<PAGE>
February 14, 1997
Dear Shareholder,
We are pleased to present you with the semiannual report for PaineWebber
RMA California Municipal Money Fund, PaineWebber RMA New York Municipal Money
Fund and PaineWebber RMA New Jersey Municipal Money Fund for the six month
period ended December 31, 1996.
GENERAL MARKET OVERVIEW
- --------------------------------------------------------------------------------
Early in 1996, government reports showing higher-than-expected economic
growth prompted a sharp drop in bond prices and ensuing stock market volatility,
a scenario that would continue early into the semiannual period covered by this
report.
Several factors helped stocks move higher despite this volatility,
including an overall positive environment for corporate earnings and profit
growth, as well as strong cash inflows into 401(k)s and equity mutual funds.
Then, in July, a spate of disappointing earnings announcements contributed to
the first meaningful overall stock market correction since 1994. This proved
short-lived, however, and in August the stock market retraced much of the ground
it had lost. By mid-September, as investor confidence grew, money returning to
the equity markets propelled the Standard & Poor's 500 Index, a commonly used
measure of stock market performance, to a then-record high (a circumstance which
underscores the hazards of market timing). Although October, November and
December were characterized by continued market volatility, the nation's
economic outlook continued to encourage investors, and the stock market
continued its upward climb.
"Volatile" also best describes the nature of the bond market over the six
months ended December 31, 1996. Early in the period, ongoing uncertainty over
the direction of interest rates persistently unsettled an already-jittery
market. By mid-summer, a moderating economy helped bolster the market for a
short period of time, a situation that was, however, only fleeting as renewed
fears of an overheating economy quickly re-emerged. The market would repeat this
about-face in late fall, when new economic data appeared to affirm the
moderation in economic activity that brought about mid-summer's brief revival in
the market. A 28-basis point rally ensued that would be over before year end as
the release of unexpected economic data would again cause a correction that
would last well into January 1997.
<PAGE>
PORTFOLIO REVIEW
- --------------------------------------------------------------------------------
During the year, the Fed maintained a Federal Funds rate of 5.25%, an indication
of the Fed's perception that the economic environment had assumed a measure of
stability. As the possibility of a Fed tightening became more remote during the
second half of 1996, we focused on lengthening the durations of the portfolios
in preparation for the anticipated cash inflows generally experienced in
January. Supply and demand remained stable, causing notes and variable rate
securities to trade within a narrow range.
PAINEWEBBER RMA CALIFORNIA MUNICIPAL MONEY FUND
- --------------------------------------------------------------------------------
PaineWebber RMA California Municipal Money Fund's net assets totalled $538.6
million as of December 31, 1996. The Fund's current yield for the seven-day
period ended December 31, 1996 was 3.04%. The Fund maintained a weighted average
maturity of 50 days as of December 31, 1996. In addition, the Fund did not
invest in any securities subject to the federal alternative minimum tax for
individual taxpayers.
PAINEWEBBER RMA NEW YORK MUNICIPAL MONEY FUND
- --------------------------------------------------------------------------------
PaineWebber RMA New York Municipal Money Fund's net assets totalled $273.7
million as of December 31, 1996. The Fund's current yield for the seven-day
period ended December 31, 1996 was 3.13%. The Fund maintained a weighted average
maturity of 56 days as of December 31, 1996. In addition, the Fund did not
invest in any securities subject to the federal alternative minimum tax for
individual taxpayers.
PAINEWEBBER RMA NEW JERSEY MUNICIPAL MONEY FUND
- --------------------------------------------------------------------------------
PaineWebber RMA New Jersey Municipal Money Fund's net assets totalled $45.9
million as of December 31, 1996. The Fund's current yield for the seven-day
period ended December 31, 1996 was 2.90%. The Fund maintained a weighted average
maturity of 39 days as of December 31, 1996. In addition, for the six months
ended December 31, 1996 the Fund had alternative minimum tax income of
approximately 6.64% of gross income.
<PAGE>
OUTLOOK
- --------------------------------------------------------------------------------
As we enter the new year, the consensus seems to be for moderate gross
domestic product growth and inflation. The economy is presently characterized by
slow growth and stable inflation,with interest rates varying little. Inflation,
currently at 3%, seems to be at a comfort level that should persist.
As money funds typically experience periods of seasonal weakness and some
heavy issuance beginning in late summer and continuing throughout the second
half of the year, we will maintain appropriate levels of liquidity and will
extend maturities when yields warrant.
Our ultimate objective in managing your investments is to help you
successfully meet your financial goals. We thank you for your continued support,
and welcome any comments or questions you may have.
Sincerely,
/s/ Margo N. Alexander /s/ Cynthia N. Bow
MARGO N. ALEXANDER CYNTHIA N. BOW
President, Portfolio Manager,
Mitchell Hutchins Asset PaineWebber RMA California
Management Inc. Municipal Money Fund
/s/ Kevin P. McIntyre /s/ Debbie Vermann
KEVIN P. McINTYRE DEBBIE VERMANN
Portfolio Manager, Portfolio Manager,
PaineWebber RMA New Jersey PaineWebber RMA New York
Municipal Money Fund Municipal Money Fund
<PAGE>
PAINEWEBBER
RMA CALIFORNIA MUNICIPAL MONEY FUND
STATEMENT OF NET ASSETS DECEMBER 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- ------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS AND NOTES - 62.23%
$ 7,215 California State General Obligation Bonds.... 05/01/97 to 10/01/97 4.500 to 6.300% $ 7,259,338
6,000 California Community College Financing
Tax and Revenue Anticipation Bonds......... 07/02/97 4.750 6,025,920
3,900 California Educational Facilities Authority
(Occidental College Project)
Adjustable Rate Bonds...................... 06/02/97 3.600 3,900,000
5,500 California Educational Facilities Authority
(Nazarene College)......................... A 4.000 5,500,000
4,400 California Health Facilities Financing
Authority.................................. A 4.000 4,400,000
6,700 California Health Facilities Financing
Authority (Kaiser Permanente).............. A 4.000 6,700,000
10,300 California Health Facilities Financing
Authority (Long Beach Memorial)............ A 4.000 10,300,000
8,160 California Health Facilities Financing
Authority (Memorial Health Services)....... A 3.750 8,160,000
6,200 California Health Facilities Financing
Authority (N. T. Enloe Memorial
Hospital).................................. A 4.250 6,200,000
1,200 California Health Facilities Financing
