<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
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(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 LLP 1775 I Street, N.W.
Washington, DC 20006-2401
Registrant's telephone number, including area code: 212-882 5000
Date of fiscal year end: June 30
Date of reporting period: December 31, 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
SEMIANNUAL REPORT
DECEMBER 31, 2003
<Page>
NOTICE TO SHAREHOLDERS: UBS Global Asset Management (US) Inc. ("UBS Global AM")
serves as the 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. UBS Financial Services Inc. (not the funds) pays UBS
Global AM a fee. Prior to March 1, 2004, the contracts provided for a fee to be
paid at an annual rate of 20% of the fee paid by the funds to UBS Financial
Services Inc. under UBS Financial Services Inc.'s advisory contracts with the
funds. Effective March 1, 2004, the fee rate will change. As a result, the older
contracts will be replaced by new sub-advisory and sub-administration contracts.
Under the new agreements, UBS Financial Services Inc. is to pay UBS Global AM at
the annual rate of 0.08% of a fund's average daily net assets. This change does
not increase any fees paid by the funds' shareholders but rather represents a
reallocation between UBS Financial Services Inc. and its affiliate UBS Global
AM. (If you would like more information regarding the pre-March 1, 2004, fee
rates, please see the section captioned "Investment Advisor and Administrator"
in the Notes to the Financial Statements included in this report.)
<Page>
UBS RMA
February 13, 2004
DEAR SHAREHOLDER,
We present you with the semiannual 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 six months ended December 31, 2003.
PERFORMANCE
Short-term interest rates remained low throughout the reporting period. As a
result, when the holdings in the funds' portfolios matured, they had to be
replaced with securities that offered less attractive yields. Thus, as of
December 31, 2003, the funds' seven day current yields were: UBS RMA Money
Market Portfolio--0.49%; UBS RMA U.S. Government Portfolio--0.49%; UBS RMA
Tax-Free Fund Inc.--0.55%; UBS RMA California Municipal Money Fund--0.51%; UBS
RMA New York Municipal Money Fund---0.48%; and UBS RMA New Jersey Municipal
Money Fund--0.30%. (For more on the funds' performance, refer to "Performance At
A Glance" on page 5.)
AN INTERVIEW WITH PORTFOLIO MANAGERS MICHAEL MARKOWITZ AND DEBBIE BAGGETT
Q. CAN YOU DESCRIBE THE ECONOMIC ENVIRONMENT DURING THE REPORTING PERIOD?
A. As the reporting period began in July 2003, there was an element of
uncertainty surrounding the economy. Although the end of major combat in Iraq
had stimulated the equity markets, its impact on the economy was, at that
point, still uncertain. In addition, heightened
[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):
Michael Markowitz
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:
Tax-Free--October 4, 1982
California Municipal--November 7, 1988
New York Municipal--November 10, 1988
New Jersey Municipal--February 1, 1991
DIVIDEND PAYMENT
(ALL SIX FUNDS):
Monthly
1
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concerns about terrorism, widening turmoil in the Middle East and tepid
corporate spending all had the potential to undermine the economy.
Against this backdrop, the release of the third-quarter 2003 gross
domestic product (GDP) figure of 8.2% came as a surprise. (GDP is a widely
followed measure of economic activity.) The number was far higher than
anticipated, and the sharpest recorded advance in GDP since 1984. Consumer
and business spending provided significant impetus behind this figure, as
consumer spending rose 6.4%--its highest rate since 1988--while business
spending surged to 14.0%. As of this writing, the preliminary estimate for
fourth quarter GDP came in at 4.0%, which represented a solid gain.
However, while the consensus was that this figure would be more muted than
that of the third quarter, it was, nonetheless, lower than expectations.
Q. WHAT ACTIONS DID THE FEDERAL RESERVE BOARD (THE "FED") TAKE DURING THE
PERIOD?
A. As the reporting period began, the federal funds rate was 1.00% newly lowered
by a quarter of a percentage point during the Fed's June 25, 2003 Federal
Open Market Committee meeting. Since that time, the Fed has remained on hold.
At its December 9, 2003 meeting the Fed rationalized its position, noting "an
accommodative stance on monetary policy, coupled with robust underlying
growth in productivity, is providing important ongoing support to economic
activity." It went on to state that with little inflation, interest rates
could remain low for a considerable period.
Q. HOW WERE THE FUNDS MANAGED GIVEN THE LOW INTEREST RATE ENVIRONMENT?
A. Throughout the reporting period, we continued to employ a "barbell" strategy,
whereby we purchased securities at both ends of the maturity spectrum.
Longer-term securities were used to lock in higher yields as interest rates
fell, while shorter-term securities provided liquidity. This strategy was
beneficial because it allowed us to generate incremental yield compared to a
more "laddered" approach, wherein a fund's portfolio is spread out among all
maturity levels.
2
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In terms of security selection, for all of the funds we continued to
emphasize quality and liquidity. Specifically for UBS RMA Money Market
Portfolio and UBS RMA U.S. Government Portfolio, we continued to focus on US
government securities, although we reduced the former's holdings in this
sector since we last reported to you. This strategy helped to control the
funds' weighted average maturities as we met our liquidity requirements.
(Liquidity requirements for both of these funds increased given the rate of
share redemptions, as reflected in the decrease in their net assets. From
June 30, 2003 through December 31, 2003, UBS RMA Money Market Portfolio's
asset decreased from $21.8 billion to $15.4 billion, while UBS RMA U.S.
Government Portfolio's assets decreased from $2.5 billion to $1.8 billion.)
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, this strategy enabled us to avoid the credit problems and downgrades
that occurred in certain sectors of the municipal market.
Q. WHAT IS YOUR OUTLOOK FOR THE ECONOMY, AND HOW DO YOU ANTICIPATE STRUCTURING
THE FUNDS GOING FORWARD?
A. We are fairly positive regarding the growth prospects for the economy.
Consumer spending is solid, the manufacturing sector is gaining momentum,
business spending is improving, and the Fed should remain accommodative. One
major issue we're following closely is the job market. Even though the
economy appears to be on solid footing, it has not yet triggered a steady
increase in job growth. With approximately 70% of the economy driven by the
consumer, continued high unemployment could hurt consumer confidence and
diminish the extent of economic expansion in 2004.
Given the current environment (and expected continued share redemptions in
UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio), we
expect to continue to employ a barbell strategy for all the funds in order to
try to lock in higher rates. Maintaining high-quality portfolios will also be
of great importance, in order to meet each fund's investment goals.
Specifically, as this relates to UBS RMA Money Market Portfolio and UBS RMA
U.S. Government Portfolio, we anticipate keeping a large portion of each fund
allocated to US government securities.
3
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We thank you for your continued support and welcome any comments or questions
you may have. For additional information on UBS funds,* please contact your
financial advisor or visit us at www.ubs.com/globalam-us.
Sincerely,
/s/ Joseph A. Varnas
JOSEPH A. VARNAS
PRESIDENT
UBS RMA Money Fund Inc. (UBS RMA Money Market Portfolio and UBS RMA
U.S. Government Portfolio)
UBS RMA Tax-Free Fund Inc.
UBS Managed Municipal Trust (UBS RMA California Municipal Money Fund and
UBS RMA New York Municipal Money Fund)
UBS Municipal Money Market Series (UBS RMA New Jersey Municipal Money Fund)
MANAGING DIRECTOR
UBS Global Asset Management (US) Inc.
/s/ Michael Markowitz /s/ Debbie Baggett
MICHAEL MARKOWITZ DEBBIE BAGGETT
PORTFOLIO MANAGER PORTFOLIO MANAGER
UBS RMA Money Market Portfolio UBS RMA Tax-Free Fund Inc.
UBS RMA U.S. Government Portfolio UBS RMA California Municipal
MANAGING DIRECTOR Money Fund
UBS Global Asset UBS RMA New York Municipal
Management (US) Inc. 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
performed during the six months ended December 31, 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. We encourage you to consult your financial advisor
regarding your personal investment program.
* Mutual funds are sold by prospectus only. A prospectus contains more complete
information regarding risks, charges and expenses, and should be read
carefully before investing.
4
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PERFORMANCE AT A GLANCE (UNAUDITED)
<Table>
<Caption>
7-DAY 7-DAY WEIGHTED
YIELDS AND CHARACTERISTICS CURRENT EFFECTIVE AVERAGE NET
AS OF DECEMBER 31, 2003* YIELD YIELD MATURITY** ASSETS
- ----------------------------------------------------------------------------------------------------
UBS RMA Money Market Portfolio 0.49% 0.49% 52 days $ 15.4 billion
- ----------------------------------------------------------------------------------------------------
UBS RMA U.S. Government Portfolio 0.49% 0.49% 54 days $ 1.8 billion
- ----------------------------------------------------------------------------------------------------
UBS RMA Tax-Free Fund Inc. 0.55% 0.55% 34 days $ 3.1 billion
- ----------------------------------------------------------------------------------------------------
UBS RMA California Municipal
Money Fund 0.51% 0.51% 38 days $ 787.2 million
- ----------------------------------------------------------------------------------------------------
UBS RMA New York Municipal
Money Fund 0.48% 0.48% 34 days $ 569.0 million
- ----------------------------------------------------------------------------------------------------
UBS RMA New Jersey Municipal
Money Fund 0.30% 0.31% 31 days $ 145.1 million
- ----------------------------------------------------------------------------------------------------
</Table>
* Yields will fluctuate and may reflect fee waivers and/or expense
reimbursements. Performance data quoted represents 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
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UBS RMA MONEY MARKET PORTFOLIO
Statement of Net Assets -- December 31, 2003 (unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS--27.44%
$ 300,000 U.S. Treasury Bills (1) 01/02/04 to 0.920 to
05/20/04 1.000%@ $ 299,606,000
100,000 U.S. Treasury Notes (1) 03/31/04 3.625 100,587,269
419,000 Federal Farm Credit Bank 01/02/04 to 1.000 to
01/20/04 1.050* 419,009,713
1,081,500 Federal Home Loan Bank 07/02/04 to 1.070 to
12/03/04 2.250 1,081,798,838
468,900 Federal Home Loan Bank 01/02/04 1.008 to
1.030* 468,860,024
200,000 Federal Home Loan Bank 01/09/04 to 1.040 to
01/28/04 1.050@ 199,898,139
499,500 Federal Home Loan Mortgage Corp. 01/15/04 to 1.375 to
09/17/04 3.250 499,548,531
65,138 Federal Home Loan Mortgage Corp. 02/19/04 1.050@ 65,044,906
300,000 Federal National 08/27/04 to 1.250 to
Mortgage Association 12/30/04 1.650 300,000,000
100,000 Federal National
Mortgage Association 01/18/04 1.090* 100,006,439
501,930 Federal National 01/05/04 to 1.050 to
Mortgage Association (1) 02/19/04 1.075@ 501,547,252
188,400 Student Loan Marketing Association 01/02/04 0.944* 188,400,000
Total U.S. Government and Agency Obligations
(cost--$4,224,307,111) 4,224,307,111
- ---------------------------------------------------------------------------------------------------------------------
BANK NOTES--2.81%
U.S.--2.81%
432,000 Wells Fargo Bank N.A. 01/02/04 1.030 to
(cost--$432,000,000) 1.050* 432,000,000
CERTIFICATES OF DEPOSIT--20.79%
U.S.--7.05%
325,000 American Express Centurion Bank 01/12/04 to 1.070 to
01/26/04 1.080 325,000,000
176,000 Discover Bank 01/06/04 to 1.095 to
01/20/04 1.100 176,000,000
125,000 First Tennessee Bank N.A. (Memphis) 01/14/04 to 1.080 to
01/29/04 1.090 124,999,998
275,000 State Street Bank & Trust Co. 02/26/04 to 1.060 to
07/09/04 1.140 275,000,000
</Table>
6
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<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--(CONCLUDED)
U.S.--(CONCLUDED)
$ 185,000 SunTrust Bank 01/02/04 0.990%* $ 184,999,582
1,085,999,580
NON-U.S.--13.74%
208,000 Abbey National 01/02/04 1.025 to 207,988,805
Treasury Services PLC 1.048*
