N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number
811-
01608
 
Franklin High Income Trust
(Exact name of registrant as specified in charter)
 
One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices)(Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 650 312-2000
 
Date of fiscal year end: 9/30
 
Date of reporting period: 3/31/24
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
SEMIANNUAL
REPORT
Franklin
High
Income
Fund
A
Series
of
Franklin
High
Income
Trust
March
31,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Your
Fund’s
Expenses
5
Financial
Highlights
and
Schedule
of
Investments
6
Financial
Statements
25
Notes
to
Financial
Statements
29
Shareholder
Information
40
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
This
semiannual
report
for
Franklin
High
Income
Fund
covers
the
period
ended
March
31,
2024.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
to
earn
a
high
level
of
current
income.
Its
secondary
goal
is
to
seek
capital
appreciation
to
the
extent
it
is
possible
and
consistent
with
the
Fund’s
principal
goal.
The
Fund
normally
invests
predominantly
in
high
yield,
lower-
rated
debt
securities
including
bonds,
notes,
debentures,
convertible
securities,
and
senior
and
subordinated
debt
securities.
The
Fund
may
also
invest
in
preferred
stocks.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+8.35%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Fund’s
primary
benchmark,
the
ICE
BofA
U.S.
High
Yield
Constrained
Index,
which
tracks
the
performance
of
U.S.
dollar
denominated
below
investment-grade
corporate
debt
publicly
issued
in
the
U.S.
domestic
market,
posted
a
+8.69%
cumulative
total
return.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
3
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Thank
you
for
your
continued
participation
in
Franklin
High
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Glenn
I.
Voyles,
CFA
Bryant
Dieffenbacher,
CFA
S.
James
McGiveran
III,
CFA,
CPA,
FRM
Patricia
O’Connor,
CFA
Portfolio
Management
Team
Portfolio
Composition
3/31/24
%
of
Total
Net
Assets
Corporate
Bonds
93.2%
Senior
Floating
Rate
Interests
2.5%
Common
Stocks
1.2%
Other
*
0.0%
Short-Term
Investments
&
Other
Net
Assets
3.1%
*
Rounds
to
less
than
0.1%.
Top
10
Holdings
3/31/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Mauser
Packaging
Solutions
Holding
Co.
1.5%
Containers
&
Packaging,
United
States
Tenet
Healthcare
Corp.
1.4%
Health
Care
Providers
&
Services,
United
States
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
1.2%
Oil,
Gas
&
Consumable
Fuels,
United
States
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
1.2%
Diversified
Telecommunication
Services,
United
States
CHS/Community
Health
Systems,
Inc.
1.1%
Health
Care
Providers
&
Services,
United
States
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
1.0%
Oil,
Gas
&
Consumable
Fuels,
United
States
Carnival
Corp.
1.0%
Hotels,
Restaurants
&
Leisure,
United
States
GGAM
Finance
Ltd.
1.0%
Financial
Services,
Ireland
Civitas
Resources,
Inc.
1.0%
Oil,
Gas
&
Consumable
Fuels,
United
States
Vistra
Operations
Co.
LLC
1.0%
Electric
Utilities,
United
States
1.
Source:
Morningstar.
Treasuries,
if
held
to
maturity,
offer
a
fixed
rate
of
return
and
a
fixed
principal
value;
their
interest
payments
and
principal
are
guaranteed.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
12
.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
FRM
®
is
a
trademark
owned
by
Global
Association
of
Risk
Professionals
(GARP).
Performance
Summary
as
of
March
31,
2024
Franklin
High
Income
Fund
3
franklintempleton.com
Semiannual
Report
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
3/31/24
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
3.75%
and
the
minimum
is
0%.
Class
A
:
3.75%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4,5
6-Month
+8.35%
+4.28%
1-Year
+11.12%
+6.95%
5-Year
+23.49%
+3.52%
10-Year
+40.97%
+3.10%
Advisor
6-Month
+9.05%
+9.05%
1-Year
+11.26%
+11.26%
5-Year
+25.47%
+4.64%
10-Year
+44.39%
+3.74%
30-Day
Standardized
Yield
7
Share
Class
Distribution
Rate
6
(with
fee
waiver)
(without
fee
waiver)
A
5.63%
6.56%
6.55%
Advisor
6.07%
7.08%
7.07%
See
page
4
for
Performance
Summary
footnotes.
Franklin
High
Income
Fund
Performance
Summary
4
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
Fixed
income
secu-
rities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
01/31/25
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Effective
9/10/18,
Class
A
shares
closed
to
new
investors,
were
renamed
Class
A1
shares,
and
a
new
Class
A
share
with
a
different
expense
structure
became
available.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
5.
Prior
to
3/1/19,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
4.25%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
3.75%.
6.
Distribution
Rate
is
calculated
by
annualizing
the
most
recent
distribution
amount
paid,
divided
by
the
NAV
as
of
the
date
indicated.
The
Distribution
Rate
calculation
includes
income
and
return
of
capital,
and
includes
a
prorated
special
distribution
in
the
month
it
is
paid.
The
Distribution
Rate
is
not
guaranteed,
subject
to
change,
and
is
not
a
quotation
of
fund
performance.
7.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
8.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(10/1/23–3/31/24)
Share
Class
Net
Investment
Income
A
$0.0532
A1
$0.0541
C
$0.0497
R
$0.0510
R6
$0.0561
Advisor
$0.0554
Total
Annual
Operating
Expenses
8
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.86%
0.87%
Advisor
0.61%
0.62%
Your
Fund’s
Expenses
Franklin
High
Income
Fund
5
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
183/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
10/1/23
Ending
Account
Value
3/31/24
Expenses
Paid
During
Period
10/1/23–3/31/24
1,2
Ending
Account
Value
3/31/24
Expenses
Paid
During
Period
10/1/23–3/31/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,083.50
$4.41
$1,020.76
$4.28
0.85%
A1
$1,000
$1,083.00
$3.89
$1,021.26
$3.78
0.75%
C
$1,000
$1,085.30
$6.50
$1,018.76
$6.29
1.25%
R
$1,000
$1,085.20
$5.72
$1,019.51
$5.54
1.10%
R6
$1,000
$1,084.80
$2.66
$1,022.45
$2.58
0.51%
Advisor
$1,000
$1,090.50
$3.12
$1,022.01
$3.02
0.60%
Franklin
High
Income
Trust
Financial
Highlights
Franklin
High
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Year
Ended
September
30,
2022
a
Year
Ended
May
31,
Year
Ended
May
31,
2019
b
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$1.62
$1.54
$1.69
$1.87
$1.72
$1.80
$1.84
Income
from
investment
operations
c
:
Net
investment
income
d
.
0.05
0.10
0.03
0.08
0.09
0.09
0.07
Net
realized
and
unrealized
gains
(losses)
0.08
0.08
(0.15)
(0.17)
0.16
(0.07)
(0.03)
Total
from
investment
operations
.............
0.13
0.18
(0.12)
(0.09)
0.25
0.02
0.04
Less
distributions
from:
Net
investment
income
..
(0.05)
(0.10)
(0.03)
(0.09)
(0.10)
(0.10)
(0.08)
Net
asset
value,
end
of
period
................
$1.70
$1.62
$1.54
$1.69
$1.87
$1.72
$1.80
Total
return
e
...........
8.35%
12.06%
(7.03)%
(5.15)%
14.52%
0.88%
2.17%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
....
0.86%
0.86%
0.88%
0.87%
0.86%
0.86%
0.87%
Expenses
net
of
waiver
and
payments
by
affiliates
....
0.85%
0.85%
g
0.87%
g
0.87%
g,h
0.85%
g
0.86%
g,h
0.86%
g
Net
investment
income
...
6.32%
6.05%
6.02%
4.66%
5.10%
5.19%
5.27%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$801,135
$713,381
$642,620
$689,210
$553,316
$309,844
$182,551
Portfolio
turnover
rate
....
18.25%
34.60%
4.96%
31.57%
55.37%
38.87%
25.48%
a
For
the
period
June
1,
2022
to
September
30,
2022.
b
For
the
period
September
10,
2018
(effective
date)
to
May
31,
2019.
c
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
d
Based
on
average
daily
shares
outstanding.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
High
Income
Trust
Financial
Highlights
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Year
Ended
September
30,
2022
a
Year
Ended
May
31,
2022
2021
2020
2019
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$1.64
$1.56
$1.71
$1.88
$1.73
$1.81
$1.82
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.05
0.10
0.03
0.09
0.10
0.10
0.10
Net
realized
and
unrealized
gains
(losses)
0.08
0.08
(0.15)
(0.17)
0.15
(0.08)
(0.01)
Total
from
investment
operations
.............
0.13
0.18
(0.12)
(0.08)
0.25
0.02
0.09
Less
distributions
from:
Net
investment
income
..
(0.05)
(0.10)
(0.03)
(0.09)
(0.10)
(0.10)
(0.10)
Net
asset
value,
end
of
period
................
$1.72
$1.64
$1.56
$1.71
$1.88
$1.73
$1.81
Total
return
d
...........
8.30%
12.02%
(6.90)%
(4.51)%
14.52%
0.95%
5.35%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
....
0.76%
0.76%
0.78%
0.77%
0.76%
0.76%
0.77%
Expenses
net
of
waiver
and
payments
by
affiliates
....
0.75%
0.75%
f
0.77%
f
0.76%
f
0.76%
f,g
0.76%
f,g
0.76%
f
Net
investment
income
...
6.42%
6.15%
6.12%
4.74%
5.18%
5.29%
5.37%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$1,293,564
$1,276,764
$1,311,893
$1,483,888
$1,758,443
$1,759,206
$2,054,455
Portfolio
turnover
rate
....
18.25%
34.60%
4.96%
31.57%
55.37%
38.87%
25.48%
a
For
the
period
June
1,
2022
to
September
30,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
High
Income
Trust
Financial
Highlights
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Year
Ended
September
30,
2022
a
Year
Ended
May
31,
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$1.66
$1.58
$1.74
$1.91
$1.76
$1.83
$1.85
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.05
0.09
0.03
0.08
0.09
0.09
0.09
Net
realized
and
unrealized
gains
(losses)
0.09
0.09
(0.16)
(0.17)
0.15
(0.07)
(0.01)
Total
from
investment
operations
