Franklin High Income Trust NPORTP Franklin High Income Fund (Aug 2020 report)

Franklin

High

Income

Trust

Statement

Investments

(unaudited),

August

31,

2020

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Value

Common

Stocks

0.7%

Energy

Equipment

Services

0.0%

†

a,b

Weatherford

International

plc

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

United

States

217,793

659,913

Machinery

0.1%

a,c

Birch

Permian

Holdings,

Inc.

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

United

States

78,499

392,495

a,c

Birch

Permian

Holdings,

Inc.

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

United

States

611,911

2,983,066

3,375,561

Metals

Mining

0.0%

†

Contura

Energy,

Inc.

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

United

States

30,901

127,930

Oil,

Gas

Consumable

Fuels

0.5%

Amplify

Energy

Corp.

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

United

States

8,816

10,756

a,d

Chaparral

Energy,

Inc.,

144A

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

United

States

5,033

176

a,e

Goodrich

Petroleum

Corp.

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

United

States

1,564,885

12,910,301

a,c,f

Nine

Point

Energy

LLC

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

United

States

46,695,277

729,007

Riviera

Resources,

Inc.

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

United

States

149,317

263,544

a,e

Titan

Energy

LLC

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

United

States

289,137

17,348

13,931,132

Paper

Forest

Products

0.1%

Verso

Corp.,

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

United

States

83,362

1,092,876

Specialty

Retail

0.0%

†

Party

City

Holdings,

Inc.

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

United

States

276,851

758,572

Total

Common

Stocks

(Cost

$105,425,140)

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

19,945,984

Warrants

0.0%

†

Metals

Mining

0.0%

†

Contura

Energy,

Inc.,

7/26/23

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

United

States

5,033

2,441

Oil,

Gas

Consumable

Fuels

0.0%

†

a,c

Battalion

Oil

Corp.,

10/08/22

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

United

States

21,046

1,564

a,c

Battalion

Oil

Corp.,

10/08/22

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

United

States

26,308

1,068

a,c

Battalion

Oil

Corp.,

10/08/22

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

United

States

33,825

607

3,239

Paper

Forest

Products

0.0%

†

Verso

Corp.,

7/25/23

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

United

States

8,775

7,503

Total

Warrants

(Cost

$12,589)

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

13,183

Principal

Amount

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

d,g,h

Digicel

Group

0.5

Ltd.,

Sub.

Bond,

144A,

PIK,

7%,

Perpetual

.....

Bermuda

385,840

44,908

Total

Convertible

Bonds

(Cost

$106,181)

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

44,908

Corporate

Bonds

95.6%

Aerospace

Defense

0.7%

BWX

Technologies,

Inc.,

Senior

Note,

144A,

5.375%,

7/15/26

....

United

States

8,500,000

8,934,010

Signature

Aviation

Holdings,

Inc.,

Senior

Note,

144A,

5.375%,

5/01/26

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

United

States

9,800,000

10,122,469

19,056,479

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Airlines

0.4%

Mileage

Plus

Holdings

LLC

Mileage

Plus

Intellectual

Property

Assets

Ltd.,

Senior

Secured

Note,

144A,

6.5%,

6/20/27

.......

United

States

11,300,000

11,808,500

Auto

Components

1.6%

Adient

LLC

Senior

Secured

Note,

144A,

9%,

4/15/25

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

United

States

6,000,000

6,671,250

Senior

Secured

Note,

144A,

7%,

5/15/26

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

United

States

20,500,000

22,055,233

Goodyear

Tire

Rubber

Co.

(The),

Senior

Note,

9.5%,

5/31/25

...

United

States

15,300,000

17,206,303

45,932,786

Banks

0.9%

CIT

Group,

Inc.,

Senior

Bond,

5%,

8/15/22

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

United

States

50,000

52,384

JPMorgan

Chase

Co.

Junior

Sub.

Bond,

8/01/23,

FRN

thereafter,

Perpetual

United

States

15,000,000

15,828,916

Junior

Sub.

Bond,

FRN,

3.616%,

(3-month

USD

LIBOR

3.32%),

Perpetual

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

United

States

9,900,000

9,412,058

25,293,358

Biotechnology

0.6%

Horizon

Therapeutics

USA,

Inc.,

Senior

Note,

144A,

5.5%,

8/01/27

United

States

15,000,000

16,359,000

Building

Products

1.5%

Cornerstone

Building

Brands,

Inc.,

Senior

Note,

144A,

8%,

4/15/26

United

States

18,000,000

19,045,710

JELD-WEN,

Inc.

Senior

Note,

144A,

4.625%,

12/15/25

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

United

States

7,600,000

7,665,702

Senior

Note,

144A,

4.875%,

12/15/27

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

United

States

7,800,000

8,139,768

Senior

Secured

Note,

144A,

6.25%,

5/15/25

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

United

States

2,400,000

2,588,640

Standard

Industries,

Inc.,

Senior

Note,

144A,

5%,

2/15/27

.......

United

States

5,000,000

5,235,475

42,675,295

Chemicals

2.6%

d,g

Anagram

International,

Inc.

Anagram

Holdings

LLC,

Secured

Note,

144A,

PIK,

10%,

8/15/26

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

United

States

1,470,625

1,243,087

Element

Solutions,

Inc.

Senior

Note,

144A,

5.875%,

12/01/25

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

United

States

12,400,000

12,911,500

Senior

Note,

144A,

3.875%,

9/01/28

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

United

States

14,000,000

14,324,800

Neon

Holdings,

Inc.,

Senior

Secured

Note,

144A,

10.125%,

4/01/26

United

States

20,000,000

21,300,000

Olin

Corp.,

Senior

Note,

144A,

9.5%,

6/01/25

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

United

States

5,600,000

6,489,868

Rain

CII

Carbon

LLC

CII

Carbon

Corp.,

Secured

Note,

144A,

7.25%,

4/01/25

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

United

States

10,800,000

10,698,642

TPC

Group,

Inc.,

Senior

Secured

Note,

144A,

10.5%,

8/01/24

....

