<PAGE> PAGE 1
000 B000000 05/31/97
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 FRANKLIN HIGH INCOME TRUST
001 B000000 811-1608
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94403
002 D020000 7777
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 FRANKLIN AGE HIGH INCOME FUND
007 C030100 N
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 A00AA01 FRANKLIN ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-26292
008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94404
008 D04AA01 1585
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94404
<PAGE> PAGE 2
011 C04AA01 1585
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94403
012 C04AA01 7777
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
014 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B00AA01 8-5889
015 A00AA01 DELETE
015 A00AA02 DELETE
015 A00AA03 BANK OF NEW YORK
015 B00AA03 C
015 C01AA03 NEW YORK
015 C02AA03 NY
015 C03AA03 10286
015 E01AA03 X
015 A00AA04 THE BANK OF BOSTON
015 B00AA04 S
015 C01AA04 BUENOS ARIES
015 D01AA04 ARGENTINA
015 E04AA04 X
015 A00AA05 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA05 S
015 C01AA05 MELBOURNE
015 D01AA05 AUSTRALIA
015 E04AA05 X
015 A00AA06 CREDITANSTALT BANKVEREIN
015 B00AA06 S
015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
015 E04AA06 X
015 A00AA07 STANDARD CHARTERED BANK PLC
015 B00AA07 S
015 C01AA07 DHAKA
015 D01AA07 BANGLADESH
015 E04AA07 X
015 A00AA08 BANQUE BRUXELLES LAMBERT
015 B00AA08 S
015 C01AA08 BRUSSELS
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 STANBIC BANK BOTSWANA LIMITED
