NPORT-EX 2 FHIT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1105-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
2
Notes
to
Schedule
of
Investments
15
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited),
December
31,
2024
Franklin
High
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.3%
Metals
&
Mining
0.0%
†
a
Alpha
Metallurgical
Resources,
Inc.
......................
United
States
4,346
$
869,722
Oil,
Gas
&
Consumable
Fuels
0.2%
a
Amplify
Energy
Corp.
................................
United
States
8,816
52,896
Birch
Permian
Holdings,
Inc.
...........................
United
States
690,410
4,282,958
California
Resources
Corp.
............................
United
States
2,456
127,442
Expand
Energy
Corp.
................................
United
States
1,045
104,030
4,567,326
Pharmaceuticals
0.1%
a
Endo,
Inc.
.........................................
United
States
144,894
3,470,211
Specialty
Retail
0.0%
a,b
Party
City
Holdco,
Inc.
................................
United
States
75
—
Total
Common
Stocks
(Cost
$
28,775,947
)
....................................
8,907,259
Convertible
Preferred
Stocks
0.1%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The)
,
6
%
................................
United
States
55,000
3,348,950
Total
Convertible
Preferred
Stocks
(Cost
$
2,750,000
)
..........................
3,348,950
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a,b
Canvas
Energy,
Inc.
,
10/01/25
..........................
United
States
13
—
a
Expand
Energy
Corp.
,
2/09/26
.........................
United
States
1,972
168,645
168,645
Total
Warrants
(Cost
$
166,634
)
..............................................
168,645
Principal
Amount
*
Corporate
Bonds
93.4%
Aerospace
&
Defense
1.7%
Boeing
Co.
(The)
,
Senior
Note
,
6.528%,
5/01/34
............
United
States
3,200,000
3,354,012
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
7%,
6/01/32
...........
Canada
17,000,000
17,314,687
c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
3/01/32
............
United
States
7,500,000
7,577,068
Senior
Secured
Note
,
144A,
6%,
1/15/33
................
United
States
19,600,000
19,224,673
47,470,440
Automobile
Components
2.0%
c
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25%,
4/15/31
....................
United
States
6,000,000
6,138,384
Senior
Secured
Note
,
144A,
7%,
4/15/28
................
United
States
7,900,000
7,999,888
c
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75%,
1/30/31
.
United
States
5,400,000
4,781,308
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625%,
10/15/29
........................................
United
States
19,500,000
15,816,136
c
,d
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75%,
11/15/30
.........
Germany
3,600,000
3,598,276
Senior
Secured
Note
,
144A,
PIK,
8%,
11/15/32
...........
Germany
3,700,000
3,729,656
c
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.75%,
4/23/30
....................
Germany
3,900,000
3,754,644
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Automobile
Components
(continued)
c
ZF
North
America
Capital,
Inc.,
(continued)
Senior
Note
,
144A,
6.875%,
4/23/32
...................
Germany
8,400,000
$
7,975,525
53,793,817
Automobiles
0.7%
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5%,
7/15/29
.........................................
United
Kingdom
18,400,000
17,874,600
Beverages
0.0%
†
c
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375%,
4/30/29
Canada
600,000
558,515
Biotechnology
0.3%
c
Grifols
SA
,
Senior
Note
,
144A,
4.75%,
10/15/28
............
Spain
10,000,000
9,200,436
Broadline
Retail
0.1%
c
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25%,
10/31/29
....
United
States
3,800,000
3,807,599
Building
Products
2.8%
c
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375%,
6/15/30
.........................................
United
States
2,900,000
2,913,552
c
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125%,
1/15/29
.........................................
United
States
2,000,000
1,597,879
c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
12/15/30
........................
United
States
25,400,000
25,465,622
c
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75%,
4/01/32
..............
United
States
9,300,000
9,349,392
c
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875%,
11/15/31
..................................
United
States
20,900,000
21,980,739
c
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5%,
8/15/32
.........................................
United
States
15,400,000
15,437,907
76,745,091
Capital
Markets
0.9%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5%,
11/15/29
.............
United
States
6,100,000
5,717,266
Senior
Secured
Note
,
144A,
6.125%,
11/01/32
...........
United
States
10,300,000
10,211,432
c
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875%,
3/01/31
United
States
8,600,000
9,003,020
24,931,718
Chemicals
3.2%
b
,c
,d
,e
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10%,
8/15/26
........................
United
States
1,891,272
—
c
Avient
Corp.
,
Senior
Note
,
144A,
6.25%,
11/01/31
...........
United
States
5,200,000
5,134,890
c
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99%,
2/20/32
.........................................
Mexico
4,100,000
3,017,802
c
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375%,
10/03/31
........................................
Germany
8,700,000
9,075,579
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625%,
10/15/28
........................................
Switzerland
6,400,000
5,225,888
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875%,
9/01/28
...
United
States
4,200,000
3,987,298
c
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125%,
4/01/26
.
United
States
19,500,000
19,295,437
c
,d
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25%,
11/01/26
United
States
5,556,600
4,635,902
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25%,
9/01/29
United
States
24,000,000
25,395,513
c
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25%,
4/01/25
...................................
United
States
313,000
310,437
c
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9%,
2/15/30
...
United
States
11,800,000
10,847,575
86,926,321
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Commercial
Services
&
Supplies
2.7%
c
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875%,
2/15/31
...................................
United
States
12,000,000
$
12,279,963
c
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375%,
8/31/27
.............
