CONSENT OF INDEPENDENT AUDITORS


We consent to the reference to our firm under the caption  "Representations  and
Warranties by the Managed Trust" in the Combined Proxy  Statement and Prospectus
and to the incorporation by reference of our reports dated November 8, 2002 with
respect to UBS  Strategy  Fund and August  27,  2002 with  respect to UBS Global
Equity Fund, in this  Registration  Statement  (Form N-14 No.  811-06637) of UBS
Strategy Fund.



                                               ERNST & YOUNG LLP


New York, New York
December 19, 2002