015 B00AA09 S
015 C01AA09 GABARONE
015 D01AA09 BOTSWANA
<PAGE> PAGE 3
015 E04AA09 X
015 A00AA10 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA10 S
015 C01AA10 SAO PAULO
015 D01AA10 BRAZIL
015 E04AA10 X
015 A00AA11 ROYAL BANK OF CANADA
015 B00AA11 S
015 C01AA11 MONTREAL
015 D01AA11 CANADA
015 E04AA11 X
015 A00AA12 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA12 S
015 C01AA12 SANTIAGO
015 D01AA12 CHILE
015 E04AA12 X
015 A00AA13 BANCO DE CHILE
015 B00AA13 S
015 C01AA13 SANTIAGO
015 D01AA13 CHILE
015 E04AA13 X
015 A00AA14 THE STANDARD CHARTERED BANK, HONG KONG
015 B00AA14 S
015 C01AA14 HONG KONG
015 D01AA14 CHINA
015 E04AA14 X
015 A00AA15 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B00AA15 S
015 C01AA15 BOGOTA
015 D01AA15 COLOMBIA
015 E04AA15 X
015 A00AA16 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA16 S
015 C01AA16 PRAHA
015 D01AA16 CZECH REPUBLIC
015 E04AA16 X
015 A00AA17 DEN DANSKE BANK
015 B00AA17 S
015 C01AA17 COPENHAGEN
015 D01AA17 DENMARK
015 E04AA17 X
015 A00AA18 CITIBANK, N.A.
015 B00AA18 S
015 C01AA18 QUITO
015 D01AA18 ECUADOR
015 E04AA18 X
015 A00AA19 CITIBANK, N.A. - EGYPT BRANCH
015 B00AA19 S
015 C01AA19 CAIRO
015 D01AA19 EGYPT
015 E04AA19 X
<PAGE> PAGE 4
015 A00AA20 MERITA BANK LTD
015 B00AA20 S
015 C01AA20 HELSINKI
015 D01AA20 FINLAND
015 E04AA20 X
015 A00AA21 BANQUE PARIBAS
015 B00AA21 S
015 C01AA21 PARIS
015 D01AA21 FRANCE
015 E04AA21 X
015 A00AA22 CREDIT COMMERCIAL DE FRANCE
015 B00AA22 S
015 C01AA22 PARIS
015 D01AA22 FRANCE
015 E04AA22 X
015 A00AA23 DRESDNER BANK AG
015 B00AA23 S
015 C01AA23 FRANKFURT/MAIN
015 D01AA23 GERMANY
015 E04AA23 X
015 A00AA24 MERCHANT BANK (GHANA) LIMITED
015 B00AA24 S
015 C01AA24 ACCRA
015 D01AA24 GHANA
015 E04AA24 X
015 A00AA25 NATIONAL BANK OF GREECE SA
015 B00AA25 S
015 C01AA25 ATHENS
015 D01AA25 GREECE
015 E04AA25 X
015 A00AA26 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA26 S
015 C01AA26 HONG KONG
015 D01AA26 HONG KONG
015 E04AA26 X
015 A00AA27 CITIBANK BUDAPEST RT.
015 B00AA27 S
015 C01AA27 BUDAPEST
015 D01AA27 HUNGARY
015 E04AA27 X
015 A00AA28 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA28 S
015 C01AA28 MUMBAI
015 D01AA28 INDIA
015 E04AA28 X
015 A00AA29 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA29 S
015 C01AA29 JAKARTA
015 D01AA29 INDONESIA
015 E04AA29 X
015 A00AA30 ALLIED IRISH BANKS, PLC
<PAGE> PAGE 5
015 B00AA30 S
015 C01AA30 DUBLIN
015 D01AA30 IRELAND
015 E04AA30 X
015 A00AA31 BANK LEUMI LE - ISRAEL B.M.
015 B00AA31 S
015 C01AA31 TEL AVIV
015 D01AA31 ISRAEL
015 E04AA31 X
015 A00AA32 BANCA COMMERCIALE ITALIANA
015 B00AA32 S
015 C01AA32 MILAN
015 D01AA32 ITALY
015 E04AA32 X
015 A00AA33 BANQUE PARIBAS SA
015 B00AA33 S
015 C01AA33 MILAN
015 D01AA33 ITALY
015 E04AA33 X
015 A00AA34 BANK OF TOKYO MITSUBISHI
015 B00AA34 S
015 C01AA34 TOKYO
015 D01AA34 JAPAN
015 E04AA34 X
015 A00AA35 JASDEC
015 B00AA35 S
015 C01AA35 TOKYO
015 D01AA35 JAPAN
015 E04AA35 X
015 A00AA36 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA36 S
015 C01AA36 AMMAN
015 D01AA36 JORDAN
015 E04AA36 X
015 A00AA37 STANBIC BANK KENYA LIMITED
015 B00AA37 S
015 C01AA37 NAIROBI
015 D01AA37 KENYA
015 E04AA37 X
015 A00AA38 BANQUE INTERNATIONALE A LUXEMBOURG
015 B00AA38 S
015 C01AA38 LUXEMBOURG CITY
015 D01AA38 LUXEMBOURG
015 E04AA38 X
015 A00AA39 CEDEL
015 B00AA39 S
015 C01AA39 LUXEMBOURG CITY
015 D01AA39 LUXEMBOURG
015 E04AA39 X
015 A00AA40 THE HONGKONG BANK MALAYSIA BERHAD
015 B00AA40 S
<PAGE> PAGE 6
015 C01AA40 KUALA LUMPUR
