NPORT-EX 1 FHIT_4305.htm
Franklin High Income Trust
Statement of Investments, August 31, 2019 (unaudited)
Franklin High Income Fund
    Country Shares/Warrants   Value
  Common Stocks and Other Equity Interests 0.9%        
  Energy 0.9%        
a
Amplify Energy Corp.
United States      8,543          $50,916
a,b
Amplify Energy Corp., wts., 4/21/20
United States     82,587             419
a
Birch Permian Holdings Inc.
United States     78,499         863,489
a
Birch Permian Holdings Inc.
United States    611,911       6,654,532
a
Chaparral Energy Inc., A
United States     43,062          57,272
a,c
Chaparral Energy Inc., A, 144A
United States      5,033           6,694
a
Contura Energy Inc.
United States 30,901   889,949
a
Contura Energy Inc., wts., 7/26/23
United States 5,033   37,697
a,d
Goodrich Petroleum Corp.
United States 1,564,885   16,572,132
a
Halcon Resources Corp.
United States 1,889,580   216,735
a
Halcon Resources Corp., wts., 9/09/20
United States 145,844   292
a,b,e
Nine Point Energy LLC
United States 433,273   30
a
Riviera Resources Inc.
United States 149,317   2,015,780
a
Roan Resources Inc.
United States 156,119   176,414
a,d
Titan Energy LLC
United States 289,137   13,879
          27,556,230
  Materials 0.0%†        
a
Verso Corp., A
United States 83,362   851,126
a
Verso Corp., wts., 7/25/23
United States 8,775   5,265
          856,391
 
Total Common Stocks and Other Equity Interests (Cost $144,773,100)
      28,412,621
  Management Investment Companies (Cost $50,651,018) 1.7%        
  Diversified Financials 1.7%        
 
iShares iBoxx $ High Yield Corp. Bond ETF
United States 606,543   52,866,288
  Convertible Preferred Stocks (Cost $7,552,087) 0.2%        
  Energy 0.2%        
a,b,e
Nine Point Energy Holdings Inc., cvt. pfd.
United States 8,080   5,841,671
      Principal
Amount* 		   
  Convertible Bonds (Cost $11,694,062) 0.4%        
  Energy 0.4%        
b,d,f
Goodrich Petroleum Corp., cvt., senior secured note, second lien, PIK, 13.50%, 5/31/21
United States $11,694,062   11,694,062
  Corporate Bonds 93.0%        
  Automobiles & Components 0.7%        
c
Adient U.S. LLC, senior secured note, 144A, 7.00%, 5/15/26
United States 20,500,000   21,012,500
  Banks 1.6%        
  CIT Group Inc.,        
 
senior bond, 5.00%, 8/15/22
United States  3,850,000       4,114,072
 
senior note, 5.25%, 3/07/25
United States  4,100,000       4,602,250
Quarterly Statement of Investments  |  See Notes to Statement of Investments.  |  1
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Banks (continued)        
g JPMorgan Chase & Co.,        
 
junior sub. bond, R, 6.00% to 8/01/23, FRN thereafter, Perpetual
United States $15,000,000      $15,985,725
 
junior sub. bond, V, 5.00% to 7/30/19, FRN thereafter, Perpetual
United States  9,900,000       9,892,575
  Royal Bank of Scotland Group PLC,        
 
sub. note, 6.125%, 12/15/22
United Kingdom  4,000,000       4,322,200
 
sub. note, 5.125%, 5/28/24
United Kingdom 10,000,000      10,574,750
          49,491,572
  Capital Goods 7.3%        
 
Aircastle Ltd., senior note, 4.125%, 5/01/24
United States 13,000,000   13,592,074
c
BBA U.S. Holdings Inc., senior note, 144A, 5.375%, 5/01/26
United States 9,800,000   10,265,500
c
Beacon Roofing Supply Inc., senior note, 144A, 4.875%, 11/01/25
United States 14,400,000   14,256,000
c
BWX Technologies Inc., senior note, 144A, 5.375%, 7/15/26
United States 8,500,000   9,031,250
c
Cloud Crane LLC, secured note, second lien, 144A, 10.125%, 8/01/24
United States 10,000,000   10,775,000
 
