<PAGE> PAGE 1
000 A000000 11/30/98
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
001 A000000 FRANKLIN HIGH INCOME TRUST
001 B000000 811-1608
001 C000000 6503122000
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 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
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007 C011100 11
007 C011200 12
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007 C011400 14
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007 C011600 16
007 C011700 17
007 C011800 18
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008 A00AA01 FRANKLIN ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-26292
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.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 1585
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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 NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
015 A00AA02 BANKBOSTON, N.A
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 NATIONAL AUSTRALIA BANK LTD.
015 B00AA03 S
015 C01AA03 MELBOURNE
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 CREDITANSTALT BANKVEREIN
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 BANQUE BRUXELLES LAMBERT
015 B00AA05 S
015 C01AA05 BRUSSELS
015 D01AA05 BELGIUM
015 E04AA05 X
<PAGE> PAGE 3
015 A00AA06 BANKBOSTON, N.A.
015 B00AA06 S
015 C01AA06 SAO PAULO
015 D01AA06 BRAZIL
015 E04AA06 X
015 A00AA07 ROYAL BANK OF CANADA
015 B00AA07 S
015 C01AA07 MONTREAL
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 STANDARD CHARTERED BANK
015 B00AA08 S
015 C01AA08 SHANGHAI
015 D01AA08 CHINA
015 E04AA08 X
015 A00AA09 STANDARD CHARTERED BANK
015 B00AA09 S
015 C01AA09 SHENZHEN
015 D01AA09 CHINA
015 E04AA09 X
015 A00AA10 DEN DANSKE BANK
015 B00AA10 S
015 C01AA10 COPENHAGEN
015 D01AA10 DENMARK
015 E04AA10 X
015 A00AA11 FIRST CHICAGO CLEARING CENTRE
015 B00AA11 S
015 C01AA11 LONDON
015 D01AA11 UNITED KINGDOM
015 E04AA11 X
015 A00AA12 CEDEL BANK, S.A.
015 B00AA12 S
015 C01AA12 LUXEMBOURG CITY
015 D01AA12 LUXEMBOURG
015 E04AA12 X
015 A00AA13 BANQUE BRUXELLS LAMBERT
015 B00AA13 S
015 C01AA13 BRUSSELS
015 D01AA13 EASDAQ
015 E04AA13 X
015 A00AA14 MERITA BANK PLC
015 B00AA14 S
015 C01AA14 HELSINKI
015 D01AA14 FINLAND
015 E04AA14 X
015 A00AA15 BANQUE PARIBAS
015 B00AA15 S
015 C01AA15 PARIS
015 D01AA15 FRANCE
015 E04AA15 X
015 A00AA16 DRESDNER BANK AG
<PAGE> PAGE 4
015 B00AA16 S
015 C01AA16 FRANKFURT
015 D01AA16 GERMANY
015 E04AA16 X
015 A00AA17 HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B00AA17 S
015 C01AA17 HONG KONG
015 D01AA17 HONG KONG
015 E04AA17 X
015 A00AA18 HONGKONG AND SHANGHAI BANKING CORP LTD.
015 B00AA18 S
015 C01AA18 JAKARTA
015 D01AA18 INDONESIA
015 E04AA18 X
015 A00AA19 ALLIED IRISH BANKS, PLC
015 B00AA19 S
015 C01AA19 DUBLIN
015 D01AA19 IRELAND
015 E04AA19 X
015 A00AA20 BANK OF TOKYO MITSUBISHI
015 B00AA20 S
015 C01AA20 TOKYO
015 D01AA20 JAPAN
015 E04AA20 X
015 A00AA21 BANQUE INTERNATIONALE A LUXEMBOURG
015 B00AA21 S
015 C01AA21 LUXEMBOURG CITY
