# EDGAR Filing Document

**Accession Number:** 0000002768
**File Stem:** 0001133228-26-008612
**Filing Date:** 2026-6
**Character Count:** 164978
**Document Hash:** ccf940f96b533a82996eeaedccac1e23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008612.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008612

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin High Income Trust
- **CENTRAL INDEX KEY:** 0000002768

**ORGANIZATION NAME:**
- **EIN:** 941693697
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01608
- **FILM NUMBER:** 261049750

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN HIGH INCOME TRUST
- **DATE OF NAME CHANGE:** 19961001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGE HIGH INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGE FUND INC
- **DATE OF NAME CHANGE:** 19810128

## Series and Classes Contracts Data

### FRANKLIN HIGH INCOME FUND (Series ID: S000006840)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018490 | Class A1      | FHAIX           |
| C000018492 | Class C       | FCHIX           |
| C000018493 | Advisor Class | FVHIX           |
| C000018494 | Class R       | FHIRX           |
| C000128780 | Class R6      | FHRRX           |
| C000199701 | Class A       | FHQRX           |

?xml version='1.0' encoding='ASCII'? 2026-04-2074200012600_FranklinHighIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

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

Franklin Templeton

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: **September 30**

Date of reporting period: **March 31, 2026**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin High Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FHQRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Income Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $43 | 0.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2867500603 |
| **Total Number of Portfolio Holdings** | 354 |
| **Portfolio Turnover Rate** | 15.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7026img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Income Fund PAGE 1 1105-STSR-0526

95.40.50.50.30.20.20.00.02.9 ------

---

| | |
|:---|:---|
| **Franklin High Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FHAIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Income Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $37 | 0.74% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2867500603 |
| **Total Number of Portfolio Holdings** | 354 |
| **Portfolio Turnover Rate** | 15.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7024img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Income Fund PAGE 1 105-STSR-0526

95.40.50.50.30.20.20.00.02.9 ------

---

| | |
|:---|:---|
| **Franklin High Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCHIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Income Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $63 | 1.25% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2867500603 |
| **Total Number of Portfolio Holdings** | 354 |
| **Portfolio Turnover Rate** | 15.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7028img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Income Fund PAGE 1 205-STSR-0526

95.40.50.50.30.20.20.00.02.9 ------

---

| | |
|:---|:---|
| **Franklin High Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FHIRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Income Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $55 | 1.10% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2867500603 |
| **Total Number of Portfolio Holdings** | 354 |
| **Portfolio Turnover Rate** | 15.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7033img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Income Fund PAGE 1 805-STSR-0526

95.40.50.50.30.20.20.00.02.9 ------

---

| | |
|:---|:---|
| **Franklin High Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FHRRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Income Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $26 | 0.51% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2867500603 |
| **Total Number of Portfolio Holdings** | 354 |
| **Portfolio Turnover Rate** | 15.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7030img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Income Fund PAGE 1 355-STSR-0526

95.40.50.50.30.20.20.00.02.9 ------

---

| | |
|:---|:---|
| **Franklin High Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FVHIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Income Fund for the period October 1, 2025, to March 31, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $30 | 0.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2867500603 |
| **Total Number of Portfolio Holdings** | 354 |
| **Portfolio Turnover Rate** | 15.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts7032img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Income Fund PAGE 1 605-STSR-0526

95.40.50.50.30.20.20.00.02.9 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### High

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

March

31, 2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 22
Notes

to

Financial

Statements

#### 26
Changes

In

and

Disagreements

with

Accountants

#### 37
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

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.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### Year

#### Ended

#### September

#### 30,

#### 2022

#### a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.76

$1.75

$1.62

$1.54

$1.69

$1.87

$1.72

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05 0.11 0.11 0.10 0.03 0.08 0.09 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.01 0.13 0.08 (0.15)

(0.17)

0.16 Total

from

investment

operations

...........

0.02 0.12 0.24 0.18 (0.12)

(0.09)

0.25 Less

distributions

from:

Net

investment

income

..

(0.06)

(0.11)

(0.11)

(0.10)

(0.03)

(0.09)

(0.10)

Net

asset

value,

end

of

period

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

$1.72

$1.76

$1.75

$1.62

$1.54

$1.69

$1.87

Total

return

d

...........

0.91%

7.03%

15.13%

12.06%

(7.03)%

(5.15)%

14.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

....

0.85%

0.84%

0.84%

0.86%

0.88%

0.87%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.85%

f

0.83%

0.83%

0.85%

g

0.87%

g

0.87%

f,g

0.85%

g

Net

investment

income

...

6.20%

6.11%

6.26%

6.05%

6.02%

4.66%

5.10%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

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

$1,006,558

$963,080

$886,357

$713,381

$642,620

$689,210

$553,316

Portfolio

turnover

rate

....

15.11%

39.11%

36.83%

34.60%

4.96%

31.57%

55.37%

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

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

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

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### Year

#### Ended

#### September

#### 30,

#### 2022

#### a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.78

$1.77

$1.64

$1.56

$1.71

$1.88

$1.73

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.06 0.11 0.11 0.10 0.03 0.09 0.10 Net

realized

and

unrealized

gains

(losses)

...........

(0.04)

0.01 0.13 0.08 (0.15)

(0.17)

0.15 Total

from

investment

operations

...........

0.02 0.12 0.24 0.18 (0.12)

(0.08)

0.25 Less

distributions

from:

Net

investment

income

..

(0.06)

(0.11)

(0.11)

(0.10)

(0.03)

(0.09)

(0.10)

Net

asset

value,

end

of

period

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

$1.74

$1.78

$1.77

$1.64

$1.56

$1.71

$1.88

Total

return

d

...........

0.92%

7.05%

15.06%

12.02%

(6.90)%

(4.51)%

14.52%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

....

0.75%

0.74%

0.74%

0.76%

0.78%

0.77%

0.76%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.74%

0.73%

0.73%

0.75%

f

0.77%

f

0.76%

f

0.76%

f,g

Net

investment

income

...

6.29%

6.21%

6.35%

6.15%

6.12%

4.74%

5.18%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

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

$1,139,120

$1,206,382

$1,288,613

$1,276,764

$1,311,893

$1,483,888

$1,758,443

Portfolio

turnover

rate

....

15.11%

39.11%

36.83%

34.60%

4.96%

31.57%

55.37%

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.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### Year

#### Ended

#### September

#### 30,

#### 2022

#### a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.81

$1.80

$1.66

$1.58

$1.74

$1.91

$1.76

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05 0.10 0.10 0.09 0.03 0.08 0.09 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.01 0.14 0.09 (0.16)

(0.17)

0.15 Total

from

investment

operations

...........

0.02 0.11 0.24 0.18 (0.13)

(0.09)

0.24 Less

distributions

from:

Net

investment

income

..

(0.05)

(0.10)

(0.10)

(0.10)

(0.03)

(0.08)

(0.09)

Net

asset

value,

end

of

period

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

$1.78

$1.81

$1.80

$1.66

$1.58

$1.74

$1.91

Total

return

d

...........

1.22%

6.36%

14.87%

11.25%

(7.53)%

(4.93)%

13.69%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

....

1.25%

1.24%

1.24%

1.26%

1.28%

1.26%

1.26%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.25%

f

1.23%

1.23%

1.25%

g

1.27%

g

1.26%

f,g

1.26%

f,g

Net

investment

income

...

5.80%

5.71%

5.85%

5.64%

5.63%

4.22%

4.68%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

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

$83,712

$78,823

$77,858

$77,923

$98,923

$119,630

$220,646

Portfolio

turnover

rate

....

15.11%

39.11%

36.83%

34.60%

4.96%

31.57%

55.37%

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

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

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

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### Year

#### Ended

#### September

#### 30,

#### 2022

#### a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.83

$1.82

$1.68

$1.59

$1.75

$1.92

$1.77

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.05 0.11 0.11 0.10 0.03 0.08 0.09 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

—

d

0.13 0.09 (0.16)

(0.17)

0.15 Total

from

investment

operations

...........

0.02 0.11 0.24 0.19 (0.13)

(0.09)

0.24 Less

distributions

from:

Net

investment

income

..

(0.05)

(0.10)

(0.10)

(0.10)

(0.03)

(0.08)

(0.09)

Net

asset

value,

end

of

period

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

$1.80

$1.83

$1.82

$1.68

$1.59

$1.75

$1.92

Total

return

e

...........

