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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-

01608

Franklin High Income Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices)(Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 5/31

Date of reporting period: 11/30/21

Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

SEMIANNUAL

REPORT

AND

SHAREHOLDER

LETTER

Franklin

High

Income

Fund

A

Series

of

Franklin

High

Income

Trust

November

30,

2021

Sign

up

for

electronic

delivery

at

franklintempleton.com/edelivery

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

franklintempleton.com

Semiannual

Report

1

Shareholder

Letter

Dear

Shareholder:

During

the

six

months

ended

November

30,

2021,

the

U.S.

economy

continued

to

recover

from

the

COVID-19

pandemic,

benefiting

equities.

Growth

accelerated

in

2021’s

first

half

as

the

reopening

of

businesses,

widespread

COVID-19

vaccinations

and

federal

assistance

programs

continued

to

boost

consumer

spending.

Inflation

increased

during

the

reporting

period

due

to

increased

demand

for

goods

amid

supply-chain

bottlenecks.

During

the

period’s

second

half,

investors

became

concerned

that

new,

swiftly

spreading

COVID-19

variants

could

hinder

the

economic

recovery,

and

growth

slowed

in

2021’s

third

quarter.

During

the

reporting

period,

the

U.S.

Federal

Reserve

(Fed),

in

its

efforts

to

support

U.S.

economic

activity,

held

the

federal

funds

rate

unchanged

at

0.25%,

and

it

continued

broad

quantitative

easing

measures

to

bolster

credit

markets.

The

Fed

also

raised

its

economic

growth

and

inflation

projections

and

announced

plans

to

begin

decreasing

its

asset

purchases

in

November,

while

delaying

any

interest

rate

increases

until

reaching

its

goal

of

maximum

U.S.

employment.

The

10-year

Treasury

yield,

which

moves

inversely

to

price,

declined

during

the

six

months

under

review.

During

the

period,

Fed

intervention

and

the

U.S.

economy’s

incremental

reopening

allayed

many

investors’

concerns

about

risk

assets,

contributing

to

lower

demand

for

U.S.

government

securities

and

accelerated

prepayments

for

mortgage-

backed

securities,

while

demand

increased

for

corporate

bonds,

particularly

those

below

investment

grade.

Robust

economic

growth

in

2021’s

first

half

and

rising

commodities

prices

contributed

to

higher

inflation

and

related

expectations

than

have

been

seen

in

a

number

of

years.

In

this

environment,

investment-grade

bonds,

as

measured

by

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index,

posted

a

+1.02%

total

return,

while

below

investment-grade

corporate

bonds,

as

measured

by

the

Credit

Suisse

High

Yield

Index,

posted

a

+0.78%

total

return.

1

We

are

committed

to

our

long-term

perspective

and

disciplined

investment

approach

as

we

conduct

a

rigorous,

fundamental

analysis

of

securities

with

a

regular

emphasis

on

investment

risk

management.

We

believe

active,

professional

investment

management

serves

investors

well.

We

also

recognize

the

important

role

of

financial

professionals

in

today’s

markets

and

encourage

investors

to

continue

to

seek

their

advice.

Amid

changing

markets

and

economic

conditions,

we

are

confident

investors

with

a

well-diversified

portfolio

and

a

patient,

long-term

outlook

should

be

well-positioned

for

the

years

ahead.

In

addition,

Franklin

High

Income

Fund’s

semiannual

report

includes

more

detail

about

prevailing

conditions

and

a

discussion

about

investment

decisions

during

the

period.

Please

remember

all

securities

markets

fluctuate,

as

do

mutual

fund

share

prices.

We

thank

you

for

investing

with

Franklin

Templeton,

welcome

your

questions

and

comments,

and

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Sonal

Desai,

Ph.D.

Executive

Vice

President,

Chief

Investment

Officer

of

Franklin

Templeton

Fixed

Income

This

letter

reflects

our

analysis

and

opinions

as

of

November

30,

2021,

unless

otherwise

indicated.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

fund.

Statements

of

fact

are

from

sources

considered

reliable.

1.

Source:

Morningstar.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

franklintempleton.com

Semiannual

Report

2

Contents

Semiannual

Report

Franklin

High

Income

Fund

3

Performance

Summary

6

Your

Fund’s

Expenses

8

Financial

Highlights

and

Statement

of

Investments

9

Financial

Statements

28

Notes

to

Financial

Statements

32

Shareholder

Information

44

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

3

franklintempleton.com

Semiannual

Report

SEMIANNUAL

REPORT

Franklin

High

Income

Fund

This

semiannual

report

for

Franklin

High

Income

Fund

covers

the

period

ended

November

30,

2021.

Your

Fund’s

Goals

and

Main

Investments

The

Fund

seeks

to

earn

a

high

level

of

current

income.

Its

secondary

goal

is

to

seek

capital

appreciation

to

the

extent

it

is

possible

and

consistent

with

the

Fund’s

principal

goal.

The

Fund

invests

predominantly

in

high

yield,

lower-rated

debt

securities

including

bonds,

notes,

debentures,

convertible

securities,

and

senior

and

subordinated

debt

securities.

The

Fund

may

also

invest

in

preferred

stocks.

Performance

Overview

The

Fund’s

Class

A

shares

posted

a

+0.76%

cumulative

total

return

for

the

six

months

under

review.

In

comparison,

the

Fund’s

primary

benchmark,

the

ICE

BofA

U.S.

High

Yield

Constrained

Index,

which

tracks

the

performance

of

high-

yield

securities

traded

in

the

U.S.

bond

market,

posted

a

+1.07%

cumulative

total

return.

1

The

Fund’s

peers

posted

a

+0.78%

cumulative

total

return,

as

measured

by

the

Lipper

High

Yield

Funds

Classification

Average,

which

consists

of

funds

chosen

by

Lipper

that

aim

at

high

relative

current

yield

from

fixed

income

securities.

2

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

6

.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Economic

and

Market

Overview

The

U.S.

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

posted

a

+1.02%

total

return

for

the

six

months

ended

November

30,

2021.

1

The

inflation

rate

was

elevated

during

the

six-month

period

amid

increased

demand

and

supply-chain

bottlenecks.

U.S.

consumer

spending

on

goods

remained

strong,

adding

to

pressure

on

the

prices

of

many

products.

Longer-term

bonds

generally

outperformed

shorter-

and

intermediate-term

bonds

as

the

yield

curve

flattened.

In

an

effort

to

support

the

economy,

the

U.S.

Federal

Reserve

(Fed)

kept

the

federal

funds

target

rate

at

a

record-low

range

of

0.00%–0.25%.

The

Fed

also

maintained

quantitative

easing

measures

aimed

at

ensuring

credit

flows

to

borrowers

and

supporting

credit

markets

with

open-ended

U.S.

Treasury

and

mortgage

bond

purchasing.

However,

in

its

November

2021

meeting

statement,

the

Fed

detailed

plans

to

reduce

its

purchases

of

U.S.

Treasury

and

mortgage-backed

securities

beginning

in

November.

The

Fed

also

noted

that

it

views

inflation

as

partially

transitory,

and

that

further

employment

progress

was

needed

before

the

Fed

would

consider

raising

the

range

for

the

federal

funds

target

rate.

U.S.

Treasury

bonds,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+1.43%

total

return

for

the

six-

month

period.

1

The

10-year

U.S.

Treasury

yield

(which

moves

inversely

to

price)

declined

amid

uncertainty

about

the

pace

of

the

recovery

and

the

timing

of

future

Fed

monetary

policy

shifts.

Mortgage-backed

securities

(MBS),

as

measured

by

the

Bloomberg

MBS

Index,

posted

a

-0.23%

total

return

for

the

period,

despite

ongoing

Fed

support.

1

Corporate

bonds

generally

followed

a

similar

trajectory

as

U.S.

Treasuries,

but

they

benefited

from

a

continued

decline

in

spreads

between

the

10-year

U.S.

Treasury

and

corporate

bond

yields

amid

an

increase

in

investors’

appetite

for

risk.

High-yield

corporate

bonds,

as

represented

by

the

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index,

posted

Portfolio

Composition

11/30/21

%

of

Total

Net

Assets

Corporate

Bonds

94.6%

Common

Stocks

1.6%

Other

0.3%

Short-Term

Investments

&

Other

Net

Assets

3.5%

1.

Source:

Morningstar.

Treasuries,

if

held

to

maturity,

offer

a

fixed

rate

of

return

and

a

fixed

principal

value;

their

interest

payments

and

principal

are

guaranteed.

2.

Source:

Lipper,

a

Thomson

Reuters

Company.

For

the

six-month

period

ended

11/30/21,

this

category

consisted

of

521

funds.

Lipper

calculations

do

not

include

sales

charges

or

expense

subsidization

by

a

fund’s

manager.

Fund

performance

relative

to

the

average

may

have

differed

if

these

or

other

factors

had

been

considered.

The

indexes

are

unmanaged

and

include

reinvestment

of

any

income

or

distributions.

They

do

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

The

dollar

value,

number

of

shares

or

principal

amount,

and

names

of

all

portfolio

holdings

are

listed

in

the

Fund’s

Statement

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Franklin

High

Income

Fund

4

franklintempleton.com

Semiannual

Report

a

+1.07%

total

return,

while

investment-grade

corporate

bonds,

as

represented

by

the

Bloomberg

U.S.

Corporate

Bond

Index,

posted

a

+1.94%

total

return.

1

Investment

Strategy

We

are

research

driven,

fundamental

investors

who

rely

on

our

team

of

analysts

to

provide

in-depth

industry

expertise

and

use

qualitative

and

quantitative

analysis

to

evaluate

security

issuers.

As

bottom-up

investors,

we

focus

primarily

on

individual

securities

but

consider

sectors

when

choosing

investments

and,

from

time

to

time,

may

have

significant

investments

in

certain

sectors.

In

selecting

securities,

we

do

not

rely

principally

on

the

ratings

assigned

by

rating

agencies,

but

perform

our

own

independent

investment

analysis

to

evaluate

the

creditworthiness

of

the

issuer.

We

consider

a

variety

of

factors,

including

the

issuer’s

experience

and

managerial

strength,

its

sensitivity

to

economic

conditions,

and

its

current

and

prospective

financial

condition.

Manager’s

Discussion

While

“reflation,”

meaning

a

return

to

growth,

was

the

key

driver

for

markets

in

the

first

quarter

of

2021,

“inflation”

and

commensurate

risks

of

higher

commodity

prices

took

center

stage

over

the

summer

and

into

the

fall.

Amid

market

concerns

surrounding

the

COVID-19

Delta

variant

and

ever-changing

views

around

the

trajectory

of

U.S.

Federal

Reserve

(Fed)

tapering,

U.S.

Treasury

yields

experienced

periods

of

volatility.

