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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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Report to Independent Auditors
To the Shareholders and Board of Trustees of
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, 1997, we considered its internal control, including control activities
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.
The management of PaineWebber Managed Municipal Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the internal control 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 one or
more of the internal control components 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 and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above at June 30, 1997.
This report is intended solely for the information and use of the board of
trustees and management of PaineWebber Managed Municipal Trust and the
Securities and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
August 18, 1997
