<PAGE>
PAINEWEBBER MONEY MARKET FUND SEMIANNUAL REPORT
October 16, 2000
Dear Shareholder,
We are pleased to present you with the semiannual report for PaineWebber Money
Market Fund (the "Fund") for the six-month period ended August 31, 2000.
MARKET REVIEW
The six-month period ended August 31, 2000 showed a marked change in sentiment
among investors, as fears of inflationary pressures and continued interest rate
increases gave way to guarded optimism that rates would remain stable at least
through the presidential election. The Federal Reserve (the "Fed") raised
short-term interest rates twice, once in March and then in mid-May, resulting in
the Fed Funds rate rising from 5.25% to 6.50%. (The Fed Funds rate is the rate
the Fed charges for overnight loans.) Although the Fed warned that future
increases in 2000 were not out of the question if economic growth didn't slow to
a sustainable pace, fears subsided as the economy finally began to show concrete
proof that it was indeed cooling off.
Through May, yields on fixed income securities were at their highest points
in years, creating difficulty for both bond and money market funds. Money market
funds fared better than other segments of the market, however, because of their
concentration on safety and liquidity.
Finally, as the bond market began to emerge from these difficult conditions
in late spring, yields on the 30-year Treasury began to recover, as the Treasury
began buying back shorter-term debt. The Fed opted to remain neutral at its
August meeting, keeping interest rates where they were.
PORTFOLIO REVIEW
7-Day Yield/1/ 8/31/00 2/29/00
--------------------------------------------------------------------------------
Class A Shares 5.58% 4.72%
Class B Shares 5.08 4.27
Class C Shares 5.10 4.28
--------------------------------------------------------------------------------
/1/ Yields will fluctuate.
PORTFOLIO HIGHLIGHTS
During the period, the Fund had a weighted average maturity below that of
its peer group, helping the Fund to weather the difficult market conditions.
Even with some positive signs that interest rates had stabilized, we continued
to monitor general economic uncertainty, especially in light of unpredictable
oil prices. We continued to emphasize quality debt instruments among our
holdings.
1
<PAGE>
SEMIANNUAL REPORT PAINEWEBBER MONEY MARKET FUND
PORTFOLIO STATISTICS
Characteristics* 8/31/00 2/29/00
Weighted Average Maturity 22.2 days 13.6 days
Average Credit Quality First Tier First Tier
Net Assets ($mm) $71.1 $94.7
Sector Allocation* 8/31/00 2/29/00
Commercial Paper 67.8% Commercial Paper 61.9%
U.S. Gov't & Agency 28.3 U.S. Gov't & Agency 27.2
Certificates of Deposit 4.2 Certificates of Deposit 5.8
Liabilities in Excess of Assets -0.3 Short-Term Corporate 1.9
Bank Notes 4.5
Liabilities in Excess of Assets -1.3
Total 100.0 Total 100.0
OUTLOOK
While the prospects for a soft landing seem more likely now than six months
ago, we cannot ignore potentially troubling aspects of the economy that could
short-circuit that landing and prompt the Federal Reserve to again raise rates.
These signs, including a revision upwards of second quarter gross domestic
product (GDP) and the effect of oil prices on inflation, could be small bumps in
the road to slower growth, but we will continue to monitor events carefully.
Barring major inflationary pressures, we expect that interest rates will remain
stable through the fall presidential election.
* Weightings represent percentages of net assets as of the dates indicated.
The Fund's portfolio is actively managed, and its composition will vary
over time.
2
<PAGE>
PAINEWEBBER MONEY MARKET FUND SEMIANNUAL REPORT
We have every intention to focus on liquidity, high credit quality and
portfolio diversity through the coming months to help ensure the Fund continues
to meet your goals.
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. For a Quarterly Review of a
fund in the PaineWebber Family of Funds,/2/ please contact your Financial
Advisor.
Sincerely,
/s/ MARGO ALEXANDER /s/ BRIAN M. STORMS
MARGO ALEXANDER BRIAN M. STORMS
Chairman Chief Executive Officer and President
Mitchell Hutchins Asset Management Inc. Mitchell Hutchins
Asset Management Inc.
