<PAGE> PAGE 1
000 B000000 05/31/98
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
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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
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006 000000 N
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008 B00AA01 A
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008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94404
<PAGE> PAGE 2
008 D04AA01 1585
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
010 C04AA01 1585
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94404
011 C04AA01 1585
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
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012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 1585
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 BANKBOSTON
015 B00AA04 S
015 C01AA04 BUENOS ARIES
015 D01AA04 ARGENTINA
015 E04AA04 X
015 A00AA05 NATIONAL AUSTRALIA BANK
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015 D01AA05 AUSTRALIA
015 E04AA05 X
015 A00AA06 CREDITANSTALT AG
015 B00AA06 S
015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
015 E04AA06 X
015 A00AA07 DELETE
015 A00AA08 BANQUE BRUXELLES LAMBERT
015 B00AA08 S
<PAGE> PAGE 3
015 C01AA08 BRUSSELS
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 DELETE
015 A00AA10 BANKBOSTON
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 DELETE
015 A00AA13 DELETE
015 A00AA14 STANDARD CHARTERED BANK
015 B00AA14 S
015 C01AA14 HONG KONG
015 D01AA14 CHINA
015 E04AA14 X
015 A00AA15 DELETE
015 A00AA16 DELETE
015 A00AA17 DEN DANSKE BANK
015 B00AA17 S
015 C01AA17 COPENHAGEN
015 D01AA17 DENMARK
015 E04AA17 X
015 A00AA18 DELETE
015 A00AA19 DELETE
015 A00AA20 MERITA BANK PLC
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
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015 A00AA23 DRESDNER BANK AG
