N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number_811-01608

Franklin High Income Trust
(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906
(Address of principal executive offices)           (Zip code)

_Craig S. Tyle, One Franklin Parkway, San Mateo, CA  94403-1906
(Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 5/31

Date of reporting period: 11/30/16

Item 1. Reports to Stockholders.

Contents
Semiannual Report
Franklin High Income Fund	3
Performance Summary	6
Your Fund’s Expenses	8
Financial Highlights and Statement of Investments	9
FinancialStatements	24
Notes to Financial Statements	28
Shareholder Information	39

Visit franklintempleton.com for fund updates, to access your account, or to find helpful financial planning tools.

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Franklin High Income Fund

We are pleased to bring you Franklin High Income Fund’s semiannual report for the period ended November 30, 2016.

Your Fund’s Goals and Main Investments

The Fund seeks a high level of current income, with a secondary goal of capital appreciation, by investing predominantly in high yield, lower rated debt securities and preferred stocks.

Performance Overview

The Fund’s Class A shares had a +9.00% cumulative total return for the six months under review. In comparison, the benchmark Credit Suisse (CS) High Yield Index, which tracks the high yield debt market, returned +7.38%.¹ The Fund’s peers had a +5.22% total return, as measured by the Lipper High Yield Funds Classification Average, which consists of funds chosen by Lipper that aim at high relative current yield from fixed income securities.² You can find more of the Fund’s performance data in the Performance Summary beginning on page 6.

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to franklintempleton.com or call (800) 342-5236.

Economic and Market Overview

The U.S. economy strengthened during the six months under review. The economy grew at a faster pace in 2016’s third quarter than in the second quarter, mainly due to personal consumption expenditures, exports, private inventory investment, federal government spending and nonresidential fixed investment. Manufacturing conditions remained volatile but generally expanded, and the services sector continued to grow. The unemployment rate declined from 4.7% in May to

*Includes common, convertible preferred stocks, escrows and litigation trusts as well as other equity investments.

4.6% at period-end.³ Monthly retail sales were volatile, but grew during most of the review period. Inflation, as measured by the Consumer Price Index, remained relatively subdued for most of the period, but rose during the second half.

The U.S. Federal Reserve (Fed) kept its target interest rate at 0.25–0.50% at its November meeting, while setting the stage for an interest rate hike in December. The Fed members generally agreed that it would be appropriate to raise the federal funds rate in the near term, as long as data continue to provide evidence of economic resilience.

The 10-year Treasury yield, which moves inversely to price, shifted throughout the period. It rose from 1.84% on May 31, 2016, to a period high of 2.37% on Nov 30, 2016. However, negative interest rates in Japan and Europe and central banks’ purchases of government bonds pushed down the Treasury yield during certain periods. The U.K.’s historic referendum to leave the European Union in June 2016 (also known as “Brexit”) also boosted safe haven buying by investors. The Treasury yield reached a period low of 1.37% in early July. The yield rose in October, due to positive economic data and signals from the Fed on the possibility of an increase in interest rates in the near term. Additionally, in November, the U.S. Treasury

1. Source: Credit Suisse Group.
2. Source: Lipper, a Thomson Reuters Company. For the six-month period ended 11/30/16, this category consisted of 692 funds. Lipper calculations do not include sales
charges or expense subsidization by a fund’s manager. Fund performance relative to the average may have differed if these or other factors had been considered.
The indexes are unmanaged and include reinvestment of any income or distributions. They do not reflect any fees, expenses or sales charges. One cannot invest directly in an
index, and an index is not representative of the Fund’s portfolio.
3. Source: Bureau of Labor Statistics.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund’s Statement of Investments (SOI).
The SOI begins on page 14.

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FRANKLIN HIGH INCOME FUND

yield further increased, amid a bond market selloff, based on investor expectations that possible expansionary fiscal policies under the new U.S. President Donald Trump could lead to a stronger economy and higher inflation.

Dividend Distributions*
6/1/16–11/30/16
		Dividend per Share (cents)
					Advisor
Month	Class A	Class C	Class R	Class R6	Class
June	0.93	0.85	0.87	0.99	0.95
July	0.93	0.85	0.87	0.99	0.95
August	0.93	0.85	0.87	0.99	0.95
September	0.93	0.85	0.87	0.97	0.95
October	0.83	0.75	0.77	0.87	0.85
November	0.83	0.75	0.77	0.87	0.85
Total	5.38	4.90	5.02	5.68	5.50

*The distribution amount is the sum of the dividend payments to shareholders for the period shown and includes only estimated tax-basis net investment income. All Fund distributions will vary depending upon current market conditions, and past distributions are not indicative of future trends.

Top 10 Holdings by Issuer*
11/30/16
Company	% of Total
Sector/Industry	Net Assets
Sprint Communications Inc.	2.5	%
Telecommunication Services
CIT Group Inc.	2.3	%
Banks
HCA Inc.	2.0	%
Health Care Equipment & Services
Navient Corp.	1.5	%
Diversified Financials
Valeant Pharmaceuticals International Inc.	1.5	%
Pharmaceuticals, Biotechnology & Life Sciences
First Data Corp.	1.4	%
Software & Services
T-Mobile USA Inc.	1.3	%
Telecommunication Services
CenturyLink Inc.	1.2	%
Telecommunication Services
CSC Holdings LLC	1.2	%
Media
Sabine Pass Liquefaction LLC	1.2	%
Energy
*Securities are listed by issuer, which may appear by another name in the SOI.

Investment Strategy

We are disciplined, fundamental investors who mainly rely on our analysts’ in-depth industry expertise to evaluate companies. We examine sectors and individual securities in detail. When evaluating an issuer’s creditworthiness, we consider the issuer’s experience, managerial strength, sensitivity to economic conditions, credit rating, and current and prospective financial condition.

Manager’s Discussion

Over the past six months, market volatility was largely driven by uncertainty surrounding potential U.S. Fed action, commodity prices, Britain’s vote to exit the European Union and the U.S. presidential election. In this environment, both fixed income and equity markets were significantly affected by the prevailing investor sentiment.

Focusing on the high yield corporate bond market, over the period we saw a reversal of the negative trend in commodity prices that was a significant headwind for performance for most of 2015 and the early months of 2016. Despite periods of global uncertainty surrounding Brexit and the U.S. election, high yield mutual fund flows ended the period flat. Overall, yield spreads to comparable Treasuries contracted from 6.5% to 5.2% by period-end.

Fundamentally, with the improvement in commodity prices over the period, earnings and credit quality trends for the energy and metals and mining sectors vastly improved from February levels. As we expected, with many commodity companies seeking to reduce debt on their balance sheets and strengthen liquidity in the face of lower cash flow and earnings prospects, energy and metals and mining sector defaults drove overall default rates to a peak high in August before reversing for the remainder of the period. The rebound in many commodity prices that occurred in late February created a positive trend that generally continued over the period and resulted in strong performance for the commodity sectors and the high yield market overall.

In other areas, the fundamental outlook for the remainder of the high yield corporate market continued to be supportive. Although spreads tightened over the last year for many non-commodity related issuers, given the prospect for more stable credit fundamentals, we still saw what we considered attractive relative value across many of these industries.

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FRANKLIN HIGH INCOME FUND

Outside of energy, our largest industry weightings at period-end were in the health care, telecommunication services and information technology sectors.⁴ However, given the Fund’s positioning in energy-related issuers, the Fund held a higher risk stance at period-end.

Looking at sectors that drove the Fund’s relative performance, the Fund’s heavier exposure to metals and mining was a significant contributor.⁵ Within our metals and mining exposure, we generally sought issuers that we assessed could weather a prolonged period of lower commodity price volatility. Many of the companies we owned implemented cost-cutting measures and refocused their efforts on core businesses. These efforts were successful, and commodity prices rebounded based on renewed investor optimism about global growth. The Fund’s allocation to the wireless industry also aided relative performance, as the market rewarded certain companies that were able to grow their subscription bases.⁶

Some of the Fund’s industry allocations marginally hurt relative performance during the period. For example, the Fund held overweighted exposures in the food, beverage, and tobacco and containers and packaging industries.⁷ As these industries are considered relatively defensive, the Fund’s heavier weighting in these industries detracted from relative performance as more speculative exposures generally outperformed over the period.

Thank you for your continued participation in Franklin High Income Fund. We look forward to serving your future investment needs.

The foregoing information reflects our analysis, opinions and portfolio holdings as of November 30, 2016, the end of the reporting period. The way we implement our main investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. These opinions may not be relied upon as investment advice or an offer for a particular security. The information is not a complete analysis of every aspect of any market, country, industry, security or the Fund. Statements of fact are from sources considered reliable, but the investment manager makes no representation or warranty as to their completeness or accuracy. Although historical performance is no guarantee of future results, these insights may help you understand our investment management philosophy.

4. The health care sector comprises health care equipment and services and pharmaceuticals, biotechnology and life sciences in the SOI. The information technology sector
comprises semiconductors and semiconductor equipment, software and services, technology hardware and equipment in the SOI.
5. Metals and mining is part of materials in the SOI.
6. Wireless is in telecommunication services in the SOI.
7. Containers and packaging is part of materials in the SOI.
See www.franklintempletondatasources.com for additional data provider information.

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FRANKLIN HIGH INCOME FUND

Performance Summary as of November 30, 2016

The performance tables do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain distributions, if any, or any realized gains on the sale of Fund shares. Total return reflects reinvestment of the Fund’s dividends and capital gain distributions, if any, and any unrealized gains or losses. Your dividend income will vary depending on dividends or interest paid by securities in the Fund’s portfolio, adjusted for operating expenses of each class. Capital gain distributions are net profits realized from the sale of portfolio securities.

Performance as of 11/30/16¹

Cumulative total return excludes sales charges. Average annual total return includes maximum sales charges. Sales charges will vary depending on the size of the investment and the class of share purchased. The maximum is 4.25% and the minimum is 0%. Class A: 4.25% maximum initial sales charge; Advisor Class: no sales charges. For other share classes, visit franklintempleton.com.

	Cumulative	Average Annual
Share Class	Total Return2		Total Return3
A
6-Month	+9.00%		+4.18%
1-Year	+12.08%		+7.16%
5-Year	+32.63%		+4.95%
10-Year	+78.07%		+5.50%
Advisor
6-Month	+8.44%		+8.44%
1-Year	+12.25%		+12.25%
5-Year	+33.54%		+5.96%
10-Year	+80.47%		+6.08%
		30-Day Standardized Yield5
	Distribution
Share Class	Rate4	(with waiver)	(without waiver)
A	5.21%	5.48%	5.48%
Advisor	5.57%	5.89%	5.89%

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to franklintempleton.com or call (800) 342-5236.

See page 7 for Performance Summary footnotes.

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PERFORMANCE SUMMARY

Net Asset Value
Share Class (Symbol)		11/30/16			5/31/16		Change
A (FHAIX)	$	1.83		$	1.73		+$0.10
C (FCHIX)	$	1.85		$	1.75		+$0.10
R (FHIRX)	$	1.86		$	1.76		+$0.10
R6 (FHRRX)	$	1.82		$	1.73		+$0.09
Advisor (FVHIX)	$	1.83		$	1.74		+$0.09
Distributions6 (6/1/16–11/30/16)
		Dividend
Share Class		Income
A	$	0.0538
C	$	0.0490
R	$	0.0502
R6	$	0.0568
Advisor	$	0.0550
Total Annual Operating Expenses7
Share Class		With Waiver			Without Waiver
A		0.78	%		0.79	%
Advisor		0.63	%		0.64	%

Each class of shares is available to certain eligible investors and has different annual fees and expenses, as described in the prospectus.

All investments involve risks, including possible loss of principal. The risks associated with higher yielding, lower rated securities include higher risk of default
and loss of principal. Changes in the financial strength of a bond issuer or in a bond’s credit rating may affect its value. In addition, interest rate movements will
affect the Fund’s share price and yield. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the Fund adjust to a rise
in interest rates, the Fund’s share price may decline. Investment in foreign securities also involves special risks, including currency fluctuations, and political and
economic uncertainty. The Fund is actively managed but there is no guarantee that the manager’s investment decisions will produce the desired results. The
Fund’s prospectus also includes a description of the main investment risks.

1. The Fund has a fee waiver associated with any investment in a Franklin Templeton money fund and/or other Franklin Templeton fund, as applicable, contractually guaranteed
through at least the Fund’s current fiscal year-end. Fund investment results reflect the fee waiver, to the extent applicable; without this reduction, the results would have been
lower.
2. Cumulative total return represents the change in value of an investment over the periods indicated.
3. Average annual total return represents the average annual change in value of an investment over the periods indicated. Return for less than one year, ifany,hasnotbeen
annualized.
4. Distribution rate is based on an annualization of the respective class’s November dividend and the maximum offering price (NAV for Advisor class) per share on 11/30/16.
5. The Fund’s 30-day standardized yield is calculated over a trailing 30-day period using the yield to maturity on bonds and/or the dividends accrued on stocks. It may not equal
the Fund’s actual income distribution rate, which reflects the Fund’s past dividends paid to shareholders.
6. The distribution amount is the sum of the dividend payments to shareholders for the period shown and includes only estimated tax-basis net investment income.
7. Figures are as stated in the Fund’s current prospectus and may differ from the expense ratios disclosed in the Your Fund’s Expenses and Financial Highlights sections in this
report. In periods of market volatility, assets may decline significantly, causing total annual Fund operating expenses to become higher than the figures shown.

