Fixed Income

FHIRX Franklin High Income Fund

Diversified portfolio. We invest in hundreds of securities representing various industries, thereby helping to reduce the potential negative impact any one security or sector may have on the fund's overall performance.
Extensive track record. With performance dating back to 1969, our fund has navigated a variety of economic environments.
Global fixed income expertise. Investors have full access to the research resources of the Franklin Templeton Fixed Income.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks a high level of current income, with a secondary focus on capital appreciation, by investing predominantly in higher-yielding, lower-rated corporate bonds.

Benchmark: ICE BofA US High Yield Constrained Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 12/31/1969
Distribution Rate at NAV⁴As of 12/11/2025 (Updated Daily): 6.69%
30-Day SEC Yield—With Waiver^5,6,7As of 11/30/2025 (Updated Monthly): 5.80%
30-Day SEC Yield—Without Waiver^5,7As of 11/30/2025 (Updated Monthly): 5.79%
Effective DurationAs of 11/30/2025 (Updated Monthly): 2.75 Years

Sales Charges, Expenses & Fees

As of 02/01/2025

Gross Expense Ratio⁸: 1.10%
Net Expense Ratio^8,9: 1.09%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.50%

Identifiers

Ticker: FHIRX
Fund Number: 805
CUSIP Code: 353538507

Average Annual Total Returns As of 11/30/2025

View performance section for additional info As of 11/30/2025

Class R

With Sales Charge (POP)

Without Sales Charge (NAV)

7.70%1 Year
9.47%3 Years
4.76%5 Years
5.87%10 Years
6.50%Since Inception
12/31/1969

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 11/30/2025 % of Total (Updated Monthly)

Top Sectors
Finance15.18%
Energy12.01%
Health Care8.06%
Building7.16%
Media Non Cable6.18%

Additional Fund Info

Share Class Inception Date: 01/02/2002
Investment Style: High Yield
Lipper Classification: High Yield Funds
Morningstar Category³: High Yield Bond

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.

Commentary Highlights

September 30, 2025

Markets: Market sentiment improved across the third quarter of 2025 (Q3) due to a partial resolution of some of the outstanding market uncertainties. On the trade front, a deal was reached between the Trump administration and some of the largest US trading partners, such as the United Kingdom, the European Union and Japan. Although no agreement was made with China, there was a 90-day pause in many of the across-the-board increases. At its September meeting, the Fed cut the fed funds rate by 25 bps and signaled that more cuts were likely to come by the end of this year. Over the period, US Treasury (UST) yields moved lower, with the yield curve steepening.
Contributors: Security selection in the energy and automotive sectors.
Detractors: Security selection in media non-cable and chemicals.
Outlook: Overall, we remain constructive on high-yield (HY) corporate credit and believe it offers a reasonable loss adjusted carry but acknowledge that valuations do not offer much upside potential from here.

For complete information, please see the full commentary:

Franklin Templeton Fixed Income

Managed Fund Since 2015

Managed Fund Since 2020

Latest Insights

November 18, 2025

Sector Views: Proceed with caution

November 12, 2025

Flash Insights: Rate cuts and returns—what past Fed cycles reveal

October 30, 2025

On My Mind: Dancing in the dark

October 28, 2025

Flash Insights: New York (City) state of mind—NYC mayoral election

Performance

Calendar Year Returns

As of 11/30/2025

Month End

Quarter End

Class R - With Sales Charge (POP) (%)

Class R - Without Sales Charge (NAV) (%)

ICE BofA US High Yield Constrained Index (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 4 out of 5 stars
As of 11/30/2025

3 Years: 3 Years: 4 out of 5 stars
581 Funds in category

5 Years: 5 Years: 3 out of 5 stars
543 Funds in category

10 Years: 10 Years: 4 out of 5 stars
437 Funds in category

Rating Category: High Yield Bond

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 11/30/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets: $2.87 Billion

Positions

As of 11/30/2025 (Updated Monthly)

Number of Holdings

Fund: 355
Benchmark: 1,926

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

Average Weighted Maturity

Fund: 3.44 Years
Benchmark: 3.86 Years

Effective Duration

Fund: 2.75 Years
Benchmark: 2.87 Years

Asset Allocation

As of 11/30/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	97.74%
Equity	0.45%
Cash & Cash Equivalents	1.81%

Holdings
As of 10/31/2025 (Updated Monthly)

Franklin Institutional U.S. Government Money Market Fund OEMF-SWEEP MONEY MARKET PORTFOLIO

Martin Midstream Partners LP / Martin Midstream Finance Corp 11.5% 02/15/2028 144A

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 7.125% 02/15/2031 144A

EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 144A

Mauser Packaging Solutions Holding Co 9.25% 04/15/2027 144A

Kedrion SpA 6.5% 09/01/2029 144A

Forestar Group Inc 6.5% 03/15/2033 144A

Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 144A

Apollo Commercial Real Estate Finance Inc 4.625% 06/15/2029 144A

RR Donnelley & Sons Co 9.5% 08/01/2029 144A

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 94-1693697

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 25	0.009	—	—	—	—	—	—	—	—
Feb 23	0.0084	—	—	—	—	—	—	—	—
Mar 22	0.0079	—	—	—	—	—	—	—	—
Apr 24	0.0099	—	—	—	—	—	—	—	—
May 24	0.0081	—	—	—	—	—	—	—	—
Jun 24	0.0084	—	—	—	—	—	—	—	—
Jul 25	0.0087	—	—	—	—	—	—	—	—
Aug 26	0.0084	—	—	—	—	—	—	—	—
Sep 24	0.0084	—	—	—	—	—	—	—	—
Oct 25	0.0093	—	—	—	—	—	—	—	—
Nov 22	0.0085	—	—	—	—	—	—	—	—
Dec 24	0.0086	—	—	—	—	—	—	—	—
	0.1036	—	—	—	—	—	—	—	—

Jan 25

Feb 23

Mar 22

Apr 24

May 24

Jun 24

Jul 25

Aug 26

Sep 24

Oct 25

Nov 22

Dec 24

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 98.29%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 12/11/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/11/2025

Share Prices

As of 12/11/2025

NAV ¹(Net Asset Value): $1.83
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ¹⁰(Public Offering Price): $1.83

52-Week Range

Highest NAV As of 10/27/2025: $1.84
Lowest NAV As of 04/07/2025: $1.73

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin High Income Fund	Download Document
Checkbox	Product Commentary - Franklin High Income Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin High Income Fund - Class R	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin High Income Fund	Download Document
Checkbox	Semi-Annual Report - Franklin High Income Fund - Class R	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin High Income Fund	Download Document
Checkbox	Prospectus - Franklin High Income Fund	Download Document
Checkbox	Summary Prospectus - Franklin High Income Fund	Download Document
Checkbox	Statement of Additional Information - Franklin High Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin High Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin High Income FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Click here for funds sales charge and breakpoint information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The ICE BofA US High Yield Constrained Index measures the performance of USD-denominated, noninvestment grade, fixed rate and taxable corporate bonds.
Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, the manager assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Foreign government bonds without a specific rating are assigned a country rating, if available. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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