<PAGE> PAGE 1
000 A000000 11/30/94
000 C000000 0000002768
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 AGE HIGH INCOME FUND, INC.
001 B000000 811-1608
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 SAN MATEO
011 C020001 CA
011 C030001 94403
011 C040001 7777
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
<PAGE> PAGE 2
012 C040001 7777
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
014 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000001 8-5889
015 A000001 BANK OF AMERICA NT & SA
015 B000001 C
015 C010001 SAN FRANCISCO
015 C020001 CA
015 C030001 94104
015 C040001 1502
015 E010001 X
015 A000002 CITIBANK DELAWARE
015 B000002 C
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
015 C040002 2409
015 E010002 X
015 A000003 CITIBANK, N.A.
015 B000003 S
015 C010003 BUENOS AIRES
015 D010003 ARGENTINA
015 E040003 X
015 A000004 NATIONAL AUSTRALIA BANK LTD.
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 CREDITANSTALT-BANKVEREIN
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 STANDARD CHARTERED BANK
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 D020006 1000
015 E040006 X
015 A000007 BANQUE BRUXELLES LAMBERT SA
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
015 E040007 X
015 A000008 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B000008 S
015 C010008 HAMILTON
<PAGE> PAGE 3
015 D010008 BERMUDA
015 E040008 X
015 A000009 THE CANADA TRUST COMPANY
015 B000009 S
015 C010009 TORONTO
015 D010009 CANADA
015 D020009 M5J 2T2
015 E040009 X
015 A000010 HONG KONG AND SHANGHAI BANK
015 B000010 S
015 C010010 SHANGHAI
015 D010010 CHINA
015 E040010 X
015 A000011 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000011 S
015 C010011 BOGOTA
015 D010011 COLOMBIA
015 E040011 X
015 A000012 UNIBANK A/S
015 B000012 S
015 C010012 COPENHAGEN
015 D010012 DENMARK
015 E040012 X
015 A000013 KANSALLIS-OSAKE-PANKKI
015 B000013 S
015 C010013 HELSINKI
015 D010013 FINLAND
015 E040013 X
015 A000014 SOCIETE GENERALE
015 B000014 S
015 C010014 NANTES
015 D010014 FRANCE
015 E040014 X
015 A000015 BERLINER HANDELS-UND FRANKFURTER BANK
015 B000015 S
015 C010015 FRANKFURT
015 D010015 GERMANY
015 E040015 X
015 A000016 NATIONAL BANK OF GREECE
015 B000016 S
015 C010016 ATHENS
015 D010016 GREECE
015 E040016 X
015 A000017 BARCLAYS BANK PLC
015 B000017 S
015 C010017 HONG KONG
015 D010017 HONG KONG
015 E040017 X
015 A000018 STANDARD CHARTERED BANK
015 B000018 S
015 C010018 BOMBAY
<PAGE> PAGE 4
015 D010018 INDIA
015 E040018 X
015 A000019 HONG KONG & SHANGHAI BANK
015 B000019 S
015 C010019 JAKARTA
015 D010019 INDONESIA
015 E040019 X
015 A000020 BANK OF IRELAND
015 B000020 S
015 C010020 DUBLIN
015 D010020 IRELAND
015 E040020 X
015 A000021 BANK LEUMI LE-ISRAEL, B.M.
015 B000021 S
015 C010021 TEL AVIV
015 D010021 ISRAEL
015 E040021 X
015 A000022 CITIBANK, N.A.
015 B000022 S
015 C010022 MILAN
015 D010022 ITALY
015 E040022 X
015 A000023 BARCLAYS TRUST AND BANKING CO (JAPAN) LIMITED
015 B000023 S
015 C010023 TOKYO
015 D010023 JAPAN
015 E040023 X
015 A000024 HONG KONG AND SHANGHAI BANK
015 B000024 S
015 C010024 SEOUL
015 D010024 KOREA
015 E040024 X
015 A000025 CEDEL S.A.
015 B000025 S
015 C010025 CHARLOTTE
015 D010025 LUXEMBOURG
015 E040025 X
015 A000026 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B000026 S
015 C010026 KUALA LUMPUR
015 D010026 MALAYSIA
015 E040026 X
015 A000027 BANCO NACIONAL DE MEXICO
015 B000027 S
015 C010027 MEXICO CITY
015 D010027 MEXICO
015 E040027 X
015 A000028 KAS-ASSOCIATIE N.V.
015 B000028 S
015 C010028 AMSTERDAM
015 D010028 NETHERLANDS
<PAGE> PAGE 5
015 E040028 X
015 A000029 ANZ BANKING GROUP LIMITED
015 B000029 S
015 C010029 WELLINGTON
015 D010029 NEW ZEALAND
015 E040029 X
015 A000030 CHRISTIANA BANK OG KREDITKASSE
015 B000030 S
015 C010030 BERGEN
015 D010030 NORWAY
015 E040030 X
015 A000031 STANDARD CHARTERED BANK
015 B000031 S
015 C010031 KARACHI
015 D010031 PAKISTAN
015 E040031 X
