<Page>
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: 811-6173
--------------------------------------------
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)
Amy R. Doberman
UBS Global Asset Management (US)
Inc.
51 West 52nd Street
New York, NY 10019-6114
(Name and address of agent for
service)
Copy to:
Jack W. Murphy, Esq.
Dechert
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, 2003
Date of reporting period: June 30, 2003
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[UBS GLOBAL ASSET MANAGEMENT LOGO]
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, 2003
<Page>
UBS RMA FUNDS
August 15, 2003
DEAR SHAREHOLDER,
We present you with the annual report for UBS RMA Money Market Portfolio; UBS
RMA U.S. Government Portfolio; UBS RMA Tax-Free Fund Inc.; UBS RMA California
Municipal Money Fund; UBS RMA New York Municipal Money Fund; and UBS RMA New
Jersey Municipal Money Fund, for the fiscal year ended June 30, 2003.
AN INTERVIEW WITH PORTFOLIO MANAGERS SUSAN RYAN AND DEBBIE BAGGETT
Q. HOW DID THE FUNDS PERFORM DURING THE PERIOD?
A. Short-term interest rates fell during the period. As a result, when the
holdings in the funds' portfolios matured, they had to be replaced with
securities that offered lower yields. Therefore, the Funds' seven-day current
yields declined during the fiscal year. As of June 30, 2003, they were: UBS
RMA Money Market Portfolio--0.55%; UBS RMA U.S. Government Portfolio--0.58%;
UBS RMA Tax-Free Fund Inc.--0.39%; UBS RMA California Municipal Money
Fund--0.39%; UBS RMA New York Municipal Money Fund--0.35%; and UBS RMA New
Jersey Municipal Money Fund--0.23%. (For more on the Funds' and Portfolios'
performance, refer to "Performance At A Glance" on page 5.)
Q. CAN YOU DESCRIBE THE ECONOMIC ENVIRONMENT DURING THE REPORTING PERIOD?
A. Other than a brief revival during the third quarter of 2002, the US economy
was generally weak during the funds' fiscal year. As the reporting period
began in July 2002, the economy appeared to be moving in the right direction.
Gross domestic product (GDP) rose 4.0% during the third quarter of 2002,
following an anemic 1.7% rate in the prior quarter. This growth spurt was
short lived, though, as the prospect of a war in Iraq, heightened threats of
terrorism, turmoil in the Middle East, tepid corporate spending and a weak
stock market all served
[SIDENOTE]
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):
Susan P. Ryan, UBS Global Asset Management (US) Inc.
COMMENCEMENT (BOTH PORTFOLIOS):
October 4, 1982
UBS RMA TAX-FREE FUND INC.,
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND,
UBS RMA NEW YORK MUNICIPAL MONEY FUND,
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.
PORTFOLIO MANAGER (ALL FOUR FUNDS):
Debbie Baggett, UBS Global Asset Management (US) Inc.
COMMENCEMENT:
October 4, 1982 (Tax-Free)
November 7, 1988 (California Municipal)
November 10, 1988 (New York Municipal)
February 1, 1991 (New Jersey Municipal)
DIVIDEND PAYMENTS (ALL SIX FUNDS/PORTFOLIOS):
Monthly
1
<Page>
to undermine the economy. GDP fell to 1.4% during the last three months of
2002, and remained unchanged in the first quarter of 2003.
Q. WHAT ARE SOME OF THE REASONS BEHIND THE TEPID ECONOMIC GROWTH?
A. Throughout 2002, consumer spending, which accounts for two-thirds of the US
economy, was relatively strong. This was in sharp contrast to corporate
spending, which continued to be subdued as many companies postponed major
purchases pending clearer signs of a sustainable economic recovery. However,
in early 2003, both consumer and corporate spending weakened. Geopolitical
concerns, a spike in oil prices, rising unemployment, and severe weather in
parts of the country served to further undermine the economy. In the
aftermath of major conflict in Iraq, no clear spending picture has emerged.
Q. HOW DID THE FEDERAL RESERVE BOARD (THE "FED") REACT TO THE WEAKENING ECONOMY?
A. During the first four months of the reporting period, the Fed kept rates
steady. Then, at its November 2002 meeting, the Fed, acknowledging that the
economy had hit a "soft spot," lowered the federal funds rate one half of a
percentage point to 1.25%.
In the months that followed, the Fed deferred from making additional rate
cuts, although it made it clear that it was assuming a "heightened
surveillance" of the economy in light of the conflict with Iraq. After the
war's start, however, and absent any lift in the economy, the Fed alluded to
the possibility of a future rate cut, citing that it viewed economic weakness
to be a greater risk than inflation. Many took the statement to mean that a
rate cut would likely be implemented at the Fed's next meeting. It came as no
surprise, then, when, in an endnote to the period, the Fed moved to lower the
federal funds rate by a quarter of a percentage point at its June 25, 2003
Federal Open Market Committee meeting. The move brought the rate to 1.0%--its
lowest level since 1958. In explaining the move, the Fed cited that the
economy had yet to exhibit sustainable growth, and that "a slightly more
expansive monetary policy would add further support for an economy which it
expects to improve over time."
Q. HOW WERE THE FUNDS MANAGED IN THIS TURBULENT ENVIRONMENT?
A. In terms of investment strategies, the funds continued to utilize a "barbell"
strategy, whereby we purchased securities at both ends of the maturity
spectrum. The funds' longer-term securities--with maturities up to around one
year--were used to lock in higher yields as interest rates fell. At the same
time, their shorter-term securities--typically one month or less in
duration--provided liquidity.
2
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With the combination of a weak economy, uncertainty regarding the outcome and
repercussions of the war in Iraq, and corporate accounting scandals, the
credit markets were extremely volatile during the period. Therefore, within
both UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio, we
emphasized US government securities that offered the highest credit quality
and liquidity. As such, we were able to avoid the problems that plagued some
areas of the corporate credit markets. Within 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, we also emphasized credit
quality and liquidity, which enabled us to avoid the credit problems and
downgrades that occurred in the municipal market.
Q. WHAT IS YOUR OUTLOOK FOR THE ECONOMY, AND HOW DO YOU ANTICIPATE STRUCTURING
THE PORTFOLIO GOING FORWARD?
A. In our last report to shareholders, we stated that we were skeptical about
the strength of an economic recovery. This proved to be well-founded, as
there have been few indications that a sustained economic upturn is taking
place. Despite the rapid conclusion to the war in Iraq, there continues to be
a great deal of uncertainty around the world. The repercussions of the war
remain unknown and the situation in North Korea remains volatile.
In the US, one could look at the economic "glass" as either being half full,
or half empty. Among the positives, major combat in Iraq has ended and
consumer confidence has risen since the height of the war. Oil prices have
fallen sharply, and low interest rates continue to spur mortgage refinancing,
which places more money in consumers' pockets. The stock market has rallied,
and an economic stimulus package was approved by Congress.
On the other hand, unemployment remains high, and the economy will have to
gain momentum in order to stimulate the labor market. The housing market may
have peaked, and consumer debt levels are high. Finally, the Fed has less
mobility to lower short-term interest rates--although Chairman Greenspan has
indicated his willingness to lower rates again if the economy fails to
recover as anticipated.
Against this backdrop, credit quality and liquidity will continue to be of
paramount importance. To this end, specifically to UBS RMA Money Market
Portfolio and UBS RMA U.S. Government Portfolio, we intend to keep a large
portion of each Portfolio allocated to US government securities. For all
Funds and Portfolios, we expect to continue employing a barbell strategy for
as long as spreads between short-term instruments and one-year maturities
continue to support such a strategy.
3
<Page>
As always, our ultimate objective in managing your investments is to help you
successfully meet your financial goals. 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.
Sincerely,
/s/ Joseph A. Varnas /s/ Susan P. Ryan
JOSEPH A. VARNAS SUSAN P. RYAN
PRESIDENT PORTFOLIO MANAGER
UBS RMA Money Fund, Inc. UBS RMA Money Market Portfolio
(UBS RMA Money Market UBS RMA U.S. Government Portfolio
Portfolio and UBS RMA EXECUTIVE DIRECTOR
U.S. Government Portfolio) UBS Global Asset Management
UBS RMA Tax-Free Fund, Inc. (US) Inc.
UBS Managed Municipal Trust
(UBS RMA California Municipal
Money Fund and UBS RMA
New York Municipal Money Fund)
UBS Money Market
Series (UBS RMA New Jersey
Municipal Money Fund)
MANAGING DIRECTOR
UBS Global Asset Management (US) Inc.
/s/ Debbie Baggett
DEBBIE BAGGETT
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 (US) Inc.
This letter is intended to assist shareholders in understanding how the Funds
and Portfolios performed during the fiscal year ended June 30, 2003, and
reflects our views at the time of its writing. Of course, these views may change
in response to changing circumstances, and they do not guarantee the future
performance of the markets or the Funds and Portfolios. We encourage you to
consult your financial advisor regarding your personal investment program.
* Mutual funds are sold by prospectus only. The prospectus for a Fund or
Portfolio contains more complete information regarding risks, charges and
expenses, and should be read carefully before investing.
4
<Page>
UBS RMA FUNDS
PERFORMANCE AT A GLANCE
<Table>
<Caption>
7-DAY 7-DAY WEIGHTED
YIELDS AND CHARACTERISTICS CURRENT EFFECTIVE AVERAGE
AS OF JUNE 30, 2003* YIELD YIELD MATURITY** NET ASSETS
- -----------------------------------------------------------------------------------------
UBS RMA Money Market Portfolio 0.55% 0.55% 79 days $ 21.8 billion
- -----------------------------------------------------------------------------------------
UBS RMA U.S. Government Portfolio 0.58% 0.59% 69 days $ 2.5 billion
- -----------------------------------------------------------------------------------------
UBS RMA Tax-Free Fund Inc. 0.39% 0.39% 26 days $ 3.2 billion
- -----------------------------------------------------------------------------------------
UBS RMA California Municipal
Money Fund 0.39% 0.39% 34 days $ 767.0 million
- -----------------------------------------------------------------------------------------
UBS RMA New York Municipal
Money Fund 0.35% 0.35% 37 days $ 588.9 million
- -----------------------------------------------------------------------------------------
UBS RMA New Jersey Municipal
Money Fund 0.23% 0.23% 37 days $ 161.9 million
- -----------------------------------------------------------------------------------------
</Table>
* Yields will flucuate. Performance data quoted represent past performance.
Past performance does not guarantee future results. The Funds and Portfolios
are actively managed and their composition will vary over time.
** The Funds and Portfolios are actively managed and their weighted average
maturities will differ over time.
5
<Page>
UBS RMA MONEY MARKET PORTFOLIO
Statement of Net Assets -- June 30, 2003
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS--40.46%
$1,621,000 U.S. Treasury Bills(1) 07/03/03 to 1.125 to
10/02/03 1.230%@ $ 1,619,146,633
100,000 U.S. Treasury Notes(1) 03/31/04 3.625@ 101,787,908
294,000 Federal Farm Credit Bank 07/01/03 1.000 to
1.020* 293,988,033
99,500 Federal Farm Credit Bank 12/29/03 1.070@ 98,964,718
2,470,795 Federal Home Loan Bank 03/05/04 to 1.070 to
07/16/04 1.410 2,470,795,000
618,900 Federal Home Loan Bank 07/01/03 1.025 to
1.280* 618,832,361
300,000 Federal Home Loan Bank 07/02/03 to 1.100 to
07/09/03 1.190@ 299,968,959
94,300 Federal Home Loan Mortgage Corp.(1) 11/15/03 to 3.250 to
01/15/04 6.375 95,343,357
513,523 Federal Home Loan Mortgage Corp. 07/08/03 to 0.900 to
09/30/03 1.140@ 512,909,359
125,000 Federal National Mortgage Association 05/07/04 1.380 125,000,000
203,000 Federal National Mortgage Association 07/01/03 1.000 to
1.020* 202,994,859
1,794,692 Federal National Mortgage Association 07/02/03 to 0.890 to
12/17/03 1.800@ 1,792,410,872
601,500 Student Loan Marketing Association 07/02/03 to 1.400 to
05/07/04 2.600 601,499,975
Total U.S. Government and Agency Obligations
(cost--$8,833,642,034) 8,833,642,034
- ----------------------------------------------------------------------------------------------------------------------
BANK NOTES--2.20%
U.S.--2.20%
100,000 LaSalle Bank N.A. 07/28/03 2.190 99,995,608
380,000 Wells Fargo Bank N.A. 07/01/03 1.030 to
1.050* 380,000,000
Total Bank Notes (cost--$479,995,608) 479,995,608
- ----------------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--11.23%
U.S.--1.42%
125,000 State Street Bank & Trust Co. 07/09/04 1.140 125,000,000
185,000 SunTrust Bank 07/01/03 1.140* 184,997,250
309,997,250
</Table>
6
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--(CONCLUDED)
NON-U.S.--9.81%
$208,000 Abbey National Treasury 07/01/03 1.025 to
1.048* $ 207,973,579
203,000 ABN-AMRO Bank N.V. 07/01/03 1.120* 203,000,000
95,000 Bayerische Landesbank Girozentrale 05/21/04 1.450% 95,000,000
350,000 Credit Agricole Indosuez 07/02/03 1.240 to
1.250 350,000,000
100,000 Credit Suisse First Boston 07/03/03 1.265 100,000,000
110,000 Deutsche Bank AG 07/01/03 1.130* 110,000,000
250,000 Rabobank Nederland N.V. 07/01/03 1.020* 249,952,619
100,000 Royal Bank of Scotland PLC 07/07/03 1.240 100,001,807
75,000 Svenska Handelsbanken 12/31/03 1.180 74,971,539
587,000 Westdeutcshe Landesbank Girozentrale 07/01/03 to 1.024 to
04/21/04 1.050* 586,945,345
64,000 Westdeutsche Landesbank Girozentrale 04/21/04 1.500 64,000,000
