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: 3/31/24

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

Franklin

High

Income

Fund

A

Series

of

Franklin

High

Income

Trust

March

31,

2024

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

The

Securities

and

Exchange

Commission

has

adopted

new

regulations

that

will

result

in

changes

to

the

design

and

delivery

of

annual

and

semiannual

shareholder

reports

beginning

in

July

2024.

If

you

have

previously

elected

to

receive

shareholder

reports

electronically,

you

will

continue

to

do

so

and

need

not

take

any

action.

Otherwise,

paper

copies

of

the

Fund’s

shareholder

reports

will

be

mailed

to

you

beginning

in

July

2024.

If

you

would

like

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

instead

of

by

mail,

you

may

make

that

request

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank)

or,

if

you

are

a

direct

investor,

enrolling

at

franklintempleton.com.

You

may

access

franklintempleton.com

by

scanning

the

code

below.

franklintempleton.com

Semiannual

Report

1

Contents

Fund

Overview

2

Performance

Summary

3

Your

Fund’s

Expenses

5

Financial

Highlights

and

Schedule

of

Investments

6

Financial

Statements

25

Notes

to

Financial

Statements

29

Shareholder

Information

40

Visit

franklintempleton.com

for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

2

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

This

semiannual

report

for

Franklin

High

Income

Fund

covers

the

period

ended

March

31,

2024.

Fund

Overview

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

+8.35%

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

+8.69%

cumulative

total

return.

1

You

can

find

more

of

the

Fund’s

performance

data

in

the

Performance

Summary

beginning

on

page

3

.

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

.

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

Portfolio

Composition

3/31/24

%

of

Total

Net

Assets

Corporate

Bonds

93.2%

Senior

Floating

Rate

Interests

2.5%

Common

Stocks

1.2%

Other

*

0.0%

Short-Term

Investments

&

Other

Net

Assets

3.1%

*

Rounds

to

less

than

0.1%.

Top

10

Holdings

3/31/24

Company

Industry,

Country

%

of

Total

Net

Assets

a

a

Mauser

Packaging

Solutions

Holding

Co.

1.5%

Containers

&

Packaging,

United

States

Tenet

Healthcare

Corp.

1.4%

Health

Care

Providers

&

Services,

United

States

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

1.2%

Oil,

Gas

&

Consumable

Fuels,

United

States

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

1.2%

Diversified

Telecommunication

Services,

United

States

CHS/Community

Health

Systems,

Inc.

1.1%

Health

Care

Providers

&

Services,

United

States

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

1.0%

Oil,

Gas

&

Consumable

Fuels,

United

States

Carnival

Corp.

1.0%

Hotels,

Restaurants

&

Leisure,

United

States

GGAM

Finance

Ltd.

1.0%

Financial

Services,

Ireland

Civitas

Resources,

Inc.

1.0%

Oil,

Gas

&

Consumable

Fuels,

United

States

Vistra

Operations

Co.

LLC

1.0%

Electric

Utilities,

United

States

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.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

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

12

.

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,

2024

Franklin

High

Income

Fund

3

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

3/31/24

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

+8.35%

+4.28%

1-Year

+11.12%

+6.95%

5-Year

+23.49%

+3.52%

10-Year

+40.97%

+3.10%

Advisor

6-Month

+9.05%

+9.05%

1-Year

+11.26%

+11.26%

5-Year

+25.47%

+4.64%

10-Year

+44.39%

+3.74%

30-Day

Standardized

Yield

7

Share

Class

Distribution

Rate

6

(with

fee

waiver)

(without

fee

waiver)

A

5.63%

6.56%

6.55%

Advisor

6.07%

7.08%

7.07%

See

page

4

for

Performance

Summary

footnotes.

Franklin

High

Income

Fund

Performance

Summary

4

franklintempleton.com

Semiannual

Report

Each

class

of

shares

is

available

to

certain

eligible

investors

and

has

different

annual

fees

and

expenses,

as

described

in

the

prospectus.

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions,

may

heighten

risks

and

adversely

affect

performance.

All

investments

involve

risks,

including

possible

loss

of

principal.

Low-rated,

high-yield

bonds

are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

Changes

in

the

credit

rating

of

a

bond,

or

in

the

credit

rating

or

financial

strength

of

a

bond’s

issuer,

insurer

or

guarantor,

may

affect

the

bond’s

value.

Fixed

income

secu-

rities

involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

International

investments

are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

emerging

markets.

The

manager

may

consider

environmental,

social

and

governance

(ESG)

criteria

in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund’s

prospectus.

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

01/31/25

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

calculated

by

annualizing

the

most

recent

distribution

amount

paid,

divided

by

the

NAV

as

of

the

date

indicated.

The

Distribution

Rate

calculation

includes

income

and

return

of

capital,

and

includes

a

prorated

special

distribution

in

the

month

it

is

paid.

The

Distribution

Rate

is

not

guaranteed,

subject

to

change,

and

is

not

a

quotation

of

fund

performance.

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.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Distributions

(10/1/23–3/31/24)

Share

Class

Net

Investment

Income

A

$0.0532

A1

$0.0541

C

$0.0497

R

$0.0510

R6

$0.0561

Advisor

$0.0554

Total

Annual

Operating

Expenses

8

Share

Class

With

Fee

Waiver

Without

Fee

Waiver

A

0.86%

0.87%

Advisor

0.61%

0.62%

Your

Fund’s

Expenses

Franklin

High

Income

Fund

5

franklintempleton.com

Semiannual

Report

As

a

Fund

shareholder,

you

can

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

Fund

purchases

and

redemptions;

and

(2)

ongoing

Fund

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

Fund

expenses.

All

mutual

funds

have

ongoing

costs,

sometimes

referred

to

as

operating

expenses.

The

table

below

shows

ongoing

costs

of

investing

in

the

Fund

and

can

help

you

understand

these

costs

and

compare

them

with

those

of

other

mutual

funds.

The

table

assumes

a

$1,000

investment

held

for

the

six

months

indicated.

Actual

Fund

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses

in

the

columns

under

the

heading

“Actual.”

In

these

columns

the

Fund’s

actual

return,

which

includes

the

effect

of

Fund

expenses,

is

used

to

calculate

the

“Ending

Account

Value”

for

each

class

of

shares.

You

can

estimate

the

expenses

you

paid

during

the

period

by

following

these

steps

(

of

course,

your

account

value

and

expenses

will

differ

from

those

in

this

illustration

):

Divide

your

account

value

by

$1,000

(

if

your

account

had

an

$8,600

value,

then

$8,600

÷

$1,000

=

8.6

).

Then

multiply

the

result

by

the

number

in

the

row

for

your

class

of

shares

under

the

headings

“Actual”

and

“Expenses

Paid

During

Period”

(

if

Actual

Expenses

Paid

During

Period

were

$7.50,

then

8.6

x

$7.50

=

$64.50

).

In

this

illustration,

the

actual

expenses

paid

this

period

are

$64.50.

Hypothetical

Example

for

Comparison

with

Other

Funds

Under

the

heading

“Hypothetical”

in

the

table,

information

is

provided

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

This

information

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period,

but

it

can

help

you

compare

ongoing

costs

of

investing

in

the

Fund

with

those

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

for

the

class

of

shares

you

hold

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

funds.

Please

note

that

expenses

shown

in

the

table

are

meant

to

highlight

ongoing

costs

and

do

not

reflect

any

transactional

costs.

Therefore,

information

under

the

heading

“Hypothetical”

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

compare

total

costs

of

owning

different

funds.

In

addition,

if

transactional

costs

were

included,

your

total

costs

would

have

been

higher.

1.

Expenses

are

equal

to

the

annualized

expense

ratio

for

the

six-month

period

as

indicated

above—in

the

far

right

column—multiplied

by

the

simple

average

account

value

over

the

period

indicated,

and

then

multiplied

by

183/366

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

10/1/23

Ending

Account

Value

3/31/24

Expenses

Paid

During

Period

10/1/23–3/31/24

1,2

Ending

Account

Value

3/31/24

Expenses

Paid

During

Period

10/1/23–3/31/24

1,2

a

Net

Annualized

Expense

Ratio

2

A

$1,000

$1,083.50

$4.41

$1,020.76

$4.28

0.85%

A1

$1,000

$1,083.00

$3.89

$1,021.26

$3.78

0.75%

C

$1,000

$1,085.30

$6.50

$1,018.76

$6.29

1.25%

R

$1,000

$1,085.20

$5.72

$1,019.51

$5.54

1.10%

R6

$1,000

$1,084.80

$2.66

$1,022.45

$2.58

0.51%

Advisor

$1,000

$1,090.50

$3.12

$1,022.01

$3.02

0.60%

Franklin

High

Income

Trust

Financial

Highlights

Franklin

High

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

Six

Months

Ended

March

31,

2024

(unaudited)

Year

Ended

September

30,

2023

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

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

$1.62

$1.54

$1.69

$1.87

$1.72

$1.80

$1.84

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.05

0.10

0.03

0.08

0.09

0.09

0.07

Net

realized

and

unrealized

gains

(losses)

0.08

0.08

(0.15)

(0.17)

0.16

(0.07)

(0.03)

Total

from

investment

operations

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

0.13

0.18

(0.12)

(0.09)

0.25

0.02

0.04

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.10)

(0.03)

(0.09)

(0.10)

(0.10)

(0.08)

Net

asset

value,

end

of

period

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

$1.70

$1.62

$1.54

$1.69

$1.87

$1.72

$1.80

Total

return

e

...........