.............
0.14
0.18
(0.13)
(0.09)
0.24
0.02
0.08
Less
distributions
from:
Net
investment
income
..
(0.05)
(0.10)
(0.03)
(0.08)
(0.09)
(0.09)
(0.10)
Net
asset
value,
end
of
period
................
$1.75
$1.66
$1.58
$1.74
$1.91
$1.76
$1.83
Total
return
d
...........
8.53%
11.25%
(7.53)%
(4.93)%
13.69%
0.99%
4.17%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
....
1.26%
1.26%
1.28%
1.26%
1.26%
1.26%
1.27%
Expenses
net
of
waiver
and
payments
by
affiliates
....
1.25%
1.25%
f
1.27%
f
1.26%
f,g
1.26%
f,g
1.26%
f,g
1.26%
f
Net
investment
income
...
5.92%
5.64%
5.63%
4.22%
4.68%
4.79%
4.87%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$76,868
$77,923
$98,923
$119,630
$220,646
$251,930
$304,072
Portfolio
turnover
rate
....
18.25%
34.60%
4.96%
31.57%
55.37%
38.87%
25.48%
a
For
the
period
June
1,
2022
to
September
30,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
High
Income
Trust
Financial
Highlights
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Year
Ended
September
30,
2022
a
Year
Ended
May
31,
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$1.68
$1.59
$1.75
$1.92
$1.77
$1.84
$1.86
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.05
0.10
0.03
0.08
0.09
0.09
0.09
Net
realized
and
unrealized
gains
(losses)
0.09
0.09
(0.16)
(0.17)
0.15
(0.07)
(0.01)
Total
from
investment
operations
.............
0.14
0.19
(0.13)
(0.09)
0.24
0.02
0.08
Less
distributions
from:
Net
investment
income
..
(0.05)
(0.10)
(0.03)
(0.08)
(0.09)
(0.09)
(0.10)
Net
asset
value,
end
of
period
................
$1.77
$1.68
$1.59
$1.75
$1.92
$1.77
$1.84
Total
return
d
...........
8.52%
12.01%
(7.44)%
(4.75)%
13.78%
1.14%
4.31%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
....
1.11%
1.11%
1.13%
1.12%
1.11%
1.11%
1.12%
Expenses
net
of
waiver
and
payments
by
affiliates
....
1.10%
1.10%
f
1.12%
f
1.11%
f
1.11%
f,g
1.11%
f,g
1.11%
f
Net
investment
income
...
6.07%
5.80%
5.77%
4.39%
4.83%
4.94%
5.02%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$58,926
$57,051
$57,909
$64,250
$74,532
$77,148
$101,783
Portfolio
turnover
rate
....
18.25%
34.60%
4.96%
31.57%
55.37%
38.87%
25.48%
a
For
the
period
June
1,
2022
to
September
30,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
High
Income
Trust
Financial
Highlights
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Year
Ended
September
30,
2022
a
Year
Ended
May
31,
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$1.63
$1.55
$1.71
$1.88
$1.73
$1.80
$1.82
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.06
0.10
0.03
0.09
0.10
0.10
0.10
Net
realized
and
unrealized
gains
(losses)
0.08
0.09
(0.16)
(0.17)
0.15
(0.07)
(0.01)
Total
from
investment
operations
.............
0.14
0.19
(0.13)
(0.08)
0.25
0.03
0.09
Less
distributions
from:
Net
investment
income
..
(0.06)
(0.11)
(0.03)
(0.09)
(0.10)
(0.10)
(0.11)
Net
asset
value,
end
of
period
................
$1.71
$1.63
$1.55
$1.71
$1.88
$1.73
$1.80
Total
return
d
...........
8.48%
12.37%
(7.42)%
(4.24)%
14.82%
1.80%
5.05%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
....
0.53%
0.53%
0.55%
0.55%
0.54%
0.55%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
....
0.51%
0.49%
f
0.50%
f
0.51%
f
0.51%
f
0.50%
f
0.50%
f
Net
investment
income
...
6.66%
6.42%
6.39%
5.01%
5.39%
5.55%
5.63%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$149,066
$115,142
$90,344
$98,282
$88,257
$66,681
$64,681
Portfolio
turnover
rate
....
18.25%
34.60%
4.96%
31.57%
55.37%
38.87%
25.48%
a
For
the
period
June
1,
2022
to
September
30,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
High
Income
Trust
Financial
Highlights
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Year
Ended
September
30,
2022
a
Year
Ended
May
31,
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
..............
$1.63
$1.56
$1.71
$1.88
$1.73
$1.81
$1.83
Income
from
investment
operations
b
:
Net
investment
income
c
.
0.06
0.10
0.03
0.09
0.10
0.10
0.10
Net
realized
and
unrealized
gains
(losses)
0.09
0.08
(0.15)
(0.17)
0.15
(0.08)
(0.01)
Total
from
investment
operations
.............
0.15
0.18
(0.12)
(0.08)
0.25
0.02
0.09
Less
distributions
from:
Net
investment
income
..
(0.06)
(0.11)
(0.03)
(0.09)
(0.10)
(0.10)
(0.11)
Net
asset
value,
end
of
period
................
$1.72
$1.63
$1.56
$1.71
$1.88
$1.73
$1.81
Total
return
d
...........
9.05%
11.52%
(6.86)%
(4.37)%
14.68%
1.12%
4.92%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
....
0.61%
0.61%
0.63%
0.62%
0.61%
0.61%
0.62%
Expenses
net
of
waiver
and
payments
by
affiliates
....
0.60%
0.60%
f
0.62%
f
0.61%
f
0.61%
f,g
0.61%
f,g
0.61%
f
Net
investment
income
...
6.58%
6.31%
6.32%
4.89%
5.34%
5.44%
5.52%
Supplemental
data
Net
assets,
end
of
period
(000’s)
...............
$313,500
$295,183
$257,358
$353,786
$341,889
$299,110
$320,010
Portfolio
turnover
rate
....
18.25%
34.60%
4.96%
31.57%
55.37%
38.87%
25.48%
a
For
the
period
June
1,
2022
to
September
30,
2022.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
High
Income
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
1.2%
Independent
Power
and
Renewable
Electricity
Producers
0.9%
a
Talen
Energy
Corp.
....................................
United
States
86,906
$
8,199,581
a
Talen
Energy
Corp.
....................................
United
States
169,744
16,015,346
24,214,927
Metals
&
Mining
0.1%
Alpha
Metallurgical
Resources,
Inc.
........................
United
States
4,346
1,439,265
Oil,
Gas
&
Consumable
Fuels
0.2%
a
Amplify
Energy
Corp.
..................................
United
States
8,816
58,274
Birch
Permian
Holdings,
Inc.
.............................
United
States
690,410
6,098,737
California
Resources
Corp.
..............................
United
States
1,425
78,517
6,235,528
Specialty
Retail
0.0%
a,b
Party
City
Holdco,
Inc.
..................................
United
States
75
—
Total
Common
Stocks
(Cost
$
28,741,331
)
......................................
31,889,720
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
California
Resources
Corp.
,
10/27/24
......................
United
States
3,278
64,118
a,b
Canvas
Energy,
Inc.
,
10/01/24
............................
United
States
13
—
a,b
Canvas
Energy,
Inc.
,
10/01/25
............................
United
States
13
—
64,118
Total
Warrants
(Cost
$
–
)
......................................................
64,118
Principal
Amount
*
Corporate
Bonds
93.2%
Aerospace
&
Defense
0.3%
c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
3/01/32
...
United
States
7,500,000
7,586,558
Automobile
Components
2.2%
c
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
......................
United
States
13,100,000
13,834,098
Senior
Secured
Note
,
144A,
7
%
,
4/15/28
..................
United
States
7,900,000
8,079,496
c
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
...
United
States
5,400,000
4,716,664
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
19,500,000
17,352,418
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
15,000,000
14,019,966
58,002,642
Automobiles
0.8%
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
22,200,000
21,386,306
Banks
0.6%
d
,e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
FRN
,
8.868
%
,
(
3-month
SOFR
+
3.562
%
),
Perpetual
....................
United
States
15,000,000
15,011,703
Beverages
0.4%
c
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
11,500,000
10,586,161
Building
Products
3.2%
c
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
6,200,000
6,237,851
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
(continued)
c
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25
%
,
10/15/28
....................................
United
States
10,500,000
$
11,286,513
c
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
2,000,000
1,792,787
c
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
10,500,000
10,663,065
c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
..........................
United
States
25,400,000
25,675,412
c
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
.....................
United
States
9,300,000
9,337,600
c
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
....................................
United
States
20,900,000
22,356,855
87,350,083
Capital
Markets
0.5%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
6,100,000
5,649,052
c
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
.
United
States
8,600,000
8,732,793
14,381,845
Chemicals
3.4%
c
,f
,g
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
1,891,272
37,776
c
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
4,100,000
3,185,333
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
14,000,000
14,524,502
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
12,700,000
10,672,695
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
4,200,000
3,857,655
c
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
19,500,000
18,313,741
c
,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
5,040,000
4,134,200
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
24,000,000
24,925,608
c
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
313,000
306,708
c
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
11,800,000
10,910,269
90,868,487
Commercial
Services
&
Supplies
1.9%
c
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...........................................
United
States
21,900,000
22,207,629
c
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,300,000
14,727,252
c
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
16,100,000
14,804,171
51,739,052
Communications
Equipment
0.5%
c
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
.
United
States
1,635,000
1,424,004
c
