NPORT-EX 2 FHIF.htm PART F
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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,
2026
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
$
716,829
Oil,
Gas
&
Consumable
Fuels
0.2%
a
Amplify
Energy
Corp.
................................
United
States
8,816
35,088
Birch
Permian
Holdings,
Inc.
...........................
United
States
690,410
4,021,638
California
Resources
Corp.
............................
United
States
2,456
129,849
Expand
Energy
Corp.
................................
United
States
4,674
426,222
4,612,797
Pharmaceuticals
0.1%
a
Keenova
Therapeutics
plc
.............................
United
States
37,383
3,676,001
a
Par
Health,
Inc.
.....................................
United
States
37,383
258,186
3,934,187
Software
0.0%
†
a,b
DSG
Topco,
Inc.
....................................
United
States
33,227
12,460
Total
Common
Stocks
(Cost
$
51,527,129
)
....................................
9,276,273
Convertible
Preferred
Stocks
0.7%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The)
,
6
%
................................
United
States
55,000
3,701,500
Interactive
Media
&
Services
0.4%
Alphabet,
Inc.
,
A
,
6.25
%
..............................
United
States
98,686
5,022,130
Alphabet,
Inc.
,
B
,
6.25
%
..............................
United
States
98,686
4,963,906
9,986,036
Software
0.2%
Oracle
Corp.
,
D
,
6.5
%
................................
United
States
103,572
4,655,562
Total
Convertible
Preferred
Stocks
(Cost
$
17,797,200
)
.........................
18,343,098
Rights
Rights
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
a
Altice
France
SA
,
2/20/49
.............................
France
17,144
274,242
Total
Rights
(Cost
$
–
)
......................................................
274,242
Principal
Amount
*
Convertible
Bonds
0.2%
Oil,
Gas
&
Consumable
Fuels
0.2%
c
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
4,960,000
4,890,560
Total
Convertible
Bonds
(Cost
$
4,960,000
)
...................................
4,890,560
Corporate
Bonds
94.7%
Aerospace
&
Defense
2.3%
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
....................
United
States
8,900,000
9,246,637
c
Axon
Enterprise,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
3/15/33
.....
United
States
4,300,000
4,410,072
c
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
......................
Canada
1,565,000
1,623,163
Senior
Note
,
144A,
5.875
%
,
1/15/35
...................
Canada
12,865,000
12,928,706
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
20,200,000
20,232,704
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)
Aerospace
&
Defense
(continued)
c
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6
%
,
1/15/33
................
United
States
1,820,000
$
1,838,972
Senior
Sub.
Note
,
144A,
6.75
%
,
1/31/34
................
United
States
16,945,000
17,392,754
67,673,008
Automobile
Components
2.0%
c
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
8.25
%
,
4/15/31
United
States
6,000,000
6,275,952
c
Clarios
Global
LP
/
Clarios
US
Finance
Co.
,
Senior
Note
,
144A,
6.75
%
,
9/15/32
...................................
United
States
5,785,000
5,911,836
c
Dexko
Global,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
4/15/32
........
United
States
28,216,250
23,306,548
c
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
6,220,000
6,221,265
c
,d
IHO
Verwaltungs
GmbH
,
Senior
Secured
Note
,
144A,
PIK,
7.75
%
,
11/15/30
.........
Germany
3,600,000
3,728,945
Senior
Secured
Note
,
144A,
PIK,
8
%
,
11/15/32
...........
Germany
3,700,000
3,856,961
Senior
Secured
Note
,
144A,
PIK,
7.375
%
,
5/15/33
.........
Germany
3,180,000
3,308,332
c
ZF
North
America
Capital,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
4/23/32
.........................................
Germany
6,300,000
6,201,909
58,811,748
Automobiles
0.7%
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
.........................................
United
Kingdom
7,795,000
7,739,693
c
Nissan
Motor
Co.
Ltd.
,
Senior
Bond
,
144A,
8.125
%
,
7/17/35
...
Japan
10,535,000
11,161,418
18,901,111
Biotechnology
1.0%
c
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Note
,
144A,
7.25
%
,
12/15/33
...................
Denmark
8,540,000
8,909,424
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
............
Denmark
9,740,000
9,931,518
c
Grifols
SA
,
Senior
Note
,
144A,
4.75
%
,
10/15/28
............
Spain
10,000,000
9,806,464
28,647,406
Broadline
Retail
0.8%
c
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/31/29
............
United
States
3,800,000
3,924,507
Senior
Secured
Note
,
144A,
7.75
%
,
9/15/30
.............
United
States
12,000,000
12,622,992
Senior
Secured
Note
,
144A,
6.75
%
,
11/15/32
............
United
States
7,655,000
7,867,212
24,414,711
Building
Products
1.2%
c
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
.........................................
United
States
2,000,000
395,522
c
EMRLD
Borrower
LP
/
Emerald
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
........................
United
States
9,200,000
9,416,973
c
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
5,500,000
5,619,114
c
Standard
Building
Solutions,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
8/15/32
.....................
United
States
10,000,000
10,066,940
Senior
Note
,
144A,
6.25
%
,
8/01/33
....................
United
States
8,205,000
8,155,180
33,653,729
Capital
Markets
1.6%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
.............
United
States
6,100,000
5,949,596
Senior
Secured
Note
,
144A,
6.125
%
,
11/01/32
...........
United
States
13,800,000
13,809,287
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
.............
United
States
12,700,000
13,067,178
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)
Capital
Markets
(continued)
c
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
5,290,000
$
5,444,002
c
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
8,600,000
9,034,954
47,305,017
Chemicals
2.1%
c
,d
Advancion
Sciences,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
........................................
United
States
4,631,708
3,716,946
b
,c
,d
,e
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
........................
