<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
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(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: December 31, 2004
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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
SEMIANNUAL REPORT
DECEMBER 31, 2004
<Page>
NOTICE TO SHAREHOLDERS OF UBS RMA MONEY MARKET PORTFOLIO:
The Board of Directors of UBS RMA Money Fund Inc. approved a proposal by UBS
Financial Services Inc. and UBS Global Asset Management (US) Inc. ("UBS Global
AM") to restructure UBS RMA Money Market Portfolio's fees, subject to
shareholder approval. Total UBS RMA Money Market Portfolio shareholder expenses
are not expected to increase as a result of these changes.
The Board approved a proposal to seek the approval of UBS RMA Money Market
Portfolio's shareholders of a shareholder services plan. Under the plan, UBS RMA
Money Market Portfolio's shareholders would pay UBS Global AM a fee to
compensate it for certain expenses incurred in connection with its activities in
providing certain shareholder and account maintenance services. UBS Global AM
may reallow any or all of the service fee to such dealers as UBS Global AM may
from time to time determine; however, it is currently expected that the service
fee will be paid to UBS Financial Services Inc. for shareholder servicing. If
UBS RMA Money Market Portfolio shareholders approve the proposed shareholder
services plan, UBS Financial Services Inc. has agreed to waive a portion of its
advisory and administration fee to limit expenses. The net effect of the
proposed changes should be to bring the fee structure for the UBS RMA Money
Market Portfolio more in line with that of the other five RMA money market
funds, which already are subject to a shareholder service fee. Total UBS RMA
Money Market Portfolio shareholder expenses are not expected to increase as a
result of these changes. A proxy statement describing the proposed changes in
more detail and soliciting the approval of UBS RMA Money Market Portfolio
shareholders is expected to be distributed later in 2005. Shareholders should
rely upon those proxy materials in making a determination on how to vote.
<Page>
UBS RMA
February 15, 2005
DEAR SHAREHOLDER,
We present you with the semiannual report for UBS RMA Money Market Portfolio;
UBS RMA U.S. Government Portfolio; UBS RMA Tax-Free Fund Inc.; UBS RMA
California Municipal Money Fund; UBS RMA New York Municipal Money Fund; and UBS
RMA New Jersey Municipal Money Fund (collectively, the "Funds") for the six
months ended December 31, 2004.
PERFORMANCE
While remaining relatively low from a historical perspective, interest rates
rose during the reporting period. As a result, yields available from money
market instruments also increased, which helped boost the yields of the RMA
Funds. As of December 31, 2004, the Funds' seven-day current yields were: UBS
RMA Money Market Portfolio, 1.75%; UBS RMA U.S. Government Portfolio, 1.40%; UBS
RMA Tax-Free Fund Inc., 1.28%; UBS RMA California Municipal Money Fund, 1.24%;
UBS RMA New York Municipal Money Fund, 1.15%; and UBS RMA New Jersey Municipal
Money Fund, 1.11%. (For more on the Funds' performance, refer to "Performance
and Portfolio Characteristics At A Glance" starting on page 5.)
AN INTERVIEW WITH THE PORTFOLIO MANAGERS
Q. CAN YOU DESCRIBE THE ECONOMIC ENVIRONMENT DURING THE REPORTING PERIOD?
A. After posting a 3.3% growth in the second quarter of the year, third
quarter gross domestic product rose to 4.0%. However, fourth quarter
advance figures indicate that due to deterioration in trade performance and
a
[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
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pickup in inflation, GDP grew at a weaker-than-expected 3.1%--the slowest pace
since the beginning of 2003.
Q. HOW DID THE FEDERAL RESERVE BOARD (THE "FED") REACT IN THIS ECONOMIC
ENVIRONMENT?
A. 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% at the end of June 2004.
The Fed raised rates again at its subsequent meetings in August, September,
November and December, bringing the fed funds rate to 2.25% at the end of
the reporting period. This series of five rate hikes was the most in a
calendar year since 1994.
Coinciding with the December rate hike, the Fed stated: "Output appears to
be growing at a moderate pace despite the earlier rise in energy prices,
and labor market conditions continue to improve gradually. Inflation and
longer-term inflation expectations remain well contained." The market
interpreted this statement to mean that the Fed would continue to raise
rates in the near future.
Q. HOW WERE THE PORTFOLIOS POSITIONED DURING THE FISCAL 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 roughly one year--were used
to lock in higher rates further out on the curve, while our shorter-term
securities--with maturities of one month or less--provided liquidity and
gave us the ability to reinvest at higher rates when the Fed increased
interest rates. 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.
Looking at the Funds more closely, for both UBS RMA Money Market Portfolio
and UBS RMA U.S. Government Portfolio, quality and liquidity continued to
be focal points of our investment approach. Within UBS RMA U.S. Government
Portfolio, we concentrated a large portion of the portfolio's holdings in
US Treasury securities. Within UBS RMA Money Market Portfolio, we continued
to emphasize commercial paper, as it allowed us to generate incremental
yield in the healthier credit environment that characterized the reporting
period. The portfolio also held investments in other sectors, such as US
government agency obligations, certificates of deposit and other short-term
corporate obligations.
2
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Credit quality and liquidity were also paramount for UBS RMA Tax-Free Fund
Inc., UBS RMA California Municipal Money Fund, UBS RMA New York Municipal
Money Fund and UBS RMA New Jersey Municipal Money Fund. This strategy
helped the Funds' to avoid state- and issue-specific credit problems that
occurred in the municipal market.
Q. WHAT IS YOUR OUTLOOK FOR THE ECONOMY, AND HOW DO YOU ANTICIPATE STRUCTURING
THE PORTFOLIOS GOING FORWARD?
A. At this point, it appears clear that the Fed will likely continue to raise
interest rates in the months to come (most recently, at its February 2,
2005 meeeting). In anticipation of the higher interest rate environment, we
expect to allow the Funds' weighted average maturities to drift shorter in
order to take advantage of higher yields. Maintaining high-quality
portfolios continues to be of paramount importance. We anticipate
allocating a large portion of UBS RMA Money Market Portfolio and UBS RMA
U.S. Government Portfolio to US government and agency securities, among
other things.
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/ Michael Markowitz
JOSEPH A. VARNAS MICHAEL MARKOWITZ
PRESIDENT PORTFOLIO MANAGER
UBS RMA Money Fund Inc. (UBS RMA UBS RMA Money Market Portfolio
Money Market Portfolio and UBS RMA UBS RMA U.S. Government Portfolio
U.S. Government Portfolio) MANAGING DIRECTOR
UBS RMA Tax-Free Fund Inc. UBS Global Asset Management (US) Inc.
UBS Managed Municipal Trust (UBS RMA
California Municipal Money Fund and
UBS RMA New York Municipal Money
Fund)
UBS Municipal Money Market Series (UBS
RMA New Jersey Municipal Money Fund)
MANAGING DIRECTOR
UBS Global Asset Management (US) Inc.
* Mutual funds are sold by prospectus only. You should carefully consider a
fund's investment objectives, risks, charges and expenses before investing.
This and other important information is included in the fund's prospectus,
which should be read carefully before investing. Prospectuses can be
obtained from your investment professional or by visiting our website at
www.ubs.com.
3
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/s/ Robert Sabatino /s/ Debbie Baggett
ROBERT SABATINO DEBBIE BAGGETT
PORTFOLIO MANAGER PORTFOLIO MANAGER
UBS RMA Money Market Portfolio UBS RMA Tax-Free Fund Inc.
UBS RMA U.S. Government Portfolio UBS RMA California Municipal
DIRECTOR Money Fund
UBS Global Asset Management (US) Inc. UBS RMA New York Municipal
Money Fund
UBS RMA New Jersey Municipal
Money Fund
DIRECTOR
UBS Global Asset Management (US)
Inc.
This letter is intended to assist shareholders in understanding how the Funds
performed during the six months ended December 31, 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.
4
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PERFORMANCE AND PORTFOLIO CHARACTERISTICS AT A GLANCE (UNAUDITED)
UBS RMA MONEY MARKET PORTFOLIO
<Table>
<Caption>
YIELDS AND CHARACTERISTICS 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Seven-Day Current Yield* 1.75% 0.61% 0.49%
Seven-Day Effective Yield* 1.76 0.61 0.49
Weighted Average Maturity** 46 days 42 days 52 days
Net Assets (bn) $ 11.2 $ 12.4 $ 15.4
<Caption>
PORTFOLIO COMPOSITION*** 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Commercial Paper 41.6% 41.6% 45.1%
Certificates of Deposit 25.2 21.5 20.8
U.S. Government & Agency Obligation 21.3 26.5 27.4
Short-Term Corporate Obligations 12.3 8.1 2.9
Time Deposit 0.3 -- --
Money Market Funds 0.2 1.9 2.1
Bank Notes -- 0.4 2.8
Repurchase Agreements -- -- 0.5
Other Assets Less Liabilities (0.9) -- (1.6)
TOTAL 100.0% 100.0% 100.0%
</Table>
UBS RMA U.S. GOVERNMENT PORTFOLIO
<Table>
<Caption>
YIELDS AND CHARACTERISTICS 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Seven-Day Current Yield* 1.40% 0.51% 0.49%
Seven-Day Effective Yield* 1.41 0.51 0.49
Weighted Average Maturity** 45 days 48 days 54 days
Net Assets (bn) $ 1.2 $ 1.3 $ 1.8
<Caption>
PORTFOLIO COMPOSITION*** 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Repurchase Agreements 66.4% 53.3% 50.9%
U.S. Government Obligations 51.5 44.7 51.4
Money Market Funds 1.2 2.0 0.4
Other Assets Less Liabilities (19.1) -- (2.7)
TOTAL 100.0% 100.0% 100.0%
</Table>
UBS RMA TAX-FREE FUND INC.
<Table>
<Caption>
YIELDS AND CHARACTERISTICS 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Seven-Day Current Yield* 1.28% 0.48% 0.55%
Seven-Day Effective Yield* 1.29 0.49 0.55
Weighted Average Maturity** 17 days 32 days 34 days
Net Assets (bn) $ 3.1 $ 2.9 $ 3.1
<Caption>
PORTFOLIO COMPOSITION*** 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Municipal Bonds and Notes 94.8% 97.9% 101.4%
Tax-Exempt Commercial Paper 10.5 4.1 5.0
Other Assets Less Liabilities (5.3) (2.0) (6.4)
TOTAL 100.0% 100.0% 100.0%
</Table>
* Yields will fluctuate and may reflect fee waivers and/or expense
reimbursements. Performance data quoted represents past performance. Past
performance does not guarantee future results. The Funds and Portfolios are
actively managed and their composition will vary over time.
** The Funds and Portfolios are actively managed and their weighted average
maturities will differ over time.
*** Weightings represent percentages of net assets.
5
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UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
<Table>
<Caption>
YIELDS AND CHARACTERISTICS 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Seven-day Current Yield* 1.24% 0.38% 0.51%
Seven-Day Effective Yield* 1.25 0.38 0.51
Weighted Average Maturity** 18 days 20 days 38 days
Net Assets (mm) $ 816.6 $ 739.1 $ 787.2
<Caption>
PORTFOLIO COMPOSITION*** 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Municipal Bonds and Notes 94.8% 98.9% 95.9%
Tax-Exempt Commercial Paper 7.4 3.2 7.1
Other Assets Less Liabilities (2.2) (2.1) (3.0)
TOTAL 100.0% 100.0% 100.0%
</Table>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
<Table>
<Caption>
YIELDS AND CHARACTERISTICS 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Seven-Day Current Yield* 1.15% 0.33% 0.48%
Seven-Day Effective Yield* 1.16 0.33 0.48
Weighted Average Maturity** 24 days 25 days 34 days
Net Assets (mm) $ 557.8 $ 562.4 $ 569.0
<Caption>
PORTFOLIO COMPOSITION*** 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Municipal Bonds and Notes 90.8% 93.2% 87.8%
Tax-Exempt Commercial Paper 13.3 8.9 13.4
Other Assets Less Liabilities (4.1) (2.1) (1.2)
TOTAL 100.0% 100.0% 100.0%
</Table>
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
<Table>
<Caption>
YIELDS AND CHARACTERISTICS 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Seven-Day Current Yield* 1.11% 0.22% 0.30%
Seven-Day Effective Yield* 1.12 0.22 0.31
Weighted Average Maturity** 18 days 34 days 31 days
Net Assets (mm) $ 135.2 $ 137.4 $ 145.1
<Caption>
PORTFOLIO COMPOSITION*** 12/31/04 6/30/04 12/31/03
- -------------------------------------------------------------------------------------------
Municipal Bonds and Notes 94.8% 93.6% 92.7%
Tax-Exempt Commercial Paper 4.9 6.0 6.9
Other Assets Less Liabilities 0.3 0.4 0.4
TOTAL 100.0% 100.0% 100.0%
</Table>
* Yields will fluctuate and may reflect fee waivers and/or expense
reimbursements. Performance data quoted represents past performance. Past
performance does not guarantee future results. The Funds and Portfolios are
actively managed and their composition will vary over time.
** The Funds and Portfolios are actively managed and their weighted average
maturities will differ over time.
*** Weightings represent percentages of net assets.
6
<Page>
EXPENSE EXAMPLE (UNAUDITED)
As a shareholder of the Funds, you incur ongoing costs, including management
fees; service fees (12b-1 fees) (except UBS RMA Money Market Portfolio); and
other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in each Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 invested at the
beginning of the period and held for the entire period, July 1, 2004 to December
31, 2004.
ACTUAL EXPENSES
The first line of the table below for each Fund provides information about its
actual account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses that you
paid over a period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line for each respective Fund under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid on your account
during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below for each Fund provides information about
hypothetical account values and hypothetical expenses based on that Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in a Fund and other funds. To do so, compare these 5%
hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs. Therefore, the second line of the table for each Fund is useful
in comparing ongoing costs only and will not help you determine the relative
total costs of owning different funds if those funds impose transactional
costs--for example, sales charges (loads), redemption fees, or exchange fees. In
addition, if those transactional costs were included, your costs for those other
funds would have been higher.
The example does not reflect Resource Management Account(R) (RMA(R)) Program or
Business Services Account BSA(R) Program fees as these are external to the Funds
and relate to those programs.
7
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UBS RMA MONEY MARKET PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
JULY 1, 2004 DECEMBER 31, 2004 7/1/04 - 12/31/04
- -------------------------------------------------------------------------------------------------
Actual $ 1,000.00 $ 1,005.80 $ 2.98
Hypothetical (5% annual return
before expenses) 1,000.00 1,022.23 3.01
</Table>
* Expenses are equal to the Fund's annualized net expense ratio of 0.59%,
multiplied by the average account value over the period, multiplied by 184
divided by 365 (to reflect the one-half year period).
UBS RMA U.S. GOVERNMENT PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
JULY 1, 2004 DECEMBER 31, 2004 7/1/04 - 12/31/04
- -------------------------------------------------------------------------------------------------
Actual $ 1,000.00 $ 1,005.10 $ 3.08
Hypothetical (5% annual return
before expenses) 1,000.00 1,022.13 3.11
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 0.61%,
multiplied by the average account value over the period, multiplied by 184
divided by 365 (to reflect the one-half year period).
