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)

Alison Baur, 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: 9/30

Date of reporting period: 3/31/23

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

March

31,

2023

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

6-month

period

ended

March

31,

2023,

the

U.S.

Federal

Reserve

(Fed)

raised

the

federal

funds

target

rate

four

times

ending

the

period

at

a

range

of

4.75%–5.00%,

in

an

effort

to

tame

inflation.

The

Fed

noted

in

its

March

2023

meeting

that

inflation

remained

elevated

amid

robust

job

growth

and

low

unemployment.

Despite

its

goal

of

2%

long-run

inflation,

the

Fed

softened

its

firm

outlook

on

future

rate

hikes.

Furthermore,

the

Fed

indicated

it

would

continue

to

reduce

its

U.S.

Treasury

(UST)

and

agency

debt

and

mortgage-backed

security

holdings.

While

inflation

remained

elevated,

it

showed

signs

of

decelerating

and

investors

began

to

anticipate

easing

of

the

current

monetary

tightening

cycle,

boosting

bond

prices

(which

move

inversely

to

yields).

Prominent

bank

failures

late

in

the

period

also

benefited

bond

prices,

as

investors

sought

relative

stability

in

an

uncertain

market.

The

10-year

UST

yield

(which

moves

inversely

to

price),

declined

despite

higher

interest

rates,

as

inflation

continued

to

slow.

The

yield

curve

for

all

UST

maturities

inverted

further

during

the

period,

at

one

point

reaching

the

largest

inversion

in

more

than

four

decades,

as

investors

became

increasingly

concerned

about

the

economic

outlook.

Corporate

bond

prices

generally

rose,

as

higher

yields

attracted

investors

despite

concerns

about

the

impact

of

elevated

interest

rates

on

corporate

profits

and

borrowing

costs.

In

this

environment,

below

investment-grade

corporate

bonds,

as

measured

by

the

ICE

BofA

US

High

Yield

Constrained

Index,

posted

a

+7.84%

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

March

31,

2023,

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

Schedule

of

Investments

9

Financial

Statements

27

Notes

to

Financial

Statements

31

Shareholder

Information

43

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,

March

31,

2023.

Your

Fund’s

Goal

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

normally

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

+9.26%

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

U.S.

dollar

denominated

below

investment-grade

corporate

debt

publicly

issued

in

the

U.S.

domestic

market,

posted

a

+7.84%

cumulative

total

return.

1

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

+4.89%

total

return

for

the

six-month

period

ended

March

31,

2023.

1

While

inflation

remained

elevated,

it

showed

signs

of

decelerating

and

investors

began

to

anticipate

easing

of

the

current

monetary

tightening

cycle,

boosting

bond

prices

(which

move

inversely

to

yields).

Prominent

bank

failures

late

in

the

period

also

benefited

bond

prices,

as

investors

sought

relative

stability

in

an

uncertain

market.

The

yield

curve

for

all

U.S.

Treasury

maturities

inverted

further

during

the

period,

at

one

point

reaching

the

largest

inversion

in

more

than

four

decades,

as

investors

became

increasingly

concerned

about

the

economic

outlook.

In

an

effort

to

control

inflation,

the

U.S.

Federal

Reserve

(Fed)

raised

the

federal

funds

target

rate

four

times,

ending

the

period

at

a

range

of

4.75%–5.00%.

The

Fed

noted

in

its

March

2023

meeting

that

inflation

remained

elevated

amid

robust

job

growth

and

low

unemployment.

Despite

its

goal

of

2%

long-run

inflation,

the

Fed

softened

its

firm

outlook

on

future

rate

hikes.

Furthermore,

the

Fed

indicated

it

would

continue

to

reduce

its

U.S.

Treasury

(UST)

and

agency

debt

and

mortgage-backed

security

holdings.

UST

bonds,

as

measured

by

the

Bloomberg

U.S.

Treasury

Index,

posted

a

+3.75%

total

return

for

the

six-month

period.

1

The

10-year

UST

yield,

which

moves

inversely

to

price,

declined

despite

higher

interest

rates,

as

inflation

continued

to

slow.

Mortgage-backed

securities

(MBS),

as

measured

by

the

Bloomberg

U.S.

MBS

Fixed

Rate

Index,

posted

a

+4.72%

total

return

for

the

period

as

the

residential

housing

market

remained

strong

despite

mortgage

rates

that

touched

20-year

highs.

1

Corporate

bond

prices

also

rose,

as

higher

yields

attracted

investors

despite

concerns

about

the

impact

of

elevated

interest

rates

on

corporate

profits

and

borrowing

costs.

In

this

environment,

investment-grade

corporate

bonds,

as

represented

by

the

Bloomberg

U.S.

Corporate

Investment

Grade

Index,

posted

a

+7.26%

total

return.

1

High-yield

corporate

bonds,

as

represented

by

the

Bloomberg

U.S.

Corporate

High

Yield

Index,

posted

a

+7.89%

total

return

as

Portfolio

Composition

3/31/23

%

of

Total

Net

Assets

Corporate

Bonds

90.7%

Senior

Floating

Rate

Interests

2.6%

Other

1.0%

Short-Term

Investments

&

Other

Net

Assets

5.7%

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.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

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

Schedule

of

Investments

(SOI).

The

SOI

begins

on

page

15

.

Franklin

High

Income

Fund

4

franklintempleton.com

Semiannual

Report

the

continued

resilience

of

the

U.S.

economy

eased

solvency

concerns.

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

Over

the

six-month

period

under

review,

the

U.S.

Federal

Reserve

(Fed)

had

remained

firmly

on

a

hawkish

rate

path,

the

year

2022

ended

with

rate

increases

of

75

bps

and

50

bps

at

its

November

and

December

Federal

Open

Committee

meetings.

In

the

last

few

months

of

2022,

markets

focused

on

slowing

inflation

data

and

investors

grappled

with

the

potential

timing

of

the

transition

from

a

rate

hiking

cycle

to

a

potential

Fed

pivot.

Against

this

backdrop,

the

Fed

followed

up

with

two

additional

25

bp

rate

increases

at

its

February

and

March

2023

meetings.

Although

investors

were

encouraged

by

a

general

downward

trend

in

inflation

data

at

the

beginning

of

first

quarter

of

2023,

sentiments

were

negatively

affected

in

the

second

half

of

March

as

the

failure

of

Silicon

Valley

Bank

spawned

additional

concerns

over

the

health

of

U.S.

regional

and

Swiss

banks.

In

the

current

environment

where

labor

costs

remain

a

challenge

and

raw

material

and

logistics

costs

remain

somewhat

elevated,

the

ability

to

offset

costs

with

price

increases

has

become

more

tenuous.

As

such,

the

variable

impact

on

corporate

earnings

we

believe

is

likely

to

drive

more

fundamental

dispersion

between

winners

and

losers.

Against

this

backdrop,

we

remain

focused

on

companies

that

have

capital

structures

and

liquidity

profiles

that

will

withstand

the

potential

economic

challenges

that

lie

ahead.

Based

on

benchmark

index

data,

high-yield

(HY)

spreads

generally

tightened

during

the

6-month

performance

period

under

review.

Most

segments

of

the

HY

market

posted

positive

absolute

returns

for

the

performance

period

under

review.

B

and

BB

rated

bonds

posted

higher

returns

than

CCC

rated

bonds.

From

an

industry

standpoint,

the

oil

field

services

industry

stood

out

as

a

key

performer,

followed

by

the

leisure

segment.

In

this

challenging

environment,

the

Fund

outperformed

its

benchmark.

Security

selection

contributed

to

returns.

Performance

also

benefited

from

industry

positioning,

in

particular

an

underweight

exposure

to

wired,

media

cable

and

retail

industries.

Partially

offsetting

these

positives

were

underweight

exposure

to

the

aerospace

and

defense

segments

and

overweight

to

media

non-cable

industry,

which

detracted

from

performance.

The

Fund

held

only

cash

bonds

during

the

period

(for

the

bond

portion

of

the

portfolio)

and

had

no

exposure

to

derivatives.

Top

10

Holdings

3/31/23

Company

Industry

,

Country

%

of

Total

Net

Assets

a

a

Tenet

Healthcare

Corp.

1.6%

Health

Care

Providers

&

Services,

United

States

Mauser

Packaging

Solutions

Holding

Co.

1.5%

Containers

&

Packaging,

United

States

Occidental

Petroleum

Corp.

1.4%

Oil,

Gas

&

Consumable

Fuels,

United

States

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

1.3%

Diversified

Telecommunication

Services,

United

States

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

1.3%

Oil,

Gas

&

Consumable

Fuels,

United

States

Royal

Caribbean

Cruises

Ltd.

1.2%

Hotels,

Restaurants

&

Leisure,

United

States

Cheniere

Energy

Partners

LP

1.2%

Oil,

Gas

&

Consumable

Fuels,

United

States

Centene

Corp.

1.1%

Health

Care

Providers

&

Services,

United

States

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

1.1%

Oil,

Gas

&

Consumable

Fuels,

United

States

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

1.1%

Oil,

Gas

&

Consumable

Fuels,

United

States

Franklin

High

Income

Fund

5

franklintempleton.com

Semiannual

Report

Thank

you

for

your

continued

participation

in

Franklin

High

Income

Fund.

We

look

forward

to

serving

your

future

investment

needs.

Glenn

I.

Voyles,

CFA

Bryant

Dieffenbacher,

CFA

S.

James

McGiveran

III,

CFA,

CPA,

FRM

Patricia

O’Connor,

CFA

Portfolio

Management

Team

The

foregoing

information

reflects

our

analysis,

opinions

and

portfolio

holdings

as

of

March

31,

2023,

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

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.

CFA

®

is

a

trademark

owned

by

CFA

Institute.

FRM

®

is

a

trademark

owned

by

Global

Association

of

Risk

Professionals

(GARP).

