Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
2
Notes
to
Financial
Statements
14
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited),
February
28,
2021
Franklin
High
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
1.0%
Energy
Equipment
&
Services
0.1%
a
Weatherford
International
plc
.............................
United
States
217,793
$
2,548,178
Machinery
0.3%
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
78,499
941,988
a
Birch
Permian
Holdings,
Inc.
.............................
United
States
611,911
7,266,443
8,208,431
Metals
&
Mining
0.0%
†
a
Alpha
Metallurgical
Resources,
Inc.
........................
United
States
30,901
463,515
Oil,
Gas
&
Consumable
Fuels
0.5%
b
Amplify
Energy
Corp.
..................................
United
States
8,816
25,743
a,b
California
Resources
Corp.
..............................
United
States
1,425
37,449
a
Chesapeake
Energy
Corp.
..............................
United
States
5,371
237,291
a,c
Goodrich
Petroleum
Corp.
...............................
United
States
1,564,885
15,195,033
a,d,e
Nine
Point
Energy
LLC
.................................
United
States
46,695,277
47
a,d
Riviera
Resources,
Inc.
.................................
United
States
149,317
38,568
a,c
Titan
Energy
LLC
.....................................
United
States
289,137
23,131
15,557,262
Paper
&
Forest
Products
0.0%
†
Verso
Corp.,
A
........................................
United
States
83,362
1,042,025
Specialty
Retail
0.1%
a
Party
City
Holdco,
Inc.
..................................
United
States
276,851
2,120,681
Total
Common
Stocks
(Cost
$110,300,158)
.....................................
29,940,092
Warrants
Warrants
0.0%
†
Metals
&
Mining
0.0%
†
a
Alpha
Metallurgical
Resources,
Inc.,
7/26/23
.................
United
States
5,033
17,515
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,d
Battalion
Oil
Corp.,
A,
10/08/22
...........................
United
States
21,046
29,090
a,d
Battalion
Oil
Corp.,
B,
10/08/22
...........................
United
States
26,308
28,896
a,d
Battalion
Oil
Corp.,
C,
10/08/22
...........................
United
States
33,825
27,421
a
California
Resources
Corp.,
10/27/24
......................
United
States
3,278
16,193
a,d
Chaparral
Energy,
Inc.,
10/01/24
..........................
United
States
26
—
a
Chesapeake
Energy
Corp.,
2/09/26
........................
United
States
10,135
176,856
278,456
Paper
&
Forest
Products
0.0%
†
a
Verso
Corp.,
7/25/23
...................................
United
States
8,775
10,091
Total
Warrants
(Cost
$5,562,809)
..............................................
306,062
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
f,g,h
Digicel
Group
0.5
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
.....
Bermuda
393,192
248,945
Total
Convertible
Bonds
(Cost
$71,311)
........................................
248,945
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
98.1%
Aerospace
&
Defense
0.6%
h
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
7/15/26
....
United
States
8,500,000
$
8,827,760
h
Signature
Aviation
US
Holdings,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
5/01/26
...........................................
United
States
9,800,000
10,045,000
18,872,760
Air
Freight
&
Logistics
0.9%
h
DAE
Funding
LLC
,
Senior
Note,
144A,
4.5%,
8/01/22
.......................
United
Arab
Emirates
16,000,000
16,120,000
Senior
Note,
144A,
5%,
8/01/24
........................
United
Arab
Emirates
12,000,000
12,412,500
28,532,500
Airlines
1.1%
h
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
20,000,000
22,220,834
h
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
,
Senior
Secured
Note
,
144A,
6.5
%
,
6/20/27
.......
United
States
11,300,000
12,359,375
34,580,209
Auto
Components
1.8%
h
Adient
US
LLC
,
Senior
Secured
Note
,
144A,
7
%
,
5/15/26
.......
United
States
20,500,000
22,099,000
h
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
...
United
States
17,500,000
16,767,187
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
9.5
%
,
5/31/25
...
United
States
15,300,000
17,164,764
56,030,951
Banks
0.5%
CIT
Group,
Inc.
,
Senior
Bond
,
5
%
,
8/15/22
..................
United
States
50,000
52,822
g
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
8/01/23,
FRN
thereafter
,
Perpetual
.................................
United
States
15,000,000
15,887,070
15,939,892
Biotechnology
0.5%
h
Horizon
Therapeutics
USA,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
8/01/27
United
States
15,000,000
15,962,850
Building
Products
1.5%
h
Cornerstone
Building
Brands,
Inc.
,
Senior
Note,
144A,
8%,
4/15/26
........................
United
States
18,000,000
18,708,840
Senior
Note,
144A,
6.125%,
1/15/29
.....................
United
States
4,500,000
4,620,937
h
JELD-WEN,
Inc.
,
Senior
Note,
144A,
4.625%,
12/15/25
....................
United
States
7,600,000
7,703,702
Senior
Note,
144A,
4.875%,
12/15/27
....................
United
States
7,800,000
8,116,680
h
Standard
Industries,
Inc.