203,000 ABN-AMRO Bank N.V. 01/02/04 0.970* 203,000,000
192,000 Barclays Bank PLC 01/02/04 1.050* 191,986,483
100,000 Bayerische Landesbank 08/25/04 1.090 100,008,590
150,000 Bayerische Landesbank Girozentrale 08/13/04 1.100* 150,000,000
200,000 Canadian Imperial Holdings, Inc. 01/07/04 1.090 200,000,000
150,000 Credit Suisse First Boston New York 01/29/04 1.080 150,000,000
350,000 Rabobank Nederland N.V. 01/02/04 1.020 to
1.043* 349,973,199
562,000 Westdeutsche Landesbank AG 01/02/04 1.050* 561,980,600
2,114,937,677
Total Certificates of Deposit
(cost--$3,200,937,257) 3,200,937,257
- ---------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--43.81%
ASSET BACKED-AUTO & TRUCK--0.32%
50,000 New Center Asset Trust 01/22/04 1.090 49,968,208
ASSET BACKED-FINANCE--0.33%
50,000 K2 (USA) LLC 04/15/04 1.115* 49,992,000
ASSET BACKED-MISCELLANEOUS--17.54%
177,000 Amsterdam Funding Corp. 01/06/04 to 1.070 to
01/16/04 1.090 176,964,269
318,240 Asset Securitization 01/14/04 to 1.080 to
Cooperative Corp. 02/11/04 1.090 317,970,312
129,514 Barton Capital Corp. 01/13/04 to
01/20/04 1.080 129,459,077
360,057 Falcon Asset Securitization Corp. 01/09/04 to 1.080 to
02/04/04 1.090 359,777,696
118,524 Galaxy Funding, Inc. 02/04/04 to 1.100 to
04/06/04 1.120 118,247,919
190,000 Giro Funding U.S. Corp. 01/05/04 to 1.070 to
01/30/04 1.100 189,887,814
</Table>
7
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--(CONTINUED)
ASSET BACKED-MISCELLANEOUS--(CONCLUDED)
$ 153,000 Grampian Funding LLC 01/14/04 to
02/02/04 1.100% $ 152,908,456
227,995 Old Line Funding Corp. 01/02/04 to 1.040 to
02/17/04 1.100 227,909,756
246,000 Preferred Receivables Funding Corp. 01/20/04 to 1.070 to
01/30/04 1.080 245,813,891
334,057 Receivables Capital Corp. 01/07/04 to 1.080 to
01/15/04 1.100 333,935,557
70,000 Thunderbay Funding 01/05/04 1.090 69,991,522
150,000 Variable Funding Capital Corp. 01/05/04 1.070 to
to 01/16/04 1.090 149,949,361
50,000 Windmill Funding Corp. 01/14/04 1.080 49,980,500
176,454 Yorktown Capital LLC 01/08/04 to 1.090 to
01/20/04 1.095 176,384,760
2,699,180,890
BANKING-NON-U.S.--4.39%
85,000 Alliance & Leicester PLC 03/19/04 1.080 84,801,100
175,000 Bank of Ireland 02/18/04 1.070 174,750,333
106,219 Fortis Funding LLC 01/20/04 1.075 106,158,736
35,000 HBOS Treasury Services PLC 02/02/04 1.080 34,966,400
100,000 Nationwide Building Society 03/31/04 1.090 99,727,500
175,000 Svenska Handelsbanken, Inc 02/04/04 to
02/05/04 1.080 174,819,250
675,223,319
BANKING-U.S.--9.88%
330,000 CBA (Delaware) Finance, Inc. 01/09/04 to 1.065 to
02/09/04 1.080 329,815,033
70,000 Danske Corp. 02/09/04 1.070 69,918,858
160,000 Dexia Delaware LLC 01/06/04 to 1.080 to
01/09/04 1.085 159,966,889
277,287 Kittyhawk Funding Corp. 01/23/04 to 1.085 to
02/17/04 1.090 276,989,518
380,000 Nordea North America, Inc. 01/20/04 to 1.070 to
02/19/04 1.090 379,643,172
130,000 San Paolo IMI U.S. Financial Co. 01/02/04 0.960 129,996,534
175,000 Stadshypotek Del, Inc. 01/15/04 to 1.080 to
03/22/04 1.100 174,745,174
1,521,075,178
</Table>
8
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--(CONCLUDED)
BROKERAGE--5.68%
$ 250,000 Bear Stearns Cos., Inc. 01/09/04 to 1.070 to
01/16/04 1.080% $ 249,919,416
450,000 Citigroup Global Markets 01/06/04 to 1.010 to
Holdings, Inc. 01/08/04 1.080 449,915,861
175,000 Credit Suisse First Boston, Inc. 01/20/04 to 1.070 to
01/22/04 1.080 174,896,278
874,731,555
ENERGY-INTEGRATED--0.32%
50,000 Shell Finance (UK) PLC 02/03/04 1.060 49,951,417
FINANCE-CAPTIVE AUTOMOTIVE--0.81%
125,000 Toyota Motor Credit Corp. 01/23/04 to 1.060 to
02/05/04 1.070 124,889,590
FINANCE-NONCAPTIVE CONSUMER--0.23%
35,000 Household Finance Corp. 01/12/04 1.090 34,988,343
FINANCE-NONCAPTIVE DIVERSIFIED--1.30%
200,000 GE Capital International Funding, Inc. 01/20/04 to 1.080 to
02/26/04 1.090 199,719,236
FOOD, BEVERAGE & TOBACCO--0.94%
145,000 Nestle Finance France S.A. 01/15/04 1.070 144,939,664
METALS & MINING--0.72%
111,104 Rio Tinto Ltd. 01/13/04 to
01/15/04 1.070 111,060,030
TELECOM-WIRELINES--0.54%
83,000 SBC International, Inc. 01/13/04 1.060 82,970,673
UTILITIES-OTHER--0.81%
125,000 RWE AG 02/13/04 to
02/20/04 1.090 124,826,660
Total Commercial Paper
(cost--$6,743,516,763) 6,743,516,763
- ---------------------------------------------------------------------------------------------------------------------
</Table>
9
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE OBLIGATIONS*--2.87%
BANKING-U.S--0.94%
$ 145,000 Wells Fargo & Co. 01/14/04 1.233% $ 145,000,000
ENERGY-INTEGRATED--0.67%
103,000 BP Capital Markets PLC 01/02/04 1.045 103,000,000
FINANCE-CAPTIVE AUTOMOTIVE--1.00%
154,500 Toyota Motor Credit Corp. 03/23/04 1.105* 154,500,000
FINANCE-NONCAPTIVE DIVERSIFIED--0.26%
40,000 General Electric Capital Corp. 01/09/04 1.250 40,000,000
Total Short-Term Corporate Obligations
(cost--$442,500,000) 442,500,000
- ---------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--0.49%
75,000 Repurchase Agreement dated 12/31/03 with Deutsche
Bank Securities, Inc., collateralized by
$39,655,000 Federal Home Loan Bank, 3.000% to
3.500% due 11/06/06 to 11/15/07 and $35,882,000
Federal Home Loan Mortgage Corp. 4.375% due
02/04/10; (value--$76,500,505); proceeds:
$75,003,958 (cost--$75,000,000) 01/02/04 0.950 75,000,000
<Caption>
NUMBER OF
SHARES
(000)
- ---------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS+--1.78%
236,760 AIM Liquid Assets Portfolio 01/02/04 0.960 236,759,865
36,822 BlackRock Provident
Institutional TempFund 01/02/04 0.936 36,821,763
- ---------------------------------------------------------------------------------------------------------------------
Total Money Market Funds+ (cost--$273,581,628) 273,581,628
<Caption>
PRINCIPAL
AMOUNT
(000)
- ---------------------------------------------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--1.63%
COMMERCIAL PAPER@--1.30%
ASSET BACKED-MISCELLANEOUS--0.33%
$ 50,095 Barton Capital Corp. 01/02/04 1.080 50,094,906
</Table>
10
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--(CONCLUDED)
BROKERAGE--0.97%
$ 149,891 Citigroup Global
Markets Holdings, Inc. 01/02/04 1.060% $ 149,891,055
Total Commercial Paper
(cost--$199,985,961) 199,985,961
- ---------------------------------------------------------------------------------------------------------------------
<Caption>
NUMBER OF
SHARES
(000)
- ---------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS+--0.33%
5,074 Scudder Money Market Series 01/02/04 1.020 5,073,835
45,400 UBS Private Money Market Fund LLC 01/02/04 1.022 45,400,381
Total Money Market Funds (cost--$50,474,216) 50,474,216
- ---------------------------------------------------------------------------------------------------------------------
Total Investments of Cash Collateral From
Securities Loaned (cost--$250,460,177) 250,460,177
Total Investments (cost--$15,642,302,936 which approximates cost
for federal income tax purposes)--101.62% 15,642,302,936
Liabilities in excess of other assets--(1.62)% (249,857,554)
Net Assets (applicable to 15,389,954,548 shares of common stock
outstanding equivalent to $1.00 per share)--100.00% $ 15,392,445,382
</Table>
(1) Security, or portion thereof, was on loan at December 31, 2003.
* Variable rate securities--maturity dates reflect earlier of
reset date or stated maturity date. The interest rates shown
are the current rates as of December 31, 2003 and reset
periodically.
@ Interest rates shown are discount rates at date of purchase.
+ Interest rates shown reflect yield at December 31, 2003.
Weighted average maturity -- 52 days
See accompanying notes to financial statements
11
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--51.43%
$ 350,000 U.S. Treasury Bills 01/15/04 to 0.910 to
05/27/04 1.030%@ $ 348,882,528
550,000 U.S. Treasury Notes 01/31/04 to 2.250 to
07/31/04 3.250 552,500,877
Total U.S. Government Obligations
(cost--$901,383,405) 901,383,405
- ---------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--50.85%
250,000 Repurchase Agreement dated 12/31/03 with Deutsche
Bank Securities, Inc., collateralized by
$119,189,000 U.S. Treasury Bonds, 8.750% to
10.750% due 08/15/05 to 08/15/20 and $77,454,000
U.S. Treasury Note, 7.875% due 11/15/04;
(value--$255,001,129); proceeds: $250,011,806 01/02/04 0.850 250,000,000
491,292 Repurchase Agreement dated 12/31/03 with Goldman
Sachs Group, Inc., collateralized by $72,536,000
U.S. Treasury Bills, Zero Coupon due 06/10/04 to
06/24/04, $155,907,000 U.S. Treasury Bonds, 6.875%
to 9.000% due 11/15/18 to 08/15/25 and
$209,281,000 U.S. Treasury Notes, 1.500% to 3.000%
due 02/26/04 to 02/28/05; (value--$501,119,118);
proceeds: $491,315,515 01/02/04 0.850 491,292,315
150,000 Repurchase Agreement dated 12/31/03 with Morgan
Stanley & Co., collateralized by $112,491,000 U.S.
Treasury Bond, 8.000% due 11/15/21;
(value--$153,000,122); proceeds: $150,006,833 01/02/04 0.820 150,000,000
Total Repurchase Agreements
(cost--$891,292,315) 891,292,315
- ---------------------------------------------------------------------------------------------------------------------
</Table>
12
<Page>
<Table>
<Caption>
NUMBER OF
SHARES MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS+--0.38%
4,403 AIM Short-Term Investment Trust
Treasury Portfolio 01/02/04 0.880% $ 4,403,295
2,238 Federated Treasury Securities Fund 01/02/04 0.801 2,237,960
74 Goldman Treasury Investor Fund 01/02/04 0.734 73,949
Total Money Market Funds (cost--$6,715,204) 6,715,204
- ---------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$1,799,390,924 which approximates cost
for federal income tax purposes)--102.66% 1,799,390,924
Liabilities in excess of other assets--(2.66)% (46,683,646)
Net Assets (applicable to 1,753,097,947 shares of common stock
outstanding equivalent to $1.00 per share)--100.00% $ 1,752,707,278
- ---------------------------------------------------------------------------------------------------------------------
</Table>
@ Interest rates shown are discount rates at date of purchase.
+ Interest rates shown reflect yield at December 31, 2003.
Weighted average maturity -- 54 days
See accompanying notes to financial statements
13
<Page>
UBS RMA TAX-FREE FUND INC.
Statement of Net Assets -- December 31, 2003 (unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--101.44%
ALABAMA--1.60%
$ 13,975 Birmingham Alabama Refunding,
Series A A 1.150% $ 13,975,000
11,265 Mobile Alabama Industrial Development Board, Dock
and Wharf Revenue Refunding
(Holnam, Inc. Project), Series A A 1.060 11,265,000
8,700 Mobile Alabama Industrial Development Board, Dock
and Wharf Revenue Refunding
(Holnam, Inc. Project), Series B A 1.100 8,700,000
15,275 University of Alabama Revenue (University
Hospital), Series C A 1.070 15,275,000
49,215,000
- ---------------------------------------------------------------------------------------------------------------------
ALASKA--0.16%
5,000 Valdez Alaska Marine Terminal
Revenue Refunding
(BP Pipelines Inc. Project), Series C A 1.300 5,000,000
- ---------------------------------------------------------------------------------------------------------------------
ARIZONA--2.14%
35,000 Apache County Industrial Development Authority
(Tucson Electric Power Co.) A 1.150 35,000,000
11,200 Apache County Industrial Development Authority
(Tucson Electric Power Co.), Series B A 1.200 11,200,000
8,200 Pima County Industrial Development Authority
Revenue (Tucson Electric Power Co.
Ivington), Series A A 1.150 8,200,000
8,000 Apache County Industrial Development Authority
(Tucson Electric Power Co. Springerville
Project) A 1.150 8,000,000
3,500 Pinal County Pollution Control Revenue (Newmont
Mining Corp.) A 1.300 3,500,000
65,900,000
- ---------------------------------------------------------------------------------------------------------------------
</Table>
14
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
CALIFORNIA--0.06%
$ 1,700 California State, Series A-3 A 1.260% $ 1,700,000
- ---------------------------------------------------------------------------------------------------------------------
COLORADO--3.82%
9,550 Colorado Educational and Cultural Facilities
Authority Revenue (National Jewish Federation
Board Program), Series A-1 A 1.300 9,550,000
9,000 Colorado Housing & Finance Authority, Housing
Revenue Multi-Family Class III, Series A-1 A 1.250 9,000,000
29,000 Colorado Regional Transportation District
Certificates of Participation (Transit Vehicles
Project), Series A A 1.220 29,000,000
20,000 Colorado State Education Loan Program Tax &
Revenue Anticipation Notes 08/09/04 2.000 20,094,244
25,000 Denver Colorado City & County Certificate of
Participation Refunding (Wellington E Web-C1) A 1.120 25,000,000
16,695 East 470 Public Highway Authority Co.