UBS RMA TAX-FREE FUND INC.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
JULY 1, 2004 DECEMBER 31, 2004 7/1/04 - 12/31/04
- -------------------------------------------------------------------------------------------------
Actual $ 1,000.00 $ 1,004.20 $ 2.98
Hypothetical (5% annual return
before expenses) 1,000.00 1,022.23 3.01
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 0.59%,
multiplied by the average account value over the period, multiplied by 184
divided by 365 (to reflect the one-half year period).
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
JULY 1, 2004 DECEMBER 31, 2004 7/1/04 - 12/31/04
- -------------------------------------------------------------------------------------------------
Actual $ 1,000.00 $ 1,003.90 $ 3.23
Hypothetical (5% annual return
before expenses) 1,000.00 1,021.98 3.26
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 0.64%,
multiplied by the average account value over the period, multiplied by 184
divided by 365 (to reflect the one-half year period).
8
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
JULY 1, 2004 DECEMBER 31, 2004 7/1/04 - 12/31/04
- -------------------------------------------------------------------------------------------------
Actual $ 1,000.00 $ 1,003.60 $ 3.33
Hypothetical (5% annual return
before expenses) 1,000.00 1,021.88 3.36
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 0.66%,
multiplied by the average account value over the period, multiplied by 184
divided by 365 (to reflect the one-half year period).
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
JULY 1, 2004 DECEMBER 31, 2004 7/1/04 - 12/31/04
- -------------------------------------------------------------------------------------------------
Actual $ 1,000.00 $ 1,003.50 $ 3.84
Hypothetical (5% annual return
before expenses) 1,000.00 1,021.37 3.87
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 0.76%,
multiplied by the average account value over the period, multiplied by 184
divided by 365 (to reflect the one-half year period).
9
<Page>
UBS RMA MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS -- DECEMBER 31, 2004 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--21.30%
$ 300,000 Federal Farm Credit Bank 01/03/05 2.270 to
2.300%* $ 300,007,882
316,000 Federal Home Loan Bank 01/04/05 to 1.910 to
01/05/05 1.913* 315,868,771
557,250 Federal Home Loan Bank 04/22/05 to 1.305 to
10/21/05 2.250 557,056,626
140,500 Federal Home Loan Mortgage Corp. 03/01/05 to 1.290 to
03/23/05 1.420 140,316,646
193,042 Federal Home Loan Mortgage Corp. 03/15/05 to 2.380 to
03/29/05 2.460@ 191,944,443
275,000 Federal National Mortgage Association 01/03/05 to 2.333 to
01/28/05 2.350* 274,999,474
140,000 Federal National Mortgage Association 02/04/05 1.140@ 139,849,267
462,200 Federal National Mortgage 03/29/05 to 1.400 to
Association(1) 09/30/05 2.300 462,200,000
- -------------------------------------------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations (cost--$2,382,243,109) 2,382,243,109
- -------------------------------------------------------------------------------------------------------------------------------
TIME DEPOSIT--0.31%
BANKING-NON-U.S.--0.31%
34,587 Societe Generale, Grand Cayman
Islands (cost--$34,587,000) 01/03/05 2.156 34,587,000
- -------------------------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--25.19%
NON-U.S.--15.84%
50,000 BNP Paribas 01/18/05 1.785* 49,994,923
220,500 BNP Paribas 03/23/05 2.460 220,500,000
200,000 Canadian Imperial Bank of Commerce 03/16/05 2.410 200,000,000
110,000 Credit Suisse First Boston NY 01/14/05 2.340 110,000,000
100,000 ForeningsSparbanken AB 01/10/05 2.130 100,000,000
243,000 Fortis Bank NV 01/03/05 to 2.210 to
06/20/05 2.630 243,000,000
95,000 HBOS Treasury Services PLC 02/09/05 2.190 95,000,000
89,500 Lloyds TSB Bank PLC 02/02/05 2.280 89,500,000
200,000 Natexis Banque Populaires 03/14/05 2.430 200,000,000
92,000 Nordea Bank Finland 02/07/05 2.300 92,000,000
175,000 Societe Generale NY 01/05/05 to 2.259 to
01/10/05 2.300* 174,984,204
196,500 UniCredito Italiano SpA 03/24/05 2.465* 196,471,129
- -------------------------------------------------------------------------------------------------------------------------------
1,771,450,256
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
10
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--(CONCLUDED)
U.S.--9.35%
$ 280,000 American Express Centurion Bank 01/05/05 to 2.250 to
01/24/05 2.360% $ 280,000,000
115,000 Discover Bank Delaware 01/13/05 2.340 115,000,000
205,000 First Tennessee Bank N.A. (Memphis) 01/04/05 to 2.080 to
01/11/05 2.290 205,000,000
80,000 HSBC (USA), Inc. 04/22/05 1.555 80,000,000
265,500 Washington Mutual Bank 01/13/05 to 2.310 to
01/19/05 2.340 265,500,000
100,000 Wells Fargo Bank N.A. 01/27/05 2.330 100,000,000
1,045,500,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Certificates of Deposit (cost--$2,816,950,256) 2,816,950,256
- -------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--40.66%
ASSET BACKED-AUTO & TRUCK--2.50%
279,500 New Center Asset Trust 01/12/05 to 2.180 to
01/13/05 2.285 279,293,517
- -------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED-BANKING--1.21%
136,000 Atlantis One Funding 02/09/05 to 2.200 to
03/07/05 2.390 135,530,971
- -------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED-MISCELLANEOUS--16.71%
335,000 Amsterdam Funding Corp. 01/03/05 to 2.180 to
01/31/05 2.320 334,765,457
174,141 Barton Capital Corp. 01/11/05 to 2.280 to
01/13/05 2.300 174,025,464
160,000 Falcon Asset Securitization Corp. 01/14/05 to 2.330 to
01/27/05 2.340 159,831,433
125,994 Giro Multi-Funding Corp. 01/18/05 2.340 125,854,777
226,917 Kitty Hawk Funding Corp. 01/18/05 2.230 to
2.340 226,669,789
95,335 Old Line Funding Corp. 01/07/05 to 2.180 to
01/10/05 2.250 95,286,460
82,201 Preferred Receivables Funding Corp. 01/18/05 2.285 82,112,303
237,689 Ranger Funding Co. LLC 01/20/05 to 2.310 to
01/31/05 2.360 237,323,521
188,683 Thunderbay Funding 01/07/05 to 2.200 to
01/14/05 2.285 188,563,545
58,500 Variable Funding Capital Corp. 01/12/05 2.290 58,459,066
</Table>
11
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER@--(CONCLUDED)
ASSET BACKED-MISCELLANEOUS--(CONCLUDED)
$ 185,611 Yorktown Capital LLC 01/14/05 to 2.350 to
02/14/05 2.380% $ 185,296,340
- -------------------------------------------------------------------------------------------------------------------------------
1,868,188,155
- -------------------------------------------------------------------------------------------------------------------------------
ASSET BACKED-SECURITIES--7.48%
124,500 Beta Finance, Inc. 01/07/05 to 2.030 to
01/10/05 2.190 124,445,327
74,000 Dorada Finance, Inc.** 02/01/05 2.140 73,863,634
199,500 Galaxy Funding, Inc. 01/18/05 to 2.070 to
03/28/05 2.480 198,853,221
176,626 Giro Funding U.S. Corp. 01/03/05 to 2.230 to
01/10/05 2.280 176,563,866
95,000 Grampian Funding LLC 01/24/05 2.340 94,857,975
168,127 Scaldis Capital LLC 01/18/05 to 2.340 to
02/15/05 2.400 167,751,720
- -------------------------------------------------------------------------------------------------------------------------------
836,335,743
- -------------------------------------------------------------------------------------------------------------------------------
BANKING-NON-U.S.--1.67%
28,000 Banque et Caisse d'Epargne de L'Etat 01/06/05 2.270 27,991,172
159,188 Nationwide Building Society 02/01/05 to 2.130 to
02/07/05 2.310 158,860,923
- -------------------------------------------------------------------------------------------------------------------------------
186,852,095
- -------------------------------------------------------------------------------------------------------------------------------
BANKING-U.S.--7.80%
161,000 CBA (Delaware) Finance, Inc. 01/12/05 to 2.260 to
03/31/05 2.450 160,454,143
67,800 Danske Corp. 01/14/05 2.320 67,743,199
190,000 Dexia Delaware LLC 01/18/05 2.325 189,791,396
20,000 Fortis Funding LLC 01/04/05 2.380 19,996,033
258,500 ING (US) Funding LLC 01/18/05 to 2.180 to
03/21/05 2.440 257,934,370
145,000 Rabobank USA Financial Corp. 01/03/05 2.170 144,982,519
31,000 Stadshypotek Delaware, Inc. 01/19/05 2.320 30,964,040
- -------------------------------------------------------------------------------------------------------------------------------
871,865,700
- -------------------------------------------------------------------------------------------------------------------------------
BROKERAGE--1.96%
219,500 Bear Stearns Cos., Inc. 01/24/05 2.290 219,178,859
- -------------------------------------------------------------------------------------------------------------------------------
FINANCE-NONCAPTIVE DIVERSIFIED--0.88%
100,000 General Electric Capital Corp. 05/11/05 2.380 99,140,556
- -------------------------------------------------------------------------------------------------------------------------------
UTILITIES-OTHER--0.45%
50,000 RWE AG 01/14/05 2.330 49,957,931
- -------------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper (cost--$4,546,343,527) 4,546,343,527
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
12
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE OBLIGATIONS--12.30%
ASSET BACKED-SECURITIES--4.80%
$ 123,000 Dorada Finance, Inc.** 01/14/05 2.353%* $ 122,999,344
223,900 K2 (USA) LLC** 01/13/05 to 2.015 to
01/18/05 2.403* 223,899,432
190,000 Links Finance LLC** 02/22/05 to 1.340 to
11/14/05 2.680 189,987,194
- -------------------------------------------------------------------------------------------------------------------------------
536,885,970
- -------------------------------------------------------------------------------------------------------------------------------
BANKING-NON-U.S.--1.82%
30,000 Bayerische Landesbank Girozentrale 01/31/05 2.368* 29,998,549
173,000 HBOS Treasury Services PLC** 01/04/05 2.270* 173,000,000
- -------------------------------------------------------------------------------------------------------------------------------
202,998,549
- -------------------------------------------------------------------------------------------------------------------------------
BANKING-U.S.--2.19%
100,000 Fifth Third Bank 01/03/05 2.303* 100,006,822
145,000 Wells Fargo & Co. 01/14/05 2.468* 145,000,000
- -------------------------------------------------------------------------------------------------------------------------------
245,006,822
- -------------------------------------------------------------------------------------------------------------------------------
BROKERAGE--1.34%
150,000 Morgan Stanley 01/03/05 2.365* 150,000,000
- -------------------------------------------------------------------------------------------------------------------------------
FINANCE-NONCAPTIVE CONSUMER--1.79%
200,000 Household Finance Corp. 01/05/05 to 2.291 to
01/25/05 2.378* 200,000,000
- -------------------------------------------------------------------------------------------------------------------------------
FINANCE-NONCAPTIVE DIVERSIFIED--0.36%
40,000 General Electric Capital Corp. 01/10/05 2.460* 40,000,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Corporate Obligations (cost--$1,374,891,341) 1,374,891,341
- -------------------------------------------------------------------------------------------------------------------------------
<Caption>
NUMBER OF
SHARES
(000)
- ---------------
MONEY MARKET FUND+--0.19%
20,699 AIM Liquid Assets Portfolio
(cost--$20,698,784) 2.121 20,698,784
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
13
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--0.91%
COMMERCIAL PAPER@--0.89%
ASSET BACKED-MISCELLANEOUS--0.62%
$ 70,000 Yorktown Capital LLC 01/14/05 2.330% $ 69,864,083
- -------------------------------------------------------------------------------------------------------------------------------
BANKING-U.S.--0.27%
30,000 Danske Corp. 01/14/05 2.320 29,942,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper (cost--$99,806,083) 99,806,083
- -------------------------------------------------------------------------------------------------------------------------------
<Caption>
NUMBER OF
SHARES
(000)
- ---------------
MONEY MARKET FUND+--0.02%
2,319 Barclays Prime Money Market Fund
(cost--$2,318,917) 2.244 2,318,917
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments of Cash Collateral from
Securities Loaned (cost--$102,125,000) 102,125,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$11,277,839,017 which
approximates cost for federal income tax
purposes)(2)--100.86% 11,277,839,017
- -------------------------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(0.86)% (95,994,730)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 11,183,427,048 shares
of common stock outstanding equivalent to
$1.00 per share)--100.00% $ 11,181,844,287
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
* Variable rate securities--maturity dates reflect earlier of reset dates or
stated maturity dates. The interest rates shown are the current rates as of
December 31, 2004, and reset periodically.
** Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities, which represent 7.01% of net assets as of December
31, 2004, are considered liquid and may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
@ Interest rates shown are the discount rates at date of purchase.
+ Interest rates shown reflect yield at December 31, 2004.
(1) Security, or portion thereof, was on loan at December 31, 2004.
(2) Includes $99,750,000 of investments in securities on loan, at market value.
