As ascending magmas undergo cooling and crystallization, water and fluid-mobile elements (e.g. Li, B, C, F, S, Cl) become increasingly enriched in the residual melt, until fluid saturation is reached. The consequential exsolution of a fluid phase dominated by H 2 O (magmatic volatile phase or MVP) is predicted to occur early in the evolution of long-lived crystal-rich "mushy" magma reservoirs, and can be simulated by tracking the chemical and physical evolution of these reservoirs in thermomechanical numerical models. Pegmatites are commonly interpreted as the products of crystallization of late-stage volatile-rich liquids sourced from granitic igneous bodies. However, little is known about the timing and mechanism of extraction of pegmatitic liquids from their source. In this study, we review findings from thermomechanical models on the physical and chemical evolution of melt and MVP in near-solidus magma reservoirs, and apply these to textural and chemical observations from pegmatites. As an example, we use a three-phase compaction model of a section of a mushy reservoir, and couple this to fluid-melt and mineral-melt partition coefficients of volatiles trace elements (Li, Cl, S, F, B). We track various physical parameters of melt, crystals and MVP, such as volume fractions, densities, velocities, as well as the content in the volatile trace elements mentioned above. The results suggest that typical pegmatite-like compositions (i.e. enriched in incompatible elements) require high crystallinities (>70-75 vol% crystals) in the magma reservoir, at which MVP is efficiently trapped in the crystal network. Fluid-mobile trace elements can become enriched beyond contents expected from closed-system equilibrium crystallization This is the peer-reviewed, final accepted version for American Mineralogist, published by the Mineralogical Society of America.The published version is subject to change. Cite as Authors (Year) Title. American Mineralogist, in press.