H&E Equipment Services Inc., senior note, 5.625%, 9/01/25
United States 17,000,000   17,871,250
c
HD Supply Inc., senior note, 144A, 5.375%, 10/15/26
United States 14,900,000   15,945,980
c
Herc Holdings Inc., senior note, 144A, 5.50%, 7/15/27
United States 13,300,000   13,748,875
c Jeld-Wen Inc.,        
 
senior bond, 144A, 4.875%, 12/15/27
United States  7,800,000       7,585,500
 
senior note, 144A, 4.625%, 12/15/25
United States  7,600,000       7,486,000
c
The Manitowoc Co. Inc., secured note, second lien, 144A, 9.00%, 4/01/26
United States 15,100,000   15,062,250
c
NCI Building Systems Inc., senior secured note, 144A, 8.00%, 4/15/26
United States 18,000,000   17,122,500
c
Terex Corp., senior note, 144A, 5.625%, 2/01/25
United States 10,400,000   10,595,728
c
TransDigm Inc., senior secured note, 144A, 6.25%, 3/15/26
United States 31,400,000   33,950,622
c
Vertiv Group Corp., senior note, 144A, 9.25%, 10/15/24
United States 29,500,000   28,025,000
          225,313,529
  Commercial & Professional Services 2.2%        
b,h
Goss Graphic Systems Inc., senior sub. note, 12.25%, 11/19/05
United States 9,053,899   905
  United Rentals North America Inc.,        
 
senior bond, 5.875%, 9/15/26
United States  4,600,000       4,950,750
 
senior bond, 5.50%, 5/15/27
United States 18,400,000      19,812,384
 
senior bond, 5.25%, 1/15/30
United States 14,000,000      15,015,000
c
West Corp., senior note, 144A, 8.50%, 10/15/25
United States 34,900,000   27,222,000
          67,001,039
  Consumer Durables & Apparel 2.0%        
c Ashton Woods USA LLC/Ashton Woods Finance Co.,        
 
senior note, 144A, 6.75%, 8/01/25
United States 13,500,000      13,294,688
 
senior note, 144A, 9.875%, 4/01/27
United States  8,500,000       9,307,500
c
Hanesbrands Inc., senior note, 144A, 4.625%, 5/15/24
United States 17,000,000   17,871,250
c
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., senior note, 144A, 5.625%, 3/01/24
United States 3,800,000   4,009,000
 
Weekley Homes LLC/Weekley Finance Corp., senior note, 6.625%, 8/15/25
United States 16,700,000   16,783,500
          61,265,938
  |  2
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Consumer Services 6.0%        
c 1011778 BC ULC/New Red Finance Inc.,        
 
secured note, second lien, 144A, 5.00%, 10/15/25
Canada  $7,400,000       $7,659,000
 
senior secured note, first lien, 144A, 4.25%, 5/15/24
Canada 16,100,000      16,648,044
c
24 Hour Holdings III LLC, senior note, 144A, 8.00%, 6/01/22
United States 28,000,000      25,340,000
c
Downstream Development Authority of the Quapaw Tribe of Oklahoma, secured note, 144A, 10.50%, 2/15/23
United States  8,600,000       9,180,500
c Golden Nugget Inc.,        
 
senior note, 144A, 6.75%, 10/15/24
United States 23,200,000      23,780,000
 
senior note, 144A, 8.75%, 10/01/25
United States  2,700,000       2,838,375
c KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,        
 
senior note, 144A, 5.00%, 6/01/24
United States 13,600,000      14,093,000
 
senior note, 144A, 5.25%, 6/01/26
United States 12,700,000      13,462,000
c
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., senior note, 144A, 5.75%, 2/01/27
United States 13,200,000   14,588,640
c
Stars Group Holdings BV/Stars Group U.S. Co-Borrower LLC, senior note, 144A, 7.00%, 7/15/26
Canada 11,000,000   11,701,250
c
Studio City Finance Ltd., senior note, 144A, 7.25%, 2/11/24
Macau 23,200,000   24,331,000
c
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., senior bond, 144A, 5.50%, 3/01/25
United States 20,000,000   21,150,000
          184,771,809
  Diversified Financials 2.3%        
c
HAT Holdings I LLC/HAT Holdings II LLC, senior note, 144A, 5.25%, 7/15/24
United States 13,100,000   13,833,600
c
MSCI Inc., senior note, 144A, 5.375%, 5/15/27
United States 8,500,000   9,163,000
  Navient Corp.,        
 
senior note, 5.00%, 10/26/20
United States  7,200,000       7,389,000
 
senior note, 5.875%, 3/25/21
United States  5,000,000       5,256,250
 
senior note, 6.625%, 7/26/21
United States  5,300,000       5,684,250
 
senior note, 6.50%, 6/15/22
United States  9,900,000      10,741,500
 
senior note, 7.25%, 9/25/23
United States  5,980,000       6,660,225
 
Springleaf Finance Corp., senior note, 6.625%, 1/15/28
United States 12,000,000   13,200,000
          71,927,825
  Energy 11.5%        
c Aker BP ASA,        
 
senior note, 144A, 4.75%, 6/15/24
Norway  5,900,000       6,077,000
 
senior note, 144A, 5.875%, 3/31/25
Norway 13,000,000      13,686,744
c
Archrock Partners LP/Archrock Partners Finance Corp., senior note, 144A, 6.875%, 4/01/27
United States 6,300,000   6,630,750
  California Resources Corp.,        
 
c secured note, second lien, 144A, 8.00%, 12/15/22
United States 13,382,000       7,694,650
 
senior bond, 6.00%, 11/15/24
United States    850,000         348,500
 
senior note, 5.50%, 9/15/21
United States    411,000         230,160
 
Callon Petroleum Co., senior note, 6.375%, 7/01/26
United States 7,100,000   6,922,500
 
