NPORT-EX 2 FHIT.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1105-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
2
Notes
to
Schedule
of
Investments
16
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited),
June
30,
2025
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
$
488,838
Oil,
Gas
&
Consumable
Fuels
0.2%
a
Amplify
Energy
Corp.
................................
United
States
8,816
28,211
Birch
Permian
Holdings,
Inc.
...........................
United
States
690,410
3,630,176
California
Resources
Corp.
............................
United
States
2,456
112,166
Expand
Energy
Corp.
................................
United
States
1,045
122,202
3,892,755
Pharmaceuticals
0.1%
a
Endo,
Inc.
.........................................
United
States
145,178
3,046,850
Software
0.0%
†
a,b
DSG
Topco,
Inc.
....................................
United
States
33,227
498,405
Specialty
Retail
0.0%
a,b
Party
City
Holdco,
Inc.
................................
United
States
75
—
Total
Common
Stocks
(Cost
$
50,873,530
)
....................................
7,926,848
Convertible
Preferred
Stocks
0.1%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The)
,
6
%
................................
United
States
55,000
3,740,000
Total
Convertible
Preferred
Stocks
(Cost
$
2,750,000
)
..........................
3,740,000
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
213,696
213,696
Total
Warrants
(Cost
$
166,634
)
..............................................
213,696
Principal
Amount
*
Corporate
Bonds
94.1%
Aerospace
&
Defense
2.6%
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
....................
United
States
11,900,000
12,480,042
c
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
3/15/30
...................
United
States
5,700,000
5,875,902
Senior
Note
,
144A,
6.25
%
,
3/15/33
....................
United
States
4,300,000
4,438,295
Boeing
Co.
(The)
,
Senior
Note
,
6.528
%
,
5/01/34
............
United
States
3,200,000
3,478,986
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
......................
Canada
12,600,000
13,137,201
Senior
Note
,
144A,
6.75
%
,
6/15/33
....................
Canada
9,300,000
9,648,294
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
20,200,000
20,470,400
c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
3/01/32
.
United
States
2,500,000
2,591,609
72,120,729
Automobile
Components
1.7%
c
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
....................
United
States
6,000,000
6,310,152
Senior
Note
,
144A,
7.5
%
,
2/15/33
.....................
United
States
2,300,000
2,354,029
Senior
Secured
Note
,
144A,
7
%
,
4/15/28
................
United
States
2,650,000
2,733,353
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
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
.
United
States
3,400,000
$
3,118,501
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
........................................
United
States
23,875,000
18,518,310
c
,d
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75
%
,
11/15/30
.........
Germany
3,600,000
3,697,463
Senior
Secured
Note
,
144A,
PIK,
8
%
,
11/15/32
...........
Germany
3,700,000
3,787,153
c
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
4/23/32
.........................................
Germany
8,400,000
7,770,260
48,289,221
Automobiles
0.4%
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
.........................................
United
Kingdom
11,000,000
10,958,293
Beverages
0.0%
†
c
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/30/29
..................
United
States
600,000
582,309
Biotechnology
0.3%
c
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
............
Spain
10,000,000
9,619,520
Broadline
Retail
0.6%
c
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
............
United
States
3,800,000
3,811,202
Senior
Secured
Note
,
144A,
7.75
%
,
9/15/30
.............
United
States
12,000,000
12,104,472
15,915,674
Building
Products
2.9%
c
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
.........................................
United
States
2,000,000
1,452,061
c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
23,500,000
24,050,417
c
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
............
United
States
1,625,000
1,640,205
Senior
Secured
Note
,
144A,
6.125
%
,
7/31/32
............
United
States
2,325,000
2,365,058
c
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
9,300,000
9,544,435
c
Quikrete
Holdings,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
3/01/33
....................
United
States
2,700,000
2,787,618
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
............
United
States
5,500,000
5,659,197
c
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
20,900,000
21,928,841
c
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.........................................
United
States
13,100,000
13,431,220
82,859,052
Capital
Markets
1.7%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
.............
United
States
6,100,000
5,922,412
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
...........
United
States
13,800,000
13,940,363
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
.............
United
States
12,700,000
13,066,154
c
,e
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
5,290,000
5,347,467
c
StoneX
Group,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
3/01/31
United
States
8,600,000
9,020,377
47,296,773
Chemicals
3.0%
b
,c
,d
,f
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
........................
United
States
1,891,272
—
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)
Chemicals
(continued)
c
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
5,200,000
$
5,251,860
c
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
4,100,000
2,849,413
c
Cerdia
Finanz
GmbH
,
Senior
Secured
Note
,
144A,
9.375
%
,
10/03/31
........................................
Germany
8,700,000
9,039,039
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
........................................
Switzerland
6,400,000
5,518,515
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
4,200,000
4,076,058
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
5,435,000
5,575,624
c
GPD
Cos.,
Inc.
