Morgan Stanley, 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. Fund 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, 2009, 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 | $46,530,641,447 | |
U.S. Government Portfolio | 112,431,605,971 | |
RMA Tax-Free | 4,598,246,726 | |
RMA California | 1,385,782,500 | |
RMA New York | 766,418,000 | |
RMA New Jersey | 215,510,000 |
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 or sub-advisor, it is believed that under normal circumstances such compensation 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 Funds’ shares and has appointed UBS Financial Services Inc. as a dealer for the sale of the Funds’ shares. Under the shareholder service plans, Money Market Portfolio, U.S. Government
111 |
UBS RMA
Notes to financial statements
Portfolio, RMA Tax-Free, RMA California and RMA New York pay UBS Global AM (US) a monthly service fee, which is accrued daily and paid monthly at an annual rate of up to 0.15% of average daily net assets, and RMA New Jersey is authorized to pay at the annual rate of up to 0.12% of average daily net assets, for providing certain shareholder services. Currently, UBS Global AM (US) is compensated for providing such services at the annual rate of 0.125% of the Funds’ average daily net assets for each of those Funds except for RMA New Jersey, which pays at the annual rate of 0.12% of the Funds’ average daily net assets. At June 30, 2009, the Funds owed UBS Global AM (US) for such service fees as follows:
Money Market Portfolio | $1,727,351 | |
U.S. Government Portfolio | 499,044 | |
RMA Tax-Free | 625,754 | |
RMA California | 129,943 | |
RMA New York | 115,242 | |
RMA New Jersey | 30,137 |
Transfer agency and related services fees
UBS Financial Services Inc. provides certain services pursuant to a delegation of authority from PNC Global Investment Servicing (“PNC”), the Funds’ transfer agent, and was compensated for these services by PNC, not the Funds.
For the year ended June 30, 2009, UBS Financial Services Inc. received from PNC, not the Funds, total delegated services fees as follows:
Money Market Portfolio | $3,994,742 | |
U.S. Government Portfolio | 347,117 | |
RMA Tax-Free | 1,300,744 | |
RMA California | 228,013 | |
RMA New York | 194,924 | |
RMA New Jersey | 65,570 |
Securities lending
Each Fund may lend securities up to 33 1/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, US government securities or irrevocable letters of credit in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. Each Fund will regain ownership of loaned securities to
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Notes to financial statements
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. Effective November 12, 2008, State Street Bank and Trust serves as the lending agent for each Fund. Prior to November 12, 2008, UBS Securities LLC was the lending agent for each Fund. For the period July 1, 2008 through November 11, 2008, UBS Securities LLC earned $264,097 and $4,954 in compensation from Money Market Portfolio and U.S. Government Portfolio, respectively, as the Funds’ lending agent. At June 30, 2009, Money Market Portfolio had securities on loan having a market value of $105,886,584, and received cash collateral of $108,008,820.
RMA Tax-Free, RMA California, RMA New York and RMA New Jersey did not loan any securities during the year ended June 30, 2009.
Bank line of credit
RMA Tax-Free, RMA California, RMA New York and RMA New Jersey participate with certain other funds managed, advised or sub-advised by UBS Global AM in a $100 million committed credit facility with State Street Bank and Trust Company (“Committed Credit Facility”), to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Under the Committed Credit Facility arrangement, each Fund has agreed to pay commitment fees, pro rata, based on the relative asset size of the Funds in the Committed Credit Facility. Interest will be charged to each Fund at the overnight federal funds rate in effect at the time of borrowings, plus 0.50%. For the year ended June 30, 2009, the following Funds had borrowings:
Average daily amount of borrowings outstanding | Days outstanding | Weighted average annualized interest rate | Interest expense | ||||||
RMA Tax-Free | $12,761,318 | 12 | 2.299 | % | $9,778 | ||||
RMA California | 12,164,005 | 9 | 0.780 | 2,373 | |||||
RMA New Jersey | 1,057,376 | 2 | 0.716 | 42 |
There were no borrowings from the Committed Credit Facility outstanding as of June 30, 2009.