Authority (Santa Barbara Cottage).......... A 3.750 1,200,000
800 California Health Facilities Financing
Authority (St. Joseph's Health System)..... A 5.100 800,000
8,800 California Health Facilities Financing
Authority (West Sutter Adventist Health)... A 3.900 8,800,000
3,220 California Pollution Control Financing
Authority (Southern California Edison)..... A 4.700 3,220,000
11,000 California Statewide Communities Development
Authority.................................. A 3.650 to 3.750 11,000,000
5,000 California Statewide Communities Development
Authority (Memorial Health Services)....... A 3.750 5,000,000
7,700 California Statewide Communities Development
Authority (Northern California Retired
Community)................................. A 5.000 7,700,000
6,500 California Statewide Communities Development
Authority Tax and Revenue Anticipation
Notes...................................... 06/30/97 4.750 6,523,110
2,600 Abag Financing Authority For Nonprofit
Corporations (Lucile Salter Packard
Project)................................... A 3.900 2,600,000
5,700 Anaheim Certificates of Participation........ A 3.900 5,700,000
1,000 Central Coast Water Authority................ 10/01/97 3.700 1,000,000
9,000 Contra Costa County Tax and Revenue
Anticipation Notes........................... 07/03/97 4.500 9,028,946
2,000 Fresno County Tax and Revenue Anticipation
Notes...................................... 09/29/97 4.750 2,019,840
5,400 Golden Empire Schools Financing Authority
(Kern High School District)................ A 3.850 5,400,000
2,545 Grand Terrace Community Redevelopment
Authority (Multi-Family Housing)........... A 4.150 2,545,000
6,200 Indio Multi-Family Housing Authority
(Smoketree Apartments)..................... A 4.100 6,200,000
12,500 Irvine Public Facilities and
Infrastructure............................. A 3.900 12,500,000
</TABLE>
4
<PAGE>
PAINEWEBBER
RMA CALIFORNIA MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES - (CONCLUDED)
$ 600 Irvine Ranch Water District.................. A 4.850% $ 600,000
7,000 Lancaster Multi-Family Housing Authority
(Woodcreek Garden Apartments).............. A 3.100 7,000,000
20,500 Los Angeles County
Tax and Revenue Anticipation Notes......... 06/30/97 4.500 20,560,374
2,000 Los Angeles County Housing Authority
(Malibu Meadows Project)................... A 4.100 2,000,000
14,500 Los Angeles County Pension Obligation........ A 3.800 14,500,000
2,000 Los Angeles Department of Airports (Pre-
refunded with U.S. Government Securities to
05/01/97 @ 102)............................ 05/01/97 7.400 2,062,950
13,500 Los Angeles Multi-Family Revenue Bonds
(Museum Terrace Apartments)................ A 4.000 13,500,000
3,200 Los Angeles Unified School District
Tax and Revenue Anticipation Notes......... 06/30/97 4.500 3,210,634
13,550 Newport Beach Health Facilities
(Hoag Memorial Hospital)................... A 5.150 13,550,000
9,000 Northern California Power Agency
(Geothermal Project Number 3A)............. A 3.850 9,000,000
8,550 Orange County Housing Authority
(Niguel Village)........................... A 3.200 to 4.200 8,550,000
4,350 Sacramento County
Tax and Revenue Anticipation Notes......... 09/30/97 4.500 4,373,664
1,000 Sacramento Municipal Utility District
Electric Revenue (Pre-refunded with U.S.
Government Securities to 02/01/97 @ 102)... 02/01/97 7.125 1,018,399
4,000 San Diego Multi-Family Housing............... A 4.000 4,000,000
2,080 San Francisco Multi-Family Housing Authority
(Rincon Center)............................ A 3.000 2,080,000
19,100 San Francisco Redevelopment Agency Multi-
Family (Bayside Village)................... A 3.950 19,100,000
3,100 Santa Clara County El Camino Hospital
District (Aces Lease Valley Medical Center
Project)................................... A 2.700 3,100,000
2,100 Santa Clara County Multi-Family Revenue...... A 4.000 2,100,000
12,760 Santa Clara County Transit District.......... A 4.800 12,760,000
1,700 Santa Clara Electric......................... A 3.950 1,700,000
19,100 Santa Clara Financing Authority (VMC Facility
Replacement Project B)..................... A 3.750 19,100,000
6,620 Simi Valley Public Financing Authority....... A 3.900 6,620,000
7,000 Southeast Resources Recovery Facilities
Authority ................................. A 3.900 7,000,000
2,975 Upland Community Redevelopment Housing Agency
(Northwoods Series A)...................... A 4.500 to 4.550 2,975,000
5,000 Puerto Rico Commonwealth
Tax and Revenue Anticipation Notes......... 07/30/97 4.000 5,016,100
------------
Total Municipal Bonds And Notes (cost-$335,159,275)......... 335,159,275
------------
</TABLE>
5
<PAGE>
PAINEWEBBER
RMA CALIFORNIA MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- ------------
<S> <C> <C> <C>
TAX EXEMPT COMMERCIAL PAPER - 38.11%
$ 15,300 California State General Obligation Bonds.... 03/10/97 to 03/14/97 3.300 to 3.400% $ 15,300,000
6,500 California Educational Facilities Authority
(Carnegie Institute of Washington)......... 03/12/97 to 03/19/97 3.450 6,500,000
4,400 California Pollution Control Financing
Authority (Dow Chemical Company Project)... 03/03/97 3.300 4,400,000
8,000 California Pollution Control Financing
Authority (Pacific Gas and Electric
Company)................................... 02/24/97 3.500 8,000,000
13,200 Anaheim Electric Authority................... 01/27/97 to 02/26/97 3.400 to 3.550 13,200,000
20,000 East Bay Municipal Utility District.......... 01/24/97 to 03/18/97 3.350 to 3.500 20,000,000
11,250 Los Angeles Department of Water & Power...... 02/26/97 to 03/12/97 3.400 11,250,000
1,500 Los Angeles Wastewater System................ 02/20/97 3.450 1,500,000
21,500 Metropolitan Water District of Southern
California ................................ 01/28/97 to 03/14/97 3.350 to 3.600 21,500,000
15,800 Modesto Irrigation District.................. 02/28/97 to 04/07/97 3.300 to 3.450 15,800,000
28,000 Regents of the University of California...... 01/29/97 to 04/11/97 3.350 to 3.550 28,000,000
4,833 Sacramento Municipal Utility District........ 01/30/97 to 02/12/97 3.250 to 3.450 4,833,000
4,000 San Diego Gas & Electric..................... 01/30/97 to 02/28/97 3.450 4,000,000
13,500 San Diego Regional Transportation
Commission ................................ 03/07/97 to 03/11/97 3.350 13,500,000
2,300 San Diego Water Authority.................... 02/10/97 3.450 2,300,000
4,000 West Basin Municipal Water District.......... 02/06/97 3.500 4,000,000
31,200 Puerto Rico Commonwealth Development Bank ... 02/11/97 to 04/10/97 3.350 to 3.650 31,200,000
------------
Total Tax Exempt Commercial Paper (cost-$205,283,000) ...... 205,283,000
------------
TOTAL INVESTMENTS (cost-$540,442,275 which approximates
cost for federal income tax purposes)-100.34%............. 540,442,275
Liabilities in excess of other assets-(0.34)%............... (1,817,042)
------------
NET ASSETS (applicable to 539,148,767 shares of
beneficial interest at $1.00 per share)-100.00%........... $538,625,233
------------
------------
</TABLE>
- ------------------
A- Variable Rate Demand Notes are payable on demand. The interest rates are the
current rates as of December 31, 1996 and reset periodically.