015 A000032 BANCO DE CREDITO DEL PERU
015 B000032 S
015 C010032 LIMA
015 D010032 PERU
015 E040032 X
015 A000033 HONG KONG AND SHANGHAI BANK
015 B000033 S
015 C010033 MANILA
015 D010033 PHILIPPINES
015 E040033 X
015 A000034 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000034 S
015 C010034 LISBON
015 D010034 PORTUGAL
015 E040034 X
015 A000035 BARCLAYS BANK PLC
015 B000035 S
015 C010035 SINGAPORE
015 D010035 SINGAPORE
015 E040035 X
015 A000036 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000036 S
015 C010036 JOHANNESBURG
015 D010036 SOUTH AFRICA
015 E040036 X
015 A000037 BANCO DE SANTANDER
015 B000037 S
015 C010037 BARCELONA
015 D010037 SPAIN
015 E040037 X
015 A000038 HONG KONG AND SHANGHAI BANK
015 B000038 S
015 C010038 COLOMBO
015 D010038 SRI LANKA
015 E040038 X
<PAGE> PAGE 6
015 A000039 SKANDINAVISKA ENSKILDA BANKEN
015 B000039 S
015 C010039 STOCKHOLM
015 D010039 SWEDEN
015 E040039 X
015 A000040 SWISS BANK CORPORATION
015 B000040 S
015 C010040 ZURICH
015 D010040 SWITZERLAND
015 E040040 X
015 A000041 BANGKOK BANK LIMITED
015 B000041 S
015 C010041 BANGKOK
015 D010041 THAILAND
015 E040041 X
015 A000042 YAPI VE KREDI BANKASI A.S.
015 B000042 S
015 C010042 ISTANBUL
015 D010042 TURKEY
015 E040042 X
015 A000043 BANK OF AMERICA NT & SA
015 B000043 S
015 C010043 LONDON
015 D010043 UNITED KINGDOM
015 E040043 X
015 A000044 CITIBANK, N.A.
015 B000044 S
015 C010044 CARACAS
015 D010044 VENEZUELA
015 E040044 X
015 A000045 HONG KONG AND SHANGHAI BANK
015 B000045 S
015 C010045 SHENZHEN
015 D010045 CHINA
015 E040045 X
015 A000046 CITIBANK BUDAPEST RT.
015 B000046 S
015 C010046 BUDAPEST
015 D010046 HUNGARY
015 E040046 X
015 A000047 CITIBANK POLAND S.A.
015 B000047 S
015 C010047 WARSAW
015 D010047 POLAND
015 E040047 X
015 A000048 HONG KONG & SHANGHAI BANK
015 B000048 S
015 C010048 TAIPEI
015 D010048 TAIWAN
015 E040048 X
015 A000049 BANCO CHASE MANHATTAN, S.A.
<PAGE> PAGE 7
015 B000049 S
015 C010049 SAO PAULO
015 D010049 BRAZIL
015 E040049 X
018 000000 Y
019 A000000 Y
019 B000000 114
019 C000000 FRANKLNGRP
020 A000001 SALOMON BROTHERS INC
020 B000001 13-3082694
020 C000001 8
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 8
022 A000001 DAIWA SECURITIES AMERICA
022 B000001 13-5680329
022 C000001 2339018
022 D000001 0
022 A000002 LEHMAN BROTHERS SECURITIES
022 B000002 13-2518466
022 C000002 1206819
022 D000002 22338
022 A000003 CITICORP
022 B000003 13-3187336
022 C000003 633074
022 D000003 8770
022 A000004 DONALDSON LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 278670
022 D000004 0
022 A000005 SANWA-BGK SEC CO. L.P.
022 B000005 13-3154528
022 C000005 146337
022 D000005 0
022 A000006 SALOMON BROTHERS INC
022 B000006 13-3082694
022 C000006 102239
022 D000006 10085
022 A000007 FUJI SECURITIES INC
022 B000007 13-3038090
022 C000007 106384
022 D000007 0
022 A000008 MORGAN STANLEY & CO
022 B000008 13-2655998
<PAGE> PAGE 8
022 C000008 47519
022 D000008 47403
022 A000009 FIRST BOSTON CORP (THE)
022 B000009 13-5659485
022 C000009 46315
022 D000009 24734
022 A000010 GECC CAPITAL MKTS GROUP INC
022 B000010 13-1500700
022 C000010 59786
022 D000010 0
023 C000000 5182407
023 D000000 366782
024 000000 Y
025 A000001 GECC CAPITAL MARKETS GROUP
025 B000001 13-1500700
025 C000001 D
025 D000001 9950
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 92788
028 A020000 6167
028 A030000 0
028 A040000 174556
028 B010000 96310
028 B020000 5516
028 B030000 0
028 B040000 34092
028 C010000 76471
028 C020000 6111
028 C030000 0
028 C040000 94088
028 D010000 32375
028 D020000 5993
028 D030000 0
028 D040000 25285
028 E010000 25183
<PAGE> PAGE 9
028 E020000 5862
028 E030000 0
028 E040000 73755
028 F010000 27518
028 F020000 5723
028 F030000 0
028 F040000 42716
028 G010000 350645
028 G020000 35372
028 G030000 0
028 G040000 444492
028 H000000 350645
029 000000 Y
030 A000000 2357
030 B000000 4.25
030 C000000 0.25
031 A000000 161
031 B000000 0
032 000000 2196