,
Senior
Note
,
144A,
5
%
,
2/15/27
.......
United
States
5,000,000
5,171,875
44,322,034
Chemicals
2.5%
h
Axalta
Coating
Systems
LLC
,
Senior
Note
,
144A,
3.375
%
,
2/15/29
United
States
11,600,000
11,273,750
h
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
14,000,000
14,010,150
h
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
20,000,000
22,175,000
h
Ingevity
Corp.
,
Senior
Note
,
144A,
3.875
%
,
11/01/28
...........
United
States
9,000,000
8,926,920
Methanex
Corp.
,
Senior
Bond,
5.25%,
12/15/29
..........................
Canada
6,400,000
6,576,000
Senior
Note,
5.125%,
10/15/27
.........................
Canada
3,000,000
3,106,350
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Chemicals
(continued)
h
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
10,800,000
$
11,086,146
77,154,316
Commercial
Services
&
Supplies
0.4%
h
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
11,600,000
11,323,108
Communications
Equipment
1.0%
h
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
6
%
,
6/15/25
..
United
States
1,635,000
1,664,757
h
CommScope
,
Inc.
,
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
11,700,000
12,285,819
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
15,000,000
15,788,475
29,739,051
Construction
&
Engineering
0.6%
h
New
Enterprise
Stone
&
Lime
Co.,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
.....................................
United
States
17,400,000
17,954,625
Construction
Materials
0.2%
h
Cemex
SAB
de
CV
,
Senior
Secured
Bond
,
144A,
5.7
%
,
1/11/25
...
Mexico
6,100,000
6,245,637
Consumer
Finance
1.8%
h
FirstCash
,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
9/01/28
...........
United
States
7,600,000
7,910,042
Navient
Corp.
,
Senior
Note,
6.625%,
7/26/21
..........................
United
States
5,300,000
5,389,438
Senior
Note,
6.5%,
6/15/22
............................
United
States
9,900,000
10,297,287
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
8,600,000
9,094,500
Senior
Note,
8.875%,
6/01/25
..........................
United
States
3,900,000
4,291,755
Senior
Note,
6.625%,
1/15/28
..........................
United
States
15,500,000
17,652,795
54,635,817
Containers
&
Packaging
5.3%
h
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
plc
,
Senior
Note
,
144A,
4
%
,
9/01/29
.......
United
States
9,500,000
9,500,000
h
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
6%,
2/15/25
........................
United
States
2,754,000
2,849,564
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
11,600,000
12,028,614
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
11,400,000
12,042,333
h
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
34,900,000
34,529,624
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
10,500,000
10,867,500
h
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
9,132,187
h
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
23,256,196
h
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.5%,
9/15/25
.......................
United
States
5,500,000
6,122,187
Senior
Note,
144A,
4%,
12/01/27
.......................
United
States
13,200,000
13,830,538
h
Trivium
Packaging
Finance
BV
,
Senior
Note,
144A,
8.5%,
8/15/27
.......................
Netherlands
10,200,000
10,957,605
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
h
Trivium
Packaging
Finance
BV,
(continued)
Senior
Secured
Note,
144A,
5.5%,
8/15/26
................
Netherlands
7,600,000
$
7,965,750
163,850,848
Diversified
Financial
Services
1.1%
h
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
33,400,000
33,191,250
Diversified
Telecommunication
Services
4.5%
h
Altice
France
Holding
SA
,
Senior
Note,
144A,
6%,
2/15/28
........................
Luxembourg
8,600,000
8,433,203
Senior
Secured
Note,
144A,
10.5%,
5/15/27
...............
Luxembourg
25,400,000
28,604,845
h
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
8,000,000
8,170,000
h
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.75%,
2/15/26
......................
United
States
10,200,000
10,554,960
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
4,800,000
4,972,344
Senior
Bond,
144A,
5%,
2/01/28
........................
United
States
3,000,000
3,145,500
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
11,900,000
12,838,434
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
11,500,000
11,922,682
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
3,400,000
3,446,750
h
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
16,800,000
17,463,600
h
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond,
144A,
5.5%,
8/15/26
................
United
Kingdom
7,300,000
7,613,900
Senior
Secured
Bond,
144A,
4.5%,
8/15/30
................
United
Kingdom
19,000,000
19,446,500
136,612,718
Electric
Utilities
0.9%
h
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.625
%
,
2/15/27
..
United
States
26,500,000
27,731,190
Electronic
Equipment,
Instruments
&
Components
0.3%
h
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
9,300,000
9,416,250
Energy
Equipment
&
Services
1.8%
h
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
f
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
17,225,629
14,475,031
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
7,501,000
7,543,193
h
Nabors
Industries
Ltd.
,
Senior
Note,
144A,
7.25%,
1/15/26
......................
United
States
13,400,000
11,921,980
Senior
Note,
144A,
7.5%,
1/15/28
.......................
United
States
5,800,000
5,024,221
h
Weatherford
International
Ltd.
,
144A,
8.75%,
9/01/24
................................
