Franklin High Income Trust NPORT-P Franklin High Income Fund (Jun 2023 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1105-Q3PH

1

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

2

Notes

to

Schedule

of

Investments

14

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited),

June

30,

2023

Franklin

High

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

2.2%

Independent

Power

and

Renewable

Electricity

Producers

1.7%

a

Talen

Energy

Corp.

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

United

States

551,906

$

27,678,086

a

Talen

Energy

Corp.

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

United

States

319,744

16,035,162

43,713,248

Oil,

Gas

&

Consumable

Fuels

0.5%

a

Amplify

Energy

Corp.

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

United

States

8,816

59,684

Birch

Permian

Holdings,

Inc.

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

United

States

690,410

10,356,150

California

Resources

Corp.

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

United

States

1,425

64,538

b

Chesapeake

Energy

Corp.

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

United

States

17,102

1,431,096

11,911,468

Total

Common

Stocks

(Cost

$56,988,386)

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

55,624,716

Warrants

Warrants

0.0%

†

Metals

&

Mining

0.0%

†

a

Alpha

Metallurgical

Resources,

Inc.,

7/26/23

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

United

States

5,033

729,785

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

California

Resources

Corp.,

10/27/24

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

United

States

3,278

38,877

a,c

Canvas

Energy,

Inc.,

10/01/24

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

United

States

13

—

a,c

Canvas

Energy,

Inc.,

10/01/25

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

United

States

13

—

38,877

Total

Warrants

(Cost

$12,589)

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

768,662

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

d,e,f,g

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

466,985

45,991

Total

Convertible

Bonds

(Cost

$128,933)

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

45,991

Corporate

Bonds

91.2%

Aerospace

&

Defense

0.3%

g

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/15/28

....

United

States

8,500,000

8,542,840

Automobile

Components

2.6%

g

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

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

United

States

13,100,000

13,318,495

Senior

Secured

Note,

144A,

7%,

4/15/28

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

United

States

7,900,000

7,994,721

g

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

1/30/31

...

United

States

5,400,000

4,566,627

g

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

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

United

States

21,900,000

17,892,837

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note,

9.5%,

5/31/25

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

United

States

9,100,000

9,313,597

Senior

Note,

5%,

7/15/29

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

United

States

15,000,000

13,543,819

66,630,096

Automobiles

0.8%

g

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

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

United

Kingdom

25,000,000

21,358,322

Banks

0.6%

f

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

7/31/23,

FRN

thereafter

,

Perpetual

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

United

States

15,000,000

15,048,300

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Beverages

0.4%

g

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

11,500,000

$

9,866,252

Biotechnology

0.4%

g

Horizon

Therapeutics

USA,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

8/01/27

United

States

11,000,000

11,058,696

Building

Products

2.8%

g

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/30

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

United

States

9,100,000

9,012,822

g

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

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

United

States

10,300,000

9,747,089

g

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

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

United

States

2,000,000

1,583,290

g

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

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

United

States

10,500,000

9,951,097

g

Emerald

Debt

Merger

Sub

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

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

United

States

20,500,000

20,346,250

g

JELD-WEN,

Inc.

,

Senior

Note,

144A,

4.625%,

12/15/25

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

United

States

7,600,000

7,371,278

Senior

Note,

144A,

4.875%,

12/15/27

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

United

States

2,000,000

1,773,840

g

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

4/15/30

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

United

States

2,800,000

2,575,720

g

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

5,800,000

5,407,030

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

6,800,000

5,895,579

73,663,995

Capital

Markets

0.7%

g

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

8,700,000

7,495,036

UBS

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

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

Switzerland

9,900,000

9,521,894

17,016,930

Chemicals

3.3%

d,g

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

1,801,212

1,345,906

g

ASP

Unifrax

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

9/30/28

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

United

States

5,000,000

3,615,575

g

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

4,100,000

2,659,618

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

14,000,000

13,915,585

g

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

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

Switzerland

12,700,000

10,826,369

g

Diamond

BC

BV

,

Senior

Note

,

144A,

4.625

%

,

10/01/29

.........

United

States

4,100,000

4,138,485

g

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

5,400,000

4,716,636

g

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

19,500,000

17,970,035

d,g

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

4,800,000

3,192,000

g

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

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

United

States

14,500,000

14,088,200

g

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

11,800,000

9,056,146

85,524,555

Commercial

Services

&

Supplies

1.1%

g

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

15,300,000

13,300,256

g

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

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

United

States

16,100,000

14,215,597

27,515,853

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Communications

Equipment

0.5%

g

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

..

United

States

1,635,000

$

1,526,018

g

CommScope,

Inc.

