<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: 811-06173
---------------------------------------------
UBS Municipal Money Market Series
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
51 West 52nd Street, New York, New York 10019-6114
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Mark F. Kemper, Esq.
UBS Global Asset Management (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: June 30, 2004
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS.
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[UBS GLOBAL ASSET MANAGEMENT LOGO]
UBS RMA
MONEY MARKET PORTFOLIO
U.S. GOVERNMENT PORTFOLIO
TAX-FREE FUND
CALIFORNIA MUNICIPAL MONEY FUND
NEW YORK MUNICIPAL MONEY FUND
NEW JERSEY MUNICIPAL MONEY FUND
ANNUAL REPORT
JUNE 30, 2004
<Page>
UBS RMA
August 15, 2004
DEAR SHAREHOLDER,
We present you with the annual report for UBS RMA Money Market Portfolio; UBS
RMA U.S. Government Portfolio; UBS RMA Tax-Free Fund Inc.; UBS RMA California
Municipal Money Fund; UBS RMA New York Municipal Money Fund; and UBS RMA New
Jersey Municipal Money Fund, for the fiscal year ended June 30, 2004.
PERFORMANCE
In an environment that was generally characterized by low short-term interest
rates, yields available from money market instruments were low over the 12-month
period. As of June 30, 2004, the funds' seven day current yields were: UBS RMA
Money Market Portfolio--0.61%; UBS RMA U.S. Government Portfolio--0.51%; UBS RMA
Tax-Free Fund Inc.--0.48%; UBS RMA California Municipal Money Fund--0.38%; UBS
RMA New York Municipal Money Fund--0.33%; and UBS RMA New Jersey Municipal Money
Fund--0.22%. (For more on the Funds' performance, refer to "Performance At A
Glance" on page 5.)
AN INTERVIEW WITH THE PORTFOLIO MANAGERS
Q. CAN YOU DESCRIBE THE ECONOMIC ENVIRONMENT DURING THE REPORTING PERIOD?
A. During the period, gross domestic product (GDP) figures confirmed that the US
economy was growing, fueled by the combined effects of robust consumer and
business spending, an increase in exports and ongoing military spending.
Third quarter 2003 GDP came in at 8.2%, up from 3.3% over the prior three
months. This number was far higher than anticipated, and the sharpest
[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 MANAGERS (BOTH PORTFOLIOS):
Michael Markowitz
Robert Sabatino
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>
recorded advance of GDP since 1984. Strong fourth quarter 2003 and first
quarter 2004 numbers followed, at 4.1% and 4.5%, respectively.
Q. HOW DID THE FEDERAL RESERVE BOARD (THE "FED") REACT IN THIS ECONOMIC
ENVIRONMENT?
A. Despite increasing signs that an economic rebound was taking hold, the Fed
maintained its accommodative monetary policy through much of the period. As
late as the end of March 2004, many market participants believed that the Fed
would hold rates steady until after the November presidential election, or
until early 2005. However, this abruptly changed as the improvement in the
labor market became apparent. Following the March employment report, which
showed that 308,000 new jobs had been created, the Fed began to lay the
groundwork for higher rates.
After many months of speculation, the Fed raised the federal funds rate (or
"fed funds" rate)--the rate that banks charge one another for funds they
borrow on an overnight basis--from 1.00% to 1.25% on June 30, 2004. In
raising the rate--the first of its kind in four years--the Fed noted, "policy
accommodation can be removed at a pace that is likely to be measured."
However, it also made it clear that it was leaving the door open for larger
and more frequent rate hikes, if necessary, to ward off inflation.
Q. HOW DID YOU POSITION THE FUNDS DURING THE PERIOD?
A. Throughout much of the reporting period, we employed a "barbell" strategy,
whereby we purchased securities at both ends of the maturity spectrum. Our
longer-term securities--with maturities up to one year--were used to lock in
higher yields during periods when interest rates fell, while our shorter-term
securities--with maturities of one month or less--provided liquidity. This
strategy was beneficial because it allowed us to generate incremental yield
compared with a more "laddered" approach, wherein a portfolio is spread out
among all maturity levels, and helped us manage liquidity. Liquidity
requirements for UBS RMA Money Market Portfolio and UBS RMA U.S. Government
Portfolio increased, given the high level of share redemptions over the
period. Assets in each fund declined over the fiscal year.
Looking at the funds more closely, for both UBS RMA Money Market Portfolio
and UBS RMA U.S. Government Portfolio, we maintained our strategy of
emphasizing quality and liquidity. Within UBS RMA U.S. Government Portfolio,
this involved concentrating a large portion of the portfolio's holdings in US
Treasury securities. Within UBS RMA Money Market Portfolio, this strategy
entailed an emphasis on commercial paper, which, in the healthier credit
environment that characterized the period, offered a yield advantage. We also
2
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held weightings in other sectors, including US government agency obligations,
certificates of deposit and other short-term corporate obligations, which
helped maintain the Portfolio's overall level of diversification.
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, credit quality and liquidity were also at the forefront of our
positioning strategy. This helped us to avoid credit problems that plagued
several sectors of the municipal market.
Q. WHAT IS YOUR OUTLOOK FOR THE ECONOMY, AND HOW DO YOU ANTICIPATE STRUCTURING
THE FUNDS GOING FORWARD?
A. Deflationary pressures appear to have abated, and inflation has become a
concern for many market participants. Core inflation (excluding food and
energy) has risen in recent months. At the same time, high oil prices are
starting to work their way through the economy, and companies may pass these
incremental costs along to consumers.
At this point, we expect the Fed to continue raising interest rates in the
months to come. In fact, after period end, the Fed raised rates another 25
basis points at its August meeting. The futures markets forecast that the fed
funds rate will rise to 4.00% by the end of 2005, an increase of 2.50% from
the current level. In anticipation of the higher interest rate environment,
we have let the funds' weighted average maturities drift shorter in order to
take advantage of higher yields. Maintaining high-quality portfolios will
also be of paramount importance. For UBS RMA Money Market Portfolio and UBS
RMA U.S. Government Portfolio, we anticipate allocating a large portion of
each portfolio to US government securities.
3
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Our ultimate objective in managing your investments is to help you successfully
meet your financial goals. We thank you for your continued support, and welcome
any comments or questions you may have. For additional information on UBS
funds,* please contact your financial advisor or visit us at www.ubs.com.
Sincerely,
/s/ JOSEPH A. VARNAS /s/ DEBBIE BAGGETT
JOSEPH A. VARNAS DEBBIE BAGGETT
PRESIDENT PORTFOLIO MANAGER
UBS RMA Money Fund Inc. UBS RMA Tax-Free Fund Inc.
(UBS RMA Money Market UBS RMA California Municipal
Portfolio and UBS RMA Money Fund
U.S. Government Portfolio) UBS RMA New York Municipal
UBS RMA Tax-Free Fund Inc. Money Fund
UBS Managed Municipal Trust UBS RMA New Jersey Municipal
(UBS RMA California Municipal Money Fund
Money Fund and UBS RMA DIRECTOR
New York Municipal Money Fund) UBS Global Asset Management
UBS Municipal Money Market (US) Inc.
Series (UBS RMA New Jersey
Municipal Money Fund)
MANAGING DIRECTOR
UBS Global Asset Management (US) Inc.
/s/ MICHAEL MARKOWITZ /s/ ROBERT SABATINO
MICHAEL MARKOWITZ ROBERT SABATINO
PORTFOLIO MANAGER PORTFOLIO MANAGER
UBS RMA Money Market Portfolio UBS RMA Money Market Portfolio
UBS RMA U.S. Government Portfolio UBS RMA U.S. Government Portfolio
MANAGING DIRECTOR DIRECTOR
UBS Global Asset Management UBS Global Asset Management
(US) Inc. (US) Inc.
This letter is intended to assist shareholders in understanding how the Funds
performed during the 12 months ended June 30, 2004, 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 investment objectives, risks, charges and
expenses, and should be read carefully before investing.
4
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PERFORMANCE AT A GLANCE (UNAUDITED)
<Table>
<Caption>
7-DAY 7-DAY WEIGHTED
YIELDS AND CHARACTERISTICS CURRENT EFFECTIVE AVERAGE
AS OF JUNE 30, 2004* YIELD YIELD MATURITY** NET ASSETS
- ---------------------------------------------------------------------------------------
UBS RMA Money Market Portfolio 0.61% 0.61% 42 days $12.4 billion
UBS RMA U.S. Government Portfolio 0.51 0.51 48 days $1.3 billion
UBS RMA Tax-Free Fund Inc. 0.48 0.49 32 days $2.9 billion
UBS RMA California Municipal
Money Fund 0.38 0.38 20 days $739.1 million
UBS RMA New York Municipal
Money Fund 0.33 0.33 25 days $562.4 million
UBS RMA New Jersey Municipal
Money Fund 0.22 0.22 34 days $137.4 million
</Table>
* Yields will flucuate 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 -- June 30, 2004
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--26.43%
1.020 to
$ 300,000 Federal Farm Credit Bank 07/01/04 1.050%* $ 300,009,111
07/01/04 to 0.993 to
784,900 Federal Home Loan Bank 07/05/04 1.030* 784,664,447
07/30/04 to 1.100 to
706,500 Federal Home Loan Bank 05/04/05 2.250 706,557,111
07/06/04 to 1.040 to
193,208 Federal Home Loan Mortgage Corp. 12/15/04 1.140@ 192,619,439
65,500 Federal Home Loan Mortgage Corp. 03/01/05 1.420 65,500,000
07/07/04 to 1.080 to
702,912 Federal National Mortgage Association 02/04/05 1.150@ 700,154,449
07/18/04 to 1.204 to
275,000 Federal National Mortgage Association 07/28/04 1.235* 274,993,667
03/29/05 to 1.400 to
262,200 Federal National Mortgage Association 06/03/05 1.850 262,200,000
- ---------------------------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations (cost--$3,286,698,224) 3,286,698,224
- ---------------------------------------------------------------------------------------------------------------
BANK NOTES--0.42%
U.S.--0.42%
52,000 Wells Fargo Bank N.A.
(cost--$52,000,000) 07/01/04 1.030* 52,000,000
CERTIFICATES OF DEPOSIT--21.51%
NON-U.S.--12.99%
100,000 Abbey National Treasury Services PLC 07/07/04 1.050 100,000,000
150,000 Bank of Montreal 07/12/04 1.120 150,000,000
192,000 Barclays Bank PLC 07/01/04 1.050* 191,996,093
100,000 Bayerische Landesbank Girozentrale 07/26/04 1.260* 100,001,993
150,000 Bayerische Landesbank Girozentrale 08/13/04 1.100 150,000,000
07/06/04 to 1.080 to
200,000 Credit Suisse First Boston NY 07/09/04 1.100 200,000,000
80,000 HSBC (USA), Inc. 04/22/05 1.555 80,000,000
07/01/04 to 1.055 to
253,500 Natexis Banque Populaires 07/09/04 1.130 253,500,000
100,000 Rabobank Nederland N.V. 07/01/04 1.043* 99,999,006
</Table>
6
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--(CONCLUDED)
NON-U.S.--(CONCLUDED)
07/06/04 to 1.078 to
$ 175,000 Societe Generale NY 07/12/04 1.109%* $ 174,961,323
115,000 UniCredito Italiano SpA 07/26/04 1.230 115,000,000
1,615,458,415
U.S.--8.52%
07/07/04 to 1.110 to
250,000 American Express Centurion Bank 07/23/04 1.220 250,000,000
102,500 Dexia Bank NY 07/20/04 1.270 102,500,000
150,000 Discover Bank Delaware 07/27/04 1.270 150,000,000
07/14/04 to 1.180 to
180,000 First Tennessee Bank N.A. (Memphis) 07/22/04 1.220 180,000,000
276,500 State Street Bank & Trust Co. 07/15/04 1.130 276,500,000
100,000 Wells Fargo Bank N.A. 07/21/04 1.230 100,000,000
1,059,000,000
- ---------------------------------------------------------------------------------------------------------------
Total Certificates of Deposit (cost--$2,674,458,415) 2,674,458,415
- ---------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--41.63%
ASSET BACKED-AUTO & TRUCK--1.41%
07/12/04 to
175,000 New Center Asset Trust 07/19/04 1.130 174,923,097
ASSET BACKED-MISCELLANEOUS--15.16%
07/06/04 to 1.080 to
265,000 Amsterdam Funding Corp. 07/23/04 1.300 264,858,622
07/01/04 to 1.060 to
243,411 Barton Capital Corp. 07/08/04 1.150 243,368,154
07/02/04 to 1.060 to
133,280 Falcon Asset Securitization Corp. 07/23/04 1.250 133,225,949
70,300 Kitty Hawk Funding Corp. 07/23/04 1.300 70,244,150
45,136 Old Line Funding Corp. 07/19/04 1.140 45,110,272
07/09/04 to 1.170 to
142,350 Preferred Receivables Funding Corp. 07/22/04 1.250 142,293,120
07/12/04 to 1.240 to
226,493 Receivables Capital Corp. 07/22/04 1.270 226,361,966
75,159 Triple A One Funding 07/08/04 1.120 75,142,632
</Table>
7
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--(CONTINUED)
ASSET BACKED-MISCELLANEOUS--(CONCLUDED)
07/09/04 to 1.100 to
$ 200,000 Variable Funding Capital Corp. 07/12/04 1.110% $ 199,941,639
07/07/04 to 1.100 to
202,000 Windmill Funding Corp. 07/12/04 1.120 201,942,788
07/12/04 to 1.140 to
283,000 Yorktown Capital LLC 07/16/04 1.320 282,879,255
- ---------------------------------------------------------------------------------------------------------------
1,885,368,547
- ---------------------------------------------------------------------------------------------------------------
ASSET BACKED-SECURITIES--7.75%
49,500 Dorada Finance, Inc. 07/09/04 1.130 49,487,570
07/02/04 to 1.060 to
295,500 Galaxy Funding, Inc. 07/22/04 1.140 295,416,776
07/13/04 to 1.130 to
270,556 Giro Funding U.S. Corp. 07/30/04 1.330 270,341,484
100,000 Giro Multi-Funding Corp. 07/20/04 1.230 99,935,083
07/06/04 to 1.080 to
248,000 Grampian Funding LLC 07/12/04 1.110 247,940,500
- ---------------------------------------------------------------------------------------------------------------
963,121,413
- ---------------------------------------------------------------------------------------------------------------
BANKING-NON-U.S.--1.27%
100,000 Credit Suisse First Boston NY 07/09/04 1.100 99,975,556
58,254 Depfa Bank PLC 07/01/04 1.065 58,254,000
- ---------------------------------------------------------------------------------------------------------------
158,229,556
- ---------------------------------------------------------------------------------------------------------------
BANKING-U.S.--6.21%
134,400 ANZ (Delaware), Inc. 07/15/04 1.200 134,337,280
37,000 Deutsche Bank Financial LLC 07/01/04 1.440 37,000,000
07/08/04 to 1.080 to
185,000 Dexia Delaware LLC 07/13/04 1.300 184,942,167
50,000 HSBC (USA), Inc. 07/14/04 1.070 49,980,681
146,000 Rabobank USA Financial Corp. 07/06/04 1.100 145,977,694
165,000 San Paolo IMI U.S. Financial Co. 07/09/04 1.080 164,960,400
55,000 Toronto-Dominion Holdings USA, Inc. 07/19/04 1.210 54,966,725
- ---------------------------------------------------------------------------------------------------------------
772,164,947
- ---------------------------------------------------------------------------------------------------------------
BROKERAGE--7.46%
119,500 Bear Stearns Cos., Inc. 07/14/04 1.210 119,447,785
</Table>
8
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--(CONCLUDED)
BROKERAGE--(CONCLUDED)
07/08/04 to 1.120 to
$ 240,000 Citigroup Global Markets Holdings, Inc. 07/13/04 1.180% $ 239,923,155
1.220 to
270,500 Goldman Sachs Group, Inc. 07/14/04 1.270 270,378,212
148,000 Merrill Lynch & Co., Inc. 07/01/04 1.450 148,000,000
150,000 Morgan Stanley & Co. 07/01/04 1.060 150,000,000
- ---------------------------------------------------------------------------------------------------------------
927,749,152
- ---------------------------------------------------------------------------------------------------------------
FINANCE-NONCAPTIVE DIVERSIFIED--1.33%
07/01/04 to 1.080 to
90,000 GE Capital International Funding, Inc. 07/08/04 1.120 89,989,111
75,000 General Electric Capital Corp. 07/15/04 1.130 74,967,042
- ---------------------------------------------------------------------------------------------------------------
164,956,153
- ---------------------------------------------------------------------------------------------------------------
UTILITIES-OTHER--1.04%
07/02/04 to 1.130 to
130,000 RWE AG 07/19/04 1.210 129,972,975
- ---------------------------------------------------------------------------------------------------------------
Total Commercial Paper (cost--$5,176,485,840) 5,176,485,840
- ---------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE OBLIGATIONS--8.08%
ASSET BACKED-SECURITIES--2.60%
123,000 Dorada Finance, Inc. 07/14/04 1.166* 122,990,069
1.055 to
110,000 K2 (USA) LLC** 07/15/04 1.150* 109,990,104
90,000 Links Finance LLC** 02/22/05 1.340 89,941,881
- ---------------------------------------------------------------------------------------------------------------
322,922,054
- ---------------------------------------------------------------------------------------------------------------
AUTOMOBILE OEM--1.24%
154,500 Toyota Motor Credit Corp. 09/23/04 1.494* 154,500,000
BANKING-NON-U.S.--1.39%
173,000 HBOS Treasury Services PLC 07/01/04 1.100* 173,000,000
BANKING-U.S.--1.17%
145,000 Wells Fargo & Co. 07/14/04 1.281* 145,000,000
BROKERAGE--0.56%
70,000 Citigroup Global Markets Holdings, Inc. 07/23/04 1.459* 70,078,203
</Table>
9
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE OBLIGATIONS--(CONCLUDED)
FINANCE-NONCAPTIVE CONSUMER--0.80%
$ 100,000 Household Finance Corp. 07/06/05 1.110%* $ 100,000,000
FINANCE-NONCAPTIVE DIVERSIFIED--0.32%
40,000 General Electric Capital Corp. 07/09/04 1.250* 40,000,000
- ---------------------------------------------------------------------------------------------------------------
Total Short-Term Corporate Obligations (cost--$1,005,500,257) 1,005,500,257
- ---------------------------------------------------------------------------------------------------------------
<Caption>
NUMBER OF
SHARES
(000)
- ------------
MONEY MARKET FUNDS+--1.92%
168,982 AIM Liquid Assets Portfolio 1.090 168,982,092
69,515 BlackRock Provident
Institutional TempFund 1.004 69,515,468
- ---------------------------------------------------------------------------------------------------------------
Total Money Market Funds (cost--$238,497,560) 238,497,560
- ---------------------------------------------------------------------------------------------------------------
Total Investments (cost--$12,433,640,296
which approximates cost for federal income
tax purposes)--99.99% 12,433,640,296
Other assets in excess of liabilities--0.01% 645,355
Net Assets (applicable to 12,431,799,702 shares
of common stock outstanding
equivalent to $1.00 per share)--100.00% $ 12,434,285,651
- ---------------------------------------------------------------------------------------------------------------
</Table>
* Variable rate securities--maturity dates reflect earlier of reset date or
stated maturity date. The interest rates shown are the current rates as of
June 30, 2004, and reset periodically.
