Report of 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, 2000, we considered its internal
control, including control activities for safeguarding
securities, 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 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
control. Generally, internal 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 internal controls include
the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control,
misstatements due to errors or fraud may occur and not
be detected. Also, projections of any evaluation of
internal control to future periods are subject to the risk
that internal control may become inadequate because of
changes in conditions, or that the degree of compliance
with the policies or procedures 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, including control activities for
safeguarding securities, and its operation that we
consider to be material weaknesses as defined above at
June 30, 2000.
This report is intended solely for the information and
use of management, the Board of Directors of
PaineWebber RMA Money Fund, Inc., 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 24, 2000