United
States
1,891,272
—
c
ARC
Falcon
I,
Inc.
/
Arclin
USA
LLC
/
New
Arclin
US
Holding
Corp.
,
Senior
Secured
Note
,
144A,
9.75
%
,
3/01/33
.........
United
States
10,000,000
9,630,350
c
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
5,200,000
5,272,654
c
,e
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
.........................................
Mexico
4,100,000
2,585,562
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
4,200,000
4,100,794
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
5,435,000
3,962,226
c
,d
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
PIK,
12.5
%
,
12/31/29
........................................
United
States
10,553,322
7,217,776
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
21,680,000
23,150,641
c
Solstice
Advanced
Materials,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
9/30/33
.........................................
United
States
1,295,000
1,287,621
60,924,570
Commercial
Services
&
Supplies
2.0%
c
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.29
%
,
4/15/29
.............
United
States
2,610,000
2,663,800
Senior
Secured
Note
,
144A,
9.5
%
,
2/15/33
..............
United
States
12,115,000
12,264,099
c
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
21,575,000
22,390,449
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
4,275,000
4,377,531
c
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
4,700,000
4,821,218
c
Wrangler
Holdco
Corp.
,
Senior
Note
,
144A,
6.625
%
,
4/01/32
...
Canada
12,100,000
12,412,410
58,929,507
Communications
Equipment
0.3%
c
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
..............
United
States
9,800,000
9,908,885
Construction
&
Engineering
0.3%
c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
...................
United
States
5,400,000
5,315,027
Senior
Note
,
144A,
6.875
%
,
8/15/32
...................
United
States
3,300,000
3,445,041
8,760,068
Consumer
Finance
5.1%
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/30
..............
United
States
9,200,000
9,776,647
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/32
............
United
States
17,175,000
17,211,274
c
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
...................
United
States
19,300,000
19,856,535
Senior
Note
,
144A,
6.125
%
,
5/01/34
...................
United
States
6,545,000
6,518,321
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
......................
United
States
12,500,000
12,503,187
Senior
Note
,
144A,
9.5
%
,
2/15/29
.....................
United
States
10,700,000
11,215,922
Senior
Note
,
144A,
8.25
%
,
5/15/30
....................
United
States
4,000,000
4,208,240
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
Finance
(continued)
c
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note
,
144A,
6.5
%
,
3/26/31
.........................................
United
Kingdom
2,900,000
$
3,031,938
OneMain
Finance
Corp.
,
Senior
Bond
,
5.375
%
,
11/15/29
.......................
United
States
10,100,000
9,927,168
Senior
Note
,
6.625
%
,
5/15/29
........................
United
States
4,000,000
4,083,636
Senior
Note
,
7.125
%
,
11/15/31
.......................
United
States
6,400,000
6,534,848
Senior
Note
,
6.5
%
,
3/15/33
..........................
United
States
5,775,000
5,687,315
c
PRA
Group,
Inc.
,
Senior
Note
,
144A,
8.375
%
,
2/01/28
...................
United
States
9,300,000
9,436,912
Senior
Note
,
144A,
5
%
,
10/01/29
.....................
United
States
3,000,000
2,836,654
Senior
Note
,
144A,
8.875
%
,
1/31/30
...................
United
States
9,600,000
9,914,198
c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
15,000,000
14,629,950
147,372,745
Consumer
Staples
Distribution
&
Retail
0.4%
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
1/15/32
....................
United
States
7,200,000
7,480,555
Senior
Note
,
144A,
5.75
%
,
4/15/33
....................
United
States
3,300,000
3,306,260
10,786,815
Containers
&
Packaging
2.0%
c
CANPACK
Group,
Inc.
/
CANPACK
SA
,
Senior
Note
,
144A,
6
%
,
5/15/31
.........................................
United
States
3,040,000
3,059,335
c
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
18,550,000
18,018,546
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note
,
144A,
9.25
%
,
4/15/30
...................................
United
States
25,000,000
24,615,300
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
12,644,024
58,337,205
Distributors
0.2%
c
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
4,800,000
4,915,334
Diversified
Consumer
Services
0.2%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....
United
States
6,235,000
6,157,561
Diversified
REITs
1.1%
c
Global
Net
Lease,
Inc.
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
.....
United
States
13,400,000
13,066,460
c
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
.................
United
States
13,360,000
13,084,305
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
2/15/29
...................................
United
States
7,000,000
6,802,469
32,953,234
Diversified
Telecommunication
Services
6.5%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
6.875
%
,
10/15/30
France
5,716,468
5,550,879
c
APLD
ComputeCo
2
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
3/15/31
.........................................
United
States
13,750,000
13,809,166
c
APLD
ComputeCo
3
LLC
,
Senior
Secured
Note
,
144A,
7
%
,
6/15/31
.........................................
United
States
7,600,000
7,593,922
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
19,110,000
20,626,462
c
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
7,695,000
7,803,230
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
5.375
%
,
6/01/29
...................
United
States
13,900,000
13,605,195
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)
Diversified
Telecommunication
Services
(continued)
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.,
(continued)
Senior
Bond
,
144A,
4.5
%
,
8/15/30
.....................
United
States
10,500,000
$
9,767,184
Senior
Bond
,
144A,
4.25
%
,
2/01/31
....................
United
States
3,400,000
3,064,648
Senior
Bond
,
144A,
4.25
%
,
1/15/34
....................
United
States
5,945,000
5,038,443
Senior
Note
,
144A,
6.375
%
,
9/01/29
...................
United
States
8,000,000
7,996,450
Senior
Note
,
144A,
7
%
,
2/01/33
......................
United
States
12,390,000
12,160,981
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
7,210,000
7,503,970
c
Edged
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/30/31
United
States
21,220,000
20,697,615
c
PR
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
6.5
%
,
5/01/31
....................................
