Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1105-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
2
Notes
to
Schedule
of
Investments
14
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited),
December
31,
2022
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
0.6%
Oil,
Gas
&
Consumable
Fuels
0.6%
a
Amplify
Energy
Corp.
..................................
United
States
8,816
$
77,492
Birch
Permian
Holdings,
Inc.
.............................
United
States
690,410
12,902,037
California
Resources
Corp.
..............................
United
States
1,425
62,002
Chesapeake
Energy
Corp.
..............................
United
States
17,102
1,613,916
a,b,c
Nine
Point
Energy
Holdings,
Inc.
..........................
United
States
46,695,277
—
14,655,447
Total
Common
Stocks
(Cost
$65,289,020)
......................................
14,655,447
Rights
Rights
0.5%
Independent
Power
and
Renewable
Electricity
Producers
0.5%
a
Talen
Energy
Supply
LLC,
5/09/23
.........................
United
States
37,620,000
12,414,600
Total
Rights
(Cost
$–)
........................................................
12,414,600
Warrants
Warrants
0.0%
†
Metals
&
Mining
0.0%
†
a
Alpha
Metallurgical
Resources,
Inc.,
7/26/23
.................
United
States
5,033
608,993
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
California
Resources
Corp.,
10/27/24
......................
United
States
3,278
41,303
a,b
Canvas
Energy,
Inc.,
10/01/24
............................
United
States
13
—
a,b
Canvas
Energy,
Inc.,
10/01/25
............................
United
States
13
—
41,303
Total
Warrants
(Cost
$12,589)
.................................................
650,296
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
d,e,f
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
451,194
43,427
Total
Convertible
Bonds
(Cost
$124,928)
.......................................
43,427
Corporate
Bonds
91.1%
Airlines
1.4%
f
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
17,000,000
16,377,825
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
2,000,000
1,831,522
f
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
10,200,000
9,603,397
f
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
2,700,000
2,507,290
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
5,500,000
4,798,479
35,118,513
Auto
Components
1.7%
f
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
...
United
States
5,400,000
4,448,250
f
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
16,500,000
11,596,301
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
9,100,000
9,365,104
Senior
Note,
5%,
7/15/29
.............................
United
States
15,000,000
12,531,744
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)
Auto
Components
(continued)
f
Real
Hero
Merger
Sub
2,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
2/01/29
.
United
States
7,000,000
$
4,807,600
42,748,999
Automobiles
0.7%
f
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
25,000,000
17,737,653
Banks
0.6%
e,g
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
6%
to
7/31/23,
FRN
thereafter
,
Perpetual
.................................
United
States
15,000,000
14,709,000
Beverages
0.4%
f
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
11,500,000
9,944,872
Biotechnology
0.5%
f
Horizon
Therapeutics
USA,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
8/01/27
United
States
13,000,000
13,363,805
Building
Products
2.6%
f
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
9,100,000
8,854,391
f
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
15,400,000
14,151,445
f
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
2,000,000
1,411,740
f
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
10,500,000
10,043,860
f
JELD-WEN,
Inc.
,
Senior
Note,
144A,
4.625%,
12/15/25
....................
United
States
7,600,000
6,375,488
Senior
Note,
144A,
4.875%,
12/15/27
....................
United
States
5,000,000
3,771,250
f
Oscar
AcquisitionCo
LLC
/
Oscar
Finance,
Inc.
,
Senior
Note
,
144A,
9.5
%
,
4/15/30
......................................
United
States
2,800,000
2,516,360
f
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
5%,
2/15/27
........................
United
States
5,000,000
4,621,091
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
9,200,000
8,292,420
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
6,800,000
5,555,665
65,593,710
Capital
Markets
0.2%
f
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
5,700,000
4,910,237
Chemicals
3.4%
d,f
Anagram
International,
Inc.
/
Anagram
Holdings
LLC
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
1,706,906
1,135,093
f
ASP
Unifrax
Holdings,
Inc.
,
Senior
Note,
144A,
7.5%,
9/30/29
.......................
United
States
4,200,000
2,671,200
Senior
Secured
Note,
144A,
5.25%,
9/30/28
...............