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Notes to financial statements
Other liabilities and components of net assets
At June 30, 2009, the Funds had the following liabilities outstanding:
Dividends payable | Payable for investments purchased | Payable for cash collateral from securities loaned | Other accrued expenses* | |||||
Money Market Portfolio | $31,788 | — | $108,008,820 | $1,514,122 | ||||
U.S. Government Portfolio | 8,161 | — | — | 241,295 | ||||
RMA Tax-Free | 11,367 | $28,583,800 | — | 564,501 | ||||
RMA California | 2,231 | 3,064,680 | — | 156,949 | ||||
RMA New York | 2,137 | — | — | 145,506 | ||||
RMA New Jersey | 582 | — | — | 82,003 |
* | Excludes investment advisory and administration and service fees. |
At June 30, 2009, the components of net assets for each of the Funds were as follows:
Accumulated paid in capital | Accumulated net realized gain | Total net assets | ||||
Money Market Portfolio | $16,460,791,231 | $1,712,260 | $16,462,503,491 | |||
U.S. Government Portfolio | 4,661,995,549 | 388,303 | 4,662,383,852 | |||
RMA Tax-Free | 5,860,547,276 | 70,036 | 5,860,617,312 | |||
RMA California | 1,218,946,267 | 147,559 | 1,219,093,826 | |||
RMA New York | 1,090,092,441 | 31,420 | 1,090,123,861 | |||
RMA New Jersey | 299,776,889 | 5,084 | 299,781,973 |
Federal tax status
Each Fund intends to distribute all or substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of 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.
The tax character of all distributions paid to shareholders by the Money Market Portfolio and US Government Portfolio during the fiscal years ended June 30, 2009 and June 30, 2008 was ordinary income. The tax character of all distributions paid to shareholders by RMA Tax-Free, RMA
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Notes to financial statements
California, RMA New York and RMA New Jersey during the fiscal years ended June 30, 2009 and June 30, 2008 were as follows:
For the year ended June 30, 2009 | RMA Tax-Free | RMA California | RMA New York | RMA New Jersey | ||||
Tax-exempt income | $49,863,839 | $10,327,414 | $8,864,343 | $1,941,962 | ||||
Ordinary income | 1,194,574 | 210,445 | 85,659 | 27,391 | ||||
Long-term capital gains | 14,935 | — | — | 1,836 | ||||
Total distributions paid | $51,073,348 | $10,537,859 | $8,950,002 | $1,971,189 |
For the year ended June 30, 2008 | RMA Tax-Free | RMA California | RMA New York | RMA New Jersey | ||||
Tax-exempt income | $144,867,279 | $31,840,538 | $24,184,601 | $5,234,422 | ||||
Ordinary income | 246,878 | 144,889 | 115,110 | 56,493 | ||||
Total distributions paid | $145,114,157 | $31,985,427 | $24,299,711 | $5,290,915 |
At June 30, 2009, 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 | Accumulated capital and other losses | Total tax basis accumulated earnings | ||||||
Money Market Portfolio | $1,744,048 | — | — | — | $1,744,048 | |||||
U.S. Government Portfolio | 396,464 | — | — | — | 396,464 | |||||
RMA Tax-Free | 6,851 | $15,325 | $59,227 | — | 81,403 | |||||
RMA California | 28,850 | 27,185 | 93,755 | — | 149,790 | |||||
RMA New York | — | 33,557 | — | — | 33,557 | |||||
RMA New Jersey | — | 5,666 | — | — | 5,666 |
As of and during the year ended June 30, 2009, the Funds did not have any liabilities for any unrecognized tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of operations. During the year ended June 30, 2009, the Funds did not incur any interest or penalties.
Each of the tax years in the four year period ended June 30, 2009, remains subject to examination by the Internal Revenue Service and state taxing authorities.