United
States
16,100,000
15,072,374
c
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5%,
8/01/29
.........................................
United
States
21,575,000
21,932,632
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5%,
11/30/30
........................................
United
States
4,275,000
4,609,435
c
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5%,
4/15/29
.....
United
States
8,800,000
8,571,215
c
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625%,
4/01/32
...
Canada
12,100,000
12,330,071
74,795,690
Communications
Equipment
0.5%
c
CommScope
LLC
,
Senior
Note
,
144A,
7.125%,
7/01/28
...................
United
States
11,700,000
10,311,815
Senior
Secured
Note
,
144A,
6%,
3/01/26
................
United
States
2,500,000
2,490,625
12,802,440
Construction
&
Engineering
0.3%
c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375%,
4/15/29
...................
United
States
5,400,000
5,040,594
Senior
Note
,
144A,
6.875%,
8/15/32
...................
United
States
3,300,000
3,356,974
8,397,568
Consumer
Finance
2.8%
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25%,
4/01/29
.............
United
States
3,400,000
3,626,620
Senior
Secured
Note
,
144A,
8.5%,
5/15/30
..............
United
States
9,200,000
9,687,003
c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875%,
3/01/32
.........
United
States
19,300,000
19,402,864
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.4%,
3/26/29
.....................
United
Kingdom
2,150,000
2,213,839
Senior
Note
,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
2,900,000
3,005,247
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375%,
11/15/29
.......................
United
States
7,600,000
7,312,920
Senior
Note
,
9%,
1/15/29
...........................
United
States
7,300,000
7,746,468
Senior
Note
,
6.625%,
5/15/29
........................
United
States
4,000,000
4,054,800
Senior
Note
,
7.125%,
11/15/31
.......................
United
States
6,400,000
6,527,570
c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6%,
11/15/29
.......
United
States
15,000,000
14,420,547
77,997,878
Consumer
Staples
Distribution
&
Retail
0.4%
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
7.25%,
1/15/32
....................
United
States
7,200,000
7,460,383
Senior
Note
,
144A,
5.75%,
4/15/33
....................
United
States
3,300,000
3,215,175
10,675,558
Containers
&
Packaging
2.2%
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25%,
8/15/27
.....................
United
States
8,100,000
4,638,751
c
Intelligent
Packaging
Ltd.
Finco,
Inc.
/
Intelligent
Packaging
Ltd.
Co-Issuer
LLC
,
Senior
Secured
Note
,
144A,
6%,
9/15/28
....
Canada
2,325,000
2,294,254
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25%,
4/15/27
...................................
United
States
25,000,000
25,404,150
c
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375%,
10/15/28
...
United
States
2,800,000
2,800,381
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
c
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4%,
10/15/27
......
United
States
20,800,000
$
20,644,855
c
Trivium
Packaging
Finance
BV
,
Senior
Note
,
144A,
8.5%,
8/15/27
.....................
Netherlands
2,100,000
2,099,147
Senior
Secured
Note
,
144A,
5.5%,
8/15/26
..............
Netherlands
3,600,000
3,562,182
61,443,720
Distributors
0.7%
c
Gates
Corp.
,
Senior
Note
,
144A,
6.875%,
7/01/29
...........
United
States
4,800,000
4,888,646
c
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
3/15/31
....................
Canada
6,500,000
6,805,442
Senior
Secured
Note
,
144A,
6.75%,
3/15/28
.............
Canada
6,300,000
6,448,932
18,143,020
Diversified
Consumer
Services
0.5%
Grand
Canyon
University
,
Secured
Note
,
5.125%,
10/01/28
....
United
States
14,300,000
13,423,272
Diversified
REITs
1.5%
c
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75%,
12/15/27
.................
United
States
15,900,000
14,526,364
c
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5%,
9/30/28
.............
United
States
14,500,000
13,334,103
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.75%,
2/15/27
....................
United
States
8,000,000
7,767,671
Senior
Note
,
144A,
3.875%,
2/15/29
...................
United
States
7,000,000
6,601,116
42,229,254
Diversified
Telecommunication
Services
2.4%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5%,
1/15/28
..
France
7,500,000
5,558,401
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5%,
2/01/28
......................
United
States
3,000,000
2,894,216
Senior
Bond
,
144A,
5.375%,
6/01/29
...................
United
States
10,900,000
10,434,363
Senior
Bond
,
144A,
4.5%,
8/15/30
.....................
United
States
10,500,000
9,437,253
Senior
Bond
,
144A,
4.25%,
2/01/31
....................
United
States
3,400,000
2,967,335
Senior
Note
,
144A,
6.375%,
9/01/29
...................
United
States
8,000,000
7,940,492
c
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7%,
10/15/28
...............
France
10,400,000
10,547,842
Senior
Secured
Note
,
144A,
7%,
4/15/32
................
France
10,950,000
11,019,087
c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5%,
8/15/30
....................................
United
Kingdom
6,900,000
5,967,352
66,766,341
Electric
Utilities
1.9%
c
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375%,
2/15/32
....................
United
Kingdom
10,000,000
9,981,060
c
NRG
Energy,
Inc.
,
Senior
Note
,
144A,
5.75%,
7/15/29
........
United
States
15,300,000
14,949,930
c
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
5.625%,
2/15/27
...................
United
States
9,300,000
9,290,690
Senior
Note
,
144A,
7.75%,
10/15/31
...................