2,141,844,889
Total Certificates of Deposit
(cost--$2,451,842,139) 2,451,842,139
- ----------------------------------------------------------------------------------------------------------------------
TIME DEPOSITS--1.83%
BANKING-NON-U.S.--1.83%
200,000 Credit Lyonnais 07/01/03 1.344 200,000,000
200,000 Deutsche Bank AG 07/01/03 1.390 200,000,000
Total Time Deposit (cost--$400,000,000) 400,000,000
- ----------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--37.09%
ASSET BACKED-AUTO & TRUCK--0.92%
200,000 New Center Asset Trust 07/23/03 1.250 199,847,222
ASSET BACKED-MISCELLANEOUS--15.87%
50,000 Amsterdam Funding Corp. 07/09/03 1.240 49,986,222
330,000 Asset Securitization Cooperative Corp. 07/10/03 to 1.020 to
08/20/03 1.250 329,829,562
31,938 Barton Capital Corp. 07/08/03 1.240 31,930,299
560,204 Falcon Asset Securitization Corp. 07/01/03 to 0.950 to
07/29/03 1.260 560,007,666
315,000 Galaxy Funding, Inc. 07/14/03 to 0.930 to
09/26/03 1.270 314,595,628
40,000 Giro Funding U.S. Corp. 07/07/03 1.250 39,991,667
</Table>
7
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--(CONTINUED)
ASSET BACKED-MISCELLANEOUS--(CONCLUDED)
$124,326 Giro Multi-Funding Corp. 07/15/03 to 1.000 to
07/21/03 1.050% $ 124,260,511
400,000 Grampian Funding LLC 07/24/03 to 0.930 to
10/23/03 1.050 399,604,250
160,349 Old Line Funding Corp. 07/10/03 to 1.000 to
08/01/03 1.240 160,262,766
540,300 Preferred Receivables Funding Corp. 07/07/03 to 0.960 to
07/30/03 1.230 540,096,892
115,000 Quincy Capital Corp. 07/15/03 1.000 114,955,278
240,076 Receivables Capital Corp. 07/16/03 to 0.960 to
07/18/03 0.980 239,974,943
160,718 Thunderbay Funding 07/17/03 to 1.000 to
08/05/03 1.080 160,587,306
15,065 Triple-A One Funding Corp. 07/07/03 1.210 15,061,962
183,000 Variable Funding Capital Corp. 07/09/03 to 1.050 to
07/17/03 1.200 182,929,600
200,000 Windmill Funding Corp. 07/09/03 to 1.050 to
07/15/03 1.240 199,936,056
3,464,010,608
AUTOMOBILE OEM--0.39%
50,000 BMW U.S. Capital, Inc. 07/15/03 1.240 49,975,889
34,694 Volkswagen of America, Inc. 07/07/03 0.950 34,688,507
84,664,396
BANKING-U.S.--7.00%
100,000 ANZ (Deleware), Inc. 08/18/03 1.000 99,866,667
100,000 Barclays U.S. Funding Corp. 08/26/03 0.920 99,856,889
124,000 Credit Lyonnais North America, Inc. 08/15/03 1.010 123,843,450
75,000 Danske Corp. 07/01/03 1.230 75,000,000
300,000 Dexia Delaware LLC 07/07/03 1.240 299,938,000
189,900 Nordea North America, Inc. 07/15/03 to 0.900 to
09/18/03 1.095 189,664,372
330,000 San Paolo IMI U.S. Financial Co. 07/02/03 to 1.000 to
08/18/03 1.240 329,841,328
50,000 Societe Generale North America, Inc. 07/07/03 1.245 49,989,625
160,000 Stadshypotek Del, Inc. 07/16/03 to 1.080 to
07/29/03 1.250 159,897,517
100,000 Westpac Banking Corp. 09/09/03 0.900 99,825,000
1,527,722,848
</Table>
8
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--(CONCLUDED)
BANKING-NON-U.S.--3.35%
$77,000 Bank of Ireland 07/02/03 1.230% $ 76,997,369
264,319 HBOS Treasury Services PLC 08/07/03 to 0.900 to
09/16/03 1.100 263,883,988
390,000 Rabobank Nederland N.V. 07/01/03 1.300 390,000,000
730,881,357
BROKERAGE--3.66%
300,000 Citigroup Global Markets Holdings, Inc. 07/24/03 0.930 299,821,750
200,000 Credit Suisse First Boston, Inc. 07/07/03 to 1.100 to
07/14/03 1.250 199,939,444
300,000 Morgan Stanley & Co. 07/01/03 to 1.020 to
07/17/03 1.040 299,907,556
799,668,750
FINANCE-NONCAPTIVE CONSUMER--0.46%
100,000 American Express Credit Corp. 07/10/03 1.090 99,972,750
FINANCE-NONCAPTIVE DIVERSIFIED--2.26%
50,000 CIT Group, Inc. 07/28/03 to 1.000 to
07/29/03 1.010 49,961,720
150,000 GE Capital International Funding, Inc. 07/25/03 to 0.920 to
12/17/03 1.080 149,532,111
150,000 General Electric Capital Corp. 08/12/03 1.160 149,797,000
145,000 International Lease Finance Corp. 07/07/03 to
07/08/03 1.180 144,969,025
494,259,856
PHARMACEUTICALS--1.52%
14,750 Merck & Co., Inc. 07/09/03 0.900 14,747,050
317,048 Pfizer, Inc. 07/08/03 to 0.910 to
08/11/03 1.170 316,851,903
331,598,953
TELECOM-WIRELINES--0.18%
40,000 Verizon Network Funding Co. 07/23/03 0.920 39,977,511
UTILITIES-OTHER--1.48%
324,500 Aktiengesellsc Ag 07/16/03 to 0.980 to
08/21/03 1.250 324,200,884
Total Commercial Paper
(cost--$8,096,805,135) 8,096,805,135
</Table>
9
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE OBLIGATIONS*--5.94%
ASSET BACKED-FINANCE--4.63%
$200,000 Beta Finance, Inc. 07/01/03 1.075 to
1.330% $ 199,999,671
154,000 CC (USA), Inc. 07/01/03 1.080 154,000,000
70,000 Dorada Finance, Inc. 07/01/03 1.075 69,999,300
586,000 K2 (USA) LLC 07/01/03 to 1.080 to
07/18/03 1.330 586,000,000
1,009,998,971
BANKING-U.S.--0.66%
145,000 Wells Fargo & Co. 07/01/03 1.030 145,000,000
ENERGY-INTEGRATED--0.47%
103,000 BP Capital Markets PLC 07/01/03 1.045 103,000,000
FINANCE-NONCAPTIVE DIVERSIFIED--0.18%
40,000 General Electric Capital Corp. 07/09/03 1.342 40,000,000
Total Short-Term Corporate Obligations
(cost--$1,297,998,971) 1,297,998,971
- ----------------------------------------------------------------------------------------------------------------------
<Caption>
NUMBER OF
SHARES
(000)
- ----------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS+--1.52%
328,287 AIM Liquid Assets Portfolio 07/01/03 1.050 328,287,392
1,184 AIM Prime Portfolio 07/01/03 1.040 1,184,151
119 BlackRock Provident Institutional
TempFund 07/01/03 1.002 119,192
967 Dreyfus Cash Management Fund 07/01/03 1.006 967,027
1,971 Scudder Money Market Series 07/01/03 1.040 1,970,824
Total Money Market Funds (cost--$332,528,586) 332,528,586
<Caption>
PRINCIPAL
AMOUNT
(000)
- ----------------------------------------------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--6.61%
COMMERCIAL PAPER@--2.56%
BANKING-U.S.--0.33%
$71,681 San Paolo IMI U.S. Financial Co. 07/10/03 1.240 71,681,290
</Table>
10
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--(CONCLUDED)
BANKING-NON-U.S.--0.79%
$171,759 Credit Agricole Indosuez
North America, Inc. 07/03/03 1.230% $ 171,759,057
BROKERAGE--1.44%
149,994 Bear Stearns Cos., Inc. 07/01/03 1.350 149,994,375
164,741 Citigroup Global Markets Holdings, Inc. 07/08/03 1.230 164,740,675
314,735,050
Total Commercial Paper
(cost--$558,175,397) 558,175,397
- ----------------------------------------------------------------------------------------------------------------------
TIME DEPOSIT--2.08%
BANKING-NON-U.S.--2.08%
455,000 Societe Generale
(cost--$455,000,000) 07/01/03 1.375 455,000,000
<Caption>
NUMBER OF
SHARES
(000)
- ----------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS+--1.97%
1,272 Aim Liquid Assets Portfolio 07/01/03 1.050 1,272,491
428,301 UBS Private Money Market Fund LLC 07/01/03 1.124 428,300,786
Total Money Market Funds (cost--$429,573,277) 429,573,277
- ----------------------------------------------------------------------------------------------------------------------
Total Investments of Cash Collateral From
Securities Loaned (cost--$1,442,748,674) 1,442,748,674
- ----------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$23,335,561,147
which approximates cost for federal income
tax purposes) (2)--106.88% 23,335,561,147
- ----------------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(6.88)% (1,502,686,558)
Net Assets (applicable to 21,828,883,755
shares of common stock outstanding
equivalent to $1.00 per share)--100.00% $ 21,832,874,589
- ----------------------------------------------------------------------------------------------------------------------
</Table>
* Variable rate securities--maturity dates reflect earlier of reset date or
stated maturity date. The interest rates shown are the current rates as of
June 30, 2003 and reset periodically.
@ Interest rates shown are discount rates at date of purchase.
(1) Security, or portion thereof, was on loan at June 30, 2003.
(2) Includes $1,476,692,220 of investments in securities on loan, at value.
OEM--Original Equipment Manufacturer
+ Interest rates shown reflect yield at June 30, 2003.
Weighted average maturity -- 79 days
See accompanying notes to financial statements
11
<Page>
UBS RMA U.S. GOVERNMENT PORTFOLIO
Statement of Net Assets -- June 30, 2003
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--56.88%
$800,000 U.S. Treasury Bills (1) 07/10/03 to 0.805 to
12/26/03 1.210%@ $ 798,017,844
625,000 U.S. Treasury Notes (1) 08/15/03 to 2.750 to
02/29/04 5.250 629,860,031
Total U.S. Government Obligations
(cost--$1,427,877,875) 1,427,877,875
REPURCHASE AGREEMENTS--42.69%
200,000 Repurchase Agreement dated 06/30/03
with Bank One, collateralized by
$179,512,000 U.S. Treasury Bonds,
10.375% due 11/15/09;
(value-$204,087,193);
proceeds: $200,005,667 07/01/03 1.020 200,000,000
300,000 Repurchase Agreement dated 06/30/03
with Bear Stearns & Co., collateralized
by $173,182,000 U.S. Treasury Bonds,
6.120% to 11.250% due 05/15/09
to 08/15/29 and $49,435,000 U.S.
Treasury Notes, 2.750% to 4.875%
due 10/31/03 to 02/15/12;
(value-$311,529,701);
proceeds: $300,009,000 07/01/03 1.080 300,000,000
171,789 Repurchase Agreement dated 06/30/03
with Deutsche Bank Securities, Inc.,
collateralized by $357,827,815 U.S.
Treasury Bonds, Zero Coupon to
8.875% due 02/15/10 to 11/15/25
and $895,475 U.S. Treasury Notes,
Zero Coupon due 08/15/06;
(value-$175,224,780);
proceeds: $171,794,154 07/01/03 1.080 171,789,000
400,000 Repurchase Agreement dated 06/30/03
with Goldman Sachs Group, Inc.,
collateralized by $75,931,000 U.S.
Treasury Bond, 11.250% due
02/15/15 and $264,811,000 U.S.
Treasury Note, 4.750% due 02/15/04;
(value-$408,000,633);
proceeds: $400,012,000 07/01/03 1.080 400,000,000
Total Repurchase Agreements
(cost--$1,071,789,000) 1,071,789,000
- ----------------------------------------------------------------------------------------------------------------------
</Table>
12
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ----------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS+--0.21%
2,777 AIM Short-Term Investment
Trust Treasury Portfolio 07/01/03 1.010% $ 2,776,712
2,261 Federated Treasury Securities Fund 07/01/03 0.905 2,260,516
74 Goldman Treasury Investor Fund 07/01/03 0.915 73,653
Total Money Market Funds (cost--$5,110,881) 5,110,881
- ----------------------------------------------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--7.59%
<Caption>
PRINCIPAL
AMOUNT
(000)
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--5.14%
$129,108 Repurchase Agreement dated 06/30/03
with Deutsche Bank Securities., Inc.,
collateralized by $268,924,100 U.S.
Treasury Bonds, Zero Coupon
to 8.875% due 02/15/10 to 11/15/25
and $675,534 U.S. Treasury Notes,
Zero Coupon due 08/15/06
(value-$131,690,743); proceeds:
$129,112,444 (cost--$129,108,571) 07/01/03 1.080 129,108,571
<Caption>
NUMBER OF
SHARES
(000)
- ----------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS+--2.45%
61,522 AIM Short-Term Investment
Trust Treasury Portfolio
(cost--$61,521,566) 07/01/03 1.010 61,521,566
Total Investments of Cash Collateral From
Securities Loaned (cost--$190,630,137) 190,630,137
Total Investments (cost--$2,695,407,893 which
approximates cost for federal income tax
purposes) (2)--107.37% 2,695,407,893
Liabilities in excess of other assets--(7.37%) (184,954,686)
Net Assets (applicable to 2,510,824,616 shares
of common stock outstanding equivalent
to $1.00 per share)--100.00% $ 2,510,453,207
- ----------------------------------------------------------------------------------------------------------------------
</Table>
(1) Security, or portion thereof, was on loan at June 30, 2003.
(2) Includes $185,126,270 of investments in securities on loan, at value.
@ Interest rates shown are discount rates at date of purchase.
+ Interest rates shown reflect yield at June 30, 2003.
Weighted average maturity -- 69 days
See accompanying notes to financial statements
13
<Page>
UBS RMA TAX-FREE FUND INC.
STATEMENT OF NET ASSETS -- JUNE 30, 2003
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--97.72%
ALABAMA--1.52%
$14,135 Birmingham Alabama Refunding, Series A A 1.000% $ 14,135,000
11,265 Mobile Alabama Industrial
Development Board, Dock and
Wharf Revenue Refunding
(Holnam, Inc. Project), Series A A 0.900 11,265,000
8,700 Mobile Alabama Industrial
Development Board, Dock and
Wharf Revenue Refunding
(Holnam, Inc. Project), Series B A 0.950 8,700,000
15,275 University of Alabama Revenue
(University Hospital), Series C A 0.970 15,275,000
49,375,000
- --------------------------------------------------------------------------------------------------------------------------
ARIZONA--2.07%
35,000 Apache County Industrial
Development Authority
(Tucson Electric Power Co.) A 1.050 35,000,000
11,200 Apache County Industrial
Development Authority
(Tucson Electric Power Co.),
Series B A 1.000 11,200,000
8,000 Apache County Industrial
Development Authority
(Tucson Electric Power Co.
Springerville Project) A 1.150 8,000,000
8,200 Pima County Industrial
Development Authority Revenue
(Tucson Electric Power Co. Ivington),
Series A A 1.050 8,200,000
4,700 Pinal County Pollution
Control Revenue
(Newmont Mining Corp.) A 0.950 4,700,000
67,100,000
- --------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--0.78%
18,600 California State Department of
Water Resources Powersupply
Revenue, Series C-4 A 1.050 18,600,000
</Table>
14
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
CALIFORNIA--(CONCLUDED)
$1,600 California State, Series A-3 A 0.950% $ 1,600,000
5,000 California State, Series B-3 A 1.000 5,000,000
25,200,000
- --------------------------------------------------------------------------------------------------------------------------
COLORADO--2.27%
9,000 Colorado Housing & Finance
Authority, Housing Revenue Multi-Family
Class III, Series A-1 A 1.050 9,000,000
10,000 Colorado Housing & Finance Authority,
Housing Revenue, Single-Family Series C-6 A 1.550 10,000,000
29,000 Colorado Regional Transportation
District Certificates of Participation
(Transit Vehicles Project), Series A A 0.950 29,000,000
17,000 East 470 Public Highway Authority Co.