Performance

Summary

as

of

March

31,

2023

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

3/31/23

1

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

2

Average

Annual

Total

Return

3

–

A

4,5

6-Month

+9.26%

+5.17%

1-Year

-1.61%

-5.30%

5-Year

+16.42%

+2.30%

10-Year

+37.02%

+2.81%

Advisor

6-Month

+9.30%

+9.30%

1-Year

-1.33%

-1.33%

5-Year

+18.95%

+3.53%

10-Year

+40.36%

+3.45%

30-Day

Standardized

Yield

7

Share

Class

Distribution

Rate

6

(with

fee

waiver)

(without

fee

waiver)

A

5.61%

7.31%

7.30%

Advisor

6.04%

7.83%

7.82%

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

semiannual

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

the

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.

Gross

expenses

are

the

Fund’s

total

annual

operating

expenses

as

of

the

Fund's

prospectus

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

Net

expenses

reflect

contractual

fee

waivers,

expense

caps

and/or

reimbursements,

which

cannot

be

terminated

prior

to

01/31/24

without

Board

consent.

Additional

amounts

may

be

voluntarily

waived

and/or

reimbursed

and

may

be

modified

or

discontinued

at

any

time

without

notice.

2.

Cumulative

total

return

represents

the

change

in

value

of

an

investment

over

the

periods

indicated.

3.

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.

4.

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.

5.

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%.

6.

Distribution

rate

is

based

on

an

annualization

of

the

respective

class’s

March

dividend

and

the

maximum

offering

price

(NAV

for

Advisor

class)

per

share

on

3/31/23.

7.

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.

8.

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

(10/1/22–3/31/23)

Share

Class

Net

Investment

Income

A

$0.0512

A1

$0.0521

C

$0.0476

R

$0.0490

R6

$0.0541

Advisor

$0.0534

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.88%

0.89%

Advisor

0.63%

0.64%

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

182/365

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

10/1/22

Ending

Account

Value

3/31/23

Expenses

Paid

During

Period

10/1/22–3/31/23

1,2

Ending

Account

Value

3/31/23

Expenses

Paid

During

Period

10/1/22–3/31/23

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,092.60

$4.49

$1,020.64

$4.33

0.86%

A1

$1,000

$1,092.10

$3.96

$1,021.14

$3.83

0.76%

C

$1,000

$1,094.30

$6.57

$1,018.65

$6.34

1.26%

R

$1,000

$1,094.60

$5.80

$1,019.40

$5.59

1.11%

R6

$1,000

$1,094.00

$2.63

$1,022.42

$2.54

0.50%

Advisor

$1,000

$1,093.00

$3.18

$1,021.89

$3.08

0.61%

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

March

31,

2023

(unaudited)

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

Year

Ended

May

31,

2019

b

2022

2021

2020

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$1.54

$1.69

$1.87

$1.72

$1.80

$1.84

Income

from

investment

operations

c

:

Net

investment

income

d

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

0.05

0.03

0.08

0.09

0.09

0.07

Net

realized

and

unrealized

gains

(losses)

0.09

(0.15)

(0.17)

0.16

(0.07)

(0.03)

Total

from

investment

operations

........

0.14

(0.12)

(0.09)

0.25

0.02

0.04

Less

distributions

from:

Net

investment

income

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

(0.05)

(0.03)

(0.09)

(0.10)

(0.10)

(0.08)

Net

asset

value,

end

of

period

..........

$1.63

$1.54

$1.69

$1.87

$1.72

$1.80

Total

return

e

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

9.26%

(7.03)%

(5.15)%

14.52%

0.88%

2.17%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

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

0.87%

0.88%

0.87%

0.86%

0.86%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.86%

0.87%

0.87%

h

0.85%

0.86%

h

0.86%

Net

investment

income

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

5.89%

6.02%

4.66%

5.10%

5.19%

5.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

........

$702,095

$642,620

$689,210

$553,316

$309,844

$182,551

Portfolio

turnover

rate

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

16.32%

4.96%

31.57%

55.37%

38.87%

25.48%

a

For

the

period

June

1,

2022

to

September

30,

2022.

b

For

the

period

September

10,

2018

(effective

date)

to

May

31,

2019.

c

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

repurchases

of

the

Fund’s

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

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

March

31,

2023

(unaudited)

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

2018

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.56

$1.71

$1.88

$1.73

$1.81

$1.82

$1.91

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.03

0.09

0.10

0.10

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

0.09

(0.15)

(0.17)

0.15

(0.08)

(0.01)

(0.09)

Total

from

investment

operations

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

0.14

(0.12)

(0.08)

0.25

0.02

0.09

0.01

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.03)

(0.09)

(0.10)

(0.10)

(0.10)

(0.10)

Net

asset

value,

end

of

period

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

$1.65

$1.56

$1.71

$1.88

$1.73

$1.81

$1.82

Total

return

d

...........

9.21%

(6.90)%

(4.51)%

14.52%

0.95%

5.35%

0.68%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

0.77%

0.78%

0.77%

0.76%

0.76%

0.77%

0.78%

Expenses

net

of

waiver

and

payments

by

affiliates

f

....

0.76%

0.77%

0.76%

0.76%

g

0.76%

g

0.76%

0.77%

Net

investment

income

...

5.99%

6.12%

4.74%

5.18%

5.29%

5.37%

5.26%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$1,332,170

$1,311,893

$1,483,888

$1,758,443

$1,759,206

$2,054,455

$2,356,528

Portfolio

turnover

rate

....

16.32%

4.96%

31.57%

55.37%

38.87%

25.48%

23.33%

a

For

the

period

June

1,

2022

to

September

30,

2022.

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

repurchases

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

March

31,

2023

(unaudited)

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

2018

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.58

$1.74

$1.91

$1.76

$1.83

$1.85

$1.93

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.03

0.08

0.09

0.09

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

0.10

(0.16)

(0.17)

0.15

(0.07)

(0.01)

(0.08)

Total

from

investment

operations

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

0.15

(0.13)

(0.09)

0.24

0.02

0.08

0.01

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.03)

(0.08)

(0.09)

(0.09)

(0.10)

(0.09)

Net

asset

value,

end

of

period

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

$1.68

$1.58

$1.74

$1.91

$1.76

$1.83

$1.85

Total

return

d

...........

9.43%

(7.53)%

(4.93)%

13.69%

0.99%

4.17%

0.70%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

1.27%

1.28%

1.26%

1.26%

1.26%

1.27%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

f

....

1.26%

1.27%

1.26%

g

1.26%

g

1.26%

g

1.26%

1.27%

Net

investment

income

...

5.49%

5.63%

4.22%

4.68%

4.79%

4.87%

4.76%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$87,932

$98,923

$119,630

$220,646

$251,930

$304,072

$460,201

Portfolio

turnover

rate

....

16.32%

4.96%

31.57%

55.37%

38.87%

25.48%

23.33%

a

For

the

period

June

1,

2022

to

September

30,

2022.

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

repurchases

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.

12

a

Six

Months

Ended

March

31,

2023

(unaudited)

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

2018

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.59

$1.75

$1.92

$1.77

$1.84

$1.86

$1.94

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.03

0.08

0.09

0.09

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

0.10

(0.16)

(0.17)

0.15

(0.07)

(0.01)

(0.07)

Total

from

investment

operations

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

0.15

(0.13)

(0.09)

0.24

0.02

0.08

0.02

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.03)

(0.08)

(0.09)

(0.09)

(0.10)

(0.10)

Net

asset

value,

end

of

period

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

$1.69

$1.59

$1.75

$1.92

$1.77

$1.84

$1.86

Total

return

d

...........

9.46%

(7.44)%

(4.75)%

13.78%

1.14%

4.31%

0.84%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

1.12%

1.13%

1.12%

1.11%

1.11%

1.12%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

f

....

1.11%

1.12%

1.11%

1.11%

g

1.11%

g

1.11%

1.12%

Net

investment

income

...

5.64%

5.77%

4.39%

4.83%

4.94%

5.02%

4.91%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$58,112

$57,909

$64,250

$74,532

$77,148

$101,783

$127,333

Portfolio

turnover

rate

....

16.32%

4.96%

31.57%

55.37%

38.87%

25.48%

23.33%

a

For

the

period

June

1,

2022

to

September

30,

2022.

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

repurchases

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

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

13

a

Six

Months

Ended

March

31,

2023

(unaudited)

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

2018

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.55

$1.71

$1.88

$1.73

$1.80

$1.82

$1.90

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.03

0.09

0.10

0.10

0.10

0.11

Net

realized

and

unrealized

gains

(losses)

0.09

(0.16)

(0.17)

0.15

(0.07)

(0.01)

(0.08)

Total

from

investment

operations

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

0.14

(0.13)

(0.08)

0.25

0.03

0.09

0.03

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.03)

(0.09)

(0.10)

(0.10)

(0.11)

(0.11)

Net

asset

value,

end

of

period

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

$1.64

$1.55

$1.71

$1.88

$1.73

$1.80

$1.82

Total

return

d

...........

9.40%

(7.42)%

(4.24)%

14.82%

1.80%

5.05%

1.48%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

0.55%

0.55%

0.55%

0.54%

0.55%

0.55%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

f

....

0.50%

0.50%

0.51%

0.51%

0.50%

0.50%

0.48%

Net

investment

income

...

6.25%

6.39%

5.01%

5.39%

5.55%

5.63%

5.55%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$124,759

$90,344

$98,282

$88,257

$66,681

$64,681

$68,312

Portfolio

turnover

rate

....

16.32%

4.96%

31.57%

55.37%

38.87%

25.48%

23.33%

a

For

the

period

June

1,

2022

to

September

30,

2022.

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

repurchases

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

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%.

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

March

31,

2023

(unaudited)

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

2018

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.56

$1.71

$1.88

$1.73

$1.81

$1.83

$1.91

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.03

0.09

0.10

0.10

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

0.09

(0.15)

(0.17)

0.15

(0.08)

(0.01)

(0.07)

Total

from

investment

operations

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

0.14

(0.12)

(0.08)

0.25

0.02

0.09

0.03

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.03)

(0.09)

(0.10)

(0.10)

(0.11)

(0.11)

Net

asset

value,

end

of

period

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

$1.65

$1.56

$1.71

$1.88

$1.73

$1.81

$1.83

Total

return

d

...........

9.30%

(6.86)%

(4.37)%

14.68%

1.12%

4.92%

1.36%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

0.62%

0.63%

0.62%

0.61%

0.61%

0.62%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

f

....

0.61%

0.62%

0.61%

0.61%

g

0.61%

g

0.61%

0.62%

Net

investment

income

...