,
Senior
Note
,
144A,
12.5
%
,
12/31/29
.........
United
States
12,865,660
12,402,496
c
,d
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
United
States
5,834,430
5,144,833
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
24,000,000
25,768,824
c
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
...
United
States
11,800,000
7,959,544
83,586,206
Commercial
Services
&
Supplies
2.9%
c
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
12,000,000
12,546,984
c
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
.............
United
States
16,100,000
15,608,367
c
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
21,575,000
21,591,289
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
4,275,000
4,633,010
c
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.....
United
States
8,800,000
8,645,572
c
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
4,700,000
4,890,905
c
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
12,100,000
12,606,397
80,522,524
Communications
Equipment
0.4%
c
CommScope
LLC
,
Senior
Note
,
144A,
7.125
%
,
7/01/28
.......
United
States
11,700,000
11,507,471
Construction
&
Engineering
0.3%
c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
...................
United
States
5,400,000
5,227,894
Senior
Note
,
144A,
6.875
%
,
8/15/32
...................
United
States
3,300,000
3,426,869
8,654,763
Consumer
Finance
2.5%
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.............
United
States
3,400,000
3,619,922
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
..............
United
States
9,200,000
9,875,464
c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
19,300,000
19,995,630
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
3/26/31
.........................................
United
Kingdom
2,900,000
3,071,358
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375
%
,
11/15/29
.......................
United
States
10,100,000
9,941,891
Senior
Note
,
6.625
%
,
5/15/29
........................
United
States
4,000,000
4,113,204
Senior
Note
,
7.125
%
,
11/15/31
.......................
United
States
6,400,000
6,663,263
c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
15,000,000
14,417,205
71,697,937
Consumer
Staples
Distribution
&
Retail
0.4%
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
1/15/32
....................
United
States
7,200,000
7,590,917
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)
Consumer
Staples
Distribution
&
Retail
(continued)
c
US
Foods,
Inc.,
(continued)
Senior
Note
,
144A,
5.75
%
,
4/15/33
....................
United
States
3,300,000
$
3,304,786
10,895,703
Containers
&
Packaging
2.4%
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
.....................
United
States
8,100,000
3,618,554
c
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
18,550,000
19,048,881
c
Intelligent
Packaging
Ltd.
Finco,
Inc.
/
Intelligent
Packaging
Ltd.
Co-Issuer
LLC
,
Senior
Secured
Note
,
144A,
6
%
,
9/15/28
....
Canada
5,925,000
5,925,000
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/27
...................................
United
States
25,000,000
24,843,087
c
Toucan
FinCo
Ltd.
/
Toucan
FinCo
Can,
Inc.
/
Toucan
FinCo
US
LLC
,
Senior
Secured
Note
,
144A,
9.5
%
,
5/15/30
...........
Canada
13,400,000
13,709,242
67,144,764
Distributors
0.4%
c
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
4,800,000
4,990,162
c
RB
Global
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
....................
Canada
4,675,000
4,920,481
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/28
.............
Canada
2,450,000
2,516,199
12,426,842
Diversified
Consumer
Services
0.5%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
14,300,000
13,904,801
Diversified
REITs
1.3%
c
Global
Net
Lease,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....
United
States
14,500,000
14,060,660
c
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
15,900,000
15,220,590
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
2/15/29
...................................
United
States
7,000,000
6,775,841
36,057,091
Diversified
Telecommunication
Services
2.5%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
..
France
7,500,000
6,318,750
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......................
United
States
3,000,000
2,974,410
Senior
Bond
,
144A,
5.375
%
,
6/01/29
...................
United
States
10,900,000
10,867,720
Senior
Bond
,
144A,
4.5
%
,
8/15/30
.....................
United
States
10,500,000
10,017,048
Senior
Bond
,
144A,
4.25
%
,
2/01/31
....................
United
States
3,400,000
3,178,332
Senior
Note
,
144A,
6.375
%
,
9/01/29
...................
United
States
8,000,000
8,166,050
c
Iliad
Holding
SASU
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...............
France
10,400,000
10,598,153
Senior
Secured
Note
,
144A,
7
%
,
4/15/32
................
France
10,950,000
11,232,850
c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
6,900,000
6,417,100
69,770,413
Electric
Utilities
1.7%
c
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
14,400,000
14,436,288
c
NRG
Energy,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
........
United
States
15,300,000
15,396,158
c
Vistra
Operations
Co.
LLC
,
Senior
Note
,
144A,
7.75
%
,
10/15/31
...................
United
States
8,700,000
9,252,916
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)
Electric
Utilities
(continued)
c
Vistra
Operations
Co.
LLC,
(continued)
Senior
Note
,
144A,
6.875
%
,
4/15/32
...................