United
States
8,700,000
9,134,962
Senior
Note
,
144A,
6.875%,
4/15/32
...................
United
States
8,700,000
8,916,339
52,272,981
Electrical
Equipment
1.1%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3%,
2/15/30
..........................
United
States
9,700,000
9,982,667
Senior
Note
,
6.4%,
4/15/33
..........................
United
States
7,900,000
8,154,979
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electrical
Equipment
(continued)
c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125%,
11/15/28
........................................
United
States
11,700,000
$
11,053,603
29,191,249
Electronic
Equipment,
Instruments
&
Components
0.5%
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4%,
3/01/29
......
United
States
9,300,000
8,638,536
c
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5%,
6/01/32
..
United
States
4,800,000
4,873,518
13,512,054
Energy
Equipment
&
Services
2.7%
c
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9%,
10/15/27
......
Canada
3,390,000
3,532,041
c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25%,
2/15/29
..
United
States
12,300,000
12,558,202
c
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
7.375%,
5/15/27
...................
United
States
6,200,000
6,198,449
Senior
Note
,
144A,
9.125%,
1/31/30
...................
United
States
4,600,000
4,682,260
Senior
Note
,
144A,
8.875%,
8/15/31
...................
United
States
9,900,000
9,202,905
Oceaneering
International,
Inc.
,
Senior
Note
,
6%,
2/01/28
.....
United
States
6,000,000
5,923,697
c
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375%,
2/01/28
...................................
United
States
1,800,000
1,838,568
Transocean,
Inc.
,
Senior
Bond
,
6.8%,
3/15/38
..........................
United
States
2,800,000
2,297,018
c
Senior
Note
,
144A,
8.25%,
5/15/29
....................
United
States
2,100,000
2,059,187
c
Senior
Secured
Note
,
144A,
8.75%,
2/15/30
.............
United
States
13,430,000
13,908,376
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625%,
4/30/30
.........................................
United
States
11,000,000
11,366,739
73,567,442
Entertainment
0.6%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125%,
5/01/29
.........................................
France
15,300,000
15,914,632
Financial
Services
4.0%
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25%,
2/01/29
.........................................
United
States
4,400,000
4,545,012
c
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8%,
2/15/27
......................
Ireland
6,400,000
6,606,120
Senior
Note
,
144A,
8%,
6/15/28
......................
Ireland
12,400,000
13,029,846
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6%,
8/15/26
......................
United
States
14,500,000
14,527,604
Senior
Note
,
144A,
9.5%,
2/15/29
.....................
United
States
8,700,000
9,253,363
c
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75%,
11/15/31
........................................
United
States
19,600,000
18,754,699
c
PHH
Escrow
Issuer
LLC
,
Senior
Note
,
144A,
9.875%,
11/01/29
.
United
States
15,000,000
15,082,800
c
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.375%,
2/01/28
...................
United
States
9,300,000
9,566,193
Senior
Note
,
144A,
5%,
10/01/29
.....................
United
States
3,000,000
2,747,292
Senior
Note
,
144A,
8.875%,
1/31/30
...................
United
States
9,600,000
9,955,001
c
United
Wholesale
Mortgage
LLC
,
Senior
Note
,
144A,
5.5%,
11/15/25
........................................
United
States
5,100,000
5,078,552
109,146,482
Food
Products
1.0%
c
,d
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75%,
10/01/29
United
States
2,400,000
2,499,078
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625%,
7/01/29
...................................
United
States
3,300,000
3,416,605
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.875%,
5/15/34
.........
United
States
17,900,000
19,056,322
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Food
Products
(continued)
c
Post
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.25%,
2/15/32
United
States
3,000,000
$
2,981,211
27,953,216
Ground
Transportation
2.1%
c
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8%,
4/15/34
......
United
Kingdom
4,100,000
4,105,712
c
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
,
Senior
Note
,
144A,
8.25%,
1/15/30
..........................
United
States
17,400,000
17,963,135
c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4%,
7/31/29
.....................
United
States
13,400,000
12,312,282
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125%,
8/01/32
...................................
United
States
10,100,000
10,420,663
c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125%,
2/01/32
.............
United
States
12,100,000
12,406,372
57,208,164
Health
Care
Equipment
&
Supplies
1.1%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375%,
10/01/28
........................................
United
States
10,000,000
10,362,500
c
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25%,
10/01/29
....
United
States
10,300,000
9,949,944
c
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625%,
7/20/30
United
States
9,000,000
9,697,779
30,010,223
Health
Care
Providers
&
Services
4.2%
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note
,
144A,
6.125%,
4/01/30
..................
United
States
6,800,000
4,672,518
Senior
Secured
Note
,
144A,
5.625%,
3/15/27
............
United
States
5,900,000
5,668,912
Senior
Secured
Note
,
144A,
8%,
12/15/27
...............
United
States
1,200,000
1,199,161
Senior
Secured
Note
,
144A,
6%,
1/15/29
................
United
States
6,000,000
5,378,948
Senior
Secured
Note
,
144A,
5.25%,
5/15/30
.............
United
States
6,500,000
5,344,741
Senior
Secured
Note
,
144A,
10.875%,
1/15/32
...........
United
States
8,500,000
8,780,313
c
Concentra
Escrow
Issuer
Corp.
,
Senior
Note
,
144A,
6.875%,
7/15/32
.........................................
United
States
5,200,000
5,315,493
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625%,
6/01/30
...................
United
States
16,700,000
15,367,092
Senior
Note
,
144A,
6.875%,
9/01/32
...................