United
States
14,765,000
14,753,881
c
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
11,825,000
11,662,033
c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
....................................
United
Kingdom
6,900,000
5,864,779
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
10,495,000
11,029,857
c
Yondr
JK
1
LLC
,
Senior
Secured
Note
,
144A,
6.875
%
,
6/30/31
.
United
States
9,855,000
9,887,086
188,415,781
Electric
Utilities
1.8%
c
California
Buyer
Ltd.
/
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
6.375
%
,
2/15/32
....................
United
Kingdom
24,085,000
24,157,375
c
NRG
Energy,
Inc.
,
Senior
Bond
,
144A,
6
%
,
1/15/36
......................
United
States
12,060,000
12,028,392
Senior
Bond
,
144A,
6.125
%
,
5/15/36
...................
United
States
830,000
830,741
Senior
Note
,
144A,
5.75
%
,
7/15/29
....................
United
States
15,300,000
15,323,226
52,339,734
Electrical
Equipment
0.4%
c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
........................................
United
States
11,700,000
11,591,749
Electronic
Equipment,
Instruments
&
Components
0.3%
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
......
United
States
9,300,000
8,989,288
Energy
Equipment
&
Services
3.2%
c
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
11,895,000
11,830,829
c
Borr
IHC
Ltd.
/
Borr
Finance
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
1/15/32
.............
Mexico
4,950,000
4,837,974
Senior
Secured
Note
,
144A,
9
%
,
1/15/34
................
Mexico
3,980,000
3,851,759
c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
5.875
%
,
4/01/31
...................
United
States
7,665,000
7,688,754
Senior
Note
,
144A,
6.5
%
,
10/01/33
....................
United
States
3,550,000
3,600,509
c
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
9.125
%
,
1/31/30
...................
United
States
4,600,000
4,809,940
Senior
Note
,
144A,
8.875
%
,
8/15/31
...................
United
States
2,515,000
2,583,883
Oceaneering
International,
Inc.
,
Senior
Note
,
6
%
,
2/01/28
...........................
United
States
6,000,000
6,101,130
c,f
Senior
Note
,
144A,
6.875
%
,
7/15/34
...................
United
States
5,490,000
5,579,603
Transocean
International
Ltd.
,
Senior
Bond
,
6.8
%
,
3/15/38
..........................
United
States
10,800,000
10,024,511
c
Senior
Note
,
144A,
8.25
%
,
5/15/29
....................
United
States
2,100,000
2,169,537
c
Senior
Note
,
144A,
7.875
%
,
10/15/32
..................
United
States
1,730,000
1,806,925
c
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
.............
United
States
11,060,000
11,499,934
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)
Energy
Equipment
&
Services
(continued)
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
8.625
%
,
4/30/30
...................
United
States
4,032,000
$
4,098,391
Senior
Note
,
144A,
6.75
%
,
10/15/33
...................
United
States
10,740,000
10,963,936
91,447,615
Entertainment
1.4%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
15,300,000
15,694,220
Discovery
Global
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
.........................
United
States
6,655,000
4,883,572
Senior
Note
,
4.054
%
,
3/15/29
........................
United
States
9,805,000
9,713,421
c
OAK-Eagle
Acquireco,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
7/01/34
....................
United
States
5,045,000
5,357,397
Senior
Secured
Note
,
144A,
7.25
%
,
7/01/33
.............
United
States
6,045,000
6,327,007
41,975,617
Financial
Services
3.9%
c
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
....................
United
States
8,005,000
7,899,991
Senior
Note
,
144A,
6.75
%
,
12/01/32
...................
United
States
10,720,000
10,359,745
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
....................
United
States
4,400,000
4,562,954
Senior
Note
,
144A,
6.875
%
,
5/01/31
...................
United
States
4,925,000
4,783,493
Senior
Note
,
144A,
8.375
%
,
4/01/32
...................
United
States
12,700,000
12,927,673
Senior
Note
,
144A,
7.875
%
,
4/01/33
...................
United
States
6,235,000
6,085,703
c
GGAM
Finance
Ltd.
,
Senior
Note
,
144A,
8
%
,
6/15/28
........
Ireland
10,000,000
10,355,220
c
Osaic
Holdings,
Inc.
,
Senior
Note
,
144A,
8
%
,
8/01/33
......................
United
States
9,775,000
9,818,381
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
.............
United
States
4,690,000
4,700,717
c
PHH
Escrow
Issuer
LLC
/
PHH
Corp.
,
Senior
Note
,
144A,
9.875
%
,
11/01/29
..................................
United
States
20,000,000
19,592,463
c
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
8/01/31
...................
United
States
4,475,000
4,573,659
Senior
Note
,
144A,
6.375
%
,
8/01/33
...................
United
States
8,250,000
8,400,269
Senior
Note
,
144A,
6.5
%
,
6/15/34
.....................
United
States
9,770,000
10,033,101
114,093,369
Food
Products
1.1%
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................
United
States
3,300,000
3,407,006
Senior
Note
,
144A,
6.375
%
,
4/15/34
...................
United
States
5,140,000
5,219,953
c
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
13,795,000
13,536,858
c
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
9,183,000
9,364,861
31,528,678
Ground
Transportation
1.3%
c
Beacon
Mobility
Corp.
,
Senior
Secured
Note
,
144A,
7.25
%
,
8/01/30
.........................................
United
States
3,460,000
3,604,084
c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
.....................
United
States
11,400,000
10,926,256
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
13,020,000
13,377,607
c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
.............
United
States
10,100,000
10,482,103
38,390,050
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
Equipment
&
Supplies
0.4%
c
Bausch
+
Lomb
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
........................................