Calumet Specialty Products Partners LP/Calumet Finance Corp., senior note, 7.75%, 4/15/23
United States 22,700,000   21,167,750
  Cheniere Corpus Christi Holdings LLC,        
 
senior secured note, first lien, 7.00%, 6/30/24
United States 11,600,000      13,412,500
 
senior secured note, first lien, 5.875%, 3/31/25
United States 17,500,000      19,556,250
  |  3
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Energy (continued)        
  Cheniere Energy Partners LP,        
 
senior note, 5.625%, 10/01/26
United States  $9,000,000       $9,540,000
 
senior secured note, first lien, 5.25%, 10/01/25
United States 28,700,000      29,776,250
 
Chesapeake Energy Corp., senior note, 7.50%, 10/01/26
United States 13,700,000       9,453,000
  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,        
 
senior note, 6.25%, 4/01/23
United States 17,000,000      17,382,500
 
senior note, 5.75%, 4/01/25
United States 14,000,000      14,385,000
  CSI Compressco LP/CSI Compressco Finance Inc.,        
 
senior note, 7.25%, 8/15/22
United States 12,900,000      11,481,000
 
c senior secured note, first lien, 144A, 7.50%, 4/01/25
United States  2,200,000       2,161,500
 
Diamondback Energy Inc., senior note, 4.75%, 11/01/24
United States 18,900,000   19,537,875
  Energy Transfer Operating LP,        
 
senior note, 5.875%, 1/15/24
United States  8,300,000       9,293,723
 
senior note, 5.50%, 6/01/27
United States 17,900,000      20,605,615
 
EnLink Midstream LLC, senior bond, 5.375%, 6/01/29
United States 13,000,000   12,753,000
c,f
EnQuest PLC, senior note, 144A, PIK, 7.00%, 4/15/22
United Kingdom 22,955,575   18,264,948
 
Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note, 7.25%, 2/15/21
United States 20,760,000   19,825,800
c,f
Murray Energy Corp., secured note, 1.5 lien, 144A, PIK, 12.00%, 4/15/24
United States 18,564,500   2,478,122
  QEP Resources Inc.,        
 
senior bond, 5.375%, 10/01/22
United States 14,000,000      12,652,500
 
senior note, 5.625%, 3/01/26
United States 10,700,000       8,774,000
h Sanchez Energy Corp.,        
 
senior note, 7.75%, 6/15/21
United States  7,000,000         341,250
 
senior note, 6.125%, 1/15/23
United States  8,000,000         370,000
  Sunoco LP/Sunoco Finance Corp.,        
 
senior note, 4.875%, 1/15/23
United States  6,500,000       6,662,500
 
senior note, 5.50%, 2/15/26
United States  8,000,000       8,320,000
 
senior note, 6.00%, 4/15/27
United States 13,100,000      13,820,500
h Weatherford International Ltd.,        
 
senior bond, 4.50%, 4/15/22
United States  8,500,000       3,591,250
 
senior note, 5.125%, 9/15/20
United States  5,300,000       2,239,250
 
senior note, 8.25%, 6/15/23
United States  9,600,000       4,104,000
          353,540,387
  Food & Staples Retailing 0.1%        
c
Aramark Services Inc., senior bond, 144A, 5.00%, 2/01/28
United States 3,100,000   3,227,875
  Food, Beverage & Tobacco 2.0%        
 
B&G Foods Inc., senior note, 5.25%, 4/01/25
United States 17,300,000   17,607,940
c Lamb Weston Holdings Inc.,        
 
senior note, 144A, 4.625%, 11/01/24
United States 10,900,000      11,449,469
 
senior note, 144A, 4.875%, 11/01/26
United States  8,900,000       9,333,875
c
Post Holdings Inc., senior bond, 144A, 5.00%, 8/15/26
United States 23,000,000   24,063,750
          62,455,034
  |  4
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Health Care Equipment & Services 6.8%        
c
Centene Corp., senior note, 144A, 5.375%, 6/01/26
United States $23,550,000      $25,235,002
  CHS/Community Health Systems Inc.,        
 
senior note, 6.875%, 2/01/22
United States  4,003,000       2,790,932
 
c senior note, 144A, 8.125%, 6/30/24
United States 13,747,000      10,516,455
 
senior secured note, 5.125%, 8/01/21
United States  4,100,000       4,115,375
 
senior secured note, first lien, 6.25%, 3/31/23
United States 14,200,000      13,793,170
  HCA Inc.,        
 