United
States
5,500,000
4,432,954
f
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
4,100,000
2,934,425
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
14,000,000
13,632,839
f
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
12,700,000
10,807,405
f
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
4,100,000
3,295,580
f
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
5,400,000
4,598,640
f
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
19,500,000
16,654,560
d,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
4,800,000
3,384,000
f
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
14,500,000
13,384,660
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)
f
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
11,800,000
$
8,920,335
85,851,691
Commercial
Services
&
Supplies
1.0%
f
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
LuxCo
4
SARL
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/01/28
..
United
States
2,600,000
2,111,312
f
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,300,000
12,691,148
f
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
11,100,000
9,598,832
24,401,292
Communications
Equipment
0.5%
f
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
6
%
,
6/15/25
..
United
States
1,635,000
1,491,218
f
CommScope,
Inc.
,
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
11,700,000
8,382,978
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
2,500,000
2,312,375
12,186,571
Construction
&
Engineering
0.5%
f
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
5,400,000
4,689,660
f
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
8,800,000
7,762,128
12,451,788
Consumer
Finance
1.4%
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
7,600,000
6,228,660
Senior
Note,
6.625%,
1/15/28
..........................
United
States
10,400,000
9,594,832
f
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
5,000,000
4,132,350
f
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
18,600,000
14,991,228
34,947,070
Containers
&
Packaging
4.5%
f
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
8,100,000
6,069,510
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
11,400,000
10,867,487
f
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note,
144A,
7.25%,
4/15/25
......................
United
States
30,000,000
27,803,301
Senior
Secured
Note,
144A,
8.5%,
4/15/24
................
United
States
10,500,000
10,342,060
f
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
9,800,000
8,596,021
f
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
5.875%,
8/15/23
.....................
United
States
2,680,000
2,671,765
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
4,961,000
4,820,888
f
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
2,800,000
2,505,090
f
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
22,800,000
20,261,229
f
Sealed
Air
Corp.
,
Senior
Note
,
144A,
4
%
,
12/01/27
............
United
States
13,200,000
11,996,911
f
Trivium
Packaging
Finance
BV
,
Senior
Note,
144A,
8.5%,
8/15/27
.......................
Netherlands
2,100,000
1,930,120
Senior
Secured
Note,
144A,
5.5%,
8/15/26
................
Netherlands
5,600,000
5,146,880
113,011,262
Diversified
Consumer
Services
0.5%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
14,300,000
13,489,047
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)
Diversified
Financial
Services
1.4%
f
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
17,600,000
$
14,587,760
f
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
24,600,000
16,413,420
f
Oxford
Finance
LLC
/
Oxford
Finance
Co-Issuer
II,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
2/01/27
................................
United
States
3,400,000
3,169,174
34,170,354
Diversified
Telecommunication
Services
4.0%
f
Altice
France
Holding
SA
,
Senior
Note,
144A,
6%,
2/15/28
........................
Luxembourg
8,100,000
4,798,778
Senior
Secured
Note,
144A,
10.5%,
5/15/27
...............
Luxembourg
22,400,000
17,128,160
f
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
7,500,000
5,889,525
f
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
2,400,000
2,327,353
Senior
Bond,
144A,
5%,
2/01/28
........................
United
States
3,000,000
2,730,585
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
10,900,000
9,881,123
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
10,500,000
8,698,305
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
3,400,000
2,734,960
Senior
Note,
144A,
6.375%,
9/01/29
.....................
United
States
8,000,000
7,533,320
f
DKT
Finance
ApS
,
Senior
Secured
Note
,
144A,
9.375
%
,
6/17/23
..
Denmark
10,400,000
10,309,000
f
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
5,200,000
4,831,756
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
10,400,000
9,413,248
f
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
18,500,000
15,488,200
101,764,313
Electric
Utilities
1.0%
f
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
21,300,000
20,253,371
Senior
Secured
Note,
144A,
3.7%,
1/30/27
................
United
States
5,700,000
5,201,134
25,454,505
Electrical
Equipment
1.1%
f
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
16,500,000
14,253,525
f
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
16,400,000
13,959,352
28,212,877
Electronic
Equipment,
Instruments
&
Components
0.3%
f
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
9,300,000
7,988,607
Energy
Equipment
&
Services
3.1%
f
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
d
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
17,833,800
14,746,948
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
7,501,000
7,025,286
f
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
15,100,000
15,078,407
f
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
9,900,000
9,345,392
f
Nabors
Industries,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
5/15/27
.....
United
States
10,300,000
9,989,452
f
Weatherford
International
Ltd.
,
Senior
Note,
144A,
11%,
12/01/24
.......................