1.28%

6.46%

14.88%

12.01%

(7.44)%

(4.75)%

13.78%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

....

1.10%

1.09%

1.09%

1.11%

1.13%

1.12%

1.11%

Expenses

net

of

waiver

and

payments

by

affiliates

....

1.10%

g

1.08%

1.08%

1.10%

h

1.12%

h

1.11%

h

1.11%

g,h

Net

investment

income

...

5.95%

5.86%

6.00%

5.80%

5.77%

4.39%

4.83%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

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

$61,046

$59,596

$59,229

$57,051

$57,909

$64,250

$74,532

Portfolio

turnover

rate

....

15.11%

39.11%

36.83%

34.60%

4.96%

31.57%

55.37%

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

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Financial

Highlights

#### Franklin

#### High

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### Year

#### Ended

#### September

#### 30,

#### 2022

#### a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.77

$1.76

$1.63

$1.55

$1.71

$1.88

$1.73

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.06 0.11 0.11 0.10 0.03 0.09 0.10 Net

realized

and

unrealized

gains

(losses)

...........

(0.04)

0.01 0.13 0.09 (0.16)

(0.17)

0.15 Total

from

investment

operations

...........

0.02 0.12 0.24 0.19 (0.13)

(0.08)

0.25 Less

distributions

from:

Net

investment

income

..

(0.06)

(0.11)

(0.11)

(0.11)

(0.03)

(0.09)

(0.10)

Net

asset

value,

end

of

period

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

$1.73

$1.77

$1.76

$1.63

$1.55

$1.71

$1.88

Total

return

d

...........

1.06%

7.32%

15.44%

12.37%

(7.42)%

(4.24)%

14.82%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

....

0.52%

0.52%

0.51%

0.53%

0.55%

0.55%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.51%

0.50%

0.49%

0.49%

f

0.50%

f

0.51%

f

0.51%

f

Net

investment

income

...

6.54%

6.44%

6.59%

6.42%

6.39%

5.01%

5.39%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

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

$236,083

$215,841

$203,691

$115,142

$90,344

$98,282

$88,257

Portfolio

turnover

rate

....

15.11%

39.11%

36.83%

34.60%

4.96%

31.57%

55.37%

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

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### Year

#### Ended

#### September

#### 30,

#### 2022

#### a

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$1.78

$1.77

$1.63

$1.56

$1.71

$1.88

$1.73

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.06 0.11 0.11 0.10 0.03 0.09 0.10 Net

realized

and

unrealized

gains

(losses)

...........

(0.04)

0.01 0.14 0.08 (0.15)

(0.17)

0.15 Total

from

investment

operations

...........

0.02 0.12 0.25 0.18 (0.12)

(0.08)

0.25 Less

distributions

from:

Net

investment

income

..

(0.06)

(0.11)

(0.11)

(0.11)

(0.03)

(0.09)

(0.10)

Net

asset

value,

end

of

period

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

$1.74

$1.78

$1.77

$1.63

$1.56

$1.71

$1.88

Total

return

d

...........

1.01%

7.21%

15.94%

11.52%

(6.86)%

(4.37)%

14.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

....

0.60%

0.59%

0.59%

0.61%

0.63%

0.62%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

....

0.60%

f

0.58%

0.58%

0.60%

g

0.62%

g

0.61%

g

0.61%

f,g

Net

investment

income

...

6.45%

6.36%

6.51%

6.31%

6.32%

4.89%

5.34%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

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

$340,982

$330,685

$298,151

$295,183

$257,358

$353,786

$341,889

Portfolio

turnover

rate

....

15.11%

39.11%

36.83%

34.60%

4.96%

31.57%

55.37%

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

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

High

Income

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Franklin

#### High

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.4%

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
a

Altice

France

SA

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

France

213,977

$

3,641,865

#### Metals

#### &

#### Mining

#### 0.0%

#### †
a

Alpha

Metallurgical

Resources,

Inc.

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

United

States

4,346

892,103

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
a

Amplify

Energy

Corp.

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

United

States

8,816

55,012

Birch

Permian

Holdings,

Inc.

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

United

States

690,410

4,004,378

California

Resources

Corp.

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

United

States

2,456

170,004

Expand

Energy

Corp.

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

United

States

4,674

513,112

4,742,506

#### Pharmaceuticals

#### 0.1%
a

Keenova

Therapeutics

plc

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

United

States

37,383

3,289,704

a

Par

Health,

Inc.

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

United

States

37,383

238,317

3,528,021

#### Software

#### 0.0%

#### †
a,b

DSG

Topco,

Inc.

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

United

States

33,227

8,307

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 54,225,084

####)
....................................

#### 12,812,802

#### Convertible

#### Preferred

#### Stocks

#### 0.3%

#### Aerospace

#### &

#### Defense

#### 0.1%
Boeing

Co.

(The)

,

%

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

United

States

55,000

3,568,400

#### Software

#### 0.2%
Oracle

Corp.

,

D

,

6.5 %

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

United

States

103,572

4,661,776

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 7,928,600

####)
..........................

#### 8,230,176

#### Rights

#### 0.0%

#### †

#### Diversified

#### Telecommunication

#### Services

#### 0.0%

#### †
a

Altice

France

SA

,

2/20/49

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

France

17,144

252,652

#### Total

#### Rights

#### (Cost

#### $

#### –

####)
......................................................

#### 252,652

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.2%

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
c

Crescent

Energy

Co.

,

Senior

Note

,

144A,

2.75 %

,

3/15/31

.....

United

States

4,960,000

5,706,480

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 4,960,000

####)
...................................

#### 5,706,480

#### Corporate

#### Bonds

#### 94.7%

#### Aerospace

#### &

#### Defense

#### 1.9%
ATI,

Inc.

,

Senior

Note

,

7.25 %

,

8/15/30

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

United

States

8,900,000

9,235,121

c

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

3/15/33

.....

United

States

4,300,000

4,392,841

c

Bombardier,

Inc.

,

Senior

Note

,

144A,

%

,

6/01/32

...........

Canada

1,565,000

1,626,179

c

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

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

Italy

20,200,000

20,125,383

c

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

1/15/33

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

United

States

1,820,000

1,821,007

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

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

United

States

16,945,000

17,179,773

54,380,304

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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Automobile

#### Components

#### 2.0%
c

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

8.25 %

,

4/15/31

United

States

6,000,000

$

6,227,454

c

Allison

Transmission,

Inc.

,

Senior

Bond

,

144A,

3.75 %

,

1/30/31

.

United

States

3,400,000

3,167,136

c

Clarios

Global

LP

/

Clarios

US

Finance

Co.

,

Senior

Note

,

144A,

6.75 %

,

9/15/32

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

United

States

5,785,000

5,834,924

c

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

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

United

States

23,875,000

21,337,753

c

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

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

France

6,220,000

6,076,659

c

,d

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

7.75 %

,

11/15/30

.........

Germany

3,600,000

3,662,176

Senior

Secured

Note

,

144A,

PIK,

%

,

11/15/32

...........

Germany

3,700,000

3,793,421

c

ZF

North

America

Capital,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

4/23/32

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

Germany

6,300,000

5,991,508

56,091,031

#### Automobiles

#### 0.7%
c

Jaguar

Land

Rover

Automotive

plc

,

Senior

Note

,

144A,

5.5 %

,

7/15/29

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

United

Kingdom

9,145,000

8,900,909

c

Nissan

Motor

Co.

Ltd.

,

Senior

Bond

,

144A,

8.125 %

,

7/17/35

...