senior bond, 5.375%, 2/01/25
United States 17,000,000      18,912,500
 
senior bond, 5.875%, 2/01/29
United States 12,200,000      14,060,500
 
senior note, 5.375%, 9/01/26
United States  4,600,000       5,140,500
 
senior secured bond, first lien, 5.25%, 4/15/25
United States 11,000,000      12,292,424
c
MEDNAX Inc., senior note, 144A, 6.25%, 1/15/27
United States 26,500,000   26,036,250
c
MPH Acquisition Holdings LLC, senior note, 144A, 7.125%, 6/01/24
United States 15,400,000   13,841,674
c,f
Polaris Intermediate Corp., senior note, 144A, PIK, 8.50%, 12/01/22
United States 7,000,000   5,915,000
  Tenet Healthcare Corp.,        
 
senior note, 8.125%, 4/01/22
United States 12,000,000      12,973,800
 
senior note, 6.75%, 6/15/23
United States 13,700,000      14,128,125
 
c senior note, second lien, 144A, 6.25%, 2/01/27
United States 15,000,000      15,581,250
 
c senior secured note, 144A, 4.875%, 1/01/26
United States  5,000,000       5,144,250
 
senior secured note, first lien, 6.00%, 10/01/20
United States  6,700,000       6,964,650
          207,441,857
  Household & Personal Products 0.4%        
c
Prestige Brands Inc., senior note, 144A, 6.375%, 3/01/24
United States 13,000,000   13,682,500
  Insurance 0.6%        
 
CNO Financial Group Inc., senior note, 5.25%, 5/30/29
United States 17,900,000   19,824,250
  Materials 12.1%        
f
ARD Finance SA, secured note, PIK, 7.125%, 9/15/23
Luxembourg 14,000,000   14,490,000
c
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc., senior note, 144A, 6.00%, 2/15/25
Luxembourg 10,000,000   10,487,500
c
Cemex SAB de CV, senior secured bond, first lien, 144A, 5.70%, 1/11/25
Mexico 25,000,000   25,661,125
 
The Chemours Co., senior note, 5.375%, 5/15/27
United States 7,700,000   6,872,250
 
Crown Americas LLC/Crown Americas Capital Corp. VI, senior note, 4.75%, 2/01/26
United States 13,900,000   14,629,750
c
Element Solutions Inc., senior note, 144A, 5.875%, 12/01/25
United States 20,000,000   21,000,000
c First Quantum Minerals Ltd.,        
 
senior note, 144A, 7.25%, 4/01/23
Zambia 17,000,000      16,065,000
 
senior note, 144A, 6.875%, 3/01/26
Zambia  8,000,000       7,120,000
c
Grinding Media Inc./MC Grinding Media Canada Inc., senior secured note, 144A, 7.375%, 12/15/23
United States 16,500,000   15,736,875
c
Mauser Packaging Solutions Holding Co., senior note, 144A, 7.25%, 4/15/25
United States 36,900,000   35,377,875
c
Neon Holdings Inc., senior note, 144A, 10.125%, 4/01/26
United States 15,000,000   14,737,500
c
New Enterprise Stone & Lime Co., senior note, 144A, 6.25%, 3/15/26
United States 17,400,000   17,887,200
c
New Gold Inc., senior note, 144A, 6.375%, 5/15/25
Canada 16,600,000   14,940,000
  |  5
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Materials (continued)        
c Novelis Corp.,        
 
senior bond, 144A, 5.875%, 9/30/26
United States $12,700,000      $13,446,125
 
senior note, 144A, 6.25%, 8/15/24
United States 11,000,000      11,550,000
c
OCI NV, senior note, 144A, 6.625%, 4/15/23
Netherlands  9,600,000      10,128,000
c Owens-Brockway Glass Container Inc.,        
 
senior note, 144A, 5.00%, 1/15/22
United States 10,000,000      10,275,000
 
senior note, 144A, 5.875%, 8/15/23
United States 10,000,000      10,687,500
c
Rain CII Carbon LLC/CII Carbon Corp., senior note, second lien, 144A, 7.25%, 4/01/25
United States 15,000,000   14,175,000
c Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA,        
 
senior secured note, first lien, 144A, 5.125%, 7/15/23
United States  2,200,000       2,267,210
 
i senior secured note, first lien, 144A, FRN, 5.803%, (3-month USD LIBOR + 3.50%), 7/15/21
United States  5,300,000       5,306,625
c
Sealed Air Corp., senior bond, 144A, 5.50%, 9/15/25
United States 5,500,000   5,981,250
  Steel Dynamics Inc.,        
 
senior bond, 5.50%, 10/01/24
United States 10,000,000      10,330,000
 
senior bond, 5.00%, 12/15/26
United States 15,000,000      15,712,500
c
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., senior note, 144A, 7.50%, 6/15/25
United States 19,700,000   18,727,312
c
TPC Group Inc., secured note, 144A, 10.50%, 8/01/24
United States 8,500,000   8,967,500
c Trivium Packaging Finance BV,        
 