015 D01AA21 LUXEMBOURG
015 E04AA21 X
015 A00AA22 HONGKONG BANK MALAYSIA BERHAD
015 B00AA22 S
015 C01AA22 KUALA LUMPUR
015 D01AA22 MALAYSIA
015 E04AA22 X
015 A00AA23 BANCO NACIONAL DE MEXICO
015 B00AA23 S
015 C01AA23 MEXICO CITY
015 D01AA23 MEXICO
015 E04AA23 X
015 A00AA24 MEESPIERSON
015 B00AA24 S
015 C01AA24 AMSTERDAM
015 D01AA24 NETHERLANDS
015 E04AA24 X
015 A00AA25 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B00AA25 S
015 C01AA25 WELLINGTON
015 D01AA25 NEW ZEALAND
015 E04AA25 X
015 A00AA26 STANDARD CHARTERED BANK
015 B00AA26 S
<PAGE> PAGE 5
015 C01AA26 KARACHI
015 D01AA26 PAKISTAN
015 E04AA26 X
015 A00AA27 HONGKONG AND SHANGHAI BANKING CORP LTD
015 B00AA27 S
015 C01AA27 PASIG CITY MANILA
015 D01AA27 PHILIPPINES
015 E04AA27 X
015 A00AA28 BANCO COMERCIAL PORTUGUES, S.A.
015 B00AA28 S
015 C01AA28 LISBON
015 D01AA28 PORTUGAL
015 E04AA28 X
015 A00AA29 UNITED OVERSEAS BANK LIMITED
015 B00AA29 S
015 C01AA29 SINGAPORE
015 D01AA29 SINGAPORE
015 E04AA29 X
015 A00AA30 BANK OF SOUTH AFRICA LIMITED
015 B00AA30 S
015 C01AA30 JOHANNESBURG
015 D01AA30 SOUTH AFRICA
015 E04AA30 X
015 A00AA31 BANCO BILBAO VIZCAYA
015 B00AA31 S
015 C01AA31 MADRID
015 D01AA31 SPAIN
015 E04AA31 X
015 A00AA32 STANDARD CHARTERED BANK
015 B00AA32 S
015 C01AA32 COLOMBO
015 D01AA32 SRI LANKA
015 E04AA32 X
015 A00AA33 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA33 S
015 C01AA33 STOCKHOLM
015 D01AA33 SWEDEN
015 E04AA33 X
015 A00AA34 SWISS BANK CORP
015 B00AA34 S
015 C01AA34 ZURICH
015 D01AA34 SWITZERLAND
015 E04AA34 X
015 A00AA35 STANDARD CHARTERED BANK
015 B00AA35 S
015 C01AA35 BANGKOK
015 D01AA35 THAILAND
015 E04AA35 X
015 A00AA36 OSMANLI BANKASI A.S.
015 B00AA36 S
015 C01AA36 ISTANBUL
<PAGE> PAGE 6
015 D01AA36 TURKEY
015 E04AA36 X
015 A00AA37 BANK OF NEW YORK
015 B00AA37 S
015 C01AA37 LONDON
015 D01AA37 UNITED KINGDOM
015 E04AA37 X
015 A00AA38 CITIBANK, N.A.
015 B00AA38 S
015 C01AA38 CARACAS
015 D01AA38 VENEZUELA
015 E04AA38 X
015 A00AA39 STANBIC BANK ZAMBIA LIMITED
015 B00AA39 S
015 C01AA39 LUSAKA
015 D01AA39 ZAMBIA
015 E04AA39 X
015 A00AA40 STANBIC BANK ZIMBABWE LIMITED
015 B00AA40 S
015 C01AA40 HARARE
015 D01AA40 ZIMBABWE
015 E04AA40 X
015 A00AA41 DELETE
015 A00AA44 DELETE
015 A00AA46 DELETE
015 A00AA49 DELETE
015 A00AA51 DELETE
015 A00AA53 DELETE
015 A00AA54 DELETE
015 A00AA57 DELETE
015 A00AA59 DELETE
015 A00AA60 DELETE
015 A00AA62 DELETE
015 A00AA64 DELETE
015 A00AA66 DELETE
015 A00AA68 DELETE
015 A00AA69 DELETE
015 A00AA72 DELETE
015 A00AA73 DELETE
015 A00AA74 DELETE
015 A00AA76 DELETE
015 A00AA77 DELETE
015 A00AA78 DELETE
015 A00AA79 DELETE
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 203
019 C00AA00 FRNKTEMGRP
020 C000001 0
020 C000002 0
020 C000003 0
<PAGE> PAGE 7
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 DONALDSON LUFKIN & JENRETTE
022 B000001 13-2741729
022 C000001 963863
022 D000001 0
022 A000002 GREENWICH CAPITAL MARKETS, INC.
022 B000002 13-3122275
022 C000002 831530
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022 A000003 BARCLAYS CAPITAL, INC.