United
States
7,700,000
7,768,337
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5%,
9/01/29
......
Italy
18,700,000
17,646,526
c
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75%,
11/01/28
........................................
United
States
22,200,000
14,486,166
Tenet
Healthcare
Corp.
,
Secured
Note
,
6.25%,
2/01/27
........................
United
States
9,800,000
9,799,967
Senior
Secured
Note
,
6.125%,
6/15/30
.................
United
States
14,600,000
14,503,173
115,931,347
Health
Care
REITs
0.8%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
5.25%,
8/01/26
.........................
United
States
11,400,000
10,506,507
Senior
Bond
,
3.5%,
3/15/31
..........................
United
States
16,200,000
10,223,690
20,730,197
Hotel
&
Resort
REITs
1.2%
c
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375%,
10/15/29
..................................
United
States
3,300,000
3,269,654
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25%,
7/15/28
....................
United
States
6,000,000
6,191,028
Senior
Note
,
144A,
4.5%,
2/15/29
.....................
United
States
6,500,000
6,148,719
Senior
Note
,
144A,
6.5%,
4/01/32
.....................
United
States
12,300,000
12,372,115
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotel
&
Resort
REITs
(continued)
c
XHR
LP
,
Senior
Note
,
144A,
6.625%,
5/15/30
..............
United
States
3,725,000
$
3,741,882
31,723,398
Hotels,
Restaurants
&
Leisure
7.8%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4%,
10/15/30
.....................................
Canada
8,500,000
7,609,564
b
,c
,e
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8%,
6/01/22
United
States
23,000,000
—
c
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875%,
4/30/29
..............................
Czech
Republic
15,500,000
15,989,722
c
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625%,
10/15/29
..................
United
States
6,900,000
6,465,735
Senior
Note
,
144A,
6%,
10/15/32
.....................
United
States
6,900,000
6,659,247
Senior
Secured
Note
,
144A,
7%,
2/15/30
................
United
States
6,800,000
6,931,101
Senior
Secured
Note
,
144A,
6.5%,
2/15/32
..............
United
States
12,700,000
12,767,673
c
Carnival
Corp.
,
Senior
Note
,
144A,
5.75%,
3/01/27
..........
United
States
24,000,000
23,964,702
c
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375%,
5/01/28
.........................................
United
States
10,000,000
10,661,167
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75%,
1/15/30
.................
United
States
13,200,000
12,188,729
c
Great
Canadian
Gaming
Corp.
,
Senior
Secured
Note
,
144A,
8.75%,
11/15/29
...................................
Canada
13,700,000
14,036,874
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875%,
3/15/26
.........
United
States
5,200,000
5,196,765
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.5%,
8/31/26
.....................
United
States
4,000,000
3,998,985
Senior
Note
,
144A,
5.375%,
7/15/27
...................
United
States
4,900,000
4,873,040
Senior
Note
,
144A,
6.25%,
3/15/32
....................
United
States
7,000,000
7,089,255
Senior
Note
,
144A,
6%,
2/01/33
......................
United
States
9,000,000
8,985,106
c
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
,
Senior
Secured
Note
,
144A,
6.625%,
5/01/32
.............
United
States
17,400,000
17,649,253
c
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5%,
2/15/28
......
United
States
9,800,000
9,306,013
c
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875%,
9/15/27
...................
United
States
4,900,000
4,879,223
Senior
Note
,
144A,
7%,
2/15/29
......................
United
States
9,900,000
9,964,319
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125%,
2/15/31
.........................
United
States
25,000,000
26,052,873
215,269,346
Household
Durables
2.2%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625%,
8/01/29
...................
United
States
8,300,000
7,645,406
Senior
Note
,
144A,
4.625%,
4/01/30
...................
United
States
8,000,000
7,267,126
c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25%,
8/15/28
United
States
9,000,000
9,421,560
KB
Home
,
Senior
Note
,
7.25%,
7/15/30
...................
United
States
9,000,000
9,238,401
c
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75%,
12/15/28
........
United
States
14,200,000
14,903,922
M/I
Homes,
Inc.
,
Senior
Note
,
3.95%,
2/15/30
..............
United
States
12,600,000
11,436,810
59,913,225
Household
Products
0.3%
c
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375%,
3/31/29
..
United
States
8,400,000
7,809,966
Independent
Power
and
Renewable
Electricity
Producers
1.2%
c
Calpine
Corp.
,
Senior
Note
,
144A,
5.125%,
3/15/28
...................
United
States
10,300,000
9,997,348
Senior
Secured
Note
,
144A,
4.5%,
2/15/28
..............
United
States
7,200,000
6,911,417
c
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75%,
1/15/32
....................
United
States
8,800,000
7,517,106
Senior
Note
,
144A,
4.75%,
3/15/28
....................
United
States
3,500,000
3,350,037
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
c
Clearway
Energy
Operating
LLC,
(continued)
Senior
Note
,
144A,
3.75%,
2/15/31
....................
United
States
7,000,000
$
6,100,467
33,876,375
Insurance
2.3%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5%,
6/15/29
.....................
United
States
7,200,000
7,537,745
Senior
Secured
Note
,
144A,
7.5%,
11/06/30
.............
United
States
8,900,000
9,173,808
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75%,
10/15/27
...................
United
States
5,400,000
5,360,796
Senior
Note
,
144A,
7.375%,
10/01/32
..................