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FRANKLIN HIGH INCOME FUND

Your Fund’s Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund purchases and redemptions; and (2) ongoing Fund costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. All mutual funds have ongoing costs, sometimes referred to as operating expenses. The table below shows ongoing costs of investing in the Fund and can help you understand these costs and compare them with those of other mutual funds. The table assumes a $1,000 investment held for the six months indicated.

Actual Fund Expenses

The table below provides information about actual account values and actual expenses in the columns under the heading “Actual.” In these columns the Fund’s actual return, which includes the effect of Fund expenses, is used to calculate the “Ending Account Value” for each class of shares. You can estimate the expenses you paid during the period by following these steps (of course, your account value and expenses will differ from those in this illustration): Divide your account value by $1,000 (if your account had an $8,600 value, then $8,600 ÷ $1,000 = 8.6). Then multiply the result by the number in the row for your class of shares under the headings “Actual” and “Expenses Paid During Period” (if Actual Expenses Paid During Period were $7.50, then 8.6 x $7.50 = $64.50). In this illustration, the actual expenses paid this period are $64.50.

Hypothetical Example for Comparison with Other Funds

Under the heading “Hypothetical” in the table, information is provided about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. This information may not be used to estimate the actual ending account balance or expenses you paid for the period, but it can help you compare ongoing costs of investing in the Fund with those of other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transactional costs. Therefore, information under the heading “Hypothetical” is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transactional costs were included, your total costs would have been higher.

						Actual		Hypothetical
				(actual return after expenses)				(5% annual return before expenses)
						Expenses				Expenses	Net
		Beginning		Ending		Paid During		Ending		Paid During	Annualized
Share		Account		Account		Period		Account		Period	Expense
Class		Value 6/1/16		Value 11/30/16		6/1/16–11/30/161,2		Value 11/30/16		6/1/16–11/30/161,2	Ratio2
A	$	1,000	$	1,090.00	$	4.14	$	1,021.11	$	4.00	0.79	%
C	$	1,000	$	1,086.10	$	6.75	$	1,018.60	$	6.53	1.29	%
R	$	1,000	$	1,086.30	$	5.96	$	1,019.35	$	5.77	1.14	%
R6	$	1,000	$	1,086.00	$	2.51	$	1,022.66	$	2.43	0.48	%
Advisor	$	1,000	$	1,084.40	$	3.34	$	1,021.86	$	3.24	0.64	%

1. Expenses are equal to the annualized expense ratio for the six-month period as indicated above–in the far right column–multiplied by the simple average account value
over the period indicated, and then multiplied by 183/365 to reflect the one-half year period.
2. Reflects expenses after fee waivers and expense reimbursements. Does not include acquired fund fees and expenses.

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Financial Highlights
Franklin High Income Fund
		Six Months Ended
		November 30, 2016						Year Ended May 31,
		(unaudited)			2016			2015			2014			2013			2012
Class A
Per share operating performance
(for a share outstanding throughout the
period)
Net asset value, beginning of period	$	1.73		$	2.01		$	2.15		$	2.12		$	1.97		$	2.05
Income from investment operationsa:
Net investment incomeb		0.05			0.11			0.12			0.13			0.13			0.14
Net realized and unrealized gains (losses)		0.10			(0.27	)		(0.14	)		0.03			0.16			(0.07	)
Total from investment operations		0.15			(0.16	)		(0.02	)		0.16			0.29			0.07
Less distributions from net investment income.		(0.05	)		(0.12	)		(0.12	)		(0.13	)		(0.14	)		(0.15	)
Net asset value, end of period	$	1.83		$	1.73		$	2.01		$	2.15		$	2.12		$	1.97
Total returnc		9.00	%		(8.08	)%		(0.83	)%		8.01	%		15.24	%		3.64	%
Ratios to average net assetsd
Expenses before waiver and payments by
affiliates		0.80	%		0.78	%		0.76	%		0.76	%		0.76	%		0.76	%
Expenses net of waiver and payments by
affiliatese		0.79	%		0.77	%		0.76	%f		0.76	%f		0.76	%		0.76	%
Net investment income		5.31	%		6.15	%		5.76	%		6.10	%		6.49	%		7.16	%
Supplemental data
Net assets, end of period (000’s)	$	2,775,161		$	2,745,474		$	3,611,985		$	4,058,942		$	3,920,619		$	2,979,160
Portfolio turnover rate.		18.39	%		18.58	%		34.67	%		29.33	%		28.89	%		22.52	%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and
repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
^bBased on average daily shares outstanding.
^cTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.
^dRatios are annualized for periods less than one year.
^eBenefit of expense reduction rounds to less than 0.01%.
^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

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FRANKLIN HIGH INCOME TRUST
FINANCIAL HIGHLIGHTS
Franklin High Income Fund (continued)
		Six Months Ended
		November 30, 2016						Year Ended May 31,
		(unaudited)			2016			2015			2014			2013			2012
Class C
Per share operating performance
(for a share outstanding throughout the
period)
Net asset value, beginning of period	$	1.75		$	2.03		$	2.17		$	2.13		$	1.99		$	2.07
Income from investment operationsa:
Net investment incomeb		0.04			0.10			0.11			0.12			0.13			0.13
Net realized and unrealized gains (losses)		0.11			(0.27	)		(0.14	)		0.04			0.14			(0.07	)
Total from investment operations		0.15			(0.17	)		(0.03	)		0.16			0.27			0.06
Less distributions from net investment income.		(0.05	)		(0.11	)		(0.11	)		(0.12	)		(0.13	)		(0.14	)
Net asset value, end of period	$	1.85		$	1.75		$	2.03		$	2.17		$	2.13		$	1.99
Total returnc		8.61	%		(8.46	)%		(1.32	)%		7.90	%		13.99	%		3.09	%
Ratios to average net assetsd
Expenses before waiver and payments by
affiliates		1.30	%		1.28	%		1.26	%		1.26	%		1.26	%		1.26	%
Expenses net of waiver and payments by
affiliatese		1.29	%		1.27	%		1.26	%f		1.26	%f		1.26	%		1.26	%
Net investment income		4.81	%		5.65	%		5.26	%		5.60	%		5.99	%		6.66	%
Supplemental data
Net assets, end of period (000’s)	$	569,062		$	563,218		$	784,613		$	907,458		$	814,757		$	580,850
Portfolio turnover rate.		18.39	%		18.58	%		34.67	%		29.33	%		28.89	%		22.52	%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and
repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
^bBased on average daily shares outstanding.
^cTotal return does not reflect sales commissions or contingent deferred sales charges, if applicable, and is not annualized for periods less than one year.
^dRatios are annualized for periods less than one year.
^eBenefit of expense reduction rounds to less than 0.01%.
^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

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FRANKLIN HIGH INCOME TRUST
FINANCIAL HIGHLIGHTS
Franklin High Income Fund (continued)
		Six Months Ended
		November 30, 2016						Year Ended May 31,
		(unaudited)			2016			2015			2014			2013			2012
Class R
Per share operating performance
(for a share outstanding throughout the
period)
Net asset value, beginning of period	$	1.76		$	2.04		$	2.18		$	2.14		$	2.00		$	2.08
Income from investment operationsa:
Net investment incomeb		0.05			0.10			0.11			0.12			0.13			0.14
Net realized and unrealized gains (losses)		0.10			(0.27	)		(0.14	)		0.04			0.14			(0.08	)
Total from investment operations		0.15			(0.17	)		(0.03	)		0.16			0.27			0.06
Less distributions from net investment income.		(0.05	)		(0.11	)		(0.11	)		(0.12	)		(0.13	)		(0.14	)
Net asset value, end of period	$	1.86		$	1.76		$	2.04		$	2.18		$	2.14		$	2.00
Total returnc		8.63	%		(8.27	)%		(1.16	)%		8.02	%		14.05	%		3.25	%
Ratios to average net assetsd
Expenses before waiver and payments by
affiliates		1.15	%		1.13	%		1.11	%		1.11	%		1.11	%		1.11	%
Expenses net of waiver and payments by
affiliatese		1.14	%		1.12	%		1.11	%f		1.11	%f		1.11	%		1.11	%
Net investment income		4.96	%		5.80	%		5.41	%		5.75	%		6.14	%		6.81	%
Supplemental data
Net assets, end of period (000’s)	$	202,480		$	227,440		$	323,397		$	363,756		$	335,335		$	263,425
Portfolio turnover rate.		18.39	%		18.58	%		34.67	%		29.33	%		28.89	%		22.52	%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and
repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
^bBased on average daily shares outstanding.
^cTotal return is not annualized for periods less than one year.
^dRatios are annualized for periods less than one year.
^eBenefit of expense reduction rounds to less than 0.01%.
^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

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FRANKLIN HIGH INCOME TRUST
FINANCIAL HIGHLIGHTS
Franklin High Income Fund (continued)
		Six Months Ended
		November 30, 2016						Year Ended May 31,
		(unaudited)			2016			2015			2014			2013	a
Class R6
Per share operating performance
(for a share outstanding throughout the period)
Net asset value, beginning of period	$	1.73		$	2.01		$	2.15		$	2.12		$	2.14
Income from investment operationsb:
Net investment incomec		0.05			0.11			0.12			0.13			0.01
Net realized and unrealized gains (losses)		0.10			(0.27	)		(0.13	)		0.04			(0.03	)
Total from investment operations		0.15			(0.16	)		(0.01	)		0.17			(0.02	)
Less distributions from net investment income		(0.06	)		(0.12	)		(0.13	)		(0.14	)		—
Net asset value, end of period	$	1.82		$	1.73		$	2.01		$	2.15		$	2.12
Total returnd		8.60	%		(7.78	)%		(0.57	)%		8.27	%		(0.93	)%
Ratios to average net assetse
Expenses before waiver and payments by affiliates		0.49	%		0.47	%		0.47	%		0.49	%		0.48	%
Expenses net of waiver and payments by affiliatesf		0.48	%		0.46	%		0.47	%g		0.49	%g		0.48	%
Net investment income		5.62	%		6.46	%		6.05	%		6.37	%		6.78	%
Supplemental data
Net assets, end of period (000’s)	$	28,503		$	37,872		$	81,133		$	35,633		$	298
Portfolio turnover rate		18.39	%		18.58	%		34.67	%		29.33	%		28.89	%

^aFor the period May 1, 2013 (effective date) to May 31, 2013.
^bThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and
repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
^cBased on average daily shares outstanding.
^dTotal return is not annualized for periods less than one year.
^eRatios are annualized for periods less than one year.
^fBenefit of expense reduction rounds to less than 0.01%.
^gBenefit of waiver and payments by affiliates rounds to less than 0.01%.

12 Semiannual Report | The accompanying notes are an integral part of these financial statements. franklintempleton.com

											FRANKLIN HIGH INCOME TRUST
											FINANCIAL HIGHLIGHTS
Franklin High Income Fund (continued)
		Six Months Ended
		November 30, 2016						Year Ended May 31,
		(unaudited)			2016			2015			2014			2013			2012
Advisor Class
Per share operating performance
(for a share outstanding throughout the
period)
Net asset value, beginning of period	$	1.74		$	2.01		$	2.15		$	2.12		$	1.98		$	2.06
Income from investment operationsa:
Net investment incomeb		0.05			0.11			0.12			0.13			0.14			0.14
Net realized and unrealized gains (losses)		0.10			(0.26	)		(0.14	)		0.04			0.14			(0.07	)
Total from investment operations		0.15			(0.15	)		(0.02	)		0.17			0.28			0.07
Less distributions from net investment income.		(0.06	)		(0.12	)		(0.12	)		(0.14	)		(0.14	)		(0.15	)
Net asset value, end of period	$	1.83		$	1.74		$	2.01		$	2.15		$	2.12		$	1.98
Total returnc		8.44	%		(7.39	)%		(0.69	)%		8.15	%		14.81	%		3.79	%
Ratios to average net assetsd
Expenses before waiver and payments by
affiliates		0.65	%		0.63	%		0.61	%		0.61	%		0.61	%		0.61	%
Expenses net of waiver and payments by
affiliatese		0.64	%		0.62	%		0.61	%f		0.61	%f		0.61	%		0.61	%
Net investment income		5.46	%		6.30	%		5.91	%		6.25	%		6.64	%		7.31	%
Supplemental data
Net assets, end of period (000’s)	$	412,173		$	526,634		$	1,443,439		$	1,720,196		$	1,275,166		$	857,927
Portfolio turnover rate.		18.39	%		18.58	%		34.67	%		29.33	%		28.89	%		22.52	%

^aThe amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and
repurchases of the Fund’s shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
^bBased on average daily shares outstanding.
^cTotal return is not annualized for periods less than one year.
^dRatios are annualized for periods less than one year.
^eBenefit of expense reduction rounds to less than 0.01%.
^fBenefit of waiver and payments by affiliates rounds to less than 0.01%.

franklintempleton.com The accompanying notes are an integral part of these financial statements. | Semiannual Report 13