6.15%

6.32%

4.89%

5.34%

5.44%

5.52%

5.41%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$278,034

$257,358

$353,786

$341,889

$299,110

$320,010

$356,721

Portfolio

turnover

rate

....

16.32%

4.96%

31.57%

55.37%

38.87%

25.48%

23.33%

a

For

the

period

June

1,

2022

to

September

30,

2022.

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

repurchases

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

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

Schedule

of

Investments

(unaudited),

March

31,

2023

Franklin

High

Income

Fund

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

0.5%

Oil,

Gas

&

Consumable

Fuels

0.5%

a

Amplify

Energy

Corp.

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

United

States

8,816

$

60,566

Birch

Permian

Holdings,

Inc.

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

United

States

690,410

12,686,284

California

Resources

Corp.

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

United

States

1,425

54,862

Chesapeake

Energy

Corp.

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

United

States

17,102

1,300,436

14,102,148

Total

Common

Stocks

(Cost

$38,957,154)

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

14,102,148

Rights

Rights

0.5%

Independent

Power

and

Renewable

Electricity

Producers

0.5%

a

Talen

Energy

Supply

LLC,

5/09/23

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

United

States

37,620,000

11,638,876

Total

Rights

(Cost

$–)

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

11,638,876

Warrants

Warrants

0.0%

†

Metals

&

Mining

0.0%

†

a

Alpha

Metallurgical

Resources,

Inc.,

7/26/23

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

United

States

5,033

692,742

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

California

Resources

Corp.,

10/27/24

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

United

States

3,278

27,863

a,b

Canvas

Energy,

Inc.,

10/01/24

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

United

States

13

—

a,b

Canvas

Energy,

Inc.,

10/01/25

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

United

States

13

—

27,863

Total

Warrants

(Cost

$12,589)

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

720,605

Principal

Amount

*

Convertible

Bonds

0.0%

†

Wireless

Telecommunication

Services

0.0%

†

c,d,e

Digicel

Group

Holdings

Ltd.

,

Sub.

Bond

,

144A,

PIK,

7

%

,

Perpetual

Bermuda

451,194

36,525

Total

Convertible

Bonds

(Cost

$126,077)

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

36,525

Corporate

Bonds

90.7%

Aerospace

&

Defense

0.5%

e

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/15/28

....

United

States

12,000,000

12,135,000

Automobile

Components

2.5%

e

Adient

Global

Holdings

Ltd.

,

Senior

Note,

144A,

8.25%,

4/15/31

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

United

States

13,100,000

13,500,794

Senior

Secured

Note,

144A,

7%,

4/15/28

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

United

States

7,900,000

8,128,152

e

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

1/30/31

...

United

States

5,400,000

4,613,031

e

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

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

United

States

18,800,000

12,706,569

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note,

9.5%,

5/31/25

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

United

States

9,100,000

9,361,204

Senior

Note,

5%,

7/15/29

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

United

States

15,000,000

13,420,200

e

Real

Hero

Merger

Sub

2,

Inc.

,

Senior

Note

,

144A,

6.25

%

,

2/01/29

.

United

States

3,500,000

2,591,115

64,321,065

Automobiles

0.8%

e

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

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

United

Kingdom

25,000,000

19,656,750

Franklin

High

Income

Trust

Schedule

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)

Banks

0.6%

d

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

6%

to

7/31/23,

FRN

thereafter

,

Perpetual

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

United

States

15,000,000

$

14,718,750

Beverages

0.4%

e

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

11,500,000

10,048,537

Biotechnology

0.4%

e

Horizon

Therapeutics

USA,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

8/01/27

United

States

11,000,000

11,175,560

Building

Products

2.5%

e

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/30

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

United

States

9,100,000

8,927,167

e

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

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

United

States

15,400,000

14,275,800

e

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

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

United

States

2,000,000

1,429,777

e

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

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

United

States

10,500,000

9,975,849

e

JELD-WEN,

Inc.

,

Senior

Note,

144A,

4.625%,

12/15/25

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

United

States

7,600,000

7,058,690

Senior

Note,

144A,

4.875%,

12/15/27

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

United

States

2,000,000

1,703,880

e

Oscar

AcquisitionCo

LLC

/

Oscar

Finance,

Inc.

,

Senior

Note

,

144A,

9.5

%

,

4/15/30

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

United

States

2,800,000

2,411,850

e

Standard

Industries,

Inc.

,

Senior

Bond,

144A,

5%,

2/15/27

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

United

States

5,000,000

4,755,550

Senior

Bond,

144A,

4.75%,

1/15/28

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

United

States

9,200,000

8,607,474

Senior

Bond,

144A,

4.375%,

7/15/30

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

United

States

6,800,000

5,923,684

65,069,721

Capital

Markets

0.8%

Credit

Suisse

Group

AG

,

Senior

Note

,

4.55

%

,

4/17/26

..........

Switzerland

16,300,000

15,057,125

e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

5,700,000

5,109,822

20,166,947

Chemicals

3.5%

c,e

Anagram

International,

Inc.

/

Anagram

Holdings

LLC

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

1,792,251

1,438,281

e

ASP

Unifrax

Holdings,

Inc.

,

Senior

Note,

144A,

7.5%,

9/30/29

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

United

States

4,200,000

2,858,276

Senior

Secured

Note,

144A,

5.25%,

9/30/28

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

United

States

5,500,000

4,401,650

e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

4,100,000

3,097,945

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

14,000,000

14,168,672

e

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

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

Switzerland

12,700,000

10,938,256

e

Diamond

BC

BV

,

Senior

Note

,

144A,

4.625

%

,

10/01/29

.........

United

States

4,100,000

3,998,935

e

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

5,400,000

4,745,628

e

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

19,500,000

17,750,850

c,e

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

4,800,000

3,480,000

e

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

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

United

States

14,500,000

14,058,910

e

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

11,800,000

9,073,970

90,011,373

Commercial

Services

&

Supplies

1.0%

e

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

/

Atlas

LuxCo

4

SARL

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/01/28

..

United

States

2,600,000

2,185,217

Franklin

High

Income

Trust

Schedule

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)

Commercial

Services

&

Supplies

(continued)

e

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

15,300,000

$

13,712,778

e

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

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

United

States

11,100,000

9,961,806

25,859,801

Communications

Equipment

0.5%

e

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

..

United

States

1,635,000

1,541,373

e

CommScope,

Inc.

,

Senior

Note,

144A,

7.125%,

7/01/28

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

United

States

11,700,000

8,643,609

Senior

Secured

Note,

144A,

6%,

3/01/26

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

United

States

2,500,000

2,415,513

12,600,495

Construction

&

Engineering

0.5%

e

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

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

United

States

5,400,000

4,808,052

e

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

8,800,000

7,802,978

12,611,030

Consumer

Finance

1.9%

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

6.95

%

,

3/06/26

........

United

States

6,400,000

6,503,488

OneMain

Finance

Corp.

,

Senior

Bond,

5.375%,

11/15/29

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

United

States

7,600,000

6,401,480

Senior

Note,

6.625%,

1/15/28

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

United

States

10,400,000

9,545,120

e

PRA

Group,

Inc.

,

Senior

Note,

144A,

8.375%,

2/01/28

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

United

States

9,300,000

9,306,742

Senior

Note,

144A,

5%,

10/01/29

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

United

States

5,000,000

4,189,553

e

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

15,000,000

12,771,544

48,717,927

Containers

&

Packaging

4.7%

e

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note,

144A,

5.25%,

8/15/27

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

United

States

8,100,000

6,394,221

Senior

Secured

Note,

144A,

5.25%,

4/30/25

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

United

States

11,400,000

11,239,773

e,f

LABL,

Inc.

,

Senior

Secured

Note

,

144A,

9.5

%

,

11/01/28

........

United

States

6,200,000

6,262,000

e

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note,

144A,

9.25%,

4/15/27

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

United

States

30,000,000

27,750,000

Senior

Secured

Note,

144A,

7.875%,

8/15/26

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

United

States

10,500,000

10,509,502

e

OI

European

Group

BV

,

Senior

Note

,

144A,

4.75

%

,

2/15/30

......

United

States

9,800,000

8,979,544

e

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note,

144A,

5.875%,

8/15/23

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

United

States

2,680,000

2,678,473

Senior

Note,

144A,

6.625%,

5/13/27

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

United

States

4,961,000

4,971,914

e

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

2,800,000

2,450,665

e

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

22,800,000

20,502,102

e

Sealed

Air

Corp.

,

Senior

Note

,

144A,

4

%

,

12/01/27

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

United

States

13,200,000

12,330,120

e

Trivium

Packaging

Finance

BV

,

Senior

Note,

144A,

8.5%,

8/15/27

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

Netherlands

2,100,000

1,913,016

Senior

Secured

Note,

144A,

5.5%,

8/15/26

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

Netherlands

5,600,000

5,371,576

121,352,906

Distributors

0.5%

e

Ritchie

Bros

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

3/15/31

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

Canada

6,500,000

6,820,255

Senior

Secured

Note,

144A,

6.75%,

3/15/28

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

Canada

6,300,000

6,495,804

13,316,059

Franklin

High

Income

Trust

Schedule

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)

Diversified

Consumer

Services

0.5%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

......

United

States

14,300,000

$

12,937,639

Diversified

REITs

1.6%

e

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

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

United

States

15,900,000

12,596,986

e

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

,

Senior

Note

,

144A,

6

%

,

4/15/25

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

United

States

4,900,000

4,712,601

e

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

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

United

States

14,500,000

10,862,342

e

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

8,000,000

7,392,522

Senior

Note,

144A,

3.875%,

2/15/29

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

United

States

7,000,000

6,231,015

41,795,466

Diversified

Telecommunication

Services

3.6%

e

Altice

France

Holding

SA

,

Senior

Note,

144A,

6%,

2/15/28

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

Luxembourg

8,100,000

5,176,710

Senior

Secured

Note,

144A,

10.5%,

5/15/27

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

Luxembourg

22,400,000

17,156,160

e

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5

%

,

1/15/28

....

