<PAGE> PAGE 1
000 A000000 11/30/96
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 94403
008 D04AA01 7777
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94403
010 C04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
<PAGE> PAGE 2
011 C03AA01 94403
011 C04AA01 7777
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 BANK OF AMERICA NT & SA
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94104
015 C04AA01 1502
015 E01AA01 X
015 A00AA02 CITIBANK DELAWARE
015 B00AA02 C
015 C01AA02 NEW CASTLE
015 C02AA02 DE
015 C03AA02 19720
015 C04AA02 2409
015 E01AA02 X
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
<PAGE> PAGE 3
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
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
<PAGE> PAGE 4
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
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
<PAGE> PAGE 5
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
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
<PAGE> PAGE 6
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
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
<PAGE> PAGE 7
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
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
<PAGE> PAGE 8
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
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
<PAGE> PAGE 9
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
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
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 193
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.
<PAGE> PAGE 10
022 B000001 13-3038090
022 C000001 1552604
022 D000001 0
022 A000002 BANKERS TRUST CO.
022 B000002 13-4941247
022 C000002 1370138
022 D000002 0
022 A000003 SBCI SWISS BANK CORP. INV. BANK
022 B000003 13-2639550
022 C000003 1338966
022 D000003 0
022 A000004 UBS SECURITIES L.L.C.
022 B000004 13-2932996
022 C000004 1270194
022 D000004 0
022 A000005 DAIWA SECURITIES AMERICA INC.
022 B000005 13-5680329
022 C000005 1260176
022 D000005 0
022 A000006 BEAR, STEARNS & CO. INC.
022 B000006 13-3299429
022 C000006 1213746
022 D000006 3760
022 A000007 DONALDSON, LUFKIN & JENRETTE
022 B000007 13-2741729
022 C000007 1190211
022 D000007 0
022 A000008 NIKKO SECURITIES CO. INTL., INC.
022 B000008 94-1302123
022 C000008 972362
022 D000008 0
022 A000009 BANK OF AMERICA NT & SA
022 B000009 94-1687665
022 C000009 923436
022 D000009 0
022 A000010 AUBREY LANSTON & CO.
022 B000010 13-5552129
022 C000010 883163
022 D000010 0
023 C000000 14091057
023 D000000 110941
024 00AA00 N
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 C000000 Y
077 M000000 Y
077 Q010000 Y
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
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
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
<PAGE> PAGE 12
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
028 A010100 47920
028 A020100 7390
028 A030100 0
028 A040100 36737
028 B010100 62761
028 B020100 7463
028 B030100 0
028 B040100 27097
028 C010100 77731
028 C020100 7666
028 C030100 0
028 C040100 28499
028 D010100 74014
028 D020100 7857
028 D030100 0
028 D040100 47102
028 E010100 70704
028 E020100 8028
028 E030100 0
028 E040100 52371
028 F010100 70547
028 F020100 8056
028 F030100 0
028 F040100 45382
028 G010100 403677
028 G020100 46460
028 G030100 0
028 G040100 237188
028 H000100 403677
029 000100 Y
030 A000100 5506
030 B000100 4.25
030 C000100 0.00
031 A000100 0
031 B000100 74
032 000100 5580
033 000100 0
034 000100 Y
035 000100 28
036 A000100 N
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
<PAGE> PAGE 13
042 G000100 0
042 H000100 0
043 000100 1391
044 000100 396
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
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 3.8
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
<PAGE> PAGE 14
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 87.1
062 Q000100 0.7
062 R000100 7.1
063 A000100 0
063 B000100 5.8
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
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
<PAGE> PAGE 15
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 311379
071 B000100 141011
071 C000100 2208601
071 D000100 6
072 A000100 6
072 B000100 115481
072 C000100 4053
072 D000100 0
072 E000100 0
072 F000100 5481
072 G000100 0
072 H000100 0
072 I000100 657
072 J000100 7
072 K000100 483
072 L000100 107
072 M000100 42
072 N000100 110
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 36