8.35%

12.06%

(7.03)%

(5.15)%

14.52%

0.88%

2.17%

Ratios

to

average

net

assets

f

Expenses

before

waiver

and

payments

by

affiliates

....

0.86%

0.86%

0.88%

0.87%

0.86%

0.86%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.85%

0.85%

g

0.87%

g

0.87%

g,h

0.85%

g

0.86%

g,h

0.86%

g

Net

investment

income

...

6.32%

6.05%

6.02%

4.66%

5.10%

5.19%

5.27%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$801,135

$713,381

$642,620

$689,210

$553,316

$309,844

$182,551

Portfolio

turnover

rate

....

18.25%

34.60%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

7

a

Six

Months

Ended

March

31,

2024

(unaudited)

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

Class

A1

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.64

$1.56

$1.71

$1.88

$1.73

$1.81

$1.82

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.10

0.03

0.09

0.10

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

0.08

0.08

(0.15)

(0.17)

0.15

(0.08)

(0.01)

Total

from

investment

operations

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

0.13

0.18

(0.12)

(0.08)

0.25

0.02

0.09

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.10)

(0.03)

(0.09)

(0.10)

(0.10)

(0.10)

Net

asset

value,

end

of

period

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

$1.72

$1.64

$1.56

$1.71

$1.88

$1.73

$1.81

Total

return

d

...........

8.30%

12.02%

(6.90)%

(4.51)%

14.52%

0.95%

5.35%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

0.76%

0.76%

0.78%

0.77%

0.76%

0.76%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.75%

0.75%

f

0.77%

f

0.76%

f

0.76%

f,g

0.76%

f,g

0.76%

f

Net

investment

income

...

6.42%

6.15%

6.12%

4.74%

5.18%

5.29%

5.37%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$1,293,564

$1,276,764

$1,311,893

$1,483,888

$1,758,443

$1,759,206

$2,054,455

Portfolio

turnover

rate

....

18.25%

34.60%

4.96%

31.57%

55.37%

38.87%

25.48%

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.

8

a

Six

Months

Ended

March

31,

2024

(unaudited)

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.66

$1.58

$1.74

$1.91

$1.76

$1.83

$1.85

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.09

0.03

0.08

0.09

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

0.09

0.09

(0.16)

(0.17)

0.15

(0.07)

(0.01)

Total

from

investment

operations

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

0.14

0.18

(0.13)

(0.09)

0.24

0.02

0.08

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.10)

(0.03)

(0.08)

(0.09)

(0.09)

(0.10)

Net

asset

value,

end

of

period

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

$1.75

$1.66

$1.58

$1.74

$1.91

$1.76

$1.83

Total

return

d

...........

8.53%

11.25%

(7.53)%

(4.93)%

13.69%

0.99%

4.17%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

1.26%

1.26%

1.28%

1.26%

1.26%

1.26%

1.27%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.25%

1.25%

f

1.27%

f

1.26%

f,g

1.26%

f,g

1.26%

f,g

1.26%

f

Net

investment

income

...

5.92%

5.64%

5.63%

4.22%

4.68%

4.79%

4.87%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$76,868

$77,923

$98,923

$119,630

$220,646

$251,930

$304,072

Portfolio

turnover

rate

....

18.25%

34.60%

4.96%

31.57%

55.37%

38.87%

25.48%

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

9

a

Six

Months

Ended

March

31,

2024

(unaudited)

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.68

$1.59

$1.75

$1.92

$1.77

$1.84

$1.86

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05

0.10

0.03

0.08

0.09

0.09

0.09

Net

realized

and

unrealized

gains

(losses)

0.09

0.09

(0.16)

(0.17)

0.15

(0.07)

(0.01)

Total

from

investment

operations

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

0.14

0.19

(0.13)

(0.09)

0.24

0.02

0.08

Less

distributions

from:

Net

investment

income

..

(0.05)

(0.10)

(0.03)

(0.08)

(0.09)

(0.09)

(0.10)

Net

asset

value,

end

of

period

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

$1.77

$1.68

$1.59

$1.75

$1.92

$1.77

$1.84

Total

return

d

...........

8.52%

12.01%

(7.44)%

(4.75)%

13.78%

1.14%

4.31%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

1.11%

1.11%

1.13%

1.12%

1.11%

1.11%

1.12%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.10%

1.10%

f

1.12%

f

1.11%

f

1.11%

f,g

1.11%

f,g

1.11%

f

Net

investment

income

...

6.07%

5.80%

5.77%

4.39%

4.83%

4.94%

5.02%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$58,926

$57,051

$57,909

$64,250

$74,532

$77,148

$101,783

Portfolio

turnover

rate

....

18.25%

34.60%

4.96%

31.57%

55.37%

38.87%

25.48%

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

a

Six

Months

Ended

March

31,

2024

(unaudited)

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.63

$1.55

$1.71

$1.88

$1.73

$1.80

$1.82

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.06

0.10

0.03

0.09

0.10

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

0.08

0.09

(0.16)

(0.17)

0.15

(0.07)

(0.01)

Total

from

investment

operations

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

0.14

0.19

(0.13)

(0.08)

0.25

0.03

0.09

Less

distributions

from:

Net

investment

income

..

(0.06)

(0.11)

(0.03)

(0.09)

(0.10)

(0.10)

(0.11)

Net

asset

value,

end

of

period

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

$1.71

$1.63

$1.55

$1.71

$1.88

$1.73

$1.80

Total

return

d

...........

8.48%

12.37%

(7.42)%

(4.24)%

14.82%

1.80%

5.05%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

0.53%

0.53%

0.55%

0.55%

0.54%

0.55%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.51%

0.49%

f

0.50%

f

0.51%

f

0.51%

f

0.50%

f

0.50%

f

Net

investment

income

...

6.66%

6.42%

6.39%

5.01%

5.39%

5.55%

5.63%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$149,066

$115,142

$90,344

$98,282

$88,257

$66,681

$64,681

Portfolio

turnover

rate

....

18.25%

34.60%

4.96%

31.57%

55.37%

38.87%

25.48%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

11

a

Six

Months

Ended

March

31,

2024

(unaudited)

Year

Ended

September

30,

2023

Year

Ended

September

30,

2022

a

Year

Ended

May

31,

2022

2021

2020

2019

Advisor

Class

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.63

$1.56

$1.71

$1.88

$1.73

$1.81

$1.83

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.06

0.10

0.03

0.09

0.10

0.10

0.10

Net

realized

and

unrealized

gains

(losses)

0.09

0.08

(0.15)

(0.17)

0.15

(0.08)

(0.01)

Total

from

investment

operations

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

0.15

0.18

(0.12)

(0.08)

0.25

0.02

0.09

Less

distributions

from:

Net

investment

income

..

(0.06)

(0.11)

(0.03)

(0.09)

(0.10)

(0.10)

(0.11)

Net

asset

value,

end

of

period

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

$1.72

$1.63

$1.56

$1.71

$1.88

$1.73

$1.81

Total

return

d

...........

9.05%

11.52%

(6.86)%

(4.37)%

14.68%

1.12%

4.92%

Ratios

to

average

net

assets

e

Expenses

before

waiver

and

payments

by

affiliates

....

0.61%

0.61%

0.63%

0.62%

0.61%

0.61%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.60%

0.60%

f

0.62%

f

0.61%

f

0.61%

f,g

0.61%

f,g

0.61%

f

Net

investment

income

...

6.58%

6.31%

6.32%

4.89%

5.34%

5.44%

5.52%

Supplemental

data

Net

assets,

end

of

period

(000’s)

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

$313,500

$295,183

$257,358

$353,786

$341,889

$299,110

$320,010

Portfolio

turnover

rate

....

18.25%

34.60%

4.96%

31.57%

55.37%

38.87%

25.48%

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,

2024

Franklin

High

Income

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

1.2%

Independent

Power

and

Renewable

Electricity

Producers

0.9%

a

Talen

Energy

Corp.

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

United

States

86,906

$

8,199,581

a

Talen

Energy

Corp.

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

United

States

169,744

16,015,346

24,214,927

Metals

&

Mining

0.1%

Alpha

Metallurgical

Resources,

Inc.

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

United

States

4,346

1,439,265

Oil,

Gas

&

Consumable

Fuels

0.2%

a

Amplify

Energy

Corp.

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

United

States

8,816

58,274

Birch

Permian

Holdings,

Inc.

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

United

States

690,410

6,098,737

California

Resources

Corp.

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

United

States

1,425

78,517

6,235,528

Specialty

Retail

0.0%

a,b

Party

City

Holdco,

Inc.

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

United

States

75

—

Total

Common

Stocks

(Cost

$

28,741,331

)

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

31,889,720

Warrants

Warrants

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

California

Resources

Corp.

,

10/27/24

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

United

States

3,278

64,118

a,b

Canvas

Energy,

Inc.

,

10/01/24

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

United

States

13

—

a,b

Canvas

Energy,

Inc.

