Franklin California High Yield Municipal Fund1 

At least 80% of the fund's net assets are dedicated to municipal debt instruments, which provide interest income free from typical federal and California personal income taxation. The fund also has the flexibility to allocate up to 100% of its assets to securities whose interest income is subject to the federal alternative minimum tax (AMT). Additionally, investments in municipal bonds originating from U.S. territories can comprise up to 35% of the fund's total assets.