United

States

8,500,000

7,209,955

74,177,852

Commercial

Services

Supplies

0.4%

Prime

Security

Services

Borrower

LLC

Prime

Finance,

Inc.,

Senior

Secured

Note,

144A,

3.375%,

8/31/27

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

United

States

11,600,000

11,587,356

Communications

Equipment

1.0%

CommScope

Technologies

LLC,

Senior

Note,

144A,

6%,

6/15/25

United

States

9,522,000

9,774,904

CommScope

Inc.

Senior

Note,

144A,

7.125%,

7/01/28

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

United

States

4,000,000

4,274,326

Senior

Secured

Note,

144A,

6%,

3/01/26

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

United

States

15,000,000

15,957,225

30,006,455

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Construction

Engineering

0.6%

New

Enterprise

Stone

Lime

Co.,

Inc.,

Senior

Secured

Note,

144A,

6.25%,

3/15/26

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

United

States

17,400,000

18,186,306

Construction

Materials

0.9%

Cemex

SAB

CV,

Senior

Secured

Bond,

144A,

5.7%,

1/11/25

...

Mexico

25,000,000

25,593,750

Consumer

Finance

2.6%

FirstCash

Inc.,

Senior

Note,

144A,

4.625%,

9/01/28

...........

United

States

13,500,000

13,899,128

Navient

Corp.

Senior

Note,

5%,

10/26/20

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

United

States

7,200,000

7,225,632

Senior

Note,

5.875%,

3/25/21

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

United

States

5,000,000

5,089,075

Senior

Note,

6.625%,

7/26/21

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

United

States

5,300,000

5,445,750

Senior

Note,

6.5%,

6/15/22

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

United

States

9,900,000

10,345,500

OneMain

Finance

Corp.

Senior

Bond,

5.375%,

11/15/29

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

United

States

8,600,000

9,180,500

Senior

Note,

8.875%,

6/01/25

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

United

States

3,900,000

4,404,465

Senior

Note,

6.625%,

1/15/28

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

United

States

15,500,000

17,719,600

73,309,650

Containers

Packaging

4.9%

Ardagh

Packaging

Finance

plc

Ardagh

Holdings

USA,

Inc.

Senior

Note,

144A,

6%,

2/15/25

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

United

States

2,754,000

2,875,520

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

11,600,000

12,080,008

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

11,400,000

12,112,500

Crown

Americas

LLC

Crown

Americas

Capital

Corp.

VI,

Senior

Note,

4.75%,

2/01/26

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

United

States

13,900,000

14,539,539

Mauser

Packaging

Solutions

Holding

Co.

Senior

Note,

144A,

7.25%,

4/15/25

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

United

States

34,900,000

33,973,754

Senior

Secured

Note,

144A,

8.5%,

4/15/24

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

United

States

3,500,000

3,675,000

Owens-Brockway

Glass

Container,

Inc.

Senior

Note,

144A,

5.875%,

8/15/23

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

United

States

10,000,000

10,663,550

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

8,500,000

9,365,937

Reynolds

Group

Issuer,

Inc.

Reynolds

Group

Issuer

LLC

Reynolds

Group

Issuer

Luxembourg

SA,

Senior

Secured

Note,

144A,

5.125%,

7/15/23

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

United

States

2,200,000

2,235,090

Sealed

Air

Corp.

Senior

Bond,

144A,

5.5%,

9/15/25

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

United

States

5,500,000

6,180,048

Senior

Note,

144A,

4%,

12/01/27

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

United

States

13,200,000

14,124,000

Trivium

Packaging

Finance

Senior

Note,

144A,

8.5%,

8/15/27

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

Netherlands

10,200,000

11,238,105

Senior

Secured

Note,

144A,

5.5%,

8/15/26

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

Netherlands

7,600,000

8,034,112

141,097,163

Diversified

Financial

Services

0.5%

MPH

Acquisition

Holdings

LLC,

Senior

Note,

144A,

7.125%,

6/01/24

United

States

15,400,000

15,654,870

Diversified

Telecommunication

Services

5.8%

Altice

France

Holding

Senior

Note,

144A,

6%,

2/15/28

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

Luxembourg

8,600,000

8,615,953

Senior

Secured

Note,

144A,

10.5%,

5/15/27

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

Luxembourg

25,400,000

29,162,375

Altice

France

SA,

Senior

Secured

Note,

144A,

5.5%,

1/15/28

....

France

8,000,000

8,415,000

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.

Senior

Bond,

144A,

5.75%,

2/15/26

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

United

States

10,200,000

10,702,962

Senior

Bond,

144A,

5.5%,

5/01/26

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

United

States

8,900,000

9,313,004

Senior

Bond,

144A,

5%,

2/01/28

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

United

States

3,000,000

3,175,500

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

14,700,000

16,171,617

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

(continued)

CCO

Holdings

LLC

CCO

Holdings

Capital

Corp.,

(continued)

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

11,500,000

12,218,808

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

3,400,000

3,556,763

DKT

Finance

ApS

Senior

Secured

Note,

144A,

9.375%,

6/17/23

Denmark

16,800,000

16,989,000

Virgin

Media

Secured

Finance

plc

Senior

Secured

Bond,

144A,

5.5%,

8/15/26

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

United

Kingdom

7,300,000

7,710,625

Senior

Secured

Bond,

144A,

4.5%,

8/15/30

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

United

Kingdom

20,000,000

21,075,000

Zayo

Group

Holdings,

Inc.

Senior

Note,

144A,

6.125%,

3/01/28

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

United

States

6,000,000

6,205,320

Senior

Secured

Note,

144A,

4%,

3/01/27

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

United

States

13,000,000

12,870,715

166,182,642

Electric

Utilities

1.0%

Vistra

Operations

Co.

LLC,

Senior

Note,

144A,

5.625%,

2/15/27

United

States

26,500,000

28,062,440

Electronic

Equipment,

Instruments

Components

0.4%

CDW

LLC

CDW

Finance

Corp.,

Senior

Note,

4.125%,

5/01/25

...

United

States

12,100,000

12,640,144

Energy

Equipment

Services

1.6%

Archrock

Partners

Archrock

Partners

Finance

Corp.,

Senior

Note,

144A,

6.25%,

4/01/28

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

United

States

4,700,000

4,734,310

CSI

Compressco

CSI

Compressco

Finance,

Inc.

