<PAGE> PAGE 1
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<PAGE> PAGE 2
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NET-CHANGE-IN-ASSETS> (36031)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000780403
<NAME> PAINEWEBBER MASTER SERIES, INC.
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000780403
<NAME> PAINEWEBBER MASTER SERIES, INC.
<SERIES>
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<NAME> PAINEWEBBER MONEY MARKET FUND-CLASS C
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-END> FEB-29-2000
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<INVESTMENTS-AT-VALUE> 13592
<RECEIVABLES> 1140
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</TABLE>
Report of Independent Accountants
To the Shareholders and Board of Trustees
of PaineWebber Money Market Fund
In planning and performing our audit of the financial
statements of
PaineWebber Money Market Fund (the Company) for the year
ended
February 29, 2000, 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 internal control.
The management of the Company 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 entitys 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
fraud may occur
and not be detected. Also, projection of any evaluation of
internal control to
future periods is subject to the risk that controls may become
inadequate
because of changes in conditions or that the effectiveness of
their design and
operation 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 internal control components does not reduce to a
relatively low
level the risk that misstatements caused by error 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 and its operation, including
controls for
safeguarding securities, that we consider to be material
weaknesses as defined
above as of February 29, 2000.
This report is intended solely for the information and use of
the Board of
Trustees, management and the Securities and Exchange
Commission and is
not intended to be and should not be used by anyone other than
these specified
parties.
PricewaterhouseCoopers LLP
New York, New York
April 7, 1999
1
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