<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000868055
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 PAINEWEBBER MUNICIPAL MONEY MARKET SERIES
001 B000000 811-6173
001 C000000 2127131074
002 A000000 1285 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 RMA CONNECTICUT MUNICIPAL MONEY FUND
007 C030100 N
007 C010200 2
007 C020200 RMA NEW JERSEY MUNICIPAL MONEY FUND
007 C030200 N
007 C010300 3
007 C020300 PW/KP MUNICIPAL MONEY MARKET SERIES - NY
007 C030300 Y
008 A00AA01 PAINEWEBBER INC.
008 B00AA01 A
008 C00AA01 801-16267
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10019
008 A00AA02 MITCHELL HUTCHINS ASSET MANAGEMENT
008 B00AA02 S
008 C00AA02 801-13219
008 D01AA02 NEW YORK
008 D02AA02 NY
008 D03AA02 10019
010 A00AA01 PAINEWEBBER INC.
010 B00AA01 801-16267
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10019
010 A00AA02 MITCHELL HUTCHINS ASSET MANAGEMENT
010 B00AA02 801-13219
010 C01AA02 NEW YORK
<PAGE> PAGE 2
010 C02AA02 NY
010 C03AA02 10019
011 A00AA01 PAINEWEBBER INC.
011 B00AA01 8-16267
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10019
012 A00AA01 PFPC, INC.
012 B00AA01 85-00000
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 PAINEWEBBER INC.