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

17,045,000

12,393,846

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

7,501,000

6,703,231

Nabors

Industries

Ltd.

Senior

Note,

144A,

7.25%,

1/15/26

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

United

States

13,400,000

6,164,000

Senior

Note,

144A,

7.5%,

1/15/28

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

United

States

5,800,000

2,570,125

Weatherford

International

Ltd.

8.75%,

9/01/24

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

United

States

5,000,000

4,812,500

Senior

Note,

144A,

11%,

12/01/24

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

United

States

12,022,000

8,084,795

45,462,807

Entertainment

1.6%

Banijay

Entertainment

SASU,

Senior

Secured

Note,

144A,

5.375%,

3/01/25

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

France

22,900,000

23,229,188

Netflix,

Inc.

Senior

Bond,

4.375%,

11/15/26

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

United

States

10,200,000

11,372,184

Senior

Bond,

144A,

5.375%,

11/15/29

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

United

States

3,600,000

4,333,500

Senior

Note,

144A,

3.625%,

6/15/25

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

United

States

7,300,000

7,719,020

46,653,892

Equity

Real

Estate

Investment

Trusts

(REITs)

2.2%

HAT

Holdings

LLC

HAT

Holdings

LLC

Senior

Note,

144A,

5.25%,

7/15/24

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

United

States

13,100,000

13,744,258

Senior

Note,

144A,

6%,

4/15/25

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

United

States

11,600,000

12,455,500

MGM

Growth

Properties

Operating

Partnership

MGP

Finance

Co-Issuer,

Inc.,

Senior

Note,

5.75%,

2/01/27

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

United

States

3,600,000

3,988,134

MPT

Operating

Partnership

MPT

Finance

Corp.

Senior

Bond,

5.25%,

8/01/26

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

United

States

7,700,000

8,107,368

Senior

Bond,

5%,

10/15/27

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

United

States

700,000

741,493

SBA

Communications

Corp.,

Senior

Note,

144A,

3.875%,

2/15/27

United

States

9,400,000

9,772,522

VICI

Properties

VICI

Note

Co.,

Inc.

Senior

Bond,

144A,

4.125%,

8/15/30

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

United

States

5,000,000

5,017,250

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

VICI

Properties

VICI

Note

Co.,

Inc.,

(continued)

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

8,000,000

7,993,760

61,820,285

Food

Products

2.4%

B&G

Foods,

Inc.

Senior

Note,

5.25%,

4/01/25

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

United

States

17,300,000

17,917,783

Senior

Note,

5.25%,

9/15/27

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

United

States

7,500,000

8,027,325

Kraft

Heinz

Foods

Co.

Senior

Bond,

144A,

4.25%,

3/01/31

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

United

States

9,900,000

10,956,735

Senior

Note,

144A,

3.875%,

5/15/27

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

United

States

6,600,000

7,067,325

Post

Holdings,

Inc.

Senior

Bond,

144A,

5%,

8/15/26

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

United

States

19,600,000

20,374,886

Senior

Bond,

144A,

4.625%,

4/15/30

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

United

States

5,200,000

5,434,000

69,778,054

Health

Care

Equipment

Supplies

0.2%

Ortho-Clinical

Diagnostics,

Inc.

Ortho-Clinical

Diagnostics

SA,

Senior

Note,

144A,

7.375%,

6/01/25

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

United

States

5,600,000

5,834,500

Health

Care

Providers

Services

6.2%

Centene

Corp.

Senior

Note,

144A,

5.375%,

6/01/26

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

United

States

23,550,000

24,933,563

Senior

Note,

4.25%,

12/15/27

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

United

States

12,700,000

13,364,400

Senior

Note,

4.625%,

12/15/29

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

United

States

4,300,000

4,717,681

CHS/Community

Health

Systems,

Inc.

Secured

Note,

144A,

8.125%,

6/30/24

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

United

States

13,747,000

9,596,987

Senior

Note,

6.875%,

2/01/22

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

United

States

4,003,000

3,495,119

Senior

Secured

Note,

6.25%,

3/31/23

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

United

States

14,200,000

14,253,250

HCA,

Inc.

Senior

Bond,

3.5%,

9/01/30

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

United

States

24,400,000

25,620,000

Senior

Note,

5.375%,

9/01/26

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

United

States

4,600,000

5,232,270

Senior

Secured

Bond,

5.25%,

4/15/25

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

United

States

11,000,000

12,831,239

MEDNAX,

Inc.,

Senior

Note,

144A,

6.25%,

1/15/27

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

United

States

18,300,000

19,421,241

Tenet

Healthcare

Corp.

Secured

Note,

144A,

6.25%,

2/01/27

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

United

States

15,000,000

15,770,925

Senior

Note,

8.125%,

4/01/22

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

United

States

7,000,000

7,565,250

Senior

Note,

6.75%,

6/15/23

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

United

States

13,700,000

14,604,200

Senior

Secured

Note,

144A,

4.875%,

1/01/26

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

United

States

5,000,000

5,206,200

176,612,325

Hotels,

Restaurants

Leisure

5.7%

1011778

ULC

New

Red

Finance,

Inc.

Secured

Note,

144A,

5%,

10/15/25

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

Canada

7,400,000

7,611,677

Senior

Secured

Note,

144A,

4.25%,

5/15/24

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

Canada

11,100,000

11,319,225

c,d,j

Hour

Fitness

Worldwide,

Inc.,

Senior

Note,

144A,

8%,

6/01/22

United

States

23,000,000

71,875

Colt

Merger

Sub,

Inc.

Senior

Secured

Note,

144A,

5.75%,

7/01/25

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

United

States

7,000,000

7,341,250

Senior

Secured

Note,

144A,

6.25%,

7/01/25

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

United

States

17,600,000

18,650,808

Downstream

Development

Authority

the

Quapaw

Tribe

Oklahoma,

Senior

Secured

Note,

144A,

10.5%,

2/15/23

.......

United

States

8,600,000

7,857,347

Golden

Nugget,

Inc.