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Notes to financial statements
Capital share transactions
There are 60 billion $0.001 par value shares of common stock authorized for the Money Market Portfolio, 10 billion $0.001 par value shares of common stock authorized for the 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, 2009: | Money Market Portfolio | U.S. Government Portfolio | RMA Tax-Free | ||||||
Shares sold | 156,010,948,397 | 42,889,047,620 | 51,564,359,423 | ||||||
Shares repurchased | (156,513,443,390 | ) | (40,623,704,509 | ) | (53,195,682,038 | ) | |||
Dividends reinvested | 174,184,789 | 18,294,982 | 49,969,297 | ||||||
Net increase (decrease) in shares outstanding | (328,310,204 | ) | 2,283,638,093 | (1,581,353,318 | ) |
For the year ended June 30, 2008: | Money Market Portfolio | U.S. Government Portfolio | RMA Tax-Free | ||||||
Shares sold | 169,915,764,681 | 18,374,482,748 | 63,911,737,064 | ||||||
Shares repurchased | (166,802,631,799 | ) | (17,067,217,428 | ) | (61,514,070,562 | ) | |||
Dividends reinvested | 537,955,606 | 43,831,047 | 141,333,017 | ||||||
Net increase in shares outstanding | 3,651,088,488 | 1,351,096,367 | 2,538,999,519 |
Beneficial interest
There is an unlimited amount of $0.001 par value shares of beneficial interest authorized for RMA California, RMA New York and RMA New Jersey. Transactions in shares of beneficial interest, at $1.00 per share were as follows:
For the year ended June 30, 2009: | RMA California | RMA New York | RMA New Jersey | ||||||
Shares sold | 12,191,746,998 | 9,996,993,668 | 2,621,623,690 | ||||||
Shares repurchased | (12,745,750,625 | ) | (10,328,425,944 | ) | (2,669,343,868 | ) | |||
Dividends reinvested | 10,318,023 | 8,712,106 | 1,904,751 | ||||||
Net decrease in shares outstanding | (543,685,604 | ) | (322,720,170 | ) | (45,815,427 | ) |
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Notes to financial statements
For the year ended June 30, 2008: | RMA California | RMA New York | RMA New Jersey | ||||||
Shares sold | 15,670,463,358 | 12,594,105,824 | 3,213,074,829 | ||||||
Shares repurchased | (15,167,654,352 | ) | (12,037,455,300 | ) | (3,052,320,054 | ) | |||
Dividends reinvested | 31,161,272 | 23,602,756 | 5,116,359 | ||||||
Net increase in shares outstanding | 533,970,278 | 580,253,280 | 165,871,134 |
US Treasury Temporary Guarantee Program for US Money Market Funds
Each Fund participates in the US Treasury Department Temporary Guarantee Program for Money Market Funds. The program covers shareholders of mutual funds as of the close of business on September 19, 2008. The program expires on September 18, 2009. Each Fund bears the cost of participating in this program, as this is not an expense borne by the Funds’ advisor. Each Fund paid a fee of 0.01% of the value of the Funds’ outstanding shares on September 19, 2008 (valued at $1.00 per share) for participation in the program for the initial coverage period of September 19, 2008, through December 18, 2008. The program was first extended until April 30, 2009, and each Fund paid a fee calculated in the same manner but at the rate of 0.015% for continued participation in the program through that date. In April, the program was extended a final time, providing coverage through September 18, 2009. Each Fund paid an additional fee for continued coverage for the period May 1, 2009, through September 18, 2009, calculated in the same manner and at the same 0.015% rate as for the initial extension period.
Subsequent events
In accordance with the provisions set forth in FAS 165 “Subsequent Events”, management has evaluated the effect of subsequent events on the Funds’ financial statements through August 24, 2009. Management has determined that there are no material subsequent events that would require disclosure in the Funds’ financial statements through this date.
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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
New Jersey Municipal Money Fund
We have audited the accompanying statements of net assets of the 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., UBS RMA California Municipal Money Fund and UBS RMA New York Municipal Money Fund (two of the series comprising UBS Managed Municipal Trust) and UBS RMA New Jersey Municipal Money Fund (the sole series comprising UBS Municipal Money Market Series) (collectively, the “Funds”) as of June 30, 2009, 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 as of June 30, 2009, by correspondence with the custodian and others, or by other appropriate auditing procedures where
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Report of Ernst & Young LLP, independent registered public accounting firm (concluded)
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, UBS RMA New York Municipal Money Fund and UBS RMA New Jersey Municipal Money Fund at June 30, 2009, 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 24, 2009
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General information (unaudited)
Quarterly Form N-Q portfolio schedules
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.
