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                                                                  Exhibit No. 14


                        CONSENT OF INDEPENDENT AUDITORS


We consent to the reference to our firm under the captions "Financial
Highlights" and "Experts" in the Combined Proxy Statement and Prospectus and
"Auditors" in the Statement of Additional Information and to the incorporation
by reference of our reports dated October 17, 2000 with respect to PaineWebber
Mid Cap Fund and September 22, 2000 with respect to PaineWebber PACE
Small/Medium Company Growth Equity Investments in this Registration Statement on
Form N-14 of PaineWebber PACE Select Advisors Trust.



                                                  /s/ ERNST & YOUNG LLP
                                                  ERNST & YOUNG LLP

New York, New York
November 29, 2000



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