Fund Evaluator:
PACE Municipal Fixed Income A (PMUAX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
PACE Municipal Fixed Income A Overview
PACE Municipal Fixed Income A (PMUAX) is an actively managed Municipal Bond Muni National Interm fund. UBS Asset Management launched the fund in 2001.
The investment seeks high current income exempt from federal income tax. The fund invests at least 80% of its net assets in municipal fixed income investments, the income from which is exempt from regular federal income taxes. It invests principally in investment grade municipal bonds of varying maturities. It limits its investments in municipal bonds that are subject to the federal AMT so that not more than 25% of its interest income will be subject to the AMT, and invests in these bonds when its investment advisor believes that they offer attractive yields relative to similar municipal bonds that are not subject to the AMT.
About PACE Municipal Fixed Income A (PMUAX)
There are 3 members of the management team with an average tenure of 8.59 years: Daniel Marques (2017), Fred Lee (2009), Thomas Casey (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg Municipal 3-15Y Blend 2-17Y TR index with a weighting of 100%. PACE Municipal Fixed Income A has 108 securities in its portfolio. The top 10 holdings constitute 19.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PACE Municipal Fixed Income A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. PACE Municipal Fixed Income A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.5% (99.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). PACE Municipal Fixed Income A has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PMUAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PACE Municipal Fixed Income A expense ratio is high compared to funds in the Muni National Interm category. PACE Municipal Fixed Income A has an expense ratio of 0.82%, which is 21% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PACE Municipal Fixed Income A has a portfolio turnover rate of 11%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, PACE Municipal Fixed Income A returned -1.6%, which earned it a grade of D, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PACE Municipal Fixed Income A has a trailing yield of 2.64%, which is below the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PACE Municipal Fixed Income A Grades
Year to date, the fund has returned -0.2%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.2% over the past year (grade of D), 2.6% over the past three years (grade of F) and 0.3% per year over the past five years (grade of D) and 1.4% per year over the past 10 years (grade of D).
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PMUAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PMUAX Return (NAV) | -1.6% | -0.8% | 4.2% | 2.6% | 0.3% | 1.4% |
| PMUAX Grade | D | F | D | F | D | D |
| +/- Category | -0.1% | -0.3% | -0.4% | -0.5% | -0.3% | -0.3% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| PMUAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.1% |
PMUAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMUAX Return (NAV) | -0.2% | 4.5% | 0.6% | 5.2% | -7.5% | 0.5% | 4.4% | 6.8% | 0.6% | 4.4% | -0.5% |
| PMUAX Grade | F | B | F | D | B | F | C | C | D | D | D |
| +/- Category | -0.6% | 0.3% | -1.4% | -0.6% | 0.8% | -1.2% | 0.1% | 0.1% | -0.2% | -0.3% | -0.3% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.7% |
| Total Risk Index: | 0.38 - Low |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (56% Rank) |
| Beta: | 0.82 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $142 Mil |
| Fund Total Assets: | $ 18 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 11% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.6 years | |||
| Average Tenure: 8.6 years | |||
| Managers (Year): Lee Fred (2009), Marques Daniel (2017), Casey Thomas (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 108 |
| % in Top 10 Holdings: | 19.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Fund Family: | UBS Asset Management |
| Phone Number: | 800-647-1568 |
| Website: | www.ubs.com |
| Status: | Open |
| Inception Date: | January 23, 2001 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.82% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | PACE Municipal Fixed Income P |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