,

10/01/25

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

United

States

13

—

64,118

Total

Warrants

(Cost

$

–

)

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

64,118

Principal

Amount

*

Corporate

Bonds

93.2%

Aerospace

&

Defense

0.3%

c

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

3/01/32

...

United

States

7,500,000

7,586,558

Automobile

Components

2.2%

c

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25

%

,

4/15/31

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

United

States

13,100,000

13,834,098

Senior

Secured

Note

,

144A,

7

%

,

4/15/28

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

United

States

7,900,000

8,079,496

c

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

1/30/31

...

United

States

5,400,000

4,716,664

c

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

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

United

States

19,500,000

17,352,418

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note

,

5

%

,

7/15/29

....

United

States

15,000,000

14,019,966

58,002,642

Automobiles

0.8%

c

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5

%

,

7/15/29

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

United

Kingdom

22,200,000

21,386,306

Banks

0.6%

d

,e

JPMorgan

Chase

&

Co.

,

R

,

Junior

Sub.

Bond

,

FRN

,

8.868

%

,

(

3-month

SOFR

+

3.562

%

),

Perpetual

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

United

States

15,000,000

15,011,703

Beverages

0.4%

c

Primo

Water

Holdings,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/30/29

..

Canada

11,500,000

10,586,161

Building

Products

3.2%

c

Advanced

Drainage

Systems,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/30

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

United

States

6,200,000

6,237,851

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

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

(continued)

c

AmeriTex

HoldCo

Intermediate

LLC

,

Senior

Secured

Note

,

144A,

10.25

%

,

10/15/28

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

United

States

10,500,000

$

11,286,513

c

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125

%

,

1/15/29

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

United

States

2,000,000

1,792,787

c

Eco

Material

Technologies,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

1/31/27

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

United

States

10,500,000

10,663,065

c

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

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

United

States

25,400,000

25,675,412

c

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

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

United

States

9,300,000

9,337,600

c

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

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

United

States

20,900,000

22,356,855

87,350,083

Capital

Markets

0.5%

c

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/15/29

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

United

States

6,100,000

5,649,052

c

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

3/01/31

.

United

States

8,600,000

8,732,793

14,381,845

Chemicals

3.4%

c

,f

,g

Anagram

Holdings

LLC

/

Anagram

International,

Inc.

,

Secured

Note

,

144A,

PIK,

10

%

,

8/15/26

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

United

States

1,891,272

37,776

c

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99

%

,

2/20/32

Mexico

4,100,000

3,185,333

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.33

%

,

7/15/29

.......

United

States

14,000,000

14,524,502

c

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

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

Switzerland

12,700,000

10,672,695

c

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

9/01/28

.....

United

States

4,200,000

3,857,655

c

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

10.125

%

,

4/01/26

...

United

States

19,500,000

18,313,741

c

,f

Kobe

US

Midco

2,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25

%

,

11/01/26

..

United

States

5,040,000

4,134,200

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

..

United

States

24,000,000

24,925,608

c

Rain

CII

Carbon

LLC

/

CII

Carbon

Corp.

,

Secured

Note

,

144A,

7.25

%

,

4/01/25

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

United

States

313,000

306,708

c

Vibrantz

Technologies,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/30

.....

United

States

11,800,000

10,910,269

90,868,487

Commercial

Services

&

Supplies

1.9%

c

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

21,900,000

22,207,629

c

APX

Group,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

7/15/29

...........

United

States

15,300,000

14,727,252

c

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375

%

,

8/31/27

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

United

States

16,100,000

14,804,171

51,739,052

Communications

Equipment

0.5%

c

CommScope

Technologies

LLC

,

Senior

Bond

,

144A,

6

%

,

6/15/25

.

United

States

1,635,000

1,424,004

c

CommScope,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

7/01/28

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

United

States

11,700,000

4,638,672

Senior

Secured

Note

,

144A,

6

%

,

3/01/26

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

United

States

2,500,000

2,290,625

c

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

5/30/31

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

United

States

6,100,000

4,427,611

12,780,912

Construction

&

Engineering

0.5%

c

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375

%

,

4/15/29

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

United

States

5,400,000

4,981,652

c

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.......

United

States

8,800,000

8,449,502

13,431,154

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.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

2.5%

c

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

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

United

States

3,400,000

$

3,487,131

c

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

...........

United

States

19,300,000

19,315,131

c

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.4

%

,

3/26/29

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

United

Kingdom

2,150,000

2,185,615

Senior

Note

,

144A,

6.5

%

,

3/26/31

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

United

Kingdom

2,900,000

2,953,898

OneMain

Finance

Corp.

,

Senior

Bond

,

5.375

%

,

11/15/29

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

United

States

7,600,000

7,151,770

Senior

Note

,

6.625

%

,

1/15/28

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

United

States

10,400,000

10,441,153

Senior

Note

,

9

%

,

1/15/29

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

United

States

7,300,000

7,751,447

c

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

6

%

,

11/15/29

.........

United

States

15,000,000

14,033,400

67,319,545

Consumer

Staples

Distribution

&

Retail

0.8%

c

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

,

Senior

Note

,

144A,

3.5

%

,

3/15/29

...........

United

States

16,800,000

15,094,796

c

US

Foods,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

1/15/32

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

United

States

7,200,000

7,502,253

22,597,049

Containers

&

Packaging

4.1%

c

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

8/15/27

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

United

States

8,100,000

5,111,707

Senior

Secured

Note

,

144A,

5.25

%

,

4/30/25

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

United

States

11,400,000

11,025,795

c

LABL,

Inc.

,

Senior

Secured

Note

,

144A,

9.5

%

,

11/01/28

........

United

States

6,200,000

6,279,391

c

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25

%

,

4/15/27

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

United

States

30,000,000

29,794,950

Senior

Secured

Note

,

144A,

7.875

%

,

8/15/26

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

United

States

10,500,000

10,704,760

c

OI

European

Group

BV

,

Senior

Note

,

144A,

4.75

%

,

2/15/30

......

United

States

9,800,000

9,031,986

c

Owens-Brockway

Glass

Container,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

5/13/27

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

United

States

3,961,000

3,966,506

Senior

Note

,

144A,

7.25

%

,

5/15/31

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

United

States

3,500,000

3,569,132

c

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

10/15/28

..........

United

States

2,800,000

2,615,022

c

Pactiv

Evergreen

Group

Issuer,

Inc.

/

Pactiv

Evergreen

Group

Issuer

LLC

,

Senior

Secured

Note

,

144A,

4

%

,

10/15/27

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

United

States

22,800,000

21,295,109

c

Trivium

Packaging

Finance

BV

,

Senior

Note

,

144A,

8.5

%

,

8/15/27

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

Netherlands

2,100,000

2,076,304

Senior

Secured

Note

,

144A,

5.5

%

,

8/15/26

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

Netherlands

5,600,000

5,526,430

110,997,092

Distributors

0.5%

c

Ritchie

Bros

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

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

Canada

6,500,000

6,808,704

Senior

Secured

Note

,

144A,

6.75

%

,

3/15/28

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

Canada

6,300,000

6,434,165

13,242,869

Diversified

Consumer

Services

1.0%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

......

United

States

14,300,000

12,968,241

c

Wand

NewCo

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.625

%

,

1/30/32

United

States

13,200,000

13,662,884

26,631,125

Diversified

REITs

1.5%

c

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75

%

,

12/15/27

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

United

States

15,900,000

13,618,382

c

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner

LP

,

Senior

Note

,

144A,

4.5

%

,

9/30/28

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

United

States

14,500,000

12,423,819

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

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

REITs

(continued)

c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

2/15/27

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

United

States

8,000,000

$

7,587,168

Senior

Note

,

144A,

3.875

%

,

2/15/29

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

United

States

7,000,000

6,448,459

40,077,828

Diversified

Telecommunication

Services

2.5%

c

Altice

France

SA

,

Senior

Secured

Note

,

144A,

5.5

%

,

1/15/28

....

France

7,500,000

5,333,761

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

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

United

States

3,000,000

2,794,680

Senior

Bond

,

144A,

5.375

%

,

6/01/29

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

United

States

10,900,000

9,986,120

Senior

Bond

,

144A,

4.5

%

,

8/15/30

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

United

States

10,500,000

8,806,058

Senior

Bond

,

144A,

4.25

%

,

2/01/31

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

United

States

3,400,000

2,778,734

Senior

Note

,

144A,

6.375

%

,

9/01/29

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

United

States

8,000,000

7,595,142

c

Iliad

Holding

SASU

,

Senior

Secured

Note

,

144A,

6.5

%

,

10/15/26

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

France

5,200,000

5,155,142

Senior

Secured

Note

,

144A,

7

%

,

10/15/28

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

France

10,400,000

10,303,721

c

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5

%

,

8/15/30

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

United

Kingdom

15,900,000

13,723,908

66,477,266

Electric

Utilities

1.0%

c

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

5.625

%

,

2/15/27

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

United

States

18,300,000

18,033,642

Senior

Note

,

144A,

7.75

%

,

10/15/31

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

United

States

8,700,000

9,117,687

27,151,329

Electrical

Equipment

1.6%

c

Regal

Rexnord

Corp.

,

Senior

Bond

,

144A,

6.4

%

,

4/15/33

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

United

States

7,900,000

8,201,203

Senior

Note

,

144A,

6.3

%

,

2/15/30

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

United

States

9,700,000

9,937,828

c

Sensata

Technologies

BV

,

Senior

Note

,

144A,

4

%

,

4/15/29

......