14
<Page>
ISSUER BREAKDOWN BY COUNTRY
<Table>
<Caption>
PERCENTAGE OF PORTFOLIO ASSETS
- -----------------------------------------------------------------------
United States 80.5%
France 5.8
United Kingdom 4.6
Belgium 2.2
Canada 1.8
Italy 1.7
Switzerland 1.0
Sweden 0.9
Finland 0.7
Germany 0.3
Grand Cayman Islands 0.3
Luxembourg 0.2
- -----------------------------------------------------------------------
Total 100.0%
=======================================================================
</Table>
Weighted average maturity -- 46 days
See accompanying notes to financial statements
15
<Page>
UBS RMA U.S. GOVERNMENT PORTFOLIO
STATEMENT OF NET ASSETS -- DECEMBER 31, 2004 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--51.51%
$ 460,000 U.S. Treasury Bills(1) 01/18/05 to 1.745 to
06/23/05 2.467%@ $ 458,099,163
110,000 U.S. Treasury Notes(1) 01/31/05 to 1.625 to
11/30/05 1.875 109,799,872
50,000 U.S. Treasury Notes(1) 03/31/05 1.625 50,061,351
- -------------------------------------------------------------------------------------------------------------------------------
Total U.S. Government Obligations (cost--$617,960,386) 617,960,386
- -------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--52.38%
175,000 Repurchase Agreement dated 12/31/04
with Bear Stearns & Co.,
collateralized by $22,600,000
U.S. Treasury Notes, 3.000%
due 12/31/06 and $121,739,000
U.S. Treasury TIPS, 3.375% to
3.875% due 01/15/07 to 01/15/09;
(value--$180,704,037);
proceeds: $175,021,146 01/03/05 1.450 175,000,000
28,080 Repurchase Agreement dated 12/31/04
with Deutsche Bank Securities, Inc.,
collateralized by $44,105,240
U.S. Treasury Notes, zero coupon
due 08/15/05 to 02/15/18;
(value--$28,641,600);
proceeds: $28,083,744 01/03/05 1.600 28,080,000
275,000 Repurchase Agreement dated 12/31/04
with Goldman Sachs Group, Inc.,
collateralized by $275,000,766
U.S. Treasury Notes, zero
coupon to 3.500% due
12/15/09 to 11/15/16;
(value--$280,500,782);
proceeds: $275,033,917 01/03/05 1.480 275,000,000
150,000 Repurchase Agreement dated 12/31/04
with Morgan Stanley & Co.,
collateralized by $150,102,548
U.S. Treasury TIPS, 4.250% due
01/15/10; (value--$153,104,599);
proceeds: $150,018,750 01/03/05 1.500 150,000,000
</Table>
16
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--(CONCLUDED)
$ 357 Repurchase Agreement dated 12/31/04
with State Street Bank & Trust Co.,
collateralized by $1,541
U.S. Treasury Bonds, 9.000%
due 11/15/18 and $362,840
U.S. Treasury Notes, 3.000%
due 12/31/06; (value--$364,179);
proceeds: $357,045 01/03/05 1.500% $ 357,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (cost--$628,437,000) 628,437,000
- -------------------------------------------------------------------------------------------------------------------------------
<Caption>
NUMBER OF
SHARES
(000)
- ---------------
MONEY MARKET FUND+--1.13%
13,511 AIM Short-Term Investment Trust
Treasury (cost--$13,511,213) 1.740 13,511,213
<Caption>
PRINCIPAL
AMOUNT
(000)
- ---------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--13.99%
REPURCHASE AGREEMENT--13.97%
$ 167,639 Repurchase Agreement dated 12/31/04
with Morgan Stanley & Co.,
collateralized by $167,754,090
U.S. Treasury TIPS, 4.250% due
01/15/10; (value--$171,109,172);
proceeds: $167,660,438
(cost--$167,639,483) 01/03/05 1.500 167,639,483
</Table>
17
<Page>
<Table>
<Caption>
NUMBER OF
SHARES INTEREST
(000) RATE VALUE
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LOANED--(CONCLUDED)
MONEY MARKET FUND+--0.02%
174 AIM Treasury Portfolio (cost--$173,556) 1.740% $ 173,556
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments of Cash Collateral from Securities
Loaned (cost--$167,813,039) 167,813,039
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$1,427,721,638 which
approximates cost for federal income tax
purposes)(2)--119.01% 1,427,721,638
- -------------------------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(19.01)% (228,033,688)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 1,200,267,329 shares
of common stock outstanding equivalent to
$1.00 per share)--100.00% $ 1,199,687,950
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
@ Interest rates shown are the discount rates at date of purchase.
+ Interest rates shown reflect yield at December 31, 2004.
(1) Securities, or portions thereof, were on loan at December 31, 2004.
(2) Includes $498,380,287 of investments in securities on loan, at market
value.
TIPS Treasury Inflation Indexed Securities
Weighted average maturity -- 45 days
See accompanying notes to financial statements
18
<Page>
UBS RMA TAX-FREE FUND INC.
STATEMENT OF NET ASSETS -- DECEMBER 31, 2004 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--94.79%
ALABAMA--1.97%
$ 13,675 Birmingham Refunding, Series A (A) 2.000% $ 13,675,000
11,265 Mobile Industrial Development Board,
Dock and Wharf Revenue Refunding
(Holnam, Inc. Project), Series A (A) 1.960 11,265,000
8,700 Mobile Industrial Development Board,
Dock and Wharf Revenue Refunding
(Holnam, Inc. Project), Series B (A) 1.980 8,700,000
12,700 Port City Medical Clinic Board Revenue
(Infirmary Health Systems), Series A (A) 1.960 12,700,000
15,075 University of Alabama Revenue
(University Hospital), Series C (A) 1.940 15,075,000
- -------------------------------------------------------------------------------------------------------------------------------
61,415,000
- -------------------------------------------------------------------------------------------------------------------------------
ALASKA--0.54%
5,600 Valdez Marine Terminal Revenue
Refunding (BP Pipelines, Inc. Project),
Series B (A) 2.180 5,600,000
11,200 Valdez Marine Terminal Revenue
Refunding (BP Pipelines, Inc. Project),
Series C (A) 2.180 11,200,000
- -------------------------------------------------------------------------------------------------------------------------------
16,800,000
- -------------------------------------------------------------------------------------------------------------------------------
ARIZONA--2.00%
35,000 Apache County Industrial
Development Authority (Tucson
Electric Power Co.) (A) 2.000 35,000,000
11,200 Apache County Industrial
Development Authority (Tucson
Electric Power Co.), Series B (A) 2.020 11,200,000
8,000 Apache County Industrial
Development Authority (Tucson
Electric Power Co.-Springerville Project) (A) 2.000 8,000,000
8,200 Pima County Industrial
Development Authority
(Tucson Electric Power Co.-Irvington),
Series A (A) 2.020 8,200,000
- -------------------------------------------------------------------------------------------------------------------------------
62,400,000
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
19
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
CALIFORNIA--1.50%
$ 5,800 California State
(Daily Kindergarten University),
Series A-1 (A) 2.160% $ 5,800,000
15,000 Los Angeles Regional Airports
Improvement Corp. Lease Revenue
(L.A. International), Series 2 (A) 2.220 15,000,000
26,000 Metropolitan Water District
Waterworks Revenue Refunding,
Series A-2 (A) 1.970 26,000,000
- -------------------------------------------------------------------------------------------------------------------------------
46,800,000
- -------------------------------------------------------------------------------------------------------------------------------
COLORADO--2.32%
9,000 Colorado Housing and Finance
Authority, Housing Revenue
(Multi-Family Class III), Series A-1 (A) 2.000 9,000,000
25,000 Denver City & County Certificates of
Participation Refunding
(Wellington E Web-C1) (A) 1.970 25,000,000
8,420 East 470 Public Highway Authority Co.
Revenue, Vehicle Registration Fee (A) 1.980 8,420,000
30,000 University of Colorado Hospital
Authority Revenue, Series A (A) 1.970 30,000,000
- -------------------------------------------------------------------------------------------------------------------------------
72,420,000
- -------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT--0.56%
17,500 Connecticut Health & Educational
Facilities Authority Revenue
(Sacred Heart University), Series F (A) 1.970 17,500,000
- -------------------------------------------------------------------------------------------------------------------------------
DELAWARE--0.80%
25,000 Delaware Economic Development
Authority Revenue (Hospital Billing),
Series C (A) 1.990 25,000,000
- -------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--2.73%
13,065 District of Columbia (Multi-Modal),
Series A (A) 2.000 13,065,000
5,000 District of Columbia (Multi-Modal),
Series B (A) 2.000 5,000,000
5,655 District of Columbia Refunding, Series D (A) 1.980 5,655,000
</Table>
20
<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) 2.000% $ 10,000,000
25,000 District of Columbia Revenue
(George Washington University),
Series B (A) 2.000 25,000,000
17,255 District of Columbia Revenue
(Pooled Loan Program), Series A (A) 2.000 17,255,000
9,100 District of Columbia, Series D-1 (A) 1.960 9,100,000
- -------------------------------------------------------------------------------------------------------------------------------
85,075,000
- -------------------------------------------------------------------------------------------------------------------------------
FLORIDA--4.11%
5,890 Dade County Industrial Development
Authority (Dolphins Stadium Project),
Series B (A) 1.980 5,890,000
6,980 Florida Housing Finance Agency,
Multi-Family Housing Revenue
(Housing Lakeside), Series B (A) 2.040 6,980,000
6,300 Florida Housing Finance Agency
(Parrots Landing Project), Series A (A) 1.900 6,300,000
2,500 Highlands County Florida Health
Facilities Authority Revenue
(Adventist Health Systems), Series B (A) 2.000 2,500,000
8,000 Jacksonville Health Facilities Authority
Hospital Revenue, Series A (A) 2.220 8,000,000
8,485 Lee County Housing Finance Authority,
Multi-Family Housing Revenue
Refunding (Forestwood Apartments
Project), Series A (A) 1.970 8,485,000
12,900 Nassau County Pollution Control
Revenue (Rayonier Project) (A) 1.980 12,900,000
5,700 Palm Beach County Housing Finance
Authority Revenue Refunding (Cotton
Bay Apartments Project), Series D (A) 1.880 5,700,000
6,400 Palm Beach County Housing Finance
Authority Revenue Refunding
(Mahogony Bay Apartments Project),
Series C (A) 1.880 6,400,000
45,965 Sunshine State Governmental Financing 1.940 to
Commission Revenue (A) 2.000 45,965,000
</Table>
21
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
FLORIDA--(CONCLUDED)
$ 4,620 University Athletic Association, Inc.
Capital Improvement Revenue
(University Florida Stadium Project) (A) 2.250% $ 4,620,000
14,500 University of South Florida
Foundation, Inc. (A) 1.920 14,500,000
- -------------------------------------------------------------------------------------------------------------------------------
128,240,000
- -------------------------------------------------------------------------------------------------------------------------------
GEORGIA--5.01%
4,790 Athens-Clarke County Unified
Government Development Authority
Revenue (UGA Real Estate Funding
Project) (A) 2.000 4,790,000
6,000 Atlanta Airport General Revenue
Refunding, Series C-3 (A) 1.990 6,000,000
26,965 Burke County Development Authority
Pollution Control Revenue (Oglethorpe 1.990 to
Power Corp.), Series A (A) 2.000 26,965,000
14,300 De Kalb County Housing Authority,
Multi-Family Housing Revenue
Refunding (Post Walk Project) (A) 2.000 14,300,000
15,935 De Kalb County Housing Authority,
Multi-Family Housing Revenue
Refunding (Wood Terrace
Apartments Project) (A) 2.010 15,935,000
5,030 De Kalb Private Hospital Authority
Revenue Anticipation Certificates
(ESR Childrens Health), Series B (A) 1.980 5,030,000
27,600 Fulton County Housing Authority,
Multi-Family Housing Revenue
Refunding (Spring Creek Crossing) (A) 1.990 27,600,000
10,400 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Greens Apartments Project) (A) 2.000 10,400,000
6,000 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Chase Project) (A) 2.000 6,000,000
13,150 Gwinnett County Housing Authority,
Multi-Family Housing Revenue
(Post Court Project) (A) 2.000 13,150,000
</Table>
22
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
GEORGIA--(CONCLUDED)
$ 16,000 Municipal Electric Authority of Georgia
(General Resolution Projects), Series C (A) 1.960% $ 16,000,000
10,000 Municipal Electric Authority of Georgia
(Project One Subordination),
Series D (A) 1.960 10,000,000
- -------------------------------------------------------------------------------------------------------------------------------
156,170,000
- -------------------------------------------------------------------------------------------------------------------------------
IDAHO--0.25%
7,930 Power County Pollution Control Revenue
(FMC Corp. Project) (A) 2.150 7,930,000
- -------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--10.59%
5,400 Chicago Board of Education, Series C-1 (A) 2.170 5,400,000
20,000 Chicago Metropolitan Water
Reclamation District, Capital
Improvement, Series E (A) 1.970 20,000,000
31,800 Chicago Metropolitan Water
Reclamation District Refunding,
Series A (A) 1.970 31,800,000
26,500 Chicago Metropolitan Water
Reclamation District Refunding,
Series B (A) 1.970 26,500,000
22,745 Chicago (Neighborhoods Alive),
Series 21-B (A) 1.970 22,745,000
53,050 Chicago O'Hare International Airport
Revenue, Series C (A) 2.000 53,050,000
16,020 Illinois Development Finance Authority,
Multi-Family Housing Revenue
Refunding (Orleans Illinois Project) (A) 2.000 16,020,000
11,400 Illinois Development Finance Authority
Revenue (Chicago Symphony
Orchestra) (A) 1.970 11,400,000
7,800 Illinois Development Finance Authority
Revenue (Evanston Northwestern),
Series A (A) 2.000 7,800,000
14,100 Illinois Development Finance Authority
Revenue (Francis W. Parker School
Project) (A) 1.980 14,100,000
</Table>
23
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
ILLINOIS--(CONCLUDED)
$ 24,800 Illinois Development Finance Authority
Revenue (St. Vincent De Paul Project),
Series A (A) 1.960% $ 24,800,000
10,000 Illinois Educational Facilities Authority
Revenue (ACI/Cultural Pooled Financing) (A) 2.000 10,000,000
8,000 Illinois Health Facilities Authority
Revenue (Pooled Loan), Series C (A) 2.000 8,000,000
27,815 Illinois Health Facilities Authority
Revenue Refunding (Advocate Health
Care), Series B (A) 2.020 27,815,000
50,900 Illinois Toll & Highway Authority (A) 1.960 50,900,000
- -------------------------------------------------------------------------------------------------------------------------------
330,330,000
- -------------------------------------------------------------------------------------------------------------------------------
INDIANA--4.48%
8,200 Indiana Educational Facilities Authority
Revenue (University of Notre Dame) (A) 1.920 8,200,000
300 Indiana Health Facility Financing
Authority Hospital Revenue (Aces
Deaconess Hospital, Inc.) (A) 1.980 300,000
13,815 Indiana Health Facility Financing
Authority Hospital Revenue (Aces
Rehabilitation Hospital) (A) 1.980 13,815,000
8,000 Indiana Health Facility Financing
Authority Revenue (Ascension Health
Credit Group), Series A-2 (A) 1.730 8,000,000
82,600 Indiana Health Facility Financing
Authority Revenue (Ascension Health
Credit Group), Series B (A) 1.950 82,600,000
10,000 Indianapolis Local Public Improvement
Bond Bank Notes, Series E 01/06/05 2.000 10,000,912
7,165 Indianapolis Local Public Improvement
Bond Bank Notes, Series F 01/06/05 2.000 7,165,653
