0001379491-12-000811.txt : 20121003 0001379491-12-000811.hdr.sgml : 20121003 20121003131551 ACCESSION NUMBER: 0001379491-12-000811 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121003 DATE AS OF CHANGE: 20121003 EFFECTIVENESS DATE: 20121003 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN HIGH INCOME TRUST CENTRAL INDEX KEY: 0000002768 IRS NUMBER: 941693697 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-30203 FILM NUMBER: 121125984 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: AGE HIGH INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AGE FUND INC DATE OF NAME CHANGE: 19810128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN HIGH INCOME TRUST CENTRAL INDEX KEY: 0000002768 IRS NUMBER: 941693697 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01608 FILM NUMBER: 121125985 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: AGE HIGH INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AGE FUND INC DATE OF NAME CHANGE: 19810128 0000002768 S000006840 FRANKLIN HIGH INCOME FUND C000018490 CLASS A FHAIX C000018491 CLASS B FHIBX C000018492 CLASS C FCHIX C000018493 ADVISOR CLASS FVHIX C000018494 CLASS R FHIRX 485BPOS 1 filing565.htm PRIMARY DOCUMENT

 

As filed with the Securities and Exchange Commission on October 3, 2012.

 

File Nos.

002-30203

811-01608

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

Pre-Effective Amendment No.  

 

Post-Effective Amendment No. 57 (X) 

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

Amendment No. 41 (X) 

 

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)

 

Registrant’s Telephone Number, Including Area Code (650) 312-2000

 

craig s. tyle, ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906

(Name and Address of Agent for Service of Process)

 

Approximate Date of Proposed Public Offering:

 

It is proposed that this filing will become effective (check appropriate box):

 

[X] immediately upon filing pursuant to paragraph (b)

[ ] on (date) pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on (date) pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on (date) pursuant to paragraph (a)(2) of Rule 485

 

If appropriate, check the following box:

 

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 


 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of San Mateo and the State of California, on the 2nd day of October, 2012.

 

FRANKLIN HIGH INCOME TRUST

 (Registrant) 

 

By /s/ Karen L. Skidmore

 Karen L. Skidmore

 Vice President and Secretary

 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

 

Christopher J. Molumphy

Christopher J. Molumphy

 

President Chief Executive Officer – Investment Management

Dated: October 2, 2012

 

 

Laura F. Fergerson*

Laura F. Fergerson

Chief Executive Officer – Finance and Administration

Dated: October 2, 2012

 

 

Gaston Gardey*

Gaston Gardey

 

Chief Financial Officer and Chief Accounting Officer

Dated: October 2, 2012

Harris J. Ashton*

Trustee

Harris J. Ashton

Dated: October 2, 2012

 

 

Sam Ginn*

Sam Ginn

Trustee

Dated: October 2, 2012

 

 

Edith E. Holiday

Trustee

Edith E. Holiday

Dated: October 2, 2012

 

 

Charles B. Johnson*

Trustee

Charles B. Johnson

Dated: October 2, 2012

 

 

Rupert H. Johnson, Jr.*

Trustee

Rupert H. Johnson, Jr.

Dated: October 2, 2012

 

 

J. Michael Luttig*

J. Michael Luttig

Trustee

Dated: October 2, 2012

 

 

Frank A. Olson*

Frank A. Olson

Trustee

Dated: October 2, 2012

 

 

Larry D. Thompson*

Larry D. Thompson

Trustee

Dated: October 2, 2012

 

 

John B. Wilson*

Trustee

John B. Wilson

Dated: October 2, 2012

 

 

 


 

 

 

 

*By:  /s/ Karen L. Skidmore

      Karen L. Skidmore, Attorney-in-Fact

(Pursuant to Power of Attorney previously filed)

 

 

 

 


 

 

 

 

 

EXHIBIT INDEX

 

 

 

Index No.

