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,
2023
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
1.5%
Independent
Power
and
Renewable
Electricity
Producers
1.1%
a
Talen
Energy
Corp.
....................................
United
States
186,906
$
11,961,984
a
Talen
Energy
Corp.
....................................
United
States
269,744
17,263,616
29,225,600
Metals
&
Mining
0.1%
Alpha
Metallurgical
Resources,
Inc.
........................
United
States
4,346
1,472,946
Oil,
Gas
&
Consumable
Fuels
0.3%
a
Amplify
Energy
Corp.
..................................
United
States
8,816
52,279
Birch
Permian
Holdings,
Inc.
.............................
United
States
690,410
7,191,656
California
Resources
Corp.
..............................
United
States
1,425
77,919
Chesapeake
Energy
Corp.
..............................
United
States
17,102
1,315,828
8,637,682
Total
Common
Stocks
(Cost
$44,950,735)
......................................
39,336,228
Warrants
Warrants
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
California
Resources
Corp.,
10/27/24
......................
United
States
3,278
63,527
a,b
Canvas
Energy,
Inc.,
10/01/24
............................
United
States
13
—
a,b
Canvas
Energy,
Inc.,
10/01/25
............................
United
States
13
—
63,527
Total
Warrants
(Cost
$–)
......................................................
63,527
Principal
Amount
*
Corporate
Bonds
91.7%
Aerospace
&
Defense
0.6%
c
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
8,500,000
8,706,822
Senior
Secured
Note,
144A,
7.125%,
12/01/31
.............
United
States
7,500,000
7,868,738
16,575,560
Automobile
Components
2.5%
c
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
13,100,000
13,881,991
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
7,900,000
8,170,670
c
Allison
Transmission,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
1/30/31
...
United
States
5,400,000
4,776,892
c
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
19,500,000
17,604,975
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note,
9.5%,
5/31/25
............................
United
States
9,100,000
9,239,640
Senior
Note,
5%,
7/15/29
.............................
United
States
15,000,000
14,190,991
67,865,159
Automobiles
0.8%
c
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
22,200,000
21,660,771
Banks
0.6%
d,e
JPMorgan
Chase
&
Co.
,
R
,
Junior
Sub.
Bond
,
FRN
,
8.939
%
,
(
3-month
SOFR
+
3.562
%
),
Perpetual
....................
United
States
15,000,000
15,168,750
Beverages
0.4%
c
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
11,500,000
10,609,298
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)
Building
Products
2.9%
c
Advanced
Drainage
Systems,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/30
...........................................
United
States
6,200,000
$
6,250,428
c
AmeriTex
HoldCo
Intermediate
LLC
,
Senior
Secured
Note
,
144A,
10.25
%
,
10/15/28
....................................
United
States
10,500,000
10,775,625
c
Cornerstone
Building
Brands,
Inc.
,
Senior
Note
,
144A,
6.125
%
,
1/15/29
...........................................
United
States
2,000,000
1,642,050
c
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
10,500,000
10,513,125
c
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
20,500,000
20,963,710
c
JELD-WEN,
Inc.
,
Senior
Bond,
144A,
4.875%,
12/15/27
....................
United
States
2,000,000
1,892,100
Senior
Note,
144A,
4.625%,
12/15/25
....................
United
States
3,804,000
3,684,288
c
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
....................................
United
States
20,900,000
21,992,569
77,713,895
Capital
Markets
0.6%
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
6,100,000
5,695,191
UBS
Group
AG
,
Senior
Note
,
4.55
%
,
4/17/26
................
Switzerland
9,900,000
9,774,925
15,470,116
Chemicals
3.2%
c,f,g
Anagram
Holdings
LLC
/
Anagram
International,
Inc.
,
Secured
Note
,
144A,
PIK,
10
%
,
8/15/26
..............................
United
States
1,891,272
37,825
c
ASP
Unifrax
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
9/30/28
...........................................
United
States
5,000,000
3,616,996
c
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
4,100,000
2,403,977
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.33
%
,
7/15/29
.......
United
States
14,000,000
14,690,255
c
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
12,700,000
10,769,092
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
4,200,000
3,870,790
c
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
19,500,000
18,047,250
c,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
5,040,000
3,676,002
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
19,000,000
18,596,250
c
Rain
CII
Carbon
LLC
/
CII
Carbon
Corp.
,
Secured
Note
,
144A,
7.25
%
,
4/01/25
.....................................
United
States
313,000
303,410
c
Vibrantz
Technologies,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/30
.....
United
States
11,800,000
9,371,809
85,383,656
Commercial
Services
&
Supplies
1.1%
c
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
15,300,000
14,283,142
c
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
16,100,000
14,937,902
29,221,044
Communications
Equipment
0.5%
c
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
.
United
States
1,635,000
1,334,062
c
CommScope,
Inc.
,
Senior
Note,
144A,
7.125%,
7/01/28
.....................
United
States
11,700,000
5,569,024
Senior
Secured
Note,
144A,
6%,
3/01/26
..................
United
States
2,500,000
2,230,500
c
Viasat,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
5/30/31
................
United
States
6,100,000
4,796,125
13,929,711
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)
Construction
&
Engineering
0.5%
c
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
5,400,000
$
5,035,230
c
VM
Consolidated,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
4/15/29
.......