Revenue, Vehicle Registration Fee A 0.950 17,000,000
8,490 Smith Creek Metropolitan
District Revenue A 0.950 8,490,000
73,490,000
- --------------------------------------------------------------------------------------------------------------------------
CONNECTICUT--0.37%
12,000 Connecticut Special Tax Obligation
Revenue (Second Lien Transportation) A 1.050 12,000,000
DISTRICT OF COLUMBIA--4.32%
40,000 District of Columbia (Multi-Modal)
Refunded, Series D A 1.050 40,000,000
13,115 District of Columbia (Multi-Modal),
Series A A 1.050 13,115,000
17,000 District of Columbia (Multi-Modal), Series B A 1.050 17,000,000
5,675 District of Columbia Refunded, Series D A 0.950 5,675,000
11,000 District of Columbia Revenue
(Foundation Jewish Campus Life) A 1.000 11,000,000
25,000 District of Columbia Revenue
(George Washington University), Series B A 0.900 25,000,000
10,000 District of Columbia Revenue
(JFK Center for the Performing Arts) A 1.950 10,000,000
18,055 District of Columbia Revenue
Pooled Loan Program, Series A A 1.000 18,055,000
139,845,000
- --------------------------------------------------------------------------------------------------------------------------
</Table>
15
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
FLORIDA--6.79%
$1,700 Alachua County Health Facilities
Authority, Health Facilities Revenue
(Shands Teaching Hospital), Series A A 1.000% $ 1,700,000
5,400 Collier County Health Facilities Authority,
Health Facilities Revenue
(Cleveland Clinic Health), Series C-1 A 0.980 5,400,000
6,450 Collier County Health Facilities Authority,
Health Facilities Revenue
(The Moorings, Inc. Project) A 0.950 6,450,000
5,890 Dade County Industrial Development
Authority (Dolphins Stadium Project),
Series B A 1.000 5,890,000
4,200 Florida Gulf Coast University
Certificates of Participation A 1.100 4,200,000
7,600 Florida Housing Finance Agency,
Multi-Family Housing Revenue
(Housing Lakeside), Series B A 0.950 7,600,000
6,300 Florida Housing Finance Agency
(Parrots Landing Project), Series A A 0.950 6,300,000
5,500 Jacksonville Electric Authority Revenue
(Electric Systems), Series F A 1.000 5,500,000
5,300 Jacksonville Electric Authority Revenue
(Subordinated Electric Systems), Series B A 1.000 5,300,000
39,000 Jacksonville Electric Authority Revenue
(Water & Sewer Systems), Series B A 0.950 39,000,000
20,000 Jacksonville Health Facilities Authority,
Hospital Revenue, Series A A 1.000 20,000,000
8,485 Lee County Housing Finance Authority,
Multi-Family Housing Revenue Refunding
(Forestwood Apartments Project), Series A A 0.950 8,485,000
12,900 Nassau County Pollution Control Revenue
(Rayonier Project) A 0.950 12,900,000
5,700 Palm Beach County Housing Finance
Authority Revenue Refunding
(Cotton Bay Apartments Project), Series D A 0.950 5,700,000
6,400 Palm Beach County Housing Finance
Authority Revenue Refunding
(Mahogony Bay Apartments Project),
Series C A 0.950 6,400,000
</Table>
16
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
FLORIDA--(CONCLUDED)
$8,100 St. John's County Industrial Development
Authority (Glenmoor St. John's Project),
Series C A 0.950% $ 8,100,000
55,965 Sunshine State Governmental 0.970 to
Financing Commission Revenue A 1.050 55,965,000
15,000 University of South Florida
Foundation, Inc. A 1.030 15,000,000
219,890,000
- --------------------------------------------------------------------------------------------------------------------------
GEORGIA--5.59%
4,900 Athens-Clarke County Unified Government
Development Authority Revenue
(UGA Real Estate Funding Project) A 1.000 4,900,000
6,000 Atlanta Airport Revenue General
Refunding, Series C-3 A 1.000 6,000,000
5,000 Atlanta Development Authority Revenue
(Clark University Project), Series A A 1.030 5,000,000
27,580 Burke County Development
Authority Pollution Control
(Oglethorpe Power Corp.), Series A A 0.950 27,580,000
4,300 De Kalb County Housing Authority,
Multi-Family Housing Revenue Refunding
(Post Brook Project) A 1.000 4,300,000
14,300 De Kalb County Housing Authority,
Multi-Family Housing Revenue
Refunding (Post Walk Project) A 1.000 14,300,000
15,935 De Kalb County Housing Authority,
Multi-Family Housing Revenue Refunding
(Wood Terrace Apartments Project) A 1.050 15,935,000
5,030 De Kalb Private Hospital Authority
Revenue Anticipation Certificates
(ESR Childrens Health), Series B A 0.950 5,030,000
5,000 Fulco Georgia Hospital Authority
Revenue Anticipation Certificates
(Shepherd Center, Inc. Project) A 0.950 5,000,000
27,600 Fulton County Housing Authority,
Multi-Family Housing Revenue Refunding
(Spring Creek Crossing) A 1.000 27,600,000
</Table>
17
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
GEORGIA--(CONCLUDED)
$12,655 Georgia Municipal Electric Authority
Variable (Project One Subordination) A 1.000% $ 12,655,000
10,000 Georgia Municipal Electric Authority
Variable (Project One Subordination),
Series D A 0.950 10,000,000
4,375 Georgia Municipal Gas Authority
Revenue (Gas Portfolio II Project),
Series B A 1.050 4,375,000
4,200 Georgia State, Series B 07/01/03 4.000 4,200,000
10,400 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Greens Apartments Project) A 1.000 10,400,000
6,000 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Chase Project) A 1.000 6,000,000
13,150 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Court Project) A 1.000 13,150,000
4,700 Metropolitan Atlanta Rapid Transit
Authority (Georgia Sales Tax Revenue),
Series B A 0.900 4,700,000
181,125,000
- --------------------------------------------------------------------------------------------------------------------------
IDAHO--0.86%
4,430 Idaho Health Facilities Authority
Revenue (St. Lukes Regional
Medical Center Project) A 1.000 4,430,000
12,000 Idaho State Tax Anticipation Notes 06/30/04 2.000 12,142,440
11,300 Power County Pollution Control
Revenue (FMC Corp. Project) A 0.950 11,300,000
27,872,440
- --------------------------------------------------------------------------------------------------------------------------
ILLINOIS--9.38%
3,500 Chicago Illinois Metropolitan
Water Reclamation District Capital
Improvement, Series E A 0.900 3,500,000
7,000 Chicago Illinois Metropolitan Water
Reclamation District Refunding, Series A A 0.900 7,000,000
26,500 Chicago Illinois Metropolitan Water
Reclamation District Refunding, Series B A 0.900 26,500,000
</Table>
18
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
ILLINOIS--(CONTINUED)
$39,170 Chicago Illinois O'Hare International
Airport Revenue, Series C A 1.000% $ 39,170,000
23,200 Illinois Development Finance
Authority Pollution Control
Revenue (Commonwealth Edison) A 0.950 23,200,000
11,400 Illinois Development Finance
Authority Revenue
(Chicago Symphony Orchestra) A 0.950 11,400,000
7,800 Illinois Development
Finance Authority Revenue
(Evanston Northwestern), Series A A 0.950 7,800,000
14,100 Illinois Development Finance
Authority Revenue
(Francis W. Parker School Project) A 0.950 14,100,000
5,510 Illinois Development Finance
Authority Revenue (Jewish
Federation Metropolitan
Chigaco Project) A 1.000 5,510,000
5,145 Illinois Development Finance
Authority Revenue
(Jewish Federation Project) A 1.000 5,145,000
16,020 Illinois Development Finance
Authority Revenue, Multi-Family
Housing Revenue Refunding
(Orleans Illinois Project) A 1.050 16,020,000
2,300 Illinois Development Finance
Authority Revenue
(St. Vincent De Paul Project), Series A A 0.900 2,300,000
4,645 Illinois Educational Facilities
Authority Revenue
(Northwestern University) A 1.050 4,645,000
8,000 Illinois Health Facilities Authority
Revenue Pooled Loan, Series C A 1.050 8,000,000
15,000 Illinois Health Facilities Authority
Revenue (Resurrection Health),
Series A A 0.950 15,000,000
18,985 Illinois Health Facilities Authority
Revenue (University of Chicago
Hospital Project), Series C A 1.000 18,985,000
</Table>
19
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
ILLINOIS--(CONCLUDED)
$32,925 Illinois Health Facilities Authority
Revenue Refunding (Advocate
Health Care), Series B A 1.050% $ 32,925,000
13,140 Illinois Health Facilities Authority
Revenue Refunding (Southern
Illinois Healthcare), Series B A 1.150 13,140,000
33,600 Illinois Toll & Highway Authority A 0.900 33,600,000
16,000 Lisle Illinois Multi-Family Revenue
Housing (Four Lakes Phase V) A 0.900 16,000,000
303,940,000
- --------------------------------------------------------------------------------------------------------------------------
INDIANA--3.28%
11,400 Indiana Health Facility Financing
Authority Hospital Revenue
(Aces Rehabilation Hospital) A 0.950 11,400,000
5,000 Indiana Health Facility Financing
Authority Revenue (Ascension
Health Credit Group), Series A-2 07/03/03 1.830 5,000,000
15,180 Indiana Health Facility Financing
Authority Revenue (Ascension Health
Credit Group), Series B A 0.950 15,180,000
4,000 Indiana Municipal Power Supply
Systems Revenue Refunding, Series A A 0.950 4,000,000
8,200 Indiana State Educational
Facilities Authority Revenue
(University of Notre Dame) A 0.800 8,200,000
14,000 Indianapolis Local Public
Improvement Bond, Series F 08/29/03 1.250 14,006,066
9,000 Indianapolis Local Public
Improvement Bond, Series H 01/08/04 1.250 9,017,278
10,000 Indianapolis Public Improvement
Bond Bank Notes, Series B 07/08/03 2.000 10,001,656
29,500 St. Joseph County Educational Facilities
Revenue (University of Notre Dame) A 0.850 29,500,000
106,305,000
- --------------------------------------------------------------------------------------------------------------------------
IOWA--0.72%
5,100 Iowa Finance Authority Wellness
Facility Revenue (Community Y
Marshalltown Project) A 1.050 5,100,000
</Table>
20
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
IOWA--(CONCLUDED)
$18,100 Iowa Higher Education Loan
Authority Revenue (Aces Education
Loan Private College) A 1.000% $ 18,100,000
23,200,000
- --------------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.13%
4,100 Breckinridge County Lease Program
Revenue (Kentucky Association
Counties Leasing Trust), Series A A 1.000 4,100,000
LOUISIANA--1.32%
9,700 Calcasieu Parish Industrial
Development Board Pollution
Control Revenue (Citgo Petrol Corp.) A 1.000 9,700,000
1,200 East Baton Rouge Parish
Louisiana Pollution Control
Revenue Refunding (Exxon Project) A 0.950 1,200,000
15,690 Louisiana Public Facilities Authority
Revenue (College and University
Equipment and Capital), Series A A 1.050 15,690,000
16,100 South Louisiana Port Commission
Marine Terminal Facilities Revenue
(Occidental Petroleum) A 1.000 16,100,000
42,690,000
- --------------------------------------------------------------------------------------------------------------------------
MARYLAND--4.03%
12,755 Baltimore County Revenue
(Oak Crest Village, Inc. Project),
Series A A 1.000 12,755,000
18,150 Baltimore Maryland Industrial
Development Authority
(Baltimore Capital Acquistion) A 0.950 18,150,000
28,900 Maryland Health & Higher
Educational Facilities Authority
(Pooled Loan Program), Series A A 0.950 28,900,000
29,675 Maryland Health & Higher
Educational Facilities Authority
(Pooled Loan Program), Series B A 0.900 29,675,000
21,595 Maryland Health & Higher
Educational Facilities Authority
(Pooled Loan Program), Series D A 0.950 21,595,000
</Table>
21
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MARYLAND--(CONCLUDED)
$4,765 Maryland State Economic
Development Corp. Economic
Development Revenue (Soccer Project) A 1.000% $ 4,765,000
5,520 Northeast Maryland Waste
Disposal Authority Resources
Recovery Revenue Refunding
(Hartford County Resources) A 0.800 5,520,000
9,200 University of Maryland
Equipment Tender Notes A 0.900 9,200,000
130,560,000
- --------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--7.75%
5,975 Andover Massachusetts Bond
Anticipation Notes 12/18/03 1.500 5,993,182
14,009 Ashburnham & Westminster ETC
Regional School District Bond
Anticipation Notes 01/29/04 2.250 14,089,078
10,600 Boston Water & Sewer
Commission Revenue, Series A A 0.900 10,600,000
14,000 Everett Massachusetts Bond
Anticipation Notes 09/12/03 2.500 14,028,700
17,600 Massachusetts State Bond
Anticipation Notes, Series A 09/01/03 4.000 17,669,247
10,000 Massachusetts State Health &
Educational Facilities Authority
Revenue (Bentley College) A 1.000 10,000,000
3,600 Massachusetts State Health & Educational
Facilities Authority Revenue
(Capital Asset Program), Series C A 0.900 3,600,000
15,000 Massachusetts State Health &
Educational Facilities Authority
Revenue (Harvard University) A 1.050 15,000,000
12,000 Massachusetts State Health &
Educational Facilities Authority
Revenue (Harvard University),
Series BB A 1.050 12,000,000
14,650 Massachusetts State Health &
Educational Facilities Authority Revenue
(Partners Healthcare System), Series P-2 A 1.000 14,650,000
</Table>
22
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MASSACHUSETTS--(CONCLUDED)
$10,000 Massachusetts State Health &
Educational Facilities Authority,
Massachusetts Institute of
Technology, Series J-2 A 0.850% $ 10,000,000
25,200 Massachusetts State Water
Resources Authority Refunding
(General Multi-Modal), Series B A 0.900 25,200,000
20,850 Massachusetts State Water
Resources Authority Refunding
(General Multi-Modal), Series C A 0.900 20,850,000
5,000 Mendon-Upton Regional School
District Bond Anticipation Notes 09/19/03 2.250 5,008,745
18,000 Natick Massachusetts Bond
Anticipation Notes 04/30/04 2.000 18,133,427
44,000 Route 3 North Transport Improvement
Associates Lease Revenue
(Demand Obligation Bond), Series B A 0.900 44,000,000
10,000 Tyngsborough Massachusetts
Bond Anticipation Notes 11/06/03 3.000 10,043,064
250,865,443
- --------------------------------------------------------------------------------------------------------------------------
MICHIGAN--2.14%
9,900 Detroit Sewage Disposal Revenue
Refunding, Series B A 0.930 9,900,000
8,200 Michigan State Grant Anticipation
Notes, Series B A 0.900 8,200,000
4,000 Michigan State Housing
Development Authority (Shoal Creek) A 1.000 4,000,000
16,800 Michigan State Housing Development
Authority, Series 2000-A A 1.050 16,800,000
2,300 Michigan State Strategic Fund
Pollution Control Revenue Refunding
(Consumers Power Project), Series A A 0.950 2,300,000
5,400 Northville Township Economic
Development Corp. Ltd., Obligation
Revenue (Thrifty Northville, Inc. Project) A 1.175 5,400,000
5,300 University of Michigan Revenue
(University Hospital), Series A A 0.950 5,300,000
</Table>
23
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MICHIGAN--(CONCLUDED)
$8,300 University of Michigan Revenue
(University Medical Service Plan),
Series A A 0.950% $ 8,300,000
9,135 University of Michigan Revenue
Refunding (University Medical
Service Plan), Series A1 A 0.950 9,135,000
69,335,000
- --------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.59%
19,100 Harrison County Pollution Control
Revenue (DuPont) A 0.950 19,100,000
MISSOURI--3.09%
6,200 Missouri Development Finance
Board Cultural Facilities Revenue
(Nelson Gallery Foundation), Series B A 0.980 6,200,000
14,000 Missouri State Health & Educational
Facilities Authority Revenue
(Assemblies of God College) A 1.000 14,000,000
14,255 Missouri State Health &
Educational Facilities Authority
Revenue (Barnes Hospital Project) A 0.950 14,255,000
24,195 Missouri State Health &
Educational Facilities Authority
Revenue (Cox Health Systems) A 1.100 24,195,000
15,400 Missouri State Health &
Educational Facilities Authority
Revenue (Medical Research
Facilities Stowers) A 0.950 15,400,000
14,500 Missouri State Health & Educational
Facilities Authority Revenue, 0.950 to
(Washington University), Series B A 0.980 14,500,000
5,570 St. Charles County Industrial
Development Authority Revenue
Refunding (Casalon Apartments Project) A 0.980 5,570,000
6,000 St. Charles County Industrial
Development Authority Revenue
Refunding (Remington Apartments Project) A 0.980 6,000,000
100,120,000