Description of Exhibit

 

 

EX-101.INS

XBRL Instance Document

 

 

EX-101.SCH

XBRL Taxonomy Extension Schema Document

 

 

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

 

 

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

 

 

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

 

EX-101.SCH 2 fhit-20121003.xsd EX-101.SCH EX-101.DEF 3 fhit-20121003_def.xml EX-101.DEF EX-101.INS 4 fhit-20121003.xml EX-101.INS 00000027682012-10-012012-10-010000002768fhit:S000006840Member2012-10-012012-10-010000002768fhit:S000006840Memberfhit:C000018490Member2012-10-012012-10-010000002768fhit:S000006840Memberfhit:C000018491Member2012-10-012012-10-010000002768fhit:S000006840Memberfhit:C000018492Member2012-10-012012-10-010000002768fhit:S000006840Memberfhit:C000018494Member2012-10-012012-10-010000002768fhit:S000006840Memberfhit:C000018493Member2012-10-012012-10-010000002768fhit:S000006840Memberfhit:C000018490Memberrr:AfterTaxesOnDistributionsMember2012-10-012012-10-010000002768fhit:S000006840Memberfhit:C000018490Memberrr:AfterTaxesOnDistributionsAndSalesMember2012-10-012012-10-010000002768fhit:S000006840Memberfhit:Index9Member2012-10-012012-10-010000002768fhit:S000006840Memberfhit:Index8919Member2012-10-012012-10-01 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000002768FRANKLIN HIGH INCOME TRUST485BPOS2012-09-272012-10-012012-05-31false2012-10-01~ http://xbrl.sec.gov/rr/role/RiskReturnDetail column period compact * row primary compact * ~Fund SummaryInvestment GoalTo earn a high level of current income. Its secondary goal is capital appreciation to the extent it is possible and consistent with the Fund's principal goal.Fees and Expenses of the FundYou may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.100000These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 31 in the Fund's Prospectus and under “Buying and Selling Shares” on page 48 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fhit_S000006840Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.04250.000.000.000.000.000.04000.01000.000.00<div><p>ANNUAL FUND OPERATING EXPENSES</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fhit_S000006840Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.00470.00470.00470.00470.00470.00150.00650.00650.00500.000.00150.00150.00150.00150.00150.00010.00010.00010.00010.00010.00780.01280.01280.01130.0063-0.0001-0.0001-0.0001-0.0001-0.00010.00770.01270.01270.01120.0062ExampleThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waiver and/or expense reimbursement by the investment manager and/or administrator for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:5006638391349~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fhit_S000006840Member column rr_ProspectusShareClassAxis compact * row primary compact * ~52970590114072294057011545114358621137463201350786If you do not sell your shares:~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fhit_S000006840Member column rr_ProspectusShareClassAxis compact * row primary compact * ~12940570114071294057011545Portfolio Turnover0.2252<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22.52% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests primarily in high yield, lower-rated debt securities.<div><p>Under normal market conditions, the Fund invests primarily in high yield, lower-rated debt securities. Lower-rated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. These securities include bonds, notes, debentures, convertible securities and senior and subordinated debt securities.</p><p>The Fund may invest up to 100% of its total assets in debt securities that are rated below investment grade, sometimes called &#147;junk bonds.&#148; Investment grade debt securities are rated in one of the top four ratings categories by independent rating organizations such as Standard &amp; Poor&#146;s (S&amp;P&#174;) and Moody&#146;s Investors Service (Moody&#146;s). The Fund may also invest in defaulted debt securities and in securities issued by companies and governments in any foreign country, developed or developing. Foreign securities held by the Fund generally will be denominated in U.S. dollars and traded on U.S. markets.</p><p>The Fund's investment manager is a research driven, fundamental investor that relies on a team of analysts to provide in-depth industry expertise and uses both qualitative and quantitative analysis to evaluate issuers. As a "bottom-up" investor, the investment manager focuses primarily on individual securities. The investment manager also considers sectors when choosing investments and, from time to time, may have significant investments in certain sectors such as energy.</p><p>In selecting securities for the Fund&#146;s investment portfolio, the investment manager does not rely principally on the ratings assigned by rating agencies, but performs its own independent investment analysis to evaluate the creditworthiness of the issuer. The investment manager considers a variety of factors, including the issuer&#146;s experience and managerial strength, its sensitivity to economic conditions, and its current and prospective financial condition.</p></div>Principal Risks<div><p>You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p><p>Credit</p><p>An issuer of debt securities may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.</p><p>High-Yield Debt Securities</p><p>Issuers of lower-rated or "high-yield" debt securities are not as strong financially as those issuing higher credit quality debt securities. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.</p><p>Interest Rate</p><p>When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.</p><p>Income</p><p>Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.</p><p>Foreign Securities</p><p>Investing in foreign securities typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulation and greater price volatility. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries.</p><p>Focus</p><p>To the extent that the Fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</p><p>Prepayment</p><p>Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest.</p><p>Market</p><p>The market values of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. A security&#146;s market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</p></div>PerformanceThe following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.