United
States
8,700,000
$
9,101,348
48,186,710
Electrical
Equipment
1.1%
Regal
Rexnord
Corp.
,
Senior
Note
,
6.3
%
,
2/15/30
..........................
United
States
9,700,000
10,165,319
Senior
Note
,
6.4
%
,
4/15/33
..........................
United
States
7,900,000
8,345,394
c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
11,700,000
11,418,037
29,928,750
Electronic
Equipment,
Instruments
&
Components
0.5%
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
9,300,000
8,894,077
c
Zebra
Technologies
Corp.
,
Senior
Note
,
144A,
6.5
%
,
6/01/32
..
United
States
4,800,000
4,938,970
13,833,047
Energy
Equipment
&
Services
2.9%
c
Aris
Water
Holdings
LLC
,
Senior
Note
,
144A,
7.25
%
,
4/01/30
..
United
States
10,750,000
11,099,999
c
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
......
Canada
3,390,000
3,507,497
c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
..
United
States
12,300,000
12,731,127
c
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
9.125
%
,
1/31/30
...................
United
States
4,600,000
4,408,150
Senior
Note
,
144A,
8.875
%
,
8/15/31
...................
United
States
9,900,000
7,361,620
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
.....
United
States
6,000,000
6,053,418
c
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
...................................
United
States
1,628,571
1,655,455
Transocean,
Inc.
,
Senior
Bond
,
6.8
%
,
3/15/38
..........................
United
States
10,800,000
7,603,710
c
Senior
Note
,
144A,
8.25
%
,
5/15/29
....................
United
States
2,100,000
1,943,187
c
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
.............
United
States
12,640,000
13,008,569
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
.........................................
United
States
11,000,000
11,345,259
80,717,991
Entertainment
0.9%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
15,300,000
15,886,082
e
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
....
United
States
9,805,000
9,137,868
25,023,950
Financial
Services
4.7%
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
....................
United
States
4,400,000
4,573,470
Senior
Note
,
144A,
8.375
%
,
4/01/32
...................
United
States
12,700,000
12,846,965
c
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
2/15/27
......................
Ireland
3,600,000
3,714,286
Senior
Note
,
144A,
8
%
,
6/15/28
......................
Ireland
10,000,000
10,584,890
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
......................
United
States
12,500,000
12,478,254
Senior
Note
,
144A,
9.5
%
,
2/15/29
.....................
United
States
10,700,000
11,324,174
Senior
Note
,
144A,
8.25
%
,
5/15/30
....................
United
States
4,000,000
4,147,759
c
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
........................................
United
States
19,600,000
19,921,283
c
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
18,000,000
17,971,020
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)
Financial
Services
(continued)
c
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.375
%
,
2/01/28
...................
United
States
9,300,000
$
9,549,937
Senior
Note
,
144A,
5
%
,
10/01/29
.....................
United
States
3,000,000
2,767,699
Senior
Note
,
144A,
8.875
%
,
1/31/30
...................
United
States
9,600,000
9,905,760
c
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
8,250,000
8,451,717
c
United
Wholesale
Mortgage
LLC
,
Senior
Note
,
144A,
5.5
%
,
11/15/25
........................................
United
States
5,100,000
5,102,688
133,339,902
Food
Products
0.2%
c
,d
Chobani
Holdco
II
LLC
,
Senior
Note
,
144A,
PIK,
8.75
%
,
10/01/29
United
States
2,500,700
2,624,127
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
3,300,000
3,442,930
6,067,057
Ground
Transportation
1.4%
c
,e
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
4,855,000
4,960,944
c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
11,400,000
10,724,198
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
10,100,000
10,565,166
c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
12,100,000
12,690,141
38,940,449
Health
Care
Equipment
&
Supplies
1.2%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
10,000,000
10,450,000
c
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
3,400,000
3,547,190
c
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
....
United
States
10,300,000
10,227,228
c
Neogen
Food
Safety
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
United
States
9,000,000
9,316,638
33,541,056
Health
Care
Providers
&
Services
4.6%
c
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75
%
,
6/15/33
.............................
United
States
2,900,000
2,979,170
Secured
Note
,
144A,
6.125
%
,
4/01/30
..................
United
States
6,800,000
5,034,628
Senior
Secured
Note
,
144A,
5.625
%
,
3/15/27
............
United
States
5,900,000
5,815,072
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
................
United
States
6,000,000
5,776,070
Senior
Secured
Note
,
144A,
5.25
%
,
5/15/30
.............
United
States
6,500,000
5,770,034
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
8,500,000
9,019,495
c
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
5,200,000
5,390,391
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
16,700,000
16,011,903
Senior
Note
,
144A,
6.875
%
,
9/01/32
...................
United
States
7,700,000
7,983,399
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
24,200,000
23,241,422
c
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/31/30
............