** Securities exempt from registration under Rule 144A of the Securities Act
of 1933. These securities, which represent 1.61% of net assets as of June
30, 2004, are considered liquid and may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
@ Interest rates shown are discount rates at date of purchase.
+ Interest rates shown reflect yield at June 30, 2004.
OEM Original Equipment Manufacturer
Weighted average maturity -- 42 days
See accompanying notes to financial statements
10
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UBS RMA U.S. GOVERNMENT PORTFOLIO
Statement of Net Assets -- June 30, 2004
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--44.74%
07/08/04 to 0.955 to
$ 370,000 U.S. Treasury Bills (1) 11/26/04 1.375%@ $ 369,258,346
07/31/04 to 1.625 to
190,000 U.S. Treasury Notes (1) 04/30/05 2.250 190,422,399
- ---------------------------------------------------------------------------------------------------------------
Total U.S. Government Obligations (cost--$559,680,745) 559,680,745
- ---------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--53.27%
200,000 Repurchase Agreement dated 06/30/04
with Bank of America, collateralized
by $402,815,000 U.S. Treasury Bonds,
Zero Coupon to 10.000% due
02/15/15 to 05/25/30 and
$47,825,000 U.S. Treasury Notes,
Zero Coupon to 5.625% due
08/15/04 to 08/15/14;
(value--$205,802,119);
proceeds: $200,006,667 07/01/04 1.200 200,000,000
60,000 Repurchase Agreement dated 06/30/04
with Deutsche Bank Securities, Inc.,
collateralized by $75,670,000
U.S. Treasury Bonds, Zero Coupon
due 02/15/20 and $32,987,171
U.S. Treasury Notes, Zero Coupon
due 11/15/07; (value--$61,789,596);
proceeds: $60,002,083 07/01/04 1.250 60,000,000
156,287 Repurchase Agreement dated 06/30/04
with Goldman Sachs Group, Inc.,
collateralized by $140,302,000
U.S. Treasury TIPS, 3.000%
due 07/15/12; (value--$160,539,761);
proceeds: $156,292,244 07/01/04 1.250 156,286,817
250,000 Repurchase Agreement dated 06/30/04
with Morgan Stanley & Co.,
collateralized by $192,708,000
U.S. Treasury Bonds, 8.000% to
8.125% due 08/15/21 to 11/15/21;
(value--$257,853,100);
proceeds: $250,008,681 07/01/04 1.250 250,000,000
- ---------------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (cost--$666,286,817) 666,286,817
- ---------------------------------------------------------------------------------------------------------------
</Table>
11
<Page>
<Table>
<Caption>
NUMBER OF
SHARES INTEREST
(000) RATES+ VALUE
- ---------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS--1.96%
20,272 AIM Short-Term Investment Trust
Treasury Portfolio 1.000% $ 20,272,228
4,252 Federated Treasury Securities Fund 0.924 4,251,690
- ---------------------------------------------------------------------------------------------------------------
Total Money Market Funds (cost--$24,523,918) 24,523,918
- ---------------------------------------------------------------------------------------------------------------
Total Investments (cost--$1,250,491,480
which approximates cost for federal income
tax purposes) (2)--99.97% 1,250,491,480
Other assets in excess of liabilities--0.03% 426,005
Net Assets (applicable to 1,251,361,302 shares
of common stock outstanding
equivalent to $1.00 per share)--100.00% $ 1,250,917,485
- ---------------------------------------------------------------------------------------------------------------
</Table>
(1) Security, or portion thereof, was on loan at June 30, 2004.
(2) Includes $299,394,680 of investments in securities on loan, at value.
@ Interest rates shown are discount rates at date of purchase.
+ Interest rates shown reflect yield at June 30, 2004.
TIPS Treasury Inflation Indexed Securities
Weighted average maturity -- 48 days
See accompanying notes to financial statements
12
<Page>
UBS RMA TAX-FREE FUND INC.
Statement of Net Assets -- June 30, 2004
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--97.87%
ALABAMA--2.11%
$ 13,975 Birmingham Refunding, Series A A 1.040% $ 13,975,000
11,265 Mobile Industrial Development
Board, Dock and Wharf Revenue
Refunding (Holnam, Inc. Project),
Series A A 1.050 11,265,000
8,700 Mobile Industrial Development
Board, Dock and Wharf Revenue
Refunding (Holnam, Inc. Project),
Series B A 1.080 8,700,000
12,700 Port City Medical Clinic Board
Revenue (Infirmary Health Systems),
Series A A 1.050 12,700,000
15,275 University of Alabama Revenue
(University Hospital), Series C A 1.010 15,275,000
- ---------------------------------------------------------------------------------------------------------------
61,915,000
- ---------------------------------------------------------------------------------------------------------------
ALASKA--0.93%
8,100 Valdez Marine Terminal Revenue
Refunding (BP Pipelines Inc.
Project), Series B A 1.100 8,100,000
19,170 Valdez Marine Terminal Revenue
Refunding (BP Pipelines Inc.
Project), Series C A 1.100 19,170,000
- ---------------------------------------------------------------------------------------------------------------
27,270,000
- ---------------------------------------------------------------------------------------------------------------
ARIZONA--2.12%
35,000 Apache County Industrial
Development Authority (Tucson
Electric Power Co.) A 1.060 35,000,000
11,200 Apache County Industrial
Development Authority (Tucson
Electric Power Co.), Series B A 1.050 11,200,000
8,000 Apache County Industrial
Development Authority (Tucson
Electric Power Co.-Springerville Project) A 1.060 8,000,000
8,200 Pima County Industrial Development
Authority Revenue (Tucson Electric
Power Co.-Irvington), Series A A 1.050 8,200,000
- ---------------------------------------------------------------------------------------------------------------
62,400,000
- ---------------------------------------------------------------------------------------------------------------
</Table>
13
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
CALIFORNIA--1.28%
$ 21,200 California State, Series A-2 A 1.050% $ 21,200,000
5,800 Los Angeles Water & Power Revenue
(Power Systems), Subseries A-7 A 1.070 5,800,000
10,472 Santa Clara County-El Camino
California District Hospital Facilities
Authority Revenue (Aces-Lease-VY
Medical Center Project), Series A A 1.080 10,472,000
- ---------------------------------------------------------------------------------------------------------------
37,472,000
- ---------------------------------------------------------------------------------------------------------------
COLORADO--2.53%
20,000 Colorado Education Loan Program
Tax & Revenue Anticipation Notes 08/09/04 2.000 20,016,631
3,450 Colorado Educational and Cultural
Facilities Authority Revenue (National
Jewish Federation Board Program),
Series A-1 A 1.100 3,450,000
9,000 Colorado Housing and Finance Authority,
Housing Revenue (Multi-Family
Class III), Series A-1 A 1.060 9,000,000
25,000 Denver City & County Certificates
of Participation Refunding
(Wellington E Web-C1) A 1.000 25,000,000
16,695 East 470 Public Highway Authority Co.
Revenue, Vehicle Registration Fee A 1.050 16,695,000
- ---------------------------------------------------------------------------------------------------------------
74,161,631
- ---------------------------------------------------------------------------------------------------------------
DELAWARE--0.27%
7,900 University of Delaware Revenue, Series B A 1.050 7,900,000
DISTRICT OF COLUMBIA--2.91%
13,065 District of Columbia (Multi-Modal),
Series A A 1.060 13,065,000
5,000 District of Columbia (Multi-Modal),
Series B A 1.060 5,000,000
5,655 District of Columbia Refunding,
Series D A 1.050 5,655,000
</Table>
14
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
DISTRICT OF COLUMBIA--(CONCLUDED)
$ 10,000 District of Columbia Revenue
(Foundation for Jewish Campus Life) A 1.050% $ 10,000,000
25,000 District of Columbia Revenue
(George Washington University),
Series B A 1.050 25,000,000
17,540 District of Columbia Revenue
(Pooled Loan Program), Series A A 1.080 17,540,000
9,100 District of Columbia, Series D-1 A 1.050 9,100,000
- ---------------------------------------------------------------------------------------------------------------
85,360,000
- ---------------------------------------------------------------------------------------------------------------
FLORIDA--4.27%
5,750 Alachua County Health Facilities
Authority, Health Facilities Revenue
(Shands Teaching Hospital), Series A A 1.100 5,750,000
5,890 Dade County Industrial
Development Authority (Dolphins
Stadium Project), Series B A 1.040 5,890,000
6,980 Florida Housing Finance Agency,
Multi-Family Housing Revenue
(Housing Lakeside), Series B A 1.130 6,980,000
6,300 Florida Housing Finance Agency
(Parrots Landing Project), Series A A 1.000 6,300,000
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 1.040 12,900,000
5,700 Palm Beach County Housing
Finance Authority Revenue Refunding
(Cotton Bay Apartments Project),
Series D A 1.080 5,700,000
6,400 Palm Beach County Housing
Finance Authority Revenue Refunding
(Mahogony Bay Apartments Project),
Series C A 1.080 6,400,000
45,965 Sunshine State Governmental 1.040 to
Financing Commission Revenue A 1.060 45,965,000
</Table>
15
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
FLORIDA--(CONCLUDED)
$ 6,000 Titusville Water & Sewer Revenue 10/01/04 6.200% $ 6,144,857
14,800 University of South Florida
Foundation, Inc. A 1.030 14,800,000
- ---------------------------------------------------------------------------------------------------------------
125,314,857
- ---------------------------------------------------------------------------------------------------------------
GEORGIA--6.24%
4,790 Athens-Clarke County Unified
Government Development Authority
Revenue (UGA Real Estate
Funding Project) A 1.080 4,790,000
8,500 Athens-Clarke County Unified
Government Development Authority
Revenue (University of Georgia
Athletic Association Project) A 1.100 8,500,000
6,000 Atlanta Airport General Revenue
Refunding, Series C-3 A 1.080 6,000,000
4,960 Atlanta Development Authority
Revenue (Clark University Project),
Series A A 1.080 4,960,000
26,965 Burke County Development
Authority Pollution Control Revenue
(Oglethorpe Power Corp.), Series A A 1.040 26,965,000
14,300 De Kalb County Housing Authority,
Multi-Family Housing Revenue
Refunding (Post Walk Project) A 1.050 14,300,000
15,935 De Kalb County Housing Authority,
Multi-Family Housing Revenue
Refunding (Wood Terrace
Apartments Project) A 1.100 15,935,000
5,030 De Kalb Private Hospital Authority
Revenue Anticipation Certificates
(ESR Childrens Health), Series B A 1.050 5,030,000
27,600 Fulton County Housing Authority,
Multi-Family Housing Revenue
Refunding (Spring Creek Crossing) A 1.060 27,600,000
12,655 Georgia Municipal Electric Authority
(Project One Subordination) A 0.990 12,655,000
</Table>
16
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
GEORGIA--(CONCLUDED)
$ 10,000 Georgia Municipal Electric Authority
(Project One Subordination), Series D A 1.000% $ 10,000,000
10,400 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Greens Apartments Project) A 1.060 10,400,000
6,000 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Chase Project) A 1.050 6,000,000
13,150 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Court Project) A 1.050 13,150,000
1,000 Monroe County Development Authority
Pollution Control Revenue (Oglethorpe
Power Corp. Project), Series B A 1.100 1,000,000
16,000 Municipal Electric Authority of Georgia
(General Resolution Projects), Series C A 1.000 16,000,000
- ---------------------------------------------------------------------------------------------------------------
183,285,000
- ---------------------------------------------------------------------------------------------------------------
ILLINOIS--9.27%
20,000 Chicago Metropolitan Water
Reclamation District, Capital
Improvement, Series E A 1.020 20,000,000
7,000 Chicago Metropolitan Water
Reclamation District Refunding, Series A A 1.060 7,000,000
26,500 Chicago Metropolitan Water
Reclamation District Refunding, Series B A 1.060 26,500,000
53,050 Chicago O'Hare International
Airport Revenue, Series C A 1.040 53,050,000
16,020 Illinois Development Finance Authority,
Multi-Family Housing Revenue
Refunding (Orleans Illinois Project) A 1.080 16,020,000
11,400 Illinois Development Finance Authority
Revenue (Chicago Symphony Orchestra) A 1.030 11,400,000
7,800 Illinois Development Finance Authority
Revenue (Evanston Northwestern),
Series A A 1.080 7,800,000
</Table>
17
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
ILLINOIS--(CONCLUDED)
$ 14,100 Illinois Development Finance Authority
Revenue (Francis W. Parker
School Project) A 1.040% $ 14,100,000
3,700 Illinois Educational Facilities Authority
Revenue (University of Chicago),
Series B 07/01/04 4.400 3,700,000
8,000 Illinois Health Facilities Authority
Revenue (Pooled Loan), Series C A 1.080 8,000,000
28,945 Illinois Health Facilities Authority
Revenue Refunding
(Advocate Health Care), Series B A 1.130 28,945,000
24,685 Illinois Health Facilities Authority
Revenue (University of Chicago
Hospital Project), Series C A 1.080 24,685,000
50,900 Illinois Toll & Highway Authority A 1.050 50,900,000
- ---------------------------------------------------------------------------------------------------------------
272,100,000
- ---------------------------------------------------------------------------------------------------------------
INDIANA--3.85%
8,200 Indiana Educational Facilities
Authority Revenue
(University of Notre Dame) A 1.000 8,200,000
12,220 Indiana Health Facility Financing
Authority Hospital Revenue
(Aces Deaconess Hospital, Inc.) A 1.080 12,220,000
14,215 Indiana Health Facility Financing
Authority Hospital Revenue
(Aces Rehabilitation Hospital) A 1.080 14,215,000
8,000 Indiana Health Facility Financing
Authority Revenue (Ascension Health
Credit Group), Series A-2 A 1.730 8,000,000
31,200 Indiana Health Facility Financing
Authority Revenue (Ascension Health
Credit Group), Series B A 1.020 31,200,000
9,640 Indianapolis Local Public Improvement
Bond Bank Notes, Series F-2 A 1.050 9,640,000
29,500 St. Joseph County Educational Facilities
Revenue (University of Notre Dame) A 0.920 29,500,000
- ---------------------------------------------------------------------------------------------------------------
112,975,000
- ---------------------------------------------------------------------------------------------------------------
</Table>
18
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
IOWA--0.62%
$ 18,100 Iowa Higher Education Loan Authority
Revenue (Aces Education Loan
Private College) A 1.080% $ 18,100,000
KANSAS--0.82%
10,115 Lawrence Temporary Notes,
Series I 10/01/04 2.250 10,142,624
14,000 Lawrence Temporary Notes,
Series 2003-II 10/01/04 2.000 14,030,768
- ---------------------------------------------------------------------------------------------------------------
24,173,392
- ---------------------------------------------------------------------------------------------------------------
KENTUCKY--0.60%
10,740 Breckinridge County Lease Program
Revenue (Kentucky Association Counties
Leasing Trust), Series A A 1.100 10,740,000
7,000 Lexington-Fayette Urban County
Government Educational Facilities
Revenue (Sayre School) A 1.090 7,000,000
- ---------------------------------------------------------------------------------------------------------------
17,740,000
- ---------------------------------------------------------------------------------------------------------------
LOUISIANA--1.05%
14,640 Louisiana Public Facilities Authority
Revenue (College and University
Equipment and Capital), Series A A 1.060 14,640,000
16,100 South Louisiana Port Commission
Marine Terminal Facilities Revenue
(Occidental Petroleum) A 1.050 16,100,000
- ---------------------------------------------------------------------------------------------------------------
30,740,000
- ---------------------------------------------------------------------------------------------------------------
MARYLAND--3.63%
18,150 Baltimore Industrial Development
Authority (Baltimore Capital Acquistion) A 1.050 18,150,000
28,900 Maryland Health & Higher Educational
Facilities Authority
(Pooled Loan Program), Series A A 1.020 28,900,000
43,575 Maryland Health & Higher Educational
Facilities Authority
(Pooled Loan Program), Series B A 1.080 43,575,000
</Table>
19
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MARYLAND--(CONCLUDED)
$ 15,915 Maryland Health & Higher Educational
Facilities Authority
(Pooled Loan Program), Series D A 1.080% $ 15,915,000
- ---------------------------------------------------------------------------------------------------------------
106,540,000
- ---------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--9.43%
32,999 Ashburnham & Westminister
Regional School District Bond
Anticipation Notes 06/17/05 3.000 33,407,575
10,400 Boston Water & Sewer Commission
Revenue, Series A A 1.020 10,400,000
4,100 Danvers Bond Anticipation Notes 03/18/05 1.750 4,107,070
8,000 Dedham Bond Anticipation Notes 06/01/05 3.000 8,100,225
10,000 Massachusetts Health &
Educational Facilities Authority
Revenue (Massachusetts Institute of
Technology), Series J-2 A 0.990 10,000,000
15,510 Massachusetts Health &
Educational Facilities Authority
Revenue (Partners Healthcare System),
Series P-1 A 1.040 15,510,000
14,650 Massachusetts Health &
Educational Facilities Authority
Revenue (Partners Healthcare
System), Series P-2 A 1.020 14,650,000
4,400 Massachusetts Health &
Educational Facilities Authority
Revenue (Wellesley College), Series G A 1.000 4,400,000
25,050 Massachusetts Water Resources
Authority Refunding
