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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
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Board Trustees
PaineWebber Managed Municipal Trust
In planning and performing our audit of the financial statements of PaineWebber
Managed Municipal Trust (consisting of PaineWebber RMA California Municipal
Money Fund and PaineWebber RMA New York Municipal Money Fund) for the year
ended June 30, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of PaineWebber Managed Municipal Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
August 12, 1996
For period ending June 30, 1996 Attachment 77C
File Number 811-3946
PaineWebber Managed Municipal Trust
A special meeting of shareholders was held on May 1, 1996,
at which the following proposals to change each Series' fundamental
fundamental investment restrictions and policies were approved:
Shares Voted For Shares Voted Against Shares Abstain
Modification of Fundamental Restriction on Concentration:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Modification of Fundamental Restriction on Senior Securities and Borrowing:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Modification of Fundamental Restriction on Making Loans:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Modification of Fundamental Restriction on Underwriting Securities:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Modification of Fundamental Restriction on Real Estate Investments:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Modification of Fundamental Restriction on Investing in Commodities:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Shares Voted For Shares Voted Against Shares Abstain
Elimination of Fundamental Restriction on Pledging Portfolio Securities.
RMA California 215,468,159 3,985,340 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Elimination of Fundamental Restriction on Margin Transactions:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Elimination of Fundamental Restriction on Short Sells:
RMA California 215,468,159 3,985,340 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Elimination of Fundamental Restriction on Investments in Oil, Gas and
Mineral Leases and Programs:
RMA California 215,263,973 4,189,526 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
Elimination of Fundamental Restriction on Investments in Other Investment
Companies:
RMA California 215,538,775 3,914,724 25,986,534
RMA New York 124,255,880 2,607,357 24,474,014
(Broker non-votes and abstentions are included within the "Shares Abstain"
totals.)
In addition to the item noted above, the Fund's shareholders
(i) elected board members and (ii) ratified the selection of
independent auditors. Pursuant to Instruction 2 of Sub-Item 77C of
Form N-SAR, it is not necessary to provide in this exhibit details
concerning shareholder action on these two proposals since there were
no solicitations in opposition to the registrant's nominees and all of
the nominees were elected.
A more complete description of each of the proposals referred to above
is hereby incorporated by reference to the Fund's proxy materials
relating to the Special Meeting of Shareholders dated February 28, 1996.
These Schedule 14A materials were filed with the Securities and Exchange
Commission via EDGAR on February 28, 1996; the accession code number was
0000889812-96-000186.