Revenue, Vehicle Registration Fee A 1.120 16,695,000
8,490 Smith Creek Metropolitan District Revenue A 1.300 8,490,000
117,829,244
- ---------------------------------------------------------------------------------------------------------------------
CONNECTICUT--0.35%
10,800 Connecticut Special Tax Obligation Revenue (Second
Lien Transportation) A 1.120 10,800,000
- ---------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--4.51%
26,400 District of Columbia (Multi-Modal)
Refunded, Series D A 1.250 26,400,000
13,115 District of Columbia (Multi-Modal), Series A A 1.250 13,115,000
17,000 District of Columbia (Multi-Modal), Series B A 1.250 17,000,000
5,675 District of Columbia Refunded, Series D A 1.120 5,675,000
9,100 District of Columbia, Series D-1 A 1.060 9,100,000
</Table>
15
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
DISTRICT OF COLUMBIA--(CONCLUDED)
$ 11,000 District of Columbia Revenue
(Foundation for Jewish Campus Life) A 1.150% $ 11,000,000
25,000 District of Columbia Revenue
(George Washington University), Series B A 1.150 25,000,000
9,850 District of Columbia Revenue
(JFK Center for the Performing Arts) A 1.120 9,850,000
4,000 District of Columbia Revenue
(Multi-Modal Medlantic), Series C A 1.300 4,000,000
17,855 District of Columbia Revenue Pooled
Loan Program, Series A A 1.250 17,855,000
138,995,000
- ---------------------------------------------------------------------------------------------------------------------
FLORIDA--5.42%
6,450 Collier County Health Facilities Authority,
Health Facilities Revenue (The Moorings, Inc.
Project) A 1.100 6,450,000
5,890 Dade County Industrial Development Authority
(Dolphins Stadium Project), Series B A 1.120 5,890,000
6,300 Florida Housing Finance Agency (Parrots Landing
Project), Series A A 1.000 6,300,000
6,980 Florida Housing Finance Agency, Multi-Family
Housing Revenue (Housing Lakeside), Series B A 1.270 6,980,000
39,000 Jacksonville Electric Authority Revenue
(Water & Sewer Systems), Series B A 1.100 39,000,000
8,485 Lee County Housing Finance Authority,
Multi-Family Housing Revenue
Refunding (Forestwood Apartments
Project), Series A A 1.000 8,485,000
12,900 Nassau County Pollution Control
Revenue (Rayonier Project) A 1.120 12,900,000
5,700 Palm Beach County Housing Finance
Authority Revenue Refunding
(Cotton Bay Apartments Project), Series D A 1.100 5,700,000
</Table>
16
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
FLORIDA--(CONCLUDED)
$ 6,400 Palm Beach County Housing Finance Authority
Revenue Refunding (Mahogony Bay Apartments
Project), Series C A 1.100% $ 6,400,000
8,100 St. John's County Industrial Development
Authority (Glenmoor St. John's Project),
Series C A 1.100 8,100,000
45,965 Sunshine State Governmental 1.050 to
Financing Commission Revenue A 1.250 45,965,000
14,800 University of South Florida Foundation, Inc. A 1.100 14,800,000
166,970,000
- ---------------------------------------------------------------------------------------------------------------------
GEORGIA--6.97%
4,900 Athens-Clarke County Unified Government Development
Authority Revenue (UGA Real Estate
Funding Project) A 1.200 4,900,000
6,000 Atlanta Airport Revenue General
Refunding, Series C-3 A 1.200 6,000,000
4,960 Atlanta Development Authority Revenue (Clark
University Project), Series A A 1.150 4,960,000
42,380 Burke County Development Authority
Pollution Control, (Oglethorpe 1.120 to
Power Corp.), Series A A 1.310 42,380,000
14,300 De Kalb County Housing Authority, Multi-Family
Housing Revenue Refunding (Post Walk Project) A 1.150 14,300,000
15,935 De Kalb County Housing Authority, Multi-Family
Housing Revenue Refunding (Wood Terrace
Apartments Project) A 1.170 15,935,000
5,030 De Kalb Private Hospital Authority Revenue
Anticipation Certificates (ESR Childrens
Health), Series B A 1.100 5,030,000
27,600 Fulton County Housing Authority, Multi-Family
Housing Revenue Refunding (Spring Creek Crossing) A 1.150 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 1.200% $ 12,655,000
10,000 Georgia Municipal Electric Authority
Variable (Project One Subordination),
Series D A 1.150 10,000,000
10,400 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Greens Apartments Project) A 1.200 10,400,000
6,000 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Chase Project) A 1.150 6,000,000
13,150 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Court Project) A 1.150 13,150,000
6,265 Monroe County Development Authority
Pollution Control Revenue
(Oglethorpe Power Corp. Project) A 1.310 6,265,000
19,027 Municipal Electric Authority Georgia
(General Resolution Projects), Series B A 1.080 19,027,000
16,000 Municipal Electric Authority Georgia
(General Resolution Projects), Series C A 1.150 16,000,000
214,602,000
- ---------------------------------------------------------------------------------------------------------------------
IDAHO--1.04%
32,000 Idaho State Tax Anticipation Notes 06/30/04 2.000 32,171,420
- ---------------------------------------------------------------------------------------------------------------------
ILLINOIS--9.13%
20,000 Chicago Illinois Metropolitan Water
Reclamation District Capital
Improvement, Series E A 1.150 20,000,000
7,000 Chicago Illinois Metropolitan Water
Reclamation District Refunding, Series A A 1.070 7,000,000
26,500 Chicago Illinois Metropolitan Water
Reclamation District Refunding, Series B A 1.070 26,500,000
53,050 Chicago Illinois O'Hare International
Airport Revenue, Series C A 1.150 53,050,000
</Table>
18
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
ILLINOIS--(CONCLUDED)
$ 7,500 Illinois Development Finance Authority
Pollution Control Revenue
(Commonwealth Edison Co.) 01/15/04 5.300% $ 7,511,961
11,400 Illinois Development Finance Authority
Revenue (Chicago Symphony Orchestra) A 1.140 11,400,000
7,800 Illinois Development Finance Authority
Revenue (Evanston Northwestern), Series A A 1.300 7,800,000
14,100 Illinois Development Finance Authority
Revenue (Francis W. Parker
School Project) A 1.120 14,100,000
19,000 Illinois Development Finance Authority
Revenue (St. Vincent De Paul Project), Series A A 1.070 19,000,000
16,020 Illinois Development Finance Authority,
Multi-Family Housing Revenue
Refunding (Orleans Illinois Project) A 1.250 16,020,000
4,645 Illinois Educational Facilities Authority
Revenue (Northwestern University) A 1.150 4,645,000
3,700 Illinois Educational Facilities Authority
Revenue (University of Chicago), Series B 07/01/04 4.400 3,761,428
8,000 Illinois Health Facilities Authority
Revenue Pooled Loan, Series C A 1.200 8,000,000
28,945 Illinois Health Facilities Authority
Revenue Refunding (Advocate
Health Care), Series B A 1.180 28,945,000
5,600 Illinois Health Facilities Authority
Revenue (Resurrection Health), Series A A 1.300 5,600,000
14,285 Illinois Health Facilities Authority
Revenue (University of Chicago
Hospital Project), Series C A 1.300 14,285,000
33,600 Illinois Toll & Highway Authority A 1.070 33,600,000
281,218,389
- ---------------------------------------------------------------------------------------------------------------------
</Table>
19
<Page>
UBS RMA TAX-FREE FUND INC.
Statement of Net Assets -- December 31, 2003 (unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
INDIANA--3.02%
$ 14,215 Indiana Health Facility Financing
Authority Hospital Revenue
(Aces Rehabilation Hospital) A 1.100% $ 14,215,000
22,400 Indiana Health Facility Financing
Authority Revenue (Ascension
Health Credit Group), Series B A 1.100 22,400,000
8,200 Indiana State Educational Facilities
Authority Revenue
(University of Notre Dame) A 1.120 8,200,000
9,640 Indianapolis Local Public
Improvement Bond Bank Notes,
Series F-2 A 1.060 9,640,000
9,000 Indianapolis Local Public
Improvement Bond, Series H 01/08/04 1.250 9,000,633
29,500 St. Joseph County Educational
Facilities Revenue
(University of Notre Dame) A 1.150 29,500,000
92,955,633
- ---------------------------------------------------------------------------------------------------------------------
IOWA--1.05%
5,100 Iowa Finance Authority Wellness
Facility Revenue (Community Y
Marshalltown Project) A 1.300 5,100,000
18,100 Iowa Higher Education Loan
Authority Revenue (Aces Education
Loan Private College) A 1.180 18,100,000
9,000 Iowa State Revenue Primary Road
Funding-Revenue Anticipation Notes 06/30/04 2.000 9,044,690
32,244,690
- ---------------------------------------------------------------------------------------------------------------------
KANSAS--0.46%
14,000 Lawrence Kansas (Temporary Notes),
Series 2003-II 10/02/04 2.000 14,090,981
- ---------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.32%
9,815 Breckinridge County Lease Program
Revenue (Kentucky Association
Counties Leasing Trust), Series A A 1.300 9,815,000
- ---------------------------------------------------------------------------------------------------------------------
</Table>
20
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
LOUISIANA--1.58%
$ 7,300 Louisiana Offshore Terminal Authority
Deepwater Port Revenue Refunding
(Loop LLC Project), Series A A 1.310% $ 7,300,000
15,140 Louisiana Public Facilities Authority
Revenue (College and University
Equipment and Capital), Series A A 1.250 15,140,000
10,000 Louisiana State Refunding, Series A 04/15/04 5.000 10,112,399
16,100 South Louisiana Port Commission
Marine Terminal Facilities Revenue
(Occidental Petroleum) A 1.150 16,100,000
48,652,399
- ---------------------------------------------------------------------------------------------------------------------
MAINE--0.77%
23,500 Maine State Tax Anticipation Notes 06/30/04 1.750 23,594,131
- ---------------------------------------------------------------------------------------------------------------------
MARYLAND--4.01%
12,755 Baltimore County Revenue
(Oak Crest Village, Inc. Project),
Series A A 1.250 12,755,000
18,150 Baltimore Maryland Industrial
Development Authority
(Baltimore Capital Acquistion) A 1.120 18,150,000
28,900 Maryland Health & Higher Educational
Facilities Authority (Pooled Loan
Program), Series A A 1.090 28,900,000
43,575 Maryland Health & Higher Educational
Facilities Authority (Pooled Loan
Program), Series B A 1.100 43,575,000
20,135 Maryland Health & Higher Educational
Facilities Authority (Pooled Loan
Program), Series D A 1.250 20,135,000
123,515,000
- ---------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--7.56%
14,009 Ashburnham & Westminster ETC
Regional School District Bond
Anticipation Notes 01/29/04 2.250 14,019,377
</Table>
21
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MASSACHUSETTS--(CONTINUED)
$ 10,400 Boston Water & Sewer Commission
Revenue, Series A A 1.150% $ 10,400,000
10,000 Massachusetts State Health &
Educational Facilities Authority
Revenue (Bentley College) A 1.200 10,000,000
180 Massachusetts State Health &
Educational Facilities Authority
Revenue (Capital Assets Program),
Series D A 1.260 180,000
17,770 Massachusetts State Health &
Educational Facilities Authority
Revenue (Harvard University) A 1.180 17,770,000
12,000 Massachusetts State Health &
Educational Facilities Authority
Revenue (Harvard University),
Series BB A 1.180 12,000,000
14,650 Massachusetts State Health &
Educational Facilities Authority
Revenue (Partners Healthcare System),
Series P-2 A 1.120 14,650,000
10,000 Massachusetts State Health &
Educational Facilities Authority Revenue
(Massachusetts Institute of Technology),
Series J-2 A 1.150 10,000,000
25,050 Massachusetts State Water Resources
Authority Refunding (General
Multi-Modal), Series B A 1.100 25,050,000
44,150 Massachusetts State Water Resources
Authority Refunding (General
Multi-Modal), Series C A 1.100 44,150,000
18,000 Natick Massachusetts Bond
Anticipation Notes 04/30/04 2.000 18,052,668
37,800 Route 3 North Transport Improvement
Associates Lease Revenue
(Demand Obligation Bond), Series B A 1.060 37,800,000
</Table>
22
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MASSACHUSETTS--(CONCLUDED)
$ 10,000 Watertown Massachusetts Bond
Anticipation Notes 11/12/04 2.000% $ 10,071,603
8,745 Wayland Massachusetts Bond
Anticipation Notes 11/18/04 2.000 8,808,067
232,951,715
- ---------------------------------------------------------------------------------------------------------------------
MICHIGAN--2.26%
9,900 Detroit Sewage Disposal Revenue
Refunding, Series B A 1.060 9,900,000
18,200 Michigan State Grant Anticipation
Notes, Series B A 1.090 18,200,000
16,800 Michigan State Housing Development
Authority, Series 2000-A A 1.250 16,800,000
5,400 Northville Township Economic
Development Corp. Ltd., Obligation
Revenue (Thrifty Northville, Inc. Project) A 1.250 5,400,000
7,980 University of Michigan Revenue,
(University Hospital), Series A A 1.300 7,980,000
11,300 University of Michigan Revenue
(University Medical Service Plan),
Series A1 A 1.300 11,300,000
69,580,000
- ---------------------------------------------------------------------------------------------------------------------
MINNESOTA--0.59%
18,000 Minneapolis Special School
District No. 001 AID Anticipation
Certificates, Series B 08/06/04 1.750 18,081,530
- ---------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.45%
13,900 Harrison County Pollution
Control Revenue (DuPont) A 1.300 13,900,000
- ---------------------------------------------------------------------------------------------------------------------
MISSOURI--2.20%
4,100 Curators University System
Facilities Revenue, Series A A 1.300 4,100,000
</Table>
23
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MISSOURI--(CONCLUDED)
$ 5,200 Missouri Development Finance
Board Cultural Facilities Revenue
(Nelson Gallery Foundation), Series B A 1.300% $ 5,200,000
14,000 Missouri State Health & Educational