United
States
8,800,000
8,318,316
13,353,546
Construction
Materials
0.1%
c
Knife
River
Corp.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
..........
United
States
2,800,000
2,983,358
Consumer
Finance
1.5%
OneMain
Finance
Corp.
,
Senior
Bond,
5.375%,
11/15/29
.........................
United
States
7,600,000
7,127,723
Senior
Note,
6.625%,
1/15/28
..........................
United
States
10,400,000
10,507,161
Senior
Note,
9%,
1/15/29
.............................
United
States
7,300,000
7,723,977
c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
15,000,000
13,841,925
39,200,786
Consumer
Staples
Distribution
&
Retail
0.8%
c
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
16,800,000
15,273,754
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
1/15/32
............
United
States
7,200,000
7,516,528
22,790,282
Containers
&
Packaging
4.2%
c
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
8,100,000
6,302,122
Senior
Secured
Note,
144A,
5.25%,
4/30/25
...............
United
States
11,400,000
11,096,096
c
LABL,
Inc.
,
Senior
Secured
Note
,
144A,
9.5
%
,
11/01/28
........
United
States
6,200,000
6,269,750
c
Mauser
Packaging
Solutions
Holding
Co.
,
Secured
Note,
144A,
9.25%,
4/15/27
.....................
United
States
30,000,000
29,479,197
Senior
Secured
Note,
144A,
7.875%,
8/15/26
..............
United
States
10,500,000
10,695,100
c
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
9,800,000
9,175,294
c
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note,
144A,
6.625%,
5/13/27
.....................
United
States
3,961,000
3,966,269
Senior
Note,
144A,
7.25%,
5/15/31
......................
United
States
3,500,000
3,552,990
c
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
2,800,000
2,620,506
c
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
22,800,000
21,332,250
c
Trivium
Packaging
Finance
BV
,
Senior
Note,
144A,
8.5%,
8/15/27
.......................
Netherlands
2,100,000
2,061,420
Senior
Secured
Note,
144A,
5.5%,
8/15/26
................
Netherlands
5,600,000
5,500,062
112,051,056
Distributors
0.5%
c
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
6,500,000
6,937,840
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
6,300,000
6,494,181
13,432,021
Diversified
Consumer
Services
0.5%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
14,300,000
12,822,238
Diversified
REITs
1.6%
c
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
15,900,000
13,299,660
c
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
14,500,000
12,226,255
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
REITs
(continued)
c
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
5.75%,
2/01/27
......................
United
States
2,500,000
$
2,509,330
Senior
Note,
144A,
3.75%,
2/15/27
......................
United
States
8,000,000
7,556,630
Senior
Note,
144A,
3.875%,
2/15/29
.....................
United
States
7,000,000
6,435,876
42,027,751
Diversified
Telecommunication
Services
2.7%
c
Altice
France
SA
,
Senior
Secured
Note
,
144A,
5.5
%
,
1/15/28
....
France
7,500,000
6,182,738
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond,
144A,
5.5%,
5/01/26
.......................
United
States
2,400,000
2,385,516
Senior
Bond,
144A,
5%,
2/01/28
........................
United
States
3,000,000
2,872,688
Senior
Bond,
144A,
5.375%,
6/01/29
.....................
United
States
10,900,000
10,289,396
Senior
Bond,
144A,
4.5%,
8/15/30
.......................
United
States
10,500,000
9,479,602
Senior
Bond,
144A,
4.25%,
2/01/31
......................
United
States
3,400,000
2,975,868
Senior
Note,
144A,
6.375%,
9/01/29
.....................
United
States
8,000,000
7,899,941
c
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
5,200,000
5,193,544
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
10,400,000
10,356,467
c
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
15,900,000
14,176,599
71,812,359
Electric
Utilities
1.0%
c
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
5.625%,
2/15/27
.....................
United
States
21,300,000
21,023,503
Senior
Note,
144A,
7.75%,
10/15/31
.....................
United
States
5,700,000
5,924,232
26,947,735
Electrical
Equipment
1.6%
c
Regal
Rexnord
Corp.
,
Senior
Bond,
144A,
6.4%,
4/15/33
.......................
United
States
7,900,000
8,240,363
Senior
Note,
144A,
6.3%,
2/15/30
.......................
United
States
9,700,000
9,960,091
c
Sensata
Technologies
BV
,
Senior
Note
,
144A,
4
%
,
4/15/29
......
United
States
11,000,000
10,234,676
c
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
16,400,000
15,397,048
43,832,178
Electronic
Equipment,
Instruments
&
Components
0.3%
c
TTM
Technologies,
Inc.
,
Senior
Note
,
144A,
4
%
,
3/01/29
........
United
States
9,300,000
8,459,187
Energy
Equipment
&
Services
3.6%
c
CSI
Compressco
LP
/
CSI
Compressco
Finance,
Inc.
,
f
Secured
Note,
144A,
PIK,
10%,
4/01/26
..................
United
States
17,833,800
18,503,281
Senior
Secured
Note,
144A,
7.5%,
4/01/25
................
United
States
7,501,000
7,500,400
c
Enerflex
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
10/15/27
........
Canada
15,100,000
14,582,274
c
Nabors
Industries
Ltd.
