The Franklin California High Yield Municipal Fund Class A (FCQAX) is a mutual fund that primarily invests in high-yield municipal bonds issued by California-based entities. These bonds are typically issued by state and local governments to fund public projects and services. The fund aims to provide investors with a steady stream of tax-free income while also seeking to preserve capital. As a Class A fund, it may have a front-end sales charge and a lower expense ratio compared to other share classes. This fund may be suitable for investors seeking tax-exempt income and are willing to take on a moderate level of risk.