United
States
5,000,000
5,257,875
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
12,022,000
11,838,064
56,060,364
Entertainment
2.5%
h
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
22,900,000
23,429,562
h
Live
Nation
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
3.75
%
,
1/15/28
...........................................
United
States
3,700,000
3,715,077
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
10,200,000
11,462,352
h
Senior
Bond,
144A,
5.375%,
11/15/29
....................
United
States
3,600,000
4,257,720
h
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
7,300,000
7,788,188
h
WMG
Acquisition
Corp.
,
Senior
Secured
Bond
,
144A,
3
%
,
2/15/31
.
United
States
25,700,000
24,768,375
75,421,274
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
3.9%
h
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
16,400,000
$
16,406,492
h
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note,
144A,
5.25%,
7/15/24
......................
United
States
8,500,000
8,801,835
Senior
Note,
144A,
6%,
4/15/25
........................
United
States
10,100,000
10,617,625
MGM
Growth
Properties
Operating
Partnership
LP
/
MGP
Finance
Co-Issuer,
Inc.
,
Senior
Note,
5.75%,
2/01/27
...........................
United
States
3,600,000
4,073,634
h
Senior
Note,
144A,
3.875%,
2/15/29
.....................
United
States
7,000,000
7,100,625
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
7,700,000
7,994,910
Senior
Bond,
5%,
10/15/27
............................
United
States
700,000
744,118
Senior
Bond,
3.5%,
3/15/31
............................
United
States
16,700,000
17,014,795
h
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
9,814,290
h
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
4.5
%
,
2/15/29
......................................
United
States
15,000,000
14,850,000
SBA
Communications
Corp.
,
Senior
Note
,
3.875
%
,
2/15/27
......
United
States
8,500,000
8,821,130
h
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Bond,
144A,
4.125%,
8/15/30
.....................
United
States
5,000,000
5,206,250
Senior
Note,
144A,
3.75%,
2/15/27
......................
United
States
8,000,000
8,133,760
119,579,464
Food
Products
2.7%
B&G
Foods,
Inc.
,
Senior
Note,
5.25%,
4/01/25
...........................
United
States
10,100,000
10,366,640
Senior
Note,
5.25%,
9/15/27
...........................
United
States
7,500,000
7,876,575
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
4.25%,
3/01/31
...........................
United
States
9,900,000
11,128,441
Senior
Note,
3.875%,
5/15/27
..........................
United
States
6,600,000
7,221,966
h
Post
Holdings,
Inc.
,
Senior
Bond,
144A,
5%,
8/15/26
........................
United
States
19,600,000
20,464,850
Senior
Bond,
144A,
4.625%,
4/15/30
.....................
United
States
5,200,000
5,284,500
Senior
Bond,
144A,
4.5%,
9/15/31
.......................
United
States
19,600,000
19,563,250
81,906,222
Health
Care
Equipment
&
Supplies
0.1%
h
Ortho-Clinical
Diagnostics,
Inc.
/
Ortho-Clinical
Diagnostics
SA
,
Senior
Note
,
144A,
7.375
%
,
6/01/25
......................
United
States
3,360,000
3,605,700
Health
Care
Providers
&
Services
5.8%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
16,000,000
15,495,200
h
Senior
Note,
144A,
5.375%,
6/01/26
.....................
United
States
8,550,000
8,944,497
Senior
Note,
4.25%,
12/15/27
..........................
United
States
12,700,000
13,239,750
Senior
Note,
4.625%,
12/15/29
.........................
United
States
4,300,000
4,645,269
h
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
8.125%,
6/30/24
....................
United
States
13,747,000
14,365,615
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
5,900,000
6,221,169
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
6,000,000
6,367,500
h
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
14,500,000
14,762,813
HCA,
Inc.
,
Senior
Bond,
3.5%,
9/01/30
............................
United
States
24,400,000
25,416,914
Senior
Note,
5.375%,
9/01/26
..........................
United
States
4,600,000
5,258,796
Senior
Secured
Bond,
5.25%,
4/15/25
....................
United
States
11,000,000
12,681,347
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Providers
&
Services
(continued)
h
MEDNAX,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/27
............
United
States
13,500,000
$
14,275,980
Tenet
Healthcare
Corp.
,
h
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
15,000,000
15,853,425
Senior
Note,
6.75%,
6/15/23
...........................
United
States
13,700,000
14,803,946
h
Senior
Secured
Note,
144A,
4.875%,
1/01/26
..............
United
States
5,000,000
5,174,650
177,506,871
Hotels,
Restaurants
&
Leisure
6.6%
h
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
23,800,000
23,239,510
h,i
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
23,000,000
6,900
h
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
17,600,000
18,656,000
h
Caesars
Resort
Collection
LLC
/
CRC
Finco
,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
7,000,000
7,358,750
h
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
7,300,000
7,683,250
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
25,000,000
25,410,000
h
Downstream
Development
Authority
of
the
Quapaw
Tribe
of
Oklahoma
,
Senior
Secured
Note
,
144A,
10.5
%
,
2/15/23
.......
