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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 January 14, 2000 with respect
to PaineWebber Investment Grade Income Fund and September 22, 2000 with
respect to PACE Intermediate Fixed Income Investments in this Registration
Statement on Form N-14 of PaineWebber Managed Investments Trust.
/s/ Ernst & Young LLP
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ERNST & YOUNG LLP
New York, New York
October 27, 2000