Japan

10,535,000

10,848,325

19,749,234

#### Biotechnology

#### 1.0%
c

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note

,

144A,

7.25 %

,

12/15/33

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

Denmark

8,540,000

8,946,897

Senior

Secured

Note

,

144A,

6.25 %

,

12/15/32

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

Denmark

9,740,000

9,992,821

c

Grifols

SA

,

Senior

Note

,

144A,

4.75 %

,

10/15/28

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

Spain

10,000,000

9,800,898

28,740,616

#### Broadline

#### Retail

#### 0.8%
c

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25 %

,

10/31/29

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

United

States

3,800,000

3,881,506

Senior

Secured

Note

,

144A,

7.75 %

,

9/15/30

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

United

States

12,000,000

12,502,884

Senior

Secured

Note

,

144A,

6.75 %

,

11/15/32

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

United

States

7,655,000

7,719,240

24,103,630

#### Building

#### Products

#### 2.9%
c

Cornerstone

Building

Brands,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

1/15/29

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

United

States

2,000,000

410,000

c

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625 %

,

12/15/30

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

United

States

23,500,000

23,930,262

c

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

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

United

States

1,625,000

1,612,627

Senior

Secured

Note

,

144A,

6.125 %

,

7/31/32

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

United

States

2,325,000

2,319,478

c

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

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

United

States

8,890,000

8,519,982

c

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

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

United

States

5,500,000

5,581,141

c

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

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

United

States

20,900,000

21,568,278

c

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

8/15/32

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

United

States

10,000,000

10,014,020

Senior

Note

,

144A,

6.25 %

,

8/01/33

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

United

States

8,205,000

8,120,615

82,076,403

#### Capital

#### Markets

#### 1.6%
c

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.5 %

,

11/15/29

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

United

States

6,100,000

5,916,316

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

...........

United

States

13,800,000

13,658,601

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

c

Jane

Street

Group

/

JSG

Finance,

Inc.,

(continued)

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

12,700,000

$

12,894,031

c

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

5,290,000

5,349,920

c

StoneX

Group,

Inc.

,

Secured

Note

,

144A,

7.875 %

,

3/01/31

....

United

States

8,600,000

8,937,653

46,756,521

#### Chemicals

#### 2.3%
c

,d

Advancion

Sciences,

Inc.

,

Senior

Note

,

144A,

PIK,

9.25 %

,

11/01/26

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

United

States

4,411,151

3,421,092

b

,c

,d

,e

Anagram

Holdings

LLC

/

Anagram

International,

Inc.

,

Secured

Note

,

144A,

PIK,

%

,

8/15/26

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

United

States

1,891,272

—

c

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

,

Senior

Secured

Note

,

144A,

9.75 %

,

3/01/33

.........

United

States

10,000,000

9,636,700

c

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

5,200,000

5,240,685

c

,e

Braskem

Idesa

SAPI

,

Senior

Secured

Bond

,

144A,

6.99 %

,

2/20/32

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

Mexico

4,100,000

2,508,523

c

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

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

Germany

5,353,000

5,329,072

c

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

4,200,000

4,091,988

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

5,435,000

3,504,269

c

,d

GPD

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

12.5 %

,

12/31/29

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

United

States

13,029,473

7,022,841

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

21,680,000

22,332,546

c

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

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

United

States

2,630,000

2,595,895

65,683,611

#### Commercial

#### Services

#### &

#### Supplies

#### 2.5%
c

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

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

United

States

2,610,000

2,619,391

Senior

Secured

Note

,

144A,

9.5 %

,

2/15/33

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

United

States

12,115,000

11,769,589

c

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375 %

,

8/31/27

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

United

States

6,495,000

6,325,579

c

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

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

United

States

21,575,000

21,855,777

c

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

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

United

States

4,275,000

4,448,129

c

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

4/15/29

.....

United

States

8,800,000

8,520,134

c

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

4,700,000

4,764,630

c

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

12,100,000

12,467,552

72,770,781

#### Communications

#### Equipment

#### 0.3%
c

Viasat,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

5/30/31

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

United

States

9,800,000

9,696,689

#### Construction

#### &

#### Engineering

#### 0.3%
c

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

4/15/29

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

United

States

5,400,000

5,214,106

Senior

Note

,

144A,

6.875 %

,

8/15/32

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

United

States

3,300,000

3,383,863

8,597,969

#### Consumer

#### Finance

#### 4.4%
c

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25 %

,

4/01/29

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

United

States

3,400,000

3,561,500

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/30

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

United

States

9,200,000

9,733,131

c

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

19,300,000

19,695,032

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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

%

,

8/15/26

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

United

States

12,500,000

$

12,516,500

Senior

Note

,

144A,

9.5 %

,

2/15/29

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

United

States

10,700,000

11,234,668

Senior

Note

,

144A,

8.25 %

,

5/15/30

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

United

States

4,000,000

4,172,976

c

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.5 %

,

3/26/31

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

United

Kingdom

2,900,000

3,038,485

OneMain

Finance

Corp.

,

Senior

Bond

,

5.375 %

,

11/15/29

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

United

States

10,100,000

9,747,086

Senior

Note

,

6.625 %

,

5/15/29

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

United

States

4,000,000

4,008,884

Senior

Note

,

7.125 %

,

11/15/31

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

United

States

6,400,000

6,346,699

Senior

Note

,

6.5 %

,

3/15/33

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

United

States

5,775,000

5,525,756

c

PRA

Group,

Inc.

,

Senior

Note

,

144A,

8.375 %

,

2/01/28

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

United

States

9,300,000

9,371,024

Senior

Note

,

144A,

%

,

10/01/29

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

United

States

3,000,000

2,772,311

Senior

Note

,

144A,

8.875 %

,

1/31/30

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

United

States

9,600,000

9,699,524

c

PROG

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

11/15/29

.......

United

States

15,000,000

14,262,150

125,685,726

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
c

US

Foods,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

1/15/32

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

United

States

7,200,000

7,459,326

Senior

Note

,

144A,

5.75 %

,

4/15/33

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

United

States

3,300,000

3,288,545

10,747,871

#### Containers

#### &

#### Packaging

#### 1.8%
c

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

18,550,000

17,573,039

c

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25 %

,

4/15/30

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

United

States

25,000,000

23,249,445

c

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

13,400,000

11,849,944

52,672,428

#### Distributors

#### 0.2%
c

Gates

Corp.

,

Senior

Note

,

144A,

6.875 %

,

7/01/29

...........

United

States

4,800,000

4,930,987

#### Diversified

#### Consumer

#### Services

#### 0.2%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

....

United

States

6,235,000

6,162,613

#### Diversified

#### REITs

#### 1.1%
c

Global

Net

Lease,

Inc.

,

Senior

Note

,

144A,

4.5 %

,

9/30/28

.....

United

States

13,400,000

12,991,675

c

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75 %

,

12/15/27

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

United

States

13,360,000

12,954,818

c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

2/15/29

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

United

States

7,000,000

6,804,825

32,751,318

#### Diversified

#### Telecommunication

#### Services

#### 4.4%
c

Altice

France

SA

,

Senior

Secured

Note

,

144A,

6.875 %

,

10/15/30

France

5,716,468

5,473,195

c

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

3/15/31

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

United

States

13,750,000

13,658,413

c

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

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

United

States

19,110,000

19,706,270

c

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

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

United

States

7,695,000

7,841,567

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.375 %

,

6/01/29

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

United

States

13,900,000

13,717,530

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.,

(continued)

Senior

Bond

,

144A,

4.5 %

,

8/15/30

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

United

States

10,500,000

$

9,818,535

Senior

Bond

,

144A,

4.25 %

,

2/01/31

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

United

States

3,400,000

3,101,088

Senior

Note

,

144A,

6.375 %

,

9/01/29

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

United

States

8,000,000

8,029,672

Senior

Note

,

144A,

%

,

2/01/33

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

United

States

8,490,000

8,521,832

c

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

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

United

States

7,210,000

7,478,782

c

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

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

United

States

11,825,000

11,695,960

c

Virgin

Media

Secured

Finance

plc

,

Senior

Secured

Bond

,

144A,

4.5 %

,

8/15/30

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

United

Kingdom

6,900,000

6,124,637

c

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

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

United

States

10,495,000

11,096,521

126,264,002

#### Electric

#### Utilities

#### 2.4%
c

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

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

United

Kingdom

24,085,000

23,547,288

c

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

%

,

1/15/36

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

United

States

12,060,000

11,957,515

Senior

Note

,

144A,

5.75 %

,

7/15/29

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

United

States

15,300,000

15,284,547

c

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

7.75 %

,

10/15/31

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

United

States

8,700,000

9,117,267

Senior

Note

,

144A,

6.875 %

,

4/15/32

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

United

States

8,700,000

9,009,175

68,915,792

#### Electrical

#### Equipment

#### 0.4%
c

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

11,700,000

11,529,905

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.4%
c

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

9,300,000

8,939,245

c

Zebra

Technologies

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/01/32

..

United

States

3,600,000

3,627,418

12,566,663

#### Energy

#### Equipment

#### &

#### Services

#### 2.8%
c

Archrock

Services

LP

/

Archrock

Partners

Finance

Corp.