Weighted Average Maturity--50 days
See accompanying notes to financial statements
6
<PAGE>
PAINEWEBBER
RMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF NET ASSETS DECEMBER 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES - 89.12%
$ 1,765 New York State General Obligation Bonds.......... 03/01/97 to 07/15/97 5.000 to 5.300% $ 1,773,558
1,150 New York State Bridge Authority.................. 01/01/97 6.750 1,150,000
2,700 New York State Dormitory Authority
(Masonic Hall Asylum).......................... A 3.750 2,700,000
8,550 New York State Dormitory Authority
(Metropolitan Museum of Art)................... A 4.000 8,550,000
1,395 New York State Dormitory Authority
(Miriam Osborn Memorial Home).................. A 4.050 1,395,000
460 New York State Dormitory Authority
(New York Hospital Medical Center)............. 02/01/97 4.800 460,440
7,200 New York State Dormitory Authority
(New York Public Library)...................... A 4.000 7,200,000
8,500 New York State Energy Research & Development
Authority (Central Hudson Gas & Electric)...... A 3.800 to 3.900 8,500,000
2,000 New York State Energy Research & Development
Authority (LILCO) Adjustable Rate Bonds........ 03/01/97 3.250 2,000,000
1,000 New York State Energy Research & Development
Authority (New York State Electric &
Gas Corporation) Adjustable Rate Bonds......... 03/15/97 3.300 1,000,000
8,400 New York State Energy Research & Development
Authority (Niagara Mohawk)..................... A 4.700 to 4.900 8,400,000
1,000 New York State Energy Research & Development
Authority (Rochester Gas & Electric
Corporation) Adjustable Rate Bonds............. 11/15/97 3.600 1,000,000
4,000 New York State Energy Research & Development
Authority Pollution Control Revenue............ 10/15/97 to 12/01/97 3.600 to 3.850 4,000,000
5,100 New York State Housing Finance Agency
(Mount Sinai Medical Center Project)........... A 3.950 5,100,000
4,000 New York State Housing Finance Agency
(Normandie Project)............................ A 4.000 4,000,000
9,900 New York State Local Government Assistance
Corporation.................................... A 3.850 9,900,000
1,500 New York State Local Government Assistance
Corporation.................................... 04/01/97 5.500 1,506,032
3,300 New York State Medical Facilities Financing
Agency (Pooled Equipment Loan Program)......... A 3.050 to 3.900 3,300,000
3,500 New York State Power Authority................... 03/01/97 3.700 3,500,000
3,000 Albany County Bond Anticipation Notes............ 02/19/97 3.500 3,001,361
1,500 Babylon Bond Anticipation Notes.................. 08/07/97 5.000 1,507,310
6,000 Babylon Union Free School District
Tax Anticipation Notes......................... 04/18/97 to 06/26/97 4.000 to 4.500 6,011,855
1,300 Buffalo County Revenue Anticipation Notes........ 07/15/97 4.250 1,304,431
</TABLE>
7
<PAGE>
PAINEWEBBER
RMA NEW YORK MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES - (CONTINUED)
$ 2,200 Chemung County Industrial Development Agency
(Arnot Ogden Medical Center)................... A 4.100% $ 2,200,000
1,000 Erie County Revenue Anticipation Notes........... 11/19/97 4.250 1,005,529
3,200 Erie County Water Authority...................... A 3.800 3,200,000
3,590 Geneva Industrial Development Agency
(Colleges of the Seneca)....................... A 4.300 3,590,000
1,954 Guilderland Central School District
Bond Anticipation Notes........................ 07/25/97 4.625 1,959,984
1,250 Harpursville Central School District
General Obligation Bonds....................... 06/15/97 5.000 1,256,030
904 Harrison Central School District
Bond Anticipation Notes........................ 10/22/97 4.250 906,803
2,450 Harrison Central School District
Tax Anticipation Notes......................... 06/27/97 4.250 2,454,337
2,000 Ithaca Bond Anticipation Notes................... 01/24/97 3.750 2,000,498
2,000 Levittown Union Free School District
Tax Anticipation Notes......................... 06/25/97 4.250 2,001,842
2,000 Lindenhurst Union Free School District
Tax Anticipation Notes......................... 06/25/97 4.750 2,005,978
7,000 Metropolitan Transportation Authority............ A 4.050 7,000,000
1,500 Middletown Tax Anticipation Notes................ 02/28/97 3.750 1,501,034
3,000 Monroe County Bond Anticipation Notes............ 06/06/97 4.500 3,010,504
900 Monroe County Industrial Development Agency
(Electronic Navigation/Indiana Incorporated)
Adjustable Rate Bonds.......................... 07/01/97 3.850 900,000
4,000 Nassau County Bond Anticipation Notes............ 03/14/97 to 08/15/97 4.250 to 4.500 4,006,474
1,780 Nassau County General Improvement Bonds.......... 11/01/97 5.125 1,800,972
1,500 Nassau County Revenue Anticipation Notes......... 04/15/97 4.250 1,502,296
2,000 Nassau County Tax Anticipation Notes............. 09/25/97 4.250 2,009,964
8,600 New York City.................................... A 4.500 to 5.100 8,600,000
2,000 New York City Housing Development Corp.
(Columbus Gardens)............................. A 4.900 2,000,000
9,300 New York City Housing Development Corp.
(East 96th Street Project)..................... A 4.000 9,300,000
3,668 New York City Housing Development Corp.
(East 17th Street Project)..................... A 3.950 3,667,900
1,500 New York City Housing Development Corp.
(James Tower Project).......................... A 3.950 1,500,000
3,155 New York City Housing Development Corp. (Parkgate
Tower Project)................................. A 3.350 3,155,000
2,550 New York City Housing Development Corp.