(General Multi-Modal), Series B A 1.040 25,050,000
44,150 Massachusetts Water Resources
Authority Refunding
(General Multi-Modal), Series C A 1.040 44,150,000
25,000 Massachusetts Water Resources
Authority Refunding
(General Multi-Modal), Series D A 1.040 25,000,000
</Table>
20
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MASSACHUSETTS--(CONCLUDED)
$ 4,000 North Andover Bond
Anticipation Notes 07/06/05 3.000% $ 4,051,800
37,800 Route 3 North Transport Improvement
Associates Lease Revenue
(Demand Obligation Bond), Series B A 1.050 37,800,000
10,000 Watertown Bond Anticipation Notes 11/12/04 2.000 10,030,363
8,745 Wayland Bond Anticipation Notes 11/18/04 2.000 8,772,420
21,300 Webster Bond Anticipation Notes 01/28/05 2.000 21,409,888
- ---------------------------------------------------------------------------------------------------------------
276,839,341
- ---------------------------------------------------------------------------------------------------------------
MICHIGAN--1.03%
8,200 Michigan State Grant Anticipation
Notes, Series B A 1.070 8,200,000
16,800 Michigan Housing Development
Authority, Series 2000-A A 1.060 16,800,000
5,400 Northville Township Economic
Development Corp. Ltd., Obligation
Revenue (Thrifty Northville, Inc. Project) A 1.080 5,400,000
- ---------------------------------------------------------------------------------------------------------------
30,400,000
- ---------------------------------------------------------------------------------------------------------------
MINNESOTA--0.84%
6,675 Minneapolis & St. Paul
Housing & Redevelopment Authority,
Health Care Systems (Children's
Health Care), Series B A 1.080 6,675,000
18,000 Minneapolis Special School
District No. 001 AID Anticipation
Certificates, Series B 08/06/04 1.750 18,013,464
- ---------------------------------------------------------------------------------------------------------------
24,688,464
- ---------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.46%
13,400 Harrison County Pollution Control
Revenue (DuPont) A 1.080 13,400,000
MISSOURI--1.52%
13,600 Missouri Health & Educational
Facilities Authority Revenue
(Assemblies of God College) A 1.080 13,600,000
13,676 Missouri Health & Educational
Facilities Authority Revenue
(Barnes Hospital Project) A 1.040 13,676,000
</Table>
21
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MISSOURI--(CONCLUDED)
$ 11,900 Missouri Health & Educational
Facilities Authority Revenue
(Washington University), Series A A 1.100% $ 11,900,000
5,570 St. Charles County Industrial
Development Authority Revenue
Refunding (Casalon Apartments Project) A 1.070 5,570,000
- ---------------------------------------------------------------------------------------------------------------
44,746,000
- ---------------------------------------------------------------------------------------------------------------
NEBRASKA--0.38%
11,100 Nebraska Help Increase Revenue
(Multi-Modal), Series E A 1.100 11,100,000
NEVADA--1.86%
20,000 Clark County Airport Improvement
Revenue Refunding, Series A A 1.060 20,000,000
34,605 Clark County Airport Improvement
Revenue (Sub Lien), Series A-1 A 1.050 34,605,000
- ---------------------------------------------------------------------------------------------------------------
54,605,000
- ---------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--1.71%
17,000 Merrimack County New Hampshire
Tax Anticipation Notes 12/28/04 2.000 17,057,892
13,800 New Hampshire Business Finance
Authority Resource Recovery Revenue
(Wheelabrator), Series A A 1.050 13,800,000
13,515 New Hampshire Health and Educational
Facilities Authority Revenue (Exeter
Hospital Obligation Group), Series B A 1.080 13,515,000
5,855 New Hampshire Higher Educational &
Health Facilities Authority Revenue
(Mary Hitchcock), Series 85-H A 1.040 5,855,000
- ---------------------------------------------------------------------------------------------------------------
50,227,892
- ---------------------------------------------------------------------------------------------------------------
NEW JERSEY--0.95%
12,997 Edison Township Bond
Anticipation Notes 06/22/05 3.000 13,159,006
5,800 Haddonfield Bond
Anticipation Notes 02/25/05 2.750 5,846,544
</Table>
22
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NEW JERSEY--(CONCLUDED)
$ 9,000 Sussex County Bond
Anticipation Notes 11/12/04 2.000% $ 9,025,651
- ---------------------------------------------------------------------------------------------------------------
28,031,201
- ---------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.76%
17,000 Albuquerque Airport Revenue
Refunding (Sub Lien) A 1.050 17,000,000
5,465 University of New Mexico,
University Revenue A 1.050 5,465,000
- ---------------------------------------------------------------------------------------------------------------
22,465,000
- ---------------------------------------------------------------------------------------------------------------
NEW YORK--0.34%
10,000 Ithaca Bond Anticipation Notes 08/06/04 1.500 10,002,372
NORTH CAROLINA--3.84%
9,800 Charlotte Certificates of Participation
(Government Facilities Authority), Series F A 1.030 9,800,000
20,700 Concord Utilities Systems Revenue
Refunding, Series B A 1.050 20,700,000
10,300 Fayetteville Public Works Commission
Revenue Refunding, Series A A 1.070 10,300,000
11,760 North Carolina Educational Facility
Finance Agency Revenue (Elon College) A 1.070 11,760,000
6,530 North Carolina Educational Facility
Finance Agency Revenue
(Providence Day) A 1.080 6,530,000
21,600 North Carolina Medical Care Community
Hospital Revenue (Aces-Pooled
Equipment Financing Project) A 1.040 21,600,000
10,000 North Carolina Public Improvement
Bond, Series F A 1.010 10,000,000
15,000 North Carolina Refunding,
Series B A 1.050 15,000,000
7,200 North Carolina State University
Raleigh Revenue (Centennial Campus),
Series A A 1.010 7,200,000
- ---------------------------------------------------------------------------------------------------------------
112,890,000
- ---------------------------------------------------------------------------------------------------------------
</Table>
23
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
OHIO--5.03%
$ 18,900 Columbus Sewer Revenue Refunding A 1.080% $ 18,900,000
27,860 Franklin County Hospital Revenue
Refunding (U.S. Health Corp.), Series A A 1.070 27,860,000
10,600 Franklin County Hospital Revenue
Subordinated (Doctors Ohio Health),
Series B A 1.080 10,600,000
7,925 Grove City Infrastructure
Construction Notes 06/23/05 3.000 8,018,636
11,500 Madeira School District Bond
Anticipation Notes 10/12/04 1.750 11,520,214
7,240 Mahoning County Housing Revenue
(Youngstown State University Project) A 1.030 7,240,000
14,200 Ohio Air Quality Development
Authority Revenue Refunding
(Ohio Edison Project), Series A A 1.040 14,200,000
7,000 Ohio Higher Education Facilities
Revenue (Case Western Reserve Project),
Series A A 1.080 7,000,000
29,900 Ohio Water Development
Authority Revenue Refunding (Water
Development Project) A 1.040 29,900,000
12,300 Springboro Community City
School District Bond Anticipation Notes 10/12/04 1.750 12,321,603
- ---------------------------------------------------------------------------------------------------------------
147,560,453
- ---------------------------------------------------------------------------------------------------------------
OKLAHOMA--0.65%
19,020 Tulsa County Industrial Authority
Revenue (Montercau), Series A A 1.100 19,020,000
OREGON--0.23%
6,700 Portland Multi-Family Revenue
(South Park Block Project), Series A A 1.070 6,700,000
PENNSYLVANIA--4.77%
14,585 Delaware County Authority Hospital
Revenue (Crozer-Chester
Medical Center) A 1.090 14,585,000
45,450 Delaware Valley Regional Finance
Authority (Local Government Revenue) A 1.080 45,450,000
</Table>
24
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
PENNSYLVANIA--(CONCLUDED)
$ 15,200 Pennsylvania Higher Educational
Facilities Authority Revenue (University
of Pittsburgh Health Services), Series B A 1.060% $ 15,200,000
10,000 Pennsylvania Higher Educational
Facilities Authority Revenue (University
of Pittsburgh Health Services), Series C A 1.060 10,000,000
9,600 Philadelphia Authority for Industrial
Development Revenue (Regional
Performing Arts Center Project) A 1.040 9,600,000
50 Philadelphia Hospital & Higher
Education Facilities Authority Revenue
(Children's Hospital Project), Series A A 1.090 50,000
11,470 Philadelphia Hospital & Higher
Education Health Systems,
(Jefferson Health Project), Series B A 1.080 11,470,000
19,200 University of Pittsburgh of the
Commonwealth Systems of Higher
Education (University Capital Project),
Series A A 1.060 19,200,000
14,510 York General Authority Revenue
(Pooled Financing Subordinated),
Series B A 1.090 14,510,000
- ---------------------------------------------------------------------------------------------------------------
140,065,000
- ---------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--4.20%
28,000 Chesterfield County School District
Bond Anticipation Notes 09/24/04 2.000 28,057,874
3,715 Lexington & Richland Counties
South Carolina School District No. 005 03/01/05 2.500 3,738,923
10,000 Piedmont Municipal Power Agency,
South Carolina Electric Revenue
Refunding, Series A A 0.990 10,000,000
10,000 Piedmont Municipal Power Agency,
South Carolina Electric Revenue
Refunding, Series B A 0.990 10,000,000
11,600 Piedmont Municipal Power Agency,
South Carolina Electric Revenue
Refunding, Series D A 1.040 11,600,000
</Table>
25
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
SOUTH CAROLINA--(CONTINUED)
$ 10,000 Rock Hill Utility Systems Revenue,
Series B A 0.950% $ 10,000,000
19,380 South Carolina Jobs-Economic
Development Authority (Coastal
Carolina University Project), Series A A 1.090 19,380,000
12,730 South Carolina Jobs-Economic
Development Authority, Hospital
Facilities Revenue (Orangeburg
Medical Center) A 1.050 12,730,000
17,700 University of South Carolina
University Revenue, Bond
Anticipation Notes 07/24/04 1.750 17,708,277
- ---------------------------------------------------------------------------------------------------------------
123,215,074
- ---------------------------------------------------------------------------------------------------------------
TENNESSEE--2.17%
1,500 Clarksville Public Building
Authority Revenue (Pooled Financing,
Tennessee Municipal Bond Fund) A 1.100 1,500,000
5,000 Metropolitan Government Nashville &
Davidson County, Health & Educational
Facilities Board Revenue (Ascension
Health Credit Group), Series B-1 A 1.000 5,000,000
4,000 Metropolitan Government Nashville &
Davidson County, Health & Educational
Facilities Board Revenue (Ascension
Health Credit Group), Series B-2 A 1.200 4,000,000
9,635 Metropolitan Government Nashville &
Davidson County, Health & Educational
Facilities Board Revenue
(Vanderbilt University) A 1.060 9,635,000
14,505 Metropolitan Government Nashville &
Davidson County, Industrial
Development Refunding
(David Lipscomb University Project) A 1.050 14,505,000
6,615 Montgomery County Public Building
Authority Revenue, Financing
Government Obligation (Pooled Loan) A 1.080 6,615,000
</Table>
26
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
TENNESSEE--(CONCLUDED)
$ 1,165 Montgomery County Public Building
Authority Revenue, Financing Revenue
(Pooled Loan) A 1.100% $ 1,165,000
6,720 Shelby County, Series A A 1.050 6,720,000
5,300 Signal Mountain Health Educational &
Housing Facilities Board Revenue
Refunding (Alexian Village) A 1.040 5,300,000
9,150 Tusculum Health Educational & Housing
Board, Educational Facilities Revenue
(Tusculum College Project) A 1.050 9,150,000
- ---------------------------------------------------------------------------------------------------------------
63,590,000
- ---------------------------------------------------------------------------------------------------------------
TEXAS--5.17%
12,800 Georgetown Higher Education Finance
Corp. (Southwestern University) A 1.050 12,800,000
7,050 Tarrant County Housing Finance
Corp. Revenue Refunding (Multi-Family
Housing Apartments Project) A 1.160 7,050,000
6,180 Texas State (Veterans Housing
Assistance), Fund I A 1.050 6,180,000
87,000 Texas Tax & Revenue
Anticipation Notes 08/31/04 2.000 87,124,282
13,500 Texas Turnpike Authority Central
Texas Turnpike System Revenue,
First Tier, Series B A 1.050 13,500,000
25,000 University of Houston University
Revenue Construction Systems 01/20/05 2.000 25,088,929
- ---------------------------------------------------------------------------------------------------------------
151,743,211
- ---------------------------------------------------------------------------------------------------------------
UTAH--0.68%
4,650 Salt Lake County Tax & Revenue
Anticipation Notes 12/30/04 2.500 4,676,366
15,300 Utah Building Ownership Authority
Lease Revenue (State Facilities Master
Lease Program), Series C A 1.060 15,300,000
- ---------------------------------------------------------------------------------------------------------------
19,976,366
- ---------------------------------------------------------------------------------------------------------------
</Table>
27
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
VIRGINIA--2.02%
$ 11,545 Fairfax County Economic Development
Authority Revenue (Smithsonian
Institution), Series A A 1.030% $ 11,545,000
37,040 Loudoun County Industrial
Development Authority Revenue
(Falcons Landing Project) A 1.080 37,040,000
7,000 Norfolk Industrial Development
Authority Revenue (Hospital Facilities
Childrens Project) A 1.080 7,000,000
3,700 Roanoke Industrial Development
Authority Hospital Revenue (Carilion
Health System), Series D A 1.080 3,700,000
- ---------------------------------------------------------------------------------------------------------------
59,285,000
- ---------------------------------------------------------------------------------------------------------------
WASHINGTON--5.30%
23,000 Energy Northwest Washington Electric
Revenue Refunding (Project No. 3),
Series D-3-1 A 1.070 23,000,000
13,000 Energy Northwest Washington Electric
Revenue Refunding (Project No. 3),
Series D-3-2 A 1.040 13,000,000
22,200 King County Sewer
Revenue (Junior Lien), Series B A 1.060 22,200,000
5,100 Port of Vancouver A 1.050 5,100,000
9,000 Seattle Municipal Light &
Power Revenue A 1.010 9,000,000
35,370 Snohomish County Public Utility
District No. 001 Electric Revenue
Refunding (Generation Systems),
Series A A 1.070 35,370,000
10,000 Tulalip Tribes of The Tulalip Reservation
Special Revenue Refunding A 1.130 10,000,000
23,960 Washington Public Power Supply
Systems Nuclear Project No. 1 Revenue
Refunding, Series 1A-2 A 1.070 23,960,000
13,970 Washington Public Power Supply
Systems Nuclear Project No. 3 Electric
Revenue Refunding, Series 3A A 1.050 13,970,000
- ---------------------------------------------------------------------------------------------------------------
155,600,000
- ---------------------------------------------------------------------------------------------------------------
</Table>
28
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
WISCONSIN--2.03%
$ 7,125 Northland Pines School
District Bond Anticipation Notes 11/11/04 1.550% $ 7,133,292
21,900 Racine Union School
District Tax & Revenue Anticipation
Promisory Notes 07/13/04 1.400 21,902,383
3,230 Sun Prairie Area School
District Bond Anticipation Notes 10/06/04 1.600 3,233,578
7,400 Sun Prairie Area School
District Tax & Revenue Anticipation
Promisory Notes 09/10/04 1.300 7,400,478
10,000 Wisconsin Center District Wisconsin
Tax Revenue, Series A A 1.050 10,000,000
10,000 Wisconsin Health & Education
Facilities Authority Revenue
(Wheaton Franciscian Services) A 1.080 10,000,000
- ---------------------------------------------------------------------------------------------------------------
59,669,731
- ---------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$2,873,266,985) 2,873,266,985
- ---------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--4.09%
ARIZONA--0.65%
19,000 City of Phoenix, Civic Improvement 07/23/04 to 0.980 to
Corp. Water System Revenue 02/11/05 1.450 19,000,000
GEORGIA--0.22%
6,500 Burke County Development Authority
Pollution Control (Oglethorpe
Power Corp.) 10/15/04 1.170 6,500,000
ILLINOIS--0.34%
10,000 Illinois Educational Facilities Authority
Revenue (Field Museum) 07/08/04 1.050 10,000,000
NEVADA--0.28%
8,300 Clark County Regional Flood Control 10/22/04 1.170 8,300,000
NORTH CAROLINA--0.51%
15,000 Union County 09/14/04 1.250 15,000,000
</Table>
29
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--(CONCLUDED)
PUERTO RICO--1.92%
$ 56,432 Government Development Bank of 08/10/04 to 0.960 to
Puerto Rico 10/14/04 1.230% $ 56,432,000
TEXAS--0.17%
4,876 Dallas Waterworks and Sewer System,
Series B 09/30/04 1.140 4,876,000
- ---------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper
(cost--$120,108,000) 120,108,000
- ---------------------------------------------------------------------------------------------------------------
Total Investments (cost--$2,993,374,985) which
approximates cost for Federal income tax purposes--101.96% 2,993,374,985
- ---------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(1.96)% (57,438,679)
Net Assets (applicable to 2,936,671,545 shares
of common stock outstanding equivalent to
$1.00 per share)--100.00% $ 2,935,936,306
- ---------------------------------------------------------------------------------------------------------------
</Table>
A Variable rate demand notes are payable on demand. The interest rates shown
are the current rates as of June 30, 2004, and reset periodically.