United
States
8,600,000
8,803,347
h
Genting
New
York
LLC
/
GENNY
Capital,
Inc.
,
Senior
Note
,
144A,
3.3
%
,
2/15/26
......................................
United
States
8,000,000
8,040,954
h
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.......
United
States
18,900,000
19,242,657
h
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
5.25
%
,
1/15/29
.....................................
United
States
8,000,000
8,482,840
h
KFC
Holding
Co./Pizza
Hut
Holdings
LLC/Taco
Bell
of
America
LLC
,
Senior
Note
,
144A,
5.25
%
,
6/01/26
.......................
United
States
5,200,000
5,383,690
h
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
5,700,000
5,738,047
h
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
7/01/25
...........................................
United
States
8,300,000
8,963,212
h
Stars
Group
Holdings
BV
/
Stars
Group
US
Co-Borrower
LLC
,
Senior
Note
,
144A,
7
%
,
7/15/26
..............................
Canada
11,000,000
11,558,855
h
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
11,000,000
11,151,250
h
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
11,200,000
11,669,000
h
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
18,500,000
20,098,678
201,486,940
Household
Durables
1.1%
h
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note,
144A,
6.75%,
8/01/25
......................
United
States
13,500,000
13,987,957
Senior
Note,
144A,
9.875%,
4/01/27
.....................
United
States
7,900,000
8,915,624
h
Taylor
Morrison
Communities,
Inc.
/
Taylor
Morrison
Holdings
II,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
3/01/24
......................
United
States
2,500,000
2,707,525
h
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
7,000,000
7,205,625
32,816,731
Household
Products
0.4%
h
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
11,500,000
11,396,385
Independent
Power
and
Renewable
Electricity
Producers
3.8%
h
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
13,900,000
13,989,168
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
12,200,000
12,553,800
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Clearway
Energy
Operating
LLC
,
Senior
Note,
5.75%,
10/15/25
..........................
United
States
11,200,000
$
11,731,160
Senior
Note,
5%,
9/15/26
.............................
United
States
14,700,000
15,168,563
h
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
10,000,000
10,696,900
h
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
24,800,000
24,149,000
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
33,450,000
29,331,469
117,620,060
Insurance
1.5%
h
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
28,200,000
29,322,924
CNO
Financial
Group,
Inc.
,
Senior
Note
,
5.25
%
,
5/30/29
........
United
States
14,900,000
17,604,777
46,927,701
Internet
&
Direct
Marketing
Retail
0.4%
h
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
4.625
%
,
6/01/28
United
States
10,900,000
11,336,600
IT
Services
2.0%
h
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
12,000,000
11,925,000
h
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
6,082,500
h
Presidio
Holdings,
Inc.
,
Senior
Note,
144A,
8.25%,
2/01/28
......................
United
States
3,700,000
4,097,768
Senior
Secured
Note,
144A,
4.875%,
2/01/27
..............
United
States
7,500,000
7,831,650
h
Tempo
Acquisition
LLC
/
Tempo
Acquisition
Finance
Corp.
,
Senior
Note,
144A,
6.75%,
6/01/25
......................
United
States
15,400,000
15,823,500
Senior
Secured
Note,
144A,
5.75%,
6/01/25
...............
United
States
6,000,000
6,390,000
61,927,043
Machinery
1.5%
h
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
17,100,000
18,479,543
h
Navistar
International
Corp.
,
Senior
Note
,
144A,
6.625
%
,
11/01/25
United
States
9,000,000
9,363,870
h
Vertical
Holdco
GmbH
,
Senior
Note
,
144A,
7.625
%
,
7/15/28
.....
Germany
6,200,000
6,712,213
h
Vertical
US
Newco,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
7/15/27
Germany
11,200,000
11,697,000
46,252,626
Media
6.6%
h
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
States
6,500,000
6,865,625
h
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
...........................................
United
States
5,700,000
5,796,187
Clear
Channel
Worldwide
Holdings,
Inc.
,
Senior
Note,
9.25%,
2/15/24
...........................
United
States
11,232,000
11,716,380
h
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
7,600,000
7,731,100
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
28,000,000
30,187,500
Senior
Note,
6.75%,
11/15/21
..........................
United
States
5,000,000
5,171,875
h
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
11,300,000
5,833,625
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
8,300,000
5,880,135
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
7/15/22
..........................
United
States
4,800,000
5,009,664
Senior
Note,
5.875%,
11/15/24
.........................
United
States
13,600,000
14,251,032
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
h
Gray
Television,
Inc.
,
Senior
Note,
144A,
7%,
5/15/27
........................
United
States
9,100,000
$
9,953,125
Senior
Note,
144A,
4.75%,
10/15/30
.....................
United
States
10,000,000
10,018,750
h
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
13,100,000
14,047,785
h
Nexstar
Broadcasting,
Inc.
,
Senior
Note,
144A,
5.625%,
7/15/27
.....................
United
States
12,800,000
13,540,032
Senior
Note,
144A,
4.75%,
11/01/28
.....................
