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/ Keith A. Weller	By:	/s/ Eric Sanders
Name:	Keith A. Weller	Name:	Eric Sanders
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/ Joanne M. Kilkeary	By:	/s/ Rose Ann Bubloski
Name:	Joanne M. Kilkeary	Name:	Rose Ann Bubloski
Title:	Executive Director	Title:	Director