Multi-Asset

FRIAX Franklin Income Fund

A record of consistent dividends. For over 75 years, Franklin Income Fund has paid uninterrupted dividends. (as of June 30, 2025).
Experienced portfolio management team. Portfolio managers Ed Perks, Brendan Circle, and Todd Brighton bring over 65 years of combined experience.
Broad diversification and dynamic. Utilizes a flexible multi-asset approach to income generation that dynamically allocates across equities, fixed income, and hybrid securities.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks to maximize income, while maintaining prospects for capital appreciation, by investing in a diversified portfolio of stocks and bonds.

Benchmark ⁴: Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index
Dividend Frequency, if any: Monthly
Distribution Rate at NAV ⁵As of 10/31/2025 (Updated Daily): 5.49%
Fund Inception Date: 08/31/1948

Sales Charges, Expenses & Fees

As of 02/01/2025

Gross Expense Ratio⁶: 0.47%
Net Expense Ratio^6,7: 0.46%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Fund Number: 609
Ticker: FRIAX
CUSIP Code: 353496847

Average Annual Total Returns As of 09/30/2025

View performance section for additional info As of 09/30/2025

Advisor Class

With Sales Charge (POP)

Without Sales Charge (NAV)

6.70%1 Year
11.24%3 Years
9.75%5 Years
7.59%10 Years
9.88%Since Inception
08/31/1948

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 Asset Allocation

View portfolio section for additional info

As of 09/30/2025 % of Total (Updated Monthly)

Fixed Income48.41%

Equity27.14%

Convertibles/Equity-Linked Notes21.40%

Cash & Cash Equivalents3.06%

Additional Fund Info

Share Class Inception Date: 12/31/1996
Investment Style: Income
Morningstar Category: Moderate Allocation
Lipper Classification: Flexible Portfolio Funds

Ed Perks examines the current market landscape, exploring potential implications for the road ahead in both the stock and bond markets.

Hear about Franklin Income Fund’s strategy and asset allocation mix across stocks, bonds and hybrid securities with a focus on the current market cycle.

Manager and Commentary

About the Team

Franklin Income Investors

Franklin Income Investors has delivered consistent income for over 75 years. As pioneers in multi-asset income investing, our team takes a dynamic investment approach for investors seeking consistent income and growth.

Commentary Highlights

June 30, 2025

Markets: US stocks advanced during the second quarter of 2025 as equity markets rebounded from April’s lows and continued to rally through June, despite bouts of volatility. Temporary delays in tariff hikes, reduced fears of a recession, growing expectations of interest-rate cuts later in the year and easing geopolitical tensions helped drive US stocks higher. Major US equity indexes fluctuated, but each posted positive returns by period-end.
Contributors: Allocations to both the fixed income and equity sides of the portfolio contributed to the fund’s absolute returns, while selection assisted relative returns.
Detractors: Overweight fixed income allocation and underweight equity positioning detracted from relative returns.
Outlook: We remained selective among equities and added to high-quality names. Moreover, we reduced exposure to investment-grade corporate bonds and added to agency mortgage-backed securities to enhance yield and diversification.

For complete information, please see the full commentary

Franklin Income Investors

Managed Fund Since 2002

Managed Fund Since 2019

Managed Fund Since 2017

Latest Insights

August 4, 2025

Mid-year update: Staying diversified and income-focused

May 5, 2025

Income diversification amid market uncertainty

February 5, 2025

Income diversification for uncertain times

January 13, 2025

Staying nimble and diversified: Capitalizing on income opportunities in 2025

Performance

Average Annual Total Returns

As of 09/30/2025

Month End

Quarter End

As of

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

Month End

As of 09/30/2025

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

Month End

As of 09/30/2025

Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index (%) ⁴

Month End

As of 09/30/2025

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: 3 out of 5 stars
As of 09/30/2025

3 Years: 3 Years: 2 out of 5 stars
466 Funds in category

5 Years: 5 Years: 4 out of 5 stars
439 Funds in category

10 Years: 10 Years: 2 out of 5 stars
363 Funds in category

Rating Category: Moderate Allocation

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 09/30/2025

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 of09/30/2025 (Updated Monthly)

Total Net Assets: $76.17 Billion

Positions

As of 09/30/2025 (Updated Monthly)

Number of Issuers

Fund: 240

Number of Equity Issuers

Fund: 72

Number of FI Issuers

Fund: 160

Number of Holdings

Fund: 597

Number of Convertible Issuers

Fund: 50

Portfolio Statistics

As of 09/30/2025 (Updated Monthly)

Price to Earnings (12-Month Trailing)

Fund: 20.50x

Average Weighted Maturity

Fund: 5.80 Years

Dividend Yield ⁸

Fund: 3.24%

Price to Book

Fund: 2.91x

Effective Duration

Fund: 4.21 Years

Price to Cash Flow

Fund: 12.19x

Asset Allocation

As of 09/30/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Fixed Income	48.41%
Equity	27.14%
Convertibles/Equity-Linked Notes	21.40%
Cash & Cash Equivalents	3.06%