United
States
5,500,000
5,627,188
h
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note
,
144A,
4.25
%
,
1/15/29
............................
United
States
8,200,000
7,984,750
h
Sinclair
Television
Group,
Inc.
,
Senior
Bond,
144A,
5.5%,
3/01/30
.......................
United
States
14,000,000
14,079,100
Senior
Secured
Note,
144A,
4.125%,
12/01/30
.............
United
States
7,600,000
7,436,030
h
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
14,000,000
14,039,550
Senior
Secured
Note,
144A,
9.5%,
5/01/25
................
United
States
5,000,000
5,473,500
Senior
Secured
Note,
144A,
6.625%,
6/01/27
..............
United
States
3,000,000
3,133,125
203,776,058
Metals
&
Mining
1.1%
h
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
12,500,000
12,393,125
h
Novelis
Corp.
,
Senior
Bond,
144A,
5.875%,
9/30/26
.....................
United
States
12,700,000
13,247,751
Senior
Bond,
144A,
4.75%,
1/30/30
......................
United
States
9,000,000
9,396,675
35,037,551
Oil,
Gas
&
Consumable
Fuels
14.4%
h
Aker
BP
ASA
,
Senior
Note
,
144A,
5.875
%
,
3/31/25
............
Norway
13,000,000
13,396,408
h
Antero
Resources
Corp.
,
Senior
Note,
144A,
8.375%,
7/15/26
.....................
United
States
3,300,000
3,615,562
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
5,300,000
5,661,063
Apache
Corp.
,
Senior
Note,
4.625%,
11/15/25
.........................
United
States
3,100,000
3,216,250
Senior
Note,
4.875%,
11/15/27
.........................
United
States
3,600,000
3,778,884
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
7.75
%
,
4/15/23
...........................
United
States
22,700,000
22,101,741
Cenovus
Energy,
Inc.
,
Senior
Bond,
6.75%,
11/15/39
..........................
Canada
8,600,000
11,196,348
Senior
Bond,
5.4%,
6/15/47
............................
Canada
5,800,000
6,702,549
Senior
Note,
5.375%,
7/15/25
..........................
Canada
14,300,000
16,200,218
Cheniere
Energy
Partners
LP
,
Senior
Note,
5.625%,
10/01/26
.........................
United
States
9,000,000
9,367,200
Senior
Note,
4.5%,
10/01/29
...........................
United
States
12,000,000
12,647,880
h
Senior
Note,
144A,
4%,
3/01/31
........................
United
States
29,000,000
29,263,320
Senior
Secured
Note,
5.25%,
10/01/25
...................
United
States
28,700,000
29,533,735
h
Cheniere
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
10/15/28
..........................................
United
States
11,300,000
11,762,735
Ches
apeake
Energy
Corp.
,
h
Senior
Note,
144A,
5.5%,
2/01/26
.......................
United
States
4,700,000
4,908,656
Senior
Note,
7.5%,
10/01/26
...........................
United
States
13,700,000
308,250
h
Continental
Resources,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/15/31
..
United
States
13,900,000
15,689,069
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
14,000,000
14,112,700
h
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
16,700,000
16,553,958
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
h
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond,
144A,
5.75%,
1/30/28
......................
United
States
9,600,000
$
10,161,600
Senior
Note,
144A,
6.625%,
7/15/25
.....................
United
States
5,400,000
5,684,256
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
13,000,000
12,894,375
h
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
4,400,000
4,446,750
f,h
EnQuest
plc
,
Senior
Note
,
144A,
Reg
S,
PIK,
7
%
,
10/15/23
......
United
Kingdom
12,592,865
10,494,404
c,d,e,f
Goodrich
Petroleum
Corp.
,
144A,
PIK,
13.5
%
,
5/31/22
.........
United
States
14,271,136
14,407,210
h
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
5,000,000
5,090,775
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
4,100,000
4,184,563
h
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note,
144A,
10%,
2/29/24
......................
United
States
3,522,014
3,698,115
Secured
Note,
144A,
11.5%,
2/28/25
.....................
United
States
18,905,087
19,188,663
f,h,i
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
17,350,800
j
Senior
Note,
FRN,
1.644%,
(3-month
USD
LIBOR
+
1.45%),
8/15/22
...........................................
United
States
5,300,000
5,182,609
Senior
Note,
8.875%,
7/15/30
..........................
United
States
18,000,000
23,033,340
Senior
Note,
6.625%,
9/01/30
..........................
United
States
5,600,000
6,378,400
Senior
Note,
6.125%,
1/01/31
..........................
United
States
5,900,000
6,602,543
QEP
Resources,
Inc.
,
Senior
Bond,
5.25%,
5/01/23
...........................
United
States
3,600,000
3,824,100
Senior
Note,
5.625%,
3/01/26
..........................
United
States
10,700,000
12,052,266
h
Seven
Generations
Energy
Ltd.
,
Senior
Note
,
144A,
5.375
%
,
9/30/25
Canada
11,600,000
12,086,214
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
5.5%,
2/15/26
............................