(Upper Fifth Avenue Project)................... A 3.950 2,550,000
3,000 New York City Industrial Development Agency
(Calhoun School)............................... A 3.900 3,000,000
</TABLE>
8
<PAGE>
PAINEWEBBER
RMA NEW YORK MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- ------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES - (CONCLUDED)
$ 4,200 New York City Industrial Development Agency
(JFK Field Hotel).............................. A 4.000% $ 4,200,000
6,400 New York City Industrial Development Agency
(LaGuardia Project)............................ A 4.000 6,400,000
1,500 New York City Industrial Development Agency
(Stroheim & Romann)............................ A 4.000 1,500,000
1,800 New York City Municipal Water Finance
Authority...................................... A 4.700 1,800,000
1,500 New York City Revenue Anticipation Notes......... 06/30/97 4.500 1,505,042
6,700 New York City Trust for Cultural Resources
(American Museum of Natural History)........... A 3.800 6,700,000
4,800 New York City Trust for Cultural Resources
(Carnegie Hall)................................ A 4.600 4,800,000
4,100 Niagara Falls Toll Bridge Commission............. A 3.800 4,100,000
4,140 Onondaga County Industrial Development Agency.... A 4.000 4,140,000
1,375 Orange County General Obligation Bonds........... 12/01/97 5.900 1,399,418
1,430 Orangetown Bond Anticipation Notes............... 02/27/97 4.125 1,430,696
1,500 Oswego City Bond Anticipation Notes.............. 10/08/97 4.500 1,506,421
1,650 Oyster Bay Bond Anticipation Notes............... 10/03/97 4.250 1,655,830
2,400 Port Authority of New York and New Jersey........ A 5.250 2,400,000
6,000 Rotterdam Industrial Development Agency
(Rotterdam Industrial Park).................... A 4.000 6,000,000
1,000 Seneca County Industrial Development Agency
(N.Y. Chiropractic College).................... A 4.000 1,000,000
2,000 Suffolk County
(Southwest Sewer Refunding District)........... 02/01/97 4.000 2,000,769
1,500 Suffolk County Tax Anticipation Notes............ 09/11/97 4.500 1,505,804
2,900 Suffolk County Water Authority................... A 3.800 2,900,000
700 Suffolk County Water Authority................... 06/01/97 4.800 702,242
3,200 Syracuse Bond Anticipation Notes................. 12/19/97 3.900 3,204,444
2,000 Syracuse Industrial Development Agency
(Syracuse University).......................... A 4.800 2,000,000
2,000 Yonkers Industrial Development Agency
(Civic Facility)............................... A 3.900 2,000,000
8,700 Yonkers Industrial Development Agency
(Consumers Union Facility)..................... A 3.900 8,700,000
5,000 Puerto Rico Commonwealth
Tax and Revenue Anticipation Notes............. 07/30/97 4.000 5,016,100
------------
Total Municipal Bonds and Notes (cost-$243,911,898)............. 243,911,898
------------
TAX EXEMPT COMMERCIAL PAPER - 10.37%
2,000 New York State................................... 02/21/97 3.550 2,000,000
2,500 New York State Dormitory Authority............... 02/21/97 to 04/11/97 3.450 2,500,000
5,100 New York State Power Authority................... 03/11/97 to 04/07/97 3.550 5,100,000
</TABLE>
9
<PAGE>
PAINEWEBBER
RMA NEW YORK MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- ------------
<S> <C> <C> <C>
TAX EXEMPT COMMERCIAL PAPER - (CONCLUDED)
$ 1,000 Municipal Assistance Company for New York
(Series F)..................................... 03/25/97 3.400% $ 1,000,000
2,000 New York City.................................... 03/17/97 to 03/18/97 3.150 to 3.250 2,000,000
4,500 New York City Municipal Finance Authority
(Water and Sewer System)....................... 02/07/97 to 03/12/97 3.400 to 3.550 4,500,000
2,770 Port Authority of New York and New Jersey........ 03/12/97 to 04/10/97 3.400 to 3.500 2,770,000
8,500 Puerto Rico Commonwealth Government Development
Bank........................................... 02/03/97 to 03/20/97 3.400 to 3.600 8,500,000
------------
Total Tax Exempt Commercial Paper (cost-$28,370,000)............ 28,370,000
------------
TOTAL INVESTMENTS (cost-$272,281,898 which approximates cost for
federal income tax purposes)-99.49%............................. 272,281,898
Other assets in excess of liabilities-0.51%..................... 1,404,866
------------
NET ASSETS (applicable to 273,915,965 shares of beneficial
interest at $1.00 per share)-100.00%............................ $273,686,764
------------
------------
</TABLE>
- ------------------
A- Variable Rate Demand Notes are payable on demand. The interest rates shown
are the current rates as of December 31, 1996 and reset periodically.
Weighted Average Maturity - 56 days
See accompanying notes to financial statements
10
<PAGE>
PAINEWEBBER
RMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENT OF NET ASSETS DECEMBER 31, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- -----------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES - 81.93%
$ 2,550 New Jersey Economic Development Authority......... A 3.700 to 3.900% $ 2,550,000
400 New Jersey Economic Development Authority
(400 International Drive Partners).............. A 4.800 400,000
1,475 New Jersey Economic Development Authority
(Brach/Jersey Avenue Project)................... A 3.750 1,475,000
1,310 New Jersey Economic Development Authority
(Church and Dwight Company Project)............. A 3.600 1,310,000
1,447 New Jersey Economic Development Authority
(Curtiss Wright Flight)......................... A 2.700 1,447,000
100 New Jersey Economic Development Authority
(Dow Chemical).................................. A 4.900 100,000
2,100 New Jersey Economic Development Authority
(El Dorado Term-1984 B Dow Chemical)............ A 4.900 2,100,000
500 New Jersey Economic Development Authority
(Epitaxx Incorporated).......................... A 4.250 500,000
300 New Jersey Economic Development Authority
(Exxon Project)................................. A 4.850 300,000
1,500 New Jersey Economic Development Authority
(Franciscan Oaks Project)....................... A 3.850 1,500,000
1,300 New Jersey Economic Development Authority
(Hillcrest Health Service Systems Project)...... A 3.750 1,300,000
400 New Jersey Economic Development Authority
(New Jersey Natural Gas)........................ A 5.100 400,000
500 New Jersey Economic Development Authority
(Thermal Energy Facilities Revenue)............. 04/10/97 3.600 500,000
400 New Jersey Economic Development Authority
(W.Y. Plastic Products Corporation Project)..... A 3.900 400,000
2,400 New Jersey Economic Development Authority
(Nui Corporation Project)....................... A 5.100 2,400,000
1,900 New Jersey Economic and Industrial Development
Authority (Burmah Castrol Incorporated)......... A 3.750 1,900,000
1,400 New Jersey Economic and Industrial Development
Authority (Fujinon Incorporated Project)........ A 3.750 1,400,000
550 Bergen County General Obligation Bonds............ 01/15/97 6.350 550,564
500 Burlington County Bond Anticipation Notes......... 06/13/97 4.250 501,227
1,000 Burlington County General Obligation Bonds
(Pre-refunded with U.S. Government securities to
03/15/97 @ 102)................................. 03/15/97 6.300 1,025,114
1,000 East Brunswick Township Bond Anticipation Notes... 01/03/97 4.000 1,000,010