CommScope,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.....................
United
States
11,700,000
4,638,672
Senior
Secured
Note
,
144A,
6
%
,
3/01/26
..................
United
States
2,500,000
2,290,625
c
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
................
United
States
6,100,000
4,427,611
12,780,912
Construction
&
Engineering
0.5%
c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
5,400,000
4,981,652
c
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
8,800,000
8,449,502
13,431,154
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
2.5%
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
...........................................
United
States
3,400,000
$
3,487,131
c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...........
United
States
19,300,000
19,315,131
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.4
%
,
3/26/29
.......................
United
Kingdom
2,150,000
2,185,615
Senior
Note
,
144A,
6.5
%
,
3/26/31
.......................
United
Kingdom
2,900,000
2,953,898
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375
%
,
11/15/29
.........................
United
States
7,600,000
7,151,770
Senior
Note
,
6.625
%
,
1/15/28
..........................
United
States
10,400,000
10,441,153
Senior
Note
,
9
%
,
1/15/29
.............................
United
States
7,300,000
7,751,447
c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
15,000,000
14,033,400
67,319,545
Consumer
Staples
Distribution
&
Retail
0.8%
c
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
16,800,000
15,094,796
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
1/15/32
............
United
States
7,200,000
7,502,253
22,597,049
Containers
&
Packaging
4.1%
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
......................
United
States
8,100,000
5,111,707
Senior
Secured
Note
,
144A,
5.25
%
,
4/30/25
...............
United
States
11,400,000
11,025,795
c
LABL,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
11/01/28
........
United
States
6,200,000
6,279,391
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
.....................
United
States
30,000,000
29,794,950
Senior
Secured
Note
,
144A,
7.875
%
,
8/15/26
..............
United
States
10,500,000
10,704,760
c
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
9,800,000
9,031,986
c
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/13/27
.....................
United
States
3,961,000
3,966,506
Senior
Note
,
144A,
7.25
%
,
5/15/31
......................
United
States
3,500,000
3,569,132
c
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
2,800,000
2,615,022
c
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
22,800,000
21,295,109
c
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5
%
,
8/15/27
.......................
Netherlands
2,100,000
2,076,304
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
................
Netherlands
5,600,000
5,526,430
110,997,092
Distributors
0.5%
c
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
......................
Canada
6,500,000
6,808,704
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
...............
Canada
6,300,000
6,434,165
13,242,869
Diversified
Consumer
Services
1.0%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
14,300,000
12,968,241
c
Wand
NewCo
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.625
%
,
1/30/32
United
States
13,200,000
13,662,884
26,631,125
Diversified
REITs
1.5%
c
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
15,900,000
13,618,382
c
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
14,500,000
12,423,819
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
REITs
(continued)
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
2/15/27
......................
United
States
8,000,000
$
7,587,168
Senior
Note
,
144A,
3.875
%
,
2/15/29
.....................
United
States
7,000,000
6,448,459
40,077,828
Diversified
Telecommunication
Services
2.5%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
7,500,000
5,333,761
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
........................
United
States
3,000,000
2,794,680
Senior
Bond
,
144A,
5.375
%
,
6/01/29
.....................
United
States
10,900,000
9,986,120
Senior
Bond
,
144A,
4.5
%
,
8/15/30
.......................
United
States
10,500,000
8,806,058
Senior
Bond
,
144A,
4.25
%
,
2/01/31
......................
United
States
3,400,000
2,778,734
Senior
Note
,
144A,
6.375
%
,
9/01/29
.....................
United
States
8,000,000
7,595,142
c
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
6.5
%
,
10/15/26
...............
France
5,200,000
5,155,142
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
.................
France
10,400,000
10,303,721
c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
15,900,000
13,723,908
66,477,266
Electric
Utilities
1.0%
c
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.625
%
,
2/15/27
.....................
United
States
18,300,000
18,033,642
Senior
Note
,
144A,
7.75
%
,
10/15/31
.....................
United
States
8,700,000
9,117,687
27,151,329
Electrical
Equipment
1.6%
c
Regal
Rexnord
Corp.
,
Senior
Bond
,
144A,
6.4
%
,
4/15/33
.......................
United
States
7,900,000
8,201,203
Senior
Note
,
144A,
6.3
%
,
2/15/30
.......................
United
States
9,700,000
9,937,828
c
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
11,000,000
10,055,344
c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
16,400,000
15,277,777
43,472,152
Electronic
Equipment,
Instruments
&
Components
0.3%
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
9,300,000
8,443,749
Energy
Equipment
&
Services
4.1%
c
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
f
Secured
Note
,
144A,
PIK,
10
%
,
4/01/26
..................
United
States
17,833,800
18,725,490
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/25
................
United
States
7,501,000
7,501,000
c
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
15,100,000
15,525,944
c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
....
United
States
12,300,000
12,536,812
c
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
9,900,000
9,845,342
c
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
5/15/27
.....................
United
States
6,200,000
6,193,606
Senior
Note
,
144A,
9.125
%
,
1/31/30
.....................
United
States
4,600,000
4,786,286
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
.......
United
States
6,000,000
5,916,027
c
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
.....................................
United
States
1,800,000
1,880,219
c
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
....
United
States
14,220,000
14,836,238
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
United
States
11,000,000
11,492,734
109,239,698
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Entertainment
0.6%
c
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
...........................................
France
15,300,000
$
15,792,507
Financial
Services
3.4%
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
...........................................
United
States
4,400,000
4,507,127
c
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
2/15/27
........................
Ireland
11,100,000
11,467,909
Senior
Note
,
144A,
8
%
,
6/15/28
........................
Ireland
15,400,000
16,092,908
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
........................
United
States
17,600,000
17,285,525
Senior
Note
,
144A,
9.5
%
,
2/15/29
.......................
United
States
3,500,000
3,586,667
c
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
..........................................
United
States
19,600,000
18,096,800
c
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.375
%
,
2/01/28
.....................
United
States
9,300,000
9,261,186
Senior
Note
,
144A,
5
%
,
10/01/29
.......................
United
States
5,000,000
4,218,215
c
United
Wholesale
Mortgage
LLC
,
Senior
Note
,
144A,
5.5
%
,
11/15/25
United
States
7,100,000
7,042,456
91,558,793
Food
Products
1.3%
B&G
Foods,
Inc.
,
Senior
Note
,
5.25
%
,
4/01/25
...........................
United
States
3,190,000
3,175,017
Senior
Note
,
5.25
%
,
9/15/27
...........................
United
States
4,800,000
4,489,681
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
.....................................
United
States
3,300,000
3,349,501
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.875
%
,
5/15/34
...........
United
States
17,900,000
19,098,423
c
Post
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
2/15/32
..
United
States
5,500,000
5,546,959
35,659,581
Ground
Transportation
1.1%
c
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
........
United
Kingdom
4,100,000
4,097,717
c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
14,700,000
13,042,859
c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
...............
United
States
12,100,000
12,464,779
29,605,355
Health
Care
Equipment
&
Supplies
1.1%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
10,000,000
10,359,100
c
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
......
United
States
10,300,000
9,743,115
c
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
..
United
States
9,000,000
9,704,232
29,806,447
Health
Care
Providers
&
Services
5.1%
Centene
Corp.
,
Senior
Bond
,
2.5
%
,
3/01/31
............................
United
States
12,000,000
9,880,591
Senior
Note
,
4.625
%
,
12/15/29
.........................
United
States
4,300,000
4,085,405
Senior
Note
,
2.625
%
,
8/01/31
..........................
United
States
1,400,000
1,150,277
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.125
%
,
4/01/30
....................
United
States
6,800,000
4,909,489
Senior
Secured
Note
,
144A,
8
%
,
3/15/26
..................
United
States
2,469,000
2,465,916
Senior
Secured
Note
,
144A,
5.625
%
,
3/15/27
..............
United
States
5,900,000
5,436,615
Senior
Secured
Note
,
144A,
8
%
,
12/15/27
.................
United
States
1,200,000
1,178,466
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
..................
United
States
6,000,000
5,248,759
Senior
Secured
Note
,
144A,
5.25
%
,
5/15/30
...............
United
States
6,500,000
5,305,834
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
c
CHS/Community
Health
Systems,
Inc.,
(continued)
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
.............
United
States
5,200,000
$
5,362,609
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
16,700,000
14,962,263
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
18,700,000
17,062,310
c
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
8,500,000
6,171,162
c
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
22,200,000
17,530,608
Tenet
Healthcare
Corp.
,
Secured
Note
,
6.25
%
,
2/01/27
..........................
United
States
14,500,000
14,505,558
Senior
Secured
Note
,
4.25
%
,
6/01/29
....................
United
States
8,500,000
7,908,822
Senior
Secured
Note
,
6.125
%
,
6/15/30
...................
United
States
14,600,000
14,584,757
137,749,441
Health
Care
REITs
0.8%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25
%
,
8/01/26
...........................
United
States
11,400,000
10,447,421
Senior
Bond
,
3.5
%
,
3/15/31
............................
United
States
16,200,000
11,137,742
21,585,163
Hotel
&
Resort
REITs
0.9%
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25
%
,
7/15/28
......................
United
States
6,000,000
6,186,714
Senior
Note
,
144A,
4.5
%
,
2/15/29
.......................
United
States
6,500,000
6,075,134
Senior
Note
,
144A,
6.5
%
,
4/01/32
.......................
United
States
12,300,000
12,349,200
24,611,048
Hotels,
Restaurants
&
Leisure
6.7%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
8,500,000
7,579,635
b
,c
,g
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
23,000,000
—
c
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
15,500,000
15,963,373
c
Boyne
USA,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
5/15/29
...........
United
States
5,600,000
5,194,600
c
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
....................
United
States
6,900,000
6,297,429
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
..................
United
States
6,800,000
6,984,348
Senior
Secured
Note
,
144A,
6.5
%
,
2/15/32
................
United
States
12,700,000
12,819,774
c
Carnival
Corp.
,
Senior
Note
,
144A,
7.625
%
,
3/01/26
.....................
United
States
4,200,000
4,252,244
Senior
Note
,
144A,
5.75
%
,
3/01/27
......................
United
States
24,000,000
23,768,652
c
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
10,000,000
10,914,840
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
13,200,000
11,863,265
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.2
%
,
8/08/24
...........
United
States
5,300,000
5,245,099
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
5,200,000
5,136,616
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
8/31/26
.......................
United
States
4,000,000
3,967,320
Senior
Note
,
144A,
5.375
%
,
7/15/27
.....................
United
States
4,900,000
4,834,060
Senior
Note
,
144A,
6.25
%
,
3/15/32
......................
United
States
7,000,000
7,060,165
c
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
9,800,000
9,238,705
c
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
9/15/27
.....................
United
States
4,900,000
4,810,894
Senior
Note
,
144A,
7
%
,
2/15/29
........................
United
States
9,900,000
9,950,904
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
25,000,000
$
25,888,025
181,769,948
Household
Durables
2.4%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
.....................
United
States
13,000,000
12,005,153
Senior
Note
,
144A,
4.625
%
,
4/01/30
.....................
United
States
8,000,000
7,317,309
c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
..
United
States
9,000,000
9,403,560
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
9,000,000
9,324,891
c
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
..........
United
States
14,200,000
14,991,764
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
12,600,000
11,340,752
64,383,429
Independent
Power
and
Renewable
Electricity
Producers
1.5%
c
Calpine
Corp.
,
Senior
Note
,
144A,
5.125
%
,
3/15/28
.....................
United
States
12,900,000
12,391,592
Senior
Secured
Note
,
144A,
4.5
%
,
2/15/28
................
United
States
12,200,000
11,580,886
c
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
......................
United
States
8,800,000
7,405,666
Senior
Note
,
144A,
4.75
%
,
3/15/28
......................
United
States
3,500,000
3,329,491
Senior
Note
,
144A,
3.75
%
,
2/15/31
......................
United
States
7,000,000
6,014,995
40,722,630
Insurance
1.7%
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
.....................
United
States
5,400,000
5,324,636
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
...............
United
States
2,500,000
2,520,207
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
..................
United
States
13,400,000
13,544,372
c
HUB
International
Ltd.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/30
United
States
9,700,000
9,975,548
c
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
14,000,000
14,807,590
46,172,353
IT
Services
1.7%
c
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
8,500,000
7,640,540
c
Cogent
Communications
Group,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/27
...........................................
United
States
4,000,000
3,985,815
c
Gartner,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
10/01/30
.....................
United
States
6,000,000
5,377,074
Senior
Note
,
144A,
4.5
%
,
7/01/28
.......................
United
States
9,300,000
8,870,079
Senior
Note
,
144A,
3.625
%
,
6/15/29
.....................
United
States
4,400,000
3,987,992
c
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
4,500,000
4,635,135
c
Presidio
Holdings,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
2/01/28
......................
United
States
3,700,000
3,692,803
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
..............
United
States
7,500,000
7,310,183
45,499,621
Machinery
1.5%
c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
...........................................
France
15,300,000
16,479,018
c
,h
Esab
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
...............
United
States
11,200,000
11,266,450
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
................
United
States
10,200,000
10,300,256
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Machinery
(continued)
c
Titan
Acquisition
Ltd.
/
Titan
Co-Borrower
LLC
,
Senior
Note
,
144A,
7.75
%
,
4/15/26
.....................................
Canada
3,500,000
$
3,498,792
41,544,516
Media
3.6%
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
......................
United
States
5,700,000
4,996,677
Senior
Note
,
144A,
7.5
%
,
6/01/29
.......................
United
States
10,700,000
8,858,704
Senior
Secured
Note
,
144A,
9
%
,
9/15/28
..................
United
States
3,500,000
3,648,802
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............
United
States
6,000,000
5,968,685
c
CSC
Holdings
LLC
,
Senior
Note
,
144A,
11.25
%
,
5/15/28
.....................
United
States
16,700,000
16,563,110
Senior
Note
,
144A,
11.75
%
,
1/31/29
.....................
United
States
9,200,000
9,220,099
c
,g
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note
,
144A,
6.625
%
,
8/15/27
.....................
United
States
11,300,000
317,813
Senior
Secured
Note
,
144A,
5.375
%
,
8/15/26
..............
United
States
13,300,000
374,062
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
10,400,000
9,845,276
c
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
3,990,000
3,748,559
c
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
4,400,000
4,027,264
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
.....................
United
States
3,200,000
2,872,096
Senior
Note
,
144A,
4.25
%
,
1/15/29
......................
United
States
8,000,000
7,254,866
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
..............
United
States
4,100,000
4,297,801
c
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
12,600,000
11,535,755
c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/29
...........................................
United
States
4,000,000
3,578,137
97,107,706
Metals
&
Mining
1.7%
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
......................
United
States
11,900,000
12,313,501
c
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
16,000,000
14,412,523
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
9,500,000
8,497,046
c
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
1/30/30
......................
United
States
7,700,000
7,110,624
Senior
Bond
,
144A,
3.875
%
,
8/15/31
.....................
United
States
2,200,000
1,892,090
Senior
Note
,
144A,
3.25
%
,
11/15/26
.....................
United
States
1,600,000
1,492,504
45,718,288
Mortgage
Real
Estate
Investment
Trusts
(REITs)
1.0%
c
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
24,900,000
20,940,379
c
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
5,700,000
5,186,595
26,126,974
Oil,
Gas
&
Consumable
Fuels
12.6%
c
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
.....................
United
States
4,422,000
4,545,276
Senior
Note
,
144A,
5.375
%
,
3/01/30
.....................
United
States
4,300,000
4,133,419
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
.....................
United
States
7,400,000
7,221,736
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
...............
United
States
14,700,000
15,146,194
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Cheniere
Energy
Partners
LP
,
Senior
Note
,
4.5
%
,
10/01/29
...........................
United
States
2,600,000
$
2,477,090
Senior
Note
,
4
%
,
3/01/31
.............................
United
States
14,300,000
13,009,985
c
Chesapeake
Energy
Corp.
,
Senior
Note
,
144A,
5.875
%
,
2/01/29
.....................
United
States
5,000,000
4,963,317
Senior
Note
,
144A,
6.75
%
,
4/15/29
......................
United
States
10,300,000
10,418,697
c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
9,900,000
10,409,959
c
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.375
%
,
7/01/28
.....................
United
States
12,800,000
13,490,714
Senior
Note
,
144A,
8.75
%
,
7/01/31
......................
United
States
12,800,000
13,712,768
c
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
5,100,000
5,042,298
c
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.....................
United
States
3,900,000
3,534,819
Senior
Note
,
144A,
4.125
%
,
6/15/29
.....................
United
States
5,600,000
5,153,355
c
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
27,800,000
28,042,722
c
Energy
Transfer
LP
,
Senior
Note
,
144A,
8
%
,
4/01/29
...........
United
States
2,300,000
2,391,098
EnLink
Midstream
LLC
,
Senior
Bond
,
5.375
%
,
6/01/29
..........................
United
States
2,100,000
2,063,194
c
Senior
Note
,
144A,
6.5
%
,
9/01/30
.......................
United
States
10,300,000
10,606,023
c
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
1,900,000
1,949,714
c
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
14,800,000
14,459,741
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6
%
,
2/01/31
........................
United
States
5,000,000
4,880,362
Senior
Bond
,
144A,
6.25
%
,
4/15/32
......................
United
States
4,300,000
4,244,146
Senior
Note
,
144A,
5.75
%
,
2/01/29
......................
United
States
2,400,000
2,339,813
Senior
Note
,
144A,
6
%
,
4/15/30
........................
United
States
4,000,000
3,920,152
Senior
Note
,
144A,
8.375
%
,
11/01/33
....................
United
States
5,100,000
5,533,526
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
6.625
%
,
12/15/28
....................
United
States
4,800,000
4,888,291
Senior
Note
,
144A,
5.875
%
,
6/15/30
.....................
United
States
9,200,000
9,007,317
c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
.....................
United
States
30,800,000
32,746,806
c
,h
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5
%
,
4/15/32
......
United
States
6,900,000
6,916,993
b
,f
,g
,i
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
18,564,500
—
c
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note
,
144A,
7.875
%
,
9/15/30
.....................................
United
States
2,800,000
2,906,884
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6
%
,
4/15/27
.............................
United
States
4,800,000
4,784,402
Senior
Note
,
4.5
%
,
5/15/29
............................
United
States
4,600,000
4,279,970
Senior
Note
,
4.5
%
,
4/30/30
............................
United
States
5,000,000
4,583,055
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
..............
United
States
4,900,000
4,360,778
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
..............
United
States
5,900,000
5,316,237
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...............
United
States
4,100,000
4,127,933
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
..............
United
States
12,900,000
13,168,462
Senior
Secured
Note
,
144A,
9.5
%
,
2/01/29
................
United
States
3,100,000
3,343,313
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
..............
United
States
9,800,000
10,112,561
c
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
........
United
States
12,100,000
12,589,824
Vital
Energy,
Inc.
,
Senior
Note
,
10.125
%
,
1/15/28
.........................
United
States
9,000,000
9,450,261
Senior
Note
,
9.75
%
,
10/15/30
..........................
United
States
9,000,000
9,849,717
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Vital
Energy,
Inc.,
(continued)
c
Senior
Note
,
144A,
7.875
%
,
4/15/32
.....................
United
States
3,600,000
$
3,659,950
339,782,872
Paper
&
Forest
Products
0.3%
c
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
8,200,000
6,995,149
Passenger
Airlines
1.2%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5
%
,
4/20/26
................
United
States
12,750,000
12,671,139
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...............
United
States
2,000,000
1,967,500
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
10,200,000
9,979,571
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
..............
United
States
2,700,000
2,612,016
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
..............
United
States
5,500,000
5,121,133
32,351,359
Personal
Care
Products
0.5%
c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/30
........
United
States
12,200,000
12,398,750
Pharmaceuticals
1.9%
c
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
6,021,000
5,907,129
c
Bausch
Health
Cos.,
Inc.
,
Secured
Note
,
144A,
14
%
,
10/15/30
.....................
United
States
2,114,000
1,226,733
Senior
Secured
Note
,
144A,
6.125
%
,
2/01/27
..............
United
States
3,100,000
1,934,540
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/28
..............
United
States
9,800,000
5,357,452
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
.................
United
States
7,692,000
5,153,640
g
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
9.5
%
,
7/31/27
......................................
United
States
7,104,000
470,640
6
%
,
6/30/28
.......................................
United
States
4,473,000
315,906
c
,g
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
4,700,000
3,059,676
c
,g
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/01/27
United
States
4,273,000
2,824,920
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75
%
,
5/09/27
...........................
Israel
10,600,000
10,274,845
Senior
Note
,
5.125
%
,
5/09/29
..........................
Israel
900,000
865,747
Senior
Note
,
7.875
%
,
9/15/29
..........................
Israel
6,400,000
6,877,818
Senior
Note
,
8.125
%
,
9/15/31
..........................
Israel
6,400,000
7,027,514
51,296,560
Real
Estate
Management
&
Development
1.2%
c
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5
%
,
1/15/28
.................................
United
States
11,670,252
12,025,214
c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
11,000,000
10,514,360
c
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/01/30
.....................................
United
States
8,800,000
9,116,419
31,655,993
Software
0.9%
c
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
10,300,000
9,935,550
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
9,400,000
8,630,530
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
6,700,000
5,746,648
24,312,728
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Specialized
REITs
0.7%
c
Iron
Mountain,
Inc.
,
Senior
Bond
,
144A,
5.625
%
,
7/15/32
.....................
United
States
6,400,000
$
6,051,101
Senior
Note
,
144A,
7
%
,
2/15/29
........................
United
States
12,600,000
12,853,909
18,905,010
Specialty
Retail
1.2%
c
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
.....................................
United
States
12,880,000
13,857,064
c
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
.....................
United
States
15,600,000
11,718,615
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...............
United
States
4,200,000
3,582,556
c
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
2,800,000
2,300,464
31,458,699
Textiles,
Apparel
&
Luxury
Goods
0.3%
c
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
8,600,000
8,842,907
Trading
Companies
&
Distributors
1.7%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
....
United
States
15,400,000
15,881,120
c
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
10,900,000
9,992,119
c
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
...........................................
United
States
15,400,000
15,438,392
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...
United
States
4,600,000
4,653,043
45,964,674
Wireless
Telecommunication
Services
0.4%
c
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
........................
Luxembourg
8,100,000
2,313,852
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
...............
Luxembourg
22,400,000
8,402,043
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
.................................
Bermuda
450,544
23,737
10,739,632
Total
Corporate
Bonds
(Cost
$
2,684,844,081
)
...................................
2,508,892,738
j
Senior
Floating
Rate
Interests
2.5%
k
Chemicals
1.1%
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.976
%
,
(
3-month
SOFR
+
4.5
%
),
3/15/29
......................................
United
States
8,547,750
8,428,723
Second
Lien,
Initial
CME
Term
Loan
,
12.868
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
....................................
United
States
9,279,070
8,295,488
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.723
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
12,903,500
12,791,820
29,516,031
a
a
a
a
a
a
Health
Care
Technology
0.4%
k
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.58
%
,
(
1-month
SOFR
+
3.25
%
),
2/15/29
..............................
United
States
11,474,099
11,394,354
Hotels,
Restaurants
&
Leisure
0.5%
k
Fertitta
Entertainment
LLC
,
Initial
CME
Term
Loan,
B
,
9.077
%
,
(
1-month
SOFR
+
3.75
%
),
1/27/29
.......................
United
States
12,838,000
12,883,511
Media
0.1%
Diamond
Sports
Group
LLC
,
f
Debtor-In-Possession
Term
Loan
,
PIK,
10
%
,
12/02/24
........
United
States
1,364,882
2,277,078
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
j
Senior
Floating
Rate
Interests
(continued)
Media
(continued)
Diamond
Sports
Group
LLC,
(continued)
g,k
First
Lien,
CME
Term
Loan
,
14.61
%
,
(
3-month
SOFR
+
8
%
),
5/25/26
...........................................
United
States
1,175,779
$
1,131,687
3,408,765
a
a
a
a
a
a
Software
0.4%
k
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.176
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
10,218,000
10,223,007
Total
Senior
Floating
Rate
Interests
(Cost
$
67,252,894
)
..........................
67,425,668
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Alpha
Natural
Resources,
Inc.,
Escrow
Account
...............
United
States
25,000,000
—
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
13,700,000
308,250
Total
Escrows
and
Litigation
Trusts
(Cost
$
450,961
)
.............................
308,250
Total
Long
Term
Investments
(Cost
$
2,781,289,267
)
.............................
2,608,580,494
a
Short
Term
Investments
2.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.1%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
....
United
States
55,695,205
55,695,205
Total
Money
Market
Funds
(Cost
$
55,695,205
)
..................................
55,695,205
Total
Short
Term
Investments
(Cost
$
55,695,205
)
................................
55,695,205
a
Total
Investments
(Cost
$
2,836,984,472
)
99.0
%
..................................
$2,664,275,699
Other
Assets,
less
Liabilities
1.0
%
.............................................
28,783,596
Net
Assets
100.0%
...........................................................
$2,693,059,295
a
a
a
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
See
Abbreviations
on
page
39
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2024,
the
aggregate
value
of
these
securities
was
$2,195,765,855,
representing
81.5%
of
net
assets.
d
Perpetual
security
with
no
stated
maturity
date.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
6.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(c).
i
See
Note
7
regarding
restricted
securities.
j
See
Note
1(e)
regarding
senior
floating
rate
interests.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
High
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
March
31,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
Franklin
High
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$2,781,289,267
Cost
-
Non-controlled
affiliates
(Note
3f)
........................................................
55,695,205
Value
-
Unaffiliated
issuers
..................................................................
$2,608,580,494
Value
-
Non-controlled
affiliates
(Note
3f)
........................................................
55,695,205
Cash
....................................................................................
717,886
Receivables:
Investment
securities
sold
...................................................................
6,314,694
Capital
shares
sold
........................................................................
2,803,575
Dividends
and
interest
.....................................................................
47,366,156
Total
assets
..........................................................................
2,721,478,010
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
18,100,000
Capital
shares
redeemed
...................................................................
7,672,605
Management
fees
.........................................................................
1,026,737
Distribution
fees
..........................................................................
400,294
Transfer
agent
fees
........................................................................
704,343
Trustees'
fees
and
expenses
.................................................................
78
Accrued
expenses
and
other
liabilities
...........................................................
514,658
Total
liabilities
.........................................................................
28,418,715
Net
assets,
at
value
.................................................................
$2,693,059,295
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$3,717,116,603
Total
distributable
earnings
(losses)
.............................................................
(1,024,057,308)
Net
assets,
at
value
.................................................................
$2,693,059,295
Franklin
High
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
March
31,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
Franklin
High
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$801,135,240
Shares
outstanding
........................................................................
469,971,861
Net
asset
value
per
share
a,b
..................................................................
$1.70
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
b
................................
$1.77
Class
A1:
Net
assets,
at
value
.......................................................................
$1,293,564,194
Shares
outstanding
........................................................................
750,086,864
Net
asset
value
per
share
a,b
..................................................................
$1.72
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
b
................................
$1.79
Class
C:
Net
assets,
at
value
.......................................................................
$76,867,999
Shares
outstanding
........................................................................
43,810,930
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$1.75
Class
R:
Net
assets,
at
value
.......................................................................
$58,925,534
Shares
outstanding
........................................................................
33,298,721
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$1.77
Class
R6:
Net
assets,
at
value
.......................................................................
$149,065,935
Shares
outstanding
........................................................................
86,991,846
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$1.71
Advisor
Class:
Net
assets,
at
value
.......................................................................
$313,500,393
Shares
outstanding
........................................................................
181,999,069
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$1.72
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
High
Income
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
March
31,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
Franklin
High
Income
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
........................................................................
$12,890
Non-controlled
affiliates
(Note
3f)
.............................................................
4,152,813
Interest:
Unaffiliated
issuers
........................................................................
89,697,797
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
15,146
Total
investment
income
...................................................................
93,878,646
Expenses:
Management
fees
(Note
3
a
)
...................................................................
6,030,624
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
943,226
    Class
A1
...............................................................................
963,591
    Class
C
................................................................................
248,883
    Class
R
................................................................................
145,053
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
447,629
    Class
A1
...............................................................................
763,207
    Class
C
................................................................................
45,501
    Class
R
................................................................................
34,462
Class
R6
...............................................................................
29,627
    Advisor
Class
............................................................................
182,211
Custodian
fees
.............................................................................
5,414
Reports
to
shareholders
fees
..................................................................
161,750
Registration
and
filing
fees
....................................................................
96,811
Professional
fees
...........................................................................
40,419
Trustees'
fees
and
expenses
..................................................................
15,951
Other
....................................................................................
48,213
Total
expenses
.........................................................................
10,202,572
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
..............................................
(139,949)
Net
expenses
.........................................................................
10,062,623
Net
investment
income
................................................................
83,816,023
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(15,605,891)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
154,933,145
Net
realized
and
unrealized
gain
(loss)
............................................................
139,327,254
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$223,143,277
Franklin
High
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
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Report
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notes
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part
of
these
financial
statements.
28
Franklin
High
Income
Fund
Six
Months
Ended
March
31,
2024
(unaudited)
Year
Ended
September
30,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$83,816,023
$156,754,781
Net
realized
gain
(loss)
.................................................
(15,605,891)
(88,757,297)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
154,933,145
218,607,102
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
223,143,277
286,604,586
Distributions
to
shareholders:
Class
A
.............................................................
(24,139,103)
(43,793,651)
Class
A1
............................................................
(41,188,887)
(83,818,560)
Class
C
.............................................................
(2,209,111)
(4,908,488)
Class
R
.............................................................
(1,709,695)
(3,415,674)
Class
R6
............................................................
(4,687,879)
(7,037,744)
Advisor
Class
........................................................
(10,054,311)
(18,731,050)
Total
distributions
to
shareholders
..........................................
(83,988,986)
(161,705,167)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
48,139,775
38,806,961
Class
A1
............................................................
(51,355,159)
(102,183,735)
Class
C
.............................................................
(5,158,060)
(25,867,345)
Class
R
.............................................................
(1,269,249)
(3,916,072)
Class
R6
............................................................
26,510,182
20,255,453
Advisor
Class
........................................................
1,594,158
24,401,685
Total
capital
share
transactions
............................................
18,461,647
(48,503,053)
Net
increase
(decrease)
in
net
assets
...................................
157,615,938
76,396,366
Net
assets:
Beginning
of
period
.....................................................
2,535,443,357
2,459,046,991
End
of
period
..........................................................
$2,693,059,295
$2,535,443,357
Franklin
High
Income
Trust
29
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
Franklin
High
Income
Fund
1.
Organization
and
Significant
Accounting
Policies
Franklin
High
Income
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of one fund,
Franklin
High
Income
Fund (Fund).
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers six
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R,
Class
R6
and
Advisor
Class. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
30
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Purchased
on
a
Delayed
Delivery
Basis
The
Fund
purchases
securities
on
a delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
d.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the
Statement
of
Operations.
The
Fund
bears
the
market
risk
with
respect
to any
cash collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
March
31,
2024,
the
Fund
had
no
securities
on
loan.
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
31
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
e.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
f.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
March
31,
2024, the
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
g.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income
in
the
Statement
of
Operations.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
32
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
i.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
March
31,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
March
31,
2024
Year
Ended
September
30,
2023
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
93,598,494
$156,331,323
164,259,008
$266,498,198
Shares
issued
in
reinvestment
of
distributions
..........
13,632,570
22,648,132
25,369,529
40,986,737
Shares
redeemed
...............................
(78,407,269)
(130,839,680)
(165,727,347)
(268,677,974)
Net
increase
(decrease)
..........................
28,823,795
$48,139,775
23,901,190
$38,806,961
Class
A1
Shares:
Shares
sold
...................................
11,226,933
$18,928,815
31,275,796
$51,183,105
Shares
issued
in
reinvestment
of
distributions
..........
21,546,053
36,197,115
45,166,418
73,731,606
Shares
redeemed
...............................
(63,358,575)
(106,481,089)
(138,736,468)
(227,098,446)
Net
increase
(decrease)
..........................
(30,585,589)
$(51,355,159)
(62,294,254)
$(102,183,735)
Class
C
Shares:
Shares
sold
...................................
4,518,052
$7,724,709
8,237,311
$13,715,527
Shares
issued
in
reinvestment
of
distributions
..........
1,207,856
2,062,504
2,765,299
4,586,429
Shares
redeemed
a
..............................
(8,773,136)
(14,945,273)
(26,737,253)
(44,169,301)
Net
increase
(decrease)
..........................
(3,047,228)
$(5,158,060)
(15,734,643)
$(25,867,345)
Class
R
Shares:
Shares
sold
...................................
4,207,703
$7,293,199
5,971,275
$10,046,457
Shares
issued
in
reinvestment
of
distributions
..........
986,838
1,698,861
2,034,038
3,401,699
Shares
redeemed
...............................
(5,919,929)
(10,261,309)
(10,333,832)
(17,364,228)
Net
increase
(decrease)
..........................
(725,388)
$(1,269,249)
(2,328,519)
$(3,916,072)
Class
R6
Shares:
Shares
sold
...................................
36,884,342
$61,463,389
54,327,226
$88,684,219
Shares
issued
in
reinvestment
of
distributions
..........
2,512,055
4,201,337
4,118,456
6,697,631
Shares
redeemed
...............................
(23,209,035)
(39,154,544)
(45,938,906)
(75,126,397)
Net
increase
(decrease)
..........................
16,187,362
$26,510,182
12,506,776
$20,255,453
Advisor
Class
Shares:
Shares
sold
...................................
72,094,062
$120,456,605
117,682,569
$192,591,222
Shares
issued
in
reinvestment
of
distributions
..........
5,619,613
9,433,128
10,742,738
17,526,512
Shares
redeemed
...............................
(76,306,583)
(128,295,575)
(113,307,304)
(185,716,049)
Net
increase
(decrease)
..........................
1,407,092
$1,594,158
15,118,003
$24,401,685
1.
Organization
and
Significant
Accounting
Policies
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
33
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
March
31,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.460%
of
the
Fund’s
average daily
net
assets. 
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
and
A1
reimbursement
distribution
plan,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plan,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
and
R
compensation
distribution
plans,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
Over
$20
billion,
up
to
and
including
$35
billion
0.355%
Over
$35
billion,
up
to
and
including
$50
billion
0.350%
In
excess
of
$50
billion
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
34
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
March
31,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$577,974
was
retained
by
Investor
Services.
f.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
March
31,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.15%
Class
C
....................................................................................
0.65%
Class
R
....................................................................................
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$48,723
CDSC
retained
..............................................................................
$13,313
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
35
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
g.
Waiver
and
Expense
Reimbursements
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until January 31,
2025.
4.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains. 
At
September
30,
2023,
the
capital
loss
carryforwards
were
as
follows:
At
March
31,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities
and
bond
discounts
and
premiums.
5.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
March
31,
2024,
aggregated
$480,231,858 and
$460,546,626,
respectively. 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
High
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.997
%
$49,084,957
$372,026,424
$(365,416,176)
$—
$—
$55,695,205
55,695,205
$1,908,980
Total
Affiliated
Securities
...
$49,084,957
$372,026,424
$(365,416,176)
$—
$—
$55,695,205
$1,908,980
Capital
loss
carryforwards
not
subject
to
expiration:
Long