(800) DIAL BEN/342-5236franklintempleton.comSales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p>The secondary index in the table below shows how the Fund's performance compares to a group of securities that aligns more closely with the Fund's investment strategies.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>CLASS A ANNUAL TOTAL RETURNS-0.03430.35290.11590.03910.09230.0318-0.22540.44330.13140.0455~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact fhit_S000006840Member ~Best Quarter:2009-06-300.1822Worst Quarter:2008-12-31-0.1425As of June 30, 2012, the Fund's year-to-date return was 6.89%.<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q2'09</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">18.22%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q4'08</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">-14.25%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top" colspan="3">As of June 30, 2012, the Fund's year-to-date return was 6.89%.</td></tr></table><div><p>AVERAGE ANNUAL TOTAL RETURNS<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2011</p></div>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fhit_S000006840Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Return Before Taxes0.00050.05540.0799-0.02540.02600.04960.00010.02920.04990.00140.05610.08070.03020.05940.07950.04140.06080.08200.04710.06660.08690.05470.07120.09070.02780.05100.0700<div><p>Historical performance for Class R shares prior to their inception is based on the performance of Class A shares. Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.</p><p>The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.</p></div>New or additional investments into Class B are no longer permitted. The investment manager has contractually agreed in advance to reduce its fee as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for at least the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the term set forth above.Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. EX-101.PRE 5 fhit-20121003_pre.xml EX-101.PRE EX-101.LAB 6 fhit-20121003_lab.xml EX-101.LAB Expense Example, No Redemption: Shareholder Fees [Table] Annual Fund Operating Expenses [Table] Expense Example, With Redemption [Table] Bar Chart [Table] Performance [Table] Expense Example, No Redemption Narrative [Text Block] Market Index Performance [Table] Expense Example, No Redemption [Table] Risk/Return Detail [Table] Performance Measure [Axis] Before Taxes After Taxes on Distributions After Taxes on Distributions and Sales Amendment Description Amendment Flag Document Creation Date Document Effective Date Document [Axis] Prospectus Document Period End Date Document Type Entities [Table] Entity [Text Block] Series Trading Symbol Registrant Name Central Index Key Series [Axis] Risk/Return [Heading] Objective Section: Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Strategy Section: Strategy [Heading] Strategy Narrative [Text Block] Strategy Portfolio Concentration [Text] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Past Does Not Indicate Future [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Annual Return Caption [Text] Caption Annual Return, Column [Text] Column Annual Return, Inception Date Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Year to Date Return, Label Bar Chart, Year to Date Return Bar Chart, Year to Date Return, Date Highest Quarterly Return, Label Label Highest Quarterly Return Highest Quarterly Return, Date Lowest Quarterly Return, Label Label Lowest Quarterly Return Lowest Quarterly Return, Date Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table Explanation after Tax Higher Caption Column Label 1 Year 5 Years 10 Years Since Inception Inception Date DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsLabel DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsYear01 DEPRECATED AverageAnnualReturnAfterTaxesOnDistributionsYear05 DEPRECATED 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Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Other Expenses (as a percentage of Assets): Other Expenses Other expenses of the Fund Other expenses of the Subsidiary (including Subsidiary management fee) Component3 Other Expenses Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Total Expenses Fee Waiver or Reimbursement Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Net Expenses Expenses Represent Both Master and Feeder [Text] Expenses Other 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Performance Table One Class of after Tax Shown [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Index No Deduction for Fees, Expenses, Taxes [Text] Annual Return 2013 Annual Return 2014 Performance Availability Website Address [Text] Performance Availability Phone [Text] Franklin High Income FundFranklin High Income Fund Class AClass AFranklin High Income Fund Class BClass BFranklin High Income Fund Class CClass CFranklin High Income Fund Class RClass RFranklin High Income Fund Advisor ClassAdvisor ClassCredit Suisse High Yield IndexLipper High Current Yield Funds Classification Average XML 7 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate May 31, 2012
Registrant Name dei_EntityRegistrantName FRANKLIN HIGH INCOME TRUST
Central Index Key dei_EntityCentralIndexKey 0000002768
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Sep. 27, 2012
Document Effective Date dei_DocumentEffectiveDate Oct. 01, 2012
Prospectus Date rr_ProspectusDate Oct. 01, 2012
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Franklin High Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To earn a high level of current income. Its secondary goal is capital appreciation to the extent it is possible and consistent with the Fund's principal goal.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 31 in the Fund's Prospectus and under “Buying and Selling Shares” on page 48 of the Fund’s Statement of Additional Information.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22.52% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 22.52%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waiver and/or expense reimbursement by the investment manager and/or administrator for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you do not sell your shares:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests primarily in high yield, lower-rated debt securities. Lower-rated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. These securities include bonds, notes, debentures, convertible securities and senior and subordinated debt securities.