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, these Funds designate 100% of their “qualified short-term gains” (as defined in Section 871(K)(2)(D)) related to the distribution made in December 2008 as short-term capital gain dividends.
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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”) and UBS Municipal Money Market Series (“Municipal Money Market Series”) (each a “Trust”) were formed as business trusts 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. UBS RMA New Jersey Municipal Money Fund is a series of Municipal Money Market Series. 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 Trusts’ 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
Position(s) held with funds | Term of office† and length of time served | Principal occupation(s) during past 5 years | ||||
Meyer Feldberg††; 67 Morgan Stanley 1585 Broadway 33rd Floor New York, NY 10036 | Director/ Trustee | Since 1991 (Managed Municipal Trust) Since 1992 (RMA Money Fund, RMA Tax-Free Fund) Since 1996 (Municipal Money Market Fund) | 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 March 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 cities around the world) (since May 2007). Prior to July 2004, he was Dean and Professor of Leadership and Ethics of the Graduate School of Business at Columbia University (since 1989). |
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Supplemental information (unaudited)
Number of portfolios in fund complex overseen by board member | Other directorships held by board member | |
Professor Feldberg is a director or trustee of 28 investment companies (consisting of 60 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor, sub-advisor or manager. | Professor Feldberg is also a director of Primedia Inc. (publishing), Macy’s Inc. (operator of department stores), Revlon, Inc. (cosmetics), SAPPI, Ltd. (producer of paper), and the New York City Ballet. |
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UBS RMA
Supplemental information (unaudited)
Independent Board Members
Name, address, and age | Position(s) held with funds | Term of office† and length of time served | Principal occupation(s) during past 5 years | |||
Richard Q. Armstrong; 74 c/o Willkie Farr 787 Seventh Avenue New York, NY 10019-6099 | Director/Trustee and Chairman of the Board of Director/Trustees | Since 1996 (Trustee) Since 2004 (Chairman of the Board of Trustees) | Mr. Armstrong is chairman and principal of R.Q.A. Enterprises (management consulting firm) (since April 1991 and principal occupation since March 1995). | |||
Alan S. Bernikow; 68 207 Benedict Ave. Staten Island, NY 10314 | Director/Trustee | Since 2005 | Mr. Bernikow is retired. He was a consultant on non-management matters for the firm of Deloitte & Touche (International accounting and consulting firm) (from June 2003 until 2007). Previously, he was deputy chief executive officer at Deloitte & Touche. | |||
Richard R. Burt; 62 McLarty Associates 900 17th Street, 8th Floor Washington, D.C. 20006 | Director/Trustee | Since 1996 | Mr. Burt is a senior advisor to McLarty Associates (a consulting firm) (since April 2007) and chairman of IEP Advisors (international investments and consulting firm). Prior to April 2007, he was chairman of Diligence Inc. (information and risk management firm). | |||
Bernard H. Garil; 69 6754 Casa Grande Way Delray Beach, FL 33446 | Director/Trustee | Since 2005 | 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). |
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UBS RMA
Supplemental information (unaudited)
Number of portfolios in fund complex overseen by board member | Other directorships held by board member | |
Mr. Armstrong is a director or trustee of 16 investment companies (consisting of 48 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor, sub-advisor or manager. | None | |
Mr. Bernikow is a director or trustee of 16 investment companies (consisting of 48 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor, sub-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 member of its nominating and corporate governance 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). | |
Mr. Burt is a director or trustee of 16 investment companies (consisting of 48 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor, sub-advisor or manager. | Mr. Burt is also a director of The Central European Fund, Inc., The Germany Fund, Inc., The New Germany Fund, Inc., IGT, Inc. (provides technology to gaming and wagering industry) and The Protective Group, Inc. (produces armor products). | |
Mr. Garil is a director or trustee of 16 investment companies (consisting of 48 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor, sub-advisor or manager. | Mr. Garil is also a director of OFI Trust Company (commercial trust company) and a trustee for the Brooklyn College Foundation, Inc. (charitable foundation). |
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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 | Principal occupation(s) during past 5 years | |||