FRANKLIN HIGH INCOME TRUST
Statement of Investments, November 30, 2016 (unaudited)
Franklin High Income Fund
			Shares/
	Country		Warrants		Value
Common Stocks and Other Equity Interests 1.7%
Consumer Services 0.0%†
Red Rock Resorts Inc., A	United States		5,447	$	124,845
Energy 1.4%
a,b,c Goodrich Petroleum Corp	United States		1,069,250		9,455,356
a,b,c Goodrich Petroleum Corp., wts., 10/12/26.	United States		515,625		4,554,505
a,d Halcon Resources Corp	United States		1,889,580		15,755,713
a Halcon Resources Corp., wts., 9/09/20.	United States		145,844		363,152
a Midstates Petroleum Co. Inc	United States		11,378		229,267
a,c Midstates Petroleum Co. Inc., wts., 4/21/20	United States		80,604		—
a Penn Virginia Corp	United States		138,170		5,941,310
a,e Penn Virginia Corp., 144A	United States		172,624		7,422,832
a,b Titan Energy LLC	United States		289,137		6,650,151
a W&T Offshore Inc	United States		3,404,000		5,752,760
					56,125,046
Materials 0.0%†
a Verso Corp., A	United States		83,362		445,987
a Verso Corp., wts., 7/25/23	United States		8,775		—
					445,987
Transportation 0.0%†
a,c CEVA Holdings LLC.	United States		3,364		420,527
Utilities 0.3%
a Vistra Energy Corp	United States		856,299		11,945,371
Total Common Stocks and Other Equity Interests
(Cost $178,207,813)					69,061,776
Convertible Preferred Stocks 0.0%†
Transportation 0.0%†
a,c CEVA Holdings LLC, cvt. pfd., A-1	United States		134		45,560
a,c CEVA Holdings LLC, cvt. pfd., A-2	United States		7,283		1,638,589
Total Convertible Preferred Stocks (Cost $11,036,794)					1,684,149
			Principal
			Amount*
Convertible Bonds (Cost $5,425,783) 0.2%
Energy 0.2%
b,c,f Goodrich Petroleum Corp., senior secured note, second lien, PIK, cvt., 13.50%,
8/30/19	United States	$	8,250,000		8,104,126
Corporate Bonds 92.7%
Automobiles & Components 1.4%
Fiat Chrysler Automobiles NV, senior note, 5.25%, 4/15/23.	United Kingdom		17,500,000		17,424,225
The Goodyear Tire & Rubber Co.,
senior bond, 5.00%, 5/31/26	United States		9,400,000		9,353,000
senior note, 5.125%, 11/15/23	United States		15,000,000		15,393,750
e International Automotive Components Group SA, senior secured note, 144A,
9.125%, 6/01/18	United States		14,000,000		12,705,000
					54,875,975

14 Semiannual Report

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FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Banks 4.1%
g Bank of America Corp., junior sub. bond, M, 8.125% to 5/15/18, FRN thereafter,
Perpetual	United States	$	42,500,000	$	43,350,000
CIT Group Inc.,
senior note, 5.375%, 5/15/20	United States		12,000,000		12,720,000
senior note, 5.00%, 8/15/22	United States		33,650,000		35,122,188
g Citigroup Inc., junior sub. bond, M, 6.30% to 5/15/24, FRN thereafter, Perpetual	United States		45,000,000		44,550,000
g JPMorgan Chase & Co.,
junior sub. bond, R, 6.00% to 8/01/23, FRN thereafter, Perpetual	United States		5,000,000		4,987,500
junior sub. bond, V, 5.00% to 7/30/19, FRN thereafter, Perpetual	United States		9,900,000		9,649,530
Royal Bank of Scotland Group PLC,
sub. note, 6.125%, 12/15/22	United Kingdom		4,000,000		4,144,960
sub. note, 5.125%, 5/28/24	United Kingdom		10,000,000		9,721,850
					164,246,028
Capital Goods 3.8%
e CBC Ammo LLC/CBC FinCo Inc., senior note, 144A, 7.25%, 11/15/21.	Brazil		24,000,000		23,640,000
e Cloud Crane LLC, secured note, second lien, 144A, 10.125%, 8/01/24	United States		6,100,000		6,481,250
CNH Industrial Capital LLC, senior note, 3.875%, 10/15/21	United States		30,000,000		29,475,000
e Cortes NP Acquisition Corp., senior note, 144A, 9.25%, 10/15/24	United States		36,500,000		37,138,750
e HD Supply Inc., senior note, 144A, 5.75%, 4/15/24	United States		9,500,000		9,737,500
Navistar International Corp., senior bond, 8.25%, 11/01/21.	United States		13,500,000		13,567,500
TransDigm Inc.,
senior sub. bond, 6.50%, 7/15/24	United States		8,000,000		8,330,000
senior sub. bond, 6.50%, 5/15/25	United States		4,200,000		4,341,750
e senior sub. bond, 144A, 6.375%, 6/15/26	United States		8,200,000		8,384,500
senior sub. note, 6.00%, 7/15/22	United States		9,400,000		9,711,610
					150,807,860
Commercial & Professional Services 1.4%
e Acosta Inc., senior note, 144A, 7.75%, 10/01/22	United States		29,000,000		24,142,500
c,h Goss Graphic Systems Inc., senior sub. note, 12.25%, 11/19/05	United States		9,053,899		905
United Rentals North America Inc.,
senior bond, 5.75%, 11/15/24	United States		14,000,000		14,560,000
senior bond, 5.875%, 9/15/26	United States		9,600,000		9,864,000
senior bond, 5.50%, 5/15/27	United States		7,100,000		7,082,250
					55,649,655
Consumer Durables & Apparel 3.6%
e Hanesbrands Inc., senior note, 144A, 4.625%, 5/15/24	United States		26,300,000		26,431,500
KB Home,
senior bond, 7.50%, 9/15/22	United States		23,000,000		24,610,000
senior note, 7.00%, 12/15/21	United States		10,000,000		10,637,500
PulteGroup Inc., senior bond, 5.00%, 1/15/27	United States		33,600,000		31,752,000
e Taylor Morrison Communities Inc./Monarch Communities Inc.,
senior note, 144A, 5.875%, 4/15/23	United States		12,500,000		12,656,250
senior note, 144A, 5.625%, 3/01/24	United States		25,000,000		25,312,500
Toll Brothers Finance Corp., senior bond, 5.625%, 1/15/24	United States		12,000,000		12,420,000
					143,819,750
Consumer Services 5.0%
e 1011778 BC ULC/New Red Finance Inc., secured note, second lien, 144A, 6.00%,
4/01/22	Canada		23,500,000		24,557,500
e 24 Hour Holdings III LLC, senior note, 144A, 8.00%, 6/01/22	United States		30,000,000		25,200,000
e,h Fontainebleau Las Vegas, senior secured bond, first lien, 144A, 11.00%, 6/15/15	United States		20,000,000		3,000

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Semiannual Report 15

FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Consumer Services (continued)
GLP Capital LP/GLP Financing II Inc., senior note, 5.375%, 4/15/26	United States	$	11,500,000	$	11,787,500
e International Game Technology PLC,
senior secured bond, 144A, 6.50%, 2/15/25	United States		24,000,000		25,500,000
senior secured note, 144A, 6.25%, 2/15/22	United States		17,000,000		18,126,250
e KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
senior note, 144A, 5.00%, 6/01/24	United States		15,600,000		15,795,000
senior note, 144A, 5.25%, 6/01/26	United States		17,700,000		17,832,750
e ROC Finance LLC/ROC Finance 1 Corp., senior secured note, first lien, 144A,
6.75%, 11/15/21	United States		20,100,000		20,200,500
e Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., senior bond, 144A, 5.50%,
3/01/25	United States		20,000,000		19,775,000
e Wynn Macau Ltd., senior note, 144A, 5.25%, 10/15/21	Macau		21,500,000		21,688,125
					200,465,625
Diversified Financials 2.9%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust,
senior note, 4.625%, 10/30/20	Netherlands		5,800,000		6,046,877
senior note, 5.00%, 10/01/21	Netherlands		15,000,000		15,834,750
senior note, 4.625%, 7/01/22	Netherlands		13,400,000		13,861,161
E*TRADE Financial Corp., senior note, 4.625%, 9/15/23	United States		10,000,000		10,165,170
e MSCI Inc., senior note, 144A, 4.75%, 8/01/26	United States		9,700,000		9,506,000
Navient Corp.,
senior note, 4.875%, 6/17/19	United States		4,000,000		4,120,000
senior note, 5.00%, 10/26/20	United States		12,500,000		12,640,625
senior note, 5.875%, 3/25/21	United States		5,000,000		5,162,500
senior note, 6.625%, 7/26/21	United States		9,500,000		9,939,375
senior note, 7.25%, 9/25/23	United States		27,780,000		28,196,700
					115,473,158
Energy 12.1%
e,h Alpha Natural Resources Inc., second lien, 144A, 7.50%, 8/01/20	United States		25,000,000		1,312,500
h BreitBurn Energy Partners LP/BreitBurn Finance Corp., senior bond, 7.875%,
4/15/22	United States		33,800,000		22,899,500
California Resources Corp.,
e secured note, second lien, 144A, 8.00%, 12/15/22	United States		19,782,000		16,023,420
senior bond, 6.00%, 11/15/24	United States		850,000		527,000
senior note, 5.50%, 9/15/21	United States		411,000		267,150
Calumet Specialty Products Partners LP/Calumet Finance Corp.,
senior note, 7.75%, 4/15/23	United States		30,100,000		24,230,500
e senior note, 144A, 11.50%, 1/15/21	United States		6,800,000		7,769,000
CGG SA,
senior note, 6.50%, 6/01/21	France		17,100,000		7,182,000
senior note, 6.875%, 1/15/22	France		12,700,000		5,397,500
h,i Chaparral Energy Inc.,
senior bond, 8.25%, 9/01/21	United States		10,000,000		8,350,000
senior bond, 7.625%, 11/15/22	United States		6,700,000		5,577,750
senior note, 9.875%, 10/01/20	United States		4,500,000		3,735,000
h,i CHC Helicopter SA,
senior note, 9.375%, 6/01/21	Canada		10,000,000		3,000,000
senior secured note, first lien, 9.25%, 10/15/20	Canada		37,800,000		17,907,750

16 Semiannual Report

franklintempleton.com

FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Energy (continued)
e Cheniere Corpus Christi Holdings LLC, senior secured note, 144A, 7.00%, 6/30/24	United States	$	15,600,000	$	16,779,672
CONSOL Energy Inc., senior note, 8.00%, 4/01/23	United States		25,000,000		25,625,000
Crestwood Midstream Partners LP/Crestwood Midstrean Finance Corp., senior note,
6.25%, 4/01/23	United States		17,000,000		17,340,000
CSI Compressco LP/CSI Compressco Finance Inc., senior note, 7.25%, 8/15/22	United States		12,900,000		11,932,500
Energy Transfer Equity LP,
senior note, first lien, 7.50%, 10/15/20	United States		6,500,000		7,296,250
senior secured bond, first lien, 5.875%, 1/15/24	United States		15,000,000		15,562,500
senior secured bond, first lien, 5.50%, 6/01/27.	United States		17,900,000		17,620,402
h Energy XXI Gulf Coast Inc.,
senior note, 9.25%, 12/15/17	United States		26,000,000		3,510,000
e senior secured note, second lien, 144A, 11.00%, 3/15/20	United States		10,000,000		5,237,500
e,f,i EnQuest PLC, 144A, PIK, 7.00%, 4/15/22	United Kingdom		20,845,600		13,341,184
h EPL Oil & Gas Inc., senior note, 8.25%, 2/15/18	United States		20,000,000		3,300,000
Ferrellgas LP/Ferrellgas Finance Corp., senior note, 6.75%, 6/15/23	United States		32,000,000		29,920,000
e,h Linn Energy LLC/Finance Corp., senior secured note, second lien, 144A, 12.00%,
12/15/20	United States		11,845,000		8,024,987
Martin Midstream Partners LP/Martin Midstream Finance Corp., senior note, 7.25%,
2/15/21	United States		17,000,000		16,575,000
Memorial Production Partners LP/Memorial Production Finance Corp.,
senior note, 7.625%, 5/01/21	United States		12,400,000		4,557,000
senior note, 6.875%, 8/01/22	United States		8,000,000		2,870,000
e Murray Energy Corp., secured note, second lien, 144A, 11.25%, 4/15/21	United States		24,500,000		17,517,500
QEP Resources Inc., senior bond, 5.375%, 10/01/22	United States		14,000,000		13,720,000
Sabine Pass Liquefaction LLC,
first lien, 5.625%, 2/01/21	United States		22,000,000		23,485,000
first lien, 5.625%, 4/15/23	United States		13,300,000		14,031,500
senior secured note, first lien, 5.625%, 3/01/25	United States		10,000,000		10,462,500
Sanchez Energy Corp.,
senior note, 7.75%, 6/15/21	United States		7,000,000		6,685,000
senior note, 6.125%, 1/15/23	United States		8,000,000		7,040,000
e,h Triangle USA Petroleum Corp., senior note, 144A, 6.75%, 7/15/22	United States		20,000,000		5,000,000
e,f W&T Offshore Inc.,
second lien, 144A, PIK, 10.75%, 5/15/20	United States		9,182,750		6,307,844
senior secured note, third lien, 144A, PIK, 8.50%, 6/15/21	United States		8,000,000		3,831,659
Weatherford International Ltd.,
senior note, 5.125%, 9/15/20	United States		5,300,000		4,862,750
senior note, 7.75%, 6/15/21	United States		10,000,000		9,812,500
senior note, 4.50%, 4/15/22	United States		8,500,000		7,437,500
senior note, 8.25%, 6/15/23	United States		19,600,000		19,232,500
WPX Energy Inc., senior note, 6.00%, 1/15/22	United States		10,000,000		10,296,900
					483,394,218
Food, Beverage & Tobacco 3.1%
e Dole Food Co. Inc., senior secured note, 144A, 7.25%, 5/01/19	United States		7,900,000		7,998,750
e JBS USA LLC/Finance Inc.,
senior bond, 144A, 5.875%, 7/15/24	United States		17,100,000		17,100,000
senior note, 144A, 8.25%, 2/01/20	United States		15,000,000		15,450,000
senior note, 144A, 7.25%, 6/01/21	United States		10,000,000		10,375,000
e Lamb Weston Holdings Inc.,
senior note, 144A, 4.625%, 11/01/24	United States		13,900,000		13,900,000
senior note, 144A, 4.875%, 11/01/26	United States		13,800,000		13,765,500

