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FHQRX

Franklin High Income Fund

As of 01/13/2026

NAV 1

$1.76

$0.00 (0.00%)
 

POP 2

$1.83

 
 

YTD Total Return At NAV 3

0.00%

 
As of 12/31/2025

Morningstar Overall Rating™ 4

High Yield Bond

Overview

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.

Strategy Statement

"The fund focuses on higher-yielding, lower-rated corporate bonds. We examine financial structure, cash flow, earnings prospects, market share and strategic positioning."

Voyles Glenn

Strategy & Benefits

Strategy
  • We conduct independent, bottom-up analysis focusing on critical factors that affect a company's long-term performance.
  • We seek to opportunistically invest in companies and sectors that are infrequently followed or are out of favor with the marketplace.
  • We adhere to a long-term disciplined approach through changing market environments, supported by separate risk management and quantitative research groups.
Benefits
  • 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.
  • Proven Track Record. With performance dating back to 1969, our fund has successfully navigated a variety of economic environments.
  • Global Fixed Income Expertise. Investors have full access to the research resources of the Franklin Templeton Fixed Income.

Investment Philosophy, Strategy and Approach

Investment Philosophy

Franklin Templeton Fixed Income believes that integrating top-down macroeconomic views, bottom up fundamental research, and quantitative science provides us with a competitive edge to navigate challenging investment environments, pursue consistent alpha, and better serve our clients.

Fund Information
Asset Class 
Fixed Income
Share Class Inception Date 
09/10/2018
Fund Inception Date 
12/31/1969
Benchmark 
ICE BofA US High Yield Constrained Index
Investment Style 
High Yield
Morningstar Category5 
High Yield Bond
Lipper Classification 
High Yield Funds
Total Net Assets  As of 12/31/2025 (Updated Monthly)
$2.90 Billion
Dividends & Yields
Dividend Frequency, if any 
Monthly
Distribution Rate at NAV6  As of 01/13/2026 (Updated Daily)
6.07%
30-Day SEC Yield—With Waiver789  As of 12/31/2025 (Updated Monthly)
5.53%
30-Day SEC Yield—Without Waiver89  As of 12/31/2025 (Updated Monthly)
5.52%
Sales Charges, Expenses & Fees
As of 02/01/2025
Gross Expense Ratio10 
0.85%
Net Expense Ratio1011 
0.84%
Maximum Initial Charge 
3.75%
CDSC12 
1.00%
12b-1 Fee 
0.25%
Identifiers
Ticker 
FHQRX
Fund Number 
1105
CUSIP Code 
353538887

Portfolio Managers

Glenn Voyles, CFA®

California, United States

Managed Fund Since 2015

Bryant Dieffenbacher, CFA®

Utah, United States

Managed Fund Since 2020

S. James McGiveran III, CFA®

Texas, United States

Managed Fund Since 2020

Patricia O'Connor, CFA®

California, United States

Managed Fund Since 2020

Performance

Portfolio

Portfolio Holdings

Distributions & Tax

Distributions

Distribution Schedules

Dividend Frequency, if any This fund is an ex-Dividend fund
Monthly
Capital Gain Distributions 
December

Rates and Yields

Read important information about results and other investment disclosures
Distribution Rate & Breakpoints
As of 01/13/2026
Less than $100,000 
5.84%
$100,000 - $249,999 
5.87%
$250,000 - $499,999 
5.93%
Distribution Rate
As of 01/13/2026
At Net Asset Value (NAV) 
6.07%
30-Day SEC Yield
As of 12/31/2025
w/ Waiver 
5.53%
w/o Waiver 
5.52%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share

Current Year Distributions Per Share
Distributions with future dates are estimates and those figures are not final
Record Date  
12/24/2025
Ex-Dividend Date  
12/26/2025
Reinvestment Date  
12/26/2025
Payable Date  
12/26/2025
Reinvestment Amount  
$1.75000
Long-Term Capital Gains  
$0.00000
Short-Term Capital Gains  
$0.00000
Income  
$0.00890
Total Distribution Per Share  
$0.00890

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Tax Information

Tax Information

Federal ID Number 94-1693697
For information on tax years prior to 2008, please contact us

2025 tax information will be available in early February

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 ($)
2024 fund-specific tax information should be available by January 31, 2025.

Pricing

Pricing History Chart

As of 01/13/2026 Updated Daily

Daily Fund Prices and Breakpoints

As of 01/13/2026

Share Prices

As of 01/13/2026
NAV1 (Net Asset Value)
$1.76
NAV Change1 
$0.00
NAV Change (%)1 
0.00%
POP2 (Public Offering Price)
$1.83

52-Week Range

Highest NAV  As on 10/27/2025
$1.77
Lowest NAV  As on 04/07/2025
$1.66
POP and Sales Charge at Breakpoints

Investment

Sales Charge

POP

Less than $100,000 3.75%$1.83
$100,000 - $249,999 3.25%$1.82
$250,000 - $499,999 2.25%$1.80
POP and Sales Charge at Breakpoints
Investment  
Less than $100,000
Sales Charge  
3.75%
POP  
$1.83
Investment  
$100,000 - $249,999
Sales Charge  
3.25%
POP  
$1.82
Investment  
$250,000 - $499,999
Sales Charge  
2.25%
POP  
$1.80

Documents

Product Literature

PDF Format

Factsheet - Franklin High Income Fund

Regulatory Documents

PDF Format

Semi-Annual Report - Franklin High Income Fund - Class A

PDF Format

Annual Report - Franklin High Income Fund - Class A

PDF Format

Prospectus - Franklin High Income Fund

PDF Format

Summary Prospectus - Franklin High Income Fund

PDF Format

Statement of Additional Information - Franklin High Income Fund

Mailed hardcopies unavailable.

PDF Format

Fiscal Q1 Holdings - Franklin High Income Fund

Mailed hardcopies unavailable.

PDF Format

Fiscal Q3 Holdings - Franklin High Income Fund

Mailed hardcopies unavailable.

Risks

What Are the 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.

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