Senior

Note,

144A,

6.75%,

10/15/24

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

United

States

16,200,000

13,871,250

Senior

Note,

144A,

8.75%,

10/01/25

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

United

States

2,700,000

2,017,980

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Hotels,

Restaurants

Leisure

(continued)

Golden

Nugget,

Inc.,

(continued)

International

Game

Technology

plc,

Senior

Secured

Note,

144A,

5.25%,

1/15/29

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

United

States

8,000,000

8,212,840

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

America

LLC

Senior

Note,

144A,

5%,

6/01/24

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

United

States

13,600,000

14,067,636

Senior

Note,

144A,

5.25%,

6/01/26

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

United

States

6,500,000

6,764,257

Six

Flags

Theme

Parks,

Inc.,

Senior

Secured

Note,

144A,

7%,

7/01/25

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

United

States

8,300,000

8,998,818

Stars

Group

Holdings

Stars

Group

Co-Borrower

LLC,

Senior

Note,

144A,

7%,

7/15/26

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

Canada

11,000,000

11,746,625

Studio

City

Finance

Ltd.,

Senior

Note,

144A,

7.25%,

2/11/24

.....

Macau

23,200,000

24,356,172

Wynn

Resorts

Finance

LLC

Wynn

Resorts

Capital

Corp.,

Senior

Note,

144A,

7.75%,

4/15/25

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

United

States

18,500,000

19,447,478

162,335,238

Household

Durables

1.1%

Ashton

Woods

USA

LLC

Ashton

Woods

Finance

Co.

Senior

Note,

144A,

6.75%,

8/01/25

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

United

States

13,500,000

13,751,708

Senior

Note,

144A,

9.875%,

4/01/27

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

United

States

8,500,000

9,401,510

Taylor

Morrison

Communities,

Inc.

Taylor

Morrison

Holdings

II,

Inc.,

Senior

Note,

144A,

5.625%,

3/01/24

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

United

States

2,500,000

2,677,862

Williams

Scotsman

International,

Inc.,

Senior

Secured

Note,

144A,

4.625%,

8/15/28

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

United

States

7,000,000

7,087,500

32,918,580

Independent

Power

and

Renewable

Electricity

Producers

3.5%

Calpine

Corp.

Senior

Note,

144A,

5.125%,

3/15/28

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

United

States

13,900,000

14,614,668

Senior

Secured

Note,

144A,

4.5%,

2/15/28

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

United

States

12,200,000

12,667,504

Clearway

Energy

Operating

LLC

Senior

Note,

5.75%,

10/15/25

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

United

States

11,200,000

11,901,176

Senior

Note,

5%,

9/15/26

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

United

States

14,700,000

15,479,394

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

10,000,000

10,484,400

InterGen

NV,

Senior

Secured

Bond,

144A,

7%,

6/30/23

.........

Netherlands

12,800,000

12,480,000

Talen

Energy

Supply

LLC,

Senior

Note,

6.5%,

6/01/25

..........

United

States

33,450,000

23,411,488

101,038,630

Insurance

1.8%

Alliant

Holdings

Intermediate

LLC

Alliant

Holdings

Co-Issuer,

Senior

Note,

144A,

6.75%,

10/15/27

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

United

States

28,700,000

30,470,503

CNO

Financial

Group,

Inc.,

Senior

Note,

5.25%,

5/30/29

........

United

States

17,900,000

20,881,620

51,352,123

Internet

Direct

Marketing

Retail

0.4%

Match

Group

Holdings

LLC,

Senior

Note,

144A,

4.625%,

6/01/28

United

States

10,900,000

11,503,915

Services

1.5%

Gartner,

Inc.,

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

9,300,000

9,730,125

Presidio

Holdings,

Inc.

Senior

Note,

144A,

8.25%,

2/01/28

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

United

States

3,700,000

3,878,062

Senior

Secured

Note,

144A,

4.875%,

2/01/27

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

United

States

4,000,000

4,106,880

Tempo

Acquisition

LLC

Tempo

Acquisition

Finance

Corp.

Senior

Note,

144A,

6.75%,

6/01/25

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

United

States

18,500,000

18,951,123

Senior

Secured

Note,

144A,

5.75%,

6/01/25

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

United

States

6,000,000

6,311,250

42,977,440

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Life

Sciences

Tools

Services

0.4%

Avantor

Inc.,

Senior

Secured

Note,

144A,

6%,

10/01/24

........

United

States

10,800,000

11,326,500

Machinery

2.0%

Manitowoc

Co.,

Inc.

(The),

Secured

Note,

144A,

9%,

4/01/26

....

United

States

15,100,000

15,748,772

Maxim

Crane

Works

Holdings

Capital

LLC,

Secured

Note,

144A,

10.125%,

8/01/24

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

United

States

10,000,000

10,042,050

Navistar

International

Corp.,

Senior

Note,

144A,

6.625%,

11/01/25

United

States

12,000,000

12,279,660

Vertical

Holdco

GmbH,

Senior

Note,

144A,

7.625%,

7/15/28

.....

Germany

6,200,000

6,552,625

Vertical

Newco,

Inc.,

Senior

Secured

Note,

144A,

5.25%,

7/15/27

Germany

11,200,000

11,690,000

56,313,107

Media

6.8%

Clear

Channel

International

BV,

Senior

Secured

Note,

144A,

6.625%,

8/01/25

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

United

States

6,500,000

6,751,875

Clear

Channel

Worldwide

Holdings,

Inc.

Senior

Note,

9.25%,

2/15/24

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

United

States

11,232,000

11,036,619

Senior

Secured

Note,

144A,

5.125%,

8/15/27

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

United

States

7,600,000

7,687,780

CSC

Holdings

LLC

Senior

Bond,

5.25%,

6/01/24

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

United

States

28,000,000

30,377,200

Senior

Note,

6.75%,

11/15/21

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

United

States

5,000,000

5,264,075

Diamond

Sports

Group

LLC

Diamond

Sports

Finance

Co.

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

11,300,000

6,370,375

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

8,300,000

6,494,045

DISH

DBS

Corp.