United
States
3,600,000
3,637,627
Senior
Secured
Note
,
144A,
6.75%,
4/15/28
.............
United
States
2,500,000
2,514,327
Senior
Secured
Note
,
144A,
7%,
1/15/31
................
United
States
13,400,000
13,467,012
c
HUB
International
Ltd.
,
Senior
Secured
Note
,
144A,
7.25%,
6/15/30
.........................................
United
States
5,700,000
5,847,175
Jones
Deslauriers
Insurance
Management,
Inc.
,
c
Senior
Note
,
144A,
10.5%,
12/15/30
...................
Canada
15,300,000
16,567,682
64,106,172
IT
Services
1.5%
c
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875%,
9/15/27
.........................................
United
States
3,500,000
3,330,146
c
Cogent
Communications
Group
LLC
,
Senior
Note
,
144A,
7%,
6/15/27
.........................................
United
States
4,000,000
4,023,764
c
Cogent
Communications
Group,
Inc.
/
Cogent
Communications
Finance,
Inc.
,
Senior
Note
,
144A,
7%,
6/15/27
............
United
States
9,400,000
9,413,698
c
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5%,
6/01/31
.........................................
United
States
10,700,000
10,923,854
c
Gartner,
Inc.
,
Senior
Bond
,
144A,
3.75%,
10/01/30
...................
United
States
6,000,000
5,481,546
Senior
Note
,
144A,
4.5%,
7/01/28
.....................
United
States
6,300,000
6,143,639
Senior
Note
,
144A,
3.625%,
6/15/29
...................
United
States
1,400,000
1,301,656
40,618,303
Machinery
1.8%
c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25%,
6/01/28
.........................................
France
13,700,000
14,681,495
c
Esab
Corp.
,
Senior
Note
,
144A,
6.25%,
4/15/29
.............
United
States
11,200,000
11,353,322
Hillenbrand,
Inc.
,
Senior
Note
,
6.25%,
2/15/29
..............
United
States
8,200,000
8,204,922
c
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.25%,
10/01/31
United
States
9,500,000
9,749,594
c
Terex
Corp.
,
Senior
Note
,
144A,
6.25%,
10/15/32
...........
United
States
6,100,000
5,986,697
49,976,030
Media
3.7%
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75%,
4/15/28
....................
United
States
700,000
632,417
Senior
Note
,
144A,
7.5%,
6/01/29
.....................
United
States
8,700,000
7,622,626
Senior
Secured
Note
,
144A,
9%,
9/15/28
................
United
States
3,500,000
3,680,376
Senior
Secured
Note
,
144A,
7.875%,
4/01/30
............
United
States
11,000,000
11,334,269
c
CSC
Holdings
LLC
,
Senior
Note
,
144A,
11.25%,
5/15/28
...................
United
States
13,700,000
13,536,804
Senior
Note
,
144A,
11.75%,
1/31/29
...................
United
States
7,000,000
6,917,408
c
,e
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note
,
144A,
6.625%,
8/15/27
...................
United
States
11,300,000
56,500
Senior
Secured
Note
,
144A,
5.375%,
8/15/26
............
United
States
13,300,000
66,500
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875%,
8/15/27
..................
United
States
10,400,000
$
10,143,782
c
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75%,
10/15/27
..............................
United
States
3,990,000
3,614,140
c
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375%,
9/01/31
...................................
United
States
15,600,000
15,985,069
c
News
Corp.
,
Senior
Note
,
144A,
3.875%,
5/15/29
...........
United
States
4,400,000
4,085,337
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625%,
3/15/30
...................
United
States
3,200,000
2,959,530
Senior
Note
,
144A,
4.25%,
1/15/29
....................
United
States
8,000,000
7,447,748
Senior
Secured
Note
,
144A,
7.375%,
2/15/31
............
United
States
4,100,000
4,289,075
c
Sirius
XM
Radio
LLC
,
Senior
Note
,
144A,
4%,
7/15/28
........
United
States
10,600,000
9,778,041
102,149,622
Metals
&
Mining
2.6%
ATI,
Inc.
,
Senior
Note
,
7.25%,
8/15/30
....................
United
States
11,900,000
12,257,345
c
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7%,
3/15/32
......................
United
States
11,000,000
10,816,968
Senior
Note
,
144A,
7.375%,
5/01/33
...................
United
States
10,500,000
10,325,564
c
Constellium
SE
,
Senior
Note
,
144A,
3.75%,
4/15/29
....................
United
States
16,000,000
14,496,953
Senior
Note
,
144A,
6.375%,
8/15/32
...................
United
States
5,600,000
5,426,625
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375%,
4/01/31
...................................
Australia
9,500,000
8,559,865
c
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75%,
1/30/30
....................
United
States
7,700,000
7,115,774
Senior
Bond
,
144A,
3.875%,
8/15/31
...................
United
States
200,000
172,421
Senior
Note
,
144A,
3.25%,
11/15/26
...................
United
States
1,600,000
1,525,433
70,696,948
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.7%
c
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625%,
6/15/29
.........................
United
States
22,900,000
19,897,341
Oil,
Gas
&
Consumable
Fuels
11.8%
c
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625%,
2/01/29
...................
United
States
4,422,000
4,529,878
Senior
Note
,
144A,
5.375%,
3/01/30
...................
United
States
4,300,000
4,157,866
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125%,
1/15/27
...................
United
States
7,400,000
7,384,212
Senior
Secured
Note
,
144A,
9.25%,
7/15/29
.............