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Semiannual Report 17

FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Food, Beverage & Tobacco (continued)
e Post Holdings Inc.,
senior bond, 144A, 5.00%, 8/15/26.	United States	$	33,000,000	$	31,383,000
senior note, 144A, 6.75%, 12/01/21	United States		14,000,000		14,945,000
					124,917,250
Health Care Equipment & Services 5.3%
Alere Inc., senior sub. note, 6.50%, 6/15/20	United States		6,300,000		6,300,000
CHS/Community Health Systems Inc.,
senior note, 8.00%, 11/15/19	United States		20,000,000		15,850,000
senior note, 7.125%, 7/15/20	United States		13,300,000		9,443,000
senior note, 6.875%, 2/01/22	United States		4,600,000		3,093,500
senior secured note, 5.125%, 8/01/21.	United States		4,100,000		3,718,188
senior secured note, first lien, 5.125%, 8/15/18	United States		502,000		489,500
HCA Inc.,
senior bond, 5.875%, 5/01/23	United States		40,000,000		41,200,000
senior bond, 5.375%, 2/01/25	United States		7,000,000		6,860,000
senior secured bond, first lien, 5.25%, 4/15/25.	United States		11,000,000		11,110,000
senior secured note, first lien, 5.00%, 3/15/24	United States		20,000,000		20,100,000
e MPH Acquisition Holdings LLC, senior note, 144A, 7.125%, 6/01/24	United States		17,400,000		18,335,250
e,j New Amethyst Corp., senior note, 144A, 6.25%, 12/01/24	United States		10,300,000		10,686,250
Tenet Healthcare Corp.,
first lien, 6.00%, 10/01/20	United States		6,700,000		6,829,812
senior note, 5.00%, 3/01/19	United States		10,700,000		10,245,250
senior note, 8.125%, 4/01/22	United States		20,000,000		18,350,000
senior note, 6.75%, 6/15/23	United States		13,700,000		11,747,750
e Vizient Inc., senior note, 144A, 10.375%, 3/01/24	United States		16,800,000		18,186,000
					212,544,500
Materials 11.9%
e,f ARD Finance SA, senior secured note, 144A, PIK, 7.125%, 9/15/23	Luxembourg		14,000,000		13,947,500
e Ardagh Packaging Finance PLC/Ardagh MP Holdings USA Inc.,
senior note, 144A, 6.00%, 6/30/21	Luxembourg		7,000,000		7,087,500
k senior secured note, 144A, FRN, 3.85%, 12/15/19	Luxembourg		4,700,000		4,794,000
e Axalta Coating Systems LLC, senior note, 144A, 4.875%, 8/15/24.	United States		9,600,000		9,576,000
e Barminco Finance Pty. Ltd., senior note, 144A, 9.00%, 6/01/18	Australia		27,500,000		27,810,750
e Cemex Finance LLC, senior secured note, first lien, 144A, 6.00%, 4/01/24	Mexico		5,800,000		5,805,017
e Cemex SAB de CV,
first lien, 144A, 5.70%, 1/11/25	Mexico		30,000,000		29,240,400
senior secured bond, first lien, 144A, 6.125%, 5/05/25	Mexico		7,000,000		6,934,690
The Chemours Co.,
senior bond, 7.00%, 5/15/25	United States		8,500,000		8,415,000
senior note, 6.625%, 5/15/23	United States		17,000,000		16,872,500
e CVR Partners LP/CVR Nitrogen Finance Corp., secured note, second lien, 144A,
9.25%, 6/15/23	United States		22,000,000		21,862,500
e Eldorado Gold Corp., senior note, 144A, 6.125%, 12/15/20	Canada		21,700,000		21,971,250
e First Quantum Minerals Ltd.,
senior note, 144A, 6.75%, 2/15/20	Canada		20,000,000		19,875,000
senior note, 144A, 7.00%, 2/15/21	Canada		20,000,000		19,825,000
e FMG Resources (August 2006) Pty. Ltd., senior secured note, 144A, 9.75%,
3/01/22	Australia		18,000,000		20,807,100
e Novelis Corp.,
senior bond, 144A, 5.875%, 9/30/26	United States		15,700,000		15,719,625
senior note, 144A, 6.25%, 8/15/24	United States		16,000,000		16,600,000

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FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Materials (continued)
e Owens-Brockway Glass Container Inc.,
senior note, 144A, 5.00%, 1/15/22	United States	$	13,000,000	$	13,308,750
senior note, 144A, 5.875%, 8/15/23	United States		10,000,000		10,468,750
e Platform Specialty Products Corp.,
senior note, 144A, 10.375%, 5/01/21	United States		7,400,000		8,103,000
senior note, 144A, 6.50%, 2/01/22	United States		25,000,000		24,812,500
e Rain CII Carbon LLC/CII Carbon Corp., second lien, 144A, 8.25%, 1/15/21	United States		18,700,000		18,139,000
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer
Luxembourg SA,
first lien, 5.75%, 10/15/20	United States		16,000,000		16,480,000
e first lien, 144A, 5.125%, 7/15/23	United States		7,200,000		7,281,000
senior note, 8.25%, 2/15/21	United States		6,935,868		7,164,814
e,k senior secured note, first lien, 144A, FRN, 4.38%, 7/15/21	United States		5,300,000		5,425,875
e Sealed Air Corp., senior bond, 144A, 5.50%, 9/15/25.	United States		18,000,000		18,630,000
Steel Dynamics Inc.,
senior bond, 5.50%, 10/01/24	United States		15,000,000		15,900,000
e,j senior bond, 144A, 5.00%, 12/15/26	United States		10,000,000		10,075,000
senior note, 5.125%, 10/01/21	United States		8,500,000		8,903,750
Summit Materials LLC/Summit Materials Finance Corp., senior note, 8.50%,
4/15/22	United States		26,300,000		29,094,375
e Univar USA Inc., senior note, 144A, 6.75%, 7/15/23	United States		11,500,000		11,758,750
					472,689,396
Media 9.8%
e Altice U.S. Finance I Corp., senior secured bond, 144A, 5.50%, 5/15/26.	United States		23,550,000		23,343,937
AMC Networks Inc., senior note, 5.00%, 4/01/24	United States		22,800,000		22,942,500
CCO Holdings LLC/CCO Holdings Capital Corp.,
senior bond, 5.25%, 9/30/22	United States		5,000,000		5,200,000
senior bond, 5.125%, 2/15/23	United States		10,000,000		10,300,000
e senior bond, 144A, 5.375%, 5/01/25	United States		12,000,000		12,225,000
e senior bond, 144A, 5.75%, 2/15/26.	United States		13,200,000		13,596,000
Clear Channel Worldwide Holdings Inc.,
senior note, 6.50%, 11/15/22	United States		3,500,000		3,447,500
senior note, 6.50%, 11/15/22	United States		6,500,000		6,589,375
senior sub. note, 7.625%, 3/15/20	United States		1,650,000		1,551,000
senior sub. note, 7.625%, 3/15/20	United States		14,000,000		13,860,000
CSC Holdings LLC,
e senior bond, 144A, 10.875%, 10/15/25	United States		8,600,000		10,019,000
e senior bond, 144A, 5.50%, 4/15/27.	United States		8,000,000		7,960,000
senior note, 6.75%, 11/15/21	United States		5,000,000		5,268,750
senior note, 5.25%, 6/01/24	United States		28,000,000		26,317,200
DISH DBS Corp.,
senior bond, 5.00%, 3/15/23	United States		5,000,000		4,950,000
senior note, 5.875%, 7/15/22	United States		20,000,000		20,750,000
senior note, 5.875%, 11/15/24	United States		17,500,000		17,806,250
Gannett Co. Inc., senior bond, 6.375%, 10/15/23.	United States		10,000,000		10,556,300
iHeartCommunications Inc.,
senior secured bond, first lien, 9.00%, 3/01/21.	United States		33,000,000		24,461,250
senior secured note, first lien, 9.00%, 9/15/22	United States		15,000,000		10,968,750

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Semiannual Report 19

FRANKLIN HIGH INCOME TRUST
STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Media (continued)
e Nextstar Escrow Corp., senior note, 144A, 5.625%, 8/01/24	United States	$	11,600,000	$	11,513,000
e Radio One Inc., senior sub. note, 144A, 9.25%, 2/15/20	United States		19,000,000		17,100,000
e Unitymedia KabelBW GmbH, senior bond, 144A, 6.125%, 1/15/25	Germany		23,500,000		23,940,625
e Univision Communications Inc.,
senior secured note, first lien, 144A, 5.125%, 5/15/23.	United States		5,000,000		4,837,500
senior secured note, first lien, 144A, 5.125%, 2/15/25.	United States		16,000,000		15,220,000
e Virgin Media Secured Finance PLC,
senior secured bond, 144A, 5.25%, 1/15/26	United Kingdom		20,000,000		19,500,000
senior secured bond, first lien, 144A, 5.50%, 1/15/25	United Kingdom		17,000,000		17,148,750
senior secured bond, first lien, 144A, 5.50%, 8/15/26	United Kingdom		7,300,000		7,135,750
e WMG Acquisition Corp.,
secured note, first lien, 144A, 5.00%, 8/01/23	United States		8,500,000		8,521,250
secured note, 144A, 4.875%, 11/01/24	United States		13,300,000		13,233,500
					390,263,187
Pharmaceuticals, Biotechnology & Life Sciences 4.4%
e AMAG Pharmaceuticals Inc., senior note, 144A, 7.875%, 9/01/23	United States		29,000,000		27,695,000
e Concordia International Corp.,
senior note, 144A, 7.00%, 4/15/23	Canada		24,000,000		9,240,000
senior secured note, first lien, 144A, 9.00%, 4/01/22	Canada		11,000,000		10,161,250
e Endo Finance LLC/Endo Ltd./Endo Finco Inc.,
senior bond, 144A, 6.00%, 2/01/25.	United States		28,400,000		24,388,500
senior note, 144A, 6.00%, 7/15/23	United States		16,200,000		14,499,000
Horizon Pharma Inc., senior note, 6.625%, 5/01/23	United States		24,000,000		22,680,000
e Horizon Pharma Inc./Horizon Pharma USA Inc., senior note, 144A, 8.75%,
11/01/24	United States		7,300,000		7,437,240
e Valeant Pharmaceuticals International, senior note, 144A, 6.375%, 10/15/20	United States		36,000,000		30,600,000
e Valeant Pharmaceuticals International Inc.,
senior bond, 144A, 6.125%, 4/15/25	United States		12,500,000		9,281,250
senior note, 144A, 7.50%, 7/15/21	United States		10,000,000		8,487,500
senior note, 144A, 5.625%, 12/01/21	United States		15,000,000		11,625,000
					176,094,740
Real Estate 0.9%
e Crescent Communities LLC/Crescent Ventures Inc., secured note, 144A, 8.875%,
10/15/21	United States		15,000,000		14,925,000
Equinix Inc., senior bond, 5.375%, 4/01/23	United States		14,000,000		14,437,500
MPT Operating Partnership LP/MPT Finance Corp., senior bond, 5.25%, 8/01/26	United States		7,700,000		7,238,000
					36,600,500
Retailing 1.4%
Netflix Inc.,
senior bond, 5.875%, 2/15/25	United States		10,000,000		10,726,100
e senior bond, 144A, 4.375%, 11/15/26	United States		15,700,000		15,307,657
senior note, 5.50%, 2/15/22	United States		14,200,000		15,265,000
e PetSmart Inc., senior note, 144A, 7.125%, 3/15/23	United States		12,700,000		13,033,375
					54,332,132
Semiconductors & Semiconductor Equipment 0.4%
Qorvo Inc., senior note, 6.75%, 12/01/23	United States		15,800,000		17,103,500

