PAINEWEBBER MUNICIPAL MONEY MARKET SERIES
NSAR-A, 1996-07-01
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<PAGE>      PAGE  1
000 A000000 04/30/96
000 C000000 0000868055
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
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  2
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 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
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
<PAGE>      PAGE  2
010 C02AA01 NY
010 C03AA01 10019
010 A00AA02 MITCHELL HUTCHINS ASSET MANAGEMENT
010 B00AA02 801-13219
010 C01AA02 NEW YORK
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 GOLDMAN, SACHS & CO.
022 B000001 13-510880
022 C000001     31580
022 D000001      3800
022 A000002 LEHMAN BROTHERS
022 B000002 00-000000
022 C000002     32695
022 D000002       999
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003     12700
022 D000003      8100
022 A000004 J.P. MORGAN SECURITIES, INC.
<PAGE>      PAGE  3
022 B000004 13-3224016
022 C000004     10970
022 D000004      8570
022 A000005 CHEMICAL SECURITIES
022 B000005 13-3379014
022 C000005      7300
022 D000005      8200
022 A000006 CITIBANK/CITICORP
022 B000006 00-0000000
022 C000006      7100
022 D000006      6600
022 A000007 MORGAN STANELY & CO.
022 B000007 13-2655998
022 C000007      6945
022 D000007      6200
022 A000008 SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008      5917
022 D000008      6800
022 A000009 NUVEEN
022 B000009 00-0000000
022 C000009      5690
022 D000009      6090
022 A000010 PRUDENTIAL SECURITIES INCORPORATED
022 B000010 22-2347336
022 C000010      1700
022 D000010      3400
023 C000000     134980
023 D000000      65269
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
<PAGE>      PAGE  4
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
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
<PAGE>      PAGE  5
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
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 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
<PAGE>      PAGE  6
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 N
077 C000000 Y
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 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 C00AA00        0
081 B00AA00   0
082 B00AA00        0
083 B00AA00        0
084 B00AA00        0
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
015 E010101 X
028 A010100     16360
<PAGE>      PAGE  7
028 A020100        47
028 A030100         0
028 A040100     12086
028 B010100      7018
028 B020100        95
028 B030100         0
028 B040100      6982
028 C010100     12172
028 C020100        28
028 C030100         0
028 C040100     15251
028 D010100      5295
028 D020100        39
028 D030100         0
028 D040100      7314
028 E010100      8682
028 E020100        45
028 E030100         0
028 E040100      9302
028 F010100     13938
028 F020100        35
028 F030100         0
028 F040100     16289
028 G010100     63465
028 G020100       289
028 G030100         0
028 G040100     67224
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     14
044  000100      0
062 A000100 Y
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100  99.1
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.9
062 M000100   0.0
<PAGE>      PAGE  8
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100  35
063 B000100  0.0
064 A000100 Y
064 B000100 N
071 A000100         0
071 B000100         0
071 C000100         0
071 D000100    0
072 A000100  6
072 B000100      430
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100       60
072 G000100        0
072 H000100        0
072 I000100       10
072 J000100       17
072 K000100        3
072 L000100       11
072 M000100        2
072 N000100        2
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100        7
072 S000100        4
072 T000100       14
072 U000100        0
072 V000100        0
072 W000100        4
072 X000100      134
072 Y000100        0
072 Z000100      296
072AA000100        0
072BB000100        0
072CC010100        0
072CC020100        0
072DD010100      296
072DD020100        0
072EE000100        0
073 A010100   0.0122
073 A020100   0.0000
073 B000100   0.0000
073 C000100   0.0000
074 A000100       88
<PAGE>      PAGE  9
074 B000100        0
074 C000100    18573
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      156
074 M000100        9
074 N000100    18826
074 O000100        0
074 P000100       11
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100       76
074 S000100        0
074 T000100    18739
074 U010100    18737
074 U020100        0
074 V010100     1.00
074 V020100     0.00
074 W000100   1.0000
074 X000100      564
074 Y000100        0
075 A000100    24072
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     15746
028 A020200        75
028 A030200         0
028 A040200     12528
028 B010200     14515
028 B020200       144
028 B030200         0
028 B040200     14454
028 C010200     20668
028 C020200        49
028 C030200         0
028 C040200     19332
028 D010200     19024
<PAGE>      PAGE  10
028 D020200        75
028 D030200         0
028 D040200     16473
028 E010200     15480
028 E020200        98
028 E030200         0
028 E040200     18128
028 F010200     22501
028 F020200        74
028 F030200         0
028 F040200     25934
028 G010200    107934
028 G020200       515
028 G030200         0
028 G040200    106849