Facilities Authority Revenue
(Assemblies of God College) A 1.250 14,000,000
13,676 Missouri State Health & Educational
Facilities Authority Revenue
(Barnes Hospital Project) A 1.150 13,676,000
15,600 Missouri State Health & Educational
Facilities Authority Revenue
(Washington University), Series B A 1.300 15,600,000
5,570 St. Charles County Industrial
Development Authority Revenue
Refunding (Casalon Apartments Project) A 1.140 5,570,000
6,000 St. Charles County Industrial
Development Authority Revenue
Refunding
(Remington Apartments Project) A 1.140 6,000,000
3,500 University of Missouri, University
Revenue (System Facilities), Series B A 1.300 3,500,000
67,646,000
- ---------------------------------------------------------------------------------------------------------------------
NEBRASKA--0.64%
8,735 Lancaster County Hospital Authority
Revenue (Immanuel Health Systems),
Series A A 1.300 8,735,000
11,100 Nebraska Help Increase Revenue
(Multi-Modal), Series E A 1.200 11,100,000
19,835,000
- ---------------------------------------------------------------------------------------------------------------------
NEVADA--1.12%
34,605 Clark County Airport Improvement
Revenue (Sub Lien), Series A-1 A 1.060 34,605,000
- ---------------------------------------------------------------------------------------------------------------------
</Table>
24
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NEW HAMPSHIRE--0.64%
$ 13,800 New Hampshire Business Finance
Authority Resource Recovery
Revenue (Wheelabrator), Series A A 1.120% $ 13,800,000
5,855 New Hampshire Higher Educational &
Health Facilities Authority Revenue
(Mary Hitchcock), Series 85-H A 1.120 5,855,000
19,655,000
- ---------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.26%
8,050 University of New Mexico,
University Revenue A 1.060 8,050,000
- ---------------------------------------------------------------------------------------------------------------------
NEW YORK--0.68%
10,000 Freeport New York Bond
Anticipation Notes, Series A 01/22/04 2.250 10,005,677
11,000 New York State Local Government
Assistance Corp., Series G A 1.070 11,000,000
21,005,677
- ---------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--3.27%
6,800 Charlotte Certificates of Participation
(Government Facilities), Series F 06/01/04 1.030 6,800,000
20,700 Concord Utilities Systems Revenue
Refunding, Series B A 1.060 20,700,000
17,840 North Carolina Educational Facility
Finance Agency Revenue,
(Duke University Project), Series A A 1.150 17,840,000
11,760 North Carolina Educational Facility
Finance Agency Revenue (Elon College) A 1.100 11,760,000
6,530 North Carolina Educational Facility
Finance Agency Revenue
(Providence Day) A 1.250 6,530,000
10,000 North Carolina State (Public
Improvement Bond), Series F A 1.050 10,000,000
15,000 North Carolina State Refunding,
Series B A 1.050 15,000,000
</Table>
25
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NORTH CAROLINA--(CONCLUDED)
$ 7,200 North Carolina State University
Raleigh Revenue (Centennial
Campus), Series A A 1.200% $ 7,200,000
4,980 Winston Salem Water & Sewer
Systems Refunding, Series C A 1.150 4,980,000
100,810,000
- ---------------------------------------------------------------------------------------------------------------------
OHIO--6.55%
19,000 Cincinnati City School District
Bond Anticipation Notes 01/20/04 1.300 19,004,396
9,600 Cleveland Airport Systems
Revenue, Series C A 1.250 9,600,000
18,900 Columbus Sewer Revenue A 1.250 18,900,000
6,000 Cuyahoga County Hospital
Revenue (University Hospital
Health Center) A 1.270 6,000,000
28,340 Franklin County Hospital
Revenue Refunding
(U.S. Health Corp.), Series A A 1.180 28,340,000
11,025 Franklin County Hospital
Revenue Refunding
(U.S. Health Corp.), Series B A 1.180 11,025,000
10,600 Franklin County Hospital
Revenue Subordinated
(Doctors Ohio Health), Series B A 1.200 10,600,000
7,250 Mahoning County Housing
Revenue (Youngstown State
University Project) A 1.250 7,250,000
10,000 Middletown Ohio City School
District Bond Aniticpation Notes 06/10/04 1.750 10,026,220
14,200 Ohio State Air Quality
Development Authority Revenue
Refunding (Ohio Edison Project), Series A A 1.120 14,200,000
3,400 Ohio State Air Quality Development
Authority Revenue Refunding (Ohio
Edison Project), Series C A 1.300 3,400,000
</Table>
26
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
OHIO--(CONCLUDED)
$ 7,000 Ohio State Higher Educational
Facilities Revenue (Case Western
Reserve), Series A A 1.300% $ 7,000,000
29,900 Ohio State Water Development
Authority Revenue Refunding Water
Development Project A 1.100 29,900,000
24,000 Princeton City School District Bond
Anticipation Notes 01/15/04 1.350 24,004,090
2,660 University of Toledo General Receipt A 1.320 2,660,000
201,909,706
- ---------------------------------------------------------------------------------------------------------------------
OREGON--1.46%
38,000 Multnomah County Tax & Revenue
Anticipation Notes 06/30/04 1.750 38,158,288
6,700 Portland Multi-Family Revenue
(South Park Block Project), Series A A 1.120 6,700,000
44,858,288
- ---------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--4.51%
14,585 Delaware County Authority Hospital
Revenue (Crozer-Chester Medical Center) A 1.250 14,585,000
45,450 Delaware Valley Regional Finance
Authority (Local Government Revenue) A 1.100 45,450,000
15,200 Pennsylvania Higher Educational
Facilities Authority Revenue (University
of Pittsburgh Health Services), Series B A 1.250 15,200,000
10,000 Pennsylvania Higher Educational Facilities
Authority Revenue (University of
Pittsburgh Health Services), Series C A 1.250 10,000,000
10,000 Philadelphia Authority for Industrial
Development Revenue (Regional
Performing Arts Center Project) A 1.120 10,000,000
10,000 Philadelphia Hospital & Higher
Education Health Systems (Jefferson
Health Project), Series B 03/26/04 1.200 10,000,000
</Table>
27
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
PENNSYLVANIA--(CONCLUDED)
$ 19,200 University of Pittsburgh of the
Commonwealth Systems of Higher
Education (University Capital
Project), Series A A 1.250% $ 19,200,000
14,510 York General Authority Revenue
(Pooled Financing Subordinated),
Series B A 1.250 14,510,000
138,945,000
- ---------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--0.45%
14,000 Warwick Rhode Island Bond
Anticipation Notes 01/21/04 1.500 14,004,780
- ---------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--3.62%
28,000 Chesterfield County School
District Bond Anticipation Notes 09/24/04 2.000 28,181,794
10,000 Piedmont Municipal Power
Agency, South Carolina Electric
Revenue Refunding, Series A A 1.200 10,000,000
10,000 Piedmont Municipal Power
Agency, South Carolina Electric
Revenue Refunding, Series B A 1.200 10,000,000
11,600 Piedmont Municipal Power Agency,
South Carolina Electric Revenue
Refunding, Series D A 1.080 11,600,000
10,000 Rock Hill Utility Systems
Revenue, Series B A 1.050 10,000,000
19,380 South Carolina Jobs Economic
Development Authority (Coastal
Carolina University Project), Series A A 1.250 19,380,000
13,415 South Carolina Jobs Economic
Development Authority, Hospital
Facilities Revenue (Orangeburg
Medical Center) A 1.060 13,415,000
</Table>
28
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
SOUTH CAROLINA--(CONCLUDED)
$ 9,000 Spartanburg County School
District No. 001 Bond Anticipation
Notes, Series B 05/13/04 2.000% $ 9,028,780
111,605,574
- ---------------------------------------------------------------------------------------------------------------------
TENNESSEE--2.09%
14,775 Metropolitan Government Nashville &
Davidson County,
Industrial Development Refunding
(David Lipscomb University Project) A 1.150 14,775,000
5,000 Metropolitan Government Nashville &
Davidson County, Health & Educational
Facilities Board Revenue (Ascension
Health Credit), Series B-1 08/03/04 1.000 5,000,000
9,635 Metropolitan Government Nashville &
Davidson County, Health & Educational
Facilities Board Revenue
(Vanderbilt University) A 1.220 9,635,000
6,615 Montgomery County Public Building
Authority Revenue, Financing
Government Obligation (Pooled Loan) A 1.250 6,615,000
5,500 Montgomery County Public Building
Authority Revenue, Financing
Revenue (Pooled Loan) A 1.300 5,500,000
8,220 Shelby County, Series A A 1.150 8,220,000
5,500 Signal Mountain Health Educational &
Housing Facilities Board Revenue
Refunding (Alexian Village) A 1.200 5,500,000
9,150 Tusculum Health Educational &
Housing Board, Educational Facilities
Revenue (Tusculum College Project) A 1.150 9,150,000
64,395,000
- ---------------------------------------------------------------------------------------------------------------------
TEXAS--7.95%
4,000 Bell County Health Facilities
Development Corp. Solid Waste
Revenue, (Scott and White Memorial
Hospital), Series B-2 (MBIA Insured) A 1.300 4,000,000
</Table>
29
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
TEXAS--(CONCLUDED)
$ 12,800 Georgetown Higher Education
Finance Corp. (Southwestern University) A 1.100% $ 12,800,000
31,700 Harris County Health Facilities
Development Corp. Revenue
(Methodist Hospital) A 1.300 31,700,000
3,450 Harris County Health Facilities
Development Corp. Revenue
(St. Luke's Episcopal Hospital), Series B A 1.390 3,450,000
4,700 Harris County Health Facilities
Development Corp. Special Facilities
Revenue (Texas Children's Hospital),
Series B-1 A 1.300 4,700,000
900 Harris County Industrial
Development Corp. Revenue
(Pollution Control Revenue) A 1.140 900,000
10,000 Harris County Industrial
Development Corp. Revenue Refunding
(Baytank Houston, Inc. Project) A 1.150 10,000,000
24,000 Houston Texas Tax & Revenue
Anticipation Notes 06/30/04 1.750 24,082,136
7,050 Tarrant County Texas Housing Finance
Corp. Revenue Refunding (Multi-Family
Housing Apartments Project) A 1.330 7,050,000
6,180 Texas State (Veterans Housing
Assistance), Fund I A 1.060 6,180,000
117,000 Texas State Tax & Revenue
Anticipation Notes 08/31/04 2.000 117,668,438
13,500 Texas State Turnpike Authority
Central Texas Turnpike System
Revenue, First Tier, Series B A 1.060 13,500,000
8,900 West Side Calhoun County Development
(Sohio Chemical Co. Project) A 1.300 8,900,000
244,930,574
- ---------------------------------------------------------------------------------------------------------------------
</Table>
30
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
UTAH--0.95%
$ 14,000 Davis County School District Tax
Anticipation Notes 06/30/04 1.500% $ 14,038,328
15,300 Utah State Building Ownership
Authority Lease Revenue
(State Facilities Master Lease
Program), Series C A 1.250 15,300,000
29,338,328
- ---------------------------------------------------------------------------------------------------------------------
VERMONT--0.88%
19,600 Vermont Educational & Health
Buildings Financing Agency Revenue
(Fletcher Allen Hospital), Series B A 1.150 19,600,000
7,500 Vermont Educational & Health
Buildings Financing Agency Revenue
(Middlebury College Project) 05/03/04 1.150 7,500,000
27,100,000
- ---------------------------------------------------------------------------------------------------------------------
VIRGINIA--1.92%
11,545 Fairfax County Economic Development
Authority Revenue (Smithsonian
Institution), Series A A 1.180 11,545,000
37,040 Loudoun County Industrial
Development Authority Revenue
(Falcons Landing Project) A 1.100 37,040,000
7,000 Norfolk Industrial Development
Authority Revenue (Hospital Facilities
Childrens Project) A 1.250 7,000,000
3,700 Roanoke Industrial Development
Authority Hospital Revenue
(Carilion Health Services Systems),
Series D A 1.300 3,700,000
59,285,000
- ---------------------------------------------------------------------------------------------------------------------
WASHINGTON--4.23%
13,000 Energy Northwest Washington
Electric Revenue Refunding
(Project No. 3), Series D-3-2 A 1.070 13,000,000
</Table>
31
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
WASHINGTON--(CONTINUED)
$ 22,200 King County Washington
Sewer Revenue (Junior Lien), Series B A 1.250% $ 22,200,000
9,190 Pierce County Washington Economic
Development Corp. Special Revenue
(Weyerhaeuser Real Estate) A 1.200 9,190,000
5,100 Port of Vancouver Washington A 1.150 5,100,000
9,400 Seattle Municipal Light & Power Revenue A 1.040 9,400,000
35,370 Snohomish County Public Utility
District No. 001 Electric Revenue
Refunding (Generation Systems),
Series A A 1.090 35,370,000
10,000 Tulalip Tribes of The Tulalip Reservation
Special Revenue Refunding A 1.300 10,000,000
13,970 Washington State Public Power Supply
Systems Nuclear Project No. 3
Electric Revenue Refunding, Series 3A A 1.100 13,970,000
12,055 Washington State, Series VR-96B A 1.000 12,055,000
130,285,000
- ---------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.03%
1,000 Marshall County Pollution Control
Revenue (Mountaineer Carbon Co.) A 1.300 1,000,000
- ---------------------------------------------------------------------------------------------------------------------
WISCONSIN--0.65%
10,000 Wisconsin Center District Wisconsin
Tax Revenue, Series A A 1.120 10,000,000
10,000 Wisconsin State Health & Education
Facilities Authority Revenue
(Wheaton Franciscian Services) A 1.200 10,000,000
20,000,000
- ---------------------------------------------------------------------------------------------------------------------
WYOMING--0.07%
2,000 Sweetwater County Pollution Control
Revenue Refunding (Pacificorp Project B) A 1.350 2,000,000
- ---------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes
(cost--$3,125,046,059) 3,125,046,059
</Table>
32
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERICAL PAPER--4.98%