United
States
354,000
362,416
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
14,100,000
13,565,514
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
8,600,000
8,442,964
78,556,379
Entertainment
1.6%
f
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
5.375
%
,
3/01/25
...........................................
France
21,900,000
20,730,102
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)
Entertainment
(continued)
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
10,200,000
$
9,835,044
f
Senior
Bond,
144A,
5.375%,
11/15/29
....................
United
States
3,600,000
3,498,390
f
Senior
Note,
144A,
3.625%,
6/15/25
.....................
United
States
7,300,000
7,001,065
41,064,601
Equity
Real
Estate
Investment
Trusts
(REITs)
3.1%
f
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
15,900,000
13,171,827
f
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
,
Senior
Note
,
144A,
6
%
,
4/15/25
...........................................
United
States
4,900,000
4,753,000
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
14,400,000
13,138,632
Senior
Bond,
3.5%,
3/15/31
............................
United
States
16,200,000
11,138,692
f
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
10,200,000
7,511,994
f
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note
,
144A,
4.5
%
,
2/15/29
......................................
United
States
10,000,000
8,638,685
f
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
2/15/27
......................
United
States
8,000,000
7,275,000
Senior
Note,
144A,
3.875%,
2/15/29
.....................
United
States
7,000,000
6,145,155
f
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
7,300,000
5,989,112
77,762,097
Food
Products
0.8%
B&G
Foods,
Inc.
,
Senior
Note,
5.25%,
4/01/25
...........................
United
States
9,100,000
7,993,373
Senior
Note,
5.25%,
9/15/27
...........................
United
States
6,800,000
5,225,584
f
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
3,200,000
3,132,320
f
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
144A,
3.5
%
,
3/01/32
........
United
States
3,600,000
2,822,202
19,173,479
Health
Care
Equipment
&
Supplies
1.0%
f
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
9,000,000
9,553,005
f
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
10,300,000
8,199,367
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
8,200,000
6,623,509
24,375,881
Health
Care
Providers
&
Services
4.7%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
15,000,000
11,765,972
Senior
Note,
4.25%,
12/15/27
..........................
United
States
12,700,000
11,938,866
Senior
Note,
4.625%,
12/15/29
.........................
United
States
4,300,000
3,939,190
Senior
Note,
2.625%,
8/01/31
..........................
United
States
1,400,000
1,102,815
f
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
6,800,000
3,379,961
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
5,000,000
4,562,500
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
5,900,000
5,069,752
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
1,200,000
1,088,032
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
6,000,000
5,026,680
Senior
Secured
Note,
144A,
5.25%,
5/15/30
...............
United
States
6,500,000
4,912,844
f
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
16,700,000
13,469,246
HCA,
Inc.
,
Senior
Note
,
5.375
%
,
9/01/26
....................
United
States
4,600,000
4,555,061
f
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
8,500,000
7,179,100
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)
Health
Care
Providers
&
Services
(continued)
f
Tenet
Healthcare
Corp.
,
Secured
Note,
144A,
6.25%,
2/01/27
.....................
United
States
14,500,000
$
13,956,830
Senior
Secured
Note,
144A,
4.875%,
1/01/26
..............
United
States
5,000,000
4,738,364
Senior
Secured
Note,
144A,
4.25%,
6/01/29
...............
United
States
8,500,000
7,379,232
Senior
Secured
Note,
144A,
6.125%,
6/15/30
..............
United
States
14,600,000
13,936,503
118,000,948
Hotels,
Restaurants
&
Leisure
7.2%
f
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
12,700,000
10,311,067
b,f,h
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
23,000,000
—
f
Boyne
USA,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
5/15/29
...........
United
States
8,600,000
7,622,346
f
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
7/01/25
...........................................
United
States
15,600,000
15,189,806
f
Caesars
Resort
Collection
LLC
/
CRC
Finco,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
7,000,000
6,862,562
f
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
7,300,000
5,798,862
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
24,000,000
17,178,480
f
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
10,000,000
10,283,850
f
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
10,600,000
8,569,835
f
International
Game
Technology
plc
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/15/26
.....................................
United
States
3,800,000
3,549,027
f
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
4,400,000
3,794,749
f
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
5,700,000
4,487,040
f
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
6,000,000
5,017,650
f
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
6,200,000
4,393,940
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
7,800,000
5,761,860
f
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.5%,
8/31/26
.......................