,
Senior
Note
,
144A,
7.25
%
,
1/15/26
......
United
States
9,900,000
9,525,978
c
Nabors
Industries,
Inc.
,
Senior
Note,
144A,
7.375%,
5/15/27
.....................
United
States
6,200,000
6,080,609
Senior
Note,
144A,
9.125%,
1/31/30
.....................
United
States
4,600,000
4,622,655
c
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/01/28
..
United
States
6,000,000
5,822,460
c
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
.....................................
United
States
1,800,000
1,868,728
c
Transocean,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
....
United
States
15,010,000
15,693,788
c
Weatherford
International
Ltd.
,
Senior
Note,
144A,
8.625%,
4/30/30
.....................
United
States
11,000,000
11,494,604
Senior
Secured
Note,
144A,
6.5%,
9/15/28
................
United
States
1,664,000
1,723,436
97,418,213
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
0.6%
c
Banijay
Entertainment
SASU
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
...........................................
France
15,300,000
$
15,766,879
Financial
Services
2.6%
c
GGAM
Finance
Ltd.
,
Senior
Note,
144A,
8%,
2/15/27
........................
Ireland
11,100,000
11,391,819
Senior
Note,
144A,
8%,
6/15/28
........................
Ireland
15,400,000
15,949,996
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
17,600,000
16,860,965
c
PRA
Group,
Inc.
,
Senior
Note,
144A,
8.375%,
2/01/28
.....................
United
States
9,300,000
8,959,062
Senior
Note,
144A,
5%,
10/01/29
.......................
United
States
5,000,000
4,133,001
Radian
Group,
Inc.
,
Senior
Note
,
6.625
%
,
3/15/25
.............
United
States
4,800,000
4,822,824
c
United
Wholesale
Mortgage
LLC
,
Senior
Note
,
144A,
5.5
%
,
11/15/25
United
States
7,100,000
7,061,544
69,179,211
Food
Products
1.1%
B&G
Foods,
Inc.
,
Senior
Note,
5.25%,
4/01/25
...........................
United
States
3,190,000
3,143,793
Senior
Note,
5.25%,
9/15/27
...........................
United
States
4,800,000
4,366,331
Pilgrim's
Pride
Corp.
,
Senior
Bond
,
6.875
%
,
5/15/34
...........
United
States
19,600,000
21,184,327
28,694,451
Ground
Transportation
1.0%
c
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
8/12/26
........
United
Kingdom
1,800,000
1,632,949
c
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
14,700,000
12,761,879
c
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
...............
United
States
12,100,000
12,495,755
26,890,583
Health
Care
Equipment
&
Supplies
1.2%
c
Bausch
&
Lomb
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
10,000,000
10,561,900
c
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
9,000,000
9,625,016
c
Medline
Borrower
LP
,
Senior
Note,
144A,
5.25%,
10/01/29
.....................
United
States
10,300,000
9,722,339
Senior
Secured
Note,
144A,
3.875%,
4/01/29
..............
United
States
3,100,000
2,806,598
32,715,853
Health
Care
Providers
&
Services
5.9%
Centene
Corp.
,
Senior
Bond,
2.5%,
3/01/31
............................
United
States
12,000,000
10,014,254
Senior
Note,
4.25%,
12/15/27
..........................
United
States
12,700,000
12,246,778
Senior
Note,
4.625%,
12/15/29
.........................
United
States
4,300,000
4,127,925
Senior
Note,
2.625%,
8/01/31
..........................
United
States
1,400,000
1,163,256
c
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
....................
United
States
6,800,000
4,411,296
Senior
Secured
Note,
144A,
8%,
3/15/26
..................
United
States
2,469,000
2,462,995
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
5,900,000
5,489,612
Senior
Secured
Note,
144A,
8%,
12/15/27
.................
United
States
1,200,000
1,159,470
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
6,000,000
5,407,620
Senior
Secured
Note,
144A,
5.25%,
5/15/30
...............
United
States
6,500,000
5,445,222
Senior
Secured
Note,
144A,
10.875%,
1/15/32
.............
United
States
5,200,000
5,441,176
c
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
16,700,000
14,593,709
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
........
Italy
18,700,000
17,110,500
c
ModivCare
Escrow
Issuer,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
.
United
States
8,500,000
6,958,695
c
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
24,600,000
20,014,488
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)
Tenet
Healthcare
Corp.
,
Secured
Note,
6.25%,
2/01/27
..........................
United
States
14,500,000
$
14,581,287
Senior
Secured
Note,
4.875%,
1/01/26
...................
United
States
5,000,000
4,947,186
Senior
Secured
Note,
4.25%,
6/01/29
....................
United
States
8,500,000
7,922,746
Senior
Secured
Note,
6.125%,
6/15/30
...................
United
States
14,600,000
14,780,120
158,278,335
Health
Care
REITs
0.8%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5.25%,
8/01/26
...........................
United
States
11,400,000
10,203,946
Senior
Bond,
3.5%,
3/15/31
............................
United
States
16,200,000
10,150,711
20,354,657
Hotel
&
Resort
REITs
0.5%
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
7.25%,
7/15/28
......................
United
States
6,000,000
6,241,870
Senior
Note,
144A,
4.5%,
2/15/29
.......................