As

supply

chain-induced

inflation

persisted,

U.S.

policymakers

signaled

a

move

away

from

the

“transitory

inflation”

stance,

leading

to

renewed

market

focus

on

the

timing

of

a

Fed

taper

and

interest

rate

hike—

during

November

2021,

the

Fed

ended

market

speculation

regarding

timing

by

beginning

the

process

of

winding

down

its

pandemic-era

asset

purchases.

More

recently,

news

of

the

highly

mutated

COVID-19

Omicron

variant

and

indications

that

the

Fed

could

end

its

asset

purchase

program

sooner

than

expected

weighed

on

market

sentiment

in

the

high-yield

(HY)

bond

sector.

During

the

performance

period

under

review,

the

U.S.

Treasury

yield

curve

generally

flattened.

HY

spreads

generally

widened

during

the

six-

month

period

under

review.

Most

segments

of

the

HY

market

posted

positive

absolute

returns

for

the

performance

period.

BB

rated

bonds

posted

higher

returns

than

B

and

CCC

rated

segments.

Several

factors

contributed

positively

to

the

Fund’s

performance

for

the

six-month

period

under

review.

Namely,

significant

contribution

from

selection

in

the

energy

sector,

along

with

positive

selection

in

the

media

cable

and

wired

sectors

more

than

offset

negative

selection

in

the

utility,

media

non-cable

and

gaming

sectors.

The

Fund’s

yield-

curve

positioning

hindered

results.

The

Fund

held

only

cash

bonds

during

the

period

(for

the

bond

portion

of

the

portfolio)

and

had

no

exposure

to

derivatives.

Thank

you

for

your

continued

participation

in

Franklin

High

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Glenn

I.

Voyles,

CFA

Portfolio

Manager

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

November

30,

2021,

the

end

of

the

reporting

period.

The

way

we

implement

our

main

investment

strategies

and

the

resulting

portfolio

holdings

may

change

depending

on

factors

such

as

market

and

economic

conditions.

These

opinions

may

not

be

relied

upon

as

investment

advice

or

an

offer

for

a

particular

security.

The

information

is

not

a

complete

analysis

of

every

aspect

of

any

market,

country,

industry,

security

or

the

Fund.

Statements

of

fact

are

from

sources

considered

reliable,

but

the

investment

Top

10

Holdings

11/30/21

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Occidental

Petroleum

Corp.

1.8%

Oil,

Gas

&

Consumable

Fuels,

United

States

Goodrich

Petroleum

Corp.

1.8%

Oil,

Gas

&

Consumable

Fuels,

United

States

Cheniere

Energy

Partners

LP

1.5%

Oil,

Gas

&

Consumable

Fuels,

United

States

Mauser

Packaging

Solutions

Holding

Co.

1.5%

Containers

&

Packaging,

United

States

Tenet

Healthcare

Corp.

1.3%

Health

Care

Providers

&

Services,

United

States

Centene

Corp.

1.1%

Health

Care

Providers

&

Services,

United

States

Altice

France

Holding

SA

1.0%

Diversified

Telecommunication

Services,

Luxembourg

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

1.0%

Diversified

Telecommunication

Services,

United

States

Carnival

Corp.

1.0%

Hotels,

Restaurants

&

Leisure,

United

States

MPH

Acquisition

Holdings

LLC

0.9%

Diversified

Financial

Services,

United

States

CFA

®

is

a

trademark

owned

by

CFA

Institute.

Franklin

High

Income

Fund

5

franklintempleton.com

Semiannual

Report

manager

makes

no

representation

or

warranty

as

to

their

completeness

or

accuracy.

Although

historical

performance

is

no

guarantee

of

future

results,

these

insights

may

help

you

understand

our

investment

management

philosophy.

Performance

Summary

as

of

November

30,

2021

Franklin

High

Income

Fund

6

franklintempleton.com

Semiannual

Report

The

performance

tables

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Total

return

reflects

reinvestment

of

the

Fund’s

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund’s

portfolio,

adjusted

for

operating

expenses

of

each

class.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

11/30/21

Cumulative

total

return

excludes

sales

charges.

Average

annual

total

return

includes

maximum

sales

charges.

Sales

charges

will

vary

depending

on

the

size

of

the

investment

and

the

class

of

share

purchased.

The

maximum

is

3.75%

and

the

minimum

is

0%.

Class

A

:

3.75%

maximum

initial

sales

charge;

Advisor

Class:

no

sales

charges.

For

other

share

classes,

visit

franklintempleton.com.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return

and

principal

value

will

fluctuate,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

Current

performance

may

differ

from

figures

shown.

For

most

recent

month-end

performance,

go

to

franklintempleton.com

or

call

(800)

342-5236

.

Share

Class

Cumulative

Total

Return

1

Average

Annual

Total

Return

2

–

A

3,4

6-Month

+0.76%

-3.02%

1-Year

+5.01%

+1.07%

5-Year

+31.55%

+4.83%

10-Year

+74.41%

+5.32%

Advisor

6-Month

+1.40%

+1.40%

1-Year

+5.78%

+5.78%

5-Year

+34.11%

+6.05%

10-Year

+79.09%

+6.00%

30-Day

Standardized

Yield

6

Share

Class

Distribution

Rate

5

(with

fee

waiver)

(without

fee

waiver)

A

4.52%

3.76%

3.76%

Advisor

4.90%

4.15%

4.14%

See

page

7

for

Performance

Summary

footnotes.

Franklin

High

Income

Fund

Performance

Summary

7

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

All

investments

involve

risks,

including

possible

loss

of

principal.

The

risks

associated

with

higher-yielding,

lower-rated

securities

include

higher

risk

of

default

and

loss

of

principal.

Changes

in

the

financial

strength

of

a

bond

issuer

or

in

a

bond’s

credit

rating

may

affect

its

value.

In

addition,

interest

rate

movements

will

affect

the

Fund’s

share

price

and

yield.

Bond

prices

generally

move

in

the

opposite

direction

of

interest

rates.

Thus,

as

prices

of

bonds

in

the

Fund

adjust

to

a

rise

in

interest

rates,

the

Fund’s

share

price

may

decline.

Investment

in

foreign

securities

also

involves

special

risks,

including

currency

fluctuations,

and

political

and

economic

uncertainty.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

The

Fund’s

prospectus

also

includes

a

description

of

the

main

investment

risks.

1.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

2.

Average

annual

total

return

represents

the

average

annual

change

in

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3.

Effective

9/10/18,

Class

A

shares

closed

to

new

investors,

were

renamed

Class

A1

shares,

and

a

new

Class

A

share

with

a

different

expense

structure

became

available.

Class

A

performance

shown

has

been

calculated

as

follows:

(a)

for

periods

prior

to

9/10/18,

a

restated

figure

is

used

based

on

the

Fund’s

Class

A1

performance

that

includes

any

Rule

12b-1

rate

differential

that

exists

between

Class

A1

and

Class

A;

and

(b)

for

periods

after

9/10/18,

actual

Class

A

performance

is

used,

reflecting

all

charges

and

fees

applicable

to

that

class.

4.

Prior

to

3/1/19,

these

shares

were

offered

at

a

higher

initial

sales

charge

of

4.25%,

thus

actual

returns

(with

sales

charges)

would

have

differed.

Average

annual

total

returns

(with

sales

charges)

have

been

restated

to

reflect

the

current

maximum

initial

sales

charge

of

3.75%.

5.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

November

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

11/30/21.

6.

The

Fund’s

30-day

standardized

yield

is

calculated

over

a

trailing

30-day

period

using

the

yield

to

maturity

on

bonds

and/or

the

dividends

accrued

on

stocks.

It

may

not

equal

the

Fund’s

actual

income

distribution

rate,

which

reflects

the

Fund’s

past

dividends

paid

to

shareholders.

7.

Figures

are

as

stated

in

the

Fund’s

current

prospectus

and

may

differ

from

the

expense

ratios

disclosed

in

the

Your

Fund’s

Expenses

and

Financial

Highlights

sections

in

this

report.

In

periods

of

market

volatility,

assets

may

decline

significantly,

causing

total

annual

Fund

operating

expenses

to

become

higher

than

the

figures

shown.

See

www.franklintempletondatasources.com

for

additional

data

provider

information.

Distributions

(6/1/21–11/30/21)

Share

Class

Net

Investment

Income

A

$0.0444

A1

$0.0453

C

$0.0402

R

$0.0418

R6

$0.0477

Advisor

$0.0466

Total

Annual

Operating

Expenses

7

Share

Class

A

0.86%

Advisor

0.61%

Your

Fund’s

Expenses

Franklin

High

Income

Fund

8

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

183/365

to

reflect

the

one-half

year

period.

2.

Reflects

expenses

after

fee

waivers

and

expense

reimbursements.

Does

not

include

acquired

fund

fees

and

expenses.

Actual

(actual

return

after

expenses)

Hypothetical

(5%

annual

return

before

expenses)

Share

Class

Beginning

Account

Value

6/1/21

Ending

Account

Value

11/30/21

Expenses

Paid

During

Period

6/1/21–11/30/21

1,2

Ending

Account

Value

11/30/21

Expenses

Paid

During

Period

6/1/21–11/30/21

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,007.60

$4.26

$1,020.83

$4.29

0.85%

A1

$1,000

$1,013.30

$3.76

$1,021.33

$3.78

0.75%

C

$1,000

$1,010.40

$6.27

$1,018.83

$6.30

1.24%

R

$1,000

$1,011.20

$5.52

$1,019.58

$5.55

1.10%

R6

$1,000

$1,009.30

$2.57

$1,022.51

$2.59

0.51%

Advisor

$1,000

$1,014.00

$3.01

$1,022.08

$3.02

0.60%

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

9

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

Year

Ended

May

31,

2019

a

2021

2020

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.87

$1.72

$1.80

$1.84

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.04

0.09

0.09

0.07

Net

realized

and

unrealized

gains

(losses)

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

(0.03)

0.16

(0.07)

(0.03)

Total

from

investment

operations

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

0.01

0.25

0.02

0.04

Less

distributions

from:

Net

investment

income

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

(0.04)

(0.10)

(0.10)

(0.08)

Net

asset

value,

end

of

period

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

$1.84

$1.87

$1.72

$1.80

Total

return

d

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

0.76%

14.52%

0.88%

2.17%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

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

0.85%

0.86%

0.86%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.85%

g

0.85%

0.86%

g

0.86%

Net

investment

income

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

4.57%

5.10%

5.19%

5.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$713,065

$553,316

$309,844

$182,551

Portfolio

turnover

rate

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

19.47%

55.37%

38.87%

25.48%

a

For

the

period

September

10,

2018

(effective

date)

to

May

31,

2019.

b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.88

$1.73

$1.81

$1.82

$1.91

$1.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.04

0.10

0.10

0.10

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

(0.01)

0.15

(0.08)

(0.01)

(0.09)

0.18

Total

from

investment

operations

........