senior note, 144A, 8.50%, 8/15/27
Netherlands 10,200,000      10,990,500
 
senior secured note, 144A, 5.50%, 8/15/26
Netherlands  7,600,000       8,016,480
          371,566,077
  Media & Entertainment 13.3%        
c Altice Luxembourg SA,        
 
first lien, 144A, 10.50%, 5/15/27
Luxembourg 20,000,000      21,700,000
 
senior secured note, 144A, 7.75%, 5/15/22
Luxembourg  6,535,000       6,731,050
  CCO Holdings LLC/CCO Holdings Capital Corp.,        
 
senior bond, 5.125%, 2/15/23
United States 10,000,000      10,187,500
 
c senior bond, 144A, 5.375%, 5/01/25
United States  3,100,000       3,227,875
 
c senior bond, 144A, 5.75%, 2/15/26
United States 10,200,000      10,824,750
 
c senior bond, 144A, 5.50%, 5/01/26
United States  8,900,000       9,400,625
 
c senior bond, 144A, 5.00%, 2/01/28
United States  8,000,000       8,420,000
 
c senior bond, 144A, 5.375%, 6/01/29
United States 18,100,000      19,389,625
  Clear Channel Worldwide Holdings Inc.,        
 
c first lien, senior secured note, 144A, 5.125%, 8/15/27
United States 15,200,000      15,941,000
 
senior note, 6,50%, 11/15/22
United States 10,000,000      10,216,700
 
c senior sub. note, 144A, 9.25%, 2/15/24
United States 11,232,000      12,341,160
  CSC Holdings LLC,        
 
senior bond, 5.25%, 6/01/24
United States 28,000,000      30,030,000
 
c senior bond, 144A, 5.50%, 4/15/27
United States  3,000,000       3,217,500
 
senior note, 6.75%, 11/15/21
United States  5,000,000       5,412,500
 
c senior secured note, first lien, 144A, 5.50%, 5/15/26
United States 23,550,000      24,963,000
  |  6
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Media & Entertainment (continued)        
c Diamond Sports Group LLC/Diamond Sports Finance Co.,        
 
first lien, 144A, 5.375%, 8/15/26
United States $11,300,000      $11,893,250
 
senior note, 144A, 6.625%, 8/15/27
United States 11,300,000      11,865,000
  DISH DBS Corp.,        
 
senior bond, 5.875%, 7/15/22
United States 10,000,000      10,387,500
 
senior bond, 5.00%, 3/15/23
United States  5,000,000       4,925,000
 
senior note, 5.875%, 11/15/24
United States 17,500,000      16,713,375
c
Gray Escrow Inc., senior note, 144A, 7.00%, 5/15/27
United States 9,100,000   9,984,520
c
iHeartCommunications Inc., senior secured note, first lien, 144A, 5.25%, 8/15/27
United States 17,200,000   18,127,596
  Netflix Inc.,        
 
senior bond, 4.375%, 11/15/26
United States 13,700,000      14,059,625
 
c senior bond, 144A, 5.375%, 11/15/29
United States  7,100,000       7,739,000
c
Nexstar Broadcasting Inc., senior note, 144A, 5.625%, 8/01/24
United States 12,800,000   13,344,000
c
Scripps Escrow Inc., senior note, 144A, 5.875%, 7/15/27
United States 10,400,000   10,517,000
c
Sirius XM Radio Inc., senior note, 144A, 4.625%, 7/15/24
United States 12,400,000   12,973,500
c
Unitymedia KabelBW GmbH, senior bond, 144A, 6.125%, 1/15/25
Germany 23,500,000   24,586,875
c Univision Communications Inc.,        
 
senior secured note, first lien, 144A, 5.125%, 5/15/23
United States  5,000,000       4,962,500
 
senior secured note, first lien, 144A, 5.125%, 2/15/25
United States 16,000,000      15,460,000
c Virgin Media Secured Finance PLC,        
 
senior secured bond, 144A, 5.25%, 1/15/26
United Kingdom 10,000,000      10,325,000
 
senior secured bond, first lien, 144A, 5.50%, 8/15/26
United Kingdom  7,300,000       7,674,125
c WMG Acquisition Corp.,        
 
secured note, 144A, 4.875%, 11/01/24
United States  2,600,000       2,697,500
 
secured note, first lien, 144A, 5.00%, 8/01/23
United States  8,500,000       8,744,375
          408,983,026
  Pharmaceuticals, Biotechnology & Life Sciences 3.5%        
c
Avantor Inc., senior secured note, first lien, 144A, 6.00%, 10/01/24
United States 10,800,000   11,610,000
c
Bausch Health Americas Inc., senior note, 144A, 9.25%, 4/01/26
United States 22,700,000   25,764,500
c Bausch Health Cos. Inc.,        
 
senior bond, 144A, 6.125%, 4/15/25
United States  5,900,000       6,091,750
 
senior note, first lien, 144A, 7.00%, 3/15/24
United States  4,200,000       4,446,372
c,f
Eagle Holdings Co. II LLC, senior note, 144A, PIK, 7.625%, 5/15/22
United States 14,200,000   14,377,500
c Endo DAC/Endo Finance LLC/Endo Finco Inc.,        
 
senior bond, 144A, 6.00%, 2/01/25
United States 23,400,000      14,742,000
 
senior note, 144A, 6.00%, 7/15/23
United States 12,053,000       8,015,245
c
Horizon Pharma USA Inc., senior note, 144A, 5.50%, 8/01/27
United States 20,000,000   20,900,000
          105,947,367
  |  7
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Real Estate 1.3%        
 