/s/ SUSAN P. RYAN
SUSAN P. RYAN
Senior Vice President
Mitchell Hutchins Asset Management Inc.
This letter is intended to assist shareholders in understanding how the Fund
performed during the six-month period ended August 31, 2000, and reflects our
views at the time of its writing. Of course, these views may change in response
to changing circumstances. We encourage you to consult your Financial Advisor
regarding your personal investment program.
/2/ Mutual funds are sold by prospectus only. The prospectuses for the funds
contain more complete information regarding risks, charges and expenses,
and should be read carefully before investing.
3
<PAGE>
PaineWebber Money Market Fund
Statement of Net Assets August 31, 2000 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Maturity Interest
(000) Dates Rates Value
--------- -------- -------- -----------
<C> <S> <C> <C> <C>
U.S. Agency Obligations@ -- 28.28%
$10,000 Federal Home Loan Mortgage........... 09/19/00 6.46% $ 9,967,700
10,134 Federal National Mortgage
Association......................... 09/01/00 6.53 10,134,000
-----------
Total U.S. Agency Obligations (cost --
$20,101,700)................................... 20,101,700
-----------
Certificates of Deposit -- 4.22%
Yankee -- 4.22%
1,000 Bank of Nova Scotia.................. 04/30/01 6.85 999,992
2,000 Societe Generale..................... 04/10/01 6.80 1,999,598
-----------
Total Certificates of Deposit (cost --
$2,999,590).................................... 2,999,590
-----------
Commercial Paper@ -- 67.82%
Asset Backed-Auto & Truck -- 2.81%
2,000 New Center Asset Trust............... 09/05/00 6.50 1,998,556
-----------
Asset Backed-Banking-Domestic -- 2.81%
2,000 Wood Street Funding Corporation...... 09/07/00 6.51 1,997,830
-----------
Asset Backed-Miscellaneous -- 16.91%
2,469 Delaware Funding Corporation......... 10/04/00 6.52 2,454,243
1,429 Enterprise Funding Corporation....... 09/06/00 6.50 1,427,710
1,654 Giro Funding US Corporation.......... 10/12/00 6.54 1,641,680
2,625 Parthenon Receivables Funding LLC.... 09/06/00 6.54 2,622,615
857 Quincy Capital Corporation........... 09/26/00 6.51 853,126
1,028 Receivables Capital Corporation...... 09/11/00 6.51 1,026,141
2,000 Triple-A One Funding................. 09/13/00 6.50 1,995,667
-----------
12,021,182
-----------
Auto & Truck -- 7.16%
2,000 BMW US Capital Incorporated.......... 09/08/00 6.48 1,997,480
2,100 Daimler-Chrysler NA Holding
Corporation......................... 09/21/00 6.50 2,092,417
1,000 General Motors Acceptance
Corporation......................... 09/12/00 6.49 998,017
-----------
5,087,914
-----------
Banking-Domestic -- 0.42%
300 KFW International Finance
Incorporated........................ 09/27/00 6.55 298,581
-----------
Chemicals -- 4.22%
3,000 Dow Chemical Company................. 09/01/00 6.63 3,000,000
-----------
Drugs, Health Care -- 2.47%
1,763 Merck & Co., Incorporated............ 09/20/00 6.48 1,756,971
-----------
Electronics -- 2.81%
2,000 Motorola Incorporated................ 09/11/00 6.49 1,996,394
-----------
</TABLE>
4
<PAGE>
PaineWebber Money Market Fund
<TABLE>
<CAPTION>
Principal
Amount Maturity Interest
(000) Dates Rates Value
--------- -------- -------- -----------
<C> <S> <C> <C> <C>
Commercial Paper@ -- (concluded)
Energy -- 2.81%
$ 2,000 Exxon Mobil Australia Ltd........... 09/13/00 6.51% $ 1,995,660
-----------
Finance-Consumer -- 11.97%
3,000 Household Finance Corporation....... 09/01/00 6.65 3,000,000
2,530 Transamerica Finance Corporation.... 10/23/00 6.53 2,506,136
3,000 USA Education Incorporated.......... 09/01/00 6.65 3,000,000
-----------
8,506,136
-----------
Food & Beverage -- 4.21%
1,000 Heinz H J Company................... 09/12/00 6.48 998,020
2,000 Nestle Capital Corporation.......... 09/05/00 6.50 1,998,556
-----------
2,996,576
-----------
Insurance -- 4.22%
3,000 Prudential Funding Corporation...... 09/01/00 6.63 3,000,000
-----------
Manufacturing-Diversified -- 2.20%
1,574 Honeywell International............. 10/16/00 6.48 1,561,251
-----------