,

Senior

Note

,

144A,

%

,

2/01/34

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

United

States

8,375,000

8,298,017

c

Borr

IHC

Ltd.

/

Borr

Finance

LLC

,

Senior

Secured

Note

,

144A,

10.375 %

,

11/15/30

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

Mexico

3,412,107

3,466,323

c

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75 %

,

10/01/35

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

United

States

2,610,000

2,653,475

Senior

Note

,

144A,

5.875 %

,

4/01/31

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

United

States

7,665,000

7,707,712

Senior

Note

,

144A,

6.5 %

,

10/01/33

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

United

States

4,435,000

4,485,967

c

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

9.125 %

,

1/31/30

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

United

States

4,600,000

4,832,581

Senior

Note

,

144A,

8.875 %

,

8/15/31

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

United

States

2,515,000

2,621,666

Oceaneering

International,

Inc.

,

Senior

Note

,

%

,

2/01/28

.....

United

States

6,000,000

6,028,212

Transocean

International

Ltd.

,

Senior

Bond

,

6.8 %

,

3/15/38

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

United

States

10,800,000

10,383,044

c

Senior

Note

,

144A,

8.25 %

,

5/15/29

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

United

States

2,100,000

2,171,146

c

Senior

Secured

Note

,

144A,

8.75 %

,

2/15/30

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

United

States

11,060,000

11,536,830

c

Senior

Secured

Note

,

144A,

7.875 %

,

10/15/32

...........

United

States

1,730,000

1,849,699

c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

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

United

States

4,032,000

4,111,725

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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services
(continued)

c

Weatherford

International

Ltd.,

(continued)

Senior

Note

,

144A,

6.75 %

,

10/15/33

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

United

States

10,740,000

$

10,980,780

81,127,177

#### Entertainment

#### 1.4%
c

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

15,300,000

15,776,626

Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

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

United

States

6,655,000

4,400,989

Senior

Note

,

4.054 %

,

3/15/29

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

United

States

9,805,000

9,492,466

c

,f

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

7/01/34

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

United

States

5,045,000

5,284,873

Senior

Secured

Note

,

144A,

7.25 %

,

7/01/33

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

United

States

6,045,000

6,267,120

41,222,074

#### Financial

#### Services

#### 3.4%
c

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

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

United

States

8,005,000

7,639,881

Senior

Note

,

144A,

6.75 %

,

12/01/32

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

United

States

10,720,000

10,097,602

c

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

9.25 %

,

2/01/29

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

United

States

4,400,000

4,462,898

Senior

Note

,

144A,

6.875 %

,

5/01/31

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

United

States

4,925,000

4,609,224

Senior

Note

,

144A,

8.375 %

,

4/01/32

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

United

States

12,700,000

12,506,062

Senior

Note

,

144A,

7.875 %

,

4/01/33

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

United

States

6,235,000

5,852,191

c

GGAM

Finance

Ltd.

,

Senior

Note

,

144A,

%

,

6/15/28

........

Ireland

10,000,000

10,386,170

c

Osaic

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

8/01/33

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

United

States

9,775,000

9,657,869

Senior

Secured

Note

,

144A,

6.75 %

,

8/01/32

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

United

States

4,690,000

4,694,056

c

PHH

Escrow

Issuer

LLC

/

PHH

Corp.

,

Senior

Note

,

144A,

9.875 %

,

11/01/29

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

United

States

20,000,000

19,317,626

c

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

8,250,000

8,348,950

97,572,529

#### Food

#### Products

#### 0.8%
c

,d

Chobani

Holdco

II

LLC

,

Senior

Note

,

144A,

PIK,

8.75 %

,

10/01/29

United

States

2,619,483

2,667,598

c

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

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

United

States

3,300,000

3,376,253

c

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

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

United

Kingdom

6,975,000

6,807,410

c

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

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

United

States

9,183,000

9,286,336

22,137,597

#### Ground

#### Transportation

#### 1.3%
c

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

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

United

States

3,460,000

3,576,899

c

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

7/31/29

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

United

States

11,400,000

10,921,109

c

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

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

United

States

13,020,000

13,384,495

c

XPO,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

2/01/32

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

United

States

10,100,000

10,424,321

38,306,824

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.8%
c

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

10,000,000

10,337,500

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

c

Insulet

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/33

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

United

States

1,735,000

$

1,772,193

c

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25 %

,

10/01/29

....

United

States

10,300,000

10,215,523

22,325,216

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.2%
c

CHS/Community

Health

Systems,

Inc.

,

144A,

10.75 %

,

6/15/33

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

United

States

2,900,000

3,093,039

Secured

Note

,

144A,

6.125 %

,

4/01/30

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

United

States

6,800,000

5,919,907

Senior

Secured

Note

,

144A,

%

,

1/15/29

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

United

States

6,000,000

5,937,630

Senior

Secured

Note

,

144A,

5.25 %

,

5/15/30

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

United

States

6,500,000

6,130,295

Senior

Secured

Note

,

144A,

10.875 %

,

1/15/32

...........

United

States

6,800,000

7,303,955

Senior

Secured

Note

,

144A,

9.75 %

,

1/15/34

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

United

States

5,900,000

6,130,797

c

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

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

United

States

5,200,000

5,382,593

c

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

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

United

States

16,700,000

16,067,073

Senior

Note

,

144A,

6.875 %

,

9/01/32

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

United

States

7,700,000

7,894,824

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

24,200,000

23,466,411

c

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.75 %

,

12/31/30

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

United

States

1,998,619

1,531,153

d

Senior

Secured

Note

,

144A,

PIK,

11.5 %

,

12/31/30

.........

United

States

3,213,718

2,880,971

d

Senior

Secured

Note

,

144A,

PIK,

6.75 %

,

3/31/31

.........

United

States

17,271,324

11,566,764

Tenet

Healthcare

Corp.

,

c

Senior

Note

,

144A,

%

,

11/15/33

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

United

States

5,440,000

5,508,740

Senior

Secured

Note

,

6.125 %

,

6/15/30

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

United

States

12,030,000

12,123,256

120,937,408

#### Health

#### Care

#### REITs

#### 0.6%
MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5 %

,

3/15/31

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

United

States

16,200,000

10,602,899

c

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

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

United

States

7,750,000

7,863,166

18,466,065

#### Health

#### Care

#### Technology

#### 0.6%
c

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

17,800,000

18,097,990

#### Hotel

#### &

#### Resort

#### REITs

#### 1.2%
c

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

Senior

Note

,

144A,

6.375 %

,

10/15/29

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

United

States

2,515,000

2,521,598

c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

7.25 %

,

7/15/28

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

United

States

6,000,000

6,129,660

Senior

Note

,

144A,

4.5 %

,

2/15/29

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

United

States

6,500,000

6,304,747

Senior

Note

,

144A,

6.5 %

,

4/01/32

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

United

States

8,000,000

8,150,728

Senior

Note

,

144A,

6.5 %

,

6/15/33

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

United

States

4,200,000

4,279,741

Senior

Note

,

144A,

5.75 %

,

3/15/34

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

United

States

2,450,000

2,419,727

c

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

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

United

States

3,725,000

3,765,435

33,571,636

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 6.7%
c

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/30/29

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

Switzerland

12,014,000

12,290,709

c

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

10/15/29

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

United

States

1,150,000

1,106,680

Senior

Note

,

144A,

%

,

10/15/32

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

United

States

3,450,000

3,178,239

Senior

Secured

Note

,

144A,

%

,

2/15/30

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

United

States

2,420,000

2,451,061

c

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

3/15/30

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

United

States

18,150,000

18,303,858

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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

c

Carnival

Corp.,

(continued)

Senior

Note

,

144A,

5.75 %

,

8/01/32

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

United

States

13,600,000

$

13,612,577

Senior

Note

,

144A,

6.125 %

,

2/15/33

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

United

States

7,500,000

7,578,975

c

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

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

United

States

13,200,000

12,339,590

c

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

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

Canada

13,700,000

13,374,303

c

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

..

