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015 D010003 ARGENTINA
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015 D010004 AUSTRALIA
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<PAGE> PAGE 2
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015 E040006 X
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015 E040014 X
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<PAGE> PAGE 3
015 D010015 GERMANY
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015 B000016 S
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015 E040016 X
015 A000017 BARCLAYS BANK PLC
015 B000017 S
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015 E040017 X
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015 D010019 INDONESIA
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015 A000020 BANK OF IRELAND
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015 C010020 DUBLIN
015 D010020 IRELAND
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015 B000021 S
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015 D010021 ISRAEL
015 E040021 X
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015 B000022 S
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015 E040023 X
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015 B000024 S
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015 D010024 KOREA
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015 A000025 CEDEL S.A.
015 B000025 S
015 C010025 CHARLOTTE
015 D010025 LUXEMBOURG
<PAGE> PAGE 4
015 E040025 X
015 A000026 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B000026 S
015 C010026 KUALA LUMPUR
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015 A000028 KAS-ASSOCIATIE N.V.
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015 D010028 NETHERLANDS
015 E040028 X
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015 B000029 S
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015 D010029 NEW ZEALAND
015 E040029 X
015 A000030 CHRISTIANA BANK OG KREDITKASSE
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015 C010030 BERGEN
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015 E040030 X
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015 B000031 S
015 C010031 KARACHI
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015 E040031 X
015 A000032 BANCO DE CREDITO DEL PERU
015 B000032 S
015 C010032 LIMA
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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
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015 E040034 X
015 A000035 BARCLAYS BANK PLC
015 B000035 S
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015 D010035 SINGAPORE
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<PAGE> PAGE 5
015 A000036 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000036 S
015 C010036 JOHANNESBURG
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015 E040036 X
015 A000037 BANCO SANTANDER
015 B000037 S
015 C010037 MADRID
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015 E040037 X
015 A000038 HONG KONG AND SHANGHAI BANK
015 B000038 S
015 C010038 COLOMBO
015 D010038 SRI LANKA
015 E040038 X
015 A000039 SKANDINAVISKA ENSKILDA BANKEN
015 B000039 S
015 C010039 STOCKHOLM
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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
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015 A000044 CITIBANK, N.A.
015 B000044 S
015 C010044 CARACAS
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015 A000045 HONG KONG AND SHANGHAI BANK
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015 A000046 CITIBANK BUDAPEST RT.
<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AGE
HIGH INCOME FUND, INC. MAY 31, 1995 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000002768
<SERIES>
<NUMBER> 011
<NAME> AGE HIGH INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 1,910,138,244
<INVESTMENTS-AT-VALUE> 1,852,136,631
<RECEIVABLES> 75,834,422
<ASSETS-OTHER> 1,009,064
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,928,980,117
<PAYABLE-FOR-SECURITIES> 14,150,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,264,674
<TOTAL-LIABILITIES> 19,414,674
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,419,763,408
<SHARES-COMMON-STOCK> 690,087,848
<SHARES-COMMON-PRIOR> 673,135,886
<ACCUMULATED-NII-CURRENT> 16,419,841
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (468,689,725)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (57,928,081)
<NET-ASSETS> 1,909,565,443
<DIVIDEND-INCOME> 2,566,121
<INTEREST-INCOME> 181,840,658
<OTHER-INCOME> 0
<EXPENSES-NET> (11,738,564)
<NET-INVESTMENT-INCOME> 172,668,215
<REALIZED-GAINS-CURRENT> (4,004,670)
<APPREC-INCREASE-CURRENT> 55,295,775
<NET-CHANGE-FROM-OPS> 223,959,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (176,150,325)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 232,716,756
<NUMBER-OF-SHARES-REDEEMED> (242,966,844)