United
States
11,200,000
9,436,000
Senior
Note,
144A,
5.375%,
7/15/27
.....................
United
States
5,800,000
4,703,516
Senior
Note,
144A,
11.625%,
8/15/27
....................
United
States
13,900,000
13,982,844
f
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
9,800,000
8,535,131
f
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
21,500,000
15,904,518
f
Wynn
Macau
Ltd.
,
Senior
Note
,
144A,
5.625
%
,
8/26/28
.........
Macau
4,800,000
4,110,216
f
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.75
%
,
4/15/25
............................
United
States
15,200,000
15,139,753
180,633,052
Household
Durables
1.4%
f
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note,
144A,
4.625%,
8/01/29
.....................
United
States
13,000,000
10,429,909
Senior
Note,
144A,
4.625%,
4/01/30
.....................
United
States
8,000,000
6,431,280
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
9,000,000
8,756,460
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
12,600,000
10,189,789
35,807,438
Independent
Power
and
Renewable
Electricity
Producers
3.4%
f
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
12,900,000
11,536,829
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
12,200,000
10,909,035
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)
Independent
Power
and
Renewable
Electricity
Producers
(continued)
f
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
8,800,000
$
7,087,129
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
10,000,000
9,244,957
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
7,000,000
5,820,668
f
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
30,400,000
29,553,629
h
Talen
Energy
Supply
LLC
,
Senior
Note
,
6.5
%
,
6/01/25
..........
United
States
24,950,000
11,726,500
85,878,747
Insurance
0.8%
f
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note
,
144A,
6.75
%
,
10/15/27
...........................
United
States
6,900,000
6,216,969
CNO
Financial
Group,
Inc.
,
Senior
Note
,
5.25
%
,
5/30/29
........
United
States
2,100,000
2,005,204
f
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
12,000,000
11,833,849
20,056,022
Internet
&
Direct
Marketing
Retail
0.5%
f
Match
Group
Holdings
II
LLC
,
Senior
Note,
144A,
4.625%,
6/01/28
.....................
United
States
10,400,000
9,289,592
Senior
Note,
144A,
3.625%,
10/01/31
....................
United
States
3,300,000
2,534,941
11,824,533
IT
Services
2.2%
f
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
8,500,000
7,046,190
f
Cogent
Communications
Group,
Inc.
,
Senior
Note,
144A,
7%,
6/15/27
........................
United
States
10,000,000
9,811,781
Senior
Secured
Note,
144A,
3.5%,
5/01/26
................
United
States
7,200,000
6,549,750
f
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
9,300,000
8,687,130
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
4,400,000
3,871,670
Senior
Note,
144A,
3.75%,
10/01/30
.....................
United
States
6,000,000
5,181,014
f
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
4,500,000
3,489,900
f
Presidio
Holdings,
Inc.
,
Senior
Note,
144A,
8.25%,
2/01/28
......................
United
States
3,700,000
3,436,042
Senior
Secured
Note,
144A,
4.875%,
2/01/27
..............
United
States
7,500,000
6,851,100
54,924,577
Life
Sciences
Tools
&
Services
0.1%
f
Charles
River
Laboratories
International,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
3/15/29
.....................................
United
States
2,400,000
2,126,028
Machinery
1.1%
f
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
11,400,000
11,474,556
f
Manitowoc
Co.,
Inc.
(The)
,
Secured
Note
,
144A,
9
%
,
4/01/26
....
United
States
17,100,000
16,097,822
27,572,378
Media
4.8%
f
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
3,000,000
2,867,352
f
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
5,700,000
4,168,435
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
10,700,000
7,876,751
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
5,700,000
4,951,305
CSC
Holdings
LLC
,
Senior
Bond
,
5.25
%
,
6/01/24
.............
United
States
21,000,000
19,582,500
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)
Media
(continued)
f
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
11,300,000
$
127,125
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
13,300,000
1,579,375
f
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
10,400,000
9,324,224
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
11/15/24
.........................
United
States
9,700,000
9,033,551
f
Senior
Secured
Note,
144A,
5.75%,
12/01/28
..............
United
States
10,000,000
8,000,000
f
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
8,990,000
8,426,507
f
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
4,400,000
3,822,874
f
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note,
144A,
5%,
8/15/27
........................
United
States
1,900,000
1,713,413
Senior
Note,
144A,
4.25%,
1/15/29
......................