1,500 Essex County Improvement Authority Revenue
(County Asset Sale)............................. A 3.600 to 3.750 1,500,000
1,500 Mercer County Improvement Authority Revenue
(County Guaranteed Solid Waste Site)
(Pre-refunded with U.S. Government Securities to
04/01/97 @102).................................. 04/01/97 7.800 1,544,972
400 Mercer County Improvement Authority Revenue
(Pooled Government Loan Program)................ A 3.650 400,000
500 Middlesex County General Obligation Bonds......... 07/15/97 3.900 500,252
</TABLE>
11
<PAGE>
PAINEWEBBER
RMA NEW JERSEY MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT MATURITY INTEREST
(000) DATES RATES VALUE
- ------------- --------------------- ---------------- -----------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES - (CONCLUDED)
$ 950 Monmouth County Bond Anticipation Notes........... 08/28/97 4.375% $ 953,144
545 Morris Township Bond Anticipation Notes........... 05/16/97 4.125 545,265
1,280 Newark Healthcare Facility Revenue
(GNMA College).................................. A 4.300 1,280,000
500 Piscataway Township Bond Anticipation Notes....... 04/25/97 4.250 500,979
1,700 Port Authority of New York and New Jersey......... A 4.850 to 5.300 1,700,000
200 Scotch Plains Township Bond Anticipation Notes.... 04/01/97 5.050 200,720
500 Seaside Heights Bond Anticipation Notes........... 02/21/97 3.625 500,249
1,730 Somerset County General Obligation Bonds.......... 09/01/97 4.700 1,741,165
340 Union County General Obligation Bonds............. 06/01/97 4.550 341,228
100 Union County Pollution Control Finance Authority
(Exxon)......................................... A 4.800 100,000
235 West Windsor Township General Improvement Bonds... 01/15/97 4.550 235,070
1,000 Woodbridge Township Bond Anticipation Notes....... 07/02/97 3.880 1,000,140
1,500 Puerto Rico Commonwealth
Government Development Bank..................... A 3.650 1,500,000
-----------
Total Municipal Bonds And Notes (cost-$37,602,099)............... 37,602,099
-----------
TAX EXEMPT COMMERCIAL PAPER - 17.42%
1,000 New Jersey Economic Development Authority
(Chambers Cogeneration Project)................. 01/10/97 to 02/05/97 3.500 to 3.550 1,000,000
1,000 New Jersey Tax and Revenue Anticipation Notes..... 01/09/97 3.450 1,000,000
700 New Jersey Economic Development Authority
(Logan Project)................................. 01/28/97 3.400 700,000
2,300 Port Authority of New York and New Jersey......... 01/06/97 to 03/12/97 3.400 to 3.500 2,300,000
1,000 State of New Jersey Tax and Revenue Anticipation
Notes........................................... 01/09/97 3.450 1,000,000
2,000 Puerto Rico Commonwealth
Government Development Bank..................... 01/14/97 to 02/11/97 3.600 2,000,000
-----------
Total Tax Exempt Commercial Paper (cost-$8,000,000).............. 8,000,000
-----------
TOTAL INVESTMENTS (cost-$45,602,099 which approximates cost for
federal income tax purposes)--99.35%............................. 45,602,099
Other assets in excess of liabilities--0.65%..................... 295,813
-----------
NET ASSETS (applicable to 45,902,536 shares of beneficial
interest at $1.00 per share)--100.00%............................ $45,897,912
-----------
-----------
</TABLE>
- ------------------
A- Variable Rate Demand Notes are payable on demand. The interest rates shown
are the current rates as of December 31, 1996 and reset periodically.
Weighted Average Maturity--39 days
See accompanying notes to financial statements
12
<PAGE>
PAINEWEBBER
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
RMA RMA RMA
CALIFORNIA NEW YORK NEW JERSEY
---------- ---------- ----------
<S> <C> <C> <C>
Investment income:
Interest............................................................... $9,201,002 $4,914,228 $ 764,082
---------- ---------- ----------
Expenses:
Investment advisory and administration................................. 1,277,753 723,014 112,880
Distribution fees...................................................... 215,936 115,750 27,092
Transfer agency and service fees....................................... 58,231 59,514 8,628
Legal and audit........................................................ 34,808 63,669 12,435
Reports and notices to shareholders.................................... 17,813 18,874 12,326
Custody and accounting................................................. 17,336 14,489 3,240
Federal and state registration fees.................................... 12,583 116,300 3,000
Trustees' fees......................................................... 6,175 6,175 6,175
Other expenses......................................................... 3,176 2,315 2,575
---------- ---------- ----------
1,643,811 1,120,100 188,351
Less:
Fee waivers from adviser............................................. -- (168,358) --
---------- ---------- ----------
Net expenses......................................................... 1,643,811 951,742 188,351
---------- ---------- ----------
Net investment income.................................................. 7,557,191 3,962,486 575,731
Net realized gains (losses) from investment transactions............... 12,615 9,436 (117)
---------- ---------- ----------
Net increase in net assets resulting from operations................... $7,569,806 $3,971,922 $ 575,614
---------- ---------- ----------
---------- ---------- ----------
</TABLE>
See accompanying notes to financial statements
13
<PAGE>
PAINEWEBBER
RMA CALIFORNIA MUNICIPAL MONEY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE YEAR
DECEMBER 31, 1996 ENDED
(UNAUDITED) JUNE 30, 1996
----------------- -------------
<S> <C> <C>
From operations:
Net investment income.................................................... $ 7,557,191 $ 11,959,586
Net realized gains (losses) from investment transactions................. 12,615 (17,667)
----------------- -------------
Net increase in net assets resulting from operations..................... 7,569,806 11,941,919
----------------- -------------
Dividends to shareholders from:
Net investment income.................................................... (7,557,191) (12,073,586)
----------------- -------------
Net increase from transactions in shares of beneficial interest.......... 64,887,086 142,920,650
----------------- -------------
Net increase in net assets............................................... 64,899,701 142,788,983
Net Assets:
Beginning of period...................................................... 473,725,532 330,936,549
----------------- -------------
End of period............................................................ $ 538,625,233 $473,725,532
----------------- -------------
----------------- -------------
</TABLE>
See accompanying notes to financial statements
14
<PAGE>
PAINEWEBBER
RMA NEW YORK MUNICIPAL MONEY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS
ENDED FOR THE YEAR
DECEMBER 31, 1996 ENDED
(UNAUDITED) JUNE 30, 1996
----------------- -------------
<S> <C> <C>
From operations:
Net investment income.................................................... $ 3,962,486 $ 7,104,041
Net realized gains from investment transactions.......................... 9,436 25,432
----------------- -------------
Net increase in net assets resulting from operations..................... 3,971,922 7,129,473