United
States
1,998,619
1,648,041
d
Senior
Secured
Note
,
144A,
PIK,
11.5
%
,
12/31/30
.........
United
States
3,058,864
2,971,224
d
Senior
Secured
Note
,
144A,
PIK,
6.75
%
,
3/31/31
.........
United
States
17,142,515
12,801,573
Tenet
Healthcare
Corp.
,
Secured
Note
,
6.25
%
,
2/01/27
........................
United
States
9,800,000
9,805,747
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
14,600,000
14,872,059
129,120,228
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)
Health
Care
REITs
0.7%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
..........................
United
States
16,200,000
$
11,468,437
c
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
..............
United
States
7,750,000
8,117,048
19,585,485
Health
Care
Technology
0.6%
c
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
17,800,000
18,288,934
Hotel
&
Resort
REITs
1.1%
c
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375
%
,
10/15/29
..................................
United
States
3,300,000
3,319,991
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25
%
,
7/15/28
....................
United
States
6,000,000
6,214,752
Senior
Note
,
144A,
4.5
%
,
2/15/29
.....................
United
States
6,500,000
6,357,800
Senior
Note
,
144A,
6.5
%
,
4/01/32
.....................
United
States
8,000,000
8,232,976
Senior
Note
,
144A,
6.5
%
,
6/15/33
.....................
United
States
4,200,000
4,323,358
c
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
3,725,000
3,799,936
32,248,813
Hotels,
Restaurants
&
Leisure
8.0%
b
,c
,f
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
16,183,375
c
Caesars
Entertainment,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
10/15/29
..................
United
States
6,900,000
6,590,742
Senior
Note
,
144A,
6
%
,
10/15/32
.....................
United
States
6,900,000
6,771,225
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
................
United
States
6,800,000
7,046,207
Senior
Secured
Note
,
144A,
6.5
%
,
2/15/32
..............
United
States
12,700,000
13,039,608
c
Carnival
Corp.
,
Senior
Note
,
144A,
5.75
%
,
3/01/27
....................
United
States
24,000,000
24,213,162
Senior
Note
,
144A,
5.75
%
,
3/15/30
....................
United
States
20,950,000
21,317,987
Senior
Note
,
144A,
6.125
%
,
2/15/33
...................
United
States
7,500,000
7,678,327
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
13,200,000
12,191,606
c
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
13,700,000
13,419,483
c
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
12,250,000
12,653,552
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...................
United
States
792,000
796,130
Senior
Note
,
144A,
6.75
%
,
2/01/32
....................
United
States
9,700,000
9,915,859
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.375
%
,
7/15/27
...................
United
States
4,900,000
4,932,027
Senior
Note
,
144A,
6.25
%
,
3/15/32
....................
United
States
7,000,000
7,199,535
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
5,500,000
5,609,461
c
Six
Flags
Entertainment
Corp.
/
Six
Flags
Theme
Parks,
Inc.
/
Canada's
Wonderland
Co.
,
Senior
Secured
Note
,
144A,
6.625
%
,
5/01/32
...................................
United
States
7,025,000
7,250,219
c
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
......
United
States
6,800,000
6,672,357
c
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
9/15/27
...................
United
States
4,900,000
4,905,802
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
9,900,000
9,993,010
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
25,000,000
26,677,150
225,056,824
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)
Household
Durables
2.2%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
...................
United
States
4,800,000
$
4,587,504
Senior
Note
,
144A,
4.625
%
,
4/01/30
...................
United
States
8,000,000
7,638,282
c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
United
States
6,000,000
6,259,212
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
...................
United
States
9,000,000
9,322,911
c
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
........
United
States
14,200,000
14,770,329
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
..............
United
States
12,600,000
11,838,073
Newell
Brands,
Inc.
,
Senior
Note
,
6.375
%
,
5/15/30
........................
United
States
1,450,000
1,414,220
Senior
Note
,
6.625
%
,
5/15/32
........................
United
States
1,150,000
1,099,926
c
Senior
Note
,
144A,
8.5
%
,
6/01/28
.....................
United
States
5,700,000
6,000,453
62,930,910
Household
Products
0.1%
c
Energizer
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
3/31/29
..
United
States
3,800,000
3,597,496
Independent
Power
and
Renewable
Electricity
Producers
0.6%
c
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
....................
United
States
8,800,000
7,902,807
Senior
Note
,
144A,
4.75
%
,
3/15/28
....................
United
States
3,500,000
3,460,541
Senior
Note
,
144A,
3.75
%
,
2/15/31
....................
United
States
7,000,000
6,432,425
17,795,773
Insurance
2.4%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.....................
United
States
7,200,000
7,513,632
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
.............
United
States
8,900,000
9,199,788
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...................
United
States
5,400,000
5,408,019
Senior
Note
,
144A,
7.375
%
,
10/01/32
..................