United

States

11,000,000

10,055,344

c

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125

%

,

11/15/28

United

States

16,400,000

15,277,777

43,472,152

Electronic

Equipment,

Instruments

&

Components

0.3%

c

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

4

%

,

3/01/29

........

United

States

9,300,000

8,443,749

Energy

Equipment

&

Services

4.1%

c

CSI

Compressco

LP

/

CSI

Compressco

Finance,

Inc.

,

f

Secured

Note

,

144A,

PIK,

10

%

,

4/01/26

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

United

States

17,833,800

18,725,490

Senior

Secured

Note

,

144A,

7.5

%

,

4/01/25

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

United

States

7,501,000

7,501,000

c

Enerflex

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

10/15/27

........

Canada

15,100,000

15,525,944

c

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

7.25

%

,

2/15/29

....

United

States

12,300,000

12,536,812

c

Nabors

Industries

Ltd.

,

Senior

Note

,

144A,

7.25

%

,

1/15/26

......

United

States

9,900,000

9,845,342

c

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

5/15/27

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

United

States

6,200,000

6,193,606

Senior

Note

,

144A,

9.125

%

,

1/31/30

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

United

States

4,600,000

4,786,286

Oceaneering

International,

Inc.

,

Senior

Note

,

6

%

,

2/01/28

.......

United

States

6,000,000

5,916,027

c

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

1,800,000

1,880,219

c

Transocean,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

....

United

States

14,220,000

14,836,238

c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

United

States

11,000,000

11,492,734

109,239,698

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)

Entertainment

0.6%

c

Banijay

Entertainment

SASU

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

15,300,000

$

15,792,507

Financial

Services

3.4%

c

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

9.25

%

,

2/01/29

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

United

States

4,400,000

4,507,127

c

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

8

%

,

2/15/27

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

Ireland

11,100,000

11,467,909

Senior

Note

,

144A,

8

%

,

6/15/28

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

Ireland

15,400,000

16,092,908

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

6

%

,

8/15/26

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

United

States

17,600,000

17,285,525

Senior

Note

,

144A,

9.5

%

,

2/15/29

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

United

States

3,500,000

3,586,667

c

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

11/15/31

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

United

States

19,600,000

18,096,800

c

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

9,300,000

9,261,186

Senior

Note

,

144A,

5

%

,

10/01/29

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

United

States

5,000,000

4,218,215

c

United

Wholesale

Mortgage

LLC

,

Senior

Note

,

144A,

5.5

%

,

11/15/25

United

States

7,100,000

7,042,456

91,558,793

Food

Products

1.3%

B&G

Foods,

Inc.

,

Senior

Note

,

5.25

%

,

4/01/25

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

United

States

3,190,000

3,175,017

Senior

Note

,

5.25

%

,

9/15/27

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

United

States

4,800,000

4,489,681

c

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

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

United

States

3,300,000

3,349,501

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

6.875

%

,

5/15/34

...........

United

States

17,900,000

19,098,423

c

Post

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

2/15/32

..

United

States

5,500,000

5,546,959

35,659,581

Ground

Transportation

1.1%

c

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.8

%

,

4/15/34

........

United

Kingdom

4,100,000

4,097,717

c

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

4

%

,

7/31/29

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

United

States

14,700,000

13,042,859

c

XPO,

Inc.

,

Senior

Note

,

144A,

7.125

%

,

2/01/32

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

United

States

12,100,000

12,464,779

29,605,355

Health

Care

Equipment

&

Supplies

1.1%

c

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

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

United

States

10,000,000

10,359,100

c

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25

%

,

10/01/29

......

United

States

10,300,000

9,743,115

c

Neogen

Food

Safety

Corp.

,

Senior

Note

,

144A,

8.625

%

,

7/20/30

..

United

States

9,000,000

9,704,232

29,806,447

Health

Care

Providers

&

Services

5.1%

Centene

Corp.

,

Senior

Bond

,

2.5

%

,

3/01/31

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

United

States

12,000,000

9,880,591

Senior

Note

,

4.625

%

,

12/15/29

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

United

States

4,300,000

4,085,405

Senior

Note

,

2.625

%

,

8/01/31

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

United

States

1,400,000

1,150,277

c

CHS/Community

Health

Systems,

Inc.

,

Secured

Note

,

144A,

6.125

%

,

4/01/30

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

United

States

6,800,000

4,909,489

Senior

Secured

Note

,

144A,

8

%

,

3/15/26

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

United

States

2,469,000

2,465,916

Senior

Secured

Note

,

144A,

5.625

%

,

3/15/27

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

United

States

5,900,000

5,436,615

Senior

Secured

Note

,

144A,

8

%

,

12/15/27

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

United

States

1,200,000

1,178,466

Senior

Secured

Note

,

144A,

6

%

,

1/15/29

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

United

States

6,000,000

5,248,759

Senior

Secured

Note

,

144A,

5.25

%

,

5/15/30

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

United

States

6,500,000

5,305,834

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)

Health

Care

Providers

&

Services

(continued)

c

CHS/Community

Health

Systems,

Inc.,

(continued)

Senior

Secured

Note

,

144A,

10.875

%

,

1/15/32

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

United

States

5,200,000

$

5,362,609

c

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

6/01/30

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

United

States

16,700,000

14,962,263

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

........

Italy

18,700,000

17,062,310

c

ModivCare

Escrow

Issuer,

Inc.

,

Senior

Note

,

144A,

5

%

,

10/01/29

.

United

States

8,500,000

6,171,162

c

MPH

Acquisition

Holdings

LLC

,

Senior

Note

,

144A,

5.75

%

,

11/01/28

United

States

22,200,000

17,530,608

Tenet

Healthcare

Corp.

,

Secured

Note

,

6.25

%

,

2/01/27

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

United

States

14,500,000

14,505,558

Senior

Secured

Note

,

4.25

%

,

6/01/29

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

United

States

8,500,000

7,908,822

Senior

Secured

Note

,

6.125

%

,

6/15/30

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

United

States

14,600,000

14,584,757

137,749,441

Health

Care

REITs

0.8%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5.25

%

,

8/01/26

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

United

States

11,400,000

10,447,421

Senior

Bond

,

3.5

%

,

3/15/31

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

United

States

16,200,000

11,137,742

21,585,163

Hotel

&

Resort

REITs

0.9%

c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

7.25

%

,

7/15/28

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

United

States

6,000,000

6,186,714

Senior

Note

,

144A,

4.5

%

,

2/15/29

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

United

States

6,500,000

6,075,134

Senior

Note

,

144A,

6.5

%

,

4/01/32

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

United

States

12,300,000

12,349,200

24,611,048

Hotels,

Restaurants

&

Leisure

6.7%

c

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

4

%

,

10/15/30

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

Canada

8,500,000

7,579,635

b

,c

,g

24

Hour

Fitness

Worldwide,

Inc.

,

Senior

Note

,

144A,

8

%

,

6/01/22

.

United

States

23,000,000

—

c

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/30/29

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

Czech

Republic

15,500,000

15,963,373

c

Boyne

USA,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

5/15/29

...........

United

States

5,600,000

5,194,600

c

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

10/15/29

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

United

States

6,900,000

6,297,429

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

6,800,000

6,984,348

Senior

Secured

Note

,

144A,

6.5

%

,

2/15/32

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

United

States

12,700,000

12,819,774

c

Carnival

Corp.

,

Senior

Note

,

144A,

7.625

%

,

3/01/26

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

United

States

4,200,000

4,252,244

Senior

Note

,

144A,

5.75

%

,

3/01/27

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

United

States

24,000,000

23,768,652

c

Carnival

Holdings

Bermuda

Ltd.

,

Senior

Note

,

144A,

10.375

%

,

5/01/28

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

United

States

10,000,000

10,914,840

c

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

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

United

States

13,200,000

11,863,265

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.2

%

,

8/08/24

...........

United

States

5,300,000

5,245,099

c

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

3/15/26

...........

United

States

5,200,000

5,136,616

c

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5

%

,

8/31/26

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

United

States

4,000,000

3,967,320

Senior

Note

,

144A,

5.375

%

,

7/15/27

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

United

States

4,900,000

4,834,060

Senior

Note

,

144A,

6.25

%

,

3/15/32

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

United

States

7,000,000

7,060,165

c

Station

Casinos

LLC

,

Senior

Note

,

144A,

4.5

%

,

2/15/28

........

United

States

9,800,000

9,238,705

c

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

9/15/27

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

United

States

4,900,000

4,810,894

Senior

Note

,

144A,

7

%

,

2/15/29

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

United

States

9,900,000

9,950,904

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)

Hotels,

Restaurants

&

Leisure

(continued)

c

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

25,000,000

$

25,888,025

181,769,948

Household

Durables

2.4%

c

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

4.625

%

,

8/01/29

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

United

States

13,000,000

12,005,153

Senior

Note

,

144A,

4.625

%

,

4/01/30

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

United

States

8,000,000

7,317,309

c

Dream

Finders

Homes,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

8/15/28

..

United

States

9,000,000

9,403,560

KB

Home

,

Senior

Note

,

7.25

%

,

7/15/30

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

United

States

9,000,000

9,324,891

c

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

12/15/28

..........