,

Senior

Note,

144A,

7.125%,

7/01/28

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

United

States

11,700,000

8,322,327

Senior

Secured

Note,

144A,

6%,

3/01/26

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

United

States

2,500,000

2,332,908

12,181,253

Construction

&

Engineering

0.5%

g

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

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

United

States

5,400,000

4,843,976

g

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

8,800,000

8,125,658

12,969,634

Construction

Materials

0.4%

g

Knife

River

Corp.

,

Senior

Note

,

144A,

7.75

%

,

5/01/31

..........

United

States

9,200,000

9,327,056

Consumer

Finance

2.5%

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

6.95

%

,

3/06/26

........

United

States

2,400,000

2,415,106

g

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

6/15/28

..........

Ireland

15,400,000

15,423,023

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

7,600,000

6,468,417

Senior

Note,

6.625%,

1/15/28

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

United

States

10,400,000

9,820,408

Senior

Note,

9%,

1/15/29

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

United

States

5,000,000

5,046,750

g

PRA

Group,

Inc.

,

Senior

Note,

144A,

8.375%,

2/01/28

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

United

States

9,300,000

8,433,938

Senior

Note,

144A,

5%,

10/01/29

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

United

States

5,000,000

3,789,950

g

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

15,000,000

13,222,614

64,620,206

Consumer

Staples

Distribution

&

Retail

0.6%

g

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

Senior

Note

,

144A,

3.5

%

,

3/15/29

...........

United

States

16,800,000

14,558,971

Containers

&

Packaging

4.5%

g

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

8,100,000

6,871,930

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

11,400,000

11,163,620

g

LABL,

Inc.

,

Senior

Secured

Note

,

144A,

9.5

%

,

11/01/28

........

United

States

6,200,000

6,315,543

g

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

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

United

States

30,000,000

27,725,307

Senior

Secured

Note,

144A,

7.875%,

8/15/26

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

United

States

10,500,000

10,443,179

g

OI

European

Group

BV

,

Senior

Note

,

144A,

4.75

%

,

2/15/30

......

United

States

9,800,000

8,857,240

g

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

4,961,000

4,918,545

Senior

Note,

144A,

7.25%,

5/15/31

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

United

States

9,800,000

9,934,750

g

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

2,800,000

2,427,653

g

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

22,800,000

20,189,199

g

Trivium

Packaging

Finance

BV

,

Senior

Note,

144A,

8.5%,

8/15/27

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

Netherlands

2,100,000

2,024,057

Senior

Secured

Note,

144A,

5.5%,

8/15/26

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

Netherlands

5,600,000

5,384,144

116,255,167

Distributors

0.5%

g

Ritchie

Bros

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

3/15/31

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

Canada

6,500,000

6,751,391

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Distributors

(continued)

g

Ritchie

Bros

Holdings,

Inc.,

(continued)

Senior

Secured

Note,

144A,

6.75%,

3/15/28

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

Canada

6,300,000

$

6,357,766

13,109,157

Diversified

Consumer

Services

0.5%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

......

United

States

14,300,000

12,984,400

Diversified

REITs

1.4%

g

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

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

United

States

15,900,000

11,680,453

g

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

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

United

States

14,500,000

11,168,579

g

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

8,000,000

7,345,886

Senior

Note,

144A,

3.875%,

2/15/29

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

United

States

7,000,000

6,149,239

36,344,157

Diversified

Telecommunication

Services

3.4%

g

Altice

France

Holding

SA

,

Senior

Note,

144A,

6%,

2/15/28

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

Luxembourg

8,100,000

3,958,680

Senior

Secured

Note,

144A,

10.5%,

5/15/27

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

Luxembourg

22,400,000

13,589,744

g

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5

%

,

1/15/28

....

France

7,500,000

5,672,264

g

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.5%,

5/01/26

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

United

States

2,400,000

2,342,235

Senior

Bond,

144A,

5%,

2/01/28

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

United

States

3,000,000

2,736,420

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

10,900,000

9,864,772

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

10,500,000

8,752,707

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

3,400,000

2,753,557

Senior

Note,

144A,

6.375%,

9/01/29

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

United

States

8,000,000

7,545,950

g

Iliad

Holding

SASU

,

Senior

Secured

Note,

144A,

6.5%,

10/15/26

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

France

5,200,000

4,912,559

Senior

Secured

Note,

144A,

7%,

10/15/28

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

France

10,400,000

9,595,657

g

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

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

United

Kingdom

18,500,000

15,525,577

87,250,122

Electric

Utilities

1.0%

g

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.625%,

2/15/27

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

United

States

21,300,000

20,434,734

Senior

Secured

Note,

144A,

3.7%,

1/30/27

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

United

States

5,700,000

5,223,723

25,658,457

Electrical

Equipment

1.6%

g

Regal

Rexnord

Corp.

