This sign means:

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Left-turning vehicles have the right-of-way.
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Vehicles may only proceed if they are turning left.
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Left turns aren't allowed, even when the light is green.
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Left-turning vehicles must yield to oncoming traffic first.
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Explanation
The "Left Turn Yield on Green" sign is posted at intersections where drivers are allowed to turn left on a circular green light (not a green arrow). The sign is usually mounted on the overhead wire near the traffic signal.
It means you may turn left, but you must yield to oncoming traffic and pedestrians before doing so. This sign reminds drivers that left turns are not protected when the circular green light is displayed - you do not have the right-of-way. Always wait until the intersection is clear and it is safe to complete your turn.
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