United
States
10,000,000
$
10,287,500
c
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
....
United
States
2,100,000
2,088,228
12,375,728
Health
Care
Providers
&
Services
4.1%
c
CHS/Community
Health
Systems,
Inc.
,
144A,
10.75
%
,
6/15/33
.............................
United
States
2,900,000
3,182,895
Secured
Note
,
144A,
6.125
%
,
4/01/30
..................
United
States
6,800,000
6,111,516
Senior
Secured
Note
,
144A,
6
%
,
1/15/29
................
United
States
6,000,000
5,944,080
Senior
Secured
Note
,
144A,
5.25
%
,
5/15/30
.............
United
States
6,500,000
6,137,887
Senior
Secured
Note
,
144A,
10.875
%
,
1/15/32
...........
United
States
4,887,000
5,269,119
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
.............
United
States
5,900,000
6,167,453
c
Concentra
Health
Services,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/32
.........................................
United
States
5,200,000
5,389,203
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
...................
United
States
16,700,000
16,188,514
Senior
Note
,
144A,
6.875
%
,
9/01/32
...................
United
States
7,700,000
7,945,576
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
24,200,000
23,899,976
c
MPH
Acquisition
Holdings
LLC
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/31/30
............
United
States
1,998,619
1,668,794
d
Senior
Secured
Note
,
144A,
PIK,
11.5
%
,
12/31/30
.........
United
States
3,213,718
3,116,371
d
Senior
Secured
Note
,
144A,
PIK,
6.75
%
,
3/31/31
.........
United
States
17,271,324
10,357,868
Tenet
Healthcare
Corp.
,
c
Senior
Note
,
144A,
6
%
,
11/15/33
......................
United
States
5,440,000
5,491,479
Senior
Secured
Note
,
6.125
%
,
6/15/30
.................
United
States
12,030,000
12,133,193
119,003,924
Health
Care
REITs
0.7%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
..........................
United
States
16,200,000
11,151,662
c
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
..............
United
States
7,750,000
7,939,798
19,091,460
Health
Care
Technology
0.6%
c
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
17,800,000
18,119,124
Hotel
&
Resort
REITs
1.1%
c
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.
,
Senior
Note
,
144A,
6.375
%
,
10/15/29
..................................
United
States
1,670,000
1,699,500
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
7.25
%
,
7/15/28
....................
United
States
6,000,000
6,134,064
Senior
Note
,
144A,
4.5
%
,
2/15/29
.....................
United
States
6,500,000
6,384,225
Senior
Note
,
144A,
6.5
%
,
4/01/32
.....................
United
States
8,000,000
8,190,232
Senior
Note
,
144A,
6.5
%
,
6/15/33
.....................
United
States
4,200,000
4,311,869
Senior
Note
,
144A,
5.75
%
,
3/15/34
....................
United
States
2,450,000
2,428,693
c
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
3,000,000
3,072,981
32,221,564
Hotels,
Restaurants
&
Leisure
7.4%
c
A&K
Travel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
5/15/33
.........................................
United
Kingdom
8,680,000
8,767,887
c
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
..............................
United
Kingdom
12,014,000
12,350,275
c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
.........................................
United
States
2,420,000
2,435,357
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)
Hotels,
Restaurants
&
Leisure
(continued)
c
Carnival
Corp.
Ltd.
,
Senior
Note
,
144A,
5.75
%
,
3/15/30
....................
United
States
18,150,000
$
18,382,556
Senior
Note
,
144A,
5.75
%
,
8/01/32
....................
United
States
13,600,000
13,749,837
Senior
Note
,
144A,
6.125
%
,
2/15/33
...................
United
States
7,500,000
7,594,462
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.................
United
States
13,200,000
12,954,430
c
Great
Canadian
Gaming
Corp.
/
Raptor
LLC
,
Senior
Secured
Note
,
144A,
8.75
%
,
11/15/29
.........................
Canada
13,700,000
13,717,372
c
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
9/15/31
.........................................
United
States
15,740,000
15,788,999
c
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
12,250,000
12,768,616
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
2/01/32
....................
United
States
9,700,000
9,685,029
Senior
Note
,
144A,
6.25
%
,
9/15/33
....................
United
States
8,780,000
8,532,074
c
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
5,165,000
5,232,486
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note
,
144A,
5.375
%
,
7/15/27
...................
United
States
4,900,000
4,911,073
Senior
Note
,
144A,
6.25
%
,
3/15/32
....................
United
States
7,000,000
7,156,233
Senior
Note
,
144A,
6
%
,
2/01/33
......................
United
States
5,500,000
5,579,108
c
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
..................
United
States
2,590,000
2,460,674
Senior
Note
,
144A,
4.5
%
,
2/15/28
.....................
United
States
4,210,000
4,164,141
c
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
9,900,000
9,938,422
Senior
Note
,
144A,
5.875
%
,
10/15/33
..................
United
States
10,485,000
10,506,558
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
25,000,000
26,433,886
213,109,475
Household
Durables
2.9%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note
,
144A,
4.625
%
,
8/01/29
...................
United
States
4,800,000
4,630,867
Senior
Note
,
144A,
4.625
%
,
4/01/30
...................
United
States
8,000,000
7,596,652
Senior
Note
,
144A,
6.875
%
,
8/01/33
...................
United
States
3,580,000
3,552,805
c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
United
States
6,000,000
6,139,801
c
K.
Hovnanian
Enterprises,
Inc.
,
Senior
Note
,
144A,
8
%
,
4/01/31
......................
United
States
2,805,000
2,896,238
Senior
Note
,
144A,
8.375
%
,
10/01/33
..................
United
States
4,210,000
4,329,514
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
...................
United
States
9,000,000
9,185,598
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
..............