United
States
6,500,000
6,050,562
12,292,432
Hotels,
Restaurants
&
Leisure
7.4%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.......................................
Canada
8,500,000
7,634,096
b,c,g
24
Hour
Fitness
Worldwide,
Inc.
,
Senior
Note
,
144A,
8
%
,
6/01/22
.
United
States
23,000,000
—
c
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
15,500,000
15,848,750
c
Boyne
USA,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
5/15/29
...........
United
States
5,600,000
5,272,146
c
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
7/01/25
...............
United
States
15,600,000
15,654,194
Senior
Secured
Note,
144A,
7%,
2/15/30
..................
United
States
6,800,000
6,977,222
c
Caesars
Resort
Collection
LLC
/
CRC
Finco,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
7/01/25
............................
United
States
7,000,000
7,003,639
c
Carnival
Corp.
,
Senior
Note,
144A,
7.625%,
3/01/26
.....................
United
States
7,300,000
7,436,554
Senior
Note,
144A,
5.75%,
3/01/27
......................
United
States
24,000,000
23,428,404
c
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
10,000,000
10,891,940
c
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
1/15/30
.......................
United
States
13,200,000
11,604,747
Las
Vegas
Sands
Corp.
,
Senior
Note
,
3.2
%
,
8/08/24
...........
United
States
5,300,000
5,200,424
c
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
4,400,000
4,073,162
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
5,200,000
5,084,834
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.5%,
8/31/26
.......................
United
States
9,200,000
9,115,112
Senior
Note,
144A,
5.375%,
7/15/27
.....................
United
States
5,800,000
5,745,168
Senior
Note,
144A,
11.625%,
8/15/27
....................
United
States
13,900,000
15,135,349
c
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
9,800,000
9,247,170
c
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
21,500,000
18,091,905
c
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
...........................
United
States
15,000,000
15,638,730
199,083,546
Household
Durables
2.4%
c
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.
,
Senior
Note,
144A,
4.625%,
8/01/29
.....................
United
States
13,000,000
11,575,629
Senior
Note,
144A,
4.625%,
4/01/30
.....................
United
States
8,000,000
7,180,487
c
Dream
Finders
Homes,
Inc.
,
Senior
Note
,
144A,
8.25
%
,
8/15/28
..
United
States
9,000,000
9,521,280
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)
Household
Durables
(continued)
KB
Home
,
Senior
Note
,
7.25
%
,
7/15/30
.....................
United
States
9,000,000
$
9,327,267
c
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
..........
United
States
14,200,000
15,114,125
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
12,600,000
11,226,600
63,945,388
Independent
Power
and
Renewable
Electricity
Producers
1.7%
c
Calpine
Corp.
,
Senior
Note,
144A,
5.125%,
3/15/28
.....................
United
States
12,900,000
12,376,304
Senior
Secured
Note,
144A,
4.5%,
2/15/28
................
United
States
12,200,000
11,611,651
c
Clearway
Energy
Operating
LLC
,
Senior
Bond,
144A,
3.75%,
1/15/32
......................
United
States
8,800,000
7,676,729
Senior
Note,
144A,
4.75%,
3/15/28
......................
United
States
7,000,000
6,749,288
Senior
Note,
144A,
3.75%,
2/15/31
......................
United
States
7,000,000
6,173,830
44,587,802
Insurance
0.9%
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Note,
144A,
6.75%,
10/15/27
.....................
United
States
5,400,000
5,386,500
Senior
Secured
Note,
144A,
6.75%,
4/15/28
...............
United
States
2,500,000
2,559,137
Senior
Secured
Note,
144A,
7%,
1/15/31
..................
United
States
2,400,000
2,533,176
c
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Note
,
144A,
10.5
%
,
12/15/30
.....................................
Canada
12,000,000
12,666,801
23,145,614
IT
Services
1.8%
c
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
8,500,000
7,472,608
c
Cogent
Communications
Group,
Inc.
,
Senior
Note,
144A,
7%,
6/15/27
........................
United
States
4,000,000
4,023,740
Senior
Secured
Note,
144A,
3.5%,
5/01/26
................
United
States
3,900,000
3,736,941
c
Gartner,
Inc.
,
Senior
Bond,
144A,
3.75%,
10/01/30
.....................
United
States
6,000,000
5,310,427
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
9,300,000
8,825,256
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
4,400,000
3,976,164
c
Northwest
Fiber
LLC
/
Northwest
Fiber
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
6
%
,
2/15/28
..............................
United
States
4,500,000
4,164,912
c
Presidio
Holdings,
Inc.
,
Senior
Note,
144A,
8.25%,
2/01/28
......................
United
States
3,700,000
3,741,817
Senior
Secured
Note,
144A,
4.875%,
2/01/27
..............
United
States
7,500,000
7,358,508
48,610,373
Machinery
1.2%
c
Calderys
Financing
LLC
,
Senior
Secured
Note
,
144A,
11.25
%
,
6/01/28
...........................................
France
15,300,000
16,044,199
c
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
11,400,000
11,930,066
c
Titan
Acquisition
Ltd.
/
Titan
Co-Borrower
LLC
,
Senior
Note
,
144A,
7.75
%
,
4/15/26
.....................................