United
States
14,700,000
15,251,074
c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375%,
1/15/29
.........................................
United
States
8,900,000
9,177,865
c
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.375%,
7/01/28
...................
United
States
12,800,000
13,309,677
Senior
Note
,
144A,
8.75%,
7/01/31
....................
United
States
12,800,000
13,360,429
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25%,
10/01/29
........................................
Australia
5,100,000
5,178,179
c
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5%,
5/01/29
......................................
United
States
5,100,000
5,167,687
c
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375%,
6/15/31
...................
United
States
3,900,000
3,561,251
Senior
Note
,
144A,
4.125%,
6/15/29
...................
United
States
5,600,000
5,233,637
EnLink
Midstream
LLC
,
Senior
Bond
,
5.375%,
6/01/29
........................
United
States
2,100,000
2,101,432
c
Senior
Note
,
144A,
6.5%,
9/01/30
.....................
United
States
10,300,000
10,794,556
c
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5%,
6/01/27
United
States
1,900,000
1,938,868
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Expand
Energy
Corp.
,
Senior
Note
,
144A,
5.875%,
2/01/29
...................
United
States
5,000,000
$
4,962,885
Senior
Note
,
144A,
6.75%,
4/15/29
....................
United
States
10,300,000
10,421,035
c
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5%,
10/15/26
......
United
Kingdom
14,800,000
14,797,169
c
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
6.5%,
6/01/29
United
States
9,100,000
9,196,660
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6%,
2/01/31
......................
United
States
3,100,000
2,878,497
Senior
Bond
,
144A,
6.25%,
4/15/32
....................
United
States
4,300,000
3,976,371
Senior
Note
,
144A,
8.375%,
11/01/33
..................
United
States
2,100,000
2,145,680
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
6.625%,
12/15/28
..................
United
States
4,800,000
4,913,900
Senior
Note
,
144A,
5.875%,
6/15/30
...................
United
States
9,200,000
9,062,451
c
Kraken
Oil
&
Gas
Partners
LLC
,
Senior
Note
,
144A,
7.625%,
8/15/29
.........................................
United
States
12,000,000
11,561,401
c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5%,
2/15/28
...................
United
States
29,000,000
31,534,774
c
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.5%,
4/15/32
.....................
United
States
11,400,000
11,290,300
Senior
Note
,
144A,
6.25%,
4/15/33
....................
United
States
9,600,000
9,327,577
b
,c
,d
,e
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12%,
4/15/24
.
United
States
18,564,500
—
c
Northriver
Midstream
Finance
LP
,
Senior
Secured
Note
,
144A,
6.75%,
7/15/32
...................................
Canada
20,100,000
20,238,310
c
Sunoco
LP
,
Senior
Note
,
144A,
7.25%,
5/01/32
.............
United
States
3,000,000
3,101,295
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6%,
4/15/27
...........................
United
States
2,200,000
2,197,243
Senior
Note
,
4.5%,
5/15/29
..........................
United
States
2,700,000
2,547,416
Senior
Note
,
4.5%,
4/30/30
..........................
United
States
5,000,000
4,640,965
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125%,
8/15/31
............
United
States
4,900,000
4,391,964
Senior
Secured
Note
,
144A,
3.875%,
8/15/29
............
United
States
5,900,000
5,424,890
Senior
Secured
Note
,
144A,
6.25%,
1/15/30
.............
United
States
4,100,000
4,141,131
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125%,
6/01/28
............
United
States
12,900,000
13,429,583
Senior
Secured
Note
,
144A,
9.5%,
2/01/29
..............
United
States
3,100,000
3,428,262
Senior
Secured
Note
,
144A,
8.375%,
6/01/31
............
United
States
9,800,000
10,230,823
c
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375%,
11/01/31
......
United
States
12,100,000
12,677,295
Vital
Energy,
Inc.
,
Senior
Note
,
9.75%,
10/15/30
........................
United
States
9,000,000
9,498,135
c
Senior
Note
,
144A,
7.875%,
4/15/32
...................
United
States
1,100,000
1,059,477
324,222,100
Paper
&
Forest
Products
0.3%
c
Magnera
Corp.
,
Senior
Note
,
144A,
4.75%,
11/15/29
.........
United
States
8,200,000
7,292,238
Passenger
Airlines
1.1%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.5%,
4/20/26
..............
United
States
6,000,000
5,985,345
Senior
Secured
Note
,
144A,
5.75%,
4/20/29
.............
United
States
2,000,000
1,984,954
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75%,
10/20/28
..............................
United
States
10,200,000
10,066,667
c
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875%,
12/15/29
.....
United
States
4,950,000
4,959,133
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375%,
4/15/26
............
United
States
2,700,000
2,656,878
Senior
Secured
Note
,
144A,
4.625%,
4/15/29
............
United
States
5,500,000
5,233,780
30,886,757
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Personal
Care
Products
0.5%
c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625%,
7/15/30
.........................................
United
States
12,200,000
$
12,410,401
Pharmaceuticals
1.3%
c
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9%,
1/30/28
....
Canada
6,021,000
6,036,909
c
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5%,
4/15/31
.........................................
United
States
4,500,000
4,773,524
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75%,
5/09/27
.........................
Israel
10,600,000
10,356,956
Senior
Note
,
5.125%,
5/09/29
........................
Israel
900,000
879,705
Senior
Note
,
7.875%,
9/15/29
........................