,

Senior

Bond,

144A,

6.4%,

4/15/33

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

United

States

7,900,000

7,898,675

Senior

Note,

144A,

6.3%,

2/15/30

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

United

States

9,700,000

9,678,184

g

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

11,000,000

9,803,030

g

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

16,400,000

14,791,055

42,170,944

Electronic

Equipment,

Instruments

&

Components

0.3%

g

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

9,300,000

7,914,397

Energy

Equipment

&

Services

3.7%

g

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

d

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

17,833,800

15,226,677

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

7,501,000

7,192,934

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Energy

Equipment

&

Services

(continued)

g

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

10/15/27

........

Canada

15,100,000

$

14,706,418

g

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

9,900,000

9,253,678

g

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

5/15/27

.....

United

States

8,300,000

7,905,584

g

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

6,300,000

6,439,860

g

Transocean,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

....

United

States

15,800,000

16,054,301

g

Weatherford

International

Ltd.

,

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

14,100,000

14,328,096

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

3,600,000

3,618,720

94,726,268

Entertainment

1.4%

g

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

21,900,000

21,486,637

Netflix,

Inc.

,

Senior

Bond,

4.375%,

11/15/26

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

United

States

10,200,000

9,969,812

g

Senior

Bond,

144A,

5.375%,

11/15/29

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

United

States

3,600,000

3,616,772

35,073,221

Financial

Services

1.8%

g

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

17,600,000

14,322,128

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

7,000,000

6,609,120

g

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/27

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

United

States

3,400,000

3,167,439

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

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

United

States

14,900,000

14,898,715

g

United

Wholesale

Mortgage

LLC

,

Senior

Note

,

144A,

5.5

%

,

11/15/25

United

States

7,100,000

6,763,655

45,761,057

Food

Products

0.6%

B&G

Foods,

Inc.

,

Senior

Note,

5.25%,

4/01/25

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

United

States

9,100,000

8,700,416

Senior

Note,

5.25%,

9/15/27

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

United

States

6,800,000

5,916,948

14,617,364

Ground

Transportation

1.1%

g

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

8/12/26

........

United

Kingdom

1,800,000

1,574,219

g

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

....

United

States

15,400,000

14,968,376

g

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

14,700,000

12,469,422

g

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

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

United

States

600,000

549,269

29,561,286

Health

Care

Equipment

&

Supplies

1.0%

g

Garden

Spinco

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

......

United

States

9,000,000

9,702,953

g

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

10,300,000

8,947,910

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

8,200,000

7,134,067

25,784,930

Health

Care

Providers

&

Services

5.1%

Centene

Corp.

,

Senior

Bond,

2.5%,

3/01/31

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

United

States

12,000,000

9,581,580

Senior

Note,

4.25%,

12/15/27

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

United

States

12,700,000

11,886,057

Senior

Note,

4.625%,

12/15/29

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

United

States

4,300,000

3,961,748

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Health

Care

Providers

&

Services

(continued)

Centene

Corp.,

(continued)

Senior

Note,

2.625%,

8/01/31

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

United

States

1,400,000

$

1,117,480

g

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

6,800,000

4,058,614

Senior

Secured

Note,

144A,

8%,

3/15/26

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

United

States

5,000,000

4,875,037

Senior

Secured

Note,

144A,

5.625%,

3/15/27

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

United

States

5,900,000

5,204,997

Senior

Secured

Note,

144A,

8%,

12/15/27

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

United

States

1,200,000

1,162,780

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

6,000,000

5,053,950

Senior

Secured

Note,

144A,

5.25%,

5/15/30

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

United

States

6,500,000

5,126,954

g

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

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

United

States

16,700,000

14,355,118

g

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

8,500,000

6,298,033

g

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

24,600,000

18,545,448

Tenet

Healthcare

Corp.

,

Secured

Note,

6.25%,

2/01/27

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

United

States

14,500,000

14,367,660

Senior

Secured

Note,

4.875%,

1/01/26

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

United

States

5,000,000

4,874,972

Senior

Secured

Note,

4.25%,

6/01/29

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

United

States

8,500,000

7,687,293

Senior

Secured

Note,

6.125%,

6/15/30

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

United

States

14,600,000

14,409,470

132,567,191

Health

Care

REITs

0.8%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond,

5.25%,

8/01/26

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

United

States

11,400,000

10,145,567

Senior

Bond,

3.5%,

3/15/31

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

United

States

16,200,000

11,178,449

21,324,016

Hotel

&

Resort

REITs

0.5%

g

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

7.25%,

7/15/28

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

United

States

6,000,000

6,066,780

Senior

Note,

144A,

4.5%,

2/15/29

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

United

States

6,500,000

5,758,350

g

XHR

LP

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

.........