Printing & Publishing -- 2.80%
2,000 Gannett Company..................... 09/18/00 6.48 1,993,880
-----------
Total Commercial Paper (cost -- $48,210,931)... 48,210,931
-----------
<CAPTION>
Shares
---------
<C> <S> <C> <C> <C>
Money Market Fund -- 0.01%
9,270 AIM Prime Portfolio (cost --
$9,270)........................... 9,270
-----------
Total Investments (cost -- $71,321,491 which
approximates cost for federal income
tax purposes) -- 100.33%...................... 71,321,491
Liabilities in excess of other assets --
(0.33)%...................................... (233,350)
-----------
Net Assets (applicable to 31,142,891,
27,961,052 and 11,984,794 shares of Class A,
Class B and Class C, respectively, each
equivalent to $1.00 per share) -- 100.00%..... $71,088,141
===========
</TABLE>
---------
@ Interest rates shown are discount rates at date of purchase.
Weighted average maturity -- 22 days
See accompanying notes to financial statements
5
<PAGE>
PaineWebber Money Market Fund
Statement of Operations
<TABLE>
<CAPTION>
For the Six
Months Ended
August 31, 2000
(unaudited)
---------------
<S> <C>
Investment income:
Interest........................................................ $2,541,810
----------
Expenses:
Investment advisory and administration.......................... 199,446
Service fees -- Class A......................................... 32,174
Service and distribution fees -- Class B........................ 154,966
Service and distribution fees -- Class C........................ 47,680
Legal and audit................................................. 37,343
Transfer agency and related services fees....................... 26,063
Reports and notices to shareholders............................. 24,789
State registration fees......................................... 20,055
Directors' fees................................................. 5,250
Custody and accounting.......................................... 5,051
Other expenses.................................................. 1,809
----------
554,626
----------
Net investment income........................................... 1,987,184
Net realized loss from investment transactions.................. (45)
----------
Net increase in net assets resulting from operations............ $1,987,139
==========
</TABLE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
For the Six
Months Ended For the
August 31, 2000 Year Ended
(unaudited) February 29, 2000
--------------- -----------------
<S> <C> <C>
From operations:
Net investment income........................ $ 1,987,184 $ 3,885,258
Net realized loss from investment
transactions................................ (45) (608)
------------ -----------
Net increase in net assets resulting from
operations.................................. 1,987,139 3,884,650
------------ -----------
Dividends to shareholders from:
Net investment income -- Class A............. (686,496) (1,687,052)
Net investment income -- Class B............. (992,624) (1,668,943)
Net investment income -- Class C............. (308,064) (529,263)
------------ -----------
(1,987,184) (3,885,258)
------------ -----------
Net increase (decrease) in net assets from
capital share transactions.................. (23,568,535) 2,646,060
------------ -----------
Net increase (decrease) in net assets........ (23,568,580) 2,645,452
Net assets:
Beginning of the period...................... 94,656,721 92,011,269
------------ -----------
End of the period............................ $ 71,088,141 $94,656,721
============ ===========
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
Notes to Financial Statements (unaudited)
Organization and Significant Accounting Policies
PaineWebber Master Series, Inc. ("Master Series") was incorporated in Maryland
on October 29, 1985 and is registered with the Securities and Exchange
Commission under the Investment Company Act of 1940, as amended, as an open-
end, diversified series investment company which currently offers two series of
shares: PaineWebber Money Market Fund ("Fund") and PaineWebber Balanced Fund.
