Franklin High Income Trust NPORT-P Franklin High Income Fund (Feb 2021 report)

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.