United
States
8,000,000
6,648,040
f
Sinclair
Television
Group,
Inc.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/30
.
United
States
13,500,000
9,461,678
f
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
12,600,000
10,989,972
f
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
8,500,000
8,112,572
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
4,000,000
3,352,540
120,038,214
Metals
&
Mining
1.7%
f
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
16,000,000
13,019,398
f
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
9,500,000
7,919,281
f
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
......................
United
States
7,700,000
6,843,914
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
2,200,000
1,799,033
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
1,600,000
1,436,408
f
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
12,600,000
10,832,063
41,850,097
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.7%
f
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
20,800,000
16,675,152
Oil,
Gas
&
Consumable
Fuels
12.8%
f
Antero
Resources
Corp.
,
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
4,422,000
4,452,296
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
4,300,000
3,992,378
f
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
17,000,000
15,916,250
Cheniere
Energy
Partners
LP
,
Senior
Note,
4.5%,
10/01/29
...........................
United
States
5,600,000
5,048,268
Senior
Note,
4%,
3/01/31
.............................
United
States
28,000,000
23,875,880
Cheniere
Energy,
Inc.
,
Senior
Note
,
4.625
%
,
10/15/28
..........
United
States
9,300,000
8,423,869
f
Chesapeake
Energy
Corp.
,
Senior
Note,
144A,
5.5%,
2/01/26
.......................
United
States
2,000,000
1,932,550
a
Senior
Note,
144A,
5.875%,
2/01/29
.....................
United
States
5,000,000
4,744,651
Senior
Note,
144A,
6.75%,
4/15/29
......................
United
States
13,300,000
12,966,835
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
14,000,000
13,643,280
f
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
13,700,000
12,589,692
f
Senior
Note,
144A,
8%,
4/01/29
........................
United
States
6,000,000
5,979,302
f
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
5,100,000
4,609,613
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
f
DT
Midstream,
Inc.
,
Senior
Bond,
144A,
4.375%,
6/15/31
.....................
United
States
3,900,000
$
3,276,975
Senior
Note,
144A,
4.125%,
6/15/29
.....................
United
States
10,800,000
9,299,178
f
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
19,100,000
18,319,765
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
2,100,000
1,946,612
f
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
4,400,000
4,197,108
f
Senior
Note,
144A,
6.5%,
9/01/30
.......................
United
States
12,200,000
12,090,810
f
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
1,900,000
1,863,112
f
EQT
Corp.
,
Senior
Note
,
144A,
3.125
%
,
5/15/26
..............
United
States
2,500,000
2,300,838
f
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
14,800,000
13,290,918
f
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
5,000,000
4,331,543
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
4,300,000
3,716,859
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
7,600,000
6,775,488
Senior
Note,
144A,
6%,
4/15/30
........................
United
States
4,000,000
3,562,884
f
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
12,200,000
11,457,423
f
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/28/25
.....................
United
States
28,805,087
28,854,632
b,d,f,h
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
18,564,500
—
Occidental
Petroleum
Corp.
,
Senior
Bond,
6.45%,
9/15/36
...........................
United
States
15,200,000
15,538,276
Senior
Note,
8.875%,
7/15/30
..........................
United
States
17,500,000
19,786,979
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
12,600,000
12,428,874
Senior
Note,
4.5%,
5/15/29
............................
United
States
4,600,000
4,030,267
Senior
Note,
4.5%,
4/30/30
............................
United
States
10,000,000
8,694,000
f
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
5,900,000
5,037,125
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
5,900,000
5,172,854
f
Viper
Energy
Partners
LP
,
Senior
Note
,
144A,
5.375
%
,
11/01/27
..
United
States
8,200,000
7,800,090
321,947,474
Paper
&
Forest
Products
0.2%
f
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
8,200,000
4,941,324
Personal
Products
0.2%
f
Prestige
Brands,
Inc.
,
Senior
Note
,
144A,
5.125
%
,
1/15/28
......
United
States
5,300,000
4,983,493
Pharmaceuticals
2.7%
f
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
6,021,000
5,893,054
f
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
2,114,000
1,265,539
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
3,100,000
2,141,728
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
9,800,000
6,251,536
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
10,692,000
8,391,558
f,h
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
7,104,000
1,003,440
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
4,473,000
246,015
f,h
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
4,700,000
3,574,226
f
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
....................
