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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
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, 1999, 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, and 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 fraud 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 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 and its operation, including
controls for safeguarding securities, that we consider
to be material weaknesses as defined above at June
30, 1999.
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 and is not
intended to be and should not be used by anyone other
than these specified parties.
ERNST & YOUNG LLP
August 19, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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