The Fund may invest up to 100% of its total assets in debt securities that are rated below investment grade, sometimes called “junk bonds.” Investment grade debt securities are rated in one of the top four ratings categories by independent rating organizations such as Standard & Poor’s (S&P®) and Moody’s Investors Service (Moody’s). The Fund may also invest in defaulted debt securities and in securities issued by companies and governments in any foreign country, developed or developing. Foreign securities held by the Fund generally will be denominated in U.S. dollars and traded on U.S. markets.

The Fund's investment manager is a research driven, fundamental investor that relies on a team of analysts to provide in-depth industry expertise and uses both qualitative and quantitative analysis to evaluate issuers. As a "bottom-up" investor, the investment manager focuses primarily on individual securities. The investment manager also considers sectors when choosing investments and, from time to time, may have significant investments in certain sectors such as energy.

In selecting securities for the Fund’s investment portfolio, the investment manager does not rely principally on the ratings assigned by rating agencies, but performs its own independent investment analysis to evaluate the creditworthiness of the issuer. The investment manager considers a variety of factors, including the issuer’s experience and managerial strength, its sensitivity to economic conditions, and its current and prospective financial condition.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund invests primarily in high yield, lower-rated debt securities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Credit

An issuer of debt securities may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

High-Yield Debt Securities

Issuers of lower-rated or "high-yield" debt securities are not as strong financially as those issuing higher credit quality debt securities. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

Income

Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.

Foreign Securities

Investing in foreign securities typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulation and greater price volatility. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries.

Focus

To the extent that the Fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest.

Market

The market values of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. A security’s market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund's performance compares to a group of securities that aligns more closely with the Fund's investment strategies.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) DIAL BEN/342-5236
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress franklintempleton.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading CLASS A ANNUAL TOTAL RETURNS
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Best Quarter:Q2'0918.22%
Worst Quarter:Q4'08-14.25%
As of June 30, 2012, the Fund's year-to-date return was 6.89%.
Performance Table Heading rr_PerformanceTableHeading

AVERAGE ANNUAL TOTAL RETURNS
(figures reflect sales charges)