Holdings
As of 09/30/2025 (Updated Monthly)

Cash and Cash Equivalents

United States Treasury Note/Bond 3.875% 08/15/2033

Chevron Corp COM USD.75

Johnson & Johnson COM USD1

Exxon Mobil Corp COM NPV

United States Treasury Note/Bond 4.25% 05/15/2035

Procter & Gamble Co/The COM NPV

PepsiCo Inc COM USD.017

Home Depot Inc/The COM USD0.05

United States Treasury Note/Bond 4.75% 05/15/2055

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 94-3025603

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 02	0.0112	0.001473	—	—	—	—	—	—	—
Jan 31	0.0112	0.001473	—	—	—	—	—	—	—
Feb 29	0.0112	0.001473	—	—	—	—	—	—	—
Mar 28	0.0112	0.001473	—	—	—	—	—	—	—
Apr 30	0.0112	0.001473	—	—	—	—	—	—	—
May 31	0.0112	0.001473	—	—	—	—	—	—	—
Jun 28	0.0112	0.001473	—	—	—	—	—	—	—
Jul 31	0.0112	0.001473	—	—	—	—	—	—	—
Sep 03	0.0112	0.001473	—	—	—	—	—	—	—
Sep 30	0.0112	0.001473	—	—	—	—	—	—	—
Oct 31	0.0112	0.001473	—	—	—	—	—	—	—
Nov 29	0.0112	0.001473	—	—	—	—	—	—	—
	0.1344	0.017676	—	—	—	—	—	—	—

Jan 02

Jan 31

Feb 29

Mar 28

Apr 30

May 31

Jun 28

Jul 31

Sep 03

Sep 30

Oct 31

Nov 29

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.: 7.00%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 12.04%
Section 163(j): 60.71%
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 10/31/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 10/31/2025

Share Prices

As of 10/31/2025

NAV ¹(Net Asset Value): $2.45
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ¹²(Public Offering Price): $2.45

52-Week Range

Highest NAV As of 10/27/2025: $2.48
Lowest NAV As of 04/08/2025: $2.20

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Franklin Income Fund	Download Document
Checkbox	Product Commentary - Franklin Income Fund	Download Document
Checkbox	Brochure - Five reasons why investors buy and hold Franklin Income Fund (A Class)	Download Document
Checkbox	Brochure - Five reasons why investors buy and hold Franklin Income Fund (Advisor Class)	Download Document
Checkbox	Flyer - Franklin Income Fund - Compounding in Action	Download Document
Checkbox	Flyer - Franklin Income Fund A History of Consistent Income	Download Document
Checkbox	Flyer - Income Has Worked, No Matter the Market	Download Document
Checkbox	Snapshot - Franklin Income Fund - Advisor Class	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Income Fund - Advisor Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Custodian Funds	Download Document
Checkbox	Semi-Annual Report - Franklin Income Fund - Advisor Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Custodian Funds	Download Document
Checkbox	Prospectus - Franklin Custodian Funds	Download Document
Checkbox	Summary Prospectus - Franklin Income Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Custodian FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Custodian FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Custodian FundsMailed 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. 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. 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. Equity securities are subject to price fluctuation and possible loss of principal. 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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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.

50% USA High Div Yield + 25% High Yield Very Liquid + 25% US Agg Index is composed of the Blended 50% MSCI USA High Dividend Yield Index + 25% Bloomberg High Yield Very Liquid Index + 25% Bloomberg US Aggregate Index.

The MSCI USA High Dividend Yield Index is designed to reflect the performance of mid- and large-cap equities (excluding REITs) with higher dividend income, which is sustainable and persistent, than average dividend yields of securities in the MSCI USA Index. The Bloomberg US High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index designed to track a more liquid component of the U.S. dollar-denominated, high-yield, fixed-rate corporate bond market. The Bloomberg US Aggregate Bond Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Bloomberg Indices.

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.
©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.
The Bloomberg US High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market.

The MSCI USA High Dividend Yield Index is designed to reflect the performance of mid- and large-cap equities (excluding REITs) with higher dividend income, which is sustainable and persistent, than average dividend yields of securities in the MSCI USA Index, its parent index.
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.
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.
Dividend yield is calculated without the deduction of fees and expenses.
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.
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.

FRIAX Franklin Income Fund

Popular Documents

Dividend increase effective January 2026

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 09/30/2025

Advisor Class

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest Insights

Performance

Average Annual Total Returns

Ratings ³

Portfolio

Assets

Positions

Portfolio Statistics

Asset Allocation

Holdings
As of 09/30/2025 (Updated Monthly)

Distributions & Tax

Federal ID Number 94-3025603

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

FRIAX Franklin Income Fund

Popular Documents

Dividend increase effective January 2026

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Advisor Class

Top Asset Allocation

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 94-3025603

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³