Senior

Note,

5.875%,

7/15/22

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

United

States

6,300,000

6,655,950

Senior

Note,

5%,

3/15/23

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

United

States

2,900,000

3,005,125

Senior

Note,

5.875%,

11/15/24

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

United

States

13,600,000

14,394,750

Senior

Note,

144A,

7.375%,

7/01/28

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

United

States

5,600,000

5,948,180

Gray

Television,

Inc.,

Senior

Note,

144A,

7%,

5/15/27

..........

United

States

9,100,000

9,896,705

LCPR

Senior

Secured

Financing

DAC,

Senior

Secured

Note,

144A,

6.75%,

10/15/27

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

United

States

13,100,000

14,066,125

Nexstar

Broadcasting,

Inc.

Senior

Note,

144A,

5.625%,

8/01/24

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

United

States

12,800,000

13,165,376

Senior

Note,

144A,

5.625%,

7/15/27

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

United

States

12,800,000

13,524,032

Scripps

Escrow,

Inc.,

Senior

Note,

144A,

5.875%,

7/15/27

.......

United

States

10,400,000

10,413,000

Univision

Communications,

Inc.

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

16,000,000

16,140,000

Senior

Secured

Note,

144A,

9.5%,

5/01/25

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

United

States

7,200,000

7,920,000

Senior

Secured

Note,

144A,

6.625%,

6/01/27

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

United

States

5,000,000

5,037,900

194,149,112

Metals

Mining

2.0%

Cleveland-Cliffs,

Inc.,

Senior

Secured

Note,

144A,

6.75%,

3/15/26

United

States

7,300,000

7,464,250

Novelis

Corp.

Senior

Bond,

144A,

5.875%,

9/30/26

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

United

States

12,700,000

13,284,835

Senior

Bond,

144A,

4.75%,

1/30/30

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

United

States

9,000,000

9,139,365

Steel

Dynamics,

Inc.,

Senior

Note,

5%,

12/15/26

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

United

States

10,000,000

10,698,832

SunCoke

Energy

Partners

SunCoke

Energy

Partners

Finance

Corp.,

Senior

Note,

144A,

7.5%,

6/15/25

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

United

States

17,700,000

15,918,760

56,506,042

Oil,

Gas

Consumable

Fuels

13.5%

Aker

ASA

Senior

Note,

144A,

4.75%,

6/15/24

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

Norway

5,900,000

6,085,404

Senior

Note,

144A,

5.875%,

3/31/25

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

Norway

13,000,000

13,623,029

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Oil,

Gas

Consumable

Fuels

(continued)

Apache

Corp.

Senior

Note,

4.625%,

11/15/25

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

United

States

3,100,000

3,177,500

Senior

Note,

4.875%,

11/15/27

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

United

States

3,600,000

3,687,624

California

Resources

Corp.

Senior

Note,

5.5%,

9/15/21

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

United

States

411,000

10,473

Senior

Note,

6%,

11/15/24

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

United

States

850,000

21,050

Calumet

Specialty

Products

Partners

Calumet

Finance

Corp.,

Senior

Note,

7.75%,

4/15/23

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

United

States

22,700,000

21,193,741

Cenovus

Energy,

Inc.

Senior

Bond,

6.75%,

11/15/39

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

Canada

8,600,000

8,919,558

Senior

Bond,

5.4%,

6/15/47

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

Canada

5,800,000

5,188,794

Senior

Note,

5.375%,

7/15/25

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

Canada

14,300,000

14,565,628

Cheniere

Corpus

Christi

Holdings

LLC

Senior

Secured

Note,

7%,

6/30/24

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

United

States

11,600,000

13,525,677

Senior

Secured

Note,

5.875%,

3/31/25

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

United

States

12,500,000

14,434,314

Cheniere

Energy

Partners

Senior

Note,

5.625%,

10/01/26

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

United

States

9,000,000

9,449,010

Senior

Note,

4.5%,

10/01/29

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

United

States

12,000,000

12,492,720

Senior

Secured

Note,

5.25%,

10/01/25

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

United

States

28,700,000

29,395,688

Chesapeake

Energy

Corp.,

Senior

Note,

7.5%,

10/01/26

........

United

States

13,700,000

650,750

Comstock

Resources,

Inc.,

Senior

Note,

9.75%,

8/15/26

........

United

States

12,600,000

13,508,460

Crestwood

Midstream

Partners

Crestwood

Midstream

Finance

Corp.

Senior

Note,

6.75%,

4/01/23

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

United

States

17,000,000

16,785,715

Senior

Note,

5.75%,

4/01/25

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

United

States

14,000,000

13,437,060

Endeavor

Energy

Resources

EER

Finance,

Inc.

Senior

Bond,

144A,

5.75%,

1/30/28

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

United

States

19,700,000

20,188,855

Senior

Note,

144A,

6.625%,

7/15/25

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

United

States

5,400,000

5,641,326

EnLink

Midstream

LLC,

Senior

Bond,

5.375%,

6/01/29

.........

United

States

13,000,000

11,498,175

d,g,k

EnQuest

plc,

Senior

Note,

144A,

Reg

PIK,

7%,

10/15/23

......

United

Kingdom

12,167,020

6,667,189

c,e,f,g

Goodrich

Petroleum

Corp.,

Senior

Secured

Note,

PIK,

13.5%,

5/31/21

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

United

States

13,354,497

13,696,212

Martin

Midstream

Partners

Martin

Midstream

Finance

Corp.

Secured

Note,

144A,

11.5%,

2/28/25

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

United

States

17,905,087

16,159,341

Senior

Secured

Note,

144A,

10%,

2/29/24

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

United

States

3,942,756

4,104,409

c,d,g,j

Murray

Energy

Corp.,

Secured

Note,

144A,

PIK,

12%,

4/15/24

...

United

States

18,564,500

11,788

Occidental

Petroleum

Corp.

Senior

Bond,

6.45%,

9/15/36

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

United

States

15,200,000

14,934,228

Senior

Note,

FRN,

1.73%,

(3-month

USD

LIBOR

1.45%),

8/15/22

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

United

States

5,300,000

5,011,714

Senior

Note,

8.875%,

7/15/30

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

United

States

18,000,000

20,385,000

Senior

Note,

6.625%,

9/01/30

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

United

States

5,600,000

5,768,000

QEP

Resources,

Inc.

