FCQAX Franklin CA High Yield Municipal A Forecast, Technical & Fundamental Analysis

The investment seeks a high level of income exempt from federal and California personal income taxes; capital appreciation is a secondary consideration. The fund invests at least 80% of its net assets in municipal securities whose interest is free from regular federal income taxes and from California personal income taxes. It also may have up to 100% of its assets in securities that pay interest subject to the federal alternative minimum tax. The fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.