United
States
3,600,000
3,715,430
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
.............
United
States
2,500,000
2,543,075
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
16,900,000
17,494,289
c
HUB
International
Ltd.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/30
.........................................
United
States
5,700,000
5,960,889
Jones
Deslauriers
Insurance
Management,
Inc.
,
c
Senior
Note
,
144A,
10.5
%
,
12/15/30
...................
Canada
15,300,000
16,319,407
68,154,529
Interactive
Media
&
Services
0.2%
c
Snap,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/33
............
United
States
6,500,000
6,673,881
IT
Services
1.4%
c
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
.........................................
United
States
3,500,000
3,375,547
c
Cogent
Communications
Group
LLC
,
Senior
Note
,
144A,
7
%
,
6/15/27
.........................................
United
States
4,000,000
4,021,928
c
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/27
......................
United
States
9,400,000
9,425,530
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
..............
United
States
9,300,000
9,169,423
c
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
10,700,000
11,222,877
c
Gartner,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
7/01/28
.............
United
States
2,200,000
2,178,661
39,393,966
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)
Machinery
1.6%
c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
.........................................
France
13,700,000
$
14,540,978
c
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
............
United
States
11,200,000
11,481,243
Hillenbrand,
Inc.
,
Senior
Note
,
6.25
%
,
2/15/29
..............
United
States
8,200,000
8,366,583
c
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9.25
%
,
10/01/31
United
States
5,625,000
5,927,023
c
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
5,500,000
5,514,828
45,830,655
Media
4.0%
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
....................
United
States
700,000
662,042
Senior
Note
,
144A,
7.5
%
,
6/01/29
.....................
United
States
8,700,000
8,053,743
Senior
Secured
Note
,
144A,
9
%
,
9/15/28
................
United
States
3,500,000
3,669,778
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
............
United
States
11,000,000
11,364,694
c
CSC
Holdings
LLC
,
Senior
Note
,
144A,
11.25
%
,
5/15/28
...................
United
States
13,700,000
13,658,989
Senior
Note
,
144A,
11.75
%
,
1/31/29
...................
United
States
3,400,000
3,236,055
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
..................
United
States
10,400,000
10,372,557
c
Gray
Media,
Inc.
,
Senior
Bond
,
144A,
5.375
%
,
11/15/31
......
United
States
5,600,000
4,203,899
c
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
15,600,000
16,284,860
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
...................
United
States
7,300,000
6,977,500
Senior
Note
,
144A,
4.25
%
,
1/15/29
....................
United
States
8,000,000
7,658,389
c
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
15,100,000
15,267,405
c
Sirius
XM
Radio
LLC
,
Senior
Note
,
144A,
4
%
,
7/15/28
........
United
States
10,600,000
10,188,068
111,597,979
Metals
&
Mining
1.9%
c
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/32
........
United
States
10,100,000
9,533,504
c
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
....................
United
States
16,000,000
15,046,293
Senior
Note
,
144A,
6.375
%
,
8/15/32
...................
United
States
3,200,000
3,255,392
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...................................
Australia
9,500,000
8,883,653
c
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
1/30/30
....................
United
States
7,700,000
7,382,927
Senior
Bond
,
144A,
3.875
%
,
8/15/31
...................
United
States
200,000
179,870
Senior
Note
,
144A,
3.25
%
,
11/15/26
...................
United
States
1,600,000
1,575,441
Senior
Note
,
144A,
6.875
%
,
1/30/30
...................
United
States
6,100,000
6,310,791
52,167,871
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.8%
c
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
.........................
United
States
22,900,000
21,785,546
Oil,
Gas
&
Consumable
Fuels
9.7%
c
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
...................
United
States
4,422,000
4,542,929
Senior
Note
,
144A,
5.375
%
,
3/01/30
...................
United
States
4,300,000
4,330,220
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
...................
United
States
7,400,000
7,361,433
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
14,700,000
15,141,000
c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
.........................................
United
States
8,900,000
9,279,576
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
Civitas
Resources,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/31
....
United
States
2,500,000
$
2,530,898
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
9,800,000
7,315,509
c
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.375
%
,
1/15/33
...................
United
States
4,150,000
3,970,660
e
Senior
Note
,
144A,
8.375
%
,
1/15/34
...................
United
States
11,610,000
11,625,202
c
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
...................
United
States
3,900,000
3,737,153
Senior
Note
,
144A,
4.125
%
,
6/15/29
...................
United
States
5,600,000
5,412,235
c
Expand
Energy
Corp.
,
Senior
Note
,
144A,
5.875
%
,
2/01/29
...................
United
States
5,000,000
5,023,380
Senior
Note
,
144A,
6.75
%
,
4/15/29
....................
United
States
10,300,000
10,429,739
c
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
5.875
%
,
3/01/28
...................