France

7,500,000

6,168,375

e

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond,

144A,

5.5%,

5/01/26

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

United

States

2,400,000

2,337,048

Senior

Bond,

144A,

5%,

2/01/28

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

United

States

3,000,000

2,771,145

Senior

Bond,

144A,

5.375%,

6/01/29

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

United

States

10,900,000

10,020,697

Senior

Bond,

144A,

4.5%,

8/15/30

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

United

States

10,500,000

8,884,417

Senior

Bond,

144A,

4.25%,

2/01/31

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

United

States

3,400,000

2,784,022

Senior

Note,

144A,

6.375%,

9/01/29

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

United

States

8,000,000

7,647,200

e

Iliad

Holding

SASU

,

Senior

Secured

Note,

144A,

6.5%,

10/15/26

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

France

5,200,000

4,960,382

Senior

Secured

Note,

144A,

7%,

10/15/28

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

France

10,400,000

9,876,776

e

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

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

United

Kingdom

18,500,000

15,931,368

93,714,300

Electric

Utilities

1.0%

e

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

5.625%,

2/15/27

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

United

States

21,300,000

20,699,871

Senior

Secured

Note,

144A,

3.7%,

1/30/27

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

United

States

5,700,000

5,267,498

25,967,369

Electrical

Equipment

1.8%

e

Regal

Rexnord

Corp.

,

Senior

Bond,

144A,

6.4%,

4/15/33

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

United

States

7,900,000

7,914,291

Senior

Note,

144A,

6.3%,

2/15/30

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

United

States

9,700,000

9,776,883

e

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

14,500,000

13,113,437

e

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

16,400,000

14,489,154

45,293,765

Electronic

Equipment,

Instruments

&

Components

0.3%

e

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

9,300,000

8,104,066

Energy

Equipment

&

Services

3.9%

e

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

c

Secured

Note,

144A,

PIK,

10%,

4/01/26

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

United

States

17,833,800

15,577,646

Senior

Secured

Note,

144A,

7.5%,

4/01/25

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

United

States

7,501,000

7,154,154

e

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

10/15/27

........

Canada

15,100,000

14,699,321

e

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

9,900,000

9,451,877

e

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

5/15/27

.....

United

States

10,300,000

10,097,090

Franklin

High

Income

Trust

Schedule

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)

Energy

Equipment

&

Services

(continued)

e

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

6,300,000

$

6,489,126

e

Transocean,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

....

United

States

15,800,000

16,130,220

e

Weatherford

International

Ltd.

,

Senior

Note,

144A,

11%,

12/01/24

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

United

States

296,000

304,011

Senior

Note,

144A,

8.625%,

4/30/30

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

United

States

14,100,000

14,437,836

Senior

Secured

Note,

144A,

6.5%,

9/15/28

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

United

States

5,900,000

5,915,664

100,256,945

Entertainment

1.6%

e

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

5.375

%

,

3/01/25

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

France

21,900,000

21,430,574

Netflix,

Inc.

,

Senior

Bond,

4.375%,

11/15/26

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

United

States

10,200,000

10,094,430

e

Senior

Bond,

144A,

5.375%,

11/15/29

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

United

States

3,600,000

3,660,750

e

Senior

Note,

144A,

3.625%,

6/15/25

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

United

States

7,300,000

7,094,687

42,280,441

Financial

Services

1.8%

e

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

..

United

States

17,600,000

14,953,944

MGIC

Investment

Corp.

,

Senior

Note

,

5.25

%

,

8/15/28

..........

United

States

8,400,000

7,992,978

e

Oxford

Finance

LLC

/

Oxford

Finance

Co-Issuer

II,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

2/01/27

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

United

States

3,400,000

3,183,231

Radian

Group,

Inc.

,

Senior

Note

,

6.625

%

,

3/15/25

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

United

States

14,900,000

14,851,128

e

United

Wholesale

Mortgage

LLC

,

Senior

Note

,

144A,

5.5

%

,

11/15/25

United

States

7,100,000

6,727,818

47,709,099

Food

Products

0.8%

B&G

Foods,

Inc.

,

Senior

Note,

5.25%,

4/01/25

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

United

States

9,100,000

8,484,112

Senior

Note,

5.25%,

9/15/27

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

United

States

6,800,000

5,837,596

e

Darling

Ingredients,

Inc.

,

Senior

Note

,

144A,

6

%

,

6/15/30

.......

United

States

3,200,000

3,192,000

Pilgrim's

Pride

Corp.

,

Senior

Note

,

3.5

%

,

3/01/32

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

United

States

3,600,000

2,932,920

20,446,628

Ground

Transportation

0.7%

e

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

8/12/26

........

United

Kingdom

1,800,000

1,579,643

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

14,700,000

12,804,419

e

Williams

Scotsman

International,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

8/15/28

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

United

States

3,000,000

2,732,674

17,116,736

Health

Care

Equipment

&

Supplies

1.0%

e

Garden

Spinco

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

......

United

States

9,000,000

9,625,461

e

Medline

Borrower

LP

,

Senior

Note,

144A,

5.25%,

10/01/29

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

United

States

10,300,000

8,946,245

Senior

Secured

Note,

144A,

3.875%,

4/01/29

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

United

States

8,200,000

7,123,012

25,694,718

Health

Care

Providers

&

Services

5.3%

Centene

Corp.

,

Senior

Bond,

2.5%,

3/01/31

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

United

States

15,000,000

12,160,500

Senior

Note,

4.25%,

12/15/27

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

United

States

12,700,000

12,248,642

Senior

Note,

4.625%,

12/15/29

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

United

States

4,300,000

4,046,902

Franklin

High

Income

Trust

Schedule

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)

Health

Care

Providers

&

Services

(continued)

Centene

Corp.,

(continued)

Senior

Note,

2.625%,

8/01/31

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

United

States

1,400,000

$

1,135,694

e

CHS/Community

Health

Systems,

Inc.

,

Secured

Note,

144A,

6.125%,

4/01/30

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

United

States

6,800,000

4,104,004

Senior

Secured

Note,

144A,

8%,

3/15/26

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

United

States

5,000,000

4,837,500

Senior

Secured

Note,

144A,

5.625%,

3/15/27

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

United

States

5,900,000

5,185,746

Senior

Secured

Note,

144A,

8%,

12/15/27

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

United

States

1,200,000

1,163,760

Senior

Secured

Note,

144A,

6%,

1/15/29

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

United

States

6,000,000

5,081,340

Senior

Secured

Note,

144A,

5.25%,

5/15/30

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

United

States

6,500,000

5,104,775

e

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

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

United

States

16,700,000

14,270,150

e

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

8,500,000

7,225,896

e

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

24,600,000

17,722,181

Tenet

Healthcare

Corp.

,

Secured

Note,

6.25%,

2/01/27

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

United

States

14,500,000

14,275,250

Senior

Secured

Note,

4.875%,

1/01/26

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

United

States

5,000,000

4,907,275

Senior

Secured

Note,

4.25%,

6/01/29

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

United

States

8,500,000

7,697,685

e

Senior

Secured

Note,

144A,

6.125%,

6/15/30

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

United

States

14,600,000

14,416,040

135,583,340

Health

Care

REITs

0.9%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond,

5.25%,

8/01/26

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

United

States

14,400,000

12,960,000

Senior

Bond,

3.5%,

3/15/31

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

United

States

16,200,000

10,920,420

23,880,420

Hotel

&

Resort

REITs

0.4%

e

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

4.5

%

,

2/15/29

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

United

States

10,000,000

9,044,700

e

XHR

LP

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/29

.........

United

States

3,000,000

2,547,457

11,592,157

Hotels,

Restaurants

&

Leisure

7.8%

e

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

12,700,000

10,901,680

b,e,g

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

23,000,000

—

e

Boyne

USA,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

5/15/29

...........

United

States

8,600,000

7,687,837

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note,

144A,

6.25%,

7/01/25

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

United

States

15,600,000

15,615,315

Senior

Secured

Note,

144A,

7%,

2/15/30

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

United

States

6,800,000

6,925,222

e

Caesars

Resort

Collection

LLC

/

CRC

Finco,

Inc.

,

Senior

Secured

Note

,

144A,

5.75

%

,

7/01/25

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

United

States

7,000,000

7,007,902

e

Carnival

Corp.

,

Senior

Note,

144A,

7.625%,

3/01/26

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

United

States

7,300,000

6,668,404

Senior

Note,

144A,

5.75%,

3/01/27

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

United

States

24,000,000

19,713,960

e

Carnival

Holdings

Bermuda

Ltd.

,

Senior

Note

,

144A,

10.375

%

,

5/01/28

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

United

States

10,000,000

10,766,950

e

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

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

United

States

10,600,000

8,730,478

e

International

Game

Technology

plc

,

Senior

Secured

Note

,

144A,

4.125

%

,

4/15/26

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

United

States

3,800,000

3,671,370

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.2

%

,

8/08/24

...........

United

States

7,300,000

7,066,818

e

Motion

Bondco

DAC

,

Senior

Note

,

144A,

6.625

%

,

11/15/27

......

United

Kingdom

4,400,000

4,064,862

e

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

5,700,000

4,857,255

e

Papa

John's

International,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/15/29

United

States

6,000,000

5,213,640

Franklin

High

Income

Trust

Schedule

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)

e

Premier

Entertainment

Sub

LLC

/

Premier

Entertainment

Finance

Corp.

,

Senior

Bond,

144A,

5.875%,

9/01/31

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

United

States

6,200,000

$

4,462,450

Senior

Note,

144A,

5.625%,

9/01/29

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

United

States

7,800,000

5,767,125

e

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.5%,

8/31/26

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

United

States

11,200,000

10,491,096

Senior

Note,

144A,

5.375%,

7/15/27

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

United

States

5,800,000

5,172,875

Senior

Note,

144A,

11.625%,

8/15/27

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

United

States

13,900,000

14,942,500

e

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

9,800,000

8,856,015

e

Studio

City

Finance

Ltd.

,

Senior

Note

,

144A,

5

%

,

1/15/29

.......