ALABAMA--0.33%
$ 10,300 Montgomery Alabama Pollution
Control Revenue, Series 1990
(General Electric) 01/14/04 1.050% $ 10,300,000
- ---------------------------------------------------------------------------------------------------------------------
ARIZONA--0.62%
19,000 City of Phoenix, Civic Improvement 01/12/04 to 1.050 to
Corp. Water System Revenue 03/15/04 1.060 19,000,000
- ---------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--0.32%
10,000 District of Columbia Revenue Bonds
(American National Red Cross) 02/06/04 1.030 10,000,000
- ---------------------------------------------------------------------------------------------------------------------
ILLINOIS--0.29%
9,000 Illinois Educational Facilities
Authority Revenue (Field Museum) 02/24/04 1.050 9,000,000
- ---------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--0.32%
10,000 Massachusetts State Health &
Educational Facilities Authority
Revenue (Harvard University) 01/26/04 1.030 10,000,000
- ---------------------------------------------------------------------------------------------------------------------
MICHIGAN--0.20%
6,000 University of Michigan Revenue 01/20/04 1.080 6,000,000
- ---------------------------------------------------------------------------------------------------------------------
MINNESOTA--0.49%
15,000 City of Rochester (Mayo Foundation) 01/13/04 1.000 15,000,000
- ---------------------------------------------------------------------------------------------------------------------
NEW YORK--0.61%
5,300 New York City Municipal Water
Finance Authority 01/28/04 1.030 5,300,000
13,400 Power Authority New York State 01/16/04 1.080 13,400,000
18,700,000
- ---------------------------------------------------------------------------------------------------------------------
PUERTO RICO--0.52%
16,060 Government Development
Bank of Puerto Rico 03/11/04 1.080 16,060,000
- ---------------------------------------------------------------------------------------------------------------------
</Table>
33
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERICAL PAPER--(CONCLUDED)
TENNESSEE--0.47%
$ 3,400 Memphis, Tennessee General
Obligation Bond 02/12/04 1.030% $ 3,400,000
11,000 Shelby County Health Educational &
Housing Facilities Board Revenue
(Baptist Hospital) 01/23/04 1.150 11,000,000
14,400,000
- ---------------------------------------------------------------------------------------------------------------------
TEXAS--0.81%
10,000 Houston Water & Sewer Authority 02/12/04 1.050 10,000,000
15,000 University of Texas Board of Regents 02/11/04 1.050 15,000,000
25,000,000
- ---------------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper (cost--$153,460,000) 153,460,000
Total Investments (cost--$3,278,506,059 which
approximates cost for federal income tax purposes)--106.42% 3,278,506,059
Liabilities in excess of other assets--(6.42)% (197,818,694)
Net Assets (applicable to 3,081,425,551 shares
of beneficial interest equivalent to
$1.00 per share)--100.00% $ 3,080,687,365
- ---------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown are
the current rates as of December 31, 2003 and reset periodically.
MBIA - Municipal Bond Investors Assurance
Weighted average maturity -- 34 days
See accompanying notes to financial statements
34
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
Statement of Net Assets -- December 31, 2003 (unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--95.93%
$ 20,000 California Community College
Financing Tax and Revenue
Anticipation Notes, Series A 06/30/04 2.000% $ 20,100,728
8,393 California Educational Facilities
Authority (Stanford University),
Series L A 1.050 8,393,000
15,725 California Educational Facilities
Authority (Stanford University),
Series L-8 A 1.050 15,725,000
10,704 California Health Facilities
Financing Authority (Floating
Pooled Loan Program), Series B A 1.250 10,704,000
2,470 California Health Facilities
Financing Authority (Hospital
Adventist Health Systems), Series A A 1.270 2,470,000
1,300 California Health Facilities
Financing Authority (Hospital
Adventist Health Systems), Series B A 1.270 1,300,000
1,000 California Health Facilities
Financing Authority (Hospital
Adventist Health Systems), Series C A 1.270 1,000,000
10,600 California Housing Finance Agency
Revenue Pooled Loan Program A 1.090 10,600,000
15,500 California Infrastructure &
Economic Development Revenue
(Buck Institute Age Research) A 1.100 15,500,000
15,600 California Infrastructure &
Economic Development Revenue
(Independent Systems Operation
Corp. Project), Series B A 1.250 15,600,000
1,000 California Infrastructure &
Economic Development Revenue
(Rand Corp.), Series B A 1.270 1,000,000
25,000 California School Cash Reserve
Program Authority Pool, Series A 07/06/04 2.000 25,139,490
4,600 California State, Series A-2 A 1.270 4,600,000
7,300 California State, Series A-3 A 1.260 7,300,000
5,000 California State, Series C-1 A 1.250 5,000,000
</Table>
35
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 8,000 California State Department of
Veteran Affairs Home Purchase,
Subseries A-2 A 1.280% $ 8,000,000
10,000 California State Department
Water Resources Power Supply
Revenue (Putters), Series 344 A 1.260 10,000,000
1,300 California State Department
Water Resources Power Supply
Revenue, Series B-1 A 1.270 1,300,000
11,500 California State Department
Water Resources Power Supply
Revenue, Series B-2 A 1.330 11,500,000
5,000 California State Department
Water Resources Power Supply
Revenue, Series B-5 A 1.250 5,000,000
20,000 California State, Revenue
Anticipation Notes, Subseries A-6 06/23/04 2.000 20,088,092
1,735 California Statewide Communities
Development Authority Revenue
Certificates of Participation
(Continuing Care University Project) A 1.270 1,735,000
27,015 California Transit Financing Authority A 1.250 27,015,000
5,980 ABAG Finance Authority for
Nonprofit Corp. Certificates
of Participation (Lucile Salter
Packard Project) A 1.150 5,980,000
10,595 Alameda Contra Costa Schools
Financing Authority Certificates
of Participation (Capital Improvement
Financing Projects), Series A A 1.280 10,595,000
8,000 Bay Area Toll Authority Toll Board
(San Francisco Bay Area), Series C A 1.230 8,000,000
9,500 Daly City Housing Finance Agency
Multi-Family Revenue Refunding
(Serramonte Del Ray), Series A A 1.200 9,500,000
8,875 East Bay Municipal Utility District
Water Systems Revenue, Subseries A A 1.050 8,875,000
</Table>
36
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 8,000 Fremont Union High School
District Santa Clara County
Tax and Revenue Anticipation Notes 06/30/04 1.500% $ 8,022,732
11,000 Fresno Multi-family Housing
Revenue Refunding (Heron Pointe
Apartments), Series A A 1.200 11,000,000
4,700 Golden Empire Schools Financing
Authority (Kern High School
District Project) A 1.050 4,700,000
14,545 Golden Empire Schools Financing
Authority (Kern High School 1.050 to
District Project), Series A A 1.120 14,545,000
4,200 Golden Empire Schools Financing
Authority (Kern High School
District Project), Series B A 1.050 4,200,000
10,431 Irvine Improvement Bond Act 1915
Limited Obligation
(Assessment District 85-7-1) A 1.120 10,431,000
300 Irvine Ranch Water District
Refunding, Series A A 1.140 300,000
100 Irvine Ranch Water District
Refunding, Series B A 1.330 100,000
6,735 Livermore California Certificates
of Participation (Capital Projects) A 1.250 6,735,000
8,100 Los Angeles Community
Redevelopment Agency Multi-family
Housing Revenue (Skyline at
Southpark Phase II) A 1.280 8,100,000
6,035 Los Angeles County Pension
Obligation Refunding, Series A A 1.030 6,035,000
5,000 Los Angeles County Schools
Tax and Revenue Anticipation
Notes, Series A 06/30/04 1.750 5,020,332
12,600 Los Angeles County Transport
Commission Sales Tax and
Revenue, Series A A 1.030 12,600,000
</Table>
37
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 12,800 Los Angeles Multi-Family Housing
Revenue (Museum Terrace
Apartments), Series H A 1.200% $ 12,800,000
10,000 Los Angeles Tax and Revenue
Anticipation Notes 06/30/04 2.000 10,047,030
14,000 Los Angeles Unified School
District Certificates of Participation
(Land Acquisition Program), Series D A 1.250 14,000,000
10,000 Los Angeles Water and Power
Revenue, Subseries A-1 A 1.200 10,000,000
9,900 Los Angeles Water and Power
Revenue, Subseries A-5 A 1.100 9,900,000
8,000 Los Angeles Water and Power
Revenue, Subseries B-1 A 1.200 8,000,000
11,900 Los Angeles Water and Power
Revenue, Subseries B-3 A 1.280 11,900,000
4,000 Metropolitan Water District
Southern California Waterworks
Revenue, Series B A 1.200 4,000,000
10,000 Metropolitan Water District
Southern California Waterworks
Revenue, Series B-2 A 1.180 10,000,000
10,750 Metropolitan Water District
Southern California Waterworks
Revenue, Series B-3 A 1.260 10,750,000
9,700 Metropolitan Water District
Southern California Waterworks
Revenue, Series B-4 A 1.030 9,700,000
1,000 Metropolitan Water District
Southern California Waterworks
Revenue, Series C-1 A 1.250 1,000,000
860 Metropolitan Water District
Southern California Waterworks
Revenue, Series C-2 A 1.200 860,000
3,850 Mill Valley School District 06/30/04 2.000 3,870,371
3,500 Milpitas Union School District
Tax and Revenue Anticipation Notes 06/30/04 1.500 3,509,598
</Table>
38
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 6,795 Moorpark Industrial Development
Authority (Fred Kavli and Kavlico Corp.) A 1.200% $ 6,795,000
5,000 Mountain View Los Altos Union
High School District Tax and Revenue
Anticipation Notes 06/30/04 1.500 5,013,711
7,355 M-S-R Public Power Agency
Revenue (San Juan Project), Series E A 1.200 7,355,000
5,300 Newport Beach Revenue
(Hoag Memorial Hospital), Series A A 1.300 5,300,000
1,600 Newport Beach Revenue
(Hoag Memorial Hospital), Series C A 1.300 1,600,000
15,000 Northern California Power
Agency Revenue Refunding
(Hydroelectric No 1-A) A 1.030 15,000,000
20,100 Oakland Alameda County
Coliseum Authority Lease Revenue A 1.200 20,100,000
12,000 Oakland Alameda County
Coliseum Authority Lease Revenue
(Coliseum Project), Series C-2 A 1.100 12,000,000
5,355 Oakland Joint Powers Financing
(Fruitvale Transit Village), Series A 07/01/04 3.125 5,409,455
6,990 Orange County Apartment
Development Revenue
(Niguel Village), Series AA A 1.150 6,990,000
6,340 Orange County Apartment
Development Revenue
(Niguel Village), Series U A 1.150 6,340,000
11,700 Orange County Apartment
Development Revenue
(Villas La-Paz), Series F A 1.200 11,700,000
7,000 Oxnard School District Tax &
Revenue Anticipation Notes 07/23/04 2.000 7,039,788
7,300 Pasadena Certificates of Participation
(Rose Bowl Imports Project) A 1.150 7,300,000
9,900 Roseville Electric Systems Revenue
Certificates of Participation A 1.180 9,900,000
</Table>
39
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 10,000 San Bernardino County Certificates
of Participation (County Center
Refinancing Project) A 1.070% $ 10,000,000
9,000 San Bernardino County Certificates
of Participation (Medical Center
Financing Project) A 1.110 9,000,000
4,705 San Francisco City and County
Certificates of Participation, Series C-5 A 1.250 4,705,000
5,000 San Francisco City and County
Finance Corp. Lease Revenue
(Moscone Center Expansion
Project), Series 1 A 1.250 5,000,000
8,700 San Francisco City and County
Redevelopment Agency Multi-Family
Housing Revenue (St. Francis
Project), Series A A 1.100 8,700,000
4,000 San Francisco City and County
Redevelopment Agency Revenue
(Community Facilities District No. 4) A 1.250 4,000,000
12,800 San Jose Redevelopment Agency
Revenue (Merged Area Redevelopment
Project), Series A A 1.030 12,800,000
13,000 San Jose-Santa Clara Water Financing
Authority Sewer Revenue, Series B A 1.030 13,000,000
14,450 Santa Clara Financing Authority
(VMC Facility Replacement-Project B) A 1.100 14,450,000
15,050 Simi Valley Multi-Family Housing
Revenue Refunding (Lincoln Wood Ranch) A 1.250 15,050,000
5,000 Solano County Office of Education
Tax and Revenue Anticipation Notes 06/30/04 2.000 5,026,704
5,300 South Placer Wastewater Authority
California Wastewater Revenue,
Series B A 1.180 5,300,000
3,500 Stockton Revenue Certificates
of Participation (Wastewater
Treatment Plant Exploration), Series A 09/01/04 6.800 3,700,636
</Table>
40
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 4,700 Tahoe Truckee California Union
School District Tax and Revenue
Anticipation Notes 10/10/04 2.000% $ 4,734,524
5,400 University of California Revenues A 1.300 5,400,000
5,200 Vernon Electric System Revenue
(Malburg Project), Series A A 1.200 5,200,000
7,000 Vernon Electric System Revenue
(Malburg Project), Series B A 1.200 7,000,000
10,000 Puerto Rico Commonwealth
Tax and Revenue Anticipation Notes 07/30/04 2.000 10,057,313
Total Municipal Bonds and Notes (cost--$755,113,504) 755,113,504
- ---------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--7.11%
19,000 East Bay Municipal Utility District 01/09/04 to 1.050 to
01/15/04 1.070 19,000,000
5,000 Ventura County Public
Finance Authority 02/11/04 1.050 5,000,000
31,962 Puerto Rico Commonwealth 01/14/04 to 0.950 to
Government Development Bank 04/12/04 1.080 31,962,000
Total Tax-Exempt Commercial Paper (cost--$55,962,000) 55,962,000
- ---------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$811,075,504 which
approximates cost for federal income tax
purposes)--103.04% 811,075,504
Liabilities in excess of other assets--(3.04)% (23,907,421)
Net Assets (applicable to 787,590,424 shares
of beneficial interest at $1.00 per share)--100.00% $ 787,168,083
- ---------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown are
current rates as of December 31, 2003 and reset periodically.