United
States
19,000,000
16,855,850
f,h
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
United
States
4,273,000
3,256,452
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
7.125%,
1/31/25
..........................
Israel
9,300,000
9,262,986
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)
Pharmaceuticals
(continued)
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
(continued)
Senior
Note,
4.75%,
5/09/27
...........................
Israel
10,600,000
$
9,594,587
Senior
Note,
5.125%,
5/09/29
..........................
Israel
900,000
802,662
68,539,633
Real
Estate
Management
&
Development
1.6%
f
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
19,900,000
16,759,801
f
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
11,000,000
9,659,215
f
Howard
Hughes
Corp.
(The)
,
Senior
Note,
144A,
5.375%,
8/01/28
.....................
United
States
9,200,000
8,303,000
Senior
Note,
144A,
4.125%,
2/01/29
.....................
United
States
5,700,000
4,781,986
39,504,002
Road
&
Rail
1.0%
f
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
8/12/26
........
United
Kingdom
1,800,000
1,538,295
f
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
21,700,000
17,980,021
f
Williams
Scotsman
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
8/15/28
.....................................
United
States
5,000,000
4,520,500
24,038,816
Software
1.4%
f
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
14,600,000
13,706,489
f
Condor
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
...
United
States
9,400,000
7,574,669
f
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
18,500,000
14,608,085
35,889,243
Specialty
Retail
1.7%
f
Bath
&
Body
Works,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/01/30
...
United
States
8,700,000
8,178,983
f
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
12,800,000
9,046,144
f
Lithia
Motors,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
12/15/27
........
United
States
8,600,000
7,771,473
f
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
15,600,000
10,451,193
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
4,200,000
3,384,090
i
Party
City
Holdings,
Inc.
,
Senior
Secured
Note
,
FRN
,
5.75
%
,
(
6-month
USD
LIBOR
+
5
%
),
7/15/25
.....................
United
States
1,851,810
504,618
f
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
5,300,000
4,167,920
43,504,421
Textiles,
Apparel
&
Luxury
Goods
0.2%
f
Kontoor
Brands,
Inc.
,
Senior
Note
,
144A,
4.125
%
,
11/15/29
......
United
States
6,300,000
5,157,211
Thrifts
&
Mortgage
Finance
1.3%
f
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
5,700,000
4,610,331
MGIC
Investment
Corp.
,
Senior
Note
,
5.25
%
,
8/15/28
..........
United
States
8,400,000
7,759,627
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
14,900,000
14,723,131
f
United
Wholesale
Mortgage
LLC
,
Senior
Note
,
144A,
5.5
%
,
11/15/25
United
States
7,100,000
6,404,767
33,497,856
Trading
Companies
&
Distributors
1.2%
f
Ahern
Rentals,
Inc.
,
Secured
Note
,
144A,
7.375
%
,
5/15/23
......
United
States
13,500,000
13,500,000
f
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
10,900,000
9,303,641
f
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
4,000,000
3,739,120
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)
Trading
Companies
&
Distributors
(continued)
f
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
4,600,000
$
4,670,007
31,212,768
Wireless
Telecommunication
Services
0.9%
Hughes
Satellite
Systems
Corp.
,
Senior
Note
,
6.625
%
,
8/01/26
...
United
States
2,950,000
2,756,745
T-Mobile
USA,
Inc.
,
Senior
Bond,
2.875%,
2/15/31
..........................
United
States
9,200,000
7,614,640
Senior
Bond,
3.5%,
4/15/31
............................
United
States
5,000,000
4,328,622
Senior
Note,
2.625%,
2/15/29
..........................
United
States
9,200,000
7,800,503
22,500,510
Total
Corporate
Bonds
(Cost
$2,686,395,329)
...................................
2,290,092,540
Senior
Floating
Rate
Interests
2.6%
j
Chemicals
1.1%
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
8.934%,
(3-month
SOFR
+
4.5%),
3/15/29
......................................
United
States
8,678,250
7,493,669
Second
Lien,
Initial
CME
Term
Loan,
11.859%,
(1-month
SOFR
+
7.438%),
3/15/30
....................................
United
States
9,279,070
7,376,860
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
8.494
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
13,067,250
11,110,560
25,981,089
a
a
a
a
a
a
Health
Care
Technology
0.4%
j
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan,
7.821%,
(1-month
SOFR
+
3.5%),
2/15/29
United
States
11,145,442
10,090,638
k
Initial
Delayed
Draw
CME
Term
Loan,
7.821%,
(1-month
SOFR
+
3.5%),
2/15/29
......................................
