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
entitys 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