United

States

1,000,000

858,400

12,683,530

Hotels,

Restaurants

&

Leisure

8.0%

g

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

11,700,000

10,027,281

c,e,g

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

23,000,000

—

g

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/30/29

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

Czech

Republic

15,500,000

15,755,905

g

Boyne

USA,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

5/15/29

...........

United

States

8,600,000

7,757,703

g

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note,

144A,

6.25%,

7/01/25

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

United

States

15,600,000

15,541,800

Senior

Secured

Note,

144A,

7%,

2/15/30

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

United

States

6,800,000

6,834,952

g

Caesars

Resort

Collection

LLC

/

CRC

Finco,

Inc.

,

Senior

Secured

Note

,

144A,

5.75

%

,

7/01/25

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

United

States

7,000,000

7,089,068

g

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

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

United

States

7,300,000

7,156,364

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

24,000,000

22,116,360

g

Carnival

Holdings

Bermuda

Ltd.

,

Senior

Note

,

144A,

10.375

%

,

5/01/28

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

United

States

10,000,000

10,946,736

g

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

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

United

States

13,200,000

11,246,628

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.2

%

,

8/08/24

...........

United

States

5,300,000

5,136,721

g

Motion

Bondco

DAC

,

Senior

Note

,

144A,

6.625

%

,

11/15/27

......

United

Kingdom

4,400,000

4,032,142

g

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

5,700,000

5,337,843

g

Papa

John's

International,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/15/29

United

States

2,900,000

2,457,997

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

g

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

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

United

States

4,700,000

$

3,472,713

Senior

Note,

144A,

5.625%,

9/01/29

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

United

States

4,400,000

3,337,092

g

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.5%,

8/31/26

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

United

States

9,200,000

8,731,231

Senior

Note,

144A,

5.375%,

7/15/27

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

United

States

5,800,000

5,429,372

Senior

Note,

144A,

11.625%,

8/15/27

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

United

States

13,900,000

15,128,468

g

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

9,800,000

8,808,093

g

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

21,500,000

15,953,208

g

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

15,000,000

14,922,627

207,220,304

Household

Durables

1.5%

g

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note,

144A,

4.625%,

8/01/29

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

United

States

13,000,000

11,096,995

Senior

Note,

144A,

4.625%,

4/01/30

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

United

States

8,000,000

6,839,760

KB

Home

,

Senior

Note

,

7.25

%

,

7/15/30

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

United

States

9,000,000

9,124,659

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

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

United

States

12,600,000

10,758,636

37,820,050

Independent

Power

and

Renewable

Electricity

Producers

1.7%

g

Calpine

Corp.

,

Senior

Note,

144A,

5.125%,

3/15/28

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

United

States

12,900,000

11,529,788

Senior

Secured

Note,

144A,

4.5%,

2/15/28

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

United

States

12,200,000

11,056,876

g

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

8,800,000

7,176,950

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

10,000,000

9,235,702

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

7,000,000

5,815,392

44,814,708

Insurance

0.8%

g

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

6.75%,

10/15/27

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

United

States

5,400,000

5,083,722

Senior

Secured

Note,

144A,

6.75%,

4/15/28

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

United

States

2,500,000

2,482,134

g

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note

,

144A,

10.5

%

,

12/15/30

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

Canada

12,000,000

12,106,841

19,672,697

IT

Services

1.8%

g

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

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

United

States

8,500,000

7,130,012

g

Cogent

Communications

Group,

Inc.

,

Senior

Note,

144A,

7%,

6/15/27

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

United

States

4,000,000

3,873,600

Senior

Secured

Note,

144A,

3.5%,

5/01/26

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

United

States

3,900,000

3,620,760

g

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

9,300,000

8,696,529

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

4,400,000

3,877,385

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

6,000,000

5,231,449

g

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

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

United

States

4,500,000

3,597,967

g

Presidio

Holdings,

Inc.

,

Senior

Note,

144A,

8.25%,

2/01/28

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

United

States

3,700,000

3,527,788

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

IT

Services

(continued)

g

Presidio

Holdings,

Inc.,

(continued)

Senior

Secured

Note,

144A,

4.875%,

2/01/27

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

United

States

7,500,000

$

7,046,283

46,601,773

Machinery

1.2%

g

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25

%

,

6/01/28

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

France

15,300,000

15,698,412

g

Chart

Industries,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/01/30

.