United
States
12,600,000
11,979,567
c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
6.75
%
,
1/15/34
...............................
United
States
24,275,000
24,369,891
Whirlpool
Corp.
,
Senior
Bond
,
4.5
%
,
6/01/46
..........................
United
States
1,141,000
680,473
c
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/31
..............
United
States
2,980,000
3,023,055
c
Senior
Secured
Note
,
144A,
7.875
%
,
7/01/34
............
United
States
5,045,000
5,078,306
83,462,767
Independent
Power
and
Renewable
Electricity
Producers
1.7%
c
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
....................
United
States
8,800,000
8,012,933
Senior
Note
,
144A,
4.75
%
,
3/15/28
....................
United
States
3,500,000
3,469,616
Senior
Note
,
144A,
3.75
%
,
2/15/31
....................
United
States
7,000,000
6,495,103
Senior
Note
,
144A,
5.75
%
,
1/15/34
....................
United
States
2,865,000
2,810,988
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)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
c
Talen
Energy
Supply
LLC
,
Senior
Bond
,
144A,
6.5
%
,
2/01/36
.....................
United
States
7,015,000
$
7,075,062
Senior
Note
,
144A,
6.125
%
,
5/01/31
...................
United
States
3,000,000
3,001,302
Senior
Note
,
144A,
6.375
%
,
5/01/33
...................
United
States
6,000,000
5,994,947
Senior
Note
,
144A,
6.25
%
,
2/01/34
....................
United
States
11,015,000
10,952,677
47,812,628
Insurance
1.8%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
6/15/29
.....................
United
States
4,200,000
3,952,227
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
.............
United
States
6,900,000
6,548,966
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
7.375
%
,
10/01/32
..................
United
States
3,600,000
3,577,706
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
.............
United
States
2,000,000
2,017,004
Senior
Secured
Note
,
144A,
7
%
,
1/15/31
................
United
States
14,115,000
14,351,751
c
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Secured
Note
,
144A,
8.375
%
,
2/01/34
..................
United
States
13,450,000
12,460,268
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
...............
United
States
8,500,000
8,571,158
51,479,080
IT
Services
1.1%
c
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/15/27
......................
United
States
4,000,000
3,975,939
Senior
Note
,
144A,
7
%
,
6/15/27
......................
United
States
9,400,000
9,336,774
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
..............
United
States
9,300,000
8,379,286
c
Fortress
Intermediate
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
6/01/31
.........................................
United
States
10,700,000
10,891,316
32,583,315
Machinery
1.5%
c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
.........................................
France
13,700,000
14,207,393
c
ESAB
Corp.
,
Senior
Note
,
144A,
6.25
%
,
4/15/29
....................
United
States
11,200,000
11,377,755
Senior
Note
,
144A,
5.625
%
,
4/01/31
...................
United
States
6,545,000
6,568,465
Hillenbrand,
Inc.
,
Senior
Secured
Note
,
6.25
%
,
2/15/29
.......
United
States
8,200,000
7,688,462
c
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
2,525,000
2,559,161
42,401,236
Media
5.6%
c
Block
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
10.25
%
,
3/01/31
...................................
United
States
10,010,000
9,163,744
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
....................
United
States
700,000
703,018
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
............
United
States
9,000,000
9,381,348
Senior
Secured
Note
,
144A,
7.5
%
,
3/15/33
..............
United
States
9,400,000
9,904,075
c
CSC
Holdings
LLC
,
Senior
Note
,
144A,
11.25
%
,
5/15/28
...................
United
States
13,700,000
8,870,036
Senior
Note
,
144A,
11.75
%
,
1/31/29
...................
United
States
3,400,000
2,093,542
c
Directv
Financing
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
2/01/30
.........................................
United
States
7,290,000
7,428,459
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
............
United
States
532,000
531,545
Senior
Secured
Note
,
144A,
9.25
%
,
6/01/32
.............
United
States
11,300,000
11,489,569
c
EW
Scripps
Co.
(The)
,
Secured
Note
,
144A,
9.875
%
,
8/15/30
..
United
States
15,000,000
13,141,558
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)
Media
(continued)
c
Gray
Media,
Inc.
,
Secured
Note
,
144A,
9.625
%
,
7/15/32
..................
United
States
7,330,000
$
7,081,000
Senior
Bond
,
144A,
5.375
%
,
11/15/31
..................
United
States
5,600,000
3,761,520
c
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note
,
144A,
7.375
%
,
9/01/31
...................................
United
States
13,900,000
14,137,481
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond
,
144A,
4.625
%
,
3/15/30
...................
United
States
5,555,000
5,391,042
Senior
Note
,
144A,
4.25
%
,
1/15/29
....................
United
States
8,000,000
7,794,224
Paramount
Global
,
Senior
Bond
,
6.875
%
,
4/30/36
........................
United
States
2,900,000
2,721,636
Senior
Bond
,
4.375
%
,
3/15/43
........................
United
States
4,500,000
2,906,788
Senior
Bond
,
5.85
%
,
9/01/43
.........................
United
States
5,800,000
4,345,617
c
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
15,100,000
15,529,082
c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
9.375
%
,
8/01/32
............
United
States
2,695,000
2,740,422
Senior
Secured
Note
,
144A,
8.875
%
,
4/15/33
............
United
States
8,000,000
7,880,830
c
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/15/33
.........................................
Netherlands
16,210,000
15,529,439
162,525,975
Metals
&
Mining
2.8%
c
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/32
......................
United
States
6,225,000
6,183,575
Senior
Note
,
144A,
7.625
%
,
1/15/34
...................
United
States
10,360,000
10,353,841
c
Commercial
Metals
Co.
,
Senior
Bond
,
144A,
6
%
,
12/15/35
.....................
