Franklin High Income Fund Advisor Class FVHIX

On April 17, 2026, Franklin Templeton announced several portfolio manager departures as part of a series of voluntary retirement offers extended to eligible employees in February 2026. The program was offered to an undisclosed number of employees, including professionals from Franklin’s public markets investment groups, based on certain age and firm tenure criteria. Franklin communicated that the departures, which will occur on differing timelines depending on individual team needs, affect less than 5% of public-markets investment professionals. The move represents Franklin’s continued efforts to rightsize investment teams, particularly those that have changed for the firm’s various acquisitions over the past several years. On the one hand, this will likely create opportunities for the next generation of leaders across the business, which should be viewed positively. On the other hand, the move has led to the planned departures of several key investment professionals. These developments highlight the challenges faced by publicly traded asset managers like Franklin in balancing the imperatives of maximizing shareholder value and protecting the interests of fund investors. Pressure to protect profitability can, in some cases, influence decisions around team structure and resourcing. Comanager Patricia O’Connor is among those departing. O’Connor spent nearly three decades at Franklin Templeton working alongside lead manager and Head of High Yield Glenn Voyles, who joined the firm in 1993 and remains on the strategy. O’Connor’s departure will be felt by the team, although Voyles’ continued presence helps to provide confidence, as does the additional depth on this management roster. Specifically, Franklin added hybrid portfolio managers James McGiveran and Bryant Dieffenbacher to the fund in 2020 as part of a broader effort to build more analyst input into portfolio construction and provide needed depth behind Voyles. Meanwhile, Franklin added 39-year veteran manager Robert Salvin to the fund on April 17, 2026, for additional support. A global high-yield and convertibles specialist, Salvin arrived at Franklin in 2024 via the firm’s acquisition of Putnam, where he had spent the previous 20 years of his career managing leveraged-credit portfolios. The strategy retains its Above Average People rating.