United

States

11,400,000

11,645,157

g

Titan

Acquisition

Ltd.

/

Titan

Co-Borrower

LLC

,

Senior

Note

,

144A,

7.75

%

,

4/15/26

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

Canada

3,500,000

3,180,555

30,524,124

Media

4.2%

g

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

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

United

Kingdom

3,000,000

2,989,029

g

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

5,700,000

4,481,511

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

10,700,000

7,930,105

CSC

Holdings

LLC

,

Senior

Bond,

5.25%,

6/01/24

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

United

States

21,000,000

19,555,362

g

Senior

Note,

144A,

11.25%,

5/15/28

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

United

States

16,700,000

16,214,280

e,g

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

11,300,000

291,446

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

13,300,000

457,187

g

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

10,400,000

9,430,826

DISH

DBS

Corp.

,

Senior

Note,

5.875%,

11/15/24

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

United

States

9,700,000

8,496,050

g

Senior

Secured

Note,

144A,

5.75%,

12/01/28

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

United

States

10,000,000

7,456,585

g

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

3,990,000

3,744,045

g

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

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

United

States

4,400,000

3,866,659

g

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

4.25

%

,

1/15/29

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

United

States

8,000,000

6,731,360

g

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

12,600,000

10,961,273

g

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

3,000,000

2,940,180

Senior

Secured

Note,

144A,

4.5%,

5/01/29

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

United

States

4,000,000

3,441,049

108,986,947

Metals

&

Mining

1.6%

g

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

16,000,000

13,629,872

g

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

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

Australia

9,500,000

8,124,657

g

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

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

United

States

7,700,000

6,850,397

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

2,200,000

1,812,870

Senior

Note,

144A,

3.25%,

11/15/26

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

United

States

1,600,000

1,450,045

g

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

12,600,000

10,596,814

42,464,655

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.9%

g

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

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

United

States

24,900,000

19,443,817

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

g

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

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

United

States

5,700,000

$

4,644,397

24,088,214

Oil,

Gas

&

Consumable

Fuels

12.3%

g

Antero

Resources

Corp.

,

Senior

Note,

144A,

7.625%,

2/01/29

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

United

States

4,422,000

4,490,957

Senior

Note,

144A,

5.375%,

3/01/30

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

United

States

4,300,000

3,984,725

g

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

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

United

States

7,400,000

7,092,094

Cheniere

Energy

Partners

LP

,

Senior

Note,

4.5%,

10/01/29

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

United

States

5,600,000

5,144,476

Senior

Note,

4%,

3/01/31

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

United

States

14,300,000

12,606,730

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

7,800,000

7,291,339

g

Chesapeake

Energy

Corp.

,

Senior

Note,

144A,

5.875%,

2/01/29

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

United

States

5,000,000

4,754,102

Senior

Note,

144A,

6.75%,

4/15/29

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

United

States

13,300,000

13,208,705

g

Civitas

Resources,

Inc.

,

Senior

Note,

144A,

8.375%,

7/01/28

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

United

States

12,800,000

12,960,640

Senior

Note,

144A,

8.75%,

7/01/31

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

United

States

12,800,000

12,992,640

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

5.75%,

4/01/25

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

United

States

9,900,000

9,735,727

g

Senior

Note,

144A,

6%,

2/01/29

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

United

States

6,200,000

5,795,543

g

Senior

Note,

144A,

8%,

4/01/29

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

United

States

4,000,000

4,058,186

g

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

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

United

States

5,100,000

4,782,882

g

DT

Midstream,

Inc.

,

Senior

Bond,

144A,

4.375%,

6/15/31

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

United

States

3,900,000

3,364,794

Senior

Note,

144A,

4.125%,

6/15/29

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

United

States

10,800,000

9,488,288

g

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

27,800,000

27,218,702

EnLink

Midstream

LLC

,

Senior

Bond,

5.375%,

6/01/29

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

United

States

2,100,000

2,002,583

g

Senior

Note,

144A,

5.625%,

1/15/28

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

United

States

4,400,000

4,262,249

g

Senior

Note,

144A,

6.5%,

9/01/30

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

United

States

12,200,000

12,198,740

g

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

1,900,000

1,920,026

g

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

14,800,000

13,623,667

g

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

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

United

States

5,000,000

4,475,635

Senior

Bond,

144A,

6.25%,

4/15/32

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

United

States

4,300,000

3,839,362

Senior

Note,

144A,

5.75%,

2/01/29

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

United

States

7,600,000

6,889,235

Senior

Note,

144A,

6%,

4/15/30

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

United

States

4,000,000

3,646,436

g

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

........