0.03

0.25

0.02

0.09

0.01

0.28

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.10)

(0.10)

(0.10)

(0.10)

(0.10)

Net

asset

value,

end

of

period

..........

$1.86

$1.88

$1.73

$1.81

$1.82

$1.91

Total

return

c

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

1.33%

14.52%

0.95%

5.35%

0.68%

16.82%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

0.75%

0.76%

0.76%

0.77%

0.78%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.75%

f

0.76%

f

0.76%

f

0.76%

0.77%

0.76%

Net

investment

income

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

4.66%

5.18%

5.29%

5.37%

5.26%

5.38%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$1,679,075

$1,758,443

$1,759,206

$2,054,455

$2,356,528

$2,788,669

Portfolio

turnover

rate

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

19.47%

55.37%

38.87%

25.48%

23.33%

35.06%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.91

$1.76

$1.83

$1.85

$1.93

$1.75

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.04

0.09

0.09

0.09

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

(0.02)

0.15

(0.07)

(0.01)

(0.08)

0.18

Total

from

investment

operations

........

0.02

0.24

0.02

0.08

0.01

0.27

Less

distributions

from:

Net

investment

income

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

(0.04)

(0.09)

(0.09)

(0.10)

(0.09)

(0.09)

Net

asset

value,

end

of

period

..........

$1.89

$1.91

$1.76

$1.83

$1.85

$1.93

Total

return

c

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

1.04%

13.69%

0.99%

4.17%

0.70%

16.02%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

1.25%

1.26%

1.26%

1.27%

1.28%

1.27%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

1.24%

1.26%

f

1.26%

f

1.26%

1.27%

1.26%

Net

investment

income

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

4.14%

4.68%

4.79%

4.87%

4.76%

4.88%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$148,519

$220,646

$251,930

$304,072

$460,201

$563,539

Portfolio

turnover

rate

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

19.47%

55.37%

38.87%

25.48%

23.33%

35.06%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.92

$1.77

$1.84

$1.86

$1.94

$1.76

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.04

0.09

0.09

0.09

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

(0.02)

0.15

(0.07)

(0.01)

(0.07)

0.19

Total

from

investment

operations

........

0.02

0.24

0.02

0.08

0.02

0.28

Less

distributions

from:

Net

investment

income

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

(0.04)

(0.09)

(0.09)

(0.10)

(0.10)

(0.10)

Net

asset

value,

end

of

period

..........

$1.90

$1.92

$1.77

$1.84

$1.86

$1.94

Total

return

c

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

1.12%

13.78%

1.14%

4.31%

0.84%

16.07%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

1.10%

1.11%

1.11%

1.12%

1.13%

1.12%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

1.10%

f

1.11%

f

1.11%

f

1.11%

1.12%

1.11%

Net

investment

income

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

4.31%

4.83%

4.94%

5.02%

4.91%

5.03%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$72,424

$74,532

$77,148

$101,783

$127,333

$187,180

Portfolio

turnover

rate

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

19.47%

55.37%

38.87%

25.48%

23.33%

35.06%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.88

$1.73

$1.80

$1.82

$1.90

$1.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05

0.10

0.10

0.10

0.11

0.10

Net

realized

and

unrealized

gains

(losses)

(0.03)

0.15

(0.07)

(0.01)

(0.08)

0.18

Total

from

investment

operations

........

0.02

0.25

0.03

0.09

0.03

0.28

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.10)

(0.10)

(0.11)

(0.11)

(0.11)

Net

asset

value,

end

of

period

..........

$1.85

$1.88

$1.73

$1.80

$1.82

$1.90

Total

return

c

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

0.93%

14.82%

1.80%

5.05%

1.48%

16.56%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

0.55%

0.54%

0.55%

0.55%

0.51%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.51%

0.51%

0.50%

0.50%

0.48%

0.48%

Net

investment

income

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

4.90%

5.39%

5.55%

5.63%

5.55%

5.66%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$97,651

$88,257

$66,681

$64,681

$68,312

$33,371

Portfolio

turnover

rate

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

19.47%

55.37%

38.87%

25.48%

23.33%

35.06%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

a

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

2020

2019

2018

2017

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.88

$1.73

$1.81

$1.83

$1.91

$1.74

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05

0.10

0.10

0.10

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

(0.02)

0.15

(0.08)

(0.01)

(0.07)

0.18

Total

from

investment

operations

........

0.03

0.25

0.02

0.09

0.03

0.28

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.10)

(0.10)

(0.11)

(0.11)

(0.11)

Net

asset

value,

end

of

period

..........

$1.86

$1.88

$1.73

$1.81

$1.83

$1.91

Total

return

c

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

1.40%

14.68%

1.12%

4.92%

1.36%

16.29%

Ratios

to

average

net

assets

d

Expenses

before

waiver

and

payments

by

affiliates

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

0.60%

0.61%

0.61%

0.62%

0.63%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.60%

f

0.61%

f

0.61%

f

0.61%

0.62%

0.61%

Net

investment

income

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

4.81%

5.34%

5.44%

5.52%

5.41%

5.53%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$359,176

$341,889

$299,110

$320,010

$356,721

$488,699

Portfolio

turnover

rate

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

19.47%

55.37%

38.87%

25.48%

23.33%

35.06%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchas-

es

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited),

November

30,

2021

Franklin

High

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

l

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

1.6%

Machinery

0.3%

a

Birch

Permian

Holdings,

Inc.

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

United

States

78,499

$

1,177,485

a

Birch

Permian

Holdings,

Inc.

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

United

States

611,911

9,102,176

10,279,661

Metals

&

Mining

0.1%

a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

30,901

1,439,678

Oil,

Gas

&

Consumable

Fuels

1.2%

a

Amplify

Energy

Corp.

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

United

States

8,816

27,859

California

Resources

Corp.

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

United

States

1,425

55,675

Chesapeake

Energy

Corp.

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

United

States

6,871

409,099

a,b

Goodrich

Petroleum

Corp.

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

United

States

1,564,885

35,992,356

a,c,d

Nine

Point

Energy

LLC

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

United

States

46,695,277

—

a,c

Riviera

Resources,

Inc.

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

United

States

149,317

—

36,484,989

Total

Common

Stocks

(Cost

$94,143,599)

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

48,204,328

Warrants

Warrants

0.0%

†

Metals

&

Mining

0.0%

†

a

Alpha

Metallurgical

Resources,

Inc.,

7/26/23

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

United

States

5,033

66,033

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a,c

Battalion

Oil

Corp.,

A,

10/08/22

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

United

States

21,046

55

a,c

Battalion

Oil

Corp.,

B,

10/08/22

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

United

States

26,308

15

a,c

Battalion

Oil

Corp.,

C,

10/08/22

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

United

States

33,825

2

a

California

Resources

Corp.,

10/27/24

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

United

States

3,278

39,336

a,c

Chaparral

Energy,

Inc.,

10/01/24

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

United

States

13

—

a,c

Chaparral

Energy,

Inc.,

10/01/25

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

United

States

13

—

a

Chesapeake

Energy

Corp.,

2/09/26

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

United

States

12,966

356,046

395,454

Paper

&

Forest

Products

0.0%

†

a

Verso

Corp.,

7/25/23

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

United

States

8,775

30,757

Total

Warrants

(Cost

$5,562,809)

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

492,244

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

e,f,g

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

421,196

363,824

Total

Convertible

Bonds

(Cost

$102,567)

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

363,824

Corporate

Bonds

94.5%

Airlines

1.3%

g

American

Airlines

Inc

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

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

United

States

11,000,000

11,257,510

Senior

Secured

Note,

144A,

5.75%,

4/20/29

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

United

States

8,000,000

8,360,000

g

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

10,200,000

11,187,502

g

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

2,700,000

2,715,997

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Airlines

(continued)

g

United

Airlines,

Inc.,

(continued)

Senior

Secured

Note,

144A,

4.625%,

4/15/29

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

United

States

5,500,000

$

5,480,750

39,001,759

Auto

Components

2.1%

g

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

1/30/31

...

United

States

16,500,000

15,798,750

g

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

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

United

States

16,500,000

16,273,125

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note,

9.5%,

5/31/25

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

United

States

9,100,000

9,816,488

g

Senior

Note,

144A,

5%,

7/15/29

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

United

States

15,000,000

15,685,125

g

Real

Hero

Merger

Sub

2,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

2/01/29

.

United

States

7,000,000

7,032,585

64,606,073

Automobiles

0.8%

g

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

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

United

Kingdom

25,000,000

24,584,000

Banks

0.5%

CIT

Group,

Inc.

,

Senior

Bond

,

5

%

,

8/15/22

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

United

States

50,000

51,383

f

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

8/01/23,

FRN

thereafter

,

Perpetual

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

United

States

15,000,000

15,470,625

15,522,008

Beverages

0.4%

g

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

14,000,000

13,878,900

Biotechnology

0.4%

g

Horizon

Therapeutics

USA,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

8/01/27

United

States

13,000,000

13,606,580

Building

Products

1.3%

g

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

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

United

States

2,000,000

2,087,340

g

JELD-WEN,

Inc.

,

Senior

Note,

144A,

4.625%,

12/15/25

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

United

States

7,600,000

7,683,866

Senior

Note,

144A,

4.875%,

12/15/27

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

United

States

7,800,000

7,991,880

g

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

10,200,000

10,290,678

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

2,900,000

2,857,153

Senior

Bond,

144A,

3.375%,

1/15/31

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

United

States

2,900,000

2,675,540

Senior

Note,

144A,

5%,

2/15/27

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

United

States

5,000,000

5,133,367

38,719,824

Capital

Markets

0.2%

g

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

5,700,000

5,699,801

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

4.6%

g

Axalta

Coating

Systems

LLC

,

Senior

Note

,

144A,

3.375

%

,

2/15/29

United

States

7,100,000

$

6,754,940

g

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

5,900,000

5,792,207

g

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

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

Switzerland

12,700,000

12,122,023

g

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.125

%

,

6/15/28

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

United

States

6,300,000

6,545,448

g

Diamond

BC

BV

,

Senior

Note

,

144A,

4.625

%

,

10/01/29

.........

United

States

6,100,000

5,968,850

g

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

13,500,000

13,385,453

g

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

19,500,000

20,761,455

g

Ingevity

Corp.

,

Senior

Note

,

144A,

3.875

%

,

11/01/28

...........

United

States

9,000,000

8,636,130

e,g

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

4,800,000

4,789,536

g

LSF11

A5

HoldCo

LLC

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

....

United

States

10,900,000

10,627,990

Methanex

Corp.