Israel
6,400,000
6,905,561
Senior
Note
,
8.125%,
9/15/31
........................
Israel
6,400,000
7,161,018
36,113,673
Real
Estate
Management
&
Development
1.0%
c
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5%,
1/15/28
..........................
United
States
11,670,252
11,922,084
c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85%,
5/15/26
......
United
States
9,000,000
8,771,094
c
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75%,
9/01/30
...................................
United
States
5,800,000
6,133,254
26,826,432
Software
0.8%
c
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5%,
11/01/26
United
States
6,800,000
6,613,175
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375%,
2/15/30
..........
United
States
9,400,000
9,141,420
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5%,
2/15/29
......
United
States
6,700,000
6,316,765
22,071,360
Specialized
REITs
1.0%
c
Iron
Mountain,
Inc.
,
Senior
Bond
,
144A,
5.625%,
7/15/32
...................
United
States
6,400,000
6,118,460
Senior
Note
,
144A,
7%,
2/15/29
......................
United
States
12,600,000
12,883,649
Senior
Note
,
144A,
6.25%,
1/15/33
....................
United
States
7,800,000
7,773,998
26,776,107
Specialty
Retail
0.5%
c
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75%,
4/26/28
...................................
United
States
12,880,000
13,568,990
Textiles,
Apparel
&
Luxury
Goods
0.4%
c
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9%,
2/15/31
..........
United
States
10,700,000
11,419,421
Trading
Companies
&
Distributors
2.3%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9%,
5/15/28
.....................
United
States
15,400,000
15,994,255
Secured
Note
,
144A,
8.625%,
5/15/32
..................
United
States
9,800,000
10,253,726
c
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625%,
6/15/29
......
United
States
15,600,000
15,811,057
c
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125%,
3/15/34
.........................................
United
States
15,400,000
15,298,803
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375%,
3/15/29
.
United
States
4,600,000
4,667,230
62,025,071
Wireless
Telecommunication
Services
1.4%
c
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5%,
5/15/27
.............
Luxembourg
17,400,000
5,154,815
Senior
Secured
Note
,
144A,
6%,
2/15/28
................
Luxembourg
3,100,000
821,297
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Wireless
Telecommunication
Services
(continued)
c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9%,
9/15/29
............................
United
Kingdom
14,000,000
$
12,768,761
b
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
...............................
Bermuda
445,997
12,491
Zero
Cpn.,
11/17/33
...............................
Bermuda
3,630
2,392
c
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625%,
7/15/29
.........................................
United
Kingdom
19,700,000
20,956,200
39,715,956
Total
Corporate
Bonds
(Cost
$
2,677,816,906
)
.................................
2,562,786,497
Senior
Floating
Rate
Interests
1.6%
f
Chemicals
0.7%
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan
,
11.895
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
............
United
States
6,549,932
6,244,279
Vibrantz
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.058
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
..............
United
States
12,805,250
12,648,770
18,893,049
a
a
a
a
a
a
Health
Care
Technology
0.4%
f
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.607
%
,
(
1-month
SOFR
+
3.25
%
),
2/15/29
..............
United
States
11,386,510
11,437,351
Hotels,
Restaurants
&
Leisure
0.5%
f
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
7.857
%
,
(
1-month
SOFR
+
3.5
%
),
1/29/29
...............
United
States
12,739,750
12,802,812
Media
0.0%
†
e,f
Diamond
Sports
Group
LLC,
First
Lien,
CME
Term
Loan
,
14.653
%
,
(
1-month
SOFR
+
10
%
),
5/26/26
...............
United
States
313,579
274,089
d
Diamond
Sports
Group
LLC,
First
Lien,
Debtor-In-Possession
Term
Loan
,
PIK,
10
%
,
1/31/25
........................
United
States
1,393,839
1,541,070
1,815,159
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
44,971,472
)
........................
44,948,371
Municipal
Bonds
0.3%
Arizona
0.3%
c
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
........................................
United
States
6,815,000
6,951,581
Total
Municipal
Bonds
(Cost
$
6,857,010
)
.....................................
6,951,581
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Alpha
Natural
Resources,
Inc.,
Escrow
Account
.............
United
States
25,000,000
—
a,b
Endo
GUC
Trust,
Escrow
Account
.......................
United
States
868,583
—
a,b
Endo,
Inc.,
Escrow
Account
............................
United
States
8,973,000
—
a
Expand
Energy
Corp.,
Escrow
Account
...................
United
States
13,700,000
58,225
Total
Escrows
and
Litigation
Trusts
(Cost
$
181,007
)
...........................
58,225
Total
Long
Term
Investments
(Cost
$
2,761,518,976
)
...........................
2,627,169,528
a
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
See
Abbreviations
on
page
18
.
Short
Term
Investments
1.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.8%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.183
%
..
United
States
50,751,779
$
50,751,779
Total
Money
Market
Funds
(Cost
$
50,751,779
)
................................
50,751,779
Total
Short
Term
Investments
(Cost
$
50,751,779
)
..............................
50,751,779
a
Total
Investments
(Cost
$
2,812,270,755
)
97.5
%
................................
$2,677,921,307
Other
Assets,
less
Liabilities
2.5
%
...........................................
67,057,701
Net
Assets
100.0%
.........................................................
$2,744,979,008
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2024,
the
aggregate
value
of
these
securities
was
$2,349,430,224,
representing
85.6%
of
net
assets.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
High
Income
Trust
15
Quarterly
Schedule
of
Investments
Notes
to
Schedule
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).