Macau

21,500,000

16,528,877

e

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

15,000,000

15,229,050

200,341,681

Household

Durables

1.4%

e

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note,

144A,

4.625%,

8/01/29

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

United

States

13,000,000

10,560,030

Senior

Note,

144A,

4.625%,

4/01/30

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

United

States

8,000,000

6,596,000

KB

Home

,

Senior

Note

,

7.25

%

,

7/15/30

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

United

States

9,000,000

9,139,385

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

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

United

States

12,600,000

10,699,351

36,994,766

Independent

Power

and

Renewable

Electricity

Producers

2.1%

e

Calpine

Corp.

,

Senior

Note,

144A,

5.125%,

3/15/28

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

United

States

12,900,000

11,828,143

Senior

Secured

Note,

144A,

4.5%,

2/15/28

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

United

States

12,200,000

11,331,586

e

Clearway

Energy

Operating

LLC

,

Senior

Bond,

144A,

3.75%,

1/15/32

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

United

States

8,800,000

7,329,971

Senior

Note,

144A,

4.75%,

3/15/28

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

United

States

10,000,000

9,561,100

Senior

Note,

144A,

3.75%,

2/15/31

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

United

States

7,000,000

6,043,800

g

Talen

Energy

Supply

LLC

,

Senior

Note

,

6.5

%

,

6/01/25

..........

United

States

22,450,000

9,204,500

55,299,100

Insurance

0.9%

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note,

144A,

6.75%,

10/15/27

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

United

States

5,400,000

5,013,630

Senior

Secured

Note,

144A,

6.75%,

4/15/28

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

United

States

3,900,000

3,860,142

CNO

Financial

Group,

Inc.

,

Senior

Note

,

5.25

%

,

5/30/29

........

United

States

2,100,000

2,032,487

e

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note

,

144A,

10.5

%

,

12/15/30

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

Canada

12,000,000

12,101,552

23,007,811

IT

Services

2.2%

e

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

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

United

States

8,500,000

6,849,640

e

Cogent

Communications

Group,

Inc.

,

Senior

Note,

144A,

7%,

6/15/27

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

United

States

10,000,000

9,924,000

Senior

Secured

Note,

144A,

3.5%,

5/01/26

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

United

States

7,200,000

6,720,480

e

Gartner,

Inc.

,

Senior

Note,

144A,

4.5%,

7/01/28

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

United

States

9,300,000

8,836,535

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

4,400,000

3,930,102

Senior

Note,

144A,

3.75%,

10/01/30

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

United

States

6,000,000

5,391,120

e

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

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

United

States

4,500,000

3,333,800

e

Presidio

Holdings,

Inc.

,

Senior

Note,

144A,

8.25%,

2/01/28

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

United

States

3,700,000

3,519,958

Franklin

High

Income

Trust

Schedule

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

(continued)

e

Presidio

Holdings,

Inc.,

(continued)

Senior

Secured

Note,

144A,

4.875%,

2/01/27

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

United

States

7,500,000

$

7,176,150

55,681,785

Machinery

0.6%

e

Chart

Industries,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

1/01/30

.

United

States

11,400,000

11,792,958

e

Manitowoc

Co.,

Inc.

(The)

,

Secured

Note

,

144A,

9

%

,

4/01/26

....

United

States

2,900,000

2,907,438

e

Titan

Acquisition

Ltd.

/

Titan

Co-Borrower

LLC

,

Senior

Note

,

144A,

7.75

%

,

4/15/26

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

Canada

300,000

251,556

14,951,952

Media

3.8%

e

Clear

Channel

International

BV

,

Senior

Secured

Note

,

144A,

6.625

%

,

8/01/25

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

United

Kingdom

3,000,000

2,921,948

e

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

5,700,000

4,280,130

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

10,700,000

7,614,120

Senior

Secured

Note,

144A,

5.125%,

8/15/27

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

United

States

2,100,000

1,886,934

CSC

Holdings

LLC

,

Senior

Bond

,

5.25

%

,

6/01/24

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

United

States

21,000,000

20,288,940

e,g

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note,

144A,

6.625%,

8/15/27

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

United

States

11,300,000

155,375

Senior

Secured

Note,

144A,

5.375%,

8/15/26

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

United

States

13,300,000

748,125

e

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

10,400,000

9,429,264

DISH

DBS

Corp.

,

Senior

Note,

5.875%,

11/15/24

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

United

States

9,700,000

8,660,160

e

Senior

Secured

Note,

144A,

5.75%,

12/01/28

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

United

States

10,000,000

7,481,250

e

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

7,490,000

7,081,083

e

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

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

United

States

4,400,000

3,914,680

e

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

4.25

%

,

1/15/29

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

United

States

8,000,000

6,649,000

e

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

12,600,000

10,836,000

e

Univision

Communications,

Inc.

,

Senior

Secured

Note,

144A,

5.125%,

2/15/25

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

United

States

3,000,000

2,950,095

Senior

Secured

Note,

144A,

4.5%,

5/01/29

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

United

States

4,000,000

3,364,660

98,261,764

Metals

&

Mining

1.7%

e

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

16,000,000

13,880,000

e

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

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

Australia

9,500,000

8,345,893

e

Novelis

Corp.

,

Senior

Bond,

144A,

4.75%,

1/30/30

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

United

States

7,700,000

7,084,000

Senior

Bond,

144A,

3.875%,

8/15/31

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

United

States

2,200,000

1,856,184

Senior

Note,

144A,

3.25%,

11/15/26

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

United

States

1,600,000

1,463,632

e

SunCoke

Energy,

Inc.

,

Senior

Secured

Note

,

144A,

4.875

%

,

6/30/29

United

States

12,600,000

10,985,043

43,614,752

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.7%

e

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

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

United

States

20,800,000

14,652,976

e

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

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

United

States

5,700,000

4,126,315

18,779,291

Franklin

High

Income

Trust

Schedule

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)

Oil,

Gas

&

Consumable

Fuels

12.6%

e

Antero

Resources

Corp.

,

Senior

Note,

144A,

7.625%,

2/01/29

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

United

States

4,422,000

$

4,525,829

Senior

Note,

144A,

5.375%,

3/01/30

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

United

States

4,300,000

4,004,912

e

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

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

United

States

9,400,000

8,957,648

Cheniere

Energy

Partners

LP

,

Senior

Note,

4.5%,

10/01/29

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

United

States

5,600,000

5,207,696

Senior

Note,

4%,

3/01/31

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

United

States

28,000,000

24,947,440

Cheniere

Energy,

Inc.

,

Senior

Note

,

4.625

%

,

10/15/28

..........

United

States

9,300,000

8,848,392

e

Chesapeake

Energy

Corp.

,

Senior

Note,

144A,

5.875%,

2/01/29

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

United

States

5,000,000

4,765,375

Senior

Note,

144A,

6.75%,

4/15/29

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

United

States

13,300,000

13,216,543

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp.

,

Senior

Note,

5.75%,

4/01/25

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

United

States

14,000,000

13,689,194

e

Senior

Note,

144A,

6%,

2/01/29

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

United

States

13,700,000

13,059,456

e

Senior

Note,

144A,

8%,

4/01/29

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

United

States

6,000,000

6,125,400

e

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

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

United

States

5,100,000

4,757,280

e

DT

Midstream,

Inc.

,

Senior

Bond,

144A,

4.375%,

6/15/31

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

United

States

3,900,000

3,403,062

Senior

Note,

144A,

4.125%,

6/15/29

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

United

States

10,800,000

9,480,752

e

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

27,800,000

27,619,022

EnLink

Midstream

LLC

,

Senior

Bond,

5.375%,

6/01/29

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

United

States

2,100,000

2,023,297

e

Senior

Note,

144A,

5.625%,

1/15/28

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

United

States

4,400,000

4,316,136

e

Senior

Note,

144A,

6.5%,

9/01/30

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

United

States

12,200,000

12,350,060

e

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

1,900,000

1,909,443

e

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

14,800,000

12,969,388

e

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond,

144A,

6%,

2/01/31

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

United

States

5,000,000

4,622,442

Senior

Bond,

144A,

6.25%,

4/15/32

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

United

States

4,300,000

3,982,402

Senior

Note,

144A,

5.75%,

2/01/29

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

United

States

7,600,000

7,005,606

Senior

Note,

144A,

6%,

4/15/30

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

United

States

4,000,000

3,693,600

e

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

........

United

States

12,200,000

11,760,800

e

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/15/28

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

United

States

30,800,000

29,522,724

b,c,e,g

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

18,564,500

—

Occidental

Petroleum

Corp.

,

Senior

Bond,

6.45%,

9/15/36

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

United

States

15,200,000

15,998,000

Senior

Note,

8.875%,

7/15/30

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

United

States

17,500,000

20,371,225

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note,

6%,

4/15/27

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

United

States

12,600,000

12,455,064

Senior

Note,

4.5%,

5/15/29

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

United

States

4,600,000

4,228,159

Senior

Note,

4.5%,

4/30/30

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

United

States

10,000,000

9,055,050

e

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond,

144A,

4.125%,

8/15/31

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

United

States

5,900,000

5,189,581

Senior

Secured

Note,

144A,

3.875%,

8/15/29

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

United

States

5,900,000

5,327,110

Senior

Secured

Note,

144A,

6.25%,

1/15/30

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

United

States

7,100,000

7,160,208

326,548,296

Paper

&

Forest

Products

0.2%

e

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

8,200,000

5,424,819

Franklin

High

Income

Trust

Schedule

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)

Passenger

Airlines

1.4%

e

American

Airlines

Inc/AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

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

United

States

17,000,000

$

16,750,810

Senior

Secured

Note,

144A,

5.75%,

4/20/29

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

United

States

2,000,000

1,920,602

e

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

10,200,000

9,851,650

e

United

Airlines,

Inc.

,

Senior

Secured

Note,

144A,

4.375%,

4/15/26

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

United

States

2,700,000

2,586,271

Senior

Secured

Note,

144A,

4.625%,

4/15/29

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

United

States

5,500,000

4,982,018

36,091,351

Personal

Care

Products

0.6%

e

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/30

.........

United

States

14,200,000

14,396,954

Pharmaceuticals

2.6%

e

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

6,021,000

5,975,842

e

Bausch

Health

Cos.,

Inc.