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FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Software & Services 3.4%
e BMC Software Finance Inc., senior note, 144A, 8.125%, 7/15/21	United States	$	45,000,000	$	40,725,000
e First Data Corp.,
second lien, 144A, 5.75%, 1/15/24	United States		30,000,000		30,487,500
secured note, first lien, 144A, 5.00%, 1/15/24	United States		10,000,000		10,125,000
senior note, 144A, 7.00%, 12/01/23	United States		14,000,000		14,691,320
Infor (U.S.) Inc., senior note, 6.50%, 5/15/22	United States		39,000,000		40,365,000
					136,393,820
Technology Hardware & Equipment 3.3%
e Blackboard Inc., second lien, 144A, 9.75%, 10/15/21.	United States		24,410,000		24,043,850
e CommScope Inc.,
senior bond, 144A, 5.50%, 6/15/24.	United States		7,000,000		7,191,450
senior note, 144A, 5.00%, 6/15/21	United States		15,000,000		15,243,750
e CommScope Technologies Finance LLC, senior bond, 144A, 6.00%, 6/15/25	United States		10,200,000		10,671,750
e Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
senior note, 144A, 5.875%, 6/15/21	United States		4,500,000		4,744,121
senior note, 144A, 7.125%, 6/15/24	United States		4,900,000		5,353,956
senior secured bond, first lien, 144A, 5.45%, 6/15/23	United States		7,000,000		7,304,059
senior secured bond, first lien, 144A, 6.02%, 6/15/26	United States		5,400,000		5,664,335
e Plantronics Inc., senior note, 144A, 5.50%, 5/31/23	United States		11,000,000		11,055,000
e Western Digital Corp., senior note, 144A, 10.50%, 4/01/24	United States		33,250,000		38,570,000
					129,842,271
Telecommunication Services 9.2%
CenturyLink Inc.,
senior bond, 6.75%, 12/01/23	United States		6,300,000		6,323,625
senior bond, 5.625%, 4/01/25	United States		17,800,000		16,643,000
senior note, 5.80%, 3/15/22	United States		27,000,000		26,763,750
e Digicel Group Ltd., senior note, 144A, 8.25%, 9/30/20	Bermuda		15,000,000		12,639,150
e Digicel Ltd.,
senior note, 144A, 6.00%, 4/15/21	Bermuda		22,000,000		19,096,990
senior note, 144A, 6.75%, 3/01/23	Bermuda		8,100,000		7,013,790
e Hughes Satellite Systems Corp., senior bond, 144A, 6.625%, 8/01/26	United States		27,350,000		26,392,750
Intelsat Jackson Holdings SA,
senior bond, 5.50%, 8/01/23	Luxembourg		15,000,000		9,900,000
senior note, 7.25%, 10/15/20	Luxembourg		10,000,000		7,337,500
senior note, 7.50%, 4/01/21	Luxembourg		12,000,000		8,752,440
e senior secured note, first lien, 144A, 8.00%, 2/15/24	Luxembourg		8,400,000		8,526,000
e Millicom International Cellular SA, senior note, 144A, 6.625%, 10/15/21	Luxembourg		30,000,000		31,762,500
Sprint Communications Inc.,
senior note, 6.00%, 11/15/22	United States		12,500,000		12,093,750
e senior note, 144A, 9.00%, 11/15/18	United States		10,700,000		11,770,000
e senior note, 144A, 7.00%, 3/01/20	United States		9,800,000		10,565,576
Sprint Corp., senior note, 7.625%, 2/15/25	United States		20,000,000		20,375,000
e Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC, 144A, 3.36%, 9/20/21	United States		46,300,000		46,531,500
T-Mobile USA Inc.,
senior bond, 6.375%, 3/01/25	United States		22,400,000		23,996,000
senior note, 6.633%, 4/28/21	United States		9,000,000		9,416,250
senior note, 6.731%, 4/28/22	United States		9,000,000		9,426,150
senior note, 6.00%, 4/15/24	United States		8,500,000		8,946,250

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Semiannual Report 21

FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)
			Principal
	Country		Amount*		Value
Corporate Bonds (continued)
Telecommunication Services (continued)
e Wind Acquisition Finance SA,
secured note, second lien, 144A, 7.375%, 4/23/21	Italy	$	17,000,000	$	17,450,840
senior secured note, first lien, 144A, 4.75%, 7/15/20	Italy		15,000,000		15,075,000
					366,797,811
Transportation 1.0%
e Florida East Coast Holdings Corp.,
secured note, first lien, 144A, 6.75%, 5/01/19	United States		15,000,000		15,525,000
senior note, 144A, 9.75%, 5/01/20	United States		9,300,000		9,509,250
e Stena International SA, senior secured bond, first lien, 144A, 5.75%, 3/01/24.	Sweden		8,400,000		6,905,430
e XPO Logistics Inc., senior note, 144A, 6.125%, 9/01/23	United States		6,800,000		6,970,000
					38,909,680
Utilities 4.3%
Calpine Corp.,
senior bond, 5.75%, 1/15/25	United States		15,400,000		14,764,750
senior note, 5.375%, 1/15/23	United States		18,300,000		17,758,503
e senior secured bond, first lien, 144A, 5.875%, 1/15/24	United States		5,000,000		5,256,250
Dynegy Inc.,
senior bond, 7.625%, 11/01/24	United States		3,000,000		2,775,000
e senior note, 144A, 8.00%, 1/15/25	United States		38,700,000		35,700,750
e InterGen NV, secured bond, 144A, 7.00%, 6/30/23	Netherlands		43,000,000		37,195,000
NRG Yield Operating LLC,
senior bond, 5.375%, 8/15/24	United States		16,000,000		16,000,000
e senior bond, 144A, 5.00%, 9/15/26.	United States		19,000,000		18,050,000
Talen Energy Supply LLC, senior bond, 6.50%, 6/01/25	United States		29,650,000		23,571,750
					171,072,003
Total Corporate Bonds (Cost $3,944,329,247)					3,696,293,059
			Shares
Escrows and Litigation Trusts 0.1%
a,c Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC, Litigation Trust	United States		25,000,000		—
a,c NewPage Corp., Litigation Trust	United States		30,000,000		—
a Penn Virginia Corp., Litigation Trust	United States		25,000,000		625,000
a,c Vistra Energy Corp., Litigation Trust	United States		50,000,000		580,000
a Vistra Energy Corp., Litigation Trust, TRA.	United States		856,299		1,584,154
Total Escrows and Litigation Trusts (Cost $4,425,428)					2,789,154
Total Investments before Short Term Investments
(Cost $4,143,425,065)					3,777,932,264
Short Term Investments (Cost $87,372,106) 2.2%
Money Market Funds 2.2%
a,l Institutional Fiduciary Trust Money Market Portfolio	United States		87,372,106		87,372,106
Total Investments (Cost $4,230,797,171) 96.9%					3,865,304,370
Other Assets, less Liabilities 3.1%					122,075,529
Net Assets 100.0%				$	3,987,379,899

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FRANKLIN HIGH INCOME TRUST

STATEMENT OF INVESTMENTS (UNAUDITED)

Franklin High Income Fund (continued)

See Abbreviations on page 38.

^†Rounds to less than 0.1% of net assets.
*The principal amount is stated in U.S. dollars unless otherwise indicated.
^aNon-income producing.
^bSee Note 9 regarding holdings of 5% voting securities.
^cSecurity has been deemed illiquid because it may not be able to be sold within seven days. At November 30, 2016, the aggregate value of these securities was $24,799,568,
representing 0.6% of net assets.
^dSee Note 8 regarding restricted securities.
^eSecurity was purchased pursuant to Rule 144A under the Securities Act of 1933 and 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. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At
November 30, 2016, the aggregate value of these securities was $2,005,147,631, representing 50.3% of net assets.
^fIncome may be received in additional securities and/or cash.
^gPerpetual security with no stated maturity date.
^hSee Note 7 regarding defaulted securities.
ⁱAt November 30, 2016, pursuant to the Fund’s policies and the requirements of applicable securities law, the Fund is restricted from trading these securities at period end.
^jSecurity purchased on a when-issued basis. See Note 1(c).
^kThe coupon rate shown represents the rate at period end.
^lSee Note 3(f) regarding investments in affiliated management investment companies.

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FRANKLIN HIGH INCOME TRUST

Financial Statements

Statement of Assets and Liabilities

November 30, 2016 (unaudited)

Franklin High Income Fund
Assets:
Investments in securities:
Cost - Unaffiliated issuers	$	4,116,501,616
Cost - Non-controlled affiliates (Note 3f and 9)		114,295,555
Total cost of investments	$	4,230,797,171
Value - Unaffiliated issuers	$	3,749,168,126
Value - Non-controlled affiliates (Note 3f and 9)		116,136,244
Total value of investments		3,865,304,370
Receivables:
Investment securities sold		89,552,236
Capital shares sold		3,782,195
Dividends and interest		61,175,470
Other assets		647
Total assets		4,019,814,918
Liabilities:
Payables:
Investment securities purchased		20,300,000
Capital shares redeemed		8,191,679
Management fees		1,496,990
Distribution fees		728,950
Transfer agent fees		1,596,955
Accrued expenses and other liabilities.		120,445
Total liabilities		32,435,019
Net assets, at value	$	3,987,379,899
Net assets consist of:
Paid-in capital	$	5,005,771,925
Distributions in excess of net investment income		(42,491,219	)
Net unrealized appreciation (depreciation)		(365,492,801	)
Accumulated net realized gain (loss)		(610,408,006	)
Net assets, at value	$	3,987,379,899

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FRANKLIN HIGH INCOME TRUST
FINANCIAL STATEMENTS

Statement of Assets and Liabilities (continued) November 30, 2016 (unaudited)

Franklin High Income Fund
Class A:
Net assets, at value	$	2,775,161,174
Shares outstanding.		1,519,257,784
Net asset value per sharea	$	1.83
Maximum offering price per share (net asset value per share ÷ 95.75%)	$	1.91
Class C:
Net assets, at value	$	569,061,709
Shares outstanding.		308,147,196
Net asset value and maximum offering price per sharea	$	1.85
Class R:
Net assets, at value	$	202,480,370
Shares outstanding.		109,039,649
Net asset value and maximum offering price per share	$	1.86
Class R6:
Net assets, at value	$	28,503,381
Shares outstanding.		15,627,078
Net asset value and maximum offering price per share	$	1.82
Advisor Class:
Net assets, at value	$	412,173,265
Shares outstanding.		225,324,646
Net asset value and maximum offering price per share	$	1.83

^aRedemption price is equal to net asset value less contingent deferred sales charges, if applicable.

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FRANKLIN HIGH INCOME TRUST

FINANCIAL STATEMENTS

Statement of Operations
for the six months ended November 30, 2016 (unaudited)
Franklin High Income Fund
Investment income:
Dividends	$	1,090
Interest		126,307,586
Total investment income		126,308,676
Expenses:
Management fees (Note 3a)		9,410,020
Distribution fees: (Note 3c)
Class A		2,127,767
Class C		1,872,263
Class R		551,438
Transfer agent fees: (Note 3e)
Class A		2,397,457
Class C		486,834
Class R		186,433
Class R6		904
Advisor Class		394,104
Custodian fees (Note 4)		16,341
Reports to shareholders		253,840
Registration and filing fees.		95,744
Professional fees		42,254
Trustees’ fees and expenses		57,173
Other		54,697
Total expenses		17,947,269
Expense reductions (Note 4)		(1,017	)
Expenses waived/paid by affiliates (Note 3f)		(202,210	)
Net expenses		17,744,042
Net investment income.		108,564,634
Realized and unrealized gains (losses):
Net realized gain (loss) from investments.		(159,031,196	)
Net change in unrealized appreciation (depreciation) on investments		386,090,835
Net realized and unrealized gain (loss)		227,059,639
Net increase (decrease) in net assets resulting from operations	$	335,624,273

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FRANKLIN HIGH INCOME TRUST

FINANCIAL STATEMENTS

Statements of Changes in Net Assets
Franklin High Income Fund
		Six Months Ended
		November 30, 2016			Year Ended
		(unaudited)			May 31, 2016
Increase (decrease) in net assets:
Operations:
Net investment income	$	108,564,634		$	302,417,476
Net realized gain (loss)		(159,031,196	)		(260,352,334	)
Net change in unrealized appreciation (depreciation)		386,090,835			(582,466,954	)
Net increase (decrease) in net assets resulting from operations.		335,624,273			(540,401,812	)
Distributions to shareholders from:
Net investment income:
Class A		(84,671,912	)		(196,387,440	)
Class C		(15,496,207	)		(37,669,773	)
Class R		(6,098,252	)		(15,883,866	)
Class R6		(1,008,177	)		(5,740,383	)
Advisor Class		(14,693,596	)		(71,494,798	)
Total distributions to shareholders		(121,968,144	)		(327,176,260	)
Capital share transactions: (Note 2)
Class A		(115,759,764	)		(371,973,419	)
Class C		(23,985,075	)		(115,394,251	)
Class R		(36,712,095	)		(52,516,497	)
Class R6		(11,131,311	)		(28,454,518	)
Advisor Class		(139,325,970	)		(708,012,083	)
Total capital share transactions		(326,914,215	)		(1,276,350,768	)
Net increase (decrease) in net assets.		(113,258,086	)		(2,143,928,840	)
Net assets:
Beginning of period		4,100,637,985			6,244,566,825
End of period	$	3,987,379,899		$	4,100,637,985
Distributions in excess of net investment income included in net assets:
End of period	$	(42,491,219	)	$	(29,087,709	)

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FRANKLIN HIGH INCOME TRUST

Notes to Financial Statements (unaudited)

Franklin High Income Fund

1. Organization and Significant Accounting Policies

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) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Fund offers five classes of shares: Class A, Class C, Class R, Class R6 and Advisor Class. Each class of shares differs by its initial sales load, contingent deferred sales charges, voting rights on matters affecting a single class, its exchange privilege and fees primarily due to differing arrangements for distribution and transfer agent fees.

The following summarizes the Fund’s significant accounting policies.

a. 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 as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading. Under compliance policies and procedures approved by the Trust’s Board of Trustees (the Board), the Fund’s administrator has responsibility for oversight of valuation, including leading the cross-functional Valuation Committee (VC). The VC provides administration and oversight of the Fund’s valuation policies and procedures, which are approved annually by the Board. Among other things, these procedures allow the Fund to 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 VC convenes on a regular basis to review such financial instruments and considers a number of factors, including significant unobservable valuation inputs, when arriving at fair value. The VC primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, 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. The VC employs various methods for calibrating these valuation approaches including a regular review of key inputs and assumptions, transactional back-testing or disposition analysis, and reviews of any related market activity.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

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. Occasionally, events 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 minimize the potential for these differences, the VC monitors price movements following the close of trading in foreign stock markets through a series of country specific market proxies (such as baskets of American Depositary Receipts, futures contracts and exchange traded funds). These price movements are measured against established trigger thresholds for each specific market proxy to assist in determining if an event has occurred that may call into question the reliability of the values of the foreign securities held by the Fund. If such an event occurs, the securities may be valued using fair value procedures, which may include the use of independent pricing services.