Weighted average maturity -- 32 days
See accompanying notes to financial statements
30
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
Statement of Net Assets -- June 30, 2004
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--98.90%
$ 8,000 California Department of
Veteran Affairs Home Purchase,
Subseries A-2 A 1.070% $ 8,000,000
10,000 California Department of Water
Resources Power Supply Revenue
(Putters), Series 344 A 1.110 10,000,000
3,900 California Department of Water
Resources Power Supply Revenue,
Series B-1 A 1.080 3,900,000
4,400 California Department of Water
Resources Power Supply Revenue,
Series B-2 A 1.120 4,400,000
3,400 California Department of Water
Resources Power Supply Revenue,
Series B-3 A 1.080 3,400,000
3,200 California Department of Water
Resources Power Supply Revenue,
Series B-5 A 1.060 3,200,000
5,000 California Department of Water
Resources Power Supply Revenue,
Series C-8 A 1.060 5,000,000
5,000 California Department of Water
Resources Power Supply Revenue,
Series C-14 A 1.080 5,000,000
600 California Economic Recovery,
Series C-6 A 1.050 600,000
2,000 California Economic Recovery,
Series C-8 A 1.080 2,000,000
3,250 California Educational Facilities
Authority (Educational Achievement),
Series A A 1.100 3,250,000
8,393 California Educational Facilities
Authority (Stanford University),
Series L A 0.950 8,393,000
15,725 California Educational Facilities
Authority (Stanford University),
Series L-8 A 0.950 15,725,000
8,000 California Educational Facilities
Authority (Stanford University),
Series S-4 A 1.000 8,000,000
</Table>
31
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 10,704 California Health Facilities Financing
Authority (Floating Pooled Loan
Program), Series B A 1.040% $ 10,704,000
18,140 California Health Facilities Financing
Authority (Hospital Adventist Health 1.060 to
Systems), Series A A 1.080 18,140,000
100 California Health Facilities Financing
Authority (Sutter Health), Series B A 1.040 100,000
15,500 California Infrastructure & Economic
Development Revenue (Buck
Institute Age Research) A 1.010 15,500,000
15,600 California Infrastructure & Economic
Development Revenue (Independent
Systems Operation Corp. Project),
Series B A 1.060 15,600,000
25,000 California School Cash Reserve
Program Authority Pool, Series A 07/06/04 2.000 25,003,730
4,700 California, Series A-3 A 1.060 4,700,000
5,000 California, Series C-1 A 1.080 5,000,000
10,000 California Statewide Communities
Development Authority (Biola
University), Series B A 1.060 10,000,000
700 California Statewide Communities
Development Authority (Concordia
University Irvine Project), Series A A 1.070 700,000
10,000 California Statewide Communities
Development Authority (Kaiser
Permanente), Series E A 1.080 10,000,000
3,400 California Statewide Communities
Development Authority (Kaiser
Permanente), Series M A 1.150 3,400,000
22,015 California Transit Financing Authority A 1.040 22,015,000
10,210 Alameda Contra Costa Schools
Financing Authority Certificates of
Participation (Capital Improvement
Financing Projects), Series A A 1.090 10,210,000
8,000 Bay Area Toll Authority Toll Board
(San Francisco Bay Area), Series C A 1.060 8,000,000
14,300 Butte County Board of Education
Tax and Revenue Anticipation Notes 09/24/04 2.000 14,324,040
</Table>
32
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 9,500 Daly City Housing Finance Agency
Multi-Family Revenue Refunding
(Serramonte Del Ray), Series A A 1.060% $ 9,500,000
8,715 East Bay Municipal Utility District
Water Systems Revenue, Subseries A A 1.040 8,715,000
11,000 Fresno Multi-Family Housing Revenue
Refunding (Heron Pointe Apartments),
Series A A 1.060 11,000,000
14,545 Golden Empire Schools Financing
Authority (Kern High School District
Project), Series A A 1.030 14,545,000
10,431 Irvine Improvement Bond Act 1915
Limited Obligation (Assessment
District 85-7-1) A 1.030 10,431,000
10,000 Livermore Certificates of
Participation (Refunding and Capital
Projects) A 1.060 10,000,000
8,100 Los Angeles Community
Redevelopment Agency Multi-Family
Housing Revenue (Skyline at
Southpark Phase II) A 1.070 8,100,000
10,600 Los Angeles Community
Redevelopment Agency Refunding
(Promenade Towers Project) A 1.070 10,600,000
7,000 Los Angeles County Schools
Transport (Pooled Financing
Program Certificates of Participation),
Series A 06/30/05 3.500 7,129,780
12,600 Los Angeles County Transport
Commission Sales Tax and Revenue,
Series A A 1.040 12,600,000
12,800 Los Angeles Multi-Family Housing
Revenue (Museum Terrace
Apartments), Series H A 1.060 12,800,000
14,000 Los Angeles Unified School District
Certificates of Participation (Land
Acquisition Program), Series D A 1.060 14,000,000
10,000 Los Angeles Water and Power
Revenue, Subseries A-1 A 1.070 10,000,000
9,900 Los Angeles Water and Power
Revenue, Subseries A-5 A 1.070 9,900,000
</Table>
33
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 16,650 Los Angeles Water and Power
Revenue, Subseries B-3 A 1.090% $ 16,650,000
15,000 Metropolitan Water District Southern
California Waterworks Revenue,
Series A-1 A 1.070 15,000,000
10,000 Metropolitan Water District Southern
California Waterworks Revenue,
Series B-1 A 1.070 10,000,000
10,000 Metropolitan Water District Southern
California Waterworks Revenue,
Series B-2 A 1.070 10,000,000
9,700 Metropolitan Water District Southern
California Waterworks Revenue,
Series B-4 A 1.040 9,700,000
3,500 Milpitas Unified School District Tax
and Revenue Anticipation Notes 06/30/05 3.000 3,545,640
6,795 Moorpark Industrial Development
Authority (Fred Kavli and
Kavlico Corp.) A 1.060 6,795,000
4,000 Newport Beach Revenue (Hoag
Memorial Hospital), Series A A 1.090 4,000,000
10,000 Northern California Power Agency
Revenue Refunding (Hydroelectric
No 1-A) A 1.040 10,000,000
15,100 Oakland Alameda County Coliseum
Authority Lease Revenue A 1.040 15,100,000
12,000 Oakland Alameda County Coliseum
Authority Lease Revenue (Coliseum
Project), Series C-2 A 1.030 12,000,000
5,355 Oakland Joint Powers Financing
(Fruitvale Transit Village), Series A 07/01/04 3.125 5,355,000
6,990 Orange County Apartment
Development Revenue (Niguel
Village), Series AA A 1.050 6,990,000
6,340 Orange County Apartment
Development Revenue (Niguel
Village), Series U A 1.020 6,340,000
11,700 Orange County Apartment
Development Revenue (Villas La-Paz),
Series F A 1.060 11,700,000
</Table>
34
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 7,000 Oxnard School District Tax & Revenue
Anticipation Notes 07/23/04 2.000% $ 7,004,291
7,300 Pasadena Certificates of Participation
(Rose Bowl Imports Project) A 1.050 7,300,000
8,700 Roseville Electric Systems Revenue
Certificates of Participation A 1.050 8,700,000
10,000 San Bernardino County Certificates
of Participation (County Center
Refinancing Project) A 1.070 10,000,000
5,000 San Bernardino County Certificates
of Participation (Medical Center
Financing Project) A 1.020 5,000,000
4,800 San Bernardino County Multi-Family
Revenue Bonds (WLP Mountain View
Apartments), Series A A 1.070 4,800,000
8,700 San Francisco City and County
Redevelopment Agency Multi-Family
Housing Revenue (St. Francis Project),
Series A A 1.080 8,700,000
4,000 San Francisco City and County
Redevelopment Agency Revenue
(Community Facilities District No. 4) A 1.100 4,000,000
10,000 San Jose Redevelopment Agency
Revenue (Merged Area
Redevelopment Project), Series A A 1.040 10,000,000
13,540 San Jose Redevelopment Agency
Revenue (Merged Area
Redevelopment Project), Series B A 1.030 13,540,000
13,000 San Jose-Santa Clara Water Financing
Authority Sewer Revenue, Series B A 1.040 13,000,000
6,500 San Leandro Unified School District
Tax and Revenue Anticipation Notes 07/12/05 3.000 6,586,060
12,450 Santa Clara County El Camino
Hospital District (Hospital Facilities
Authority Revenue), Series B A 1.080 12,450,000
10,000 Santa Clara Financing Authority
(VMC Facility Replacement-Project B) A 1.020 10,000,000
15,050 Simi Valley Multi-Family Housing
Revenue Refunding (Lincoln
Wood Ranch) A 1.070 15,050,000
</Table>
35
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 5,300 South Placer Wastewater Authority
California Wastewater Revenue,
Series B A 1.050% $ 5,300,000
19,100 Southern California Public Power
Authority Power Project Revenue
Refunding (Subordinated Palo Verde
Project), Series B A 1.040 19,100,000
3,500 Stockton Revenue Certificates of
Participation (Wastewater Treatment
Plant Exploration), Series A 09/01/04 6.800 3,603,194
4,700 Tahoe Truckee California Union
School District Tax and Revenue
Anticipation Notes 10/10/04 2.000 4,712,321
5,400 University of California Revenue A 1.090 5,400,000
10,000 Puerto Rico Commonwealth Tax and
Revenue Anticipation Notes 07/30/04 2.000 10,007,877
- ---------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$731,014,933) 731,014,933
- ---------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--3.20%
3,500 California Statewide Communities
Development Authority
(Kaiser Permanente) 07/09/04 1.040 3,500,000
20,174 Puerto Rico Commonwealth 08/11/04 to 0.950 to
Government Development Bank 10/08/04 1.170 20,174,000
- ---------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper
(cost--$23,674,000) 23,674,000
- ---------------------------------------------------------------------------------------------------------------
Total Investments (cost--$754,688,933 which
approximates cost for federal income
tax purposes)--102.10% 754,688,933
- ---------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(2.10)% (15,555,931)
- ---------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 739,546,133 shares of
beneficial interest equivalent to $1.00
per share)--100.00% $ 739,133,002
- ---------------------------------------------------------------------------------------------------------------
</Table>
A--Variable rate demand notes are payable on demand. The interest rates shown
are current rates as of June 30, 2004 and reset periodically.
Weighted average maturity -- 20 days
See accompanying notes to financial statements
36
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
Statement of Net Assets -- June 30, 2004
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--93.22%
$ 1,250 New York State Dormitory Authority
Revenue (Columbia University),
Series A-2 06/08/05 1.600% $ 1,250,000
22,185 New York State Dormitory Authority
Revenue (Cornell University), 1.040 to
Series B A 1.080 22,185,000
2,500 New York State Dormitory Authority
Revenue (Mental Health Services),
SubSeries D-2A A 1.060 2,500,000
8,027 New York State Dormitory Authority
Revenue (Metropolitan
Museum of Art) A 1.010 8,027,000
3,300 New York State Dormitory Authority
Revenue (Oxford University
Press, Inc.) A 1.020 3,300,000
12,900 New York State Dormitory Authority
Revenue (Wagner College) A 1.030 12,900,000
22,150 New York State Energy Research &
Development Authority Pollution
Control Revenue (Orange &
Rockland Project), Series A A 1.040 22,150,000
19,700 New York State Housing Finance
Agency (Normandie Court I Project) A 1.030 19,700,000
5,000 New York State Housing Finance
Agency Service Contract Revenue,
Series I A 1.030 5,000,000
7,800 New York State Local Government
Assistance Corp., Series B A 1.010 7,800,000
7,000 New York State Local Government
Assistance Corp., Series D A 1.000 7,000,000
10,465 New York State Local Government
Assistance Corp., Series G A 1.040 10,465,000
5,900 New York State Thruway Authority
General Revenue, Series C 01/01/05 6.000 6,125,490
3,335 Albany Revenue Anticipation Notes 01/31/05 3.000 3,364,334
3,300 Babylon General Obligation Bond A 1.040 3,300,000
4,300 Clarence Central School District
Tax Anticipation Notes 06/30/05 3.000 4,356,072
6,550 Erie County Water Authority A 1.040 6,550,000
</Table>
37
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 2,734 Fayetteville-Manlius New York
Central School District Bond
Anticipation Notes 12/23/04 2.000% $ 2,744,026
4,500 Fayetteville-Manlius New York
Central School District Tax
Anticipation Notes 06/24/05 3.000 4,553,331
7,690 Freeport Bond Anticipation
Notes, Series C 07/28/04 1.750 7,693,801
2,615 Great Neck North Water Authority
Systems Revenue, Series-A A 1.040 2,615,000
2,409 Guilderland Center School District
Bond Anticipation Notes 07/08/04 1.500 2,409,762
7,252 Ithaca Bond Anticipation Notes 08/06/04 1.500 7,253,650
5,000 Jay Street Development Corp.
New York City Facility Lease
Revenue (Jay Street Project),
Series A-1 A 1.070 5,000,000
22,300 Jay Street Development Corp.