United

States

12,250,000

12,549,022

c

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

2/01/32

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

United

States

9,700,000

9,633,484

Senior

Note

,

144A,

6.25 %

,

9/15/33

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

United

States

8,780,000

8,525,673

c

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

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

United

States

5,165,000

5,154,986

c

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.375 %

,

7/15/27

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

United

States

4,900,000

4,919,050

Senior

Note

,

144A,

6.25 %

,

3/15/32

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

United

States

7,000,000

7,157,998

Senior

Note

,

144A,

%

,

2/01/33

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

United

States

5,500,000

5,556,304

c

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625 %

,

12/01/31

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

United

States

2,590,000

2,420,847

Senior

Note

,

144A,

4.5 %

,

2/15/28

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

United

States

4,210,000

4,128,654

c

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

%

,

2/15/29

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

United

States

9,900,000

9,923,206

Senior

Note

,

144A,

5.875 %

,

10/15/33

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

United

States

10,485,000

10,359,461

c

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

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

United

States

25,000,000

26,219,875

190,784,552

#### Household

#### Durables

#### 3.1%
c

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

4.625 %

,

8/01/29

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

United

States

4,800,000

4,539,038

Senior

Note

,

144A,

4.625 %

,

4/01/30

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

United

States

8,000,000

7,432,038

Senior

Note

,

144A,

6.875 %

,

8/01/33

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

United

States

3,580,000

3,459,052

c

Dream

Finders

Homes,

Inc.

,

Senior

Note

,

144A,

8.25 %

,

8/15/28

United

States

6,000,000

6,102,203

c

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note

,

144A,

%

,

4/01/31

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

United

States

2,805,000

2,777,174

Senior

Note

,

144A,

8.375 %

,

10/01/33

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

United

States

4,210,000

4,168,142

KB

Home

,

Senior

Note

,

7.25 %

,

7/15/30

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

United

States

9,000,000

9,178,713

c

LGI

Homes,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

12/15/28

........

United

States

7,885,000

8,072,324

M/I

Homes,

Inc.

,

Senior

Note

,

3.95 %

,

2/15/30

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

United

States

12,600,000

11,827,451

c

Newell

Brands,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/01/28

.......

United

States

3,755,000

3,877,976

c

Taylor

Morrison

Communities,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

11/15/32

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

United

States

5,115,000

5,125,563

c

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

6.75 %

,

1/15/34

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

United

States

24,275,000

23,279,650

89,839,324

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1.4%
c

Clearway

Energy

Operating

LLC

,

Senior

Bond

,

144A,

3.75 %

,

1/15/32

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

United

States

8,800,000

8,028,134

Senior

Note

,

144A,

4.75 %

,

3/15/28

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

United

States

3,500,000

3,455,171

Senior

Note

,

144A,

3.75 %

,

2/15/31

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

United

States

7,000,000

6,485,493

Senior

Note

,

144A,

5.75 %

,

1/15/34

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

United

States

2,865,000

2,817,428

c

Talen

Energy

Supply

LLC

,

Senior

Bond

,

144A,

6.5 %

,

2/01/36

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

United

States

7,015,000

7,067,477

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

c

Talen

Energy

Supply

LLC,

(continued)

Senior

Note

,

144A,

6.25 %

,

2/01/34

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

United

States

11,015,000

$

10,900,041

38,753,744

#### Insurance

#### 1.9%
c

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/15/29

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

United

States

4,200,000

4,164,026

Senior

Secured

Note

,

144A,

7.5 %

,

11/06/30

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

United

States

6,900,000

6,936,770

c

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

7.375 %

,

10/01/32

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

United

States

3,600,000

3,570,124

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/28

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

United

States

2,000,000

2,012,060

Senior

Secured

Note

,

144A,

%

,

1/15/31

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

United

States

14,115,000

14,242,347

c

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/31/32

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

United

States

10,240,000

10,632,069

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/34

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

United

States

13,450,000

13,067,649

54,625,045

#### IT

#### Services

#### 1.1%
c

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/27

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

United

States

4,000,000

3,959,411

Senior

Note

,

144A,

%

,

6/15/27

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

United

States

9,400,000

9,288,356

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

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

United

States

9,300,000

8,119,266

c

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

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

United

States

10,700,000

10,647,554

32,014,587

#### Machinery

#### 1.5%
c

Calderys

Financing

LLC

,

Senior

Secured

Note

,

144A,

11.25 %

,

6/01/28

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

France

13,700,000

14,180,665

c

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

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

United

States

11,200,000

11,380,869

Senior

Note

,

144A,

5.625 %

,

4/01/31

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

United

States

6,545,000

6,607,243

Hillenbrand,

Inc.

,

Senior

Note

,

6.25 %

,

2/15/29

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

United

States

8,200,000

7,603,735

c

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

2,525,000

2,543,794

42,316,306

#### Media

#### 5.8%
c

Block

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

10.25 %

,

3/01/31

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

United

States

10,010,000

9,168,268

c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

4/15/28

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

United

States

700,000

703,801

Senior

Secured

Note

,

144A,

7.875 %

,

4/01/30

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

United

States

11,000,000

11,519,288

Senior

Secured

Note

,

144A,

7.5 %

,

3/15/33

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

United

States

9,400,000

9,961,584

c

CSC

Holdings

LLC

,

Senior

Note

,

144A,

11.25 %

,

5/15/28

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

United

States

13,700,000

11,208,025

Senior

Note

,

144A,

11.75 %

,

1/31/29

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

United

States

3,400,000

2,460,818

c

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

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

United

States

7,290,000

7,282,894

c

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

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

United

States

3,513,000

3,511,459

c

EW

Scripps

Co.

(The)

,

Secured

Note

,

144A,

9.875 %

,

8/15/30

..

United

States

15,000,000

14,576,144

c

Gray

Media,

Inc.

,

Secured

Note

,

144A,

9.625 %

,

7/15/32

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

United

States

7,330,000

7,336,351

Senior

Bond

,

144A,

5.375 %

,

11/15/31

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

United

States

5,600,000

4,162,732

c

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

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

United

States

15,600,000

15,935,509

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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

c

Nexstar

Media,

Inc.

,

f

Senior

Note

,

144A,

7.25 %

,

4/15/34

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

United

States

15,730,000

$

15,793,497

Senior

Secured

Note

,

144A,

6.5 %

,

9/15/33

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

United

States

9,805,000

9,885,636

c

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625 %

,

3/15/30

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

United

States

5,555,000

5,362,942

Senior

Note

,

144A,

4.25 %

,

1/15/29

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

United

States

8,000,000

7,718,243

c

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

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

United

States

15,100,000

15,364,250

c

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

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

United

States

2,695,000

2,779,516

c

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/33

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

Netherlands

13,410,000

12,652,320

167,383,277

#### Metals

#### &

#### Mining

#### 2.8%
c

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

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

United

States

6,225,000

6,030,794

Senior

Note

,

144A,

7.625 %

,

1/15/34

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

United

States

10,360,000

10,131,227

c

Commercial

Metals

Co.

,

Senior

Bond

,

144A,

%

,

12/15/35

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

United

States

8,320,000

8,210,804

Senior

Note

,

144A,

5.75 %

,

11/15/33

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

United

States

4,165,000

4,125,106

c

Constellium

SE

,

Senior

Note

,

144A,

3.75 %

,

4/15/29

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

United

States

16,000,000

15,272,787

Senior

Note

,

144A,

6.375 %

,

8/15/32

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

United

States

3,200,000

3,237,120

c

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375 %

,

4/01/31

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

Australia

5,317,000

5,028,524

c

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

5,470,000

5,594,822

c

Novelis

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

1/30/30

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

United

States

7,700,000

7,290,073

Senior

Bond

,

144A,

3.875 %

,

8/15/31

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

United

States

200,000

178,334

Senior

Note

,

144A,

6.875 %

,

1/30/30

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

United

States

6,100,000

6,157,651

Senior

Note

,

144A,

6.375 %

,

8/15/33

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

United

States

8,675,000

8,516,228

79,773,470

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 1.1%
c

Apollo

Commercial

Real

Estate

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

6/15/29

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

United

States

22,900,000

22,728,513

c

Starwood

Property

Trust,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

1/15/31

United

States

8,360,000

8,265,958

30,994,471

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 9.2%
c

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

4,300,000

4,324,015

c

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75 %

,

2/15/31

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

United

States

3,040,000

3,231,401

Senior

Secured

Note

,

144A,

9.25 %

,

7/15/29

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

United

States

14,700,000

14,975,625

c

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

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

Australia

9,800,000

8,863,959

c

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

7.875 %

,

4/15/32

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

United

States

7,000,000

7,156,779

Senior

Note

,

144A,

7.375 %

,

1/15/33

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

United

States

6,200,000

6,203,065

Senior

Note

,

144A,

8.375 %

,

1/15/34

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

United

States

15,460,000

16,175,334

c

Expand

Energy

Corp.