- --------------------------------------------------------------------------------------------------------------------------
</Table>
24
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NEBRASKA--0.65%
$10,100 Lancaster County Hospital Authority
Revenue (Immanuel Health Systems),
Series A A 0.970% $ 10,100,000
11,100 Nebraska Help Increase Revenue
(Multi-Modal), Series E A 1.050 11,100,000
21,200,000
- --------------------------------------------------------------------------------------------------------------------------
NEVADA--0.74%
24,000 Clark County Airport Improvement
Revenue (Sub Lien), Series A-1 A 0.900 24,000,000
NEW HAMPSHIRE--1.45%
13,800 New Hampshire Business Finance
Authority Resource Recovery
Revenue (Wheelabrator), Series A A 0.950 13,800,000
5,885 New Hampshire Higher
Educational & Health Facilities
Authority Revenue (Mary
Hitchcock), Series 85-H A 0.950 5,885,000
19,525 New Hampshire Housing
Finance Authority, Multi-Family
Housing Revenue (EQR Bond
Partnership Project) A 0.900 19,525,000
7,700 Strafford County Tax
Anticipation Notes 12/26/03 1.500 7,715,654
46,925,654
- --------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--0.22%
7,139 Barnegat Township New Jersey
Board of Education Temporary Notes 07/17/03 2.750 7,142,477
NEW MEXICO--0.25%
8,050 University of New Mexico,
University Revenue A 0.900 8,050,000
NEW YORK--1.47%
10,000 Freeport New York Bond
Anticipation Notes, Series A 01/22/04 2.250 10,055,418
</Table>
25
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NEW YORK--(CONCLUDED)
$ 1,600 New York City Municipal Water
Finance Authority Water & Sewer
Systems Revenue, Series C A 0.900% $ 1,600,000
9,600 New York City Municipal Water
Finance Authority Water &
Sewer Systems Revenue,
Series C A 0.900 9,600,000
8,800 New York City Municipal Water
Finance Authority Water &
Sewer Systems Revenue, Series F-1 A 0.900 8,800,000
6,025 New York City Subseries E-5 A 0.950 to 1.100 6,025,000
1,950 New York City Subseries E-5, Series C A 0.950 1,950,000
9,630 Triborough Bridge & Tunnel
Authority New York Refunding,
Series A A 0.900 9,630,000
47,660,418
- --------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--2.68%
6,800 Charlotte Certificates of
Participation (Government Facilities),
Series F 06/01/04 1.030 6,800,000
4,000 Mecklenburg County Lease Revenue
(The Young Mens Christian Association) A 1.000 4,000,000
17,840 North Carolina Educational Facilities
Finance Agency Revenue (Duke
University Project), Series A A 0.960 17,840,000
11,760 North Carolina Educational
Facility (Elon College) A 0.950 11,760,000
6,795 North Carolina Educational Facility
Finance Agency Revenue
(Providence Day) A 1.000 6,795,000
2,200 North Carolina Medical Care
Commission Hospital Revenue
(Duke University Hospital), Series B A 1.000 2,200,000
10,000 North Carolina State
(Public Improvement Bond), Series F A 0.920 10,000,000
15,000 North Carolina State Refunding, Series B A 0.900% 15,000,000
</Table>
26
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NORTH CAROLINA--(CONCLUDED)
$7,300 North Carolina State University
Raleigh Revenue (Centennial
Campus), Series A A 1.050 $ 7,300,000
4,980 Winston Salem Water & Sewer
Systems Refunding, Series C A 1.000 4,980,000
86,675,000
- --------------------------------------------------------------------------------------------------------------------------
OHIO--6.00%
19,000 Cincinnati City School District
Bond Anticipation Notes 01/20/04 1.300 19,046,740
9,600 Cleveland Airport Systems
Revenue, Series C A 0.900 9,600,000
18,900 Columbus Sewer Revenue A 1.000 18,900,000
6,000 Cuyahoga County Hospital
Revenue (University Hospital
Health Center) A 1.000 6,000,000
12,175 Franklin County Hospital
Revenue Refunding
(U.S. Health Corp.), Series A A 0.950 12,175,000
11,235 Franklin County Hospital
Revenue Refunding
(U.S.Health Corp.), Series B A 0.950 11,235,000
10,800 Franklin County Hospital
Revenue Subordinated
(Doctors Ohio Health), Series B A 1.000 10,800,000
18,500 Kent State University Revenue A 1.050 18,500,000
7,250 Mahoning County Housing
Revenue (Youngstown State
University Project) A 0.900 7,250,000
14,200 Ohio State Air Quality Development
Authority Revenue Refunding
(Ohio Edison Project), Series A A 0.950 14,200,000
3,400 Ohio State Air Quality Development
Authority Revenue Refunding
(Ohio Edison Project), Series C A 0.950 3,400,000
4,475 Ohio State Higher Educational
Facilities Revenue (Case Western
Reserve), Series A A 0.950 4,475,000
</Table>
27
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
OHIO--(CONCLUDED)
$29,900 Ohio State Water Development
Authority Revenue Refunding
Water Development Project A 0.900% $ 29,900,000
24,000 Princeton City School District
Bond Anticipation Notes 01/15/04 1.350 24,057,840
4,930 University of Toledo General Receipt A 1.050 4,930,000
194,469,580
- --------------------------------------------------------------------------------------------------------------------------
OREGON--1.39%
38,000 Multnomah County Tax &
Revenue Anticipation Notes 06/30/04 1.750 38,319,200
6,700 Portland Multi-Family Revenue
(South Park Block Project), Series A A 0.950 6,700,000
45,019,200
- --------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--4.28%
14,835 Delaware County Authority
Hospital Revenue (Crozer-Chester
Medical Center) A 1.000 14,835,000
20,900 Delaware Valley Regional Finance
Authority (Local Government Revenue) A 0.950 20,900,000
24,200 Pennsylvania Higher Educational
Facilities Authority Revenue
(University of Pittsburgh
Health Services), Series B A 1.050 24,200,000
10,000 Pennsylvania Higher Educational
Facilities Authority Revenue
(University of Pittsburgh
Health Services), Series C A 1.050 10,000,000
10,000 Philadelphia Authority for Industrial
Development Revenue (Regional
Performing Arts Center Project) A 0.950 10,000,000
9,700 Philadelphia Hospital & Higher
Education Health Systems
(Childrens Hospital Project), Series A A 0.980 9,700,000
10,000 Philadelphia Hospital & Higher
Education Health Systems
(Jefferson Health Project),
Series B 03/26/04 1.200 10,000,000
</Table>
28
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
PENNSYLVANIA--(CONCLUDED)
$24,200 University of Pittsburgh of the
Commonwealth Systems of
Higher Education (University
Capital Project), Series A A 1.050% $ 24,200,000
14,750 York General Authority Revenue
(Pooled Financing Subordinated),
Series B A 1.000 14,750,000
138,585,000
- --------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--0.43%
14,000 Warwick Rhode Island Bond
Anticipation Notes 01/21/04 1.500 14,048,761
SOUTH CAROLINA--3.12%
10,000 Piedmont Municipal Power
Agency, South Carolina
Electric Revenue Refunding,
Series A A 0.950 10,000,000
11,600 Piedmont Municipal Power
Agency, South Carolina
Electric Revenue Refunding,
Series D A 0.900 11,600,000
7,000 Richland County School
District No. 001 Bond
Anticipation Notes 10/01/03 1.500 7,009,562
10,000 Rock Hill Utility Systems
Revenue, Series B A 0.900 10,000,000
19,380 South Carolina Jobs
Economic Development
Authority (Coastal Carolina
University Project), Series A A 1.000 19,380,000
5,400 South Carolina Jobs Economic
Development Authority
(YMCA Greenville Project) A 1.050 5,400,000
15,100 South Carolina Jobs Economic
Development Authority, Hospital
Facilities Revenue (Baptist
Healthcare Systems) A 0.950 15,100,000
</Table>
29
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
SOUTH CAROLINA--(CONCLUDED)
$13,415 South Carolina Jobs Economic
Development Authority, Hospital
Facilities Revenue (Orangeburg
Medical Center) A 0.900% $ 13,415,000
9,000 Spartanburg County School
District No. 001 Bond
Anticipation Notes, Series B 05/13/04 2.000 9,068,597
100,973,159
- --------------------------------------------------------------------------------------------------------------------------
TENNESSEE--2.30%
15,000 Metropolitan Government
Nashville & Davidson County,
Industrial Development
Refunding (David Lipscomb
University Project) A 1.000 15,000,000
5,000 Metropolitan Nashville &
Davidson County, Health &
Educational Facilities Board
Revenue (Ascension Health
Credit), Series B-1 07/28/03 1.600 5,000,000
9,775 Metropolitan Nashville &
Davidson County, Health &
Educational Facilities Board
Revenue (Vanderbilt University) A 0.900 9,775,000
3,900 Metropolitan Nashville
Airport Authority A 1.000 3,900,000
17,150 Montgomery County Public Building
Authority Revenue, (Pooled Loan) A 1.000 17,150,000
8,220 Shelby County, Series A A 1.000 8,220,000
5,500 Signal Mountain Health Educational &
Housing Facilities Board Revenue
Refunding (Alexian Village) A 1.030 5,500,000
9,790 Tusculum Health Educational &
Housing Board, Educational
Facilities Revenue (Tusculum
College Project) A 1.000 9,790,000
74,335,000
- --------------------------------------------------------------------------------------------------------------------------
</Table>
30
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
TEXAS--7.45%
$12,800 Georgetown Higher Education
Finance Corp. (Southwestern University) A 1.000% $ 12,800,000
4,325 Guadalupe Blanco River Authority
(Central Texas Tax Power) A 0.950 4,325,000
6,100 Harris County Health Facilities Development
Corp. Special Facilities Revenue
(Texas Medical Center Project), Series B A 1.000 6,100,000
10,000 Harris County Industrial
Development Corp. Revenue
Refunding (Baytank Houston, Inc. Project) A 0.950 10,000,000
26,565 Harris County Toll Roads A 1.100 26,565,000
16,685 Harris County Toll Roads,
(Sub-Lien), Series C A 1.100 16,685,000
5,500 Midlothian Industrial Development
Corp. Pollution Control Revenue
(Bow Crow Cement Co. Project) A 0.970 5,500,000
4,000 Red River (Southwestern Public Service) A 1.000 4,000,000
7,010 Tarrant County Texas Housing
Finance Corp. Revenue Refunding
(Multi-Family Housing Apartments
Project) A 1.140 7,010,000
141,345 Texas State Tax & Revenue
Anticipation Notes, Series A-L32 08/29/03 2.750 141,649,961
6,600 Texas Water Development
Board Revenue Refunding
State Revolving Fund A 0.950 6,600,000
241,234,961
- --------------------------------------------------------------------------------------------------------------------------
UTAH--0.62%
3,900 Davis County Tax &
Revenue Anticipation Notes 12/30/03 2.000 3,920,275
8,000 Intermountain Power Agency
Power Supply Revenue,
Series E A 1.000 8,000,000
8,000 Salt Lake County Tax &
Revenue Anticipation Notes 12/30/03 1.500 8,026,080
19,946,355
- --------------------------------------------------------------------------------------------------------------------------
</Table>
31
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
VERMONT--1.27%
$29,600 Vermont Educational & Health
Buildings Financing Agency
Revenue (Fletcher Allen
Hospital), Series B A 0.950% $ 29,600,000
4,000 Vermont Educational & Health
Buildings Financing Agency
Revenue (Marlboro College
Project), Series A A 1.050 4,000,000
7,500 Vermont Educational & Health
Buildings Financing Agency
Revenue (Middlebury College
Project) 05/03/04 1.150 7,500,000
41,100,000
- --------------------------------------------------------------------------------------------------------------------------
VIRGINIA--1.49%
37,510 Loudoun County Industrial Development
Authority (Falcons Landing Project) A 0.950 37,510,000
7,000 Norfolk Industrial Development
Authority Revenue (Hospital
Facilities Childrens Project) A 1.000 7,000,000
3,800 Roanoke Industrial Development
Authority Hospital Revenue (Carilion
Health Services Systems), Series D A 0.970 3,800,000
48,310,000
- --------------------------------------------------------------------------------------------------------------------------
WASHINGTON--4.14%
13,000 Energy Northwest Washington
Electric Revenue Refunding
(Project No. 3), Series D-3-2 A 0.970 13,000,000
22,200 King County Washington Sewer
Revenue, (Junior Lien), Series B A 1.050 22,200,000
4,595 Pierce County Washington Economic
Development Corp. Special Revenue
(Weyerhaeuser Real Estate) A 1.050 4,595,000
5,100 Port of Vancouver Washington A 1.000 5,100,000
4,250 Port of Vancouver Washington
(United Grain Corp. of Oregon) A 1.000 4,250,000
9,400 Seattle Municipal Light &
Power Revenue A 0.900 9,400,000
</Table>
32
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
WASHINGTON--(CONCLUDED)
$35,370 Snohomish County Public
Utility District No. 001 Electric
Revenue Refunding
(Generation Systems), Series A A 0.900% $ 35,370,000
10,000 Tulalip Tribes of The
Tulalip Reservation
Special Revenue Refunding A 1.050 10,000,000
3,695 Washington State Public Power Supply
Systems Nuclear Project No. 1
Electric Revenue Refunding, Series 1A-1 A 0.920 3,695,000
14,500 Washington State Public Power Supply
Systems Nuclear Project No. 3
Electric Revenue Refunding, Series 3A A 0.970 14,500,000
12,055 Washington State, Series VR-96B A 0.880 12,055,000
134,165,000
- --------------------------------------------------------------------------------------------------------------------------
WISCONSIN--0.77%
10,000 Wisconsin Center District
Wisconsin Tax Revenue, Series A A 1.000 10,000,000
5,000 Wisconsin School District Cash
Flow Management Program
Certificates of Participation, Series A-1 09/23/03 2.250 5,008,492
10,000 Wisconsin State Health &
Education Facilities Authority
Revenue (Wheaton Franciscan Services) A 1.030 10,000,000
25,008,492
- --------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$3,164,961,940) 3,164,961,940
TAX-EXEMPT COMMERCIAL PAPER--5.97%
ARIZONA--0.46%
15,000 Salt River (Agriculture Project) 08/14/03 1.050 15,000,000
DISTRICT OF COLUMBIA--0.68%
22,000 District of Columbia Water & 08/22/03 to
Sewer Revenue 08/27/03 0.950 22,000,000
</Table>
33
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--(CONTINUED)
ILLINOIS--0.28%
$9,000 Illinois Educational Facilities
Authority Revenue 08/28/03 1.100% $ 9,000,000
MARYLAND--0.37%
7,000 Baltimore County Consolidated
Public Improvement 07/11/03 1.100 7,000,000
5,000 Howard County Medical
Consolidated Bond Revenue 08/13/03 0.900 5,000,000
12,000,000
- --------------------------------------------------------------------------------------------------------------------------
MINNESOTA--0.22%
7,000 City of Rochester (Mayo Foundation) 07/09/03 1.100 7,000,000
NEW YORK--0.65%
21,100 New York City Municipal 07/10/03 to 1.050 to
Water Finance Authority 07/17/03 1.100 21,100,000
PUERTO RICO--0.62%
20,000 Government Development 08/05/03 to 0.950 to
Bank of Puerto Rico 09/26/03 1.050 20,000,000
TENNESSEE--0.27%
8,900 Shelby County Health
Educational & Housing
Facilities Board Revenue
(Baptist Hospital) 07/21/03 0.950 8,900,000
TEXAS--1.90%
9,973 City of Dallas, Waterworks 10/10/03 0.850 9,973,000
15,000 Houston Texas General Obligation 08/11/03 0.950 15,000,000
22,550 Irving Texas 07/14/03 to 1.000 to
07/15/03 1.050 22,550,000
14,000 North Central Texas Health
Facilities Development 07/11/03 to 1.050 to
Corp. (Methodist Hospital) 07/18/03 1.100 14,000,000
61,523,000
- --------------------------------------------------------------------------------------------------------------------------
UTAH--0.18%
5,900 Intermountain Power Agency
Power Supply Series B-4 08/13/03 1.000 5,900,000
</Table>
34
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--(CONCLUDED)
WASHINGTON--0.34%
$11,000 Port of Seattle Washington 07/11/03 1.100% $ 11,000,000
Total Tax-Exempt Commercial Paper
(cost--$193,423,000) 193,423,000
Total Investments
(cost--$3,358,384,940) which
approximates cost for federal
income tax purposes--103.69% 3,358,384,940
Liabilities in excess of other assets--(3.69)% (119,534,910)
Net Assets applicable to 3,239,588,216
shares of common stock outstanding
equivalent to $1.00 per share)--100.00% $ 3,238,850,030
- --------------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes and variable rate certificates of participation are
payable on demand. The interest rates shown are the current rates as of
June 30, 2003, and reset periodically.