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 23
042 B000000 14
042 C000000 6
042 D000000 57
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 501
044 000000 187
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.625
048 B010000 150000
048 B020000 0.500
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
<PAGE> PAGE 10
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 250000
048 K020000 0.450
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 100
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.4
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.6
<PAGE> PAGE 11
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 88.6
062 Q000000 3.2
062 R000000 4.6
063 A000000 0
063 B000000 8.6
064 A000000 N
064 B000000 Y
065 000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 Y
<PAGE> PAGE 12
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 349961
071 B000000 317765
071 C000000 1667706
071 D000000 19
072 A000000 6
072 B000000 89636
072 C000000 982
072 D000000 0
072 E000000 0
072 F000000 4064
072 G000000 0
072 H000000 0
072 I000000 338
072 J000000 147
072 K000000 174
072 L000000 73
072 M000000 35
072 N000000 42
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 25
072 S000000 18
072 T000000 501
072 U000000 0
072 V000000 0
072 W000000 37
072 X000000 5454
072 Y000000 0
072 Z000000 85164
072AA000000 6153
072BB000000 9256
072CC010000 0
072CC020000 56990
072DD010000 87589
072DD020000 0
072EE000000 0
073 A010000 0.1320
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 142
074 B000000 5905
074 C000000 9950
074 D000000 1558397
074 E000000 39195
074 F000000 24469
<PAGE> PAGE 13
074 G000000 0
074 H000000 0
074 I000000 14748
074 J000000 24445
074 K000000 0
074 L000000 40470
074 M000000 95
074 N000000 1717816
074 O000000 19513
074 P000000 854
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 961
074 S000000 0
074 T000000 1696488
074 U010000 651331
074 U020000 0
074 V010000 2.60
074 V020000 0.00
074 W000000 0.0000
074 X000000 104475
074 Y000000 33485
075 A000000 0
075 B000000 1760122
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
SIGNATURE DIOMEDES LOO-TAM
TITLE TREAS & CAO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AGE HIGH
INCOME FUND, INC. NOVEMBER 30, 1994 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 1,817,066,013
<INVESTMENTS-AT-VALUE> 1,646,758,937
<RECEIVABLES> 70,819,621
<ASSETS-OTHER> 237,230
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,717,815,788
<PAYABLE-FOR-SECURITIES> 19,513,440
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,814,761
<TOTAL-LIABILITIES> 21,328,201
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,352,178,103
<SHARES-COMMON-STOCK> 651,331,253
<SHARES-COMMON-PRIOR> 673,135,886
<ACCUMULATED-NII-CURRENT> 16,875,051
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (502,351,270)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (170,214,297)
<NET-ASSETS> 1,696,487,587
<DIVIDEND-INCOME> 981,621
<INTEREST-INCOME> 89,636,080
<OTHER-INCOME> 0
<EXPENSES-NET> (5,453,783)
<NET-INVESTMENT-INCOME> 85,163,918
<REALIZED-GAINS-CURRENT> (3,102,746)
<APPREC-INCREASE-CURRENT> (56,990,441)
<NET-CHANGE-FROM-OPS> 25,070,731
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (87,589,212)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 131,553,643
<NUMBER-OF-SHARES-REDEEMED> (166,705,114)
<SHARES-REINVESTED> 13,346,838
<NET-CHANGE-IN-ASSETS> (120,993,056)
<ACCUMULATED-NII-PRIOR> 19,300,345
<ACCUMULATED-GAINS-PRIOR> (499,248,524)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,063,959)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,453,783)
<AVERAGE-NET-ASSETS> 1,760,122,356
<PER-SHARE-NAV-BEGIN> 2.700
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> (.098)
<PER-SHARE-DIVIDEND> (.132)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.600
<EXPENSE-RATIO> (.620)
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>