Weighted average maturity -- 38 days
See accompanying notes to financial statements
41
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
Statement of Net Assets -- December 31, 2003 (unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--87.80%
$ 18,635 New York State Dormitory
Authority Revenues 1.180 to
(Cornell University), Series B A 1.270% $ 18,635,000
8,027 New York State Dormitory
Authority Revenues
(Metropolitan Museum of Art) A 1.100 8,027,000
3,300 New York State Dormitory
Authority Revenues
(Oxford University Press, Inc.) A 1.120 3,300,000
2,000 New York State Dormitory
Authority Revenues (State University
Educational Facilities), Series B 05/15/04 5.750 2,034,188
12,900 New York State Dormitory
Authority Revenues (Wagner College) A 1.120 12,900,000
2,600 New York State Energy Research &
Development Authority Pollution
Control Revenue (New York State
Electric & Gas), Series C A 1.300 2,600,000
28,650 New York State Energy Research &
Development Authority Pollution
Control Revenue (Orange & Rockland
Project), Series A A 1.040 28,650,000
19,800 New York State Housing Finance
Agency (Normandie Court I Project) A 1.080 19,800,000
5,000 New York State Housing Finance
Agency Service Contract Revenue,
Series I A 1.120 5,000,000
7,800 New York State Local Government
Assistance Corp., Series B A 1.100 7,800,000
9,000 New York State Local Government
Assistance Corp., Series C A 1.100 9,000,000
7,000 New York State Local Government
Assistance Corp., Series D A 1.050 7,000,000
12,165 New York State Local Government
Assistance Corp., Series G A 1.070 12,165,000
1,000 New York State Thruway Authority,
(Highway and Bridge Trust), Series B 04/01/04 4.500 1,008,709
3,300 Babylon General Obligation Bond A 1.040 3,300,000
</Table>
42
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 15,600 Babylon Industrial Development
Agency Resources (Ogden Martin Project) A 1.110% $ 15,600,000
3,000 Board of Cooperative Educational
Services Sole Supervisory District 06/29/04 1.750 3,009,036
6,550 Erie County Water Authority A 1.040 6,550,000
2,734 Fayetteville-Manlius New York
Central School District Bond
Anticipation Notes 12/23/04 2.000 2,754,765
5,000 Freeport New York Bond
Anticipation Notes, Series A 01/22/04 2.250 5,002,838
1,000 Freeport New York Bond
Anticipation Notes, Series B 03/18/04 1.750 1,001,178
7,690 Freeport New York Bond
Anticipation Notes, Series C 07/28/04 1.750 7,719,492
2,715 Great Neck North Water
Authority Systems Revenue, Series-A A 1.250 2,715,000
2,409 Guilderland Center School
District Bond Anticipation Notes 07/08/04 1.500 2,417,601
5,000 Jay Street Development Corp.
New York City Facility Lease
Revenue (Jay Street Project), Series A-1 A 1.080 5,000,000
22,300 Jay Street Development Corp.
New York City Facility Lease
Revenue (Jay Street Project), Series A-3 A 1.080 22,300,000
5,200 Long Island Power Authority
Electric Systems Revenue, Series 7 A 1.080 5,200,000
7,000 Long Island Power Authority
Electric Systems Revenue, Series D A 1.100 7,000,000
4,500 Long Island Power Authority
Electric Systems Revenue, Subseries 3-B A 1.300 4,500,000
6,000 Long Island Power Authority
Electric Systems Revenue, Subseries G A 1.070 6,000,000
10,000 Metropolitan Transportation
Authority, Series D-1 A 1.200 10,000,000
1,500 Mineola Union Free School
District Bond Anticipation Notes 09/14/04 1.750 1,509,259
</Table>
43
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 13,200 Mineola Union Free School 1.500 to
District Tax Anticipation Notes 06/29/04 1.750% $ 13,234,079
8,880 Nassau County Interim Finance
Authority, Series A A 1.080 8,880,000
3,000 New York City General Obligation,
Series B-2, Subseries B-5 A 1.270 3,000,000
15,700 New York City Housing
Development Corp. Multi-Family
Rental Housing (Parkgate
Development), Series A A 1.040 15,700,000
6,500 New York City Housing
Development Corp. Multi-Family
Rental Housing (Queenswood
Apartments), Series A A 1.040 6,500,000
3,350 New York City Industrial
Development Agency Civic
Facility Revenue
(Church of Heavenly Rest) A 1.220 3,350,000
7,065 New York City Industrial
Development Agency Civic
Facility Revenue
(MSMC Realty Corp. Project) A 1.090 7,065,000
17,085 New York City Municipal Water
Finance Authority Water & Sewer
Systems Revenue, Series F-1 A 1.300 17,085,000
1,000 New York City Municipal Water
Finance Authority, Series C A 1.270 1,000,000
7,315 New York City Trust for Cultural
Resources Revenue (American
Museum of Natural History), Series A A 1.040 7,315,000
5,605 New York City Trust for Cultural
Resources Revenue (Asia Society) A 1.180 5,605,000
3,160 New York City Trust for Cultural
Resources Revenue (Carnegie Hall) A 1.120 3,160,000
2,600 New York City, Series B, Subseries B-6 A 1.270 2,600,000
7,200 New York City, Series H, Subseries H-2 A 1.270 7,200,000
3,500 New York City, Subseries E-5 A 1.260 3,500,000
</Table>
44
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 4,100 Niagara Falls Toll Bridge Commission A 1.050% $ 4,100,000
15,335 Oneida County Industrial
Development Agency Revenue Civic
Facilities (Hamilton College) A 1.200 15,335,000
5,000 Oneida Indian Nation A 1.100 5,000,000
5,705 Orange County Industrial
Development Agency Civic
(Horton Medical Center) A 1.220 5,705,000
9,000 Plainview Old Bethpage
New York School District,
Tax Anticipation Notes 06/30/04 1.500 9,025,118
4,555 Port Authority of New York &
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 2 A 1.270 4,555,000
5,140 Port Authority of New York &
New Jersey Special Obligation Revenue
(Versatile Structure Obligation),
Series 3-B A 1.290 5,140,000
3,700 Port Authority of New York &
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 5 A 1.290 3,700,000
10,000 Riverhead Central School
District Tax Anticipation Notes 06/30/04 1.500 10,025,452
16,750 Rockland County Revenue
Anticipation Notes 02/26/04 2.000 16,772,753
1,400 Suffolk County Industrial
Development Agency Research
Facilities Revenue (Cold Spring
Harbor Laboratory Project) A 1.300 1,400,000
9,900 Suffolk County Water Authority
Bond Anticipation Notes A 1.080 9,900,000
26,000 Triborough Bridge & Tunnel
Authority Revenues General 1.080 to
Purpose, Series B A 1.130 26,000,000
5 Triborough Bridge & Tunnel
Authority Special Obligation, Series D A 1.080 5,000
</Table>
45
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 5,000 Ulster County Bond Anticipation Notes 06/11/04 1.750% $ 5,016,421
2,904 Wappingers Central School
District Bond Anticipation Notes 04/09/04 1.750 2,908,369
9,303 Yonkers Industrial Development
Agency (Consumers Union Facility) A 1.120 9,302,645
11,000 Puerto Rico Commonwealth
Tax & Revenue Anticipation Notes 07/30/04 2.000 11,060,693
Total Municipal Bonds and Notes
(Cost--$499,644,596) 499,644,596
TAX-EXEMPT COMMERCIAL PAPER--13.44%
4,000 New York City Municipal
Water Finance Authority 01/28/04 1.030 4,000,000
29,600 New York State Power 01/16/04 to 1.030 to
Authority 01/23/04 1.120 29,600,000
13,000 Metropolitan Transportation 01/30/04 to
Authority 02/13/04 0.950 13,000,000
4,010 Port Authority of New York &
New Jersey 01/09/04 1.030 4,010,000
25,854 Government Development 01/13/04 to 0.950 to
Bank of Puerto Rico 04/16/04 1.080 25,854,000
Total Tax-Exempt Commercial Paper
(Cost--$76,464,000) 76,464,000
Total Investments (cost--$576,108,596 which
approximates cost for federal income tax
purposes)--101.24% 576,108,596
Liabilities in excess of other assets--(1.24)% (7,068,293)
Net Assets (applicable to 569,162,474 shares
of beneficial interest equivalent to
$1.00 per share)--100.00% $ 569,040,303
- ---------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown are
current rates as of December 31, 2003 and reset periodically.