022 B000003 13-3551367
022 C000003 815362
022 D000003 0
022 A000004 PARIBAS CAPITAL MARKETS
022 B000004 13-3235334
022 C000004 802457
022 D000004 0
022 A000005 CIBC WOOD GUNDY SECURITY CORP.
022 B000005 13-3639028
022 C000005 774717
022 D000005 0
022 A000006 DEUTSCHE BANK CAPITAL CORP.
022 B000006 13-6124068
022 C000006 715445
022 D000006 0
022 A000007 DRESDNER KLEINWORT BENSON
022 B000007 04-2442748
022 C000007 705638
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022 A000008 BT ALEX BROWN
022 B000008 13-3311934
022 C000008 602031
022 D000008 38475
022 A000009 NATIONSBANC MONTGOMERY SECURITIES, LLC
022 B000009 94-1687665
022 C000009 572615
022 D000009 18550
022 A000010 LEHMAN BROTHERS, INC.
022 B000010 13-2518466
022 C000010 525817
022 D000010 33302
023 C000000 9328721
023 D000000 194254
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<PAGE> PAGE 8
025 D00AA01 0
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<PAGE> PAGE 9
086 C020000 0
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<PAGE> PAGE 10
030 C000100 0.00
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052 000100 N
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<PAGE> PAGE 11
055 B000100 N
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064 A000100 N
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066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
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<PAGE> PAGE 12
070 I010100 Y
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070 J020100 Y
070 K010100 Y
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070 L020100 Y
070 M010100 Y
070 M020100 Y
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070 P010100 Y
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071 A000100 495172
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<PAGE> PAGE 13
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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 NOVEMBER 30, 1998 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-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 3,697,401,317
<INVESTMENTS-AT-VALUE> 3,523,779,798
<RECEIVABLES> 240,841,202
<ASSETS-OTHER> 0
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> (253,779,550)
<ACCUM-APPREC-OR-DEPREC> (173,585,485)
<NET-ASSETS> 3,725,818,625
<DIVIDEND-INCOME> 3,500,463
<INTEREST-INCOME> 176,768,145
<OTHER-INCOME> 0
<EXPENSES-NET> (14,032,602)
<NET-INVESTMENT-INCOME> 166,236,006
<REALIZED-GAINS-CURRENT> 34,027,865
<APPREC-INCREASE-CURRENT> (264,673,173)
<NET-CHANGE-FROM-OPS> (64,409,302)
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<DISTRIBUTIONS-OF-INCOME> (146,023,174)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 240,873,361
<NUMBER-OF-SHARES-REDEEMED> (194,906,229)
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<NET-CHANGE-IN-ASSETS> 67,046,068
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (287,807,415)
<GROSS-ADVISORY-FEES> (8,180,226)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (14,032,602)
<AVERAGE-NET-ASSETS> 3,564,594,632
<PER-SHARE-NAV-BEGIN> 2.980
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> (.190)
<PER-SHARE-DIVIDEND> (.130)
<PER-SHARE-DISTRIBUTIONS> .000
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<FN>
<F1>ANNUALIZED
<FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN HIGH INCOME TRUST NOVEMBER 30, 1998 SEMI-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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 3,697,401,317
<INVESTMENTS-AT-VALUE> 3,523,779,798
<RECEIVABLES> 240,841,202
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,764,621,000
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<OVERDISTRIBUTION-GAINS> (253,779,550)
<ACCUM-APPREC-OR-DEPREC> (173,585,485)
<NET-ASSETS> 3,725,818,625
<DIVIDEND-INCOME> 3,500,463
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<EXPENSES-NET> (14,032,602)
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<REALIZED-GAINS-CURRENT> 34,027,865
<APPREC-INCREASE-CURRENT> (264,673,173)
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<NUMBER-OF-SHARES-SOLD> 55,263,580
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<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> (.180)
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.800
<EXPENSE-RATIO> 1.240<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
<FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN HIGH INCOME TRUST NOVEMBER 30, 1998 SEMI-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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 3,697,401,317
<INVESTMENTS-AT-VALUE> 3,523,779,798
<RECEIVABLES> 240,841,202
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,764,621,000
<PAYABLE-FOR-SECURITIES> 18,658,080
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,144,295
<TOTAL-LIABILITIES> 38,802,375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,133,000,066
<SHARES-COMMON-STOCK> 11,963,303
<SHARES-COMMON-PRIOR> 9,413,021
<ACCUMULATED-NII-CURRENT> 20,183,594
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (253,779,550)
<ACCUM-APPREC-OR-DEPREC> (173,585,485)
<NET-ASSETS> 3,725,818,625
<DIVIDEND-INCOME> 3,500,463
<INTEREST-INCOME> 176,768,145
<OTHER-INCOME> 0
<EXPENSES-NET> (14,032,602)
<NET-INVESTMENT-INCOME> 166,236,006
<REALIZED-GAINS-CURRENT> 34,027,865
<APPREC-INCREASE-CURRENT> (264,673,173)
<NET-CHANGE-FROM-OPS> (64,409,302)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,193,770)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,346,400
<NUMBER-OF-SHARES-REDEEMED> (7,199,181)
<SHARES-REINVESTED> 403,063
<NET-CHANGE-IN-ASSETS> 67,046,068
<ACCUMULATED-NII-PRIOR> 19,511,326
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (287,807,415)
<GROSS-ADVISORY-FEES> (8,180,226)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (14,032,602)
<AVERAGE-NET-ASSETS> 3,564,594,632
<PER-SHARE-NAV-BEGIN> 2.980
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> (.190)
<PER-SHARE-DIVIDEND> (.130)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.790
<EXPENSE-RATIO> .600<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
<FN>
</TABLE>