9,640 Indianapolis Local Public Improvement
Bond Bank Notes, Series F-2 (A) 1.960 9,640,000
- -------------------------------------------------------------------------------------------------------------------------------
139,721,565
- -------------------------------------------------------------------------------------------------------------------------------
IOWA--1.23%
20,300 Iowa Finance Authority Revenue
(Wheaton Franciscan), Series B (A) 1.960 20,300,000
</Table>
24
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
IOWA--(CONCLUDED)
$ 18,100 Iowa Higher Education Loan Authority
Revenue (Aces Education Loan Private
College) (A) 2.030% $ 18,100,000
- -------------------------------------------------------------------------------------------------------------------------------
38,400,000
- -------------------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.22%
6,710 Lexington-Fayette Urban County Government
Educational Facilities Revenue
(Sayre School) (A) 2.030 6,710,000
LOUISIANA--0.97%
14,090 Louisiana Public Facilities Authority
Revenue (College and University
Equipment and Capital), Series A (A) 2.000 14,090,000
16,100 South Louisiana Port Commission
Marine Terminal Facilities Revenue
(Occidental Petroleum) (A) 2.020 16,100,000
- -------------------------------------------------------------------------------------------------------------------------------
30,190,000
- -------------------------------------------------------------------------------------------------------------------------------
MARYLAND--3.84%
13,770 Baltimore County Revenue (Oak Crest
Village, Inc. Project), Series A (A) 1.990 13,770,000
18,150 Baltimore Industrial Development
Authority (Baltimore Capital
Acquisition) (A) 1.980 18,150,000
28,900 Maryland Health & Higher Educational
Facilities Authority (Pooled Loan
Program), Series A (A) 1.960 28,900,000
43,575 Maryland Health & Higher Educational
Facilities Authority (Pooled Loan
Program), Series B (A) 1.980 43,575,000
15,565 Maryland Health & Higher Educational
Facilities Authority (Pooled Loan
Program), Series D (A) 1.980 15,565,000
- -------------------------------------------------------------------------------------------------------------------------------
119,960,000
- -------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--9.12%
32,999 Ashburnham & Westminister Regional
School District Bond Anticipation
Notes 06/17/05 3.000 33,193,393
</Table>
25
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MASSACHUSETTS--(CONCLUDED)
$ 10,200 Boston Water & Sewer Commission
Revenue, Series A (A) 1.910% $ 10,200,000
4,100 Danvers Bond Anticipation Notes 03/18/05 1.750 4,102,067
8,000 Dedham Bond Anticipation Notes 06/01/05 3.000 8,045,176
1,800 Massachusetts Health & Educational
Facilities Authority Revenue (Capital
Asset Program), Series B (A) 2.160 1,800,000
25,000 Massachusetts Health & Educational
Facilities Authority Revenue (Harvard
Vanguard Medical Associates) (A) 1.980 25,000,000
15,510 Massachusetts Health & Educational
Facilities Authority Revenue (Partners
Healthcare System), Series P-1 (A) 1.950 15,510,000
14,650 Massachusetts Health & Educational
Facilities Authority Revenue (Partners
Healthcare System), Series P-2 (A) 1.980 14,650,000
24,950 Massachusetts Water Resources
Authority Refunding (General
Multi-Modal), Series B (A) 1.950 24,950,000
43,900 Massachusetts Water Resources
Authority Refunding (General
Multi-Modal), Series C (A) 1.950 43,900,000
25,000 Massachusetts Water Resources
Authority Refunding (General
Multi-Modal), Series D (A) 1.950 25,000,000
4,000 North Andover Bond Anticipation Notes 07/06/05 3.000 4,026,040
15,000 Old Rochester Regional School District
Bond Anticipation Notes 02/18/05 2.000 15,002,817
37,800 Route 3 North Transport Improvement
Associates Lease Revenue (Demand
Obligation Bond), Series B (A) 1.950 37,800,000
21,300 Webster Bond Anticipation Notes 01/28/05 2.000 21,314,061
- -------------------------------------------------------------------------------------------------------------------------------
284,493,554
- -------------------------------------------------------------------------------------------------------------------------------
MICHIGAN--1.62%
16,800 Michigan Housing Development
Authority, Series 2000-A (A) 2.000 16,800,000
8,200 Michigan State Grant Anticipation
Notes, Series B (A) 1.970 8,200,000
</Table>
26
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
MICHIGAN--(CONCLUDED)
$ 5,400 Northville Township Economic
Development Corp. Ltd., Obligation
Revenue (Thrifty Northville, Inc. Project) (A) 1.990% $ 5,400,000
9,650 University of Michigan Revenue
Refunding (University Hospital),
Series A-2 (A) 2.150 9,650,000
10,455 University of Michigan Revenue
Refunding (University Medical Service
Plan), Series A-1 (A) 2.150 10,455,000
- -------------------------------------------------------------------------------------------------------------------------------
50,505,000
- -------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.35%
11,000 Harrison County Pollution Control
Revenue (DuPont) (A) 2.150 11,000,000
- -------------------------------------------------------------------------------------------------------------------------------
MISSOURI--2.14%
13,600 Missouri Health & Educational Facilities
Authority Revenue (Assemblies of
God College) (A) 2.000 13,600,000
13,010 Missouri Health & Educational Facilities
Authority Revenue (Barnes Hospital
Project) (A) 2.000 13,010,000
10,000 Missouri Health & Educational Facilities
Authority Revenue (Lutheran Church) (A) 2.180 10,000,000
5,570 St. Charles County Industrial
Development Authority Revenue
Refunding (Casalon Apartments
Project) (A) 1.980 5,570,000
20,510 University of Missouri Revenue
(University Systems Facilities), Series A (A) 2.190 20,510,000
4,200 University of Missouri Revenue
(University Systems Facilities), Series B (A) 2.190 4,200,000
- -------------------------------------------------------------------------------------------------------------------------------
66,890,000
- -------------------------------------------------------------------------------------------------------------------------------
NEBRASKA--0.36%
11,100 Nebhelp Increase Revenue
(Multiple-Mode), Series E (A) 2.050 11,100,000
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
27
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NEVADA--1.41%
$ 10,000 Clark County Airport Improvement
Revenue Refunding, Series A (A) 1.960% $ 10,000,000
34,150 Clark County Airport Improvement
Revenue (Sub Lien), Series A-1 (A) 1.960 34,150,000
- -------------------------------------------------------------------------------------------------------------------------------
44,150,000
- -------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--0.63%
13,800 New Hampshire Business Finance
Authority Resource Recovery Revenue
(Wheelabrator), Series A (A) 1.980 13,800,000
5,815 New Hampshire Higher Educational & Health
Facilities Authority Revenue (Mary
Hitchcock), Series 85-H (A) 1.980 5,815,000
- -------------------------------------------------------------------------------------------------------------------------------
19,615,000
- -------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--1.18%
12,997 Edison Township Bond Anticipation
Notes 06/22/05 3.000 13,075,273
5,800 Haddonfield Bond Anticipation Notes 02/25/05 2.750 5,810,711
17,860 Salem County Improvement Authority
Revenue (Friends Home
Woodstown, Inc.) (A) 1.970 17,860,000
- -------------------------------------------------------------------------------------------------------------------------------
36,745,984
- -------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.18%
5,465 University of New Mexico, University
Revenue (A) 1.960 5,465,000
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK--2.14%
10,000 New York City Industrial Development
Agency Revenue (Liberty 1 Bryant
Park LLC), Series B (A) 2.170 10,000,000
13,000 New York City Municipal Water Finance
Authority Water & Sewer Systems
Revenue, Subseries C-1 (A) 2.200 13,000,000
16,500 New York City, Subseries H-2 (A) 1.960 16,500,000
11,000 New York City, Subseries J-2 (A) 1.980 11,000,000
</Table>
28
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
NEW YORK--(CONCLUDED)
$ 16,200 New York State Housing Finance
Agency Revenue (North End Ave.
Housing), Series A (A) 1.980% $ 16,200,000
- -------------------------------------------------------------------------------------------------------------------------------
66,700,000
- -------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--3.98%
9,800 Charlotte Certificates of Participation
(Government Facilities Authority),
Series F (A) 2.000 9,800,000
18,810 Charlotte Water & Sewer Systems
Revenue Refunding, Series C (A) 1.970 18,810,000
20,600 Concord Utilities Systems Revenue
Refunding, Series B (A) 1.960 20,600,000
10,300 Fayetteville Public Works Commission
Revenue Refunding, Series A (A) 1.970 10,300,000
11,760 North Carolina Educational Facility
Finance Agency Revenue (Elon College) (A) 1.980 11,760,000
6,250 North Carolina Educational Facility
Finance Agency Revenue
(Providence Day) (A) 2.000 6,250,000
21,600 North Carolina Medical Care Community
Hospital Revenue (Aces-Pooled
Equipment Financing Project) (A) 1.980 21,600,000
10,000 North Carolina Public Improvement
Bond, Series F (A) 1.950 10,000,000
15,000 North Carolina Refunding, Series B (A) 1.950 15,000,000
- -------------------------------------------------------------------------------------------------------------------------------
124,120,000
- -------------------------------------------------------------------------------------------------------------------------------
OHIO--4.42%
15,000 Cleveland-Cuyahoga County Port
Authority Revenue (Euclid/93rd Garage
Office) (A) 2.000 15,000,000
18,900 Columbus Sewer Revenue Refunding (A) 1.990 18,900,000
27,240 Franklin County Hospital Revenue
Refunding (U.S. Health Corp.),
Series A (A) 1.970 27,240,000
10,400 Franklin County Hospital Revenue
Subordinated (Doctors Ohio Health),
Series B (A) 1.980 10,400,000
</Table>
29
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
OHIO--(CONCLUDED)
$ 7,925 Grove City Infrastructure Construction
Notes 06/23/05 3.000% $ 7,970,375
7,240 Mahoning County Housing Revenue
(Youngstown State University Project) (A) 1.950 7,240,000
14,200 Ohio Air Quality Development
Authority Revenue Refunding
(Ohio Edison Project), Series A (A) 1.980 14,200,000
7,000 Ohio Higher Educational Facilities
Revenue (Case Western Reserve
Project), Series A (A) 2.150 7,000,000
29,900 Ohio Water Development Authority
Revenue Refunding (Water
Development Project) (A) 1.950 29,900,000
- -------------------------------------------------------------------------------------------------------------------------------
137,850,375
- -------------------------------------------------------------------------------------------------------------------------------
OREGON--0.21%
6,700 Portland Multi-Family Revenue (South
Park Block Project), Series A (A) 2.000 6,700,000
- -------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--5.90%
14,380 Delaware County Authority Hospital
Revenue (Crozer-Chester Medical
Center) (A) 1.990 14,380,000
45,450 Delaware Valley Regional Finance
Authority (Local Government Revenue) (A) 1.980 45,450,000
8,300 Delaware Valley Regional Finance
Authority (Local Government
Revenue), Series C (A) 1.980 8,300,000
25,790 Lancaster County Hospital Authority
Revenue (Health Center, Masonic
Homes Project) (A) 1.990 25,790,000
10,000 Pennsylvania Higher Educational
Facilities Authority Revenue
(University of Pittsburgh Health
Services), Series C (A) 2.030 10,000,000
9,700 Pennsylvania Higher Educational
Facilities Authority Revenue
Refunding (Carnegie Mellon University),
Series A (A) 2.190 9,700,000
</Table>
30
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
PENNSYLVANIA--(CONCLUDED)
$ 9,600 Philadelphia Authority for Industrial
Development Revenue (Regional
Performing Arts Center Project) (A) 1.980% $ 9,600,000
16,000 Philadelphia Hospital & Higher Education
Facilities Authority Revenue (Children's
Hospital Project), Series D (A) 2.190 16,000,000
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) 2.000 19,200,000
14,220 York General Authority Revenue (Pooled
Financing Subordinated), Series B (A) 1.990 14,220,000
- -------------------------------------------------------------------------------------------------------------------------------
184,110,000
- -------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--3.54%
3,715 Lexington & Richland Counties South
Carolina School District No. 005 03/01/05 2.500 3,720,808
27,800 Piedmont Municipal Power Agency,
South Carolina Electric Revenue
Refunding, Series A (A) 2.000 27,800,000
10,000 Piedmont Municipal Power Agency,
South Carolina Electric Revenue
Refunding, Series B (A) 2.000 10,000,000
10,300 Piedmont Municipal Power Agency,
South Carolina Electric Revenue
Refunding, Subseries B-2 (A) 2.000 10,300,000
10,000 Rock Hill Utility Systems Revenue, Series B (A) 1.900 10,000,000
10,000 South Carolina Educational Facilities
Authority for Private Nonprofit
Institutions Refunding & Improvement
(Anderson) (A) 2.000 10,000,000
19,380 South Carolina Jobs-Economic
Development Authority (Coastal
Carolina University Project), Series A (A) 1.990 19,380,000
</Table>
31
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
SOUTH CAROLINA--(CONCLUDED)
$ 12,730 South Carolina Jobs-Economic
Development Authority, Hospital
Facilities Revenue (Orangeburg
Medical Center) (A) 1.960% $ 12,730,000
6,400 Three Rivers Solid Waste Authority,
Solid Waste Disposal Facilities
Revenue Bond Anticipation Notes 06/01/05 3.000 6,428,273
- -------------------------------------------------------------------------------------------------------------------------------
110,359,081
- -------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--1.74%
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
9,535 Metropolitan Government Nashville &
Davidson County, Health &
Educational Facilities Board Revenue
(Vanderbilt University) (A) 1.950 9,535,000
14,235 Metropolitan Government Nashville &
Davidson County, Industrial
Development Refunding (David
Lipscomb University Project) (A) 2.000 14,235,000
6,125 Montgomery County Public Building
Authority Revenue, Financing
Government Obligation (Pooled Loan) (A) 2.000 6,125,000
6,720 Shelby County, Series A (A) 2.000 6,720,000
5,300 Signal Mountain Health Educational &
Housing Facilities Board Revenue
Refunding (Alexian Village) (A) 1.990 5,300,000
8,510 Tusculum Health Educational & Housing
Board, Educational Facilities Revenue
(Tusculum College Project) (A) 2.000 8,510,000
- -------------------------------------------------------------------------------------------------------------------------------
54,425,000
- -------------------------------------------------------------------------------------------------------------------------------
TEXAS--5.52%
10,160 Guadalupe-Blanco River Authority
Pollution Control Revenue Refunding
(Central Power & Light Co. Project) (A) 2.150 10,160,000
</Table>
32
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
TEXAS--(CONCLUDED)
$ 19,975 Harris County Health Facilities
Development Corp. Revenue
(Methodist Hospital) (A) 2.200% $ 19,975,000
5,900 Port Arthur Navigation District Refunding
(Texaco, Inc. Project) (A) 2.180 5,900,000
7,050 Tarrant County Housing Finance Corp.