United
States
8,320,000
8,302,913
Senior
Note
,
144A,
5.75
%
,
11/15/33
...................
United
States
4,165,000
4,142,665
c
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
....................
United
States
16,000,000
15,396,451
Senior
Note
,
144A,
6.375
%
,
8/15/32
...................
United
States
3,200,000
3,263,219
c
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......................
Australia
5,470,000
5,665,995
Senior
Note
,
144A,
6
%
,
5/01/32
......................
Australia
4,020,000
3,979,347
c
Novelis
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
1/30/30
....................
United
States
7,700,000
7,452,501
Senior
Bond
,
144A,
3.875
%
,
8/15/31
...................
United
States
200,000
182,288
Senior
Note
,
144A,
6.875
%
,
1/30/30
...................
United
States
6,100,000
6,257,893
Senior
Note
,
144A,
6.375
%
,
8/15/33
...................
United
States
8,675,000
8,743,697
79,924,385
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
c
Starwood
Property
Trust,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
1/15/31
United
States
8,360,000
8,317,989
Oil,
Gas
&
Consumable
Fuels
9.5%
c
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
4,300,000
4,332,861
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
9.75
%
,
2/15/31
....................
United
States
3,040,000
3,216,269
Senior
Secured
Note
,
144A,
9.25
%
,
7/15/29
.............
United
States
14,700,000
14,920,500
c
Coronado
Finance
Pty.
Ltd.
,
Senior
Secured
Note
,
144A,
9.25
%
,
10/01/29
........................................
Australia
9,800,000
8,939,893
c
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
7.875
%
,
4/15/32
...................
United
States
7,000,000
7,092,190
Senior
Note
,
144A,
7.375
%
,
1/15/33
...................
United
States
6,200,000
6,166,166
Senior
Note
,
144A,
8.375
%
,
1/15/34
...................
United
States
15,460,000
15,933,308
c
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
5.875
%
,
3/01/28
...................
United
States
9,700,000
9,773,769
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
c
Hess
Midstream
Operations
LP,
(continued)
Senior
Note
,
144A,
6.5
%
,
6/01/29
.....................
United
States
9,100,000
$
9,291,036
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.25
%
,
4/15/32
....................
United
States
10,225,000
9,903,895
Senior
Bond
,
144A,
7.25
%
,
2/15/35
....................
United
States
3,100,000
3,054,174
Senior
Note
,
144A,
8.375
%
,
11/01/33
..................
United
States
2,100,000
2,187,852
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
6.625
%
,
12/15/28
..................
United
States
7,600,000
7,729,337
Senior
Note
,
144A,
5.875
%
,
6/15/30
...................
United
States
9,200,000
9,257,647
c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
...................
United
States
29,000,000
29,237,278
Murphy
Oil
Corp.
,
Senior
Note
,
6
%
,
10/01/32
..........................
United
States
5,020,000
5,002,447
Senior
Note
,
6.5
%
,
2/15/34
..........................
United
States
9,275,000
9,193,710
c
Neo
Next+
Energy
Consolidated
Holdings
Ltd.
,
Senior
Note
,
144A,
Reg
S,
6.625
%
,
6/11/31
........................
United
Kingdom
10,400,000
10,245,656
c
Northriver
Midstream
Finance
LP
,
Senior
Secured
Note
,
144A,
6.75
%
,
7/15/32
...................................
Canada
20,100,000
20,366,908
c
Sunoco
LP
,
Senior
Note
,
144A,
5.375
%
,
7/15/31
...................
United
States
5,670,000
5,595,746
Senior
Note
,
144A,
6.25
%
,
7/01/33
....................
United
States
3,300,000
3,331,172
Senior
Note
,
144A,
5.625
%
,
7/15/34
...................
United
States
3,385,000
3,305,721
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
4.5
%
,
5/15/29
..........................
United
States
2,700,000
2,641,428
Senior
Note
,
4.5
%
,
4/30/30
..........................
United
States
5,000,000
4,859,414
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
4,900,000
4,602,253
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
...............
United
States
1,550,000
1,567,620
Senior
Secured
Note
,
144A,
3.875
%
,
8/15/29
............
United
States
5,900,000
5,630,884
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
2/01/29
..............
United
States
16,000,000
17,228,977
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
............
United
States
9,800,000
10,204,772
Senior
Secured
Note
,
144A,
9.875
%
,
2/01/32
............
United
States
4,100,000
4,378,644
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond
,
144A,
7.75
%
,
5/01/35
.............
United
States
4,000,000
4,487,788
Senior
Secured
Bond
,
144A,
6.75
%
,
1/15/36
.............
United
States
7,925,000
8,406,689
Senior
Secured
Note
,
144A,
6.125
%
,
12/15/30
...........
United
States
1,320,000
1,351,202
Senior
Secured
Note
,
144A,
7.5
%
,
5/01/33
..............
United
States
4,000,000
4,391,812
Senior
Secured
Note
,
144A,
6.5
%
,
1/15/34
..............
United
States
4,755,000
4,956,812
Senior
Secured
Note
,
144A,
6.5
%
,
6/15/34
..............
United
States
1,320,000
1,375,803
274,161,633
Paper
&
Forest
Products
0.3%
c
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
..
United
States
8,200,000
7,660,592
Passenger
Airlines
0.4%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
...................
United
States
2,000,000
2,005,064
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
..............................
United
States
2,833,333
2,831,360
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
5,500,000
5,427,269
10,263,693
Personal
Care
Products
0.7%
c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Note
,
144A,
6.625
%
,
7/15/30
...
United
States
3,195,000
3,198,096
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)
Personal
Care
Products
(continued)
c
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
17,700,000
$
18,066,408
21,264,504
Pharmaceuticals
0.4%
c
Endo
Finance
Holdings
LP
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/15/31
.........................................