Senior

Bond,

5.25%,

5/01/23

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

United

States

3,600,000

2,961,000

Senior

Note,

5.625%,

3/01/26

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

United

States

10,700,000

6,908,508

Seven

Generations

Energy

Ltd.,

Senior

Note,

144A,

5.375%,

9/30/25

Canada

15,100,000

14,561,912

Sunoco

Finance

Corp.

Senior

Note,

4.875%,

1/15/23

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

United

States

6,500,000

6,629,707

Senior

Note,

5.5%,

2/15/26

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

United

States

8,000,000

8,271,520

Senior

Note,

6%,

4/15/27

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

United

States

13,100,000

13,974,687

Viper

Energy

Partners

LP,

Senior

Note,

144A,

5.375%,

11/01/27

United

States

8,200,000

8,459,858

385,985,624

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Personal

Products

0.6%

Prestige

Brands,

Inc.

Senior

Note,

144A,

6.375%,

3/01/24

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

United

States

8,900,000

9,210,566

Senior

Note,

144A,

5.125%,

1/15/28

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

United

States

6,500,000

6,833,970

16,044,536

Pharmaceuticals

2.7%

Bausch

Health

Americas,

Inc.,

Senior

Note,

144A,

9.25%,

4/01/26

United

States

22,700,000

25,197,681

Bausch

Health

Cos.,

Inc.

Senior

Bond,

144A,

6.125%,

4/15/25

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

United

States

5,900,000

6,075,525

Senior

Note,

144A,

5%,

1/30/28

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

United

States

6,000,000

5,917,500

Senior

Secured

Note,

144A,

7%,

3/15/24

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

United

States

4,200,000

4,367,832

Endo

Dac

Endo

Finance

LLC

Endo

Finco

Inc.

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

10,304,000

11,173,400

Senior

Note,

144A,

6%,

6/30/28

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

United

States

14,873,000

11,536,986

Par

Pharmaceutical,

Inc.,

Senior

Secured

Note,

144A,

7.5%,

4/01/27

United

States

4,273,000

4,567,025

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

Senior

Note,

144A,

7.125%,

1/31/25

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

Israel

9,300,000

10,082,967

78,918,916

Real

Estate

Management

Development

1.1%

Five

Point

Operating

Co.

Five

Point

Capital

Corp.,

Senior

Note,

144A,

7.875%,

11/15/25

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

United

States

21,400,000

21,573,661

Howard

Hughes

Corp.

(The),

Senior

Note,

144A,

5.375%,

8/01/28

United

States

9,200,000

9,367,302

30,940,963

Road

Rail

1.0%

DAE

Funding

LLC

Senior

Note,

144A,

4.5%,

8/01/22

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

United

Arab

Emirates

16,000,000

15,849,840

Senior

Note,

144A,

5%,

8/01/24

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

United

Arab

Emirates

12,000,000

11,797,380

27,647,220

Semiconductors

Semiconductor

Equipment

0.8%

Amkor

Technology,

Inc.,

Senior

Note,

144A,

6.625%,

9/15/27

.....

United

States

15,000,000

16,347,225

Semiconductor

Corp.,

Senior

Note,

144A,

3.875%,

9/01/28

...

United

States

6,900,000

7,225,887

23,573,112

Software

1.5%

Blackboard,

Inc.,

Secured

Note,

144A,

10.375%,

11/15/24

.......

United

States

26,000,000

26,438,750

Camelot

Finance

SA,

Senior

Secured

Note,

144A,

4.5%,

11/01/26

United

States

15,600,000

16,178,136

42,616,886

Specialty

Retail

0.4%

Lithia

Motors,

Inc.,

Senior

Note,

144A,

4.625%,

12/15/27

........

United

States

8,600,000

9,094,500

d,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

1,734,398

10,828,898

Technology

Hardware,

Storage

Peripherals

0.3%

Dell

International

LLC

EMC

Corp.

Senior

Note,

144A,

5.875%,

6/15/21

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

United

States

2,978,000

2,986,368

Senior

Note,

144A,

7.125%,

6/15/24

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

United

States

4,900,000

5,092,521

8,078,889

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

Quarterly

Statement

Investments

See

Notes

Statement

Investments.

Country

Principal

Amount

Value

Corporate

Bonds

(continued)

Thrifts

Mortgage

Finance

1.0%

MGIC

Investment

Corp.,

Senior

Note,

5.25%,

8/15/28

..........

United

States

9,200,000

9,673,524

Radian

Group,

Inc.,

Senior

Note,

6.625%,

3/15/25

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

United

States

17,400,000

18,737,625

28,411,149

Trading

Companies

Distributors

4.1%

Ahern

Rentals,

Inc.,

Secured

Note,

144A,

7.375%,

5/15/23

......

United

States

13,500,000

5,651,707

Aircastle

Ltd.,

Senior

Note,

4.125%,

5/01/24

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

United

States

13,000,000

12,582,552

Beacon

Roofing

Supply,

Inc.,

Senior

Note,

144A,

4.875%,

11/01/25

United

States

17,700,000

17,579,374

H&E

Equipment

Services,

Inc.,

Senior

Note,

5.625%,

9/01/25

....

United

States

13,700,000

14,230,875

Supply,

Inc.,

Senior

Note,

144A,

5.375%,

10/15/26

.........

United

States

7,500,000

7,907,925

Herc

Holdings,

Inc.,

Senior

Note,

144A,

5.5%,

7/15/27

..........

United

States

13,300,000

13,965,000

United

Rentals

North

America,

Inc.

Senior

Bond,

5.5%,

5/15/27

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

United

States

18,400,000

19,742,740

Senior

Bond,

5.25%,

1/15/30

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

United

States

7,000,000

7,787,290

WESCO

Distribution,

Inc.

Senior

Note,

144A,

7.125%,

6/15/25

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

United

States

8,800,000

9,682,244

Senior

Note,

144A,

7.25%,

6/15/28

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

United

States

8,500,000

9,495,393

118,625,100

Wireless

Telecommunication

Services

2.8%

Digicel

Group

0.5

Ltd.