,

Senior

Bond,

5.25%,

12/15/29

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

Canada

6,400,000

6,696,704

Senior

Note,

5.125%,

10/15/27

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

Canada

3,000,000

3,141,240

g

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

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

United

States

10,800,000

11,002,500

g

SCIH

Salt

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

5/01/29

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

United

States

8,700,000

8,047,500

Senior

Secured

Note,

144A,

4.875%,

5/01/28

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

United

States

6,600,000

6,259,044

g

Unifrax

Escrow

Issuer

Corp.

,

Senior

Note,

144A,

7.5%,

9/30/29

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

United

States

4,200,000

4,080,006

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

5,500,000

5,415,781

140,026,807

Commercial

Services

&

Supplies

1.9%

g

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

,

Senior

Note

,

144A,

6

%

,

6/01/29

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

United

States

3,800,000

3,616,707

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

/

Atlas

LuxCo

4

SARL

,

g

Senior

Secured

Note,

144A,

4.625%,

6/01/28

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

United

States

8,600,000

8,335,732

g

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

15,300,000

14,943,510

g

Nielsen

Finance

LLC

/

Nielsen

Finance

Co.

,

Senior

Bond,

144A,

4.75%,

7/15/31

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

United

States

5,300,000

5,149,321

Senior

Note,

144A,

4.5%,

7/15/29

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

United

States

17,600,000

17,045,424

g

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

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

United

States

11,100,000

10,519,414

59,610,108

Communications

Equipment

0.4%

g

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

..

United

States

1,635,000

1,581,740

g

CommScope

,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

.........

United

States

11,700,000

10,902,703

12,484,443

Construction

&

Engineering

0.5%

g

Arcosa

,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

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

United

States

5,400,000

5,456,025

g

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

8,800,000

8,818,612

14,274,637

Consumer

Finance

1.8%

g

FirstCash

,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

9/01/28

...........

United

States

7,100,000

7,076,073

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

7,600,000

8,013,250

Senior

Note,

8.875%,

6/01/25

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

United

States

2,900,000

3,113,150

Senior

Note,

6.625%,

1/15/28

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

United

States

12,700,000

14,097,000

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

g

PRA

Group,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

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

United

States

5,000,000

$

4,946,050

g

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

18,600,000

18,402,189

55,647,712

Containers

&

Packaging

5.0%

g

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

4

%

,

9/01/29

.......

United

States

9,500,000

9,225,212

g

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

11,100,000

10,905,473

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

11,400,000

11,752,431

g

Mauser

Packaging

Solutions

Holding

Co.

,

Senior

Note,

144A,

7.25%,

4/15/25

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

United

States

34,900,000

34,310,190

Senior

Secured

Note,

144A,

8.5%,

4/15/24

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

United

States

10,500,000

10,866,975

g

OI

European

Group

BV

,

Senior

Note

,

144A,

4.75

%

,

2/15/30

......

United

States

9,800,000

9,803,675

g

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

5.875%,

8/15/23

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

United

States

9,000,000

9,376,875

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

8,500,000

8,911,719

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

2,726,178

g

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC/Reynolds

Group

Holdings

Ltd.

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

22,800,000

21,917,754

g

Sealed

Air

Corp.

,

Senior

Note

,

144A,

4

%

,

12/01/27

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

United

States

13,200,000

13,624,446

g

Trivium

Packaging

Finance

BV

,

Senior

Note,

144A,

8.5%,

8/15/27

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

Netherlands

5,100,000

5,341,102

Senior

Secured

Note,

144A,

5.5%,

8/15/26

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

Netherlands

5,600,000

5,792,500

154,554,530

Diversified

Financial

Services

1.5%

g

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

17,600,000

17,547,992

g

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

32,400,000

28,998,000

46,545,992

Diversified

Telecommunication

Services

3.9%

g

Altice

France

Holding

SA

,

Senior

Note,

144A,

6%,

2/15/28

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

Luxembourg

8,100,000

7,583,301

Senior

Secured

Note,

144A,

10.5%,

5/15/27

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

Luxembourg

22,400,000

24,134,208

g

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5

%

,

1/15/28

....

France

7,500,000

7,437,750

g

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.5%,

5/01/26

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

United

States

2,400,000

2,480,712

Senior

Bond,

144A,

5%,

2/01/28

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

United

States

3,000,000

3,095,160

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

10,900,000

11,548,932

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

10,500,000

10,601,850

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

3,400,000

3,355,528

g

DKT

Finance

ApS

,

Senior

Secured

Note

,

144A,

9.375

%

,

6/17/23

..

Denmark

15,800,000

16,037,000

g

Iliad

Holding

SASU

,

Senior

Secured

Note,

144A,

6.5%,

10/15/26

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

France

5,200,000

5,327,218

Senior

Secured

Note,

144A,

7%,

10/15/28

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

France

10,400,000

10,647,000

g

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

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

United

Kingdom

18,500,000

18,118,437

120,367,096

Electric

Utilities

0.7%

g

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

5.625

%

,

2/15/27

..

United

States

21,300,000

21,904,920

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electrical

Equipment

1.2%

g

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

19,500,000

$

19,807,028

g

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

16,400,000

16,383,354

36,190,382

Electronic

Equipment,

Instruments

&

Components

0.3%

g

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

9,300,000

9,038,949

Energy

Equipment

&

Services

2.2%

g

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

e

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

17,833,800

17,325,170

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

7,501,000

7,613,440

g

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

9,900,000

8,536,522

g

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

5/15/27

.....

United

States

10,300,000

10,113,879

g

Weatherford

International

Ltd.

,

Senior

Note,

144A,

11%,

12/01/24

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

United

States

846,000

877,349

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

14,100,000

13,844,085

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

8,600,000

8,847,336

67,157,781

Entertainment

1.6%

g

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

21,900,000

22,382,786

g

Live

Nation

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

3.75

%

,

1/15/28

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

United

States

3,700,000

3,563,100

Netflix,

Inc.

,

Senior

Bond,

4.375%,

11/15/26

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

United

States

10,200,000

11,257,383

g

Senior

Bond,

144A,

5.375%,

11/15/29

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

United

States

3,600,000

4,264,416

g

Senior

Note,

144A,

3.625%,

6/15/25

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

United

States

7,300,000

7,708,873

49,176,558

Equity

Real

Estate

Investment

Trusts

(REITs)

3.1%

g

American

Finance

Trust,

Inc.

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

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

United

States

10,200,000

10,084,281

g

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

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

United

States

15,900,000

15,493,991

g

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note

,

144A,

6

%

,

4/15/25

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

United

States

7,400,000

7,673,282

g

MGM

Growth

Properties

Operating

Partnership

LP

/

MGP

Finance

Co-Issuer,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

2/15/29

..........

United

States

7,000,000

7,362,285

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond,

5.25%,

8/01/26

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

United

States

4,900,000

5,040,262

Senior

Bond,

3.5%,

3/15/31

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

United

States

16,200,000

16,061,247

g

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

,

Senior

Secured

Note

,

144A,

5.875

%

,

10/01/28

United

States

800,000

825,760

g

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

4.5

%

,

2/15/29

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

United

States

15,000,000

14,626,650

SBA

Communications

Corp.

,

Senior

Note

,

3.875

%

,

2/15/27

......

United

States

3,200,000

3,279,000

g

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

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

United

States

8,000,000

8,216,120

g

XHR

LP

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

.........

United

States

7,300,000

7,365,700

96,028,578

Food

Products

1.3%

B&G

Foods,

Inc.

,

Senior

Note,

5.25%,

4/01/25

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

United

States

9,100,000

9,255,565

Senior

Note,

5.25%,

9/15/27

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

United

States

6,800,000

6,912,200

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

g

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

144A,

3.5

%

,

3/01/32

........

United

States

4,700,000

$

4,731,349

g

Post

Holdings,

Inc.

,

Senior

Bond,

144A,

4.625%,

4/15/30

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

United

States

5,200,000

5,142,774

Senior

Bond,

144A,

4.5%,

9/15/31

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

United

States

14,100,000

13,632,937

39,674,825

Health

Care

Equipment

&

Supplies

0.7%

g

Mozart

Debt

Merger

Sub,

Inc.

,

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

10,300,000

10,304,635

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

8,200,000

8,109,923

g

Ortho-Clinical

Diagnostics,

Inc.

/

Ortho-Clinical

Diagnostics

SA

,

Senior

Note

,

144A,

7.375

%

,

6/01/25

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

United

States

2,360,000

2,479,215

20,893,773

Health

Care

Providers

&

Services

4.6%

Centene

Corp.

,

Senior

Bond,

2.5%,

3/01/31

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

United

States

15,000,000

14,400,000

Senior

Note,

4.25%,

12/15/27

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

United

States

12,700,000

13,191,553

Senior

Note,

4.625%,

12/15/29

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

United

States

4,300,000

4,607,300

Senior

Note,

2.625%,

8/01/31

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

United

States

1,400,000

1,352,239

g

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

6,800,000

6,528,102

Senior

Secured

Note,

144A,

5.625%,

3/15/27

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

United

States

5,900,000

6,060,863

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

6,000,000

6,248,670

g

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

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

United

States

16,700,000

16,519,640

HCA,

Inc.

,

Senior

Bond,

3.5%,

9/01/30

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

United

States

8,000,000

8,340,240

Senior

Note,

5.375%,

9/01/26

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

United

States

4,600,000

5,139,074

g

MEDNAX,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

1/15/27

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

United

States

9,600,000

10,031,616

g

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

8,500,000

8,446,195

Tenet

Healthcare

Corp.

,

g

Secured

Note,

144A,

6.25%,

2/01/27

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

United

States

14,500,000

15,042,300

Senior

Note,

6.75%,

6/15/23

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

United

States

10,700,000

11,388,866

g

Senior

Secured

Note,

144A,

4.875%,

1/01/26

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

United

States

5,000,000

5,118,275

g

Senior

Secured

Note,

144A,

4.25%,

6/01/29

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

United

States

8,500,000

8,429,323

140,844,256

Hotels,

Restaurants

&

Leisure

7.0%

g

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

17,300,000

16,558,608

g,h

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

23,000,000

6,900

g

Boyne

USA,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

5/15/29

...........

United

States

5,800,000

5,852,287

g

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

7/01/25

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

United

States

15,600,000

16,237,884

g

Caesars

Resort

Collection

LLC

/

CRC

Finco

,

Inc.

,

Senior

Secured

Note

,

144A,

5.75

%

,

7/01/25

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

United

States

7,000,000

7,279,545

g

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

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

United

States

7,300,000

7,500,750

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

24,000,000

23,508,600

g

Downstream

Development

Authority

of

the

Quapaw

Tribe

of

Oklahoma

,

Senior

Secured

Note

,

144A,

10.5

%

,

2/15/23

.......

United

States

8,600,000

9,020,583

g

Golden

Nugget,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

10/15/24

.......

