PACE Municipal Fixed Income Investments Class P is an open-end mutual fund focused on generating high current income that is generally exempt from regular federal income tax. The fund invests at least 80% of assets in municipal fixed income securities, emphasizing investment‑grade bonds with intermediate interest‑rate exposure, consistent with its Muni National Intermediate category mandate. It diversifies across states and sectors to manage credit and geographic risk, and limits exposure to bonds subject to the federal alternative minimum tax so that no more than 25% of its interest income is AMT‑affected. Managed under the UBS Asset Management fund family, the strategy holds a broad portfolio—over one hundred positions—to balance income and quality considerations. The fund distributes income on a monthly basis and has a long operating history since 1995, reflecting an established presence in the municipal bond market for investors seeking federally tax‑exempt income and capital preservation. Core characteristics such as a moderate expense ratio and measured turnover align with its role as a diversified, tax‑advantaged bond allocation within a broader fixed income framework.
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