Weighted average maturity -- 34 days
See accompanying notes to financial statements
46
<Page>
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
Statement of Net Assets -- December 31, 2003 (unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--92.70%
$ 400 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series A A 1.280% $ 400,000
3,000 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series B A 1.280 3,000,000
600 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series C A 1.280 600,000
885 New Jersey Economic Development
Authority (Church and Dwight
Co. Project) A 1.120 885,000
6,000 New Jersey Economic Development
Authority (Crowley Liner
Services Project) A 1.100 6,000,000
2,250 New Jersey Economic Development
Authority (Danic Urban Renewel) A 1.250 2,250,000
3,145 New Jersey Economic Development
Authority (Institute of Electrical),
Series A A 1.190 3,145,000
405 New Jersey Economic Development
Authority (Kenwood USA Corp. Project) A 1.250 405,000
7,500 New Jersey Economic Development
Authority (Lawrenceville School Project) A 1.250 7,500,000
400 New Jersey Economic Development
Authority Pollution Control Revenue
(Exxon Project) A 1.150 400,000
3,150 New Jersey Economic Development
Authority Market Transition Facilities
Revenue Senior Lien, Series A 07/01/04 7.000 3,243,180
1,005 New Jersey Economic Development
Authority (RDR Investment Co. LLC) A 1.390 1,005,000
715 New Jersey Economic Development
Authority, Series G A 1.250 715,000
3,200 New Jersey Economic Development
Authority Speciality Facilities Revenue
(Port Newark Container LLC) A 1.150 3,200,000
205 New Jersey Economic Development
Authority (Stolthaven Project), Series A A 1.220 205,000
2,000 New Jersey Economic Development
Authority (Thermal Energy
Limited Partnership) A 1.150 2,000,000
</Table>
47
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 2,000 New Jersey Economic Development
Authority (Transportation),
Series N10-Regulation D A 1.300% $ 2,000,000
2,200 New Jersey Economic Development
Authority Water Facilities Revenue
Refunding (United Water NJ,
Inc. Project), Series A A 1.260 2,200,000
3,105 New Jersey Economic Development
Authority Water Facilities Revenue
Refunding (United Water NJ,
Inc. Project), Series B A 1.320 3,105,000
6,000 New Jersey Economic Development
Authority Revenue (Center for
Aging-Applewood) A 1.130 6,000,000
2,500 New Jersey Economic Development
Authority Senior Lien, Series A 07/01/04 5.800 2,598,043
3,125 New Jersey Educational Facilities
Authority (College of New Jersey),
Series A A 1.250 3,125,000
6,075 New Jersey Educational Facilities
Authority (Princeton University), 1.250 to
Series B A 1.270 6,075,000
1,255 New Jersey Health Care Facilities
Authority Revenue
(Jersey Shore Medical Center) 07/01/04 6.200 1,312,976
6,170 New Jersey Health Care Facilities
Authority Revenue
(St. Barnabas), Series A A 1.100 6,170,000
2,000 New Jersey Health Care Facilities
Authority Revenue (St. Claires Hospital),
Series A-4 A 1.190 2,000,000
1,000 New Jersey Health Care Facilities
Authority Revenue (St. Francis Hospital),
Series A-5 A 1.190 1,000,000
1,000 New Jersey Health Care Facilities
Authority Revenue
(Monmouth Medical Center Issue),
Series C 07/01/04 6.250 1,036,126
</Table>
48
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 1,000 New Jersey Sports & Exposition
Authority, Series B-1 A 1.100% $ 1,000,000
1,000 New Jersey State Certificates of
Participation, Series A 06/15/04 4.500 1,015,633
2,000 New Jersey State Housing and
Mortgage Financing Agency
Revenue (Home Buyer), Series EE 04/01/04 1.100 2,000,000
4,300 New Jersey State Turnpike Authority A 1.070 4,300,000
2,000 New Jersey State Turnpike
Authority (Putters Series 155) A 1.250 2,000,000
3,500 Camden County Improvement
Authority Revenue Sewer
Redevelopment (Harvest
Village Project), Series A A 1.300 3,500,000
5,950 Essex County Improvement
Authority Revenue (Pooled
Government Loan Program) A 1.100 5,950,000
3,800 Gloucester County Industrial
Pollution Control Financing Authority
Revenue (Mobil Oil Refining Co. Project) A 1.150 3,800,000
1,000 Jersey City Redevelopment Authority
Multi-Family Housing (Dickson Mills) A 1.100 1,000,000
1,000 Mercer County Improvement
Authority (Atlantic Foundation) A 1.060 1,000,000
2,150 Monmouth County Improvement
Authority (Pooled Government
Loan Program) A 1.060 2,150,000
3,000 Moorestown Township Bond 05/27/04 to
Anticipation Notes 08/05/04 1.750 3,011,209
2,929 Mount Laurel Township Bond
Anticipation Notes 06/25/04 1.500 2,937,644
1,665 North Jersey District Water Supply
Community Refunding (Wanaque
South Project), Series A 07/01/04 3.000 1,682,274
1,020 Pennsauken Township New Jersey
School District Refunding General
Obligation Bonds 03/01/04 4.250 1,025,168
4,310 Port Authority of New York and
New Jersey Special Obligation Revenue
(Versatile Structure Obligation), Series 3 A 1.290 4,310,000
</Table>
49
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 3,600 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 5 A 1.290% $ 3,600,000
1,000 Readington Township Bond
Anticipation Notes 02/10/04 2.125 1,001,077
3,253 Rumson Bond Anticipation
Notes, Series A 07/29/04 1.750 3,267,318
6,840 Rutgers State University
Refunding, Series A A 1.270 6,840,000
1,525 Salem County Pollution
Control Financing Refunding
(Atlantic City Electric), Series A A 1.100 1,525,000
6,000 Union County Improvement
Authority (Cedar Glen Housing
Corp.), Series A A 1.180 6,000,000
Total Municipal Bonds and Notes
(cost--$134,490,648) 134,490,648
TAX-EXEMPT COMMERCIAL PAPER--6.88%
1,480 New Jersey Economic Development
Authority (Columbia University) 01/08/04 0.880 1,480,000
8,500 Puerto Rico Commonwealth 01/14/04 to 0.950 to
Government Development Bank 04/16/04 1.080 8,500,000
Total Tax-Exempt Commercial Paper
(cost--$9,980,000) 9,980,000
Total Investments (cost--$144,470,648
which approximates cost for federal income
tax purposes)--99.58% 144,470,648
Other assets in excess of liabilities--0.42% 604,733
Net Assets (applicable to 145,071,059 shares
of beneficial interest equivalent
to $1.00 per share)--100.00% $ 145,075,381
- ---------------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown are
current rates as of December 31, 2003 and reset periodically.
Weighted average maturity -- 31 days
See accompanying notes to financial statements
50
<Page>
(This page intentionally left blank)
51
<Page>
UBS RMA
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
DECEMBER 31, 2003
(UNAUDITED)
--------------------------------
MONEY MARKET U.S. GOVERNMENT
PORTFOLIO PORTFOLIO
- ----------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 107,183,159 $ 11,842,869
EXPENSES:
Investment advisory and administration fees 49,090,520 4,406,848
Service fees -- 1,393,999
Transfer agency and related services fees 7,516,255 263,775
Insurance expense 1,422,474 27,000
Custody and accounting 981,810 111,520
Reports and notices to shareholders 422,973 16,198
Federal and state registration fees 222,779 67,061
Directors'/Trustees' fees 157,515 18,269
Professional fees 54,958 45,940
Interest expense -- --
Other expenses 53,902 10,117
59,923,186 6,360,727
Less: Fee waivers from investment advisor and administrator -- --
Net expenses 59,923,186 6,360,727
Net investment income 47,259,973 5,482,142
Net realized loss from investment activities -- (19,260)
Net increase in net assets resulting from operations $ 47,259,973 $ 5,462,882
- ----------------------------------------------------------------------------------------------
</Table>
52
<Page>
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
DECEMBER 31, 2003
(UNAUDITED)
-------------------------------------------------------------------
CALIFORNIA NEW YORK NEW JERSEY
TAX-FREE MUNICIPAL MUNICIPAL MUNICIPAL
FUND MONEY FUND MONEY FUND MONEY FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 15,909,530 $ 3,722,834 $ 2,762,357 $ 694,794
EXPENSES:
Investment advisory and administration fees 6,875,574 1,833,987 1,398,585 385,273
Service fees 2,073,144 500,644 371,618 92,465
Transfer agency and related services fees 430,567 100,821 90,559 27,315
Insurance expense 335,358 57,140 35,528 11,306
Custody and accounting 165,852 40,051 29,729 7,706
Reports and notices to shareholders 29,374 8,324 5,418 2,117
Federal and state registration fees 138,432 17,843 7,687 14,524
Directors'/Trustees' fees 26,955 7,143 5,087 1,603
Professional fees 49,529 36,532 36,449 38,184
Interest expense 3,747 -- -- --
Other expenses 21,857 2,943 2,416 2,857
10,150,389 2,605,428 1,983,076 583,350
Less: Fee waivers from investment advisor and administrator -- (5,025) (5,396) (10,764)
Net expenses 10,150,389 2,600,403 1,977,680 572,586
Net investment income 5,759,141 1,122,431 784,677 122,208
Net realized loss from investment activities -- -- -- --
Net increase in net assets resulting from operations $ 5,759,141 $ 1,122,431 $ 784,677 $ 122,208
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
53
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE
DECEMBER 31, 2003 YEAR ENDED
(UNAUDITED) JUNE 30, 2003
- ---------------------------------------------------------------------------------------------
UBS RMA MONEY MARKET PORTFOLIO
FROM OPERATIONS:
Net investment income $ 47,259,973 $ 234,003,675
Net realized gain from investment activities -- 51,043
Net increase in net assets resulting from operations 47,259,973 234,054,718
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (47,259,973) (234,003,675)
Net realized gain from investment activities (1,500,000) --
Total dividends and distributions to shareholders (48,759,973) (234,003,675)
Net decrease in net assets from
capital share transactions (6,438,929,207) (936,158,868)
Net decrease in net assets (6,440,429,207) (936,107,825)
NET ASSETS:
Beginning of period 21,832,874,589 22,768,982,414
End of period $ 15,392,445,382 $ 21,832,874,589
- ---------------------------------------------------------------------------------------------
UBS RMA U.S. GOVERNMENT PORTFOLIO
FROM OPERATIONS:
Net investment income $ 5,482,142 $ 25,260,728
Net realized loss from investment activities (19,260) --
Net increase in net assets resulting from operations 5,462,882 25,260,728
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (5,482,142) (25,260,728)
Net increase (decrease) in net assets from
capital share transactions (757,726,669) 153,624,603
Net increase (decrease) in net assets (757,745,929) 153,624,603
NET ASSETS:
Beginning of period 2,510,453,207 2,356,828,604
End of period $ 1,752,707,278 $ 2,510,453,207
- ---------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
54
<Page>
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE
DECEMBER 31, 2003 YEAR ENDED
(UNAUDITED) JUNE 30, 2003
- ---------------------------------------------------------------------------------------------
UBS RMA TAX-FREE FUND
FROM OPERATIONS:
Net investment income $ 5,759,141 $ 22,843,872
Net increase in net assets resulting from operations 5,759,141 22,843,872
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (5,759,141) (22,843,872)
Net decrease in net assets from
capital share transactions (158,162,665) (16,669,569)
Net decrease in net assets (158,162,665) (16,669,569)
NET ASSETS:
Beginning of period 3,238,850,030 3,255,519,599
End of period $ 3,080,687,365 $ 3,238,850,030
- ---------------------------------------------------------------------------------------------
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 1,122,431 $ 4,765,379
Net increase in net assets resulting from operations 1,122,431 4,765,379
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,122,431) (4,765,379)
Net increase in net assets derived from
beneficial interest transactions 20,162,539 13,341,239
Net increase in net assets 20,162,539 13,341,239
NET ASSETS:
Beginning of period 767,005,544 753,664,305
End of period $ 787,168,083 $ 767,005,544
- ---------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
55
<Page>
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE
DECEMBER 31, 2003 YEAR ENDED
(UNAUDITED) JUNE 30, 2003
- ---------------------------------------------------------------------------------------------
UBS RMA NEW YORK MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 784,677 $ 3,712,954
Net realized gain from investment activities -- 2,120
Net increase in net assets resulting from operations 784,677 3,715,074
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (784,677) (3,712,954)
Net increase (decrease) in net assets derived from
beneficial interest transactions (19,810,254) 29,507,693
Net increase (decrease) in net assets (19,810,254) 29,509,813
NET ASSETS:
Beginning of period 588,850,557 559,340,744
End of period $ 569,040,303 $ 588,850,557
- ---------------------------------------------------------------------------------------------
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 122,208 $ 742,404
Net increase in net assets resulting from operations 122,208 742,404
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (122,208) (742,404)
Net increase (decrease) in net assets derived from
beneficial interest transactions (16,778,575) 33,354,255
Net increase (decrease) in net assets (16,778,575) 33,354,255
NET ASSETS:
Beginning of period 161,853,956 128,499,701
End of period $ 145,075,381 $ 161,853,956
- ---------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
56
<Page>
UBS RMA
Notes to Financial Statements (unaudited)
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
57
<Page>
the Money Market Portfolio and/or U.S. Government Portfolio and its
counter-party. 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 may
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 international 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.
58
<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:
All 0.50%
U.S. GOVERNMENT PORTFOLIO, RMA CALIFORNIA, RMA NEW JERSEY* 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>
* Prior to August 29, 2003, the fee schedule for RMA New Jersey matched that
indicated for Money Market Portfolio.
At December 31, 2003, the Funds owed UBS Financial Services Inc. for investment
advisory and administration fees as follows:
<Table>
Money Market Portfolio $ 6,966,918
U.S. Government Portfolio 630,199
RMA Tax-Free 1,143,882
RMA California 312,818
RMA New York 229,637
RMA New Jersey 62,783
- --------------------------------------------------------------------------------
</Table>
For the six months ended December 31, 2003, UBS Global AM voluntarily waived its
investment advisory and administration fees as follows:
<Table>
RMA California $ 5,025
RMA New York 5,396
RMA New Jersey 10,764
- --------------------------------------------------------------------------------
</Table>
UBS Global AM served 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").
59
<Page>
In accordance with each Sub-Advisory Contract, UBS Financial Services Inc. (not
the Funds) paid 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 March 1, 2004, the fee paid by UBS
Financial Services Inc. to UBS Global AM pursuant to replacement sub-advisory
and sub-administration contracts with respect to each Fund will be at an annual
rate of 0.08% of the respective Fund's average daily net assets.)
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 December 31, 2003, the Funds owed UBS Global
AM for such service fees as follows:
<Table>
U.S. Government Portfolio $ 195,949
RMA Tax-Free 344,175
RMA California 85,356
RMA New York 61,226
RMA New Jersey 15,068
- -------------------------------------------------------------------------------
</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 six months ended December 31,
2003, the Money Market Portfolio and the U.S. Government Portfolio earned
$171,330 and $95,120, respectively, for lending securities. Each Fund's lending
agent was UBS
60
<Page>
Securities LLC. UBS Securities LLC earned $57,622 and $35,243 in compensation
from the Money Market Portfolio and the U.S. Government Portfolio, respectively,
for the six months ended December 31, 2003. At December 31, 2003, the Money
Market Portfolio and the U.S. Government Portfolio owed UBS Securities LLC
$4,468 and $4,219, respectively, in compensation.