United

States

14,200,000

14,991,764

M/I

Homes,

Inc.

,

Senior

Note

,

3.95

%

,

2/15/30

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

United

States

12,600,000

11,340,752

64,383,429

Independent

Power

and

Renewable

Electricity

Producers

1.5%

c

Calpine

Corp.

,

Senior

Note

,

144A,

5.125

%

,

3/15/28

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

United

States

12,900,000

12,391,592

Senior

Secured

Note

,

144A,

4.5

%

,

2/15/28

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

United

States

12,200,000

11,580,886

c

Clearway

Energy

Operating

LLC

,

Senior

Bond

,

144A,

3.75

%

,

1/15/32

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

United

States

8,800,000

7,405,666

Senior

Note

,

144A,

4.75

%

,

3/15/28

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

United

States

3,500,000

3,329,491

Senior

Note

,

144A,

3.75

%

,

2/15/31

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

United

States

7,000,000

6,014,995

40,722,630

Insurance

1.7%

c

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

5,400,000

5,324,636

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/28

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

United

States

2,500,000

2,520,207

Senior

Secured

Note

,

144A,

7

%

,

1/15/31

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

United

States

13,400,000

13,544,372

c

HUB

International

Ltd.

,

Senior

Secured

Note

,

144A,

7.25

%

,

6/15/30

United

States

9,700,000

9,975,548

c

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Note

,

144A,

10.5

%

,

12/15/30

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

Canada

14,000,000

14,807,590

46,172,353

IT

Services

1.7%

c

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875

%

,

9/15/27

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

United

States

8,500,000

7,640,540

c

Cogent

Communications

Group,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/15/27

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

United

States

4,000,000

3,985,815

c

Gartner,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

10/01/30

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

United

States

6,000,000

5,377,074

Senior

Note

,

144A,

4.5

%

,

7/01/28

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

United

States

9,300,000

8,870,079

Senior

Note

,

144A,

3.625

%

,

6/15/29

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

United

States

4,400,000

3,987,992

c

Northwest

Fiber

LLC

/

Northwest

Fiber

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

6

%

,

2/15/28

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

United

States

4,500,000

4,635,135

c

Presidio

Holdings,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

2/01/28

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

United

States

3,700,000

3,692,803

Senior

Secured

Note

,

144A,

4.875

%

,

2/01/27

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

United

States

7,500,000

7,310,183

45,499,621

Machinery

1.5%

c

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25

%

,

6/01/28

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

France

15,300,000

16,479,018

c

,h

Esab

Corp.

,

Senior

Note

,

144A,

6.25

%

,

4/15/29

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

United

States

11,200,000

11,266,450

Hillenbrand,

Inc.

,

Senior

Note

,

6.25

%

,

2/15/29

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

United

States

10,200,000

10,300,256

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)

Machinery

(continued)

c

Titan

Acquisition

Ltd.

/

Titan

Co-Borrower

LLC

,

Senior

Note

,

144A,

7.75

%

,

4/15/26

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

Canada

3,500,000

$

3,498,792

41,544,516

Media

3.6%

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

4/15/28

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

United

States

5,700,000

4,996,677

Senior

Note

,

144A,

7.5

%

,

6/01/29

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

United

States

10,700,000

8,858,704

Senior

Secured

Note

,

144A,

9

%

,

9/15/28

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

United

States

3,500,000

3,648,802

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

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

United

States

6,000,000

5,968,685

c

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.25

%

,

5/15/28

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

United

States

16,700,000

16,563,110

Senior

Note

,

144A,

11.75

%

,

1/31/29

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

United

States

9,200,000

9,220,099

c

,g

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co.

,

Senior

Note

,

144A,

6.625

%

,

8/15/27

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

United

States

11,300,000

317,813

Senior

Secured

Note

,

144A,

5.375

%

,

8/15/26

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

United

States

13,300,000

374,062

c

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875

%

,

8/15/27

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

United

States

10,400,000

9,845,276

c

LCPR

Senior

Secured

Financing

DAC

,

Senior

Secured

Note

,

144A,

6.75

%

,

10/15/27

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

United

States

3,990,000

3,748,559

c

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

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

United

States

4,400,000

4,027,264

c

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625

%

,

3/15/30

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

United

States

3,200,000

2,872,096

Senior

Note

,

144A,

4.25

%

,

1/15/29

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

United

States

8,000,000

7,254,866

Senior

Secured

Note

,

144A,

7.375

%

,

2/15/31

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

United

States

4,100,000

4,297,801

c

Sirius

XM

Radio,

Inc.

,

Senior

Note

,

144A,

4

%

,

7/15/28

.........

United

States

12,600,000

11,535,755

c

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

4.5

%

,

5/01/29

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

United

States

4,000,000

3,578,137

97,107,706

Metals

&

Mining

1.7%

ATI,

Inc.

,

Senior

Note

,

7.25

%

,

8/15/30

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

United

States

11,900,000

12,313,501

c

Constellium

SE

,

Senior

Note

,

144A,

3.75

%

,

4/15/29

...........

United

States

16,000,000

14,412,523

c

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

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

Australia

9,500,000

8,497,046

c

Novelis

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

1/30/30

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

United

States

7,700,000

7,110,624

Senior

Bond

,

144A,

3.875

%

,

8/15/31

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

United

States

2,200,000

1,892,090

Senior

Note

,

144A,

3.25

%

,

11/15/26

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

United

States

1,600,000

1,492,504

45,718,288

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1.0%

c

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

6/15/29

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

United

States

24,900,000

20,940,379

c

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

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

United

States

5,700,000

5,186,595

26,126,974

Oil,

Gas

&

Consumable

Fuels

12.6%

c

Antero

Resources

Corp.

,

Senior

Note

,

144A,

7.625

%

,

2/01/29

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

United

States

4,422,000

4,545,276

Senior

Note

,

144A,

5.375

%

,

3/01/30

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

United

States

4,300,000

4,133,419

c

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

8.125

%

,

1/15/27

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

United

States

7,400,000

7,221,736

Senior

Secured

Note

,

144A,

9.25

%

,

7/15/29

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

United

States

14,700,000

15,146,194

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Energy

Partners

LP

,

Senior

Note

,

4.5

%

,

10/01/29

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

United

States

2,600,000

$

2,477,090

Senior

Note

,

4

%

,

3/01/31

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

United

States

14,300,000

13,009,985

c

Chesapeake

Energy

Corp.

,

Senior

Note

,

144A,

5.875

%

,

2/01/29

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

United

States

5,000,000

4,963,317

Senior

Note

,

144A,

6.75

%

,

4/15/29

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

United

States

10,300,000

10,418,697

c

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

1/15/29

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

United

States

9,900,000

10,409,959

c

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.375

%

,

7/01/28

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

United

States

12,800,000

13,490,714

Senior

Note

,

144A,

8.75

%

,

7/01/31

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

United

States

12,800,000

13,712,768

c

CrownRock

LP

/

CrownRock

Finance,

Inc.

,

Senior

Note

,

144A,

5

%

,

5/01/29

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

United

States

5,100,000

5,042,298

c

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

4.375

%

,

6/15/31

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

United

States

3,900,000

3,534,819

Senior

Note

,

144A,

4.125

%

,

6/15/29

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

United

States

5,600,000

5,153,355

c

Endeavor

Energy

Resources

LP

/

EER

Finance,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

1/30/28

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

United

States

27,800,000

28,042,722

c

Energy

Transfer

LP

,

Senior

Note

,

144A,

8

%

,

4/01/29

...........

United

States

2,300,000

2,391,098

EnLink

Midstream

LLC

,

Senior

Bond

,

5.375

%

,

6/01/29

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

United

States

2,100,000

2,063,194

c

Senior

Note

,

144A,

6.5

%

,

9/01/30

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

United

States

10,300,000

10,606,023

c

EQM

Midstream

Partners

LP

,

Senior

Note

,

144A,

7.5

%

,

6/01/27

..

United

States

1,900,000

1,949,714

c

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5

%

,

10/15/26

........

United

Kingdom

14,800,000

14,459,741

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

6

%

,

2/01/31

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

United

States

5,000,000

4,880,362

Senior

Bond

,

144A,

6.25

%

,

4/15/32

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

United

States

4,300,000

4,244,146

Senior

Note

,

144A,

5.75

%

,

2/01/29

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

United

States

2,400,000

2,339,813

Senior

Note

,

144A,

6

%

,

4/15/30

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

United

States

4,000,000

3,920,152

Senior

Note

,

144A,

8.375

%

,

11/01/33

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

United

States

5,100,000

5,533,526

c

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

6.625

%

,

12/15/28

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

United

States

4,800,000

4,888,291

Senior

Note

,

144A,

5.875

%

,

6/15/30

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

United

States

9,200,000

9,007,317

c

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5

%

,

2/15/28

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

United

States

30,800,000

32,746,806

c

,h

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5

%

,

4/15/32

......

United

States

6,900,000

6,916,993

b

,f

,g

,i

Murray

Energy

Corp.

,

Secured

Note

,

144A,

PIK,

12

%

,

4/15/24

...