Revenue Refunding (Multi-Family
Housing Apartments Project) (A) 2.050 7,050,000
19,320 Texas State (Veterans Housing Assistance),
Fund I (A) 1.960 19,320,000
60,000 Texas Tax & Revenue Anticipation Notes 08/31/05 3.000 60,547,891
24,165 Texas Turnpike Authority Central Texas
Turnpike System Revenue, First Tier,
Series B (A) 1.960 24,165,000
25,000 University of Houston University
Revenue Construction Systems 01/20/05 2.000 25,008,323
- -------------------------------------------------------------------------------------------------------------------------------
172,126,214
- -------------------------------------------------------------------------------------------------------------------------------
UTAH--0.25%
7,900 Salt Lake County Pollution Control
Revenue Refunding (Service Station
Holdings Project) (A) 2.180 7,900,000
- -------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--0.59%
11,545 Fairfax County Economic Development
Authority Revenue (Smithsonian
Institution), Series A (A) 1.930 11,545,000
7,000 Norfolk Industrial Development Authority
Revenue (Hospital Facilities Childrens
Project) (A) 2.000 7,000,000
- -------------------------------------------------------------------------------------------------------------------------------
18,545,000
- -------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--4.80%
23,000 Energy Northwest Washington Electric
Revenue Refunding (Project No. 3),
Series D-3-1 (A) 1.970 23,000,000
22,200 King County Sewer Revenue
(Junior Lien), Series B (A) 2.000 22,200,000
5,100 Port of Vancouver (A) 2.000 5,100,000
</Table>
33
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
WASHINGTON--(CONCLUDED)
$ 9,000 Seattle Municipal Light & Power Revenue (A) 1.920% $ 9,000,000
35,370 Snohomish County Public Utility
District No. 001 Electric Revenue
Refunding (Generation Systems),
Series A (A) 1.970 35,370,000
7,800 Snohomish County Public Utility
District No. 001 Electric Revenue
Refunding (Generation Systems),
Series A-2 (A) 1.970 7,800,000
10,000 Tulalip Tribes of The Tulalip Reservation
Special Revenue Refunding (A) 2.050 10,000,000
23,960 Washington Public Power Supply
Systems Nuclear Project No. 1
Revenue Refunding, Series 1A-2 (A) 1.970 23,960,000
13,420 Washington Public Power Supply
Systems Nuclear Project No. 3
Electric Revenue Refunding, Series 3A (A) 2.000 13,420,000
- -------------------------------------------------------------------------------------------------------------------------------
149,850,000
- -------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--0.64%
10,000 Wisconsin Center District Tax Revenue,
Series A (A) 1.980 10,000,000
10,000 Wisconsin Health & Education Facilities
Authority Revenue (Wheaton
Franciscan Services) (A) 1.980 10,000,000
- -------------------------------------------------------------------------------------------------------------------------------
20,000,000
- -------------------------------------------------------------------------------------------------------------------------------
WYOMING--0.95%
29,700 Sweetwater County Pollution Control
Revenue Refunding (Pacificorp
Project), Series A (A) 1.980 29,700,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$2,957,411,773) 2,957,411,773
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
34
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--10.47%
ARIZONA--1.37%
$ 32,675 City of Phoenix, Civic Improvement 02/11/05 to 1.450 to
Corp. Water System Revenue 04/15/05 1.750% $ 32,675,000
10,000 Salt River Agricultural Improvement 02/09/05 1.820 10,000,000
- -------------------------------------------------------------------------------------------------------------------------------
42,675,000
- -------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--0.41%
12,800 California Statewide Community
Development Authority 02/23/05 1.860 12,800,000
- -------------------------------------------------------------------------------------------------------------------------------
COLORADO--0.32%
10,000 Colorado Health Facility Authority 01/19/05 1.770 10,000,000
- -------------------------------------------------------------------------------------------------------------------------------
FLORIDA--0.72%
16,000 Jacksonville Electric Authority 03/03/05 1.750 16,000,000
6,500 Pinellas County Educational Facility Pool 01/14/05 1.860 6,500,000
- -------------------------------------------------------------------------------------------------------------------------------
22,500,000
- -------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--1.89%
34,000 Illinois Educational Facilities Authority 01/19/05 to 1.300 to
Revenue 01/24/05 1.520 34,000,000
10,000 Illinois Educational Facilities Authority
Revenue (Field Museum) 01/05/05 1.300 10,000,000
15,000 Illinois Health Facilities Authority 02/24/05 1.700 15,000,000
- -------------------------------------------------------------------------------------------------------------------------------
59,000,000
- -------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--0.45%
13,970 Louisiana Offshore Terminal Authority
Deepwater Port Revenue Refunding
(Loop, Inc. First Stage), Series A 02/17/05 1.780 13,970,000
- -------------------------------------------------------------------------------------------------------------------------------
MARYLAND--0.48%
15,000 John Hopkins University 01/13/05 1.300 15,000,000
- -------------------------------------------------------------------------------------------------------------------------------
NEVADA--0.27%
8,300 Clark County Regional Flood Control 02/22/05 1.870 8,300,000
- -------------------------------------------------------------------------------------------------------------------------------
NEW YORK--0.83%
15,800 New York State Dormitory Authority
Revenue 01/11/05 1.850 15,800,000
10,000 New York State Power Authority 02/10/05 1.770 10,000,000
- -------------------------------------------------------------------------------------------------------------------------------
25,800,000
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
35
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--(CONCLUDED)
NORTH CAROLINA--0.70%
$ 22,000 Union County 01/14/05 to 1.300 to
01/26/05 1.500% $ 22,000,000
- -------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO--0.42%
13,000 Government Development Bank of
Puerto Rico 03/21/05 1.900 13,000,000
- -------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--0.48%
15,000 South Carolina Public Service Authority 01/27/05 1.870 15,000,000
- -------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--0.32%
10,000 Montgomery County Bond
Anticipation Notes 01/25/05 1.850 10,000,000
- -------------------------------------------------------------------------------------------------------------------------------
TEXAS--1.62%
16,800 City of Houston 01/12/05 1.750 16,800,000
4,876 Dallas Waterworks and Sewer System,
Series B 02/10/05 1.750 4,876,000
15,000 Houston Utility Systems Revenue 01/18/05 1.840 15,000,000
14,000 North Central Texas Health Facilities
Development Corp., (Methodist
Hospital) 03/07/05 1.870 14,000,000
- -------------------------------------------------------------------------------------------------------------------------------
50,676,000
- -------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--0.19%
6,000 Port of Tacoma 03/08/05 1.850 6,000,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper (cost--$326,721,000) 326,721,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$3,284,132,773 which
approximates cost for federal income tax
purposes)--105.26% 3,284,132,773
- -------------------------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(5.26)% (164,069,195)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 3,120,798,992 shares
of common stock outstanding equivalent to
$1.00 per share)--100.00% $ 3,120,063,578
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(A) Variable rate demand notes are payable on demand. The interest rates shown
are the current rates as of December 31, 2004, and reset periodically.
Weighted average maturity -- 17 days
See accompanying notes to financial statements
36
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
STATEMENT OF NET ASSETS -- DECEMBER 31, 2004 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--94.79%
$ 8,500 California, Daily Kindergarten Universal,
Series A-1 (A) 2.160% $ 8,500,000
8,400 California, Daily Kindergarten Universal,
Series A-2 (A) 2.200 8,400,000
5,500 California, Daily Kindergarten Universal,
Series A-5 (A) 2.130 5,500,000
8,000 California Department of Veteran
Affairs Home Purchase, Subseries A-2 (A) 1.950 8,000,000
10,000 California Department of Water
Resources Power Supply Revenue
(Putters), Series 344 (A) 2.020 10,000,000
11,200 California Department of Water
Resources Power Supply Revenue,
Series B-1 (A) 2.200 11,200,000
17,100 California Department of Water
Resources Power Supply Revenue,
Series B-2 (A) 2.250 17,100,000
300 California Department of Water
Resources Power Supply Revenue,
Series B-3 (A) 2.170 300,000
2,300 California Department of Water
Resources Power Supply Revenue,
Series B-4 (A) 2.130 2,300,000
5,000 California Department of Water
Resources Power Supply Revenue,
Series C-8 (A) 1.960 5,000,000
5,000 California Department of Water
Resources Power Supply Revenue,
Series C-14 (A) 1.980 5,000,000
14,300 California Economic Recovery, Series C-8 (A) 2.170 14,300,000
5,700 California Economic Recovery, Series C-15 (A) 1.980 5,700,000
1,950 California Educational Facilities Authority
(Foundation for Educational
Achievement), Series A (A) 1.970 1,950,000
17,600 California Health Facilities Financing
Authority (Catholic Health Facilities),
Series J (A) 1.960 17,600,000
15,000 California Health Facilities Financing
Authority (Catholic Health Facilities),
Series K (A) 1.980 15,000,000
</Table>
37
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 8,704 California Health Facilities Financing
Authority (Floating Pooled Loan
Program), Series B (A) 2.000% $ 8,704,000
14,600 California Health Facilities Financing
Authority (Hospital Adventist Health 1.990 to
Systems), Series A (A) 2.200 14,600,000
7,250 California Health Facilities Financing
Authority (Sutter Health), Series B (A) 2.130 7,250,000
15,500 California Infrastructure & Economic
Development Revenue (Buck Institute
Age Research) (A) 1.960 15,500,000
15,600 California Infrastructure & Economic
Development Revenue (Independent
Systems Operation Corp. Project),
Series B (A) 1.980 15,600,000
10,100 California Infrastructure & Economic
Development Revenue (Independent
Systems Operation Corp. Project),
Series C (A) 1.960 10,100,000
5,000 California, Series C-1 (A) 1.980 5,000,000
9,800 California Statewide Communities
Development Authority (Biola
University), Series B (A) 1.980 9,800,000
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) 2.000 3,400,000
1,300 California Statewide Communities
Development Authority Pollution
Control Revenue (Chevron USA Inc.
Project) (A) 2.140 1,300,000
20,725 California Transit Financing Authority (A) 2.000 20,725,000
6,900 California, Weekly Kindergarten
Universal Public, Series A-9 (A) 1.970 6,900,000
10,210 Alameda Contra Costa Schools
Financing Authority Certificates of
Participation (Capital Improvement
Financing Projects), Series A (A) 2.030 10,210,000
</Table>
38
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 6,995 Anaheim Certificates of Participation,
Adjusted 1993 Refunding Projects (A) 1.940% $ 6,995,000
10,220 Association of Bay Area Governments
Finance Authority for Nonprofit
Corps. Certificates of Participation
(Lucile Salter Packard Project) (A) 1.980 10,220,000
8,000 Bay Area Toll Authority Toll Board
(San Francisco Bay Area), Series C (A) 1.960 8,000,000
14,600 Conejo Valley Unified School District
Tax and Revenue Anticipation Notes 06/30/05 2.750 14,664,544
9,500 Daly City Housing Finance Agency
Multi-Family Revenue Refunding
(Serramonte Del Ray), Series A (A) 1.960 9,500,000
8,715 East Bay Municipal Utility District Water
Systems Revenue, Subseries A (A) 1.940 8,715,000
11,000 Fresno Multi-Family Housing Revenue
Refunding (Heron Pointe Apartments),
Series A (A) 1.960 11,000,000
4,100 Grand Terrace Community
Redevelopment Agency Multi-Family
Housing Revenue (Mount Vernon Villas) (A) 1.980 4,100,000
13,745 Irvine Improvement Bond Act 1915
Limited Obligation (Assessment
District 85-7-1) (A) 1.980 13,745,000
5,000 Livermore Certificates of Participation
(Refunding and Capital Projects) (A) 2.000 5,000,000
8,100 Los Angeles Community Redevelopment
Agency Multi-Family Housing Revenue
(Skyline at Southpark Phase II) (A) 2.030 8,100,000
7,000 Los Angeles County Schools Transport
(Pooled Financing Program Certificates
of Participation), Series A 06/30/05 3.500 7,064,177
12,600 Los Angeles County Transport
Commission Sales Tax and Revenue,
Series A (A) 1.940 12,600,000
12,600 Los Angeles Multi-Family Housing
Revenue (Museum Terrace
Apartments), Series H (A) 1.930 12,600,000
13,750 Los Angeles Tax and Revenue
Anticipation Notes 06/30/05 3.000 13,830,109
</Table>
39
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 13,400 Los Angeles Unified School District
Certificates of Participation (Land
Acquisition Program), Series D (A) 2.000% $ 13,400,000
10,000 Los Angeles Water and Power Revenue,
Subseries A-1 (A) 1.950 10,000,000
9,900 Los Angeles Water and Power Revenue,
Subseries A-5 (A) 1.950 9,900,000
6,300 Los Angeles Water and Power Revenue,
Subseries B-3 (A) 2.160 6,300,000
14,100 Los Angeles Water and Power Revenue,
Subseries B-6 (A) 2.190 14,100,000
15,000 Metropolitan Water District Southern
California Waterworks Revenue,
Series A-1 (A) 1.950 15,000,000
8,000 Metropolitan Water District Southern
California Waterworks Revenue,
Series A-2 (A) 1.970 8,000,000
10,000 Metropolitan Water District Southern
California Waterworks Revenue,
Series B-1 (A) 1.950 10,000,000
10,000 Metropolitan Water District Southern
California Waterworks Revenue,
Series B-2 (A) 1.950 10,000,000
3,500 Milpitas Unified School District Tax and
Revenue Anticipation Notes 06/30/05 3.000 3,522,569
6,795 Moorpark Industrial Development
Authority (Fred Kavli and Kavlico Corp.) (A) 1.980 6,795,000
5,300 Newport Beach Revenue (Hoag
Memorial Hospital), Series A (A) 2.130 5,300,000
10,000 Northern California Power Agency
Revenue Refunding
(Hydroelectric No. 1-A) (A) 1.940 10,000,000
15,100 Oakland Alameda County Coliseum
Authority Lease Revenue (A) 2.000 15,100,000
12,000 Oakland Alameda County Coliseum
Authority Lease Revenue
(Coliseum Project), Series C-2 (A) 1.950 12,000,000
6,790 Orange County Apartment
Development Revenue
(Niguel Village), Series AA (A) 1.970 6,790,000
</Table>
40
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 6,340 Orange County Apartment Development
Revenue (Niguel Village), Series U (A) 2.050% $ 6,340,000
13,200 Orange County Apartment Development
Revenue (Seaside Meadow), Series C (A) 1.940 13,200,000
11,700 Orange County Apartment Development
Revenue (Villas La-Paz), Series F (A) 1.980 11,700,000
17,000 Orange County Water District Revenue
Certificates of Participation, Series A (A) 1.940 17,000,000
6,900 Pasadena Certificates of Participation
(Rose Bowl Imports Project) (A) 2.000 6,900,000
8,700 Roseville Electric Systems Revenue
Certificates of Participation (A) 1.960 8,700,000
5,800 Sacramento County Certificates of
Participation (Administration Center
and Courthouse Project) (A) 2.000 5,800,000
9,400 San Bernardino County Certificates of
Participation (County Center
Refinancing Project) (A) 1.960 9,400,000
4,800 San Bernardino County Multi-Family
Revenue Bonds (WLP Mountain View
Apartments), Series A (A) 1.980 4,800,000
16,290 San Diego Metropolitan Transit
Development Board Revenue
Anticipation Notes 01/05/05 2.000 16,291,138
8,700 San Francisco City and County
Redevelopment Agency Multi-Family
Housing Revenue (St. Francis Project),
Series A (A) 1.900 8,700,000
4,000 San Francisco City and County
Redevelopment Agency Revenue
(Community Facilities District No. 4) (A) 2.000 4,000,000
9,750 San Jose Redevelopment Agency
Revenue (Merged Area Redevelopment
Project), Series A (A) 1.940 9,750,000
13,000 San Jose-Santa Clara Water Financing
Authority Sewer Revenue, Series B (A) 1.940 13,000,000
6,500 San Leandro Unified School District Tax
and Revenue Anticipation Notes 07/12/05 3.000 6,545,394
5,000 Santa Clara Financing Authority (VMC
Facility Replacement-Project B) (A) 1.970 5,000,000
</Table>
41
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 15,050 Simi Valley Multi-Family Housing Revenue
Refunding (Lincoln Wood Ranch) (A) 1.980% $ 15,050,000
5,300 South Placer Wastewater Authority
California Wastewater Revenue,
Series B (A) 1.970 5,300,000
4,300 Turlock Irrigation District Certificates of
Participation (Capital Improvement
and Refunding Project) (A) 2.200 4,300,000
25,000 Western Placer Unified School
Certificates of Participation (School
Facilities Project), Series A (A) 1.980 25,000,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$774,056,931) 774,056,931
- -------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--7.42%
3,500 California Statewide Community
Development Authority (Kaiser
Permanente) 01/21/05 1.470 3,500,000
2,000 East Bay Municipal Utility District
Water Systems Revenue 02/09/05 1.770 2,000,000
8,500 Los Angeles County Capital 02/07/05 to 1.830 to
Asset Corp. 03/18/05 1.850 8,500,000
9,500 San Diego Water Authority 01/11/05 to 1.720 to
01/19/05 1.790 9,500,000
4,000 University of California Regents 01/20/05 1.830 4,000,000
33,120 Puerto Rico Commonwealth 01/12/05 to 1.450 to
Government Development Bank 03/30/05 1.830 33,120,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper (cost--$60,620,000) 60,620,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$834,676,931 which
approximates cost for federal income tax
purposes)--102.21% 834,676,931
- -------------------------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(2.21)% (18,058,876)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 817,031,579 shares
of beneficial interest outstanding equivalent to $1.00 per share)--100.00% $ 816,618,055
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(A) Variable rate demand notes are payable on demand. The interest rates shown
are current rates as of December 31, 2004 and reset periodically.