015 D01AA40 MALAYSIA
015 E04AA40 X
015 A00AA41 BANCO NACIONAL DE MEXICO
015 B00AA41 S
015 C01AA41 MEXICO CITY
015 D01AA41 MEXICO
015 E04AA41 X
015 A00AA42 BANQUE COMMERCIALE DU MAROC
015 B00AA42 S
015 C01AA42 CASABLANCA
015 D01AA42 MOROCCO
015 E04AA42 X
015 A00AA43 STANBIC BANK NAMIBIA LIMITED
015 B00AA43 S
015 C01AA43 WINDHOEK
015 D01AA43 NAMIBIA
015 E04AA43 X
015 A00AA44 MEESPIERSON
015 B00AA44 S
015 C01AA44 AMSTERDAM
015 D01AA44 NETHERLANDS
015 E04AA44 X
015 A00AA45 KAS - ASSOCIATIE NV
015 B00AA45 S
015 C01AA45 AMSTERDAM
015 D01AA45 NETHERLANDS
015 E04AA45 X
015 A00AA46 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA46 S
015 C01AA46 WELLINGTON
015 D01AA46 NEW ZEALAND
015 E04AA46 X
015 A00AA47 STANBIC MERCHANT BANK NIGERIA LIMITED
015 B00AA47 S
015 C01AA47 LAGOS
015 D01AA47 NIGERIA
015 E04AA47 X
015 A00AA48 DEN NORSKE BANK ASA
015 B00AA48 S
015 C01AA48 OSLO
015 D01AA48 NORWAY
015 E04AA48 X
015 A00AA49 STANDARD CHARTERED BANK
015 B00AA49 S
015 C01AA49 KARACHI
015 D01AA49 PAKISTAN
015 E04AA49 X
015 A00AA50 CITIBANK, N.A.
015 B00AA50 S
015 C01AA50 LIMA
<PAGE> PAGE 7
015 D01AA50 PERU
015 E04AA50 X
015 A00AA51 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA51 S
015 C01AA51 PASIG CITY MANILA
015 D01AA51 PHILIPPINES
015 E04AA51 X
015 A00AA52 BANK HANDLOWY W WARSZAWIE S.A.
015 B00AA52 S
015 C01AA52 WARSAW
015 D01AA52 POLAND
015 E04AA52 X
015 A00AA53 BANCO COMERCIAL PORTUGUES, S.A.
015 B00AA53 S
015 C01AA53 LISBON
015 D01AA53 PORTUGAL
015 E04AA53 X
015 A00AA54 UNITED OVERSEAS BANK LIMITED
015 B00AA54 S
015 C01AA54 SINGAPORE
015 D01AA54 SINGAPORE
015 E04AA54 X
015 A00AA55 DEVELOPMENT BANK OF SINGAPORE
015 B00AA55 S
015 C01AA55 SINGAPORE
015 D01AA55 SINGAPORE
015 E04AA55 X
015 A00AA56 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B00AA56 S
015 C01AA56 BRATISLAVA
015 D01AA56 SLOVAK REPUBLIC
015 E04AA56 X
015 A00AA57 STANDARD CORPORATE AND MERCHANT BANK
015 B00AA57 S
015 C01AA57 JOHANNESBURG
015 D01AA57 SOUTH AFRICA
015 E04AA57 X
015 A00AA58 SEOULBANK
015 B00AA58 S
015 C01AA58 SEOUL
015 D01AA58 SOUTH KOREA
015 E04AA58 X
015 A00AA59 BANCO BILBAO VIZCAYA
015 B00AA59 S
015 C01AA59 MADRID
015 D01AA59 SPAIN
015 E04AA59 X
015 A00AA60 STANDARD CHARTERED BANK
015 B00AA60 S
015 C01AA60 COLOMBO
015 D01AA60 SRI LANKA
<PAGE> PAGE 8
015 E04AA60 X
015 A00AA61 STANBIC BANK SWAZILAND LIMITED
015 B00AA61 S
015 C01AA61 MBABANE
015 D01AA61 SWAZILAND
015 E04AA61 X
015 A00AA62 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA62 S
015 C01AA62 STOCKHOLM
015 D01AA62 SWEDEN
015 E04AA62 X
015 A00AA63 BANK LEU LTD
015 B00AA63 S
015 C01AA63 ZURICH
015 D01AA63 SWITZERLAND
015 E04AA63 X
015 A00AA64 UNION BANK OF SWITZERLAND
015 B00AA64 S
015 C01AA64 ZURICH
015 D01AA64 SWITZERLAND
015 E04AA64 X
015 A00AA65 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA65 S
015 C01AA65 TAIPEI
015 D01AA65 TAIWAN
015 E04AA65 X
015 A00AA66 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B00AA66 S
015 C01AA66 BANGKOK
015 D01AA66 THAILAND
015 E04AA66 X
015 A00AA67 BANGKOK BANK PUBLIC COMPANY LTD
015 B00AA67 S
015 C01AA67 BANGKOK
015 D01AA67 THAILAND
015 E04AA67 X
015 A00AA68 CITIBANK, N.A. - ISTANBUL BRANCH
015 B00AA68 S
015 C01AA68 ISTANBUL
015 D01AA68 TURKEY
015 E04AA68 X
015 A00AA69 THE BANK OF NEW YORK
015 B00AA69 S
015 C01AA69 LONDON
015 D01AA69 UNITED KINGDOM
015 E04AA69 X
015 A00AA70 FIRST CHICAGO CLEARING CENTRE
015 B00AA70 S
015 C01AA70 LONDON
015 D01AA70 UNITED KINGDOM
015 E04AA70 X
<PAGE> PAGE 9