New York City Facility Lease
Revenue (Jay Street Project),
Series A-3 A 1.070 22,300,000
7,000 Long Island Power Authority Electric
Systems Revenue, Series D A 1.030 7,000,000
9,000 Long Island Power Authority Electric
Systems Revenue, Series G A 1.050 9,000,000
10,200 Long Island Power Authority Electric
Systems Revenue, Subseries 3-B A 1.080 10,200,000
2,000 Merrick Union Free School District
Tax Anticipation Notes 06/23/05 3.000 2,023,560
15,000 Metropolitan Transportation
Authority, Series D-1 A 1.060 15,000,000
6,300 Metropolitan Transportation
Authority, Series D-2 A 1.060 6,300,000
5,000 Metropolitan Transportation
Authority, Subseries A-2 A 1.100 5,000,000
1,500 Mineola Union Free School District
Bond Anticipation Notes 09/14/04 2.000 1,502,702
5,080 Nassau County Interim Finance
Authority, Series A A 1.030 5,080,000
</Table>
38
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 19,500 New York City Housing Development
Corp. Multi-Family Rental Housing
(63 Wall Street), Series A A 1.040% $ 19,500,000
6,000 New York City Housing Development
Corp. Multi-Family Rental Housing
(90 West Street), Series A A 1.030 6,000,000
15,700 New York City Housing Development
Corp. Multi-Family Rental Housing
(Parkgate Development), Series A A 1.010 15,700,000
6,500 New York City Housing Development
Corp. Multi-Family Rental Housing
(Queenswood Apartments),
Series A A 1.000 6,500,000
3,350 New York City Industrial Development
Agency Civic Facility Revenue
(Church of Heavenly Rest) A 1.060 3,350,000
6,600 New York City Industrial Development
Agency Civic Facility Revenue
(Lycee Francais de New York
Project), Series B A 1.080 6,600,000
6,925 New York City Industrial Development
Agency Civic Facility Revenue
(MSMC Realty Corp. Project) A 1.010 6,925,000
12,100 New York City Municipal Water Finance
Authority Water & Sewer Systems
Revenue, Series A A 1.080 12,100,000
7,100 New York City Trust for Cultural
Resources Revenue (American
Museum of Natural History),
Series A A 1.040 7,100,000
5,515 New York City Trust for Cultural
Resources Revenue (Asia Society) A 1.050 5,515,000
6,320 New York City Trust for Cultural
Resources Revenue (Carnegie Hall) A 0.970 6,320,000
1,900 New York City, Series B,
Subseries B-6 A 1.050 1,900,000
9,110 New York City, Series B-2,
Subseries B-5 A 1.050 9,110,000
8,200 New York City, Series H,
Subseries H-2 A 1.080 8,200,000
800 New York City, Subseries A-6 A 1.080 800,000
</Table>
39
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 13,170 New York City, Subseries E-5 A 1.080% $ 13,170,000
4,000 New York City, Subseries H-1 A 1.080 4,000,000
4,500 New York City, Subseries H-2 A 1.070 4,500,000
4,100 Niagara Falls Toll Bridge Commission A 1.040 4,100,000
15,335 Oneida County Industrial
Development Agency Revenue
Civic Facilities (Hamilton College) A 1.010 15,335,000
5,000 Oneida Indian Nation A 1.030 5,000,000
5,705 Orange County Industrial
Development Agency Civic
(Horton Medical Center) A 1.060 5,705,000
7,355 Port Authority of New York &
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 2 A 1.060 7,355,000
12,300 Port Authority of New York &
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 5 A 1.080 12,300,000
7,000 Rockland County Tax
Anticipation Notes 03/24/05 2.000 7,041,728
1,400 Suffolk County Industrial
Development Agency Research
Facilities Revenue (Cold Spring
Harbor Laboratory Project) A 1.100 1,400,000
20,000 Suffolk County Water Authority 1.060 to
Bond Anticipation Notes A 1.070 20,000,000
26,800 Triborough Bridge & Tunnel
Authority Revenues General 1.060 to
Purpose, Series B A 1.070 26,800,000
9,303 Yonkers Industrial Development
Agency (Consumers Union Facility) A 1.050 9,302,645
11,000 Puerto Rico Commonwealth Tax &
Revenue Anticipation Notes 07/30/04 2.000 11,008,342
- ---------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes
(cost--$524,286,443) 524,286,443
- ---------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--8.94%
1,500 New York City Municipal Water
Finance Authority 07/09/04 1.080 1,500,000
</Table>
40
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--(CONCLUDED)
$ 8,595 New York State Power 08/13/04 to 1.100 to
Authority 09/17/04 1.130% $ 8,595,000
5,000 Metropolitan Transportation
Authority 08/12/04 1.000 5,000,000
35,150 Government Development Bank of 07/23/04 to 0.970 to
Puerto Rico 10/14/04 1.230 35,150,000
- ---------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper
(cost--$50,245,000) 50,245,000
- ---------------------------------------------------------------------------------------------------------------
Total Investments (cost--$574,531,443 which
approximates cost for federal income
tax purposes)--102.16% 574,531,443
- ---------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(2.16)% (12,135,857)
- ---------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 562,520,107 shares of
beneficial interest equivalent to $1.00
per share)--100.00% $ 562,395,586
- ---------------------------------------------------------------------------------------------------------------
</Table>
A--Variable rate demand notes are payable on demand. The interest rates shown
are current rates as of June 30, 2004 and reset periodically.
Weighted average maturity -- 25 days
See accompanying notes to financial statements
41
<Page>
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
Statement of Net Assets -- June 30, 2004
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--93.61%
$ 1,800 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series A A 1.070% $ 1,800,000
3,000 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series B A 1.070 3,000,000
1,500 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series C A 1.070 1,500,753
885 New Jersey Economic Development
Authority (Church and
Dwight Co. Project) A 1.020 885,000
6,000 New Jersey Economic Development
Authority (Crowley Liner
Services Project) A 1.070 6,000,000
2,250 New Jersey Economic Development
Authority (Danic Urban Renewel) A 1.050 2,250,000
3,145 New Jersey Economic Development
Authority (Institute of Electrical),
Series A A 1.060 3,145,000
405 New Jersey Economic Development
Authority (Kenwood USA
Corp. Project) A 1.080 405,000
1,005 New Jersey Economic Development
Authority (RDR Investment Co. LLC) A 1.240 1,005,000
2,000 New Jersey Economic Development
Authority (Thermal Energy Limited
Partnership) A 1.050 2,000,000
2,000 New Jersey Economic Development
Authority (Transportation),
Series N10-Regulation D A 1.110 2,000,000
3,150 New Jersey Economic Development
Authority Market Transition Facilities
Revenue Senior Lien, Series A 07/01/04 7.000 3,150,000
6,000 New Jersey Economic Development
Authority Revenue (Center for
Aging-Applewood) A 1.050 6,000,000
2,500 New Jersey Economic Development
Authority Senior Lien, Series A 07/01/04 5.800 2,500,000
</Table>
42
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 3,200 New Jersey Economic Development
Authority Speciality Facilities
Revenue (Port Newark
Container LLC) A 1.120% $ 3,200,000
3,105 New Jersey Economic Development
Authority Water Facilities Revenue
Refunding (United Water NJ, Inc.
Project), Series B A 1.120 3,105,000
4,625 New Jersey Educational Facilities
Authority (College of New Jersey),
Series A A 1.060 4,625,000
980 New Jersey Educational Facilities
Authority (Princeton University),
Series B A 0.980 980,000
1,255 New Jersey Health Care Facilities
Authority Revenue (Jersey Shore
Medical Center) 07/01/04 6.200 1,280,100
6,170 New Jersey Health Care Facilities
Authority Revenue (St. Barnabas),
Series A A 1.070 6,170,000
2,000 New Jersey Health Care Facilities
Authority Revenue (St. Claires
Hospital), Series A-4 A 1.060 2,000,000
1,000 New Jersey Health Care Facilities
Authority Revenue (St. Francis
Hospital), Series A-5 A 1.060 1,000,000
5,800 New Jersey Health Care Facilities
Authority Revenue (St. Peters
Hospital), Series B A 1.040 5,800,000
1,000 New Jersey Health Care Facilities
Financing Authority Revenue
(Monmouth Medical Center Issue),
Series C 07/01/04 6.250 1,000,000
1,000 New Jersey Sports & Exposition
Authority, Series B-1 A 1.030 1,000,000
4,300 New Jersey Turnpike Authority A 1.050 4,300,000
2,000 New Jersey Turnpike Authority
(Putters Series 155) A 1.090 2,000,000
1,000 Edison Township Bond
Anticipation Notes 06/22/05 3.000 1,012,465
</Table>
43
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 4,950 Essex County Improvement
Authority Revenue (Pooled
Government Loan Program) A 1.000% $ 4,950,000
2,500 Fort Lee Bond Anticipation Notes,
Series 2003-2 07/30/04 1.750 2,500,952
4,655 Glen Rock Bond Anticipation Notes 05/27/05 3.000 4,711,618
774 Haddonfield Bond Anticipation Notes 02/25/05 2.750 780,110
1,000 Jersey City Redevelopment Authority
Multi-Family Housing (Dickson Mills) A 1.030 1,000,000
1,000 Mercer County Improvement
Authority (Atlantic Foundation) A 1.030 1,000,000
2,150 Monmouth County Improvement
Authority (Pooled Government
Loan Program) A 0.980 2,150,000
2,000 Moorestown Township Bond
Anticipation Notes 08/05/04 1.750 2,001,327
1,665 North Jersey District Water Supply
Community Refunding (Wanaque
South Project), Series A 07/01/04 3.000 1,665,000
4,100 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 2 A 1.060 4,100,000
1,650 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 3 A 1.080 1,650,000
3,600 Port Authority of New York and
New Jersey Special Obligation
Revenue (Versatile Structure
Obligation), Series 5 A 1.080 3,600,000
3,253 Rumson Bond Anticipation
Notes, Series A 07/29/04 1.750 3,254,828
4,240 Rutgers State University Refunding,
Series A A 1.050 4,240,000
1,525 Salem County Pollution Control
Financing Refunding (Atlantic
City Electric), Series A A 1.000 1,525,000
4,000 South Monmouth Regional Sewage
Authority Project Notes 01/27/05 2.000 4,014,483
</Table>
44
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ---------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 3,742 Sussex County Bond
Anticipation Notes 11/12/04 2.000% $ 3,752,665
6,000 Union County Improvement
Authority (Cedar Glen Housing
Corp.), Series A A 1.080 6,000,000
2,650 Union County Industrial Pollution
Control Financing Authority
Revenue Refunding (Exxon Project) A 1.020 2,650,000
- ---------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$128,659,301) 128,659,301
- ---------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--5.97%
8,200 Puerto Rico Commonwealth 08/20/04 to 0.990 to
Government Development Bank 09/30/04 1.170 8,200,000
- ---------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper
(cost--$8,200,000) 8,200,000
- ---------------------------------------------------------------------------------------------------------------
Total Investments (cost--$136,859,301 which
approximates cost for federal income
tax purposes)--99.58% 136,859,301
- ---------------------------------------------------------------------------------------------------------------
Other assets in excess of liabilities--0.42% 580,988
- ---------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 137,436,220 shares of
beneficial interest equivalent to $1.00
per share)--100.00% $ 137,440,289
- ---------------------------------------------------------------------------------------------------------------
</Table>
A--Variable rate demand notes are payable on demand. The interest rates shown
are current rates as of June 30, 2004 and reset periodically.
Weighted average maturity -- 34 days
See accompanying notes to financial statements
45
<Page>
UBS RMA
Statement of Operations
<Table>
<Caption>
FOR THE YEAR ENDED JUNE 30, 2004
--------------------------------
MONEY MARKET U.S. GOVERNMENT
PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 183,487,997 $ 19,627,978
Securities lending income (includes $45,500;
$0; $0; $0; $0; $0, respectively, earned
from an affiliated entity) 204,713 160,675
183,692,710 19,788,653
EXPENSES:
Investment advisory and administration fees 83,977,718 7,510,754
Service fees -- 2,337,067
Transfer agency and related services fees 11,622,423 417,650
Custody and accounting 1,679,554 186,966
Insurance expense 1,574,822 53,647
Reports and notices to shareholders 888,623 37,616
State registration fees 403,248 133,227
Directors'/Trustees' fees 128,511 24,168
Professional fees 111,076 95,851
Interest expense -- --
Other expenses 100,182 17,742
100,486,157 10,814,688
Less: Fee waivers from investment advisor
and administrator -- --
Net expenses 100,486,157 10,814,688
Net investment income 83,206,553 8,973,965
Net realized gains (losses) from investment
activities (4,885) (72,408)
Net increase in net assets resulting from
operations $ 83,201,668 $ 8,901,557
- ---------------------------------------------------------------------------------
</Table>
46
<Page>
<Table>
<Caption>
FOR THE YEAR ENDED JUNE 30, 2004
------------------------------------------------------
CALIFORNIA NEW YORK NEW JERSEY
TAX-FREE MUNICIPAL MUNICIPAL MUNICIPAL
FUND MONEY FUND MONEY FUND MONEY FUND
- -------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 31,948,720 $ 7,608,302 $ 5,622,815 $ 1,362,954
Securities lending income (includes $45,500;
$0; $0; $0; $0; $0, respectively, earned
from an affiliated entity) -- -- -- --
31,948,720 7,608,302 5,622,815 1,362,954
EXPENSES:
Investment advisory and administration fees 13,499,078 3,642,632 2,779,238 748,753
Service fees 4,062,180 994,296 738,420 179,714
Transfer agency and related services fees 846,350 195,807 182,603 53,731
Custody and accounting 324,974 79,544 59,074 14,976
Insurance expense 350,410 61,467 38,220 10,878
Reports and notices to shareholders 85,881 17,456 17,039 9,384
State registration fees 250,330 35,715 15,221 29,519
Directors'/Trustees' fees 33,124 15,749 14,491 11,225
Professional fees 90,206 88,573 89,719 76,415
Interest expense 7,881 -- -- --
Other expenses 58,020 10,977 9,439 7,082
19,608,434 5,142,216 3,943,464 1,141,677
Less: Fee waivers from investment advisor
and administrator -- (5,025) (5,396) (10,858)
Net expenses 19,608,434 5,137,191 3,938,068 1,130,819
Net investment income 12,340,286 2,471,111 1,684,747 232,135
Net realized gains (losses) from investment
activities 2,947 9,210 (2,350) (253)
Net increase in net assets resulting from
operations $ 12,343,233 $ 2,480,321 $ 1,682,397 $ 231,882
- -------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
47
<Page>
Statement of Changes in Net Assets
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------
2004 2003
- -----------------------------------------------------------------------------------------------------
UBS RMA MONEY MARKET PORTFOLIO
FROM OPERATIONS:
Net investment income $ 83,206,553 $ 234,003,675
Net realized gain (loss) from investment activities (4,885) 51,043
Net increase in net assets resulting from operations 83,201,668 234,054,718
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (83,206,553) (234,003,675)
Net realized gain from investment activities (1,500,000) --
Total dividends and distributions to shareholders (84,706,553) (234,003,675)
Net decrease in net assets from
capital share transactions (9,397,084,053) (936,158,868)
Net decrease in net assets (9,398,588,938) (936,107,825)
NET ASSETS:
Beginning of year 21,832,874,589 22,768,982,414
End of year $ 12,434,285,651 $ 21,832,874,589
- -----------------------------------------------------------------------------------------------------
UBS RMA U.S. GOVERNMENT PORTFOLIO
FROM OPERATIONS:
Net investment income $ 8,973,965 $ 25,260,728
Net realized loss from investment activities (72,408) --
Net increase in net assets resulting from operations 8,901,557 25,260,728
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (8,973,965) (25,260,728)
Net increase (decrease) in net assets from
capital share transactions (1,259,463,314) 153,624,603
Net increase (decrease) in net assets (1,259,535,722) 153,624,603
NET ASSETS:
Beginning of year 2,510,453,207 2,356,828,604
End of year $ 1,250,917,485 $ 2,510,453,207
- -----------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
48
<Page>
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------
2004 2003
- -----------------------------------------------------------------------------------------------------
UBS RMA TAX-FREE FUND
FROM OPERATIONS:
Net investment income $ 12,340,286 $ 22,843,872
Net realized gain from investment activities 2,947 --
Net increase in net assets resulting from operations 12,343,233 22,843,872
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (12,340,286) (22,843,872)
Net decrease in net assets from
capital share transactions (302,916,671) (16,669,569)
Net decrease in net assets (302,913,724) (16,669,569)
NET ASSETS:
Beginning of year 3,238,850,030 3,255,519,599
End of year $ 2,935,936,306 $ 3,238,850,030
- -----------------------------------------------------------------------------------------------------
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 2,471,111 $ 4,765,379
Net realized gain from investment activities 9,210 --
Net increase in net assets resulting from operations 2,480,321 4,765,379
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (2,471,111) (4,765,379)
Net increase (decrease) in net assets derived from
beneficial interest transactions (27,881,752) 13,341,239
Net increase (decrease) in net assets (27,872,542) 13,341,239
NET ASSETS:
Beginning of year 767,005,544 753,664,305
End of year $ 739,133,002 $ 767,005,544
- -----------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
49
<Page>
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
--------------------------------------
2004 2003
- -----------------------------------------------------------------------------------------------------
UBS RMA NEW YORK MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 1,684,747 $ 3,712,954
Net realized gain (loss) from investment activities (2,350) 2,120
Net increase in net assets resulting from operations 1,682,397 3,715,074
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,684,747) (3,712,954)
Net increase (decrease) in net assets derived from
beneficial interest transactions (26,452,621) 29,507,693
Net increase (decrease) in net assets (26,454,971) 29,509,813
NET ASSETS:
Beginning of year 588,850,557 559,340,744
End of year $ 562,395,586 $ 588,850,557
- -----------------------------------------------------------------------------------------------------
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 232,135 $ 742,404
Net realized loss from investment activities (253) --
Net increase in net assets resulting from operations 231,882 742,404
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (232,135) (742,404)
Net increase (decrease) in net assets derived from
beneficial interest transactions (24,413,414) 33,354,255
Net increase (decrease) in net assets (24,413,667) 33,354,255
NET ASSETS:
Beginning of year 161,853,956 128,499,701
End of year $ 137,440,289 $ 161,853,956
- -----------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
50
<Page>
UBS RMA
Notes to Financial Statements
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
UBS RMA Money Fund Inc. (the "Corporation") and UBS RMA Tax-Free Fund Inc. ("RMA
Tax-Free") were organized under the laws of Maryland on July 2, 1982 and are
registered with the Securities and Exchange Commission under the Investment
Company Act of 1940, as amended, as open-end management investment companies.