For the periods ended December 31, 2011

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Historical performance for Class R shares prior to their inception is based on the performance of Class A shares. Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Franklin High Income Fund | Credit Suisse High Yield Index
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.47%
5 Years rr_AverageAnnualReturnYear05 7.12%
10 Years rr_AverageAnnualReturnYear10 9.07%
Franklin High Income Fund | Lipper High Current Yield Funds Classification Average
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.78%
5 Years rr_AverageAnnualReturnYear05 5.10%
10 Years rr_AverageAnnualReturnYear10 7.00%
Franklin High Income Fund | Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 4.25%
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.47%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.15%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 0.78%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 0.77% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 500
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 663
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 839
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,349
Annual Return 2002 rr_AnnualReturn2002 (3.43%)
Annual Return 2003 rr_AnnualReturn2003 35.29%
Annual Return 2004 rr_AnnualReturn2004 11.59%
Annual Return 2005 rr_AnnualReturn2005 3.91%
Annual Return 2006 rr_AnnualReturn2006 9.23%
Annual Return 2007 rr_AnnualReturn2007 3.18%
Annual Return 2008 rr_AnnualReturn2008 (22.54%)
Annual Return 2009 rr_AnnualReturn2009 44.33%
Annual Return 2010 rr_AnnualReturn2010 13.14%
Annual Return 2011 rr_AnnualReturn2011 4.55%
Year to Date Return, Label rr_YearToDateReturnLabel As of June 30, 2012, the Fund's year-to-date return was 6.89%.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.22%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.25%)
Label rr_AverageAnnualReturnLabel Return Before Taxes
1 Year rr_AverageAnnualReturnYear01 0.05%
5 Years rr_AverageAnnualReturnYear05 5.54%
10 Years rr_AverageAnnualReturnYear10 7.99%
Franklin High Income Fund | Class A | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.54%)
5 Years rr_AverageAnnualReturnYear05 2.60%
10 Years rr_AverageAnnualReturnYear10 4.96%
Franklin High Income Fund | Class A | After Taxes on Distributions and Sales
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 2.92%
10 Years rr_AverageAnnualReturnYear10 4.99%
Franklin High Income Fund | Class B
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none [3]
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 4.00% [3]
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.47%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.28%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.27% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 529
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 705
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 901
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,407
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 129
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 405
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 701
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,407
1 Year rr_AverageAnnualReturnYear01 0.14%
5 Years rr_AverageAnnualReturnYear05 5.61%
10 Years rr_AverageAnnualReturnYear10 8.07%
Franklin High Income Fund | Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00%
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.47%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.28%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.27% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 229
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 405
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 701
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,545
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 129
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 405
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 701
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 1,545
1 Year rr_AverageAnnualReturnYear01 3.02%
5 Years rr_AverageAnnualReturnYear05 5.94%
10 Years rr_AverageAnnualReturnYear10 7.95%
Franklin High Income Fund | Class R
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.47%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.13%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 1.12% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 114
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 358
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 621
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,374
1 Year rr_AverageAnnualReturnYear01 4.14%
5 Years rr_AverageAnnualReturnYear05 6.08%
10 Years rr_AverageAnnualReturnYear10 8.20%
Franklin High Income Fund | Advisor Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Cumulative Sales Charge (as a percentage of Offering Price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (as a percentage of Offering Price) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.47%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 0.63%
Fee Waiver or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Net Expenses (as a percentage of Assets) rr_NetExpensesOverAssets 0.62% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 63
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 201
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 350
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 786
1 Year rr_AverageAnnualReturnYear01 4.71%
5 Years rr_AverageAnnualReturnYear05 6.66%
10 Years rr_AverageAnnualReturnYear10 8.69%
[1] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.
[2] The investment manager has contractually agreed in advance to reduce its fee as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for at least the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the term set forth above.
[3] New or additional investments into Class B are no longer permitted.
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XML 12 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fund Summary
Franklin High Income Fund
Investment Goal
To earn a high level of current income. Its secondary goal is capital appreciation to the extent it is possible and consistent with the Fund's principal goal.
Fees and Expenses of the Fund
These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 31 in the Fund's Prospectus and under “Buying and Selling Shares” on page 48 of the Fund’s Statement of Additional Information.
SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees Franklin High Income Fund
Class A
Class B
Class C
Class R
Advisor Class
Maximum Cumulative Sales Charge (as a percentage of Offering Price) 4.25% none [1] none none none
Maximum Deferred Sales Charge (as a percentage of Offering Price) none 4.00% [1] 1.00% none none
[1] New or additional investments into Class B are no longer permitted.