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 significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

b. Foreign Currency Translation

Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. The Fund may enter into foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of securities, income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. Portfolio securities and assets and liabilities denominated in foreign currencies contain risks that those currencies will decline in value relative to the U.S. dollar. Occasionally, events may impact the availability or reliability of foreign exchange rates used to convert the U.S. dollar equivalent value. If such an event occurs, the foreign exchange rate will be valued at fair value using procedures established and approved by the Board.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.

c. Securities Purchased on a When-Issued Basis

The Fund purchases securities on a when-issued basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of holding the securities, it may sell the securities before the settlement date. Sufficient assets have been segregated for these securities.

d. Income and Deferred Taxes

It is the Fund’s policy to qualify as a regulated investment company under the Internal Revenue Code. The Fund intends to distribute to shareholders substantially all of its taxable income and net realized gains to relieve it from federal income and excise taxes. As a result, no provision for U.S. federal income taxes is required.

The Fund may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which it invests. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests. When a capital gain tax is determined

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FRANKLIN HIGH INCOME TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

1. Organization and Significant Accounting

Policies (continued)

d. Income and Deferred Taxes (continued)

to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

The Fund may recognize an income tax liability related to its uncertain tax positions under U.S. GAAP when the uncertain tax position has a less than 50% probability that it will be sustained upon examination by the tax authorities based on its technical merits. As of November 30, 2016, the Fund has determined that no tax liability is required in its financial statements related to uncertain tax positions for any open tax years (or expected to be taken in future tax years). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitation.

e. Security Transactions, Investment Income, Expenses and Distributions

Security transactions are accounted for on trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income and estimated expenses are accrued daily. Amortization of premium and accretion of discount on debt securities are included in interest income. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Fund. Distributions to shareholders are recorded on the ex-dividend date and are determined according to income tax regulations (tax basis). Distributable earnings determined on a tax basis may differ from earnings recorded in accordance with U.S. GAAP. These differences may be permanent or temporary. Permanent differences are reclassified among capital accounts to reflect their tax character. These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods.

Realized and unrealized gains and losses and net investment income, not including class specific expenses, are allocated daily to each class of shares based upon the relative proportion of net assets of each class. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

f. Accounting Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

g. Guarantees and Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified by the Trust against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust, on behalf of the Fund, enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. Currently, the Trust expects the risk of loss to be remote.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

2. Shares of Beneficial Interest

At November 30, 2016, there were an unlimited number of shares authorized (without par value). Transactions in the Fund’s shares were as follows:

	Six Months Ended					Year Ended
	November 30, 2016					May 31, 2016
	Shares			Amount		Shares			Amount
Class A Shares:
Shares sold.	130,372,642		$	234,794,316		232,082,060		$	407,227,817
Shares issued in reinvestment of distributions	41,288,757			73,852,229		96,519,961			169,759,447
Shares redeemed	(234,827,569	)		(424,406,309	)	(545,004,523	)		(948,960,683	)
Net increase (decrease)	(63,166,170	)	$	(115,759,764	)	(216,402,502	)	$	(371,973,419	)
Class C Shares:
Shares sold.	22,704,654		$	41,421,271		47,124,945		$	83,649,903
Shares issued in reinvestment of distributions	7,700,366			13,925,060		18,780,833			33,427,912
Shares redeemed	(43,530,743	)		(79,331,406	)	(131,612,385	)		(232,472,066	)
Net increase (decrease)	(13,125,723	)	$	(23,985,075	)	(65,706,607	)	$	(115,394,251	)
Class R Shares:
Shares sold.	9,600,999		$	17,572,371		21,581,566		$	38,340,205
Shares issued in reinvestment of distributions	3,290,548			5,978,937		8,701,004			15,562,381
Shares redeemed	(32,902,999	)		(60,263,403	)	(59,943,422	)		(106,419,083	)
Net increase (decrease)	(20,011,452	)	$	(36,712,095	)	(29,660,852	)	$	(52,516,497	)
Class R6 Shares:
Shares sold.	3,621,952		$	6,479,182		24,911,032		$	45,401,397
Shares issued in reinvestment of distributions	505,980			901,960		2,820,782			4,933,796
Shares redeemed	(10,361,888	)		(18,512,453	)	(46,285,536	)		(78,789,711	)
Net increase (decrease)	(6,233,956	)	$	(11,131,311	)	(18,553,722	)	$	(28,454,518	)
Advisor Class Shares:
Shares sold.	80,346,130		$	145,684,409		166,577,476		$	293,777,629
Shares issued in reinvestment of distributions	7,283,149			13,014,363		37,828,081			67,014,914
Shares redeemed	(165,460,836	)		(298,024,742	)	(619,178,033	)		(1,068,804,626	)
Net increase (decrease)	(77,831,557	)	$	(139,325,970	)	(414,772,476	)	$	(708,012,083	)

3. Transactions with Affiliates

Franklin Resources, Inc. is the holding company for various subsidiaries that together are referred to as Franklin Templeton Investments. Certain officers and trustees of the Fund are also officers, and/or directors of the following subsidiaries:

Subsidiary	Affiliation
Franklin Advisers, Inc. (Advisers)	Investment manager
Franklin Templeton Services, LLC (FT Services)	Administrative manager
Franklin Templeton Distributors, Inc. (Distributors)	Principal underwriter
Franklin Templeton Investor Services, LLC (Investor Services)	Transfer agent

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FRANKLIN HIGH INCOME TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

3. Transactions with Affiliates (continued)

a. Management Fees

The Fund pays an investment management fee to Advisers based on the month-end net assets of the Fund as follows:

Annualized Fee Rate	Net Assets
0.625%	Up to and including $100 million
0.500%	Over $100 million, up to and including $250 million
0.450%	Over $250 million, up to and including $7.5 billion
0.440%	Over $7.5 billion, up to and including $10 billion
0.430%	Over $10 billion, up to and including $12.5 billion
0.420%	Over $12.5 billion, up to and including $15 billion
0.400%	Over $15 billion, up to and including $17.5 billion
0.380%	Over $17.5 billion, up to and including $20 billion
0.360%	Over $20 billion, up to and including $35 billion
0.355%	Over $35 billion, up to and including $50 billion
0.350%	In excess of $50 billion

For the period ended November 30, 2016, the annualized effective investment management fee rate was 0.455% of the Fund’s average daily net assets.

b. Administrative Fees

Under an agreement with Advisers, FT Services provides administrative services to the Fund. The fee is paid by Advisers based on the Fund’s average daily net assets, and is not an additional expense of the Fund.

c. Distribution Fees

The Board has adopted distribution plans for each share class, with the exception of Class R6 and Advisor Class shares, pursuant Rule 12b-1 under the 1940 Act. Under the Fund’s Class A reimbursement distribution plan, the Fund reimburses Distributors for costs incurred in connection with the servicing, sale and distribution of the Fund’s shares up to the maximum annual plan rate. Under the Class A reimbursement distribution plan, costs exceeding the maximum for the current plan year cannot be reimbursed subsequent periods. In addition, under the Fund’s Class C and R compensation distribution plans, the Fund pays Distributors for costs incurred in connection with the servicing, sale and distribution of the Fund’s shares up to the maximum annual plan rate for each class. The plan year, for purposes of monitoring compliance with the maximum annual plan rates, is February 1 through January 31.

The maximum annual plan rates, based on the average daily net assets, for each class, are as follows:

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

d. Sales Charges/Underwriting Agreements

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. These charges are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. Distributors has advised the Fund of the following commission transactions related to the sales and redemptions of the Fund’s shares for the period:

e. Transfer Agent Fees

Each class of shares, except for Class R6, pays transfer agent fees to Investor Services for its performance of shareholder servicing obligations and reimburses Investor Services for out of pocket expenses incurred, including shareholder servicing fees paid to third parties. These fees are allocated daily based upon their relative proportion of such classes’ aggregate net assets. Class R6 pays Investor Services transfer agent fees specific to that class.

For the period ended November 30, 2016, the Fund paid transfer agent fees of $3,465,732 of which $1,236,515 was retained by Investor Services.

f. Investments in Affiliated Management Investment Companies

The Fund invests in one or more affiliated management investment companies for purposes other than exercising a controlling influence over the management or policies. Management fees paid by the Fund are waived on assets invested in the affiliated management investment companies, as noted in the Statement of Operations, in an amount not to exceed the management and administrative fees paid directly or indirectly by each affiliate. Prior to June 1, 2013, the waiver was accounted for as a reduction to management fees. During the period ended November 30, 2016, the Fund held investments in affiliated management investment companies as follows:

										% of
										Affiliated
	Number of				Number of					Fund Shares
	Shares Held				Shares		Value			Outstanding
	at Beginning	Gross	Gross		Held at End		at End	Investment	Realized	Held at End
	of Period	Additions	Reductions		of Period		of Period	Income	Gain (Loss)	of Period
Non-Controlled Affiliates
Institutional Fiduciary Trust Money
Market Portfolio	142,510,253	720,303,959	(775,442,106	)	87,372,106	$	87,372,106	$-	$-	0.6	%

g. Waiver and Expense Reimbursements

Investor Services has contractually agreed in advance to waive or limit its fees so that the Class R6 transfer agent fees do not exceed 0.01% until September 30, 2017. There were no Class R6 transfer agent fees waived during the period ended November 30, 2016.

4. Expense Offset Arrangement

The Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund’s custodian expenses. During the period ended November 30, 2016, the custodian fees were reduced as noted in the Statement of Operations.

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FRANKLIN HIGH INCOME TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

5. Income Taxes

For tax purposes, capital losses may be carried over to offset future capital gains. Capital loss carryforwards with no expiration, if any, must be fully utilized before those losses with expiration dates.

At May 31, 2016, capital loss carryforwards were as follows:

Capital loss carryforwards subject to expiration:
2017	$	15,010,359
2018		146,834,317
Capital loss carryforwards not subject to expiration:
Short term		7,119,352
Long term		282,477,044
Total capital loss carryforwards	$	451,441,072

At November 30, 2016, the cost of investments and net unrealized appreciation (depreciation) for income tax purposes were as follows:

Cost of investments.	$	4,241,443,975
Unrealized appreciation	$	93,323,453
Unrealized depreciation		(469,463,058	)
Net unrealized appreciation (depreciation)	$	(376,139,605	)

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to differing treatments of defaulted securities and bond discounts and premiums.

6. Investment Transactions

Purchases and sales of investments (excluding short term securities) for the period ended November 30, 2016, aggregated $725,718,251 and $1,088,116,463, respectively.

7. Credit Risk and Defaulted Securities

At November 30, 2016, the Fund had 94.4% of its portfolio invested in high yield, or other securities rated below investment grade and unrated securities, if any. These securities may be more sensitive to economic conditions causing greater price volatility and are potentially subject to a greater risk of loss due to default than higher rated securities.

The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. At November 30, 2016,the aggregate value of these securities was $87,858,892, representing 2.2% of the Fund’s net assets. The Fund discontinues accruing income on securities for which income has been deemed uncollectible and provides an estimate for losses on interest receivable. The securities have been identified in the accompanying Statement of Investments.

8. Restricted Securities

The Fund invests in securities that are restricted under the Securities Act of 1933 (1933 Act) or which are subject to legal, contractual, or other agreed upon restrictions on resale. Restricted securities are often purchased in private placement transactions, and cannot be sold without prior registration unless the sale is pursuant to an exemption under the 1933 Act. Disposal of these securities may require greater effort and expense, and prompt sale at an acceptable price may be difficult. The Fund may have registration rights for restricted securities. The issuer generally incurs all registration costs.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

At November 30, 2016, the Fund held investments in restricted securities, excluding certain securities exempt from registration under the 1933 Act deemed to be liquid, as follows:

		Acquisition
Shares	Issuer	Date		Cost		Value
1,889,580	a Halcon Resources Corp. (Value is 0.4% of Net Assets)	6/29/12 - 11/24/15	$	48,519,782	$	15,755,713

^aThe Fund also invests in unrestricted securities or other investments in the issuer, valued at $363,152 as of November 30, 2016.

9. Holdings of 5% Voting Securities of Portfolio Companies

The Investment Company Act of 1940/1940 Act defines "affiliated companies" to include investments in portfolio companies in which a fund owns 5% or more of the outstanding voting securities. During the period ended November 30, 2016, the Fund held investments in “affiliated companies” as follows:

	Number of			Number of
	Shares/			Shares/
	Principal			Principal
	Amount Held			Amount		Value at				Realized
	at Beginning	Gross	Gross	Held at End		End of		Investment		Gain
Name of Issuer	of Period	Additions	Reductions	of Period		Period		Income		(Loss)
Non-Controlled Affiliates
Goodrich Petroleum Corp	—	1,069,250	—	1,069,250	$	9,455,356	$	—	$	—
Goodrich Petroleum Corp., senior
secured note, second lien, PIK, cvt.,
13.50%, 8/30/19	—	8,250,000	—	8,250,000		8,104,126		—		—
Goodrich Petroleum Corp., wts.,
10/12/26	—	515,625	—	515,625		4,554,505		—		—
Titan Energy LLC	—	289,137	—	289,137		6,650,151		—		—
Total Non-Controlled Affiliates (Value is 0.7% of Net Assets)					$	28,764,138	$	—	$	—

10. Credit Facility

The Fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers), managed by Franklin Templeton Investments, are borrowers in a joint syndicated senior unsecured credit facility totaling $2 billion (Global Credit Facility) which matures on February 10, 2017. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in other expenses in the Statement of Operations. During the period ended November 30, 2016, the Fund did not use the Global Credit Facility.