----------------- -------------
Dividends to shareholders from:
Net investment income.................................................... (3,962,486) (7,209,366)
----------------- -------------
Net increase from transactions in shares of beneficial interest.......... 18,500,572 62,457,879
----------------- -------------
Net increase in net assets............................................... 18,510,008 62,377,986
Net Assets:
Beginning of period...................................................... 255,176,756 192,798,770
----------------- -------------
End of period............................................................ $ 273,686,764 $ 255,176,756
----------------- -------------
----------------- -------------
</TABLE>
See accompanying notes to financial statements
15
<PAGE>
PAINEWEBBER
RMA NEW JERSEY MUNICIPAL MONEY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS FOR THE
ENDED EIGHT MONTHS FOR THE YEAR
DECEMBER 31, 1996 ENDED ENDED
(UNAUDITED) JUNE 30, 1996 OCTOBER 31, 1995
----------------- ------------- -----------------
<S> <C> <C> <C>
From operations:
Net investment income............................... $ 575,731 $ 707,712 $ 916,509
Net realized losses from investment transactions.... (117) (2,729) (1,778)
----------------- ------------- -----------------
Net increase in net assets resulting from
operations........................................ 575,614 704,983 914,731
----------------- ------------- -----------------
Dividends to shareholders from:
Net investment income............................... (575,731) (707,712) (916,509)
----------------- ------------- -----------------
Net increase from transactions in shares of
beneficial interest............................... 3,665,214 6,029,617 4,205,178
----------------- ------------- -----------------
Contribution to capital from predecessor adviser.... -- -- 21,521
----------------- ------------- -----------------
Net increase in net assets.......................... 3,665,097 6,026,888 4,224,921
Net Assets:
Beginning of period................................. 42,232,815 36,205,927 31,981,006
----------------- ------------- -----------------
End of period....................................... $45,897,912 $42,232,815 $36,205,927
----------------- ------------- -----------------
----------------- ------------- -----------------
</TABLE>
See accompanying notes to financial statements
16
<PAGE>
PAINEWEBBER
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
PaineWebber Managed Municipal Trust ('Managed Municipal Trust')
and PaineWebber Municipal Money Market Series ('Municipal Money
Market Series') (collectively, the 'Trusts') 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 no-load, non-diversified series of shares:
PaineWebber RMA California Municipal Money Fund ('RMA
California') and PaineWebber RMA New York Municipal Money Fund
('RMA New York'). Municipal Money Market Series currently
offers one no-load, non-diversified series of shares,
PaineWebber RMA New Jersey Municipal Money Fund ('RMA New
Jersey') (collectively the 'Funds'). PaineWebber RMA
Connecticut Municipal Money Fund ('RMA Connecticut') merged
into PaineWebber RMA Tax-Free Fund, Inc. ('RMA Tax-Free') on
November 26, 1996 and is no longer part of the Municipal Money
Market Series.
The preparation of financial statements in accordance with
generally accepted accounting principles requires Fund
management to make estimates and assumptions that affect the
reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates. Following is
a summary of significant accounting policies:
Valuation and Accounting for Investments and Investment
Income--Investments are valued at amortized cost which
approximates market value. Investment transactions are recorded
on the trade date. Realized gains and losses from investment
transactions are calculated using the identified cost method.
Interest income is recorded on an accrual basis. Premiums are
amortized and discounts are accreted as adjustments to interest
income and the identified cost of investments.
Dividends and distributions--Dividends and distributions to
shareholders are recorded on the ex-dividend date. The amount
of dividends and distributions are determined in accordance
with federal income tax regulations, which may differ from
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
Each Fund follows an investment policy of investing primarily
in municipal obligations of one state. Economic changes
affecting the state and certain of its public bodies and
municipalities may affect the ability of issuers within the
state to pay interest on, or repay principal of, municipal
obligations held by each Fund.
ACQUISITIONS
Acquisition of PaineWebber/Kidder, Peabody California
Tax-Exempt Money Fund ('PW/KP California Tax-Exempt Money
Fund')--Effective December 11, 1995,
17
<PAGE>
PAINEWEBBER
RMA California acquired all the net assets of PW/KP California
Tax-Exempt Money Fund pursuant to a plan of reorganization
approved by PW/KP California Tax-Exempt Money Fund shareholders
on December 4, 1995. The acquisition was accomplished by a
tax-free exchange of 120,122,110 shares of RMA California for
120,122,110 shares of PW/KP California Tax-Exempt Money Fund
outstanding on December 11, 1995. PW/KP California Tax-Exempt
Money Fund's net assets at that date, valued at $120,039,530,
including accumulated net realized losses of $26,217, were
combined with those of RMA California.
Acquisition of PaineWebber/Kidder, Peabody Municipal Money
Market Series-- New York Series ('PW/KP Municipal Money Market
Series--New York Series')-- Effective November 13, 1995, RMA
New York acquired all the net assets of PW/KP Municipal Money
Market Series--New York Series pursuant to a plan of
reorganization approved by PW/KP Municipal Money Market
Series--New York Series shareholders on November 8, 1995. The
acquisition was accomplished by a tax-free exchange of
38,947,877 shares of RMA New York for 38,947,877 shares of
PW/KP Municipal Money Market Series--New York Series
outstanding on November 13, 1995. PW/KP Municipal Money Market
Series--New York Series' net assets at that date, valued at
$38,923,062, including accumulated net realized losses of
$5,141, were combined with those of RMA New York.
INVESTMENT ADVISER AND ADMINISTRATOR
Each Trust's board of trustees has approved Investment Advisory
and Administration Contracts ('Advisory Contracts') with
PaineWebber Incorporated ('PaineWebber'), under which
PaineWebber serves as investment adviser and administrator of
the Trusts and each of their Funds. In accordance with their
Advisory Contracts, RMA California and RMA New York pay
PaineWebber an investment advisory and administration fee,
which is accrued daily and paid monthly in accordance with the
following schedule:
<TABLE>
<CAPTION>
ANNUAL
AVERAGE DAILY NET ASSETS RATE
------------------------ ------
<S> <C>
Up to $300 million.................... 0.50%
In excess of $300 million up to $750
million............................ 0.44
Over $750 million..................... 0.36
</TABLE>
In accordance with its Advisory Contract, RMA New Jersey pays
PaineWebber an investment advisory and administration fee,
which is accrued daily and paid monthly, at an annual rate of
0.50% of the Fund's average daily net assets.