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Franklin High Income Fund
Class A
Class B
Class C
Class R
Advisor Class
Management Fees (as a percentage of Assets) 0.47% 0.47% 0.47% 0.47% 0.47%
Distribution and Service (12b-1) Fees 0.15% 0.65% 0.65% 0.50% none
Other Expenses (as a percentage of Assets): 0.15% 0.15% 0.15% 0.15% 0.15%
Acquired Fund Fees and Expenses [1] 0.01% 0.01% 0.01% 0.01% 0.01%
Expenses (as a percentage of Assets) 0.78% 1.28% 1.28% 1.13% 0.63%
Fee Waiver or Reimbursement [2] (0.01%) (0.01%) (0.01%) (0.01%) (0.01%)
Net Expenses (as a percentage of Assets) [1] 0.77% 1.27% 1.27% 1.12% 0.62%
[1] Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.
[2] The investment manager has contractually agreed in advance to reduce its fee as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for at least the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the term set forth above.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waiver and/or expense reimbursement by the investment manager and/or administrator for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Franklin High Income Fund (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
500 663 839 1,349
Class B
529 705 901 1,407
Class C
229 405 701 1,545
Class R
114 358 621 1,374
Advisor Class
63 201 350 786
If you do not sell your shares:
Expense Example, No Redemption Franklin High Income Fund (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class B
129 405 701 1,407
Class C
129 405 701 1,545
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 22.52% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests primarily in high yield, lower-rated debt securities. Lower-rated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. These securities include bonds, notes, debentures, convertible securities and senior and subordinated debt securities.

The Fund may invest up to 100% of its total assets in debt securities that are rated below investment grade, sometimes called “junk bonds.” Investment grade debt securities are rated in one of the top four ratings categories by independent rating organizations such as Standard & Poor’s (S&P®) and Moody’s Investors Service (Moody’s). The Fund may also invest in defaulted debt securities and in securities issued by companies and governments in any foreign country, developed or developing. Foreign securities held by the Fund generally will be denominated in U.S. dollars and traded on U.S. markets.

The Fund's investment manager is a research driven, fundamental investor that relies on a team of analysts to provide in-depth industry expertise and uses both qualitative and quantitative analysis to evaluate issuers. As a "bottom-up" investor, the investment manager focuses primarily on individual securities. The investment manager also considers sectors when choosing investments and, from time to time, may have significant investments in certain sectors such as energy.

In selecting securities for the Fund’s investment portfolio, the investment manager does not rely principally on the ratings assigned by rating agencies, but performs its own independent investment analysis to evaluate the creditworthiness of the issuer. The investment manager considers a variety of factors, including the issuer’s experience and managerial strength, its sensitivity to economic conditions, and its current and prospective financial condition.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Credit

An issuer of debt securities may fail to make interest payments and repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

High-Yield Debt Securities

Issuers of lower-rated or "high-yield" debt securities are not as strong financially as those issuing higher credit quality debt securities. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt securities generally fluctuate more than those of higher credit quality. High-yield debt securities are generally more illiquid (harder to sell) and harder to value.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. In general, securities with longer maturities are more sensitive to these interest rate changes.

Income

Because the Fund can only distribute what it earns, the Fund's distributions to shareholders may decline when prevailing interest rates fall or when the Fund experiences defaults on debt securities it holds.

Foreign Securities

Investing in foreign securities typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulation and greater price volatility. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries.

Focus

To the extent that the Fund focuses on particular countries, regions, industries, sectors or types of investment from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest.

Market

The market values of securities owned by the Fund will go up or down, sometimes rapidly or unpredictably. A security’s market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

The secondary index in the table below shows how the Fund's performance compares to a group of securities that aligns more closely with the Fund's investment strategies.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

CLASS A ANNUAL TOTAL RETURNS
Bar Chart
Best Quarter:Q2'0918.22%
Worst Quarter:Q4'08-14.25%
As of June 30, 2012, the Fund's year-to-date return was 6.89%.

AVERAGE ANNUAL TOTAL RETURNS
(figures reflect sales charges)

For the periods ended December 31, 2011

Average Annual Total Returns Franklin High Income Fund
Label
1 Year
5 Years
10 Years
Credit Suisse High Yield Index
  5.47% 7.12% 9.07%
Lipper High Current Yield Funds Classification Average
  2.78% 5.10% 7.00%
Class A
Return Before Taxes 0.05% 5.54% 7.99%
Class A After Taxes on Distributions
  (2.54%) 2.60% 4.96%
Class A After Taxes on Distributions and Sales
  0.01% 2.92% 4.99%
Class B
  0.14% 5.61% 8.07%
Class C
  3.02% 5.94% 7.95%
Class R
  4.14% 6.08% 8.20%
Advisor Class
  4.71% 6.66% 8.69%

Historical performance for Class R shares prior to their inception is based on the performance of Class A shares. Class R performance has been adjusted to reflect differences in sales charges and 12b-1 expenses between classes.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

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