Canada
3,500,000
3,525,462
31,499,727
Media
4.6%
c
Clear
Channel
International
BV
,
Senior
Secured
Note
,
144A,
6.625
%
,
8/01/25
.....................................
United
Kingdom
3,000,000
3,016,926
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
5,700,000
4,919,979
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
10,700,000
8,906,951
Senior
Secured
Note,
144A,
9%,
9/15/28
..................
United
States
3,500,000
3,654,665
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)
CSC
Holdings
LLC
,
Senior
Bond,
5.25%,
6/01/24
...........................
United
States
21,000,000
$
20,572,463
c
Senior
Note,
144A,
11.25%,
5/15/28
.....................
United
States
16,700,000
17,218,786
c,g
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Note,
144A,
6.625%,
8/15/27
.....................
United
States
11,300,000
593,250
Senior
Secured
Note,
144A,
5.375%,
8/15/26
..............
United
States
13,300,000
681,625
c
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
10,400,000
9,780,128
DISH
DBS
Corp.
,
Senior
Note,
5.875%,
11/15/24
.........................
United
States
9,700,000
9,103,912
c
Senior
Secured
Note,
144A,
5.75%,
12/01/28
..............
United
States
10,000,000
7,994,750
c
LCPR
Senior
Secured
Financing
DAC
,
Senior
Secured
Note
,
144A,
6.75
%
,
10/15/27
.....................................
United
States
3,990,000
3,912,055
c
News
Corp.
,
Senior
Note
,
144A,
3.875
%
,
5/15/29
.............
United
States
4,400,000
4,050,089
c
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Bond,
144A,
4.625%,
3/15/30
.....................
United
States
3,200,000
2,856,499
Senior
Note,
144A,
4.25%,
1/15/29
......................
United
States
8,000,000
7,226,680
Senior
Secured
Note,
144A,
7.375%,
2/15/31
..............
United
States
4,100,000
4,308,137
c
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
12,600,000
11,661,083
c
Univision
Communications,
Inc.
,
Senior
Secured
Note,
144A,
5.125%,
2/15/25
..............
United
States
684,000
682,040
Senior
Secured
Note,
144A,
4.5%,
5/01/29
................
United
States
4,000,000
3,573,531
124,713,549
Metals
&
Mining
1.7%
ATI,
Inc.
,
Senior
Note
,
7.25
%
,
8/15/30
......................
United
States
11,900,000
12,395,296
c
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
16,000,000
14,540,650
c
FMG
Resources
August
2006
Pty.
Ltd.
,
Senior
Bond
,
144A,
4.375
%
,
4/01/31
...........................................
Australia
9,500,000
8,702,891
c
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
......................
United
States
7,700,000
7,253,812
Senior
Bond,
144A,
3.875%,
8/15/31
.....................
United
States
2,200,000
1,941,905
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
1,600,000
1,507,302
46,341,856
Mortgage
Real
Estate
Investment
Trusts
(REITs)
1.0%
c
Apollo
Commercial
Real
Estate
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
6/15/29
................................
United
States
24,900,000
20,974,560
c
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
5,700,000
5,147,384
26,121,944
Oil,
Gas
&
Consumable
Fuels
12.4%
c
Antero
Resources
Corp.
,
Senior
Note,
144A,
7.625%,
2/01/29
.....................
United
States
4,422,000
4,541,535
Senior
Note,
144A,
5.375%,
3/01/30
.....................
United
States
4,300,000
4,126,498
c
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note
,
144A,
8.125
%
,
1/15/27
......................
United
States
7,400,000
7,277,715
Cheniere
Energy
Partners
LP
,
Senior
Note,
4.5%,
10/01/29
...........................
United
States
2,600,000
2,490,155
Senior
Note,
4%,
3/01/31
.............................
United
States
14,300,000
13,019,687
c
Chesapeake
Energy
Corp.
,
Senior
Note,
144A,
5.875%,
2/01/29
.....................
United
States
5,000,000
4,905,239
Senior
Note,
144A,
6.75%,
4/15/29
......................
United
States
13,300,000
13,437,961
c
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
11,200,000
11,526,480
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)
c
Civitas
Resources,
Inc.
,
Senior
Note,
144A,
8.375%,
7/01/28
.....................
United
States
12,800,000
$
13,378,496
Senior
Note,
144A,
8.75%,
7/01/31
......................
United
States
12,800,000
13,642,202
c
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
5,100,000
4,978,365
c
DT
Midstream,
Inc.
,
Senior
Bond,
144A,
4.375%,
6/15/31
.....................
United
States
3,900,000
3,522,828
Senior
Note,
144A,
4.125%,
6/15/29
.....................
United
States
5,600,000
5,158,515
c
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
27,800,000
27,843,611
Energy
Transfer
LP
,
Senior
Note,
5.75%,
4/01/25
...........................
United
States
9,900,000
9,910,147
c
Senior
Note,
144A,
8%,
4/01/29
........................
United
States
2,300,000
2,394,818
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
2,100,000
2,057,275
c
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
4,400,000
4,354,317
c
Senior
Note,
144A,
6.5%,
9/01/30
.......................
United
States
12,200,000
12,469,754
c
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
1,900,000
1,958,942
c
Harbour
Energy
plc
,
Senior
Note
,
144A,
5.5
%
,
10/15/26
........