014 B00AA01 8-16267
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 69
019 C00AA00 PAINEWEBBE
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 LEHMAN BROTHERS
022 B000001 00-000000
022 C000001 44495
022 D000001 1999
022 A000002 GOLDMAN SACKS
022 B000002 13-5108880
022 C000002 37520
022 D000002 5700
022 A000003 CITIBANK/CITICORP
022 B000003 00-0000000
022 C000003 17900
022 D000003 14300
022 A000004 MERRILL LYNCH PIERCE FENNER
022 B000004 13-5674085
022 C000004 15900
022 D000004 9700
022 A000005 J.P. MORGAN
022 B000005 13-3224016
<PAGE> PAGE 3
022 C000005 11970
022 D000005 11270
022 A000006 MORGAN STANLEY & CO.
022 B000006 13-2655998
022 C000006 9845
022 D000006 8000
022 A000007 SMITH BARNEY INC.
022 B000007 13-1912900
022 C000007 9328
022 D000007 6800
022 A000008 CHEMICAL BANK
022 B000008 13-3379014
022 C000008 7300
022 D000008 8200
022 A000009 NUVEEN
022 B000009 00-0000000
022 C000009 5890
022 D000009 6290
022 A000010 PRUDENTIAL SECURITIES INCORPORATED
022 B000010 22-2347336
022 C000010 3300
022 D000010 4000
023 C000000 182673
023 D000000 83968
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
<PAGE> PAGE 4
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.500
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
<PAGE> PAGE 5
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 1000
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
<PAGE> PAGE 6
070 R01AA00 Y
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 C00AA00 45
081 A00AA00 Y
081 B00AA00 69
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
015 A000101 STATE STREET BANK
015 B000101 C
015 C010101 NORTH QUINCY
015 C020101 MA
015 C030101 02171
<PAGE> PAGE 7
015 E010101 X
028 A010100 9770
028 A020100 48
028 A030100 0
028 A040100 7223
028 B010100 6744
028 B020100 35
028 B030100 0
028 B040100 9126
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 16514
028 G020100 83
028 G030100 0
028 G040100 16349
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 100
043 000100 18
044 000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 92.6
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
<PAGE> PAGE 8
062 L000100 7.4
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 40
063 B000100 0.0
064 A000100 Y
064 B000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 8
072 B000100 545
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 76
072 G000100 0
072 H000100 0
072 I000100 13
072 J000100 19
072 K000100 4
072 L000100 15
072 M000100 2
072 N000100 3
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 9
072 S000100 4
072 T000100 18
072 U000100 0
072 V000100 0
072 W000100 6
072 X000100 169
072 Y000100 0
072 Z000100 376
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 376
072DD020100 0
072EE000100 0
073 A010100 0.0164
073 A020100 0.0000
073 B000100 0.0000
<PAGE> PAGE 9
073 C000100 0.0000
074 A000100 1814
074 B000100 0
074 C000100 17589
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 148
074 M000100 8
074 N000100 19559
074 O000100 502
074 P000100 10
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 59
074 S000100 0
074 T000100 18988
074 U010100 18986
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9990
074 X000100 563
074 Y000100 0
075 A000100 22946
075 B000100 0
076 000100 0.00
015 A000201 STATE STREET BANK
015 B000201 C
015 C010201 NORTH QUINCY
015 C020201 MA
015 C030201 02171
015 E010201 X
028 A010200 23683
028 A020200 101
028 A030200 0
028 A040200 19880
028 B010200 19478
028 B020200 79
028 B030200 0
028 B040200 19032
028 C010200 0
028 C020200 0
028 C030200 0
<PAGE> PAGE 10
028 C040200 0
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 0
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 43161
028 G020200 180
028 G030200 0
028 G040200 38912
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 33
044 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 99.2
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.8
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 56
063 B000200 0.0
064 A000200 Y
064 B000200 N
071 A000200 0
<PAGE> PAGE 11
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 8
072 B000200 969
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 138
072 G000200 0
072 H000200 0
072 I000200 16
072 J000200 23
072 K000200 3
072 L000200 20
072 M000200 2
072 N000200 5
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 11
072 S000200 2
072 T000200 33
072 U000200 0
072 V000200 0
072 W000200 8
072 X000200 261
072 Y000200 0
072 Z000200 708
072AA000200 0
072BB000200 3
072CC010200 0
072CC020200 0
072DD010200 708
072DD020200 0
072EE000200 0
073 A010200 0.0169
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 103
074 B000200 0
074 C000200 41900
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
<PAGE> PAGE 12
074 L000200 324
074 M000200 11
074 N000200 42338
074 O000200 0
074 P000200 21
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 84
074 S000200 0
074 T000200 42233
074 U010200 42237
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9992
074 X000200 1084
074 Y000200 0
075 A000200 41638
075 B000200 0
076 000200 0.00
015 A000301 INVESTORS FIDUCIARY TRUST CO.
015 B000301 C
015 C010301 KANSAS CITY
015 C020301 MO
015 C030301 64105
015 E010301 X
028 A010300 0
028 A020300 0
028 A030300 0
028 A040300 38923
028 B010300 0
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
<PAGE> PAGE 13
028 F040300 0
028 G010300 0
028 G020300 0
028 G030300 0
028 G040300 38923
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 100
043 000300 2
044 000300 0
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 1
072 B000300 52
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 7
072 G000300 0
072 H000300 0
072 I000300 1
072 J000300 1
072 K000300 0
<PAGE> PAGE 14
072 L000300 1
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 2
072 U000300 0
072 V000300 0
072 W000300 20
072 X000300 32
072 Y000300 0
072 Z000300 20
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 20
072DD020300 0
072EE000300 0
073 A010300 0.0005
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 0
074 M000300 0
074 N000300 0
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 0
074 U010300 0
074 U020300 0
<PAGE> PAGE 15
074 V010300 0.00
074 V020300 0.00
074 W000300 0.0000
074 X000300 0
074 Y000300 0
075 A000300 38923
075 B000300 0
076 000300 0.00
SIGNATURE JULIAN SLUYTERS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868055
<NAME> PAINEWEBBER MUNICIPAL MONEY MARKET SERIES
<SERIES>
<NUMBER> 1
<NAME> RMA CONNECTICUT MUNICIPAL MONEY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 17589
<INVESTMENTS-AT-VALUE> 17589
<RECEIVABLES> 148
<ASSETS-OTHER> 1822
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19559
<PAYABLE-FOR-SECURITIES> 502
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 571
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18995
<SHARES-COMMON-STOCK> 18986
<SHARES-COMMON-PRIOR> 22207
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 18988
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 545
<OTHER-INCOME> 0
<EXPENSES-NET> (169)
<NET-INVESTMENT-INCOME> 376
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 376
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (376)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79979
<NUMBER-OF-SHARES-REDEEMED> (83573)
<SHARES-REINVESTED> 373
<NET-CHANGE-IN-ASSETS> (3221)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 169
<AVERAGE-NET-ASSETS> 22946
<PER-SHARE-NAV-BEGIN> 1
<PER-SHARE-NII> .016
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.016)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868055
<NAME> PAINEWEBBER MUNICIPAL MONEY MARKET SERIES
<SERIES>
<NUMBER> 2
<NAME> RMA NEW JERSEY MUNICIPAL MONEY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 41900
<INVESTMENTS-AT-VALUE> 41900
<RECEIVABLES> 335
<ASSETS-OTHER> 103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42338
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105
<TOTAL-LIABILITIES> 105
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42236
<SHARES-COMMON-STOCK> 42237
<SHARES-COMMON-PRIOR> 36208
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 42233
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 969
<OTHER-INCOME> 0
<EXPENSES-NET> (261)
<NET-INVESTMENT-INCOME> 708
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 705
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (708)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 151094
<NUMBER-OF-SHARES-REDEEMED> (145760)
<SHARES-REINVESTED> 696
<NET-CHANGE-IN-ASSETS> 6027
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2)
<GROSS-ADVISORY-FEES> 138
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 261
<AVERAGE-NET-ASSETS> 41638
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .017
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.017)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000868055
<NAME> PAINEWEBBER MUNICIPAL MONEY MARKET SERIES
<SERIES>
<NUMBER> 3
<NAME> PW/KP MUNICIPAL SERIES - NY
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> NOV-08-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 52
<OTHER-INCOME> 0
<EXPENSES-NET> (32)
<NET-INVESTMENT-INCOME> 20
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (38923)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (38923)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32
<AVERAGE-NET-ASSETS> 38923
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Board Trustees
PaineWebber Municipal Money Market Series
In planning and performing our audit of the financial statements of PaineWebber
Municipal Money Market Series (consisting of PaineWebber RMA New Jersey
Municipal Money Fund and PaineWebber RMA Connecticut Municipal Money Fund) for
the eight months ended June 30, 1996, we considered its internal control
structure, including procedures 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 structure.
The management of PaineWebber Municipal Money Market Series is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
August 12, 1996