United

States

12,200,000

11,608,239

g

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/15/28

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

United

States

30,800,000

29,743,868

c,e,g

Murray

Energy

Corp.

,

Secured

Note

,

144A,

12

%

,

4/15/24

.......

United

States

18,564,500

—

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

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

United

States

5,100,000

5,241,370

Senior

Note,

8.875%,

7/15/30

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

United

States

6,000,000

6,901,680

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

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

United

States

12,600,000

12,425,730

Senior

Note,

4.5%,

5/15/29

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

United

States

4,600,000

4,086,275

Senior

Note,

4.5%,

4/30/30

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

United

States

10,000,000

8,754,322

g

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

4,900,000

4,220,744

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

g

Venture

Global

Calcasieu

Pass

LLC,

(continued)

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

5,900,000

$

5,159,612

Senior

Secured

Note,

144A,

6.25%,

1/15/30

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

United

States

4,100,000

4,070,796

g

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note,

144A,

8.125%,

6/01/28

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

United

States

12,900,000

13,116,136

Senior

Secured

Note,

144A,

8.375%,

6/01/31

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

United

States

9,800,000

9,893,172

317,050,407

Paper

&

Forest

Products

0.2%

g

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

8,200,000

5,372,855

Passenger

Airlines

1.4%

g

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

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

United

States

17,000,000

16,857,025

Senior

Secured

Note,

144A,

5.75%,

4/20/29

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

United

States

2,000,000

1,943,757

g

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

10,200,000

9,909,244

g

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

2,700,000

2,567,715

Senior

Secured

Note,

144A,

4.625%,

4/15/29

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

United

States

5,500,000

5,016,373

36,294,114

Personal

Care

Products

0.5%

g

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/30

.........

United

States

12,200,000

12,289,914

Pharmaceuticals

2.6%

g

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

6,021,000

6,043,007

g

Bausch

Health

Cos.,

Inc.

,

Secured

Note,

144A,

14%,

10/15/30

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

United

States

2,114,000

1,268,400

Senior

Secured

Note,

144A,

6.125%,

2/01/27

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

United

States

3,100,000

1,988,185

Senior

Secured

Note,

144A,

4.875%,

6/01/28

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

United

States

9,800,000

5,845,112

Senior

Secured

Note,

144A,

11%,

9/30/28

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

United

States

7,692,000

5,482,858

e,g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

7,104,000

435,120

Senior

Note,

144A,

6%,

6/30/28

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

United

States

4,473,000

234,832

e,g

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

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

United

States

4,700,000

3,482,676

g

Kevlar

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

.........

Italy

18,700,000

16,035,250

e,g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

4,273,000

3,163,785

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

4.75%,

5/09/27

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

Israel

10,600,000

9,819,017

Senior

Note,

5.125%,

5/09/29

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

Israel

900,000

817,345

Senior

Note,

7.875%,

9/15/29

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

Israel

6,400,000

6,603,405

Senior

Note,

8.125%,

9/15/31

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

Israel

6,400,000

6,715,718

67,934,710

Real

Estate

Management

&

Development

1.3%

g

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

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

United

States

13,900,000

12,567,060

g

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

11,000,000

10,120,055

g

Howard

Hughes

Corp.

(The)

,

Senior

Note,

144A,

5.375%,

8/01/28

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

United

States

8,200,000

7,309,232

Senior

Note,

144A,

4.125%,

2/01/29

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

United

States

3,700,000

3,065,894

33,062,241

Software

1.1%

g

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

14,600,000

13,766,923

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Software

(continued)

g

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

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

United

States

9,400,000

$

8,183,240

g

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

6,700,000

5,648,795

27,598,958

Specialized

REITs

0.7%

g

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/15/29

...........

United

States

19,000,000

19,052,478

Specialty

Retail

1.6%

g

Evergreen

Acqco

1

LP

/

TVI,

Inc.

,

Senior

Secured

Note

,

144A,

9.75

%

,

4/26/28

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

United

States

15,900,000

16,456,977

g

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

12,800,000

9,057,893

g

Michaels

Cos.,

Inc.

(The)

,

Senior

Note,

144A,

7.875%,

5/01/29

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

United

States

15,600,000

10,530,000

Senior

Secured

Note,

144A,

5.25%,

5/01/28

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

United

States

4,200,000

3,397,674

e,h

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

FRN

,

10.27

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

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

United

States

1,851,810

203,699

g

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

2,800,000

2,049,005

41,695,248

Textiles,

Apparel

&

Luxury

Goods

0.3%

g

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

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

United

States

8,600,000

8,675,388

Trading

Companies

&

Distributors

0.5%

g

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

10,900,000

9,448,995

g

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

6/15/28

....