United
States
9,700,000
9,850,651
Senior
Note
,
144A,
6.5
%
,
6/01/29
.....................
United
States
9,100,000
9,364,619
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.25
%
,
4/15/32
....................
United
States
4,300,000
4,109,862
Senior
Bond
,
144A,
7.25
%
,
2/15/35
....................
United
States
3,100,000
3,034,222
Senior
Note
,
144A,
8.375
%
,
11/01/33
..................
United
States
2,100,000
2,180,560
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
6.625
%
,
12/15/28
..................
United
States
7,600,000
7,778,068
Senior
Note
,
144A,
5.875
%
,
6/15/30
...................
United
States
9,200,000
9,283,812
c
Kraken
Oil
&
Gas
Partners
LLC
,
Senior
Note
,
144A,
7.625
%
,
8/15/29
.........................................
United
States
5,900,000
5,801,298
c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
29,000,000
30,600,452
b
,c
,f
Murray
Energy
Corp.
,
Secured
Note
,
144A,
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
20,831,097
ONEOK,
Inc.
,
Senior
Bond
,
5.375
%
,
6/01/29
...............
United
States
2,100,000
2,145,651
c
Sunoco
LP
,
Senior
Note
,
144A,
7.25
%
,
5/01/32
....................
United
States
3,000,000
3,152,029
Senior
Note
,
144A,
6.25
%
,
7/01/33
....................
United
States
3,300,000
3,357,169
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
6
%
,
4/15/27
...........................
United
States
2,200,000
2,200,774
Senior
Note
,
4.5
%
,
5/15/29
..........................
United
States
2,700,000
2,623,106
Senior
Note
,
4.5
%
,
4/30/30
..........................
United
States
5,000,000
4,811,532
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
4,900,000
4,538,954
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
............
United
States
5,900,000
5,566,676
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
6/01/28
............
United
States
12,900,000
13,340,780
Senior
Secured
Note
,
144A,
9.5
%
,
2/01/29
..............
United
States
3,100,000
3,379,009
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
............
United
States
9,800,000
10,185,637
Senior
Secured
Note
,
144A,
9.875
%
,
2/01/32
............
United
States
4,100,000
4,430,411
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
4,000,000
4,333,168
Senior
Secured
Bond
,
144A,
6.75
%
,
1/15/36
.............
United
States
7,925,000
7,925,000
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
4,000,000
4,286,072
Senior
Secured
Note
,
144A,
6.5
%
,
1/15/34
..............
United
States
4,755,000
4,755,000
274,565,543
Paper
&
Forest
Products
0.3%
c
Magnera
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
.........
United
States
8,200,000
7,254,051
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)
Passenger
Airlines
0.7%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
2,000,000
$
1,999,495
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
3,400,000
3,409,483
c
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
4,950,000
5,158,425
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
............
United
States
2,700,000
2,683,838
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
............
United
States
5,500,000
5,342,454
18,593,695
Personal
Care
Products
1.1%
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
12,489,762
c
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
17,700,000
18,076,355
30,566,117
Pharmaceuticals
0.8%
c
Endo
Finance
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
4,500,000
4,769,136
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
4.75
%
,
5/09/27
.........................
Israel
10,600,000
10,594,698
Senior
Note
,
5.125
%
,
5/09/29
........................
Israel
900,000
905,860
Senior
Note
,
8.125
%
,
9/15/31
........................
Israel
6,400,000
7,255,104
23,524,798
Professional
Services
0.3%
c
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
7,850,000
8,110,604
Real
Estate
Management
&
Development
1.4%
c
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
10.5
%
,
1/15/28
..........................
United
States
11,670,252
11,880,212
c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
3/15/33
.......
United
States
22,000,000
22,182,160
c
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/01/30
...................................
United
States
5,800,000
6,160,899
40,223,271
Software
0.8%
c
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
United
States
1,942,000
1,913,412
c
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
4,250,000
4,374,704
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
9,400,000
8,886,419
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
6,700,000
6,507,519
21,682,054
Specialized
REITs
1.0%
c
Iron
Mountain,
Inc.
,
Senior
Bond
,
144A,
5.625
%
,
7/15/32
...................
United
States
6,400,000
6,353,131
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
12,600,000
13,051,911
Senior
Note
,
144A,
6.25
%
,
1/15/33
....................
United
States
7,800,000
8,025,467
27,430,509
Specialty
Retail
0.4%
c
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
...................................
United
States
11,594,000
12,137,869
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)
Technology
Hardware,
Storage
&
Peripherals
0.4%
c
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
9,800,000
$
9,970,804
Textiles,
Apparel
&
Luxury
Goods
1.1%
c
,d
,e
Beach
Acquisition
Bidco
LLC
,
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
.........................................
United
States
13,000,000
13,507,195
c
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
..........