CyrusOne LP/CyrusOne Finance Corp., senior note, 5.375%, 3/15/27
United States  $7,400,000       $7,890,250
c
Five Point Operating Co. LP/Five Point Capital Corp., senior note, 144A, 7.875%, 11/15/25
United States 21,400,000      21,520,375
  MPT Operating Partnership LP/MPT Finance Corp.,        
 
senior bond, 5.25%, 8/01/26
United States  7,700,000       8,164,310
 
senior bond, 5.00%, 10/15/27
United States    700,000         749,000
          38,323,935
  Retailing 0.7%        
c
Party City Holdings Inc., senior note, 144A, 6.625%, 8/01/26
United States 12,500,000   11,937,500
c PetSmart Inc.,        
 
senior note, 144A, 7.125%, 3/15/23
United States  5,700,000       5,329,500
 
senior secured note, first lien, 144A, 5.875%, 6/01/25
United States  4,174,000       4,111,390
          21,378,390
  Semiconductors & Semiconductor Equipment 1.4%        
c
Amkor Technology Inc., senior note, 144A, 6.625%, 9/15/27
United States 15,000,000   16,405,950
 
Qorvo Inc., senior note, 5.50%, 7/15/26
United States 23,700,000   25,359,474
          41,765,424
  Software & Services 1.4%        
 
Infor (U.S.) Inc., senior note, 6.50%, 5/15/22
United States 29,000,000   29,580,000
c
Symantec Corp., senior note, 144A, 5.00%, 4/15/25
United States 12,600,000   12,693,053
          42,273,053
  Technology Hardware & Equipment 3.1%        
c
Blackboard Inc., secured note, second lien, 144A, 9.75%, 10/15/21
United States 34,410,000   33,377,700
c CommScope Inc.,        
 
senior bond, 144A, 5.50%, 6/15/24
United States  7,000,000       6,658,750
 
senior secured note, first lien, 144A, 6.00%, 3/01/26
United States 15,000,000      15,352,500
c
CommScope Technologies LLC, senior bond, 144A, 6.00%, 6/15/25
United States 10,200,000   9,180,000
c Dell International LLC/EMC Corp.,        
 
senior note, 144A, 5.875%, 6/15/21
United States  4,500,000       4,575,951
 
senior note, 144A, 7.125%, 6/15/24
United States  4,900,000       5,165,706
 
senior secured bond, first lien, 144A, 6.02%, 6/15/26
United States  5,400,000       6,099,094
c
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., senior note, 144A, 6.75%, 6/01/25
United States 14,000,000   14,452,200
          94,861,901
  Telecommunication Services 6.0%        
c
Block Communications Inc., senior note, 144A, 6.875%, 2/15/25
United States 8,700,000   9,178,500
c
Digicel Group One Ltd., senior secured note, first lien, 144A, 8.25%, 12/30/22
Jamaica 7,720,000   4,337,675
c
Digicel Group Two Ltd., senior note, 144A, 8.25%, 9/30/22
Bermuda 7,280,000   1,394,484
c
Digicel Ltd., senior note, 144A, 6.00%, 4/15/21
Bermuda 22,000,000   14,025,000
c
DKT Finance ApS, senior secured note, first lien, 144A, 9.375%, 6/17/23
Denmark 16,800,000   18,166,764
 
Hughes Satellite Systems Corp., senior bond, 6.625%, 8/01/26
United States 19,150,000   20,682,000
  |  8
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Principal
Amount* 		  Value
  Corporate Bonds (continued)        
  Telecommunication Services (continued)        
  Sprint Corp.,        
 
senior bond, 7.875%, 9/15/23
United States $14,700,000      $16,574,250
 
senior note, 7.625%, 2/15/25
United States 20,000,000      22,425,000
 
senior note, 7.625%, 3/01/26
United States 15,300,000      17,231,625
c
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC, senior secured bond, first lien, 144A, 4.738%, 9/20/29
United States 16,600,000      17,596,000
  T-Mobile USA Inc.,        
 
senior bond, 6.375%, 3/01/25
United States 22,400,000      23,251,200
 
senior note, 6.00%, 4/15/24
United States  8,500,000       8,890,660
 
senior note, 5.125%, 4/15/25
United States  9,000,000       9,410,130
          183,163,288
  Transportation 1.8%        
c Avolon Holdings Funding Ltd.,        
 