United

States

4,600,000

4,696,398

14,145,393

Wireless

Telecommunication

Services

0.3%

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.625

%

,

2/15/29

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

United

States

9,200,000

7,998,737

Total

Corporate

Bonds

(Cost

$2,657,519,910)

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

2,357,032,538

Senior

Floating

Rate

Interests

2.6%

i

Chemicals

1.1%

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

9.779%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

8,613,000

8,151,386

Second

Lien,

Initial

CME

Term

Loan,

12.627%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

9,279,070

7,686,178

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.304

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

13,001,750

11,497,643

27,335,207

a

a

a

a

a

a

Health

Care

Technology

0.4%

i

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.589

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

11,561,687

11,157,028

Hotels,

Restaurants

&

Leisure

0.5%

i

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

9.102

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

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

United

States

12,936,250

12,792,076

i

Media

0.2%

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

8.807

%

,

(

3-month

SOFR

+

3.5

%

),

8/21/26

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

United

States

2,931,472

2,805,302

e

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan

,

12.775

%

,

(

3-month

SOFR

+

8

%

),

5/25/26

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

United

States

2,644,257

2,046,827

4,852,129

a

a

a

a

a

a

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

See

Abbreviations

on

page

18

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Software

0.4%

i

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.01

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

10,296,000

$

9,877,004

Total

Senior

Floating

Rate

Interests

(Cost

$70,481,333)

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

66,013,444

Shares

a

Escrows

and

Litigation

Trusts

0.0%

†

a,c

Alpha

Natural

Resources,

Inc.,

Escrow

Account

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

United

States

25,000,000

—

a

Chesapeake

Energy

Corp.,

Escrow

Account

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

United

States

13,700,000

282,905

Total

Escrows

and

Litigation

Trusts

(Cost

$450,960)

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

282,905

Total

Long

Term

Investments

(Cost

$2,785,582,111)

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

2,479,768,256

a

Short

Term

Investments

2.9%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.9%

j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.699%

....

United

States

75,274,633

75,274,633

Total

Money

Market

Funds

(Cost

$75,274,633)

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

75,274,633

Total

Short

Term

Investments

(Cost

$75,274,633

)

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

75,274,633

a

Total

Investments

(Cost

$2,860,856,744)

98.9%

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

$2,555,042,889

Other

Assets,

less

Liabilities

1.1%

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

28,771,839

Net

Assets

100.0%

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

$2,583,814,728

*

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

June

30,

2023.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

5

regarding

fair

value

measurements.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Perpetual

security

with

no

stated

maturity

date.

g

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2023,

the

aggregate

value

of

these

securities

was

$1,964,275,385,

representing

76.0%

of

net

assets.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

High

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

14

Quarterly

Schedule

of

Investments

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).

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

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

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

Franklin

High

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

15

Quarterly

Schedule

of

Investments

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

June

30,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

Unfunded

Loan

Commitments

The

Fund enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the Schedule

of Investments.

At

June

30,

2023,

unfunded

commitments

were

as

follows:

4.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

June

30,

2023,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Borrower

Unfunded

Commitment

Franklin

High

Income

Fund

athenahealth

Group,

Inc.

$

1,423,913

$

1,423,913

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

High

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.699%

$

81,816,490

$

696,973,287

$

(703,515,144)

$

—

$

—

$

75,274,633

75,274,633

$

2,702,632

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.699%

$—

$24,926,000

$(24,926,000)

$—

$—

$—

—

$82,423

Total

Affiliated

Securities

...

$81,816,490

$721,899,287

$(728,441,144)

$—

$—

$75,274,633

$2,785,055

2. Financial

Instrument

Valuation

(continued)

Franklin

High

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

16

Quarterly

Schedule

of

Investments

5. 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

June

30,

2023,

in

valuing

the

Fund's

assets

and

liabilities

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Independent

Power

and

Renewable

Electricity

Producers

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

$

16,035,162

$

27,678,086

$

—

$

43,713,248

Oil,

Gas

&

Consumable

Fuels

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

1,555,318

10,356,150

—

11,911,468

Warrants

:

Metals

&

Mining

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

729,785

—

—

729,785

Oil,

Gas

&

Consumable

Fuels

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

38,877

—

—

a

38,877

Convertible

Bonds

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

—

45,991

—

45,991

Corporate

Bonds

:

Aerospace

&

Defense

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

—

8,542,840

—

8,542,840

Automobile

Components

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

—

66,630,096

—

66,630,096

Automobiles

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

—

21,358,322

—

21,358,322

Banks

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

—

15,048,300

—

15,048,300

Beverages

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

—

9,866,252

—

9,866,252

Biotechnology

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

—

11,058,696

—

11,058,696

Building

Products

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

—

73,663,995

—

73,663,995

Capital

Markets

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

—

17,016,930

—

17,016,930

Chemicals

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

—

85,524,555

—

85,524,555

Commercial

Services

&

Supplies

...........

