Fund Evaluator:
Franklin Georgia Tax Free Income C (FGAIX)
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Best Performing in Muni Single State Long Over the Last Year
| 8.3% | T. Rowe Price Maryland Tax-Free Bond (MDXBX) |
| 8.2% | T. Rowe Price Virginia Tax Free Bond (PRVAX) |
| 8.1% | T. Rowe Price GA Tax-Free Bond (GTFBX) |
| 6.8% | Fidelity Michigan Municipal Income (FMHTX) |
| 6.8% | Fidelity Arizona Municipal Income (FSAZX) |
Fund Details
Franklin Georgia Tax Free Income C Overview
Franklin Georgia Tax Free Income C (FGAIX) is an actively managed Municipal Bond Muni Single State Long fund. Franklin Templeton Investments launched the fund in 1995.
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 Georgia. The fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.
About Franklin Georgia Tax Free Income C (FGAIX)
There are 4 members of the management team with an average tenure of 4.25 years: Michael Conn (2020), John Bonelli (2020), Garrett Hamilton (2026), Christopher Sperry (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Franklin Georgia Tax Free Income C has 104 securities in its portfolio. The top 10 holdings constitute 24.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Franklin Georgia Tax Free Income C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Franklin Georgia Tax Free Income C has 1.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (98.8% domestic bond, 1.2% foreign bond and 0.0% convertible bond). Franklin Georgia Tax Free Income C has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $105 million average for the Muni Single State Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FGAIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Franklin Georgia Tax Free Income C expense ratio is high compared to funds in the Muni Single State Long category. Franklin Georgia Tax Free Income C has an expense ratio of 1.30%, which is 44% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Franklin Georgia Tax Free Income C has a portfolio turnover rate of 10%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 15% for the Muni Single State Long category.
Recently, in the month of June 2026, Franklin Georgia Tax Free Income C returned 1.0%, which earned it a grade of B, as the Muni Single State Long category had an average return of 1.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Franklin Georgia Tax Free Income C has a trailing yield of 2.52%, which is below the 3.15% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Franklin Georgia Tax Free Income C Grades
Year to date, the fund has returned 2.5%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 7.0% over the past year (grade of D), 3.2% over the past three years (grade of F) and -0.1% per year over the past five years (grade of F) and 0.9% per year over the past 10 years (grade of F).
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FGAIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FGAIX Return (NAV) | 1.0% | 2.9% | 7.0% | 3.2% | -0.1% | 0.9% |
| FGAIX Grade | B | B | D | F | F | F |
| +/- Category | 0.1% | 0.1% | -0.5% | -0.5% | -0.6% | -0.7% |
| Muni Single State Long Avg | 1.0% | 2.8% | 7.5% | 3.7% | 0.5% | 1.5% |
| FGAIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FGAIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FGAIX Return (NAV) | 2.5% | 2.5% | 1.3% | 6.0% | -11.8% | 1.1% | 3.9% | 5.7% | -0.1% | 2.0% | 0.7% |
| FGAIX Grade | D | F | D | C | F | F | D | F | F | F | B |
| +/- Category | -0.1% | -0.7% | -0.6% | 0.0% | -1.3% | -0.8% | -0.4% | -0.8% | -0.8% | -1.8% | 0.3% |
| Muni Single State Long Avg | 2.6% | 3.1% | 1.9% | 6.0% | -10.5% | 1.8% | 4.3% | 6.5% | 0.8% | 3.8% | 0.4% |
| Risk Measures | |
| Standard Deviation: | 6.5% |
| Total Risk Index: | 0.54 - Below Average |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (71% Rank) |
| Beta: | 1.15 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $265 Mil |
| Fund Total Assets: | $ 7 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 11% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.7 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Conn Michael (2020), Bonelli John (2020), Sperry Christopher (2020), Hamilton Garrett (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 104 |
| % in Top 10 Holdings: | 24.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.8% |
| Foreign Bond: | 1.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-342-5236 |
| Website: | www.franklintempleton.com |
| Status: | Open |
| Inception Date: | May 1, 1995 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.65% |
Expenses and Fees | |
| Expense Ratio (%): | 1.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.90% |
| Share Class: | Franklin Georgia Tax Free Income A1 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