Weighted average maturity -- 26 days
See accompanying notes to financial statements
35
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
STATEMENT OF NET ASSETS -- JUNE 30, 2003
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--102.38%
$5,000 California Community College
Financing Tax and Revenue
Anticipation Notes, Series A 06/30/04 2.000% $ 5,059,500
8,393 California Educational Facilities
Authority (Stanford University),
Series L A 0.850 8,393,000
15,725 California Educational Facilities
Authority (Stanford University),
Series L-8 A 0.850 15,725,000
18,979 California Health Facilities
Financing Authority (Floating
Pooled Loan Program), Series B A 1.000 18,979,000
1,900 California Health Facilities
Financing Authority (Hospital
Adventist Health Systems),
Series A A 0.970 1,900,000
5,300 California Health Facilities
Financing Authority (Santa
Barbara Cottage), Series C A 0.950 5,300,000
10,900 California Housing Finance
Agency Revenue Pooled
Loan Program A 0.940 10,900,000
15,500 California Infrastructure &
Economic Development Revenue
(Buck Institute Age Research) A 0.900 15,500,000
15,600 California Infrastructure &
Economic Development Revenue
(Independent Systems Operation
Corp. Project), Series B A 1.000 15,600,000
2,500 California Infrastructure &
Economic Development
Revenue (Rand Corp.), Series B A 0.950 2,500,000
35,000 California School Cash
Reserve Program Authority 07/03/03 to 2.000 to
Pool, Series A 07/06/04 3.000 35,275,967
3,300 California State, Series A-1 A 1.100 3,300,000
800 California State, Series A-2 A 0.950 800,000
10,500 California State, Series A-3 A 0.950 10,500,000
9,350 California State, Series B-3 A 1.000 9,350,000
5,000 California State, Series C-1 A 1.000 5,000,000
</Table>
36
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 900 California State Department
Water Resources Power
Supply Revenue, Series B-1 A 1.000% $ 900,000
7,100 California State Department
Water Resources Power
Supply Revenue, Series B-2 A 1.100 7,100,000
10,000 California State Department
Water Resources Power
Supply Revenue, Series B-5 A 1.000 10,000,000
4,900 California State Department
Water Resources Power
Supply Revenue, Series C-5 A 1.050 4,900,000
400 California Statewide
Communities Development
Authority Revenue Certificates
of Participation (Continuing
Care University Project) A 0.970 400,000
1,500 California Statewide
Communities Development
Authority Revenue Certificates
of Participation (House Ear Institute) A 1.000 1,500,000
1,800 California Statewide Communities
Development Authority Revenue
Certificates of Participation (John
Muir/Mount Diablo Health) A 0.920 1,800,000
28,225 California Transit Financing Authority A 1.000 28,225,000
5,980 Abag Finance Authority for
Nonprofit Corp. Certificates of
Participation (Lucile Salter
Packard Project) A 0.950 5,980,000
10,595 Alameda Contra Costa
Schools Financing Authority
Certificates of Participation
(Capital Improvement
Financing Projects), Series A A 1.050 10,595,000
5,000 Anaheim Certificates of Participation A 0.850 5,000,000
8,000 Bay Area Toll Authority
Toll Board (San Francisco
Bay Area), Series C A 0.900 8,000,000
</Table>
37
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$7,200 Butte County Office
of Education Tax and
Revenue Anticipation Notes 10/02/03 2.500% $ 7,219,886
8,330 Chino Basin Regional Financing
Authority Revenue (Inland
Empire Utilities), Series A A 0.850 8,330,000
5,495 Contra Costa County Housing
Authority Multi-Family
Revenue (Lakeshore), Series C A 0.950 5,495,000
9,500 Daly City Housing Finance Agency
Multi-Family Revenue
Refunding (Serramonte
Del Ray), Series A A 0.880 9,500,000
8,875 East Bay Municipal Utility
District Water Systems
Revenue, Subseries A A 0.850 8,875,000
3,800 Fremont Certificates of
Participation (Capital
Improvement Financing Project) A 1.000 3,800,000
3,755 Fremont Certificates of
Participation (Office Building
Improvement & Fire Equipment) A 1.000 3,755,000
8,000 Fremont Union High School
District Santa Clara County
Tax and Revenue Anticipation
Notes 06/30/04 1.500 8,045,840
10,000 Fresno Multi-Family Housing
Revenue Refunding (Heron
Pointe Apartments), Series A A 0.880 10,000,000
5,000 Fresno Unified School
District Tax and Revenue
Anticipation Notes 08/27/03 2.500 5,009,012
4,800 Golden Empire Schools
Financing Authority (Kern
High School District Project) A 0.920 4,800,000
14,745 Golden Empire Schools
Financing Authority (Kern
High School District 0.920 to
Project), Series A A 1.000 14,745,000
</Table>
38
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$4,300 Golden Empire Schools
Financing Authority (Kern
High School District
Project), Series B A 0.920% $ 4,300,000
10,431 Irvine Improvement
Bond Act 1915 Limited
Obligation (Assessment
District 85-7-1) A 1.050 10,431,000
1,000 Irvine Ranch Water District Refunding
(Improvement District No.182),
Series A A 0.900 1,000,000
300 Irvine Ranch Water
District Refunding,
Series A A 0.920 300,000
2,250 Irvine Ranch Water
District Refunding,
Series B A 1.100 2,250,000
14,805 Livermore California
Certificates of
Participation (Capital Projects) A 1.000 14,805,000
5,000 Los Altos School District
Tax and Revenue
Anticipation Notes 08/07/03 2.500 5,005,347
8,100 Los Angeles Community
Redevelopment Agency
Multi-Family Housing Revenue
(Skyline at Southpark Phase II) A 1.050 8,100,000
6,035 Los Angeles County Pension
Obligation Refunding,
Series A A 0.850 6,035,000
5,000 Los Angeles County Schools
Tax and Revenue Anticipation
Notes, Series A 06/30/04 1.750 5,041,000
12,600 Los Angeles County Transport
Commission Sales Tax and
Revenue, Series A A 0.850 12,600,000
12,900 Los Angeles Multi-Family
Housing Revenue (Museum
Terrace Apartments, Series H A 1.000 12,900,000
</Table>
39
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$14,500 Los Angeles Unified School
District Certificates of
Participation (Land Acquisition
Program), Series D A 1.000% $ 14,500,000
10,000 Los Angeles Unified School
District Tax and Revenue
Anticipation Notes, Series A 07/01/03 3.000 10,000,000
10,000 Los Angeles Water and
Power Revenue,
Subseries A-1 A 0.900 10,000,000
8,000 Los Angeles Water and
Power Revenue,
Subseries B-1 A 0.850 8,000,000
4,300 Los Angeles Water and
Power Revenue,
Subseries B-3 A 0.920 4,300,000
4,900 Los Angeles Water and
Power Revenue,
Subseries B-6 A 0.970 4,900,000
4,000 Metropolitan Water
District Southern
California Waterworks
Revenue, Series B A 0.850 4,000,000
1,900 Metropolitan Water
District Southern
California Waterworks
Revenue, Series B-3 A 0.900 1,900,000
4,700 Metropolitan Water
District Southern
California Waterworks
Revenue, Series B-4 A 0.850 4,700,000
2,200 Metropolitan Water
District Southern
California Waterworks
Revenue, Series C-1 A 1.000 2,200,000
3,850 Mill Valley School District 06/30/04 2.000 3,891,079
3,500 Milpitas Union School
District Tax and Revenue
Anticipation Notes 06/30/04 1.500 3,519,355
6,795 Moorpark Industrial
Development Authority
(Fred Kavli and Kavlico Corp.) A 0.950 6,795,000
</Table>
40
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$5,000 Mountain View Los
Altos Union High
School District Tax and
Revenue Anticipation Notes 06/30/04 1.500% $ 5,027,650
7,355 M-S-R Public Power
Agency Revenue (San
Juan Project), Series E A 0.900 7,355,000
5,300 Newport Beach Revenue
(Hoag Memorial Hospital),
Series A A 1.000 5,300,000
1,600 Newport Beach Revenue
(Hoag Memorial
Hospital), Series C A 1.000 1,600,000
16,600 Oakland Alameda County
Coliseum Authority
Lease Revenue A 1.000 16,600,000
12,000 Oakland Alameda County
Coliseum Authority
Lease Revenue (Coliseum
Project), Series C-2 A 0.900 12,000,000
7,190 Orange County Apartment
Development Revenue
(Niguel Village), Series AA A 0.950 7,190,000
6,340 Orange County Apartment
Development Revenue
(Niguel Village), Series U A 1.000 6,340,000
11,700 Orange County Apartment
Development Revenue
(Villas La-Paz), Series F A 0.900 11,700,000
7,700 Pasadena Certificates of
Participation (Rose Bowl
Imports Project) A 1.000 7,700,000
9,900 Roseville Electric Systems
Revenue Certificates
of Participation A 0.950 9,900,000
10,000 San Bernardino County
Certificates of Participation
(County Center Refinancing
Project) A 0.900 10,000,000
</Table>
41
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$9,000 San Bernardino County
Certificates of Participation
(Medical Center
Financing Project) A 1.050% $ 9,000,000
5,000 San Bernardino County
Tax and Revenue
Anticipation Notes 07/01/03 3.000 5,000,000
13,608 San Diego Housing
Authority Multi-Family
Housing Revenue
Refunding (Carmel
Del Mar-1993), Series E A 0.900 13,608,000
8,945 San Diego Tax and
Revenue Anticipation
Notes, Series A 08/01/03 3.000 8,957,735
5,000 San Diego Unified
School District Tax and
Revenue Anticipation
Notes, Series A 07/28/03 3.000 5,005,390
4,705 San Francisco City and
County Certificates of
Participation, Series C-5 A 1.000 4,705,000
8,700 San Francisco City and
County Redevelopment
Agency Multi-Family
Housing Revenue (St. Francis
Project), Series A A 1.050 8,700,000
4,000 San Francisco City and
County Redevelopment
Agency Revenue (Community
Facilities District No. 4) A 0.900 4,000,000
3,500 San Jose Multi-Family
Housing Revenue
(Timberwood), Series A A 1.050 3,500,000
12,800 San Jose Redevelopment
Agency Revenue (Merged
Area Redevelopment
Project), Series A A 1.000 12,800,000
13,000 San Jose-Santa Clara
Water Financing
Authority Sewer
Revenue, Series B A 0.850 13,000,000
</Table>
42
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$14,450 Santa Clara Financing
Authority (VMC Facility
Replacement-Project B) A 0.900% $ 14,450,000
5,000 Santa Cruz County
Board of Education
Tax and Revenue
Anticipation Notes 07/01/03 3.000 5,000,000
15,050 Simi Valley Multi-Family
Housing Revenue
Refunding (Lincoln
Wood Ranch) A 1.050 15,050,000
5,000 Solano County Office of
Education Tax and
Revenue Anticipation Notes 06/30/04 2.000 5,053,850
5,000 Sonoma County Tax and
Revenue Anticipation Notes 10/14/03 2.500 5,013,879
5,300 South Placer Wastewater
Authority California
Wastewater Revenue,
Series B A 0.950 5,300,000
9,358 Southeast Resources
Recovery Facilities
Authority, Series A A 0.920 9,358,000
10,500 University of California
Revenues A 1.050 10,500,000
7,000 Vernon Electric System
Revenue (Malburg
Project), Series B A 0.950 7,000,000
20,000 Puerto Rico Commonwealth
Tax and Revenue
Anticipation Notes 07/30/03 2.500 20,016,066
Total Municipal Bonds and Notes
(cost--$785,260,556) 785,260,556
TAX-EXEMPT COMMERCIAL PAPER--5.00%
4,000 California Educational
Facilities Authority 09/12/03 0.900 4,000,000
2,000 Orange County
Municipal Water District 07/22/03 1.050 2,000,000
</Table>
43
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--(CONCLUDED)
$7,761 Riverside County
General Obligation,
Series B 07/14/03 1.050% $ 7,761,000
5,000 San Diego County
Teeter, Series A 07/10/03 0.900 5,000,000
4,000 San Gabriel Valley
Council Governments 07/11/03 1.050 4,000,000
5,000 San Joaquin County
Transportation Authori ty 08/08/03 1.000 5,000,000
2,000 University of California
Revenues 07/23/03 1.050 2,000,000
8,562 Puerto Rico Commonwealth
Government Development 09/18/03 to
Bank 09/26/03 0.950 8,562,000
Total Tax-Exempt Commercial Paper
(cost--$38,323,000) 38,323,000
- --------------------------------------------------------------------------------------------------------------------------
Total Investments
(cost--$823,583,556 which
approximates cost for federal income
tax purposes)--107.38% 823,583,556
Liabilities in excess of other assets--(7.38)% (56,578,012)
Net Assets (applicable to 767,427,885
shares of beneficial interest equivalent
to $1.00 per share)--100.00% $ 767,005,544
- --------------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown are
current rates as of June 30, 2003 and reset periodically.
Weighted average maturity -- 34 days
See accompanying notes to financial statements
44
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
Statement of Net Assets -- June 30, 2003
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--93.00%
$6,665 New York State Dormitory
Authority Revenues
(Columbia University),
Series C A 0.950% $ 6,665,000
22,920 New York State Dormitory
Authority Revenues
(Cornell University), 0.950 to
Series B A 1.000 22,920,000
8,497 New York State Dormitory
Authority Revenues
(Metropolitan Museum of Art) A 0.900 8,497,000
3,355 New York State Dormitory
Authority Revenues
(Oxford University Press, Inc.) A 0.900 3,355,000
2,000 New York State Dormitory
Authority Revenues
(State University
Educational Facilities),
Series B 05/15/04 5.750 2,080,786
13,100 New York State Dormitory
Authority Revenues
(Wagner College) A 1.050 13,100,000
6,400 New York State Energy
Research & Development
Authority Pollution
Control Revenue
(New York State Electric &
Gas), Series C A 0.950 6,400,000
21,750 New York State Energy
Research & Development
Authority Pollution Control
Revenue (Orange &
Rockland Project), Series A A 0.850 21,750,000
20,000 New York State Housing
Finance Agency
(Normandie Court I Project) A 0.920 20,000,000
5,000 New York State Housing
Finance Agency Service
Contract Revenue, Series I A 1.050 5,000,000
</Table>
45
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$13,500 New York State Local Government
Assistance Corp. (Senior Lien),
Series A-BV A 0.930% $ 13,500,000
2,500 New York State Local
Government Assistance
Corp. (Sub Lien),
Series 4-V A 1.050 2,500,000
7,800 New York State Local
Government Assistance
Corp., Series B A 0.920 7,800,000
9,000 New York State Local
Government Assistance
Corp., Series C A 0.920 9,000,000
7,000 New York State Local
Government Assistance
Corp., Series D A 0.900 7,000,000
5,000 New York State Power
Authority Revenue &
General Purpose
Obligation Bond 09/02/03 2.900 5,012,373
3,695 New York State Thruway
Authority General
Revenue, Series A A 0.920 3,695,000
1,000 New York State Thruway
Authority, (Highway and
Bridge Trust) Series B 04/01/04 4.500 1,026,318
3,400 Babylon General
Obligation Bond A 0.850 3,400,000
17,600 Babylon Industrial
Development Agency
Resources (Ogden
Martin Project) A 1.000 17,600,000
3,000 Board of Cooperative
Educational Services
Sole Supervisory District 06/01/04 1.750 3,016,410
2,880 Canandaigua City School
District Bond Anticipation
Notes 07/30/03 2.250 2,881,439
2,000 Erie County Revenue
Anticipation Notes 09/17/03 2.500 2,004,508
</Table>
46
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$6,550 Erie County Water
Authority A 0.850% $ 6,550,000
5,000 Freeport New York Bond
Anticipation Notes,
Series A 01/22/04 2.250 5,027,709
1,000 Freeport New York Bond
Anticipation Notes,
Series B 03/18/04 1.750 1,003,992
2,715 Great Neck North Water
Authority Systems
Revenue, Series-A A 1.000 2,715,000
5,200 Guilderland Center School
District Tax Anticipation Notes 10/31/03 1.250 5,207,020
2,409 Guilderland Center School
District Bond Anticipation Notes 07/08/04 1.500 2,425,483
24,300 Jay Street Development
Corp. New York City
Facility Lease Revenue
(Jay Street Project),
Series A-3 A 0.900 24,300,000
5,200 Long Island Power
Authority Electric
Systems Revenue, Series 7 A 0.930 5,200,000
6,900 Long Island Power
Authority Electric Systems
Revenue, SubSeries 1-B A 0.980 6,900,000
4,500 Long Island Power
Authority Electric Systems
Revenue, SubSeries 3-B A 0.950 4,500,000
9,400 Long Island Power
Authority Electric Systems
Revenue, SubSeries G A 0.850 9,400,000
10,000 Metropolitan Transportation
Authority, Series D-1 A 0.900 10,000,000
9,500 Mineola Union Free School
District Tax Anticipation
Notes 06/29/04 1.500 9,544,840
9,000 Nassau County Interim
Finance Authority,
Series A A 0.880 9,000,000
</Table>
47
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$15,700 New York City Housing
Development Corp.
Multi-Family Rental
Housing (Parkgate
Development), Series A A 0.900% $ 15,700,000
6,500 New York City Housing
Development Corp.
Multi-Family Rental
Housing (Queenswood
Apartments), Series A A 0.900 6,500,000
2,800 New York City Industrial
Development Agency
Civic Facility Revenue
(Calhoun School) A 1.100 2,800,000
3,480 New York City Industrial
Development Agency
Civic Facility Revenue
(Church of Heavenly Rest) A 0.950 3,480,000
7,065 New York City Industrial
Development Agency
Civic Facility Revenue
(MSMC Realty Corp. Project) A 0.940 7,065,000
600 New York City Industrial
Development Agency
Civic Facility Revenue
(National Audubon Society) A 0.980 600,000
21,000 New York City Municipal
Water Finance Authority
Water & Sewer Systems
Revenue, SubSeries C-1 A 0.900 21,000,000
7,315 New York City Trust for
Cultural Resources Revenue
(American Museum of
Natural History), Series A A 0.850 7,315,000
5,605 New York City Trust for
Cultural Resources
Revenue (Asia Society) A 0.950 5,605,000
3,295 New York City Trust for
Cultural Resources
Revenue (Carnegie Hall) A 0.850 3,295,000
</Table>
48
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$12,795 New York City Trust for
Cultural Resources Revenue
(Manhattan School of Music) A 0.950% $ 12,795,000
2,450 New York City Trust for
Cultural Resources Revenue
(Soloman R. Guggenheim), Series B A 0.980 2,450,000
2,000 New York City, Series B A 0.950 2,000,000
2,900 New York City, Series B, SubSeries B-3 A 0.900 2,900,000
8,100 New York City, Series B, SubSeries B-4 A 0.900 8,100,000
2,300 New York City, Series B, SubSeries B-5 A 0.950 2,300,000
4,000 New York City, Series B-2, SubSeries B-5 A 0.950 4,000,000
1,200 New York City, SubSeries B-3 A 0.950 1,200,000
3,400 New York City, SubSeries E-4 A 0.920 3,400,000
2,600 New York City, SubSeries E-6 A 0.900 2,600,000
4,100 Niagara Falls Toll Bridge Commission A 0.850 4,100,000
15,665 Oneida County Industrial
Development Agency
Revenue Civic Facilities
(Hamilton College) A 1.050 15,665,000
5,000 Oneida Indian Nation A 1.000 5,000,000
5,830 Orange County Industrial
Development Agency
Civic Facility Revenue
(Horton Medical Center) A 0.950 5,830,000
6,455 Port Authority of New York &
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 2 A 0.900 6,455,000
2,200 Port Authority of New York &
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 5 A 0.940 2,200,000
10,000 Riverhead Central School
District Tax Anticipation
Notes 06/30/04 1.500 10,050,200
2,825 Rochester General
Obligation Bond,
Series A 10/15/03 4.000 2,844,617
</Table>
49
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$16,750 Rockland County
Revenue Anticipation
Notes 02/26/04 2.000% $ 16,847,515
1,010 Suffolk County Public
Improvement, Series B 10/01/03 5.000 1,018,885
1,400 Suffolk County Industrial
Development Agency Research
Facilities Revenue (Cold Spring
Harbor Laboratory Project) A 1.000 1,400,000
20,200 Suffolk County Water
Authority Bond Anticipation
Notes A 0.900 20,200,000
18,000 Triborough Bridge &
Tunnel Authority
Revenues General
Purpose, Series B A 0.900 18,000,000
8,915 Triborough Bridge &
Tunnel Authority Special
Obligation, Series D A 0.900 8,915,000
5,000 Ulster County Bond
Anticipation Notes 06/11/04 1.750 5,035,073
9,493 Yonkers Industrial
Development Agency
(Consumers Union Facility) A 1.050 9,492,645
9,500 Puerto Rico Commonwealth
Tax and Revenue
Anticipation Notes 07/30/03 2.500 9,506,947
Total Municipal Bonds and Notes
(cost--$547,643,760) 547,643,760
- --------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--10.54%
18,400 New York State Power 07/08/03 to 0.900 to
Authority 07/23/03 1.100 18,400,000
13,500 Metropolitan Transportation 08/08/03 to 0.900 to
Authority 09/05/03 1.050 13,500,000
8,000 New York City Municipal 07/10/03 to 1.000 to
Water Finance Authority 07/17/03 1.100 8,000,000
3,000 Port Authority of
New York & New Jersey 09/10/03 0.900 3,000,000
</Table>
50
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--(CONCLUDED)
$19,143 Government Development 08/05/03 to 0.950 to
Bank of Puerto Rico 09/19/03 1.080% $ 19,143,000
Total Tax-Exempt Commercial
Paper (cost--$62,043,000) 62,043,000
Total Investments
(cost--$609,686,760, which
approximates cost for federal income
tax purposes)--103.54% 609,686,760
Liabilities in excess of other assets--(3.54)% (20,836,203)
Net Assets (applicable to 588,972,728 shares
of beneficial interest equivalent to
$1.00 per share)--100.00% $ 588,850,557
- --------------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown are
current rates as of June 30, 2003 and reset periodically.