<SHARES-REINVESTED> 27,202,050
<NET-CHANGE-IN-ASSETS> 92,084,800
<ACCUMULATED-NII-PRIOR> 19,300,345
<ACCUMULATED-GAINS-PRIOR> (499,248,524)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (8,263,271)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11,738,564)
<AVERAGE-NET-ASSETS> 1,783,776,225
<PER-SHARE-NAV-BEGIN> 2.700
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> .074
<PER-SHARE-DIVIDEND> (0.264)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.770
<EXPENSE-RATIO> .660
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM AGE
HIGH INCOME FUND, INC. MAY 31, 1995 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000002768
<SERIES>
<NUMBER> 012
<NAME> AGE HIGH INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 1,910,138,244
<INVESTMENTS-AT-VALUE> 1,852,136,631
<RECEIVABLES> 75,834,422
<ASSETS-OTHER> 1,009,064
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,928,980,117
<PAYABLE-FOR-SECURITIES> 14,150,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,264,674
<TOTAL-LIABILITIES> 19,414,674
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,419,763,408
<SHARES-COMMON-STOCK> 257,620
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,419,841
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (468,689,725)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (57,928,081)
<NET-ASSETS> 1,909,565,443
<DIVIDEND-INCOME> 2,566,121
<INTEREST-INCOME> 181,840,658
<OTHER-INCOME> 0
<EXPENSES-NET> (11,738,564)
<NET-INVESTMENT-INCOME> 172,668,215
<REALIZED-GAINS-CURRENT> (4,004,670)
<APPREC-INCREASE-CURRENT> 55,295,775
<NET-CHANGE-FROM-OPS> 223,959,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 257,620
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 92,084,800
<ACCUMULATED-NII-PRIOR> 19,300,345
<ACCUMULATED-GAINS-PRIOR> (499,248,524)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (8,263,271)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11,738,564)
<AVERAGE-NET-ASSETS> 346,833
<PER-SHARE-NAV-BEGIN> 2.760
<PER-SHARE-NII> .000
<PER-SHARE-GAIN-APPREC> .010
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.770
<EXPENSE-RATIO> 1.140
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
of AGE High Income Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of AGE High Income Fund, Inc. for the year
ended May 31, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights and to
comply with the requirements of Form N-SAR, not to provide assurance
on the internal control structure.
The management of AGE High Income Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements and financial highlights being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of May 31, 1995.
This report is intended solely for the information and use of
management of AGE High Income Fund, Inc. and the Securities and
Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
June 30, 1995
FORM N-SAR
REGISTRANT:
AGE HIGH INCOME FUND, INC.
File No. 811-1608
EXHIBIT - Item 77C - Matters submitted to a vote of security
holders
<TABLE>
At the annual meeting of shareholders of the registrant held on
May 12, 1995 the following items were voted upon:
<CAPTION>
(1) Election of directors
For Against
<S> <C> <C>
1. Frank H. Abbott, III 605,365,619 28,535,732
2. Harmon E. Burns 609,122,655 24,778,696
3. Robert F. Carlson 608,463,845 25,437,506
4. S. Joseph Fortunato 608,809,085 25,092,266
5. Roy V. Fox 608,243,275 25,658,076
6. Rupert H. Johnson, Jr. 608,934,232 24,967,119
7. R. Martin Wiskemann 608,829,362 25,071,990
<CAPTION>
2) Ratification of the selection of Coopers & Lybrand L.L.P.,
Certified Public Accountants, as the independent auditors for the
Fund for the fiscal year ending May 31, 1995.
<C> <C>
Vote For Vote Against
600,907,437 4,781,269
<CAPTION>
3) To approve amendments to the Fund's Articles of
Incorporation to permit the issuance of an additional class of
shares and to make other changes.
Vote For Vote Against
<C> <C>
446,197,007 34,734,420
<CAPTION>
4) To approve an amendment to the Fund's investment policies to
permit the Fund to invest in trade claims.
Vote For Vote Against
<C> <C>
432,498,003 50,559,011
</TABLE>
EXHIBIT 77 C
FRANKLIN RESOURCES, INC.
777 Mariners Island Blvd.
P.O. Box 7777
San Mateo, CA 94403-7777
415/312-3000
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Class II
shares of Franklin's AGE High Income Fund (the "Fund"), does
hereby take the following actions and does hereby consent to the
following resolution:
RESOLVED: That the Class II Distribution Plan pursuant to Rule
12b-1 (under the Investment Company Act of 1940), as agreed to
and accepted by Franklin/Templeton Distributors, Inc. and the
Fund, be and it hereby is, approved.
By execution hereof, the undersigned shareholder waives prior
notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
/s/H.E. Burns
Dated as of: May 15, 1995 By: Harmon E. Burns
Executive Vice President