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     25
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  61
063 B000200  0.0
064 A000200 Y
064 B000200 N
071 A000200         0
071 B000200         0
071 C000200         0
<PAGE>      PAGE  11
071 D000200    0
072 A000200  6
072 B000200      726
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200      103
072 G000200        0
072 H000200        0
072 I000200       13
072 J000200       17
072 K000200        5
072 L000200       14
072 M000200        2
072 N000200        4
072 O000200        0
072 P000200        0
072 Q000200        0
072 R000200        7
072 S000200        3
072 T000200       25
072 U000200        2
072 V000200        0
072 W000200        5
072 X000200      200
072 Y000200        0
072 Z000200      526
072AA000200        0
072BB000200        1
072CC010200        0
072CC020200        0
072DD010200      526
072DD020200        0
072EE000200        0
073 A010200   0.0127
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200       86
074 B000200        0
074 C000200    37506
074 D000200        0
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200      332
074 M000200       12
<PAGE>      PAGE  12
074 N000200    37936
074 O000200        0
074 P000200       21
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200      110
074 S000200        0
074 T000200    37805
074 U010200    37808
074 U020200        0
074 V010200     1.00
074 V020200     0.00
074 W000200   1.0000
074 X000200      998
074 Y000200        0
075 A000200    41586
075 B000200        0
076  000200     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>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               APR-30-1996
<INVESTMENTS-AT-COST>                            18573
<INVESTMENTS-AT-VALUE>                           18573
<RECEIVABLES>                                      156
<ASSETS-OTHER>                                       97
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                   18826
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           87
<TOTAL-LIABILITIES>                                 87
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         18737
<SHARES-COMMON-STOCK>                            18737
<SHARES-COMMON-PRIOR>                            22207
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              2
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                     18739
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  430
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (134)
<NET-INVESTMENT-INCOME>                            296
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              296
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (296)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          63465
<NUMBER-OF-SHARES-REDEEMED>                    (67224)
<SHARES-REINVESTED>                                289
<NET-CHANGE-IN-ASSETS>                          (3470)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            2
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                         0
<GROSS-ADVISORY-FEES>                               60
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    134
<AVERAGE-NET-ASSETS>                             24072
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  .012
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (.012)
<PER-SHARE-DISTRIBUTIONS>                         0.00
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   1.12
<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>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               APR-30-1996
<INVESTMENTS-AT-COST>                            37506
<INVESTMENTS-AT-VALUE>                           37506
<RECEIVABLES>                                      332
<ASSETS-OTHER>                                       98
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                   37936
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          131
<TOTAL-LIABILITIES>                                131
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         37808
<SHARES-COMMON-STOCK>                            37808
<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>                                     37805
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  726
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (200)
<NET-INVESTMENT-INCOME>                            526
<REALIZED-GAINS-CURRENT>                           (1)
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              525
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (526)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         107934
<NUMBER-OF-SHARES-REDEEMED>                   (106849)
<SHARES-REINVESTED>                                515
<NET-CHANGE-IN-ASSETS>                            1599
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                        (2)
<GROSS-ADVISORY-FEES>                              103
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    199
<AVERAGE-NET-ASSETS>                             41586
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                   .013
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                            (.013)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.96
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