At December 31, 2003, the Money Market Portfolio had securities on loan having a
market value of $394,566,733. The custodian for Money Market Portfolio held cash
and cash equivalents as collateral for securities loaned of $250,460,177. In
addition, Money Market Portfolio's custodian held U.S. Government securities
having an aggregate value of $153,647,302 as collateral for portfolio securities
loaned as follows:
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------
$ 84,000 Federal Home Loan
Mortgage Corp. 03/15/11 5.625% $ 92,663,172
45,500 Federal National
Mortgage Association 05/15/11 6.000 50,727,950
10,000 Federal National
Mortgage Association 09/15/04 3.500 10,256,180
$ 153,647,302
- ---------------------------------------------------------------------------
</Table>
TRANSFER AGENCY RELATED SERVICES FEES
UBS Global AM provided transfer agency related services to the Funds pursuant to
a delegation of authority from PFPC Inc. ("PFPC"), the Funds' transfer agent,
and was compensated for these services by PFPC, not the Funds. For the six
months ended December 31, 2003, UBS Global AM received a portion 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 $ 4,420,065
U.S. Government Portfolio 153,316
RMA Tax-Free 268,887
RMA California 62,965
RMA New York 54,174
RMA New Jersey 18,016
- --------------------------------------------------------------------------------
</Table>
Effective January 1, 2004, such delegated services are performed by UBS
Financial Services Inc. UBS Financial Services Inc. is compensated for these
services by PFPC.
61
<Page>
OTHER LIABILITIES AND COMPONENTS OF NET ASSETS
At December 31, 2003, the Funds had the following liabilities outstanding:
<Table>
<Caption>
PAYABLE FOR
DIVIDENDS INVESTMENTS LOANS OTHER ACCRUED
PAYABLE PURCHASED PAYABLE EXPENSES*
- -----------------------------------------------------------------------------------------
Money Market Portfolio $ 1,682,741 -- -- $ 4,735,842
U.S. Government Portfolio 190,678 $ 49,983,569 -- 218,316
RMA Tax-Free 372,057 141,540,064 $ 61,182,000 378,965
RMA California 87,205 27,903,458 -- 98,450
RMA New York 60,202 12,466,110 -- 77,821
RMA New Jersey 9,537 -- -- 34,151
- -----------------------------------------------------------------------------------------
</Table>
* Excludes investment advisory and administration fees, service fees and
payable for securities lending collateral where applicable.
At December 31, 2003, the Funds had the following components of net assets:
<Table>
<Caption>
UNDISTRIBUTED ACCUMULATED
ACCUMULATED NET INVESTMENT NET REALIZED TOTAL
PAID IN CAPITAL INCOME (LOSS) GAIN (LOSS) NET ASSETS
- ------------------------------------------------------------------------------------------------------
Money Market Portfolio $ 15,388,567,523 $ 5,326,816 $ (1,448,957) $ 15,392,445,382
U.S. Government Portfolio 1,752,709,644 83,145 (85,511) 1,752,707,278
RMA Tax-Free 3,080,688,206 -- (841) 3,080,687,365
RMA California 787,167,901 23,555 (23,373) 787,168,083
RMA New York 569,009,133 31,170 -- 569,040,303
RMA New Jersey 145,071,060 4,351 (30) 145,075,381
- ------------------------------------------------------------------------------------------------------
</Table>
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.
The tax character of distributions paid to shareholders by the Money Market
Portfolio and U.S. Government Portfolio during the six months ended
December31,2003 and the fiscal year ended June 30, 2003 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 six months ended December
31, 2003 and the fiscal year ended June 30, 2003 was tax-exempt income.
The components of accumulated earnings on a tax basis for the current period
will be calculated at the Funds' fiscal year ending June 30, 2004.
62
<Page>
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
Total $ 66,251 $ 841 $ 23,373 $ 30
</Table>
BANK LINE OF CREDIT
RMA Tax-Free participated until September 10, 2003 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 had 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. On September 2, 2003, RMA Tax-Free borrowed $30,400,000 under the
Facility with an annualized interest rate of 1.41%, which resulted in $1,191 of
interest expense. For the period from July 1, 2003 to September 10, 2003,
RMA Tax-Free paid a commitment fee of $20,565 to UBS AG.
Effective November 21, 2003, RMA Tax-Free participated with other funds managed,
advised or sub-advised by UBS Global AM in a $100 million committed credit
facility with State Street Bank and Trust Company, replacing the Facility
arrangement. This is to be utilized for temporary financing until the settlement
of sales 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 this new arrangement, RMA Tax-Free had agreed to pay a
commitment fee, pro rata, based on the relative asset size of the funds in the
new arrangement. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. Under the new facility
arrangement, RMA Tax-Free had an average daily amount of borrowing outstanding
of $61,182,000 for two days with a related weighted average annualized interest
rate of 1.50%, which resulted in $2,556 of interest expense.
CAPITAL SHARE TRANSACTIONS
There are 60 billion $0.001 par value authorized shares of common stock relating
to Money Market Portfolio, 10 billion $0.001 par value authorized shares of
common stock relating to U.S. Government Portfolio and 20 billion
63
<Page>
$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 SIX MONTHS ENDED MONEY MARKET U.S. GOVERNMENT RMA
DECEMBER 31, 2003: PORTFOLIO PORTFOLIO TAX-FREE
- ------------------------------------------------------------------------------------
Shares sold 64,684,273,075 7,011,911,393 11,462,583,378
Shares repurchased (71,171,145,770) (7,775,058,340) (11,626,234,083)
Dividends reinvested 47,943,488 5,420,278 5,488,040
Net decrease in shares
outstanding (6,438,929,207) (757,726,669) (158,162,665)
- ------------------------------------------------------------------------------------
</Table>
<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>
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 SIX MONTHS ENDED MUNICIPAL MONEY MUNICIPAL MONEY MUNICIPAL MONEY
DECEMBER 31, 2003: FUND FUND FUND
- ------------------------------------------------------------------------------------
Shares sold 2,728,908,231 2,221,610,804 550,770,973
Shares repurchased (2,709,813,296) (2,242,160,867) (567,666,095)
Dividends reinvested 1,067,604 739,809 116,547
Net increase (decrease)
in shares outstanding 20,162,539 (19,810,254) (16,778,575)
- ------------------------------------------------------------------------------------
</Table>
<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>
64
<Page>
UBS RMA MONEY MARKET PORTFOLIO
Financial Highlights
Selected data for a share of common stock outstanding throughout each period is
presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2003 -----------------------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.003 0.010 0.022 0.055 0.052 0.046
Dividends from net
investment income (0.003) (0.010) (0.022) (0.055) (0.052) (0.046)
Distributions from net
realized gain from
investment activities 0.000@ -- -- -- -- --
Total dividends and
distributions (0.003) (0.010) (0.022) (0.055) (0.052) (0.046)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.25% 1.02% 2.25% 5.61% 5.29% 4.76%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 15,392,445 $ 21,832,875 $ 22,768,982 $ 22,609,036 $ 15,821,189 $ 13,446,140
Expenses to average
net assets 0.61%* 0.61% 0.60% 0.59% 0.59% 0.59%
Net investment income to
average net assets 0.48%* 1.02% 2.21% 5.42% 5.19% 4.64%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
@ Amount is less than 0.0005 per share.
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for a period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions.
65
<Page>
UBS RMA U.S. GOVERNMENT PORTFOLIO
Financial Highlights
Selected data for a share of common stock outstanding throughout each period is
presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2003 -----------------------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.003 0.010 0.021 0.052 0.048 0.044
Dividends from net
investment income (0.003) (0.010) (0.021) (0.052) (0.048) (0.044)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.25% 1.00% 2.12% 5.31% 4.88% 4.45%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 1,752,707 $ 2,510,453 $ 2,356,829 $ 2,000,303 $ 1,670,845 $ 1,354,594
Expenses to average
net assets 0.57%* 0.56% 0.57% 0.57% 0.59% 0.60%
Net investment income to
average net assets 0.49%* 1.00% 2.06% 5.15% 4.81% 4.35%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for a period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions.
66
<Page>
UBS RMA TAX-FREE FUND INC.
Financial Highlights
Selected data for a share of common stock outstanding throughout period is
presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2003 -----------------------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.002 0.007 0.012 0.032 0.031 0.026
Dividends from net
investment income (0.002) (0.007) (0.012) (0.032) (0.031) (0.026)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.18% 0.67% 1.24% 3.28% 3.10% 2.67%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 3,080,687 $ 3,238,850 $ 3,255,520 $ 3,286,150 $ 2,593,878 $ 2,424,938
Expenses to average
net assets 0.61%* 0.63% 0.60% 0.59% 0.60% 0.59%
Net investment income to
average net assets 0.35%* 0.67% 1.23% 3.20% 3.06% 2.63%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for a period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
67
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
period is presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2003 -----------------------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.001 0.006 0.011 0.027 0.026 0.023
Dividends from net
investment income (0.001) (0.006) (0.011) (0.027) (0.026) (0.023)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.14% 0.60% 1.10% 2.75% 2.59% 2.31%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 787,168 $ 767,006 $ 753,664 $ 759,961 $ 626,424 $ 575,296
Expenses to average net
assets, net of waivers
from advisor(2) 0.65%* 0.66% 0.65% 0.66% 0.65% 0.67%
Net investment income to
average net assets,
net of waivers
from advisor(2) 0.28%* 0.60% 1.09% 2.70% 2.56% 2.28%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for a period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
(2) During the periods ended December 31, 2003 and June 30, 2003, UBS Global AM
waived a portion of its advisory and administration fees. The ratios
excluding the waiver are the same since the fee waiver represents less than
0.005%.
68
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
period is presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2003 -----------------------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.001 0.006 0.011 0.030 0.029 0.025
Dividends from net
investment income (0.001) (0.006) (0.011) (0.030) (0.029) (0.025)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.13% 0.62% 1.08% 3.04% 2.93% 2.50%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 569,040 $ 588,851 $ 559,341 $ 574,490 $ 437,253 $ 372,880
Expenses to average net
assets, net of waivers
from advisor(2) 0.67%* 0.67% 0.68% 0.69% 0.67% 0.65%
Net investment income to
average net assets,
net of waivers
from advisor(2) 0.26%* 0.62% 1.07% 2.95% 2.90% 2.46%
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for a period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
(2) During the periods ended December 31, 2003 and June 30, 2003, UBS Global AM
waived a portion of its advisory and administration fees. The ratios
excluding the waiver are the same since the fee waiver represents less than
0.005%.
69
<Page>
UBS RMA New Jersey Municipal Money Fund
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
period is presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2003 -----------------------------------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.001 0.005 0.010 0.028 0.027 0.022
Dividends from net
investment income (0.001) (0.005) (0.010) (0.028) (0.027) (0.022)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT RETURN(1) 0.08% 0.51% 0.97% 2.86% 2.72% 2.21%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 145,075 $ 161,854 $ 128,500 $ 102,162 $ 93,276 $ 62,972
Expenses to average net
assets, net of waivers
from advisor 0.74%* 0.73% 0.77% 0.79% 0.78% 0.89%
Expenses to average
net assets, before waivers
from advisor 0.76%* -- -- -- -- --
Net investment income to
average net assets,
net of waivers
from advisor 0.16%* 0.50% 0.94% 2.77% 2.69% 2.18%
Net investment income to
average net assets,
before waivers
from advisor 0.14%* -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for a period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
70
<Page>
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<Page>
(This page intentionally left blank)
<Page>
DIRECTORS/TRUSTEES
Brian M. Storms
CHAIRMAN
Margo N. Alexander
Richard Q. Armstrong
David J. Beaubien
Richard R. Burt
Meyer Feldberg
Carl W. Schafer
William D. White
PRINCIPAL OFFICERS
Joseph A. Varnas
PRESIDENT
Amy R. Doberman
VICE PRESIDENT AND SECRETARY
Paul H. Schubert
VICE PRESIDENT AND TREASURER
Michael H. Markowitz
VICE PRESIDENT
(TAXABLE FUNDS)
Debbie Baggett
VICE PRESIDENT
(TAX-FREE FUNDS)
W. Douglas Beck
VICE PRESIDENT
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
THE FINANCIAL INFORMATION INCLUDED HEREIN IS TAKEN FROM THE RECORDS OF A FUND
WITHOUT EXAMINATION BY INDEPENDENT AUDITORS WHO DO NOT EXPRESS AN OPINION
THEREON.
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) 2004 UBS Global Asset Management (US) Inc. All rights reserved.
<Page>
[UBS LOGO] Presorted
Standard
US Postage
PAID
Smithtown, NY
Permit 700
UBS GLOBAL ASSET MANAGEMENT (US) INC.
51 West 52nd Street
New York, New York 10019
<Page>
ITEM 2. CODE OF ETHICS.
Form N-CSR disclosure requirement not applicable to this filing of a semi-annual
report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Form N-CSR disclosure requirement not applicable to this filing of a semi-annual
report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement not applicable to this filing of a semi-annual
report.
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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
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.
(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
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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 disclosure requirement not applicable
to this filing of a semi-annual report.
(a) (2) Certifications of principal executive officer and principal
financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 is attached hereto as Exhibit EX-99.CERT.
(b) Certifications of principal executive officer and principal financial
officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
attached hereto as Exhibit EX-99.906CERT.
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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: March 5, 2004
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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: March 5, 2004
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By: /s/ Paul H. Schubert
---------------------
Paul H. Schubert
Treasurer
Date: March 5, 2004
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