,

Secured

Note,

144A,

14%,

10/15/30

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

United

States

2,114,000

1,200,651

Senior

Secured

Note,

144A,

6.125%,

2/01/27

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

United

States

3,100,000

2,009,482

Senior

Secured

Note,

144A,

4.875%,

6/01/28

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

United

States

9,800,000

5,790,820

Senior

Secured

Note,

144A,

11%,

9/30/28

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

United

States

10,692,000

7,921,061

e,g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

Secured

Note,

144A,

9.5%,

7/31/27

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

United

States

7,104,000

550,560

Senior

Note,

144A,

6%,

6/30/28

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

United

States

4,473,000

346,657

e,g

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

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

United

States

4,700,000

3,480,965

e

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

Senior

Secured

Note

,

144A,

4.125

%

,

4/30/28

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

United

States

13,000,000

11,895,130

e,g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/27

United

States

4,273,000

3,182,762

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

4.75%,

5/09/27

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

Israel

10,600,000

9,907,582

Senior

Note,

5.125%,

5/09/29

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

Israel

900,000

816,126

Senior

Note,

7.875%,

9/15/29

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

Israel

6,400,000

6,704,000

Senior

Note,

8.125%,

9/15/31

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

Israel

6,400,000

6,726,085

66,507,723

Real

Estate

Management

&

Development

1.4%

e

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

7.875

%

,

11/15/25

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

United

States

13,900,000

12,520,495

e

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

11,000,000

9,910,008

e

Howard

Hughes

Corp.

(The)

,

Senior

Note,

144A,

5.375%,

8/01/28

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

United

States

9,200,000

8,391,320

Senior

Note,

144A,

4.125%,

2/01/29

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

United

States

5,700,000

4,835,965

35,657,788

Software

1.0%

e

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

14,600,000

13,815,031

e

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

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

United

States

9,400,000

7,890,306

e

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

6,700,000

5,283,163

26,988,500

Specialty

Retail

2.0%

e

Bath

&

Body

Works,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/01/30

...

United

States

8,700,000

8,489,286

e

Evergreen

Acqco

1

LP

/

TVI,

Inc.

,

Senior

Secured

Note

,

144A,

9.75

%

,

4/26/28

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

United

States

15,900,000

15,121,298

e

Gap,

Inc.

(The)

,

Senior

Note

,

144A,

3.625

%

,

10/01/29

..........

United

States

12,800,000

9,141,760

e

Michaels

Cos.,

Inc.

(The)

,

Senior

Note,

144A,

7.875%,

5/01/29

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

United

States

15,600,000

10,934,742

Franklin

High

Income

Trust

Schedule

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)

Specialty

Retail

(continued)

e

Michaels

Cos.,

Inc.

(The),

(continued)

Senior

Secured

Note,

144A,

5.25%,

5/01/28

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

United

States

4,200,000

$

3,504,774

g,h

Party

City

Holdings,

Inc.

,

Senior

Secured

Note

,

FRN

,

10.27

%

,

(

6-month

USD

LIBOR

+

5

%

),

7/15/25

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

United

States

1,851,810

259,253

e

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

5,300,000

4,300,261

51,751,374

Textiles,

Apparel

&

Luxury

Goods

0.3%

e

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

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

United

States

8,600,000

8,812,463

Trading

Companies

&

Distributors

0.7%

e

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

10,900,000

9,564,750

e

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

7/15/27

..........

United

States

4,000,000

3,865,300

e

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

6/15/28

....

United

States

4,600,000

4,727,788

18,157,838

Wireless

Telecommunication

Services

0.4%

Hughes

Satellite

Systems

Corp.

,

Senior

Note

,

6.625

%

,

8/01/26

...

United

States

2,950,000

2,796,003

T-Mobile

USA,

Inc.

,

Senior

Note

,

2.625

%

,

2/15/29

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

United

States

9,200,000

8,114,498

10,910,501

Total

Corporate

Bonds

(Cost

$2,660,434,210)

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

2,342,315,519

i

Senior

Floating

Rate

Interests

2.6%

j

Chemicals

1.1%

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan,

9.454%,

(3-month

SOFR

+

4.5%),

3/15/29

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

United

States

8,634,750

7,773,995

Second

Lien,

Initial

CME

Term

Loan,

12.297%,

(1-month

SOFR

+

7.438%),

3/15/30

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

United

States

9,279,070

7,763,519

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.076

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

13,034,500

11,523,997

27,061,511

a

a

a

a

a

a

Health

Care

Technology

0.4%

j

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.259

%

,

(

1-month

SOFR

+

3.5

%

),

2/15/29

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

United

States

11,590,884

10,880,942

Hotels,

Restaurants

&

Leisure

0.5%

j

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

8.807

%

,

(

1-month

SOFR

+

4

%

),

1/27/29

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

United

States

12,969,000

12,798,069

j

Media

0.2%

Clear

Channel

Outdoor

Holdings,

Inc.

,

Term

Loan,

B

,

8.325

%

,

(

3-month

SOFR

+

3.5

%

),

8/21/26

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

United

States

2,939,086

2,745,606

Diamond

Sports

Group

LLC

,

First

Lien,

CME

Term

Loan

,

12.775

%

,

(

3-month

SOFR

+

8

%

),

5/25/26

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

United

States

2,644,257

2,495,518

5,241,124

a

a

a

a

a

a

Software

0.4%

j

McAfee

Corp.

,

CME

Term

Loan,

B1

,

8.515

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

10,322,000

9,736,226

Total

Senior

Floating

Rate

Interests

(Cost

$70,605,997)

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

65,717,872

Franklin

High

Income

Trust

Schedule

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

Shares

a

Value

a

a

a

a

a

a

Escrows

and

Litigation

Trusts

0.0%

†

a,b

Alpha

Natural

Resources,

Inc.,

Escrow

Account

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

United

States

25,000,000

$

—

a

Chesapeake

Energy

Corp.,

Escrow

Account

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

United

States

13,700,000

239,750

Total

Escrows

and

Litigation

Trusts

(Cost

$450,960)

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

239,750

Total

Long

Term

Investments

(Cost

$2,770,586,987)

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

2,434,771,295

a

Short

Term

Investments

4.3%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

4.3%

k,l

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.371%

....

United

States

110,866,435

110,866,435

Total

Money

Market

Funds

(Cost

$110,866,435)

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

110,866,435

Total

Short

Term

Investments

(Cost

$110,866,435

)

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

110,866,435

a

Total

Investments

(Cost

$2,881,453,422)

98.6%

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

$2,545,637,730

Other

Assets,

less

Liabilities

1.4%

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

37,463,366

Net

Assets

100.0%

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

$2,583,101,096

See

Abbreviations

on

page

42

.

*

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

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

c

Income

may

be

received

in

additional

securities

and/or

cash.

d

Perpetual

security

with

no

stated

maturity

date.

e

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

March

31,

2023,

the

aggregate

value

of

these

securities

was

$1,890,454,129,

representing

73.2%

of

net

assets.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

g

See

Note

7

regarding

credit

risk

and

defaulted

securities.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

See

Note

1(e)

regarding

senior

floating

rate

interests.

j

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

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

March

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Franklin

High

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,770,586,987

Cost

-

Non-controlled

affiliates

(Note

3

f

)

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

110,866,435

Value

-

Unaffiliated

issuers

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

$2,434,771,295

Value

-

Non-controlled

affiliates

(Note

3

f

)

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

110,866,435

Cash

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

208,934

Receivables:

Investment

securities

sold

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

6,842,000

Capital

shares

sold

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

1,389,391

Interest

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

39,963,112

Total

assets

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

2,594,041,167

Liabilities:

Payables:

Investment

securities

purchased

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

6,452,000

Capital

shares

redeemed

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

1,838,799

Management

fees

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

973,226

Distribution

fees

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

388,246

Transfer

agent

fees

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

602,536

Trustees'

fees

and

expenses

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

54

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

8

)

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

87,215

Accrued

expenses

and

other

liabilities

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

597,995

Total

liabilities

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

10,940,071

Net

assets,

at

value

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

$2,583,101,096

Net

assets

consist

of:

Paid-in

capital

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

$3,726,095,218

Total

distributable

earnings

(losses)

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

(1,142,994,122)

Net

assets,

at

value

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

$2,583,101,096

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2023

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

Franklin

High

Income

Fund

Class

A:

Net

assets,

at

value

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

$702,095,247

Shares

outstanding

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

430,494,157

Net

asset

value

per

share

a

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

$1.63

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$1.69

Class

A1:

Net

assets,

at

value

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

$1,332,169,857

Shares

outstanding

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

808,066,997

Net

asset

value

per

share

a

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

$1.65

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

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

$1.71

Class

C:

Net

assets,

at

value

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

$87,931,665

Shares

outstanding

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

52,488,319

Net

asset

value

and

maximum

offering

price

per

share

a

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

$1.68

Class

R:

Net

assets,

at

value

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

$58,111,826

Shares

outstanding

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

34,407,641

Net

asset

value

and

maximum

offering

price

per

share

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

$1.69

Class

R6:

Net

assets,

at

value

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

$124,758,966

Shares

outstanding

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

76,041,586

Net

asset

value

and

maximum

offering

price

per

share

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

$1.64

Advisor

Class:

Net

assets,

at

value

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

$278,033,535

Shares

outstanding

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

168,739,916

Net

asset

value

and

maximum

offering

price

per

share

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

$1.65

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

March

31,

2023

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

29

Franklin

High

Income

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

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

$1,699,361

Non-controlled

affiliates

(Note

3f)

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

1,625,221

Interest:

Unaffiliated

issuers

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

82,198,493

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

22,829

Non-controlled

affiliates

(Note

3

f

)

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

79,851

Total

investment

income

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

85,625,755

Expenses:

Management

fees

(Note

3

a

)

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

5,812,080

Distribution

fees:

(Note

3c

)

    Class

A

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

841,380

    Class

A1

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

1,002,561

    Class

C

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

295,435

    Class

R

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

147,901

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

459,038

    Class

A1

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

911,871

    Class

C

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

62,051

    Class

R

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

40,356

    Class

R6

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

26,464

    Advisor

Class

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

193,090

Custodian

fees

(Note

4

)

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

10,743

Reports

to

shareholders

fees

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

159,952

Registration

and

filing

fees

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

95,533

Professional

fees

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

49,067

Trustees'

fees

and

expenses

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

14,550

Other

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

46,763

Total

expenses

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

10,168,835

Expense

reductions

(Note

4

)

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

(318)

Expenses

waived/paid

by

affiliates

(Note

3

f

and

3

g

)

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

(196,332)

Net

expenses

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

9,972,185

Net

investment

income

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

75,653,570

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(59,814,390)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

210,240,625

Unfunded

loan

commitments

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

105,488

Net

change

in

unrealized

appreciation

(depreciation)

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

210,346,113

Net

realized

and

unrealized

gain

(loss)

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

150,531,723

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$226,185,293

Franklin

High

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

Franklin

High

Income

Fund

Six

Months

Ended

March

31,

2023

(unaudited)

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$75,653,570

$53,454,211

$141,887,283

Net

realized

gain

(loss)

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

(59,814,390)

(20,986,843)

5,354,464

Net

change

in

unrealized

appreciation

(depreciation)

........