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)

11. 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.

For movements between the levels within the fair value hierarchy, the Fund has adopted a policy of recognizing the transfers as of the date of the underlying event which caused the movement.

A summary of inputs used as of November 30, 2016, in valuing the Fund’s assets carried at fair value, is as follows:

		Level 1		Level 2		Level 3			Total
Assets:
Investments in Securities:
Equity Investments:a
Energy.	$	18,936,640	$	7,422,832	$	29,765,574	b	$	56,125,046
Transportation		—		—		2,104,676			2,104,676
All Other Equity Investmentsc		12,516,203		—b		—			12,516,203
Convertible Bonds		—		—		8,104,126			8,104,126
Corporate Bonds		—		3,696,289,154		3,905			3,696,293,059
Escrows and Litigation Trusts		—		1,584,154		1,205,000	b		2,789,154
Short Term Investments		87,372,106		—		—			87,372,106
Total Investments in Securities	$	118,824,949	$	3,705,296,140	$	41,183,281		$	3,865,304,370

^aIncludes common and convertible preferred stocks as well as other equity investments.
^bIncludes securities determined to have no value at November 30, 2016.
^cFor detailed categories, see the accompanying Statement of Investments.

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3
financial instruments at the end of the period. At November 30, 2016, the reconciliation of assets is as follows:

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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Franklin High Income Fund (continued)
																							Net Change in
																							Unrealized
																							Appreciation
														Net			Net						(Depreciation)
		Balance at						Transfers		Transfer				Realized			Unrealized			Balance			on Assets
		Beginning of						Into		Out of		Cost Basis		Gain			Appreciation			at End			Held at
		Period		Purchases		Sales		Level 3a		Level 3b		Adjustments		(Loss)			(Depreciation)			of Period			Period End
Assets:
Investments in Securities:
Equity Investments:c
Consumer Services	$	93,331		$–		$ – $		–	$	(123,483	)	$–		$ –		$	30,152			$ –		$	–
Energy		–		–		–		35,070,570		–		–		–			(5,304,996	)		29,765,574	d		(5,304,996	)
Transportation		3,796,744		–		–		–		–		–		–			(1,692,068	)		2,104,676			(1,692,068	)
Convertible Bonds		–		–		–		8,250,000		–		–		–			(145,874	)		8,104,126			(145,874	)
Corporate Bonds		4,915,405	d	–		(219,143	)	–		(7,545,341	)	–		(78,520,749	)		81,373,733			3,905			(36,500	)
Escrows and Litigation
Trusts		–d		–		–		1,442,951		–		–		–			(237,951	)		1,205,000	d		(237,951	)
Total Investments in Securities	$	8,805,480		$–	$	(219,143) $44,763,521			$	(7,668,824	)	$–	$	(78,520,749	)	$	74,022,996		$	41,183,281		$	7,417,389

^aThe investments were transferred into Level 3 as a result of the unavailability of other significant observable valuation inputs. May include amounts related to a corporate
action.
^bThe investments were transferred out of Level 3 as a result of the availability of other significant observable valuation inputs. May include amounts related to a corporate
action.
^cIncludes common and convertible preferred stocks as well as other equity investments.
^dIncludes securities determined to have no value.

Significant unobservable valuation inputs developed by the VC for material Level 3 financial instruments and impact to fair value as a result of changes in unobservable valuation inputs as of November 30, 2016, are as follows:

		Fair Value at				Impact to Fair Value if
Description		End of Period	Valuation Technique	Unobservable Input	Amount	Input Increasesa
Assets:
Investments in Securities:
Equity Investments:
Energy	$	15,755,713	Market Comparables	Discount for lack of marketability	12.3%	Decreaseb
All Other		25,427,568
Investmentsc
Total	$	41,183,281

^aRepresents the directional change in the fair value of the Level 3 financial instruments that would result from a significant and reasonable increase in the corresponding
input. A significant and reasonable decrease in the input would have the opposite effect. Significant impacts, if any, to fair value and/or net assets have been indicated.
^bRepresents a significant impact to fair value but not net assets.
^cIncludes fair value of immaterial financial instruments developed using various valuation techniques and unobservable inputs. May also include financial instruments with
values derived using prior transaction prices or third party pricing information without adjustment for which such inputs are also unobservable.

12. Subsequent Events

The Fund has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

franklintempleton.com

Semiannual Report 37

FRANKLIN HIGH INCOME TRUST

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

38 Semiannual Report

franklintempleton.com

FRANKLIN HIGH INCOME TRUST
FRANKLIN HIGH INCOME FUND

Shareholder Information

Proxy Voting Policies and Procedures

The Trust’s investment manager has established Proxy Voting
Policies and Procedures (Policies) that the Trust uses to
determine how to vote proxies relating to portfolio securities.
Shareholders may view the Trust’s complete Policies online at
franklintempleton.com. Alternatively, shareholders may request
copies of the Policies free of charge by calling the Proxy Group
collect at (954) 527-7678 or by sending a written request
to: Franklin Templeton Companies, LLC, 300 S.E. 2nd Street,
Fort Lauderdale, FL 33301, Attention: Proxy Group. Copies of
the Trust’s proxy voting records are also made available online
at franklintempleton.com and posted on the U.S. Securities and
Exchange Commission’s website at sec.gov and reflect the
most recent 12-month period ended June 30.

Quarterly Statement of Investments

The Trust, on behalf of the Fund, files a complete statement of
investments with the U.S. Securities and Exchange
Commission for the first and third quarters for each fiscal year
on Form N-Q. Shareholders may view the filed Form N-Q by
visiting the Commission’s website at sec.gov. The filed form
may also be viewed and copied at the Commission’s Public
Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by
calling (800) SEC-0330.

franklintempleton.com

Semiannual Report 39

This page intentionally left blank.

Authorized for distribution only when accompanied or preceded by a summary prospectus and/or prospectus. Investors should
carefully consider a fund’s investment goals, risks, charges and expenses before investing. A prospectus contains this and other
information; please read it carefully before investing.

To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.

© 2016-2017 Franklin Templeton Investments. All rights reserved. 105 S 01/17

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.

(2) The audit committee financial expert is John B. Wilson and he is "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.

Item 4. Principal Accountant Fees and Services.        N/A

Item 5. Audit Committeeof Listed Registrants.        N/A

Item 6. Schedule of Investments.                      N/A

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.                  N/A

Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                            N/A

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company andAffiliated Purchasers.         N/A

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

Item 11. Controls and Procedures.

(a)Evaluation of Disclosure Controls and Procedures.  The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission.  Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.  The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures.  Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

(b)Changes in Internal Controls.  There have been no changes in the Registrant’s internal controls or in other factors that could materially affect the internal controls over financial reporting subsequent to the date of their evaluation in connection with the preparation of this Shareholder Report on Form N-CSR.

Item 12. Exhibits.

(a)(1) Code of Ethics

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Laura F. Fergerson, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Laura F. Fergerson, Chief Executive Officer - Finance and Administration, and Gaston Gardey, Chief Financial Officer and Chief Accounting Officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FRANKLIN HIGH INCOME TRUST

By _/s/Laura F. Fergerson

      Laura F. Fergerson

      Chief Executive Officer –

      Finance and Administration

Date  January 26, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By _/s/Laura F. Fergerson

      Laura F. Fergerson

      Chief Executive Officer –

      Finance and Administration

Date  January 26, 2017

By _/s/Gaston Gardey

      Gaston Gardey

      Chief Financial Officer and

      Chief Accounting Officer

Date  January 26, 2017

EX-99.CODE ETH

                                                               Exhibit 12(a)(1)



CODE OF ETHICS FOR PRINCIPAL EXECUTIVES & SENIOR FINANCIAL OFFICERS
------------------------------------------------------------------------------

PROCEDURES   Revised December 18, 2009
-------------------------------------------------------------------------------

                            FRANKLIN TEMPLETON FUNDS
                   CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
                            SENIOR FINANCIAL OFFICERS

I.  Covered Officers and Purpose of the Code

     This  code of  ethics  (the  "Code")  applies  to the  Principal  Executive
Officers,  Principal  Financial  Officer and Principal  Accounting  Officer (the
"Covered  Officers,"  each of whom is set forth in Exhibit A) of each investment
company advised by a Franklin  Resources  subsidiary and that is registered with
the United States Securities & Exchange  Commission ("SEC")  (collectively,  "FT
Funds") for the purpose of promoting:

     o Honest and ethical conduct, including the ethical resolution of actual or
       apparent conflicts of  interest between personal and  professional
       relationships;

     o Full, fair, accurate, timely and understandable disclosure in reports and
       documents that a registrant files with, or submits to, the SEC and in
       other public communications made by or on behalf of the FT Funds;

     o Compliance with applicable laws and governmental rules and regulations;

     o The prompt internal reporting of violations of the Code to an appropriate
       person or persons identified in the Code; and

     o Accountability for adherence to the Code.

     Each  Covered  Officer  will be  expected  to adhere to a high  standard of
business ethics and must be sensitive to situations that may give rise to actual
as well as apparent conflicts of interest.

II.  Other Policies and Procedures

     This  Code  shall be the sole  code of  ethics  adopted  by the  Funds  for
purposes  of  Section  406 of the  Sarbanes-Oxley  Act and the  rules  and forms
applicable to registered investment companies thereunder.

     Franklin  Resources,  Inc.  has  separately  adopted the CODE OF ETHICS AND
BUSINESS  CONDUCT  ("Business  Conduct"),  which is  applicable to all officers,
directors and employees of Franklin Resources, Inc., including Covered Officers.
It  summarizes  the values,  principles  and business  practices  that guide the
employee's business conduct and also provides a set of basic principles to guide
officers,  directors and employees  regarding the minimum  ethical  requirements
expected of them. It supplements  the values,  principles  and business  conduct
identified in the Code and other existing employee policies.

     Additionally, the Franklin Templeton Funds have separately adopted the CODE
OF ETHICS AND POLICY STATEMENT ON INSIDER TRADING governing personal  securities
trading and other related  matters.  The Code for Insider  Trading  provides for
separate  requirements  that  apply to the  Covered  Officers  and  others,  and
therefore is not part of this Code.

     Insofar as other  policies or procedures of Franklin  Resources,  Inc., the
Funds, the Funds' adviser,  principal  underwriter,  or other service  providers
govern or purport to govern the behavior or activities  of the Covered  Officers
who are  subject to this Code,  they are  superceded  by this Code to the extent
that they overlap or conflict with the  provisions  of this Code.  Please review
these other  documents or consult with the Legal  Department  if have  questions
regarding the applicability of these policies to you.

III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of
Interest

     OVERVIEW.  A "conflict of interest" occurs when a Covered Officer's private
interest  interferes  with the  interests  of, or his or her  service to, the FT
Funds. For example, a conflict of interest would arise if a Covered Officer,  or
a member of his  family,  receives  improper  personal  benefits  as a result of
apposition with the FT Funds.

     Certain  conflicts  of  interest  arise  out of the  relationships  between
Covered  Officers  and the FT Funds and  already  are  subject  to  conflict  of
interest  provisions in the Investment Company Act of 1940 ("Investment  Company
Act") and the Investment  Advisers Act of 1940 ("Investment  Advisers Act"). For
example,  Covered Officers may not individually  engage in certain  transactions
(such as the purchase or sale of securities or other property) with the FT Funds
because of their status as "affiliated  persons" of the FT Funds.  The FT Funds'
and the investment  advisers' compliance programs and procedures are designed to
prevent, or identify and correct, violations of these provisions. This Code does
not, and is not intended to,  repeat or replace these  programs and  procedures,
and such conflicts fall outside of the parameters of this Code.

     Although  typically not  presenting an  opportunity  for improper  personal
benefit,  conflicts arise from, or as a result of, the contractual  relationship
between the FT Funds,  the  investment  advisers and the fund  administrator  of
which the Covered  Officers are also  officers or employees.  As a result,  this
Code  recognizes  that the Covered  Officers will, in the normal course of their
duties (whether formally for the FT Funds, for the adviser,  the  administrator,
or for all  three),  be  involved  in  establishing  policies  and  implementing
decisions that will have different effects on the adviser, administrator and the
FT Funds.  The  participation  of the  Covered  Officers in such  activities  is
inherent in the contractual  relationship between the FT Funds, the adviser, and
the administrator and is consistent with the performance by the Covered Officers
of their duties as officers of the FT Funds.  Thus,  if performed in  conformity
with the  provisions of the Investment  Company Act and the Investment  Advisers
Act, such activities will be deemed to have been handled ethically. In addition,
it is  recognized  by the FT Funds'  Boards  of  Directors  ("Boards")  that the
Covered  Officers  may  also be  officers  or  employees  of one or  more  other
investment companies covered by this or other codes.

     Other conflicts of interest are covered by the Code, even if such conflicts
of interest are not subject to provisions in the Investment  Company Act and the
Investment  Advisers Act. The following  list provides  examples of conflicts of
interest  under the Code,  but Covered  Officers  should keep in mind that these
examples  are not  exhaustive.  The  overarching  principle is that the personal
interest  of a Covered  Officer  should  not be  placed  improperly  before  the
interest of the FT Funds.