Senior

Note,

144A,

PIK,

8%,

4/01/25

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

Bermuda

2,329,600

802,418

Senior

Secured

Note,

PIK,

10%,

4/01/24

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

Bermuda

7,264,520

5,212,293

Hughes

Satellite

Systems

Corp.,

Senior

Note,

6.625%,

8/01/26

...

United

States

19,150,000

21,755,549

Sprint

Corp.

Senior

Note,

7.875%,

9/15/23

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

United

States

14,700,000

17,125,500

Senior

Note,

7.625%,

2/15/25

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

United

States

18,200,000

21,828,625

Senior

Note,

7.625%,

3/01/26

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

United

States

12,200,000

15,022,226

81,746,611

Total

Corporate

Bonds

(Cost

$2,732,915,753)

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

2,737,624,500

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

1,000

Total

Escrows

and

Litigation

Trusts

(Cost

$1,303,653)

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

1,000

Total

Long

Term

Investments

(Cost

$2,839,763,316)

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

2,757,629,575

Short

Term

Investments

2.1%

Country

Value

Money

Market

Funds

2.1%

l,m

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

........

United

States

58,995,352

Total

Money

Market

Funds

(Cost

$58,995,352)

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

58,995,352

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Money

Market

Funds

0.0%

†

l,m

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

........

United

States

25,000

Franklin

High

Income

Trust

Statement

Investments

(unaudited)

See

Notes

Statement

Investments.

Quarterly

Statement

Investments

See

Abbreviations

page

Short

Term

Investments

(continued)

Principal

Amount

Value

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Repurchase

Agreements

0.0%

†

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.08%,

9/01/20

(Maturity

Value

$7,301)

Collateralized

U.S.

Treasury

Notes,

1.5%

2.25%,

1/31/22

1/31/24

(valued

$7,447)

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

7,301

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$32,301)

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

32,301

Total

Short

Term

Investments

(Cost

$59,027,653

)

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

59,027,653

Total

Investments

(Cost

$2,898,790,969)

98.4%

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

$2,816,657,228

Other

Assets,

less

Liabilities

1.6%

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

45,633,207

Net

Assets

100.0%

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

$2,862,290,435

The

principal

amount

stated

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

portion

all

the

security

loan

August

31,

2020.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

August

31,

2020,

the

aggregate

value

these

securities

was

$1,849,454,481,

representing

64.6%

net

assets.

See

Note

regarding

holdings

voting

securities.

See

Note

regarding

restricted

securities.

Income

may

received

additional

securities

and/or

cash.

Perpetual

security

with

stated

maturity

date.

The

coupon

rate

shown

represents

the

rate

period

end.

Defaulted

security

for

which

income

has

been

deemed

uncollectible.

Security

was

purchased

pursuant

Regulation

under

the

Securities

Act

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

the

United

States.

Such

security

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

August

31,

2020,

the

value

this

security

was

$6,667,189,

representing

0.2%

net

assets.

See

Note

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Investment

through

participation

joint

account

with

other

funds

managed

the

investment

manager

affiliate

the

investment

manager.

August

31,

2020,

all

repurchase

agreements

had

been

entered

into

that

date.

Franklin

High

Income

Trust

Notes

Statement

Investments

(unaudited)

Organization

Franklin

High

Income

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company,

consisting

one

fund,

Franklin

High

Income

Fund

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

2. Financial

Instrument

Valuation

The

Fund's investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Fund’s

administrator

has

responsibility

for

oversight

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m. Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Debt

securities

generally

trade

the

OTC

market

rather

than

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

determine

fair

value.

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

market-based

approach

through

which

quotes

from

market

makers

are

used

determine

fair

value.

instances

where

sufficient

market

activity

may

not

exist

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

principal

repayments,

underlying

collateral,

and

other

unique

security

features

order

estimate

the

relevant

cash

flows,

which

are

then

discounted

calculate

the

fair

value.

Investments

open-end

mutual

funds

are

valued

the

closing

NAV.

Investments

repurchase

agreements

are

valued

cost,

which

approximates

fair

value.

The

Fund

has procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Fund

primarily employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Franklin

High

Income

Trust

Notes

Statement

Investments

(unaudited)

3. Restricted

Securities

August

31,

2020,

investments

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

1933

were

follows:

Holding

Voting

Securities

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

include

investments

portfolio

companies

which

fund

owns

the

outstanding

voting

securities.

During

the

period

ended

August

31,

2020,

investments

“affiliated

companies”

were

follows:

Novel

Coronavirus

Pandemic

The

global

outbreak

the

novel

coronavirus

disease,

known

COVID-19, has

caused

adverse

effects

many

companies,

sectors,

nations,

regions

and

the

markets

general, and

may

continue for

an unpredictable duration.

The

effects

this

pandemic

may

materially

impact

the

value

and

performance

the Fund, its ability

buy

and

sell

fund

investments

appropriate

valuations

and its ability

achieve its investment

objectives.

Principal

Amount

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Income

Fund

13,354,497

Goodrich

Petroleum

Corp.,

Senior

Secured

Note,

PIK,

13.5%,

5/31/21

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

5/31/19

–

7/15/20

13,354,497

13,696,212

46,695,277

Nine

Point

Energy

LLC

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

7/15/14

–

3/24/17

26,331,864

729,007

Total

Restricted

Securities

(Value

0.51%

Net

Assets)

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

$39,686,361

$14,425,219

U.S.

dollars

unless

otherwise

indicated.

The

Fund

also

invests

unrestricted

securities

the

issuer,

valued

$12,910,301

August

31,

2020.

Value

Beginning

Period

Purc

hases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Shares/Principal

Amount

Held

End

Period

Investment

Income

Franklin

High

Income

Fund

Non-Controlled

Affiliates

Dividends

Goodrich

Petroleum

Corp.

...

12,581,675

—

328,626

12,910,301

1,564,885

—

Titan

Energy

LLC

.........

10,857

—

6,491

17,348

289,137

—

$12,592,532

$—

—

335,117

$12,927,649

—

Interest

Goodrich

Petroleum

Corp.,

13.5%,

5/31/22

.........

