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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 Tax-Managed Equity Fund and September 22, 2000 with respect to
PACE Large Company Value 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
December 6, 2000