RMA Tax-Free is a diversified mutual fund and the Corporation is a series mutual
fund with three portfolios, each of which are diversified series: UBS RMA Money
Market Portfolio ("Money Market Portfolio"), UBS RMA U.S. Government Portfolio
("U.S. Government Portfolio") and UBS Retirement Money Fund. The financial
statements of UBS Retirement Money Fund are not included herein.
UBS Managed Municipal Trust ("Managed Municipal Trust") and UBS Municipal Money
Market Series ("Municipal Money Market Series") were organized under
Massachusetts law by Declarations of Trust dated November 21, 1986 and September
14, 1990, respectively, and are registered with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as open-end
management investment companies. Managed Municipal Trust currently offers two
non-diversified series: UBS RMA California Municipal Money Fund ("RMA
California") and UBS RMA New York Municipal Money Fund ("RMA New York").
Municipal Money Market Series currently offers one non-diversified series: UBS
RMA New Jersey Municipal Money Fund ("RMA New Jersey", and when referred
together with Money Market Portfolio, U.S. Government Portfolio, RMA Tax-Free,
RMA California and RMA New York, collectively, the "Funds").
In the normal course of business the Funds may enter into contracts that contain
a variety of representations or that provide indemnification for certain
liabilities. The Funds' maximum exposure under these arrangements is unknown, as
this would involve future claims that may be made against the Funds that have
not yet occurred. However, the Funds have not had prior claims or losses
pursuant to these contracts and expect the risk of loss to be remote.
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles requires the Funds' management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates. The
following is a summary of significant accounting policies:
VALUATION AND ACCOUNTING FOR INVESTMENTS AND INVESTMENT INCOME--Investments are
valued at amortized cost, which approximates market value, unless a Funds' Board
of Directors/Trustees (a "Board") determines that this does not represent fair
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.
51
<Page>
REPURCHASE AGREEMENTS--The Money Market Portfolio and the 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 the 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 the Money Market Portfolio and/or the U.S. Government Portfolio and
their counterparty. The underlying collateral is valued daily on a
mark-to-market basis to ensure that the value, including accrued interest, is at
least equal to the repurchase price. In the event of default of the obligation
to repurchase, the Money Market Portfolio and the 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 counterparty insolvency. If the seller
(or seller's guarantor, if any) becomes insolvent, the Money Market Portfolio
and the 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 the U.S. Government Portfolio
may participate in joint repurchase agreement transactions with other funds
managed, advised or sub-advised by UBS Global Asset Management (US) Inc. ("UBS
Global AM"). UBS Global AM is an indirect wholly owned asset management
subsidiary of UBS AG, an internationally diversified organization with
headquarters in Zurich, Switzerland and operations in many areas of the
financial services industry.
DIVIDENDS AND DISTRIBUTIONS--Dividends and distributions to shareholders are
recorded on the ex-dividend date. The amount of dividends and distributions is
determined in accordance with federal income tax regulations, which may differ
from U.S. generally accepted accounting principles. These "book/tax" differences
are either considered temporary or permanent in nature. To the extent these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment; temporary
differences do not require reclassification.
CONCENTRATION OF RISK
The ability of the issuers of the debt securities held by the Funds to meet
their obligations may be affected by economic developments, including those
particular to a specific industry, country or region.
Additionally, RMA California, RMA New York and RMA New Jersey follow an
investment policy of investing primarily in municipal obligations of one state.
52
<Page>
Economic changes affecting each state and certain of its public bodies and
municipalities may affect the ability of issuers within each state to pay
interest on, or repay principal of, municipal obligations held by each of those
Funds.
INVESTMENT ADVISOR AND ADMINISTRATOR
Each Fund's Board has approved an investment advisory and administration
contract ("Advisory Contract") for each fund with UBS Financial Services Inc.,
an indirect wholly owned subsidiary of UBS AG, under which UBS Financial
Services Inc. serves as investment advisor and administrator of the Funds. In
accordance with the Advisory Contract, each Fund pays UBS Financial Services
Inc. an investment advisory and administration fee, which is accrued daily and
paid monthly, in accordance with the following 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, RMA New Jersey paid UBS Financial Services Inc. an
investment advisory and administration fee, which was accrued daily and paid
monthly, at an annual rate of 0.50% of the Fund's average daily net assets.
At June 30, 2004, the Funds owed UBS Financial Services Inc. for investment
advisory and administration fees as follows:
<Table>
Money Market Portfolio $ 5,232,813
U.S. Government Portfolio 447,296
RMA Tax-Free 1,051,040
RMA California 286,659
RMA New York 218,775
RMA New Jersey 56,499
- -----------------------------------------------------------------------------
</Table>
For the year ended June 30, 2004, UBS Financial Services Inc. voluntarily waived
a portion of its investment advisory and administration fees as follows:
<Table>
RMA California $ 5,025
RMA New York 5,396
RMA New Jersey 10,858
- -----------------------------------------------------------------------------
</Table>
UBS Global AM serves as sub-advisor and sub-administrator to the Funds pursuant
to Sub-Advisory and Sub-Administration Contracts between UBS Financial
53
<Page>
Services Inc. and UBS Global AM (each a "Sub-Advisory Contract"). In accordance
with each Sub-Advisory Contract, UBS Financial Services Inc. (not the Funds)
pays UBS Global AM a fee, accrued daily and paid monthly, at an annual rate of
0.08% of the respective Fund's average daily net assets. Prior to March 1, 2004
and pursuant to superseded sub-advisory and sub-administration contracts, the
fee paid by UBS Financial Services Inc. (not the Funds) to UBS Global AM was
equal to an annual rate of 20% of the fee paid by the Funds to UBS Financial
Services Inc. under the relevant Advisory Contract.
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 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 an annual rate of 0.125% for each of those Funds
except for RMA New Jersey, which pays at an annual rate of 0.12%. No such fees
are charged by UBS Global AM for the similar services provided for the Money
Market Portfolio. At June 30, 2004, the Funds owed UBS Global AM for such
service fees as follows:
<Table>
U.S. Government Portfolio $ 133,111
RMA Tax-Free 313,715
RMA California 77,339
RMA New York 58,280
RMA New Jersey 13,573
- -----------------------------------------------------------------------------
</Table>
TRANSFER AGENCY AND RELATED SERVICES FEES
Prior to January 1, 2004, 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. Effective January 1, 2004, such delegated services are
performed by UBS Financial Services Inc., which is compensated for these
services by PFPC (not the Funds).
For the year ended June 30, 2004, UBS Global AM and UBS Financial Services Inc.
received from PFPC, not the Funds, total transfer agency related services fees
as follows:
<Table>
Money Market Portfolio $ 7,543,192
U.S. Government Portfolio 265,765
RMA Tax-Free 533,373
RMA California 123,973
RMA New York 107,474
RMA New Jersey 35,612
- -----------------------------------------------------------------------------
</Table>
54
<Page>
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, U.S. government securities or irrevocable letters of credit in an amount
at least equal to the market value of the securities loaned, plus accrued
interest and dividends, determined on a daily basis and adjusted accordingly.
Each Fund will regain ownership of loaned securities to exercise certain
beneficial rights; however, each Fund may bear the risk of delay in recovery of,
or even loss of rights in, the securities loaned should the borrower fail
financially. Each Fund receives compensation for lending its securities from
interest or dividends earned on the cash, U.S. government securities or
irrevocable letters of credit 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. UBS Securities LLC is each Fund's lending
agent. For the year ended June 30, 2004, UBS Securities LLC (or UBS Financial
Services Inc., which provided such services prior to UBS Securities LLC) earned
$71,334 and $56,322 in compensation from the Money Market Portfolio and the U.S.
Government Portfolio, respectively, as the Fund's lending agent. At June 30,
2004, the U.S. Government Portfolio owed UBS Securities LLC $4,582 in
compensation as the Fund's lending agent. At June 30, 2004, the U.S. Government
Portfolio had securities on loan having a market value of $299,394,680. The U.S.
Government Portfolio's custodian held U.S. Government agency securities having
an aggregate value of $305,808,790 as collateral for portfolio securities loaned
as follows:
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- --------------------------------------------------------------------------------------------
$ 67,450 Federal Home Loan Mortgage Corp. 09/15/10 6.875% $ 75,649,222
9,550 Federal Home Loan Mortgage Corp. 01/15/12 5.750 10,075,250
28,800 Federal National Mortgage Association 02/15/05 7.125 29,736,000
9,370 Federal National Mortgage Association 07/15/05 7.000 9,820,978
71,500 Federal National Mortgage Association 01/15/09 5.250 74,896,250
49,400 Federal National Mortgage Association 06/15/09 6.375 54,031,250
45,450 Federal National Mortgage Association 06/15/10 7.125 51,599,840
$ 305,808,790
- --------------------------------------------------------------------------------------------
</Table>
The Money Market Portfolio, RMA Tax-Free, RMA California, RMA New York and RMA
New Jersey Funds did not have any securities on loan and did not owe UBS
Securities LLC for compensation as the Fund's lending agent at June 30, 2004.
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
55
<Page>
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 commitment fees, 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 July 1, 2003 through September 10, 2003, RMA
Tax-Free paid a commitment fee of $20,565 to UBS AG, Stamford Branch.
Effective November 21, 2003, RMA Tax-Free participates with other funds managed,
advised or subadvised by UBS Global AM in a $100 million committed credit
facility with State Street Bank and Trust Company ("Committed Credit Facility"),
to be utilized for temporary financing until the settlement of sales or
purchases of portfolio securities, the repurchase or redemption of shares of RMA
Tax-Free at the request of shareholders and other temporary or emergency
purposes. Under the Committed Credit Facility arrangement, RMA Tax-Free had
agreed to pay commitment fees, pro rata, based on the relative asset size of the
funds in the Committed Credit Facility arrangement. Interest would be charged to
RMA Tax-Free at the federal funds rate in effect at the time of borrowings, plus
0.50%. Under the new Committed Credit Facility arrangement, RMA Tax-Free had an
average daily amount of borrowing outstanding of $31,815,800 for 5 days with a
related weighted average annualized interest rate of 1.514%, which resulted in
$6,690 of interest expense.
OTHER LIABILITIES AND COMPONENTS OF NET ASSETS
At June 30, 2004, the Funds had the following liabilities outstanding:
<Table>
<Caption>
PAYABLE FOR OTHER
DIVIDENDS INVESTMENTS ACCRUED
PAYABLE PURCHASED EXPENSES*
- --------------------------------------------------------------------------------
Money Market Portfolio $ 1,474,793 -- $ 2,553,580
U.S. Government Portfolio 122,844 -- 171,188
RMA Tax-Free 276,280 $ 62,487,784 349,261
RMA California 54,633 17,261,480 114,666
RMA New York 36,415 16,488,394 102,707
RMA New Jersey 5,773 -- 39,598
- --------------------------------------------------------------------------------
</Table>
* Excludes investment advisory and administration fees, service fees and
payable for securities lending collateral where applicable.
56
<Page>
At June 30, 2004, the components of net assets for each of the Funds were as
follows:
<Table>
<Caption>
ACCUMULATED
ACCUMULATED NET REALIZED TOTAL
PAID IN CAPITAL GAIN (LOSS) NET ASSETS
- ------------------------------------------------------------------------------------
Money Market Portfolio $ 12,430,367,692 $ 3,917,959 $ 12,434,285,651
U.S. Government Portfolio 1,250,972,999 (55,514) 1,250,917,485
RMA Tax-Free 2,935,934,200 2,106 2,935,936,306
RMA California 739,109,447 23,555 739,133,002
RMA New York 562,366,766 28,820 562,395,586
RMA New Jersey 137,436,221 4,068 137,440,289
- ------------------------------------------------------------------------------------
</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.
In accordance with U.S. Treasury regulations, the following Funds have elected
to defer realized capital losses arising after October 31, 2003. Such losses are
treated for tax purposes as arising on July 1, 2004:
<Table>
<Caption>
CAPITAL
LOSSES
- --------------------------------------------------------------------------------
Money Market Portfolio $ 4,885
U.S. Government Portfolio Portfolio 18,241
RMA New York 2,350
RMA New Jersey 253
</Table>
The tax character of distributions paid to shareholders by the Money Market
Portfolio and U.S. Government Portfolio during the fiscal years ended June 30,
2004 and 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 fiscal years ended June 30, 2004 and June 30, 2003 was
tax-exempt income.
57
<Page>
At June 30, 2004, the components of accumulated earnings on a tax basis for each
of the Funds were as follows:
<Table>
<Caption>
ACCUMULATED TOTAL TAX BASIS
ORDINARY TAX-EXEMPT CAPITAL AND ACCUMULATED
INCOME INCOME OTHER LOSSES EARNINGS
- ------------------------------------------------------------------------------------------
Money Market Portfolio $ 5,397,637 -- $ (4,885) $ 5,392,752
U.S. Government Portfolio 205,989 -- (138,659) 67,330
RMA Tax-Free 2,106 $ 276,280 -- 278,386
RMA California -- 78,188 -- 78,188
RMA New York -- 67,585 (2,350) 65,235
RMA New Jersey -- 10,123 (283) 9,840
</Table>
At June 30, 2004, the effect of permanent "book/tax" reclassifications resulted
in increases and decreases to components of the following Funds' net assets:
<Table>
<Caption>
UNDISTRIBUTED ACCUMULATED
NET INVESTMENT NET REALIZED BENEFICIAL
INCOME (LOSS) GAIN (LOSS) INTEREST
- -----------------------------------------------------------------------------
Money Market Portfolio $ (1,403,972) $ 1,448,957 $ (44,985)
RMA California -- 14,163 (14,163)
RMA New York -- (2,118) 2,118
</Table>
These differences are primarily due to the reclassification of distributions for
tax purposes and the expiration of capital loss carryforwards.
At June 30, 2004, 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>
U.S.
FISCAL YEAR GOVERNMENT RMA
ENDING PORTFOLIO NEW JERSEY
- -----------------------------------------------------------------------------
2011 $ 66,251 $ 30
2012 54,167 --
$ 120,418 $ 30
- -----------------------------------------------------------------------------
</Table>
During the current fiscal year, RMA California had a capital loss carryforward
of $23,373 expire unutilized.
58
<Page>
CAPITAL SHARE TRANSACTIONS
There are 60 billion $0.001 par value authorized shares of common stock relating
to the Money Market Portfolio, 10 billion $0.001 par value authorized shares of
common stock relating to the U.S. Government Portfolio and 20 billion $0.001 par
value authorized shares of common stock relating to the RMA Tax-Free.