senior note, 144A, 5.125%, 10/01/23
Ireland  9,700,000      10,319,636
 
senior note, 144A, 5.25%, 5/15/24
Ireland  7,200,000       7,741,440
c DAE Funding LLC,        
 
senior note, 144A, 4.50%, 8/01/22
United Arab Emirates 16,000,000      16,380,000
 
senior note, 144A, 5.00%, 8/01/24
United Arab Emirates 12,000,000      12,555,000
c
Park Aerospace Holdings Ltd., senior note, 144A, 5.50%, 2/15/24
Ireland 8,900,000   9,671,363
          56,667,439
  Utilities 4.9%        
  Calpine Corp.,        
 
senior note, 5.375%, 1/15/23
United States 18,300,000      18,595,911
 
c senior secured bond, first lien, 144A, 5.875%, 1/15/24
United States  5,000,000       5,119,300
  Clearway Energy Operating LLC,        
 
senior bond, 5.375%, 8/15/24
United States 13,500,000      13,921,875
 
senior bond, 5.00%, 9/15/26
United States 14,700,000      14,957,250
 
c senior note, 144A, 5.75%, 10/15/25
United States 11,200,000      11,718,224
 
Ferrellgas LP/Ferrellgas Finance Corp., senior note, 6.75%, 6/15/23
United States 23,600,000   19,942,000
 
Ferrellgas Partners LP/Ferrellgas Partners Finance Corp., senior note, 8.625%, 6/15/20
United States 6,600,000   4,983,000
c
InterGen NV, secured bond, 144A, 7.00%, 6/30/23
Netherlands 5,800,000   5,365,000
 
Talen Energy Supply LLC, senior note, 6.50%, 6/01/25
United States 35,450,000   27,119,250
c
Vistra Operations Co. LLC, senior note, 144A, 5.625%, 2/15/27
United States 26,500,000   28,156,250
          149,878,060
 
Total Corporate Bonds (Cost $2,879,102,505)
      2,855,764,075
i Senior Floating Rate Interests (Cost $13,363,143) 0.5%        
  Energy 0.5%        
 
Weatherford International Ltd., DIP Term, 5.25%, (1-month USD LIBOR + 3.00%), 7/03/20
United States 13,700,000   13,700,000
  |  9
Franklin High Income Trust
Statement of Investments (unaudited)
Franklin High Income Fund (continued)
    Country Shares   Value
  Escrows and Litigation Trusts 0.0%†        
a,b
Alpha Natural Resources Inc., Escrow Account
United States 25,000,000              $ —
a,b
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC, Escrow Account
United States 25,000,000               —
a,b
NewPage Corp., Escrow Account
United States 30,000,000               —
a,b
T-Mobile USA Inc., Escrow Account
United States 39,900,000               —
a
Vistra Energy Corp., Escrow Account
United States 50,000,000         225,000
 
Total Escrows and Litigation Trusts (Cost $1,303,653)
      225,000
 
Total Investments before Short Term Investments (Cost $3,108,439,568)
      2,968,503,717
  Short Term Investments (Cost $59,420,982) 1.9%        
  Money Market Funds 1.9%        
j,k
Institutional Fiduciary Trust Money Market Portfolio, 1.85%
United States 59,420,982   59,420,982
 
Total Investments (Cost $3,167,860,550) 98.6%
      3,027,924,699
 
Other Assets, less Liabilities 1.4%
      42,914,554
 
Net Assets 100.0%
      $3,070,839,253
 
See Abbreviations on page 14.
†Rounds to less than 0.1% of net assets.
*The principal amount is stated in U.S. dollars unless otherwise indicated.
aNon-income producing.
bFair valued using significant unobservable inputs. See  Note 6 regarding fair value measurements.
cSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At August 31, 2019, the aggregate value of these securities was $1,776,477,385, representing 57.9% of net assets.
dSee  Note 4 regarding holdings of 5% voting securities.
eSee  Note 3 regarding restricted securities.
fIncome may be received in additional securities and/or cash.
gPerpetual security with no stated maturity date.
hDefaulted security or security for which income has been deemed uncollectible.
iThe coupon rate shown represents the rate at period end.
jSee  Note 5 regarding investments in affiliated management investment companies.
kThe rate shown is the annualized seven-day effective yield at period end.
  |  10
Franklin High Income Trust
Notes to Statement of Investments (unaudited)
1.  ORGANIZATION
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) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). 
2.  FINANCIAL INSTRUMENT VALUATION
The Fund’s investments in financial instruments are carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund calculates the net asset value (NAV) per share each business day as of 4 p.m. Eastern time or the regularly scheduled close of the New York Stock Exchange (NYSE), whichever is earlier. Under compliance policies and procedures approved by the Trust’s Board of Trustees (the Board), the Fund’s administrator has responsibility for oversight of valuation, 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 and exchange traded funds 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. 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, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.
Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Fund’s business day. Occasionally, events occur between the time at which trading in a foreign security is completed and 4 p.m. Eastern time that might call into question the reliability of the value of a portfolio security held by the Fund. As a result, differences may arise between the value of the Fund’s portfolio securities as determined at the foreign market close and the latest indications of value at 4 p.m. Eastern time. In order to minimize the potential for these differences, the VC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for
  |  11
Franklin High Income Trust
Notes to Statement of Investments (unaudited)
2.  FINANCIAL INSTRUMENT VALUATION (continued)
each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.
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 significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes. 
3.  RESTRICTED SECURITIES
At August 31, 2019, investments in restricted securities, excluding securities exempt from registration under the Securities Act of 1933 deemed to be liquid, were as follows:
Shares   Issuer Acquisition
Date 		Cost Value
8,080  
Nine Point Energy Holdings Inc., cvt. pfd.
3/24/17 $7,552,087 $5,841,671
433,273  
Nine Point Energy LLC
7/15/14 - 2/01/18 18,779,777 30
   
