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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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Report of Independent Auditors
To the Shareholders and Board of
Directors of
PaineWebber Managed Municipal
Trust
In planning and performing our audit
of the financial statements of
PaineWebber Managed Municipal
Trust (consisting of RMA California
Municipal Money Fund and RMA
New York Municipal Money Fund)
for the year ended June 30, 1998, 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, 1998.
This report is intended solely for the
information and use of the board of
directors and management of
PaineWebber Managed Municipal
Trust and the Securities and Exchange
Commission.
ERNST & YOUNG LLP
New York, New York
August 21, 1998
FORM 10f-3 FUND: PaineWebber RMA California Municipal Money Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Pueto Rico Trans
2. Date of Purchase: 11/18/97
3. Date offering commenced: 11/18/97
4. Underwriters from whom purchased: Bear Stearns
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase:
7. Aggregate principal amount of offering: 600,000
8. Purchase price (net of fees and expenses): 100.481
9. Initial public offering price: 100.481
10. Commission, spread or profit: % $0.75
11. Have the following conditions been satisfied? <PAGE>
YES NO<PAGE>
a. The securities are Amunicipal securities@
as defined in Section 3(a)(29) of the Securities
Exchange Act of 1934<PAGE>
_X__ _______
b. The securities were purchased prior to the
end of the first day on which sales are made.<PAGE>
__X__ _______<PAGE>
c. The securities were purchased at a price
not more than the price paid by each other purchaser
in the offering.<PAGE>
__X__ _______<PAGE>
d. The underwriting was a firm commitment
underwriting,<PAGE>
__X__ ________<PAGE>
e. The commission, spread or profit was
reasonable and fair in relation to that being
received by others for underwriting similar
securities during the same period.<PAGE>
__X__ ________<PAGE>
f. The issuer has received an investment
grade rating from a nationally recognized
statistical rating organization or, if the issue,
or entity supplying the revenues from which the
issue is to be paid, shall have been in continuous
operation for less than three years (including any
predecessor), the issue has received one of the
three highest ratings from at least one such rating
organization.<PAGE>
__X__ _______<PAGE>
g. The amount of such securities purchased by
all of the investment companies advised by Mitchell
Hutchins (of the Fund=s Sub-Adviser, if applicable)
did not exceed 25% of the principal amount of the
offering.<PAGE>
___X___ ________<PAGE>
h. No purchases were designated as group sales
or otherwise allocated to the account of any
Affiliated Underwriter. ___X___<PAGE>
_______<PAGE>
<PAGE>
Note: Refer to the Rule 10f-3 Procedures for the definitions of the
capitalized terms above. In particular, AAffiliated Underwriter@ is
defined as Paine Webber Group Inc. and any of its affiliates,
including PaineWebber Incorporated. In the case of a Fund advised
by a Sub-Adviser, AAffiliated Underwriter@ shall also include any
brokerage affiliate of the Sub-Adviser.
Approved: Date:
FORM 10f-3 FUND: PaineWebber RMA New York Municipal Money Fund
Record of Securities Purchased Under the Fund's Rule 10f-3 Procedures
1. Issuer: Pueto Rico Trans
2. Date of Purchase: 11/18/97
3. Date offering commenced: 11/18/97
4. Underwriters from whom purchased: Bear Stearns
5. "Affiliated Underwriter" managing or participating in syndicate:
PaineWebber
6. Aggregate principal amount of purchase: 5,000,000
7. Aggregate principal amount of offering: 600,000,000
8. Purchase price (net of fees and expenses): 100.481
9. Initial public offering price: 100.481
10. Commission, spread or profit: % $0.75
11. Have the following conditions been satisfied? <PAGE>
YES NO<PAGE>
a. The securities are Amunicipal securities@
as defined in Section 3(a)(29) of the Securities
Exchange Act of 1934 __X__<PAGE>
_______<PAGE>
b. The securities were purchased prior to the
end of the first day on which sales are made.<PAGE>
__X__ _______<PAGE>
c. The securities were purchased at a price not
more than the price paid by each other purchaser in
the offering. __X__<PAGE>
_______<PAGE>
d. The underwriting was a firm commitment
underwriting,<PAGE>
__X__________<PAGE>
e. The commission, spread or profit was reasonable
and fair in relation to that being received by others
for underwriting similar securities during the same
period.<PAGE>
__X__ _______<PAGE>
f. The issuer has received an investment grade
rating from a nationally recognized statistical rating
organization or,if the issue, or entity supplying the
revenues from which the issue is to be paid, shall have
been in continuous operation for less than three years
(including any predecessor), the issue has received one
of the three highest ratings from at least one such
rating organization.<PAGE>
__X__ _______<PAGE>
g. The amount of such securities purchased by all
of the investment companies advised by Mitchell
Hutchins (of the Fund=s Sub-Adviser, if applicable)
did not exceed 25% of the principal amount of the
offering.<PAGE>
___X___ _______<PAGE>
h. No purchases were designated as group sales or
otherwise allocated to the account of any Affiliated
Underwriter.<PAGE>
___X___ _______<PAGE>
<PAGE>
Note: Refer to the Rule 10f-3 Procedures for the
definitions of the capitalized terms above. In particular,
AAffiliated Underwriter@ is defined as Paine Webber Group Inc.
and any of its affiliates, including PaineWebber Incorporated.
In the case of a Fund advised by a Sub-Adviser, AAffiliated
Underwriter@ shall also include any brokerage affiliate of
the Sub-Adviser.
Approved: Date:
