Franklin High Income Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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_811-06481

Franklin Municipal Securities Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

_Craig S. Tyle, 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: 5/31

Date of reporting period: 11/30/20

Item 1. Reports to Stockholders.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

High

Income

Fund

A

Series

of

Franklin

High

Income

Trust

November

30,

2020

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Not

part

of

the

semiannual

report

1

Shareholder

Letter

Dear

Shareholder:

During

the

six

months

ended

November

30,

2020,

reported

first-

and

second-quarter

2020

data

indicated

that

the

U.S.

economy

contracted

in

response

to

the

novel

coronavirus

(COVID-19)

pandemic.

In

2020’s

third

quarter,

the

economy

recovered

substantially

based

on

increased

business

and

residential

investment

and

consumer

spending.

Before

the

reporting

period,

the

U.S.

Federal

Reserve

(Fed),

in

its

efforts

to

support

U.S.

economic

activity,

lowered

the

target

range

for

the

federal

funds

rate

twice

in

March

2020

and

implemented

broad

quantitative

easing

measures

to

support

credit

markets.

During

the

period,

the

Fed

held

the

target

range

for

its

key

rate

unchanged

at

0.00%–0.25%,

but

it

continued

quantitative

easing

and

adjusted

its

policy

in

August

2020

to

allow

more

flexibility

to

keep

interest

rates

low,

while

maintaining

a

2%

average

inflation

target.

The

10-year

Treasury

yield,

which

moves

inversely

to

price,

rose

during

the

six

months

under

review.

During

the

period,

U.S.

Federal

Reserve

intervention

and

the

U.S.

economy’s

incremental

reopening

allayed

many

investors’

concerns

about

risk

assets,

contributing

to

lower

demand

for

U.S.

government

securities

and

accelerated

prepayments

for

mortgage-backed

securities,

while

demand

increased

for

corporate

bonds,

particularly

those

below

investment

grade.

In

this

environment,

investment-grade

bonds,

as

measured

by

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index,

posted

a

+1.79%

total

return,

and

below

investment-grade

corporate

bonds,

as

measured

by

the

Credit

Suisse

High

Yield

Index,

posted

a

+10.26%

total

return.

1

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

We

believe

active,

professional

investment

management

serves

investors

well.

We

also

recognize

the

important

role

of

financial

advisors

in

today’s

markets

and

encourage

investors

to

continue

to

seek

their

advice.

Amid

changing

markets

and

economic

conditions,

we

are

confident

investors

with

a

well-diversified

portfolio

and

a

patient,

long-term

outlook

should

be

well-positioned

for

the

years

ahead.

In

addition,

Franklin

High

Income

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Sonal

Desai,

Ph.D.

Executive

Vice

President,

Chief

Investment

Officer

of

Franklin

Templeton

Fixed

Income

This

letter

reflects

our

analysis

and

opinions

as

of

November

30,

2020

,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Franklin

High

Income

Fund

3

Performance

Summary

6

Your

Fund’s

Expenses

8

Financial

Highlights

and

Statement

of

Investments

9

Financial

Statements

26

Notes

to

Financial

Statements

30

Shareholder

Information

42

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Franklin

High

Income

Fund

This

semiannual

report

for

Franklin

High

Income

Fund

covers

the

period

ended

November

30,

2020

.

Your

Fund’s

Goals

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

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

+9.88%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

new

primary

benchmark,

the

ICE

BofA

U.S.

High

Yield

Constrained

Index,

which

tracks

the

performance

of

high-yield

securities

traded

in

the

U.S.

bond

market,

posted

a

+10.42%

total

return.

1

The

Fund’s

former

primary

benchmark,

the

Credit

Suisse

(CS)

High

Yield

Index,

which

tracks

the

high-yield

debt

market,

posted

a

+10.26%

total

return.

2

The

ICE

BofA

U.S.

High

Yield

Constrained

Index

is

replacing

the

CS

High

Yield

Index

as

the

Fund’s

primary

benchmark.

The

investment

manager

believes

the

composition

of

the

ICE

BofA

U.S.

High

Yield

Constrained

Index

more

accurately

reflects

the

Fund’s

portfolio

composition.

The

Fund’s

peers

posted

a

+9.91%

total

return,

as

measured

by

the

Lipper

High

Yield

Funds

Classification

Average,

which

consists

of

funds

chosen

by

Lipper

that

aim

at

high

relative

current

yield

from

fixed

income

securities.

3

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

6

.

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

.

Economic

and

Market

Overview

The

U.S.

bond

market,

as

measured

by

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index,

posted

modest

total

returns

during

the

six

months

ended

November

30,

2020,

as

markets

adjusted

to

the

disruption

caused

by

the

novel

coronavirus

(COVID-19)

pandemic.

Before

the

period,

investor

flight

to

perceived

safety

had

driven

the

10-year

U.S.

Treasury

yield

(which

moves

inversely

to

price)

to

intraday

record

lows,

while

corporate

bond

yields

increased,

reflecting

increased

credit

risk

amid

widespread

economic

disruption.

During

the

period,

however,

U.S.

Federal

Reserve

(Fed)

support

and

the

gradual

reopening

of

the

U.S.

economy

reduced

many

investors’

concerns

about

solvency,

and

corporate

bonds

rebounded.

Corporate

bonds,

particularly

high-yield

bonds,

also

benefited

from

the

resolution

of

the

U.S.

election

and

several

promising

vaccine

results.

The

Fed

maintained

the

federal

funds

target

rate

at

a

range

of

0.00%–0.25%

and

continued

its

program

of

open-ended

purchasing

of

government-backed

and

corporate

bonds

as

necessary

to

help

keep

markets

functioning,

significantly

expanding

its

balance

sheet.

Furthermore,

the

Fed

signaled

that

interest

rates

would

potentially

remain

low,

even

if

inflation

moderately

exceeded

the

Fed’s

2%

target

for

some

time.

U.S.

Treasury

bonds,

as

measured

by

the

Bloomberg

Barclays

U.S.

Treasury

Index,

posted

relatively

flat

total

returns

for

the

period.

The

10-year

U.S.

Treasury

yield

declined

to

a

new

record

closing

low

in

early

August

2020

and

rose

for

the

period,

but

it

remained

historically

low

despite

the

widening

U.S.

federal

budget

deficit

and

a

massive

increase

in

issuance.

Mortgage-backed

securities

Portfolio

Composition

11/30/20

%

of

Total

Net

Assets

Corporate

Bonds

97.2%

Other

0.9%

Short-Term

Investments

&

Other

Net

Assets

1.9%

1.

Source:

Morningstar.

2.

Source:

Credit

Suisse

Group.

3.

Source:

Lipper,

a

Thomson

Reuters

Company.

For

the

six-month

period

ended

11/30/20,

this

category

consisted

of

512

funds.

Lipper

calculations

do

not

include

sales

charges

or

expense

subsidization

by

a

fund’s

manager.

Fund

performance

relative

to

the

average

may

have

differed

if

these

or

other

factors

had

been

considered.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

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.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Franklin

High

Income

Fund

4

franklintempleton.com

Semiannual

Report

(MBS),

as

measured

by

the

Bloomberg

Barclays

MBS

Index,

posted

relatively

flat

returns

for

the

period

despite

Fed

support,

as

lower

interest

rates

led

to

accelerated

prepayments

from

mortgage

refinancing.

U.S.

corporate

bond

performance

was

strong

overall

but

varied

based

on

credit

rating,

reflecting

the

recovery

of

credit

markets

following

the

initial

COVID-19

shock.

As

Fed

support

tempered

many

investors’

concerns

about

credit

quality,

corporate

bonds

rebounded,

particularly

for

the

lower-rated

segment.

Consequently,

high-yield

corporate

bonds,

as

represented

by

the

Bloomberg

Barclays

U.S.

Corporate

High

Yield

Bond

Index,

advanced

significantly.

Investment-grade

corporate

bonds,

as

represented

by

the

Bloomberg

Barclays

U.S.

Corporate

Bond

Index,

also

posted

solid

performance.

Investment

Strategy

We

are

research

driven,

fundamental

investors

who

rely

on

our

team

of

analysts

to

provide

in-depth

industry

expertise

and

use

qualitative

and

quantitative

analysis

to

evaluate

security

issuers.

As

bottom-up

investors,

we

focus

primarily

on

individual

securities

but

consider

sectors

when

choosing

investments

and,

from

time

to

time,

may

have

significant

investments

in

certain

sectors.

In

selecting

securities,

we

do

not

rely

principally

on

the

ratings

assigned

by

rating

agencies,

but

perform

our

own

independent

investment

analysis

to

evaluate

the

creditworthiness

of

the

issuer.

We

consider

a

variety

of

factors,

including

the

issuer’s

experience

and

managerial

strength,

its

sensitivity

to

economic

conditions,

and

its

current

and

prospective

financial

condition.

Manager’s

Discussion

The

high

yield

corporate

bond

market

posted

positive

returns

for

the

six-month

period

under

review

ended

November

30,

2020,

as

the

ICE

BofA

U.S.

High

Yield

Constrained

Index

returned

+10.42%.

1

After

a

historic

decline

from

late

February

through

late

March,

financial

markets

continued

their

recovery

during

the

reporting

period,

against

the

backdrop

of

unprecedented

fiscal

and

monetary

measures

from

governments

around

the

world,

as

well

as

the

Fed.

Since

then,

continued

low

yields

across

the

U.S.

Treasury

curve

along

with

low

or

negative

government

bond

yields

globally

supported

demand

for

high-yield

(HY)

corporate

bonds.

While

actual

direct

and

indirect

purchases

of

HY

corporate

securities

by

the

Fed’s

Secondary

Market

Corporate

Facility

were

modest

during

the

period,

the

perceived

support

lowered

the

cost

of

capital

for

HY

companies

and

contributed

to

capital

markets

access.

All

of

these

factors

led

to

persistently

supportive

conditions

for

HY

corporate

bonds,

despite

bouts

of

risk-off

sentiment

driven

largely

by

factors

such

as

a

resurgence

in

global

COVID-19

cases,

and

the

political

impasse

regarding

additional

fiscal

stimulus

in

the

months

leading

up

to

the

U.S.

presidential

election.

November

was

a

particularly

strong

month

for

the

HY

market.

During

that

month,

CCC-

rated

bonds

posted

considerably

strong

performance

as

investors

digested

news

of

multiple

vaccines

on

the

horizon

and

the

prospect

of

a

split

U.S.

government

following

the

elections.

Against

the

current

backdrop

of

a

low

interest-rate

environment

globally

and

investors’

willingness

to

look

ahead

to

a

future

with

a

COVID-19

vaccine,

demand

for

the

HY

sector

remained

robust

at

period-end.

Several

factors

contributed

positively

to

the

Fund’s

performance

relative

to

the

ICE

BofA

U.S.

High

Yield

Constrained

Index

for

the

six-month

period

under

review.

Security

selection

was

a

key

contributor

to

relative

performance,

led

especially

by

the

energy

sector.

The

Fund

benefited

from

security

selection

in

several

additional

sectors

as

well,

such

as

industrials,

health

care

and

metals

Top

10

Holdings

11/30/20

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

1.7%

Diversified

Telecommunication

Services,

United

States

Cheniere

Energy

Partners

LP

1.7%

Oil,

Gas

&

Consumable

Fuels,

United

States

Occidental

Petroleum

Corp.

1.5%

Oil,

Gas

&

Consumable

Fuels,

United

States

HCA,

Inc.

1.4%

Health

Care

Providers

&

Services,

United

States

Centene

Corp.

1.4%

Health

Care

Providers

&

Services,

United

States

Sprint

Corp.

1.3%

Wireless

Telecommunication

Services,

United

States

Mauser

Packaging

Solutions

Holding

Co.

1.3%

Containers

&

Packaging,

United

States

Clearway

Energy

Operating

LLC

1.3%

Independent

Power

and

Renewable

Electricity

Producers,

United

States

Altice

France

Holding

SA

1.2%

Diversified

Telecommunication

Services,

Luxembourg

Tenet

Healthcare

Corp.

1.2%

Health

Care

Providers

&

Services,

United

States

Franklin

High

Income

Fund

5

franklintempleton.com

Semiannual

Report

and

mining.

The

Fund’s

yield-curve

positioning

contributed

to

results.

However,

industry

positioning

detracted

from

performance,

driven

by

the

Fund’s

overweighted

positioning

in

some

defensive

industries

and

underweighted

positioning

in

some

industries

that

have

been

negatively

impacted

by

COVID-19.

The

Fund’s

higher

quality

bias

hindered

results,

as

CCC

rated

bonds

notably

outperformed

BB

and

B

rated

bonds

during

the

performance

period

in

review.

The

Fund

held

only

cash

bonds

during

the

period

(for

the

bond

portion

of

the

portfolio)

and

had

no

exposure

to

derivatives.

Thank

you

for

your

continued

participation

in

Franklin

High

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Glenn

I.

Voyles,

CFA

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

November

30,

2020

,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

November

30,

2020

Franklin

High

Income

Fund

6

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

11/30/20

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

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+9.88%

+5.76%

1-Year

+6.71%

+2.71%

5-Year

+40.41%

+6.21%

10-Year

+72.18%

+5.18%

Advisor

6-Month

+9.94%

+9.94%

1-Year

+6.34%

+6.34%

5-Year

+42.31%

+7.31%

10-Year

+75.78%

+5.80%

Share

Class

Distribution

Rate

5

30-Day

Standardized

Yield

6

A

4.90%

3.94%

Advisor

5.25%

4.35%

See

page

7

for

Performance

Summary

footnotes.

Franklin

High

Income

Fund

Performance

Summary

7

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.

All

investments

involve

risks,

including

possible

loss

of

principal.

The

risks

associated

with

higher-yielding,

lower-rated

securities

include

higher

risk

of

default

and

loss

of

principal.

Changes

in

the

financial

strength

of

a

bond

issuer

or

in

a

bond’s

credit

rating

may

affect

its

value.

In

addition,

interest

rate

movements

will

affect

the

Fund’s

share

price

and

yield.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Investment

in

foreign

securities

also

involves

special

risks,

including

currency

fluctuations,

and

po-

litical

and

economic

uncertainty.

Unexpected

events

and

their

aftermaths,

such

as

the

spread

of

deadly

diseases;

natural,

environmental

or

man-made

disasters;

financial,

political

or

social

disruptions;

terrorism

and

war;

and

other

tragedies

or

catastrophes,

can

cause

investor

fear

and

panic,

which

can

adversely

affect

the

economies

of

many

companies,

sectors,

nations,

regions

and

the

market

in

general,

in

ways

that

cannot

necessarily

be

foreseen.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

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.

3.

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.

4.

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%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

November

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

11/30/20.

6.

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.

7.

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.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(6/1/20–11/30/20)

Share

Class

Net

Investment

Income

A

$0.0481

A1

$0.0489

C

$0.0441

R

$0.0456

R6

$0.0512

Advisor

$0.0501

Total

Annual

Operating

Expenses

7

Share

Class

A

0.88%

Advisor

0.63%

Your

Fund’s

Expenses

Franklin

High

Income

Fund

8

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

183/365

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

6/1/20

Ending

Account

Value

11/30/20

Expenses

Paid

During

Period

6/1/20–11/30/20

1,2

Ending

Account

Value

11/30/20

Expenses

Paid

During

Period

6/1/20–11/30/20

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,098.82

$4.55

$1,020.73

$4.38

0.87%

A1

$1,000

$1,104.59

$4.04

$1,021.23

$3.88

0.77%

C

$1,000

$1,094.17

$6.65

$1,018.72

$6.41

1.27%

R

$1,000

$1,100.26

$5.86

$1,019.49

$5.63

1.12%

R6

$1,000

$1,100.13

$2.68

$1,022.51

$2.58

0.51%

Advisor

$1,000

$1,099.40

$3.24

$1,021.98

$3.12

0.62%

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

November

30,

2020

(unaudited)

Year

Ended

May

31,

2020

Year

Ended

May

31,

2019

a

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

..........................................

$1.72

$1.80

$1.84

Income

from

investment

operations

b

:

Net

investment

income

c

..................................................

0.04

0.09

0.07

Net

realized

and

unrealized

gains

(losses)

....................................

0.13

(0.07)

(0.03)

Total

from

investment

operations

.............................................

0.17

0.02

0.04

Less

distributions

from:

Net

investment

income

...................................................

(0.05)

(0.10)

(0.08)

Net

asset

value,

end

of

period

...............................................

$1.84

$1.72

$1.80

Total

return

d

............................................................

9.88%

0.88%

2.17%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

...............................

0.87%

0.86%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

f

...............................

0.87%

g

0.86%

g

0.86%

Net

investment

income

....................................................

4.87%

5.19%

5.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

.............................................

$421,310

$309,844

$182,551

Portfolio

turnover

rate

.....................................................

26.42%

38.87%

25.48%

a

For

the

period

September

10,

2018

(effective

date)

to

May

31,

2019.

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

repurchas-

es

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,

except

for

non-recurring

expenses,

if

any.

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

November

30,

2020

(unaudited)

Year

Ended

May

31,

2020

2019

2018

2017

2016

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.73

$1.81

$1.82

$1.91

$1.73

$2.01

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.05

0.10

0.10

0.10

0.10

0.11

Net

realized

and

unrealized

gains

(losses)

0.13

(0.08)

(0.01)

(0.09)

0.18

(0.27)

Total

from

investment

operations

........

0.18

0.02

0.09

0.01

0.28

(0.16)

Less

distributions

from:

Net

investment

income

..............

(0.05)

(0.10)

(0.10)

(0.10)

(0.10)

(0.12)

Net

asset

value,

end

of

period

..........

$1.86

$1.73

$1.81

$1.82

$1.91

$1.73

Total

return

c

.......................

10.46%

0.95%

5.35%

0.68%

16.82%

(8.08)%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.77%

0.76%

0.77%

0.78%

0.77%

0.78%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

0.77%

f

0.76%

f

0.76%

0.77%

0.76%

0.77%

Net

investment

income

...............

4.97%

5.29%

5.37%

5.26%

5.38%

6.15%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,799,363

$1,759,206

$2,054,455

$2,356,528

$2,788,669

$2,745,474

Portfolio

turnover

rate

................

26.42%

38.87%

25.48%

23.33%

35.06%

18.58%

a

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

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

11

a

Six

Months

Ended

November

30,

2020

(unaudited)

Year

Ended

May

31,

2020

2019

2018

2017

2016

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.76

$1.83

$1.85

$1.93

$1.75

$2.03

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.04

0.09

0.09

0.09

0.09

0.10

Net

realized

and

unrealized

gains

(losses)

0.12

(0.07)

(0.01)

(0.08)

0.18

(0.27)

Total

from

investment

operations

........

0.16

0.02

0.08

0.01

0.27

(0.17)

Less

distributions

from:

Net

investment

income

..............

(0.04)

(0.09)

(0.10)

(0.09)

(0.09)

(0.11)

Net

asset

value,

end

of

period

..........

$1.88

$1.76

$1.83

$1.85

$1.93

$1.75

Total

return

c

.......................

9.42%

0.99%

4.17%

0.70%

16.02%

(8.46)%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

..........................

1.27%

1.26%

1.27%

1.28%

1.27%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

1.27%

f

1.26%

f

1.26%

1.27%

1.26%

1.27%

Net

investment

income

...............

4.47%

4.79%

4.87%

4.76%

4.88%

5.65%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$233,826

$251,930

$304,072

$460,201

$563,539

$563,218

Portfolio

turnover

rate

................

26.42%

38.87%

25.48%

23.33%

35.06%

18.58%

a

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

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

12

a

Six

Months

Ended

November

30,

2020

(unaudited)

Year

Ended

May

31,

2020

2019

2018

2017

2016

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.77

$1.84

$1.86

$1.94

$1.76

$2.04

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.04

0.09

0.09

0.09

0.09

0.10

Net

realized

and

unrealized

gains

(losses)

0.14

(0.07)

(0.01)

(0.07)

0.19

(0.27)

Total

from

investment

operations

........

0.18

0.02

0.08

0.02

0.28

(0.17)

Less

distributions

from:

Net

investment

income

..............

(0.05)

(0.09)

(0.10)

(0.10)

(0.10)

(0.11)

Net

asset

value,

end

of

period

..........

$1.90

$1.77

$1.84

$1.86

$1.94

$1.76

Total

return

c

.......................

10.03%

1.14%

4.31%

0.84%

16.07%

(8.27)%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

..........................

1.12%

1.11%

1.12%

1.13%

1.12%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

1.12%

f

1.11%

f

1.11%

1.12%

1.11%

1.12%

Net

investment

income

...............

4.62%

4.94%

5.02%

4.91%

5.03%

5.80%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$75,911

$77,148

$101,783

$127,333

$187,180

$227,440

Portfolio

turnover

rate

................

26.42%

38.87%

25.48%

23.33%

35.06%

18.58%

a

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

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

13

a

Six

Months

Ended

November

30,

2020

(unaudited)

Year

Ended

May

31,

2020

2019

2018

2017

2016

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.73

$1.80

$1.82

$1.90

$1.73

$2.01

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.05

0.10

0.10

0.11

0.10

0.11

Net

realized

and

unrealized

gains

(losses)

0.12

(0.07)

(0.01)

(0.08)

0.18

(0.27)

Total

from

investment

operations

........

0.17

0.03

0.09

0.03

0.28

(0.16)

Less

distributions

from:

Net

investment

income

..............

(0.05)

(0.10)

(0.11)

(0.11)

(0.11)

(0.12)

Net

asset

value,

end

of

period

..........

$1.85

$1.73

$1.80

$1.82

$1.90

$1.73

Total

return

c

.......................

10.01%

1.80%

5.05%

1.48%

16.56%

(7.78)%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.55%

0.55%

0.51%

0.49%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

0.51%

0.50%

0.50%

0.48%

0.48%

0.46%

Net

investment

income

...............

5.01

%

5.55%

5.63%

5.55%

5.66%

6.46%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$140,722

$66,681

$64,681

$68,312

$33,371

$37,872

Portfolio

turnover

rate

................

26.42%

38.87%

25.48%

23.33%

35.06%

18.58%

a

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

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

e

Benefit

of

expense

reduction

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.

14

a

Six

Months

Ended

November

30,

2020

(unaudited)

Year

Ended

May

31,

2020

2019

2018

2017

2016

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.73

$1.81

$1.83

$1.91

$1.74

$2.01

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.05

0.10

0.10

0.10

0.10

0.11

Net

realized

and

unrealized

gains

(losses)

0.12

(0.08)

(0.01)

(0.07)

0.18

(0.26)

Total

from

investment

operations

........

0.17

0.02

0.09

0.03

0.28

(0.15)

Less

distributions

from:

Net

investment

income

..............

(0.05)

(0.10)

(0.11)

(0.11)

(0.11)

(0.12)

Net

asset

value,

end

of

period

..........

$1.85

$1.73

$1.81

$1.83

$1.91

$1.74

Total

return

c

.......................

9.94%

1.12%

4.92%

1.36%

16.29%

(7.39)%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

..........................

0.62%

0.61%

0.62%

0.63%

0.62%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

0.62%

f

0.61%

f

0.61%

0.62%

0.61%

0.62%

Net

investment

income

...............

5.12%

5.44%

5.52%

5.41%

5.53%

6.30%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$333,991

$299,110

$320,010

$356,721

$488,699

$526,634

Portfolio

turnover

rate

................

26.42%

38.87%

25.48%

23.33%

35.06%

18.58%

a

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

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year,

except

for

non-recurring

expenses,

if

any.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited),

November

30,

2020

Franklin

High

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

l

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.9%

Energy

Equipment

&

Services

0.0%

†

a

Weatherford

International

plc

.............................

United

States

217,793

$

816,724

a

Machinery

0.2%

a

Birch

Permian

Holdings,

Inc.

.............................

United

States

78,499

549,493

a

Birch

Permian

Holdings,

Inc.

.............................

United

States

611,911

4,206,888

4,756,381

Metals

&

Mining

0.0%

†

a

Contura

Energy,

Inc.

...................................

United

States

30,901

228,667

a

Oil,

Gas

&

Consumable

Fuels

0.6%

Amplify

Energy

Corp.

..................................

United

States

8,816

8,904

a

California

Resources

Corp.

..............................

United

States

1,425

31,093

a,b

Goodrich

Petroleum

Corp.

...............................

United

States

1,564,885

18,090,071

a,c,d

Nine

Point

Energy

LLC

.................................

United

States

46,695,277

47

Riviera

Resources,

Inc.

.................................

United

States

149,317

35,239

a,b

Titan

Energy

LLC

.....................................

United

States

289,137

8,963

18,174,317

Paper

&

Forest

Products

0.0%

†

Verso

Corp.,

A

........................................

United

States

83,362

901,143

Specialty

Retail

0.1%

a

Party

City

Holdings,

Inc.

................................

United

States

276,851

1,267,979

a

Total

Common

Stocks

(Cost

$101,743,554)

.....................................

26,145,211

Warrants

Warrants

0.0%

†

Metals

&

Mining

0.0%

†

a

Contura

Energy,

Inc.,

7/26/23

............................

United

States

5,033

2,265

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a,c

Battalion

Oil

Corp.,

A,

10/08/22

...........................

United

States

21,046

1,970

a,c

Battalion

Oil

Corp.,

B,

10/08/22

...........................

United

States

26,308

1,445

a,c

Battalion

Oil

Corp.,

C,

10/08/22

...........................

United

States

33,825

915

a

California

Resources

Corp.,

10/27/24

......................

United

States

3,278

11,145

a,c

Chaparral

Energy,

Inc.,

10/01/24

..........................

United

States

26

—

15,475

Paper

&

Forest

Products

0.0%

†

a

Verso

Corp.,

7/25/23

...................................

United

States

8,775

6,801

Total

Warrants

(Cost

$12,589)

.................................................

24,541

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

e,f,g

Digicel

Group

0.5

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

.....

Bermuda

393,192

75,941

Total

Convertible

Bonds

(Cost

$70,131)

........................................

75,941

Corporate

Bonds

97.2%

Aerospace

&

Defense

0.6%

g

BWX

Technologies,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

7/15/26

....

United

States

8,500,000

8,859,635

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

g

Signature

Aviation

US

Holdings,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

5/01/26

...........................................

United

States

9,800,000

$

10,094,000

18,953,635

Air

Freight

&

Logistics

0.9%

g

DAE

Funding

LLC

,

Senior

Note,

144A,

4.5%,

8/01/22

.......................

United

Arab

Emirates

16,000,000

16,180,000

Senior

Note,

144A,

5%,

8/01/24

........................

United

Arab

Emirates

12,000,000

12,352,500

28,532,500

Airlines

1.1%

g

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

.....................................

United

States

20,000,000

21,559,855

g

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

11,300,000

12,274,625

33,834,480

Auto

Components

2.0%

g

Adient

US

LLC

,

Senior

Secured

Note,

144A,

9%,

4/15/25

..................

United

States

6,000,000

6,682,500

Senior

Secured

Note,

144A,

7%,

5/15/26

..................

United

States

20,500,000

22,276,018

g

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

1/30/31

...

United

States

13,700,000

13,837,000

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note

,

9.5

%

,

5/31/25

...

United

States

15,300,000

17,250,488

60,046,006

Banks

0.5%

CIT

Group,

Inc.

,

Senior

Bond

,

5

%

,

8/15/22

..................

United

States

50,000

53,259

f

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

8/01/23,

FRN

thereafter

,

Perpetual

.................................

United

States

15,000,000

15,790,651

15,843,910

Biotechnology

0.5%

g

Horizon

Therapeutics

USA,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

8/01/27

United

States

15,000,000

15,869,100

Building

Products

1.5%

g

Cornerstone

Building

Brands,

Inc.

,

Senior

Note,

144A,

8%,

4/15/26

........................

United

States

18,000,000

18,979,200

Senior

Note,

144A,

6.125%,

1/15/29

.....................

United

States

4,500,000

4,755,937

g

JELD-WEN,

Inc.

,

Senior

Note,

144A,

4.625%,

12/15/25

....................

United

States

7,600,000

7,779,702

Senior

Note,

144A,

4.875%,

12/15/27

....................

United

States

7,800,000

8,229,000

g

Standard

Industries,

Inc.

,

Senior

Note

,

144A,

5

%

,

2/15/27

.......

United

States

5,000,000

5,253,125

44,996,964

Chemicals

2.5%

e,g

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

..............................

United

States

1,470,625

1,338,269

g

Axalta

Coating

Systems

LLC

,

Senior

Note

,

144A,

3.375

%

,

2/15/29

United

States

11,600,000

11,722,670

g

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

14,000,000

14,299,250

g

Ingevity

Corp.

,

Senior

Note

,

144A,

3.875

%

,

11/01/28

...........

United

States

9,000,000

9,129,375

g

Neon

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

United

States

20,000,000

21,300,000

g

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

.....................................

United

States

10,800,000

10,752,642

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

Chemicals

(continued)

g

TPC

Group,

Inc.

,

Senior

Secured

Note

,

144A,

10.5

%

,

8/01/24

....

United

States

8,500,000

$

6,816,830

75,359,036

Commercial

Services

&

Supplies

0.4%

g

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

....................

United

States

11,600,000

11,469,500

Communications

Equipment

1.0%

g

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

..

United

States

1,635,000

1,677,592

g

CommScope,

Inc.

,

Senior

Note,

144A,

7.125%,

7/01/28

.....................

United

States

11,700,000

12,488,931

Senior

Secured

Note,

144A,

6%,

3/01/26

..................

United

States

15,000,000

15,844,725

30,011,248

Construction

&

Engineering

0.6%

g

New

Enterprise

Stone

&

Lime

Co.,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

.....................................

United

States

17,400,000

17,976,375

Construction

Materials

0.8%

g

Cemex

SAB

de

CV

,

Senior

Secured

Bond

,

144A,

5.7

%

,

1/11/25

...

Mexico

25,000,000

25,605,000

Consumer

Finance

2.2%

g

FirstCash,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

9/01/28

...........

United

States

13,500,000

13,896,562

Navient

Corp.

,

Senior

Note,

5.875%,

3/25/21

..........................

United

States

5,000,000

5,080,175

Senior

Note,

6.625%,

7/26/21

..........................

United

States

5,300,000

5,442,438

Senior

Note,

6.5%,

6/15/22

............................

United

States

9,900,000

10,449,450

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

.........................

United

States

8,600,000

9,395,500

Senior

Note,

8.875%,

6/01/25

..........................

United

States

3,900,000

4,365,465

Senior

Note,

6.625%,

1/15/28

..........................

United

States

15,500,000

17,812,445

66,442,035

Containers

&

Packaging

5.0%

g

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

6%,

2/15/25

........................

United

States

2,754,000

2,856,449

Senior

Note,

144A,

5.25%,

8/15/27

......................

United

States

11,600,000

12,108,660

Senior

Secured

Note,

144A,

5.25%,

4/30/25

...............

United

States

11,400,000

12,069,465

g

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note,

144A,

7.25%,

4/15/25

......................

United

States

34,900,000

35,072,755

Senior

Secured

Note,

144A,

8.5%,

4/15/24

................

United

States

3,500,000

3,675,000

g

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

5.875%,

8/15/23

.....................

United

States

10,000,000

10,768,750

Senior

Note,

144A,

6.625%,

5/13/27

.....................

United

States

8,500,000

9,217,187

g

Reynolds

Group

Issuer,

Inc.

/

Reynolds

Group

Issuer

LLC

/

Reynolds

Group

Issuer

Luxembourg

SA

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

..........................................

United

States

23,300,000

23,724,060

g

Sealed

Air

Corp.

,

Senior

Bond,

144A,

5.5%,

9/15/25

.......................

United

States

5,500,000

6,183,430

Senior

Note,

144A,

4%,

12/01/27

.......................

United

States

13,200,000

14,157,000

g

Trivium

Packaging

Finance

BV

,

Senior

Note,

144A,

8.5%,

8/15/27

.......................

Netherlands

10,200,000

11,059,605

Senior

Secured

Note,

144A,

5.5%,

8/15/26

................

Netherlands

7,600,000

7,975,250

148,867,611

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

Diversified

Financial

Services

1.1%

g

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

33,400,000

$

32,773,750

Diversified

Telecommunication

Services

5.2%

g

Altice

France

Holding

SA

,

Senior

Note,

144A,

6%,

2/15/28

........................

Luxembourg

8,600,000

8,744,523

Senior

Secured

Note,

144A,

10.5%,

5/15/27

...............

Luxembourg

25,400,000

28,678,505

g

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5

%

,

1/15/28

....

France

8,000,000

8,352,000

g

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.75%,

2/15/26

......................

United

States

10,200,000

10,586,172

Senior

Bond,

144A,

5.5%,

5/01/26

.......................

United

States

8,900,000

9,281,854

Senior

Bond,

144A,

5%,

2/01/28

........................

United

States

3,000,000

3,156,750

Senior

Bond,

144A,

5.375%,

6/01/29

.....................

United

States

11,900,000

13,014,316

Senior

Bond,

144A,

4.5%,

8/15/30

.......................

United

States

11,500,000

12,139,745

Senior

Bond,

144A,

4.25%,

2/01/31

......................

United

States

3,400,000

3,531,410

g

DKT

Finance

ApS

,

Senior

Secured

Note

,

144A,

9.375

%

,

6/17/23

..

Denmark

16,800,000

17,392,200

g

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond,

144A,

5.5%,

8/15/26

................

United

Kingdom

7,300,000

7,650,437

Senior

Secured

Bond,

144A,

4.5%,

8/15/30

................

United

Kingdom

19,000,000

19,935,750

g

Zayo

Group

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

3/01/27

United

States

13,000,000

12,950,535

155,414,197

Electric

Utilities

0.9%

g

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

5.625

%

,

2/15/27

..

United

States

26,500,000

28,030,640

Energy

Equipment

&

Services

1.4%

g

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

e

Secured

Note,

144A,

PIK,

10%,

4/01/26

..................

United

States

17,225,629

12,558,680

Senior

Secured

Note,

144A,

7.5%,

4/01/25

................

United

States

7,501,000

6,751,687

g

Nabors

Industries

Ltd.

,

Senior

Note,

144A,

7.25%,

1/15/26

......................

United

States

13,400,000

7,529,125

Senior

Note,

144A,

7.5%,

1/15/28

.......................

United

States

5,800,000

3,150,125

g

Weatherford

International

Ltd.

,

144A,

8.75%,

9/01/24

................................

United

States

5,000,000

5,057,750

Senior

Note,

144A,

11%,

12/01/24

.......................

United

States

12,022,000

8,385,345

43,432,712

Entertainment

2.4%

g

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

...........................................

France

22,900,000

23,315,062

Netflix,

Inc.

,

Senior

Bond,

4.375%,

11/15/26

.........................

United

States

10,200,000

11,328,375

g

Senior

Bond,

144A,

5.375%,

11/15/29

....................

United

States

3,600,000

4,303,080

g

Senior

Note,

144A,

3.625%,

6/15/25

.....................

United

States

7,300,000

7,751,688

g

WMG

Acquisition

Corp.

,

Senior

Secured

Bond

,

144A,

3

%

,

2/15/31

.

United

States

27,700,000

27,024,951

73,723,156

Equity

Real

Estate

Investment

Trusts

(REITs)

3.2%

g

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note,

144A,

5.25%,

7/15/24

......................

United

States

13,100,000

13,649,938

Senior

Note,

144A,

6%,

4/15/25

........................

United

States

11,600,000

12,397,500

MGM

Growth

Properties

Operating

Partnership

LP

/

MGP

Finance

Co-Issuer,

Inc.

,

Senior

Note,

5.75%,

2/01/27

...........................

United

States

3,600,000

4,018,122

g

Senior

Note,

144A,

3.875%,

2/15/29

.....................

United

States

7,000,000

7,083,125

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond,

5.25%,

8/01/26

...........................

United

States

7,700,000

$

8,067,290

Senior

Bond,

5%,

10/15/27

............................

United

States

700,000

742,409

Senior

Bond,

3.5%,

3/15/31

............................

United

States

16,700,000

17,003,690

g

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

,

Senior

Secured

Note

,

144A,

5.875

%

,

10/01/28

United

States

9,300,000

9,817,312

g

SBA

Communications

Corp.

,

Senior

Note

,

144A,

3.875

%

,

2/15/27

.

United

States

8,500,000

8,765,625

g

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond,

144A,

4.125%,

8/15/30

.....................

United

States

5,000,000

5,160,250

Senior

Note,

144A,

3.75%,

2/15/27

......................

United

States

8,000,000

8,173,760

94,879,021

Food

Products

2.2%

B&G

Foods,

Inc.

,

Senior

Note,

5.25%,

4/01/25

...........................

United

States

14,000,000

14,537,774

Senior

Note,

5.25%,

9/15/27

...........................

United

States

7,500,000

7,849,200

g

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

144A,

4.25%,

3/01/31

......................

United

States

9,900,000

11,006,493

Senior

Note,

144A,

3.875%,

5/15/27

.....................

United

States

6,600,000

7,150,601

g

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

5%,

8/15/26

........................

United

States

19,600,000

20,369,006

Senior

Bond,

144A,

4.625%,

4/15/30

.....................

United

States

5,200,000

5,435,300

66,348,374

Health

Care

Equipment

&

Supplies

0.2%

g

Ortho-Clinical

Diagnostics,

Inc.

/

Ortho-Clinical

Diagnostics

SA

,

Senior

Note

,

144A,

7.375

%

,

6/01/25

......................

United

States

5,600,000

6,002,500

Health

Care

Providers

&

Services

5.6%

Centene

Corp.

,

g

Senior

Note,

144A,

5.375%,

6/01/26

.....................

United

States

23,550,000

24,786,375

Senior

Note,

4.25%,

12/15/27

..........................

United

States

12,700,000

13,546,836

Senior

Note,

4.625%,

12/15/29

.........................

United

States

4,300,000

4,720,088

CHS/Community

Health

Systems,

Inc.

,

g

Secured

Note,

144A,

8.125%,

6/30/24

....................

United

States

13,747,000

12,819,078

Senior

Note,

6.875%,

2/01/22

..........................

United

States

4,003,000

3,835,374

Senior

Secured

Note,

6.25%,

3/31/23

....................

United

States

14,200,000

14,519,500

HCA,

Inc.

,

Senior

Bond,

3.5%,

9/01/30

............................

United

States

24,400,000

25,267,085

Senior

Note,

5.375%,

9/01/26

..........................

United

States

4,600,000

5,235,375

Senior

Secured

Bond,

5.25%,

4/15/25

....................

United

States

11,000,000

12,840,162

g

MEDNAX,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/27

............

United

States

13,500,000

14,478,480

Tenet

Healthcare

Corp.

,

g

Secured

Note,

144A,

6.25%,

2/01/27

.....................

United

States

15,000,000

15,733,425

Senior

Note,

6.75%,

6/15/23

...........................

United

States

13,700,000

14,748,050

g

Senior

Secured

Note,

144A,

4.875%,

1/01/26

..............

United

States

5,000,000

5,156,200

167,686,028

Hotels,

Restaurants

&

Leisure

5.5%

g

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

.......................................

Canada

23,800,000

23,770,250

g,h

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

23,000,000

201,250

g

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

7/01/25

...........................................

United

States

17,600,000

18,792,312

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

g

Caesars

Resort

Collection

LLC

/

CRC

Finco,

Inc.

,

Senior

Secured

Note

,

144A,

5.75

%

,

7/01/25

............................

United

States

7,000,000

$

7,420,000

g

Carnival

Corp.

,

Senior

Note

,

144A,

7.625

%

,

3/01/26

...........

United

States

7,300,000

7,762,966

g

Downstream

Development

Authority

of

the

Quapaw

Tribe

of

Oklahoma

,

Senior

Secured

Note

,

144A,

10.5

%

,

2/15/23

.......

United

States

8,600,000

8,287,347

g

Golden

Nugget,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

10/15/24

.......

United

States

18,900,000

18,498,375

g

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

5.25

%

,

1/15/29

.....................................

United

States

8,000,000

8,475,840

g

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC

,

Senior

Note

,

144A,

5.25

%

,

6/01/26

.......................

United

States

6,500,000

6,739,297

g

Six

Flags

Theme

Parks,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

7/01/25

...........................................

United

States

8,300,000

9,013,385

g

Stars

Group

Holdings

BV

/

Stars

Group

US

Co-Borrower

LLC

,

Senior

Note

,

144A,

7

%

,

7/15/26

..............................

Canada

11,000,000

11,653,125

g

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

2/11/24

.....

Macau

23,200,000

24,251,308

g

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.75

%

,

4/15/25

............................

United

States

18,500,000

19,977,503

164,842,958

Household

Durables

1.1%

g

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note,

144A,

6.75%,

8/01/25

......................

United

States

13,500,000

14,122,957

Senior

Note,

144A,

9.875%,

4/01/27

.....................

United

States

8,500,000

9,571,510

g

Taylor

Morrison

Communities,

Inc.

/

Taylor

Morrison

Holdings

II,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

3/01/24

......................

United

States

2,500,000

2,681,250

g

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

.....................................

United

States

7,000,000

7,293,125

33,668,842

Independent

Power

and

Renewable

Electricity

Producers

3.7%

g

Calpine

Corp.

,

Senior

Note,

144A,

5.125%,

3/15/28

.....................

United

States

13,900,000

14,631,349

Senior

Secured

Note,

144A,

4.5%,

2/15/28

................

United

States

12,200,000

12,614,800

Clearway

Energy

Operating

LLC

,

Senior

Note,

5.75%,

10/15/25

..........................

United

States

11,200,000

11,809,000

Senior

Note,

5%,

9/15/26

.............................

United

States

14,700,000

15,193,332

g

Senior

Note,

144A,

4.75%,

3/15/28

......................

United

States

10,000,000

10,733,600

g

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

24,800,000

23,560,000

Talen

Energy

Supply

LLC

,

Senior

Note

,

6.5

%

,

6/01/25

..........

United

States

33,450,000

24,021,281

112,563,362

Insurance

1.7%

g

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

...........................

United

States

28,700,000

30,829,253

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25

%

,

5/30/29

........

United

States

15,900,000

19,128,245

49,957,498

Internet

&

Direct

Marketing

Retail

0.4%

g

Match

Group

Holdings

II

LLC

,

Senior

Note

,

144A,

4.625

%

,

6/01/28

United

States

10,900,000

11,465,438

IT

Services

2.3%

g

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

...........................................

United

States

14,400,000

14,577,840

g

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

.......................

United

States

9,300,000

9,776,625

Senior

Note,

144A,

3.75%,

10/01/30

.....................

United

States

6,000,000

6,249,420

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

IT

Services

(continued)

g

Presidio

Holdings,

Inc.

,

Senior

Note,

144A,

8.25%,

2/01/28

......................

United

States

3,700,000

$

4,026,062

Senior

Secured

Note,

144A,

4.875%,

2/01/27

..............

United

States

7,500,000

7,916,025

g

Tempo

Acquisition

LLC

/

Tempo

Acquisition

Finance

Corp.

,

Senior

Note,

144A,

6.75%,

6/01/25

......................

United

States

18,500,000

18,985,625

Senior

Secured

Note,

144A,

5.75%,

6/01/25

...............

United

States

6,000,000

6,412,500

67,944,097

Machinery

1.5%

g

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

17,100,000

18,457,313

g

Navistar

International

Corp.

,

Senior

Note

,

144A,

6.625

%

,

11/01/25

United

States

9,000,000

9,431,550

g

Vertical

Holdco

GmbH

,

Senior

Note

,

144A,

7.625

%

,

7/15/28

.....

Germany

6,200,000

6,653,375

g

Vertical

US

Newco,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/27

Germany

11,200,000

11,781,000

46,323,238

Media

6.9%

g

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

.....................................

United

States

6,500,000

6,800,625

Clear

Channel

Worldwide

Holdings,

Inc.

,

Senior

Note,

9.25%,

2/15/24

...........................

United

States

11,232,000

11,247,219

g

Senior

Secured

Note,

144A,

5.125%,

8/15/27

..............

United

States

7,600,000

7,685,500

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

...........................

United

States

28,000,000

30,362,500

Senior

Note,

6.75%,

11/15/21

..........................

United

States

5,000,000

5,239,850

g

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

.....................

United

States

11,300,000

6,494,110

Senior

Secured

Note,

144A,

5.375%,

8/15/26

..............

United

States

8,300,000

6,448,062

DISH

DBS

Corp.

,

Senior

Note,

5.875%,

7/15/22

..........................

United

States

6,300,000

6,623,064

Senior

Note,

5%,

3/15/23

.............................

United

States

2,900,000

3,019,625

Senior

Note,

5.875%,

11/15/24

.........................

United

States

13,600,000

14,484,000

g

Gray

Television,

Inc.

,

Senior

Note,

144A,

7%,

5/15/27

........................

United

States

9,100,000

10,044,125

Senior

Note,

144A,

4.75%,

10/15/30

.....................

United

States

10,000,000

10,162,500

g

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

.....................................

United

States

13,100,000

14,257,385

g

Nexstar

Broadcasting,

Inc.

,

Senior

Note,

144A,

5.625%,

7/15/27

.....................

United

States

12,800,000

13,668,032

Senior

Note,

144A,

4.75%,

11/01/28

.....................

United

States

5,500,000

5,670,088

g

Scripps

Escrow,

Inc.

,

Senior

Note

,

144A,

5.875

%

,

7/15/27

.......

United

States

4,700,000

4,741,125

g

Sinclair

Television

Group,

Inc.

,

Senior

Bond,

144A,

5.5%,

3/01/30

.......................

United

States

14,000,000

14,041,160

Senior

Secured

Note,

144A,

4.125%,

12/01/30

.............

United

States

7,600,000

7,628,500

g

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

..............

United

States

16,000,000

16,130,000

Senior

Secured

Note,

144A,

9.5%,

5/01/25

................

United

States

7,200,000

8,010,000

Senior

Secured

Note,

144A,

6.625%,

6/01/27

..............

United

States

5,000,000

5,346,875

208,104,345

Metals

&

Mining

0.8%

g

Novelis

Corp.

,

Senior

Bond,

144A,

5.875%,

9/30/26

.....................

United

States

12,700,000

13,335,000

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

Metals

&

Mining

(continued)

g

Novelis

Corp.,

(continued)

Senior

Bond,

144A,

4.75%,

1/30/30

......................

United

States

9,000,000

$

9,570,195

22,905,195

Oil,

Gas

&

Consumable

Fuels

13.5%

g

Aker

BP

ASA

,

Senior

Note,

144A,

4.75%,

6/15/24

......................

Norway

5,900,000

6,098,607

Senior

Note,

144A,

5.875%,

3/31/25

.....................

Norway

13,000,000

13,456,921

Apache

Corp.

,

Senior

Note,

4.625%,

11/15/25

.........................

United

States

3,100,000

3,226,945

Senior

Note,

4.875%,

11/15/27

.........................

United

States

3,600,000

3,765,600

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

7.75

%

,

4/15/23

...........................

United

States

22,700,000

22,033,074

Cenovus

Energy,

Inc.

,

Senior

Bond,

6.75%,

11/15/39

..........................

Canada

8,600,000

10,239,467

Senior

Bond,

5.4%,

6/15/47

............................

Canada

5,800,000

6,198,960

Senior

Note,

5.375%,

7/15/25

..........................

Canada

14,300,000

15,785,043

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

5.875

%

,

3/31/25

.....................................

United

States

8,900,000

10,206,088

Cheniere

Energy

Partners

LP

,

Senior

Note,

5.625%,

10/01/26

.........................

United

States

9,000,000

9,409,050

Senior

Note,

4.5%,

10/01/29

...........................

United

States

12,000,000

12,522,120

Senior

Secured

Note,

5.25%,

10/01/25

...................

United

States

28,700,000

29,482,075

g

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

10/15/28

..........................................

United

States

11,300,000

11,723,750

h

Chesapeake

Energy

Corp.

,

Senior

Note

,

7.5

%

,

10/01/26

........

United

States

13,700,000

890,500

Comstock

Resources,

Inc.

,

Senior

Note

,

9.75

%

,

8/15/26

........

United

States

12,600,000

13,340,250

g

Continental

Resources,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/15/31

..

United

States

13,900,000

14,942,500

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

6.75%,

4/01/23

...........................

United

States

17,000,000

17,108,885

Senior

Note,

5.75%,

4/01/25

...........................

United

States

14,000,000

13,930,000

g

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond,

144A,

5.75%,

1/30/28

......................

United

States

19,700,000

20,980,500

Senior

Note,

144A,

6.625%,

7/15/25

.....................

United

States

5,400,000

5,764,176

EnLink

Midstream

LLC

,

Senior

Bond

,

5.375

%

,

6/01/29

.........

United

States

13,000,000

12,374,375

e,g

EnQuest

plc

,

Senior

Note

,

144A,

Reg

S,

PIK,

7

%

,

10/15/23

......

United

Kingdom

12,592,865

7,946,867

b,c,d,e

Goodrich

Petroleum

Corp.

,

144A,

PIK,

13.5

%

,

5/31/22

.........

United

States

13,805,211

15,121,294

g

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note,

144A,

10%,

2/29/24

......................

United

States

3,942,756

4,031,468

Secured

Note,

144A,

11.5%,

2/28/25

.....................

United

States

18,905,087

17,959,833

e,g,h

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

18,564,500

94,679

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

...........................

United

States

15,200,000

14,877,760

i

Senior

Note,

FRN,

1.671%,

(3-month

USD

LIBOR

+

1.45%),

8/15/22

...........................................

United

States

5,300,000

5,065,450

Senior

Note,

8.875%,

7/15/30

..........................

United

States

18,000,000

20,351,250

Senior

Note,

6.625%,

9/01/30

..........................

United

States

5,600,000

5,857,264

QEP

Resources,

Inc.

,

Senior

Bond,

5.25%,

5/01/23

...........................

United

States

3,600,000

3,083,400

Senior

Note,

5.625%,

3/01/26

..........................

United

States

10,700,000

7,671,900

g

Seven

Generations

Energy

Ltd.

,

Senior

Note

,

144A,

5.375

%

,

9/30/25

Canada

15,100,000

15,184,182

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

5.5%,

2/15/26

............................

United

States

8,000,000

8,250,480

Senior

Note,

6%,

4/15/27

.............................

United

States

13,100,000

14,046,475

Franklin

High

Income

Trust

Statement

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

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Sunoco

LP

/

Sunoco

Finance

Corp.,

(continued)

g

Senior

Note,

144A,

4.5%,

5/15/29

.......................

United

States

4,600,000

$

4,763,875

g

Viper

Energy

Partners

LP

,

Senior

Note

,

144A,

5.375

%

,

11/01/27

..

United

States

8,200,000

8,672,648

406,457,711

Personal

Products

0.5%

g

Prestige

Brands,

Inc.

,

Senior

Note,

144A,

6.375%,

3/01/24

.....................

United

States

7,900,000

8,105,637

Senior

Note,

144A,

5.125%,

1/15/28

.....................

United

States

5,300,000

5,617,338

13,722,975

Pharmaceuticals

3.0%

g

Bausch

Health

Americas,

Inc.

,

Senior

Note

,

144A,

9.25

%

,

4/01/26

.

United

States

22,700,000

25,231,050

g

Bausch

Health

Cos.,

Inc.

,

Senior

Bond,

144A,

6.125%,

4/15/25

.....................

United

States

5,900,000

6,076,351

Senior

Bond,

144A,

5.25%,

2/15/31

......................

United

States

7,600,000

7,689,604

Senior

Note,

144A,

5%,

2/15/29

........................

United

States

7,600,000

7,666,120

Senior

Secured

Note,

144A,

7%,

3/15/24

..................

United

States

4,200,000

4,335,450

g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

......................

United

States

10,304,000

11,357,893

Senior

Note,

144A,

6%,

6/30/28

........................

United

States

14,873,000

11,764,543

g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

4,273,000

4,620,438

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

7.125

%

,

1/31/25

.....................................

Israel

9,300,000

10,181,083

88,922,532

Real

Estate

Management

&

Development

1.1%

g

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

...............................

United

States

21,400,000

22,510,125

g

Howard

Hughes

Corp.

(The)

,

Senior

Note

,

144A,

5.375

%

,

8/01/28

.

United

States

9,200,000

9,817,182

32,327,307

Semiconductors

&

Semiconductor

Equipment

0.8%

g

Amkor

Technology,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

9/15/27

.....

United

States

15,000,000

16,293,750

g

ON

Semiconductor

Corp.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

...

United

States

6,900,000

7,115,625

23,409,375

Software

1.5%

g

Blackboard,

Inc.

,

Secured

Note

,

144A,

10.375

%

,

11/15/24

.......

United

States

26,000,000

27,381,250

g

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

15,600,000

16,350,750

43,732,000

Specialty

Retail

1.2%

g

L

Brands,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/01/30

...........

United

States

10,700,000

11,776,687

g

Lithia

Motors,

Inc.

,

Senior

Bond,

144A,

4.375%,

1/15/31

.....................

United

States

11,900,000

12,651,188

Senior

Note,

144A,

4.625%,

12/15/27

....................

United

States

8,600,000

9,153,625

g,i

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.75

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

.....................

United

States

2,720,625

2,339,738

35,921,238

Technology

Hardware,

Storage

&

Peripherals

0.3%

g

Dell

International

LLC

/

EMC

Corp.

,

Senior

Note,

144A,

5.875%,

6/15/21

.....................

United

States

2,978,000

2,987,678

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

g

Dell

International

LLC

/

EMC

Corp.,

(continued)

Senior

Note,

144A,

7.125%,

6/15/24

.....................

United

States

4,900,000

$

5,088,062

8,075,740

Thrifts

&

Mortgage

Finance

3.6%

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

9,200,000

9,826,750

g

PennyMac

Financial

Services,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

10/15/25

..........................................

United

States

23,800,000

24,900,750

g

Quicken

Loans

LLC

/

Quicken

Loans

Co-Issuer,

Inc.

,

Senior

Bond,

144A,

3.875%,

3/01/31

.....................

United

States

16,200,000

16,443,000

Senior

Note,

144A,

3.625%,

3/01/29

.....................

United

States

11,000,000

10,953,415

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

.............

United

States

17,400,000

19,259,625

g

United

Shore

Financial

Services

LLC

,

Senior

Note

,

144A,

5.5

%

,

11/15/25

..........................................

United

States

26,400,000

27,791,808

109,175,348

Trading

Companies

&

Distributors

3.6%

g

Ahern

Rentals,

Inc.

,

Secured

Note

,

144A,

7.375

%

,

5/15/23

......

United

States

13,500,000

9,390,937

Aircastle

Ltd.

,

Senior

Note

,

4.125

%

,

5/01/24

.................

United

States

13,000,000

13,400,161

g

Beacon

Roofing

Supply,

Inc.

,

Senior

Note

,

144A,

4.875

%

,

11/01/25

United

States

17,700,000

17,971,076

H&E

Equipment

Services,

Inc.

,

Senior

Note,

5.625%,

9/01/25

..........................

United

States

13,700,000

14,337,735

g

Senior

Note,

144A,

3.875%,

12/15/28

....................

United

States

11,400,000

11,400,000

g

HD

Supply,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

10/15/26

.........

United

States

7,500,000

7,964,062

g

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

7/15/27

..........

United

States

13,300,000

14,039,813

g

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

7.125%,

6/15/25

.....................

United

States

8,800,000

9,592,660

Senior

Note,

144A,

7.25%,

6/15/28

......................

United

States

8,500,000

9,561,183

107,657,627

Wireless

Telecommunication

Services

2.4%

e

Digicel

Group

0.5

Ltd.

,

g

Senior

Note,

144A,

PIK,

8%,

4/01/25

.....................

Bermuda

2,380,333

857,383

Senior

Secured

Note,

PIK,

10%,

4/01/24

..................

Bermuda

7,629,763

5,936,379

Hughes

Satellite

Systems

Corp.

,

Senior

Note

,

6.625

%

,

8/01/26

...

United

States

19,150,000

21,372,549

Sprint

Corp.

,

Senior

Note,

7.875%,

9/15/23

..........................

United

States

14,700,000

16,960,125

Senior

Note,

7.625%,

2/15/25

..........................

United

States

18,200,000

21,828,625

g

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

...........................................

United

Kingdom

5,400,000

5,556,600

72,511,661

Total

Corporate

Bonds

(Cost

$2,881,706,951)

...................................

2,921,786,265

Shares

Escrows

and

Litigation

Trusts

0.0%

†

a,c

Alpha

Natural

Resources,

Inc.,

Escrow

Account

...............

United

States

25,000,000

—

a,c

Vistra

Energy

Corp.,

Escrow

Account

......................

United

States

50,000,000

75,000

Total

Escrows

and

Litigation

Trusts

(Cost

$1,303,653)

...........................

75,000

Total

Long

Term

Investments

(Cost

$2,984,836,878)

.............................

2,948,106,958

a

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

Short

Term

Investments

2.4%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

2.4%

j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

71,632,216

$

71,632,216

Total

Money

Market

Funds

(Cost

$71,632,216)

..................................

71,632,216

Total

Short

Term

Investments

(Cost

$71,632,216

)

................................

71,632,216

a

Total

Investments

(Cost

$3,056,469,094)

100.5%

................................

$3,019,739,174

Other

Assets,

less

Liabilities

(0.5)%

...........................................

(14,616,258)

Net

Assets

100.0%

...........................................................

$3,005,122,916

See

Abbreviations

on

page

41

.

*

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

See

Note

10

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

d

See

Note

9

regarding

restricted

securities.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Perpetual

security

with

no

stated

maturity

date.

g

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

November

30,

2020,

the

aggregate

value

of

these

securities

was

$2,128,894,152,

representing

70.8%

of

net

assets.

h

See

Note

7

regarding

defaulted

securities.

i

The

coupon

rate

shown

represents

the

rate

at

period

end.

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

November

30,

2020

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

Franklin

High

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$2,949,707,023

Cost

-

Non-controlled

affiliates

(Note

3

f

and

10

)

...................................................

106,762,071

Value

-

Unaffiliated

issuers

..................................................................

$2,914,886,630

Value

-

Non-controlled

affiliates

(Note

3

f

and

10

)

..................................................

104,852,544

Cash

....................................................................................

186

Receivables:

Capital

shares

sold

........................................................................

2,730,361

Dividends

and

interest

.....................................................................

42,865,359

Other

assets

..............................................................................

722

Total

assets

..........................................................................

3,065,335,802

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

50,900,000

Capital

shares

redeemed

...................................................................

5,515,604

Management

fees

.........................................................................

1,129,289

Distribution

fees

..........................................................................

456,214

Transfer

agent

fees

........................................................................

776,509

Trustees'

fees

and

expenses

.................................................................

988

Distributions

to

shareholders

.................................................................

1,249,768

Accrued

expenses

and

other

liabilities

...........................................................

184,514

Total

liabilities

.........................................................................

60,212,886

Net

assets,

at

value

.................................................................

$3,005,122,916

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$3,807,310,689

Total

distributable

earnings

(losses)

.............................................................

(802,187,773)

Net

assets,

at

value

.................................................................

$3,005,122,916

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

November

30,

2020

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Franklin

High

Income

Fund

Class

A:

Net

assets,

at

value

.......................................................................

$421,310,237

Shares

outstanding

........................................................................

229,046,732

Net

asset

value

per

share

a

..................................................................

$1.84

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96

.25

%

)

................................

$1.91

Class

A1:

Net

assets,

at

value

.......................................................................

$1,799,363,193

Shares

outstanding

........................................................................

969,548,835

Net

asset

value

per

share

a

..................................................................

$1.86

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96

.25

%

)

................................

$1.93

Class

C:

Net

assets,

at

value

.......................................................................

$233,826,101

Shares

outstanding

........................................................................

124,226,344

Net

asset

value

and

maximum

offering

price

per

share

a

.............................................

$1.88

Class

R:

Net

assets,

at

value

.......................................................................

$75,910,767

Shares

outstanding

........................................................................

40,054,036

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$1.90

Class

R6:

Net

assets,

at

value

.......................................................................

$140,722,010

Shares

outstanding

........................................................................

76,044,914

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$1.85

Advisor

Class:

Net

assets,

at

value

.......................................................................

$333,990,608

Shares

outstanding

........................................................................

180,090,168

Net

asset

value

and

maximum

offering

price

per

share

.............................................

$1.85

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

November

30,

2020

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Franklin

High

Income

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

........................................................................

$266,758

Interest:

Unaffiliated

issuers

........................................................................

81,130,340

Non-controlled

affiliates

(Note

3

f

and

10

)

........................................................

897,709

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

.....................................................

688

Total

investment

income

...................................................................

82,295,495

Expenses:

Management

fees

(Note

3

a

)

...................................................................

6,553,038

Distribution

fees:

(Note

3c

)

    Class

A

................................................................................

458,652

    Class

A1

...............................................................................

1,341,087

    Class

C

................................................................................

787,042

    Class

R

................................................................................

189,656

Transfer

agent

fees:

(Note

3e

)

    Class

A

................................................................................

254,156

    Class

A1

...............................................................................

1,236,954

    Class

C

................................................................................

167,422

    Class

R

................................................................................

52,759

    Class

R6

...............................................................................

24,047

    Advisor

Class

............................................................................

210,027

Custodian

fees

(Note

4

)

......................................................................

8,978

Reports

to

shareholders

......................................................................

127,806

Registration

and

filing

fees

....................................................................

104,212

Professional

fees

...........................................................................

51,239

Trustees'

fees

and

expenses

..................................................................

50,011

Other

....................................................................................

38,220

Total

expenses

.........................................................................

11,655,306

Expense

reductions

(Note

4

)

...............................................................

(4,109)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

..............................................

(72,446)

Net

expenses

.........................................................................

11,578,751

Net

investment

income

................................................................

70,716,744

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(40,802,000)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

232,720,912

Non-controlled

affiliates

(Note

3

f

and

10

)

......................................................

7,063,028

Net

change

in

unrealized

appreciation

(depreciation)

............................................

239,783,940

Net

realized

and

unrealized

gain

(loss)

............................................................

198,981,940

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$269,698,684

Franklin

High

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

Franklin

High

Income

Fund

Six

Months

Ended

November

30,

2020

(unaudited)

Year

Ended

May

31,

2020

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$70,716,744

$156,091,345

Net

realized

gain

(loss)

.................................................

(40,802,000)

(26,798,793)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

239,783,940

(94,782,440)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

269,698,684

34,510,112

Distributions

to

shareholders:

Class

A

.............................................................

(10,115,955)

(14,412,927)

Class

A1

............................................................

(48,097,679)

(106,039,261)

Class

C

.............................................................

(5,720,184)

(13,809,661)

Class

R

.............................................................

(1,873,396)

(4,640,000)

Class

R6

............................................................

(2,623,552)

(3,972,797)

Advisor

Class

........................................................

(8,406,090)

(17,252,037)

Total

distributions

to

shareholders

..........................................

(76,836,856)

(160,126,683)

Capital

share

transactions:

(Note

2

)

Class

A

.............................................................

87,502,831

142,370,062

Class

A1

............................................................

(80,696,266)

(215,344,292)

Class

C

.............................................................

(34,865,687)

(40,742,042)

Class

R

.............................................................

(6,429,785)

(21,043,394)

Class

R6

............................................................

68,212,649

5,366,747

Advisor

Class

........................................................

14,618,951

(8,623,652)

Total

capital

share

transactions

............................................

48,342,693

(138,016,571)

Net

increase

(decrease)

in

net

assets

...................................

241,204,521

(263,633,142)

Net

assets:

Beginning

of

period

.....................................................

2,763,918,395

3,027,551,537

End

of

period

..........................................................

$3,005,122,916

$2,763,918,395

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

Franklin

High

Income

Fund

30

franklintempleton.com

Semiannual

Report

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)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

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

after

they

have

been

held

for

10

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

Trust's

Board

of

Trustees

(the

Board),

the

Fund's

administrator

has

responsibility

for

oversight

of

valuation,

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.

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,

book

values,

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.

Occasionally,

events

occur

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

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

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

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.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund,

and/or

a

joint

repurchase

agreement

in

the

Statement

of

Assets

and

Liabilities.

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

November

30,

2020,

the Fund

had

no

securities

on

loan.

d.

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

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

November

30,

2020,

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. 

e.

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

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

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.

f.

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.

g.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Income

and

Deferred

Taxes

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

2.

Shares

of

Beneficial

Interest

At

November

30,

2020,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

Six

Months

Ended

November

30,

2020

Year

Ended

May

31,

2020

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

...................................

81,252,225

$145,686,343

318,182,416

$574,927,968

Shares

issued

in

reinvestment

of

distributions

..........

5,232,978

9,379,719

7,568,714

13,448,076

Shares

redeemed

...............................

(37,645,116)

(67,563,231)

(247,068,373)

(446,005,982)

Net

increase

(decrease)

..........................

48,840,087

$87,502,831

78,682,757

$142,370,062

Class

A1

Shares:

Shares

sold

...................................

20,165,986

$36,341,765

41,593,807

$75,377,191

Shares

issued

in

reinvestment

of

distributions

..........

23,300,200

42,071,245

51,538,021

92,708,220

Shares

redeemed

...............................

(88,173,155)

(159,109,276)

(215,000,337)

(383,429,703)

Net

increase

(decrease)

..........................

(44,706,969)

$(80,696,266)

(121,868,509)

$(215,344,292)

Class

C

Shares:

Shares

sold

...................................

6,874,672

$12,614,856

22,307,500

$40,953,248

Shares

issued

in

reinvestment

of

distributions

..........

2,911,210

5,328,222

6,941,577

12,665,205

Shares

redeemed

a

..............................

(28,835,082)

(52,808,765)

(51,969,469)

(94,360,495)

Net

increase

(decrease)

..........................

(19,049,200)

$(34,865,687)

(22,720,392)

$(40,742,042)

Class

R

Shares:

Shares

sold

...................................

3,494,370

$6,421,457

7,317,770

$13,464,046

Shares

issued

in

reinvestment

of

distributions

..........

1,012,210

1,866,138

2,499,142

4,593,413

Shares

redeemed

...............................

(8,037,585)

(14,717,380)

(21,447,471)

(39,100,853)

Net

increase

(decrease)

..........................

(3,531,005)

$(6,429,785)

(11,630,559)

$(21,043,394)

Class

R6

Shares:

Shares

sold

...................................

40,923,188

$74,382,199

21,447,998

$38,195,702

Shares

issued

in

reinvestment

of

distributions

..........

1,430,383

2,582,333

2,161,352

3,872,896

Shares

redeemed

...............................

(4,852,562)

(8,751,883)

(20,906,701)

(36,701,851)

Net

increase

(decrease)

..........................

37,501,009

$68,212,649

2,702,649

$5,366,747

Advisor

Class

Shares:

Shares

sold

...................................

63,966,983

$115,906,847

189,902,126

$341,884,921

Shares

issued

in

reinvestment

of

distributions

..........

4,327,450

7,811,352

8,933,019

16,078,999

Shares

redeemed

...............................

(60,821,922)

(109,099,248)

(203,069,838)

(366,587,572)

Net

increase

(decrease)

..........................

7,472,511

$14,618,951

(4,234,693)

$(8,623,652)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

34

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

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

November

30,

2020,

the

annualized

gross

effective

investment

management

fee

rate

was

0.457%

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

Class

A1 reimbursement

distribution

plans,

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.

Under

the

Class

A

and

Class

A1

reimbursement

distribution

plans,

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.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Distributors,

Inc.

(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

Class

A

....................................................................................

0.25%

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

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

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

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

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

November

30,

2020,

the

Fund

paid

transfer

agent

fees

of

$1,945,365,

of

which

$850,289

was

retained

by

Investor

Services.

Class

A1

...................................................................................

0.15%

Class

C

....................................................................................

0.65%

Class

R

....................................................................................

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$32,113

CDSC

retained

..............................................................................

$14,184

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

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

November

30,

2020,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

g.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

September

30,

2021.

4.

Expense

Offset

Arrangement

The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

November

30,

2020,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

May

31,

2020,

the

capital

loss

carryforwards

were

as

follows:

At

November

30,

2020,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

    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,

0%

.........

$90,258,908

$590,834,007

$(609,460,699)

$—

$—

$71,632,216

71,632,216

$—

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$—

$69,000

$(69,000)

$

—

$

—

$—

—

$—

Total

Affiliated

Securities

....

$90,258,908

$590,903,007

$(609,529,699)

$—

$—

$71,632,216

$—

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

................................................................................

$704,320,375

3.

Transactions

with

Affiliates

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

37

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums,

corporate

actions

and

payments-in-kind.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

November

30,

2020,

aggregated

$812,810,044

and

$729,439,139,

respectively.

7.

Credit Risk

and

Defaulted

Securities

At

November

30,

2020,

the

Fund

had

85.7%

of

its

portfolio

invested

in

high

yield

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

November

30,

2020,

the

aggregate

value

of

these

securities

represents

less

than

0.1%

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

Statement

of

Investments.

8. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

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

November

30,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Cost

of

investments

..........................................................................

$3,068,805,818

Unrealized

appreciation

........................................................................

$11,070,716

Unrealized

depreciation

........................................................................

(60,137,360)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(49,066,644)

Principal

Amount

*

/

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Income

Fund

13,805,211

a

Goodrich

Petroleum

Corp.,

13.5%,

5/31/22

.........

5/31/19

-

10/15/20

$

13,805,211

$

15,121,294

5.

Income

Taxes

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

38

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

10.

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.

During

the

period

ended

November

30,

2020,

investments

in

“affiliated

companies”

were

as

follows:

11.

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

billion

(Global

Credit

Facility)

which

matures

on

February

5,

2021.

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

November

30,

2020,

the Fund

did

not

use

the

Global

Credit

Facility.

Principal

Amount*/

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Income

Fund

(continued)

46,695,277

Nine

Point

Energy

LLC

........................

7/15/14

-

3/24/17

$

26,331,864

$

47

Total

Restricted

Securities

(Value

is

0.50%

of

Net

Assets)

.............

$40,137,075

$15,121,341

*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$18,090,071

as

of

November

30,

2020.

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

High

Income

Fund

Non-Controlled

Affiliates

Dividends

Goodrich

Petroleum

Corp.

...

$

12,581,675

$

—

$

—

$

—

$

5,508,396

$

18,090,071

1,564,885

$

—

Titan

Energy

LLC

.........

10,857

—

—

—

(1,894)

8,963

289,137

—

$12,592,532

$—

$—

$

—

$

5,506,502

$18,099,034

$

—

Interest

Goodrich

Petroleum

Corp.,

13.5%,

5/31/22

.........

12,678,055

886,713

a

—

—

1,556,526

15,121,294

13,805,211

897,709

Total

Affiliated

Securities

(Value

is

1.1%

of

Net

Assets)

$25,270,587

$886,713

$—

—

7,063,028

$33,220,328

$897,709

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

9.

Restricted

Securities

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

39

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

12.

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

November

30,

2020,

in

valuing

the

Fund's assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Energy

Equipment

&

Services

.............

$

816,724

$

—

$

—

$

816,724

Machinery

............................

—

4,756,381

—

4,756,381

Metals

&

Mining

.......................

228,667

—

—

228,667

Oil,

Gas

&

Consumable

Fuels

.............

18,174,270

—

47

18,174,317

Paper

&

Forest

Products

.................

901,143

—

—

901,143

Specialty

Retail

........................

1,267,979

—

—

1,267,979

Warrants

:

Metals

&

Mining

.......................

2,265

—

—

2,265

Oil,

Gas

&

Consumable

Fuels

.............

11,145

—

4,330

a

15,475

Paper

&

Forest

Products

.................

—

6,801

—

6,801

Convertible

Bonds

.......................

—

75,941

—

75,941

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

18,953,635

—

18,953,635

Airlines

..............................

—

33,834,480

—

33,834,480

Auto

Components

......................

—

60,046,006

—

60,046,006

Banks

...............................

—

15,843,910

—

15,843,910

Biotechnology

.........................

—

15,869,100

—

15,869,100

Building

Products

......................

—

44,996,964

—

44,996,964

Chemicals

...........................

—

75,359,036

—

75,359,036

Commercial

Services

&

Supplies

...........

—

11,469,500

—

11,469,500

Communications

Equipment

..............

—

30,011,248

—

30,011,248

Construction

&

Engineering

...............

—

17,976,375

—

17,976,375

Construction

Materials

..................

—

25,605,000

—

25,605,000

Consumer

Finance

.....................

—

66,442,035

—

66,442,035

Containers

&

Packaging

.................

—

148,867,611

—

148,867,611

Diversified

Financial

Services

.............

—

32,773,750

—

32,773,750

Diversified

Telecommunication

Services

.....

—

155,414,197

—

155,414,197

Electric

Utilities

........................

—

28,030,640

—

28,030,640

Energy

Equipment

&

Services

.............

—

43,432,712

—

43,432,712

Entertainment

.........................

—

73,723,156

—

73,723,156

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

94,879,021

—

94,879,021

Food

Products

........................

—

66,348,374

—

66,348,374

Health

Care

Equipment

&

Supplies

.........

—

6,002,500

—

6,002,500

Health

Care

Providers

&

Services

..........

—

167,686,028

—

167,686,028

Hotels,

Restaurants

&

Leisure

.............

—

164,842,958

—

164,842,958

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

40

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.

13.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

amendments

in

the

ASU

provides

optional

temporary

financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021.

The

ASU

is

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements.

14.

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.

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

(continued)

Assets:

Investments

in

Securities:

Corporate

Bonds:

Household

Durables

....................

$

—

$

33,668,842

$

—

$

33,668,842

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

112,563,362

—

112,563,362

Insurance

............................

—

49,957,498

—

49,957,498

Internet

&

Direct

Marketing

Retail

..........

—

11,465,438

—

11,465,438

IT

Services

...........................

—

67,944,097

—

67,944,097

Machinery

............................

—

46,323,238

—

46,323,238

Media

...............................

—

208,104,345

—

208,104,345

Metals

&

Mining

.......................

—

22,905,195

—

22,905,195

Oil,

Gas

&

Consumable

Fuels

.............

—

391,336,417

15,121,294

406,457,711

Personal

Products

.....................

—

13,722,975

—

13,722,975

Pharmaceuticals

.......................

—

88,922,532

—

88,922,532

Real

Estate

Management

&

Development

....

—

32,327,307

—

32,327,307

Road

&

Rail

..........................

—

28,532,500

—

28,532,500

Semiconductors

&

Semiconductor

Equipment

.

—

23,409,375

—

23,409,375

Software

.............................

—

43,732,000

—

43,732,000

Specialty

Retail

........................

—

35,921,238

—

35,921,238

Technology

Hardware,

Storage

&

Peripherals

.

—

8,075,740

—

8,075,740

Thrifts

&

Mortgage

Finance

...............

—

109,175,348

—

109,175,348

Trading

Companies

&

Distributors

..........

—

107,657,627

—

107,657,627

Wireless

Telecommunication

Services

.......

—

72,511,661

—

72,511,661

Escrows

and

Litigation

Trusts

...............

—

—

75,000

a

75,000

Short

Term

Investments

...................

71,632,216

—

—

71,632,216

Total

Investments

in

Securities

...........

$93,034,409

$2,911,504,094

$15,200,671

$3,019,739,174

a

Includes

securities

determined

to

have

no

value

at

November

30,

2020.

12.

Fair

Value

Measurements

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

41

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

Abbreviations

Currency

USD

United

States

Dollar

Selected

Portfolio

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

Franklin

High

Income

Trust

Shareholder

Information

42

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

Statement

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

statement

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

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

01/21

©

2021

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

and

Shareholder

Letter

Franklin

High

Income

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Templeton

Distributors,

Inc.

(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

. During the period covered by this report, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                          N/A

Item 13. Exhibits.

(a) (1) Code of Ethics

Code of Ethics

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

Section 302

(b)   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and Chief Accounting Officer

Section 906

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\MATTHEW T. HINKLE_____________________

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date January 26, 2021

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\MATTHEW T. HINKLE_____________________

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

Date January 26, 2021

By __

 

S\ROBERT G. KUBILIS______________________

Robert G. Kubilis

Chief Financial Officer and Chief Accounting Officer

Date January 26, 2021