<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
 HIGH INCOME TRUST MAY 31, 2000 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY B
Y REFERENCE TO SUCH FINANCIAL STATEMENTS.


   <NUMBER> 012
   <NAME> AGE HIGH INCOME FUND - CLASS B

                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          MAY-31-2000
<PERIOD-END>                               MAY-31-2000
<INVESTMENTS-AT-COST>                    3,541,421,386
<INVESTMENTS-AT-VALUE>                   2,774,770,663
<RECEIVABLES>                              133,635,194
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           2,908,405,857
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                   12,024,162
<TOTAL-LIABILITIES>                         12,024,162
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 3,780,283,122
<SHARES-COMMON-STOCK>                       30,275,213
<SHARES-COMMON-PRIOR>                        9,721,818
<ACCUMULATED-NII-CURRENT>                    8,211,460
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                 (125,461,984)
<ACCUM-APPREC-OR-DEPREC>                 (766,650,903)
<NET-ASSETS>                             2,896,381,695
<DIVIDEND-INCOME>                            9,634,285
<INTEREST-INCOME>                          359,823,380
<OTHER-INCOME>                                       0
<EXPENSES-NET>                            (27,229,702)
<NET-INVESTMENT-INCOME>                    342,227,963
<REALIZED-GAINS-CURRENT>                  (85,008,346)
<APPREC-INCREASE-CURRENT>                (420,267,660)
<NET-CHANGE-FROM-OPS>                    (163,048,043)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (5,227,817)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     24,687,653
<NUMBER-OF-SHARES-REDEEMED>                (5,068,871)
<SHARES-REINVESTED>                            934,613
<NET-CHANGE-IN-ASSETS>                   (765,072,611)
<ACCUMULATED-NII-PRIOR>                     17,094,418
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                (94,907,479)
<GROSS-ADVISORY-FEES>                     (15,209,681)
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                           (27,229,702)
<AVERAGE-NET-ASSETS>                     3,353,207,246
<PER-SHARE-NAV-BEGIN>                            2.680
<PER-SHARE-NII>                                   .240
<PER-SHARE-GAIN-APPREC>                         (.370)
<PER-SHARE-DIVIDEND>                            (.250)
<PER-SHARE-DISTRIBUTIONS>                         .000
<RETURNS-OF-CAPITAL>                              .000
<PER-SHARE-NAV-END>                              2.300
<EXPENSE-RATIO>                                  1.250

<F1>BASED ON AVERAGE SHARES OUTSTANDING.