,

Senior

Note

,

144A,

5.875 %

,

2/01/29

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

United

States

5,000,000

5,003,372

Senior

Note

,

144A,

6.75 %

,

4/15/29

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

United

States

10,300,000

10,307,418

c

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875 %

,

3/01/28

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

United

States

9,700,000

9,767,958

Senior

Note

,

144A,

6.5 %

,

6/01/29

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

United

States

9,100,000

9,300,702

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

6.25 %

,

4/15/32

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

United

States

10,225,000

$

9,903,306

Senior

Bond

,

144A,

7.25 %

,

2/15/35

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

United

States

3,100,000

3,092,946

Senior

Note

,

144A,

8.375 %

,

11/01/33

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

United

States

2,100,000

2,192,562

c

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

6.625 %

,

12/15/28

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

United

States

7,600,000

7,732,491

Senior

Note

,

144A,

5.875 %

,

6/15/30

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

United

States

9,200,000

9,239,229

c

Martin

Midstream

Partners

LP

/

Martin

Midstream

Finance

Corp.

,

Secured

Note

,

144A,

11.5 %

,

2/15/28

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

United

States

29,000,000

29,716,126

b

,c

,e

Murray

Energy

Corp.

,

Secured

Note

,

144A,

%

,

4/15/24

.....

United

States

18,564,500

—

c

Northriver

Midstream

Finance

LP

,

Senior

Secured

Note

,

144A,

6.75 %

,

7/15/32

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

Canada

20,100,000

20,173,285

c

Sunoco

LP

,

Senior

Note

,

144A,

5.375 %

,

7/15/31

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

United

States

5,670,000

5,628,558

Senior

Note

,

144A,

6.25 %

,

7/01/33

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

United

States

3,300,000

3,317,002

Senior

Note

,

144A,

5.625 %

,

7/15/34

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

United

States

3,385,000

3,335,565

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note

,

4.5 %

,

5/15/29

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

United

States

2,700,000

2,634,680

Senior

Note

,

4.5 %

,

4/30/30

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

United

States

5,000,000

4,823,094

c

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125 %

,

8/15/31

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

United

States

4,900,000

4,547,692

Senior

Secured

Note

,

144A,

3.875 %

,

8/15/29

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

United

States

5,900,000

5,610,864

c

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

9.5 %

,

2/01/29

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

United

States

16,000,000

17,308,791

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

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

United

States

9,800,000

10,196,854

Senior

Secured

Note

,

144A,

9.875 %

,

2/01/32

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

United

States

4,100,000

4,405,360

c

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

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

United

States

4,000,000

4,485,612

Senior

Secured

Bond

,

144A,

6.75 %

,

1/15/36

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

United

States

7,925,000

8,398,931

Senior

Secured

Note

,

144A,

6.125 %

,

12/15/30

...........

United

States

1,320,000

1,358,248

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

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

United

States

4,000,000

4,399,156

Senior

Secured

Note

,

144A,

6.5 %

,

1/15/34

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

United

States

4,755,000

4,959,842

Senior

Secured

Note

,

144A,

6.5 %

,

6/15/34

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

United

States

1,320,000

1,374,888

264,144,710

#### Paper

#### &

#### Forest

#### Products

#### 0.3%
c

Magnera

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

11/15/29

..

United

States

8,200,000

7,411,367

#### Passenger

#### Airlines

#### 0.5%
c

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.75 %

,

4/20/29

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

United

States

2,000,000

1,990,341

c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

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

United

States

3,116,667

3,113,282

c

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

4,950,000

5,113,226

c

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

5,500,000

5,399,784

15,616,633

#### Personal

#### Care

#### Products

#### 1.0%
c

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Note

,

144A,

6.625 %

,

7/15/30

...

United

States

10,100,000

10,022,136

c

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

17,700,000

17,727,771

27,749,907

#### Pharmaceuticals

#### 0.8%
c

Endo

Finance

Holdings

LP

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

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

United

States

3,700,000

3,877,041

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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

4.75 %

,

5/09/27

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

Israel

10,600,000

$

10,588,864

Senior

Note

,

5.125 %

,

5/09/29

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

Israel

900,000

897,664

Senior

Note

,

8.125 %

,

9/15/31

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

Israel

6,400,000

7,162,688

22,526,257

#### Professional

#### Services

#### 0.3%
c

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

7,850,000

7,996,136

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.6%
c

Forestar

Group,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

3/15/33

.......

United

States

11,510,000

11,389,434

c

Greystar

Real

Estate

Partners

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

9/01/30

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

United

States

5,800,000

6,036,878

17,426,312

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
c

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

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

United

States

2,650,000

2,682,825

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

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

United

States

4,510,000

4,521,009

7,203,834

#### Software

#### 0.6%
c

Gen

Digital,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

4/01/33

.........

United

States

4,250,000

4,134,849

c

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

9,400,000

7,776,491

c

Rocket

Software,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

2/15/29

......

United

States

6,700,000

6,038,157

17,949,497

#### Specialized

#### REITs

#### 2.0%
c

Iron

Mountain,

Inc.

,

Senior

Bond

,

144A,

5.625 %

,

7/15/32

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

United

States

6,400,000

6,218,566

Senior

Note

,

144A,

%

,

2/15/29

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

United

States

12,600,000

12,850,501

Senior

Note

,

144A,

6.25 %

,

1/15/33

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

United

States

7,800,000

7,781,298

c

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

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

United

States

20,975,000

20,982,633

Senior

Note

,

144A,

6.25 %

,

9/15/32

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

United

States

8,525,000

8,379,502

56,212,500

#### Specialty

#### Retail

#### 0.3%
c

PetSmart

LLC

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.5 %

,

9/15/32

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

United

States

8,710,000

8,758,907

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
c

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

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

United

States

9,800,000

9,967,678

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.5%
c

,d

Beach

Acquisition

Bidco

LLC

,

Senior

Note

,

144A,

PIK,

%

,

7/15/33

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

United

States

13,702,631

14,292,500

#### Trading

#### Companies

#### &

#### Distributors

#### 1.5%
c

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

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

United

States

11,425,000

11,815,518

Secured

Note

,

144A,

8.625 %

,

5/15/32

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

United

States

10,675,000

11,155,471

c

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/29

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

United

States

4,600,000

4,688,132

Senior

Note

,

144A,

5.25 %

,

4/15/31

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

United

States

5,335,000

5,316,492

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Trading

#### Companies

#### &

#### Distributors
(continued)

c

WESCO

Distribution,

Inc.,

(continued)

Senior

Note

,

144A,

6.375 %

,

3/15/33

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

United

States

9,550,000

$

9,737,390

42,713,003

#### Wireless

#### Telecommunication

#### Services

#### 1.9%
c

Altice

France

Lux

/

Altice

Holdings

,

Senior

Note

,

144A,

%

,

1/15/33

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

Luxembourg

4,100,000

3,730,950

c

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

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

United

Kingdom

14,000,000

14,725,060

b

,g

Digicel

Group

Holdings

Ltd.

,

.35

%

,

11/17/33

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

Bermuda

444,375

14,062

c

Iliad

Holding

SAS

,

Senior

Secured

Note

,

144A,

%

,

10/15/28

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

France

10,400,000

10,475,015

Senior

Secured

Note

,

144A,

%

,

4/15/32

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

France

8,950,000

8,971,910

c

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

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

United

Kingdom

15,185,000

15,953,179

53,870,176

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 2,755,704,085

####)
.................................

#### 2,714,962,803
h

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.5%

#### Chemicals

#### 0.1%
i

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.211 %

,

(1-month

SOFR

+

7.438 %),

3/15/30

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

United

States

2,195,180

2,055,237

#### Health

#### Care

#### Technology

#### 0.4%
i

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.418 %

,

(1-month

SOFR

+

2.75 %),

2/15/29

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

United

States

11,272,645

11,082,420

#### IT

#### Services

#### 0.0%

#### †
d

Diamond

Sports

Net

LLC,

First

Lien,

Exit

Term

Loan

,

PIK,

%

,

1/03/28

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

United

States

698,141

139,628

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 14,086,156

####)
........................