The financial statements for PaineWebber Balanced Fund are not included herein.
The Fund currently offers Class A, Class B and Class C shares. Each class rep-
resents interests in the same assets of the Fund and the classes are identical
except for differences in their sales charge structure, ongoing service and
distribution charges and certain transfer agency and related services expenses.
In addition, Class B shares automatically convert to Class A shares approxi-
mately six years after initial issuance. All classes of shares have equal vot-
ing privileges, except that each class has exclusive voting rights with respect
to its service and/or distribution plan. All classes of shares may be obtained
only through an exchange of shares of the corresponding class of other
PaineWebber mutual funds.
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. The following is
a summary of significant accounting policies:
Valuation and Accounting for Investments--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 cal-
culated using the identified cost method. Interest income is recorded on an ac-
crual basis. Premiums are amortized and discounts are accreted as adjustments
to interest income and the identified cost of investments.
Repurchase Agreements--The Fund's custodian takes possession of the collateral
pledged for investments in repurchase agreements. The underlying collateral is
valued daily on a mark-to-market basis to ensure that the value, including ac-
crued interest, is at least equal to the repurchase price. In the event of de-
fault of the obligation to repurchase, the Fund has the right to liquidate the
collateral and apply the proceeds in satisfaction of the obligation. Under cer-
tain circumstances, in the event of default or bankruptcy by the other party to
the agreement, realization and/or retention of the collateral may be subject to
legal proceedings. The Fund may participate in joint repurchase agreement
transactions with other funds managed by Mitchell Hutchins Asset Management
Inc. ("Mitchell Hutchins"), an asset management subsidiary of PaineWebber In-
corporated ("PaineWebber") a wholly owned subsidiary of Paine Webber Group Inc.
("PW Group") and investment adviser and administrator of the Fund.
Net Investment Income and Investment Transactions--Income and expenses (ex-
cluding class-specific expenses) are allocated proportionately to each class of
shares based upon the relative net asset value of dividend-eligible shares of
each class at the beginning of the day (after adjusting for current capital
share activity of the respective classes). Realized gains and losses are allo-
cated proportionately to each class of shares based upon the relative value of
shares outstanding at the beginning of the day (after adjusting for current
capital share activity of the respective classes). Class-specific expenses are
charged directly to the applicable class of shares.
Dividends and Distributions--Dividends and distributions to shareholders are
recorded on the ex-dividend date. 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.
7
<PAGE>
Notes to Financial Statements (unaudited)
Concentration of Risk
The ability of the issuers of the debt securities held by the Fund to meet
their obligations may be affected by economic developments, including those
particular to a specific industry or region.
Investment Adviser and Administrator
The Board of Directors of Master Series has approved an Investment Advisory
and Administration Contract ("Advisory Contract") with Mitchell Hutchins, under
which Mitchell Hutchins serves as investment adviser and administrator of the
Fund. In accordance with the Advisory Contract, the Fund pays Mitchell Hutchins
an investment advisory and administration fee, which is accrued daily and paid
monthly, at the annual rate of 0.50% of the Fund's average daily net assets. At
August 31, 2000, the Fund owed Mitchell Hutchins $28,014 for investment advi-
sory and administration fees.
On July 12, 2000, PW Group and UBS AG ("UBS") announced that they had entered
into an agreement and plan of merger under which PW Group will merge into a
wholly owned subsidiary of UBS. If all required approvals are obtained and the
required conditions are satisfied, PW Group and UBS expect to complete the
transaction in the fourth quarter of 2000. UBS, with headquarters in Zurich,
Switzerland, is an internationally diversified organization with operations in
many areas of the financial services industry.
Distribution Plans
Mitchell Hutchins is the distributor of the Fund's shares and has appointed
PaineWebber as the exclusive dealer for the sale of those shares. Under sepa-
rate plans of service and/or distribution pertaining to Class A, Class B and
Class C shares, the Fund pays Mitchell Hutchins monthly service fees at the an-
nual rate of 0.25% of the average daily net assets of each class of shares and
monthly distribution fees at an annual rate of 0.50% of the average daily net
assets of Class B and Class C shares. At August 31, 2000 the Fund owed Mitchell
Hutchins $31,106 in service and distribution fees.
