Amendment to the Fee Waiver and Expense Reimbursement Agreement

Exhibit (7)(p)

Amendment to the Fee Waiver and Expense Reimbursement Agreement

THIS AMENDMENT is made and effective as of August 1, 2020 between PACE SELECT ADVISORS TRUST, a Delaware statutory trust (“Trust”), and UBS ASSET MANAGEMENT (AMERICAS) INC. (“UBS AM”), a Delaware corporation registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

WHEREAS, the Trust and UBS AM have entered into a Fee Waiver and Expense Reimbursement Agreement dated as of December 1, 2019 (the “Agreement”); and

WHEREAS, Section 9 of the Agreement permits amendments to the Agreement as signed in writing signed by the parties to the Agreement; and

WHEREAS, UBS AM proposed adjustments that would lower the expense caps in place with respect to Class A, Class Y, and Class P shares of each of PACE International Equity Investments and PACE International Emerging Markets Equity Investments (the “Funds”); and

WHEREAS, the Trust’s Board of Trustees approved the changes to the expense caps for the Funds;

NOW THEREFORE, Schedule A to the Agreement is hereby amended and restated as follows to reflect the lower expense caps in place with respect to Class A, Class Y, and Class P shares of each of the Funds effective as of the date of this Amendment with all other terms of the Agreement remaining the same:

Schedule A

Maximum Permitted Rate

Fund		Class A expense cap				Class Y expense cap				Class P expense cap
PACE® Government Money Market Investments			N/A				N/A				0.60	%
PACE® Mortgage-Backed Securities Fixed Income Investments			0.97	%			0.72	%			0.72
PACE® Intermediate Fixed Income Investments			0.91				0.66				0.66
PACE® Strategic Fixed Income Investments			0.93				0.68				0.68
PACE® Municipal Fixed Income Investments			0.82				0.57				0.57
PACE® Global Fixed Income Investments			1.03				0.87				0.84
PACE® High Yield Investments			1.06				0.88				0.91
PACE® Large Co Value Equity Investments.			1.14				0.89				0.89
PACE® Large Co Growth Equity Investments			1.13				0.88				0.88
PACE® Small/Medium Co Value Equity Investments			1.29				1.04				1.04
PACE® Small/Medium Co Growth Equity Investments			1.33				1.08				1.08
PACE® International Equity Investments			1.25				1.00				1.00
PACE® International Emerging Markets Equity Investments			1.55				1.30				1.30
PACE® Global Real Estate Securities Investments			1.45				N/A				1.20
PACE® Alternative Strategies Investments			1.88				1.63				1.63

PACE Select Advisors Trust				PACE Select Advisors Trust
By:	/s/ Xxxxx X. Xxxxxx		By:	/s/ Xxxx Xxxxxxx
Name:	Xxxxx X. Xxxxxx		Name:	Xxxx Xxxxxxx
Title:	Vice President and Secretary		Title:	Vice President and Assistant Secretary

The foregoing Amendment is hereby accepted and effective as of August 1, 2020.

UBS Asset Management				UBS Asset Management
(Americas) Inc.				(Americas) Inc.
By:	/s/ Xxxxxx X. Xxxxxxxx		By:	/s/ Rose Xxx Xxxxxxxx
Name:	Xxxxxx X. Xxxxxxxx		Name:	Rose Xxx Xxxxxxxx
Title:	Executive Director		Title:	Director