Each Covered Officer must:

     o Not use his or her personal influence  or  personal  relationships
       improperly to influence investment decisions orfinancial reporting by
       the FT Funds whereby the Covered Officer would benefit personally to the
       detriment of the FT Funds;

     o Not cause the FT Funds to take action, or fail to take  action, for the
       individual personal benefit of the Covered Officer rather than the
       benefit the FT Funds;

     o Not retaliate against any other Covered Officer or any employee of the FT
       Funds or their affiliated persons for reports of potential  violations
       that are made in good faith;

     o Report  at  least   annually  the  following  affiliations  or other
       relationships:/1

          o all directorships for public companies and all companies that are
            required to file reports with the SEC;
          o any direct or indirect  business relationship  with any independent
            directors of the FT Funds;
          o any direct or indirect  business relationship with any independent
            public  accounting  firm (which are not related to the routine
            issues related to the firm's service as the Covered Persons
            accountant); and
          o any direct or indirect interest in any transaction with any FT Fund
            that will benefit the officer (not including benefits derived from
            the advisory, sub-advisory, distribution or service agreements with
            affiliates of Franklin Resources).

     These reports will be reviewed by the Legal  Department for compliance with
the Code.

     There are some  conflict  of  interest  situations  that  should  always be
approved  in writing by Franklin  Resources  General  Counsel or Deputy  General
Counsel, if material. Examples of these include/2:

     o Service as a director on the board of any public or private Company;

     o The  receipt  of any gifts in excess  of $100 from any  person,  from any
       corporation or association

     o The receipt of any entertainment from any Company with which the FT Funds
       has current or prospective  business dealings unless such entertainment
       is business related, reasonable in cost, appropriate as to time and
       place, and not so frequent as to raise any question of  impropriety.
       Notwithstanding the foregoing, the Covered Officers must obtain prior
       approval from the Franklin Resources General Counsel for any
       entertainment  with a value in excess of $1000.

     o Any ownership  interest in, or any consulting or employment relationship
       with, any of the FT Fund's service providers, other than an investment
       adviser, principal underwriter, administrator or any affiliated person
       thereof;

     o A direct or  indirect  financial  interest  in  commissions,  transaction
       charges or spreads paid by the FT Funds for   effecting   portfolio
       transactions or for selling or redeeming shares  other than an interest
       arising from the Covered Officer's employment, such as compensation  or
       equity ownership.

     Franklin Resources General Counsel or Deputy General Counsel will provide a
report to the FT Funds  Audit  Committee  of any  approvals  granted at the next
regularly scheduled meeting.

IV. Disclosure and Compliance

     o Each Covered  Officer  should  familiarize  himself  with the  disclosure
       requirements generally applicable to the FT Funds;

     o Each Covered Officer should not knowingly misrepresent, or cause others
       to  misrepresent, facts about the FT Funds to others, whether within or
       outside the FT Funds, including to the FT Funds' directors and auditors,
       and to governmental regulators and self-regulatory organizations;

     o Each Covered Officer should, to the extent appropriate within his or her
       area of responsibility, consult with other officers and employees of the
       FT Funds, the FT Fund's adviser and the administrator with the goal of
       promoting full, fair, accurate, timely and understandable disclosure in
       the reports and documents the FT Funds file with, or submit to, the SEC
       and in other public communications made by the FT Funds; and

     o It is the  responsibility  of each Covered Officer to promote compliance
       with the standards and restrictions imposed by applicable laws, rules and
       regulations.

V. Reporting and Accountability

Each Covered Officer must:

     o Upon becoming a covered officer affirm in writing to the Board that he or
       she has received, read, and understands the Code (see Exhibit B);

     o Annually  thereafter  affirm to the Board that he has  complied  with the
       requirements of the Code; and

     o Notify  Franklin  Resources'  General  Counsel or Deputy General Counsel
       promptly if he or she knows of any violation of this Code. Failure to do
       so is itself is a violation of this Code.

     Franklin Resources' General Counsel and Deputy General Counsel  are
responsible for applying this Code to specific situations in which questions are
presented under  it and have  the  authority  to  interpret  this  Code in any
particular  situation./3 However, the Independent Directors of the respective FT
Funds will consider any  approvals or waivers/4  sought by any Chief  Executive
Officers of the Funds.

     The FT Funds will follow these  procedures in  investigating  and enforcing
this Code:

     o Franklin  Resources General Counsel or Deputy General Counsel will take
       all appropriate action to investigate any potential  violations reported
       to the Legal Department;

     o If,  after such  investigation,  the  General Counsel or Deputy General
       Counsel believes that no violation has occurred, The General Counsel is
       not required to take any further action;

     o Any matter that the General Counsel or Deputy General Counsel believes is
       a  violation  will  be  reported  to  the  Independent   Directors  of
       the appropriate FT Fund;

     o If the Independent Directors concur that a violation has occurred, it
       will inform and make a recommendation to the Board of the appropriate
       FT Fund or Funds, which will consider appropriate action, which may
       include review of, and appropriate modifications to, applicable policies
       and procedures; notification to appropriate personnel of the investment
       adviser or its board; or a recommendation to dismiss the Covered Officer;

     o The Independent Directors will be responsible for granting  waivers, as
       appropriate; and

     o Any changes to or waivers of this Code will, to the extent required, are
       disclosed as provided by SEC rules./5

VI. Other Policies and Procedures

     This Code shall be the sole code of ethics adopted by the FT Funds for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other
policies or procedures of the FT Funds, the FT Funds' advisers, principal
underwriter, or other service providers govern or purport to govern the behavior
or activities of the Covered Officers who are subject to this Code, they are
superseded by this Code to the extent that they overlap or conflict with the
provisions of this Code. The FT Code of Ethics and Policy Statement On Insider
Trading, adopted by the FT Funds, FT investment advisers and FT Fund's principal
underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of
Ethics and Business Conduct and more detailed policies and procedures set forth
in FT's Employee Handbook are separate requirements applying to the Covered
Officers and others, and are not part of this Code.

VII. Amendments

     Any  amendments to this Code,  other than  amendments to Exhibit A, must be
approved  or  ratified  by a majority  vote of the FT Funds'  Board  including a
majority of independent directors.

VIII. Confidentiality

     All reports and records  prepared or maintained  pursuant to this Code will
be considered  confidential  and shall be maintained and protected  accordingly.
Except as  otherwise  required by law or this Code,  such  matters  shall not be
disclosed to anyone other than the FT Funds' Board and their counsel.

IX. Internal Use

     The Code is intended  solely for the  internal use by the FT Funds and does
not  constitute an admission,  by or on behalf of any FT Funds,  as to any fact,
circumstance, or legal conclusion.

X. Disclosure on Form N-CSR

     Item 2 of Form N-CSR requires a registered management investment company to
disclose annually whether, as of the end of the period covered by the report, it
has  adopted  a code  of  ethics  that  applies  to the  registrant's  principal
executive officer,  principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these
officers are employed by the registrant or a third party.  If the registrant has
not adopted such a code of ethics, it must explain why it has not done so.

     The  registrant  must also:  (1) file with the SEC a copy of the code as an
exhibit  to its  annual  report;  (2) post the text of the code on its  Internet
website and  disclose,  in its most recent  report on Form N-CSR,  its  Internet
address and the fact that it has posted the code on its Internet website; or (3)
undertake  in its most  recent  report on Form  N-CSR to  provide  to any person
without charge, upon request, a copy of the code and explain the manner in which
such  request may be made.  Disclosure  is also  required of  amendments  to, or
waivers  (including  implicit  waivers)  from,  a  provision  of the code in the
registrant's  annual report on Form N-CSR or on its website.  If the  registrant
intends to satisfy the requirement to disclose amendments and waivers by posting
such  information  on its website,  it will be required to disclose its Internet
address and this intention.

     The Legal Department shall be responsible for ensuring that:

     o a copy of the Code is filed  with the SEC as an exhibit to each Fund's
       annual report; and

     o any  amendments to, or waivers (including implicit waivers) from, a
       provision  of the Code is disclosed in the  registrant's annual report
       on Form N-CSR.

     In the event that the  foregoing  disclosure is omitted or is determined to
be incorrect, the Legal Department shall promptly file such information with the
SEC as an amendment to Form N-CSR.

     In such an event, the Fund Chief  Compliance  Officer shall review the Code
and propose such changes to the Code as are necessary or  appropriate to prevent
reoccurrences.



EXHIBIT A

                 Persons Covered by the Franklin Templeton Funds
                                 Code of Ethics
                                  December 2013

FRANKLIN GROUP OF FUNDS

Edward B. Jamieson        President and Chief Executive Officer - Investment
                          Management
Rupert H. Johnson, Jr.    President and Chief Executive Officer - Investment
                          Management
William J. Lippman        President and Chief Executive Officer - Investment
                          Management
Christopher Molumphy      President and Chief Executive Officer - Investment
                          Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Gaston R. Gardey          Chief Financial Officer and Chief Accounting Officer


FRANKLIN MUTUAL SERIES FUNDS

Peter Langerman           Chief Executive Officer-Investment Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Robert G. Kubilis         Chief Financial Officer and Chief Accounting Officer


FRANKLIN ALTERNATIVE STRTEGIES FUNDS

William Yun	          Chief Executive Officer-Investment Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Robert G. Kubilis         Chief Financial Officer and Chief Accounting Officer


TEMPLETON GROUP OF FUNDS

Mark Mobius               President and Chief Executive Officer - Investment
                          Management
Christopher J. Molumphy   President and Chief Executive Officer - Investment
                          Management
Norman Boersma            President and Chief Executive Officer - Investment
                          Management
Donald F. Reed            President and Chief Executive Officer - Investment
                          Management
Laura Fergerson           Chief Executive Officer - Finance and Administration
Mark H. Otani             Chief Financial Officer and Chief Accounting Officer





                                    EXHIBIT B

                               ACKNOWLEDGMENT FORM
                                    DECEMBER

                    FRANKLIN TEMPLETON FUNDS CODE OF ETHICS
             FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

INSTRUCTIONS:
1. Complete all sections of this form.
2. Print the completed form, sign, and date.
3. Submit completed form to FT's General Counsel c/o Code of Ethics
   Administration within 10 days of becoming a Covered Officer and by February
   15th of each subsequent year.

INTER-OFFICE MAIL: Code of Ethics Administration, Global Compliance  SM-920/2
Fax: 		   (650) 312-5646
E-MAIL:            Preclear-Code of Ethics (internal address);
                   lpreclear@frk.com (external address)

------------------------------------------------------------------------------
COVERED OFFICER'S NAME:
------------------------------------------------------------------------------
TITLE:
------------------------------------------------------------------------------
DEPARTMENT:
------------------------------------------------------------------------------
LOCATION:
------------------------------------------------------------------------------
CERTIFICATION FOR YEAR ENDING:
------------------------------------------------------------------------------

TO: Franklin Resources General Counsel, Legal Department

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's
Code of Ethics for Principal Executive Officers and Senior Financial Officers
(the "Code"). I will comply fully with all provisions of the Code to the extent
they apply to me during the period of my employment. I further understand and
acknowledge that any violation of the Code may subject me to disciplinary
action, including termination of employment.




       ----------------------------       ----------------------
                Signature                     Date signed






-----------------------------

1. Reporting of these affiliations or other relationships shall be made by
completing the annual Directors and Officers Questionnaire and returning the
questionnaire to Franklin Resources Inc, General Counsel or Deputy General
Counsel.

2. Any activity or relationship that would present a conflict for a Covered
Officer may also present a conflict for the Covered Officer if a member of the
Covered Officer's immediate family engages in such an activity or has such a
relationship. The Cover Person should also obtain written approval by FT's
General Counsel in such situations.

3. Franklin Resources General Counsel and Deputy General Counsel are authorized
to consult, as appropriate, with members of the Audit Committee, counsel to the
FT Funds and counsel to the Independent Directors, and are encouraged to do so.

4. Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of
a material departure from a provision of the code of ethics" and "implicit
waiver," which must also be disclosed, as "the registrant's failure to take
action within a reasonable period of time regarding a material departure from
a provision of the code of ethics that has been made known to an executive
officer" of the registrant. See Part X.

5. See Part X.

EX-99.CERT

Exhibit 12(a)(2)

I, Laura F. Fergerson, certify that:

1. I have reviewed this report on Form N-CSR of Franklin High Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

1/26/2017

S\LAURA F. FERGERSON

Laura F. Fergerson

Chief Executive Officer - Finance and Administration

Exhibit 12(a)(2)

I, Gaston Gardey, certify that:

1. I have reviewed this report on Form N-CSR of Franklin High Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and 

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

1/26/2017

S\GASTON GARDEY

Gaston Gardey

Chief Financial Officer and Chief Accounting Officer

EX-99.906 CERT

Exhibit 12(b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Laura F. Fergerson, Chief Executive Officer of the Franklin High Income Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The periodic report on Form N-CSR of the Registrant for the period ended 11/30/2016 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated:  1/26/2017

                                                S\LAURA F. FERGERSON

                                                Laura F. Fergerson

Chief Executive Officer - Finance and Administration

Exhibit 12(b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Gaston Gardey, Chief Financial Officer of the Franklin High Income Trust (the “Registrant”), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The periodic report on Form N-CSR of the Registrant for the period ended 11/30/2016 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated:  1/26/2017

                                                S\GASTON GARDEY

                                                Gaston Gardey

Chief Financial Officer and Chief Accounting Officer