Mitchell Hutchins also receives the proceeds of the contingent deferred sales
charges paid upon certain redemptions of Class A, Class B and Class C shares.
Mitchell Hutchins has informed the Fund that for the six months ended August
31, 2000, it earned $173,015 in sales charges.
Transfer Agency and Related Services Fees
PaineWebber provides transfer agency related services to the Fund pursuant to
a delegation of authority from PFPC, Inc., the Funds' transfer agent, and is
compensated for these services by PFPC, Inc., not the Fund. For the six months
ended August 31, 2000, PaineWebber received from PFPC, Inc., not the Fund, ap-
proximately 51% of the total transfer agency and related service fees collected
by PFPC, Inc. from the Fund.
Money Market Fund Insurance Bond
Effective September 30, 1999, the Fund obtained an insurance bond that pro-
vides limited coverage for certain loss events involving certain money market
instruments held by the Fund. These loss events include non-payment of princi-
pal or interest or a bankruptcy or insolvency of the issuer or credit enhance-
ment provider (if any). The insurance bond provides for coverage up to $200
million for a number of funds with a deductible of 10 basis points (0.10%) of
the total assets of the Fund for First Tier Securities and 50 basis points
(0.50%) of the total assets of the Fund for Second Tier Securities, in each
case determined as of the close of business on the first business day prior to
the loss event. In the event of a loss covered under the insurance bond, the
Fund would expect to retain the security in its portfolio, rather than having
to sell it at its current market value, until the date of payment of the loss,
which is generally no later than the maturity of the security. While the policy
is intended to provide some protection against credit risk and to help the Fund
maintain a constant price per share of $1.00, there is no guarantee that the
insurance will do so. For the period September 30, 1999 to August 31, 2000, the
Fund did not use this insurance bond.
8
<PAGE>
Notes to Financial Statements (unaudited)
Other Liabilities
At August 31, 2000, the amounts payable for Fund shares repurchased and divi-
dends payable aggregated $7,933,154 and $20,665, respectively.
Capital Stock
There are 10 billion shares of $0.001 par value common stock authorized for
Master Series, of which 1 billion were allocated to the Fund. Transactions in
shares of common stock, at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Class A Class B Class C
-------------------------- ------------------------- -------------------------
For the For the For the For the For the
For the Year Six Months Year Six Months Year
Six Months Ended Ended Ended Ended Ended
Ended August February 29, August 31, February 29, August 31, February 29,
31, 2000 2000 2000 2000 2000 2000
------------ ------------ ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold............. 140,412,609 724,078,370 10,192,979 102,429,610 83,302,238 179,418,396
Shares repurchased...... (134,828,210) (683,232,436) (39,408,016) (61,516,312) (84,994,940) (179,395,491)
Shares converted from
Class B to Class A..... 745,510 5,296,686 (745,511) (4,179,473) -- --
Dividends reinvested.... 584,344 1,135,151 911,060 1,487,393 259,402 433,034
------------ ------------ ----------- ----------- ----------- ------------
Net increase (decrease)
in shares outstanding.. 6,914,253 47,277,771 (29,049,488) 38,221,218 (1,433,300) 455,939
============ ============ =========== =========== =========== ============
</TABLE>
Federal Tax Status
The Fund intends to distribute substantially all of its taxable income and to
comply with the other requirements of the Internal Revenue Code applicable to
regulated investment companies. Accordingly, no provisions 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, the Fund intends not to be subject to a federal excise tax.
At February 29, 2000, the Fund had a net capital loss carryforward of $608
which will expire by February 28, 2008. To the extent such losses are used as
provided in the regulations, to offset future net realized capital gains, it is
probable these gains will not be distributed.
