CONSENT OF INDEPENDENT AUDITORS




We consent  to the  reference  to our firm in Exhibit A to the  Prospectus/Proxy
Statement  and to the use of our reports on UBS U.S.  Small Cap Growth  Fund,  a
series of The UBS Funds, dated August 13, 2003 and UBS Enhanced Nasdaq-100 Fund,
a series of UBS Mutual Funds Securities Trust, dated November 8, 2002, which are
incorporated  by  reference,  in this  Registration  Statement  (Form  N-14  No.
33-47287 and 811-6637) of The UBS Funds.






                                                /s/ ERNST & YOUNG LLP


New York, New York
September 16, 2003