United
Kingdom
14,800,000
14,481,134
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
5,000,000
4,838,201
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
4,300,000
4,142,602
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
2,400,000
2,320,357
Senior
Note,
144A,
6%,
4/15/30
........................
United
States
4,000,000
3,884,626
Senior
Note,
144A,
8.375%,
11/01/33
....................
United
States
5,100,000
5,411,024
c
Kinetik
Holdings
LP
,
Senior
Note,
144A,
6.625%,
12/15/28
....................
United
States
4,800,000
4,893,293
Senior
Note,
144A,
5.875%,
6/15/30
.....................
United
States
9,200,000
9,037,822
c
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/15/28
.....................
United
States
30,800,000
31,666,913
b,c,f,g
Murray
Energy
Corp.
,
Secured
Note
,
144A,
PIK,
12
%
,
4/15/24
...
United
States
18,564,500
—
c
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
,
Senior
Note
,
144A,
7.875
%
,
9/15/30
.....................................
United
States
2,800,000
2,854,838
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note,
6%,
4/15/27
.............................
United
States
4,800,000
4,813,565
Senior
Note,
4.5%,
5/15/29
............................
United
States
4,600,000
4,278,118
Senior
Note,
4.5%,
4/30/30
............................
United
States
5,000,000
4,634,261
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond,
144A,
4.125%,
8/15/31
..............
United
States
4,900,000
4,323,201
Senior
Secured
Note,
144A,
3.875%,
8/15/29
..............
United
States
5,900,000
5,359,853
Senior
Secured
Note,
144A,
6.25%,
1/15/30
...............
United
States
4,100,000
4,083,228
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note,
144A,
8.125%,
6/01/28
..............
United
States
12,900,000
13,039,410
Senior
Secured
Note,
144A,
9.5%,
2/01/29
................
United
States
3,100,000
3,282,255
Senior
Secured
Note,
144A,
8.375%,
6/01/31
..............
United
States
9,800,000
9,809,676
c
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
........
United
States
12,100,000
12,537,173
Vital
Energy,
Inc.
,
Senior
Note,
10.125%,
1/15/28
.........................
United
States
9,000,000
9,254,826
Senior
Note,
9.75%,
10/15/30
..........................
United
States
9,000,000
9,336,834
331,277,750
Paper
&
Forest
Products
0.2%
c
Glatfelter
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
...........
United
States
8,200,000
5,775,301
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)
Passenger
Airlines
1.3%
c
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note,
144A,
5.5%,
4/20/26
................
United
States
14,166,667
$
14,074,888
Senior
Secured
Note,
144A,
5.75%,
4/20/29
...............
United
States
2,000,000
1,951,815
c
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.75
%
,
10/20/28
.....................................
United
States
10,200,000
10,037,353
c
United
Airlines,
Inc.
,
Senior
Secured
Note,
144A,
4.375%,
4/15/26
..............
United
States
2,700,000
2,633,014
Senior
Secured
Note,
144A,
4.625%,
4/15/29
..............
United
States
5,500,000
5,149,542
33,846,612
Personal
Care
Products
0.9%
c
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
12,200,000
12,636,577
c
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
7/15/30
........
United
States
12,200,000
12,540,809
25,177,386
Pharmaceuticals
1.9%
c
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
6,021,000
5,875,623
c
Bausch
Health
Cos.,
Inc.
,
Secured
Note,
144A,
14%,
10/15/30
.....................
United
States
2,114,000
1,186,626
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
3,100,000
2,095,786
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
9,800,000
5,913,939
Senior
Secured
Note,
144A,
11%,
9/30/28
.................
United
States
7,692,000
5,611,160
c,g
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note,
144A,
9.5%,
7/31/27
......................
United
States
7,104,000
506,160
Senior
Note,
144A,
6%,
6/30/28
........................
United
States
4,473,000
318,701
c,g
Endo
Luxembourg
Finance
Co.
I
SARL
/
Endo
US,
Inc.
,
Senior
Secured
Note
,
144A,
6.125
%
,
4/01/29
....................
United
States
4,700,000
3,012,324
c,g
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
4/01/27
United
States
4,273,000
2,739,057
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note,
4.75%,
5/09/27
...........................
Israel
10,600,000
10,162,748
Senior
Note,
5.125%,
5/09/29
..........................
Israel
900,000
860,509
Senior
Note,
7.875%,
9/15/29
..........................
Israel
6,400,000
6,905,670
Senior
Note,
8.125%,
9/15/31
..........................
Israel
6,400,000
6,987,719
52,176,022
Real
Estate
Management
&
Development
1.2%
c
Five
Point
Operating
Co.
LP
/
Five
Point
Capital
Corp.
,
Senior
Note
,
144A,
7.875
%
,
11/15/25
...............................
United
States
13,900,000
13,774,136
c
Forestar
Group,
Inc.
,
Senior
Note
,
144A,
3.85
%
,
5/15/26
........
United
States
11,000,000
10,490,584
c
Greystar
Real
Estate
Partners
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/01/30
.....................................
United
States
8,800,000
9,229,880
33,494,600
Software
1.1%
c
Camelot
Finance
SA
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/01/26
.
United
States
14,600,000
14,264,860
c
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
9,400,000
8,597,113
c
Rocket
Software,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
........