015 B00AA23 S
015 C01AA23 FRANKFURT
015 D01AA23 GERMANY
015 E04AA23 X
015 A00AA24 DELETE
015 A00AA25 DELETE
015 A00AA26 HONGKONG AND SHANGHAI BANKING CORP
015 B00AA26 S
015 C01AA26 HONG KONG
<PAGE> PAGE 4
015 D01AA26 HONG KONG
015 E04AA26 X
015 A00AA27 DELETE
015 A00AA28 DELETE
015 A00AA29 HONGKONG AND SHANGHAI BANKING CORP
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 DELETE
015 A00AA32 DELETE
015 A00AA33 DELETE
015 A00AA34 BANK OF TOKYO - MITSUBISHI LIMITED
015 B00AA34 S
015 C01AA34 TOKYO
015 D01AA34 JAPAN
015 E04AA34 X
015 A00AA35 DELETE
015 A00AA36 DELETE
015 A00AA37 BANQUE INTERNATIONALE A LUXEMBOURG
015 B00AA37 S
015 C01AA37 LUXEMBOURG CITY
015 D01AA37 LUXEMBOURG
015 E04AA37 X
015 A00AA38 DELETE
015 A00AA39 DELETE
015 A00AA40 HONGKONG BANK MALAYSIA BERHAD
015 B00AA40 S
015 C01AA40 KUALA LUMPUR
015 D01AA40 MALAYSIA
015 E04AA40 X
015 A00AA41 BANCO NACIONAL DE MEXICO, S.A.
015 B00AA41 S
015 C01AA41 MEXICO CITY
015 D01AA41 MEXICO
015 E04AA41 X
015 A00AA42 DELETE
015 A00AA43 DELETE
015 A00AA44 MEES PIERSON N.V.
015 B00AA44 S
015 C01AA44 AMSTERDAM
015 D01AA44 NETHERLANDS
015 E04AA44 X
015 A00AA45 DELETE
015 A00AA46 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA46 S
<PAGE> PAGE 5
015 C01AA46 WELLINGTON
015 D01AA46 NEW ZEALAND
015 E04AA46 X
015 A00AA47 DELETE
015 A00AA48 DELETE
015 A00AA49 STANDARD CHARTERED BANK
015 B00AA49 S
015 C01AA49 KARACHI
015 D01AA49 PAKISTAN
015 E04AA49 X
015 A00AA50 DELETE
015 A00AA51 HONGKONG AND SHANGHAI BANKING CORP
015 B00AA51 S
015 C01AA51 PASIG CITY MANILA
015 D01AA51 PHILIPPINES
015 E04AA51 X
015 A00AA52 DELETE
015 A00AA53 BANCO COMERCIAL PORTUGUES
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 DELETE
015 A00AA56 DELETE
015 A00AA57 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA57 S
015 C01AA57 JOHANNESBURG
015 D01AA57 SOUTH AFRICA
015 E04AA57 X
015 A00AA58 DELETE
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 DELETE
015 A00AA62 SKANDINAVISKA ENKILDA BANKEN
015 B00AA62 S
015 C01AA62 STOCKHOLM
015 D01AA62 SWEDEN
015 E04AA62 X
<PAGE> PAGE 6
015 A00AA63 DELETE
015 A00AA64 UNION BANK OF SWITZERLAND
015 B00AA64 S
015 C01AA64 ZURICH
015 D01AA64 SWITZERLAND
015 E04AA64 X
015 A00AA65 DELETE
015 A00AA66 SIAM COMMERCIAL BANK
015 B00AA66 S
015 C01AA66 BANGKOK
015 D01AA66 THAILAND
015 E04AA66 X
015 A00AA67 DELETE
015 A00AA68 OSMANLI BANKASI A.S.
015 B00AA68 S
015 C01AA68 ISTANBUL
015 D01AA68 TURKEY
015 E04AA68 X
015 A00AA69 BANK OF NEW YORK
015 B00AA69 S
015 C01AA69 LONDON
015 D01AA69 UNITED KINGDOM
015 E04AA69 X
015 A00AA70 DELETE
015 A00AA71 DELETE
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 DELETE
015 A00AA76 STANDARD CHARTERED BANK
015 B00AA76 S
015 C01AA76 SHENZHEN
015 D01AA76 CHINA
015 E04AA76 X
015 A00AA77 FIRST CHICAGO
015 B00AA77 S
015 C01AA77 LONDON
015 D01AA77 EUROMARKET
015 E04AA77 X
<PAGE> PAGE 7
015 A00AA78 CEDEL BANK, S.A.
015 B00AA78 S
015 C01AA78 LUXEMBOURG CITY
015 D01AA78 EUROMARKET
015 E04AA78 X
015 A00AA79 EUROCLEAR
015 B00AA79 S
015 C01AA79 BRUSSELS
015 D01AA79 EASDAQ
015 E04AA79 X
018 00AA00 Y
019 A00AA00 Y
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019 C00AA00 FRNKTEMGRP
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<PAGE> PAGE 8
022 C000007 3094683
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022 B000008 13-3299429
022 C000008 2915452
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<PAGE> PAGE 9
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077 A000000 Y
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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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, 1998 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-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 3,466,787,689
<INVESTMENTS-AT-VALUE> 3,557,918,525
<RECEIVABLES> 160,985,701
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<OTHER-ITEMS-ASSETS> 0
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<PAID-IN-CAPITAL-COMMON> 3,835,980,958
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<SHARES-COMMON-PRIOR> 910,132,784
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (287,807,415)
<ACCUM-APPREC-OR-DEPREC> 91,087,688
<NET-ASSETS> 3,658,772,557
<DIVIDEND-INCOME> 12,223,386
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<OTHER-INCOME> 0
<EXPENSES-NET> (24,276,703)
<NET-INVESTMENT-INCOME> 292,667,415
<REALIZED-GAINS-CURRENT> 34,259,350
<APPREC-INCREASE-CURRENT> 33,894,269
<NET-CHANGE-FROM-OPS> 360,821,034
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<NUMBER-OF-SHARES-REDEEMED> (260,590,614)
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<GROSS-EXPENSE> (24,276,703)
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<PER-SHARE-DIVIDEND> (.260)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN HIGH INCOME TRUST MAY 31, 1998 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-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 3,466,787,689
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<TOTAL-ASSETS> 3,720,708,834
<PAYABLE-FOR-SECURITIES> 21,574,948
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<OTHER-ITEMS-LIABILITIES> 40,361,329
<TOTAL-LIABILITIES> 61,936,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,835,980,958
<SHARES-COMMON-STOCK> 132,303,347
<SHARES-COMMON-PRIOR> 52,025,707
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<OVERDISTRIBUTION-GAINS> (287,807,415)
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<EXPENSES-NET> (24,276,703)
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<NUMBER-OF-SHARES-REDEEMED> (19,128,856)
<SHARES-REINVESTED> 4,043,761
<NET-CHANGE-IN-ASSETS> 862,560,844
<ACCUMULATED-NII-PRIOR> 11,174,159
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (371,236,218)
<GROSS-ADVISORY-FEES> (15,055,199)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (24,276,703)
<AVERAGE-NET-ASSETS> 3,253,948,038
<PER-SHARE-NAV-BEGIN> 2.900
<PER-SHARE-NII> .250
<PER-SHARE-GAIN-APPREC> .080
<PER-SHARE-DIVIDEND> (.250)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.980
<EXPENSE-RATIO> 1.230
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN HIGH INCOME TRUST MAY 31, 1998 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> AGE HIGH INCOME FUND-ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 3,466,787,689
<INVESTMENTS-AT-VALUE> 3,557,918,525
<RECEIVABLES> 160,985,701
<ASSETS-OTHER> 1,804,608
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,720,708,834
<PAYABLE-FOR-SECURITIES> 21,574,948
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,361,329
<TOTAL-LIABILITIES> 61,936,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,835,980,958
<SHARES-COMMON-STOCK> 9,413,021
<SHARES-COMMON-PRIOR> 2,144,853
<ACCUMULATED-NII-CURRENT> 19,511,326
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (287,807,415)
<ACCUM-APPREC-OR-DEPREC> 91,087,688
<NET-ASSETS> 3,658,772,557
<DIVIDEND-INCOME> 12,223,386
<INTEREST-INCOME> 304,720,732
<OTHER-INCOME> 0
<EXPENSES-NET> (24,276,703)
<NET-INVESTMENT-INCOME> 292,667,415
<REALIZED-GAINS-CURRENT> 34,259,350
<APPREC-INCREASE-CURRENT> 33,894,269
<NET-CHANGE-FROM-OPS> 360,821,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,879,720)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,161,829
<NUMBER-OF-SHARES-REDEEMED> (6,500,575)
<SHARES-REINVESTED> 606,914
<NET-CHANGE-IN-ASSETS> 862,560,844
<ACCUMULATED-NII-PRIOR> 11,174,159
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (371,236,218)
<GROSS-ADVISORY-FEES> (15,055,199)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (24,276,703)
<AVERAGE-NET-ASSETS> 3,253,948,038
<PER-SHARE-NAV-BEGIN> 2.900
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> .080
<PER-SHARE-DIVIDEND> (.270)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.980
<EXPENSE-RATIO> .580
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of Franklin
High Income Trust:
In planning and performing our audit of the financial
statements of Franklin High Income Trust
for the year ended May 31, 1998, we considered its internal
control, including controls over safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of the Franklin High Income Trust
is responsible for establishing and maintaining
internal control. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and may not
be detected. Also, projection of any evaluation of
internal control 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
would not necessarily disclose all matters in
internal control 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 any specific internal control component
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 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 internal control, including controls over
safeguarding securities, that we consider
to be material weaknesses as defined above
as of May 31, 1998.
This report is intended solely for the information and
use of management and the Securities and Exchange
Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
June 30, 1998