United

States

6,400,000

6,440,320

g

International

Game

Technology

plc

,

Senior

Secured

Note,

144A,

4.125%,

4/15/26

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

United

States

3,800,000

3,873,587

Senior

Secured

Note,

144A,

5.25%,

1/15/29

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

United

States

8,000,000

8,333,800

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

g

Motion

Bondco

DAC

,

Senior

Note

,

144A,

6.625

%

,

11/15/27

......

United

Kingdom

4,400,000

$

4,399,296

g

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

5,700,000

5,564,625

g

Papa

John's

International,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/15/29

United

States

6,000,000

5,887,980

g

Penn

National

Gaming,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

7/01/29

.

United

States

12,600,000

11,907,000

g

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

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

United

States

9,000,000

9,047,160

Senior

Note,

144A,

5.625%,

9/01/29

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

United

States

10,000,000

10,014,750

g

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

8/31/26

..

United

States

11,200,000

10,945,144

g

Six

Flags

Theme

Parks,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

7/01/25

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

United

States

7,300,000

7,691,426

g

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

21,500,000

19,514,153

g

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.625

%

,

8/26/28

.........

Macau

8,700,000

8,024,271

g

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.75

%

,

4/15/25

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

United

States

15,200,000

15,859,072

213,467,741

Household

Durables

1.3%

g

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note,

144A,

4.625%,

8/01/29

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

United

States

13,000,000

12,896,325

Senior

Note,

144A,

4.625%,

4/01/30

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

United

States

8,000,000

7,841,087

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

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

United

States

12,600,000

12,492,459

g

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

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

United

States

7,000,000

7,130,480

40,360,351

Independent

Power

and

Renewable

Electricity

Producers

3.3%

g

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

4.125

%

,

6/15/28

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

Spain

7,200,000

7,249,590

g

Calpine

Corp.

,

Senior

Note,

144A,

5.125%,

3/15/28

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

United

States

12,900,000

12,802,476

Senior

Secured

Note,

144A,

4.5%,

2/15/28

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

United

States

12,200,000

12,150,590

g

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

8,800,000

8,658,584

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

10,000,000

10,531,700

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

7,000,000

6,930,245

g

InterGen

NV

,

Senior

Secured

Bond

,

144A,

7

%

,

6/30/23

.........

Netherlands

24,800,000

24,424,900

Talen

Energy

Supply

LLC

,

Senior

Note

,

6.5

%

,

6/01/25

..........

United

States

33,450,000

18,805,423

101,553,508

Insurance

1.1%

g

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

18,700,000

18,937,396

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25

%

,

5/30/29

........

United

States

12,100,000

13,995,326

32,932,722

Internet

&

Direct

Marketing

Retail

0.4%

g

Match

Group

Holdings

II

LLC

,

Senior

Note,

144A,

4.625%,

6/01/28

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

United

States

10,400,000

10,569,052

Senior

Note,

144A,

3.625%,

10/01/31

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

United

States

3,300,000

3,116,058

13,685,110

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

IT

Services

1.9%

g

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

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

United

States

8,500,000

$

8,273,050

g

Cogent

Communications

Group,

Inc.

,

Senior

Secured

Note

,

144A,

3.5

%

,

5/01/26

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

United

States

7,200,000

7,230,996

g

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

9,300,000

9,678,138

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

4,400,000

4,379,408

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

6,000,000

5,995,950

g

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

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

United

States

4,500,000

4,286,745

g

Presidio

Holdings,

Inc.

,

Senior

Note,

144A,

8.25%,

2/01/28

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

United

States

3,700,000

3,851,792

Senior

Secured

Note,

144A,

4.875%,

2/01/27

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

United

States

7,500,000

7,597,200

g

Tempo

Acquisition

LLC

/

Tempo

Acquisition

Finance

Corp.

,

Senior

Secured

Note

,

144A,

5.75

%

,

6/01/25

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

United

States

6,000,000

6,260,100

57,553,379

Life

Sciences

Tools

&

Services

0.1%

g

Charles

River

Laboratories

International,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

3/15/29

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

United

States

2,400,000

2,376,468

Machinery

1.4%

g

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

17,100,000

18,046,314

g

Terex

Corp.

,

Senior

Note

,

144A,

5

%

,

5/15/29

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

United

States

7,500,000

7,650,375

g

TK

Elevator

Holdco

GmbH

,

Senior

Note

,

144A,

7.625

%

,

7/15/28

..

Germany

5,600,000

5,857,124

g

TK

Elevator

U.S.

Newco

,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/27

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

Germany

10,700,000

10,897,576

42,451,389

Media

6.3%

g

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

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

United

Kingdom

3,000,000

3,100,440

g

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

5,700,000

5,954,719

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

7,800,000

8,027,721

g

Clear

Channel

Worldwide

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.125

%

,

8/15/27

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

United

States

7,600,000

7,691,314

CSC

Holdings

LLC

,

Senior

Bond

,

5.25

%

,

6/01/24

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

United

States

21,000,000

21,845,250

g

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

11,300,000

2,394,188

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

8,300,000

3,692,960

g

DIRECTV

Holdings

LLC

/

DIRECTV

Financing

Co.,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

5,000,000

5,096,875

DISH

DBS

Corp.

,

Senior

Note,

5.875%,

11/15/24

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

United

States

12,600,000

12,766,698

g

Senior

Secured

Note,

144A,

5.75%,

12/01/28

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

United

States

10,000,000

9,872,050

g

Gray

Television,

Inc.

,

Senior

Note,

144A,

7%,

5/15/27

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

United

States

9,100,000

9,665,338

Senior

Note,

144A,

4.75%,

10/15/30

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

United

States

7,700,000

7,434,080

g

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

11,100,000

11,532,844

g

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

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

United

States

4,400,000

4,332,680

g

Nexstar

Media,

Inc.

,

Senior

Note,

144A,

5.625%,

7/15/27

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

United

States

9,800,000

10,179,162

Senior

Note,

144A,

4.75%,

11/01/28

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

United

States

4,000,000

3,999,718

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

g

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

4.25

%

,

1/15/29

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

United

States

8,200,000

$

7,983,725

g

Sinclair

Television

Group,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

3/01/30

.

United

States

13,500,000

12,249,968

g

Sirius

XM

Radio,

Inc.

,

Senior

Note,

144A,

3.125%,

9/01/26

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

United

States

7,700,000

7,597,821

Senior

Note,

144A,

4%,

7/15/28

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

United

States

12,600,000

12,481,812

g

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

13,500,000

13,708,575

Senior

Secured

Note,

144A,

9.5%,

5/01/25

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

United

States

5,000,000

5,370,525

Senior

Secured

Note,

144A,

4.5%,

5/01/29

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

United

States

7,900,000

7,907,149

194,885,612

Metals

&

Mining

1.9%

g

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

16,000,000

15,235,520

g

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

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

Australia

19,000,000

19,288,420

g

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

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

United

States

7,700,000

7,785,393

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

2,200,000

2,126,465

Senior

Note,

144A,

3.25%,

11/15/26

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

United

States

1,600,000

1,601,040

g

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

12,600,000

12,263,202

58,300,040

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.6%

g

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

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

United

States

20,700,000

19,691,392

Oil,

Gas

&

Consumable

Fuels

11.3%

g

Antero

Resources

Corp.

,

Senior

Note,

144A,

7.625%,

2/01/29

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

United

States

4,422,000

4,856,683

Senior

Note,

144A,

5.375%,

3/01/30

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

United

States

4,300,000

4,442,437

Apache

Corp.

,

Senior

Note

,

4.625

%

,

11/15/25

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

United

States

3,100,000

3,281,676

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

7.75

%

,

4/15/23

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

United

States

19,700,000

19,598,447

Cheniere

Energy

Partners

LP

,

g

Senior

Bond,

144A,

3.25%,

1/31/32

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

United

States

4,200,000

4,086,432

Senior

Note,

4.5%,

10/01/29

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

United

States

12,000,000

12,633,750

g

Senior

Note,

144A,

4%,

3/01/31

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

United

States

28,000,000

28,614,460

Cheniere

Energy,

Inc.

,

Senior

Secured

Note

,

4.625

%

,

10/15/28

...

United

States

11,300,000

11,653,068

g

Chesapeake

Energy

Corp.

,

Senior

Note

,

144A,

5.5

%

,

2/01/26

....

United

States

2,000,000

2,078,780

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

5.75%,

4/01/25

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

United

States

14,000,000

14,070,000

g

Senior

Note,

144A,

6%,

2/01/29

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

United

States

13,700,000

13,885,567

g

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

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

United

States

5,100,000

5,138,811

g

DT

Midstream,

Inc.

,

Senior

Bond,

144A,

4.375%,

6/15/31

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

United

States

3,900,000

3,882,528

Senior

Note,

144A,

4.125%,

6/15/29

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

United

States

10,800,000

10,751,130

g

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond,

144A,

5.75%,

1/30/28

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

United

States

7,600,000

7,914,830

Senior

Note,

144A,

6.625%,

7/15/25

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

United

States

4,000,000

4,209,460

EnLink

Midstream

LLC

,

Senior

Bond,

5.375%,

6/01/29

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

United

States

2,100,000

2,113,482

g

Senior

Note,

144A,

5.625%,

1/15/28

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

United

States

4,400,000

4,519,966

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

e,g

EnQuest

plc

,

Senior

Note

,

144A,

Reg

S,

PIK,

7

%

,

10/15/23

......

United

Kingdom

11,333,615

$

10,068,456

g

EQT

Corp.

,

Senior

Note

,

144A,

3.125

%

,

5/15/26

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

United

States

2,500,000

2,502,325

b,c,d,e

Goodrich

Petroleum

Corp.

,

144A,

PIK,

13.5

%

,

5/31/23

.........

United

States

16,880,800

18,202,457

g

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

10,300,000

10,140,607

g

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

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

United

States

5,000,000

4,989,500

Senior

Note,

144A,

5.75%,

2/01/29

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

United

States

1,600,000

1,577,504

g

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note,

144A,

10%,

2/29/24

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

United

States

3,522,014

3,618,570

Secured

Note,

144A,

11.5%,

2/28/25

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

United

States

18,905,087

19,756,856

e,g,h

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

18,564,500

94,679

g

Oasis

Midstream

Partners

LP

/

OMP

Finance

Corp.