The
Fund
follows the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
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 Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
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
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
December
31,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
December
31,
2024
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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
December
31,
2024,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
High
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.183%
$83,953,281
$183,949,014
$(217,150,516)
$—
$—
$50,751,779
50,751,779
$706,303
Total
Affiliated
Securities
...
$83,953,281
$183,949,014
$(217,150,516)
$—
$—
$50,751,779
$706,303
2. Financial
Instrument
Valuation
(continued)
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
17
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Metals
&
Mining
.......................
$
869,722
$
—
$
—
$
869,722
Oil,
Gas
&
Consumable
Fuels
.............
284,368
4,282,958
—
4,567,326
Pharmaceuticals
.......................
3,470,211
—
—
3,470,211
Specialty
Retail
........................
—
—
—
a
—
Convertible
Preferred
Stocks
................
3,348,950
—
—
3,348,950
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
168,645
—
—
a
168,645
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
47,470,440
—
47,470,440
Automobile
Components
.................
—
53,793,817
—
53,793,817
Automobiles
..........................
—
17,874,600
—
17,874,600
Beverages
...........................
—
558,515
—
558,515
Biotechnology
.........................
—
9,200,436
—
9,200,436
Broadline
Retail
.......................
—
3,807,599
—
3,807,599
Building
Products
......................
—
76,745,091
—
76,745,091
Capital
Markets
........................
—
24,931,718
—
24,931,718
Chemicals
...........................
—
86,926,321
—
a
86,926,321
Commercial
Services
&
Supplies
...........
—
74,795,690
—
74,795,690
Communications
Equipment
..............
—
12,802,440
—
12,802,440
Construction
&
Engineering
...............
—
8,397,568
—
8,397,568
Consumer
Finance
.....................
—
77,997,878
—
77,997,878
Consumer
Staples
Distribution
&
Retail
......
—
10,675,558
—
10,675,558
Containers
&
Packaging
.................
—
61,443,720
—
61,443,720
Distributors
...........................
—
18,143,020
—
18,143,020
Diversified
Consumer
Services
............
—
13,423,272
—
13,423,272
Diversified
REITs
......................
—
42,229,254
—
42,229,254
Diversified
Telecommunication
Services
.....
—
66,766,341
—
66,766,341
Electric
Utilities
........................
—
52,272,981
—
52,272,981
Electrical
Equipment
....................
—
29,191,249
—
29,191,249
Electronic
Equipment,
Instruments
&
Components
........................
—
13,512,054
—
13,512,054
Energy
Equipment
&
Services
.............
—
73,567,442
—
73,567,442
Entertainment
.........................
—
15,914,632
—
15,914,632
Financial
Services
......................
—
109,146,482
—
109,146,482
Food
Products
........................
—
27,953,216
—
27,953,216
Ground
Transportation
..................
—
57,208,164
—
57,208,164
Health
Care
Equipment
&
Supplies
.........
—
30,010,223
—
30,010,223
Health
Care
Providers
&
Services
..........
—
115,931,347
—
115,931,347
Health
Care
REITs
.....................
—
20,730,197
—
20,730,197
Hotel
&
Resort
REITs
...................
—
31,723,398
—
31,723,398
Hotels,
Restaurants
&
Leisure
.............
—
215,269,346
—
a
215,269,346
Household
Durables
....................
—
59,913,225
—
59,913,225
Household
Products
....................
—
7,809,966
—
7,809,966
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
33,876,375
—
33,876,375
Insurance
............................
—
64,106,172
—
64,106,172
IT
Services
...........................
—
40,618,303
—
40,618,303
Machinery
............................
—
49,976,030
—
49,976,030
Media
...............................
—
102,149,622
—
102,149,622
Metals
&
Mining
.......................
—
70,696,948
—
70,696,948
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
19,897,341
—
19,897,341
Oil,
Gas
&
Consumable
Fuels
.............
—
324,222,100
—
a
324,222,100
Paper
&
Forest
Products
.................
—
7,292,238
—
7,292,238
4. Fair
Value
Measurements
(continued)
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
18
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Corporate
Bonds:
(continued)
Passenger
Airlines
.....................
$
—
$
30,886,757
$
—
$
30,886,757
Personal
Care
Products
.................
—
12,410,401
—
12,410,401
Pharmaceuticals
.......................
—
36,113,673
—
36,113,673
Real
Estate
Management
&
Development
....
—
26,826,432
—
26,826,432
Software
.............................
—
22,071,360
—
22,071,360
Specialized
REITs
......................
—
26,776,107
—
26,776,107
Specialty
Retail
........................
—
13,568,990
—
13,568,990
Textiles,
Apparel
&
Luxury
Goods
..........
—
11,419,421
—
11,419,421
Trading
Companies
&
Distributors
..........
—
62,025,071
—
62,025,071
Wireless
Telecommunication
Services
.......
—
39,701,073
14,883
39,715,956
Senior
Floating
Rate
Interests
...............
—
44,948,371
—
44,948,371
Municipal
Bonds
.........................
—
6,951,581
—
6,951,581
Escrows
and
Litigation
Trusts
...............
—
58,225
—
a
58,225
Short
Term
Investments
...................
50,751,779
—
—
50,751,779
Total
Investments
in
Securities
...........
$58,893,675
$2,619,012,749
$14,883
$2,677,921,307
a
Includes
financial
instruments
determined
to
have
no
value.
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.