Weighted average maturity -- 37 days
See accompanying notes to financial statements
51
<Page>
UBS NEW JERSEY MUNICIPAL MONEY FUND
Statement of Net Assets -- June 30, 2003
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--96.90%
$3,000 New Jersey Economic
Development Authority
(Bayonne Project Improvement),
Series B A 0.950% $ 3,000,000
7,700 New Jersey Economic
Development Authority
(Bayonne Project
Improvement), Series C A 0.950 7,700,000
6,000 New Jersey Economic
Development Authority
(Center for Aging-Applewood) A 0.890 6,000,000
1,080 New Jersey Economic
Development Authority
(Church and Dwight Co. Project) A 0.950 1,080,000
1,500 New Jersey Economic
Development Authority
(Columbia Universal Project) A 0.950 1,500,000
6,000 New Jersey Economic
Development Authority
(Crowley Liner Services Project) A 0.950 6,000,000
2,750 New Jersey Economic
Development Authority
(Danic Urban Renewel) A 0.950 2,750,000
695 New Jersey Economic
Development Authority
(Economic Growth), Series B A 0.900 695,000
1,755 New Jersey Economic
Development Authority
(Economic Growth), Series C A 0.900 1,755,000
355 New Jersey Economic
Development Authority
(Economic Growth), Series D-1 A 1.000 355,000
3,145 New Jersey Economic
Development Authority
(Institute of Electrical), Series A A 0.950 3,145,000
405 New Jersey Economic
Development Authority
(Kenwood USA Corp. Project) A 1.000 405,000
995 New Jersey Economic
Development Authority
(Marco Holdings LLC), Series A A 1.150 995,000
</Table>
52
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$1,650 New Jersey Economic
Development Authority
Market Transition Facilities
Revenue Senior Lien,
Series A 07/01/04 7.000% $ 1,747,465
1,045 New Jersey Economic
Development Authority
(RDR Investment Co. LLC) A 1.150 1,045,000
1,275 New Jersey Economic
Development Authority,
Series G A 0.900 1,275,000
3,200 New Jersey Economic
Development Authority
Speciality Facilities
Revenue (Port Newark
Container LLC) A 1.030 3,200,000
3,705 New Jersey Economic
Development Authority
(Stolthaven Project),
Series A A 0.800 3,705,000
2,000 New Jersey Economic
Development Authority
(Thermal Energy
Limited Partnership) A 1.000 2,000,000
4,100 New Jersey Economic
Development Authority
Water Facilities Revenue
Refunding (United Water NJ,
Inc. Project), Series A A 0.900 4,100,000
3,505 New Jersey Economic
Development Authority
Water Facilities Revenue
Refunding (United Water
NJ, Inc. Project), Series B A 1.100 3,505,000
3,125 New Jersey Educational
Facilities Authority
(College of New
Jersey), Series A A 0.950 3,125,000
6,000 New Jersey Educational
Facilities Authority (Princeton 0.900 to
University), Series B A 1.000 6,000,000
</Table>
53
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$2,200 New Jersey Environmental
Infrastructure Trust
(Environmental
Infrastructure), Series A 09/01/03 4.000% $ 2,210,854
1,255 New Jersey Health
Care Facilities
Authority Revenue (Jersey Shore
Medical Center) 07/01/04 6.200 1,346,214
6,670 New Jersey Health
Care Facilities
Authority Revenue
(St. Barnabas), Series A A 0.950 6,670,000
1,000 New Jersey Sports &
Exposition Authority,
Series B-1 A 0.900 1,000,000
2,000 New Jersey State
Housing and Mortgage
Financing Agency Revenue
(Home Buyer), Series EE 04/01/04 1.100 2,000,000
1,500 New Jersey State Transit
Corp. Capital Grant
Anticipation Notes,
Series A 09/01/03 5.500 1,511,263
4,300 New Jersey State Turnpike
Authority A 0.900 4,300,000
2,000 New Jersey State Turnpike
Authority (Putters Series 155) A 0.980 2,000,000
2,000 Barnegat Township
Board of Education Temporary Notes 07/17/03 2.750 2,000,974
2,800 Camden County Improvement
Authority Revenue Sewer
Redevelopment (Harvest
Village Project), Series A A 0.950 2,800,000
1,320 Camden County
Municipal Utility Authority
Sewer Revenue Bonds 07/15/03 6.000 1,322,299
5,950 Essex County Improvement
Authority Revenue (Pooled
Government Loan Program) A 0.920 5,950,000
</Table>
54
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$1,400 Gloucester County Industrial
Pollution Control Financing
Authority Revenue (Mobil
Oil Refining Co. Project) A 0.650% $ 1,400,000
1,000 Jersey City Redevelopment
Authority Multi-Family
Housing (Dickson Mills) A 0.900 1,000,000
1,000 Mercer County Improvement
Authority (Atlantic Foundation) A 0.930 1,000,000
2,250 Monmouth County Improvement
Authority (Pooled
Government Loan Program) A 0.830 2,250,000
1,000 Moorestown Township
Bond Anticipation Notes 05/27/04 1.750 1,006,711
3,000 Morris County General
Obligation Bonds 07/15/03 6.000 3,005,676
2,929 Mount Laurel Township
Bond Anticipation Notes 06/25/04 1.500 2,946,680
3,500 New Milford School District 10/01/03 2.250 3,506,005
1,665 North Jersey District Water Supply
Community Refunding
(Wanaque South Project),
Series A 07/01/04 3.000 1,699,738
1,020 Pennsauken Township
New Jersey School
District Refunding General
Obligation Bonds 03/01/04 4.250 1,041,015
4,950 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 2 A 0.900 4,950,000
5,310 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 3 A 0.940 5,310,000
300 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 4 A 0.950 300,000
1,900 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 5 A 0.940 1,900,000
</Table>
55
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$1,000 Readington Township Bond
Anticipation Notes 02/10/04 2.125% $ 1,006,033
3,122 Roselle Park Bond
Anticipation Notes 10/10/03 2.400 3,129,310
4,290 Rutgers State University
Refunding, Series A A 0.950 4,290,000
4,525 Salem County Pollution
Control Financing
Refunding (Atlantic
City Electric), Series A A 0.850 4,525,000
6,000 Union County Improvement
Authority (Cedar Glen
Housing Corp.), Series A A 0.900 6,000,000
2,000 University of Medicine &
Dentistry, Series B A 0.980 2,000,000
2,900 Westwood Bond
Anticipation Notes 09/24/03 2.250 2,904,847
3,470 Puerto Rico Commonwealth
Tax and Revenue
Anticipation Notes 07/30/03 2.500 3,473,003
Total Municipal Bonds and Notes
(cost--$156,838,087) 156,838,087
- --------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--2.66%
4,296 Puerto Rico Commonwealth
Government Development 08/05/03 to 1.000 to
Bank (cost--$4,296,000) 08/28/03 1.100 4,296,000
Total Investments (cost--$161,134,087 which
approximates cost for federal income
tax purposes)--99.56% 161,134,087
Other assets in excess of liabilities--0.44% 719,869
Net Assets (applicable to 161,849,634 shares
of beneficial interest equivalent to $1.00
per share)--100.00% $ 161,853,956
- --------------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown are
current rates as of June 30, 2003 and reset periodically.
Weighted average maturity -- 37 days
See accompanying notes to financial statements
56
<Page>
(This page intentionally left blank)
57
<Page>
UBS RMA
Statement of Operations
<Table>
<Caption>
FOR THE YEAR ENDED JUNE 30, 2003
---------------------------------
MONEY MARKET U.S. GOVERNMENT
PORTFOLIO PORTFOLIO
- -------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 374,056,852 $ 39,339,007
EXPENSES:
Investment advisory and administration fees 114,402,733 9,879,480
Service fees -- 3,159,542
Transfer agency and related services fees 16,943,005 500,946
Insurance expense 4,135,420 31,069
Custody and accounting 2,288,055 252,763
Reports and notices to shareholders 1,273,803 35,862
Federal and state registration fees 438,057 55,296
Directors'/Trustees' fees 357,536 39,351
Professional fees 113,864 95,429
Interest expense -- --
Other expenses 100,704 28,541
140,053,177 14,078,279
Net investment income 234,003,675 25,260,728
Net realized gains from investment transactions 51,043 --
Net increase in net assets resulting from operations $ 234,054,718 $ 25,260,728
- -------------------------------------------------------------------------------------------
</Table>
58
<Page>
<Table>
<Caption>
FOR THE YEAR ENDED JUNE 30, 2003
---------------------------------------------------------------------
CALIFORNIA NEW YORK NEW JERSEY
TAX-FREE MUNICIPAL MUNICIPAL MUNICIPAL
FUND MONEY FUND MONEY FUND MONEY FUND
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 44,144,783 $ 9,985,457 $ 7,692,784 $ 1,832,448
EXPENSES:
Investment advisory and administration fees 14,069,194 3,647,168 2,797,635 742,706
Service fees 4,260,137 995,613 743,646 178,250
Transfer agency and related services fees 966,995 200,476 154,301 47,965
Insurance expense 929,314 162,627 124,223 26,389
Custody and accounting 340,811 79,649 59,492 14,854
Reports and notices to shareholders 121,280 17,909 14,382 5,080
Federal and state registration fees 361,884 25,178 15,262 17,548
Directors'/Trustees' fees 55,632 12,487 9,224 2,242
Professional fees 116,645 75,319 60,368 51,206
Interest expense 7,077 -- -- --
Other expenses 71,942 3,652 1,297 3,804
21,300,911 5,220,078 3,979,830 1,090,044
Net investment income 22,843,872 4,765,379 3,712,954 742,404
Net realized gains from investment transactions -- -- 2,120 --
Net increase in net assets resulting from operations $ 22,843,872 $ 4,765,379 $ 3,715,074 $ 742,404
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
59
<Page>
UBS RMA
Statement of Changes in Net Assets
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
------------------------------------
2003 2002
- ----------------------------------------------------------------------------------------------
UBS RMA MONEY MARKET PORTFOLIO
FROM OPERATIONS:
Net investment income $ 234,003,675 $ 532,157,459
Net realized gains from investment transactions 51,043 10,345,071
Net increase in net assets resulting from operations 234,054,718 542,502,530
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (234,003,675) (532,157,459)
Net increase (decrease) in net assets from capital share
transactions (936,158,868) 149,601,330
Net increase (decrease) in net assets (936,107,825) 159,946,401
NET ASSETS:
Beginning of year 22,768,982,414 22,609,036,013
End of year $ 21,832,874,589 $ 22,768,982,414
- ----------------------------------------------------------------------------------------------
UBS RMA U.S. GOVERNMENT PORTFOLIO
FROM OPERATIONS:
Net investment income $ 25,260,728 $ 48,206,479
Net realized loss from investment transactions -- (35,834)
Net increase in net assets resulting from operations 25,260,728 48,170,645
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (25,260,728) (48,206,479)
Net increase in net assets from capital share
transactions 153,624,603 356,561,029
Net increase in net assets 153,624,603 356,525,195
NET ASSETS:
Beginning of year 2,356,828,604 2,000,303,409
End of year $ 2,510,453,207 $ 2,356,828,604
- ----------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
60
<Page>
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
---------------------------------
2003 2002
- -------------------------------------------------------------------------------------------
UBS RMA TAX-FREE FUND
FROM OPERATIONS:
Net investment income $ 22,843,872 $ 42,625,229
Net realized gain from investment transactions -- 143,281
Net increase in net assets resulting from operations 22,843,872 42,768,510
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (22,843,872) (42,552,220)
Net decrease in net assets from capital share
transactions (16,669,569) (30,846,955)
Net decrease in net assets (16,669,569) (30,630,665)
NET ASSETS:
Beginning of year 3,255,519,599 3,286,150,264
End of year $ 3,238,850,030 $ 3,255,519,599
- -------------------------------------------------------------------------------------------
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 4,765,379 $ 8,868,833
Net realized gain from investment transactions -- 9,787
Net increase in net assets resulting from operations 4,765,379 8,878,620
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (4,765,379) (8,868,833)
Net increase (decrease) in net assets derived from
beneficial interest transactions 13,341,239 (6,306,936)
Net increase (decrease) in net assets 13,341,239 (6,297,149)
NET ASSETS:
Beginning of year 753,664,305 759,961,454
End of year $ 767,005,544 $ 753,664,305
- -------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
61
<Page>
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
---------------------------------
2003 2002
- -------------------------------------------------------------------------------------------
UBS RMA NEW YORK MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 3,712,954 $ 6,495,348
Net realized gain (loss) from investment transactions 2,120 (2)
Net increase in net assets resulting from operations 3,715,074 6,495,346
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (3,712,954) (6,495,348)
Net increase (decrease) in net assets derived
from beneficial interest transactions 29,507,693 (15,149,645)
Net increase (decrease) in net assets 29,509,813 (15,149,647)
NET ASSETS:
Beginning of year 559,340,744 574,490,391
End of year $ 588,850,557 $ 559,340,744
- -------------------------------------------------------------------------------------------
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 742,404 $ 1,214,790
Net realized loss from investment transactions -- (30)
Net increase in net assets resulting from operations 742,404 1,214,760
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (742,404) (1,214,790)
Net increase in net assets derived from
beneficial interest transactions 33,354,255 26,337,247
Net increase in net assets 33,354,255 26,337,217
NET ASSETS:
Beginning of year 128,499,701 102,162,484
End of year $ 161,853,956 $ 128,499,701
- -------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
62
<Page>
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 with 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").
The preparation of financial statements in accordance with accounting principles
generally accepted in the United States 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 which 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.
REPURCHASE AGREEMENTS--The Money Market Portfolio and U.S. Government Portfolio
may purchase securities or other obligations from a bank or securities dealer
(or its affiliate), subject to the seller's agreement to repurchase them at an
agreed upon date (or upon demand) and price. The Money Market Portfolio and U.S.
Government Portfolio maintain custody of the underlying obligations prior to
their repurchase, either through their regular custodian or through a special
"tri-party" custodian or sub-custodian that maintains a separate account for
both
63
<Page>
the Money Market Portfolio and U.S. Government Portfolio and its counterparty.
The underlying collateral is valued daily on a mark-to-market basis to ensure
that the value, including accrued interest, is at least equal to the repurchase
price. In the event of default of the obligations to repurchase, the Money
Market Portfolio and U.S. Government Portfolio generally have the right to
liquidate the collateral and apply the proceeds in satisfaction of the
obligation. Repurchase agreements involving obligations other than U.S
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 the counterparty's insolvency. If the seller (or
seller's guarantor, if any) becomes insolvent, the Money Market Portfolio and
U.S. Government Portfolio may suffer delays, costs and possible losses in
connection with the disposition or retention of the collateral. Under certain
circumstances, in the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be subject to
legal proceedings. The Money Market Portfolio and U.S. Government Portfolio
occasionally participate in joint repurchase agreement transactions with other
funds managed, advised or sub-advised by UBS Global Asset Management (US) Inc.
("UBS Global AM"). UBS Global AM is an indirect wholly owned asset management
subsidiary of UBS AG, an internationally diversified organization with
headquarters in Zurich, Switzerland and operations in many areas of the
financial services industry.
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 accounting principles generally accepted in the United States. 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 or region.
Additionally, RMA California, RMA New York and RMA New Jersey follow an
investment policy of investing primarily in municipal obligations of one state.
Economic changes affecting each state and certain of their 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.
64
<Page>
INVESTMENT ADVISOR AND ADMINISTRATOR
Each Fund has entered into a board approved Investment Advisory and
Administration Contract ("Advisory Contract") 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 schedule:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL RATE
- -------------------------------------------------------------------------
MONEY MARKET PORTFOLIO AND RMA NEW JERSEY:
All 0.50%*
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
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
- -------------------------------------------------------------------------
</Table>
At June 30, 2003, the Funds owed UBS Financial Services Inc. for investment
advisory and administration fees as follows:
<Table>
Money Market Portfolio $ 9,138,528
U.S. Government Portfolio 825,493
RMA Tax-Free 1,131,186
RMA California 291,454
RMA New York 228,435
RMA New Jersey 68,988
- -------------------------------------------------------------------------
</Table>
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 20% of the
fee paid by the Funds to UBS Financial Services Inc. under the Advisory
Contract.
- ----------
* Effective August 29, 2003, fee schedule for RMA New Jersey will change to
match that indicated for U.S. Government Portfolio, RMA California and RMA
New York.
65
<Page>
DISTRIBUTION PLAN
UBS Global AM is the principal underwriter of each Fund's shares. Under the
plans of distribution, U.S. Government Portfolio, RMA Tax-Free, RMA California
and RMA New York are authorized to pay UBS Global AM a monthly service fee at
the 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 is
compensated for providing such services at the annual rate of 0.125% for each of
those Funds except for RMA New Jersey, which pays at the annual rate of 0.12%.