Heather R. Higgins; 49 255 E. 49th St, Suite 23D New York, NY 10017 | Director/Trustee | Since 2005 | Ms. Higgins is the President and Director of The Randolph Foundation (charitable foundation) (since 1991). Ms. Higgins also serves 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). |
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Supplemental information (unaudited)
Number of portfolios in fund complex overseen by board member | Other directorships held by board member | |
Ms. Higgins is a director or trustee of 16 investment companies (consisting of 48 portfolios) for which UBS Global AM or one of its affiliates serves as investment advisor, sub-advisor or manager. | None |
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Supplemental information (unaudited)
Officers
Name, address, and age | Position(s) held with funds | Term of office† and length of time served | Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer | |||
Joseph Allessie*; 44 | Vice President and Assistant Secretary | Since 2005 | Mr. Allessie is an executive director (since 2007) (prior to which he was a director) and deputy general counsel (since 2005) at UBS Global Asset Management (US) Inc. and UBS Global Asset Management (Americas) Inc. (collectively, “UBS Global AM—Americas region”). Prior to joining UBS Global AM—Americas region, he was senior vice president and general counsel of Kenmar Advisory Corp. (from 2004 to 2005). Prior to that Mr. Allessie was general counsel and secretary of GAM USA Inc, GAM Investments, GAM Services, GAM Funds, Inc. and the GAM Avalon Funds (from 1999 to 2004). Mr. Allessie is a vice president and assistant secretary of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Thomas Disbrow*; 43 | Vice President and Treasurer | Since 2000 (Vice President) Since 2004 (Treasurer) | Mr. Disbrow is an executive director (since 2007) (prior to which he was a director) (since 2000) and head of the US mutual fund treasury administration department (since September 2006) of UBS Global AM—Americas region. Mr. Disbrow is a vice president and treasurer of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-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 | |||
Michael J. Flook*; 44 | Vice President and Assistant Treasurer | Since 2006 | Mr. Flook is an associate director and a senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region (since 2006). Prior to joining UBS Global AM—Americas region, he was a senior manager with The Reserve (asset management firm) from May 2005 to May 2006. Prior to that he was a senior manager with PFPC Worldwide since October 2000. Mr. Flook is a vice president and assistant treasurer of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Elbridge T.Gerry III*; 52 | Vice President | Since 1996 (Managed Municipal Trust) Since 2000 (Municipal Money Market Series, 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 six investment companies (consisting of 10 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-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 F. Kemper**; 51 | Vice President and Secretary | Since 2004 | Mr. Kemper is a managing director (since 2006) and head of the legal department of UBS Global AM—Americas region (since 2004). He was deputy general counsel of UBS Global AM—Americas from July 2001 to July 2004. He has been secretary of UBS Global AM—Americas since 1999 and assistant secretary of UBS Global Asset Management Trust Company since 1993 and secretary of UBS AM Holdings (USA) Inc. (since 2001). Mr. Kemper is secretary of UBS Global AM—Americas region (since 2004). Mr. Kemper is vice president and secretary of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Joanne M. Kilkeary*; 41 | Vice President and Assistant Treasurer | Since 2004 | Ms. Kilkeary is a director (since March 2008) (prior to which she was an associate director) (since 2000) 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 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-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 | |||
Tammie Lee*; 38 | Vice President and Assistant Secretary | Since 2005 | Ms. Lee is a director and associate general counsel of UBS Global AM—Americas region (since 2005). Prior to joining UBS Global AM—Americas region, she was vice president and counsel at Deutsche Asset Management/Scudder Investments from 2003 to 2005. Prior to that she was assistant vice president and counsel at Deutsche Asset Management/Scudder Investments from 2000 to 2003. Ms. Lee is a vice president and assistant secretary of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Steven J. LeMire*; 39 | Vice President and Assistant Treasurer | Since 2007 | Mr. LeMire is a director and senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region (since 2007). Prior to joining UBS Global AM—Americas region, he was an independent consultant with Third River Capital, LLC (formerly Two Rivers Capital, LLC) (from 2005 to 2007). Prior to that, he was vice president of operations and fund administration with Oberweis Asset Management, Inc. (from 1997 to 2005). Mr. LeMire is a vice President and assistant treasurer of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-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 | |||