Total Restricted Securities (Value is 0.2% of Net Assets)
$26,331,864 $5,841,701
 
4.  HOLDINGS OF 5% VOTING SECURITIES OF PORTFOLIO COMPANIES
The 1940 Act defines "affiliated companies" to include investments in portfolio companies in which a fund owns 5% or more of the outstanding voting securities. During the period ended August 31, 2019, investments in “affiliated companies” were as follows:
Name of Issuer Value at
Beginning
of Period 		Purchases Sales Realized
Gain (Loss) 		Net Change in
Unrealized
Appreciation
(Depreciation) 		Value at
End of
Period 		Number of Shares/
Principal
Amount Held
at End
of Period 		Investment
Income
                Dividends
Non-Controlled Affiliates
Goodrich Petroleum Corp.
$18,105,719 $ — $ — $ — $(1,533,587) $16,572,132 1,564,885 $ —
Titan Energy LLC
11,247  —  —  — 2,632 13,879 289,137  —
  $18,116,966 $ — $ — $ — $(1,530,955) $16,586,011   $ —
                Interest
Goodrich Petroleum Corp., cvt., senior secured note, second lien, PIK, 13.50%, 5/31/21
$11,500,000 $194,062a $— $— $— $11,694,062 11,694,062 $379,500
Total Affiliated Securities (Value is 0.9% of Net Assets)
$29,616,966 $194,062 $ — $ — $(1,530,955) $28,280,073   $379,500
 
aGross addition was the result of a corporate action.
  |  12
Franklin High Income Trust
Notes to Statement of Investments (unaudited)
5.  INVESTMENTS IN AFFILIATED MANAGEMENT INVESTMENT COMPANIES
The Fund invests in one or more affiliated management investment companies for purposes other than exercising a controlling influence over the management or policies. During the period ended August 31, 2019, the Fund held investments in affiliated management investment companies as follows:
  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
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 1.85%
$67,323,074 $364,061,639 $(371,963,731) $  — $  — $59,420,982 59,420,982 $378,259
6.  FAIR VALUE MEASUREMENTS
The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s financial instruments and are summarized in the following fair value hierarchy:
•  Level 1 – quoted prices in active markets for identical financial instruments
•  Level 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed, credit risk, etc.)
•  Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of financial instruments)
The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.
A summary of inputs used as of August 31, 2019, in valuing the Fund’s assets carried at fair value, is as follows:
  Level 1 Level 2 Level 3 Total
Assets:        
Investments in Securities:a        
Equity Investments:b        
Energy
$20,037,760 $7,518,021 $5,842,120 $33,397,901
All Other Equity Investments
53,722,679 — — 53,722,679
Convertible Bonds
— — 11,694,062 11,694,062
Corporate Bonds:        
Commercial & Professional Services
— 67,000,134 905 67,001,039
All Other Corporate Bonds
— 2,788,763,036 — 2,788,763,036
Senior Floating Rate Interests
— 13,700,000 — 13,700,000
Escrows and Litigation Trusts
— 225,000 —c 225,000
Short Term Investments
59,420,982 — — 59,420,982
Total Investments in Securities
$133,181,421 $2,877,206,191 $17,537,087 $3,027,924,699
 
aFor detailed categories, see the accompanying Statement of Investments.
bIncludes common, convertible preferred stocks and management investment companies as well as other equity interests.
cIncludes securities determined to have no value at August 31, 2019.
A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the period. 
  |  13
Franklin High Income Trust
Notes to Statement of Investments (unaudited)
7.  SUBSEQUENT EVENTS
The Fund has evaluated subsequent events through the issuance of the Statement of Investments and determined that no events have occurred that require disclosure. 
Abbreviations    
Currency
USD United States Dollar
Counterparty
ETF Exchange Traded Fund
FRN Floating Rate Note
LIBOR London InterBank Offered Rate
PIK Payment-In-Kind
  
For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.
  |  14