United
States
8,000,000
8,250,880
Senior
Note,
6%,
4/15/27
.............................
United
States
13,100,000
13,652,820
h
Senior
Note,
144A,
4.5%,
5/15/29
.......................
United
States
4,600,000
4,608,625
h
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
8,200,000
8,645,875
442,030,388
Personal
Products
0.6%
h
Prestige
Brands,
Inc.
,
Senior
Bond,
144A,
3.75%,
4/01/31
......................
United
States
5,800,000
5,670,660
Senior
Note,
144A,
6.375%,
3/01/24
.....................
United
States
7,900,000
8,025,926
Senior
Note,
144A,
5.125%,
1/15/28
.....................
United
States
5,300,000
5,555,460
19,252,046
Pharmaceuticals
2.9%
h
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
.
United
States
22,700,000
25,191,325
h
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
6.125%,
4/15/25
.....................
United
States
5,900,000
6,047,264
Senior
Bond,
144A,
5.25%,
2/15/31
......................
United
States
7,600,000
7,709,250
Senior
Note,
144A,
5%,
2/15/29
........................
United
States
7,600,000
7,699,750
Senior
Secured
Note,
144A,
7%,
3/15/24
..................
United
States
4,200,000
4,295,340
h
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco
,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
10,304,000
11,624,200
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
14,873,000
13,073,367
h
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
4,273,000
4,599,073
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
7.125
%
,
1/31/25
.....................................
Israel
9,300,000
10,084,641
90,324,210
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Real
Estate
Management
&
Development
1.2%
h
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
21,400,000
$
22,621,619
h
Howard
Hughes
Corp.
(The)
,
Senior
Note,
144A,
5.375%,
8/01/28
.....................
United
States
9,200,000
9,688,934
Senior
Note,
144A,
4.125%,
2/01/29
.....................
United
States
5,700,000
5,665,230
37,975,783
Semiconductors
&
Semiconductor
Equipment
0.8%
h
Amkor
Technology,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
9/15/27
.....
United
States
15,000,000
16,293,750
h
ON
Semiconductor
Corp.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
6,900,000
7,219,125
23,512,875
Software
2.0%
f,h
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
1,510,454
1,533,111
h
Blackboard,
Inc.
,
Secured
Note
,
144A,
10.375
%
,
11/15/24
.......
United
States
26,000,000
27,381,250
h
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
15,600,000
16,214,250
h
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
17,000,000
16,946,875
62,075,486
Specialty
Retail
1.2%
h
L
Brands,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...........
United
States
10,700,000
12,006,309
h
Lithia
Motors,
Inc.
,
Senior
Bond,
144A,
4.375%,
1/15/31
.....................
United
States
11,900,000
12,517,313
Senior
Note,
144A,
4.625%,
12/15/27
....................
United
States
8,600,000
9,046,125
h,j
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
2,720,625
2,509,777
36,079,524
Technology
Hardware,
Storage
&
Peripherals
0.3%
h
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note,
144A,
5.875%,
6/15/21
.....................
United
States
2,978,000
2,981,722
Senior
Note,
144A,
7.125%,
6/15/24
.....................
United
States
4,900,000
5,075,420
8,057,142
Thrifts
&
Mortgage
Finance
2.9%
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
9,200,000
9,687,830
h
PennyMac
Financial
Services,
Inc.
,
Senior
Note
,
144A,
5.375
%
,
10/15/25
..........................................
United
States
21,800,000
22,808,250
h
Quicken
Loans
LLC
/
Quicken
Loans
Co-Issuer,
Inc.
,
Senior
Bond,
144A,
3.875%,
3/01/31
.....................
United
States
14,000,000
13,930,000
Senior
Note,
144A,
3.625%,
3/01/29
.....................
United
States
9,700,000
9,621,188
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
17,400,000
19,450,155
h
United
Wholesale
Mortgage
LLC
,
Senior
Note
,
144A,
5.5
%
,
11/15/25
United
States
12,600,000
13,214,250
88,711,673
Trading
Companies
&
Distributors
2.4%
h
Ahern
Rentals,
Inc.
,
Secured
Note
,
144A,
7.375
%
,
5/15/23
......
United
States
13,500,000
11,382,187
h
Beacon
Roofing
Supply,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
11/01/25
United
States
16,700,000
16,878,439
h
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
11,400,000
10,986,750
h
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
13,300,000
14,023,188
h
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
7.125%,
6/15/25
.....................
United
States
8,800,000
9,534,360
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
h
WESCO
Distribution,
Inc.,
(continued)
Senior
Note,
144A,
7.25%,
6/15/28
......................
United
States
8,500,000
$
9,457,568
72,262,492
Wireless
Telecommunication
Services
2.1%
f
Digicel
Group
0.5
Ltd.
,
h
Senior
Note,
144A,
PIK,
8%,
4/01/25
.....................
Bermuda
2,380,333
1,867,536
Senior
Secured
Note,
PIK,
10%,
4/01/24
..................