United
States
10,700,000
11,339,057
c
Under
Armour,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/15/30
.......
United
States
6,720,000
6,822,182
31,668,434
Trading
Companies
&
Distributors
3.0%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
.....................
United
States
13,900,000
14,701,752
Secured
Note
,
144A,
8.625
%
,
5/15/32
..................
United
States
8,200,000
8,724,307
c
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
...................
United
States
7,500,000
7,701,443
Senior
Note
,
144A,
7
%
,
6/15/30
......................
United
States
4,900,000
5,120,413
Senior
Note
,
144A,
7.25
%
,
6/15/33
....................
United
States
3,300,000
3,459,889
c
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
13,200,000
13,631,666
c
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
3/15/34
.........................................
United
States
15,200,000
15,675,350
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...................
United
States
4,600,000
4,738,377
Senior
Note
,
144A,
6.375
%
,
3/15/33
...................
United
States
9,550,000
9,877,488
83,630,685
Wireless
Telecommunication
Services
1.5%
c
Altice
France
Holding
SA
,
Senior
Secured
Note
,
144A,
10.5
%
,
5/15/27
.............
Luxembourg
17,400,000
6,060,159
Senior
Secured
Note
,
144A,
6
%
,
2/15/28
................
Luxembourg
3,100,000
1,100,655
c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
14,000,000
14,089,292
b
,g
Digicel
Group
Holdings
Ltd.
,
29
.116
%
,
11/17/33
.............
Bermuda
444,375
14,062
c
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
19,700,000
21,069,051
42,333,219
Total
Corporate
Bonds
(Cost
$
2,696,330,690
)
.................................
2,649,309,541
Senior
Floating
Rate
Interests
1.5%
h
Chemicals
0.6%
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan
,
11.864
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
............
United
States
6,549,932
6,427,120
Vibrantz
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
8.642
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
..............
United
States
12,739,750
11,158,747
17,585,867
a
a
a
a
a
a
Health
Care
Technology
0.4%
h
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.077
%
,
(
1-month
SOFR
+
2.75
%
),
2/15/29
..............
United
States
11,358,044
11,359,464
Hotels,
Restaurants
&
Leisure
0.5%
h
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B
,
7.827
%
,
(
1-month
SOFR
+
3.5
%
),
1/29/29
...............
United
States
12,674,250
12,674,757
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
19
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
IT
Services
0.0%
†
d
Diamond
Sports
Net
LLC,
First
Lien,
Exit
Term
Loan
,
PIK,
15
%
,
1/03/28
.........................................
United
States
623,888
$
570,078
Total
Senior
Floating
Rate
Interests
(Cost
$
43,759,810
)
........................
42,190,166
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
7,061,773
Total
Municipal
Bonds
(Cost
$
6,853,154
)
.....................................
7,061,773
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
54,800
Total
Escrows
and
Litigation
Trusts
(Cost
$
181,007
)
...........................
54,800
Total
Long
Term
Investments
(Cost
$
2,800,914,825
)
...........................
2,710,496,824
a
Short
Term
Investments
3.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.1%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.332
%
..
United
States
88,090,976
88,090,976
Total
Money
Market
Funds
(Cost
$
88,090,976
)
................................
88,090,976
Total
Short
Term
Investments
(Cost
$
88,090,976
)
..............................
88,090,976
a
Total
Investments
(Cost
$
2,889,005,801
)
99.4
%
................................
$2,798,587,800
Other
Assets,
less
Liabilities
0.6
%
...........................................
16,910,224
Net
Assets
100.0%
.........................................................
$2,815,498,024
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
June
30,
2025,
the
aggregate
value
of
these
securities
was
$2,460,169,051,
representing
87.4%
of
net
assets.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
The
rate
shown
represents
the
yield
at
period
end.
h
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
i
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
j
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
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
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
17
Quarterly
Schedule
of
Investments
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
June
30,
2025,
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
June
30,
2025
,
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
June
30,
2025,
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,
4.332%
$83,953,281
$629,640,664
$(625,502,969)
$—
$—
$88,090,976
88,090,976
$2,337,330
Total
Affiliated
Securities
...
$83,953,281
$629,640,664
$(625,502,969)
$—
$—
$88,090,976
$2,337,330
2. Financial
Instrument
Valuation
(continued)
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
18
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Metals
&
Mining
.......................
$
488,838
$
—
$
—
$
488,838
Oil,
Gas
&
Consumable
Fuels
.............
262,579
3,630,176
—
3,892,755
Pharmaceuticals
.......................
3,046,850
—
—
3,046,850
Software
.............................
—
—
498,405
498,405
Specialty
Retail
........................
—
—
—
a
—
Convertible
Preferred
Stocks
................