United

States

18,564,500

—

c

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

,

Senior

Note

,

144A,

7.875

%

,

9/15/30

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

United

States

2,800,000

2,906,884

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note

,

6

%

,

4/15/27

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

United

States

4,800,000

4,784,402

Senior

Note

,

4.5

%

,

5/15/29

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

United

States

4,600,000

4,279,970

Senior

Note

,

4.5

%

,

4/30/30

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

United

States

5,000,000

4,583,055

c

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125

%

,

8/15/31

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

United

States

4,900,000

4,360,778

Senior

Secured

Note

,

144A,

3.875

%

,

8/15/29

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

United

States

5,900,000

5,316,237

Senior

Secured

Note

,

144A,

6.25

%

,

1/15/30

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

United

States

4,100,000

4,127,933

c

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

6/01/28

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

United

States

12,900,000

13,168,462

Senior

Secured

Note

,

144A,

9.5

%

,

2/01/29

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

United

States

3,100,000

3,343,313

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

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

United

States

9,800,000

10,112,561

c

Viper

Energy,

Inc.

,

Senior

Note

,

144A,

7.375

%

,

11/01/31

........

United

States

12,100,000

12,589,824

Vital

Energy,

Inc.

,

Senior

Note

,

10.125

%

,

1/15/28

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

United

States

9,000,000

9,450,261

Senior

Note

,

9.75

%

,

10/15/30

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

United

States

9,000,000

9,849,717

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Vital

Energy,

Inc.,

(continued)

c

Senior

Note

,

144A,

7.875

%

,

4/15/32

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

United

States

3,600,000

$

3,659,950

339,782,872

Paper

&

Forest

Products

0.3%

c

Glatfelter

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

...........

United

States

8,200,000

6,995,149

Passenger

Airlines

1.2%

c

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

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

United

States

12,750,000

12,671,139

Senior

Secured

Note

,

144A,

5.75

%

,

4/20/29

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

United

States

2,000,000

1,967,500

c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

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

United

States

10,200,000

9,979,571

c

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375

%

,

4/15/26

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

United

States

2,700,000

2,612,016

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

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

United

States

5,500,000

5,121,133

32,351,359

Personal

Care

Products

0.5%

c

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

7/15/30

........

United

States

12,200,000

12,398,750

Pharmaceuticals

1.9%

c

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

......

Canada

6,021,000

5,907,129

c

Bausch

Health

Cos.,

Inc.

,

Secured

Note

,

144A,

14

%

,

10/15/30

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

United

States

2,114,000

1,226,733

Senior

Secured

Note

,

144A,

6.125

%

,

2/01/27

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

United

States

3,100,000

1,934,540

Senior

Secured

Note

,

144A,

4.875

%

,

6/01/28

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

United

States

9,800,000

5,357,452

Senior

Secured

Note

,

144A,

11

%

,

9/30/28

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

United

States

7,692,000

5,153,640

g

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco,

Inc.

,

9.5

%

,

7/31/27

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

United

States

7,104,000

470,640

6

%

,

6/30/28

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

United

States

4,473,000

315,906

c

,g

Endo

Luxembourg

Finance

Co.

I

SARL

/

Endo

US,

Inc.

,

Senior

Secured

Note

,

144A,

6.125

%

,

4/01/29

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

United

States

4,700,000

3,059,676

c

,g

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/01/27

United

States

4,273,000

2,824,920

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75

%

,

5/09/27

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

Israel

10,600,000

10,274,845

Senior

Note

,

5.125

%

,

5/09/29

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

Israel

900,000

865,747

Senior

Note

,

7.875

%

,

9/15/29

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

Israel

6,400,000

6,877,818

Senior

Note

,

8.125

%

,

9/15/31

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

Israel

6,400,000

7,027,514

51,296,560

Real

Estate

Management

&

Development

1.2%

c

Five

Point

Operating

Co.

LP

/

Five

Point

Capital

Corp.

,

Senior

Note

,

144A,

10.5

%

,

1/15/28

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

United

States

11,670,252

12,025,214

c

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

3.85

%

,

5/15/26

........

United

States

11,000,000

10,514,360

c

Greystar

Real

Estate

Partners

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

9/01/30

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

United

States

8,800,000

9,116,419

31,655,993

Software

0.9%

c

Camelot

Finance

SA

,

Senior

Secured

Note

,

144A,

4.5

%

,

11/01/26

.

United

States

10,300,000

9,935,550

c

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

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

United

States

9,400,000

8,630,530

c

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

2/15/29

........

United

States

6,700,000

5,746,648

24,312,728

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)

Specialized

REITs

0.7%

c

Iron

Mountain,

Inc.

,

Senior

Bond

,

144A,

5.625

%

,

7/15/32

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

United

States

6,400,000

$

6,051,101

Senior

Note

,

144A,

7

%

,

2/15/29

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

United

States

12,600,000

12,853,909

18,905,010

Specialty

Retail

1.2%

c

Evergreen

Acqco

1

LP

/

TVI,

Inc.

,

Senior

Secured

Note

,

144A,

9.75

%

,

4/26/28

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

United

States

12,880,000

13,857,064

c

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875

%

,

5/01/29

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

United

States

15,600,000

11,718,615

Senior

Secured

Note

,

144A,

5.25

%

,

5/01/28

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

United

States

4,200,000

3,582,556

c

Victoria's

Secret

&

Co.

,

Senior

Note

,

144A,

4.625

%

,

7/15/29

.....

United

States

2,800,000

2,300,464

31,458,699

Textiles,

Apparel

&

Luxury

Goods

0.3%

c

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

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

United

States

8,600,000

8,842,907

Trading

Companies

&

Distributors

1.7%

c

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

....

United

States

15,400,000

15,881,120

c

H&E

Equipment

Services,

Inc.

,

Senior

Note

,

144A,

3.875

%

,

12/15/28

United

States

10,900,000

9,992,119

c

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

144A,

6.125

%

,

3/15/34

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

United

States

15,400,000

15,438,392

c

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/29

...

United

States

4,600,000

4,653,043

45,964,674

Wireless

Telecommunication

Services

0.4%

c

Altice

France

Holding

SA

,

Senior

Note

,

144A,

6

%

,

2/15/28

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

Luxembourg

8,100,000

2,313,852

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/27

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

Luxembourg

22,400,000

8,402,043

Digicel

Group

Holdings

Ltd.

,

Zero

Cpn.,

11/17/33

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

Bermuda

450,544

23,737

10,739,632

Total

Corporate

Bonds

(Cost

$

2,684,844,081

)

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

2,508,892,738

j

Senior

Floating

Rate

Interests

2.5%

k

Chemicals

1.1%

Hexion

Holdings

Corp.

,

First

Lien,

Initial

CME

Term

Loan

,

9.976

%

,

(

3-month

SOFR

+

4.5

%

),

3/15/29

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

United

States

8,547,750

8,428,723

Second

Lien,

Initial

CME

Term

Loan

,

12.868

%

,

(

1-month

SOFR

+

7.438

%

),

3/15/30

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

United

States

9,279,070

8,295,488

PMHC

II,

Inc.

,

Initial

CME

Term

Loan,

B

,

9.723

%

,

(

3-month

SOFR

+

4.25

%

),

4/23/29

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

United

States

12,903,500

12,791,820

29,516,031

a

a

a

a

a

a

Health

Care

Technology

0.4%

k

athenahealth

Group,

Inc.

,

Initial

CME

Term

Loan

,

8.58

%

,

(

1-month

SOFR

+

3.25

%

),

2/15/29

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

United

States

11,474,099

11,394,354

Hotels,

Restaurants

&

Leisure

0.5%

k

Fertitta

Entertainment

LLC

,

Initial

CME

Term

Loan,

B

,

9.077

%

,

(

1-month

SOFR

+

3.75

%

),

1/27/29

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

United

States

12,838,000

12,883,511

Media

0.1%

Diamond

Sports

Group

LLC

,

f

Debtor-In-Possession

Term

Loan

,

PIK,

10

%

,

12/02/24

........

United

States

1,364,882

2,277,078

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

j

Senior

Floating

Rate

Interests

(continued)

Media

(continued)

Diamond

Sports

Group

LLC,

(continued)

g,k

First

Lien,

CME

Term

Loan

,

14.61

%

,

(

3-month

SOFR

+

8

%

),

5/25/26

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

United

States

1,175,779

$

1,131,687

3,408,765

a

a

a

a

a

a

Software

0.4%

k

McAfee

Corp.

,

CME

Term

Loan,

B1

,

9.176

%

,

(

1-month

SOFR

+

3.75

%

),

3/01/29

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

United

States

10,218,000

10,223,007

Total

Senior

Floating

Rate

Interests

(Cost

$

67,252,894

)

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

67,425,668

Shares

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

308,250

Total

Escrows

and

Litigation

Trusts

(Cost

$

450,961

)

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

308,250

Total

Long

Term

Investments

(Cost

$

2,781,289,267

)

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

2,608,580,494

a

Short

Term

Investments

2.1%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.1%

l,m

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.997

%

....

United

States

55,695,205

55,695,205

Total

Money

Market

Funds

(Cost

$

55,695,205

)

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

55,695,205

Total

Short

Term

Investments

(Cost

$

55,695,205

)

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

55,695,205

a

Total

Investments

(Cost

$

2,836,984,472

)

99.0

%

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

$2,664,275,699

Other

Assets,

less

Liabilities

1.0

%

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

28,783,596

Net

Assets

100.0%

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

$2,693,059,295

a

a

a

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

See

Abbreviations

on

page

39

.