United
States
6,700,000
5,836,136
28,698,109
Specialized
REITs
0.7%
c
Iron
Mountain,
Inc.
,
Senior
Bond,
144A,
5.625%,
7/15/32
.....................
United
States
6,400,000
6,073,698
Senior
Note,
144A,
7%,
2/15/29
........................
United
States
12,600,000
12,959,138
19,032,836
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)
Specialty
Retail
1.1%
c
Evergreen
Acqco
1
LP
/
TVI,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
4/26/28
.....................................
United
States
14,310,000
$
15,251,383
c
Michaels
Cos.,
Inc.
(The)
,
Senior
Note,
144A,
7.875%,
5/01/29
.....................
United
States
15,600,000
9,838,218
Senior
Secured
Note,
144A,
5.25%,
5/01/28
...............
United
States
4,200,000
3,323,586
c
Party
City
Corp.
,
Senior
Secured
Bond
,
144A,
10.821
%
,
(
6-month
USD
LIBOR
+
5
%
),
12/31/49
...........................
United
States
1,851,810
216,202
c
Victoria's
Secret
&
Co.
,
Senior
Note
,
144A,
4.625
%
,
7/15/29
.....
United
States
2,800,000
2,342,399
30,971,788
Textiles,
Apparel
&
Luxury
Goods
0.3%
c
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
8,600,000
8,435,275
Trading
Companies
&
Distributors
1.1%
c
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
....
United
States
15,400,000
15,863,540
c
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
10,900,000
9,919,223
c
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
4,600,000
4,731,284
30,514,047
Wireless
Telecommunication
Services
1.0%
c
Altice
France
Holding
SA
,
Senior
Note,
144A,
6%,
2/15/28
........................
Luxembourg
8,100,000
3,897,755
Senior
Secured
Note,
144A,
10.5%,
5/15/27
...............
Luxembourg
22,400,000
14,529,515
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
.................................
Bermuda
455,833
24,015
T-Mobile
USA,
Inc.
,
Senior
Note
,
2.625
%
,
2/15/29
.............
United
States
9,200,000
8,291,858
26,743,143
Total
Corporate
Bonds
(Cost
$2,643,608,225)
...................................
2,459,093,739
Senior
Floating
Rate
Interests
2.6%
h
Chemicals
1.1%
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
10.022%,
(3-month
SOFR
+
4.5%),
3/15/29
......................................
United
States
8,569,500
8,255,813
Second
Lien,
Initial
CME
Term
Loan,
12.893%,
(1-month
SOFR
+
7.438%),
3/15/30
....................................
United
States
9,279,070
7,875,611
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.807
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
12,936,250
12,428,243
28,559,667
a
a
a
a
a
a
Health
Care
Technology
0.4%
h
athenahealth
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.606
%
,
(
1-month
SOFR
+
3.25
%
),
2/15/29
..............................
United
States
11,503,295
11,468,785
Hotels,
Restaurants
&
Leisure
0.5%
h
Fertitta
Entertainment
LLC
,
Initial
CME
Term
Loan,
B
,
9.356
%
,
(
1-month
SOFR
+
4
%
),
1/27/29
.........................
United
States
12,870,750
12,892,888
h
Media
0.2%
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
9.145
%
,
(
3-month
SOFR
+
3.5
%
),
8/21/26
........................
United
States
2,931,472
2,906,423
g
Diamond
Sports
Group
LLC
,
First
Lien,
CME
Term
Loan
,
12.775
%
,
(
3-month
SOFR
+
8
%
),
5/25/26
.........................
United
States
2,644,257
2,003,025
4,909,448
a
a
a
a
a
a
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
17
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Software
0.4%
h
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.193
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
10,244,000
$
10,229,095
Total
Senior
Floating
Rate
Interests
(Cost
$70,247,752)
..........................
68,059,883
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
Alpha
Natural
Resources,
Inc.,
Escrow
Account
...............
United
States
25,000,000
—
a
Chesapeake
Energy
Corp.,
Escrow
Account
.................
United
States
13,700,000
274,000
Total
Escrows
and
Litigation
Trusts
(Cost
$450,961)
.............................
274,000
Total
Long
Term
Investments
(Cost
$2,759,257,673)
.............................
2,566,827,377
a
Short
Term
Investments
2.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.4%
i,j
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
....
United
States
63,699,921
63,699,921
Total
Money
Market
Funds
(Cost
$63,699,921)
..................................
63,699,921
Total
Short
Term
Investments
(Cost
$63,699,921
)
................................
63,699,921
a
Total
Investments
(Cost
$2,822,957,594)
98.2%
..................................
$2,630,527,298
Other
Assets,
less
Liabilities
1.8%
.............................................
50,098,806
Net
Assets
100.0%
...........................................................
$2,680,626,104
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2023,
the
aggregate
value
of
these
securities
was
$2,073,339,246,
representing
77.3%
of
net
assets.
d
Perpetual
security
with
no
stated
maturity
date.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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)
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
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
15
Quarterly
Schedule
of
Investments
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
December
31,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
December
31,
2023,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
December
31,
2023,
in
valuing
the
Fund's assets
carried
at
fair
value,
is
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
High
Income
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.034%
$49,084,957
$160,357,094
$(145,742,130)
$—
$—
$63,699,921
63,699,921
$1,014,860
Total
Affiliated
Securities
...
