PMUTX — PACE Municipal Fixed Income Investments
Data updated: 2026-09-25
PMUTX — PACE Municipal Fixed Income Investments. Long Municipal - National Bond · $142.75M AUM. Holdings, fees, performance and SEC filings.
PMUTX Fund Overview
PMUTX — PACE Municipal Fixed Income Investments is a US mutual fund managed by Pace Select Advisors Trust, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Pace Select Advisors Trust
- Category: Long Municipal - National Bond
- Assets under management: $142.75M
- Ticker: PMUTX
- SEC CIK: 0000930007
- SEC series ID: S000002699
- Share class ID: C000228105
PMUTX Investment Objective and Strategy
PACE Municipal Fixed Income Investments describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pace Select Advisors Trust.
Investment objective
High current income exempt from federal income tax.
Principal investment strategy
"Principal investments Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in municipal fixed income investments, the income from which is exempt from regular federal income taxes. The fund invests principally in investment grade municipal bonds of varying maturities. Normally, the fund limits its investments in municipal bonds that are subject to the federal alternative minimum tax (""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. The fund normally limits its portfolio duration to between three and seven years.
Duration is a measure of the fund's exposure to interest rate riska longer duration means that changes in market interest rates are likely to have a larger effect on the value of the fund's portfolio. The fund may invest up to 50% of its total assets in municipal bonds that are secured by revenues from public housing authorities and state and local housing finance authorities, including bonds that are secured or backed by the US Treasury or other US government guaranteed securities. There are different types of US government securities, including those issued or guaranteed by the US government, its agencies and its instrumentalities, and they have different types of government support. Some are supported by the full faith and credit of the US, while others are supported by (1) the ability of the issuer to borrow from the US Treasury; (2) the credit of the issuing agency, instrumentality or government-sponsored entity; (3) pools of assets, such as mortgages; or (4) the US government in some other way.
The fund limits its investments in municipal bonds with the lowest investment grade rating (or unrated bonds of equivalent quality) to 15% of its total assets at the time the bonds are purchased. Management process The fund employs a ""manager of managers"" structure. UBS Asset Management (Americas) Inc. (""UBS AM""), the fund's manager and primary provider of investment advisory services, has the ultimate authority, subject to oversight by the fund's board, to oversee the fund's subadvisor(s) and recommend their hiring, termination and replacement, and to allocate assets among the fund's subadvisor(s). UBS AM's investment process begins with subadvisor selection. UBS AM's portfolio management team constructs a list of potential subadvisors based on information primarily from internal sources and the team's collective knowledge of the industry, but also supplemented by external sources.
The team then focuses its research on that list to identify a small number of the most attractive candidates. This research includes analyzing the portfolio holdings and/or positioning of a subadvisor's investment strategy to understand whether the allocation of risk and the drivers of alpha are consistent with the subadvisor's investment philosophy and stated strengths. The most attractive sub-set of those subadvisors is then selected for in-depth, on-site due diligence meetings with representatives from the investment, operations and compliance groups within UBS AM. The due diligence information is then synthesized to select the most attractive candidate(s) for the fund, subject to the board's approval. In managing the fund and overseeing the fund's subadvisor(s), UBS AM views its research process as an ongoing one, as the team continually seeks to confirm a subadvisor's investment thesis over the appropriate investment horizon.
In general, UBS AM leverages its research and market knowledge to construct funds with exposure to various subadvisors that are expected, in combination, to produce the desired overall fund characteristics. UBS AM's ongoing monitoring and risk management process incorporates daily, weekly, monthly, quarterly and annual responsibilities designed to monitor the drivers of fund risk and performance at the subadvisor level and at the overall fund level. Through this process, UBS AM may adjust a fund's positioning by altering its allocation weights across subadvisors within the fund and/or by changing the specific subadvisors within the fund. The subadvisor utilizes a strategy that involves investing in undervalued sectors, geographical regions or individual securities."
PMUTX Holdings
Top 10 holdings of PACE Municipal Fixed Income Investments by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Tobacco Settlement Financing Corp | 4.31% |
| Allegheny County Hospital Development Authority | 2.30% |
| Southeast Energy Authority A Cooperative District | 1.86% |
| County of Cook IL Sales Tax Revenue | 1.78% |
| Public Finance Authority | 1.66% |
| Pennsylvania Economic Development Financing Authority | 1.63% |
| Katy Independent School District | 1.60% |
| Rhode Island Health and Educational Building Corp | 1.52% |
| City of Milwaukee WI | 1.52% |
| Kentucky Public Energy Authority | 1.48% |
PMUTX Portfolio Allocation
Asset-class allocation of PACE Municipal Fixed Income Investments by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 98.0% |
| Cash & Equivalents | 1.1% |
PMUTX Performance
Total returns for PMUTX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -0.0% |
| 1 year | 4.4% |
| 3 years (annualised) | 2.9% |
| 5 years (annualised) | 0.5% |
PMUTX Risk Information
Risk metrics for PMUTX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.1%
PMUTX Costs and Fees
PMUTX costs about $43 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.43%
- Gross expense ratio: 0.73%
- Portfolio turnover: 11%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PMUTX Cashflows
Over the 12 months to 2026-04, PACE Municipal Fixed Income Investments had net outflows of $15.36M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$1.28M |
| 2026-03 | −$560.06K |
| 2026-02 | −$1.46M |
| 2026-01 | −$1.49M |
| 2025-12 | −$671.12K |
| 2025-11 | −$1.40M |
PMUTX Debt Constituents
Largest debt holdings of PACE Municipal Fixed Income Investments by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Tobacco Settlement Financing Corp | 4.31% |
| Allegheny County Hospital Development Authority | 2.30% |
| Southeast Energy Authority A Cooperative District | 1.86% |
| County of Cook IL Sales Tax Revenue | 1.78% |
| Public Finance Authority | 1.66% |
| Pennsylvania Economic Development Financing Authority | 1.63% |
| Katy Independent School District | 1.60% |
| Rhode Island Health and Educational Building Corp | 1.52% |
| City of Milwaukee WI | 1.52% |
| Kentucky Public Energy Authority | 1.48% |
PMUTX Prospectus and SEC Filings
Official PACE Municipal Fixed Income Investments filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-11-25
- Prospectus (485BPOS) — filed 2024-11-26
- Prospectus (485BPOS) — filed 2023-11-27
- Portfolio holdings (N-PORT) — filed 2026-09-25
- Portfolio holdings (N-PORT) — filed 2026-06-26
- Portfolio holdings (N-PORT) — filed 2026-03-30
- Annual census (N-CEN) — filed 2025-10-14
- Annual census (N-CEN) — filed 2024-10-15
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.