Transactions in capital shares, at $1.00 per share, were as follows:
<Table>
<Caption>
FOR THE YEAR ENDED MONEY MARKET U.S. GOVERNMENT RMA
JUNE 30, 2004: PORTFOLIO PORTFOLIO TAX-FREE
- ---------------------------------------------------------------------------------------
Shares Sold 119,594,725,186 11,984,380,341 23,161,302,122
Shares Repurchased (129,074,837,028) (13,252,718,815) (23,476,221,727)
Dividends Reinvested 83,027,789 8,875,160 12,002,934
Net decrease in shares
outstanding (9,397,084,053) (1,259,463,314) (302,916,671)
- ---------------------------------------------------------------------------------------
<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>
FOR THE YEAR ENDED
JUNE 30, 2004: RMA CALIFORNIA RMA NEW YORK RMA NEW JERSEY
- ---------------------------------------------------------------------------------------
Shares Sold 5,672,323,669 4,774,526,945 1,216,937,843
Shares Repurchased (5,702,620,022) (4,802,615,199) (1,241,578,236)
Dividends Reinvested 2,414,601 1,635,633 226,979
Net decrease in shares
outstanding (27,881,752) (26,452,621) (24,413,414)
- ---------------------------------------------------------------------------------------
<Caption>
FOR THE YEAR ENDED
JUNE 30, 2003: RMA CALIFORNIA RMA NEW YORK RMA NEW JERSEY
- ---------------------------------------------------------------------------------------
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>
59
<Page>
UBS RMA MONEY MARKET PORTFOLIO
Financial Highlights
Selected data for a share of common stock outstanding throughout each year is
presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
----------------------------------------------------------------------------
2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
NET INVESTMENT INCOME 0.005 0.010 0.022 0.055 0.052
Dividends from net
investment income (0.005) (0.010) (0.022) (0.055) (0.052)
Distributions from net
realized gains from
investment activities (0.000)@ -- -- -- --
Total dividends and
distributions (0.005) (0.010) (0.022) (0.055) (0.052)
NET ASSET VALUE,
END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.51% 1.02% 2.25% 5.61% 5.29%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of year (000's) $ 12,434,286 $ 21,832,875 $ 22,768,982 $ 22,609,036 $ 15,821,189
Expenses to average
net assets 0.60% 0.61% 0.60% 0.59% 0.59%
Net investment income
to average net assets 0.50% 1.02% 2.21% 5.42% 5.19%
- --------------------------------------------------------------------------------------------------------------
</Table>
@ Amount is less than $0.0005 per share.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each year reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each year reported. Returns do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions.
60
<Page>
UBS RMA U.S. GOVERNMENT PORTFOLIO
Financial Highlights
Selected data for a share of common stock outstanding throughout each year is
presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
----------------------------------------------------------------------------
2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.005 0.010 0.021 0.052 0.048
Dividends from net
investment income (0.005) (0.010) (0.021) (0.052) (0.048)
NET ASSET VALUE,
END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.48% 1.00% 2.12% 5.31% 4.88%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of year (000's) $ 1,250,917 $ 2,510,453 $ 2,356,829 $ 2,000,303 $ 1,670,845
Expenses to average
net assets 0.58% 0.56% 0.57% 0.57% 0.59%
Net investment income
to average net assets 0.48% 1.00% 2.06% 5.15% 4.81%
- --------------------------------------------------------------------------------------------------------------
</Table>
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each year reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each year reported. Returns do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions.
61
<Page>
UBS RMA TAX-FREE FUND INC.
Financial Highlights
Selected data for a share of common stock outstanding throughout each year is
presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
----------------------------------------------------------------------------
2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.004 0.007 0.012 0.032 0.031
Dividends from net
investment income (0.004) (0.007) (0.012) (0.032) (0.031)
NET ASSET VALUE,
END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.38% 0.67% 1.24% 3.28% 3.10%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of year (000's) $ 2,935,936 $ 3,238,850 $ 3,255,520 $ 3,286,150 $ 2,593,878
Expenses to average
net assets 0.60% 0.63% 0.60% 0.59% 0.60%
Net investment income
to average net assets 0.38% 0.67% 1.23% 3.20% 3.06%
- --------------------------------------------------------------------------------------------------------------
</Table>
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each year reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each year reported. Returns do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions.
62
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
year is presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
----------------------------------------------------------------------------
2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.003 0.006 0.011 0.027 0.026
Dividends from net
investment income (0.003) (0.006) (0.011) (0.027) (0.026)
NET ASSET VALUE,
END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.31% 0.60% 1.10% 2.75% 2.59%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of year (000's) $ 739,133 $ 767,006 $ 753,664 $ 759,961 $ 626,424
Expenses to average net
assets, net of fee
waivers by advisor(2) 0.65% 0.66% 0.65% 0.66% 0.65%
Net investment income
to average net assets,
net of fee waivers
by advisor(2) 0.31% 0.60% 1.09% 2.70% 2.56%
- --------------------------------------------------------------------------------------------------------------
</Table>
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each year reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each year reported. Returns do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions.
(2) During the years ended June 30, 2004 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%.
63
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
year is presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
----------------------------------------------------------------------------
2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.003 0.006 0.011 0.030 0.029
Dividends from net
investment income (0.003) (0.006) (0.011) (0.030) (0.029)
NET ASSET VALUE,
END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.29% 0.62% 1.08% 3.04% 2.93%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of year (000's) $ 562,396 $ 588,851 $ 559,341 $ 574,490 $ 437,253
Expenses to average net
assets, net of fee
waivers by advisor(2) 0.67% 0.67% 0.68% 0.69% 0.67%
Net investment income
to average net assets,
net of fee waivers
by advisor(2) 0.29% 0.62% 1.07% 2.95% 2.90%
- --------------------------------------------------------------------------------------------------------------
</Table>
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each year reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each year reported. Returns do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions.
(2) During the years ended June 30, 2004 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%.
64
<Page>
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
Financial Highlights
Selected data for a share of beneficial interest outstanding throughout each
year is presented below:
<Table>
<Caption>
FOR THE YEARS ENDED JUNE 30,
----------------------------------------------------------------------------
2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.002 0.005 0.010 0.028 0.027
Dividends from net
investment income (0.002) (0.005) (0.010) (0.028) (0.027)
NET ASSET VALUE,
END OF YEAR $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.16% 0.51% 0.97% 2.86% 2.72%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of year (000's) $ 137,440 $ 161,854 $ 128,500 $ 102,162 $ 93,276
Expenses to average net
assets, net of fee
waivers by advisor(2) 0.76% 0.73% 0.77% 0.79% 0.78%
Net investment income
to average net assets,
net of fee waivers
by advisor(2) 0.15% 0.50% 0.94% 2.77% 2.69%
- --------------------------------------------------------------------------------------------------------------
</Table>
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each year reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each year reported. Returns do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions.
(2) During the years ended June 30, 2004 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
0.01%.
65
<Page>
UBS RMA
Report of Independent Registered Public Accounting Firm
To the Boards of Directors/Trustees and Shareholders of UBS RMA:
Money Market Portfolio
U.S. Government Portfolio
Tax-Free Fund Inc.
California Municipal Money Fund
New York Municipal Money Fund
New Jersey Municipal Money Fund
We have audited the accompanying statements of net assets of the UBS RMA Money
Market Portfolio and UBS RMA U.S. Government Portfolio (two of the Funds
comprising UBS RMA Money Fund Inc.), UBS RMA Tax-Free Fund Inc., UBS RMA
California Municipal Money Fund and UBS RMA New York Municipal Money Fund (two
of the Funds comprising UBS Managed Municipal Trust) and UBS RMA New Jersey
Municipal Money Fund (the sole Fund comprising UBS Municipal Money Market
Series) (collectively, the "Funds") as of June 30, 2004, and the related
statements of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended and the financial
highlights for each of the years indicated therein. These financial statements
and financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights. Our procedures
included confirmation of investments owned as of June 30, 2004, by
correspondence with the custodian and brokers. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of UBS
RMA Money Market Portfolio, UBS RMA U.S. Government Portfolio, UBS RMA Tax-Free
Fund Inc., UBSRMA California Municipal Money Fund, UBS RMA New York Municipal
Money Fund and UBS RMA New Jersey Municipal Money Fund at June 30, 2004, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended and the financial
highlights for each of the indicated years, in conformity with U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
New York, New York
August 6, 2004
66
<Page>
(This page intentionally left blank)
67
<Page>
UBS RMA
Supplemental Information (unaudited)
BOARDS OF DIRECTORS OR TRUSTEES & OFFICERS
UBS RMA Money Fund Inc. ("RMA Money Fund") and UBS RMA Tax-Free Fund Inc. ("RMA
Tax-Free Fund") (each a "Corporation") were organized as Maryland corporations.
UBS RMA Money Market Portfolio and UBS RMA U.S. Government Portfolio are series
of RMA Money Fund. UBS Managed Municipal Trust ("Managed Municipal Trust") and
UBS Municipal Money Market Series ("Municipal Money Market Series") (each a
"Trust") were formed as business trusts under the laws of the Commonwealth of
Massachusetts. UBS RMA California Municipal Money Fund and UBS RMA New York
Municipal Money Fund are series of Managed Municipal Trust. UBS RMA New Jersey
Municipal Money Fund is a series of Municipal Money Market Series.
INTERESTED BOARD MEMBER
<Table>
<Caption>
TERM OF
OFFICE+ AND
POSITION(S) LENGTH OF
NAME, ADDRESS, HELD WITH TIME PRINCIPAL OCCUPATION(S)
AND AGE FUNDS SERVED DURING PAST 5 YEARS
- ---------------------------------------------------------------------------------------------------------
Margo N. Alexander++; Director/ Since 1996 Mrs. Alexander is retired. She was an
57 Trustee (Managed executive vice president of UBS
c/o UBS Global Municipal Trust, Financial Services Inc. (from March
Asset Management RMA Money 1984 to December 2002). She was chief
51 West 52nd Street Fund, RMA executive officer (from January 1995
New York, NY 10019 Tax-Free Fund) to October 2000), a director (from
Since 1995 January 1995 to September 2001) and
(Municipal chairman (from March 1999 to
Money September 2001) of UBS Global AM
Market (formerly known as Mitchell Hutchins
Series) Asset Management Inc.).
</Table>
68
<Page>
Each Corporation or Trust is governed by a Board of Directors or Trustees,
respectively (sometimes referred to as "board members"), which oversees the
operations of the applicable Fund. Each board member serves an indefinite term
of office. Officers are appointed by the board members and serve at the pleasure
of a Board. The table below shows, for each board member and officer, his or her
name, address and age, the position held with the Corporation or Trust, the
length of time served as a board member and officer of the Corporation or Trust,
the board member's and officer's principal occupations during the last five
years, the number of portfolios in the UBS fund complex overseen by the board
member or for which a person served as an officer, and other directorships held
by such board member.
The Corporations' and Trusts' Statement of Additional Information contains
additional information about the board members and is available, without charge,
upon request, by calling 1-800-647-1568.
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN FUND COMPLEX OTHER DIRECTORSHIPS
OVERSEEN BY BOARD MEMBER HELD BY BOARD MEMBER
- --------------------------------------------------------------------------------
Mrs. Alexander is a director or None.
trustee of 16 investment companies
(consisting of 34 portfolios) for
which UBS Global AM or one of its
affiliates serves as investment
advisor, sub-advisor or manager.
</Table>
69
<Page>
UBS RMA
Supplemental Information (unaudited)
INDEPENDENT BOARD MEMBERS
<Table>
<Caption>
TERM OF
OFFICE+ AND
POSITION(S) LENGTH OF
NAME, ADDRESS, HELD WITH TIME PRINCIPAL OCCUPATION(S)
AND AGE FUNDS SERVED DURING PAST 5 YEARS
- ---------------------------------------------------------------------------------------------------------
Richard Q. Armstrong; 69 Director/ Since 1996 Mr. Armstrong is chairman and
c/o Willkie Farr & Trustee and principal of R.Q.A. Enterprises
Gallagher LLP Interim (management consulting firm) (since
787 Seventh Avenue Chairman April 1991 and principal occupation
New York, NY of the Board since March 1995).
10019-6099 of Directors/
Trustees
David J. Beaubien; 69 Director/ Since 2001 Mr. Beaubien is retired (since 2003).
84 Doane Road Trustee He was chairman of Yankee
Ware, MA 01082 Environmental Systems, Inc., a
manufacturer of meteorological
measuring systems (since 1991).
Richard R. Burt; 57 Director/ Since 1996 Mr. Burt is chairman of Diligence LLC
1275 Pennsylvania Ave., N.W. Trustee (international information and
Washington, D.C. security firm) and IEP Advisors
20004 (international investments and
consulting firm).
Meyer Feldberg; 62 Director/ Since 1991 Professor Feldberg is Dean Emeritus
Columbia Business School Trustee (Managed and Sanford Bernstein Professor of
33 West 60th Street Municipal Trust) Leadership and Ethics at Columbia
7th Floor Since 1996 Business School. Prior to July 2004,
New York, NY 10023-7905 (Municipal he was Dean and Professor of
Money Market Management of the Graduate School of
Series) Business at Columbia University
Since 1992 (since 1989).
(RMA Money
Fund, RMA
Tax-Free Fund)
</Table>
70
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN FUND COMPLEX OTHER DIRECTORSHIPS
OVERSEEN BY BOARD MEMBER HELD BY BOARD MEMBER
- --------------------------------------------------------------------------------
Mr. Armstrong is a director or trustee None
of 16 investment companies (consisting
of 34 portfolios) for which UBS Global
AM or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Mr. Beaubien is a director or trustee Mr. Beaubien is also a director of IEC
of 16 investment companies (consisting Electronics, Inc., a manufacturer of
of 34 portfolios) for which UBS Global electronic assemblies.
AM or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Mr. Burt is a director or trustee of Mr. Burt is also a director of
16 investment companies (consisting of Hollinger International, Inc.
34 portfolios) for which UBS Global AM (publishing), HCL Technologies, Ltd.
or one of its affiliates serves as (software and information
investment advisor, sub-advisor or technologies), The Central European
manager. Fund, Inc., The Germany Fund, Inc.,
IGT, Inc. (provides technology to
gaming and wagering industry) and
chairman of Weirton Steel Corp. (makes
and finishes steel products). He is
also a director or trustee of funds in
the Scudder Mutual Funds Family
(consisting of 47 portfolios)
Professor Feldberg is a director or Professor Feldberg is also a director
trustee of 30 investment companies of Primedia Inc. (publishing),
(consisting of 48 portfolios) for Federated Department Stores, Inc.
which UBS Global AM or one of its (operator of department stores),
affiliates serves as investment Revlon, Inc. (cosmetics), Select
advisor, sub-advisor or manager. Medical Inc. (healthcare services) and
SAPPI, Ltd. (producer of paper).
</Table>
71
<Page>
<Table>
<Caption>
TERM OF
OFFICE+ AND
POSITION(S) LENGTH OF
NAME, ADDRESS, HELD WITH TIME PRINCIPAL OCCUPATION(S)
AND AGE FUNDS SERVED DURING PAST 5 YEARS
- ---------------------------------------------------------------------------------------------------------
Carl W. Schafer; 68 Director/ Since 1996 Mr. Schafer is president of the
66 Witherspoon Street Trustee (Managed Atlantic Foundation (charitable
#1100 Municipal Trust, foundation) (since 1990).
Princeton, NJ 08542 RMA Money Fund,
RMA Tax-Free
Fund) Since 1990
(Municipal
Money Market
Series)
William D. White; 70 Director/ Since 2001 Mr. White is retired (since 1994).
P.O. Box 199 Trustee
Upper Black Eddy, PA
18972
</Table>
72
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN FUND COMPLEX OTHER DIRECTORSHIPS
OVERSEEN BY BOARD MEMBER HELD BY BOARD MEMBER
- --------------------------------------------------------------------------------
Mr. Schafer is a director or trustee Mr. Schafer is also a director of Labor
of 16 investment companies (consisting Ready, Inc. (temporary employment),
of 34 portfolios) for which UBS Global Guardian Life Insurance Company Mutual
AM or one of its affiliates serves as Funds (consisting of 25 portfolios),
investment advisor, sub-advisor or the Harding, Loevner Funds (consisting
manager. of three portfolios), E.I.I. Realty
Securities Trust (investment company)
and Frontier Oil Corporation.
Mr. White is a director or trustee of None
16 investment companies (consisting of
34 portfolios) for which UBS Global AM
or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
</Table>
73
<Page>
UBS RMA
Supplemental Information (unaudited)
OFFICERS
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUNDS SERVED SERVES AS OFFICER
- ---------------------------------------------------------------------------------------------------------
Debbie Baggett*; 45 Vice President Since 1995 Ms. Baggett is a director and
(RMA Tax-Free portfolio manager of UBS Global AM.
Fund) Ms. Baggett is a vice president of
Since 1990 four investment companies (consisting
(Managed of nine portfolios) for which UBS
Municipal Trust) Global AM or one of its affiliates
Since 1996 serves as investment advisor,
(Municipal sub-advisor or manager.
Money Market
Series)
W. Douglas Beck*; 37 Vice President Since 2003 Mr. Beck is an executive director and
head of mutual fund product
management of UBS Global AM (since
2002). From March 1998 to November
2002, he held various positions at
Merrill Lynch, the most recent being
first vice president and co-manager
of the managed solutions group. Mr.