United
States
3,700,000
3,891,326
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
........................
Israel
900,000
900,174
Senior
Note
,
8.125
%
,
9/15/31
........................
Israel
6,400,000
7,219,571
12,011,071
Professional
Services
0.2%
c
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
6,150,000
6,241,143
Real
Estate
Management
&
Development
0.6%
c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
3/15/33
.......
United
States
11,510,000
11,697,567
c
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/01/30
...................................
United
States
5,800,000
6,053,959
17,751,526
Semiconductors
&
Semiconductor
Equipment
0.3%
c
Qnity
Electronics,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
8/15/33
....................
United
States
2,650,000
2,699,518
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.............
United
States
4,510,000
4,539,658
7,239,176
Software
0.6%
c
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
4,250,000
4,191,770
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
..........
United
States
9,400,000
7,995,330
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
......
United
States
6,700,000
6,038,693
18,225,793
Specialized
REITs
2.0%
c
Iron
Mountain,
Inc.
,
Senior
Bond
,
144A,
5.625
%
,
7/15/32
...................
United
States
6,400,000
6,330,227
Senior
Note
,
144A,
7
%
,
2/15/29
......................
United
States
12,600,000
12,845,322
Senior
Note
,
144A,
6.25
%
,
1/15/33
....................
United
States
1,800,000
1,819,726
Senior
Note
,
144A,
6.25
%
,
1/15/35
....................
United
States
5,810,000
5,839,909
c
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
...................
United
States
20,975,000
21,272,845
Senior
Note
,
144A,
6.25
%
,
9/15/32
....................
United
States
8,525,000
8,606,900
56,714,929
Specialty
Retail
0.3%
c
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
8,710,000
8,718,170
Technology
Hardware,
Storage
&
Peripherals
0.2%
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
.........................................
United
States
4,700,000
4,786,348
Textiles,
Apparel
&
Luxury
Goods
0.5%
c
,d
Beach
Acquisition
Bidco
LLC
,
Senior
Note
,
144A,
PIK,
10
%
,
7/15/33
.........................................
United
States
13,702,631
14,882,660
Trading
Companies
&
Distributors
1.6%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
.....................
United
States
11,425,000
11,669,072
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
c
EquipmentShare.com,
Inc.,
(continued)
Secured
Note
,
144A,
8.625
%
,
5/15/32
..................
United
States
10,675,000
$
11,117,853
f
Secured
Note
,
144A,
7.125
%
,
7/01/34
..................
United
States
4,650,000
4,574,616
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/29
...................
United
States
4,600,000
4,687,814
Senior
Note
,
144A,
5.25
%
,
4/15/31
....................
United
States
5,335,000
5,293,591
Senior
Note
,
144A,
6.375
%
,
3/15/33
...................
United
States
9,550,000
9,805,289
47,148,235
Wireless
Telecommunication
Services
1.9%
c
Altice
France
Lux
3
/
Altice
Holdings
1
,
Senior
Note
,
144A,
10
%
,
1/15/33
.........................................
Luxembourg
4,100,000
4,037,249
c
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
14,000,000
14,748,916
b
,g
Digicel
Group
Holdings
Ltd.
,
29
.342
%
,
11/17/33
............
Bermuda
444,375
14,062
c
Iliad
Holding
SAS
,
Senior
Secured
Note
,
144A,
7
%
,
10/15/28
...............
France
10,400,000
10,452,676
Senior
Secured
Note
,
144A,
7
%
,
4/15/32
................
France
8,950,000
9,132,642
c
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
15,185,000
15,861,628
54,247,173
Total
Corporate
Bonds
(Cost
$
2,745,184,221
)
.................................
2,740,969,831
Senior
Floating
Rate
Interests
0.3%
Chemicals
0.0%
†
h
Hexion
Holdings
Corp.,
Second
Lien,
Initial
CME
Term
Loan
,
11.181
%
,
(
1-month
SOFR
+
7.438
%
),
3/15/30
............
United
States
2,195,180
2,049,749
Health
Care
Technology
0.3%
h
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.394
%
,
(
1-month
SOFR
+
2.75
%
),
2/15/29
..............
United
States
7,950,145
7,943,507
IT
Services
0.0%
†
d
Diamond
Sports
Net
LLC,
First
Lien,
Exit
Term
Loan
,
PIK,
12
%
,
1/03/28
.........................................
United
States
548,759
114,965
Total
Senior
Floating
Rate
Interests
(Cost
$
10,631,754
)
........................
10,108,221
Municipal
Bonds
0.2%
Arizona
0.2%
c
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
........................................
United
States
6,815,000
7,118,979
Total
Municipal
Bonds
(Cost
$
6,844,971
)
.....................................
7,118,979
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Alpha
Natural
Resources,
Inc.,
Escrow
Account
.............
United
States
25,000,000
25
a,b
Endo
GUC
Trust,
Escrow
Account
.......................
United
States
868,583
1
a,b
Expand
Energy
Corp.,
Escrow
Account
...................
United
States
13,700,000
20
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
.................................
46
Total
Long
Term
Investments
(Cost
$
2,836,945,275
)
...........................
2,790,981,250
a
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
See
Abbreviations
on
page
19
.
Short
Term
Investments
2.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.1%
i,j
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.597
%
.........................................
United
States
60,510,854
$
60,510,854
Total
Money
Market
Funds
(Cost
$
60,510,854
)
................................
60,510,854
Total
Short
Term
Investments
(Cost
$
60,510,854
)
..............................
60,510,854
a
Total
Investments
(Cost
$
2,897,456,129
)
98.5
%
................................
$2,851,492,104
Other
Assets,
less
Liabilities
1.5
%
...........................................
