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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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 PaineWebber
RMA California Municipal Money Fund and
PaineWebber RMA New York Municipal Money Fund)
for the year ended June 30, 1999, 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, and 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 fraud 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 internal control
would not necessarily disclose all matters
in 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 specific internal control
components does not reduce to a relatively
low level the risk that errors or fraud 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
internal control and its operation, including
controls for safeguarding securities, that
we consider to be material weaknesses as
defined above at June 30, 1999.
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 and is not intended to
be and should not be used by anyone other
than these specified parties.
ERNST & YOUNG LLP
August 19, 1999
FORM 10f-3 FUND: PaineWebber RMA California
Record of Securities Purchased Under the Fund's Rule
10f-3 Procedures
1. Issuer: Puerto Rico Trans
2. Date of Purchase: 11/5/98 3. Date
offering commenced: 11/5/98
3. Underwriters from whom purchased:
Morgan Stanley
4. "Affiliated Underwriter" managing
or participating in syndicate:
PaineWebber
5. Aggregate principal amount of purchase:
5,000 M
6. Aggregate principal amount of offering:
600,000 M
7. Purchase price (net of fees and expenses):
100.42
8. Initial public offering price: 100.42
9. Commission, spread or profit: % $0.75
10. Have the following conditions been satisfied?
YES
NO
a. The securities are "municipal securities" as
defined in Section 3(a)(29) of the Securities Exchange
Act of 1934.
___X____
_______
b. The securities were purchased prior to the end
of the first day on which any sales are made.
____X __
_______
c. The securities were purchased at a price
not more than the price paid by each other
purchaser in the offering.
____X___
_______
d. The underwriting was a firm
commitment underwriting.
____X___
_______
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.
____X___
_______
f. The issuer has received an investment grade
rating from a nationally recognized statistical
rating organization or, if the issuer, 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 highest ratings
from at least one such rating organization.
_____X__
_______
g. The amount of such securities purchased by
all of the investment companies advised by Mitchell
Hutchins (or the Fund's Sub-adviser, if applicable)
did not exceed 25% of the principal amount of the
offering.
____X___
_______
h. No purchases were designated as group
sales or otherwise allocated to the account of any
Affiliated Underwriter.
___X____
_______
Approved: Elbridge T. Gerry Date: 12/2/98