Beck is vice president of 19
investment companies (consisting of
75 portfolios) for which UBS Global
AM or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Thomas Disbrow*; 38 Vice President Since 2000 Mr. Disbrow is a director and co-head
and Treasurer (Vice President); of the mutual fund finance department
since 2004 of UBS Global AM. Prior to November
(Treasurer) 1999, he was a vice president of
Zweig/Glaser Advisers. Mr. Disbrow is
a vice president and treasurer of 16
investment companies (consisting of
34 portfolios) and assistant treasurer
of four investment companies
(consisting of 42 portfolios) for
which UBS Global AM or one of its
affiliates serves as investment
advisor, sub-advisor or manager.
Elbridge T. Gerry III*; Vice President Since 1996 Mr. Gerry is a managing director-
47 (Managed municipal fixed income of UBS Global
Municipal Trust) AM Mr. Gerry is a vice president of
Since 2000 six investment companies (consisting
(Municipal Money of 11 portfolios) for which UBS
Market Series, Global AM or one of its affiliates
RMA Tax-Free serves as investment advisor,
Fund) sub-advisor or manager.
</Table>
74
<Page>
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUNDS SERVED SERVES AS OFFICER
- ---------------------------------------------------------------------------------------------------------
Mark F. Kemper**, Vice President Since 2004 Mr. Kemper is general counsel of UBS
46 and Secretary Global Asset Management - Americas
region (since July 2004). Mr. Kemper
also is an executive director of UBS
Global Asset Management (Americas)
Inc. ("UBS Global AM (Americas") and
was its deputy general counsel from
July 2001 to July 2004. He has been
secretary of UBS Global AM (Americas)
since 1999 and assistant secretary of
UBS Global AM (Americas) and UBS
Global Asset Management Trust Company
since 1993. Mr. Kemper is vice
president and secretary of 16
investment companies (consisting of
34 portfolios) and assistant
secretary of four investment
companies (consisting of 42
portfolios) for which UBS Global AM
(Americas) or one of its affiliates
serves as investment advisor, sub-
advisor or manager.
Joanne M. Kilkeary*; Vice President Since 2004 Ms. Kilkeary is an associate director
36 and Assistant and a senior manager of the mutual
Treasurer fund finance department of UBS Global
AM. Ms. Kilkeary is a vice president
and assistant treasurer of 16
investment companies (consisting of
34 portfolios) for which UBS Global
AM or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Todd Lebo*: Vice President Since 2004 Mr. Lebo is a director and an
40 and Assistant associate general counsel at UBS
Secretary Global AM (since 2002). Prior to
joining UBS Global AM he was an
executive director and associate
general counsel at Morgan Stanley
(from 1997 to 2002). Mr. Lebo is a
vice president and assistant
secretary of 16 investment companies
(consisting of 34 portfolios) for
which UBS Global AM or one of its
affiliates serves as investment
advisor, sub-advisor or manager.
</Table>
75
<Page>
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUNDS SERVED SERVES AS OFFICER
- ---------------------------------------------------------------------------------------------------------
Joseph T. Malone*; Vice President Since 2004 Mr. Malone is a director and co-head
36 and Assistant of the mutual fund finance department
Treasurer of UBS Global AM. From August 2000
through June 2001, he was the
controller at AEA Investors Inc. From
March 1998 to August 2000, Mr. Malone
was a manager within investment
management services of
PricewaterhouseCoopers LLC. Mr.
Malone is vice president and
assistant treasurer of 16 investment
companies (consisting of 34
portfolios) and treasurer and
principal accounting officer of four
investment companies (consisting of
42 portfolios) for which UBS Global
AM or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Michael H. Markowitz**; Vice President Since 2001 Mr. Markowitz is a managing director,
39 (RMA Money Fund) portfolio manager and head of U.S.
short duration fixed income of UBS
Global AM. He is also a managing
director and portfolio manager of UBS
Global AM (Americas), an affiliate of
UBS Global AM. Mr. Markowitz is a
vice president of five investment
companies (consisting of 22
portfolios) for which UBS Global AM
or one of its affiliates serves as
investment advisor, sub- advisor or
manager.
</Table>
76
<Page>
<Table>
<Caption>
TERM OF PRINCIPAL OCCUPATION(S)
OFFICE+ AND DURING PAST 5 YEARS;
POSITION(S) LENGTH OF NUMBER OF PORTFOLIOS IN
NAME, ADDRESS, HELD WITH TIME FUND COMPLEX FOR WHICH PERSON
AND AGE FUNDS SERVED SERVES AS OFFICER
- ---------------------------------------------------------------------------------------------------------
Joseph A. Varnas*; President Since 2003 Mr. Varnas is a managing director
36 (since March 2003), global head of
information technology and operations
(since March 2004) and head of
product management-Americas (since
November 2002) of UBS Global AM. He
was head of technology of UBS Global
AM from November 2002 to March 2004.
From 2000 to 2001, he was manager of
product development in Investment
Consulting Services at UBS Financial
Services Inc. Mr. Varnas was a senior
analyst in the Global Securities
Research and Economics Group at
Merrill Lynch from 1995 to 1999. Mr.
Varnas is president of 20 investment
companies (consisting of 76
portfolios) for which UBS Global AM
or one of its affiliates serves as
investment advisor, sub-advisor or
manager.
Keith A. Weller*; 43 Vice President Since 1995 Mr. Weller is a director and senior
and Assistant (Managed associate general counsel of UBS
Secretary Municipal Trust, Global AM. Mr. Weller is a vice
RMA Money Fund, president and assistant secretary of
RMA Tax-Free 16 investment companies (consisting
Fund) Since 1996 of 34 portfolios) for which UBS
(Municipal Global AM or one of its affiliates
Money Market serves as investment advisor,
Series) sub-advisor or manager.
</Table>
* This person's business address is 51 West 52nd Street, New York, New York
10019-6114.
** This person's business address is One North Wacker Drive, Chicago, Illinois
60606.
+ Each board member holds office for an indefinite term. Each board member
who has attained the age of seventy-two (72) years will be subject to
retirement on the last day of the month in which he or she attains such
age. Officers are appointed by the board members and serve at the pleasure
of a board.
++ Mrs. Alexander is an "interested person" of a Corporation/Trust as defined
in the Investment Company Act by virtue of her former positions with UBS
Global AM and/or any of its affiliates.
77
<Page>
DIRECTORS/TRUSTEES
Richard Q. Armstrong
INTERIM CHAIRMAN
Margo N. Alexander
David J. Beaubien
Richard R. Burt
Meyer Feldberg
Carl W. Schafer
William D. White
PRINCIPAL OFFICERS
Joseph A. Varnas
PRESIDENT
Mark F. Kemper
VICE PRESIDENT AND SECRETARY
Thomas Disbrow
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
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
UBS GLOBAL ASSET MANAGEMENT U.S. Postage
51 West 52nd Street PAID
New York, New York 10019 Smithtown, NY
Permit 700
<Page>
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to its principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions pursuant to Section 406 of
the Sarbanes-Oxley Act of 2002. (The registrant has designated the code of
ethics adopted pursuant to Sarbanes-Oxley as a "Code of Conduct" to lessen the
risk of confusion with its separate code of ethics adopted pursuant to Rule
17j-1 under the Investment Company Act of 1940, as amended.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board has determined that the following person serving on the
registrant's Audit Committee is an "audit committee financial expert" as defined
in item 3 of Form N-CSR: Richard Q. Armstrong. Mr. Armstrong is independent as
defined in item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) AUDIT FEES:
For the fiscal years ended June 30, 2004 and June 30, 2003, the
aggregate Ernst & Young LLP (E&Y) audit fees for professional
services rendered to the registrant were approximately $31,300
and $22,900, respectively.
Fees included in the audit fees category are those associated
with the annual audits of financial statements and services that
are normally provided in connection with statutory and regulatory
filings.
(b) AUDIT-RELATED FEES:
In each of the fiscal years ended June 30, 2004 and June 30,
2003, the aggregate audit-related fees billed by E&Y for services
rendered to the registrant that are reasonably related to the
performance of the audits of the financial statements, but not
reported as audit fees, were approximately $2,140 and $3,657,
respectively, which includes amounts related to non-audit
services prior to May 6, 2003 that would have been subject to
pre-approval if the SEC rules relating to the pre-approval of
non-audit services had been in effect at that time.
Fees included in the audit-related category are those associated
with (1) the reading and providing of comments on the 2003 and
2002 semiannual financial statements, (2) review of portions of
the registrant's semiannual 2002 Form N-SAR filing and (3) review
of the consolidated 2003 and 2002 profitability of UBS Global
Asset Management (US) Inc. ("UBS Global AM") to assist the board
members in their annual advisory/administration contract and
service/distribution plan reviews.
There were no audit-related fees required to be approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the
fiscal years indicated above.
<Page>
(c) TAX FEES:
In each of the fiscal years ended June 30, 2004 and June 30,
2003, the aggregate tax fees billed by E&Y for professional
services rendered to the registrant were approximately $11,900
and $6,500, respectively, which include amounts related to tax
services prior to May 6, 2003 that would have been subject to
pre-approval if the SEC rules relating to the pre-approval of
non-audit services had been in effect at that time.
Fees included in the tax fees category comprise all services
performed by professional staff in the independent accountant's
tax division except those services related to the audits. This
category comprises fees for review of tax compliance, tax return
preparation and excise tax calculations.
There were no tax fees required to be approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the
fiscal years indicated above.
(d) ALL OTHER FEES:
In each of the fiscal years ended June 30, 2004 and June 30,
2003, there were no fees billed by E&Y for products and services,
other than the services reported in Item 4(a)-(c) above, rendered
to the registrant.
Fees included in the all other fees category would consist of
services related to internal control reviews, strategy and other
consulting, financial information systems design and
implementation, consulting on other information systems, and
other tax services unrelated to the registrant.
There were no "all other fees" required to be approved pursuant
to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the
fiscal years indicated above.
(e) (1) AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES:
The registrant's Audit Committee ("audit committee") has
adopted an "Audit Committee Charter (Amended and Restated as
of May 12, 2004)" (the "charter"). The charter contains the
audit committee's pre-approval policies and procedures.
Reproduced below is an excerpt from the charter regarding
pre-approval policies and procedures:
The [audit ]Committee shall:
...
2. Pre-approve (a) all audit and permissible
non-audit services(1) to be provided to the Fund
and (b) all permissible non-audit services to be
provided by the Fund's independent auditors to UBS
Global [AM] and any Covered Service Providers, if
the engagement relates directly to the operations
and financial reporting of the Fund. In carrying
out this responsibility, the Committee shall seek
periodically from UBS Global [AM] and from the
independent auditors a list of such audit and
permissible non-audit services that can be
expected to be rendered to the Fund, UBS Global
[AM] or any Covered Service Providers by the
Fund's independent auditors, and an estimate of
the fees sought to be paid in connection with such
services. The Committee may
<Page>
delegate its responsibility to pre-approve any
such audit and permissible non-audit services to a
sub-committee consisting of the Chairperson of the
Committee and two other members of the Committee
as the Chairperson, from time to time, may
determine and appoint, and such sub-committee
shall report to the Committee, at its next
regularly scheduled meeting after the
sub-committee's meeting, its decision(s). From
year to year, the Committee shall report to the
Board whether this system of pre-approval has been
effective and efficient or whether this Charter
should be amended to allow for pre-approval
pursuant to such policies and procedures as the
Committee shall approve, including the delegation
of some or all of the Committee's pre-approval
responsibilities to other persons (other than UBS
Global [AM] or the Fund's officers).
- ---------------
(1) The Committee will not approve non-audit
services that the Committee believes may taint
the independence of the auditors. Currently,
permissible non-audit services include any
professional services (including tax services)
that are not prohibited services as described
below, provided to the Fund by the independent
auditors, other than those provided to the Fund
in connection with an audit or a review of the
financial statements of the Fund. Permissible
non-audit services may NOT include: (i)
bookkeeping or other services related to the
accounting records or financial statements of
the Fund; (ii) financial information systems
design and implementation; (iii) appraisal or
valuation services, fairness opinions or
contribution-in-kind reports; (iv) actuarial
services; (v) internal audit outsourcing
services; (vi) management functions or human
resources; (vii) broker or dealer, investment
adviser or investment banking services; (viii)
legal services and expert services unrelated to
the audit; and (ix) any other service the
Public Company Accounting Oversight Board
determines, by regulation, is impermissible.
Pre-approval by the Committee of any
permissible non-audit services is not required
so long as: (i) the aggregate amount of all
such permissible non-audit services provided to
the Fund, UBS Global [AM] and any service
providers controlling, controlled by or under
common control with UBS Global [AM] that
provide ongoing services to the Fund ("Covered
Service Providers") constitutes not more than
5% of the total amount of revenues paid to the
independent auditors (during the fiscal year in
which the permissible non-audit services are
provided) by (a) the Fund, (b) its investment
adviser and (c) any entity controlling,
controlled by, or under common control with the
investment adviser that provides ongoing
services to the Fund during the fiscal year in
which the services are provided that would have
to be approved by the Committee; (ii) the
permissible non-audit services were not
recognized by the Fund at the time of the
engagement to be non-audit services; and (iii)
such services are promptly brought to the
attention of the Committee and approved by the
Committee (or its delegate(s)) prior to the
completion of the audit.
(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule
2-01 of Regulation S-X:
<Page>
AUDIT-RELATED FEES:
There were no amounts that were approved by the audit
committee pursuant to the de minimis exception for the
fiscal years ended June 30, 2004 and June 30, 2003 on
behalf of the registrant.
There were no amounts that were required to be approved
by the audit committee pursuant to the de minimis
exception for the fiscal years ended June 30, 2004 and
June 30, 2003 on behalf of the registrant's service
providers that relate directly to the operations and
financial reporting of the registrant.
TAX FEES:
There were no amounts that were approved by the audit
committee pursuant to the de minimis exception for the
fiscal years ended June 30, 2004 and June 30, 2003 on
behalf of the registrant.
There were no amounts that were required to be approved
by the audit committee pursuant to the de minimis
exception for the fiscal years ended June 30, 2004 and
June 30, 2003 on behalf of the registrant's service
providers that relate directly to the operations and
financial reporting of the registrant.
ALL OTHER FEES:
There were no amounts that were approved by the audit
committee pursuant to the de minimis exception for the
fiscal years ended June 30, 2004 and June 30, 2003 on
behalf of the registrant.
There were no amounts that were required to be approved
by the audit committee pursuant to the de minimis
exception for the fiscal years ended June 30, 2004 and
June 30, 2003 on behalf of the registrant's service
providers that relate directly to the operations and
financial reporting of the registrant.
(f) According to E&Y, for the fiscal year ended June 30, 2004, the
percentage of hours spent on the audit of the registrant's
financial statements for the most recent fiscal year that were
attributed to work performed by persons who are not full-time,
permanent employees of E&Y was 0%.
(g) For the fiscal years ended June 30, 2004 and June 30, 2003, the
aggregate fees billed by E&Y of $1,734,969 and $1,395,233,
respectively, for non-audit services rendered on behalf of the
registrant ("covered"), its investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser) and
any entity controlling, controlled by, or under common control
with the adviser ("non-covered") that provides ongoing services
to the registrant for each of the last two fiscal years of the
registrant is shown in the table below:
<Table>
<Caption>
2004 2003
---------- ----------
Covered Services $ 14,040 $ 10,157
Non-Covered Services 1,720,929 1,385,076
</Table>
<Page>
(h) The registrant's audit committee was not required to consider
whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser),
and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible
with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS
Form N-CSR disclosure requirement not yet effective with respect to the
registrant.
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. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant's Board has established a Nominating Committee. The Nominating
Committee will consider nominees recommended by shareholders if a vacancy occurs
among those board members who are not "interested persons" as defined in Section
2(a)(19) of the Investment Company Act of 1940, as amended. In order to
recommend a nominee, a shareholder should send a letter to the chairperson of
the Nominating Committee, Mr. Meyer Feldberg, care of the Secretary of the
registrant at UBS Global Asset Management (US) Inc., 51 West 52nd Street, New
York, New York 10019-6114, and indicate on the envelope "Nominating Committee."
The shareholder's letter should state the nominee's name and should include the
nominee's resume or curriculum vitae, and must be accompanied by a written
consent of the individual to stand for election if nominated for the Board and
to serve if elected by shareholders.
ITEM 10. 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.
<Page>
(b) The registrant's principal executive officer and principal financial
officer are aware of no changes in the registrant's internal control
over financial reporting that occurred during the registrant's most
recent fiscal half-year that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(a) (1) Code of Ethics as required pursuant to Section 406 of the
Sarbanes-Oxley Act of 2002 (and designated by registrant as a "Code of
Conduct") is attached hereto as Exhibit EX-99.CODE ETH.
(a) (2) Certifications of principal executive officer and principal
financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 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 Municipal Money Market Series
By: /s/ Joseph A. Varnas
--------------------
Joseph A. Varnas
President
Date: September 7, 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: September 7, 2004
-----------------
By: /s/ Thomas Disbrow
------------------
Thomas Disbrow
Treasurer
Date: September 7, 2004
-----------------