—

27,515,853

—

27,515,853

Communications

Equipment

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

—

12,181,253

—

12,181,253

Construction

&

Engineering

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

—

12,969,634

—

12,969,634

Construction

Materials

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

—

9,327,056

—

9,327,056

Consumer

Finance

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

—

64,620,206

—

64,620,206

Consumer

Staples

Distribution

&

Retail

......

—

14,558,971

—

14,558,971

Containers

&

Packaging

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

—

116,255,167

—

116,255,167

Distributors

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

—

13,109,157

—

13,109,157

Diversified

Consumer

Services

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

—

12,984,400

—

12,984,400

Diversified

REITs

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

—

36,344,157

—

36,344,157

Diversified

Telecommunication

Services

.....

—

87,250,122

—

87,250,122

Electric

Utilities

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

—

25,658,457

—

25,658,457

Electrical

Equipment

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

—

42,170,944

—

42,170,944

Electronic

Equipment,

Instruments

&

Components

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

—

7,914,397

—

7,914,397

Energy

Equipment

&

Services

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

—

94,726,268

—

94,726,268

Entertainment

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

—

35,073,221

—

35,073,221

Financial

Services

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

—

45,761,057

—

45,761,057

Food

Products

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

—

14,617,364

—

14,617,364

Franklin

High

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

17

Quarterly

Schedule

of

Investments

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.

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Ground

Transportation

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

$

—

$

29,561,286

$

—

$

29,561,286

Health

Care

Equipment

&

Supplies

.........

—

25,784,930

—

25,784,930

Health

Care

Providers

&

Services

..........

—

132,567,191

—

132,567,191

Health

Care

REITs

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

—

21,324,016

—

21,324,016

Hotel

&

Resort

REITs

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

—

12,683,530

—

12,683,530

Hotels,

Restaurants

&

Leisure

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

—

207,220,304

—

a

207,220,304

Household

Durables

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

—

37,820,050

—

37,820,050

Independent

Power

and

Renewable

Electricity

Producers

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

—

44,814,708

—

44,814,708

Insurance

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

—

19,672,697

—

19,672,697

IT

Services

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

—

46,601,773

—

46,601,773

Machinery

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

—

30,524,124

—

30,524,124

Media

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

—

108,986,947

—

108,986,947

Metals

&

Mining

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

—

42,464,655

—

42,464,655

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

24,088,214

—

24,088,214

Oil,

Gas

&

Consumable

Fuels

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

—

317,050,407

—

a

317,050,407

Paper

&

Forest

Products

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

—

5,372,855

—

5,372,855

Passenger

Airlines

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

—

36,294,114

—

36,294,114

Personal

Care

Products

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

—

12,289,914

—

12,289,914

Pharmaceuticals

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

—

67,934,710

—

67,934,710

Real

Estate

Management

&

Development

....

—

33,062,241

—

33,062,241

Software

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

—

27,598,958

—

27,598,958

Specialized

REITs

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

—

19,052,478

—

19,052,478

Specialty

Retail

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

—

41,695,248

—

41,695,248

Textiles,

Apparel

&

Luxury

Goods

..........

—

8,675,388

—

8,675,388

Trading

Companies

&

Distributors

..........

—

14,145,393

—

14,145,393

Wireless

Telecommunication

Services

.......

—

7,998,737

—

7,998,737

Senior

Floating

Rate

Interests

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

—

66,013,444

—

66,013,444

Escrows

and

Litigation

Trusts

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

—

282,905

—

a

282,905

Short

Term

Investments

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

75,274,633

—

—

75,274,633

Total

Investments

in

Securities

...........

$93,633,775

$2,461,409,114

$—

$2,555,042,889

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

49,837

$

—

$

49,837

Total

Other

Financial

Instruments

.........

$—

$49,837

$—

$49,837

a

Includes

financial

instruments

determined

to

have

no

value.

5. Fair

Value

Measurements 

(continued)

Franklin

High

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

18

Quarterly

Schedule

of

Investments

Abbreviations

Currency

USD

United

States

Dollar

Selected

Portfolio

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

LIBOR

London

Interbank

Offered

Rate

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.