,

Senior

Note

,

144A,

8

%

,

4/01/29

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

United

States

6,000,000

6,399,090

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

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

United

States

15,200,000

18,897,704

Senior

Note,

8.875%,

7/15/30

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

United

States

17,500,000

23,007,075

Senior

Note,

6.625%,

9/01/30

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

United

States

5,600,000

6,726,916

Senior

Note,

6.125%,

1/01/31

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

United

States

5,900,000

6,884,415

g

Renewable

Energy

Group,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

6/01/28

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

United

States

7,000,000

7,134,820

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

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

United

States

12,600,000

13,080,501

Senior

Note,

4.5%,

5/15/29

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

United

States

4,600,000

4,545,950

g

Senior

Note,

144A,

4.5%,

4/30/30

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

United

States

10,000,000

9,914,350

g

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

5,900,000

6,043,960

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

5,900,000

5,934,367

g

Viper

Energy

Partners

LP

,

Senior

Note

,

144A,

5.375

%

,

11/01/27

..

United

States

8,200,000

8,463,753

345,715,362

Paper

&

Forest

Products

0.3%

g

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

8,200,000

8,314,636

Personal

Products

0.4%

g

Prestige

Brands,

Inc.

,

Senior

Bond,

144A,

3.75%,

4/01/31

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

United

States

5,800,000

5,565,912

Senior

Note,

144A,

5.125%,

1/15/28

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

United

States

5,300,000

5,508,608

11,074,520

Pharmaceuticals

3.7%

g

Bausch

Health

Americas,

Inc.

,

Senior

Note

,

144A,

9.25

%

,

4/01/26

.

United

States

22,700,000

23,809,803

g

Bausch

Health

Cos.,

Inc.

,

Senior

Bond,

144A,

6.125%,

4/15/25

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

United

States

4,406,000

4,455,920

Senior

Bond,

144A,

5.25%,

2/15/31

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

United

States

7,100,000

6,106,000

Senior

Secured

Note,

144A,

4.875%,

6/01/28

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

United

States

9,800,000

9,673,188

g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

7,104,000

7,163,247

Senior

Note,

144A,

6%,

6/30/28

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

United

States

4,473,000

3,433,005

g

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

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

United

States

4,700,000

4,613,826

g

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

Senior

Bond,

144A,

5.125%,

4/30/31

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

United

States

8,500,000

8,697,583

Senior

Secured

Note,

144A,

4.125%,

4/30/28

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

United

States

19,000,000

18,990,690

g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

4,273,000

4,314,448

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

7.125%,

1/31/25

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

Israel

9,300,000

9,948,396

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Pharmaceuticals

(continued)

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

(continued)

Senior

Note,

4.75%,

5/09/27

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

Israel

10,600,000

$

10,593,746

Senior

Note,

5.125%,

5/09/29

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

Israel

900,000

881,532

112,681,384

Real

Estate

Management

&

Development

1.5%

g

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

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

United

States

19,900,000

20,668,538

g

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

11,000,000

10,936,585

g

Howard

Hughes

Corp.

(The)

,

Senior

Note,

144A,

5.375%,

8/01/28

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

United

States

9,200,000

9,631,802

Senior

Note,

144A,

4.125%,

2/01/29

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

United

States

5,700,000

5,628,893

46,865,818

Road

&

Rail

0.5%

g

First

Student

Bidco

,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

17,600,000

16,754,230

Semiconductors

&

Semiconductor

Equipment

0.5%

g

Amkor

Technology,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

9/15/27

.....

United

States

9,900,000

10,491,575

g

ON

Semiconductor

Corp.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

...

United

States

5,400,000

5,500,953

15,992,528

Software

1.2%

e,g

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

1,548,215

1,588,151

g

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

14,600,000

15,162,100

g

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

20,500,000

19,372,500

36,122,751

Specialty

Retail

2.4%

g

Bath

&

Body

Works,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/01/30

...

United

States

10,700,000

11,886,951

g

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

14,300,000

13,704,977

g

Lithia

Motors,

Inc.

,

Senior

Bond,

144A,

4.375%,

1/15/31

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

United

States

11,400,000

11,919,669

Senior

Note,

144A,

4.625%,

12/15/27

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

United

States

8,600,000

8,982,786

g

Michaels

Cos.,

Inc.

(The)

,

Senior

Note,

144A,

7.875%,

5/01/29

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

United

States

14,100,000

14,024,917

Senior

Secured

Note,

144A,

5.25%,

5/01/28

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

United

States

4,200,000

4,164,510

g,i

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

FRN

,

5.75

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

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

United

States

1,851,810

1,713,369

g

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

8,700,000

8,601,081

74,998,260

Textiles,

Apparel

&

Luxury

Goods

0.2%

g

Kontoor

Brands,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

11/15/29

......

United

States

6,300,000

6,293,952

Thrifts

&

Mortgage

Finance

1.9%

g

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

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

United

States

5,700,000

5,681,589

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

9,200,000

9,514,732

g

PennyMac

Financial

Services,

Inc.

,

Senior

Note

,

144A,

5.375

%

,

10/15/25

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

United

States

10,700,000

10,773,883

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

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

United

States

14,900,000

16,293,448

g

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

,

Senior

Bond,

144A,

3.875%,

3/01/31

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

United

States

3,200,000

3,164,960

Senior

Note,

144A,

3.625%,

3/01/29

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

United

States

6,600,000

6,464,535

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Thrifts

&

Mortgage

Finance

(continued)

g

United

Wholesale

Mortgage

LLC

,

Senior

Note

,

144A,

5.5

%

,

11/15/25

United

States

7,100,000

$

7,081,824

58,974,971

Trading

Companies

&

Distributors

1.4%

g

Ahern

Rentals,

Inc.

,

Secured

Note

,

144A,

7.375

%

,

5/15/23

......

United

States

13,500,000

12,757,500

g

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

10,900,000

10,607,880

g

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

7/15/27

..........

United

States

13,300,000

13,782,524

g

WESCO

Distribution,

Inc.

,

Senior

Note,

144A,

7.125%,

6/15/25

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

United

States

2,100,000

2,220,824

Senior

Note,

144A,

7.25%,

6/15/28

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

United

States

4,600,000

5,009,515

44,378,243

Wireless

Telecommunication

Services

1.6%

e,g

Digicel

Group

Holdings

Ltd.

,

Senior

Note

,

144A,

PIK,

8

%

,

4/01/25

.

Bermuda

25,133

23,755

Hughes

Satellite

Systems

Corp.

,

Senior

Note

,

6.625

%

,

8/01/26

...

United

States

17,650,000

19,629,536

T-Mobile

USA,

Inc.

,

Senior

Bond,

2.875%,

2/15/31

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

United

States

9,200,000

8,918,296

Senior

Bond,

3.5%,

4/15/31

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

United

States

5,000,000

5,090,900

Senior

Note,

2.625%,

2/15/29

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

United

States

9,200,000

8,889,868

g

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25

%

,

1/31/31

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

United

Kingdom

5,400,000

5,173,011

47,725,366

Total

Corporate

Bonds

(Cost

$2,936,405,768)

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

2,903,190,025

a

i,j

Senior

Floating

Rate

Interests

0.1%

Media

0.1%

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

3.629

%

,

(

2-month

USD

LIBOR

+

3.5%;

3-month

USD

LIBOR

+

3.5%

),

8/21/26

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

United

States

2,984,772

2,925,285

Total

Senior

Floating

Rate

Interests

(Cost

$2,908,526)

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

2,925,285

Shares

Escrows

and

Litigation

Trusts

0.2%

a,c

Alpha

Natural

Resources,

Inc.,

Escrow

Account

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

United

States

25,000,000

—

Chesapeake

Energy

Corp.,

Escrow

Account

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

United

States

13,700,000

222,625

g

Chesapeake

Energy

Corp.,

Escrow

Account,

144A

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

United

States

5,000,000

5,307,800

Total

Escrows

and

Litigation

Trusts

(Cost

$5,450,960)

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

5,530,425

Total

Long

Term

Investments

(Cost

$3,044,574,229)

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

2,960,706,131

a

Franklin

High

Income

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Income

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Short

Term

Investments

2.0%

a

a

Country

Shares

a

Value

a

Money

Market

Funds

2.0%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

60,226,751

$

60,226,751

Total

Money

Market

Funds

(Cost

$60,226,751)

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

60,226,751

Total

Short

Term

Investments

(Cost

$60,226,751

)

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

60,226,751

a

Total

Investments

(Cost

$3,104,800,980)

98.4%

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

$3,020,932,882

Other

Assets,

less

Liabilities

1.6%

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

48,977,239

Net

Assets

100.0%

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

$3,069,910,121

See

Abbreviations

on

page

43

.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

10

regarding

holdings

of

5%

voting

securities.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

12

regarding

fair

value

measurements.

d

See

Note

9

regarding

restricted

securities.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

Perpetual

security

with

no

stated

maturity

date.

g

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2021,

the

aggregate

value

of

these

securities

was

$2,413,875,829,

representing

78.6%

of

net

assets.

h

See

Note

7

regarding

credit

risk

and

defaulted

securities.

i

The

coupon

rate

shown

represents

the

rate

at

period

end.

j

See

Note

1(d)

regarding

senior

floating

rate

interests.

k

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

November

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Franklin

High

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$3,015,476,602

Cost

-

Non-controlled

affiliates

(Note

3

f

and

10

)

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

89,324,378

Value

-

Unaffiliated

issuers

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

$2,906,511,318

Value

-

Non-controlled

affiliates

(Note

3

f

and

10

)

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

114,421,564

Receivables:

Investment

securities

sold

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

13,901,271

Capital

shares

sold

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

6,470,439

Dividends

and

interest

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

41,022,190

Total

assets

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

3,082,326,782

Liabilities:

Payables:

Investment

securities

purchased

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

665

Capital

shares

redeemed

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

9,022,239

Management

fees

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

1,179,971

Distribution

fees

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

467,974

Transfer

agent

fees

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

358,840

Trustees'

fees

and

expenses

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

47,905

Distributions

to

shareholders

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

1,135,277

Accrued

expenses

and

other

liabilities

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

203,790

Total

liabilities

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

12,416,661

Net

assets,

at

value

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

$3,069,910,121

Net

assets

consist

of:

Paid-in

capital

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

$3,870,390,106

Total

distributable

earnings

(losses)

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

(800,479,985)

Net

assets,

at

value

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

$3,069,910,121

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

November

30,

2021

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

Franklin

High

Income

Fund

Class

A:

Net

assets,

at

value

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

$713,065,147

Shares

outstanding

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

387,558,275

Net

asset

value

per

share

a

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

$1.84

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$1.91

Class

A1:

Net

assets,

at

value

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

$1,679,075,256

Shares

outstanding

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

903,624,853

Net

asset

value

per

share

a

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

$1.86

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$1.93

Class

C:

Net

assets,

at

value

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

$148,518,738

Shares

outstanding

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

78,782,466

Net

asset

value

and

maximum

offering

price

per

share

a

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

$1.89

Class

R:

Net

assets,

at

value

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

$72,424,307

Shares

outstanding

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

38,123,954

Net

asset

value

and

maximum

offering

price

per

share

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

$1.90

Class

R6:

Net

assets,

at

value

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

$97,650,543

Shares

outstanding

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

52,763,270

Net

asset

value

and

maximum

offering

price

per

share

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

$1.85

Advisor

Class:

Net

assets,

at

value

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

$359,176,130

Shares

outstanding

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

193,484,706

Net

asset

value

and

maximum

offering

price

per

share

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

$1.86

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

November

30,

2021

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

Franklin

High

Income

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

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

$4,438

Non-controlled

affiliates

(Note

3

f

and

10

)

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

4,822

Interest:

Unaffiliated

issuers

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

82,908,331

Non-controlled

affiliates

(Note

3

f

and

10

)

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

878,268

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

360

Non-controlled

affiliates

(Note

3

f

)

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

10

Total

investment

income

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

83,796,229

Expenses:

Management

fees

(Note

3

a

)

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

7,081,394

Distribution

fees:

(Note

3c

)

    Class

A

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

808,302

    Class

A1

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

1,310,506

    Class

C

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

594,981

    Class

R

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

186,065

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

373,053

    Class

A1

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

1,007,669

    Class

C

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

105,518

    Class

R

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

42,922

    Class

R6

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

31,904

    Advisor

Class

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

204,578

Custodian

fees

(Note

4

)

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

9,149

Reports

to

shareholders

fees

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

130,059

Registration

and

filing

fees

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

115,314

Professional

fees

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

46,097

Trustees'

fees

and

expenses

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

61,453

Other

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

39,653

Total

expenses

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

12,148,617

Expense

reductions

(Note

4

)

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

(157)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(55,925)

Net

expenses

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

12,092,535

Net

investment

income

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

71,703,694

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

18,838,107

Non-controlled

affiliates

(Note

3

f

and

10

)

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

(9,107,816)

Net

realized

gain

(loss)

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

9,730,291

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(79,683,729)

Non-controlled

affiliates

(Note

3

f

and

10

)

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

29,424,073

Net

change

in

unrealized

appreciation

(depreciation)

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

(50,259,656)

Net

realized

and

unrealized

gain

(loss)

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

(40,529,365)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$31,174,329

Franklin

High

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

31

Franklin

High

Income

Fund

Six

Months

Ended

November

30,

2021

(unaudited)

Year

Ended

May

31,

2021

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$71,703,694

$151,834,255

Net

realized

gain

(loss)

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

9,730,291

(4,550,442)

Net

change

in

unrealized

appreciation

(depreciation)

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

(50,259,656)

242,905,418

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

31,174,329

390,189,231

Distributions

to

shareholders:

Class

A

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

(15,561,738)

(22,611,705)

Class

A1

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

(41,473,579)

(93,298,370)

Class

C

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

(3,696,435)

(10,812,834)

Class

R

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

(1,598,664)

(3,617,545)

Class

R6

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

(2,396,114)

(5,680,745)

Advisor

Class

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

(8,741,297)

(17,304,918)

Total

distributions

to

shareholders

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

(73,467,827)

(153,326,117)

Capital

share

transactions:

(Note

2

)

Class

A

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

170,626,039

213,346,572

Class

A1

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

(56,945,153)

(148,405,240)

Class

C

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

(70,456,248)

(51,619,398)

Class

R

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

(1,178,797)

(8,997,749)

Class

R6

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

10,794,555

14,361,843

Advisor

Class

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

22,280,782

17,614,904

Total

capital

share

transactions

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

75,121,178

36,300,932

Net

increase

(decrease)

in

net

assets

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

32,827,680

273,164,046

Net

assets:

Beginning

of

period

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

3,037,082,441

2,763,918,395

End

of

period

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

$3,069,910,121

$3,037,082,441

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

Franklin

High

Income

Fund

32

franklintempleton.com

Semiannual

Report

1.

Organization

and

Significant

Accounting

Policies

Franklin

High

Income

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

one

fund, Franklin

High

Income

Fund

(Fund)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP).

The

Fund

offers

six

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Effective

August

2,

2021,

Class

C

shares

automatically

convert

to

Class

A

shares

on

monthly

basis,

after

they

have

been

held

for

8

years.

Prior

to

August

2,

2021,

Class

C

shares

converted

to

Class

A

shares

after

a

10-year

holding

period.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

As

approved

by

the

Trust’s

Board

of

Trustees

(the

Board)

at

a

meeting

held

on

December

9,

2021,

the

Fund’s

fiscal

year-

end

will

be

changed

to

September

30

effective

September

30,

2022.

This

will

result

in

the

Fund

having

a

fiscal

year

that

is

shorter

than

a

full

calendar

year

for

the

period

ended

September

30,

2022.

The

following

summarizes

the

Fund's

significant

accounting

policies.

a.

Financial

Instrument

Valuation 

The

Fund’s

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board,

the

Fund's

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. 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

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

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

month

end.

At

November

30,

2021,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

inputs

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.

b.

Foreign

Currency

Translation 

Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c.

Securities

Lending

The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund,

and/or

a

joint

repurchase

agreement

in

the

Statement

of

Assets

and

Liabilities.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

and

rebates

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the

Statement

of

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

November

30,

2021,

the Fund

had

no

securities

on

loan.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

d.

Senior

Floating

Rate

Interests

The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

London

InterBank

Offered

Rate

(LIBOR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

e.

Income

and

Deferred

Taxes

It

is the

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

November

30,

2021,

the

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests. 

f.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

g.

Accounting

Estimates

The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h.

Guarantees

and

Indemnifications

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the

Trust,

on

behalf

of

the

Fund,

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

Currently,

the

Trust

expects

the

risk

of

loss

to

be

remote.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

2.

Shares

of

Beneficial

Interest

At

November

30,

2021,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

Six

Months

Ended

November

30,

2021

Year

Ended

May

31,

2021

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

129,414,266

$242,678,219

201,122,114

$369,221,416

Shares

issued

in

reinvestment

of

distributions

..........

7,808,484

14,594,497

11,507,607

21,062,321

Shares

redeemed

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

(46,232,079)

(86,646,677)

(96,268,762)

(176,937,165)

Net

increase

(decrease)

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

90,990,671

$170,626,039

116,360,959

$213,346,572

Class

A1

Shares:

Shares

sold

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

21,788,486

$41,321,067

41,790,440

$77,074,890

Shares

issued

in

reinvestment

of

distributions

..........

19,227,771

36,341,699

44,371,191

81,646,761

Shares

redeemed

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

(71,022,918)

(134,607,919)

(166,785,921)

(307,126,891)

Net

increase

(decrease)

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

(30,006,661)

$(56,945,153)

(80,624,290)

$(148,405,240)

Class

C

Shares:

Shares

sold

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

7,523,016

$14,463,844

14,831,857

$27,811,972

Shares

issued

in

reinvestment

of

distributions

..........

1,801,630

3,458,930

5,404,840

10,082,816

Shares

redeemed

a

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

(46,004,400)

(88,379,022)

(48,050,021)

(89,514,186)

Net

increase

(decrease)

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

(36,679,754)

$(70,456,248)

(27,813,324)

$(51,619,398)

Class

R

Shares:

Shares

sold

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

2,435,291

$4,717,271

7,662,759

$14,420,125

Shares

issued

in

reinvestment

of

distributions

..........

826,312

1,594,801

1,919,393

3,606,273

Shares

redeemed

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

(3,865,774)

(7,490,869)

(14,439,068)

(27,024,147)

Net

increase

(decrease)

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

(604,171)

$(1,178,797)

(4,856,916)

$(8,997,749)

Class

R6

Shares:

Shares

sold

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

8,960,092

$16,914,714

51,020,473

$93,337,827

Shares

issued

in

reinvestment

of

distributions

..........

1,242,189

2,336,880

3,035,743

5,586,374

Shares

redeemed

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

(4,476,302)

(8,457,039)

(45,562,830)

(84,562,358)

Net

increase

(decrease)

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

5,725,979

$10,794,555

8,493,386

$14,361,843

Advisor

Class

Shares:

Shares

sold

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

45,537,944

$86,204,050

119,683,675

$220,733,309

Shares

issued

in

reinvestment

of

distributions

..........

4,286,700

8,093,706

8,737,167

16,093,976

Shares

redeemed

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

(38,026,759)

(72,016,974)

(119,351,678)

(219,212,381)

Net

increase

(decrease)

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

11,797,885

$22,280,782

9,069,164

$17,614,904

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

3.

Transactions

with

Affiliates

Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the

Fund

are

also

officers

and/or

directors

of

the

following

subsidiaries:

a.

Management

Fees

The

Fund

pays

an

investment

management

fee

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

November

30,

2021,

the

annualized

gross

effective

investment

management

fee

rate

was

0.457%

of

the

Fund’s

average

daily

net

assets. 

b.

Administrative

Fees

Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund’s

Class A and

Class

A1 reimbursement

distribution

plans,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

Class

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund’s

Class C

and

R

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

(formerly

Franklin

Templeton

Distributors,

Inc.)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

Over

$20

billion,

up

to

and

including

$35

billion

0.355%

Over

$35

billion,

up

to

and

including

$50

billion

0.350%

In

excess

of

$50

billion

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

37

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

d.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e.

Transfer

Agent

Fees

Each

class

of

shares pays

transfer

agent

fees

to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations.

The

fees

are

based

on

an

annualized

asset

based

fee

of

0.02%

plus

a

transaction

based

fee.

In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6,

reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

are

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

specific

to

that

class.

For

the

period

ended

November

30,

2021,

the

Fund

paid

transfer

agent

fees

of

$1,765,644,

of

which

$968,439

was

retained

by

Investor

Services.

f.

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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees

paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

November

30,

2021,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Class

A

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

0.25%

Class

A1

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

0.15%

Class

C

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

0.65%

Class

R

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

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$(3,639)

CDSC

retained

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

$24,675

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

38

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

g.

Waiver

and

Expense

Reimbursements

Investor

Services

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

so

that

the

Class

R6

transfer

agent

fees

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

September

30,

2022.

4.

Expense

Offset

Arrangement

The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

November

30,

2021,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations. 

5.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

May

31,

2021,

the

capital

loss

carryforwards

were

as

follows:

At

November

30,

2021,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

High

Income

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$63,820,569

$452,423,949

$(456,017,767)

$—

$—

$60,226,751

60,226,751

$4,822

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$5,160,000

$(5,160,000)

$

—

$

—

$—

—

$10

Total

Affiliated

Securities

...

$63,820,569

$457,583,949

$(461,177,767)

$—

$—

$60,226,751

$4,832

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

715,599,696

Cost

of

investments

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

$3,115,170,372

Unrealized

appreciation

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

$109,608,037

Unrealized

depreciation

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

(203,845,527)

Net

unrealized

appreciation

(depreciation)

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

$(94,237,490)

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

39

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums

and

defaulted

securities.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

November

30,

2021,

aggregated

$595,465,199

and

$579,687,037,

respectively.