term
................................................................................
$825,279,484
Cost
of
investments
..........................................................................
$2,849,507,526
Unrealized
appreciation
........................................................................
$72,106,437
Unrealized
depreciation
........................................................................
(257,338,264)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(185,231,827)
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
36
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
6.
Credit
Risk
and
Defaulted
Securities
At
March
31,
2024, the
Fund
had
87.7% of
its
portfolio
invested
in
high
yield,
senior
secured
floating
rate
loans,
or
other
securities rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund
held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
March
31,
2024,
the
aggregate
value
of
these
securities was
$8,532,480,
representing 0.3% of
the Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The securities have
been
identified
in
the
accompanying
Schedule
of
Investments.
7.
Restricted
Securities
The
Fund
invests
in
securities
that
are
restricted
under
the
Securities
Act
of
1933
(1933
Act).
Restricted
securities
are
often
purchased
in
private
placement
transactions,
and
cannot
be
sold
without
prior
registration
unless
the
sale
is
pursuant
to
an
exemption
under
the
1933
Act.
Disposal
of
these
securities
may
require
greater
effort
and
expense,
and
prompt
sale
at
an
acceptable
price
may
be
difficult.
The Fund
may
have
registration
rights
for
restricted
securities.
The
issuer
generally
incurs
all
registration
costs.
At
March
31,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
1933
Act,
were
as
follows:
8.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
March
31,
2024,
investments
in
“affiliated
companies”
were
as
follows:
Principal
Amount
*
Issuer
Acquisition
Date
Cost
Value
Franklin
High
Income
Fund
18,564,500
Murray
Energy
Corp.,
Secured
Note,
144A,
PIK,
12%,
4/15/24
..................................
4/09/15
-
4/15/19
$
20,764,441
$
—
Total
Restricted
Securities
(Value
is
—
%
of
Net
Assets)
..............
$20,764,441
$—
*
In
U.S.
dollars
unless
otherwise
indicated.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
High
Income
Fund
Non-Controlled
Affiliates
Dividends
Birch
Permian
Holdings,
Inc
.............
$
8,716,426
$
—
$
—
$
—
$
—
a
$
—
a
—
a
$
2,243,833
Total
Affiliated
Securities
(Value
is
—
%
of
Net
Assets)
..........
$8,716,426
$—
$—
$—
$—
$—
$2,243,833
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
37
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
March
31,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
March
31,
2024,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
a
As
of
March
31,
2024,
no
longer
an
affiliate.
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Independent
Power
and
Renewable
Electricity
Producers
..........................
$
16,015,346
$
8,199,581
$
—
$
24,214,927
Metals
&
Mining
.......................
1,439,265
—
—
1,439,265
Oil,
Gas
&
Consumable
Fuels
.............
136,791
6,098,737
—
6,235,528
Specialty
Retail
........................
—
—
—
a
—
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
64,118
—
—
a
64,118
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
7,586,558
—
7,586,558
Automobile
Components
.................
—
58,002,642
—
58,002,642
Automobiles
..........................
—
21,386,306
—
21,386,306
Banks
...............................
—
15,011,703
—
15,011,703
Beverages
...........................
—
10,586,161
—
10,586,161
Building
Products
......................
—
87,350,083
—
87,350,083
8.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
38
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
a
Includes
financial
instruments
determined
to
have
no
value
.
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Capital
Markets
........................
$
—
$
14,381,845
$
—
$
14,381,845
Chemicals
...........................
—
90,868,487
—
90,868,487
Commercial
Services
&
Supplies
...........
—
51,739,052
—
51,739,052
Communications
Equipment
..............
—
12,780,912
—
12,780,912
Construction
&
Engineering
...............
—
13,431,154
—
13,431,154
Consumer
Finance
.....................
—
67,319,545
—
67,319,545
Consumer
Staples
Distribution
&
Retail
......
—
22,597,049
—
22,597,049
Containers
&
Packaging
.................
—
110,997,092
—
110,997,092
Distributors
...........................
—
13,242,869
—
13,242,869
Diversified
Consumer
Services
............
—
26,631,125
—
26,631,125
Diversified
REITs
......................
—
40,077,828
—
40,077,828
Diversified
Telecommunication
Services
.....
—
66,477,266
—
66,477,266
Electric
Utilities
........................
—
27,151,329
—
27,151,329
Electrical
Equipment
....................
—
43,472,152
—
43,472,152
Electronic
Equipment,
Instruments
&
Components
........................
—
8,443,749
—
8,443,749
Energy
Equipment
&
Services
.............
—
109,239,698
—
109,239,698
Entertainment
.........................
—
15,792,507
—
15,792,507
Financial
Services
......................
—
91,558,793
—
91,558,793
Food
Products
........................
—
35,659,581
—
35,659,581
Ground
Transportation
..................
—
29,605,355
—
29,605,355
Health
Care
Equipment
&
Supplies
.........
—
29,806,447
—
29,806,447
Health
Care
Providers
&
Services
..........
—
137,749,441
—
137,749,441
Health
Care
REITs
.....................
—
21,585,163
—
21,585,163
Hotel
&
Resort
REITs
...................
—
24,611,048
—
24,611,048
Hotels,
Restaurants
&
Leisure
.............
—
181,769,948
—
a
181,769,948
Household
Durables
....................
—
64,383,429
—
64,383,429
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
40,722,630
—
40,722,630
Insurance
............................
—
46,172,353
—
46,172,353
IT
Services
...........................
—
45,499,621
—
45,499,621
Machinery
............................
—
41,544,516
—
41,544,516
Media
...............................
—
97,107,706
—
97,107,706
Metals
&
Mining
.......................
—
45,718,288
—
45,718,288
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
26,126,974
—
26,126,974
Oil,
Gas
&
Consumable
Fuels
.............
—
339,782,872
—
a
339,782,872
Paper
&
Forest
Products
.................
—
6,995,149
—
6,995,149
Passenger
Airlines
.....................
—
32,351,359
—
32,351,359
Personal
Care
Products
.................
—
12,398,750
—
12,398,750
Pharmaceuticals
.......................
—
51,296,560
—
51,296,560
Real
Estate
Management
&
Development
....
—
31,655,993
—
31,655,993
Software
.............................
—
24,312,728
—
24,312,728
Specialized
REITs
......................
—
18,905,010
—
18,905,010
Specialty
Retail
........................
—
31,458,699
—
31,458,699
Textiles,
Apparel
&
Luxury
Goods
..........
—
8,842,907
—
8,842,907
Trading
Companies
&
Distributors
..........
—
45,964,674
—
45,964,674
Wireless
Telecommunication
Services
.......
—
10,739,632
—
10,739,632
Senior
Floating
Rate
Interests
...............
—
67,425,668
—
67,425,668
Escrows
and
Litigation
Trusts
...............
—
308,250
—
a
308,250
Short
Term
Investments
...................
55,695,205
—
—
55,695,205
Total
Investments
in
Securities
...........
$73,350,725
$2,590,924,974
$—
$2,664,275,699
10.
Fair
Value
Measurements
(continued)
Franklin
High
Income
Trust
Notes
to
Financial
Statements
(unaudited)
39
franklintempleton.com
Semiannual
Report
Franklin
High
Income
Fund
(continued)
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the 
period
.
11.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
10.
Fair
Value
Measurements
(continued)
Franklin
High
Income
Trust
Shareholder
Information
40
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Fund’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Fund’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Fund’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust,
on
behalf
of
the
Fund,
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
the
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
as
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
1105
S
05/24
©
2024
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Franklin
High
Income
Fund
Investment
Manager
Distributor
Shareholder
Services
Franklin
Advisers,
Inc.
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4.
 Principal Accountant Fees and Services.      N/A
 
 
Item 5. Audit Committee
of Listed Registrants.
       
N/A
 
 
 
Item 6.  Schedule of Investments.                    
N/A
 
 
Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.             N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                             N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.         N/A
 
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a)
  Evaluation of Disclosure Controls and Procedures. 
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

 
(b) Changes in Internal Controls
. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.


Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                          N/A
 
 
Item 13. Recovery of Erroneously Awarded Compensation.
 
(a) N/A


(b) N/A
 
 
Item 14. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
FRANKLIN HIGH INCOME TRUST
 
 
By S\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  May 28, 2024


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  May 28, 2024
 
 
By S\JEFFREY WHITE______________________
      Jeffrey White
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  May 28, 2024