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<CIK> 0000703876
<NAME> PW RMA MONEY FUND INC.
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<NAME> RMA RETIREMENT MONEY FUND
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Report to Independent Auditors
To the Shareholders and Board of Directors of
PaineWebber RMA Money Fund, Inc.
In planning and performing our audit of the financial statements of
PaineWebber RMA Money Fund, Inc. (consisting of PaineWebber RMA
Money Market Portfolio, PaineWebber RMA U.S. Government Portfolio
and PaineWebber RMA Retirement Money Fund) for the year ended
June 30, 1997, 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 RMA Money Fund, Inc. 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, 1997.
This report is intended solely for the information and use of the
board of directors and management of PaineWebber RMA Money Fund,
Inc. and the Securities and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
August 18, 1997
