Franklin California High Yield Municipal Fund Class A is a mutual fund that primarily invests in municipal bonds issued within California. Its main objective is to provide a high level of income that is exempt from both federal and California state personal income taxes by allocating at least 80% of its net assets to such tax-advantaged securities. The fund has the flexibility to invest in municipal bonds across a broad spectrum of credit qualities, including high-yield, below-investment-grade (or unrated) bonds, and can also allocate up to 35% of its assets to municipal securities from U.S. territories. The fund may hold securities with varying maturity and duration profiles, and has the option to include bonds that carry insurance guaranteeing payment of principal and interest. Franklin California High Yield Municipal Fund Class A plays a significant role for investors seeking tax-exempt income, especially those subject to California income tax, while contributing to financing public works and infrastructure projects across the state and its territories.