Weighted average maturity -- 18 days
See accompanying notes to financial statements
42
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF NET ASSETS -- DECEMBER 31, 2004 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--90.77%
$ 1,250 New York State Dormitory Authority
Revenue (Columbia University),
Series A-2 06/08/05 1.600% $ 1,250,000
24,125 New York State Dormitory Authority 1.970 to
Revenue (Cornell University), Series B (A) 2.210 24,125,000
8,000 New York State Dormitory Authority
Revenue (Mental Health Facilities
Improvement), Series F-2B (A) 1.970 8,000,000
11,400 New York State Dormitory Authority
Revenue (Mental Health Services),
Subseries D-2A (A) 1.980 11,400,000
7,527 New York State Dormitory Authority
Revenue (Metropolitan Museum of Art) (A) 1.960 7,527,000
3,240 New York State Dormitory Authority
Revenue (Oxford University Press, Inc.) (A) 1.960 3,240,000
12,600 New York State Dormitory Authority
Revenue (Wagner College) (A) 1.980 12,600,000
22,150 New York State Energy Research &
Development Authority Pollution
Control Revenue (Orange & Rockland
Project), Series A (A) 1.940 22,150,000
12,600 New York State Housing Finance Agency
(Normandie Court I Project) (A) 1.970 12,600,000
5,000 New York State Housing Finance Agency
Service Contract Revenue, Series I (A) 1.980 5,000,000
7,800 New York State Local Government
Assistance Corp., Series B (A) 1.950 7,800,000
7,000 New York State Local Government
Assistance Corp., Series D (A) 1.950 7,000,000
10,465 New York State Local Government
Assistance Corp., Series G (A) 1.930 10,465,000
3,000 New York State Power Authority
Revenue & General Purpose
Obligation Bond 03/01/05 1.350 3,000,000
5,900 New York State Thruway Authority
General Revenue, Series C
(Pre-refunded with U.S. Government
Securities to 01/01/05 @ $102) 01/01/25 6.000 6,018,000
15,000 New York State Urban Development Corp.
Revenue (State Facilities & Equipment),
Subseries A-3-B (A) 1.940 15,000,000
3,335 Albany Revenue Anticipation Notes 01/31/05 3.000 3,339,112
</Table>
43
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 2,000 Baldwin Union Free School District Tax
Anticipation Notes 06/29/05 3.000% $ 2,008,188
5,000 Board Cooperative Educational Services
Sole Supervisory District Nassau
County, Revenue Anticipation Notes 06/29/05 3.250 5,031,634
3,700 Broome County Bond Anticipation Notes 04/21/05 2.000 3,701,429
4,300 Clarence Central School District
Tax Anticipation Notes 06/30/05 3.000 4,327,728
6,550 Erie County Water Authority (A) 1.940 6,550,000
4,500 Fayetteville-Manlius New York Central
School District Tax Anticipation Notes 06/24/05 3.000 4,525,921
2,615 Great Neck North Water Authority
Systems Revenue, Series-A (A) 2.000 2,615,000
10,000 Half Hollow Hills Central School District
(Huntington & Babylon)
Tax Anticipation Notes 06/30/05 3.000 10,046,192
2,117 Ithaca Bond Anticipation Notes 08/05/05 3.000 2,133,447
5,000 Jay Street Development Corp. New York
City Facility Lease Revenue
(Jay Street Project), Series A-1 (A) 1.960 5,000,000
22,300 Jay Street Development Corp. New York
City Facility Lease Revenue
(Jay Street Project), Series A-3 (A) 1.960 22,300,000
7,000 Long Island Power Authority Electric
Systems Revenue, Series D (A) 1.950 7,000,000
9,650 Long Island Power Authority Electric
Systems Revenue, Subseries 1-B (A) 2.200 9,650,000
3,100 Long Island Power Authority Electric
Systems Revenue, Subseries 3-B (A) 2.170 3,100,000
2,000 Merrick Union Free School District
Tax Anticipation Notes 06/23/05 3.000 2,011,645
15,000 Metropolitan Transportation Authority,
Series D-1 (A) 1.950 15,000,000
5,000 Metropolitan Transportation Authority,
Subseries A-2 (A) 1.980 5,000,000
7,490 Monroe County Industrial Development
Agency Civic Facilities Revenue
Refunding (Nazareth College), Series B (A) 2.000 7,490,000
5,000 Nassau County Interim Finance Authority,
Series A (A) 1.950 5,000,000
</Table>
44
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 12,000 New Rochelle City School District
Tax Anticipation Notes 05/06/05 3.000% $ 12,106,330
19,500 New York City Housing Development
Corp. Multi-Family Rental Housing
(63 Wall Street), Series A (A) 1.960 19,500,000
6,000 New York City Housing Development
Corp. Multi-Family Rental Housing
(90 West Street), Series A (A) 1.950 6,000,000
15,700 New York City Housing Development
Corp. Multi-Family Rental Housing
(Parkgate Development), Series A (A) 1.950 15,700,000
6,500 New York City Housing Development
Corp. Multi-Family Rental Housing
(Queenswood Apartments), Series A (A) 1.940 6,500,000
3,215 New York City Industrial Development
Agency Civic Facility Revenue
(Church of Heavenly Rest) (A) 1.950 3,215,000
6,925 New York City Industrial Development
Agency Civic Facility Revenue
(MSMC Realty Corp. Project) (A) 1.950 6,925,000
11,100 New York City Industrial Development
Agency Revenue (Liberty 1 Bryant
Park LLC), Series B (A) 2.170 11,100,000
500 New York City Municipal Water Finance
Authority Water & Sewer Systems
Revenue, Series A (A) 2.170 500,000
11,000 New York City Municipal Water Finance
Authority Water & Sewer Systems
Revenue, Series F-1 (A) 2.200 11,000,000
7,100 New York City Trust for Cultural
Resources Revenue (American
Museum of Natural History), Series A (A) 1.940 7,100,000
5,515 New York City Trust for Cultural
Resources Revenue (Asia Society) (A) 1.970 5,515,000
3,400 New York City, Subseries A-4 (A) 2.170 3,400,000
2,000 New York City, Subseries A-6 (A) 2.170 2,000,000
1,600 New York City, Subseries E-5 (A) 2.250 1,600,000
6,650 New York City, Subseries H-1 (A) 2.170 6,650,000
4,100 Niagara Falls Toll Bridge Commission (A) 1.940 4,100,000
</Table>
45
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 14,995 Oneida County Industrial Development
Agency Revenue Civic Facilities
(Hamilton College) (A) 2.000% $ 14,995,000
5,000 Oneida Indian Nation (A) 1.970 5,000,000
5,460 Orange County Industrial Development
Agency Civic (Horton Medical Center) (A) 1.950 5,460,000
10,000 Rockland County Revenue Anticipation
Notes 03/24/05 1.750 10,006,454
7,000 Rockland County Tax Anticipation Notes 03/24/05 2.000 7,012,864
19,200 Suffolk County Water Authority Bond
Anticipation Notes (A) 1.960 19,200,000
2,500 Syracuse Revenue Anticipation Notes,
Series E 06/30/05 3.000 2,514,451
27,215 Triborough Bridge & Tunnel Authority 1.950 to
Revenues General Purpose, Series B (A) 1.970 27,215,000
9,033 Yonkers Industrial Development Agency
(Consumers Union Facility) (A) 2.000 9,032,645
- -------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$506,353,040) 506,353,040
- -------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--13.29%
4,300 New York State Environmental
Facilities Corp. 01/21/05 1.830 4,300,000
13,845 New York State Power Authority 01/20/05 to 1.630 to
02/11/05 1.770 13,845,000
5,000 Long Island Power Authority 01/19/05 1.800 5,000,000
19,500 Metropolitan Transportation Authority 01/10/05 to 1.230 to
03/09/05 1.790 19,500,000
31,509 Government Development Bank of 01/07/05 to 1.450 to
Puerto Rico 03/21/05 1.900 31,509,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Tax-Exempt Commercial Paper (cost--$74,154,000) 74,154,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$580,507,040 which
approximates cost for federal income tax
purposes)--104.06% 580,507,040
- -------------------------------------------------------------------------------------------------------------------------------
Liabilities in excess of other assets--(4.06)% (22,672,619)
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 557,958,942 shares
of beneficial interest outstanding equivalent to
$1.00 per share)--100.00% $ 557,834,421
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(A) Variable rate demand notes are payable on demand. The interest rates shown
are current rates as of December 31, 2004 and reset periodically.
Weighted average maturity -- 24 days
See accompanying notes to financial statements
46
<Page>
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENT OF NET ASSETS -- DECEMBER 31, 2004 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--94.78%
$ 2,400 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series B (A) 2.190% $ 2,400,000
3,170 New Jersey Economic Development
Authority (Bayonne Project
Improvement), Series C (A) 2.190 3,170,737
4,500 New Jersey Economic Development
Authority (Center for Aging-Applewood) (A) 1.950 4,500,000
790 New Jersey Economic Development
Authority (Church and Dwight Co.
Project) (A) 2.000 790,000
6,000 New Jersey Economic Development
Authority (Crowley Liner Services
Project) (A) 1.950 6,000,000
1,750 New Jersey Economic Development
Authority (Danic Urban Renewal) (A) 1.980 1,750,000
1,500 New Jersey Economic Development
Authority (El Dorado Terminals),
Series B (A) 2.190 1,500,000
3,145 New Jersey Economic Development
Authority (Institute of Electrical),
Series A (A) 1.950 3,145,000
405 New Jersey Economic Development
Authority (Kenwood USA Corp. Project) (A) 2.000 405,000
5,600 New Jersey Economic Development
Authority (Lawrenceville School Project),
Series B (A) 2.120 5,600,000
2,700 New Jersey Economic Development
Authority (Stolthaven Project), Series A (A) 2.060 2,700,000
2,000 New Jersey Economic Development
Authority (Thermal Energy Limited
Partnership) (A) 2.000 2,000,000
2,000 New Jersey Economic Development
Authority (Transportation),
Series N10-Regulation D (A) 2.050 2,000,000
3,200 New Jersey Economic Development
Authority Speciality Facilities Revenue
(Port Newark Container LLC) (A) 2.000 3,200,000
</Table>
47
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONTINUED)
$ 1,900 New Jersey Economic Development
Authority Water Facilities Revenue
Refunding (United Water NJ, Inc.
Project), Series B (A) 2.250% $ 1,900,000
4,625 New Jersey Educational Facilities
Authority (College of New Jersey),
Series A (A) 1.950 4,625,000
2,700 New Jersey Educational Facilities
Authority (Princeton University), Series B (A) 2.250 2,700,000
2,000 New Jersey Health Care Facilities
Authority (Community Hospital Group),
Series A-1 (A) 1.950 2,000,000
4,770 New Jersey Health Care Facilities
Authority (St. Barnabas), Series A (A) 1.950 4,770,000
1,900 New Jersey Health Care Facilities
Authority (St. Claire's Hospital),
Series A-4 (A) 1.950 1,900,000
5,800 New Jersey Health Care Facilities
Authority (St. Peter's Hospital), Series B (A) 1.960 5,800,000
5,000 New Jersey Health Care Facilities
Authority (Variable Capital Health
Systems Obligation), Group B (A) 1.950 5,000,000
2,000 New Jersey Health Care Facilities
Authority, Series 943 (A) 2.020 2,000,000
2,320 New Jersey Sports & Exposition
Authority, Series B-1 (A) 1.900 2,320,000
4,985 New Jersey Transport Trust Fund
Authority, Series 941D (A) 1.990 4,985,000
4,300 New Jersey Turnpike Authority (A) 1.940 4,300,000
2,000 New Jersey Turnpike Authority
(Putters Series 155) (A) 2.000 2,000,000
1,000 Cedar Grove Township School District
Bond Anticipation Notes 08/25/05 3.000 1,008,068
1,000 Edison Township Bond Anticipation
Notes 06/22/05 3.000 1,006,022
4,655 Glen Rock Bond Anticipation Notes 05/27/05 3.000 4,679,994
774 Haddonfield Bond Anticipation Notes 02/25/05 2.750 775,406
1,000 Jersey City Redevelopment Authority
Multi-Family Housing (Dixon Mills) (A) 1.950 1,000,000
1,898 Mendham Township Bond Anticipation
Notes 06/30/05 3.000 1,910,365
</Table>
48
<Page>
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- -------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--(CONCLUDED)
$ 1,000 Mercer County Improvement Authority
(Atlantic Foundation) (A) 1.940% $ 1,000,000
1,950 Monmouth County Improvement
Authority (Pooled Government Loan
Program) (A) 1.930 1,950,000
5,495 Port Authority of New York and
New Jersey Special Obligation Revenue
(Versatile Structure Obligation), Series 3 (A) 2.170 5,495,000
4,100 Port Authority of New York and
New Jersey Special Obligation Revenue
(Versatile Structure Obligation), Series 5 (A) 2.170 4,100,000
2,200 Rutgers State University Refunding,
Series A (A) 2.130 2,200,000
1,750 Rutherford Tax Anticipation Notes 02/04/05 1.900 1,750,555
1,525 Salem County Pollution Control Financing
Refunding (Atlantic City Electric),
Series A (A) 1.930 1,525,000
4,000 South Monmouth Regional Sewage
Authority Project Notes 01/27/05 2.000 4,001,793
6,000 Union County Improvement Authority
(Cedar Glen Housing Corp.), Series A (A) 1.980 6,000,000
3,000 Union County Industrial Pollution
Control Financing Authority
(Exxon Project) (A) 2.090 3,000,000
3,300 University of Medicine & Dentistry,
Series B (A) 1.990 3,300,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds and Notes (cost--$128,162,940) 128,162,940
- -------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT COMMERCIAL PAPER--4.88%
6,600 Puerto Rico Commonwealth
Government Development Bank 01/11/05 to 1.450 to
(cost--$6,600,000) 03/21/05 1.900 6,600,000
- -------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost--$134,762,940 which
approximates cost for federal income tax
purposes)--99.66% 134,762,940
- -------------------------------------------------------------------------------------------------------------------------------
Other assets in excess of liabilities--0.34% 464,694
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets (applicable to 135,187,468 shares
of beneficial interest outstanding equivalent to
$1.00 per share)--100.00% $ 135,227,634
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
(A) Variable rate demand notes are payable on demand. The interest rates shown
are current rates as of December 31, 2004 and reset periodically.