$49,084,957
$160,357,094
$(145,742,130)
$—
$—
$63,699,921
$1,014,860
2. Financial
Instrument
Valuation
(continued)
Franklin
High
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
16
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Independent
Power
and
Renewable
Electricity
Producers
..........................
$
17,263,616
$
11,961,984
$
—
$
29,225,600
Metals
&
Mining
.......................
1,472,946
—
—
1,472,946
Oil,
Gas
&
Consumable
Fuels
.............
1,446,026
7,191,656
—
8,637,682
Warrants
:
Oil,
Gas
&
Consumable
Fuels
.............
63,527
—
—
a
63,527
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
16,575,560
—
16,575,560
Automobile
Components
.................
—
67,865,159
—
67,865,159
Automobiles
..........................
—
21,660,771
—
21,660,771
Banks
...............................
—
15,168,750
—
15,168,750
Beverages
...........................
—
10,609,298
—
10,609,298
Building
Products
......................
—
77,713,895
—
77,713,895
Capital
Markets
........................
—
15,470,116
—
15,470,116
Chemicals
...........................
—
85,383,656
—
85,383,656
Commercial
Services
&
Supplies
...........
—
29,221,044
—
29,221,044
Communications
Equipment
..............
—
13,929,711
—
13,929,711
Construction
&
Engineering
...............
—
13,353,546
—
13,353,546
Construction
Materials
..................
—
2,983,358
—
2,983,358
Consumer
Finance
.....................
—
39,200,786
—
39,200,786
Consumer
Staples
Distribution
&
Retail
......
—
22,790,282
—
22,790,282
Containers
&
Packaging
.................
—
112,051,056
—
112,051,056
Distributors
...........................
—
13,432,021
—
13,432,021
Diversified
Consumer
Services
............
—
12,822,238
—
12,822,238
Diversified
REITs
......................
—
42,027,751
—
42,027,751
Diversified
Telecommunication
Services
.....
—
71,812,359
—
71,812,359
Electric
Utilities
........................
—
26,947,735
—
26,947,735
Electrical
Equipment
....................
—
43,832,178
—
43,832,178
Electronic
Equipment,
Instruments
&
Components
........................
—
8,459,187
—
8,459,187
Energy
Equipment
&
Services
.............
—
97,418,213
—
97,418,213
Entertainment
.........................
—
15,766,879
—
15,766,879
Financial
Services
......................
—
69,179,211
—
69,179,211
Food
Products
........................
—
28,694,451
—
28,694,451
Ground
Transportation
..................
—
26,890,583
—
26,890,583
Health
Care
Equipment
&
Supplies
.........
—
32,715,853
—
32,715,853
Health
Care
Providers
&
Services
..........
—
158,278,335
—
158,278,335
Health
Care
REITs
.....................
—
20,354,657
—
20,354,657
Hotel
&
Resort
REITs
...................
—
12,292,432
—
12,292,432
Hotels,
Restaurants
&
Leisure
.............
—
199,083,546
—
a
199,083,546
Household
Durables
....................
—
63,945,388
—
63,945,388
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
44,587,802
—
44,587,802
Insurance
............................
—
23,145,614
—
23,145,614
IT
Services
...........................
—
48,610,373
—
48,610,373
Machinery
............................
—
31,499,727
—
31,499,727
Media
...............................
—
124,713,549
—
124,713,549
Metals
&
Mining
.......................
—
46,341,856
—
46,341,856
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
26,121,944
—
26,121,944
Oil,
Gas
&
Consumable
Fuels
.............
—
331,277,750
—
331,277,750
Paper
&
Forest
Products
.................
—
5,775,301
—
5,775,301
Passenger
Airlines
.....................
—
33,846,612
—
33,846,612
Personal
Care
Products
.................
—
25,177,386
—
25,177,386
4. Fair
Value
Measurements
(continued)
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
High
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Pharmaceuticals
.......................
$
—
$
52,176,022
$
—
$
52,176,022
Real
Estate
Management
&
Development
....
—
33,494,600
—
33,494,600
Software
.............................
—
28,698,109
—
28,698,109
Specialized
REITs
......................
—
19,032,836
—
19,032,836
Specialty
Retail
........................
—
30,971,788
—
30,971,788
Textiles,
Apparel
&
Luxury
Goods
..........
—
8,435,275
—
8,435,275
Trading
Companies
&
Distributors
..........
—
30,514,047
—
30,514,047
Wireless
Telecommunication
Services
.......
—
26,743,143
—
26,743,143
Senior
Floating
Rate
Interests
...............
—
68,059,883
—
68,059,883
Escrows
and
Litigation
Trusts
...............
—
274,000
—
a
274,000
Short
Term
Investments
...................
63,699,921
—
—
63,699,921
Total
Investments
in
Securities
...........
$83,946,036
$2,546,581,262
$—
$2,630,527,298
a
Includes
financial
instruments
determined
to
have
no
value.
Currency
USD
United
States
Dollar
Selected
Portfolio
CME
Chicago
Mercantile
Exchange
FRN
Floating
Rate
Note
LIBOR
London
Interbank
Offered
Rate
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.