015 A00AA71 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA71 S
015 C01AA71 MONTEVIDEO
015 D01AA71 URUGUAY
015 E04AA71 X
015 A00AA72 CITIBANK, N.A.
015 B00AA72 S
015 C01AA72 CARACAS
015 D01AA72 VENEZUELA
015 E04AA72 X
015 A00AA73 STANBIC BANK ZAMBIA LIMITED
015 B00AA73 S
015 C01AA73 LUSAKA
015 D01AA73 ZAMBIA
015 E04AA73 X
015 A00AA74 STANBIC BANK ZIMBABWE LIMITED
015 B00AA74 S
015 C01AA74 HARARE
015 D01AA74 ZIMBABWE
015 E04AA74 X
015 A00AA75 THE PHILIPPINE CENTRAL DEPOSITORY, INC.
015 B00AA75 S
015 C01AA75 MAKATI CITY
015 D01AA75 PHILIPPINES
015 E04AA75 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 206
019 C00AA00 FRNKTEMGRP
020 A000001 LEHMAN BROTHERS, INC.
020 B000001 13-2518466
020 C000001 19
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 19
022 A000001 FUJI SECURITIES INC.
022 B000001 13-3038090
022 C000001 3023044
022 D000001 0
022 A000002 UBS SECURITIES L.L.C.
022 B000002 13-2932996
022 C000002 2879765
022 D000002 0
022 A000003 DAIWA SECURITIES AMERICA INC.
<PAGE> PAGE 10
022 B000003 13-5680329
022 C000003 2827821
022 D000003 0
022 A000004 DONALDSON, LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 2630187
022 D000004 5593
022 A000005 SBCI SWISS BANK CORP. INV. BANK
022 B000005 13-2639550
022 C000005 2528916
022 D000005 0
022 A000006 BEAR, STEARNS & CO. INC.
022 B000006 13-3299429
022 C000006 2501059
022 D000006 4670
022 A000007 AUBREY LANDSTON & CO.
022 B000007 13-5552129
022 C000007 2046306
022 D000007 0
022 A000008 CIBC WOOD GUNDY SECURITY
022 B000008 13-3639028
022 C000008 1878795
022 D000008 0
022 A000009 LEHMAN BROTHERS INC.
022 B000009 13-2518466
022 C000009 1815277
022 D000009 0
022 A000010 BANK OF AMERICA NT & SA
022 B000010 94-1687665
022 C000010 1790054
022 D000010 0
023 C000000 29785847
023 D000000 219520
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 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
<PAGE> PAGE 11
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 Y
040 00AA00 Y
041 00AA00 Y
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 NONE
080 C00AA00 130
081 A00AA00 Y
081 B00AA00 205
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
<PAGE> PAGE 12
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
028 A010100 65356
028 A020100 8205
028 A030100 0
028 A040100 40330
028 B010100 86761
028 B020100 8350
028 B030100 0
028 B040100 48325
028 C010100 85823
028 C020100 8544
028 C030100 0
028 C040100 45723
028 D010100 82736
028 D020100 8733
028 D030100 0
028 D040100 94834
028 E010100 107496
028 E020100 8589
028 E030100 0
028 E040100 62741
028 F010100 128161
028 F020100 8911
028 F030100 0
028 F040100 63701
028 G010100 556333
028 G020100 51332
028 G030100 0
028 G040100 355654
028 H000100 556333
029 000100 Y
030 A000100 12754
030 B000100 4.25
030 C000100 0.00
031 A000100 0
031 B000100 294
032 000100 13048
033 000100 0
034 000100 Y
035 000100 68
036 A000100 N
<PAGE> PAGE 13
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 3144
044 000100 804
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.625
048 B010100 150000
048 B020100 0.500
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 250000
048 K020100 0.450
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 100
<PAGE> PAGE 14
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 10.4
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 79.7
062 Q000100 0.7
062 R000100 7.2
063 A000100 0
063 B000100 5.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
<PAGE> PAGE 15
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 653254