#### 13,277,285

#### Municipal

#### Bonds

#### 0.2%

#### Arizona

#### 0.2%
c

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

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

United

States

6,815,000

7,187,216

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 6,847,058

####)
.....................................

#### 7,187,216

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

Alpha

Natural

Resources,

Inc.,

Escrow

Account

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

United

States

25,000,000

—

a,b

Endo

GUC

Trust,

Escrow

Account

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

United

States

868,583

—

a

Expand

Energy

Corp.,

Escrow

Account

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

United

States

13,700,000

2,055

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
.................................

#### 2,055

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,843,750,983

####)
...........................

#### 2,762,431,469

#### a
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

#### Short

#### Term

#### Investments

#### 2.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.9%
j,k

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

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

United

States

83,369,161

$

83,369,161

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 83,369,161

####)
................................

#### 83,369,161

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 83,369,161

####)
..............................

#### 83,369,161

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,927,120,144

####)
99.2 #### %
................................

#### $2,845,800,630

#### Other

#### Assets,

#### less

#### Liabilities
0.8 #### %
...........................................

#### 21,699,973

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,867,500,603

#### a
See

Abbreviations

on

.

\*

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

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,

2026,

the

aggregate

value

of

these

securities

was

$2,575,564,254,

representing

89.8%

of

net

assets.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

g

The

rate

shown

represents

the

yield

at

period

end.

h

See

Note

1(d)

regarding

senior

floating

rate

interests.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### High

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,843,750,983

Cost

-

Non-controlled

affiliates

(Note

f)

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

83,369,161

Value

-

Unaffiliated

issuers

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

$2,762,431,469

Value

-

Non-controlled

affiliates

(Note

f)

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

83,369,161

Cash

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

225,775

Receivables:

Investment

securities

sold

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

3,176,033

Capital

shares

sold

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

2,271,982

Interest

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

48,893,839

Total

assets

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

2,900,368,259

Liabilities:

Payables:

Investment

securities

purchased

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

28,761,100

Capital

shares

redeemed

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

1,761,347

Management

fees

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

1,115,182

Distribution

fees

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

434,427

Transfer

agent

fees

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

702,631

Trustees'

fees

and

expenses

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

2,361

Accrued

expenses

and

other

liabilities

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

90,608

Total

liabilities

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

32,867,656

Net

assets,

at

value

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

$2,867,500,603

Net

assets

consist

of:

Paid-in

capital

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

$3,864,882,568

Total

distributable

earnings

(losses)

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

(997,381,965)

Net

assets,

at

value

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

$2,867,500,603

Franklin

High

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$1,006,558,057

Shares

outstanding

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

585,172,986

Net

asset

value

per

share

a

,b

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

$1.72

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$1.79

#### Class

#### A1:
Net

assets,

at

value

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

$1,139,119,853

Shares

outstanding

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

653,288,377

Net

asset

value

per

share

a

,b

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

$1.74

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$1.81

#### Class

#### C:
Net

assets,

at

value

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

$83,712,033

Shares

outstanding

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

47,072,132

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$1.78

#### Class

#### R:
Net

assets,

at

value

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

$61,046,420

Shares

outstanding

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

33,997,568

Net

asset

value

and

maximum

offering

price

per

share

b

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

$1.80

#### Class

#### R6:
Net

assets,

at

value

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

$236,082,609

Shares

outstanding

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

136,435,757

Net

asset

value

and

maximum

offering

price

per

share

b

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

$1.73

#### Advisor

#### Class:
Net

assets,

at

value

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

$340,981,631

Shares

outstanding

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

195,816,188

Net

asset

value

and

maximum

offering

price

per

share

b

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

$1.74

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,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### High

#### Income

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

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

$432,983

Non-controlled

affiliates

(Note

f)

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

1,454,308

Interest:

Unaffiliated

issuers

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

99,382,073

Total

investment

income

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

101,269,364

Expenses:

Management

fees

(Note

a)

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

6,632,427

Distribution

fees:

(Note

3c)

Class

A

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

1,241,924

Class

A1

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

882,657

Class

C

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

267,123

Class

R

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

150,406

Transfer

agent

fees:

(Note

3e)

Class

A

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

581,176

Class

A1

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

687,796

Class

C

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

48,091

Class

R

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

35,192

Class

R6

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

45,140

Advisor

Class

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

198,269

Custodian

fees

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

7,743

Reports

to

shareholders

fees

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

85,653

Registration

and

filing

fees

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

102,699

Professional

fees

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

56,624

Trustees'

fees

and

expenses

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

16,100

Other

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

42,386

Total

expenses

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

11,081,406

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(76,130)

Net

expenses

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

11,005,276

Net

investment

income

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

90,264,088

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(45,385,885)

Foreign

currency

transactions

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

28,638

Net

realized

gain

(loss)

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

(45,357,247)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(12,500,445)

Net

realized

and

unrealized

gain

(loss)

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

(57,857,692)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$32,406,396

Franklin

High

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$90,264,088

$172,366,641

Net

realized

gain

(loss)

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

(45,357,247)

(9,897,255)

Net

change

in

unrealized

appreciation

(depreciation)

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

(12,500,445)

24,581,813

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

32,406,396

187,051,199

Distributions

to

shareholders:

Class

A

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

(31,889,852)

(56,715,373)

Class

A1

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

(37,464,958)

(76,536,566)

Class

C

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

(2,375,965)

(4,274,929)

Class

R

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

(1,773,290)

(3,398,005)

Class

R6

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

(7,582,849)

(12,883,086)

Advisor

Class

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

(11,126,134)

(19,929,067)

Total

distributions

to

shareholders

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

(92,213,048)

(173,737,026)

Capital

share

transactions:

(Note

2)

Class

A

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

64,721,700

72,078,851

Class

A1

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

(43,706,519)

(87,281,913)

Class

C

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

6,568,752

551,404

Class

R

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

2,683,775

(11,984)

Class

R6

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

25,186,751

10,911,690

Advisor

Class

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

17,445,016

30,945,605

Total

capital

share

transactions

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

72,899,475

27,193,653

Net

increase

(decrease)

in

net

assets

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

13,092,823

40,507,826

Net

assets:

Beginning

of

period

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

2,854,407,780

2,813,899,954

End

of

period

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

$2,867,500,603

$2,854,407,780

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

#### Franklin

#### High

#### Income

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

High

Income

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of one fund,

Franklin

High

Income

Fund (Fund).

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

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

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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

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)

franklintempleton.com

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund
(continued)

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

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

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

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

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

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. #### 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.

e. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund
(continued)

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.

In

some

cases,

the

Fund

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

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,

2026, 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).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(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.

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.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the 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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund
(continued)

2. #### Shares

#### of

#### Beneficial

#### Interest
At

March

31,

2026,

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,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

90,972,523

$159,501,841

177,213,664

$306,868,749

Shares

issued

in

reinvestment

of

distributions

..........

17,276,469

30,141,671

30,874,739

53,409,611

Shares

redeemed

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

(71,274,215)

(124,921,812)

(166,310,725)

(288,199,509)

Net

increase

(decrease)

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

36,974,777

$64,721,700

41,777,678

$72,078,851

#### Class

#### A1

#### Shares:
Shares

sold

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

10,662,701

$18,937,596

24,051,912

$42,156,153

Shares

issued

in

reinvestment

of

distributions

..........

18,644,698

32,996,865

38,397,244

67,207,515

Shares

redeemed

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

(53,855,423)

(95,640,980)

(112,079,729)

(196,645,581)

Net

increase

(decrease)

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

(24,548,024)

$(43,706,519)

(49,630,573)

$(87,281,913)

#### Class

#### C

#### Shares:
Shares

sold

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

9,347,012

$16,925,068

12,424,177

$22,224,158

Shares

issued

in

reinvestment

of

distributions

..........

1,250,706

2,257,189

2,255,989

4,026,108

Shares

redeemed

a

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

(6,975,329)

(12,613,505)

(14,405,179)

(25,698,862)

Net

increase

(decrease)

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

3,622,389

$6,568,752

274,987

$551,404

#### Class

#### R

#### Shares:
Shares

sold

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

6,247,531

$11,449,497

9,634,241

$17,350,444

Shares

issued

in

reinvestment

of

distributions

..........