43,305,828
Net
Assets
100.0%
.........................................................
$2,894,797,932
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,
2026,
the
aggregate
value
of
these
securities
was
$2,579,247,195,
representing
89.1%
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
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
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.
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 Trust'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
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
17
Quarterly
Schedule
of
Investments
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
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.
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,
2026
,
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,
2026,
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
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.597%
............
$102,850,731
$607,866,391
$(650,206,268)
$—
$—
$60,510,854
60,510,854
$2,078,385
Total
Affiliated
Securities
...
$102,850,731
$607,866,391
$(650,206,268)
$—
$—
$60,510,854
$2,078,385
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:
a
Common
Stocks
:
Metals
&
Mining
.......................
$
716,829
$
—
$
—
$
716,829
Oil,
Gas
&
Consumable
Fuels
.............
591,159
4,021,638
—
4,612,797
Pharmaceuticals
.......................
—
3,934,187
—
3,934,187
Software
.............................
—
—
12,460
12,460
Convertible
Preferred
Stocks
................
18,343,098
—
—
18,343,098
Rights
.................................
—
274,242
—
274,242
Convertible
Bonds
.......................
—
4,890,560
—
4,890,560
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
67,673,008
—
67,673,008
Automobile
Components
.................
—
58,811,748
—
58,811,748
Automobiles
..........................
—
18,901,111
—
18,901,111
Biotechnology
.........................
—
28,647,406
—
28,647,406
Broadline
Retail
.......................
—
24,414,711
—
24,414,711
Building
Products
......................
—
33,653,729
—
33,653,729
Capital
Markets
........................
—
47,305,017
—
47,305,017
Chemicals
...........................
—
60,924,570
—
b
60,924,570
Commercial
Services
&
Supplies
...........
—
58,929,507
—
58,929,507
Communications
Equipment
..............
—
9,908,885
—
9,908,885
Construction
&
Engineering
...............
—
8,760,068
—
8,760,068
Consumer
Finance
.....................
—
147,372,745
—
147,372,745
Consumer
Staples
Distribution
&
Retail
......
—
10,786,815
—
10,786,815
Containers
&
Packaging
.................
—
58,337,205
—
58,337,205
Distributors
...........................
—
4,915,334
—
4,915,334
Diversified
Consumer
Services
............
—
6,157,561
—
6,157,561
Diversified
REITs
......................
—
32,953,234
—
32,953,234
Diversified
Telecommunication
Services
.....
—
188,415,781
—
188,415,781
Electric
Utilities
........................
—
52,339,734
—
52,339,734
Electrical
Equipment
....................
—
11,591,749
—
11,591,749
Electronic
Equipment,
Instruments
&
Components
........................
—
8,989,288
—
8,989,288
Energy
Equipment
&
Services
.............
—
91,447,615
—
91,447,615
Entertainment
.........................
—
41,975,617
—
41,975,617
Financial
Services
......................
—
114,093,369
—
114,093,369
Food
Products
........................
—
31,528,678
—
31,528,678
Ground
Transportation
..................
—
38,390,050
—
38,390,050
Health
Care
Equipment
&
Supplies
.........
—
12,375,728
—
12,375,728
Health
Care
Providers
&
Services
..........
—
119,003,924
—
119,003,924
Health
Care
REITs
.....................
—
19,091,460
—
19,091,460
Health
Care
Technology
.................
—
18,119,124
—
18,119,124
Hotel
&
Resort
REITs
...................
—
32,221,564
—
32,221,564
Hotels,
Restaurants
&
Leisure
.............
—
213,109,475
—
213,109,475
Household
Durables
....................
—
83,462,767
—
83,462,767
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
47,812,628
—
47,812,628
Insurance
............................
—
51,479,080
—
51,479,080
IT
Services
...........................
—
32,583,315
—
32,583,315
Machinery
............................
—
42,401,236
—
42,401,236
Media
...............................
—
162,525,975
—
162,525,975
Metals
&
Mining
.......................
—
79,924,385
—
79,924,385
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
8,317,989
—
8,317,989
Oil,
Gas
&
Consumable
Fuels
.............
—
274,161,633
—
274,161,633
Paper
&
Forest
Products
.................
—
7,660,592
—
7,660,592
Passenger
Airlines
.....................
—
10,263,693
—
10,263,693
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:
a
(continued)
Corporate
Bonds:
(continued)
Personal
Care
Products
.................
$
—
$
21,264,504
$
—
$
21,264,504
Pharmaceuticals
.......................
—
12,011,071
—
12,011,071
Professional
Services
...................
—
6,241,143
—
6,241,143
Real
Estate
Management
&
Development
....
—
17,751,526
—
17,751,526
Semiconductors
&
Semiconductor
Equipment
.
—
7,239,176
—
7,239,176
Software
.............................
—
18,225,793
—
18,225,793
Specialized
REITs
......................
—
56,714,929
—
56,714,929
Specialty
Retail
........................
—
8,718,170
—
8,718,170
Technology
Hardware,
Storage
&
Peripherals
.
—
4,786,348
—
4,786,348
Textiles,
Apparel
&
Luxury
Goods
..........
—
14,882,660
—
14,882,660
Trading
Companies
&
Distributors
..........
—
47,148,235
—
47,148,235
Wireless
Telecommunication
Services
.......
—
54,233,111
14,062
54,247,173
Senior
Floating
Rate
Interests
...............
—
10,108,221
—
10,108,221
Municipal
Bonds
.........................
—
7,118,979
—
7,118,979
Escrows
and
Litigation
Trusts
...............
—
—
46
46
Short
Term
Investments
...................
60,510,854
—
—
60,510,854
Total
Investments
in
Securities
...........
$80,161,940
$2,771,303,596
$26,568
$2,851,492,104
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
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.