Weighted average maturity -- 18 days
See accompanying notes to financial statements
49
<Page>
UBS RMA
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
DECEMBER 31, 2004
(UNAUDITED)
----------------------------------
MONEY MARKET U.S. GOVERNMENT
PORTFOLIO PORTFOLIO
- -------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 101,984,351 $ 9,795,872
Securities lending income 905 99,428
101,985,256 9,895,300
EXPENSES:
Investment advisory and administration fees 30,198,687 2,588,173
Service fees -- 762,141
Transfer agency and related services fees 4,138,831 152,106
Custody and accounting 603,986 60,971
Reports and notices to shareholders 386,259 20,455
Insurance expense 145,123 34,848
State registration fees 102,868 26,837
Directors'/Trustees' fees 68,801 12,570
Professional fees 54,046 44,836
Interest expense -- --
Other expenses 65,989 10,535
35,764,590 3,713,472
Less: Fee waivers by investment advisor and administrator (42,779) --
Net expenses 35,721,811 3,713,472
Net investment income 66,263,445 6,181,828
Net realized losses from investment activities (1,916,210) (135,562)
Net increase in net assets resulting from operations $ 64,347,235 $ 6,046,266
</Table>
50
<Page>
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
DECEMBER 31, 2004
(UNAUDITED)
-------------------------------------------------------------------
CALIFORNIA NEW YORK NEW JERSEY
TAX-FREE MUNICIPAL MUNICIPAL MUNICIPAL
FUND MONEY FUND MONEY FUND MONEY FUND
-------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 22,757,510 $ 5,585,692 $ 3,991,495 $ 1,050,547
Securities lending income -- -- -- --
22,757,510 5,585,692 3,991,495 1,050,547
EXPENSES:
Investment advisory and administration fees 6,678,345 1,821,408 1,375,339 356,015
Service fees 2,003,801 496,108 364,943 85,444
Transfer agency and related services fees 417,803 94,630 84,424 30,373
Custody and accounting 160,304 39,689 29,195 7,120
Reports and notices to shareholders 24,599 7,937 7,844 4,126
Insurance expense 22,240 7,851 6,922 1,576
State registration fees 43,775 13,793 12,799 9,214
Directors'/Trustees' fees 20,535 9,638 8,756 6,732
Professional fees 44,038 41,915 40,724 34,944
Interest expense 6,509 -- -- --
Other expenses 32,569 5,042 4,943 4,343
9,454,518 2,538,011 1,935,889 539,887
Less: Fee waivers by investment advisor and administrator -- -- -- --
Net expenses 9,454,518 2,538,011 1,935,889 539,887
Net investment income 13,302,992 3,047,681 2,055,606 510,660
Net realized losses from investment activities (175) (393) -- --
Net increase in net assets resulting from operations $ 13,302,817 $ 3,047,288 $ 2,055,606 $ 510,660
</Table>
See accompanying notes to financial statements
51
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE
DECEMBER 31, 2004 YEAR ENDED
(UNAUDITED) JUNE 30, 2004
- -------------------------------------------------------------------------------------------------------
UBS RMA MONEY MARKET PORTFOLIO
FROM OPERATIONS:
Net investment income $ 66,263,445 $ 83,206,553
Net realized losses from investment activities (1,916,210) (4,885)
Net increase in net assets resulting from operations 64,347,235 83,201,668
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (66,263,445) (83,206,553)
Net realized gains from investment activities (2,152,500) (1,500,000)
Total dividends and distributions to shareholders (68,415,945) (84,706,553)
- -------------------------------------------------------------------------------------------------------
Net decrease in net assets from
capital share transactions (1,248,372,654) (9,397,084,053)
Net decrease in net assets (1,252,441,364) (9,398,588,938)
NET ASSETS:
Beginning of period 12,434,285,651 21,832,874,589
End of period $ 11,181,844,287 $ 12,434,285,651
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income $ -- $ --
- -------------------------------------------------------------------------------------------------------
UBS RMA U.S. GOVERNMENT PORTFOLIO
FROM OPERATIONS:
Net investment income $ 6,181,828 $ 8,973,965
Net realized losses from investment activities (135,562) (72,408)
Net increase in net assets resulting from operations 6,046,266 8,901,557
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (6,181,828) (8,973,965)
Net decrease in net assets from
capital share transactions (51,093,973) (1,259,463,314)
Net decrease in net assets (51,229,535) (1,259,535,722)
NET ASSETS:
Beginning of period 1,250,917,485 2,510,453,207
End of period $ 1,199,687,950 $ 1,250,917,485
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income $ -- $ --
- -------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
52
<Page>
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE
DECEMBER 31, 2004 YEAR ENDED
(UNAUDITED) JUNE 30, 2004
- -------------------------------------------------------------------------------------------------------
UBS RMA TAX-FREE FUND
FROM OPERATIONS:
Net investment income $ 13,302,992 $ 12,340,286
Net realized gain (loss) from investment activities (175) 2,947
Net increase in net assets resulting from operations 13,302,817 12,343,233
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (13,302,992) (12,340,286)
Net increase (decrease) in net assets from
capital share transactions 184,127,447 (302,916,671)
Net increase (decrease) in net assets 184,127,272 (302,913,724)
NET ASSETS:
Beginning of period 2,935,936,306 3,238,850,030
End of period $ 3,120,063,578 $ 2,935,936,306
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income $ -- $ --
- -------------------------------------------------------------------------------------------------------
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 3,047,681 $ 2,471,111
Net realized gain (loss) from investment activities (393) 9,210
Net increase in net assets resulting from operations 3,047,288 2,480,321
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (3,047,681) (2,471,111)
Net increase (decrease) in net assets from
beneficial interest transactions 77,485,446 (27,881,752)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 77,485,053 (27,872,542)
- -------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 739,133,002 767,005,544
End of period $ 816,618,055 $ 739,133,002
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income $ -- $ --
- -------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
53
<Page>
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE
DECEMBER 31, 2004 YEAR ENDED
(UNAUDITED) JUNE 30, 2004
- -------------------------------------------------------------------------------------------------------
UBS RMA NEW YORK MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 2,055,606 $ 1,684,747
Net realized loss from investment activities -- (2,350)
Net increase in net assets resulting from operations 2,055,606 1,682,397
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (2,055,606) (1,684,747)
Net decrease in net assets from
beneficial interest transactions (4,561,165) (26,452,621)
- -------------------------------------------------------------------------------------------------------
Net decrease in net assets (4,561,165) (26,454,971)
- -------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 562,395,586 588,850,557
End of period $ 557,834,421 $ 562,395,586
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income $ -- $ --
- -------------------------------------------------------------------------------------------------------
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
FROM OPERATIONS:
Net investment income $ 510,660 $ 232,135
Net realized loss from investment activities -- (253)
Net increase in net assets resulting from operations 510,660 231,882
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (474,563) (232,135)
Net decrease in net assets from
beneficial interest transactions (2,248,752) (24,413,414)
- -------------------------------------------------------------------------------------------------------
Net decrease in net assets (2,212,655) (24,413,667)
- -------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 137,440,289 161,853,956
End of period $ 135,227,634 $ 137,440,289
- -------------------------------------------------------------------------------------------------------
Accumulated undistributed net investment income $ 36,097 $ --
- -------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements
54
<Page>
UBS RMA
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
UBS RMA Money Fund Inc. (the "Corporation") and UBS RMA Tax-Free Fund Inc. ("RMA
Tax-Free") were organized under the laws of Maryland on July 2, 1982 and are
registered with the Securities and Exchange Commission under the Investment
Company Act of 1940, as amended, as open-end management investment companies.
RMA Tax-Free is a diversified mutual fund and the Corporation is a series mutual
fund with three portfolios, each of which are diversified series: UBS RMA Money
Market Portfolio ("Money Market Portfolio"), UBS RMA U.S. Government Portfolio
("U.S. Government Portfolio") and UBS Retirement Money Fund. The financial
statements of UBS Retirement Money Fund are not included herein.
UBS Managed Municipal Trust ("Managed Municipal Trust") and UBS Municipal Money
Market Series ("Municipal Money Market Series") were organized under
Massachusetts law by Declarations of Trust dated November 21, 1986 and September
14, 1990, respectively, and are registered with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as open-end
management investment companies. Managed Municipal Trust currently offers two
non-diversified series: UBS RMA California Municipal Money Fund ("RMA
California") and UBS RMA New York Municipal Money Fund ("RMA New York").
Municipal Money Market Series currently offers one non-diversified series: UBS
RMA New Jersey Municipal Money Fund ("RMA New Jersey", and when referred
together with Money Market Portfolio, U.S. Government Portfolio, RMA Tax-Free,
RMA California and RMA New York, collectively, the "Funds").
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 Fund's
Board of Directors/Trustees (the "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.
55
<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.
Economic changes affecting each state and certain of its public bodies and
56
<Page>
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 YORK AND
RMA NEW JERSEY:
Up to $300 million 0.50
In excess of $300 million up to $750 million 0.44
Over $750 million 0.36
RMA TAX-FREE:
Up to $1.0 billion 0.50
In excess of $1.0 billion up to $1.5 billion 0.44
Over $1.5 billion 0.36
</Table>
At December 31, 2004, the Funds owed UBS Financial Services Inc. for investment
advisory and administration fees as follows:
<Table>
Money Market Portfolio $ 4,948,471
U.S. Government Portfolio 444,782
RMA Tax-Free 1,161,524
RMA California 320,779
RMA New York 231,267
RMA New Jersey 57,987
</Table>
For the period August 1, 2004 through December 31, 2004, UBS Financial Services
Inc. voluntarily waived $42,779 of its investment advisory and administration
fees for the Money Market Portfolio.
UBS Global AM serves as sub-advisor and sub-administrator to the Funds pursuant
to sub-advisory and sub-administration contracts between UBS Financial Services
Inc. and UBS Global AM (each a "Sub-Advisory Contract"). In accordance with each
Sub-Advisory Contract, UBS Financial Services Inc. (not the Funds) pays UBS
Global AM a fee, accrued daily and paid monthly, at an annual rate of 0.08% of
the respective Fund's average daily net assets.
57
<Page>
DISTRIBUTION PLAN
UBS Global AM is the principal underwriter of each Fund's shares and has
appointed UBS Financial Services Inc. as a dealer for the sale of the Funds'
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 the annual rate of
0.125% for each of those Funds except for RMA New Jersey, which pays at the
annual rate of 0.12%. No such fees were charged by UBS Global AM for the similar
services provided to the Money Market Portfolio. At December 31, 2004, the Funds
owed UBS Global AM for such service fees as follows:
<Table>
U.S. Government Portfolio $ 131,436
RMA Tax-Free 350,225
RMA California 88,584
RMA New York 61,677
RMA New Jersey 13,918
</Table>
TRANSFER AGENCY AND RELATED SERVICES FEES
UBS Financial Services Inc. provides transfer agency related services to the
Funds pursuant to a delegation of authority from PFPC Inc. ("PFPC"), the Funds'
transfer agent, and was compensated for these services by PFPC, not the Funds.
For the six months ended December 31, 2004, UBS Financial Services Inc. received
from PFPC, not the Funds, total transfer agency related services fees as
follows:
<Table>
Money Market Portfolio $ 2,529,567
U.S. Government Portfolio 89,018
RMA Tax-Free 265,270
RMA California 59,136
RMA New York 52,494
RMA New Jersey 17,315
</Table>
SECURITIES LENDING
Each Fund may lend securities up to 33 1/3% of its total assets to qualified
broker-dealers or institutional investors. The loans are secured at all times by
cash, 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,
58
<Page>
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 the lending agent for each Fund. For the six months ended
December 31, 2004, UBS Securities LLC earned $351 and $35,195 in compensation
from the Money Market Portfolio and the U.S. Government Portfolio, respectively,
as the Funds' lending agent. At December 31, 2004, the Money Market Portfolio
and the U.S. Government Portfolio owed UBS Securities LLC $351 and $5,570 in
compensation as the Funds' lending agent, respectively. At December 31, 2004,
the Money Market Portfolio and the U.S. Government Portfolio had securities on
loan having a market value of $99,750,000 and $498,380,287, respectively. The
Money Market Portfolio's custodian held cash and cash equivalents as collateral
for securities loaned of $102,125,000. The U.S. Government Portfolio's custodian
held cash and cash equivalents as collateral for securities loaned of
$167,813,039. In addition, the U.S. Government Portfolio's custodian held U.S.
Government agency securities having an aggregate value of $341,980,921 as
collateral for portfolio securities loaned as follows:
<Table>
<Caption>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------------------------------------------------------------------------------------------
Federal Home Loan
$ 25,100 Mortgage Corporation 02/15/05 3.875% $ 25,506,595
Federal Home Loan
57,800 Mortgage Corporation 07/15/06 5.500 61,288,866
Federal Home Loan
22,450 Mortgage Corporation 09/15/09 6.625 25,518,848
Federal Home Loan
43,930 Mortgage Corporation 03/15/10 7.000 51,013,317
Federal Home Loan
10,000 Mortgage Corporation 11/15/13 4.875 10,309,190
Federal National
19,700 Mortgage Association 03/15/05 3.875 19,980,134
Federal National
14,350 Mortgage Association 01/15/09 5.250 15,482,186
Federal National
46,725 Mortgage Association 06/15/09 6.375 51,632,199
Federal National
49,150 Mortgage Association 09/15/09 6.625 55,776,256
Federal National
23,800 Mortgage Association 11/15/11 5.375 25,473,330
$ 341,980,921
</Table>
RMA Tax-Free, RMA California, RMA New York and RMA New Jersey did not have any
securities lending activity during the six months ended December 31, 2004.
59
<Page>
BANK LINE OF CREDIT
RMA Tax-Free participates with certain other funds managed, advised or
sub-advised by UBS Global AM in a $100 million committed credit facility with
State Street Bank and Trust Company ("Committed Credit Facility"), to be
utilized for temporary financing until the settlement of sales or purchases of
portfolio securities, the repurchase or redemption of shares of RMA Tax-Free at
the request of shareholders and other temporary or emergency purposes. Under the
Committed Credit Facility arrangement, RMA Tax-Free has agreed to pay commitment
fees, pro rata, based on the relative asset size of the funds in the Committed
Credit Facility. Interest will be charged to RMA Tax-Free at the overnight
federal funds rate in effect at the time of borrowings, plus 0.50%. For the six
months ended December 31, 2004, RMA Tax-Free had an average daily amount of
borrowing outstanding under the Committed Credit Facility of $28,404,852 for 3
days with a related weighted average annualized interest rate of 2.75%, which
resulted in $6,509 of interest expense.