*

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

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,

2024,

the

aggregate

value

of

these

securities

was

$2,195,765,855,

representing

81.5%

of

net

assets.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

i

See

Note

7

regarding

restricted

securities.

j

See

Note

1(e)

regarding

senior

floating

rate

interests.

k

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

l

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

m

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,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

25

Franklin

High

Income

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,781,289,267

Cost

-

Non-controlled

affiliates

(Note

3f)

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

55,695,205

Value

-

Unaffiliated

issuers

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

$2,608,580,494

Value

-

Non-controlled

affiliates

(Note

3f)

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

55,695,205

Cash

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

717,886

Receivables:

Investment

securities

sold

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

6,314,694

Capital

shares

sold

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

2,803,575

Dividends

and

interest

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

47,366,156

Total

assets

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

2,721,478,010

Liabilities:

Payables:

Investment

securities

purchased

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

18,100,000

Capital

shares

redeemed

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

7,672,605

Management

fees

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

1,026,737

Distribution

fees

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

400,294

Transfer

agent

fees

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

704,343

Trustees'

fees

and

expenses

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

78

Accrued

expenses

and

other

liabilities

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

514,658

Total

liabilities

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

28,418,715

Net

assets,

at

value

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

$2,693,059,295

Net

assets

consist

of:

Paid-in

capital

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

$3,717,116,603

Total

distributable

earnings

(losses)

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

(1,024,057,308)

Net

assets,

at

value

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

$2,693,059,295

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2024

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

Franklin

High

Income

Fund

Class

A:

Net

assets,

at

value

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

$801,135,240

Shares

outstanding

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

469,971,861

Net

asset

value

per

share

a,b

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

$1.70

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

b

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

$1.77

Class

A1:

Net

assets,

at

value

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

$1,293,564,194

Shares

outstanding

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

750,086,864

Net

asset

value

per

share

a,b

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

$1.72

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

b

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

$1.79

Class

C:

Net

assets,

at

value

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

$76,867,999

Shares

outstanding

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

43,810,930

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$1.75

Class

R:

Net

assets,

at

value

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

$58,925,534

Shares

outstanding

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

33,298,721

Net

asset

value

and

maximum

offering

price

per

share

b

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

$1.77

Class

R6:

Net

assets,

at

value

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

$149,065,935

Shares

outstanding

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

86,991,846

Net

asset

value

and

maximum

offering

price

per

share

b

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

$1.71

Advisor

Class:

Net

assets,

at

value

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

$313,500,393

Shares

outstanding

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

181,999,069

Net

asset

value

and

maximum

offering

price

per

share

b

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

$1.72

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

March

31,

2024

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

27

Franklin

High

Income

Fund

Investment

income:

Dividends:

Unaffiliated

issuers

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

$12,890

Non-controlled

affiliates

(Note

3f)

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

4,152,813

Interest:

Unaffiliated

issuers

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

89,697,797

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

15,146

Total

investment

income

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

93,878,646

Expenses:

Management

fees

(Note

3

a

)

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

6,030,624

Distribution

fees:

(Note

3c

)

    Class

A

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

943,226

    Class

A1

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

963,591

    Class

C

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

248,883

    Class

R

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

145,053

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

447,629

    Class

A1

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

763,207

    Class

C

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

45,501

    Class

R

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

34,462

Class

R6

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

29,627

    Advisor

Class

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

182,211

Custodian

fees

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

5,414

Reports

to

shareholders

fees

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

161,750

Registration

and

filing

fees

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

96,811

Professional

fees

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

40,419

Trustees'

fees

and

expenses

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

15,951

Other

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

48,213

Total

expenses

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

10,202,572

Expenses

waived/paid

by

affiliates

(Note

3f

and

3g)

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

(139,949)

Net

expenses

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

10,062,623

Net

investment

income

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

83,816,023

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(15,605,891)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

154,933,145

Net

realized

and

unrealized

gain

(loss)

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

139,327,254

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$223,143,277

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.

28

Franklin

High

Income

Fund

Six

Months

Ended

March

31,

2024

(unaudited)

Year

Ended

September

30,

2023

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$83,816,023

$156,754,781

Net

realized

gain

(loss)

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

(15,605,891)

(88,757,297)

Net

change

in

unrealized

appreciation

(depreciation)

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

154,933,145

218,607,102

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

223,143,277

286,604,586

Distributions

to

shareholders:

Class

A

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

(24,139,103)

(43,793,651)

Class

A1

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

(41,188,887)

(83,818,560)

Class

C

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

(2,209,111)

(4,908,488)

Class

R

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

(1,709,695)

(3,415,674)

Class

R6

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

(4,687,879)

(7,037,744)

Advisor

Class

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

(10,054,311)

(18,731,050)

Total

distributions

to

shareholders

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

(83,988,986)

(161,705,167)

Capital

share

transactions:

(Note

2

)

Class

A

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

48,139,775

38,806,961

Class

A1

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

(51,355,159)

(102,183,735)

Class

C

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

(5,158,060)

(25,867,345)

Class

R

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

(1,269,249)

(3,916,072)

Class

R6

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

26,510,182

20,255,453

Advisor

Class

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

1,594,158

24,401,685

Total

capital

share

transactions

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

18,461,647

(48,503,053)

Net

increase

(decrease)

in

net

assets

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

157,615,938

76,396,366

Net

assets:

Beginning

of

period

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

2,535,443,357

2,459,046,991

End

of

period

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

$2,693,059,295

$2,535,443,357

Franklin

High

Income

Trust

29

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. 

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 Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

30

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

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.

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.

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,

2024,

the

Fund

had

no

securities

on

loan.

1.

Organization

and

Significant

Accounting

Policies

(continued)

a.

Financial

Instrument

Valuation

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

31

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

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,

2024, 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

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income

in

the

Statement

of

Operations.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

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.

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.

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

32

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

i.

Guarantees

and

Indemnifications

Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2.

Shares

of

Beneficial

Interest

At

March

31,

2024,

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,

2024

Year

Ended

September

30,

2023

Shares

Amount

Shares

Amount

Class

A

Shares:

Shares

sold

a

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

93,598,494

$156,331,323

164,259,008

$266,498,198

Shares

issued

in

reinvestment

of

distributions

..........

13,632,570

22,648,132

25,369,529

40,986,737

Shares

redeemed

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

(78,407,269)

(130,839,680)

(165,727,347)

(268,677,974)

Net

increase

(decrease)

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

28,823,795

$48,139,775

23,901,190

$38,806,961

Class

A1

Shares:

Shares

sold

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

11,226,933

$18,928,815

31,275,796

$51,183,105

Shares

issued

in

reinvestment

of

distributions

..........

21,546,053

36,197,115

45,166,418

73,731,606

Shares

redeemed

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

(63,358,575)

(106,481,089)

(138,736,468)

(227,098,446)

Net

increase

(decrease)

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

(30,585,589)

$(51,355,159)

(62,294,254)

$(102,183,735)

Class

C

Shares:

Shares

sold

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

4,518,052

$7,724,709

8,237,311

$13,715,527

Shares

issued

in

reinvestment

of

distributions

..........

1,207,856

2,062,504

2,765,299

4,586,429

Shares

redeemed

a

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

(8,773,136)

(14,945,273)

(26,737,253)

(44,169,301)

Net

increase

(decrease)

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

(3,047,228)

$(5,158,060)

(15,734,643)

$(25,867,345)

Class

R

Shares:

Shares

sold

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

4,207,703

$7,293,199

5,971,275

$10,046,457

Shares

issued

in

reinvestment

of

distributions

..........

986,838

1,698,861

2,034,038

3,401,699

Shares

redeemed

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

(5,919,929)

(10,261,309)

(10,333,832)

(17,364,228)

Net

increase

(decrease)

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

(725,388)

$(1,269,249)

(2,328,519)

$(3,916,072)

Class

R6

Shares:

Shares

sold

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

36,884,342

$61,463,389

54,327,226

$88,684,219

Shares

issued

in

reinvestment

of

distributions

..........

2,512,055

4,201,337

4,118,456

6,697,631

Shares

redeemed

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

(23,209,035)

(39,154,544)

(45,938,906)

(75,126,397)

Net

increase

(decrease)

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

16,187,362

$26,510,182

12,506,776

$20,255,453

Advisor

Class

Shares:

Shares

sold

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

72,094,062

$120,456,605

117,682,569

$192,591,222

Shares

issued

in

reinvestment

of

distributions

..........

5,619,613

9,433,128

10,742,738

17,526,512

Shares

redeemed

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

(76,306,583)

(128,295,575)

(113,307,304)

(185,716,049)

Net

increase

(decrease)

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

1,407,092

$1,594,158

15,118,003

$24,401,685

1.

Organization

and

Significant

Accounting

Policies

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

33

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,

2024,

the

annualized

gross

effective

investment

management

fee

rate

was 0.460%

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

plan,

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

plan,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund's

Class

C

and

R

compensation

distribution

plans,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

1

through

January

31.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A.

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)

34

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

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,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. 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

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

March

31,

2024,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$577,974

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,

2024,

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

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

$48,723

CDSC

retained

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

$13,313

3.