At December 31, 1996, RMA California, RMA New York and RMA New
Jersey owed PaineWebber $226,083, $88,288 and $19,254,
respectively, for investment advisory and administration fees.
Mitchell Hutchins Asset Management Inc. ('Mitchell Hutchins'),
a wholly owned subsidiary of PaineWebber, serves as sub-adviser
and sub-administrator of the Funds pursuant to a sub-advisory
and sub-administration contract between PaineWebber and
Mitchell Hutchins. In accordance with that contract,
18
<PAGE>
PAINEWEBBER
PaineWebber (not the Funds) pays Mitchell Hutchins a fee,
accrued daily and paid monthly, at an annual rate of 20% of the
fee paid by the Funds to PaineWebber under the Advisory
Contract.
For the six months ended December 31, 1996, PaineWebber
voluntarily waived a portion of its investment advisory and
administration fees for RMA New York.
DISTRIBUTION PLAN
PaineWebber is the distributor of each Fund's shares. Under the
plan of distribution, each Fund is authorized to pay
PaineWebber a monthly service fee at the annual rate of up to
0.15% of RMA California's and RMA New York's average daily net
assets and 0.12% of RMA New Jersey's average daily net assets
for providing shareholder services and maintaining shareholder
accounts. Currently, PaineWebber is compensated for providing
such services at the annual rate of 0.08% of RMA California's
and RMA New York's average daily net assets and 0.12% of RMA
New Jersey's average daily net assets. At December 31, 1996,
RMA California, RMA New York and RMA New Jersey owed
PaineWebber $38,419, $18,623 and $4,621, respectively, for such
service fees.
TRANSFER AGENCY SERVICE FEES
RMA California and RMA New York pay PaineWebber an annual fee
of $4.00 per active PaineWebber shareholder account plus
certain out-of-pocket expenses, for certain services not
provided by the Funds' transfer agent. For the six months ended
December 31, 1996, PaineWebber earned $27,174 and $19,280 in
transfer agency service fees from RMA California and RMA New
York, respectively. At December 31, 1996, RMA California and
RMA New York owed PaineWebber $4,461 and $3,260, respectively,
for such transfer agency service fees and reimbursement of
out-of-pocket expenses.
OTHER LIABILITIES
At December 31, 1996, RMA California, RMA New York and RMA New
Jersey had dividends payable aggregating $602,350, $302,462 and
$46,861, respectively, and RMA California had a payable for
investments purchased of $2,067,340.
FEDERAL TAX STATUS
Each Fund intends to distribute all of its tax-exempt income
and any taxable 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 its net
investment income, capital gains and certain other amounts, if
any, each Fund intends not to be subject to a federal excise
tax.
At June 30, 1996, RMA California had net capital loss
carryforwards of $353,930 which includes capital losses
acquired by the Fund pursuant to its acquisition of PW/KP
California Tax Exempt Money Fund in the amount of $26,217. RMA
New
19
<PAGE>
PAINEWEBBER
York had net capital loss carryforwards of $113,636 which
includes losses acquired by the Fund pursuant to its
acquisition of PW/KP Municipal Money Market Series--New York
Series in the amount of $5,141. RMA New Jersey had a net
capital loss carryforward of $1,779. These loss carryforwards
are available as reductions, to the extent provided in the
regulations, of future net realized capital gains, and will
expire for RMA California between June 30, 1997 and June 30,
2004, for RMA New York between June 30, 1997 and June 30, 2003
and for RMA New Jersey by June 30, 2002. To the extent these
losses are used to offset future capital gains, it is probable
that the gains so offset will not be distributed.
BENEFICIAL INTEREST
There is an unlimited amount of $0.001 par value shares of
beneficial interest authorized for each Fund. Transactions in
shares of beneficial interest, at $1.00 per share, were as
follows:
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
DECEMBER 31, 1996 JUNE 30, 1996
------------------------ ------------------
<S> <C> <C>
RMA CALIFORNIA:
Shares sold............ 1,380,167,945 2,242,802,568
Shares issued in
connection with the
acquisition of PW/KP
California Tax Exempt
Money Fund........... -- 120,122,110
Shares repurchased..... (1,322,490,277) (2,231,700,082)
Dividends reinvested... 7,209,418 11,696,054
------------------------ ------------------
Net increase........... 64,887,086 142,920,650
------------------------ ------------------
------------------------ ------------------
RMA NEW YORK:
Shares sold............ 848,858,194 1,461,429,170
Shares issued in
connection with the
acquisition of PW/KP
Municipal Money
Market Series--New
York................. -- 38,947,877
Shares repurchased..... (834,135,390) (1,444,920,852)
Dividends reinvested... 3,777,768 7,001,684
------------------------ ------------------
Net increase........... 18,500,572 62,457,879
------------------------ ------------------
------------------------ ------------------
</TABLE>
<TABLE>
<CAPTION>
FOR THE SIX FOR THE EIGHT FOR THE YEAR
MONTHS ENDED MONTHS ENDED ENDED
DECEMBER 31, 1996 JUNE 30, 1996 OCTOBER 31, 1995
-------------------- --------------- -------------------
<S> <C> <C> <C>
RMA NEW JERSEY:
Shares sold............ 112,210,270 151,094,467 191,790,113
Shares repurchased..... (109,095,584) (145,760,542) (188,445,267)
Dividends reinvested... 550,528 695,692 860,332
-------------------- --------------- -------------------
Net increase........... 3,665,214 6,029,617 4,205,178
-------------------- --------------- -------------------
-------------------- --------------- -------------------
</TABLE>
20
<PAGE>
PAINEWEBBER
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
For the Six Seven For the
Months Ended For the Years Ended June 30, Months Ended Year Ended
December 31, 1996 -------------------------------------------- June 30, November 30,
(unaudited) 1996 1995 1994 1993 1992 1991
----------------- -------- -------- -------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------- -------- -------- -------- -------- ------------ ------------
Net investment
income.............. 0.014 0.029 0.029 0.018 0.019 0.016 0.038
Dividends from net
investment income... (0.014) (0.029) (0.029) (0.018) (0.019) (0.016) (0.038)
----------------- -------- -------- -------- -------- ------------ ------------
Net asset value, end
of period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------- -------- -------- -------- -------- ------------ ------------
----------------- -------- -------- -------- -------- ------------ ------------
Total investment
return(1)........... 1.41% 2.89% 2.91% 1.78% 1.88% 1.61% 3.81%
----------------- -------- -------- -------- -------- ------------ ------------
----------------- -------- -------- -------- -------- ------------ ------------
Ratios/Supplemental
Data:
Net assets, end of
period (000's)...... $ 538,625 $473,726 $330,937 $295,183 $290,367 $259,183 $261,902
Expenses to average
net assets.......... 0.61%* 0.70%(2) 0.69% 0.69% 0.72% 0.69%* 0.75%
Net investment income
to average net
assets.............. 2.80%* 2.82%(2) 2.87% 1.79% 1.86% 2.75%* 3.83%
</TABLE>
- ------------------
* Annualized
(1) Total investment return is calculated assuming a $1,000 investment on the
first day of each period reported, reinvestment of all dividends and
distributions 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
returns for periods of less than one year have not been annualized.