3,740,000
—
—
3,740,000
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
213,696
—
—
a
213,696
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
72,120,729
—
72,120,729
Automobile
Components
.................
—
48,289,221
—
48,289,221
Automobiles
..........................
—
10,958,293
—
10,958,293
Beverages
...........................
—
582,309
—
582,309
Biotechnology
.........................
—
9,619,520
—
9,619,520
Broadline
Retail
.......................
—
15,915,674
—
15,915,674
Building
Products
......................
—
82,859,052
—
82,859,052
Capital
Markets
........................
—
47,296,773
—
47,296,773
Chemicals
...........................
—
83,586,206
—
a
83,586,206
Commercial
Services
&
Supplies
...........
—
80,522,524
—
80,522,524
Communications
Equipment
..............
—
11,507,471
—
11,507,471
Construction
&
Engineering
...............
—
8,654,763
—
8,654,763
Consumer
Finance
.....................
—
71,697,937
—
71,697,937
Consumer
Staples
Distribution
&
Retail
......
—
10,895,703
—
10,895,703
Containers
&
Packaging
.................
—
67,144,764
—
67,144,764
Distributors
...........................
—
12,426,842
—
12,426,842
Diversified
Consumer
Services
............
—
13,904,801
—
13,904,801
Diversified
REITs
......................
—
36,057,091
—
36,057,091
Diversified
Telecommunication
Services
.....
—
69,770,413
—
69,770,413
Electric
Utilities
........................
—
48,186,710
—
48,186,710
Electrical
Equipment
....................
—
29,928,750
—
29,928,750
Electronic
Equipment,
Instruments
&
Components
........................
—
13,833,047
—
13,833,047
Energy
Equipment
&
Services
.............
—
80,717,991
—
80,717,991
Entertainment
.........................
—
25,023,950
—
25,023,950
Financial
Services
......................
—
133,339,902
—
133,339,902
Food
Products
........................
—
6,067,057
—
6,067,057
Ground
Transportation
..................
—
38,940,449
—
38,940,449
Health
Care
Equipment
&
Supplies
.........
—
33,541,056
—
33,541,056
Health
Care
Providers
&
Services
..........
—
129,120,228
—
129,120,228
Health
Care
REITs
.....................
—
19,585,485
—
19,585,485
Health
Care
Technology
.................
—
18,288,934
—
18,288,934
Hotel
&
Resort
REITs
...................
—
32,248,813
—
32,248,813
Hotels,
Restaurants
&
Leisure
.............
—
225,056,824
—
a
225,056,824
Household
Durables
....................
—
62,930,910
—
62,930,910
Household
Products
....................
—
3,597,496
—
3,597,496
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
17,795,773
—
17,795,773
Insurance
............................
—
68,154,529
—
68,154,529
Interactive
Media
&
Services
..............
—
6,673,881
—
6,673,881
IT
Services
...........................
—
39,393,966
—
39,393,966
Machinery
............................
—
45,830,655
—
45,830,655
Media
...............................
—
111,597,979
—
111,597,979
Metals
&
Mining
.......................
—
52,167,871
—
52,167,871
4. Fair
Value
Measurements
(continued)
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
19
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)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
$
—
$
21,785,546
$
—
$
21,785,546
Oil,
Gas
&
Consumable
Fuels
.............
—
274,565,543
—
a
274,565,543
Paper
&
Forest
Products
.................
—
7,254,051
—
7,254,051
Passenger
Airlines
.....................
—
18,593,695
—
18,593,695
Personal
Care
Products
.................
—
30,566,117
—
30,566,117
Pharmaceuticals
.......................
—
23,524,798
—
23,524,798
Professional
Services
...................
—
8,110,604
—
8,110,604
Real
Estate
Management
&
Development
....
—
40,223,271
—
40,223,271
Software
.............................
—
21,682,054
—
21,682,054
Specialized
REITs
......................
—
27,430,509
—
27,430,509
Specialty
Retail
........................
—
12,137,869
—
12,137,869
Technology
Hardware,
Storage
&
Peripherals
.
—
9,970,804
—
9,970,804
Textiles,
Apparel
&
Luxury
Goods
..........
—
31,668,434
—
31,668,434
Trading
Companies
&
Distributors
..........
—
83,630,685
—
83,630,685
Wireless
Telecommunication
Services
.......
—
42,319,157
14,062
42,333,219
Senior
Floating
Rate
Interests
...............
—
42,190,166
—
42,190,166
Municipal
Bonds
.........................
—
7,061,773
—
7,061,773
Escrows
and
Litigation
Trusts
...............
—
54,800
—
a
54,800
Short
Term
Investments
...................
88,090,976
—
—
88,090,976
Total
Investments
in
Securities
...........
$95,842,939
$2,702,232,394
$512,467
$2,798,587,800
a
Includes
financial
instruments
determined
to
have
no
value.
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
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.