969,162

1,765,346

1,877,654

3,382,167

Shares

redeemed

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

(5,763,277)

(10,531,068)

(11,522,936)

(20,744,595)

Net

increase

(decrease)

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

1,453,416

$2,683,775

(11,041)

$(11,984)

#### Class

#### R6

#### Shares:
Shares

sold

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

25,607,013

$45,185,077

58,361,783

$101,699,964

Shares

issued

in

reinvestment

of

distributions

..........

3,841,623

6,739,971

6,699,415

11,656,643

Shares

redeemed

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

(15,173,788)

(26,738,297)

(58,637,903)

(102,444,917)

Net

increase

(decrease)

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

14,274,848

$25,186,751

6,423,295

$10,911,690

#### Advisor

#### Class

#### Shares:
Shares

sold

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

39,586,680

$70,241,819

78,001,089

$136,526,587

Shares

issued

in

reinvestment

of

distributions

..........

5,926,686

10,468,763

10,646,023

18,630,620

Shares

redeemed

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

(35,711,724)

(63,265,566)

(71,143,035)

(124,211,602)

Net

increase

(decrease)

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

9,801,642

$17,445,016

17,504,077

$30,945,605

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

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,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.461%

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

through

January

31. #### 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

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

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,

2026,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$560,796

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,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

March

31,

2026,

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

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

$40,104

CDSC

retained

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

$16,061

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

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,

2027. 4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

September

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

March

31,

2026,

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,

2026,

aggregated

$478,345,956 and

$419,235,805,

respectively.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### High

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

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

$102,850,731

$389,652,095

$(409,133,665)

$—

$—

$83,369,161

83,369,161

$1,454,308

#### Total

#### Affiliated

#### Securities

#### ...
$102,850,731

$389,652,095

$(409,133,665)

$—

$—

$83,369,161

$1,454,308

Capital

loss

carryforwards

not

subject

to

expiration:

Long

term

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

$

859,865,505

Cost

of

investments

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

$2,938,289,042

Unrealized

appreciation

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

$49,382,702

Unrealized

depreciation

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

(141,871,114)

Net

unrealized

appreciation

(depreciation)

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

$(92,488,412)

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund
(continued)

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

March

31,

2026, the

Fund

had

85.6% 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,

2026,

the

aggregate

value

of

these

securities was

$2,508,523,

representing 0.1% of

the

Fund's

net

assets. The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

7. #### 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

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. 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

may,

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,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

8. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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,

2026,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### High

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Diversified

Telecommunication

Services

.....

$

—

$

3,641,865

$

—

$

3,641,865

Metals

&

Mining

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

892,103

—

—

892,103

Oil,

Gas

&

Consumable

Fuels

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

738,128

4,004,378

—

4,742,506

Pharmaceuticals

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

—

3,528,021

—

3,528,021

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund
(continued)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### High

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Software

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

$

—

$

—

$

8,307

$

8,307

Convertible

Preferred

Stocks

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

8,230,176

—

—

8,230,176

Rights

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

—

252,652

—

252,652

Convertible

Bonds

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

—

5,706,480

—

5,706,480

Corporate

Bonds

:

Aerospace

&

Defense

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

—

54,380,304

—

54,380,304

Automobile

Components

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

—

56,091,031

—

56,091,031

Automobiles

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

—

19,749,234

—

19,749,234

Biotechnology

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

—

28,740,616

—

28,740,616

Broadline

Retail

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

—

24,103,630

—

24,103,630

Building

Products

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

—

82,076,403

—

82,076,403

Capital

Markets

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

—

46,756,521

—

46,756,521

Chemicals

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

—

65,683,611

—

b

65,683,611

Commercial

Services

&

Supplies

...........

—

72,770,781

—

72,770,781

Communications

Equipment

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

—

9,696,689

—

9,696,689

Construction

&

Engineering

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

—

8,597,969

—

8,597,969

Consumer

Finance

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

—

125,685,726

—

125,685,726

Consumer

Staples

Distribution

&

Retail

......

—

10,747,871

—

10,747,871

Containers

&

Packaging

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

—

52,672,428

—

52,672,428

Distributors

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

—

4,930,987

—

4,930,987

Diversified

Consumer

Services

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

—

6,162,613

—

6,162,613

Diversified

REITs

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

—

32,751,318

—

32,751,318

Diversified

Telecommunication

Services

.....

—

126,264,002

—

126,264,002

Electric

Utilities

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

—

68,915,792

—

68,915,792

Electrical

Equipment

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

—

11,529,905

—

11,529,905

Electronic

Equipment,

Instruments

&

Components

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

—

12,566,663

—

12,566,663

Energy

Equipment

&

Services

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

—

81,127,177

—

81,127,177

Entertainment

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

—

41,222,074

—

41,222,074

Financial

Services

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

—

97,572,529

—

97,572,529

Food

Products

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

—

22,137,597

—

22,137,597

Ground

Transportation

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

—

38,306,824

—

38,306,824

Health

Care

Equipment

&

Supplies

.........

—

22,325,216

—

22,325,216

Health

Care

Providers

&

Services

..........

—

120,937,408

—

120,937,408

Health

Care

REITs

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

—

18,466,065

—

18,466,065

Health

Care

Technology

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

—

18,097,990

—

18,097,990

Hotel

&

Resort

REITs

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

—

33,571,636

—

33,571,636

Hotels,

Restaurants

&

Leisure

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

—

190,784,552

—

190,784,552

Household

Durables

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

—

89,839,324

—

89,839,324

Independent

Power

and

Renewable

Electricity

Producers

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

—

38,753,744

—

38,753,744

Insurance

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

—

54,625,045

—

54,625,045

IT

Services

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

—

32,014,587

—

32,014,587

Machinery

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

—

42,316,306

—

42,316,306

Media

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

—

167,383,277

—

167,383,277

Metals

&

Mining

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

—

79,773,470

—

79,773,470

Mortgage

Real

Estate

Investment

Trusts

(REITs)

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

—

30,994,471

—

30,994,471

Oil,

Gas

&

Consumable

Fuels

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

—

264,144,710

—

b

264,144,710

Paper

&

Forest

Products

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

—

7,411,367

—

7,411,367

Passenger

Airlines

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

—

15,616,633

—

15,616,633

Personal

Care

Products

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

—

27,749,907

—

27,749,907

Pharmaceuticals

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

—

22,526,257

—

22,526,257

Professional

Services

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

—

7,996,136

—

7,996,136

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund
(continued)

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period

.

9. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

10. #### 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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### High

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Corporate

Bonds:

(continued)

Real

Estate

Management

&

Development

....

$

—

$

17,426,312

$

—

$

17,426,312

Semiconductors

&

Semiconductor

Equipment

.

—

7,203,834

—

7,203,834

Software

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

—

17,949,497

—

17,949,497

Specialized

REITs

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

—

56,212,500

—

56,212,500

Specialty

Retail

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

—

8,758,907

—

8,758,907

Technology

Hardware,

Storage

&

Peripherals

.

—

9,967,678

—

9,967,678

Textiles,

Apparel

&

Luxury

Goods

..........

—

14,292,500

—

14,292,500

Trading

Companies

&

Distributors

..........

—

42,713,003

—

42,713,003

Wireless

Telecommunication

Services

.......

—

53,856,114

14,062

53,870,176

Senior

Floating

Rate

Interests

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

—

13,277,285

—

13,277,285

Municipal

Bonds

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

—

7,187,216

—

7,187,216

Escrows

and

Litigation

Trusts

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

—

2,055

—

b

2,055

Short

Term

Investments

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

83,369,161

—

—

83,369,161

Total

Investments

in

Securities

...........

$93,229,568

$2,752,548,693

$22,369

$2,845,800,630

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

High

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### High

#### Income

#### Fund
(continued)

#### 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

Franklin

High

Income

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

4305-SFSOI

05/26©

2026

Franklin

Templeton

Investments.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | 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 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and
 Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in
 the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the
 Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required
 designation..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fhit-efp24627_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fhit-efp24627_ex99906cert.htm)

Exhibit 99.906CERT

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, there unto duly authorized.

**Franklin High Income Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | May 29, 2026 |

---

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 29, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | May 29, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin High Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | May 29, 2026 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Chief Executive Officer – Finance and Administration | Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin High Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have
a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | May 29, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer, of **Franklin High Income Trust (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **March 31, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Franklin High Income Trust | Franklin High Income Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: May 29, 2026 | Date: May 29, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.