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Exhibit No. (14)(b)
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 report dated September 22, 2000 with
respect to PACE Small/Medium Company Value Equity Investments in this
Registration Statement on Form N-14 of PaineWebber PACE Select Advisors Trust.
/s/ ERNST & YOUNG LLP
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ERNST & YOUNG LLP
New York, New York
November 13, 2000