072 S000100 21
072 T000100 1468
072 U000100 0
072 V000100 0
072 W000100 30
072 X000100 8442
072 Y000100 0
072 Z000100 111092
072AA000100 10707
072BB000100 14188
072CC010100 83145
072CC020100 0
072DD010100 107098
072DD020100 2639
072EE000100 0
073 A010100 0.1320
073 A020100 0.1241
073 B000100 0.0000
073 C000100 0.0000
074 A000100 843
074 B000100 96662
074 C000100 0
074 D000100 2197992
074 E000100 94554
<PAGE> PAGE 16
074 F000100 69461
074 G000100 0
074 H000100 0
074 I000100 32475
074 J000100 0
074 K000100 0
074 L000100 50983
074 M000100 0
074 N000100 2542969
074 O000100 17200
074 P000100 1609
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 391
074 S000100 0
074 T000100 2523769
074 U010100 847358
074 U020100 29405
074 V010100 2.88
074 V020100 2.88
074 W000100 0.0000
074 X000100 117615
074 Y000100 60256
075 A000100 0
075 B000100 2358947
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 NOVEMBER 30, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 2,340,905,014
<INVESTMENTS-AT-VALUE> 2,394,480,895
<RECEIVABLES> 147,645,058
<ASSETS-OTHER> 842,752
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,542,968,705
<PAYABLE-FOR-SECURITIES> 17,200,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,000,146
<TOTAL-LIABILITIES> 19,200,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,847,068,529
<SHARES-COMMON-STOCK> 847,358,430
<SHARES-COMMON-PRIOR> 784,036,078
<ACCUMULATED-NII-CURRENT> 10,470,699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (387,313,626)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,542,957
<NET-ASSETS> 2,523,768,559
<DIVIDEND-INCOME> 4,052,539
<INTEREST-INCOME> 115,481,467
<OTHER-INCOME> 0
<EXPENSES-NET> (8,441,520)
<NET-INVESTMENT-INCOME> 111,092,486
<REALIZED-GAINS-CURRENT> (3,480,675)
<APPREC-INCREASE-CURRENT> 83,144,926
<NET-CHANGE-FROM-OPS> 190,756,737
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (107,097,863)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129,035,806
<NUMBER-OF-SHARES-REDEEMED> (81,919,972)
<SHARES-REINVESTED> 16,206,518
<NET-CHANGE-IN-ASSETS> 293,966,670
<ACCUMULATED-NII-PRIOR> 9,555,454
<ACCUMULATED-GAINS-PRIOR> (384,272,949)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,480,865
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,441,520
<AVERAGE-NET-ASSETS> 2,358,947,424
<PER-SHARE-NAV-BEGIN> 2.790
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> .092
<PER-SHARE-DIVIDEND> (.132)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.880
<EXPENSE-RATIO> .700
<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 NOVEMBER 30, 1996 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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 2,340,905,014
<INVESTMENTS-AT-VALUE> 2,394,480,895
<RECEIVABLES> 147,645,058
<ASSETS-OTHER> 842,752
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,542,968,705
<PAYABLE-FOR-SECURITIES> 17,200,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,000,146
<TOTAL-LIABILITIES> 19,200,146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,847,068,529
<SHARES-COMMON-STOCK> 29,405,349
<SHARES-COMMON-PRIOR> 16,520,811
<ACCUMULATED-NII-CURRENT> 10,470,699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (387,313,626)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,542,957
<NET-ASSETS> 2,523,768,559
<DIVIDEND-INCOME> 4,052,539
<INTEREST-INCOME> 115,481,467
<OTHER-INCOME> 0
<EXPENSES-NET> (8,441,520)
<NET-INVESTMENT-INCOME> 111,092,486
<REALIZED-GAINS-CURRENT> (3,480,675)
<APPREC-INCREASE-CURRENT> 83,144,926
<NET-CHANGE-FROM-OPS> 190,756,737
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,639,380)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,022,397
<NUMBER-OF-SHARES-REDEEMED> (2,629,288)
<SHARES-REINVESTED> 491,429
<NET-CHANGE-IN-ASSETS> 293,966,670
<ACCUMULATED-NII-PRIOR> 9,555,454
<ACCUMULATED-GAINS-PRIOR> (384,272,949)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,480,865
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,441,520
<AVERAGE-NET-ASSETS> 2,358,947,424
<PER-SHARE-NAV-BEGIN> 2.790
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> .084
<PER-SHARE-DIVIDEND> (.124)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.880
<EXPENSE-RATIO> 1.230
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
NAME OF REGISTRANT:
Franklin High Income Trust
File No. 811-1608
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
FRANKLIN TEMPLETON GROUP
777 Mariners Island Blvd
PO Box 777
San Mateo CA 94403-7777
415/312-2000
FRANKLIN HIGH INCOME TRUST