Joseph McGill*; 47 | Vice President and Chief Compliance Officer | Since 2004 | Mr. McGill is a managing director (since 2006) and chief compliance officer (since 2003) at UBS Global AM—Americas region. Prior to joining UBS Global AM—Americas region, he was assistant general counsel at JP Morgan Investment Management (from 1999 to 2003). Mr. McGill is a vice president and chief compliance officer of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Ryan Nugent*; 31 | Vice President | Since 2005 | Mr. Nugent is an associate director (since 2004) and portfolio manager (since 2005) of UBS Global AM—Americas region. Prior to that he was an assistant portfolio manager to the tax-free money market funds since February 2002. Mr. Nugent is a vice president of three investment companies (consisting of four portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-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 | |||
Nancy Osborn*; 43 | Vice President and Assistant Treasurer | Since 2007 | Mrs. Osborn is an associate director and a senior manager of the US mutual fund treasury administration department of UBS Global AM—Americas region (since 2006). Prior to joining UBS Global AM—Americas region, she was an Assistant Vice President with Brown Brothers Harriman since April 1996. Mrs. Osborn is a vice president and assistant treasurer of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Robert Sabatino**; 35 | Vice President | Since 2008 | Mr. Sabatino is an executive director (since 2007) (prior to which he was a director) 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 4 investment companies (consisting of 33 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. |
133 |
UBS RMA
Supplemental information (unaudited)
Officers (continued)
Name, address, and age | Position(s) held with funds | Term of office† and length of time served | Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer | |||
Eric Sanders*; 43 | Vice President and Assistant Secretary | Since 2005 | Mr. Sanders is a director and associate general counsel of UBS Global AM—Americas region (since 2005). From 1996 until June 2005, he held various positions at Fred Alger & Company, Incorporated, the most recent being assistant vice president and associate general counsel. Mr. Sanders is a vice president and assistant secretary of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Andrew Shoup*; 53 | Vice President and Chief Operating Officer | Since 2006 | Mr. Shoup is a managing director and senior member of the global treasury administration department of UBS Global AM—Americas region (since July 2006). Mr. Shoup is also a director of UBS (IRL) Fund p.l.c (since December 2008). Prior to joining UBS Global AM—Americas region, he was chief administrative officer for the Legg Mason Partner Funds (formerly Smith Barney, Salomon Brothers, and CitiFunds mutual funds) from November 2003 to July 2006. Prior to that, he held various positions with Citigroup Asset Management and related companies with their domestic and offshore mutual funds since 1993. Additionally, he has worked for another mutual fund complex as well as spending eleven years in public accounting. Mr. Shoup is a vice president and chief operating officer of 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. |
134 |
UBS RMA
Supplemental information (unaudited)
Officers (continued)
Name, address, and age | Position(s) held with funds | Term of office† and length of time served | Principal occupation(s) during past 5 years; number of portfolios in fund complex for which person serves as officer | |||
Kai R. Sotorp**; 50 | President | Since 2006 | Mr. Sotorp is the Head-Americas for UBS Global Asset Management (since 2004); a member of the UBS Group Managing Board (since 2003) and a member of the UBS Global Asset Management Executive Committee (since 2001). Prior to his current role, Mr. Sotorp was head of UBS Global Asset Management—Asia Pacific (2002-2004), covering Australia, Japan, Hong Kong, Singapore and Taiwan; head of UBS Global Asset Management (Japan) Ltd. (2001-2004); representative director and president of UBS Global Asset Management (Japan) Ltd. (2000-2004); and member of the board of Mitsubishi Corp.—UBS Realty Inc. (2000-2004). Mr. Sotorp is president of 21 investment companies (consisting of 104 portfolios) for which UBS Global Asset Management—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. | |||
Keith A. Weller*; 48 | Vice President and Assistant Secretary | Since 1995 (Managed Municipal Trust, RMA Money Fund, RMA Tax-Free Fund) Since 1996 (Municipal Money Market Series) | 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 21 investment companies (consisting of 104 portfolios) for which UBS Global AM—Americas region or one of its affiliates serves as investment advisor, sub-advisor or manager. |
