Quarterly Performance1, 2 as of March 29, 2024

to Date
Since Inception
(April 1, 1986)
Eagle High Quality Tax-Free Gross -0.50% -0.50% 2.43% 0.18% 1.67% 2.37% 4.56%
Eagle High Quality Tax-Free Net -1.25% -1.25% -0.60% -2.78% -1.34% -0.65% 1.49%
Bloomberg 7 Year
Municipal Index
  -0.48% -0.48% 2.14% -0.29% 1.50% 2.30% N/A*


Calendar Year Returns1, 2

    2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Eagle High Quality Tax-Free Gross 5.45% -5.16% -0.03% 5.05% 6.90% 1.16% 4.38% -0.08% 3.27% 5.53%
Eagle High Quality Tax-Free Net 2.34% -8.02% -3.00% 1.97% 3.79% -1.83% 1.32% -3.04% 0.23% 2.44%
7 Year Municipal Index
  4.99% -5.97% 0.35% 5.10% 6.72% 1.65% 4.48% -0.48% 3.27% 6.08%

* The Bloomberg Seven-Year Municipal Index Incepted on January 1, 1990

Effective Jan. 1, 2009, the High Quality Tax-Free benchmark changed from the Barclays Capital 5 Year Municipal Index to the Barclays Capital 7 Year Municipal Index to more accurately reflect the managers' investment strategy with respect to maturity of municipal bonds.

Risk Information
Risks associated with Fixed Income investing: many investors consider bonds to be "risk free" investment vehicles. Historically, bonds have indeed provided less volatility and less risk of loss of capital than has equity investing. However, there are many factors that may affect the risk and return profile of a fixed-income portfolio. The two most prominent factors are interest-rate movements and the creditworthiness of the bond issuer. Bonds issued by the U.S. government have significantly less risk of default than those issued by corporations and municipalities (see footnotes 3 and 4 below for a discussion of the risk associated with high-yield bonds and convertible securities). However, the overall return on government bonds tends to be less than these other types of fixed-income securities. Investors should pay careful attention to the types of fixed-income securities that comprise their portfolio, and remember that, as with all investments, there is the risk of the loss of capital.

(1) Asset-backed securities and mortgage-backed securities are created by pooling loans from a variety of sources and issuing bonds that are backed by these loans. Creditworthiness stems from the credit quality of the underlying loans, as opposed to corporate bonds in which creditworthiness is derived from the earning power of the issuing company. The primary risk of these securities is interest-rate risk. Rising interest rates might cause loan principal prepayments to slow, resulting in less available principal to invest at prevailing higher rates. Conversely, rate decreases might accelerate prepayments, leaving more dollars to invest at lower rates.

(2) Accounts using High Quality Tax–Free may only be available at select broker/dealers.

(3) Convertible securities and preferred stock combine the fixed-income characteristics of bonds with some of the potential for capital appreciation of equities and, thus, may be subject to greater risk than pure fixed-income instruments. Unlike bonds, preferred stock and some convertible securities do not have a fixed par value at maturity, and in this respect may be considered riskier than bonds. Convertible securities may include convertible bonds, convertible preferred stocks and other fixed-income instruments that have conversion features.

(4) Investments in high-yield bonds and convertible securities are subject to the client's authorization, as set forth in the Investment Management Agreement. Such investments may be subject to greater risks than other fixed-income investments. The lower rating of high-yield bonds (less than investment grade) reflects a greater possibility that the financial condition of the issuer or adverse changes in general economic conditions may impair the ability of the issuer to pay income and principal. Periods of rising interest rates or economic downturns may cause highly leveraged issuers to experience financial stress, and thus markets for their securities may become more volatile. Moreover, to the extent that no established secondary market exists, there may be thin trading of high-yield bonds, which increases the potential for volatility.

Not every investment opportunity will meet all of the stringent investment criteria mentioned to the same degree. Trade-offs must be made, which is where experience and judgment play a key role. Accounts are invested at the discretion of the portfolio manager and may take up to 60 days to become fully invested.

(1)The definition of the accounts included in the High Quality Tax-Free Composite is as follows:
The High Quality Tax-Free Composite invests in debt securities issued by states, municipalities, a territory or a U.S. possession, or any of their political subdivisions. Maturities generally range from two to ten years.

Past performance does not guarantee or indicate future results. No inference should be drawn by present or prospective clients that managed accounts will achieve similar performance in the future. Investment in a portfolio, investment manager or security should not be based on past performance alone. Because accounts are individually managed, returns for separate accounts may be higher or lower than the average performance stated. Individual portfolio/performance results may vary due to market conditions, trading costs and certain other factors, which may be unique to each account. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Investing in equities may result in a loss of capital. Investing involves risk and you may incur a profit or a loss. Investment returns and principal value will fluctuate so that an investor’s portfolio, when redeemed, may be worth more or less than their original cost. Diversification does not ensure a profit or guarantee against a loss.

The calculation of the performance data includes reinvestment of all income and gains and is depicted on a time-weighted and size-weighted average for the entire period. Calculations include reinvestment of all income and gains. Gross performance presented is "pure gross" and is shown before deduction of any fees. Net returns have been reduced by the entire bundled/wrap fee. The bundled/wrap fee will typically include trading, investment management, portfolio monitoring and other administrative fees charged by the sponsor. Eagle's fees are set forth in Eagle's ADV, Part II. Over a period of five years, an advisory fee of 1% could reduce the total value of a client's portfolio by 5% or more. Net returns are calculated using a max wrap fee of 3% for this strategy.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Eagle Asset Management, Inc. has received a firm-wide verification for the periods January 1, 1982 through December 31, 2022. Eagle believes that the performance shown is reasonably representative of its management style and is sufficiently relevant for consideration by a potential or existing client. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The verification and performance examination reports are available upon request.

Eagle Asset Management, Inc. is an investment adviser registered with the Securities and Exchange Commission and is engaged in providing discretionary management services to client accounts. The benchmark is the Bloomberg Seven-Year Municipal Bond Index, which has been derived from published sources and has not been examined by independent accountants. The composite creation date for GIPS purposes was Jan. 1, 2001.

Currency: all monetary amounts displayed on this website are in U.S. dollars.

To obtain a compliant presentation and/or the firm's list of composite descriptions, please contact Eagle Asset Management at 1.800.237.3101.

Index Definition
Bloomberg Seven-Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from six to eight years. An investment cannot be made directly in an index. Index returns do not reflect the deduction of fees, trading costs or other expenses.

BLOOMBERG, BLOOMBERG INDICES and Bloomberg Fixed Income Indices (the “Indices”) are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited, the administrator of the Indices (collectively, “Bloomberg”) or Bloomberg's licensors own all proprietary rights in the Indices. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the Indices.