For period ending April 30, 1996                            Attachment 77C
File Number 811-6173                                        --------------



                         Municipal Money Market Series.
                         ------------------------------
A special  meeting  of  shareholders  was held on April 15,  1996,  at which the
following proposals were approved:


 Approval  of the  proposed  changes to each  Fund's fundamental  investment
 restrictions  and  policies (the enumeration below follows that used in the
 related proxy statement):

    2.  Modification of Fundamental Restriction on Concentration:
    3.  Modification of Fundamental Restriction on Senior Securities and
        Borrowing:
    4.  Modification of Fundamental Restriction on Making Loans:
    5.  Modification of Fundamental Restriction on Underwriting Securities:
    6.  Modification of Fundamental Restriction on Real Estate Investments:
    7.  Modification of Fundamental Restriction on Investing in Commodities:
    8.  Elimination of Fundamental Restriction on Pledging Portfolio Securities:
    9.  Elimination of Fundamental Restriction on Margin Transactions:
    10. Elimination of Fundamental Restriction on Short Sales:
    11. Elimination of Fundamental Restriction on Investments in Oil, Gas and   
        Mineral Leases and Programs:
    12. Elimination of Fundamental Restriction on Investments in Other          
        Investment Companies:
    13. Elimination of Fundamental Restriction on Investing for the Purpose of  
        Control:
    15. Elimination of Fundamental Restriction on Investments in Illiquid 
        Securities:
    16. Elimination of Fundamental Restriction Relating to Purchases of Certain
        Types of Securities:
  For each of the above listed proposals the votes were as follows:

                             Shares For Voted   Shares Against    Shares Abstain
                             ----------------   --------------    --------------
                                   
PW RMA Connecticut                 9,394,572          185,943          3,007,314
Municipal Money Fund
PW RMA New Jersey                 23,924,076          185,484            819,843
Municipal Money Fund

4.  Approval of Amended and Restated Declaration of Trust:
Trust                             33,331,371          369,008          3,816,853



          In addition to the items noted above, the Fund's  shareholders (i)
elected board members and (ii) ratified the  selection of  independent auditors.
Pursuant to Instruction  2 of Sub-Item 77C of Form N-SAR,  it is not necessary
to provide in this exhibit details concerning  shareholder action on these two
proposals since there were no solicitations  in opposition to the registrant's 
nominees and all of the nominees were elected.

          A more complete description of each of the proposals referred to above
is hereby incorporated  by referenced  to the Fund's proxy  materials  dated 
February 28, 1996,  relating to the  Special  Meeting of  Shareholders.  These 
Schedule 14A materials were filed with the Securities and Exchange Commission
via EDGAR on February 28, 1996; the accession code number was 
0000889812-96-000186.


<PAGE>
OFFICE OF THE CLERK                                       
    CITY HALL                                             
 BOSTON MA 02201                                          
                                                            77. Q. 1
                                                            RECEIVED
                                                          APR 25, 1996
                      CERTIFICATE OF AMENDMENT           
                                 TO                SECRETARY OF THE COMMONWEALTH
                        DECLARATION OF TRUST            CORPORATION DIVISION
                                 OF
    PAINEWEBBER/KIDDER, PEABODY MUNICIPAL MONEY MARKET SERIES




	The undersigned, being President and a Trustee of PaineWebber/Kidder, 
Peabody Municipal Money Market Series ("Trust"), hereby certifies that the 
Trustees of the Trust duly adopted the following resolution, which amended the 
Declaration of Trust in the manner provided in such Declaration of Trust, at a 
meeting held on February 28, 1996, and that the amendment was effective on that 
date.

        RESOLVED, that the Amended and Restated Declaration of Trust dated 
        August 28, 1991 be, and it hereby is, amended to change the name of the 
        Trust, from "PaineWebber/Kidder, Peabody Municipal Money Market Series" 
        to "PaineWebber Municipal Money Market Series" in the following manner:

                       Section 1 of Article I of the Declaration of Trust is 
                  hereby amended to read as follows:

                       Section 1.     Name.  This Trust shall be known as
                                      -----
                  "PaineWebber Municipal Money Market Series."


Dated: March 24, 1996                                /S/ Margo N. Alexander
             --                                -------------------------------
                                                         Margo N. Alexander

New York, New York (ss)

On this 24th day of March, 1996, before me personally appeared Margo N. 
        ----
Alexander, to me personally known, who, being by me duly sworn, did say that she
is President and a Trustee of the above-referenced Trust and acknowledged that 
she executed the foregoing instrument as her free act and deed.

                                                     /S/ Ilene Shore        
                                               -------------------------------
                                                     Notary Public


                                                        Ilene Shore
                                              Notary Public, State of New York
                                                       No. 31-4872108
                                                Qualified in New York County
                                              Commission Expires Nov. 28, 1996
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