Bermuda
7,629,763
7,204,828
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
19,150,000
21,426,935
Sprint
Corp.
,
Senior
Note
,
7.625
%
,
2/15/25
..................
United
States
8,200,000
9,768,250
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
..........................
United
States
9,200,000
9,039,000
Senior
Note,
2.625%,
2/15/29
..........................
United
States
9,200,000
8,981,500
h
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
144A,
4.25
%
,
1/31/31
...........................................
United
Kingdom
5,400,000
5,292,000
63,580,049
Total
Corporate
Bonds
(Cost
$2,943,357,811)
...................................
3,008,615,264
Shares
Escrows
and
Litigation
Trusts
0.2%
a,d
Alpha
Natural
Resources,
Inc.,
Escrow
Account
...............
United
States
25,000,000
—
h
Chesapeake
Energy
Corp.,
Escrow
Account,
144A
............
United
States
5,000,000
5,346,975
d
Vistra
Energy
Corp.,
Escrow
Account
......................
United
States
50,000,000
75,000
Total
Escrows
and
Litigation
Trusts
(Cost
$6,303,653)
...........................
5,421,975
Total
Long
Term
Investments
(Cost
$3,065,595,742)
.............................
3,044,532,338
a
Short
Term
Investments
1.6%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.6%
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
47,994,610
47,994,610
Total
Money
Market
Funds
(Cost
$47,994,610)
..................................
47,994,610
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
a
a
a
a
a
Money
Market
Funds
0.0%
†
k,l
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
48,000
48,000
Franklin
High
Income
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
13
See
Abbreviations
on
page
18
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
0.0%
†
m
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
0.01%,
3/01/21
(Maturity
Value
$12,079)
Collateralized
by
U.S.
Treasury
Bonds,
STRIP,
11/15/22
-
11/15/25;
U.S
Treasury
Note,
1.25%,
4/30/21;
and
U.S.
Treasury
Bills,
Discount
Notes,
4/22/21
-
8/26/21
(valued
at
$12,321)
........
12,079
$
12,079
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$60,079)
...............................................................
60,079
Total
Short
Term
Investments
(Cost
$48,054,689
)
................................
48,054,689
a
Total
Investments
(Cost
$3,113,650,431)
100.9%
.................................
$3,092,587,027
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(25,289,437)
Net
Assets
100.0%
...........................................................
$3,067,297,590
*
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
A
portion
or
all
of
the
security
is
on
loan
at
February
28,
2021.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Perpetual
security
with
no
stated
maturity
date.
h
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
February
28,
2021,
the
aggregate
value
of
these
securities
was
$2,257,841,963,
representing
73.6%
of
net
assets.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
j
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
l
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
m
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
February
28,
2021,
all
repurchase
agreements
had
been
entered
into
on
February
26,
2021.
Franklin
High
Income
Trust
Notes
to
Statement
of
Investments
(unaudited)
14
1.
Organization
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).
2. 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.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
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.
Franklin
High
Income
Trust
Notes
to
Statement
of
Investments
(unaudited)
15
3. Restricted
Securities
At
February
28,
2021,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933
were
as
follows:
4.
Holding
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
February
28,
2021,
investments
in
“affiliated
companies”
were
as
follows:
5.
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.
Principal
Amount
*
/
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
High
Income
Fund
14,271,136
a
Goodrich
Petroleum
Corp.,
144A,
PIK,
13.5%,
5/31/22
5/31/19
-
1/15/21
$
14,271,136
$
14,407,210
46,695,277
Nine
Point
Energy
LLC
........................
7/15/14
-
3/24/17
26,331,865
47
Total
Restricted
Securities
(Value
is
0.47%
of
Net
Assets)
.............
$40,603,001
$14,407,257
*
In
U.S.
dollars
unless
otherwise
indicated.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$15,195,033
as
of
February
28,
2021.
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
$
—
$
—
$
—
$
2,613,358
$
15,195,033
1,564,885
$
—
Titan
Energy
LLC
.........
10,857
—
—
—
12,274
23,131
289,137
—
$12,592,532
$—
$—
$
—
$
2,625,632
$15,218,164
—
$
—
Interest
Goodrich
Petroleum
Corp.,
144A,
PIK,
13.5%,
5/31/22
.
12,678,055
1,352,638
a
—
—
376,517
14,407,210
14,271,136
1,371,673
Total
Affiliated
Securities
(Value
is
1.0%
of
Net
Assets)
$25,270,587
$1,352,638
$—
$—
$3,002,149
$29,625,374
$1,371,673
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
Franklin
High
Income
Trust
Notes
to
Statement
of
Investments
(unaudited)
16
6.
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.
During
the
period
ended
February
28,
2021,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
7. 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
February
28,
2021,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
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
$827,593,076
$(869,857,374)
$—
$—
$47,994,610
47,994,610
$—
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$—
$617,000
$(569,000)
$
—
$
—
$48,000
48,000
$—
Total
Affiliated
Securities
....