9
<PAGE>
PaineWebber Money Market Fund
Financial Highlights
Selected data for a share of capital stock outstanding throughout each period
is presented below:
<TABLE>
<CAPTION>
For the Class A
Six Months -------------------------------------------
Ended For the Years Ended
August 31, February 28 or 29,
2000 -------------------------------------------
(unaudited) 2000 1999 1998 1997 1996
----------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Net investment income... 0.027 0.042 0.042 0.042 0.040 0.046
Dividends from net
investment income...... (0.027) (0.042) (0.042) (0.042) (0.040) (0.046)
------- ------- ------- ------- ------- -------
Net asset value, end of
period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total investment
return(1).............. 2.70% 4.32% 4.32% 4.33% 4.11% 4.69%
======= ======= ======= ======= ======= =======
Ratios/Supplemental
Data:
Net assets, end of
period (000's)......... $31,150 $24,236 $60,267 $12,983 $11,808 $23,735
Expenses to average net
assets................. 1.09%* 1.04% 1.17% 1.41% 1.42% 1.31%
Net investment income to
average net assets..... 5.38%* 4.31% 4.29% 4.29% 4.09% 4.68%
</TABLE>
---------
* Annualized
(1) Total investment return is calculated assuming a $10,000 investment in Fund
shares on the first day of each period reported, reinvestment of all
dividends and other distributions at net asset value on the payable dates,
and a sale at net asset value on the last day of each period reported. The
figures do not include any applicable sales charges; results for each class
would be lower if they were included. Total investment return for periods
of less than one year has not been annualized.
10
<PAGE>
<TABLE>
<CAPTION>
For the Class B For the Class C
Six Months ------------------------------------------- Six Months ----------------------------------------
Ended For the Years Ended Ended For the Years Ended
August 31, February 28 or 29, August 31, February 28 or 29,
2000 ------------------------------------------- 2000 ----------------------------------------
(unaudited) 2000 1999 1998 1997 1996 (unaudited) 2000 1999 1998 1997 1996
----------- ------- ------- ------- ------- ------- ----------- ------- ------- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- ------- ------- ------- ------ ------ ------
0.024 0.037 0.037 0.037 0.035 0.041 0.024 0.037 0.037 0.037 0.034 0.041
(0.024) (0.037) (0.037) (0.037) (0.035) (0.041) (0.024) (0.037) (0.037) (0.037) (0.034) (0.041)
------- ------- ------- ------- ------- ------- ------- ------- ------- ------ ------ ------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= ======= ======= ======= ====== ====== ======
2.46% 3.80% 3.79% 3.81% 3.60% 4.18% 2.46% 3.81% 3.81% 3.78% 3.50% 4.14%
======= ======= ======= ======= ======= ======= ======= ======= ======= ====== ====== ======
$27,954 $57,003 $18,782 $14,715 $18,389 $26,592 $11,984 $13,418 $12,962 $5,308 $5,504 $5,754
1.55%* 1.50% 1.73% 1.90% 1.90% 1.79% 1.56%* 1.53% 1.70% 1.95% 1.99% 1.79%
4.84%* 3.91% 3.75% 3.78% 3.55% 4.17% 4.89%* 3.79% 3.80% 3.76% 3.47% 4.27%
</TABLE>
11
<PAGE>
DIRECTORS
E. Garrett Bewkes, Jr. George W. Gowen
Chairman Frederic V. Malek
Margo N. Alexander Carl W. Schafer
Richard Q. Armstrong Brian M. Storms
Richard R. Burt
Meyer Feldberg
PRINCIPAL OFFICERS
Margo N. Alexander Paul H. Schubert
President Vice President and Treasurer
Amy R. Doberman Susan P. Ryan
Vice President Vice President
Dianne E. O'Donnell
Vice President and Secretary
INVESTMENT ADVISER,
ADMINISTRATOR AND DISTRIBUTOR
Mitchell Hutchins Asset Management Inc.
51 West 52nd Street
New York, New York 10019
The financial information included herein is taken from the records of the Fund
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
MONEY MARKET
FUND
PaineWebber
(C)2000 PaineWebber Incorporated
All Rights Reserved.
Member SIPC
SEMIANNUAL REPORT
AUGUST 31, 2000