Transactions

with

Affiliates

(continued)

c.

Distribution

Fees

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

35

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

g.

Waiver

and

Expense

Reimbursements

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until January 31,

2025.

4.

Income

Taxes

For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains. 

At

September

30,

2023,

the

capital

loss

carryforwards

were

as

follows:

At

March

31,

2024,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities

and

bond

discounts

and

premiums.

5.

Investment

Transactions

Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

March

31,

2024,

aggregated

$480,231,858 and

$460,546,626,

respectively. 

    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

,

4.997

%

$49,084,957

$372,026,424

$(365,416,176)

$—

$—

$55,695,205

55,695,205

$1,908,980

Total

Affiliated

Securities

...

$49,084,957

$372,026,424

$(365,416,176)

$—

$—

$55,695,205

$1,908,980

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

$825,279,484

Cost

of

investments

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

$2,849,507,526

Unrealized

appreciation

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

$72,106,437

Unrealized

depreciation

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

(257,338,264)

Net

unrealized

appreciation

(depreciation)

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

$(185,231,827)

3.

Transactions

with

Affiliates

(continued)

f.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

36

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

6.

Credit

Risk

and

Defaulted

Securities

At

March

31,

2024, the

Fund

had

87.7% of

its

portfolio

invested

in

high

yield,

senior

secured

floating

rate

loans,

or

other

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,

2024,

the

aggregate

value

of

these

securities was

$8,532,480,

representing 0.3% 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.

7.

Restricted

Securities

The

Fund

invests

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The Fund

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

March

31,

2024,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

8.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

March

31,

2024,

investments

in

“affiliated

companies”

were

as

follows:

Principal

Amount

*

Issuer

Acquisition

Date

Cost

Value

Franklin

High

Income

Fund

18,564,500

Murray

Energy

Corp.,

Secured

Note,

144A,

PIK,

12%,

4/15/24

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

4/09/15

-

4/15/19

$

20,764,441

$

—

Total

Restricted

Securities

(Value

is

—

%

of

Net

Assets)

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

$20,764,441

$—

*

In

U.S.

dollars

unless

otherwise

indicated.

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

Franklin

High

Income

Fund

Non-Controlled

Affiliates

Dividends

Birch

Permian

Holdings,

Inc

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

$

8,716,426

$

—

$

—

$

—

$

—

a

$

—

a

—

a

$

2,243,833

Total

Affiliated

Securities

(Value

is

—

%

of

Net

Assets)

..........

$8,716,426

$—

$—

$—

$—

$—

$2,243,833

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

37

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

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

January

31,

2025.

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,

2024,

the Fund

did

not

use

the

Global

Credit

Facility.

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,

2024,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

a

As

of

March

31,

2024,

no

longer

an

affiliate.

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Independent

Power

and

Renewable

Electricity

Producers

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

$

16,015,346

$

8,199,581

$

—

$

24,214,927

Metals

&

Mining

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

1,439,265

—

—

1,439,265

Oil,

Gas

&

Consumable

Fuels

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

136,791

6,098,737

—

6,235,528

Specialty

Retail

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

—

—

—

a

—

Warrants

:

Oil,

Gas

&

Consumable

Fuels

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

64,118

—

—

a

64,118

Corporate

Bonds

:

Aerospace

&

Defense

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

—

7,586,558

—

7,586,558

Automobile

Components

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

—

58,002,642

—

58,002,642

Automobiles

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

—

21,386,306

—

21,386,306

Banks

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

—

15,011,703

—

15,011,703

Beverages

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

—

10,586,161

—

10,586,161

Building

Products

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

—

87,350,083

—

87,350,083

8.

Holdings

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

38

franklintempleton.com

Semiannual

Report

Franklin

High

Income

Fund

(continued)

a

Includes

financial

instruments

determined

to

have

no

value

.

Level

1

Level

2

Level

3

Total

Franklin

High

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Corporate

Bonds:

Capital

Markets

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

$

—

$

14,381,845

$

—

$

14,381,845

Chemicals

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

—

90,868,487

—

90,868,487

Commercial

Services

&

Supplies

...........

—

51,739,052

—

51,739,052

Communications

Equipment

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

—

12,780,912

—

12,780,912

Construction

&

Engineering

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

—

13,431,154

—

13,431,154

Consumer

Finance

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

—

67,319,545

—

67,319,545

Consumer

Staples

Distribution

&

Retail

......

—

22,597,049

—

22,597,049

Containers

&

Packaging

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

—

110,997,092

—

110,997,092

Distributors

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

—

13,242,869

—

13,242,869

Diversified

Consumer

Services

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

—

26,631,125

—

26,631,125

Diversified

REITs

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

—

40,077,828

—

40,077,828

Diversified

Telecommunication

Services

.....

—

66,477,266

—

66,477,266

Electric

Utilities

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

—

27,151,329

—

27,151,329

Electrical

Equipment

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

—

43,472,152

—

43,472,152

Electronic

Equipment,

Instruments

&

Components

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

—

8,443,749

—

8,443,749

Energy

Equipment

&

Services

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

—

109,239,698

—

109,239,698

Entertainment

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

—

15,792,507

—

15,792,507

Financial

Services

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

—

91,558,793

—

91,558,793

Food

Products

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

—

35,659,581

—

35,659,581

Ground

Transportation

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

—

29,605,355

—

29,605,355

Health

Care

Equipment

&

Supplies

.........

—

29,806,447

—

29,806,447

Health

Care

Providers

&

Services

..........

—

137,749,441

—

137,749,441

Health

Care

REITs

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

—

21,585,163

—

21,585,163

Hotel

&

Resort

REITs

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

—

24,611,048

—

24,611,048

Hotels,

Restaurants

&

Leisure

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

—

181,769,948

—

a

181,769,948

Household

Durables

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

—

64,383,429

—

64,383,429

Independent

Power

and

Renewable

Electricity

Producers

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

—

40,722,630

—

40,722,630

Insurance

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

—

46,172,353

—

46,172,353

IT

Services

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

—

45,499,621

—

45,499,621

Machinery

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

—

41,544,516

—

41,544,516

Media

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

—

97,107,706

—

97,107,706

Metals

&

Mining

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

—

45,718,288

—

45,718,288

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

26,126,974

—

26,126,974

Oil,

Gas

&

Consumable

Fuels

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

—

339,782,872

—

a

339,782,872

Paper

&

Forest

Products

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

—

6,995,149

—

6,995,149

Passenger

Airlines

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

—

32,351,359

—

32,351,359

Personal

Care

Products

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

—

12,398,750

—

12,398,750

Pharmaceuticals

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

—

51,296,560

—

51,296,560

Real

Estate

Management

&

Development

....

—

31,655,993

—

31,655,993

Software

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

—

24,312,728

—

24,312,728

Specialized

REITs

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

—

18,905,010

—

18,905,010

Specialty

Retail

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

—

31,458,699

—

31,458,699

Textiles,

Apparel

&

Luxury

Goods

..........

—

8,842,907

—

8,842,907

Trading

Companies

&

Distributors

..........

—

45,964,674

—

45,964,674

Wireless

Telecommunication

Services

.......

—

10,739,632

—

10,739,632

Senior

Floating

Rate

Interests

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

—

67,425,668

—

67,425,668

Escrows

and

Litigation

Trusts

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

—

308,250

—

a

308,250

Short

Term

Investments

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

55,695,205

—

—

55,695,205

Total

Investments

in

Securities

...........

$73,350,725

$2,590,924,974

$—

$2,664,275,699

10.

Fair

Value

Measurements

(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

39

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.

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

Selected

Portfolio

CME

Chicago

Mercantile

Exchange

FRN

Floating

Rate

Note

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

10.

Fair

Value

Measurements

(continued)

Franklin

High

Income

Trust

Shareholder

Information

40

franklintempleton.com

Semiannual

Report

Proxy

Voting

Policies

and

Procedures

The

Fund’s

investment

manager

has

established

Proxy

Voting

Policies

and

Procedures

(Policies)

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities.

Shareholders

may

view

the

Fund’s

complete

Policies

online

at

franklintempleton.com.

Alternatively,

shareholders

may

request

copies

of

the

Policies

free

of

charge

by

calling

the

Proxy

Group

collect

at

(954)

527-

7678

or

by

sending

a

written

request

to:

Franklin

Templeton

Companies,

LLC,

300

S.E.

2nd

Street,

Fort

Lauderdale,

FL

33301,

Attention:

Proxy

Group.

Copies

of

the

Fund’s

proxy

voting

records

are

also

made

available

online

at

franklintempleton.com

and

posted

on

the

U.S.

Securities

and

Exchange

Commission’s

website

at

sec.gov

and

reflect

the

most

recent

12-month

period

ended

June

30.

Quarterly

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

(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

05/24

©

2024

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

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. Recovery of Erroneously Awarded Compensation.

(a) N/A

(b) N/A

Item 14. Exhibits.

(a)(1) Code of Ethics

codeofethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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 Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, 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\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  May 28, 2024

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\CHRISTOPHER KINGS _________________

Christopher Kings

      Chief Executive Officer - Finance and Administration

Date  May 28, 2024

By S\JEFFREY WHITE______________________

      Jeffrey White

      Chief Financial Officer, Chief Accounting Officer and Treasurer

Date  May 28, 2024