<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
HIGH INCOME TRUST MAY 31, 2000 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY B
Y REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> AGE HIGH INCOME FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> MAY-31-2000
<INVESTMENTS-AT-COST> 3,541,421,386
<INVESTMENTS-AT-VALUE> 2,774,770,663
<RECEIVABLES> 133,635,194
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,908,405,857
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,024,162
<TOTAL-LIABILITIES> 12,024,162
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,780,283,122
<SHARES-COMMON-STOCK> 7,477,574
<SHARES-COMMON-PRIOR> 14,624,529
<ACCUMULATED-NII-CURRENT> 8,211,460
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (125,461,984)
<ACCUM-APPREC-OR-DEPREC> (766,650,903)
<NET-ASSETS> 2,896,381,695
<DIVIDEND-INCOME> 9,634,285
<INTEREST-INCOME> 359,823,380
<OTHER-INCOME> 0
<EXPENSES-NET> (27,229,702)
<NET-INVESTMENT-INCOME> 342,227,963
<REALIZED-GAINS-CURRENT> (85,008,346)
<APPREC-INCREASE-CURRENT> (420,267,660)
<NET-CHANGE-FROM-OPS> (163,048,043)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,338,546)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,904,229
<NUMBER-OF-SHARES-REDEEMED> (27,568,659)
<SHARES-REINVESTED> 1,517,475
<NET-CHANGE-IN-ASSETS> (765,072,611)
<ACCUMULATED-NII-PRIOR> 17,094,418
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (94,907,479)
<GROSS-ADVISORY-FEES> (15,209,681)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (27,229,702)
<AVERAGE-NET-ASSETS> 3,353,207,246
<PER-SHARE-NAV-BEGIN> 2.690
<PER-SHARE-NII> .260<F1>
<PER-SHARE-GAIN-APPREC> (.380)
<PER-SHARE-DIVIDEND> (.270)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> (2.300)
<EXPENSE-RATIO> .600
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