United
States
474,638
429,718
10,520,356
a
a
a
a
a
a
Hotels,
Restaurants
&
Leisure
0.5%
j
Fertitta
Entertainment
LLC
,
Initial
CME
Term
Loan,
B
,
8.323
%
,
(
1-month
SOFR
+
4
%
),
1/27/29
.........................
United
States
13,001,750
12,387,482
j
Media
0.2%
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
7.915
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
8/21/26
...................
United
States
2,946,701
2,690,706
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
12.317
%
,
(
1-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
2,644,257
2,512,600
5,203,306
a
a
a
a
a
a
Software
0.4%
j
McAfee
Corp.
,
CME
Term
Loan,
B1
,
7.974
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
10,348,000
9,660,582
Total
Senior
Floating
Rate
Interests
(Cost
$70,712,807)
..........................
63,752,815
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Alpha
Natural
Resources,
Inc.,
Escrow
Account
...............
United
States
25,000,000
—
Franklin
High
Income
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Income
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
18
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
(continued)
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
13,700,000
$
308,250
Total
Escrows
and
Litigation
Trusts
(Cost
$450,960)
.............................
308,250
Total
Long
Term
Investments
(Cost
$2,822,985,633)
.............................
2,381,917,375
a
Short
Term
Investments
4.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.7%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
93,807,963
93,807,963
Total
Money
Market
Funds
(Cost
$93,807,963)
..................................
93,807,963
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.3%
Money
Market
Funds
0.3%
l,m
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
....
United
States
7,334,000
7,334,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$7,334,000)
............................................................
7,334,000
Total
Short
Term
Investments
(Cost
$101,141,963
)
...............................
101,141,963
a
Total
Investments
(Cost
$2,924,127,596)
98.8%
..................................
$2,483,059,338
Other
Assets,
less
Liabilities
1.2%
.............................................
30,612,773
Net
Assets
100.0%
...........................................................
$2,513,672,111
*
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
6
regarding
fair
value
measurements.
c
See
Note
3
regarding
restricted
securities.
d
Income
may
be
received
in
additional
securities
and/or
cash.
e
Perpetual
security
with
no
stated
maturity
date.
f
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2022,
the
aggregate
value
of
these
securities
was
$1,890,093,082,
representing
75.2%
of
net
assets.
g
A
portion
or
all
of
the
security
is
on
loan
at
December
31,
2022.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
See
Note
10
regarding
unfunded
loan
commitments.
l
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
14
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
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
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.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
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.
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
15
Quarterly
Schedule
of
Investments
3.
Restricted
Securities
At
December
31,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
4.
Unfunded
Loan
Commitments
The
Fund enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the Schedule
of
Investments.
At
December
31,
2022,
unfunded
commitments
were
as
follows:
5.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
December
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
High
Income
Fund
46,695,277
Nine
Point
Energy
Holdings,
Inc.
................
7/15/14
-
3/24/17
$
26,331,865
$
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$26,331,865
$—
Borrower
Unfunded
Commitment
Franklin
High
Income
Fund
athenahealth
Group,
Inc.
$
1,423,913
$
1,423,913
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,
3.782%
$
81,816,490
$
154,974,418
$
(142,982,945)
$
—
$
—
$
93,807,963
93,807,963
$
827,610
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.782%
$—
$16,989,000
$(9,655,000)
$—
$—
$7,334,000
7,334,000
$53,361
Total
Affiliated
Securities
...
$81,816,490
$171,963,418
$(152,637,945)
$—
$—
$101,141,963
$880,971
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
6. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
December
31,
2022,
in
valuing
the
Fund's
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Oil,
Gas
&
Consumable
Fuels
.............
$
1,753,410
$
12,902,037
$
—
a
$
14,655,447
Rights
.................................
—
12,414,600
—
12,414,600
Warrants
:
Metals
&
Mining
.......................
608,993
—
—
608,993
Oil,
Gas
&
Consumable
Fuels
.............
41,303
—
—
a
41,303
Convertible
Bonds
.......................
—
43,427
—
43,427
Corporate
Bonds
:
Airlines
..............................
—
35,118,513
—
35,118,513
Auto
Components
......................
—
42,748,999
—
42,748,999
Automobiles
..........................