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
Pursuant to the provisions of Section 4 of Article V of
the Agreement and Declaration of Trust of Franklin High
Income Trust, a Delaware business trust (the "Trust"),
which governs actions taken by unanimous written consent
of shareholders, the undersigned, being the sole shareholder
of the Class I shares and the Class II shares of the AGE
High Income Fund, the sole current series of the Trust,
does hereby waive the requirement of written notice of
the actions set forth herein, and does hereby approve, ratify
and consent to the following resolutions:
NOW, THEREFORE, IT IS
RESOLVED, that the reorganization of AGE High Income Fund,
Inc. a Colorado corporation (the "Fund") and the Trust
pursuant to an Agreement and Plan of Reorganization
(the "Reorganization"), which will involve: (i) the
acquisition by the Trust of substantially all of the assets
of the Fund in exchange solely for shares of beneficial
interest in the Trust; (ii) the distribution of such shares
of beneficial interest of the Trust to the shareholders of
the Fund according to their respective interest; and (iii)
the dissolution of the Fund as soon as practicable after
the closing of the Reorganization is hereby approved; and it
is
FURTHER RESOLVED, that the Agreement and Plan
of Reorganization through which the Reorganization shall
be accomplished is hereby approved; and it is
FURTHER RESOLVED, that the following individuals shall serve
as trustees of the Trust until their successors are elected
and shall qualify:
Frank H. Abbott, III
Harmon E. Burns
Robert F. Carlson
S. Joseph Fortunato
Roy V. Fox
Rupert H. Johnson
R. Martin Wiskemann
and it is
FURTHER RESOLVED, that the selection of Coopers & Lybrand
L.L.P., as independent auditors of the Trust for the fiscal
year ending May 31, 1997 is hereby ratified and approved; and
it is
FURTHER RESOLVED, that the investment management
agreement between the Trust and Franklin Advisers,
Inc. ("Advisers"), which is substantially identical to
the current investment management agreement between the Fund
and Advisers is hereby approved; and it is
FURTHER RESOLVED, that the Class I and Class II
distribution plans relating to the Class I and Class II shares
of the Trust, as adopted pursuant to Rule 12b-1 under
the Investment Company Act of 1940, as amended, which
are substantially identical to the current Rule
12b-1 distribution plans for the Class I and Class II shares
of the Fund, are hereby approved.
IN WITNESS WHEREOF, the undersigned, being the sole
shareholder of the Trust has executed this consent as of the
26th day of September, 1996.
AGE HIGH INCOME FUND, INC
By: /s/H.E. Burns
Harmon E. Burns
Vice President
Filed with the minutes of the proceedings of the Trust, this
26th day of September, 1996.
/s/D.R. Gatzek_________
Deborah R. Gatzek
Secretary
NAME OF REGISTRANT:
Franklin High Income Trust
File No. 811-1608
EXHIBIT ITEM No. 77M:
Mergers
The registrant was incorporated in Colorado in January 1968
under the sponsorship of the Assembly of Governmental
Employees, reorganized as a Delaware trust on October 1,
1996. Pursuant to Rule 414 under the Securities Act of
1933, Franklin High Income Trust succeeded to the
registration statement of, Age High Income Fund, Inc., under
the Securities Act of 1933 (No. 2-30203) and the
Investment Company Act of 1940 (No. 811-1608). This was done
for the purpose of changing the registrant's state and form
of organization.
NAME OF REGISTRANT:
Franklin High Income Trust
File No. 811-1608
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
At the annual meeting of shareholders of the registrant held
on September 13, 1996 the following items were voted upon:
1. Election of Directors
For Withheld
Frank H. Abbott, III 625,544,001 0
Harmon E. Burns 627,935,307 0
Robert F. Carlson 627,614,019 0
S. Joseph Fortunato 627,058,919 0
Roy V. Fox 627,046,658 0
Rupert H. Johnson, Jr. 627,995,656 0
R. Martin Wiskemann 627,956,208 0
2. To ratify 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,
1997:
For Against
625,652,316 6,414,971
3. To approve a change of the Fund's place an form
of organization from a Colorado corporation to a
Delaware business trust.
For Against
Class I 542,801,997 15,151,699
Class II 9,314,260 161,487
4. To approve an amendment to the Fund's Articles
of Incorporation, to be made if the Reorganization is
not approved, to create an additional class of shares.
For Against
556,009,231 14,170,896