No such fees are charged by UBS Global AM for the similar services it provides
for the Money Market Portfolio. At June 30, 2003, the Funds owed UBS Global AM
for such service fees as follows:
<Table>
U.S. Government Portfolio $ 264,369
RMA Tax-Free 341,403
RMA California 78,939
RMA New York 60,693
RMA New Jersey 16,557
- -------------------------------------------------------------------------------
</Table>
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, cash equivalents or U.S. government securities in an amount at least equal
to the market value of the securities loaned, plus accrued interest and
dividends, determined on a daily basis and adjusted accordingly. Each Fund will
regain ownership of loaned securities to exercise certain beneficial rights;
however, each Fund may bear the risk of delay in recovery of, or even loss of
rights in, the securities loaned should the borrower fail financially. Each Fund
receives compensation, which is included in interest income, for lending its
securities from interest or dividends earned on the cash, cash equivalents or
U.S. Government securities held as collateral, net of fee rebates paid to the
borrower plus reasonable administrative and custody fees. UBS Financial Services
Inc. and other affiliated broker-dealers have been approved as borrowers under
the Funds' securities lending program. For the year ended June 30, 2003, the
Money Market Portfolio and the U.S. Government Portfolio earned $1,194,627 and
$240,106, respectively, for lending securities. Each Fund's lending agent was
UBS Securities LLC (or UBS Financial Services Inc., which provided such service
prior to UBS Securities LLC). UBS Securities LLC (or UBS Financial Services
Inc.) earned $401,217 and $80,723 in compensation from the Money Market
Portfolio and the U.S. Government Portfolio, respectively, for the year ended
June 30, 2003. At June 30, 2003, the Money Market Portfolio and the U.S.
Government Portfolio owed UBS Securities LLC $24,661 and $8,882, respectively,
in compensation.
66
<Page>
At June 30, 2003, the Money Market Portfolio and the U.S. Government Portfolio
had securities on loan having a market value of $1,476,692,220 and $185,126,270,
respectively. The custodian for Money Market Portfolio and U.S. Government
Portfolio held cash and cash equivalents as collateral for securities loaned of
$1,442,748,674 and $190,630,137, respectively. In addition, Money Market
Portfolio's custodian held U.S. Government securities having an aggregate value
of $66,279,659 as collateral for portfolio securities loaned as follows:
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
----------------------------------------------------------------------------------
$14,500 Federal Home Loan Bank 06/28/04 4.750% $ 15,029,453
51,000 Federal National
Mortgage Association 12/04/06 2.200 51,250,206
$ 66,279,659
- ---------------------------------------------------------------------------------
</Table>
TRANSFER AGENCY AND RELATED SERVICES FEES
UBS Global AM provides transfer agency related services to the Funds pursuant to
a delegation of authority from PFPC Inc. ("PFPC"), the Funds' transfer agent,
and is compensated for these services by PFPC, not the Funds. For the year ended
June 30, 2003, UBS Global AM (or UBS Financial Services Inc., which provided
such services prior to UBS Global AM) received an approximate percentage of the
total transfer agency and related services fees paid by a Fund to PFPC from
PFPC, not the Funds, as follows:
<Table>
Money Market Portfolio 56%
U.S. Government Portfolio 58%
RMA Tax-Free 54%
RMA California 55%
RMA New York 60%
RMA New Jersey 60%
- ---------------------------------------------------------------------------------
</Table>
OTHER LIABILITIES
At June 30, 2003, the Funds had the following liabilities outstanding:
<Table>
<Caption>
PAYABLE FOR
DIVIDENDS INVESTMENTS OTHER ACCRUED
PAYABLE PURCHASED EXPENSES*
- ---------------------------------------------------------------------------------
Money Market Portfolio $ 2,315,702 $ 67,902,627 $ 3,830,018
U.S. Government Portfolio 281,132 -- 230,046
RMA Tax-Free 244,755 138,123,532 352,208
RMA California 57,217 65,817,458 95,091
RMA New York 40,046 30,243,953 73,226
RMA New Jersey 7,347 -- 34,573
- ---------------------------------------------------------------------------------
</Table>
* Excludes investment advisory and administration fees, service fees and
payable for securities lending collateral where applicable.
67
<Page>
MONEY MARKET FUND INSURANCE BONDS
At June 30, 2003, each Fund (except U.S. Government Portfolio) had the ability
to use insurance bonds that provided limited coverage for certain loss events
involving certain money market instruments held by each of these Funds. These
loss events include non-payment of principal or interest or a bankruptcy or
insolvency of the issuer or credit enhancement provider (if any). The insurance
bonds provided for coverage up to $200 million for a number of funds with a
deductible of 30 basis points (0.30%) of the total assets of each Fund for First
Tier Securities, determined as of the close of business on the first business
day prior to the loss event. In the event of a loss covered under the insurance
bonds, each Fund would have expected to retain the security in its portfolio,
rather than having to sell it at its current market value, until the date of
payment of the loss, which would generally be no later than the maturity of the
security. While the insurance bonds were intended to provide some protection
against credit risk and to help each Fund maintain a constant price per share of
$1.00, there was no guarantee that the insurance bonds would have done so. For
the year ended June 30, 2003, the Funds did not use these insurance bonds.
FEDERAL TAX STATUS
Each Fund intends to distribute 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, realized capital gains and certain other amounts, if any,
the Funds intend not to be subject to federal excise tax. At June 30, 2003, the
components of accumulated earnings on a tax basis were as follows:
<Table>
<Caption>
ACCUMULATED TOTAL TAX BASIS
ORDINARY TAX-EXEMPT CAPITAL AND ACCUMULATED
INCOME INCOME OTHER LOSSES EARNINGS
- -------------------------------------------------------------------------------------------------------------
Money Market Portfolio $ 7,693,561 -- -- $ 7,693,561
U.S. Government Portfolio 364,277 -- $ (66,251) 298,026
RMA Tax-Free -- $ 244,755 (841) 243,914
RMA California -- 80,772 (23,373) 57,399
RMA New York -- 71,216 -- 71,216
RMA New Jersey -- 11,697 (30) 11,667
</Table>
68
<Page>
The tax character of distributions paid to shareholders by the Money Market
Portfolio and U.S. Government Portfolio during the fiscal years ended June 30,
2003 and June 30, 2002 was ordinary income. The tax character of distributions
paid to shareholders by RMA Tax-Free, RMA California, RMA New York and RMA New
Jersey during the fiscal years ended June 30, 2003 and June 30, 2002 was
tax-exempt income.
At June 30, 2003, the following Funds had net capital loss carryforwards
available as reductions, to the extent provided in the regulations, of future
net realized capital gains. These losses expire as follows:
<Table>
<Caption>
FISCAL YEAR U.S. RMA RMA
ENDING GOVERNMENT PORTFOLIO TAX-FREE RMA CALIFORNIA NEW JERSEY
- --------------------------------------------------------------------------------
2004 -- $ 108 $ 23,373 --
2011 $ 66,251 733 -- $ 30
$ 66,251 $ 841 $ 23,373 $ 30
</Table>
BANK LINE OF CREDIT
RMA Tax-Free participated with other funds managed, advised or sub-advised by
UBS Global AM in a $300 million committed credit facility ("Facility") with UBS
AG, Stamford Branch, to be utilized for temporary financing until the settlement
of sales or purchases of portfolio securities, the repurchase or redemption of
shares of RMA Tax-Free at the request of the shareholders and other temporary or
emergency purposes. Under the Facility arrangement, RMA Tax-Free has agreed to
pay a commitment fee, pro rata, based on the relative asset size of the funds in
the Facility. Interest was charged to RMA Tax-Free at rates based on prevailing
market rates in effect at the time of borrowings. For the year ended June 30,
2003, RMA Tax-Free had an average daily amount of borrowing outstanding under
the Facility of $38,788,750 for four days with a related weighted average
annualized interest rate of 1.76%, which resulted in $7,077 of interest expense.
For the year ended June 30, 2003, RMA Tax-Free paid a commitment fee of $46,786
to UBS AG. At June 30, 2003, there were no outstanding borrowings under the
Facility.
CAPITAL SHARE TRANSACTIONS
There are 60 billion $0.001 par value authorized shares of common stock relating
to the Money Market Portfolio, 10 billion $0.001 par value authorized shares of
69
<Page>
common stock relating to the U.S. Government Portfolio and 20 billion $0.001 par
value authorized shares of common stock relating to RMA Tax-Free. Transactions
in capital shares, at $1.00 per share, were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED MONEY MARKET U.S. GOVERNMENT RMA
JUNE 30, 2003: PORTFOLIO PORTFOLIO TAX-FREE
- -----------------------------------------------------------------------------------------
Shares sold 146,833,090,706 16,712,133,925 20,319,801,073
Shares repurchased (148,002,613,103) (16,583,558,613) (20,359,158,321)
Dividends reinvested 233,363,529 25,049,291 22,687,679
Net increase (decrease)
in shares outstanding (936,158,868) 153,624,603 (16,669,569)
- -----------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
FOR THE YEAR ENDED MONEY MARKET U.S. GOVERNMENT RMA
JUNE 30, 2002: PORTFOLIO PORTFOLIO TAX-FREE
- -----------------------------------------------------------------------------------------
Shares sold 153,678,521,921 13,381,868,290 19,245,238,308
Shares repurchased (154,066,937,112) (13,074,060,124) (19,319,463,245)
Dividends reinvested 538,016,521 48,752,863 43,377,982
Net increase (decrease)
in shares outstanding 149,601,330 356,561,029 (30,846,955)
- -----------------------------------------------------------------------------------------
</Table>
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:
<Table>
<Caption>
RMA CALIFORNIA RMA NEW YORK RMA NEW JERSEY
FOR THE YEAR ENDED MUNICIPAL MONEY MUNICIPAL MONEY MUNICIPAL MONEY
JUNE 30, 2003: FUND FUND FUND
- -----------------------------------------------------------------------------------------
Shares sold 4,300,854,819 3,911,667,870 1,051,608,716
Shares repurchased (4,292,249,715) (3,885,838,900) (1,018,987,939)
Dividends reinvested 4,736,135 3,678,723 733,478
Net increase in shares
outstanding 13,341,239 29,507,693 33,354,255
- -----------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
RMA CALIFORNIA RMA NEW YORK RMA NEW JERSEY
FOR THE YEAR ENDED MUNICIPAL MONEY MUNICIPAL MONEY MUNICIPAL MONEY
JUNE 30, 2002: FUND FUND FUND
- -----------------------------------------------------------------------------------------
Shares sold 3,977,382,059 3,724,376,063 832,521,578
Shares repurchased (3,992,761,726) (3,746,149,537) (807,408,773)
Dividends reinvested 9,072,731 6,623,829 1,224,442
Net increase (decrease)
in shares outstanding (6,306,936) (15,149,645) 26,337,247
- -----------------------------------------------------------------------------------------
</Table>
70
<Page>
UBS RMA MONEY MARKET PORTFOLIO
Financial Highlights
Selected data for a share of common stock outstanding throughout each year is
presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.010 0.022 0.055 0.052 0.046
Dividends from net investment income (0.010) (0.022) (0.055) (0.052) (0.046)
NET ASSET VALUE, END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 1.02% 2.25% 5.61% 5.29% 4.76%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $ 21,832,875 $ 22,768,982 $ 22,609,036 $ 15,821,189 $ 13,446,140
Expenses to average net assets 0.61% 0.60% 0.59% 0.59% 0.59%
Net investment income to average net
assets 1.02% 2.21% 5.42% 5.19% 4.64%
- ---------------------------------------------------------------------------------------------------------------------------
</Table>
(1) 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 dividend 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 Fund distributions.
71
<Page>
UBS RMA U.S. GOVERNMENT PORTFOLIO
Financial Highlights
Selected data for a share of common stock outstanding throughout each year is
presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.010 0.021 0.052 0.048 0.044
Dividends from net investment income (0.010) (0.021) (0.052) (0.048) (0.044)
NET ASSET VALUE, END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 1.00% 2.12% 5.31% 4.88% 4.45%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $ 2,510,453 $ 2,356,829 $ 2,000,303 $ 1,670,845 $ 1,354,594
Expenses to average net assets 0.56% 0.57% 0.57% 0.59% 0.60%
Net investment income to average net
assets 1.00% 2.06% 5.15% 4.81% 4.35%
- ---------------------------------------------------------------------------------------------------------------------------
</Table>
(1) 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 dividend 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 Fund distributions.
72
<Page>
UBS RMA TAX FREE FUND INC.
Financial Highlights
Selected data for a share of common stock outstanding throughout each year is
presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.007 0.012 0.032 0.031 0.026
Dividends from net investment income (0.007) (0.012) (0.032) (0.031) (0.026)
NET ASSET VALUE, END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.67% 1.24% 3.28% 3.10% 2.67%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $ 3,238,850 $ 3,255,520 $ 3,286,150 $ 2,593,878 $ 2,424,938
Expenses to average net assets 0.63% 0.60% 0.59% 0.60% 0.59%
Net investment income to average net
assets 0.67% 1.23% 3.20% 3.06% 2.63%
- ---------------------------------------------------------------------------------------------------------------------------
</Table>
(1) 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 dividend 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 Fund
distributions.
73
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
year is presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.006 0.011 0.027 0.026 0.023
Dividends from net investment income (0.006) (0.011) (0.027) (0.026) (0.023)
NET ASSET VALUE, END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.60% 1.10% 2.75% 2.59% 2.31%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $ 767,006 $ 753,664 $ 759,961 $ 626,424 $ 575,296
Expenses to average net assets 0.66% 0.65% 0.66% 0.65% 0.67%
Net investment income to average net
assets 0.60% 1.09% 2.70% 2.56% 2.28%
- ---------------------------------------------------------------------------------------------------------------------------
</Table>
(1) 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 dividend 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 Fund distributions.
74
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
year is presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.006 0.011 0.030 0.029 0.025
Dividends from net investment income (0.006) (0.011) (0.030) (0.029) (0.025)
NET ASSET VALUE, END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.62% 1.08% 3.04% 2.93% 2.50%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000's) $ 588,851 $ 559,341 $ 574,490 $ 437,253 $ 372,880
Expenses to average net assets 0.67% 0.68% 0.69% 0.67% 0.65%
Net investment income to average net
assets 0.62% 1.07% 2.95% 2.90% 2.46%
- ---------------------------------------------------------------------------------------------------------------------------
</Table>
(1) 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 dividend 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 Fund distributions.
75
<Page>
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
year is presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------------------------------------------------
2003 2002 2001 2000 1999
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.005 0.010 0.028 0.027 0.022
Dividends from net investment income (0.005) (0.010) (0.028) (0.027) (0.022)
NET ASSET VALUE, END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.51% 0.97% 2.86% 2.72% 2.21%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (000'S) $ 161,854 $ 128,500 $ 102,162 $ 93,276 $ 62,972
Expenses to average net assets 0.73% 0.77% 0.79% 0.78% 0.89%
Net investment income to average net
assets 0.50% 0.94% 2.77% 2.69% 2.18%
- ---------------------------------------------------------------------------------------------------------------------------
</Table>
(1) 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 dividend 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 Fund distributions.
76
<Page>
UBS RMA
Report of Ernst & Young LLP, Independent Auditors
To the Boards of Directors/Trustees and Shareholders of:
Money Market Portfolio
U.S. Government Portfolio
Tax-Free Fund
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 Funds
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 Funds comprising UBS Managed Municipal Trust) and UBS RMA New Jersey
Municipal Money Fund (the sole Fund comprising UBS Municipal Money Market
Series) (collectively, the "Funds") as of June 30, 2003, 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 periods indicated therein. 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 auditing standards generally accepted
in the 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. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned at June 30, 2003, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the 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, 2003, 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 indicated periods, in conformity with accounting
principles generally accepted in the United States.
/s/ Ernst & Young LLP
New York, New York
August 15, 2003
77
<Page>
UBS RMA
Supplemental Information (unaudited)
BOARDS OF DIRECTORS OR 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.
INTERESTED BOARD MEMBERS
<Table>
<Caption>
TERM OF
OFFICE+ AND
POSITION(S) LENGTH OF
NAME, ADDRESS, HELD WITH TIME PRINCIPAL OCCUPATION(S)
AND AGE FUND SERVED DURING PAST 5 YEARS
- --------------------------------------------------------------------------------------------------------------
Margo N. Alexander*++; Director/ Since 1996 Mrs. Alexander is retired. She was an
56 Trustee (Managed executive vice president of UBS
Municipal Trust, Financial Services Inc. (March 1984 to
RMA Money December 2002). She was chief executive
Fund, RMA officer (from January 1995 to
Tax-Free Fund) October 2000), a director (from
Since 1995 January 1995 to September 2001) and
(Municipal chairman (from March 1999 to
Money September 2001) of UBS Global AM.
Market
Series)
Brian M. Storms*++; 48 Director/Trustee Since 2003 Mr. Storms is chief executive officer of UBS
and Global Asset Management--Americas region
Chairman (since July 2002). Mr. Storms was chief
of the executive officer, president and/or chief
Board of operating officer of UBS Global AM and
Directors/Trustees certain affiliated asset management
companies from 1999 to July 2002. He was
president of Prudential Investments
(1996-1999).
