<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: 811-3946 ---------------------------------------------- UBS Managed Municipal Trust ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) 51 West 52nd Street, New York, New York 10019-6114 ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Amy R. Doberman UBS Global Asset Management (US) Inc. 51 West 52nd Street New York, NY 10019-6114 (Name and address of agent for service) Copy to: Jack W. Murphy, Esq. Dechert 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 <Page> 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 <Page> 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 <Page> 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 <Page> 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 <Page> 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 <Page> <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> (This page intentionally left blank) <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 <Page> 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. <Page> SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. UBS Managed Municipal Trust By: /s/ Joseph A. Varnas --------------------- Joseph A. Varnas President Date: March 5, 2004 ------------- 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 ------------- By: /s/ Paul H. Schubert -------------------- Paul H. Schubert Treasurer Date: March 5, 2004 -------------