The investment seeks to provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital. The fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, it invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Louisiana. The fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.
Fund filings (PDF) »

Asset managers:
Michael Conn (Started: Feb 28, 2010)
John Wiley (Started: Jan 1, 1991)
Francisco Rivera (Started: Mar 1, 1996)

Advisor Company:
Franklin Advisers, Inc.
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	-0.59	-0.73	-0.95	-0.50
Beta*	1.17	1.15	1.12	1.09
Mean annual return	0.25	0.46	0.45	0.37
R-squared*	98.32	97.16	90.68	92.72
Standard deviation	3.81	4.55	5.66	5.11
Sharpe ratio	0.76	1.19	0.90	0.53
* Against standard index

Risk measurement details »

Security	Net Assets
Louisiana St Gas & Fuels Tax R Gas An 5%	2.74%
Louisiana St Go Bds 5%	2.29%
Puerto Rico Sales Tax Fing Cor Re 6.375%	2.09%
New Orleans La Pub Impt 5.125%	2.04%
Puerto Rico Comwlth Hwy & Tran Tra 5.25%	1.87%
Louisiana Loc Govt Environment Ref Re 5%	1.82%
Louisiana Loc Govt Environment Rev 5.25%	1.80%
Louisiana St Gas & Fuels Tax R Tax Re 5%	1.80%
East Baton Rouge La Sew Commn Rev 5.25%	1.79%
Louisiana Pub Facs Auth 5%	1.65%

Holdings Performance »