135 |
UBS RMA
Supplemental information (unaudited)
Officers (concluded)
* | This person’s business address is 51 West 52nd Street, New York, New York 10019-6114. |
** | This person’s business address is One North Wacker Drive, Chicago, Illinois 60606. |
† | Each board member holds office for an indefinite term. Each board member who has attained the age of seventy-five (75) years will be subject to retirement on the last day of the month in which he or she attains such age, unless the Corporation’s or Trust’s board, including a majority of its independent board members, determines to grant a waiver of the retirement policy with respect to a specified individual for a set period of time. The retirement policy has been waived with respect to Mr. Armstrong, the chairman of each board, until 2011. |
†† | 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. |
136 |
Board Members | ||
Richard Q. Armstrong Chairman
Alan S. Bernikow
Richard R. Burt | Meyer Feldberg
Bernard H. Garil
Heather R. Higgins | |
Principal Officers | ||
Kai R. Sotorp President
Mark F. Kemper Vice President and Secretary
Thomas Disbrow Vice President and Treasurer | Robert Sabatino Vice President (Taxable Funds)
EIbridge T. Gerry III Vice President (Tax-Free Funds) |
Investment Advisor and Administrator
UBS Financial Services Inc.
1285 Avenue of the Americas
New York, New York 10019-6028
Sub-Advisor and Sub-Administrator
UBS Global Asset Management (Americas) Inc.
51 West 52nd Street
New York, New York 10019-6114
Principal Underwriter
UBS Global Asset Management (US) Inc.
51 West 52nd Street
New York, New York 10019-6114
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.
©2009 UBS Global Asset Management (Americas) Inc. All rights reserved.
UBS Global Asset Management (Americas) Inc.
51 West 52nd Street
New York, New York 10019
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, 2009 and June 30, 2008, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $38,600 and $36,900, 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, 2009 and June 30, 2008, 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 $1,550 and $3,773, respectively.
Fees included in the audit-related fees category are those associated with (1) the reading and providing of comments on the 2008 and 2007 semiannual financial statements and (2) review of the consolidated 2007 and 2006 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, 2009 and June 30, 2008, the aggregate tax fees billed by E&Y for professional services rendered to the registrant were approximately $13,430 and $12,850, 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, 2009 and June 30, 2008, 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 2008)” (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, 2009 and June 30, 2008 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, 2009 and June 30, 2008 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, 2009 and June 30, 2008 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, 2009 and June 30, 2008 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, 2009 and June 30, 2008 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, 2009 and June 30, 2008 on behalf of the registrant’s service providers that relate directly to the operations and financial reporting of the registrant.
(f) | According to E&Y, for the fiscal year ended June 30, 2009, the percentage of hours spent on the audit of the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of E&Y was 0%. |
(g) | For the fiscal years ended June 30, 2009 and June 30, 2008, the aggregate fees billed by E&Y of $2,054,140 and $1,541,871, 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 ongoing services to the registrant for each of the last two fiscal years of the registrant is shown in the table below: |
2009 | 2008 | |||||
Covered Services | $ | 14,980 | $ | 16,623 | ||
Non-Covered Services | 2,039,160 | 1,525,248 |
(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. | Schedule of Investments. |
(a) | Included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the registrant.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
Item 10. | Submission of Matters to a Vote of Security Holders. |
The registrant’s Board has established a Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Global Asset Management (Americas) Inc., UBS Building, One North Wacker Drive, Chicago, IL 60606, 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 registrant’s most recent fiscal half-year 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 is attached hereto as Exhibit EX-99.906CERT. |
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 Municipal Money Market Series | ||
By: | /s/ Kai R. Sotorp | |
Kai R. Sotorp President |
Date: September 8, 2009
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/ Kai R. Sotorp | |
Kai R. Sotorp President |
Date: September 8, 2009
By: | /s/ Thomas Disbrow | |
Thomas Disbrow Vice President and Treasurer |
Date: September 8, 2009