210,346,113

(230,770,311)

(281,870,267)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

226,185,293

(198,302,943)

(134,628,520)

Distributions

to

shareholders:

Class

A

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

(21,530,654)

(13,261,109)

(33,006,563)

Class

A1

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

(42,802,690)

(27,993,501)

(80,385,925)

Class

C

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

(2,585,712)

(1,931,850)

(6,601,409)

Class

R

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

(1,738,492)

(1,119,263)

(3,110,688)

Class

R6

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

(3,115,913)

(1,976,651)

(5,072,921)

Advisor

Class

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

(9,294,934)

(5,677,999)

(16,855,191)

Total

distributions

to

shareholders

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

(81,068,395)

(51,960,373)

(145,032,697)

Capital

share

transactions:

(Note

2

)

Class

A

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

21,636,965

17,572,211

205,233,436

Class

A1

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

(56,817,988)

(38,912,059)

(123,808,795)

Class

C

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

(16,389,051)

(10,462,896)

(88,405,043)

Class

R

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

(3,250,602)

(529,081)

(3,898,286)

Class

R6

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

28,827,748

1,097,161

19,909,942

Advisor

Class

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

4,930,135

(68,500,066)

42,592,559

Total

capital

share

transactions

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

(21,062,793)

(99,734,730)

51,623,813

Net

increase

(decrease)

in

net

assets

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

124,054,105

(349,998,046)

(228,037,404)

Net

assets:

Beginning

of

period

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

2,459,046,991

2,809,045,037

3,037,082,441

End

of

period

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

$2,583,101,096

$2,459,046,991

$2,809,045,037

a

For

the

period

June

1,

2022

to

September

30,

2022.

Franklin

High

Income

Trust

31

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

Franklin

High

Income

Fund

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).

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers

six

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

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.

Subsequent

to

May

31,

2022,

the

Fund’s

fiscal

year

end

changed

to

September

30.

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

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

March

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

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

Purchased

on

a

Delayed

Delivery

Basis

The

Fund

purchases

securities

on

a

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities,

it

may

sell

the

securities

before

the

settlement

date.

d.

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

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation 

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

33

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the Fund,

and/or

a

joint

repurchase

agreement.

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

March

31,

2023,

the Fund

had

no

securities

on

loan.

e.

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

Secured

Overnight

Financing

Rate

(SOFR).

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.

f.

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

March

31,

2023,

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. 

g.

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.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

d.

Securities

Lending

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

34

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

h.

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.

i.

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.

2.

Shares

of

Beneficial

Interest

At

March

31,

2023,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

Six

Months

Ended

March

31,

2023

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

73,212,084

$117,933,384

Shares

issued

in

reinvestment

of

distributions

..........

12,531,410

20,127,934

Shares

redeemed

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

(72,496,213)

(116,424,353)

Net

increase

(decrease)

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

13,247,281

$21,636,965

Class

A1

Shares:

Shares

sold

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

13,483,496

$21,953,778

Shares

issued

in

reinvestment

of

distributions

..........

23,192,215

37,626,125

Shares

redeemed

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

(71,575,421)

(116,397,891)

Net

increase

(decrease)

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

(34,899,710)

$(56,817,988)

Class

C

Shares:

Shares

sold

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

4,602,958

$7,639,041

Shares

issued

in

reinvestment

of

distributions

..........

1,468,748

2,421,769

Shares

redeemed

a

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

(16,176,188)

(26,449,861)

Net

increase

(decrease)

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

(10,104,482)

$(16,389,051)

Class

R

Shares:

Shares

sold

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

2,574,068

$4,300,558

Shares

issued

in

reinvestment

of

distributions

..........

1,044,047

1,733,811

Shares

redeemed

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

(5,563,102)

(9,284,971)

Net

increase

(decrease)

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

(1,944,987)

$(3,250,602)

Class

R6

Shares:

Shares

sold

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

25,300,960

$41,036,798

Shares

issued

in

reinvestment

of

distributions

..........

1,897,197

3,065,873

Shares

redeemed

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

(9,454,279)

(15,274,923)

Net

increase

(decrease)

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

17,743,878

$28,827,748

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)

Six

Months

Ended

March

31,

2023

Shares

Amount

Advisor

Class

Shares:

Shares

sold

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

67,674,088

$110,060,907

Shares

issued

in

reinvestment

of

distributions

..........

5,370,364

8,708,390

Shares

redeemed

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

(69,778,510)

(113,839,162)

Net

increase

(decrease)

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

3,265,942

$4,930,135

Year

Ended

September

30,

2022

b

Year

Ended

May

31,

2022

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

46,670,596

$76,460,014

200,948,612

$370,941,307

Shares

issued

in

reinvestment

of

distributions

..........

7,775,977

12,438,206

17,092,553

30,970,243

Shares

redeemed

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

(43,869,515)

(71,326,009)

(107,938,951)

(196,678,114)

Net

increase

(decrease)

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

10,577,058

$17,572,211

110,102,214

$205,233,436

Class

A1

Shares:

Shares

sold

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

7,608,875

$12,533,587

39,484,317

$72,976,305

Shares

issued

in

reinvestment

of

distributions

..........

15,218,988

24,649,562

38,385,436

70,510,008

Shares

redeemed

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

(46,472,390)

(76,095,208)

(144,890,033)

(267,295,108)

Net

increase

(decrease)

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

(23,644,527)

$(38,912,059)

(67,020,280)

$(123,808,795)

Class

C

Shares:

Shares

sold

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

1,948,654

$3,240,404

12,604,351

$23,778,635

Shares

issued

in

reinvestment

of

distributions

..........

1,110,296

1,821,048

3,304,666

6,182,808

Shares

redeemed

a

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

(9,293,865)

(15,524,348)

(62,543,521)

(118,366,486)

Net

increase

(decrease)

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

(6,234,915)

$(10,462,896)

(46,634,504)

$(88,405,043)

Class

R

Shares:

Shares

sold

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

1,702,263

$2,874,342

5,263,216

$9,879,452

Shares

issued

in

reinvestment

of

distributions

..........

673,624

1,116,413

1,652,660

3,103,115

Shares

redeemed

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

(2,701,596)

(4,519,836)

(8,965,664)

(16,880,853)

Net

increase

(decrease)

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

(325,709)

$(529,081)

(2,049,788)

$(3,898,286)

Class

R6

Shares:

Shares

sold

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

4,488,274

$7,352,933

20,707,734

$38,283,732

Shares

issued

in

reinvestment

of

distributions

..........

1,207,499

1,943,563

2,724,050

4,966,000

Shares

redeemed

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

(5,040,205)

(8,199,335)

(12,826,935)

(23,339,790)

Net

increase

(decrease)

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

655,568

$1,097,161

10,604,849

$19,909,942

Advisor

Class

Shares:

Shares

sold

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

13,929,184

$22,892,050

118,594,870

$214,891,375

Shares

issued

in

reinvestment

of

distributions

..........

3,272,102

5,293,260

8,487,738

15,593,616

Shares

redeemed

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

(58,534,993)

(96,685,376)

(101,961,748)

(187,892,432)

Net

increase

(decrease)

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

(41,333,707)

$(68,500,066)

25,120,860

$42,592,559

2.

Shares

of

Beneficial

Interest

(continued)

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,

calculated

daily

and

paid

monthly, to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

March

31,

2023,

the

annualized

gross

effective

investment

management

fee

rate

was 0.458%

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

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

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

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

b

For

the

period

June

1,

2022

to

September

30,

2022.

Subsidiary

Affiliation

Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

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

2.

Shares

of

Beneficial

Interest

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

37

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

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:

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.

Effective

October

1,

2022,

the

fees

are

based

on

an

annualized

asset

based

fee

of

0.016%

plus

a

reduced

transaction

based

fee.

Prior

to

October

1,

2022,

the

fees

were

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

March

31,

2023,

the

Fund

paid

transfer

agent

fees

of

$1,692,870,

of

which

$652,072

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

March

31,

2023,

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

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

$21,817

CDSC

retained

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

$28,462

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

January

31,

2024.

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

March

31,

2023,

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

September

30,

2022,

the

capital

loss

carryforwards

were

as

follows:

At

March

31,

2023,

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,

4.371%

$

81,816,490

$

444,970,360

$

(415,920,415)

$

—

$

—

$

110,866,435

110,866,435

$

1,625,221

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.371%

$—

$17,153,000

$(17,153,000)

$—

$—

$—

—

$79,851

Total

Affiliated

Securities

...

$81,816,490

$462,123,360

$(433,073,415)

$—

$—

$110,866,435

$1,705,072

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$2,179,395

Long

term

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

731,237,289

Total

capital

loss

carryforwards

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

$733,416,684

Cost

of

investments

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

$2,893,591,998

Unrealized

appreciation

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

$39,528,932

Unrealized

depreciation

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

(387,483,200)

Net

unrealized

appreciation

(depreciation)

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

$(347,954,268)

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

defaulted

securities

and

bond

discounts

and

premiums.

6.

Investment

Transactions

Purchases

and

sales

of

investments

(excluding

short

term

securities) for

the

period

ended

March

31,

2023,

aggregated

$395,161,975 

and

$459,229,342,

respectively. 

7.

Credit Risk

and

Defaulted

Securities

At

March

31,

2023,

the

Fund

had

80.7%

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

March

31,

2023,

the

aggregate

value

of

these

securities

represents

0.7%

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

Schedule

of

Investments.

