Fund Evaluator:
Shrt Trm Inv Fd for Puerto RicoRsdntIncA (PRALX)
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Best Performing in Muni Single State Short Over the Last Year
| 5.1% | Invesco Rochester® Limited Tm NY Mncpl Y (LTBYX) |
| 2.8% | Shrt Trm Inv Fd for Puerto RicoRsdntIncA (PRALX) |
| 2.0% | T. Rowe Price Maryland S/T Muncpl Bd (PRMDX) |
| 2.0% | Fidelity California Ltd Trm Tax-Free Bd (FCSTX) |
Fund Details
Shrt Trm Inv Fd for Puerto RicoRsdntIncA Overview
Shrt Trm Inv Fd for Puerto RicoRsdntIncA (PRALX) is an actively managed Municipal Bond Muni Single State Short fund. UBS launched the fund in 2024.
The investment seeks to provide current income, consistent with liquidity and conservation of capital. The fund principally invests in U.S. high quality short-term instruments, including securities issued or guaranteed by the U.S. government, its agencies and instrumentalities and/or agency-issued mortgage-backed securities. It may also invest in longer-term bonds with only a short time remaining to maturity or that have variable interest rates or other special features that give them the financial characteristics of short-term debt. The fund invests only in U.S. dollar-denominated instruments.
About Shrt Trm Inv Fd for Puerto RicoRsdntIncA (PRALX)
There are 2 members of the management team with an average tenure of 1.76 years: Heydi Cuadrado (2023), Gladys Lasaga (2025). 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 ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. Shrt Trm Inv Fd for Puerto RicoRsdntIncA has 19 securities in its portfolio. The top 10 holdings constitute 91.2% 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.
Shrt Trm Inv Fd for Puerto RicoRsdntIncA is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Shrt Trm Inv Fd for Puerto RicoRsdntIncA 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Shrt Trm Inv Fd for Puerto RicoRsdntIncA has 100.7% of the portfolio in cash.
Assets Under Management
The fund has $46 million in total assets, which is below the $238 million average for the Muni Single State Short 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.
PRALX 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 Shrt Trm Inv Fd for Puerto RicoRsdntIncA expense ratio is high compared to funds in the Muni Single State Short category. Shrt Trm Inv Fd for Puerto RicoRsdntIncA has an expense ratio of 1.00%, which is 54% higher than its category average, making the fund expense ratio grade a F. 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. A portfolio turnover rate cannot be currently calculated for Shrt Trm Inv Fd for Puerto RicoRsdntIncA. By way of comparison, the average portfolio turnover is 43% for the Muni Single State Short category.
Recently, in the month of July 2026, Shrt Trm Inv Fd for Puerto RicoRsdntIncA returned 0.2%, which earned it a grade of A, as the Muni Single State Short category had an average return of -0.7%. 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.
Shrt Trm Inv Fd for Puerto RicoRsdntIncA has a trailing yield of 2.80%, which is below the 2.95% 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.
Shrt Trm Inv Fd for Puerto RicoRsdntIncA Grades
Year to date, the fund has returned 1.5%, 0.9 percentage points better than the category, which translates into a grade of A. The fund has returned 2.8% over the past year (grade of C).
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PRALX 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 |
|
| PRALX Return (NAV) | 0.2% | 0.7% | 2.8% | na | na | na |
| PRALX Grade | A | A | C | na | na | na |
| +/- Category | 0.9% | 0.7% | -0.4% | na | na | na |
| Muni Single State Short Avg | -0.7% | -0.0% | 3.3% | 3.0% | 1.1% | 1.5% |
| PRALX Tax Cost Ratio | na | na | 0.0% | na | na | na |
PRALX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRALX Return (NAV) | 1.5% | 3.2% | na | na | na | na | na | na | na | na | na |
| PRALX Grade | A | F | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.9% | -0.6% | na | na | na | na | na | na | na | na | na |
| Muni Single State Short Avg | 0.7% | 3.9% | 2.2% | 3.9% | -4.4% | 0.7% | 2.3% | 4.5% | 3.7% | 0.2% | 0.4% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $46 Mil |
| Fund Total Assets: | $ 46 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Cuadrado Heydi (2023), Lasaga Gladys (2025) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 19 |
| % in Top 10 Holdings: | 91.2% |
| 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: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.7% |
| Cash: | 100.7% |
Purchase Information
| Fund Family: | UBS |
| Phone Number: | 787-250-3600 |
| Website: |
| Status: | Open |
| Inception Date: | February 6, 2024 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.00% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | Shrt Trm Inv Fd for Puerto RicoRsdntIncA |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