7.

Credit Risk

and

Defaulted

Securities

At

November

30,

2021,

the

Fund

had

89.0%

of

its

portfolio

invested

in

high

yield

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund

held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

November

30,

2021,

the

aggregate

value

of

these

securities

represents

less

than

0.1%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Statement

of

Investments.

8. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the Fund, its ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and its ability

to

achieve its investment

objectives.

9.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

November

30,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

Principal

Amount

/

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Income

Fund

16,880,800

a

Goodrich

Petroleum

Corp.,

144A,

PIK,

13.5%,

5/31/23

5/31/19-10/15/21

$

16,880,799

$

18,202,457

46,695,277

Nine

Point

Energy

LLC

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

7/15/14-3/24/17

26,331,865

—

Total

Restricted

Securities

(Value

is

0.6%

of

Net

Assets)

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

$43,212,664

$18,202,457

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$35,992,356

as

of

November

30,

2021.

5.

Income

Taxes

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

40

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

10.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

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

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

November

30,

2021

,

investments

in

“affiliated

companies”

were

as

follows:

11.

Credit

Facility

The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.675

billion

(Global

Credit

Facility)

which

matures

on

February

4,

2022.

This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

November

30,

2021,

the Fund

did

not

use

the

Global

Credit

Facility.

12.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

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

$

17,323,277

$

—

$

—

$

—

$

18,669,079

$

35,992,356

1,564,885

$

—

Titan

Energy

LLC

.....

10,178

—

—

(9,107,816)

9,097,638

—

—

—

$17,333,455

$—

$—

$

(9,107,816)

$

27,766,717

$35,992,356

$

—

Interest

Goodrich

Petroleum

Corp.,

144A,

PIK,

13.5%,

5/31/23

..........

15,460,842

1,084,259

a

—

—

1,657,356

18,202,457

16,880,800

878,268

Total

Affiliated

Securities

(Value

is

1.8%

of

Net

Assets)

..........

$32,794,297

$1,084,259

$—

$

(9,107,816)

$

29,424,073

$54,194,813

$878,268

a

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

41

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

November

30,

2021,

in

valuing

the

Fund's assets

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Machinery

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

$

—

$

10,279,661

$

—

$

10,279,661

Metals

&

Mining

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

1,439,678

—

—

1,439,678

Oil,

Gas

&

Consumable

Fuels

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

36,484,989

—

—

a

36,484,989

Warrants

:

Metals

&

Mining

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

66,033

—

—

66,033

Oil,

Gas

&

Consumable

Fuels

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

395,382

—

72

a

395,454

Paper

&

Forest

Products

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

30,757

—

—

30,757

Convertible

Bonds

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

—

363,824

—

363,824

Corporate

Bonds

:

Airlines

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

—

39,001,759

—

39,001,759

Auto

Components

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

—

64,606,073

—

64,606,073

Automobiles

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

—

24,584,000

—

24,584,000

Banks

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

—

15,522,008

—

15,522,008

Beverages

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

—

13,878,900

—

13,878,900

Biotechnology

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

—

13,606,580

—

13,606,580

Building

Products

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

—

38,719,824

—

38,719,824

Capital

Markets

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

—

5,699,801

—

5,699,801

Chemicals

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

—

140,026,807

—

140,026,807

Commercial

Services

&

Supplies

...........

—

59,610,108

—

59,610,108

Communications

Equipment

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

—

12,484,443

—

12,484,443

Construction

&

Engineering

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

—

14,274,637

—

14,274,637

Consumer

Finance

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

—

55,647,712

—

55,647,712

Containers

&

Packaging

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

—

154,554,530

—

154,554,530

Diversified

Financial

Services

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

—

46,545,992

—

46,545,992

Diversified

Telecommunication

Services

.....

—

120,367,096

—

120,367,096

Electric

Utilities

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

—

21,904,920

—

21,904,920

Electrical

Equipment

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

—

36,190,382

—

36,190,382

Electronic

Equipment,

Instruments

&

Components

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

—

9,038,949

—

9,038,949

Energy

Equipment

&

Services

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

—

67,157,781

—

67,157,781

Entertainment

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

—

49,176,558

—

49,176,558

Equity

Real

Estate

Investment

Trusts

(REITs)

.

—

96,028,578

—

96,028,578

Food

Products

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

—

39,674,825

—

39,674,825

Health

Care

Equipment

&

Supplies

.........

—

20,893,773

—

20,893,773

Health

Care

Providers

&

Services

..........

—

140,844,256

—

140,844,256

Hotels,

Restaurants

&

Leisure

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

—

213,467,741

—

213,467,741

Household

Durables

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

—

40,360,351

—

40,360,351

Independent

Power

and

Renewable

Electricity

Producers

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

—

101,553,508

—

101,553,508

Insurance

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

—

32,932,722

—

32,932,722

Internet

&

Direct

Marketing

Retail

..........

—

13,685,110

—

13,685,110

IT

Services

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

—

57,553,379

—

57,553,379

12.

Fair

Value

Measurements

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

42

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

13.

New

Accounting

Pronouncements

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04,

Reference

Rate

Reform

(Topic

848)

–

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

In

January

2021,

the

FASB

issued

ASU

No.

2021-01,

with

further

amendments

to

Topic

848.

The

amendments

in

the

ASUs

provide

optional

temporary

accounting

recognition

and financial

reporting

relief

from

the

effect

of

certain

types

of

contract

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

interbank-offered

based

reference

rates

as

of

the

end

of

2021

for

certain

LIBOR

settings

and

2023

for

the

remainder. The

ASUs

are

effective

for

certain

reference

rate-related

contract

modifications

that

occur

during

the

period

March

12,

2020

through

December

31,

2022.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

14.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Life

Sciences

Tools

&

Services

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

$

—

$

2,376,468

$

—

$

2,376,468

Machinery

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

—

42,451,389

—

42,451,389

Media

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

—

194,885,612

—

194,885,612

Metals

&

Mining

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

—

58,300,040

—

58,300,040

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

19,691,392

—

19,691,392

Oil,

Gas

&

Consumable

Fuels

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

—

327,512,905

18,202,457

345,715,362

Paper

&

Forest

Products

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

—

8,314,636

—

8,314,636

Personal

Products

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

—

11,074,520

—

11,074,520

Pharmaceuticals

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

—

112,681,384

—

112,681,384

Real

Estate

Management

&

Development

....

—

46,865,818

—

46,865,818

Road

&

Rail

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

—

16,754,230

—

16,754,230

Semiconductors

&

Semiconductor

Equipment

.

—

15,992,528

—

15,992,528

Software

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

—

36,122,751

—

36,122,751

Specialty

Retail

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

—

74,998,260

—

74,998,260

Textiles,

Apparel

&

Luxury

Goods

..........

—

6,293,952

—

6,293,952

Thrifts

&

Mortgage

Finance

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

—

58,974,971

—

58,974,971

Trading

Companies

&

Distributors

..........

—

44,378,243

—

44,378,243

Wireless

Telecommunication

Services

.......

—

47,725,366

—

47,725,366

Senior

Floating

Rate

Interests

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

—

2,925,285

—

2,925,285

Escrows

and

Litigation

Trusts

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

—

5,530,425

—

a

5,530,425

Short

Term

Investments

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

60,226,751

—

—

60,226,751

Total

Investments

in

Securities

...........

$98,643,590

$2,904,086,763

$18,202,529

$3,020,932,882

a

Includes

securities

determined

to

have

no

value

at

November

30,

2021.

12.

Fair

Value

Measurements

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

43

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

Abbreviations

Cu

r

rency

USD

United

States

Dollar

Selected

Portfolio

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

Franklin

High

Income

Trust

Shareholder

Information

44

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

Statement

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

statement

of

investments

with

the

U.S.

Securities

and

Exchange

Commission

for

the

first

and

third

quarters

for

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

Shareholders

may

view

the

filed

Form

N-PORT

by

visiting

the

Commission’s

website

at

sec.gov.

The

filed

form

may

also

be

viewed

and

copied

at

the

Commission’s

Public

Reference

Room

in

Washington,

DC.

Information

regarding

the

operations

of

the

Public

Reference

Room

may

be

obtained

by

calling

(800)

SEC-0330.

Householding

of

Reports

and

Prospectuses

You

will

receive,

or

receive

notice

of

the

availability

of,

the

Fund’s

financial

reports

every

six

months.

In

addition,

you

will

receive

as

an

annual

updated

summary

prospectus

(detail

prospectus

available

upon

request).

To

reduce

Fund

expenses,

we

try

to

identify

related

shareholders

in

a

household

and

send

only

one

copy

of

the

financial

reports

(to

the

extent

received

by

mail)

and

summary

prospectus.

This

process,

called

“householding,”

will

continue

indefinitely

unless

you

instruct

us

otherwise.

If

you

prefer

not

to

have

these

documents

householded,

please

call

us

at

(800)

632-2301.

At

any

time

you

may

view

current

prospectuses/

summary

prospectuses

and

financial

reports

on

our

website.

If

you

choose,

you

may

receive

these

documents

through

electronic

delivery.

1105

S

01/22

©

2022

Franklin

Templeton

Investments.

All

rights

reserved.

Authorized

for

distribution

only

when

accompanied

or

preceded

by

a

summary

prospectus

and/or

prospectus.

Investors

should

carefully

consider

a

fund’s

investment

goals,

risks,

charges

and

expenses

before

investing.

A

prospectus

contains

this

and

other

information;

please

read

it

carefully

before

investing.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

Semiannual

Report

and

Shareholder

Letter

Franklin

High

Income

Fund

Investment

Manager

Distributor

Shareholder

Services

Franklin

Advisers,

Inc.

Franklin

Distributors,

LLC

(800)

DIAL

BEN

®

/

342-5236

franklintempleton.com

(800)

632-2301

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 

(c) N/A

(d) N/A

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is Mary C. Choksi and she is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4.

 Principal Accountant Fees and Services.      N/A

Item 5. Audit Committee

of Listed Registrants.

       

N/A

Item 6.  Schedule of Investments.                    

N/A

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.             N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                             N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and

Affiliated Purchasers.         N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)

  Evaluation of Disclosure Controls and Procedures. 

The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)   Changes in Internal Controls

. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.

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

Item 13. Exhibits.

(a) (1) Code of Ethics

codeofethics

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

section302

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

section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN HIGH INCOME TRUST

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date January 26, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By S\MATTHEW T. HINKLE______________________

      Matthew T. Hinkle

      Chief Executive Officer – Finance and Administration

Date January 26, 2022

By S\Christopher Kings________________________

     Christopher Kings

     Chief Financial Officer, Chief Accounting Officer and Treasurer

Date January 26, 2022