(2) These ratios include non-recurring acquisition expenses of 0.03%.
21
<PAGE>
PAINEWEBBER
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
For the Six Seven For the
Months Ended For the Years Ended June 30, Months Ended Year Ended
December 31, 1996 ----------------------------------------- June 30, November 30,
(unaudited) 1996 1995 1994 1993 1992 1991
----------------- -------- -------- -------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------- -------- -------- -------- -------- ------------ ------------
Net investment income ....... 0.014 0.029 0.028 0.017 0.018 0.016 0.037
Dividends from net
investment income ......... (0.014) (0.029) (0.028) (0.017) (0.018) (0.016) (0.037)
----------------- -------- -------- -------- -------- ------------ ------------
Net asset value, end of
period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------------- -------- -------- -------- -------- ------------ ------------
----------------- -------- -------- -------- -------- ------------ ------------
Total investment
return(1) ................. 1.39% 2.91% 2.81% 1.70% 1.82% 1.62% 3.74%
----------------- -------- -------- -------- -------- ------------ ------------
----------------- -------- -------- -------- -------- ------------ ------------
Ratios/Supplemental Data:
Net assets, end of period
(000's) ................... $ 273,687 $255,177 $192,799 $165,111 $116,604 $129,687 $121,347
Expenses to average net
assets before waiver from
adviser ................... 0.77%* 0.74%(2) 0.71% 0.75% 0.79% 0.73%* 0.89%
Expenses to average net
assets
net of waiver from
adviser ................... 0.66%* 0.72%(2) 0.68% 0.68% 0.68% 0.68%* 0.68%
Net investment income to
average net assets before
waiver from adviser ....... 2.62%* 2.80%(2) 2.78% 1.67% 1.70% 2.54%* 3.52%
Net investment income to
average net assets net of
waiver from adviser ....... 2.73%* 2.82%(2) 2.81% 1.74% 1.81% 2.59%* 3.73%
</TABLE>
- ------------------
* Annualized
(1) Total investment return is calculated assuming a $1,000 investment on the
first day of each period reported, reinvestment of all dividends and
distributions 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
returns for periods of less than one year have not been annualized.
(2) These ratios include non-recurring acquisition expenses of 0.04%.
22
<PAGE>
PAINEWEBBER
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 Period
For the Six For the February 1,
Months Ended Eight For the Years 1991+
December 31, Months Ended Ended October 31, to
1996 June 30, ---------------------------------------- October 31,
(unaudited) 1996 1995(2) 1994 1993 1992 1991
------------ ------------ ------- ------- ------- ------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------- ------- ------- ------- --------------
Net investment
income............ 0.013 0.017 0.027 0.018 0.016 0.025 0.032
Dividends from net
investment
income............ (0.013) (0.017) (0.027) (0.018) (0.016) (0.025) (0.032)
------------ ------------ ------- ------- ------- ------- --------------
Net asset value, end
of period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------- ------- ------- ------- --------------
------------ ------------ ------- ------- ------- ------- --------------
Total investment
return(1)......... 1.29% 1.71% 2.75% 1.76% 1.65% 2.49% 3.19%
------------ ------------ ------- ------- ------- ------- --------------
------------ ------------ ------- ------- ------- ------- --------------
Ratios/Supplemental
Data:
Net assets, end of
period (000's).... $ 45,898 $ 42,233 $36,206 $31,981 $36,473 $27,625 $ 41,504
Expenses to average
net assets**...... 0.83%* 0.95%* 0.93% 0.85% 0.93% 0.86% 0.27%*
Net investment
income to average
net assets**...... 2.55%* 2.56%* 2.73% 1.74% 1.63% 2.51% 4.20%*
</TABLE>
- ------------------
* Annualized
+ Commencement of operations
(1) Total investment return is calculated assuming a $1,000 investment on the
first day of each period reported, reinvestment of all dividends and
distributions 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
returns for periods of less than one year have not been annualized.
** For the period February 1, 1991 to October 31, 1991, the predecessor adviser
waived and/or reimbursed the Fund for a portion of its operating expenses. If
such fee waivers and/or expense reimbursements had not been made, the
annualized ratio of expenses to average net assets and the annualized ratio
of net investment income to average net assets would have been 0.83% and
3.64%, respectively.
(2) Investment advisory functions for the Fund were transferred from Kidder,
Peabody Asset Management, Inc. to PaineWebber on January 30, 1995.
23
<PAGE>
[This page intentionally left blank]
<PAGE>
[This page intentionally left blank]
<PAGE>
[This page intentionally left blank]
<PAGE>
TRUSTEES
E. Garrett Bewkes, Jr. Meyer Feldberg
Chairman George W. Gowen
Margo N. Alexander Frederic V. Malek
Richard Q. Armstrong Carl W. Schafer
Richard R. Burt John R. Torell III
Mary C. Farrell
OFFICERS
Margo N. Alexander Julian F. Sluyters
President Vice President and Treasurer
Victoria E. Schonfeld Cynthia N. Bow
Vice President Vice President
Dianne E. O'Donnell Debbie Vermann
Vice President and Secretary Vice President
INVESTMENT ADVISER,
ADMINISTRATOR AND DISTRIBUTOR
PaineWebber Incorporated
1285 Avenue of the Americas
New York, New York 10019
SUB-ADVISER AND SUB-ADMINISTRATOR
Mitchell Hutchins Asset Management Inc.
1285 Avenue of the Americas
New York, New York 10019
The financial information 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
Fund unless accompanied or preceded by an effective prospectus.
<PAGE>
PaineWebber
(copyright symbol) 1997 PaineWebber Incorporated
Member SPOC
- --------------------------------------------------------------------------------
[LOGO OF PAINEWEBBER]
SEMIANNUAL REPORT
RMA MUNICIPAL MONEY FUNDS
RMA California Municpal Money Fund
RMA New York Municpal Money Fund
RMA New Jersey Municipal Money Fund
December 31, 1996