071 B000100 466437
071 C000100 2330675
071 D000100 20
072 A000100 12
072 B000100 241795
072 C000100 7873
072 D000100 0
072 E000100 0
072 F000100 11610
072 G000100 0
072 H000100 0
072 I000100 1642
072 J000100 41
072 K000100 852
072 L000100 301
072 M000100 78
072 N000100 196
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 59
072 S000100 38
072 T000100 3259
072 U000100 0
072 V000100 0
072 W000100 66
072 X000100 18142
072 Y000100 0
072 Z000100 231526
072AA000100 32132
072BB000100 19735
072CC010100 86795
072CC020100 0
072DD010100 221817
072DD020100 7449
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
<PAGE> PAGE 16
073 B000100 0.0000
073 C000100 0.0000
074 A000100 4576
074 B000100 289496
074 C000100 0
074 D000100 2228911
074 E000100 139191
074 F000100 54185
074 G000100 0
074 H000100 0
074 I000100 29254
074 J000100 0
074 K000100 0
074 L000100 57171
074 M000100 0
074 N000100 2802784
074 O000100 0
074 P000100 1890
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4682
074 S000100 0
074 T000100 2796212
074 U010100 910133
074 U020100 54171
074 V010100 0.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 125791
074 Y000100 52817
075 A000100 0
075 B000100 2494914
076 000100 0.00
SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN HIGH INCOME TRUST MAY 31, 1997 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> AGE HIGH INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 2,394,363,247
<INVESTMENTS-AT-VALUE> 2,451,540,964
<RECEIVABLES> 346,666,110
<ASSETS-OTHER> 4,576,379
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,802,783,453
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,571,740
<TOTAL-LIABILITIES> 6,571,740
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,099,080,353
<SHARES-COMMON-STOCK> 910,132,784
<SHARES-COMMON-PRIOR> 784,036,078
<ACCUMULATED-NII-CURRENT> 11,174,159
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (371,236,218)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,193,419
<NET-ASSETS> 2,796,211,713
<DIVIDEND-INCOME> 7,873,249
<INTEREST-INCOME> 241,794,826
<OTHER-INCOME> 0
<EXPENSES-NET> (18,142,564)
<NET-INVESTMENT-INCOME> 231,525,511
<REALIZED-GAINS-CURRENT> 12,396,658
<APPREC-INCREASE-CURRENT> 86,795,388
<NET-CHANGE-FROM-OPS> 330,717,557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (221,817,438)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 293,629,457
<NUMBER-OF-SHARES-REDEEMED> (200,712,344)
<SHARES-REINVESTED> 33,179,593
<NET-CHANGE-IN-ASSETS> 566,409,824
<ACCUMULATED-NII-PRIOR> 9,115,455
<ACCUMULATED-GAINS-PRIOR> (383,832,951)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,610,513
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,142,564
<AVERAGE-NET-ASSETS> 2,494,913,530
<PER-SHARE-NAV-BEGIN> 2.790
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> .114
<PER-SHARE-DIVIDEND> (.264)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.900
<EXPENSE-RATIO> .710
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN HIGH INCOME TRUST MAY 31, 1997 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> AGE HIGH INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 2,394,363,247
<INVESTMENTS-AT-VALUE> 2,451,540,964
<RECEIVABLES> 346,666,110
<ASSETS-OTHER> 4,576,379
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,802,783,453
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,571,740
<TOTAL-LIABILITIES> 6,571,740
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,099,080,353