—
17,737,653
—
17,737,653
Banks
...............................
—
14,709,000
—
14,709,000
Beverages
...........................
—
9,944,872
—
9,944,872
Biotechnology
.........................
—
13,363,805
—
13,363,805
Building
Products
......................
—
65,593,710
—
65,593,710
Capital
Markets
........................
—
4,910,237
—
4,910,237
Chemicals
...........................
—
85,851,691
—
85,851,691
Commercial
Services
&
Supplies
...........
—
24,401,292
—
24,401,292
Communications
Equipment
..............
—
12,186,571
—
12,186,571
Construction
&
Engineering
...............
—
12,451,788
—
12,451,788
Consumer
Finance
.....................
—
34,947,070
—
34,947,070
Containers
&
Packaging
.................
—
113,011,262
—
113,011,262
Diversified
Consumer
Services
............
—
13,489,047
—
13,489,047
Diversified
Financial
Services
.............
—
34,170,354
—
34,170,354
Diversified
Telecommunication
Services
.....
—
101,764,313
—
101,764,313
Electric
Utilities
........................
—
25,454,505
—
25,454,505
Electrical
Equipment
....................
—
28,212,877
—
28,212,877
Electronic
Equipment,
Instruments
&
Components
........................
—
7,988,607
—
7,988,607
Energy
Equipment
&
Services
.............
—
78,556,379
—
78,556,379
Entertainment
.........................
—
41,064,601
—
41,064,601
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
77,762,097
—
77,762,097
Food
Products
........................
—
19,173,479
—
19,173,479
Health
Care
Equipment
&
Supplies
.........
—
24,375,881
—
24,375,881
Health
Care
Providers
&
Services
..........
—
118,000,948
—
118,000,948
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
17
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.
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Hotels,
Restaurants
&
Leisure
.............
$
—
$
180,633,051
$
—
a
$
180,633,051
Household
Durables
....................
—
35,807,438
—
35,807,438
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
85,878,747
—
85,878,747
Insurance
............................
—
20,056,022
—
20,056,022
Internet
&
Direct
Marketing
Retail
..........
—
11,824,533
—
11,824,533
IT
Services
...........................
—
54,924,577
—
54,924,577
Life
Sciences
Tools
&
Services
............
—
2,126,028
—
2,126,028
Machinery
............................
—
27,572,378
—
27,572,378
Media
...............................
—
120,038,214
—
120,038,214
Metals
&
Mining
.......................
—
41,850,097
—
41,850,097
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
16,675,152
—
16,675,152
Oil,
Gas
&
Consumable
Fuels
.............
—
317,202,824
—
a
317,202,824
Paper
&
Forest
Products
.................
—
4,941,324
—
4,941,324
Personal
Products
.....................
—
4,983,493
—
4,983,493
Pharmaceuticals
.......................
—
68,539,633
—
68,539,633
Real
Estate
Management
&
Development
....
—
39,504,002
—
39,504,002
Road
&
Rail
..........................
—
24,038,816
—
24,038,816
Software
.............................
—
35,889,243
—
35,889,243
Specialty
Retail
........................
—
43,504,421
—
43,504,421
Textiles,
Apparel
&
Luxury
Goods
..........
—
5,157,211
—
5,157,211
Thrifts
&
Mortgage
Finance
...............
—
33,497,856
—
33,497,856
Trading
Companies
&
Distributors
..........
—
31,212,768
—
31,212,768
Wireless
Telecommunication
Services
.......
—
22,500,510
—
22,500,510
Senior
Floating
Rate
Interests
...............
—
63,752,815
—
63,752,815
Escrows
and
Litigation
Trusts
...............
—
5,052,901
—
a
5,052,901
Short
Term
Investments
...................
101,141,963
—
—
101,141,963
Total
Investments
in
Securities
...........
$103,545,669
$2,379,513,669
$—
$2,483,059,338
Liabilities:
Other
Financial
Instruments:
Unfunded
Loan
Commitments
...............
$
—
$
134,759
$
—
$
134,759
Total
Other
Financial
Instruments
.........
$—
$134,759
$—
$134,759
a
Includes
financial
instruments
determined
to
have
no
value
at
December
31,
2022.
6. Fair
Value
Measurements
(continued)
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
18
Quarterly
Schedule
of
Investments
Abbreviations
Currency
USD
United
States
Dollar
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.