8.

Unfunded

Loan

Commitments

The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

At

March

31,

2023,

unfunded

commitments

were

as

follows:

9.

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

2,

2024.

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

March

31,

2023,

the Fund

did

not

use

the

Global

Credit

Facility.

Borrower

Unfunded

Commitment

Franklin

High

Income

Fund

athenahealth

Group,

Inc.

$

1,423,913

$

1,423,913

5.

Income

Taxes

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

40

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

10.

Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

March

31,

2023,

in

valuing

the

Fund's assets

and

liabilities

carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Oil,

Gas

&

Consumable

Fuels

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

$

1,415,864

$

12,686,284

$

—

$

14,102,148

Rights

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

—

11,638,876

—

11,638,876

Warrants

:

Metals

&

Mining

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

692,742

—

—

692,742

Oil,

Gas

&

Consumable

Fuels

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

27,863

—

—

a

27,863

Convertible

Bonds

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

—

36,525

—

36,525

Corporate

Bonds

:

Aerospace

&

Defense

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

—

12,135,000

—

12,135,000

Automobile

Components

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

—

64,321,065

—

64,321,065

Automobiles

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

—

19,656,750

—

19,656,750

Banks

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

—

14,718,750

—

14,718,750

Beverages

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

—

10,048,537

—

10,048,537

Biotechnology

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

—

11,175,560

—

11,175,560

Building

Products

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

—

65,069,721

—

65,069,721

Capital

Markets

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

—

20,166,947

—

20,166,947

Chemicals

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

—

90,011,373

—

90,011,373

Commercial

Services

&

Supplies

...........

—

25,859,801

—

25,859,801

Communications

Equipment

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

—

12,600,495

—

12,600,495

Construction

&

Engineering

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

—

12,611,030

—

12,611,030

Consumer

Finance

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

—

48,717,927

—

48,717,927

Containers

&

Packaging

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

—

121,352,906

—

121,352,906

Distributors

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

—

13,316,059

—

13,316,059

Diversified

Consumer

Services

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

—

12,937,639

—

12,937,639

Diversified

REITs

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

—

41,795,466

—

41,795,466

Diversified

Telecommunication

Services

.....

—

93,714,300

—

93,714,300

Electric

Utilities

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

—

25,967,369

—

25,967,369

Electrical

Equipment

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

—

45,293,765

—

45,293,765

Electronic

Equipment,

Instruments

&

Components

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

—

8,104,066

—

8,104,066

Energy

Equipment

&

Services

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

—

100,256,945

—

100,256,945

Entertainment

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

—

42,280,441

—

42,280,441

Financial

Services

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

—

47,709,099

—

47,709,099

Food

Products

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

—

20,446,628

—

20,446,628

Ground

Transportation

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

—

17,116,736

—

17,116,736

Health

Care

Equipment

&

Supplies

.........

—

25,694,718

—

25,694,718

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

41

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

.

11.

New

Accounting

Pronouncements

In

March

2020,

the 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

and

December

2022,

the

FASB

issued

ASU

No.

2021-01

and

ASU

No.

2022-06,

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

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,

2024.

Management

has

reviewed

the

requirements

and

believes

the

adoption

of

these

ASUs

will

not

have

a

material

impact

on

the

financial

statements. 

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Health

Care

Providers

&

Services

..........

$

—

$

135,583,340

$

—

$

135,583,340

Health

Care

REITs

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

—

23,880,420

—

23,880,420

Hotel

&

Resort

REITs

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

—

11,592,157

—

11,592,157

Hotels,

Restaurants

&

Leisure

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

—

200,341,681

—

a

200,341,681

Household

Durables

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

—

36,994,766

—

36,994,766

Independent

Power

and

Renewable

Electricity

Producers

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

—

55,299,100

—

55,299,100

Insurance

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

—

23,007,811

—

23,007,811

IT

Services

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

—

55,681,785

—

55,681,785

Machinery

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

—

14,951,952

—

14,951,952

Media

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

—

98,261,764

—

98,261,764

Metals

&

Mining

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

—

43,614,752

—

43,614,752

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

18,779,291

—

18,779,291

Oil,

Gas

&

Consumable

Fuels

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

—

326,548,296

—

a

326,548,296

Paper

&

Forest

Products

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

—

5,424,819

—

5,424,819

Passenger

Airlines

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

—

36,091,351

—

36,091,351

Personal

Care

Products

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

—

14,396,954

—

14,396,954

Pharmaceuticals

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

—

66,507,723

—

66,507,723

Real

Estate

Management

&

Development

....

—

35,657,788

—

35,657,788

Software

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

—

26,988,500

—

26,988,500

Specialty

Retail

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

—

51,751,374

—

51,751,374

Textiles,

Apparel

&

Luxury

Goods

..........

—

8,812,463

—

8,812,463

Trading

Companies

&

Distributors

..........

—

18,157,838

—

18,157,838

Wireless

Telecommunication

Services

.......

—

10,910,501

—

10,910,501

Senior

Floating

Rate

Interests

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

—

65,717,872

—

65,717,872

Escrows

and

Litigation

Trusts

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

—

239,750

—

a

239,750

Short

Term

Investments

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

110,866,435

—

—

110,866,435

Total

Investments

in

Securities

...........

$113,002,904

$2,432,634,826

$—

$2,545,637,730

Liabilities:

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

87,215

$

—

$

87,215

Total

Other

Financial

Instruments

.........

$—

$87,215

$—

$87,215

a

Includes

financial

instruments

determined

to

have

no

value

at

March

31,

2023.

10.

Fair

Value

Measurements

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

42

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

In June

2022,

the FASB

issued

ASU

No.

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions.

The

amendments

in

the

ASU

clarify

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

should

not

be

considered

in

measuring

fair

value.

The

ASU

is

effective

for

interim

and

annual

reporting

periods

beginning

after

December

15,

2023,

with

the

option

of

early

adoption.

Management

has

reviewed

the

requirements

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

12.

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.

Abbreviations

Currency

USD

United

States

Dollar

Selected

Portfolio

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

11.

New

Accounting

Pronouncements

(continued)

Franklin

High

Income

Trust

Shareholder

Information

43

franklintempleton.com

Semiannual

Report

Board

Approval

of

Investment

Management

Agreements

FRANKLIN

HIGH

INCOME

TRUST

Franklin

High

Income

Fund

(Fund)

At

a

meeting

held

on

March

27,

2023

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

High

Income

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

“interested

persons”

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

the

period

May

1,

2023

through

June

30,

2023

(Stub

Period).

The

Independent

Trustees

noted

that

the

Fund’s

annual

contract

review

was

historically

held

at

the

February

Board

meeting

and

that

management

proposed

to

move

the

contract

review

to

the

May

Board

meeting.

The

Independent

Trustees

further

noted

management’s

explanation

that,

to

effect

this

change,

the

Board

needed

to

consider

the

renewal

of

the

Fund’s

Management

Agreement

prior

to

its

current

April

30,

2023

expiration

date.

The

Independent

Trustees

also

noted

that

management

would

ask

them

to

consider

the

continuation

of

the

Management

Agreement

again

at

the

May

Board

meeting

for

the

12-month

period

beginning

July

1,

2023.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

in

considering

whether

to

approve

the

continuation

of

the

Management

Agreement

for

the

Stub

Period.

In

considering

the

continuation

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters;

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

reviewed

and

considered

prior

to

and

at

the

Meeting.

The

Board

reviewed

and

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i)

the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii)

the

investment

performance

of

the

Fund;

(iii)

the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv)

the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v)

whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

such

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board’s

determination.

Nature,

Extent

and

Quality

of

Services

The

Board

reviewed

and

considered

information

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management’s

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

management’s

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager’s

parent,

and

its

commitment

to

the

mutual

fund

business

Franklin

High

Income

Trust

Shareholder

Information

44

franklintempleton.com

Semiannual

Report

as

evidenced

by

its

reassessment

of

the

fund

offerings

in

response

to

the

market

environment

and

project

initiatives

and

capital

investments

relating

to

the

services

provided

to

the

Fund

by

the

FT

organization.

The

Board

specifically

noted

FT’s

commitment

to

technological

innovation

and

advancement

and

investments

to

promote

alternative

investing.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

Fund

Performance

The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2022.

The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund’s

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

high

yield

funds.

The

Board

noted

that

the

Fund’s

annualized

income

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund’s

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

and

for

the

10-year

period

was

only

one

basis

point

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management’s

representation

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund’s

investment

objective)

as

set

forth

in

the

Fund’s

registration

statement

and

that

the

evaluation

of

the

Fund’s

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund’s

performance

was

satisfactory.

Comparative

Fees

and

Expenses

The

Board

reviewed

and

considered

information

regarding

the

Fund’s

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-

management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund’s

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A1

shares

for

the

Fund

and

for

Class

A

shares

and

Class

M

shares

for

the

other

funds

in

the

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

16

other

high

yield

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

both

in

the

first

quintile

(least

expensive)

and

below

the

medians

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Profitability

The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT’s

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2022,

being

the

most

recent

fiscal

year-

end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund’s

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

PricewaterhouseCoopers

LLP,

auditor

to

FRI

and

certain

Franklin

High

Income

Trust

Shareholder

Information

45

franklintempleton.com

Semiannual

Report

FT

funds,

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund’s

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management’s

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management’s

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up

front

expenditures

by

the

Manager

but,

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management’s

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Economies

of

Scale

The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund’s

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund’s

shareholders

by

reducing

the

Fund’s

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager’s

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Fund

had

experienced

a

decrease

in

assets

over

the

past

three

years

as

of

the

end

of

the

Fund’s

most

recent

fiscal

quarter

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund’s

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

Conclusion

Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

the

Management

Agreement

for

the

Stub

Period.

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

Schedule

of

Investments

The

Trust,

on

behalf

of

the

Fund,

files

a

complete

schedule

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

Franklin

High

Income

Trust

Shareholder

Information

46

franklintempleton.com

Semiannual

Report

(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

5/23

©

2023

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

(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.

(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  May 30, 2023

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  May 30, 2023

By S\CHRISTOPHER KINGS______________________

      Christopher Kings

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  May 30, 2023