$90,258,908
$828,210,076
$(870,426,374)
$—
$—
$48,042,610
$—
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Energy
Equipment
&
Services
.............
$
2,548,178
$
—
$
—
$
2,548,178
Machinery
............................
—
8,208,431
—
8,208,431
Metals
&
Mining
.......................
463,515
—
—
463,515
Oil,
Gas
&
Consumable
Fuels
.............
15,518,647
—
38,615
15,557,262
Paper
&
Forest
Products
.................
1,042,025
—
—
1,042,025
Specialty
Retail
........................
2,120,681
—
—
2,120,681
Warrants
:
Metals
&
Mining
.......................
17,515
—
—
17,515
Franklin
High
Income
Trust
Notes
to
Statement
of
Investments
(unaudited)
17
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Warrants:
Oil,
Gas
&
Consumable
Fuels
.............
$
193,049
$
—
$
85,407
a
$
278,456
Paper
&
Forest
Products
.................
10,091
—
—
10,091
Convertible
Bonds
.......................
—
248,945
—
248,945
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
18,872,760
—
18,872,760
Air
Freight
&
Logistics
...................
—
28,532,500
—
28,532,500
Airlines
..............................
—
34,580,209
—
34,580,209
Auto
Components
......................
—
56,030,951
—
56,030,951
Banks
...............................
—
15,939,892
—
15,939,892
Biotechnology
.........................
—
15,962,850
—
15,962,850
Building
Products
......................
—
44,322,034
—
44,322,034
Chemicals
...........................
—
77,154,316
—
77,154,316
Commercial
Services
&
Supplies
...........
—
11,323,108
—
11,323,108
Communications
Equipment
..............
—
29,739,051
—
29,739,051
Construction
&
Engineering
...............
—
17,954,625
—
17,954,625
Construction
Materials
..................
—
6,245,637
—
6,245,637
Consumer
Finance
.....................
—
54,635,817
—
54,635,817
Containers
&
Packaging
.................
—
163,850,848
—
163,850,848
Diversified
Financial
Services
.............
—
33,191,250
—
33,191,250
Diversified
Telecommunication
Services
.....
—
136,612,718
—
136,612,718
Electric
Utilities
........................
—
27,731,190
—
27,731,190
Electronic
Equipment,
Instruments
&
Components
........................
—
9,416,250
—
9,416,250
Energy
Equipment
&
Services
.............
—
56,060,364
—
56,060,364
Entertainment
.........................
—
75,421,274
—
75,421,274
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
119,579,464
—
119,579,464
Food
Products
........................
—
81,906,222
—
81,906,222
Health
Care
Equipment
&
Supplies
.........
—
3,605,700
—
3,605,700
Health
Care
Providers
&
Services
..........
—
177,506,871
—
177,506,871
Hotels,
Restaurants
&
Leisure
.............
—
201,486,940
—
201,486,940
Household
Durables
....................
—
32,816,731
—
32,816,731
Household
Products
....................
—
11,396,385
—
11,396,385
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
117,620,060
—
117,620,060
Insurance
............................
—
46,927,701
—
46,927,701
Internet
&
Direct
Marketing
Retail
..........
—
11,336,600
—
11,336,600
IT
Services
...........................
—
61,927,043
—
61,927,043
Machinery
............................
—
46,252,626
—
46,252,626
Media
...............................
—
203,776,058
—
203,776,058
Metals
&
Mining
.......................
—
35,037,551
—
35,037,551
Oil,
Gas
&
Consumable
Fuels
.............
—
427,623,178
14,407,210
442,030,388
Personal
Products
.....................
—
19,252,046
—
19,252,046
Pharmaceuticals
.......................
—
90,324,210
—
90,324,210
Real
Estate
Management
&
Development
....
—
37,975,783
—
37,975,783
Semiconductors
&
Semiconductor
Equipment
.
—
23,512,875
—
23,512,875
Software
.............................
—
62,075,486
—
62,075,486
Specialty
Retail
........................
—
36,079,524
—
36,079,524
Technology
Hardware,
Storage
&
Peripherals
.
—
8,057,142
—
8,057,142
Thrifts
&
Mortgage
Finance
...............
—
88,711,673
—
88,711,673
Trading
Companies
&
Distributors
..........
—
72,262,492
—
72,262,492
7. Fair
Value
Measurements
(continued)
Franklin
High
Income
Trust
Notes
to
Statement
of
Investments
(unaudited)
18
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.
8.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Statement
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Wireless
Telecommunication
Services
.......
$
—
$
63,580,049
$
—
$
63,580,049
Escrows
and
Litigation
Trusts
...............
—
5,346,975
75,000
a
5,421,975
Short
Term
Investments
...................
48,042,610
12,079
—
48,054,689
Total
Investments
in
Securities
...........
$69,956,311
$3,008,024,484
b
$14,606,232
$3,092,587,027
a
Includes
securities
determined
to
have
no
value
at
February
28,
2021.
b
Includes
foreign
securities
valued
at
$371,508,450,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Cu
r
rency
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
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.