Franklin High Income Fund
Franklin High Income Trust · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Franklin High Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2026 Q1
To earn a high level of current income. Its secondary goal is to seek capital appreciation to the extent it is possible and consistent with the Fund's principal goal.
The fund invests predominantly in high-yield, lower-rated debt securities selected through fundamental analysis by its investment manager, which evaluates issuers' creditworthiness, management quality, and financial condition rather than relying principally on rating agency assessments. The fund may hold up to 100% of assets in below-investment-grade debt, including securities rated below B and defaulted securities, as well as foreign debt denominated in U.S. dollars. Because security selection depends on the manager's independent analysis, performance will diverge from any index or peer group.
| Share class | Gross | Net |
|---|---|---|
| FHAIX | 0.75% | 0.74% |
| FCHIX | 1.25% | 1.24% |
| FVHIX | 0.60% | 0.59% |
| FHIRX | 1.10% | 1.09% |
| FHRRX | 0.53% | 0.51% |
| FHQRX | 0.85% | 0.84% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 39.11% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 94.98% |
| Cash & short-term | 2.57% |
| Stocks | 0.95% |
| Loans | 0.35% |
| Other | 0.01% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 54.5% |
| International | 17.5% |
| Financials | 4.7% |
| Industrials | 4.3% |
| 11 smaller | 19.0% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Dexko Global, Inc., Edged Compute LLC, Encore Capital Group, Inc., Hilton Domestic Operating Co., Inc., PR RNO Property Owner 1 LLC, Bombardier, Inc., Directv Financing LLC / Directv Financing Co-Obligor, Inc., Neo Next+ Energy Consolidated Holdings Ltd.
Largest exited: Apollo Commercial Real Estate Finance, Inc., Smyrna Ready Mix Concrete LLC, Dornoch Debt Merger Sub, Inc., Nexstar Media, Inc., Teva Pharmaceutical Finance Netherlands III BV, Expand Energy Corp., LGI Homes, Inc., Seagate Data Storage Technology Pte. Ltd.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +8.95% | +28.26% | +26.38% | 3.42% | -2.51% | |
| +8.84% | +27.21% | +23.33% | 2.95% | -2.55% | |
| +9.13% | +28.87% | +27.36% | 2.97% | -2.48% | |
| +8.91% | +27.48% | +24.73% | 2.91% | -2.61% | |
| +9.28% | +29.39% | +27.43% | 2.98% | -2.49% | |
| +8.99% | +28.30% | +25.45% | 3.01% | -2.64% |
These classes hold the same portfolio, so the 4.09pp spread over 5 years is the cost difference between them — roughly 0.82pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 99.6% |
| Floating rate | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 16.4% |
| 3-5y | 36.6% |
| 5-10y | 44.9% |
| 10y+ | 1.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.68 yr |
| Investment grade | +0.11 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.31 yr | 11% |
| 5 yr | 1.78 yr | 64% |
| 10 yr | 0.65 yr | 24% |
| 30 yr | 0.02 yr | 1% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.32 yr | 11% |
| 5 yr | 1.80 yr | 65% |
| 10 yr | 0.65 yr | 23% |
| 30 yr | 0.02 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $167 |
| 1 yr | +0.31 | +0.03 | +0.29 | $9.2k | $82.6k |
| 5 yr | +1.78 | +0.07 | +1.73 | $19.2k | $501.7k |
| 10 yr | +0.65 | +0.01 | +0.64 | $3.2k | $185.5k |
| 30 yr | +0.02 | +0.00 | +0.02 | $0 | $4.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.76 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| INFXX | Franklin Institutional U.S. Government Money Market FundINFXX | 2.42% | $70.22M | — |
| — | Martin Midstream Partners LP / Martin Midstream Finance Corp.11.50% · due 2028-02-15 | 1.01% | $29.24M | — |
| — | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.7.13% · due 2031-02-15 | 0.91% | $26.43M | — |
| — | Mauser Packaging Solutions Holding Co.9.25% · due 2030-04-15 | 0.85% | $24.62M | — |
| — | Weekley Homes LLC / Weekley Finance Corp.6.75% · due 2034-01-15 | 0.84% | $24.37M | — |
| — | California Buyer Ltd. / Atlantica Sustainable Infrastructure plc6.38% · due 2032-02-15 | 0.83% | $24.16M | — |
| — | Kedrion SpA6.50% · due 2029-09-01 | 0.82% | $23.90M | — |
| — | Dexko Global, Inc.7.50% · due 2032-04-15 | 0.81% | $23.31M | — |
| — | Rain Carbon, Inc.12.25% · due 2029-09-01 | 0.80% | $23.15M | — |
| — | RR Donnelley & Sons Co.9.50% · due 2029-08-01 | 0.77% | $22.39M | — |
Top 10 positions are 10.08% of net assets, top 25 19.86%, across 224 issuers.
See more of this fund's book
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