OTHER LIABILITIES AND COMPONENTS OF NET ASSETS
At December 31, 2004, the Funds had the following liabilities outstanding:
<Table>
<Caption>
PAYABLE FOR PAYABLE FOR
DIVIDENDS PAYABLE TO INVESTMENTS SECURITIES LOAN OTHER ACCRUED
PAYABLE CUSTODIAN PURCHASED LOANED PAYABLE EXPENSES*
- ------------------------------------------------------------------------------------------------------------------------------
Money Market
Portfolio $ 2,699,618 $ 99,013 -- $ 102,125,000 -- $ 2,366,541
U.S. Government
Portfolio 227,458 229,679 $ 59,948,850 167,813,039 -- 145,813
RMA Tax-Free 564,137 74,115 90,553,182 -- $ 79,643,557 220,002
RMA California 140,996 7,087 20,211,539 -- -- 75,982
RMA New York 89,514 4,934 24,225,709 -- -- 66,957
RMA New Jersey 20,803 1,160 -- -- -- 23,713
</Table>
* Excludes investment advisory and administration fees and service fees.
At December 31, 2004, the components of net assets for each of the Funds were as
follows:
<Table>
<Caption>
ACCUMULATED
UNDISTRIBUTED ACCUMULATED
ACCUMULATED NET INVESTMENT NET REALIZED TOTAL
PAID IN CAPITAL INCOME GAIN (LOSS) NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
Money Market Portfolio $ 11,181,995,038 -- $ (150,751) $ 11,181,844,287
U.S. Government Portfolio 1,199,879,026 -- (191,076) 1,199,687,950
RMA Tax-Free 3,120,061,647 -- 1,931 3,120,063,578
RMA California 816,594,893 -- 23,162 816,618,055
RMA New York 557,805,601 -- 28,820 557,834,421
RMA New Jersey 135,187,469 $ 36,097 4,068 135,227,634
</Table>
60
<Page>
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 a federal excise tax.
The tax character of distributions paid to shareholders by the Money Market
Portfolio and U.S. Government Portfolio during the six months ended December 31,
2004 and the fiscal year ended June 30, 2004 was ordinary income. The tax
character of distributions paid to shareholders by RMA Tax-Free, RMA California,
RMA New York and RMA New Jersey during the six months ended December 31, 2004
and the fiscal year ended June 30, 2004 was federal tax-exempt income.
The components of accumulated earnings (deficit) on a tax basis for the current
fiscal year will be determined after the Funds' fiscal year ending June 30,
2005.
At June 30, 2004, the following Funds had net capital loss carryforwards
available as reductions, to the extent provided in the regulations, of any
future net realized capital gains and will 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 fiscal year ended June 30, 2004, RMA California had a capital loss
carryforward of $23,373 expire unutilized.
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 18,241
RMA New York 2,350
RMA New Jersey 253
</Table>
CAPITAL SHARE TRANSACTIONS
There are 60 billion $0.001 par value shares of common stock authorized for the
Money Market Portfolio, 10 billion $0.001 par value shares of common stock
61
<Page>
authorized for the U.S. Government Portfolio and 20 billion $0.001 par value
shares of common stock authorized for RMA Tax-Free. Transactions in capital
shares, at $1.00 per share, were as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED MONEY MARKET U.S. GOVERNMENT RMA
DECEMBER 31, 2004: PORTFOLIO PORTFOLIO TAX-FREE
- -----------------------------------------------------------------------------------------------
Shares sold 51,014,915,074 3,961,767,132 11,527,670,127
Shares repurchased (52,328,550,937) (4,018,788,065) (11,356,266,740)
Dividends reinvested 65,263,209 5,926,960 12,724,060
Net increase (decrease)
in shares outstanding (1,248,372,654) (51,093,973) 184,127,447
<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)
</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 SIX MONTHS
ENDED DECEMBER 31, 2004: RMA CALIFORNIA RMA NEW YORK RMA NEW JERSEY
- -----------------------------------------------------------------------------------------------
Shares sold 2,981,493,471 2,525,379,958 763,760,084
Shares repurchased (2,906,901,640) (2,531,882,873) (766,451,517)
Dividends reinvested 2,893,615 1,941,750 442,681
Net increase (decrease)
in shares outstanding 77,485,446 (4,561,165) (2,248,752)
<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)
</Table>
SUBSEQUENT EVENT
On January 14, 2005, the Money Market Portfolio filed a preliminary proxy
statement with the Securities and Exchange Commission. It is expected that the
proxy statement will be finalized and mailed to shareholders later in 2005. The
proxy statement seeks shareholder approval of (1) the implementation of a
shareholder
62
<Page>
service plan and (2) authorization for the Fund's Board to reorganize the Fund
so that it can invest all of its assets in another fund that has substantially
the same investment objectives and policies (this type of structure is commonly
referred to as a "master/feeder" structure). A proxy statement describing the
proposed changes in more detail and soliciting the approval of Money Market
Portfolio's shareholders is expected to be distributed later in 2005.
Shareholders should rely upon those proxy materials in making a determination on
how to vote.
63
<Page>
UBS RMA MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of common stock outstanding throughout each period is
presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2004 --------------------------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF
PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment
income 0.006 0.005 0.010 0.022 0.055 0.052
Dividends from net
investment
income (0.006) (0.005) (0.010) (0.022) (0.055) (0.052)
Distributions from
net realized
gains from
investment
activities (0.000)@ (0.000)@ -- -- -- --
TOTAL DIVIDENDS
AND DISTRIBUTIONS (0.006) (0.005) (0.010) (0.022) (0.055) (0.052)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.58% 0.51% 1.02% 2.25% 5.61% 5.29%
RATIOS/
SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 11,181,844 $ 12,434,286 $ 21,832,875 $ 22,768,982 $ 22,609,036 $ 15,821,189
Expenses to
average net
assets, net of
fee waivers by
advisor(2) 0.59%* 0.60% 0.61% 0.60% 0.59% 0.59%
Net investment
income to
average net
assets, net of
fee waivers by
advisor(2) 1.10%* 0.50% 1.02% 2.21% 5.42% 5.19%
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for the period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions.
(2) During the period August 1, 2004 through December 31, 2004, UBS Financial
Services Inc. 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%.
@ Amount is less than $0.0005 per share.
64
<Page>
UBS RMA U.S. GOVERNMENT PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of common stock outstanding throughout each period is
presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2004 --------------------------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.005 0.005 0.010 0.021 0.052 0.048
Dividends from net
investment income (0.005) (0.005) (0.010) (0.021) (0.052) (0.048)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.51% 0.48% 1.00% 2.12% 5.31% 4.88%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 1,199,688 $ 1,250,917 $ 2,510,453 $ 2,356,829 $ 2,000,303 $ 1,670,845
Expenses to average
net assets 0.61%* 0.58% 0.56% 0.57% 0.57% 0.59%
Net investment income
to average net
assets 1.01%* 0.48% 1.00% 2.06% 5.15% 4.81%
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for the period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions.
65
<Page>
UBS RMA TAX-FREE FUND INC.
FINANCIAL HIGHLIGHTS
Selected data for a share of common stock outstanding throughout each period is
presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2004 --------------------------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF
PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.004 0.004 0.007 0.012 0.032 0.031
Dividends from net
investment income (0.004) (0.004) (0.007) (0.012) (0.032) (0.031)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.42% 0.38% 0.67% 1.24% 3.28% 3.10%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 3,120,064 $ 2,935,936 $ 3,238,850 $ 3,255,520 $ 3,286,150 $ 2,593,878
Expenses to average
net assets 0.59%* 0.60% 0.63% 0.60% 0.59% 0.60%
Net investment income
to average net
assets 0.83%* 0.38% 0.67% 1.23% 3.20% 3.06%
</Table>
* Annualized
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for the period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
66
<Page>
UBS RMA CALIFORNIA MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each
period is presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2004 --------------------------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF
PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.004 0.003 0.006 0.011 0.027 0.026
Dividends from net
investment income (0.004) (0.003) (0.006) (0.011) (0.027) (0.026)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.39% 0.31% 0.60% 1.10% 2.75% 2.59%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 816,618 $ 739,133 $ 767,006 $ 753,664 $ 759,961 $ 626,424
Expenses to average
net assets, net of
fee waivers by
advisor(2) 0.64%* 0.65% 0.66% 0.65% 0.66% 0.65%
Net investment
income to average
net assets, net of
fee waivers by
advisor(2) 0.77%* 0.31% 0.60% 1.09% 2.70% 2.56%
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for the period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
(2) During the years ended June 30, 2004 and June 30, 2003, UBS Financial
Services Inc. 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%.
67
<Page>
UBS RMA NEW YORK MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each
period is presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2004 --------------------------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE
BEGINNING OF
PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.004 0.003 0.006 0.011 0.030 0.029
Dividends from net
investment income (0.004) (0.003) (0.006) (0.011) (0.030) (0.029)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.36% 0.29% 0.62% 1.08% 3.04% 2.93%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 557,834 $ 562,396 $ 588,851 $ 559,341 $ 574,490 $ 437,253
Expenses to average
net assets, net of
fee waivers by
advisor(2) 0.66%* 0.67% 0.67% 0.68% 0.69% 0.67%
Net investment income
to average net
assets, net of fee
waivers by
advisor(2) 0.70%* 0.29% 0.62% 1.07% 2.95% 2.90%
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for the period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
(2) During the years ended June 30, 2004 and June 30, 2003, UBS Financial
Services Inc. waived a portion of its advisory and administration fees. The
ratios excluding the waiver are the same since the fee waiver represents
less that 0.005%.
68
<Page>
UBS RMA NEW JERSEY MUNICIPAL MONEY FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of beneficial interest outstanding throughout each
period is presented below:
<Table>
<Caption>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED JUNE 30,
DECEMBER 31, 2004 --------------------------------------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF
PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.003 0.002 0.005 0.010 0.028 0.027
Dividends from net
investment income (0.003) (0.002) (0.005) (0.010) (0.028) (0.027)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL INVESTMENT
RETURN(1) 0.35% 0.16% 0.51% 0.97% 2.86% 2.72%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end
of period (000's) $ 135,228 $ 137,440 $ 161,854 $ 128,500 $ 102,162 $ 93,276
Expenses to average
net assets, net of
fee waivers by
advisor(2) 0.76%* 0.76% 0.73% 0.77% 0.79% 0.78%
Net investment income
to average net
assets, net of fee
waivers by
advisor(2) 0.72%* 0.15% 0.50% 0.94% 2.77% 2.69%
</Table>
* Annualized.
(1) Total investment return is calculated assuming a $10,000 investment on the
first day of each period reported, reinvestment of all dividends and other
distributions, if any, at net asset value on the payable dates, and a sale
at net asset value on the last day of each period reported. Total
investment return for the period of less than one year has not been
annualized. Returns do not reflect the deduction of taxes that a
shareholder could pay on Fund distributions.
(2) During the years ended June 30, 2004 and June 30, 2003, UBS Financial
Services Inc. 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%.
69
<Page>
UBS RMA
SUPPLEMENTAL INFORMATION (UNAUDITED)
QUARTERLY FORM N-Q PORTFOLIO SCHEDULE
Each Fund will file its complete schedule of portfolio holdings with the
Securities and Exchange Commission ("SEC") for the first and third quarters of
each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's
website at http://www.sec.gov. The Funds' Forms N-Q may be reviewed and copied
at the SEC's Public Reference Room in Washington, D.C. Information on the
operation of the SEC's Public Reference Room may be obtained by calling
1-800-SEC-0330. Additionally, you may obtain copies of Forms N-Q from the Funds
upon request by calling 1-800-647-1568.
70
<Page>
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<Page>
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<Page>
DIRECTORS/TRUSTEES
Richard Q. Armstrong
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
THE FINANCIAL INFORMATION INCLUDED HEREIN IS TAKEN FROM THE RECORDS OF THE FUNDS
WITHOUT EXAMINATION BY INDEPENDENT AUDITORS WHO DO NOT EXPRESS AN OPINION
THEREON.
THIS REPORT IS NOT TO BE USED IN CONNECTION WITH THE OFFERING OF SHARES OF THE
FUNDS UNLESS ACCOMPANIED OR PRECEDED BY AN EFFECTIVE PROSPECTUS.
(C) 2005 UBS Global Asset Management (US) Inc. All rights reserved.
<Page>
[UBS LOGO]
Presorted
Standard
US Postage
PAID
Smithtown, NY
Permit 700
UBS GLOBAL ASSET MANAGEMENT
51 West 52nd Street
New York, New York 10019
<Page>
ITEM 2. CODE OF ETHICS.
Form N-CSR disclosure requirement not applicable to this filing of a semi-annual
report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Form N-CSR disclosure requirement not applicable to this filing of a semi-annual
report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Form N-CSR disclosure requirement not applicable to this filing of a semi-annual
report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
Included as part of the report to shareholders filed under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant's Board has established a Nominating and Corporate Governance
Committee. The Nominating and Corporate Governance Committee will consider
nominees recommended by shareholders if a vacancy occurs among those board
members who are not "interested persons" as defined in Section 2(a)(19) of the
Investment Company Act of 1940, as amended. In order to recommend a nominee, a
shareholder should send a letter to the chairperson of the Nominating and
Corporate Governance Committee, Professor 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 and
Corporate Governance Committee." The shareholder's letter should state the
<Page>
nominee's name and should include the nominee's resume or curriculum vitae, and
must be accompanied by a written consent of the individual to stand for election
if nominated for the Board and to serve if elected by shareholders.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial
officer have concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) are effective based on their evaluation of
these controls and procedures as of a date within 90 days of the filing
date of this document.
(b) The registrant's principal executive officer and principal financial
officer are aware of no changes in the registrant's internal control
over financial reporting that occurred during the registrant's most
recent fiscal half-year that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 12. EXHIBITS.
(a) (1) Code of Ethics - Form N-CSR disclosure requirement not applicable
to this filing of a semi-annual report.
(a) (2) Certifications of principal executive officer and principal
financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 is attached hereto as Exhibit EX-99.CERT.
(a) (3) Written solicitation to purchase securities under rule 23c-1 under
the Investment Company Act of 1940 sent or given during the period
covered by the report by or on behalf of the registrant to 10 or more
persons - not applicable to the registrant.
(b) Certifications of principal executive officer and principal financial
officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
attached hereto as Exhibit EX-99.906CERT.
<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: March 9, 2005
-------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Joseph A. Varnas
--------------------
Joseph A. Varnas
President
Date: March 9, 2005
-------------
By: /s/ Thomas Disbrow
--------------------
Thomas Disbrow
Treasurer
Date: March 9, 2005
-------------