</Table>
78
<Page>
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 and 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 1-800-762 1000.
<Table>
<Caption>
NUMBER OF
NAME, ADDRESS, PORTFOLIOS IN FUND COMPLEX OTHER DIRECTORSHIPS
AND AGE OVERSEEN BY BOARD MEMBER HELD BY BOARD MEMBER
- -----------------------------------------------------------------------------------------------------------------
Margo N. Alexander*++; Mrs. Alexander is a director or trustee None
56 of 19 investment companies (consisting
of 40 portfolios) for which UBS Global
AM or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Brian M. Storms*++; 48 Mr. Storms is a director or trustee of None
23 investment companies (consisting of
83 portfolios) for which UBS Global AM
or one of its affiliates serves as
investment advisor, subadvisor or
manager.
</Table>
79
<Page>
INDEPENDENT BOARD MEMBERS
<Table>
<Caption>
TERM OF
OFFICE+ AND
POSITION(S) LENGTH OF
NAME, ADDRESS, HELD WITH TIME PRINCIPAL OCCUPATION(S)
AND AGE FUND SERVED DURING PAST 5 YEARS
- ------------------------------------------------------------------------------------------------------------
Richard Q. Armstrong; 68 Director/ Since 1996 Mr. Armstrong is chairman and
R.Q.A. Enterprises Trustee principal of R.Q.A. Enterprises
One Old Church Road-- (management consulting firm) (since
Unit # 6 April 1991 and principal occupation
Greenwich, CT 06830 since March 1995).
David J. Beaubien; 68 Director/ Since 2001 Mr. Beaubien is chairman of Yankee
101 Industrial Road Trustee Environmental Systems, Inc., a
Turners Falls, MA 01376 manufacturer of meteorological measuring
systems (since 1991).
Richard R. Burt; 56 Director/ Since 1996 Mr. Burt is chairman of Diligence LLC
1275 Pennsylvania Ave., N.W. Trustee (international information and security
Washington, D.C. firm) and IEP Advisors (international
20004 investments and consulting firm).
Meyer Feldberg; 61 Director/ Since 1991 Mr. Feldberg is Dean and Professor of
Columbia University Trustee (Managed Management of the Graduate School
101 Uris Hall Municipal Trust) of Business, Columbia University
New York, New York Since 1996 (since 1989).
10027 (Municipal
Money Market
Series)
Since 1992
(RMA Money
Fund, RMA
Tax-Free Fund)
</Table>
80
<Page>
<Table>
<Caption>
NUMBER OF
NAME, ADDRESS, PORTFOLIOS IN FUND COMPLEX OTHER DIRECTORSHIPS
AND AGE OVERSEEN BY BOARD MEMBER HELD BY BOARD MEMBER
- -----------------------------------------------------------------------------------------------------------------
Richard Q. Armstrong; 68 Mr. Armstrong is a director or trustee of 19 Mr. Armstrong is also a director of AlFresh
R.Q.A. Enterprises investment companies (consisting of 40 Beverages Canada, Inc. (a Canadian beverage
One Old Church Road-- portfolios) for which UBS Global AM subsidiary of AlFresh Foods Inc.)
Unit # 6 or one of its affiliates serves as investment
Greenwich, CT 06830 advisor, sub-advisor or manager.
David J. Beaubien; 68 Mr. Beaubien is a director or trustee of 19 Mr. Beaubien is also a director of
101 Industrial Road investment companies (consisting of 40 IEC Electronics, Inc., a manufacturer
Turners Falls, MA 01376 portfolios) for which UBS Global AM of electronic assemblies.
or one of its affiliates serves as investment
advisor, sub-advisor or manager.
Richard R. Burt; 56 Mr. Burt is a director or trustee of 19 Mr. Burt is also a director of
1275 Pennsylvania Ave., N.W. investment companies (consisting of 40 Hollinger International, Inc. (publishing),
Washington, D.C. portfolios) for which UBS Global AM HCL Technologies, Ltd., The Central
20004 or one of its affiliates serves as investment European Fund, Inc., The Germany Fund, Inc.,
advisor, sub-advisor or manager. IGT, Inc. (provides technology to gaming and
wagering industry) and chairman of
Weirton Steel Corp. (makes and finishes
steel products). He is also a director or
trustee of funds in the Scudder Mutual
Funds Family (consisting of 47 portfolios).
Meyer Feldberg; 61 Dean Feldberg is a director or trustee of 33 Dean Feldberg is also a director of Primedia
Columbia University investment companies (consisting of 54 Inc. (publishing), Federated Department Stores,
101 Uris Hall portfolios) for which UBS Global AM or one Inc. (operator of department stores), Revlon,
New York, New York of its affiliates serves as investment advisor, Inc. (cosmetics), Select Medical Inc.
10027 sub-advisor or manager. (healthcare services) and SAPPI, Ltd. (producer
of paper).
</Table>
81
<Page>
<Table>
<Caption>
TERM OF
OFFICE+ AND
POSITION(S) LENGTH OF
NAME, ADDRESS, HELD WITH TIME PRINCIPAL OCCUPATION(S)
AND AGE FUND SERVED DURING PAST 5 YEARS
- ------------------------------------------------------------------------------------------------------------
Frederic V. Malek; 66 Director/ Since 1987 Mr. Malek is chairman of Thayer
1455 Pennsylvania Trustee (Managed Capital Partners (merchant bank) and
Avenue, N.W. Municipal Trust, chairman of Thayer Hotel Investors III,
Suite 350 RMA Money Thayer Hotel Investors II and Lodging
Washington, D.C. Fund, Opportunities Fund (hotel investment
20004 RMA Tax-Free partnerships) (since 1992).
Fund)
Since 1996
(Municipal
Money Market
Series)
Carl W. Schafer; 67 Director/ Since 1996 Mr. Schafer is president of the Atlantic
66 Witherspoon Street Trustee (Managed Foundation (charitable foundation)
#1100 Municipal Trust, (since 1993).
Princeton, NJ 08542 RMA Money
Fund,
RMA Tax-Free
Fund)
Since 1990
(Municipal
Money Market
Series)
William D. White; 69 Director/ Since 2001 Mr. White is retired (since 1994).
P.O. Box 199 Trustee
Upper Black Eddy, PA
18972
</Table>
82
<Page>
<Table>
<Caption>
NUMBER OF
NAME, ADDRESS, PORTFOLIOS IN FUND COMPLEX OTHER DIRECTORSHIPS
AND AGE OVERSEEN BY BOARD MEMBER HELD BY BOARD MEMBER
- -----------------------------------------------------------------------------------------------------------------------------------
Frederic V. Malek; 66 Mr. Malek is a director or trustee of 19 Mr. Malek is also a director of Aegis
1455 Pennsylvania investment companies (consisting of 40 Communications, Inc. (tele-services), American
Avenue, N.W. portfolios) for which UBS Global AM Management Systems, Inc. (management
Suite 350 or one of its affiliates serves as investment consulting and computer related services),
Washington, D.C. advisor, sub-advisor or manager. Automatic Data Processing, Inc. (computing
20004 services), CB Richard Ellis, Inc. (real estate
services), Federal National Mortgage
Association, FPL Group, Inc. (electric
services), Manor Care, Inc. (healthcare), and
Northwest Airlines Inc.
Carl W. Schafer; 67 Mr. Schafer is a director or trustee of 19 Mr. Schafer is also a director of Labor Ready,
66 Witherspoon Street investment companies (consisting of 40 Inc. (temporary employment), Roadway Corp.
#1100 portfolios) for which UBS Global AM (trucking), Guardian Life Insurance
Princeton, NJ 08542 or one of its affiliates serves as investment Company Mutual Funds (consisting of
advisor, sub-advisor or manager. 19 portfolios), the Harding, Loevner Funds
(consisting of three portfolios), E.I.I. Realty
Securities Trust (investment company) and
Frontier Oil Corporation.
William D. White; 69 Mr. White is a director or trustee of 19 None
P.O. Box 199 investment companies (consisting of 40
Upper Black Eddy, PA portfolios) for which UBS Global AM or
18972 one of its affiliates serves as
investment advisor, sub-advisor or manager.
</Table>
83
<Page>
OFFICERS
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUND SERVED SERVES AS OFFICER
- ------------------------------------------------------------------------------------------------------------
Debbie Baggett*; 44 Vice President Since 1995 Ms. Baggett is a director and portfolio
(RMA manager of UBS Global AM.
Tax-Free Ms. Baggett is a vice president of
Fund) four investment companies (consisting
Since 1990 of nine portfolios) for which
(Managed UBS Global AM or one of its affiliates
Municipal Trust) serves as investment advisor,
Since 1996 sub-advisor or manager.
(Municipal
Money Market
Series)
W. Douglas Beck*; 36 Vice President Since 2003 Mr. Beck is an executive director and
head of mutual fund product
management of UBS Global AM (since
2002). From March 1998 to November
2002, he held various positions at
Merrill Lynch, the most recent being
first vice president and co-manager of
the managed solutions group. Mr. Beck
is vice president of 22 investment
companies (consisting of 81 portfolios)
for which UBS Global AM or one of its
affiliates serves as investment advisor,
sub-advisor or manager.
Thomas Disbrow*; 37 Vice President Since 2000 Mr. Disbrow is a director and a senior
and Assistant manager of the mutual fund finance
Treasurer department of UBS Global AM. Prior
to November 1999, he was a vice president
of Zweig/Glaser Advisers. Mr. Disbrow is
a vice president and assistant treasurer
of 19 investment companies (consisting of
40 portfolios) for which UBS Global AM or
one of its affiliates serves as
investment advisor, sub-advisor or
manager.
</Table>
84
<Page>
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUND SERVED SERVES AS OFFICER
- ------------------------------------------------------------------------------------------------------------
Amy R. Doberman*; 41 Vice President Since 2000 Ms. Doberman is a managing director and
and Secretary general counsel of UBS Global AM. From
December 1997 through July 2000, she was
general counsel of Aeltus Investment
Management, Inc. Ms. Doberman is vice
president and assistant secretary of five
investment companies (consisting of 44
portfolios) and vice president and
secretary of 19 investment companies
(consisting of 40 portfolios) for which
UBS Global AM or one of its affiliates
serves as investment advisor, sub-advisor
or manager.
Elbridge T. Gerry III*; Vice President Since 1996 Mr. Gerry is a managing director--
46 (Managed fixed income of UBS Global AM
Municipal Mr. Gerry is a vice president
Trust) of six investment companies
Since 2000 (consisting of 11 portfolios)
(Municipal for which UBS Global AM or one
Money of its affiliates serves as
Market Series, investment advisor, sub-advisor or
RMA Tax-Free manager.
Fund)
David M. Goldenberg*; 36 Vice President Since 2002 Mr. Goldenberg is an executive
and Assistant director and deputy general counsel
Secretary of UBS Global AM. From 2000 to
2002 he was director, legal affairs at
Lazard Asset Management. Mr. Goldenberg
served in various capacities, including
most recently as global director of
compliance for SSB Citi Asset Management
Group from 1996 to 2000. Mr. Goldenberg
is a vice president and secretary of five
investment companies (consisting of 44
portfolios) and a vice president and
assistant secretary of 19 investment
companies (consisting of 40 portfolios)
for which UBS Global AM or one of its
affiliates serves as investment advisor,
sub-advisor or manager.
</Table>
85
<Page>
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUND SERVED SERVES AS OFFICER
- ------------------------------------------------------------------------------------------------------------
Kevin J. Mahoney*; 37 Vice President Since 1999 Mr. Mahoney is a director and a
and Assistant senior manager of the mutual
Treasurer fund finance department of
UBS Global AM. Prior to April 1999, he
was the manager of the mutual fund
internal control group of Salomon Smith
Barney. Mr. Mahoney is a vice president
and assistant treasurer of 19 investment
companies (consisting of 40 portfolios)
for which UBS Global AM or one of its
affiliates serves as investment advisor,
sub-advisor or manager.
Michael H. Markowitz**; Vice President Since 2001 Mr. Markowitz is an executive
38 (RMA director, portfolio manager and head
Money of U.S. short duration fixed income
Fund) of UBS Global AM. He is also an
executive director and portfolio manager
of UBS Global Asset Management (Americas)
Inc., an affiliate of UBS Global AM.
Mr. Markowitz is a vice president of five
investment companies (consisting of 25
portfolios) for which UBS Global AM or
one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Susan P. Ryan*; 43 Vice President Since 1995 Ms. Ryan is an executive director and
(RMA a portfolio manager of UBS Global
Money AM. Ms. Ryan is a vice president of
Fund) five investment companies (consisting
of 13 portfolios) for which UBS Global AM
or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
</Table>
86
<Page>
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUND SERVED SERVES AS OFFICER
- ------------------------------------------------------------------------------------------------------------
Paul H. Schubert*; 40 Vice President Since 1994 Mr. Schubert is an executive director
and Treasurer (Managed and head of the mutual fund finance
Municipal department of UBS Global AM.
Trust, RMA Mr. Schubert is treasurer and principal
Money Fund, accounting officer of three investment
RMA Tax-Free) companies (consisting of 41 portfolios),
Since 1995 a vice president and treasurer of 20
(Municipal investment companies (consisting of 41
Money portfolios), and treasurer and chief
Market financial officer of one investment
Series) company (consisting of two portfolios)
for which UBS Global AM or one of its
affiliates serves as investment advisor,
sub-advisor or manager.
Joseph A. Varnas*; 35 President Since 2003 Mr. Varnas is a managing director (since
March 2003), chief technology officer
(since March 2001) and head of product,
technology and operations of UBS Global
AM (since November 2002). From 2000 to
2001, he was manager of product
development in Investment Consulting
Services at UBS Financial Services Inc.
Mr. Varnas was a senior analyst in the
Global Securities Research and Economics
Group at Merrill Lynch from 1995 to 1999.
Mr. Varnas is president of 22 investment
companies (consisting of 81 portfolios)
for which UBS Global AM or one of its
affiliates serves as investment advisor,
sub-advisor or manager.
</Table>
87
<Page>
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUND SERVED SERVES AS OFFICER
- ------------------------------------------------------------------------------------------------------------
Keith A. Weller*; 42 Vice President Since 1995 Mr. Weller is a director and senior
and Assistant (Managed associate general counsel of UBS
Secretary Municipal Global AM. Mr. Weller is a vice
Trust, president and assistant secretary of 19
RMA Money investment companies (consisting of
Fund, RMA 40 portfolios) for which UBS Global
Tax-Free AM or one of its affiliates
Fund) serves as investment advisor,
Since 1996 sub-advisor or manager.
(Municipal
Money
Market
Series)
</Table>
* 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. Officers are
appointed by the board members and serve at the pleasure of a board.
++ Mrs. Alexander and Mr. Storms are "interested persons" of a
Corporation/Trust as defined in the Investment Company Act by virtue of
their positions with UBS Global AM and/or its affiliates.
88
<Page>
DIRECTORS/TRUSTEES
Brian M. Storms
CHAIRMAN
Margo N. Alexander
Richard Q. Armstrong
David J. Beaubien
Richard R. Burt
Meyer Feldberg
Frederic V. Malek
Carl W. Schafer
William D. White
PRINCIPAL OFFICERS
Joseph A. Varnas
PRESIDENT
Amy R. Doberman
VICE PRESIDENT AND SECRETARY
Susan P. Ryan
VICE PRESIDENT
(TAXABLE FUNDS)
Debbie Baggett
VICE PRESIDENT
(TAX-FREE FUNDS)
Paul H. Schubert
VICE PRESIDENT AND TREASURER
INVESTMENT ADVISOR AND ADMINISTRATOR
UBS Financial Services Inc.
1285 Avenue of the Americas
New York, New York 10019-6028
SUB-ADVISOR, SUB-ADMINISTRATOR AND 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 A
FUND UNLESS ACCOMPANIED OR PRECEDED BY AN EFFECTIVE PROSPECTUS.
(C)2003 UBS Global Asset Management (US) Inc. All rights reserved.
<Page>
[UBS LOGO] Presorted
Standard
U.S.Postage
UBS GLOBAL ASSET MANAGEMENT (US) INC. PAID
51 West 52nd Street Smithtown, NY
New York, New York 10019-6114 Permit 700
<Page>
ITEM 2. CODE OF ETHICS.
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.-
Not applicable to the registrant.
ITEM 6. [RESERVED BY SEC FOR FUTURE USE. ]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED - END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. [RESERVED BY SEC FOR FUTURE USE. ]
ITEM 9. 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.
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(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 10. EXHIBITS.
(a) (1) Code of Ethics - Form N-CSR requirement not yet effective with
respect to the registrant.
(a) (2) Certification of principal executive officer and principal financial
officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 is
attached hereto as Exhibit 99.CERT.
(b) Certification of principal executive officer and principal financial
officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
attached hereto as Exhibit 99.906CERT.
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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/ Joseph A. Varnas
--------------------
Joseph A. Varnas
President
Date: September 5, 2003
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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/ Joseph A. Varnas
--------------------
Joseph A. Varnas
President
Date: September 5, 2003
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By: /s/ Paul H. Schubert
--------------------
Paul H. Schubert
Treasurer
Date: September 5, 2003
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