<SHARES-COMMON-STOCK> 52,025,707
<SHARES-COMMON-PRIOR> 16,520,811
<ACCUMULATED-NII-CURRENT> 11,174,159
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (371,236,218)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,193,419
<NET-ASSETS> 2,796,211,713
<DIVIDEND-INCOME> 7,873,249
<INTEREST-INCOME> 241,794,826
<OTHER-INCOME> 0
<EXPENSES-NET> (18,142,564)
<NET-INVESTMENT-INCOME> 231,525,511
<REALIZED-GAINS-CURRENT> 12,396,658
<APPREC-INCREASE-CURRENT> 86,795,388
<NET-CHANGE-FROM-OPS> 330,717,557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,337,363)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,869,751
<NUMBER-OF-SHARES-REDEEMED> (6,744,056)
<SHARES-REINVESTED> 1,379,201
<NET-CHANGE-IN-ASSETS> 566,409,824
<ACCUMULATED-NII-PRIOR> 9,115,455
<ACCUMULATED-GAINS-PRIOR> (383,832,951)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,610,513
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,142,564
<AVERAGE-NET-ASSETS> 2,494,913,530
<PER-SHARE-NAV-BEGIN> 2.790
<PER-SHARE-NII> .250
<PER-SHARE-GAIN-APPREC> .108
<PER-SHARE-DIVIDEND> (.248)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.900
<EXPENSE-RATIO> 1.250
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN HIGH INCOME TRUST MAY 31, 1997 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> AGE HIGH INCOME FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 2,394,363,247
<INVESTMENTS-AT-VALUE> 2,451,540,964
<RECEIVABLES> 346,666,110
<ASSETS-OTHER> 4,576,379
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,802,783,453
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,571,740
<TOTAL-LIABILITIES> 6,571,740
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,099,080,353
<SHARES-COMMON-STOCK> 2,144,853
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 11,174,159
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (371,236,218)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,193,419
<NET-ASSETS> 2,796,211,713
<DIVIDEND-INCOME> 7,873,249
<INTEREST-INCOME> 241,794,826
<OTHER-INCOME> 0
<EXPENSES-NET> (18,142,564)
<NET-INVESTMENT-INCOME> 231,525,511
<REALIZED-GAINS-CURRENT> 12,396,658
<APPREC-INCREASE-CURRENT> 86,795,388
<NET-CHANGE-FROM-OPS> 330,717,557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (111,931)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,709,819
<NUMBER-OF-SHARES-REDEEMED> (601,782)
<SHARES-REINVESTED> 36,816
<NET-CHANGE-IN-ASSETS> 566,409,824
<ACCUMULATED-NII-PRIOR> 9,115,455
<ACCUMULATED-GAINS-PRIOR> (383,832,951)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,610,513
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,142,564
<AVERAGE-NET-ASSETS> 2,494,913,530
<PER-SHARE-NAV-BEGIN> 2.900
<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> (.009)
<PER-SHARE-DIVIDEND> (.111)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.900
<EXPENSE-RATIO> .610
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees of Franklin
High Income Trust:
In planning and performing our audit of the financial
statements and financial highlights of the AGE High Income
Fund of the Franklin High Income Trust for the
year ended May 31, 1997, 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 the Franklin High Income Trust 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, 1997.
This report is intended solely for the information and
use of management of the Franklin High Income Trust
and the Securities and Exchange Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
July 8, 1997