12,678,055

435,999

—

582,158

13,696,212

13,354,497

454,244

Total

Affiliated

Securities

(Value

0.9%

Net

Assets)

$25,270,587

$435,999

$—

—

917,275

$26,623,861

$454,244

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

Franklin

High

Income

Trust

Notes

Statement

Investments

(unaudited)

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies

for

purposes

other

than

exercising

controlling

influence

over

the

management

policies.

During

the

period

ended

August

31,

2020,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

7. Fair

Value

Measurements

The

Fund

follows

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

determining

the

value

the

Fund's

financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

•

Level

–

quoted

prices

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

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

August

31,

2020,

valuing

the

Fund's

assets

carried

fair

value,

follows:

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

High

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

.........

$90,258,908

$264,503,134

$(295,766,690)

—

58,995,352

—

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

.........

$—

$55,000

$(30,000)

—

25,000

—

Total

Affiliated

Securities

....

$90,258,908

$264,558,134

$(295,796,690)

$—

$59,020,352

$—

Level

Total

Franklin

High

Income

Fund

Assets:

Investments

Securities:

Common

Stocks

Energy

Equipment

Services

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

659,913

—

659,913

Machinery

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

—

3,375,561

Metals

Mining

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

127,930

—

127,930

Oil,

Gas

Consumable

Fuels

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

13,184,777

17,348

729,007

13,931,132

Paper

Forest

Products

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

1,092,876

—

1,092,876

Specialty

Retail

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

758,572

—

758,572

Warrants

Metals

Mining

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

—

2,441

—

2,441

Franklin

High

Income

Trust

Notes

Statement

Investments

(unaudited)

Level

Total

Franklin

High

Income

Fund

(continued)

Assets:

Investments

Securities:

Warrants:

Oil,

Gas

Consumable

Fuels

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

—

3,239

Paper

Forest

Products

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

—

7,503

—

7,503

Convertible

Bonds

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

—

44,908

—

44,908

Corporate

Bonds

Aerospace

Defense

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

—

19,056,479

—

19,056,479

Airlines

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

—

11,808,500

—

11,808,500

Auto

Components

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

—

45,932,786

—

45,932,786

Banks

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

—

25,293,358

—

25,293,358

Biotechnology

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

—

16,359,000

—

16,359,000

Building

Products

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

—

42,675,295

—

42,675,295

Chemicals

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

—

74,177,852

—

74,177,852

Commercial

Services

Supplies

...........

—

11,587,356

—

11,587,356

Communications

Equipment

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

—

30,006,455

—

30,006,455

Construction

Engineering

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

—

18,186,306

—

18,186,306

Construction

Materials

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

—

25,593,750

—

25,593,750

Consumer

Finance

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

—

73,309,650

—

73,309,650

Containers

Packaging

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

—

141,097,163

—

141,097,163

Diversified

Financial

Services

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

—

15,654,870

—

15,654,870

Diversified

Telecommunication

Services

.....

—

166,182,642

—

166,182,642

Electric

Utilities

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

—

28,062,440

—

28,062,440

Electronic

Equipment,

Instruments

Components

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

—

12,640,144

—

12,640,144

Energy

Equipment

Services

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

—

45,462,807

—

45,462,807

Entertainment

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

—

46,653,892

—

46,653,892

Equity

Real

Estate

Investment

Trusts

(REITs)

—

61,820,285

—

61,820,285

Food

Products

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

—

69,778,054

—

69,778,054

Health

Care

Equipment

Supplies

.........

—

5,834,500

—

5,834,500

Health

Care

Providers

Services

..........

—

176,612,325

—

176,612,325

Hotels,

Restaurants

Leisure

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

—

162,263,363

71,875

162,335,238

Household

Durables

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

—

32,918,580

—

32,918,580

Independent

Power

and

Renewable

Electricity

Producers

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

—

101,038,630

—

101,038,630

Insurance

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

—

51,352,123

—

51,352,123

Internet

Direct

Marketing

Retail

..........

—

11,503,915

—

11,503,915

Services

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

—

42,977,440

—

42,977,440

Life

Sciences

Tools

Services

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

—

11,326,500

—

11,326,500

Machinery

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

—

56,313,107

—

56,313,107

Media

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

—

194,149,112

—

194,149,112

Metals

Mining

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

—

56,506,042

—

56,506,042

Oil,

Gas

Consumable

Fuels

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

—

372,277,624

13,708,000

385,985,624

Personal

Products

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

—

16,044,536

—

16,044,536

Pharmaceuticals

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

—

78,918,916

—

78,918,916

Real

Estate

Management

Development

....

—

30,940,963

—

30,940,963

Road

Rail

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

—

27,647,220

—

27,647,220

Semiconductors

Semiconductor

Equipment

—

23,573,112

—

23,573,112

Software

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

—

42,616,886

—

42,616,886

Specialty

Retail

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

—

10,828,898

—

10,828,898

Technology

Hardware,

Storage

Peripherals

—

8,078,889

—

8,078,889

Thrifts

Mortgage

Finance

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

—

28,411,149

—

28,411,149

Trading

Companies

Distributors

..........

—

118,625,100

—

118,625,100

Wireless

Telecommunication

Services

.......

—

81,746,611

—

81,746,611

Escrows

and

Litigation

Trusts

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

—

1,000

7. Fair

Value

Measurements

(continued)

Franklin

High

Income

Trust

Notes

Statement

Investments

(unaudited)

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

Subsequent

Events

The Fund

has

evaluated

subsequent

events

through

the

issuance

the

Statement

Investments

and

determined

that

events

have

occurred

that

require

disclosure.

Abbreviations

Level

Total

Franklin

High

Income

Fund

(continued)

Assets:

Investments

Securities:

Short

Term

Investments

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

59,020,352

7,301

—

59,027,653

Total

Investments

Securities

...........

$74,844,420

$2,723,924,126

$17,888,682

$2,816,657,228

Includes

securities

determined

have

value

August

31,

2020.

Currency

USD

United

States

Dollar

Selected

Portfolio

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

7. Fair

Value

Measurements

(continued)

For

additional

information

the

Fund's

significant

accounting

policies,

please

refer

the Fund's

most

recent

semiannual

annual

shareholder

report.

Franklin High Income Trust NPORT-PFranklin High Income Fund (Aug 2020 report)